DOCSLIB.ORG

Group Profile 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Group Profile 2019 GROUP 2019 PROFILE CONTENTS 4 Profile 5 Group Organization Chart 6 Consolidated Financial Highlights 8 Net Asset Value 10 Investments Portfolio Transport Infrastructure 11 Atlantia Digital Infrastructure 12 Cellnex Food and Beverage 13 Autogrill Clothing and Textiles 14 United Colors of Benetton 15 Olimpias Real Estate and Agriculture 16 Edizione Property 17 Maccarese 18 Compañia De Tierras Sud Argentino 19 Financial Institutions Generali Mediobanca 20 Other unlisted Verde Sport Benetton Rugby 21 Benetton Foundation 22 Investment Criteria 22 Board of Directors 23 Management 24 History EDIZIONE GROUP PROFILE 3 PROFILE Established in 1981, Edizione The philosophy which guides and In 2018 Edizione generated S.r.l. is one of Europe’s main supports investments at Edizione is consolidated revenue of Euro 13.1 holding companies. Now in its based on a virtuous combination of billion, 47.6% of which came from third generation, it is entirely ownership and management, aimed outside Italy, with an EBITDA of Euro controlled by the Benetton family. at increasing the value of net assets, 4.2 billion (32% of consolidated The four branches of the family with long-term commitments. sales) and a net profit at Group control the capital through four level of Euro 197 million. As at 31 family holding companies. December 2018 our investment portfolio amounts to Euro 10.2 billion. Edizione pursues its objectives in accordance with the rules and Edizione, with 82,000 employees principles, laid down in the Code spread across six areas of activity, of Ethics, which establish the pursues an investment policy that values and guidelines of all its goes beyond the merely financial, behaviour and investments. with an international growth strategy. Our Strategy The Portfolio Shareholders of Holdings and Management Edizione is an active investor, which The main sectors in which Edizione is owned by the four combines an entrepreneurial Edizione operates are: transport branches of the Benetton family approach with rigorous financial infrastructure, through a holding (equal stakes) through the discipline, supporting its companies in Atlantia (acquired in 2000), following companies: Evoluzione, strategically and financially digital infrastructure through a Proposta, Regia and Ricerca. to improve their competitive holding in Cellnex (acquired in positioning and returns. Edizione 2018), food and beverage through The Board of Directors of the seeks to grow the value of its Autogrill (acquired in 1995) and company is made up of 8 members: investments over time and reinforce manufacturing, through the historic Gianni Mion (Chairman), Alessandro their presence in the various brand Benetton (founded in 1965). Benetton, Christian Benetton, sectors to which they belong. This Franca Bertagnin Benetton, Sabrina objective may also be achieved Edizione also has a presence in Benetton, Carlo Bertazzo, Fabio through acquisitions, thanks the real estate sector (through the Cerchiai and Giovanni Costa. to the network of contacts and subsidiary Edizione Property), and relationships built up by the Group the agriculture and hotel sectors. over the course of many years. Edizione holds a portfolio of shares in the financial sector, represented by its holdings in Assicurazioni Generali and Mediobanca. EDIZIONE GROUP PROFILE 4 GROUP ORGANIZATION CHART EDIZIONE 100% 30.25% 88.06% Transport Sintonia Atlantia 1 Autostrade per l’Italia Infrastructure 100% Autostrade dell’Atlantico 50% + 1 share Abertis 99.38% Aeroporti di Roma 62.50% 64% Azzurra Aéroports Aeroporti de la Côte d’Azur 100% Telepass 23.86% Hochtief 15.49% Getlink 60% 29.9% Digital ConnecT Cellnex Telecom Infrastructure 100% 50.10% Food and Schematrentaquattro Autogrill Beverage 100% 100% Clothing Benetton Benetton Group and Textiles 100% Olimpias Group 100% 100% Real Edizione Property Compañia de Tierras Sud Argentino Estate and Agriculture 100% Maccarese 100% 3.33% Financial Schematrentatre Assicurazioni Generali Institutions 2.10% Mediobanca Listed company 1 At December 31, 2018 Atlantia holds 0.95% of treasury shares EDIZIONE GROUP PROFILE 5 CONSOLIDATED FINANCIAL HIGHLIGHTS (Millions of Euro) 2018 % on 2017 % on 2016 % on revenue revenue revenue Revenues 13,119 12,106 11,670 Ebitda 4,203 32.0 % 4,170 34.5 % 3,857 33.1 % Operating result 2,301 17.5 % 2,624 21.7 % 2,495 21.4 % Net income, Group 197 1.5 % 234 1.9 % 388 3.3 % Total shareholders’ equity 21,799 16,696 14,834 Net financial indebtedness 38,402 8,726 11,086 Cash Flow 1 3,389 2,861 2,715 Employees 2 82,100 67,115 64,192 1 Calculated as Net income before minority interests plus depreciation, amortisation, impairment and provisions 2 Full time equivalent EDIZIONE GROUP PROFILE 6 Revenues Revenues by sectors by geographies ≥ Transport Infrastructure ≥ Italy ≥ Food and Beverage ≥ Rest of Europe ≥ Clothing and Textiles ≥ Americas ≥ Other ≥ Rest of World (Millions (Millions of Euro) 2017 2018 of Euro) 2017 2018 Total +8.4% Total Total +8.4% Total revenues revenues revenues revenues 12,106 13,119 12,106 13,119 15,000 15,000 50 459 -5.7% +8.5% 53 1,325 423 3,241 1,366 -3.0% 5,113 3,037 +6.7% 10,000 10,000 4,990 +2.5% 2,539 1,933 +31.4% 6,631 6,713 +2.5% 6,880 5,000 5,000 5,697 +16.4% 2018 2018 2017 2017 ricavi settore ricavi paesi 0.4 Other 3.5 Rest of World 10.1 Clothing Transport 50.5 and Textiles Infrastructure 24.7 Americas % % Italy 52.4 39 Food and Beverage 19.4 Rest of Europe EDIZIONE GROUP PROFILE 7 NET ASSET VALUE (Millions of Euro — 12.31.2018) Value % / GAV Atlantia 4,495 46.2% Cellnex 977 10.0% Autogrill 987 10.1% Assicurazioni Generali 757 7.8% Mediobanca 141 1.4% Prysmian 19 0.2% Listed investments 1 7,376 75.8% Real Estate and Agriculture 1,748 18.0% Clothing and Textiles 561 5.8% Other 43 0.4% Unlisted investments 2,352 24.2% Gross Asset Value 9,728 100.0% Net financial indebtedness 498 Net Asset Value 10,226 1 Arithmetic mean of 20 trading days of stock exchange closing prices prior to the reference date EDIZIONE GROUP PROFILE 8 EDIZIONE GROUP PROFILE 9 INVESTMENTS PORTFOLIO EDIZIONE GROUP PROFILE 10 The corporate mission of Atlantia, the main asset of Edizione, ATLANTIA reflects the holding company’s drive towards globalisation including through international partnerships that share the same strategies: high growth trends with a view to developing personal mobility. Atlantia, through constant investments in motorways and airports, affirms the Edizione philosophy, based on maximising long-term portfolio value. Transport Infrastructure www.atlantia.it year 2000 of acquisition 23 countries stake km 30.25 % held 14,000 of motorway airport 7.3 bn eur EBITDA * 63+ mln passengers EBITDA by region EBITDA by concession Atlantia Atlantia geo conc 5 other 4 Aumar 4 Sapn 6 Brazil 6 Acesa 9 Chile 8 AdR % Italy 46 % other 34 16 Spain 12 Sanef 18 France Aspi 32 * Pro-forma data 2018 with Abertis assets included EDIZIONE GROUP PROFILE 11 In 2018, Edizione decided to invest in Cellnex, the leading CELLNEX infrastructure provider for wireless telecommunications and broadcasting in Europe. In accordance with the Group’s values, this investment was inspired by confidence in global macro-trends, with the purpose of guaranteeing interesting prospects at international level. Digital Infrastructure www.cellnextelecom.com year 2018 of acquisition 29,000 towers stake 29.9 % held* 6 countries 901 mln eur 2018 turnover Turnover by channel 2018 Turnover by Region 2018 Cellnex Cellnex canale geo 9 other 9 rest of Europe % telephony 65 % Spain 52 26 audiovisual 29 Italy * Stake held by ConnecT S.p.A., a company 60% owned by Edizione EDIZIONE GROUP PROFILE 12 Autogrill is the world’s leading operator of food and AUTOGRILL beverage services for travellers. Edizione invests in human-centric and future-oriented macro-trends: the constant challenge is to tackle the rapid and radical changes in consumer habits, to ensure sustainability, tradition and innovation at global level. It is thanks to Autogrill that Edizione was able to launch its first major internationalisation process in 1999, in accordance with its original philosophy: to be an active majority shareholder to create value and success stories. Food and Beverage www.autogrill.com year 1995 of acquisition 60,000+ employees 32 countries stake points 50.10 % held 4,000+ of sale 4,695 mln eur 2018 turnover 1,000+ locations Turnover by channel 2018 Turnover by Region 2018 Autogrill Autogrill canale geo 8 other 12 International 15 Europe % airports 58 % North 51 34 motorways America 22 Italy EDIZIONE GROUP PROFILE 13 The story of the Benetton family begins with the BENETTON BENETTON brand in the 1950s. World famous, it has been synonymous for decades with the success of so- called made in Italy products, representing values of sustainability, tradition and innovation, an international outlook and creation of value. A global vision and significant entrepreneurial capabilities, these are the foundations of the Benetton family’s success. Clothing and Textiles www.benettongroup.com year 1955 of foundation 7,600+ employees stake 100 % held 4,700 stores 1,230 mln eur 2018 turnover 80+ countries Turnover by channel 2018 Turnover by Region 2018 Benetton Benetton canale geo 25 other countries 49 direct % indirect 51 % Italy 34 41 Europe EDIZIONE GROUP PROFILE 14 Created from the merger of a number of industrial OLIMPIAS firms, Olimpias is now an important group in the European textiles sector. With its two main business, textiles and clothing, Olimpias combines respect for the environment and for sustainability with research and the use of the most advanced technologies, in line with the Group’s philosophy. Clothing and Textiles www.olimpias.com stake 100 % held 9 sites 288 mln eur 2018 turnover 6 countries 2,800+ employees Turnover by channel 2018 Olimpias canale 2 accessories 5 yarns 17 fabrics % clothing 76 EDIZIONE GROUP PROFILE 15 The fruit of the comprehensive programme of EDIZIONE reorganisation and rationalisation of the real estate assets held by the holding company, Edizione Property PROPERTY now owns a portfolio of prestige properties, including such trophy assets as the Fondaco dei Tedeschi in Venice and the Champs-Élysées building in Paris.
Load more

Recommended publications
  • Benetton Group Spa Rating Change UNDERPERFORM
    Benetton Group Spa Rating Change UNDERPERFORM Equity | Italy | Apparel 15 November 2010 Faded colours Flavio Cereda >> +44 20 7996 1455 Research Analyst MLPF&S (UK) Downgrading BEN to Underperform: PO cut 17% to €5.0 [email protected] We believe BEN has become a value trap, we thought the stock had reached a floor of sorts after H110: it does not appear so. A poor Q3 combined with deteriorating news flow has returned the stock to its previous predicament, in our Stock Data view: how do I deal with competitors that are bigger, better and more appealing Price EUR5.10 than me? BEN’s inability to generate any real growth this year in spite of the Price Objective EUR5.00 recent restructuring effort (mgmt estimate €50mn net benefits at the EBIT level as Date Established 15-Nov-2010 a result) and peer performance, flags a troubling lack of brand appeal, in our view, Investment Opinion B-3-7 Volatility Risk MEDIUM that we fear will take some time to redress given a challenging 2011-12. 52-Week Range EUR5.06-EUR6.97 Beyond cotton…between a rock and a hard place… Mrkt Val / Shares Out (mn) EUR931 / 182.7 We think BEN will be struggling with a number of very key issues in the MT: over- Average Daily Volume 297,628 reliance on a stagnant and increasingly competitive domestic market (46%), BofAML Ticker / Exchange BNTOF / MIL Bloomberg / Reuters BEN IM / BNG.MI soaring input costs (a first toll in Q4-10 and H1-11), the need to continue to run a ROE (2010E) 7.4% ‘nice price’ policy with many of its retail clients, relatively small exposure to Asia Net Dbt to Eqty (Dec-2009A) 38.4% (16%) and China in particular, and what appears to be a troubling lack of profile in Est.
    [Show full text]
  • Annual Report 2004
    04 Bringing growth into focus. Annual Report 2004. 04 a successful year for Continental. 2 2 Continental Corporation in € millions 2004 2003 2002 2001 2000 Sales 12,597.4 11,534.4 11,408.3 11,233.3 10,115.0 EBITA¹ 1,096.4 855.2 694.3 32.8 533.0 Consolidated net income/loss for the year 673.8 314.0 226.0 - 257.6 204.7 Dividends 116.3² 70.4 58.6 – 64.1 Cash flow 1,443.8 985.9 919.0 666.5 866.3 Capital expenditure on property, plant, and equipment 672.4 583.5 581.2 704.9 682.8 Amortization and depreciation³ 665.7 603.1 670.3 891.3 654.7 Shareholders’ equity 2,842.3 1,983.2 1,715.2 1,546.7 1,844.1 Equity ratio in % 29.4 23.9 20.9 17.2 24.2 Employees at the end of the year 4 80,586 68,829 64,379 65,293 63,832 Share price (high) in € 47.26 30.98 19.53 19.45 20.94 Share price (low) in € 28.87 12.04 11.72 9.68 15.85 ¹ Earnings before interest, taxes and regular goodwill amortization ² Subject to the approval of the Annual Shareholders’ Meeting on May 12, 2005 ³ Excluding write-downs of investments 4 Excluding trainees Continental Divisions Sales in € millions 2004 2003 Automotive Systems 5,007.7 4,625.7 Passenger and Light Truck Tires 4,104.2 3,907.2 Commercial Vehicle Tires 1,500.7 1,261.6 ContiTech 2,063.4 1,812.2 EBIT in € millions 2004 2003 Automotive Systems 487.5 369.5 Passenger and Light Truck Tires 383.4 345.8 Commercial Vehicle Tires 100.3 82.4 ContiTech 150.4 144.0 Bringing growth into focus.
    [Show full text]
  • List of Section 13F Securities
    List of Section 13F Securities 1st Quarter FY 2004 Copyright (c) 2004 American Bankers Association. CUSIP Numbers and descriptions are used with permission by Standard & Poors CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved. No redistribution without permission from Standard & Poors CUSIP Service Bureau. Standard & Poors CUSIP Service Bureau does not guarantee the accuracy or completeness of the CUSIP Numbers and standard descriptions included herein and neither the American Bankers Association nor Standard & Poor's CUSIP Service Bureau shall be responsible for any errors, omissions or damages arising out of the use of such information. U.S. Securities and Exchange Commission OFFICIAL LIST OF SECTION 13(f) SECURITIES USER INFORMATION SHEET General This list of “Section 13(f) securities” as defined by Rule 13f-1(c) [17 CFR 240.13f-1(c)] is made available to the public pursuant to Section13 (f) (3) of the Securities Exchange Act of 1934 [15 USC 78m(f) (3)]. It is made available for use in the preparation of reports filed with the Securities and Exhange Commission pursuant to Rule 13f-1 [17 CFR 240.13f-1] under Section 13(f) of the Securities Exchange Act of 1934. An updated list is published on a quarterly basis. This list is current as of March 15, 2004, and may be relied on by institutional investment managers filing Form 13F reports for the calendar quarter ending March 31, 2004. Institutional investment managers should report holdings--number of shares and fair market value--as of the last day of the calendar quarter as required by Section 13(f)(1) and Rule 13f-1 thereunder.
    [Show full text]
  • Benetton Colours Debut in Printemps Haussmann, Iconic Shopping Destination in Paris
    BENETTON COLOURS DEBUT IN PRINTEMPS HAUSSMANN, ICONIC SHOPPING DESTINATION IN PARIS United Colors of Benetton continues to expand its distribution network, bringing the premium level collections to the most prestigious department stores Ponzano Veneto, 30th August 2019 - After partnering with London’s Selfridges, an historic address for international shopping, Paris temple of shopping Printemps Haussmann, has also chosen the United Colors of Benetton collections. On the third floor of the department store - located in the heart of Paris, on Boulevard Haussmann - Benetton Group has inaugurated the new United Colors of Benetton space. Dedicated entirely to women, the new corner inside the prestigious location will host the garments of the Fall- Winter 2019/2020 collection by Jean-Charles de Castelbajac, artistic director of the brand since October 2018. A celebration of the brand's DNA, in which colourful energy, Italian knitwear expertise, creative details and sporty-chic spirit mix together and bring a contemporary, pop universe to life. The Benetton space inside Printemps Haussmann, covering an area of 200 square metres, is divided into two areas: one dedicated to the premium collections, the other housing knitwear garments that give life to a great colour theatre. The two areas are connected by coloured threads that recall the characteristic “stitch” of the United Colors of Benetton logo, located at the entrance of the Benetton area. The coloured thread extensions radiate into the space, taking various forms and directions: starting as hanging rails to display the collection, they transform into multi-coloured paths that lead to the Benetton garments displayed in the "Color Theatre", where the iconic knitwear line is celebrated.
    [Show full text]
  • Division of Investment Department of the Treasury State of New Jersey Pension Fund June 30, 2009 and 2008 (With Independent Auditors’ Report Thereon)
    F INANCIAL S TATEMENTS, M ANAGEMENT’ S D ISCUSSION AND A NALYSIS AND S UPPLEMENTAL S CHEDULES Division of Investment Department of the Treasury State of New Jersey Pension Fund June 30, 2009 and 2008 (With Independent Auditors’ Report Thereon) Division of Investment Department of the Treasury State of New Jersey Pension Fund Financial Statements June 30, 2009 and 2008 Contents Independent Auditors’ Report ..........................................................................................................1 Management’s Discussion and Analysis .........................................................................................3 Basic Financial Statements: Statements of Net Assets .................................................................................................................7 Statements of Changes in Net Assets...............................................................................................8 Notes to Financial Statements ..........................................................................................................9 Supplemental Schedules: Schedule 1 – Combining Schedule of Net Assets ..........................................................................31 Schedule 2 – Combining Schedule of Changes in Net Assets .......................................................32 Schedule 3 – Portfolio of Investments – Common Fund A ...........................................................33 Schedule 4 – Portfolio of Investments – Common Fund B ...........................................................57
    [Show full text]
  • Marco Boglione and Adriano Moraglio
    People on the Move Marco Boglione and Adriano Moraglio Slowly please, I’m in a hurry Entrepreneur is cool! Basic Edizioni All rights reserved © 2009 Marco Boglione and Adriano Moraglio, Torino Original title «Piano piano che ho fretta» Printed in Torino, Italy Release 1.1.1 English translation by Daniel Monti ISBN 978-88-905499-1-5 To our children FOREWORD A corrispondence A friendship Marco and I have known each other for some time. I started to take an interest in him as a journalist when he was filling institutional posts, to be precise from the time he became president of Film Commission and later took up the same post for ITP (Investment in Turin and Pied- mont), the Agency devoted at the time to attracting foreign investors to Piedmont. When I met him I liked him immediately. Moreover it was clear that he had decided to offer his experience as an entrepreneur to a public body for a set period without seeking any profit whatsoever, profit being the purpose of any entrepreneurial venture. In spring 2008 I fancied a chat with him again so I set up a meeting. I did not have to interview him for my newspaper or gather information on his group, BasicNet, owner of the famous Kappa, Robe di Kappa, Jesus Jeans, Superga, K-Way brands. The last time I had seen him it had been at a jazz evening I had organized: he attended with his “wife” Stella (I’ll explain the meaning of the in- verted commas later). I told him I loved pizza and he invited me to that extraordinary pizzeria known as Fratelli La Cozza, behind BasicNet’s headquarters in Torino, under the very roof that saw the dawn of local industrial activity in 1916, when Abramo Vitale – a second name that will play a fundamental part in Marco Boglione’s existence – established Società Anonima Calzificio Torinese.
    [Show full text]
  • 2019 Consolidated Financial Statements
    CONSOLIDATED 2019 FINANCIAL STATEMENTS CONSOLIDATED 2019 FINANCIAL STATEMENTS CONTENTS 5 Group key data 6 Parent Company officers 7 Group activities 8 Group chart 9 Financial highlights 10 Net Asset Value 11 Directors’ report 12 Analysis of the consolidated financial statements 19 Human resources 21 Performance by business segment 65 Additional information 67 Consolidated financial statements at December 31, 2019 68 Consolidated statement of financial position 70 Consolidated income statement 71 Consolidated statement of comprehensive income 72 Consolidated statement of changes in shareholders’ equity 73 Consolidated cash flow statement 75 Notes to the consolidated financial statements 155 Annexes 156 List of consolidated companies at December 31, 2019 170 Report of the independent auditors EDIZIONE 3 GROUP KEY DATA EDIZIONE 5 PARENT COMPANY OFFICERS 1 5 Board of Directors General Manager Gianni Mion 2 Carlo Bertazzo Chairman Alessandro Benetton 5 Resigned on February 29, 2020. Director Christian Benetton Director Franca Bertagnin Benetton Director Board of Statutory auditors Sabrina Benetton Angelo Casò Director Chairman Carlo Bertazzo Giovanni Pietro Cunial Director Aldo Laghi Auditors Giovanni Costa Director Alberto Giussani Maria Martellini 6 Fabio Cerchiai 3 Alternate auditors Director Fabio Buttignon 4 6 Alternate Auditor whose term of office ended on May 25, 2020. Director Marco Patuano 4 Director 1 Appointed on June 24, 2019. In office until approval of the financial statements at December 31, 2019 2 Appointed Chairman on June 24, 2019. 3 Chairman whose term of office ended on June 24, 2019. 4 Director whose term of office ended on June 24, 2019. Independent auditors Deloitte & Touche S.p.A. In office until approval of the financial statements at December 31, 2019 In office until approval of the financial statements at December 31, 2023 6 EDIZIONE GROUP KEY DATA GROUP ACTIVITIES At December 31, 2019 Edizione S.r.l.
    [Show full text]
  • Benetton Group
    Gruppo Banca Leonardo June 23 2009 Benetton Group UNDERWEIGHT A fancy color diamond Target price €5.4 (from previous TP €5.0) Benetton Group is one of the main global players in the apparel business, present Current price €6.3* in 120 countries with over 6,200 stores and five brands. In 2008 the business was *Price as of June 18 2009 re-focused on four strategic priorities: 1) accelerating expansion in five key emerging countries; 2) pursuing growth in consolidated markets; 3) developing Outstanding shares (m) new commercial initiatives; 4) evolving the culture of the organization. Starting 183 from 2008 the company has also adopted a new approach focused on the final Mkt. Cap.(€m) consumer, leveraging on the wholesale business model with a sell-out approach. 1,156 Due to the changed economic environment the company also adopted in 2009 a Avg. daily volumes (30 days) reorganization plan focused on boosting the commercial business, on optimizing 251,600 shares the supply chain and costs, and on cash generation, aimed at motivating the Main shareholders network and re-thinking the supply chain processes to create a lower cost base. Edizione 67.1% Even if we appreciate the reorganization plan and the new company approach to Reuters / Bloomberg the market, we remain cautious given the low visibility on future consumer trends. BEN.MI / BEN IM UNDERWEIGHT with a €5.4 target price. Last 12 months Catalysts High: €8.3 Low: €4.4 1) Unfavourable macroeconomic conditions; 2) pressure on sales and margins; 3) business proposition "quality at an accessible price"; 4) new sell-out approach; 5) reorganization plan; 6) potential new consumers from trading-down trend; 7) new commercial initiatives (i.e.
    [Show full text]
  • Government Gazette Republic of Namibia
    GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA N$16.68 WINDHOEK- 2 September 1996 No. 1396 CONTENTS TRADE MARKS .............................................................................................................................. APPLICATIONS FOR REGISTRATION OF TRADE MARKS IN NAMIBIA (Applications accepted in terms of Act No. 48 of 1973) '\ Any person who has grounds for objection to any of the following trade marks, may, within the prescribed time, lodge Notice of Opposition on form SM6 con­ tained in the Second Schedule to the Trade Marks Rules in Namibia, 1973. The prescribed time is two months after the date of advertisement. This period may on application be extended by the Registrar. Where the Gazette is issued late, the period of opposition will count as from the date of issue and a notice relating thereto will be displayed on the public notice board in the Trade Marks Registry. Formal opposition should not be lodged until after notice has been given by letter to the applicant for registration so as to afford him an opportunity of withdrawing his application before the expense of preparing the Notice of Opposition is in­ curred. Failing such notice to the applicant an opponent may not succeed in ob­ taining an order for costs. "B" preceding the number indicates Part B of the Trade Mark Register. Neither the office mentioned hereunder nor Central Bureau Services (Pty) Ltd., acting on behalf of the Government of Namibia, guarantee the accuracy of this publication or undertake any responsibility for errors or omissions or their conse­ quences. E.T. KAMBOUA REGISTRAR OF TRADE MARKS FOR NAMIBIA 2 Government Gazette 2 September 1996 No. 1396 TRADE MARKS REMOVED FROM 1 JULY 1992 TO 30 JUNE 1996 NO.
    [Show full text]
  • Merrill Lynch Security Risk Evaluation 1-07
    Security Risk Evaluation ALPHA January 2007 Price As of December 2006 Month End COPYRIGHT 1998 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (MLPF&S). APPROVED FOR PUBLICATION IN THE UNITED KINGDOM BY MERRILL LYNCH, PIERCE, FENNER & SMITH LIMITED, AN AFFILIATED COMPANY AND REGULATED BY THE SECURITIES AND FUTURES AUTHORITY LIMITED. THE INFORMATION HEREIN WAS OBTAINED FROM VARIOUS SOURCES; WE DO NOT GUARANTEE ITS ACCURACY. ADDITIONAL INFORMATION AVAILABLE. GLOBAL SECURITIES RESEARCH & ECONOMICS RESEARCH TECHNOLOGY ALPHA (1) 800 255-9107 CONTINENTAL UNITED STATES January 2007 (1) 212 449-1072 WORLD WIDE PRICE AS OF December 2006 MONTH END Merrill Lynch, Pierce, Fenner & Smith, Inc. Market Sensitivity Statistics 2006/ 12 Resid Number Ticker Close Std --Std Error-- Adjusted Of Symbol Security Name Price Beta Alpha R-Sqr Dev-n Beta Alpha Beta Observ DOWI DOW JONES & CO 30 INDUSTRIALS 12463.150 0.96 0.03 0.91 1.09 0.04 0.14 0.98 60 DJ 20 DOW JONES & CO 20 TRANS ACTUAL 4560.200 0.94 0.65 0.42 3.86 0.14 0.50 0.96 60 DJ 15 DOW JONES & CO 15 UTIL ACTUAL 456.770 0.57 0.60 0.19 4.12 0.15 0.54 0.72 60 DJ 65 DOW JONES & CO 65 STOCK COMPOSITE 4120.960 0.89 0.28 0.86 1.29 0.05 0.17 0.93 60 SPALNS S&P 500 500 STOCKS 1418.300 1.00 0.00 1.00 0.00 0.00 0.00 1.00 60 Based on S&P 500 Index Using Straight Regression Merrill Lynch, Pierce, Fenner & Smith, Inc.
    [Show full text]
  • Integrated Report 2018 Benetton Group
    Benetton Group Integrated Report 2018 Benetton Group Integrated Report 2018 Contents Letter from the Chairman 7 Highlights 2018 9 Benetton Group profile 15 Our values 18 Our history 20 Governance 22 Business Model 29 The Group’s initiatives 32 Risk management 36 Our brands 39 United Colors of Benetton 42 The store in Oxford Street 44 Sisley 46 A design company 49 Product research 52 Dress Safe 53 Digital innovation 54 Priority to ideas 55 Fabrica Circus 58 A people company 61 Human resources 64 Mittelmoda International Lab 74 Human rights 75 The new faces of an Italy that studies and works 80 A green company 83 Sustainable materials 86 Management of environmental impact 88 Detox Commitment 89 Towards a circular economy 94 B-Care 95 A numbers company 97 Financial capital 100 Production capital 102 Appendix 105 Methodological notes 106 GRI content index 112 Independent Auditors’ report 121 Letter from the Chairman Dear Stakeholders, 2018 saw the first encouraging results of the development project we implemented and Benetton Group has gathered new momentum. However, 2018 was also a year of great pain and major losses. Gilberto and Carlo passed away, two of our most cherished people, who contributed to the foundation and success of our brands. Although with heavy hearts, we looked ahead with respect for those who believe in the Company, starting from the 7 500 workers in Italy, Europe and the rest of the world, who are doing an excellent job, and it is our firm intention to involve and engage them more and more. The relaunch of Benetton Group aims to bring the Company back to creating value in order to ensure a solid and profitable future.
    [Show full text]
  • Infomemo Automatic
    REPORT ON LARGE ITALIAN AND EUROPEAN FASHION COMPANIES February 2020 RICERCHE E STUDI S.p.A. Information required under Articles 13 and 14 of Regulation (EU) no. 2016/679 and national data protection laws in force Under Regulation (EU) no. 2016/679 (the “GDPR”) and the national regulations in force on the processing of personal data (jointly with the GDPR, the “Data Privacy Regulations”), Ricerche e Studi S.p.A., with registered office in Foro Buonaparte 10, Milan, Italy (the “Company”, or the “Controller”), in its capacity as Controller of the data processing, is bound to provide information regarding the use of the personal data. Personal data in the Company’s possession are usually collected directly from the interested party or from public sources. a) Purposes and means of data processing All personal data are processed in accordance with the provisions of the law and confidentiality obligations, for purposes of performing economic and statistical research, and digital works on the internet, and other publications containing data for individual companies or aggregates of companies. The data are processed via manual, computer and electronic instruments based on principles which are closely related to the purposes stated, and without prejudice to the foregoing, in such a way as to guarantee the security and confidentiality of the data themselves, in accordance with the provisions of the regulations in force in this area. b) Legal basis The legal basis of the data processing consists of pursuit of legitimate public interest. c) Disclosure and publication of the data Your personal data may be disclosed to companies, entities or consortia which provide the Company with specific processing services, and to companies, entities (state-owned or private) or consortia performing activities which are ancillary or instrumental to, or in support of, that of the Company.
    [Show full text]