Form-20-F-2009
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
The Politics of Privatization and Restructuring in Germany
4^ ^ >v •> Dii.'^.^/ HD28 .M414 The Politics of Privatization and Restructuring in Germany Lufthansa and Deutsche Teleliom J. Nicholas Ziegler Revised October 1997 WP# 3880 Sloan School of Management Massachusetts Institute of Technology MIT, E52-581 Cambridge, MA 02142-1347 tel. 617-253-3698 fax 617-253-2660 [email protected] The privatization of public service companies offers an excellent case for assessing pressures for institutional convergence versus the staying power of distinctive national economic institutions in the advanced industrial countries. This paper examines the privatization of Lufthansa and Deutsche Telekom in order to see whether changes in enterprise ownership reflect a process of convergence in the rules of coiporate governance. While the outward form of privatization in Germany looks quite similar to privatization in Britain and the United States, these two cases show little evidence that the change in ownership is driving any formal changes in corporate governance. If anything, German financial institutions and trade unions continue to exercise distinctive roles that rest on their historical positions in the German economy. FEB 081998 LIBPARtCS Politics and Privatization in Germany Lufthansa and Deutsche Telekom J. Nicholas Ziegler Introduction Recent changes in the world economy have prompted scholars and practitioners to ask whether all countries are converging on a single most efficient set of institutions for economic management. Some observers argue that the three processes driving worldwide competition — globalization, -
Kion Group Ag 2016 [Pdf, 1.4
A NEW ERA This annual report is available in German and English. Only the content of the German version is authoritative. KION GROUP AG, Wiesbaden STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 € Notes 31/12/2016 31/12/2015 A. Non-Current Assets (3) Property, plant and equipment 145,428.39 216,259.58 Investments in affiliated companies 4,474,412,891.16 2,005,932,650.00 4,474,558,319.55 2,006,148,909.58 B. Current Assets I. Receivables and other assets (4) 1. Receivables from affiliated companies 965,752,435.23 243,601,512.08 2. Receivables from related companies 174,664.14 0.00 3. Other assets 8,119,209.80 5,205,087.06 974,046,309.17 248,806,599.14 II. Credit balances with banks 56,715,095.93 12,203.61 Total assets 5,505,319,724.65 2,254,967,712.33 € Notes 31/12/2016 31/12/2015 A. Equity (5) I. Subscribed capital 108,790,000.00 98,900,000.00 Treasury shares -164,486.00 -160,050.00 Issued capital 108,625,514.00 98,739,950.00 II. Capital reserves 2,465,553,486.47 2,015,727,529.03 III. Retained earnings 139,053,326.98 9,903,326.98 IV. Distributable profit 129,236,004.00 76,100,000.00 2,842,468,331.45 2,200,470,806.01 B. Provisions 1. Retirement benefit obligation (6) 20,319,088.00 13,515,388.00 2. Tax provisions 4,138,079.75 54.49 3. -
Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT -
Euro Stoxx® Multi Premia Index
EURO STOXX® MULTI PREMIA INDEX Components1 Company Supersector Country Weight (%) SARTORIUS STEDIM BIOTECH Health Care France 1.59 IMCD Chemicals Netherlands 1.25 VOPAK Industrial Goods & Services Netherlands 1.15 BIOMERIEUX Health Care France 1.04 REMY COINTREAU Food, Beverage & Tobacco France 1.03 EURONEXT Financial Services France 1.00 HERMES INTERNATIONAL Consumer Products & Services France 0.94 SUEZ ENVIRONNEMENT Utilities France 0.94 BRENNTAG Chemicals Germany 0.93 ENAGAS Energy Spain 0.90 ILIAD Telecommunications France 0.89 DEUTSCHE POST Industrial Goods & Services Germany 0.88 FUCHS PETROLUB PREF Chemicals Germany 0.88 SEB Consumer Products & Services France 0.87 SIGNIFY Construction & Materials Netherlands 0.86 CARL ZEISS MEDITEC Health Care Germany 0.80 SOFINA Financial Services Belgium 0.80 EUROFINS SCIENTIFIC Health Care France 0.80 RATIONAL Industrial Goods & Services Germany 0.80 AALBERTS Industrial Goods & Services Netherlands 0.74 KINGSPAN GRP Construction & Materials Ireland 0.73 GERRESHEIMER Health Care Germany 0.72 GLANBIA Food, Beverage & Tobacco Ireland 0.71 PUBLICIS GRP Media France 0.70 UNITED INTERNET Technology Germany 0.70 L'OREAL Consumer Products & Services France 0.70 KPN Telecommunications Netherlands 0.68 SARTORIUS PREF. Health Care Germany 0.68 BMW Automobiles & Parts Germany 0.68 VISCOFAN Food, Beverage & Tobacco Spain 0.67 SAINT GOBAIN Construction & Materials France 0.67 CORBION Food, Beverage & Tobacco Netherlands 0.66 DAIMLER Automobiles & Parts Germany 0.66 PROSIEBENSAT.1 MEDIA Media Germany 0.65 -
State Traditions in Institutional Reform
STATE TRADITIONS IN INSTITUTIONAL REFORM. A CASE STUDY OF FRENCH AND GERMAN TELEPHONE POLICY DEBATES FROM 1876 UNTIL 1997 Thesis submitted for the Ph.D. degree June 2004 London School of Economics and Political Science Government Department Marit Sjovaag Marino UMI Number: U194823 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Disscrrlation Publishing UMI U194823 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 «y «Political anc Economic Science TKtS^S F 836/ Abstract This thesis tests the claim that national differences in sectoral state traditions diminish over time. The case study covers telephone policy debates in France and Germany in five time periods fi*om 1876 until 1997: the ‘consolidation phase’ (1876 - 1900); the 1920s; the post-Second World War years; the debates leading up to corporatisation in the 1980s; and the debates around opening for full competition in the 1990s. The analytical framework is founded in writings on state traditions and on the role of ideas and discourse in policymaking. The study’s object of investigation, ‘sectoral state traditions’, is developed to allow for comparison both longitudi nally within one country and cross-nationally. -
Annual Report 2019
DIGITALISATION ENERGY AUTOMATION INNOVATION ANNUAL REPORT 2019 PERFORMANCE KION Group 2 Key figures for 2019 KION Group overview Change in € million 2019 2018 2017 * 2019 / 2018 Order intake 9,111.7 8,656.7 7,979.1 5.3% Revenue 8,806.5 7,995.7 7,598.1 10.1% Order book ¹ 3,631.7 3,300.8 2,614.6 10.0% Financial performance EBITDA 1,614.6 1,540.6 1,457.6 4.8% Adjusted EBITDA ² 1,657.5 1,555.1 1,495.8 6.6% Adjusted EBITDA margin ² 18.8% 19.4% 19.7% – EBIT 716.6 642.8 561.0 11.5% Adjusted EBIT ² 850.5 789.9 777.3 7.7% Adjusted EBIT margin ² 9.7% 9.9% 10.2% – Net income 444.8 401.6 422.5 10.7% Financial position ¹ Total assets 13,765.2 12,968.8 12,337.7 6.1% Equity 3,558.4 3,305.1 2,992.3 7.7% Net financial debt 1,609.3 1,869.9 2,095.5 – 13.9% ROCE ³ 9.7% 9.3% 9.3% – Cash flow Free cash flow 4 568.4 519.9 474.3 9.3% Capital expenditure 5 287.4 258.5 218.3 11.2% Employees 6 34,604 33,128 31,608 4.5% 1 Figures as at balance sheet date 31/12/ 2 Adjusted for PPA items and non-recurring items 3 ROCE is defined as the proportion of adjusted EBIT to capital employed 4 Free cash flow is defined as cash flow from operating activities plus cash flow from investing activities 5 Capital expenditure including capitalised development costs, excluding right-of-use assets 6 Number of employees (full-time equivalents) as at balance sheet date 31/12/ * Key figures for 2017 were restated due to the initial application of IFRS 15 and IFRS 16 All amounts in this annual report are disclosed in millions of euros (€ million) unless stated otherwise. -
Privatisierung Und Regulierung
Privatisierung, Regulierung und ihre Folgen verdeutlicht am Beispiel der Deutschen Post AG Ausgearbeitet von Adrian Klein, Referent DPVKOM Kommunikationsgewerkschaft DPV Schaumburg-Lippe-Str. 5 Postfach 14 31 Telefon: 0228 911400 www.dpvkom.de 53113 Bonn 53004 Bonn Telefax: 0228 91140-98 Mail: [email protected] 07/2011 2 ©DPVKOM Vorwort In der vorliegenden Untersuchung beschränkt sich der Autor in seinen Ausführungen ausschließlich auf Zahlen und Fakten, die aus der Privatisierung der Deutschen Bundespost „Postdienst/gelbe Post“ heraus entstanden sind. Dabei wird die Wandlung der ehemaligen Behörde vom Jahr 1995 an bis zu ihrem heutigen Status als Aktiengesellschaft und „Global Player“ betrachtet. Kernansatz ist die Frage, wie sich die Privatisierung auf verschiedene Gruppen, das Unternehmen selbst, die Beschäftigten, die Volkswirtschaft und die Kunden auswirkt bzw. ausgewirkt hat Aus den gewonnenen Ergebnissen und Schlussfolgerungen können nicht automatisch Analogien zum Telekommunikationsmarkt gezogen werden. Für diese Wirtschaftssparte ist leider eine solche Analyse aufgrund der Vielfältigkeit der Tätigkeitsfelder der Deutschen Telekom AG sowie der unübersichtlichen Konkurrenzsituation (welcher auch nicht abschließend einzugrenzen ist) nicht im selben Maße durchführbar. 1. Ein Rückblick Bereits im Jahre 1990 wurde im Rahmen der „Postreform I“, der Aufspaltung der ehemaligen Behörde „Deutsche Bundespost“ (DBP) in die drei öffentlichen Unternehmen DBP „Telekom“ (grau), DBP „Postdienst“ (gelb) und DBP Postbank (blau), der Grundstein für -
FACTSHEET - AS of 28-Sep-2021 Solactive Mittelstand & Midcap Deutschland Index (TRN)
FACTSHEET - AS OF 28-Sep-2021 Solactive Mittelstand & MidCap Deutschland Index (TRN) DESCRIPTION The Index reflects the net total return performance of 70 medium/smaller capitalisation companies incorporated in Germany. Weights are based on free float market capitalisation and are increased if significant holdings in a company can be attributed to currentmgmtor company founders. HISTORICAL PERFORMANCE 350 300 250 200 150 100 50 Jan-2010 Jan-2012 Jan-2014 Jan-2016 Jan-2018 Jan-2020 Jan-2022 Solactive Mittelstand & MidCap Deutschland Index (TRN) CHARACTERISTICS ISIN / WKN DE000SLA1MN9 / SLA1MN Base Value / Base Date 100 Points / 19.09.2008 Bloomberg / Reuters MTTLSTRN Index / .MTTLSTRN Last Price 342.52 Index Calculator Solactive AG Dividends Included (Performance Index) Index Type Equity Calculation 08:00am to 06:00pm (CET), every 15 seconds Index Currency EUR History Available daily back to 19.09.2008 Index Members 70 FACTSHEET - AS OF 28-Sep-2021 Solactive Mittelstand & MidCap Deutschland Index (TRN) STATISTICS 30D 90D 180D 360D YTD Since Inception Performance -3.69% 3.12% 7.26% 27.72% 12.73% 242.52% Performance (p.a.) - - - - - 9.91% Volatility (p.a.) 13.05% 12.12% 12.48% 13.60% 12.90% 21.43% High 357.49 357.49 357.49 357.49 357.49 357.49 Low 342.52 329.86 315.93 251.01 305.77 52.12 Sharpe Ratio -2.77 1.14 1.27 2.11 1.40 0.49 Max. Drawdown -4.19% -4.19% -4.19% -9.62% -5.56% -47.88% VaR 95 \ 99 -21.5% \ -35.8% -34.5% \ -64.0% CVaR 95 \ 99 -31.5% \ -46.8% -53.5% \ -89.0% COMPOSITION BY CURRENCIES COMPOSITION BY COUNTRIES EUR 100.0% DE -
Internationalizing Internal Audit
Internal Auditing Around the World® Vol. XV Deutsche Telekom Stronger Connections: Internationalizing Internal Audit Maria Rontogianni Evolving into a next-generation internal audit function is Senior Vice President, a strategic priority for us — as it must be. We can’t hold on Group Audit to our traditional ways. We must modernize and keep pace and Group Risk with change at our company. Governance Deutsche Telekom Deutsche Telekom AG is one of the world’s ever-higher speeds.1 It is also working to leading integrated telecommunications evolve from being a traditional telephony companies, with approximately 178 million company to becoming “an entirely new kind mobile customers, 28 million fixed-network of service company” that can seize growth lines and 20 million broadband lines. Formerly opportunities in new business areas.2 known as Deutsche Bundespost Telekom, the company is one of three business entities that Ramping Up on Agile Working Methods evolved from Deutsche Bundespost, a state- Deutsche Telekom’s focus on change, and owned postal and telephone service founded in preparing for an increasingly digitized West Germany in 1947 that privatized in 1995. future, impacts all corners of its business, Deutsche Telekom has operated under its including internal audit. “Evolving into a current name since 1995. Based in Bonn, the next-generation internal audit function is a company has grown strategically through strategic priority for us — as it must be,” says acquisitions over the past two decades, and Maria Rontogianni, senior vice president, today operates in more than 50 countries and group audit and group risk governance, at employs more than 200,000 people around Deutsche Telekom. -
(TE); Basic and Recommended Additional Requirements for Terminal Equipment Supporting Teletex Application
EUROPEAN ETS 300 015 TELECOMMUNICATION February 1994 STANDARD Source: ETSI TC-TE Reference: T/TE 07-01 ICS: 33.020, 33.040.40 Key words: Teletex Terminal Equipment (TE); Basic and recommended additional requirements for terminal equipment supporting Teletex application ETSI European Telecommunications Standards Institute ETSI Secretariat Postal address: F-06921 Sophia Antipolis CEDEX - FRANCE Office address: 650 Route des Lucioles - Sophia Antipolis - Valbonne - FRANCE X.400: c=fr, a=atlas, p=etsi, s=secretariat - Internet: [email protected] Tel.: +33 92 94 42 00 - Fax: +33 93 65 47 16 Copyright Notification: No part may be reproduced except as authorized by written permission. The copyright and the foregoing restriction extend to reproduction in all media. New presentation - see History box © European Telecommunications Standards Institute 1994. All rights reserved. Page 2 ETS 300 015: February 1994 Whilst every care has been taken in the preparation and publication of this document, errors in content, typographical or otherwise, may occur. If you have comments concerning its accuracy, please write to "ETSI Editing and Committee Support Dept." at the address shown on the title page. Page 3 ETS 300 015: February 1994 Contents Foreword ...........................................................................................................................................7 1 Scope ......................................................................................................................................9 2 Normative references -
Dr. Vladimir Nikolikj
Dr. Vladimir Nikolikj BROAD-MINDED & EXPERIENCED EXECUTIVE FOR SUSTANIABLE PROFIT OPERATIONS Demonstrated 17 years history in Successful Business Development from Scratch, Maximizing Revenues and Cost Control Enforcement Cultivating ties with Customers, Channels, Communities, Regulators, Boards, Peers, Employees Earned reputation as skilled negotiator and win-win situation creator Areas of Expertise Business Development Leadership Development Product Development Strategic Planning Telecommunications Marketing Campaigns Greenfield Expansion Operations Management Sales Strategy & Operations Wholesale Customer Engagement Budgeting Regulatory & Compliance Risk Mitigation Industry Experience Jul’2016-present Lycamobile DOOEL Skopje| Lyca Group of Companies General Manager, Head of Sales&Marketing – Lycamobile Macedonia Balkans Region Director Reporting to the Lyca Group Board at London’s HQ Ensuring delivery across the Balkan countries by being responsible for: - Setting up companies as FULL MVNO, Developing Sales Strategy, Professional Channel & Master Distribution establishment and growing, execution of Marketing Activities and Campaigns - P&L and Budgeting - Managing Corporate Relations - Representing company and coordinate relations with Governmental bodies - Building and managing the Key Account, Direct Sales, Customer Service, HR, Logistics teams - Directly accountable for leading and managing the overall Macedonian operation Achievements in 3,5 years from the start of the Macedonian operations: - Started 3 offices in the country with -
Liberalisation, Privatisation and Regulation in the German Postal Services Sector Kathrin Drews, Wirtschafts- Und Sozialwissenschaftliches Institut (WSI)
Country reports on liberalisation and privatisation processes and forms of regulation Liberalisation, privatisation and regulation in the German postal services sector Kathrin Drews, Wirtschafts- und Sozialwissenschaftliches Institut (WSI) Deliverable 1 for the Project Privatisation of Public Services and the Impact on Quality, Employment and Productivity (PIQUE) CIT5-2006-028478 (STREP, June 2006-May 2009) funded by the European Commission’s 6th Framework programme Workpackage Lead Partner: Catholic University of Leuven Dissemination level: Restricted November 2006 Wirtschafts- und Sozialwissenschaftliches Institut (WSI) in der Hans-Böckler-Stiftung Hans-Böckler-Straße 39, D-40476 Düsseldorf, Tel: 0049 211 7778 239, Fax 0049 211 7778-250 [email protected] – www.wsi.de Contents CONTENTS INTRODUCTION ..........................................................................................................................................1 1. MARKET STRUCTURE...............................................................................................................2 1.1. Market structure before liberalisation...........................................................................................3 1.2. Steps and processes of liberalisation...........................................................................................4 1.3. Current market structure and remaining challenges ....................................................................8 2. REGULATION...........................................................................................................................