ACQUISITION OF. Şenocak Holding A.S., controlling stockholder of. Klimasan. (Klimasan Klima Sanayi ve Ticaret Anonim Şirketi) January 2007
|
|
- Cameron Lambert
- 5 years ago
- Views:
Transcription
1 Presentation to investors ACQUISITION OF Şenocak Holding A.S., controlling stockholder of Klimasan (Klimasan Klima Sanayi ve Ticaret Anonim Şirketi) January 2007
2 Acquisition of Senocak Summary On December 26, 2007 we announced the contract to acquire the control of Senocak Holding A.S., a leader in the European commercial refrigeration market The Senocak group of companies is long-established in the European commercial refrigeration market operating since Acquisition of the Senocak group is an important development in the consolidation of this market worldwide. It also gives Metalfrio an outstanding position in Europe. The transaction involves 71.0% of Senocak Holding A.S., which directly and indirectly holds controlling positions in four other commercial refrigeration companies in Russia, Ukraine and Turkey, including 61.0% of the capital of Klimasan. Additionally, we acquired 19.5% of the capital of Klimasan directly by trading on the Istanbul stock exchange. The price negotiated for acquisition of 71.0% of the capital of Senocak Holding is EUR million (approx. US$47.0 million 1 ). The price of acquisition of the additional 19.5% of the share capital of Klimasan was US$14.3 million. The share purchase agreement also provides an option for acquisition of the remaining 29.0% of the capital of Senocak Holding within 3 years, subject to certain conditions. The option price negotiated brings the price for 100.0% of Senocak Holding to EUR 46.0 million (approx. US$66.2 million 1 ). The estimated implied acquisition multiple Enterprise Value 2 / 2008 expected EBITDA (see page 10 for more details) considering the total value of the Senocak group is 9.3x. Senocak: operational highlights (consolidated) 2006 Sep. 07 Employees (end of period) Production capacity 300, ,000 Plant built area (thousand m 2 ) Senocak: financial highlights (consolidated) US$ M E Units sold Net revenue Gross profit Gross margin 20.6% 19.3% 22.1% EBITDA EBITDA margin 13.8% 10.8% 12.8% (1) At exchange rate of December 26, 2007: EUR/USD (2) Enterprise Value defined as amount paid for 100% of the registered capital of the company, plus net debt. 1
3 Organizational structure Company of the group Description Klimasan Şenocak Refrigeration Turkish company manufacturing and selling commercial refrigeration equipment. Present plant is in Izmir. A new plant is under construction in Manisa. Turkish company operating sales and technical assistance of Klimasan products. Also operates in importation of products for sale in the Turkish market. Klimasan Ukraine Company headquartered in Ukraine to sell Klimasan products in that country. Klimasan Russia Company headquartered in Russia to sell Klimasan products in that country. Other, non-material, investments Senocak has four other stockholding interests: Senocak Marmara Sogutma Tic. ve Paz. A.S. (66.00%); Asad Enerji A.S. (1.00%); Ege Sanayicileri Holding A.S. (0.80%); and Ataer Enerji (0.01%). Şenocak Holding A.Ş. ( Şenocak ) 61,01% 44,46% % 90.00% Klimasan Klima Sanayi ve Ticaret Anonim Şirketi ( Klimasan ) 45.00% Şenocak Sogutma Sistemleri Tic. ve San. A.S. ( Şenocak Refrigeration ) Klimasan Ukraine LLC ( Şenocak Ukraine ) Klimasan LLC ( Klimasan Russia ) Non-material interests, in Turkey Klimasan s total holding (direct + indirect) = 89.46% 1. Senocak Marmara Sogutma Tic. ve Paz. A.S. (66.00%); Asad Enerji A.S. (1.00%); Ege Sanayicileri Holding A.S. (0.80%); Ataer Enerji (0.01%). (1) The transaction includes transfer of the remaining 10.54% to Şenocak, resulting in acquisition of 100.0% of Senocak Refrigeration. 2
4 Geographical position Firmly-established position in Eastern Europe is complementary to Metalfrio s position in Europe Geographical position Highlights Russia Klimasan has industrial units in Izmir and in Manisa, close to one of Turkey s key ports (in Izmir). Senocak Holding has an office in Istanbul. The Ukraine company is the base for sales to the countries of Eastern Europe. The Russian company facilitates sales in the Russian market and the former USSR countries. Moscow Kyiv Ukraine The Izmir plant Istanbul Manisa Izmir Turkey Sales showroom 3
5 Industrial facilities Klimasan has a plant at Izmir and is completing a new plant at Manisa Klimasan has had the plant at Izmir since It has capacity to produce 300,000 units / year. A new industrial unit is being built at Manisa. The first phase has been completed and the second will be completed in 2008, increasing capacity to around 400,000 units / year. State-of-the-art production equipment. Industrial operations are ISO 9000 certified. Close to Izmir port, one of Turkey s most important one. Plant at Izmir New plant at Manisa 4
6 Portfolio of products Products well positioned in the market portfolio is complementary to Metalfrio s Upright freezers Horizontal freezers Special lines Klimasan s portfolio of products Parallel with Metalfrio s products Basic line of upright products is well positioned in the markets where Klimasan operates. Open coolers (no-door technology) developed. Equipment well positioned to serve ice cream industry. Wave technology not developed. Variety of special products include check-out coolers, over-thecounter coolers and specialized ice-cream shop freezers. Bridal veil technology not developed. 5
7 Sales synergy Metalfrio and Senocak have complementary sales in various parts of Europe Main countries of operation 1. UK 2. France 3. Czech Republic 4. Denmark 5. Norway 6. Sweden 7. Finland 8. Poland 9. Russia 10. Turkey 11. Estonia 12. Latvia 13. Lithuania 14. Ukraine 15. Croatia 16. Azerbaijan
8 Rationale of the acquisition Consolidate our presence in Eastern Europe. Addition of management team with global-level engineering and market know-how. Leading market position in Turkey, the Middle East and former USSR countries. Geography is complementary; so are clients. Industrial synergy and reduction of administrative expenses in the Turkish operation. Product portfolio and technologies are also complementary. Improvement in consolidated margins. 7
9 Stockholding structure of Senocak and Klimasan after the transaction Potential acquisition of 71.0% of Senocak (SPA) and 19.5% of Klimasan (on the Istanbul stock exchange) would give Metalfrio a total stake of 62.8% in Klimasan Proposed stockholding structure of Senocak % of Shares capital Metalfrio Solutions 1,065,000, % Senocak remaining shareholders 435,000, % Total shares in Şenocak Holding A.Ş. 1,500,000, % Potential acquisition of 71.0% in Senocak Holding gives us control of all the material subsidiaries. The 71.0% of Senocak gives us an indirect stake of 43.3% in Klimasan. With the added 19.5% direct stake in Klimasan, we would have a total interest of 62.8% in Klimasan. Stockholding structure of Klimasan Stockholding structure of Klimasan (chart) Şenocak Holding A.Ş. Shares % of capital Class A, B and C shares 9,151, % Share held by Şenocak Holding A.Ş. 9,151, % Shares in the market (Class D) Metalfrio Solutions 2,927, % Members of the Şenocak family 786, % Free float 2,134, % Total shares in the market 5,848, % Total shares of Klimasan 15,000, % 8
10 Acquisition price Amounts involved in the transaction, in US$ million Purchase of 71.0% of Senocak Holding * There may be differences due to rounding. Purchase of 19.5% of Klimasan on the Istanbul stock exchange Total for the transaction * There may be differences due to rounding. The price agreed for 71% of Senocak was EUR32.66 mn (approx. US$47.0 mn 1 ). Klimasan s net debt on September 30, 2007 was US$26.6 mn 2. Proportional consolidation (61.0%) gives net debt of US$16.3 mn. Net debt of the other companies of the group at the end of September 2007 was US$3.9 mn 2. Hence the net debt of Senocak on September 30, 2007, based on proportional consolidation of Klimasan, is US$20.1 mn. This results in US$14.3 mn for 71.0% of Senocak s net debt. Additionally, we acquired19.5% of the shares of Klimasan for a total price US$14.3 mn. Considering the net debt of 19.5% of Klimasan, i.e. US$5.2 mn, on September 30, 2007, gives an implied value for the acquisition of US$19.5 mn for this holding acquired in the market. (1) Exchange rate (USD/EUR) of on December 26, (2) Exchange rate (YTL/USD) of on September 30, (3) Exchange rate (USD/EUR) of 1.47 estimated for
11 Acquisition price (continued) Valuation of the Senocak group, and the implicit acquisition multiple Value established for 100.0% of Senocak Holding Value of 39.0% of Klimasan on the Istanbul stock exchange Implied value of the Senocak group Implied multiple * Differences may occur due to rounding. * Differences may occur due to rounding. 2008E EV / EBITDA 9.3x The price established for the purchase of 100% of Senocak was EUR46.0 mn (approx. US$66.2 mn 1 ). Klimasan s net debt of September 30, 2007 was US$26.6 mn 2. indicating net debt of US$16.3 mn on the basis of 61.0% proportional consolidation. Total net debt of the other companies of the group on September 30, 2007 was US$3.9 mn 2. Hence the net debt of Senocak on September 30, based on proportional consolidation of Klimasan, was US$20.1 mn. Considering the 19.5% tranche of the capital of Klimasan acquired in the market, plus the potential acquisition of the remaining19.5% on the stock exchange for US$13.2 mn 3, gives implied value of US$27.6 mn for the 39.0% of the capital of Klimasan bought on the stock exchange. Considering the proportional net debt of US$10.4 mn, on September 30, 2007, relating to the 39.0% of the capital, gives implied value of US$38.0 mn for 39.0% of Klimasan. We estimate that the Senocak group will generate EBITDA of US$13.3 mn in This indicates Enterprise Value / EBITDA of 9.3x. (1) Exchange rate (USD/EUR) of on December 26, (2) Exchange rate (YTL/USD) of on September 30, (3) Considering the stock market price of Klimasan of YTL 5.3/ share, and YTL/USD exchange rate of (4) Exchange rate (USD/EUR) of 1.47 estimated for
12 Investor Relations Contact Luiz Eduardo Moreira Caio CEO and Investor Relations Officer Tel.: +55 (11)
Q PRESENTATION 18 OCTOBER 2018
Q3 2018 PRESENTATION 18 OCTOBER 2018 Group Highlights Q3 2018 Very strong growth in revenue and operating profit outside of Denmark. In Denmark, acceptance of self-cleaning in September allows Atea to
More informationWarsaw, 15 March 2012
Warsaw, 15 March 2012 PZU 2.0 PZU Group s Strategy for 2012-2014 PZU Group s Vision for Growth PZU 2.0 Through our strong customer focus and superior operational efficiency the PZU Group will become the
More informationAccell Group. power in branding and distribution. Business profile. René Takens (CEO) Two segments: - Bicycles, Bicycle Parts & Accessories - Fitness
Accell Group power in branding and distribution Brussels/Antwerp, René Takens (CEO) Wouter de Vreeze (Manager M&A/IR) 1 Business profile Two segments: - Bicycles, Bicycle Parts & Accessories - Fitness
More informationPreliminary Unaudited Financial Results for 2016
REGULATORY ANNOUNCEMENT March 9 th, 2017 Fortuna Entertainment Group N.V. Preliminary Unaudited Financial Results for 2016 Amsterdam - Fortuna Entertainment Group N.V. announces its preliminary unaudited
More informationArchitecture - the Market
2 Architecture - the Market Architect: Ibelings van Tilburg architecten Project: De Karel Doorman Winner of the BNA Building of the Year 2013 Public Prize Photographer: Ossip van Duivenbode Place: Rotterdam
More informationInterim Management Statement and Details of change to licensing arrangements for the Betting Exchange in the UK
8 th March 2011 Betfair Group plc ( Betfair ) Interim Management Statement and Details of change to licensing arrangements for the Betting Exchange in the UK Betfair (LSE:BET), the world s biggest betting
More informationINTERIM FINANCIAL STATEMENTS
AMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three and nine months ended March 31, 2016 and 2015 AMERICAN GREEN INC. UNAUDITED CONSOLIDATED BALANCE SHEET AT MARCH 31, 2016 ASSETS
More informationPresentation half-year results 2012
Presentation half-year results 2012 Okura Hotel, Amsterdam 26 July 2012 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in H1 2012 2. Accell Group share 3.
More informationPresentation first-half results 2010
Presentation first-half results 2010 Okura Hotel, Amsterdam 23 July 2010 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in H1 2010 2. Segments and countries
More informationDEVELOPMENT AID AT A GLANCE
DEVELOPMENT AID AT A GLANCE STATISTICS BY REGION 5. EUROPE 2018 edition All the data in this report are available at: http://www.oecd.org/dac/financing-sustainable-development/ 5.1. ODA TO EUROPE - SUMMARY
More informationWeb.com Completes Acquisition of Yodle Deal strengthens Web.com s portfolio of products that help small businesses compete and succeed online
Web.com Group, Inc. 12808 Gran Bay Parkway West Jacksonville, FL 32258 T: (904) 680-6600 F: (904) 880-0350 NASDAQ: WEB Web.com Completes Acquisition of Yodle Deal strengthens Web.com s portfolio of products
More informationSummer Study: Europe. A look at European hotel performance during summer 2017 (June - August) Key Findings
Summer Study: Europe A look at European hotel performance during summer 2017 (June - August) Key Findings - This was the strongest summer overall for European hotels dating back to 2000 - with record-breaking
More informationMultidimensional Analysis
Multidimensional Analysis of Macro Sustainability of Russia: New Methods for Measuring Progress Dr Stanislav Shmelev, Senior Research Fellow, Oxford University, UK E-mail: s.shmelev@ouce.ox.ac.uk Tel:
More informationGeneral Meeting of Shareholders
General Meeting of Shareholders Heerenveen, 20 April 2006 1 Agenda Accell Group in 2005 Share price Financials Outlook 2 Further growth Turnover + 8%, organic turnover growth 5% Accell exceeded the top
More informationAMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS
AMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three months ended September 30, 2017 and 2016 AMERICAN GREEN INC. UNAUDITED CONSOLIDATED BALANCE SHEET AT SEPTEMBER 30, 2017 ASSETS
More information2016/17 UEFA European Under-17 and Under-19 Championships Qualifying round draws. 3 December 2015, Nyon, Switzerland
2016/17 UEFA European Under-17 and Under-19 Championships Qualifying round draws 3 December 2015, Nyon, Switzerland DRAW PROCEDURE Qualifying rounds 16th UEFA European Under-17 and Under-19 Championships,
More informationAnnual results 2017 and strategy update. 09 March 2018
Annual results 2017 and strategy update 09 March 2018 Agenda 1. Highlights & Group performance 2017 2. Strategy update 3. Outlook 2018 March 9, 2018 Accell Group N.V. presentation annual results 2017 1
More informationIndia: Can the Tiger Economy Continue to Run?
India: Can the Tiger Economy Continue to Run? India s GDP is on the rise US$ trillions Nominal GDP (left axis) GDP growth (right axis) 3.0 2.5 2.0 1.5 1.0 0.5 0.0 1990 1992 1994 1996 1998 2000 2002 2004
More informationFIRST QUARTER 2012 GROSS WIN UP 15.9% YOY, PROFITABILITY MAINTAINED
REGULATORY ANNOUNCEMENT 10 May 2012 Interim Management Statement of Fortuna Entertainment Group N.V. for the period from January 1, 2012 to May 10, 2012 FIRST QUARTER 2012 GROSS WIN UP 15.9% YOY, PROFITABILITY
More informationOverview of market trends through 2005 Forecasts for 2006 and 2007
Overview of market trends through 2005 Forecasts for 2006 and 2007 Ed Pepke, Ph.D. Forest Products Marketing Specialist Food and Agricultural Organization & UN Economic Commission for Europe Geneva, Switzerland
More informationAMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS
AMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended March 31, 2018 and 2017 AMERICAN GREEN INC. UNAUDITED CONSOLIDATED BALANCE SHEET AT MARCH 31, 2018 ASSETS CURRENT ASSETS:
More informationAMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED)
AMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the six months ended December 31, 2017 and 2016 AMERICAN GREEN INC. UNAUDITED CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 2017 ASSETS CURRENT
More informationSTAGE I: FORMATION ( )
THE HOLDING DEZEGA ABOUT DEZEGA is the international holding developing mine-rescue equipment and services, with the headquarter in Kyiv, Ukraine. Holding was founded in 2013 in order to unite company
More informationSelection statistics
Selection statistics ERASMUS+ Sport Call for proposals EAC-A03-2016 Selection year 2017 Collaborative Partnerships Small Collaborative Partnerships Not-for-profit European Sport Events Erasmus+ Applications
More informationTHE WORLD COMPETITIVENESS SCOREBOARD 2011
THE WORLD COMPETITIVENESS SCOREBOARD 2011 98.557 94.063 92.588 92.011 90.782 90.219 89.259 87.824 86.475 86.418 86.313 85.707 84.380 84.120 81.629 81.619 81.100 80.278 79.799 78.499 77.599 77.101 76.827
More informationDeutsche Telekom and OTE.
Deutsche Telekom and OTE. Capital Link Forum, New York October 30 th 2008 Kevin Copp, Head of M&A, Deutsche Telekom AG. 1 Deutsche Telekom and OTE Profiles. + Deutsche Telekom, one of the world s leading
More information<Translation> November 22, 2016 Company Name Nissan Motor Co., Ltd. Code NO Inquiry IR Department (TEL )
November 22, 2016 Company Name Nissan Motor Co., Ltd. Code NO. 7201 Inquiry IR Department (TEL 045-523-5523) Nissan announces execution of tender agreement to tender its shareholding in Calsonic
More informationFact Sheet for Q3 and January-September 2012 October 24, 2012
Fact Sheet for Q3 and January-September 2012 October 24, 2012 Contents Daimler Group Stock Market Information 3 Earnings and Financial Situation 4-13 Information for Divisions Mercedes-Benz Cars 14-17
More informationSEMPERIT AT GLANCE. Worldwide leading manufacturer of rubber products with four divisions. Top market positions in all divisions
1/28 SEMPERIT AT GLANCE Worldwide leading manufacturer of rubber products with four divisions Synergies in: Production R&D Purchasing Sales Top market positions in all divisions 17 years of uninterrupted
More informationAccell Group first-half net profit up 13%
Number of pages: 13 PRESS RELEASE Accell Group first-half net profit up 13% Heerenveen (the Netherlands), 25 July 2014 - Accell Group N.V. recorded net profit of 27.5 million in the first half of 2014,
More informationAnnual Stockholders Meeting May 12, President s Report 2013 Results of Operations
Annual Stockholders Meeting May 12, 2014 President s Report 2013 Results of Operations 1 2013 GDP Growth Philippines +7.2% Thailand +2.9% Malaysia +4.7% Singapore +4.1% Indonesia +5.8% Source: Bangko Sentral
More informationUEFA Nations League 2018/19 League Phase Draw Procedure
Date and time: Wednesday, 24 January 2018 Place: Duration: Regulations: Participants: Objective: Seeding: Lausanne, Switzerland approx. 40 minutes for technical part Art. 12-13 of the competition regulations
More informationBeer statistics edition. The Brewers of Europe
Beer statistics 2016 edition The Brewers of Europe Beer statistics 2016 edition The Brewers of Europe November 2016 ISBN 978-2-9601382-7-6 EAN 9782960138276 1 TABLE OF CONTENTS Foreword by President
More informationCase No COMP/M YARA / PRAXAIR / JV. REGULATION (EC) No 139/2004 MERGER PROCEDURE. Article 6(1)(b) NON-OPPOSITION Date: 28/11/2007
EN Case No COMP/M.4823 - YARA / PRAXAIR / JV Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 28/11/2007 In electronic
More informationAnnual results Accell Group 2016
Annual results Accell Group 2016 Amsterdam, 10 March 2017 René J. Takens, CEO Hielke H. Sybesma, CFO Agenda 1. Key results 2016 2. Strategy 3. Outlook 10 March 2017 Accell Group N.V. presentation annual
More informationLithuanian export: is it time to prepare for changes? Aleksandr Izgorodin Expert
Lithuanian export: is it time to prepare for changes? Aleksandr Izgorodin Expert Export is the main locomotive behind growth in LT economy Lithuania: change in real GDP and its components, % 78,2 71,8
More informationTerex Materials Processing & Mining
Terex Materials Processing & Mining MineExpo International 2008 September 22, 2008 Eric Nielsen President, Terex MP&M Forward Looking Statements & Non-GAAP Measures The following presentation contains
More informationSolid results first half year 2004 Accell Group
Solid results first half year 2004 Accell Group René Takens (CEO), Hielke Sybesma (CFO) Amsterdam, 21 July 2004 1 Business goes well Autonomous Strong positioning of Accell Group s brands Effective marketing
More informationAccell Group books higher turnover and profit in first half
Number of pages: 13 PRESS RELEASE Accell Group books higher turnover and profit in first half Heerenveen (the Netherlands), 26 July 2013 - Accell Group N.V. recorded turnover of 503.8 million in the first
More informationUEFA Futsal EURO Preliminary & Main Round Draw Procedure
UEFA Futsal EURO 2015-16 Preliminary & Main Round Draw Procedure UEFA Futsal EURO 2013/14 Preliminary & Main Round Draw Procedure Date: Friday, 26 September 2014 Time: Location: 14.00 hours CET UEFA Headquarters,
More informationAnnual General Meeting Stockholm, April 6, April 6, 2016 Skanska Annual General Meeting 1
Annual General Meeting Stockholm, April 6, 2016 April 6, 2016 Skanska Annual General Meeting 1 Johan Karlström President and CEO April 6, 2016 Skanska Annual General Meeting 2 The Group revenue and profit
More informationTurkey: Recent Developments and Future Prospects. ISBANK Economic Research Division November 2018
Turkey: Recent Developments and Future Prospects ISBANK Economic Research Division November 2018 Macroeconomic Outlook Strong Economic Growth Cycle GDP of 851 bn USD (2017), 10.6k USD (2017) per capita
More information23 November 2018, Nyon, Switzerland. 2019/20 UEFA European Women s Under-17 and Women s Under-19 Championships. Qualifying round draws
23 November 208, Nyon, Switzerland 209/20 UEFA European Women s Under-7 and Women s Under-9 Championships Qualifying round draws DRAW PROCEDURE Qualifying rounds 3th UEFA European Women s Under-7 and 9th
More informationU16 European Championship Men 2012, Division A 19 th 29 th July 2012 in Lithuania & Latvia GAME SCHEDULE
U16 European Championship Men 2012, Division A 19 th 29 th July 2012 in Lithuania & Latvia GAME SCHEDULE Preliminary Round 19 th July 2012 D/1 12:45 Poland vs Greece Cido Arena, Panevezys A/1 14:00 Turkey
More informationEUROPEAN RIDERS, HORSES AND SHOWS AT THE FEI 2012
EUROPEAN RIDERS, HORSES AND SHOWS AT THE FEI 2012 Presentation to the EEF Sports Forum Essen, 21 st March 2013 1 Introduction In 2010 the Small Nations Working Group started this study, to know exactly
More information2016/17 UEFA European Women s Under 17 and Women s Under 19 Championships Qualifying draws
2016/17 UEFA European Women s Under 17 and Women s Under 19 Championships Qualifying draws 13 November 2015, Nyon, Switzerland DRAW PROCEDURE Qualifying rounds UEFA European Women s Under-17 and Women
More information2014/15 UEFA European Under-17 and Under-19 Championships Elite round draws. 3 December 2014, Nyon, Switzerland
0/5 UEFA European Under-7 and Under-9 Championships Elite round draws December 0, Nyon, Switzerland DRAW PROCEDURE Elite rounds th UEFA European Under-7 and Under-9 Championships, 0/5 TEAMS QUALIFYING
More informationStill on the road to recovery
GOLF ADVISORY PRACTICE IN EMA Still on the road to recovery Golf course performances in EMA in 2010 golfbenchmark.com Dear Reader, When the economic crisis unfolded in fall 2008, many expected a recovery
More informationAn European group specialised in flow and pressure control of gases
This is GCE An European group specialised in flow and pressure control of gases www.gcegroup.com GCE Vision and Mission Vision: To become a global leader in gas equipment for flow and pressure control.
More informationRUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018
RUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018 Competitions calendar 2017-2018 updated on October 5th 15-a-side Men Senior Competitions Competing Teams Details (dates and venues) Championship Trophy Conference
More informationFULL-YEAR 2006/07 RESULTS
FULL-YEAR 2006/07 RESULTS Tuesday 25 September 2007 FULL-YEAR 2006/07 RESULTS OL GROUPE GREW RAPIDLY IN 2006/07 AND RESULTS FOLLOWED SUIT TURNOVER 214.1m (up 28.9%) NET PROFIT 18.5m (up 16%) (13% OF TURNOVER
More informationSpring Press Conference February 23, Name of chairman
Spring Press Conference February 23, 2006 Disclaimer This presentation contains forward looking statements which reflect Management s current views and estimates. The forward looking statements involve
More informationSelection statistics
Selection statistics ERASMUS+ Sport Call for proposals EAC-A04-2014 Selection year 2015 Collaborative Partnerships: Selection round 2 Not-for-profit European Sport Events: Selection round 2 Applications
More informationAccell Group books 23% rise in turnover in 2012
Number of pages: 12 PRESS RELEASE Accell Group books 23% rise in turnover in 2012 Heerenveen (the Netherlands), 22 February 2013 Accell Group N.V. recorded an increase in turnover of 23% to 772.5 million
More informationSelection statistics
Selection statistics ERASMUS+ Sport Call for proposals EAC/S11/13 Selection year 2014 Collaborative Partnerships: Selection round 1 Not-for-profit European Sport Events: Selection rounds 1 and 2 Applications
More informationSINGAPORE edevelopment LIMITED (Incorporated in Singapore) (Company Registration No W)
SINGAPORE edevelopment LIMITED (Incorporated in Singapore) (Company Registration No. 200916763W) PROPOSED ACQUISITION OF HOTAPPS INTERNATIONAL PTE. LTD. BY AN OTCBB-BOUND U.S. COMPANY WHICH WILL BECOME
More informationXcel Energy (Baa3/BBB-)
January 28, 2004 Fixed Income Research Recommendation: Market Perform Credit Trend: Improving Jacob P. Mercer, CFA Senior Research Analyst 612-303-1609 jacob.p.mercer@pjc.com Mark D. Churchill Associate
More informationHOME OF THE GREATEST SELECTION OF LIVE MOMENTS
HOME OF THE GREATEST SELECTION OF LIVE MOMENTS Eurosport is the number one sport destination in Europe, fuelling the passion of fans and connecting them with the greatest sports events in the world. As
More informationCOMPANY PROFILE. STAR Conference 2007 Milan March 1-2
COMPANY PROFILE STAR Conference 2007 Milan March 1-2 Milano, 2-3 /3/2005 PRIMA Group at a glance Global player in laser systems for industrial applications: 3rd player in Europe 5th player Worldwide World
More informationSelection statistics
Selection statistics ERASMUS+ Sport Call for proposals EAC-A05-2017 Selection year 2018 Collaborative Partnerships Small Collaborative Partnerships Not-for-profit European Sport Events Applications received
More informationUEFA EURO 2020 Qualifying Draw Procedure
UEFA EURO 2020 Qualifying Draw Procedure UEFA EURO 2020 Qualifying Draw Procedure Date and time: Place: Duration: Regulations: Participants: Objective: Seeding: Sunday, 2 nd December 2018, 12h00 (start
More informationMediaset Board Meeting 8 November 2011 RESULTS APPROVED FOR THE FIRST NINE MONTHS OF 2011
Press Release Mediaset Board Meeting 8 November 2011 RESULTS APPROVED FOR THE FIRST NINE MONTHS OF 2011 Consolidated results Net revenues: 3.040.5 million Net profit: 166.6 million Italy Net revenues:
More informationOPAP. Company Presentation July 2012
OPAP Company Presentation July 2012 1 Agenda 1. History - Company Overview 2. Financial Overview 3. Strategy 4. Social Responsibility 5. Summary 2 The Story so far 1958: Establishment of the Greek Organization
More informationLattelecom journey: infrastructure services innovations. Gatis Kokins for AmCham Latvia Lattelecom, Chairman of the Supervisory Council.
Lattelecom journey: infrastructure services innovations Gatis Kokins for AmCham Latvia Lattelecom, Chairman of the Supervisory Council 15-Jan-2016 Summary: Lattelecom journey so far Digital Single Market
More informationArchitect: Dekleva Gregoric Architects Project: Compact Karst House Photo: James Maroti Place: Vrhovlje, Slovenia
Architect: Dekleva Gregoric Architects Project: Compact Karst House Photo: James Maroti Place: Vrhovlje, Slovenia 4.1 EARNINGS Average architects earnings are 32 068 (adjusted for PPP). This is 10 per
More informationBoAML Annual Financials CEO Conference
BoAML Annual Financials CEO Conference September 2018, London Erste Group: Being successful in Central and Eastern Europe Andreas Treichl, CEO Erste Group Disclaimer Cautionary note regarding forward-looking
More informationOPAP. Company Presentation Capital Link, December 7 th, 2011
OPAP Company Presentation Capital Link, December 7 th, 2011 1 Agenda 1. Company Overview 2. Financial Overview 3. Recent Developments 4. Strategy 5. Summary 2 Company Overview The leading Greek gaming
More informationThe international. ski market
LV/18/05/2014 Abstract The international ski market Presentation to ISIA Congress 17 May 2014 - Vuokatti Market metrics Skier : one person practising ski, snowboard or other downhill slide, independent
More information3Q2014 Financial Results
3Q2014 Financial Results Perú: leading producer & exporter Leading producer & exporter of fishmeal and fish oil. World fishmeal production (2013) World fishmeal exports (2013) 47% 24% 12% 10% 7% Peru China
More informationSelection statistics
Selection statistics ERASMUS+ Sport Call for proposals EAC-A04-2015 Selection year 2016 Collaborative Partnerships: Selection round 2 Small Collaborative Partnerships: Selection round 1 Not-for-profit
More informationRUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018
RUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018 Competitions calendar 2017-2018 updated on February 7th 15-a-side Men Senior Competitions Competing Teams Details (dates and venues) North South North South
More informationKINO POLSKA TV S.A. CAPITAL GROUP BUSINESS AND FINANCIAL RESULTS
KINO POLSKA TV S.A. CAPITAL GROUP BUSINESS AND FINANCIAL RESULTS 2015 DISCLAIMER This presentation (the "Presentation") has been prepared by Kino Polska TV S.A. (the "Company", "KPTV") and is for informational
More informationHalf year results Accell Group 2017
Half year results Accell Group 2017 Hielke Sybesma, Interim CEO & CFO Jeroen Snijders Blok, COO Jeroen Both, CSCO July 21, 2017 Agenda 1. Key results H1 2017 2. Strategy 3. Outlook July 21, 2017 Accell
More informationAccell Group achieves profit growth of 17% in 2008
Number of pages: 11 PRESS RELEASE Accell Group achieves profit growth of 17% in 2008 Heerenveen, 27 February 2009 - Accell Group N.V. has realised a further growth in turnover and profits in 2008. Due
More informationRUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018
RUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018 Competitions calendar 2017-2018 updated on December 6th 15-a-side Men Senior Competitions Competing Teams Details (dates and venues) North South North South
More informationDate: Place: Term: Your ref. order No.:
Page 1 of 7 Date: Place: Term: Your ref. order No.: ******** Vilnius UAB XXXXXXXXXXX UAB XXXXXXXXXXX Algirdo G. xxxxx Vilniaus M., Vilniaus M. Sav. LT-03216 Lithuania Tel.: Fax.: Email: Webpage: +370 5
More informationQuarterly report 1/2005. Fire-resistant birch panelling from Finnforest and Moelven in the Danish-Jewish Museum in Copenhagen.
Quarterly report 1/2005 Fire-resistant birch panelling from Finnforest and Moelven in the Danish-Jewish Museum in Copenhagen. Profit and Loss Account Operating revenues 1,411.2 1,407.0 1,143.4 5,773.2
More informationAstellas Pharma Europe Ltd - Pharmaceuticals & Healthcare - Deals and Alliances Profile
Astellas Pharma Europe Ltd - Pharmaceuticals & Healthcare - Deals and Alliances Profile Astellas Pharma Europe Ltd - Pharmaceuticals & Healthcare - Deals and Alliances Profile BioPortfolio has been marketing
More informationVestas Capital Markets Day MHI Vestas Offshore Wind A/S
Vestas Capital Markets Day MHI Vestas Offshore Wind A/S 1 MHI Vestas Offshore Wind A/S Vestas Capital Markets Day, Copenhagen 29 November 218 PHILIPPE KAVAFYAN CEO LARS BONDO KROGSGAARD Co-CEO Journey
More informationASX Announcement. Corporate information. 28 September Target Energy enters Agreement to divest Fairway Project
Target Energy enters Agreement to divest Fairway Project Target Energy Limited (ASX:TEX) ( Target or the Company ) is pleased to announce that it has entered into a binding agreement ( Agreement ) to restructure
More informationTV DISTRIBUTION: 6 HOURS OF FUJI. 14 th October :00 17:00 Local time Infront Sports & Media AG 0
TV DISTRIBUTION: 6 HOURS OF FUJI 14 th October 2018 11:00 17:00 Local time Infront Sports & Media AG 0 2018 BROADCAST PARTNERS Pan-Europe Pan-Europe Pan Asia- Pacific Pan Asia- Pacific French speaking
More informationUBS Annual Nordic Financial Services Conference Lars Aa. Løddesøl Group CFO - Storebrand
UBS Annual Nordic Financial Services Conference 2013 Lars Aa. Løddesøl Group CFO - Storebrand 1 The Storebrand Group 100% of investments assessed by sustainability criteria 2.200 employees 40.000 corporate
More informationPoland: Europe s economic outperformer. Piotr Bujak Chief Economist at Nordea Bank Polska PKO Bank Polski Group. Copenhagen, 29 April 2014
Poland: Europe s economic outperformer Piotr Bujak Chief Economist at Nordea Bank Polska PKO Bank Polski Group Copenhagen, 29 April 2014 Poland crisis-proof economic front-runner 300 250 200 % Cumulated
More informationGLOBAL BAROMETER OF HOPE AND DESPAIR FOR 2011
GLOBAL BAROMETER OF HOPE AND DESPAIR FOR 2011 Volume 1: Statistical Report Findings based on responses from more than 64,000 scientifically selected cross-section of Men and Women from all socioeconomic
More informationFibre to the Home: Taking your life to new horizons!
Fibre to the Home: Taking your life to new horizons! Hartwig Tauber, Director General FTTH Council Europe Press Conference - Milan, 13 January 2011 FTTH Council Europe Photo by Nicolo Baravalle FTTH Council
More informationDNB Markets SME Conference Baard Schumann, CEO Haavard Rønning, CFO March 19, 2013
DNB Markets SME Conference 2013 Baard Schumann, CEO Haavard Rønning, CFO March 19, 2013 Selvaag Bolig is a residential developer that provides targeted housing concepts to suit aspirations of different
More informationQ Ulrik Bengtsson President and CEO
Q2 2017 Ulrik Bengtsson President and CEO HIGHLIGHTS Q2 Strong growth. Total revenue +26%, of which 15% organic Casino growth of 28%, 3rd consecutive quarter with >20% Casino growth 15% Sportsbook growth
More informationThe Baltic economies: Current situation and future trends, possibilities and pitfalls
The Baltic economies: Current situation and future trends, possibilities and pitfalls Riga, 15 October 2015 Morten Hansen Head of Economics Department, Stockholm School of Economics in Riga Member of the
More informationUNIQA Group Austria. 1_Discover UNIQA. Breaking New Ground in CEE. Hannes Bogner, CFO
UNIQA Group Breaking New Ground in CEE Hannes Bogner, CFO Deutsche Bank Investor Conference London March 30, 2006 1_Discover UNIQA 8 UNIQA Group is one of the leading insurance groups in Central and Eastern
More informationTable 34 Production of heat by type Terajoules
Table 34 Production of heat by type Table Notes geo represents heat used directly for district heating, agriculture etc. without a commercial transaction taking place. represents heat used for the production
More informationCompany Overview. Presentation prepared for ABG Sundal Collier Alfonso Márquez de la Plata, CEO Puerto Montt, Chile
Company Overview Presentation prepared for ABG Sundal Collier Alfonso Márquez de la Plata, CEO Puerto Montt, Chile January 2012 Agenda 1. Overview 2. AquaChile 3. Financial Review 4. Growth Plan 5. New
More informationCompany Presentation
Company Presentation February 2019 Agenda History Company Overview Financial Overview Strategy Social Responsibility Summary The Story so far 1958 Launch of PROPO (The Greek Football Pools Game) 1999 20
More informationANNUAL MEETING OF SHAREHOLDERS. May 3, 2018
ANNUAL MEETING OF SHAREHOLDERS May 3, 2018 1 Agenda 1. Opening of the Meeting 2. Chairman, Secretary and Scrutineers 3. Notice of Meeting 4. Scrutineer s Report 5. Minutes of Previous Meeting 6. Annual
More informationHow Capitalism Was Built
How Capitalism Was Built The Transformation of Central and Eastern Europe, Russia, and Central Asia Anders Åslund Senior Fellow Peterson Institute for International Economics Washington, DC, September
More informationBeer statistics edition. The Brewers of Europe
Beer statistics 2015 edition The Brewers of Europe Beer statistics 2015 edition The Brewers of Europe Editor: Marlies Van de Walle October 2015 ISBN 978-2-9601382-5-2 EAN 9782960138252 1 TABLE OF CONTENTS
More informationDeutsche Bank. Consensus Report. 13 March 2018
Deutsche Bank Consensus Report 13 March 2018 Deutsche Bank Group P&L (in m) Average Minimum Maximum # est. Average Minimum Maximum # est. Average Minimum Maximum # est. Average Minimum Maximum # est. Revenues
More informationBroadcasting International P7S1 Nordics Henrik Ravn, October 10, 2012
Broadcasting International P7S1 Nordics Henrik Ravn, October 10, 2012 October 10, 2012 Page 1 Overview of P7S1 Nordics The #1 Nordic entertainment house Trailer October 10, 2012 Page 2 Highlights of P7S1
More informationCHARLES UNIVERSITY TEAM CFA INSTITUTE RESEARCH CHALLENGE EMEA REGIONAL ROUND
CHARLES UNIVERSITY TEAM CFA INSTITUTE RESEARCH CHALLENGE 2017 2018 EMEA REGIONAL ROUND 1 2 3 Other, 6% Rest of Europe, 31% Germany, 47% Austria, 16% 78% 81% 26% 27% 24% 22% 18% 17% REVENUE STREAM MARGIN
More informationHalf year results Accell Group N.V.
Half year results Accell Group N.V. René Takens (CEO), Hielke Sybesma (CFO), Jeroen Snijders Blok (COO) Amsterdam, 1 Agenda Summary results Accell Group in 1st half year 2005 Share Accell Group Financial
More informationHypebeast Limited. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 08359)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More information