DOCSLIB.ORG

Leading the Digital Inkjet Revolution

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Leading the Digital Inkjet Revolution Leading the digital inkjet revolution Xaar plc Annual Report and Financial Statements 2017 What we do We are a world leader in the development of digital inkjet technology. Our technology drives the conversion of analogue printing and manufacturing methods to digital inkjet which is more efficient, more economical and more productive than the traditional methods which have been in use for years. We design and manufacture printheads as well as systems for product decoration and 3D Printing which use our inkjet technology. Play video Why we do it Our purpose is simple – it is to improve supply chain efficiency and to unlock innovation. WE With Xaar technology our customers and their customers are able to innovate in their manufacturing methods and their products as well as benefit from a shorter supply chain; they can implement more precise and efficient ARE processes, easily produce short batches, take products to market quicker, improve productivity, XAAR reduce waste and unlock creativity. Why we are different We are the only truly independent inkjet technology company with over 25 years of know how. We offer unrivalled inkjet expertise including technology and printhead design and development, and manufacture highly customised product decoration systems and industrial 3D Printing for volume manufacturing. Our unique technologies and products are the leading enabler for innovation and for driving supply chain efficiencies for many industries. Our open systems approach delivers more choice to our customers and also encourages market conversion from analogue to digital processes. Our independence enables a flexible, collaborative approach to ensure we focus on our customers’ goals. XAAR’S MISSION Leading the digital inkjet revolution Technology Products For over 25 years, Xaar has developed We offer a comprehensive range of products leading-edge technologies which have helped including industrial inkjet printheads, product companies around the world innovate and also decoration systems and industrial 3D Printing improve their supply chain efficiencies. A recent systems. We also develop and sell ink systems example of our innovation is High Laydown (HL) and electronics, and provide fluid optimisation Technology which facilitates the printing of highly services to accelerate inkjet system viscous fluids whilst also enabling outstanding development and adoption. rates of productivity – important for industrial 3D Printing. In addition, HL Technology can be used to deposit high build varnish for tactile effects that enhance shelf appeal for a wide range of packaging and labels as well as for more creative ceramic tile designs. Applications Play video Many industry sectors use Xaar technology and products in order to innovate and to drive efficiencies. These include sectors such as Advanced Manufacturing, industrial 3D Printing, Packaging, Graphic Arts, Textiles and Ceramics. Get app HIGHLIGHTS Positioned for growth Revenue £m Adjusted profit before tax £m £100.1m £18.0m Our balanced and diversified product portfolio now serves multiple market sectors, including 2017 100.1 2017 18.0 3D and Product Printing. Broader product range and new partnerships underpin our 2016 96.2 2016 19.5 growth opportunities, which are core to our 2015 93.5 2015 20.8 transformation. Our strategy is focused on supporting customers by improving supply Net cash1 balance £m Profit before tax £m chain efficiency and unlocking innovation. £44.7m £12.3m 2017 44.7 2017 12.3 2016 49.3 2016 17.9 2015 69.7 2015 13.6 Strategic and operational highlights Financial highlights • In 2017 revenues from the seven new products launched in the last 24 • Total revenue grew by 4% in 2017 to £100.1 million (2016: £96.2 million) months and the acquired Engineered Printing Solutions (EPS) business accounted for 80% of the total product revenue (2016: 48%) • JPY 2.98 billion (circa £20.0 million) royalty upgrade and replacement agreement signed with Seiko Instruments Inc. (SII), £10.0 million of which • Strong performance from the new 1201 Thin Film printhead, is recognised as revenue in 2017 with the first payment of JPY 1.5 billion including a master distribution agreement signed for two years received in December 2017 and the final JPY 1.48 billion received in for 90,000 printheads Q1 2018 • Good progress on 5601 Thin Film printhead. Design frozen; • Product revenues increased by £0.9 million with the continued slowdown first development kits shipped to eight partners; four colour of sales into ceramic tile decoration being offset by 23% growth in print capabilities showcased at InPrint 2017 other sectors • Realised the first revenues from the Textiles market, largely from our • Adjusted operating profit margin of 18% achieved for the year (2016: 5501 bulk printhead product 20%) helped by £9.5 million from the one-off SII royalty (see Financial Statements, note 4); underlying adjusted profit before tax in line with • Announcement of the Joint Development Agreement (JDA) with Xerox expectations set in November 2017 to develop the next generation of industrial bulk piezo printheads using the extensive resources and IP of both companies • Gross Research and Development (R&D) investment (before net capitalisation/amortisation of development costs relating to • Demonstrated to a small select group of partners and potential the Thin Film and 3D programmes) was £18.1 million in 2017 customers the first prototype Xaar 3D printer (2016: £22.4 million) • Organisational restructure to strengthen our Go-To-Market capabilities. • Net cash of £44.7 million (2016: £49.3 million). 1 Net cash includes cash, cash equivalents and treasury deposits. Adjusted measures exclude items from the IFRS operating profit and profit before tax, such as restructuring and acquisition expenses, share-based payment charges, exchange differences on intra-group transactions and research and development credits, per the reconciliation of adjusted financial measures on page 102. 1 Xaar plc Annual Report and Financial Statements 2017 STRATEGIC REPORT STRATEGIC Strategic Report We are Xaar # Our mission # Highlights # Chairman’s report 2 Who we are 4 Our printhead portfolio 6 Our market environment 8 – Focus on Textiles 10 – Market trends and our response 11 Our technology 12 Our business model 14 Our strategic pillars 16 Our strategic pillars in action 18 Chief Executive Officer’s report 22 Key performance indicators 25 Chief Financial Officer’s report 26 Risk management 29 Sustainable and responsible business 35 – Green house gas emissions statement 38 Board approval of the Strategic The productivity and fluid and Annual Reports 39 flexibility we achieved with Xaar Governance printheads and our advanced Board of Directors 40 chemistry address market – Board structure 42 requirements for productivity Directors’ report 43 and quality which to date have Governance 49 – Corporate Governance statement 49 remained unmet. – Audit Committee 54 Volker Hammes, – Nomination Committee 56 Managing Director, BASF 3D – Remuneration Committee 57 Printing Solutions GmbH – Directors’ Remuneration report 58 – Directors’ Responsibilities statement 80 Financial Statements Independent auditor’s report 81 Consolidated income statement 90 Consolidated statement of comprehensive income 90 Consolidated statement of financial position 91 Consolidated statement of changes in equity 92 Many applications such as flat Consolidated cash flow statement 93 The new Xaar 2001+ panel display printing require Notes to the consolidated financial statements 94 printheads have increased Company balance sheet 128 tight regulation of coating Company statement of changes in equity 129 productivity dramatically and thicknesses, precise patterns Notes to the Company financial statements 130 print quality is excellent. and management of substrate Five year record 134 Jorge Albalat, surface characteristics Notice of the Annual General Meeting 135 Production Manager, Cerlat, Italy Advisors IBC 2 Xaar plc Annual Report and Financial Statements 2017 Chairman’s report MOVING ALONG OUR TRANSFORMATION JOURNEY We are excited about leading the digital transformation of printing in many industries around the world, applying our leading-edge inkjet technology. Robin Williams Chairman 3 Xaar plc Annual Report and Financial Statements 2017 STRATEGIC REPORT STRATEGIC 2017 marked a year of progress for The Group achieved an adjusted operating Xaar on many fronts. profit margin of 18% and a very healthy cash balance of £45 million at 31 December 2017, The most significant development related with the final tranche of the SII royalty payment to the diversification of our revenue streams received in Q1 2018. This puts us in a good which have transformed from being over-reliant position to fund growth opportunities. on one product for the Ceramics market to a portfolio of products addressing multiple The Board remains focused in supporting market sectors. 80% of our product revenue the management team on delivering this was derived from products launched in the last challenging transformation, which now has two years or from the EPS acquisition. With a variety of products and end applications in new printheads launched into sectors such the frame. Whilst we are disappointed with as Graphic Arts and Textiles (a new sector the slower than expected adoption of some for Xaar) our Ceramics market dependence of our new products we are confident that the is reduced, accounting in 2017 for 34% of transformation we are undergoing will lead us our revenue (2016: 44%). to become a more
Load more

Recommended publications
  • Annual Report and Financial Statements 2017
    HSS Hire Group plc Annual Report and Financial 2017 Statements HSS Hire Group plc Annual Report and Financial Statements 2017 The HSS Hire Group is a leading The conclusions of our Strategic Review have provider of tools, equipment and been used to define three new strategic related services in the UK and Ireland. Our nationwide network priorities for the Group which are as follows: ensures easy access to an extensive range that has grown Delever to include specialist capabilities including power solutions business, ABird and powered the Group access provider, UK Platforms. Read more p7 Focused on delivering Safety, Value, Availability and Support, we work predominantly with ‘business-to- Repair the business’ customers in the ‘fit-out, maintain and operate’ sectors. Tool Hire business We are dedicated to helping them Read more p8 all work safely, efficiently and cost-effectively. In addition to our financial Strengthen performance, this Report provides you with an overview of our Strategic the Group’s Review which was undertaken and presented during 2017. This has commercial allowed us to develop a clear plan going forward, which will restore proposition the business to historic levels of performance, delever the Group Read more p8 and make us more resilient. Rental Services Our Rental segment comprises rental Our Services segment directly income earned from HSS owned tools and complements our Rental offering and equipment and directly related revenue comprises income from the Group’s e.g. resale, transport and other ancillary third party
    [Show full text]
  • FTSE UK Index Series V14.9
    Ground Rules FTSE UK Index Series v14.9 ftserussell.com An LSEG Business April 2021 Contents 1.0 Introduction ................................................................................................... 3 2.0 Management Responsibilities ..................................................................... 5 3.0 FTSE Russell Index Policies ........................................................................ 7 4.0 Security Inclusion Criteria ........................................................................... 9 5.0 Nationality ....................................................................................................11 6.0 Screens Applied to Eligible Securities.......................................................13 7.0 Index Qualification Criteria .........................................................................15 8.0 Periodic Review of Constituents ................................................................17 9.0 Corporate Actions and Events ...................................................................21 10.0 Treatment of Dividends ...............................................................................24 11.0 Industry Classification Benchmark (ICB) ..................................................25 12.0 Announcing Changes ..................................................................................26 Appendix A: Index Opening and Closing Hours .................................................27 Appendix B: Status of Indexes .............................................................................28
    [Show full text]
  • The Henderson Smaller Companies Investment Trust Plc – Report and Financial Statements for The
    The Henderson Smaller Companies Investment Trust plc – Report and Financial Statements for the year The Henderson Smaller Companies Investment Trust plc ended Report and Financial Statements for the year ended 31 May 2014 31 May 2014 The Henderson Smaller Companies Investment Trust plc is managed by This report is printed on Revive, a paper containing 50% recycled fibre from both pre- and post- consumer waste and 50% FSC® certified virgin fibre. Pulps used are elemental chlorine free manufactured at a mill accredited with the ISO 14001 environmental management system. The FSC logo identifies products which contain wood from well managed forests certified in accordance with the rules of the Forest Stewardship Council. HGI9226/2014 Printed by Pureprint Group Limited HGI9226/2014 86804_Henderson-COVERS-DIGITAL.indd 1 06/08/2014 20:17 The Henderson Smaller Companies Investment Trust plc Objective The objective of The Henderson Smaller Companies Investment Trust plc is to maximise shareholders’ total returns by investing mainly in smaller companies that are quoted in the United Kingdom. Investment selection The investment selection process seeks, by rigorous research, to identify high-quality smaller companies with strong growth potential. Generally new investments are made in constituents of the benchmark index. Investments may continue to be held when the underlying companies grow out of the smaller companies sector but strong selling disciplines are applied regardless of the size of the entity. Benchmark Index Numis Smaller Companies Index (excluding investment companies).* Manager The Board has appointed Henderson Investment Funds Limited to manage the investments and to provide the related administrative services. Independent Board The Directors, who are independent of the Manager, meet regularly to consider investment strategy and to monitor the performance of the Company.
    [Show full text]
  • Statement of Directors' Responsibilities in Respect of the Annual Report And
    World leader in applied LED technology Annual Report 2009 A proven strategy that’s good for People, Planet and Profits 01 Our proven strategy in action Highlights 16 Chairman’s statement 18 Our strategy at a glance 19 Business and Financial review: 19 – Operating review £46.4m 24 – Financial review Signals/Illumination revenue 28 Corporate responsibility report (2008: £43.4m) 30 Board of Directors 32 Directors’ report 36 Corporate governance £77.3m 42 Directors’ remuneration report Full year revenues maintained 47 Statement of Directors’ responsibilities in respect (2008: £77.9m) of the annual report and the financial statements 48 Independent auditors’ report to the members of Dialight plc 50 Consolidated income statement £5.5m 51 Consolidated statement of comprehensive income Operating profit (2008: £5.3m) 52 Consolidated statement of changes in equity 53 Consolidated statement of total financial position 54 Consolidated statement of cash flows 55 Notes to the consolidated financial statements £9.1m 83 Company balance sheet Cash balance (2008: £4.1m) 84 Notes to the Company financial statements 94 Notice of Annual General Meeting 100 Five year summary 4.3p 101 Directory of principal subsidiaries Second interim dividend (Final 2008: 3.9p) Cautionary statement Certain sections of this Annual Report contain forward-looking statements that are subject to risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors, many of which are beyond the control of the Company and its subsidiaries which could cause actual results and developments to differ from those expressed or implied by such statements.
    [Show full text]
  • Pipeline's Shutdown Exposes Cyber Threat to Power Sector
    P2JW130000-5-A00100-17FFFF5178F ADVERTISEMENT Wonderingwhatitfeels like to finally roll over your old 401k? Find outhow our rolloverspecialists canhelpyou getthe ball rolling on page R6. ***** MONDAY,MAY 10,2021~VOL. CCLXXVII NO.108 WSJ.com HHHH $4.00 Last week: DJIA 34777.76 À 902.91 2.7% NASDAQ 13752.24 g 1.5% STOXX 600 444.93 À 1.7% 10-YR. TREASURY À 16/32 , yield 1.576% OIL $64.90 À $1.32 EURO $1.2163 YEN 108.59 Kabul Mourns Victims of Attack That Struck at Schoolgirls Shoppers What’s News Feel Bite As Prices Business&Finance Begin mericans accustomed Ato years of low infla- tion are beginning to pay To Climb sharply higher prices for goods and services as the economy strains to rev up Companies arepassing and the pandemic wanes. A1 on the pain of supply Investors in search of shortages and rising higher returns and lower taxes are scooping up debt costsof ingredients sold by stateand local gov- S ernments, pushing borrowing PRES BY JAEWON KANG coststonear-recordlows. A1 TED Star Entertainment OCIA Americans accustomed to SS said it wantstomerge with /A yearsoflow inflation arebegin- casino operator CrownRe- ning to paysharply higher sorts, which has also re- ZUHAIB prices forgoods and services as ceived asweetened bid M the economystrains to revup from Blackstone Group. B1 and the pandemic wanes. MARIA GRIEF:MournersonSundayattendafuneral forone of 53 people killedSaturdayinabombing thattargetedschoolgirls in a Pricetagsonconsumer Policymakers debated the predominantly Shiiteneighborhood in Kabul. The Afghan president blamedthe Taliban. The Taliban deniedresponsibility.A8 goods from processed meat to root cause of a growing dishwashing productshave shortage of workers that risen by double-digit percent- threatens to restrain the pace ages from ayear ago, according of U.S.
    [Show full text]
  • Applied Corporate Finance – Coursework Guidance
    FIN4550 – APPLIED CORPORATE FINANCE – COURSEWORK GUIDANCE Module leader: Dr Nitin Deshmukh The coursework is a group report and accounts for 70% of your final grade for this module. This coursework provides students with the opportunity to put into practice the major topics we cover. Essentially, what you are expected to do is an in-depth financial analysis of real live companies using Bloomberg. You will work in a group of THREE students. Each group must analyse companies in the same industry. Once the industry has been selected, each group will select one company from each of the following three indices AND the selected industry. In other words, you will be analysing three different companies from your selected industry, ONE each from the following list of indices. 1. FTSE 100 Index 2. FTSE 250 Index 3. FTSE SmallCap Index All selected companies should have at least 3 years of trading history and 3 years of annual financial statements. No two groups can have the same industry. The entire group will write one report. In this report, all the three companies will be compared and contrasted and the results will be presented as a whole i.e. the report will synthesise information and analysis for all firms. You are required to address the following issues in your group report. 1. Evaluate the Risk Profile for each company and examine the sources of risk. Investigate how systematic risk factors are taken into account in the company. Compare and critically analyse your findings across companies and make recommendations. (20% of the final grade) 2.
    [Show full text]
  • STRATEGIC EQUITY CAPITAL PLC HALF-YEARLY REPORT & FINANCIAL STATEMENTS for the Six Month Period to 31 December 2015
    STRATEGIC EQUITY CAPITAL PLC HALF-YEARLY REPORT & FINANCIAL STATEMENTS for the six month period to 31 December 2015 STRATEGIC EQUITY CAPITAL HALF-YEARLY REPORT & FINANCIAL STATEMENTS Investment Objective The investment objective of the Company is to achieve absolute returns (i.e. growth in the value of investments) rather than relative returns (i.e. attempting to outperform selected indices) over a medium-term period, principally through capital growth. The Company’s investment policy can be found on page 3. Investment Manager’s Strategy The strategy of GVQ Investment Management Limited (“GVQIM” or the “Investment Manager”) is to invest in publicly quoted companies which will increase their value through strategic, operational or management change. GVQIM follows a practice of constructive corporate engagement and aims to work with management teams in order to enhance shareholder value. A more detailed explanation can be found in the Investment Manager’s Report on page 6. Contents Financial Summary ..............2 Investment Policy ...............3 Chairman’s Report ...............4 Investment Manager’s Report ......6 Top 10 Investee Company Review .......................14 Statement of Directors’ Responsibilities, Going Concern, Principal Risks and Uncertainties ..17 Statement of Comprehensive Income ......................18 Statement of Changes in Equity ...19 Balance Sheet .................20 Statement of Cash Flows ........21 Notes to the Financial Statements ..22 Directors and Advisers ..........28 Shareholder Information .........29
    [Show full text]
  • Final Notice: Photo-Me International
    Financial Services Authority FINAL NOTICE To: Photo-Me International plc Of: Church Road Bookham Surrey KT23 3EU Date: 21 June 2010 TAKE NOTICE: The Financial Services Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS (the“FSA”) gives you final notice about a requirement to pay a financial penalty: 1. THE PENALTY 1.1 The FSA gave Photo-Me International plc (“PMI”) a Decision Notice dated 15 July 2009 which notified PMI that, having taken into account its written and oral representations, pursuant to section 91 of the Financial Services and Markets Act 2000 (the “Act”) the FSA had decided to impose on PMI a financial penalty of £500,000. 1.2 This was in relation to breaches of the Disclosure Rules and Transparency Rules 2.2.1R and Listing Principle 4 during the period from 17 January 2007 to 2 March 2007, namely the obligation to disclose inside information to the market as soon as possible and to avoid the creation or continuation of a false market in listed securities. 1.3 PMI referred the matter to the Upper Tribunal (Tax and Chancery Chamber) (“the Tribunal”) on 12 August 2009 but, following settlement discussions with the FSA, notified the Tribunal of the withdrawal of the reference on 18 June 2010. The Tribunal gave its consent to this withdrawal on 18 June 2010. 1.4 The FSA gave PMI a Further Decision Notice dated 21 June 2010 pursuant to section 91 of the Act which notified PMI that the FSA had decided to impose on PMI a financial penalty of £500,000 for the same breaches over the same period as outlined in paragraph 1.2 above.
    [Show full text]
  • We Solve Electronic Challenges for a Sustainable World
    TT Electronics plc We solve electronic Annual report and Accounts 2019 challenges for a sustainable world TT Electronics plc Annual report and Accounts 2019 Strategic report | Contents Strategic report Our purpose 1 Highlights 4 TT in focus 6 Chairman’s statement 8 Chief Executive’s strategic review 10 Our strategic priorities 16 Our business model and strategy 18 Key performance indicators 20 Our capabilities 22 Our markets 24 Divisional review 32 Financial review 38 Risk management 42 Principal risks and uncertainties 44 Our people 46 Our environment 50 Governance and Directors’ report Chairman’s introduction to governance 54 Board of Directors and Company Secretary 56 Executive Management Board 58 Leadership and company purpose 60 Relations with stakeholders 64 Composition, succession and evaluation 66 Nominations committee 68 Audit committee 70 Directors’ remuneration report 74 Future Remuneration Policy overview 78 Remuneration at a glance 80 Remuneration Policy report 81 Annual report on remuneration 91 Other statutory disclosures 99 Statement of Directors’ responsibilities in respect of the Annual Report and Accounts 102 Financial statements Independent auditor’s report to the members of TT Electronics plc 104 Consolidated income statement 111 Consolidated statement of comprehensive income 112 Consolidated statement of financial position 113 Consolidated statement of changes in equity 114 Consolidated cash flow statement 115 Notes to the consolidated financial statements 116 Company statement of financial position 162 Company statement of changes in equity 163 Notes to the Company financial statements 164 Five-year record 171 Additional information 172 Glossary 173 Shareholder information 174 Find out more at www.ttelectronics.com/investors/ Front cover image: Airbus A330neo.
    [Show full text]
  • FTSE UK Index Series
    Methodology overview FTSE UK Index Series A history of innovation and growth The FTSE UK Index Series is designed to measure the performance of the UK Key Features equity market. Comprehensive and modular in nature, the series provides Comprehensive and representative market participants with a complementary set of benchmarks that measure Captures 98% of the UK’s investable the performance of all size and industry segments of the UK equity market. equity market capitalization, The FTSE UK Index Series includes the following flagship indexes: representing the performance of all Includes the largest 100 companies listed on the London Stock FTSE 100 Index eligible companies listed on the London Exchange Stock Exchange’s main market. FTSE 250 Index Includes the next 250 largest companies after the FTSE 100 An aggregate of the FTSE 100 and FTSE 250, the index represents Modular construction FTSE 350 Index large and mid cap stocks Modular index construction allows Includes companies from the FTSE All-Share Index that are not FTSE SmallCap Index large enough to be constituents of the FTSE 350 market participants to track current and historical market performance by specific FTSE UK Indexes at a glance market segment or industry £135bn Rigorously maintained FTSE All-Share® Index FTSE 350 Index FTSE 100 Quarterly reviews, daily corporate 98% of the UK equity gross market cap Largest 350 companies in the FTSE Largest 100 companies in the FTSE All-Share All-Share Index 642 constituents £2.1tn/ £1.9tn gross/net market cap actions, quarterly IPO inclusions and £2.7tn/ £2.4tn total/net market cap £2.6tn/ £2.3tn gross/net market cap Largest: £135b/£134bn gross/net market cap Largest: Largest: Smallest: £4.2bn/£4.2bn gross/net market cap share adjustments ensure that the £135bn/£134bn gross/net market cap £135bn/£134bn gross/net market cap indexes continue to accurately represent £5.4bn Smallest: £61mn/£43mn gross/net Smallest: market cap £571mn/£399mn gross/net market cap FTSE 250 the true opportunity set.
    [Show full text]
  • The MI Discretionary Unit Fund
    The MI Discretionary Unit Fund Interim Report 31 October 2016 The MI Discretionary Unit Fund Contents Page Directory . .1 Investment Objective and Policy . .2 Investment Manager’s report . .2 Portfolio Statement . .4 Comparative Tables . .6 Statement of Total Return . .8 Statement of Change in Net Assets Attributable to Unitholders . .8 Balance Sheet . .9 Certification of Interim Report by the Manager . .9 Distribution Tables . .10 General Information . .11 The MI Discretionary Unit Fund Directory Manager & Registrar Maitland Institutional Services Ltd Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW Telephone: 01245 398950 Fax: 01245 398951 Website: www.maitlandgroup.com (Authorised and regulated by the Financial Conduct Authority) Customer Service Centre Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW Telephone: 0345 305 4213 Fax: 0845 280 0109 E-mail: [email protected] (Authorised and regulated by the Financial Conduct Authority) Directors of the Manager P.J. Foley-Brickley S. Georgala D. Jones R.W. Leedham D.W. Munting (retired 14 October 2016) Investment Manager Investment Manager to 20 September 2016: Discretionary Unit Fund Managers Limited Investment Manager from 21 September 2016: Thornbridge Investment Management LLP 1 Fore Street, London EC2Y 9DT (Authorised and regulated by the Financial Conduct Authority) Trustee Trustee to 30 September 2016: National Westminster Bank Plc Trustee from 01 October 2016: The Northern Trust Global Services Limited 50 Bank Street Canary Wharf London E14 5NT (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority) Independent Auditor KPMG LLP Chartered Accountants and Registered Auditors 15 Canada Square, Canary Wharf, London E14 5GL The MI Discretionary Unit Fund 1 The MI Discretionary Unit Fund Investment Objective and Policy Investment objective The investment objective of the Scheme is to provide maximum appreciation with above average yield for a growth fund.
    [Show full text]
  • Execution Copy
    EXECUTION COPY GUARANTEED SENIOR SECURED NOTES PROGRAMME issued by GOLDMAN SACHS BANK (EUROPE) PLC in respect qf which the payment and delivery obligations are guaranteedby THE GOLDMAN SACHS GROUP, INC. (the "PROGRAMME") "FINAL TERMS" DATED 1 1 AUGUST 2009 SERIES 2009-02 SENIOR SECURED FLOATING RATE NOTES, DUE II FEBRUARY 201 0 (the "SERIES") ISIN XS0443581235 Common Code 044358123 This document must be read in conjunction with the Base Prospectus and in particular, the Base Terms and Conditions of the Notes, as set out therein Full information on the Issuer, The Goldman Sachs Group Inc (the "Guarantor"), and the terms and conditions of the Notes, is only available on the basis of the combination of the Final Terms and the Base Prospectus The Base Prospectus is available for viewing at www financialregulator ie and during normal business hours at the registered office of the Issuer, and copies may be obtained from the specified office of the listing agent in Ireland The Issuer accepts responsibility for the information contained in these Final Terms. To the best of the knowledge and belief of the Issuer and the Guarantor (which have taken all reasonable care to ensure that such is the case) the information contained in the Base Prospectus, as completed and/or amended by these Final Terms in relation to the Series of Notes referred to above, is true and accurate in all material respects and, in the context of the issue of this Series, there are no other material facts the omission of which would make any statement in such information misleading Unless terms are defined herein, capitalized terrns shall have the meanings given to them in the Base Prospectus or in the indenture, between Goldman Sachs Bank (Europe) PLC, Goldman Sachs International and The Bank of New York Mellon, acting through its London Branch, dated as of 12 February 2009, as amended and restated as of 23 July 2009 (the "Indenture") There is hereby established pursuant to this Series Authorisation, a Series of Notes to be issued under the Indenture, which has the following terms.
    [Show full text]