DOCSLIB.ORG

Annual Report 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

As filed with the Securities and Exchange Commission on February 23, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F (Mark one) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report . For the transition period from ___________________________ to ___________________________ Commission file number 001-05146-01 KONINKLIJKE PHILIPS NV (Exact name of Registrant as specified in its charter) ROYAL PHILIPS (Translation of Registrant's name into English) The Netherlands (Jurisdiction of incorporation or organization) Philips Center, Amstelplein 2, 1096 BCAmsterdam, The Netherlands (Address of principal executive offices) Marnix van Ginneken, Chief Legal Officer +31 2059 77232, [email protected], Philips Center, Amstelplein 2, 1096 BCAmsterdam, The Netherlands (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Trading Name of each exchange on which registered Symbol(s) Common Shares - par value PHG New York Stock Exchange Euro (EUR) 0.20 per share Securities registered or to be registered pursuant to Section 12(g) of the Act. None (Title of class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None (Title of class) Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report. Class Outstanding at December 31, 2020 KONINKLIJKE PHILIPS NV 905,128,293 shares Common Shares par value EUR 0.20 per share Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒Yes ☐ No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,"accelerated filer,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Other ☐ Accounting Standards Board ☒ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No 3 Contents 1 Introduction 6 2 Forward-looking statements 7 3 Form 20-F cross reference table 8 4 Message from the CEO 15 5 Board of Management and Executive Committee 18 6 Strategy and Businesses 20 6.1 Driven by purpose 20 6.2 How we create value 23 6.3 Our businesses 26 6.4 Our geographies 35 6.5 Supply chain and procurement 38 7 Financial performance 40 7.1 Performance review 40 7.2 Critical accounting policies 61 7.3 Taxation 63 8 Environmental, Social and Governance 67 8.1 ESG reporting framework 67 8.2 Philips' ESG commitments 68 8.3 Environmental performance 69 8.4 Social performance 83 8.5 Governance 89 8.6 Philips' ESG performance at a glance 93 9 Risk management 95 9.1 Our approach to risk management 95 9.2 Risk factors 98 9.3 Strategic risks 98 9.4 Operational risks 100 9.5 Compliance risks 101 9.6 Financial risks 102 10 Supervisory Board 103 11 Supervisory Board report 105 11.1 Report of the Corporate Governance and Nomination & Selection Committee 109 11.2 Report of the Remuneration Committee 111 11.3 Report of the Audit Committee 123 11.4 Report of the Quality & Regulatory Committee 125 12 Corporate governance 126 12.1 Introduction 126 12.2 Board of Management and Executive Committee 126 12.3 Supervisory Board 127 12.4 Other Board-related matters 129 12.5 General Meeting of Shareholders 130 12.6 Annual financial statements and external audit 132 12.7 Stichting Preferente Aandelen Philips 132 12.8 Major shareholders 133 12.9 Corporate information 133 12.10 Additional information 133 13 Group financial statements 137 13.1 Management’s report on internal control 137 4 13.2 Report of the independent auditor 138 13.3 Independent auditor’s report on internal control over financial reporting 138 13.4 Independent auditor’s report on the consolidated financial statements 139 13.5 Consolidated statements of income 142 13.6 Consolidated statements of comprehensive income 143 13.7 Consolidated balance sheets 144 13.8 Consolidated statements of cash flows 145 13.9 Consolidated statements of changes in equity 146 13.10 Notes 147 14 Other information 225 14.1 Reconciliation of non-IFRS information 225 14.2 Other Key Performance Indicators 234 14.3 Five-year overview (condensed) 236 14.4 Investor information 237 14.5 Definitions and abbreviations 240 15 Exhibits 244 5 1 Introduction This document contains information required for the Annual Report on Form 20-F for the year ended December 31, 2020 of Koninklijke Philips N.V. (the 2020 Form 20-F). Reference is made to the Form 20-F cross reference table herein. Only (i) the information in this document that is referenced in the Form 20-F cross reference table, (ii) this introduction and the cautionary statement “forward-looking statements” on the next two pages and (iii) the Exhibits shall be deemed to be filed with the Securities and Exchange Commission for any purpose. Any additional information in this document which is not referenced in the Form 20-F cross reference table, or the Exhibits themselves, shall not be deemed to be so incorporated by reference, shall not be part of the 2020 Form 20-F and is furnished to the Securities and Exchange Commission for information only. References to Philips References to the Company or company, to Philips or the (Philips) Group or group, relate to Koninklijke Philips N.V. and its subsidiaries, as the context requires. Royal Philips refers to Koninklijke Philips N.V. IFRS based information The audited consolidated financial statements as of December 31, 2020 and 2019, and for each of the years in the three-year period ended December 31, 2020, included in the 2020 Form 20-F have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU). All standards and interpretations issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee effective 2020 have been endorsed by the EU; consequently, the accounting policies applied by Philips also comply with IFRS as issued by the IASB. These accounting policies have been applied by group entities. Use of non-IFRS information In presenting and discussing the Philips financial position, operating results and cash flows, management uses certain financial measures that are not measures of financial performance or liquidity under IFRS (‘non-IFRS’). These non-IFRS measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures.
Recommended publications
  • Remuneration Policy for the Board of Management of Asml Holding N.V

    Remuneration Policy for the Board of Management of Asml Holding N.V

    REMUNERATION POLICY FOR THE BOARD OF MANAGEMENT OF ASML HOLDING N.V. (VERSION 2021) Remuneration Policy for the Board of Management of ASML Holding N.V. (version 2021) Public Board of Management Remuneration Policy 2021 This remuneration policy for the Board of Management of ASML Holding N.V. (“BoM”) applies as from January 1, 2021 onwards. The remuneration policy was approved by the Supervisory Board (“SB”) of ASML, upon recommendation of its Remuneration Committee (“RC”) and adopted by the General Meeting (“GM”) on 29 April 2021. The Works Council exercised its right to cast its advisory vote prior to adoption. Remuneration as a strategic instrument The remuneration policy supports the long-term development and strategy of the Company in a highly dynamic environment, while aiming to fulfill all stakeholders’ requirements and keeping an acceptable risk profile. More than ever, the challenge for us is to drive technology, to serve our customers and to satisfy our stakeholders. These drivers are embedded in the identity, mission and values of ASML and its affiliated enterprises and are the backbone of the remuneration policy. The SB ensures that the policy and its implementation are linked to the Company’s objectives. The objective of the remuneration policy is to enable ASML to attract, motivate and retain qualified industry professionals for the BoM in order to define and achieve our strategic goals. The policy acknowledges the internal and external context as well as our business needs and long-term strategy. The policy is designed to encourage behavior that is focused on long-term value creation and the long-term interests and sustainability of the Company, while adopting the highest standards of good corporate governance.
  • Analysis of Securitized Asset Liquidity June 2017 an He and Bruce Mizrach1

    Analysis of Securitized Asset Liquidity June 2017 an He and Bruce Mizrach1

    Analysis of Securitized Asset Liquidity June 2017 An He and Bruce Mizrach1 1. Introduction This research note extends our prior analysis2 of corporate bond liquidity to the structured products markets. We analyze data from the TRACE3 system, which began collecting secondary market trading activity on structured products in 2011. We explore two general categories of structured products: (1) real estate securities, including mortgage-backed securities in residential housing (MBS) and commercial building (CMBS), collateralized mortgage products (CMO) and to-be-announced forward mortgages (TBA); and (2) asset-backed securities (ABS) in credit cards, autos, student loans and other miscellaneous categories. Consistent with others,4 we find that the new issue market for securitized assets decreased sharply after the financial crisis and has not yet rebounded to pre-crisis levels. Issuance is below 2007 levels in CMBS, CMOs and ABS. MBS issuance had recovered by 2012 but has declined over the last four years. By contrast, 2016 issuance in the corporate bond market was at a record high for the fifth consecutive year, exceeding $1.5 trillion. Consistent with the new issue volume decline, the median age of securities being traded in non-agency CMO are more than ten years old. In student loans, the average security is over seven years old. Over the last four years, secondary market trading volumes in CMOs and TBA are down from 14 to 27%. Overall ABS volumes are down 16%. Student loan and other miscellaneous ABS declines balance increases in automobiles and credit cards. By contrast, daily trading volume in the most active corporate bonds is up nearly 28%.
  • March 1, 2021 RE: PHILIPS TESTIMONY for SF 1160 for SENATE COMMERCE and CONSUMER PROTECTION FINANCE and POLICY COMMITTEE HEARING

    March 1, 2021 RE: PHILIPS TESTIMONY for SF 1160 for SENATE COMMERCE and CONSUMER PROTECTION FINANCE and POLICY COMMITTEE HEARING

    March 1, 2021 RE: PHILIPS TESTIMONY FOR SF 1160 FOR SENATE COMMERCE AND CONSUMER PROTECTION FINANCE AND POLICY COMMITTEE HEARING Dear Chair Dahms, Vice Chair Utke and Members of the Senate Commerce and Consumer Protection Finance and Policy Committee On behalf of Philips, I submit testimony on Minnesota SF 1160. While Philips supports this bill because it reduces barriers to telehealth in many ways, my comments today will uniquely focus on the value of telemonitoring services to enhancing Minnesotans’ healthcare. Philips believes SF 1160 is a great start, but the current language limits the use of telemonitoring to certain patients within narrowly defined parameters. This testimony highlights the following topics: Telemonitoring is an important patient care solution Telemonitoring leads to cost savings Clinicians want the use of telemonitoring Other states are mandating coverage and reimbursement for telemonitoring The medical assistance rules would prevent many patients from accessing telemonitoring Philips suggested changes to SF 1160 Background on Philips: Philips is a health technology company focused on improving people’s health and enabling better outcomes. In Minnesota, Philips employs over 400 workers with facilities in Plymouth and Maple Grove. The company has been an industry leader in transforming telehealth over the last fifteen years, providing telemonitoring solutions across a patient’s care journey, from the ICU, to the emergency room, to the patient’s home.1 We applaud any legislative effort to expand telemonitoring. Telemonitoring is an important patient care solution: Telemonitoring allows providers to continually monitor, collect and analyze a patient’s physiological data to create and manage a patient’s treatment plan.
  • Man of Sony, and Frank Randall, Vice Chaírman of North American Philips

    Man of Sony, and Frank Randall, Vice Chaírman of North American Philips

    ctltvtpAcT' I -J I t!lil5rE NorthAmerican SONYo [IIGITAI- AUDIO RrilipsCorporation Contact: Albe:t Ruttner William E. Baker (21 2) 697-3600 (21 2) 371 -5800 1982 ¡4j\RKET TNG IS PLANNED FOR COMPACT D ISC DTGITAL AUDIO SYSTEM CD Format Gaining As World Standard NEW YORK, NY, MaY 27, 1981 Sony Corporation and North American Philips Corporation today demonst'rated prototypes of the Compact Disc (CD) Digital Audio System. Akio Morita' co-founder and chair- man of Sony, and Frank Randall, vice chaírman of North American philips joint,ly announced that the market introduction of the revolu- tionary sound reproduction system will begin in the faII of L982' The announcement of the marketing plans reflects growing endorsement of the Compact Disc system as the preferred digital audio format by equipment manufacturers and software producers around the world. Movement toward that broad acceptance \^¡as given impetus in June 1980, when Sony and Philips agreed to take full advantage of the technological capabilities of both companies and t,o co-develop the CD system. Most recently, the worldwide Polygram Group, one of the leading international record manufacturers, and CBS/Sony Inc', the largest record company in Japan, announced plans to produce music programs in the CD format. In L982, for example, CBS/Sony will re- lease more than 100 Compact Disc albums in Japan simultaneously with the introduction of the CD players. philips and Sony jointly submitted the CD format to the Digital Audio Disc Standardization Conference and, in April 1981, the - more - 2 final report of its study of three major systems was presented.' The study recommended the CD format as the standard for audio disc record- ing and repróduction.
  • Philips Lighting Reports Continued Improvement in Operational Profitability and Cash Flow in Second Quarter

    Philips Lighting Reports Continued Improvement in Operational Profitability and Cash Flow in Second Quarter

    Philips Lighting reports continued improvement in operational profitability and cash flow in second quarter Q2 2016 Presentation July 22, 2016 Today’s presenters Eric Rondolat Rene van Schooten CEO CFO & Head of BG Lamps • Joined Philips Lighting in 2012 • Joined Philips Lighting in 1999 • 25+ years of international management experience in • 30+ years of international management experience in lighting and energy management at Philips and Schneider lighting and finance at Philips, Unilever and Exxon Electric 2 Agenda Business and operational performance by Eric Rondolat Financial performance by Rene van Schooten Q&A Philips Lighting reports continued improvement in operational profitability and cash flow in second quarter Second quarter 2016 highlights Half year 2016 highlights • Total LED based sales grew 25% in the quarter and now • Continued improvement in operational profitability represent 53% of total sales • adjusted EBITA up by 13.3% to €282 million • Seventh consecutive quarter of year-on-year improvement • adjusted EBITA margin increased to 8.2% in operational profitability • Net income of €71 million, includes separation costs and • Net income of €57 million, includes separation costs and brand license fee not applicable in 2015 brand license fee not applicable in 2015 Adjusted EBITA (€m and as % of sales) Comparable Sales Growth (%) 9,3% 7,8% 7,5% 7,5% 7,1% -1,3% -1,5% 6,4% 159 161 139 139 -3,0% -2,7% 110 121 -4,3% -4,2% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 4 Successful execution of our strategy Q2 2016
  • The Professional Obligations of Securities Brokers Under Federal Law: an Antidote for Bubbles?

    The Professional Obligations of Securities Brokers Under Federal Law: an Antidote for Bubbles?

    Loyola University Chicago, School of Law LAW eCommons Faculty Publications & Other Works 2002 The rP ofessional Obligations of Securities Brokers Under Federal Law: An Antidote for Bubbles? Steven A. Ramirez Loyola University Chicago, School of Law, [email protected] Follow this and additional works at: http://lawecommons.luc.edu/facpubs Part of the Securities Law Commons Recommended Citation Ramirez, Steven, The rP ofessional Obligations of Securities Brokers Under Federal Law: An Antidote for Bubbles? 70 U. Cin. L. Rev. 527 (2002) This Article is brought to you for free and open access by LAW eCommons. It has been accepted for inclusion in Faculty Publications & Other Works by an authorized administrator of LAW eCommons. For more information, please contact [email protected]. THE PROFESSIONAL OBLIGATIONS OF SECURITIES BROKERS UNDER FEDERAL LAW: AN ANTIDOTE FOR BUBBLES? Steven A. Ramirez* I. INTRODUCTION In the wake of the stock market crash of 1929 and the ensuing Great Depression, President Franklin D. Roosevelt proposed legislation specifically designed to extend greater protection to the investing public and to elevate business practices within the securities brokerage industry.' This legislative initiative ultimately gave birth to the Securities Exchange Act of 1934 (the '34 Act).' The '34 Act represented the first large scale regulation of the nation's public securities markets. Up until that time, the securities brokerage industry4 had been left to regulate itself (through various private stock exchanges). This system of * Professor of Law, Washburn University School of Law. Professor William Rich caused me to write this Article by arranging a Faculty Scholarship Forum at Washburn University in the'Spring of 2001 and asking me to participate.
  • Speculation in the United States Government Securities Market

    Speculation in the United States Government Securities Market

    Authorized for public release by the FOMC Secretariat on 2/25/2020 Se t m e 1, 958 p e b r 1 1 To Members of the Federal Open Market Committee and Presidents of Federal Reserve Banks not presently serving on the Federal Open Market Committee From R. G. Rouse, Manager, System Open Market Account Attached for your information is a copy of a confidential memorandum we have prepared at this Bank on speculation in the United States Government securities market. Authorized for public release by the FOMC Secretariat on 2/25/2020 C O N F I D E N T I AL -- (F.R.) SPECULATION IN THE UNITED STATES GOVERNMENT SECURITIES MARKET 1957 - 1958* MARKET DEVELOPMENTS Starting late in 1957 and carrying through the middle of August 1958, the United States Government securities market was subjected to a vast amount of speculative buying and liquidation. This speculation was damaging to mar- ket confidence,to the Treasury's debt management operations, and to the Federal Reserve System's open market operations. The experience warrants close scrutiny by all interested parties with a view to developing means of preventing recurrences. The following history of market events is presented in some detail to show fully the significance and continuous effects of the situation as it unfolded. With the decline in business activity and the emergence of easier Federal Reserve credit and monetary policy in October and November 1957, most market elements expected lower interest rates and higher prices for United States Government securities. There was a rapid market adjustment to these expectations.
  • Signify N.V. and Legal Entities with Respect to Which Signify N.V

    Signify N.V. and Legal Entities with Respect to Which Signify N.V

    Signify N.V. and legal entities with respect to which Signify N.V. directly or indirectly holds 50% or more of the nominal value of the issued share capital or ownership interest: Country Company Argentina Philips Lighting Argentina S.A. Australia Philips Lighting Australia Limited Australia WMGD Pty. Limited Austria Philips Lighting Austria GmbH Bangladesh Philips Lighting Bangladesh Limited Belgium Philips Lighting Belgium N.V. Belgium PITS N.V. Belgium Philips Properties N.V. Belgium Sedena Financial Services BVBA Brazil Helfont Participações Ltda. Brazil Philips Lighting Iluminação Ltda. Brunei Darussalam Philips (B) SDN BHD Bulgaria Philips Lighting Export – Bulgaria Branch Canada Signify Canada Holding Ltd. Canada Philips Lighting Canada Ltd. Chile Philips Lighting Chilena S.A. China Philips Consumer Luminaires Manufacturing (Shenzhen) Co. Ltd. China Signify Energy Saving Technology Services (Wuhan) Co., Ltd. China Signify Industry (China) Co., Ltd. China Signify Electronics (Xiamen) Co. Ltd. China Signify Luminaires (Chengdu) Co., Ltd. China Signify Luminaires (Shanghai) Co., Ltd. China Carex Lighting Equipment (Dongguan) Co., Ltd. China Signify Electronics Technology (Shanghai) Co., Ltd. China Signify (China) Investment Co., Ltd China Feihui Lighting Technology (Shanghai) Co., Ltd. China Signify Trading (Shanghai) Co., Ltd Colombia Philips Lighting Colombiana S.A.S. Croatia Philips Lighting Export B.V. - Podruznica Zagreb Czech Republic Philips Lighting Czech Republic s.r.o. Denmark Philips Lighting Denmark A/S Egypt Philips Lighting Egypt LLC Finland Philips Lighting Finland Oy France Philips France France 3E International, S.A.S. France Modular Lighting France France Compagnie Française Philips Germany Philips Lighting GmbH Ghana Philips Lighting Export B.V. – Ghana Branch Eligible Buying Locations List - version 2.0 - December 2018 Page 1 of 4 Greece Philips Lighting Hellas S.A.
  • The Structure of the Securities Market–Past and Future, 41 Fordham L

    The Structure of the Securities Market–Past and Future, 41 Fordham L

    University of California, Hastings College of the Law UC Hastings Scholarship Repository Faculty Scholarship 1972 The trS ucture of the Securities Market–Past and Future William K.S. Wang UC Hastings College of the Law, [email protected] Thomas A. Russo Follow this and additional works at: http://repository.uchastings.edu/faculty_scholarship Part of the Securities Law Commons Recommended Citation William K.S. Wang and Thomas A. Russo, The Structure of the Securities Market–Past and Future, 41 Fordham L. Rev. 1 (1972). Available at: http://repository.uchastings.edu/faculty_scholarship/773 This Article is brought to you for free and open access by UC Hastings Scholarship Repository. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of UC Hastings Scholarship Repository. For more information, please contact [email protected]. Faculty Publications UC Hastings College of the Law Library Wang William Author: William K.S. Wang Source: Fordham Law Review Citation: 41 Fordham L. Rev. 1 (1972). Title: The Structure of the Securities Market — Past and Future Originally published in FORDHAM LAW REVIEW. This article is reprinted with permission from FORDHAM LAW REVIEW and Fordham University School of Law. THE STRUCTURE OF THE SECURITIES MARIET-PAST AND FUTURE THOMAS A. RUSSO AND WILLIAM K. S. WANG* I. INTRODUCTION ITHE securities industry today faces numerous changes that may dra- matically alter its methods of doing business. The traditional domi- nance of the New York Stock Exchange' has been challenged by new markets and new market systems, and to some extent by the determina- tion of Congress and the SEC to make the securities industry more effi- cient and more responsive to the needs of the general public.
  • The Actual Problems of Assets Securitization in Commercial Organizations

    The Actual Problems of Assets Securitization in Commercial Organizations

    ISSN 0798 1015 HOME Revista ESPACIOS ! ÍNDICES ! A LOS AUTORES ! Vol. 39 (Nº22) Year 2018. Page 28 The Actual Problems of Assets Securitization in Commercial Organizations Los problemas actuales de titulación de activos en organizaciones comerciales Tatiana M. KOVALEVA 1; Oleg A. KHVOSTENKO 2; Alla G. GLUKHOVA 3; Evgeny V. MOZHAROVSKY 4 Received: 03/02/2018 • Approved: 02/03/2018 Contents 1. Introduction 2. Methodology 3. Results 4. Conclusions Bibliographic references ABSTRACT: RESUMEN: The goal of the article is to develop theoretical El objetivo del artículo es desarrollar disposiciones provisions of assets securitization in the Russian teóricas de titulización de activos en la Federación de Federation, to analyze the problems and prospects of Rusia, para analizar los problemas y las perspectivas its development. The main result of the research is de su desarrollo. El principal resultado de la the development of suggestions for expansion of the investigación es el desarrollo de sugerencias para la objects of securitized assets through the mechanisms expansión de los objetos de los activos titulizados a of securitization of income from personal income tax. través de los mecanismos de titulización de los Keywords: securitization, financial risks, personal ingresos del impuesto a la renta personal. income tax, risk management Palabras clave: titulización, riesgos financieros, impuesto a la renta personal, gestión de riesgos 1. Introduction 1.1. Establishing a context During the last ten years the financial market of the Russian Federation has changed a lot as far as the formation of different financial instruments aimed at improving efficiency is concerned. Securitization of assets has occupied an important position among the instruments of financing.
  • The Effectiveness of Short-Selling Bans

    The Effectiveness of Short-Selling Bans

    An Academic View: The Effectiveness of Short-Selling Bans Travis Whitmore Securities Finance Research, State Street Associates Introduction As the COVID-19 virus continues At the same time, regulators have reacted to tighten its grip on the by stiffening regulations to try and protect markets from further price declines. One such world – causing wide spread response, which is common during periods lockdowns and large-scale of financial turmoil, has been to impose disruptions to global supply chains short-selling bans. At the time of writing this, short-selling bans have been implemented in – governments, central banks, and seven countries with potentially more following regulators have been left with little suit. South Korea banned short selling in three choice but to intervene in financial markets, including its benchmark Kospi Index, markets. Central banks have for six months. As stock markets plunged across Europe in late March, Italy, Spain, already pulled out all the stops. France, Greece, and Belgium temporarily halted short selling on hundreds The US Federal Reserve slashed interest of stocks.2 rates to near zero and injected vast amounts of liquidity into the financial system with In this editorial, we discuss the impact “a $300 billion credit program for employers” of short-selling bans on markets and if it and “an open-ended commitment” of will be effective in stemming asset price quantitative easing, meaning unlimited declines resulting from the economic fallout buy back of treasuries and investment from COVID-19. To form an objective view, grade corporate debt. Governments have we review empirical findings from past started to pull on the fiscal policy lever academic studies and look to historical as well, approving expansive stimulus event studies of short-selling bans.
  • Philips Consumer Lifestyle BV

    Philips Consumer Lifestyle BV

    www.philips.com/avent Philips Consumer Lifestyle BV Tussendiepen 4, 9206 AD Drachten, Netherlands / Pays-Bas Trademarks owned by the Philips Group / Marque déposée du groupe Philips © 2018 Koninklijke Philips N.V. All rights reserved www.philips.com 4213.354.4268.1 (06/18) English prevent the bottle or other parts from touching the side of the pan. This can cause irreversible For your child’s safety and health product deformation, defect or damage that Philips cannot be held liable for. Make sure that Warning! you wash your hands thoroughly and that the Always use this product with adult supervision. surfaces are clean before contact with sterilized - parts. Place all bottle parts on a clean paper - Never use feeding teats as a soother, to prevent choking hazard. towel or on a clean drying rack and allow them to air dry. Excessive concentration of detergents - Continuous and prolonged sucking of fluids will cause tooth decay. may eventually cause plastic components to crack. Should this occur, replace immediately. - Always check food temperature before feeding. This product is dishwasher safe - food colourings may discolour parts. Clean and sterilize all - It is not recommended to use a microwave to warm up your baby‘s food or drinks. parts before each use. For hygiene reasons, we Microwaves might alter the quality of recommend replacing teats after 3 months. food/drinks and destroy some valuable Assembly nutrients and it may produce localized high When you assemble the bottle, make sure you temperatures. Therefore, take extra care if place the cap vertically onto the bottle so that and when you heat up food in a microwave.