Consolidated equity, comprising the components attributable to the shareholders of RZB AG excluding net income for the period, rose 10 per cent or €708 million to €8,009 million. This growth came from retained earnings, primarily due to the transfer to retained earnings of €433 million and other results of €278 million. However, part of the transfer to retained earnings will be used for divi- dends for the 2009 financial year, which the Managing Board recommended should be €360 million (including €200 million for participation capital), to be distributed in July 2010 after approval by the Annual General Meeting. The largest component in other results is the currency differences. As a result of the appreciation of most CEE currencies, this led to positive currency effects (including capital hedge) of €208 million. The cash flow hedge resulted in an increase of €53 million in other results. Changes in the equity of entities accounted for using the equity method boosted retained earnings by €15 million. Revaluation changes for available-for-sale assets generated the same amount.
The leading German stock market index, the DAX, trended upwards over the first nine months of 2013. After a good start to the year, it passed the 8000-point mark for the first time in mid-March. Uncertainties on the market, particularly on account of the weaker economic figures and the sovereign debt crisis that came to a head in Cyprus, led to a sustained slide that lasted until mid-April. Driven by expansive fiscal policies of the central banks and the expectation that the global economy would stabilise, the DAX picked up steam until the end of May. After a short period of recovery, a sideways trend followed until September. The announcement made by the ECB in September that money market rates would be kept low to aid the economy helped boost the stock markets. On 19 September, the DAX reached its all-time high of 8,694 points. The DAX closed the first nine months of the year at 8,594 points. This represents a rise of 12.9% on the figure posted at the end of 2012.
Tele2 Netherlands is, in the ordinary course of its business, involved in several regulatory complaints and disputes pending with the appropriate governmental authorities. In a specific case regarding the rental fees of copper lines, which Tele2 Netherlands uses as part of its fixed operations, the regulator (ACM) has deter- mined that the rental fees are to be adjusted with retroactive effect from 2009. On July 21, 2015 the Supreme Administrative Court (CBb) ruled that ACM had no powers to impose any deduction on the WPC IIA price caps from 2009 till now. This resulted in an additional claim from KPN of EUR 14.5 million for the first 3 years (2009–2011), which were previously deducted by ACM in their ruling. This has resulted in a total claim from KPN for the time period 2009–2014 amounting to EUR 23.2 million (SEK 218 million) which is subject to pending appeals and court cases which are expected to go on for several years. Our assessment is that it is unlikely that Tele2 will have to pay these fees and consequently no provision has been made.
Tele2 Netherlands is, in the ordinary course of its business, involved in several regulatory complaints and disputes pending with the appropriate governmental authorities. In a specific case regarding the rental fees of copper lines, which Tele2 Netherlands uses as part of its fixed operations, the regulator (ACM) has deter- mined that the rental fees are to be adjusted with retroactive effect from 2009. On July 21, 2015 the Supreme Administrative Court (CBb) ruled that ACM had no powers to impose any deduction on the WPC IIA price caps from 2009 till now. This resulted in an additional claim from KPN of EUR 14.5 million for the first 3 years (2009-2011), which were previously deducted by ACM in their ruling. Together with the claim for the period 2012-July 2014 this has resulted in a total claim from KPN for the time period 2009-July 2014 amounting to EUR 23.2 million (SEK 218 million) which is subject to pending appeals and court cases expected to go on for several years. Our assessment is that it is unlikely that Tele2 will have to pay these fees and consequently no provision has been made.
we’d reduced our net debt by €1.1 billion relative to year-end 2013. One reason for the improvement was the successful sale of a majority stake in Rødsand 2 offshore wind farms, one of our biggest wind assets. This enables us to swiftly unlock the value we created and give us the flexibility to make new investments, particularly in renewables. In January we installed the first foundations for Amrumbank West, our new wind farm located north of the island of Helgoland in the North Sea. It’s scheduled to enter service in the late summer of 2015.
Results of operations for the interim period are not necessarily indicative of the results of operations for the full year. The Company expects that seasonality will not to be a material factor in the quarterly variation of its results. System sales fluctuate seasonally, during January and February sales are historically lower than average due to weather conditions. Sales are historically above average during May to August. This is generally as a result of higher traffic in the street front locations, higher sales from seasonal locations only operating during the summer months and higher sales from shopping centre locations. Sale for shopping malls locations are also higher than average in December during the Christmas shopping period.
In order to present the Aurubis Group’s operating suc- cess independently of measurement influences – from the use of the average cost method in inventory valua- tion in accordance with IAS 2, from copper price- related valuation effects on inventories and from pur- chase price allocations, primarily on property, plant and equipment, from fiscal year 2010/11 onward – for inter- nal management purposes, the results of operations and net assets are first explained on the basis of the operat- ing results.
Commission expenses increased from € 1o4.9 million to € 1o7.7 million as a result of one-off commission effects in the third quarter. Interest expenses fell from € 3.8 million to € 2.3 million due to the continued fall in interest rates. Personnel expenses remained almost unchanged at € 53.6 million (€ 53.3 million). Depreciation and amortisation increased to € 6.9 million (€ 5.4 million) due mainly to higher investments in the previous year, particularly in IT. Other operating expenses rose to € 9o.9 million (€ 88.2 million), primarily as a result of higher IT expenditure. As a consequence of, in part, one-off burdens on the cost side, EBIT decreased to € 5.2 million (€ 1o.9 million). The ﬁ nance cost stood at € –o.1 million (€ o.2 million). Earnings before tax (EBT) therefore totalled € 5.1 million compared to € 11.1 million in the previous year. Viewing the third quarter in isolation, total revenue rose to € 88.9 million (€ 87.9 million). Sales revenue grew by 3.2% to € 87.3 million (€ 84.6 million). Other revenue fell to € 1.6 million (€ 3.3 million) due to positive one-time effects in the previous year.
The Company has no operating revenues, has incurred significant net losses of approximately $366,800 (March 31, 2013 - $357,000), and has a deficit of approximately $13.4 million as at March 31, 2014 (December 31, 2013 - $13.4 million). Furthermore, the Company has working capital deficiency of $211,800 (December 31, 2013 – working capital of $388,600). These condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes the realization of assets and liquidation of liabilities in the normal course of business. The Company’s ability to continue as a going concern is dependent on the ability of the Company to raise debt or equity financings, and the attainment of profitable operations. Management would need to raise the necessary capital to meet its planned business objectives. There can be no assurance that management’s plans will be successful. These matters indicate the existence of material uncertainties that may cast significant doubt about the Company’s ability to continue as a going concern. These condensed consolidated interim financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.
In order to present the Aurubis Group’s operating success independently of valuation influences – from the use of the average cost method in invento- ry valuation in accordance with IAS 2, from copper price-related valuation effects on inventories and from purchase price allocations, primarily on prop- erty, plant and equipment from fiscal year 2010/11 onward – for internal management purposes, the results of operations and net assets are first ex- plained on the basis of the operating results. The results of operations, net assets and financial posi- tion on the basis of IFRS are then explained in a second section.
approach’. Further guidance specifies that children should ‘apply phonic knowledge and skills as their first approach to reading and spelling even if a word is not completely phonically regular’ and notes that ‘children should not be expected to use strategies such as whole-word recognition and/or cues from context, grammar, or pictures’. This guidance fits within a context where phonic work is seen not as one of a range of optional methods or strategies for teaching reading but as a body of knowledge and skills about how the alphabet works which all children should be taught. Since the 2010 Schools White Paper, there has been a clear commitment to ensure that the teaching of phonics is firmly established in the first years of school. This is supported by the core criteria for phonics programmes and also by a stronger focus in Ofsted inspections. The phonics screening check, which was piloted in 300 schools in the summer of 2011, is now statutory and complements these as a central strand of policy implementation.
The CEO and CFO identified the following material weakness in the operational effectiveness of the Corporation's internal control over financial reporting as of December 31, 2009. The Corporation does not have a sufficient number of finance personnel with the required technical knowledge to address all complex accounting and tax issues that may arise and this may result in inaccuracies in financial reporting. Management mitigates this weakness by periodically utilizing outside consultants for assistance as required to the fullest extent reasonable or by developing in-house expertise or recruiting personnel with the necessary expertise; however, such mitigating procedures do not constitute a compensating control for the purposes of National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. The Corporation has determined that it is not cost-effective to fully remediate this weakness and accordingly a weakness will continue in the foreseeable future. No impact on amounts reported for the first three months of 2010 is anticipated.
Ukraine displays certain characteristics of an emerging market, including relatively high inflation and high interest rates. The recent global financial crisis has had a severe effect on the Ukrainian economy and the financial situation in the Ukrainian financial and corporate sectors significantly deteriorated since mid-2008. Starting from 2010, the Ukrainian economy experienced a moderate recovery of economic growth. The recovery was accompanied by a gradual increase in household incomes, lower refinancing rates, stabilisation of the exchange rate of the Ukrainian Hryvnia against major foreign currencies, and increased liquidity levels in the banking sector.
the system integration business unit – hardware and services for It infrastructure – posted half-year sales of 3.7 million euro (3.5 million), an improvement on the same period in 2009, which marked a turnaround after declines in the past few years. the system integration service and product range was extended from sales of hardware to solutions for company-wide data storage, backup, recovery and virtualization. during the second quarter, the business unit increased sales revenues to 2.4 million euro (Q2/2009: 2 million).
The Corporation’s consolidated revenues of $25.9 million for Q1 2011 represent a 1% year over year increase from Q1 2010. While the year over year consolidated revenues were similar, Q1 2011’s revenue composition reflects a substantial change from Q1 2010. The Corporation’s Northern Services segment recorded a 32% increase in revenues due largely to a significant increase in demand for services from its resource-based customers. The comparative composition of revenue by industry sector graph below illustrates the notable resurgence in revenues from the Corporation’s mining exploration-based sector, which had the greatest negative impact from the economic downturn in fiscal 2010. The Corporation’s collective resource-based revenues have increased by 87% from the prior period. The Corporation also benefited from a year over year increase in demand for airborne forest fire management and suppression services during the current quarter. Quarterly revenues in the Government Services segment decreased by 25% due to reduced flight hour demand from the Department of National Defence and Canadian Forces (“DND”). Revenue from this customer is subject to month to month variability due to short-term shifts in priorities within a year, and the flight hour demand in the firstquarter is not necessarily indicative of flight hour demand over the full year.
Gross profit as a percentage of sales in the firstquarter of fiscal 2005 increased to 30.8% from 29.8% a year earlier. A majority of the Groups in Operations improved their gross profit year-over-year, led by A&D, Logistics and Assembly Systems (L&A) and Industrial Solutions and Services (I&S). The gross profit improvement at A&D was due to increased productivity and higher capacity utilization in the current quarter. The gross profit improvement at L&A was mainly attributable to significant positive effects from foreign exchange derivatives not qualifying for hedge accounting in the current quarter, whereas the prior year included contract charges. I&S’ gross profit benefited from the Group’s entry into the water systems market via its USFilter acquisition in the fourth quarter of fiscal 2004. These gross profit improvements more than offset a volume-driven decline in gross profit at Com.
In spite of the positive development of the company’s organization and the increased sales pipeline, the development of revenue and the financial performance in the third quarter2010 came as a disappointment. compared to the same period one year ago, we have seen lower revenue in the consumer electronics segment due to a significantly reduced customer program and, in addition, the quarter shows the full impact of the discontinuation of a customer service program in the communications segment. This program started to be phased out at the end of the second quarter2010 . at the same time, we were not yet able to implement enough new customer programs to compensate for these losses year-on-year.
Unpaid claims and adjustment expenses are discounted using the portfolio yield of our bond and commercial mortgage portfolios with consideration provided for the Government of Canada 5 year bond rate plus a credit spread. The portfolio yield on bonds and commercial mortgages decreased in the quarter which decreased the discount rate. The MYA had a negative impact to net income of $13.7 million in the quarter compared to a $2.9 million negative impact for the same quarter of 2013. Excluded from the MYA are offsetting net investment gains related to CGIC’s asset liability management strategy of $1.8 million, which are recorded in net investment income and gains.