DOCSLIB.ORG

High AA, Positive Daniel Rupli

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
High AA, Positive Daniel Rupli Swiss Credit Handbook Canton of Basel-Stadt – High AA, Positive Daniel Rupli Rating rationale Degree of self-financing / self-financing ratio The rating of the Canton of Basel-Stadt is supported by sound financial statements over past years that were dominated by increasing capitalization, a lower debt burden, excess revenues CHF m 750 400% and self-financing ratios that came in clearly above 100%, with the exception of last year due to a disproportionately high net investment as a result of the disincorporation of the hospitals, 600 320% which reduced the canton's assets substantially. Excluding this effect, the canton would have 450 240% been able to fully self-finance its net investments. We highlight the canton's high debt per 300 160% capital reading at end-December 2012, reflecting its status as a "city canton." From a quality 150 80% perspective, Basel-Stadt benefits from a strong CS locational quality index reading, which is supported by strong transportational accessibility and good availability of highly qualified labor, 0 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 partially offset by the below-average tax regime. We also highlight the strong resource index 2013B reading. These factors position the canton to benefit from an above-average population and the Degree of self-financing Self-financing ratio (r.h.s.) ability to increase taxable income in the future. Financial ratios (CHF m) 2009 2010 2011 2012 2013B Total debt and interest expense Operating account CHF m Total expenditure operating account 4,365.3 4,903.0 4,688.4 3,839.4 3,920.1 6,000 10% Of which: Interest expense 79.1 75.5 70.4 58.6 77.5 4,800 8% Of which: Depreciation of administrative assets 173.2 212.1 172.3 120.4 130.2 Total revenue operating account 4,591.5 5,180.5 4,905.7 4,022.4 3,920.1 3,600 6% Excess expenditure / revenue 226.2 277.5 217.3 183.0 7.7 2,400 4% Primary operating balance 305.2 353.0 287.7 241.6 85.2 1,200 2% Investment account Total expenditure investment account 312.7 316.3 347.9 623.8 401.2 0 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Total revenue investment account 71.2 22.9 21.4 51.0 28.3 2013B Gross debt Net investment 241.5 293.5 326.4 572.8 373.0 Interest expense/total revenues (r.h.s.) Total revenue 4,414.4 4,953.2 4,637.1 3,814.6 3,948.4 Total expenditure 4,122.5 4,565.5 4,448.7 3,955.8 4,191.1 Financing Debt maturity profile (as of end-2012) Degree of self-financing 399.4 489.6 389.6 303.4 142.8 Financing deficit / surplus 157.9 196.1 63.2 -269.4 -230.2 CHF m 1,000 Self-financing ratio 165.4% 166.8% 119.4% 53.0% 38.3% 800 Balance sheet Total assets 5,366.8 6,120.9 6,381.8 6,690.6 n.a. 600 1 Gross debt 3,826.1 4,449.7 4,328.9 4,511.7 4,741.9 400 Equity (+) / balance sheet deficit (–) 414.6 1,161.5 1,416.5 1,656.9 1,664.61 200 Key ratios Primary operating balance/Total revenue 6.9% 7.1% 6.2% 6.3% 2.2% 0 Financing balance/Total revenue 3.6% 4.0% 1.4% -7.1% -5.8% 2013 2014 2015 2016 2017 2018 > 2018 Gross debt/Total revenue 86.7% 89.8% 93.4% 118.3% 120.1% Maturity profile financial debt Interest expense/Total revenue 1.8% 1.5% 1.5% 1.5% 2.0% Interest expense/Total expenditure 1.9% 1.7% 1.6% 1.5% 1.8% 1 Per capita gross debt (in CHF) 20,362.4 24,058.8 23,245.8 24,075.2 25,291.6 Source: FkF, Swiss Federal Statistical Office, Swiss Canton data, Credit Suisse 1 Estimates Credit Suisse Financial ratios based on FkF and Swiss Canton data B = Budget n.a. = not available SWOT analysis Strengths / Opportunities Weaknesses / Threats An economic center that benefits from the strong presence of the Given its quasi city-canton character, the canton shares one of the highest debt pharmaceutical sector as well as its proximity to neighboring countries. per capita ratios in Switzerland. Another year of solid budgetary outperformance reflected in excess revenues The canton faces increasing uncertainty with regard to contingent liabilities given and a solid self-financing ratio of clearly above 100% (excluding hospitals). its guarantee for the cantonal bank. The resource index further improved, which underpins the canton's good position Relatively high share of short-dated debt will result in increased refinancing to generate future tax income. needs over the coming years. The locational quality index reading benefits from the canton's availability of highly skilled labor and its very good transportational accessibility. High investments from the private sector indicate a good growth engine. Credit Suisse I September 2013 Swiss Credit Handbook Glossary of financial terms Adjusted capital expenditures (capex) Commercial paper (CD) Gross capital expenditures (excluding acquisitions) plus the Short-term debt instruments (up to nine months) that are issued by depreciation part from operating leases. established corporations in large sums and traded at a discount. They are a key funding tool and an alternative to bank credits. Adjusted cash and cash equivalents Cash and cash equivalents, including investments that can be Comprehensive income liquidated in the immediate future, adjusted for cash required for Net profit attributable to shareholders plus other income, i.e. operating activities. unrealized gains/losses bypassing the P&L, e.g. foreign currency translation gains/losses or unrealized gains/losses on securities held Adjusted CFO for sale. Cash flow from operations, after changes in net working capital and Core working capital adjusted for the depreciation part from leasing and rental obligations and pension-related charges and contributions. Core working capital = receivables plus inventories minus payables. Adjusted EBIT Covenants Earnings before interest and taxes adjusted for the interest part from Debt covenants form part of credit agreements stipulating ratios and leasing and rental obligations and pension-related charges. conditions applicable to financial obligations. Adjusted EBITDA Credit metrics Earnings before interest, taxes, depreciation and amortization adjusted Financial ratios (typically debt and debt-service-related) which are for leasing and rental charges and pension-related charges. used to assess financial strength including debt service capacity. Adjusted equity Degree of self-financing Shareholder equity (including minorities) less pension deficit. Excess revenue plus depreciation on administrative property. This figure provides an indication of the cash flow of cantons and is Adjusted FCF comparable to cash from operating activities for corporates. Cash flow from operations less gross capital expenditures, excluding Foundation for accounting and reporting regulations (FER) acquisition-related investments and dividends, adjusted for leasing and rental depreciation charges and pension-related expenses. Independent Swiss institution tasked with the further development of accounting standards in Switzerland to improve the quality and Adjusted FFO comparability of company accounts and to align them with the Funds from operations adjusted for the depreciation part from leasing requirements of international accounting standards. and rental and pension-related expenses and contributions. Goodwill Adjusted gross debt An asset created when the price to acquire a company exceeds the Short and long-term interest-bearing liabilities adjusted for off- value of its net assets and identifiable, measurable intangible assets. balance-sheet debt from debt related to pensions (deficit), leasing and IFRS accounting standards rental obligations, contingencies and guarantees. International Financial Reporting Standards (IFRS) are a key Adjusted gross leverage and adjusted net leverage instrument in the global harmonization of corporate accounting. They Adjusted debt on a gross/net basis in relation to total adjusted equity are issued by the International Accounting Standards Committee plus adjusted debt on a gross/net basis. (IASC), an international association established in London in 1973. Adjusted interest expense Impairment Interest expenses adjusted for the interest part from leasing and rental The permanent loss in value on investments, assets or goodwill that is obligations and the net interest expense from pensions. subsequently written off via the P&L statement. Adjusted net debt Intangible assets Adjusted debt less adjusted cash and cash equivalents (whereby a Non-physical assets other than goodwill such as patents, licenses, negative figure indicates net adjusted cash). brands, trade names, business secrets (procedures), formulas, supply contracts and customer relationships. Adjusted net gearing Adjusted debt on a net basis in relation to total adjusted equity. Interest coverage This ratio shows adjusted EBITDA or EBIT to either gross or net Adjusted total asset base adjusted interest charges. Reported total assets plus operating leasing debt (operating lease expense x multiple). Net debt/GWh This ratio is used to measure the efficiency of an electrical utility by Combined ratio comparing the level of debt involved to the amount of electricity Expenses and losses divided by revenue from premiums. The result is produced p.a., which is measured in GWh and serves as a proxy for expressed as a percentage, and a value less than 100% means the generation capacity. company is taking in more than it is paying out. Credit Suisse I September 2013 Swiss Credit Handbook Net profit Net income attributable to shareholders, i.e. profit generated by the company less minority interests. Primary operating balance This ratio is calculated as excess revenue plus interest expense. It indicates the success of the operating performance in a single year.
Load more

Recommended publications
  • Media Release
    CREDIT SUISSE AG Paradeplatz 8 Tel. +41 844 33 88 44 P.O. Box Fax +41 44 333 88 77 CH-8070 Zurich [email protected] Switzerland Rating Overview of Swiss Companies Company CS Rating CS Outlook Changes since June 2009 S&P Moody's ABB Low A Stable A–, Stable A3, Stable Adecco Mid BBB Negative Outlook changed from Stable to Negative BBB–, Stable Baa3, Stable AFG Low BBB Stable Outlook changed from Negative to Stable n.r. n.r. Alpiq High A Stable n.r. n.r. Aryzta High BBB Stable Coverage initiation n.r. n.r. Axpo Low AA Stable n.r. n.r. Bâloise Low A Stable A–, Stable1 n.r. BKW Low AA Stable n.r. n.r. –1 notch, outlook changed from Negative to Bobst Group Low BBB Stable n.r. n.r. Stable Bucher Industries High BBB Stable n.r. n.r. CKW n.r. n.r. Drop coverage Clariant High BB Stable BBB–, Stable Ba1, Stable Coop Low A Stable n.r. n.r. –1 notch, outlook changed from Stable to Edipresse High BB Negative n.r. n.r. Negative –1 notch, outlook changed from Negative to EGL Low A Stable n.r. n.r. Stable EMS Chemie Low A Stable Outlook changed from Negative to Stable n.r. n.r. Energiedienst Low A Stable n.r. n.r. EOS n.r. n.r. Drop coverage Flughafen Zurich Mid BBB Stable BBB+, Positive n.r. Forbo Mid BBB Stable n.r. n.r. Geberit High BBB Stable A–, Stable n.r.
    [Show full text]
  • Market Notice Date: 14 November 2019 Market Notice Number: 112/2019
    Market Notice Date: 14 November 2019 Market Notice Number: 112/2019 Equiduct Universe Change Please see today's changes below effective 18 November 2019: Trading Reporting MIC Settlement Trading Settlement Tick Size Change/ Security Name ISIN Home Market Symbol Country Currency Currency table Action ABB LTD ABBNz CH0012221716 XSWX EQTB CH CHF CHF ESMA_E Deletion ABB ABBs CH0012221716 XSTO EQTB SE SEK SEK ESMA_E Deletion ADECCO SA ADENz CH0012138605 XSWX EQTC CH CHF CHF ESMA_E Deletion AMS AG AMSz AT0000A18XM4 XSWX EQTC CH CHF CHF ESMA_E Deletion ARYZTA AG ARYNz CH0043238366 XSWX EQTB CH CHF CHF ESMA_E Deletion JULIUS BAER GRUPPE AG BAERz CH0102484968 XSWX EQTC CH CHF CHF ESMA_E Deletion BALOISE-HLDGS BALNz CH0012410517 XSWX EQTC CH CHF CHF ESMA_D Deletion BARRY CALLEBAUT AG BARNz CH0009002962 XSWX EQTC CH CHF CHF ESMA_D Deletion BB BIOTECH BBZAd CH0038389992 XETR EQTB DE EUR EUR ESMA_D Deletion BB BIOTECH BIONz CH0038389992 XSWX EQTB CH CHF CHF ESMA_D Deletion BASILEA PHARMACEUTICA AG BSLNz CH0011432447 XSWX EQTC CH CHF CHF ESMA_D Deletion BUCHER INDUSTRIES BUCNz CH0002432174 XSWX EQTC CH CHF CHF ESMA_D Deletion COMPAGNIE FINANCIERE RICHEMONT CFRz CH0210483332 XSWX EQTC CH CHF CHF ESMA_E Deletion CLARIANT CLNz CH0012142631 XSWX EQTC CH CHF CHF ESMA_E Deletion CEMBRA MONEY BANK AG CMBNz CH0225173167 XSWX EQTC CH CHF CHF ESMA_D Deletion CREDIT SUISSE GROUP AG CSGNz CH0012138530 XSWX EQTC CH CHF CHF ESMA_E Deletion DKSH HOLDING DKSHz CH0126673539 XSWX EQTC CH CHF CHF ESMA_D Deletion DORMA+KABA HOLDING AG DOKAz CH0011795959 XSWX EQTC CH CHF
    [Show full text]
  • Contract Specifications for Futures Contracts and Eurex14 Options Contracts at Eurex Deutschland and Stand March 2831, 2008 Eurex Zürich Seite 1
    Contract Specifications for Futures Contracts and Eurex14 Options Contracts at Eurex Deutschland and Stand March 2831, 2008 Eurex Zürich Seite 1 [....] Annex A in relation to subsection 1.6 of the contract specifications: Futures on Shares of Produkt- Group Cash Contract Minimum Currency ID ID** Market- Size Price ID** Change* Julius Bär Holding AG - N. BAEG CH01 XSWX 50 0.0010.01 CHF BB Biotech AG BIOF CH01 XSWX 50 0.0010.01 CHF Logitech International S.A. - N. LOGF CH01 XSWX 100 0.00010.01 CHF Pargesa Holding S.A. PARF CH01 XSWX 10 0.0010.01 CHF Sonova Holding AG - N. PHBF CH01 XSWX 50 0.0010.01 CHF PSP Swiss Property AG - N. PSPF CH01 XSWX 50 0.0010.01 CHF Schindler Holding AG SINF CH01 XSWX 50 0.0010.01 CHF Straumann Holding AG STMF CH01 XSWX 10 0.0010.01 CHF Swatch Group AG, The - N. UHRF CH01 XSWX 100 0.00010.01 CHF Valiant Holding AG - N. VATF CH01 XSWX 10 0.0010.01 CHF ABB Ltd. ABBF CH02 XVTX 100 0.00010.01 CHF Adecco S.A. - N. ADEF CH02 XVTX 100 0.0010.01 CHF Actelion Ltd. - N. ATLG CH02 XVTX 50 0.0010.01 CHF Bâloise Holding AG BALF CH02 XVTX 100 0.0010.01 CHF Compagnie Financière Richemont AG CFRH CH02 XVTX 100 0.0010.01 CHF Ciba Spezialitätenchemie Holding AG - N. CIBF CH02 XVTX 10 0.0010.01 CHF Clariant AG - N. CLNF CH02 XVTX 100 0.00010.01 CHF Credit Suisse Group - N. CSGG CH02 XVTX 100 0.00010.01 CHF Geberit AG - N.
    [Show full text]
  • Full Portfolio Holdings
    Hartford Multifactor International Fund Full Portfolio Holdings* as of August 31, 2021 % of Security Coupon Maturity Shares/Par Market Value Net Assets Merck KGaA 0.000 152 36,115 0.982 Kuehne + Nagel International AG 0.000 96 35,085 0.954 Novo Nordisk A/S 0.000 333 33,337 0.906 Koninklijke Ahold Delhaize N.V. 0.000 938 31,646 0.860 Investor AB 0.000 1,268 30,329 0.824 Roche Holding AG 0.000 74 29,715 0.808 WM Morrison Supermarkets plc 0.000 6,781 26,972 0.733 Wesfarmers Ltd. 0.000 577 25,201 0.685 Bouygues S.A. 0.000 595 24,915 0.677 Swisscom AG 0.000 42 24,651 0.670 Loblaw Cos., Ltd. 0.000 347 24,448 0.665 Mineral Resources Ltd. 0.000 596 23,709 0.644 Royal Bank of Canada 0.000 228 23,421 0.637 Bridgestone Corp. 0.000 500 23,017 0.626 BlueScope Steel Ltd. 0.000 1,255 22,944 0.624 Yangzijiang Shipbuilding Holdings Ltd. 0.000 18,600 22,650 0.616 BCE, Inc. 0.000 427 22,270 0.605 Fortescue Metals Group Ltd. 0.000 1,440 21,953 0.597 NN Group N.V. 0.000 411 21,320 0.579 Electricite de France S.A. 0.000 1,560 21,157 0.575 Royal Mail plc 0.000 3,051 20,780 0.565 Sonic Healthcare Ltd. 0.000 643 20,357 0.553 Rio Tinto plc 0.000 271 20,050 0.545 Coloplast A/S 0.000 113 19,578 0.532 Admiral Group plc 0.000 394 19,576 0.532 Swiss Life Holding AG 0.000 37 19,285 0.524 Dexus 0.000 2,432 18,926 0.514 Kesko Oyj 0.000 457 18,910 0.514 Woolworths Group Ltd.
    [Show full text]
  • Swiss Opportunity Fund
    January 2021 Swiss Opportunity Fund FACT SHEET January 2021 / PERFORMANCE 0.19% After stocks ended 2020 with a such a strong performance, a The Swiss Opportunity Fund kept pace with its relevant bench- bumpy start to the new year could be expected. There was a raft mark and crept 0.19% higher. There was no clear trend among of economic news with few upside surprises. Political develop- the portfolio positions. Logitech (8.08%) and Zur Rose (44.7%) ments in the US captured the world's attention. The assault on continued to drive performance, as did some cyclical positions the Capitol Building, the formal confirmation of President-Elect such as Zehnder (10.15%), SIG (3.31%) and Sulzer (3.54%). Mean- Joe Biden’s win and the Democratic sweep of the Georgia run-off while, the rather defensive plays such as Sonova (-6.35%), Strau- election giving them control of the US Senate all happened dur- mann (-4.06%) and Vifor Pharma (-12.81%) hurt overall perfor- ing the space of 48 hours. Observers of these events may have mance. Turning to transaction activity, we opened a position in held their breath, but financial markets hardly reacted. That was Stadler Rail (10.34%) and sharply reduced our position in Zur attributable, in our opinion, to the prospect of more fiscal stimu- Rose as its share price surged on frothy sentiment. So where do lus and to statements from the relevant central banks in which we stand now after the opening month of the new year? Obvi- they pledged to keep monetary policy ultra-expansive.
    [Show full text]
  • Ntqlrethih1it6katsuy79yjfy6.Pdf
    Global Research 16 March 2021 Aryzta AG Equities Improved business model set up - upgrade to Buy Switzerland Food Products 12-month rating Buy * Upgrade to Buy after key corporate actions Prior: Neutral Aryzta has gone through challenging times but we believe new management actions 12m price target CHF1.50 unlock value prospects. We upgrade the stock to Buy from Neutral and raise our price Prior: CHF0.65 target to CHF1.5. In our view, the announced divestment of the underperforming Price (15 Mar 2021) CHF1.04 region North America with related proceeds (c€700m – transaction multiple c10.5x FY 20) used to de-lever the balance sheet is a game changer. Aryzta can now focus on the RIC: ARYN.S BBG: ARYN SW key value driver Europe. The improving balance sheet allows growth investments. With Trading data and key metrics c60% exposure to street traffic, we also think Aryzta should benefit from easing 52-wk range CHF1.04-0.29 COVID-19 mobility restrictions. We expect a strong net profit recovery to €81m by FY Market cap. CHF1.03bn/US$1.10bn 23E (FY 21E -€61m). The stock has EFCF run rate prospects of €70-100m medium term Shares o/s 990m (REG ) resulting in an attractive yield to market cap of 7-10% (Swiss mid cap food companies Free float 100% trade at 2-4%). Avg. daily volume ('000) 6,794 Restructuring on track and attractive exposure to consumer street traffic Avg. daily value (m) CHF5.4 To optimise the business model set up in Europe, Aryzta is de-layering management, Common s/h equity (07/21E) €0.19bn resulting in cost savings of c€20-30m (UBSe), but at the same time it is strengthening P/BV (07/21E) 4.9x local responsibility and client relations.
    [Show full text]
  • Marktbericht Aktien Schweiz Small Mid Cap 01 2017
    BERICHT AKTIEN SCHWEIZ SMALL & MID CAP Albin Kistler Aktien Small & Mid Cap Schweiz Quartalsbericht 1/2017 Benjamin Ginesta Als Aktienanalyst ist Benjamin Ginesta seit 2012 Die periodisch erscheinenden Markteinschätzun- bei Albin Kistler tätig und ist zuständig für die gen & Anlageberichte stehen auf der Website von Investitionen im Bereich Gesundheit. In der Funk- Albin Kistler als PDF-Download zur Verfügung: tion als Berater im Bereich Asset Management ist www.albinkistler.ch/markteinschaetzung er zudem verantwortlich für Mandate von Institu- tionellen Kunden. Marktbericht Albin Kistler Aktien Small & Mid Cap Schweiz Breite Hausse in Schweizer Aktien bei den Small & Mid Cap Aktien sind hingegen- Der Schweizer Aktienmarkt stieg im ersten Quar- breiter verteilt. Den grössten Einfluss (Kontributi- tal 2017 auf breiter Front. Der Swiss Performance on +1.09%) hatte das Chemieunternehmen Si- Index (SPI) erzielte eine Rendite von +7.50%. Die ka(+23.9%). Ebenfalls beachtlich sind die Einflüsse Small & Mid Cap Aktien, gemessen am SPI Extra, der beiden Index-Leichtgewichte AMS und Lo- stiegen sogar um +9.76%. Mit einer Mehrendite gitech aus dem Technologiesektor. Obwohl die von +2.26% übertrafen die Schweizer Small & Mid Gewichtungen im SPI Extra-Index bei 1.1% bzw. Cap Aktien ein weiteres Mal den Gesamtmarkt. 1.9% lagen, wirkten sich die Anstiege von +87% bzw. +24% dieser Aktien substantiell auf die Ge- samtperformance des SPI Extra aus. In der Sek- torbetrachtung erzielten die Industriefirmen den grössten Beitrag zur Indexrendite. Nebst dem
    [Show full text]
  • Julius Baer Multistock Société D'investissement À Capital Variable
    Julius Baer Multistock Société d'Investissement à Capital Variable Annual Report as at 30 June 2011 (audited) Subscriptions are carried out solely on the basis of the current prospectus or the simplified prospectus, or the “key investor information”, as soon as it is available, in conjunction with the latest annual report and the latest semi-annual report if published thereafter. The articles of association, the valid prospectus and the simplified prospectus, the annual and semi-annual reports (or the “key investor information”, as soon as it is available), as well as the information based on the SFA guidelines on transparency with regard to management fees, may be obtained free of charge from the representative in Switzerland and/or from the respective paying agent. In case of differences between the German version and the translation, the German version shall be the authentic text. AN INVESTMENT FUND DOMICILED IN LUXEMBOURG Representative in Switzerland: Swiss & Global Asset Management AG, Hardstraße 201, CH - 8005 Zurich (new address from 19 September 2011) Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, Postfach, CH - 8010 Zurich Paying and information agent in Germany (until 31 December 2010): Bank Julius Bär Europe AG, An der Welle 1, Postfach 15 02 52, D - 60062 Frankfurt am Main Paying agent in Germany (since 1 January 2011): Deka Bank Deutsche Girozentrale, Hahnstraße 55, D - 60528 Frankfurt am Main Information agent in Germany (since 1 January 2011): Swiss & Global Asset Management Kapital AG, Taunusanlage 15, D - 60325 Frankfurt am Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A - 1010 Vienna Representative and paying agent in Liechtenstein: LGT Bank in Liechtenstein AG, Herrengasse 12, FL - 9490 Vaduz Trade and Companies Register number: R.C.S.
    [Show full text]
  • Geneva, May 15, 2017 MSCI GLOBAL STANDARD INDEXES The
    Geneva, May 15, 2017 MSCI GLOBAL STANDARD INDEXES The following are changes in constituents for the MSCI Global Standard Indexes which will take place as of the close of May 31, 2017. SUMMARY PER COUNTRY and PER REGION: Nb of Nb of Securities Securities Region Country Added Deleted Asia Pacific AUSTRALIA 1 1 JAPAN 3 2 HONG KONG 0 1 MALAYSIA 0 2 TAIWAN 2 1 KOREA 3 0 INDIA 2 1 PAKISTAN 6 0 CHINA 5 3 Nb of Nb of Securities Securities Region Country Added Deleted Europe, Middle East and Africa UNITED ARAB EMIRATES1 0 SWITZERLAND 1 1 DENMARK 1 0 SPAIN 1 2 FRANCE 1 1 ITALY 1 0 UNITED KINGDOM 1 1 TURKEY 1 0 SOUTH AFRICA 0 1 RUSSIA 1 0 EGYPT 1 1 Nb of Nb of Securities Securities Region Country Added Deleted Americas USA 22 7 CANADA 1 1 BRAZIL 1 1 COLOMBIA 1 1 ASIA PACIFIC MSCI AUSTRALIA INDEX Additions Deletions BLUESCOPE STEEL VOCUS GROUP MSCI JAPAN INDEX Additions Deletions DISCO CORP HOKURIKU ELECTRIC POWER KYUSHU RAILWAY CO MITSUBISHI LOGISTICS TOSOH CORP MSCI HONG KONG INDEX Additions Deletions None CATHAY PACIFIC AIRWAYS MSCI MALAYSIA INDEX Additions Deletions Page 1 MSCI Global Standard Indexes - May 15, 2017 © MSCI 2017, All rights reserved None BERJAYA SPORTS TOTO LAFARGE MALAYSIA MSCI TAIWAN INDEX Additions Deletions GLOBALWAFERS CASETEK HOLDINGS TAIWAN HIGH SPEED RAIL MSCI KOREA INDEX Additions Deletions DOOSAN BOBCAT None MEDY-TOX PANOCEAN MSCI INDIA INDEX Additions Deletions INDIAN OIL CORP DIVI'S LABORATORIES RURAL ELECTRIFICATION CO MSCI PAKISTAN INDEX Additions Deletions ENGRO CORPORATION None HABIB BANK LUCKY CEMENT MCB BANK OIL
    [Show full text]
  • 2019 Switzerland Spencer Stuart Board Index 
    2019 Switzerland Spencer Stuart Board Index About Spencer StuArt Spencer Stuart has had an uninterrupted presence in Switzerland since 1959, when it opened its Zurich office. Spencer Stuart is one of the world’s leading executive search consulting firms. We are trusted by organisations around the world to help them make the senior-level leadership decisions that have a lasting impact on their enterprises. Through our executive search, board and leadership advisory services, we help build and enhance high-performing teams for select clients ranging from major multinationals to emerging companies to nonprofit institutions. Privately held since 1956, we focus on delivering knowledge, insight and results though the collaborative efforts of a team of experts — now spanning more than 60 offices, over 30 countries and more than 50 practice specialties. Boards and leaders consistently turn to Spencer Stuart to help address their evolving leadership needs in areas such as senior-level executive search, board recruitment, board effectiveness, succession planning, in-depth senior management assessment and many other facets of organisational effectiveness. For more information on Spencer Stuart, please visit www.spencerstuart.com. Social Media @ Spencer Stuart Stay up to date on the trends and topics that are relevant to your business and career. @Spencer Stuart © 2020 Spencer Stuart. All rights reserved. For information about copying, distributing and displaying this work, contact: [email protected]. 1 spencer stuart Contents 3 Foreword
    [Show full text]
  • FTSE Developed Europe
    2 FTSE Russell Publications 19 August 2021 FTSE Developed Europe Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 1&1 AG 0.01 GERMANY Avast 0.03 UNITED Cnp Assurance 0.02 FRANCE 3i Group 0.14 UNITED KINGDOM Coca-Cola HBC AG 0.06 UNITED KINGDOM Aveva Group 0.05 UNITED KINGDOM A P Moller - Maersk A 0.1 DENMARK KINGDOM Coloplast B 0.19 DENMARK A P Moller - Maersk B 0.15 DENMARK Aviva 0.19 UNITED Colruyt 0.03 BELGIUM A2A 0.03 ITALY KINGDOM Commerzbank 0.07 GERMANY Aalberts NV 0.05 NETHERLANDS AXA 0.43 FRANCE Compagnie Financiere Richemont SA 0.55 SWITZERLAND ABB 0.51 SWITZERLAND B&M European Value Retail 0.06 UNITED Compass Group 0.33 UNITED KINGDOM ABN AMRO Bank NV 0.04 NETHERLANDS KINGDOM BAE Systems 0.21 UNITED Acciona S.A. 0.03 SPAIN Continental 0.14 GERMANY KINGDOM Accor 0.06 FRANCE ConvaTec Group 0.05 UNITED Baloise 0.06 SWITZERLAND Ackermans & Van Haaren 0.03 BELGIUM KINGDOM Banca Mediolanum 0.02 ITALY ACS Actividades Cons y Serv 0.06 SPAIN Covestro AG 0.1 GERMANY Banco Bilbao Vizcaya Argentaria 0.36 SPAIN Adecco Group AG 0.09 SWITZERLAND Covivio 0.04 FRANCE Banco Santander 0.58 SPAIN Adevinta 0.04 NORWAY Credit Agricole 0.14 FRANCE Bank Pekao 0.03 POLAND Adidas 0.63 GERMANY Credit Suisse Group 0.22 SWITZERLAND Bankinter 0.03 SPAIN Admiral Group 0.08 UNITED CRH 0.35 UNITED Banque Cantonale Vaudoise 0.02 SWITZERLAND KINGDOM KINGDOM Barclays 0.35 UNITED Adyen 0.62 NETHERLANDS Croda International 0.12 UNITED KINGDOM KINGDOM Aegon NV 0.06 NETHERLANDS Barratt Developments 0.09 UNITED Cts Eventim 0.03 GERMANY Aena SME SA 0.1 SPAIN KINGDOM Cyfrowy Polsat SA 0.02 POLAND Aeroports de Paris 0.03 FRANCE Barry Callebaut 0.07 SWITZERLAND Daimler AG 0.66 GERMANY Ageas 0.09 BELGIUM BASF 0.64 GERMANY Danone 0.37 FRANCE Ahold Delhaize 0.26 NETHERLANDS Bayer AG 0.53 GERMANY Danske Bank A/S 0.1 DENMARK AIB Group 0.02 IRELAND Bechtle 0.04 GERMANY Dassault Aviation S.A.
    [Show full text]
  • 2018 Compensation Report to a Principles Applicable to Performance-Related Pay and to the Consultative Vote at the 2019 Annual General Meeting
    84 Givaudan – 2018 Integrated Annual Report 85 Compensation report In this section 86 Compensation governance 87 Compensation principles 88 Compensation of Givaudan executives 93 Compensation of the Executive Committee 94 Compensation of the Board of Directors 96 Share ownership guidelines 96 Ownership of Givaudan securities 97 Report of the statutory auditor Givaudan – 2018 Integrated Annual Report 86 Compensation report Compensation report Attract, motivate and retain performance targets and related payouts under the annual incentives and share-based long-term incentives, while the Givaudan aims to attract, applicable performance criteria are set by the Board. motivate and retain a diverse The Compensation Committee is also responsible for pool of highly talented people to reviewing and approving individual compensation and benefits of each Executive Committee member as well as sustain its leadership position recommending compensation for the Board. within the flavour and fragrance The Compensation Committee consists of three independent industry. The Company’s members of the Board and is currently chaired by Prof. Dr-Ing. Werner Bauer. The Chief Executive Officer is regularly invited to compensation policies are an Compensation Committee meetings. The Head of Global Human Resources acts as secretary of the Compensation Committee. essential component of this The Chairman of the Compensation Committee may invite other strategy, and as such a key driver executives as appropriate. However, executives do not participate in discussions regarding their own compensation. of organisational performance. The Compensation Committee meets three to five times a year Our compensation programmes are aligned to our strategy and and informs the Board of its deliberations, recommendations and reflect the performance of the business and of individuals.
    [Show full text]