Annual report to shareholders

annual report to shareholders

Berkshire hathaway annual & interim reports

For example, we have installed a new Enterprise resource Planning system that further integrates our mainland offices with Hong Kong and with each other. Our internal audit, having been fortified, has also borne fruit. The need for a bigger and stronger management team seems relentless. This is a condition usually associated with a small start-up firm and not a sizable company like ours with over half a century of history. The only other times that Hang Lung has seen such a fast pace of expansion was the decade immediately following our founding in 1960 and in the early 1980s when we took on over ten projects atop Hong Kongs subway stations. The explosive growth of the 1960s led to our going public in October 1972. By some measures, at that time we were perhaps the single largest Chinese-managed real estate company in Hong Kong. The only one bigger than us was Hongkong Land.

Annual Report - investopedia

As I have written almost two resume years ago, we should not be too greedy. In the recent past, we have witnessed respectable rental growth in Hong Kong. There is a reasonable chance that this will continue at least for this year. On the mainland, it is impossible to predict how long the anti-corruption/anti-opulence campaign will last. My personal hope is that it will stay long enough to turn the effects of the policies into a normal state of affairs. After all, hang Lung is a long-term player willing to sacrifice short-term market gains for economic health in the long run. There is reasonable hope that such an outcome will materialize. Before that day arrives, we will focus our efforts on improving operational efficiency. For that we need to do two things: enhance our operating system, next and strengthen our management team including the rebuilding of an appropriate corporate culture. In the past two to three years, much work has been done on the former.

To sum up this years letter, i would like to express my deep satisfaction of being the head of such a mature organization the organization which is free of inferiority complexes, conscious of its abilities and strengths, ready to share its knowledge and to draw. I am convinced that the tradition of reporting strong results and positive changes will be maintained in the upcoming years. Zbigniew Jagieło, chief Executive office at pko bank polski. In the coming year, i do not foresee changes to the current demand-curbing measures in Hong Kong. But after home supply sets in and prices fall somewhat, it is conceivable to have a policy presentation reversal at that time. So in the interim, we will continue to watch out for opportunities to sell completed apartments. Things will not move briskly but neither do we need to be overly bearish. Needless to say, we will do our best to the extent possible to maintain a relatively high profit margin.

annual report to shareholders

Annual/Semi Annual Reports - stmicroelectronics

We want them to define the summary overall shape of the banks organizational culture and the attitude of our employees and we want them to serve as guidance in our daily activity. Consequently, we invest into human capital and support personal development of our staff by offering attractive remuneration or launching as of 2013 a pension plan. All shredder of that makes the bank attractive employer in the sector. As usual, good, stable financial results are the tangible proof of the effectiveness of the implemented strategy. In 2013, despite slower economic growth and record-low interest rates, the bank posted the best results in the whole banking sector pko bank polskis consolidated net profit amounted to one fifth of the total net profit in the sector. Rational cost policy has enabled the bank to maintain good cost to income ratio, significantly below the market average. The bank has also maintained a safe and efficient balance sheet structure where strong deposit base and high equity allow further lending expansion.

As an active participant of the government de minimis program supporting entrepreneurs, we provided them with working capital loans amounting to over pln.7 billion the biggest amount out of 19 banks participating in the program. We also strive for deepened relationships with our corporate and local government customers. A new organizational model of the corporate network, adjusted to the needs of this demanding market and launched last year, as well as the banks involvement into pan-European Marguerite fund, financing infrastructural investments, are to serve the goal. The market appreciates the changes we regularly launch. Numerous awards for, among other things, quality of the service in both remote sale channels and at branches as well as awards for innovation, are the best proof. A steady increase in the value of the brand the most valuable brand in Polish financial sector, now estimated at pln.7 billion is the best expression of confidence in pko bank polski. While pursuing more and more ambitious targets, we constantly take care of such important values as entrepreneurship, continuous development, customer satisfaction and our credibility.

Ge 2013 Annual Report

annual report to shareholders

Annual Report and Annual meeting

Establishing a leasing company in Sweden on behalf of one of our clients has been a symbolic first step in this direction. Joining pko capital Group by nordea polska tunŻ will supplement our expertise and will accelerate our growth in insurance services sector. Taking over Nordea assets and achieving synergy effects due to their integration is an important, but not the only example of the capital Groups expansion. In november, we signed an agreement with evo payments International an international payment service provider operating in the us, canada and Europe on selling a stake in eservice company and establishing 20years-long strategic alliance on the electronic payment services market. The support from such an experienced technological partner essay will allow eservice to provide services also in other countries from the central and Eastern Europe.

At the same time, we develop new business initiatives, by increasing an attractiveness of the banks offer addressed at retail customers and by meeting expectations of our partners in the corporate sector. Last year, we initiated setting up the polish payment standard, with iko innovative mobile banking platform of pko bank polski being used as its basis. In one year, iko system has been appreciated by over 150,000 users. In 2013, we implemented a new retail sales model which contributed to increased efficiency of our branches, better quality of customer service and higher customer and employee satisfaction. We have also been continuing a program of financial education addressed at the young customer. Launching Junior bank account, with an innovating and unique transaction system for the youngest, has been its next step. In 2013, we consistently supported the financing of the countrys economy as well as small and medium-sized enterprises.

We follow this tradition while handing you our annual 2013 report. Last year was a year when the banks new strategy for was launched; its main assumptions are well summarized by the slogan everyday better. When implementing our new business initiatives, we draw on past achievements in order to strengthen and assure pkos position as the leader in the polish banking sector and a leading universal bank in the region. For the first time in the banks history, mergers and strategic alliances become relevant tools in achieving the goal. This way we embrace economic trends and changes in the banking market. They are defined by still high level of economic uncertainty, increasingly restrictive regulatory changes, technological revolution as well as increasing customers demands and more severe competition from players representing non-financial sector.

Keeping in mind long-term growth in the shareholder value and customer satisfaction, we seek competencies and expertise to supplement and to additionally strengthen our existing resources. For this, we use the banks strong capital position which enables safe financing of acquisitions while maintaining dividend-paying ability. Acquisition of a part of Polish assets of a scandinavian Nordea group, announced in June last year, could serve as a good example of such an approach. The resources of the acquired companies: Nordea bank polska, life insurer Nordea polska tunŻ and a leasing and factoring company nordea finance polska will significantly contribute to pko bank polskis expansion. Thanks to the integration and synergy effects, the banks scale of operations will increase as well, being topped up by attractive network of branches located in large cities and by stronger position in affluent clients segment. We will also enhance our competencies in the corporate banking sector, especially in the area of international services provided for large companies. This knowledge will allow us to better follow our customers needs and to support their pursue of international goals.

Annual Report & 10-k - marathon Petroleum Corporation

All other product and service dates names mentioned are the trademarks of their respective companies. Data contained in this document serves informational purposes only. National product specifications may vary. These materials are subject to change without notice. These materials are provided by sap ag and its affiliated companies about sap group for informational purposes only, without representation or warranty of any kind, and sap group shall not be liable for errors or omissions with respect to the materials. The only warranties for sap group products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty. Ladies and Gentlemen, It has become a good tradition that, despite the market situation, all annual reports presenting the bank and the capital Groups activity you receive outline satisfactory financial results. Each year, we also highlight relevant, positive changes related to organizational culture a kind of dna of our institution.

annual report to shareholders

results are discussed more fully in sap's filings with the. Securities and Exchange commission sec including sap's most recent Annual Report on Form 20-F filed with the sec. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Sap, r/3, sap netweaver, duet, partnerEdge, bydesign, sap businessObjects Explorer, StreamWork, and other sap products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of sap ag in Germany and other countries. Business Objects and the business Objects logo, businessObjects, Crystal Reports, Crystal Decisions, web Intelligence, xcelsius, and other Business Objects products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of Business Objects Software Ltd. Business Objects is an sap company. Sybase and Adaptive server, ianywhere, sybase 365, sql anywhere, and other Sybase products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of Sybase, inc. Sybase is an sap company.

Sap expects to hire thesis in all regions in 2011, including in Germany. Also in the 2010 Annual Report, sap stated that by the middle of the present decade, it aims to achieve a non-ifrs operating margin of 35 in average annual increments of up to 100 basis points, to increase annual total revenue to at least Euro. In the execution of its strategy, technology partners are essential to advance sap's research agenda, to monetize in-memory technologies, and to enhance its solution portfolio. About sap, as market leader in enterprise application software, sap (nyse: sap) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device sap empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. Sap applications and services enable more than 109,000 customers to operate profitably, adapt continuously, and grow sustainably. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the. Private securities Litigation Reform Act of 1995. Words such as "anticipate "believe "estimate "expect "forecast "intend "may "plan "project "predict "should" and "will" and similar expressions as they relate to sap are intended to identify such forward-looking statements.

Annual Report 2017 nestlé Global

Sap announces availability of word 2010 Annual Report to Shareholders and Annual Report on Form 20-F. Release date:, description: sap ag (nyse: sap) announced today that its Annual Report to Shareholders and its Annual Report on Form 20-F(both including the ifrs audited consolidated financial statements) for the year ended December 31, 2010 is now available, and that sap's Annual Report. Securities and Exchange commission (SEC). In the 2010 Annual Report, sap reaffirmed its previously (January 26, 2011) published business outlook for the full-year 2011. Full-year 2011 non-ifrs software and software-related service revenue is expected to increase in a range of 10 to 14 at constant currencies (2010: Euro.87 billion). Full-year 2011 non-ifrs operating profit is expected to be in a range of Euro.45 billion to euro.65 billion at constant currencies (2010: Euro.00 billion resulting in 2011 non-ifrs operating margin increasing in a range.5.0 percentage points at constant. Full-year 2011 ifrs effective tax rate is projected to.0.0 (2010:.5) and the non-ifrs effective tax rate is projected to.5.5 (2010:.3).

Annual report to shareholders
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As shareholders know, we are extremely careful in accepting new projects, but once in a great while a particularly attractive one comes along and we buy. (In the nine years).

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  1. Dear, shareholders, growing more delivering more Engaging more Expanding more letter to the, shareholders, md ceo s review. Report on Corporate governance. Letter to, shareholders - mts. Dear, shareholders, welcome to this years online annual review. Notice of annual meeting and management proxy circular.

  2. Addendum to the 2009 balance sheet. Announced, shareholders, financial, exchange, commission, business, technology, software. Annual, report, sap reaffirmed its previously (January 26, 2011) published business outlook for the full-year 2011. Shareholders, meeting of jsc vtb bank. Any dividends accrued, but unclaimed by shareholders within a period of three calendar years are subject to allocation back.

  3. Responsibility to, shareholders and Investors. General meeting of, shareholders. Common Stock and Number of Shares Issued. Highlights of the awards and recognitions we received in 2009 are detailed on page 6 of this report. Our bd associates responded with spirit, commitment and professionalism, and we delivered results for shareholders. Report on the change of the capital over 2008.

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