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Our near term uses of cash include: continue to de-lever at Formula 1, return capital to shareholders to capitalize on the discount at Liberty SiriusXM and develop our next phase of real estate at the Battery Atlanta. But we won’t be shy to attack market opportunities as they arise. We will remain disciplined in our investment thesis - directing our attention and capital on differentiated opportunities with proven business models and attractive returns. We are comfortable with our liquidity across the trackers and our ability to access additional sources of capital as needed. Heraclitus must have been alluding to the media industry in saying ‘The only thing that is constant is change.’ And that is definitely how Liberty is defined – constantly changing. There is no static effort, the landscape is moving quickly and we are prepared to move accordingly. | 0none
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The following table sets forth information with respect to the ownership by each of our directors and named executive officers (as defined herein) and by all of our directors and executive officers as a group of shares of (1) each series of our common stock (LSXMA, LSXMB, LSXMK, BATRA, BATRB, BATRK, FWONA, FWONB and FWONK) and (2) the common stock, par value $0.001 per share (SIRI), of Sirius XM Holdings Inc. (Sirius XM), in which we hold a controlling interest. The security ownership information with respect to our common stock is given as of February 28, 2019 and, in the case of percentage ownership information, is based upon (1) 102,816,795 LSXMA shares, (2) 9,821,531 LSXMB shares, (3) 209,079,807 LSXMK shares, (4) 10,244,591 BATRA shares, (5) 981,860 BATRB shares, (6) 39,740,215 BATRK shares, (7) 25,675,346 FWONA shares, (8) 2,453,485 FWONB shares and (9) 202,887,872 FWONK shares, in each case, outstanding on that date. The security ownership information with respect to SIRI is given as of February 28, 2019, and, in the case of percentage ownership information, is based on 4,345,777,230 SIRI shares outstanding on January 28, 2019. The percentage voting power with respect to our company is presented in the table below on an aggregate basis for all LSXMA, LSXMB, BATRA, BATRB, FWONA and FWONB shares. | 0none
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The following graph compares the percentage change in the cumulative total stockholder return on our former Series C common stock (and its successor issuances) from July 24, 2014 (the date on which the former Series C common stock first traded “regular way”) through December 31, 2018 to the S&P 500 Index and the S&P 500 Media Index. On April 15, 2016 our former Series C common stock was recapitalized into common stock of three tracking stock groups: the Liberty SiriusXM Group (Nasdaq: LSXMK), the Formula One Group (Nasdaq: FWONK) (formerly known as the Liberty Media Group (Nasdaq: LMCK)) and the Braves Group (Nasdaq: BATRK). This chart includes (i) the impact of the spin-off of Liberty Broadband Corporation on November 4, 2014, assuming a sale of the resulting Liberty Broadband shares on the one-year anniversary of the spin-off and reinvestment of the proceeds in our common stock, (ii) the Liberty Broadband rights offering, assuming the value of the Liberty Broadband rights on the one-year anniversary of the spin-off was reinvested in our common stock, (iii) the aforementioned recapitalization of Liberty Media’s common stock into three tracking stock groups and (iv) the Braves Group rights offering. | 0none
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As the strategy implementation and capital redeployment continues, our dividend payment capability will be further strengthened. Fortum’s Board of Directors is proposing an unchanged dividend of EUR 1.10 per share for the calendar year 2017. Our ambition is to pay a stable, sustainable and over time increasing dividend now and in the future, and given the prevailing market conditions, our goal is to avoid a temporary dividend cut. | 0none
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Fortum’s tax policy aims to identify simple and cost-efficient solutions to manage taxes in a sustainable manner. Fortum’s tax policy is based on a principle that tax is a consequence of business and that compliance with tax rules and legislation and transparency result in a correct tax contribution. This policy leaves no room for artificial or other aggressive solutions. Fortum is continuously following the development of tax related issues and their impact on the Group and maintains an active dialogue with tax authorities in unclear cases. Tax-related issues are communicated openly both internally and externally and Fortum’s tax footprint is published annually. | 0none
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Open leadership, personnel development and wellbeing In late 2017, Fortum launched the company’s revised Values and new Leadership Principles. The Open Leadership framework supports cooperation across units and aims to create an environment that fosters innovation, flexibility and agility. | 0none
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Uniper investment In September 2017, Fortum announced it had signed a transaction agreement with E.ON under which E.ON had the right to decide to tender its 46.65% shareholding in Uniper SE into Fortum’s public takeover offer. In November, Fortum launched a voluntary public takeover offer to all Uniper shareholders at a total value of EUR 22 per share implying a premium of 36% to the price prior to intense market speculation on a potential transaction at the end of May. The offer is subject to competition and regulatory approvals. Already in October 2017, Fortum received approval from the US competition authorities. Fortum expects to finalise the transaction in mid-2018. | 0none
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In 2017, net cash from operating activities increased by EUR 372 million to EUR 993 (621) million, due to a EUR 260 million increase in comparable EBITDA, a EUR 193 million decrease in realised foreign exchange gains and losses, a EUR 133 million decrease in income taxes paid and a EUR 183 decrease in working capital compared to the previous year. The foreign exchange gains and losses of EUR -83 (110) million relate to the rollover of foreign exchange contract hedging loans to Russian and Swedish subsidiaries. In June 2016, Fortum paid income taxes in Sweden totalling EUR 127 million regarding an ongoing tax dispute. The change in working capital in 2017 was EUR 81 (-102) million. The biggest impact was the effect of the daily cash settlements for futures in Nasdaq OMX Commodities Europe | 0none
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Since its founding, the Fujifilm Group has amassed a wide range of technologies cultivated through its photographic film business and provided innovative products and services to contribute to society and continue to grow as a company. The Group promoted a growth strategy by consistently anticipating the future and centering on a variety of technologies such as optics, chemicals, and electronics, which are needed to develop and produce photo-related products. Here, we will explain the history of innovation in the Fujifilm Group. | 0none
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On the other hand, among businesses marked for improving profitability, demand for some products continues to drop among entry-level mirrorless cameras within the electronic imaging business and CTP plates of the graphic systems business due to drastic changes in the market environment. Many of the businesses in this stage have been impacted by the spread of COVID-19, and we are stepping up our efforts to increase business profitability even in the face of crisis. | 0none
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In fiscal 2020, despite the difficult environment, we will work to improve the profitability of each of our businesses and promote business growth in the healthcare and highly functional materials business fields along with a new growth strategy in the document business. On the financial side, we will strengthen our cash management and maintain financial soundness. Beginning this fiscal year, we have introduced ROIC*1 and CCC*2 as metrics for assessing business divisions for improving ROE*3, and by strengthening management from these standpoints, we will maximize our cash generation capabilities. While working to improve profitability by promoting cost reductions in each business, we will make prioritized capital injections in the necessary domains with respect to capital expenditures and R&D expenses for growth, tying this into the next breakthrough. We will maintain an annual dividend of JPY 95 per share. | 0none
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The Management Council makes decisions on the submission of matters to be exclusively deliberated by the Board of Directors. At the same time, the Council deliberates on the measures adopted by executive officers to implement particularly important initiatives in accordance with the basic policies, plans, and strategies formulated by the Board of Directors. | 0none
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At fiscal 2019, year ended March 31, 2020, total assets decreased by JPY 93.0 billion, compared with the end of the previous fiscal year, to JPY 3,321.7 billion, owing to decrease in cash and cash equivalents and other factors. Total liabilities increased by JPY 158.1 billion, compared with the end of the previous fiscal year, to JPY 1,327.9 billion. The Holdings shareholders’ equity decreased by JPY 83.7 billion, compared with the end of the previous fiscal year, to JPY 1,953.3 billion. As a result, the current ratio decreased by 20.9 percentage points, to 225.6%, the debt-equity ratio increased by 10.6 percentage points, to 68.0%, and the shareholders’ equity ratio decreased by 0.9 percentage points, to 58.8%, compared with the end of the previous fiscal year. The Company is maintaining a stable level of asset liquidity and a sound capital structure. | 0none
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The Company's determination to create opportunities to differentiate its offer paved the way for a like-for-like growth of 9.5%, a remarkable performance in a year marked by extensive organisational changes in order to leverage the desired evolution in the average basket. This momentum, along with strict cost management, enabled Biedronka to post an EBITDA of 707 million euros, 10.3% more than in 2015 (+15.1% at a constant exchange rate). | 0none
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The year was particularly important for our operation in Colombia and also for the country, which made decisive breakthroughs in its peace process. Ara achieved market leadership in its first region - the Coffee Growing Region - after three years of doing business in the country, and entered the third operating region, in Bogota, the country's capital, where it opened 22 of the 79 stores inaugurated during the year. | 0none
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The Risk Management process is aligned with the ISO 31000 international standard recommendations, and seeks mainly to distinguish what is irrelevant from what is material, requiring an active management which involves the assessment of sources of risk, the probability of occurrence of a certain event, and the consequences of its occurrence within the context of the control environment. | 0none
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The financial communication strategy outlined for each year is based on the principles of transparency, rigour and consistency. This ensures that all relevant information is transmitted in a non-discriminatory, clear and complete manner to stakeholders. | 0none
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The following principles underline Equinor’s approach to corporate governance: • All shareholders will be treated equally. • Equinor will ensure that all shareholders have access to up- to-date, reliable and relevant information about its activities. • Equinor will have a board of directors that is independent (as defined by Norwegian standards) of the group's management. The board focuses on preventing conflicts of interest between shareholders, the board of directors and the company's management. • The board of directors will base its work on the principles for good corporate governance. | 0none
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The Equinor risk profile is a composite view of risks and supports current and future portfolio considerations. The focus is to strive for a portfolio that is robust and value creating through the cycles. Risk is an embedded part of the board’s strategy discussions and investment decisions. The board regularly evaluates Equinor’s strategy, risk profile and target setting as part of its annual plan. See also sections 3.9 The work of the board of directors and 3.10 Risk management and internal control. | 0none
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Goals on “How” we deliver are based on Equinor’s core values and leadership principles and address the behaviour required and expected to achieve the delivery goals. We believe in developing a strong leadership and culture recognised by our values, driving the long-term and sustainable success of the company. The CEO and the executive vice presidents have individual behaviour goals within prioritised behaviour themes such as safety and compliance, empowerment, diversity and inclusion or collaboration. | 0none
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Today, Biogen is more focused than ever on the areas where we can have the greatest impact through science that truly matters. In the year ahead, we hope to continue to demonstrate how the pieces we have brought together can benefit patients worldwide. | 0none
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We also expanded our pioneering Community Lab program, opening a new Community Lab facility in Cambridge, Massachusetts, and launching a new program in Research Triangle Park, North Carolina. Since we introduced the Community Lab in 2002, more than 25,000 middle- and high-school students have participated in hands-on laboratory experiments at our research facilities, providing a practical educational experience linked to their academic work, while offering access to mentors, equipment and valuable exposure to the possibilities of science careers. | 0none
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A CLEAR PATH FORWARD We are at an extraordinary time in our history. We have built a successful and growing business by putting science and patients at the center of every decision and investment we make. We are proud of the impact our efforts are having, and now we are better positioned than ever to leverage advances in biology, genomics and technology to pursue treatments for some of humanity’s most intractable diseases. | 0none
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SAFE HARBOR: This annual report contains forward-looking statements, including statements regarding our goals, prospects and business strategies, potential of recently launched products, our pipeline and the development of new treatments and biosimilars, anticipated regulatory filings and actions, anticipated data readouts, and research and development and business development activities. These forward-looking statements may be accompanied by such words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “target,” “will” and other words and terms of similar meaning. You should not place undue reliance on these statements. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including: our dependence on sales from our principal products; failure to compete effectively due to significant product competition in the markets for our products; failure to protect and enforce our data, intellectual property and other proprietary rights and the risks and uncertainties relating to intellectual property claims; difficulties in obtaining adequate coverage or changes in pricing or the availability of reimbursement for our products; the occurrence of adverse safety events, restrictions on use with our products or product liability claims; uncertainty of success in developing, licensing or acquiring other product candidates or additional indications for existing products, including the risk that unexpected concerns may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies or may fail to approve or may delay approval of our drug candidates; results in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications; failure to manage our growth and execute our growth initiatives; problems with our manufacturing processes or capacity; failure to comply with legal and regulatory requirements; and the other risks and uncertainties that are described in the Risk Factors section of our most recent annual or quarterly report and in other reports we have filed with the SEC. | 0none
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Capitalization of Inventory Costs We capitalize inventory costs associated with our products prior to regulatory approval, when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. We consider numerous attributes in evaluating whether the costs to manufacture a particular product should be capitalized as an asset. We assess the regulatory approval process and where the particular product stands in relation to that approval process, including any known safety or efficacy concerns, potential labeling restrictions and other impediments to approval. We evaluate our anticipated research and development initiatives and constraints relating to the product and the indication in which it will be used. We consider our manufacturing environment including our supply chain in determining logistical constraints that could hamper approval or commercialization. We consider the shelf life of the product in relation to the expected timeline for approval and we consider patent related or contract issues that may prevent or delay commercialization. We also base our judgment on the viability of commercialization, trends in the marketplace and market acceptance criteria. Finally, we consider the reimbursement strategies that may prevail with respect to the product and assess the economic benefit that we are likely to realize. We expense previously capitalized costs related to pre-approval inventory upon a change in such judgment, due to, among other potential factors, a denial or significant delay of approval by necessary regulatory bodies. | 0none
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To manage our current and future potential growth effectively, we need to continue to enhance our operational, financial and management processes and to expand, train and manage our employee base. Our growth is also dependent upon our ability to attract and retain qualified scientific, information technology, manufacturing, sales and marketing and executive personnel and to develop and maintain relationships with qualified clinical researchers and key distributors in a highly competitive environment. Supporting our growth initiatives and the further development of our existing products and potential new products in our pipeline will require significant capital expenditures and management resources, including investments in research and development, sales and marketing, manufacturing capabilities and other areas of our business. If we do not successfully manage our current growth and do not successfully execute our growth initiatives, then our business and financial results may be adversely affected and we may incur asset impairment or restructuring charges. | 0none
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In light of the dynamism of domestic demand, the surplus of the foreign sector is deteriorating due to the deceleration of the world economy and the global climate of increased uncertainty. Thus, foreign demand will probably maintain a more moderate contribution to growth, while these forces continue to influence the foreign environment. | 0none
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In this context, in the first half of the year the world economy has progressed at a slower pace (estimated 3.2%, compared to 3.5% in the second half of 2018), burdened by increased financial volatility and deteriorated confidence due to trade tensions. This comes in addition to a succession of idiosyncratic elements in key advanced economies (particularly in Europe). Nonetheless, in this less favourable environment, the growth figures of the main international economies are reasonably good. Thus, among the emerging economies, China showed favourable growth data (6.4% in the first quarter of 2019, the same figure as in the fourth quarter of 2018). This contrasts with various indicators, especially those related to exports, imports and manufacturing production, which imply that the climate of trade tensions has eroded the performance of external and industrial sectors. However, this burden has been offset by various stimulus measures implemented by the authorities in the fields of tax and monetary policies. | 0none
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The economy upholds dynamic performance and growth rates above those of the Euro area. Thus, there is a very gradual deceleration towards more sustainable growth rates. | 0none
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The persistence of downside risks is leading central banks to suggest a more accommodative policy over the coming months. Both the Fed and the ECB have coincided in reasserting a positive medium-term central scenario, but they have indicated to a significant probability of a relaxed monetary policy in the coming months, in order to offer safeguards against the prevalence of the downside risk. | 0none
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The following table presents financial guarantees given for real estate construction and development, including the maximum level of exposure to credit risk (i.e. the amount the Group could have to pay if the guarantee is called on). | 0none
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Looking forward, Brambles is committed to leveraging its global scale and industry-leading expertise as we collaborate with customers to build the supply chains of the future. We seek to deliver growth and operational excellence in our core pallet, RPC and container pooling businesses through a focus on the core drivers of value, which include: strengthening our network advantage; delivering operational and organisational efficiencies; driving disciplined capital allocation and improved cash generation; and developing our people. | 0none
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Using its network advantage and asset management expertise, Brambles seamlessly connects supply chain participants, ensuring the efficient flow of goods through the supply chain. By reducing transport distances and the number of platforms required to service the supply chain, Brambles delivers savings in which all participants share. | 0none
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Sales revenue from continuing operations was US$5,104.3 million, an increase of 4% at actual FX rates over the prior year. On a constant-currency basis, sales revenue growth of 6% was primarily driven by: new business in Europe pallets; expansion with new and existing RPC customers in IFCO; and continued momentum in the Latin America pallets businesses. Growth in the US pallets business was modest, as increased competition put pressure on volume and pricing growth in the period. | 0none
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Faced with a rapidly changing and increasingly competitive operating environment, Brambles’ five strategic priorities are integral to the delivery of superior value for customers, shareholders and employees. | 0none
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Underlying Profit Key Drivers • Transport, logistics and asset management costs (including external factors such as fuel and freight prices, as well as labour costs); • Plant operating costs in relation to management of service centre networks and the inspection, cleaning and repair of assets (including labour costs and raw materials costs); • Other operational expenses (primarily overheads such as selling, general and administrative expenses); and • Depreciation, as well as provisioning for irrecoverable pooling equipment. | 0none
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Joined Brambles as a Non-Executive Director in August 2004 and was appointed Chairman in September 2014. He is a Non-Executive Director of Goodman Group and a former Chairman and a Non-Executive Director of Leighton Holdings and Spark Infrastructure Group, and a former Executive and Non-Executive Director of Westfield Group. Stephen had a long executive career with Westfield where he held a number of senior positions including that of Finance Director from 1985 to 2002. He is also a Director of the Garvan Institute of Medical Research. He has a Bachelor of Economics degree from the University of Sydney and is a Fellow of the Institute of Chartered Accountants in Australia and a Fellow of the Australian Institute of Company Directors. Age: 70. | 0none
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“The Connect & Drive leadership program gave me a better understanding of what really fuels innovation. The first key to success, is putting ideas into practice, being bold, and applying what we learn. The second is interaction, because connecting to others always broadens our horizons. That’s an important lesson.” | 0none
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Although the Capgemini brand is relatively new to Latin America, Capgemini witnessed booming demand in Hispanic countries in Latin America. For example, Capgemini Mexico accomplished solid growth rates in 2016 by focusing on strategic accounts in the Financial Services, CPRD, and Energy sectors. | 0none
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In late 2015, Capgemini set out to improve the everyday lives of a million people by 2020 with its outreach initiatives, especially through projects that promote education and skills. These initiatives draw on the skills of our employees and, to some extent, our technological solutions. The approach has given strong impetus to employee engagement: our people are often keen to share their skills with those who need them the most. The approach, closely linked to the heart of our business and the expertise of our employees, has an immediate impact. | 0none
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Most projects are distributed across our ecosystem of partners and use startup expertise to solve specific business problems for sectors with high demand (i.e., manufacturing and automotive, energy and utilities, and consumer products, distribution, and retail). | 0none
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Enagás has been deploying its cybersecurity awareness and training strategy, reaching all staff and carrying out a number of face-to-face and online activities intended to improve employee ability to detect and react to threats. Currently, Enagás has obtained ISO 27001:2013 certification for its logistics and commercial systems, gas pipeline control systems and industrial control systems for each type of infrastructure that it operates. | 0none
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Decrease in short term investments was due to redemption of time deposit of ACEN. ● Increase in receivables mainly attributed to the approval of price adjustment for power supply agreements and accrual of additional revenues from FIT system adjustments. ● Fuel & spare parts went up as a result of SLTEC’s purchases of spare parts and other direct materials for maintenance works, coupled with ACEN’s purchases of bunker fuel, together with settlement of fuel commodity swaps which are unconsumed as of year-end. | 0none
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The move towards a more competitive environment, as set forth by EPIRA, could result in the emergence of new and numerous competitors. There will be some competitors that may have a competitive advantage over the Company due to greater financial resources, more extensive operational experience, and thus be more successful than the Company in acquiring existing power generation facilities or in obtaining financing for and the construction of new power generation facilities. | 0none
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Given above risks, the Company procures proper insurance coverages, complies with various health and security measures, implements a culture of safety in the working environment, conducts proper and timely repairs and maintenance of the plants, and regularly trains employees on safety and security. | 0none
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These measures have caused disruptions to businesses and economic activities, and its impact on businesses continue to evolve. In particular, the enhance community quarantine and various degrees of community quarantine imposed across the Philippines have affected and could adversely impact (a) the completion of ACEN’s projects as construction is not an activity given priority under the government guidelines, (b) demand for ACEN’s product, as industries, offices, and shopping malls account for bulk of energy consumption, (c) WESM prices as demand for electricity is lower, and (d) ability to collect from its customers, which could negatively impact its cash flows. The outbreak of COVID-19 and the measures to contain this increase in severity, have had an adverse effect on economic activity in the Philippines and could materially and adversely affect ACEN’s business, financial condition and results of operations. Tothe extent the COVID-19 pandemic adversely affects the business and financial results of ACEN, it may also have the effect of heightening many of the other risks described in this Annex. | 0none
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For its power business, AC Energy Corporation competes with other power generating companies in generating and supplying power to the Company's wholesale and retail customers. With the full implementation of the Electric Power Industry Reform Act (“EPIRA”) and its purpose of establishing a transparent and efficient electricity market via more competition, a substantial number of the Company's customers may choose to buy power from third party suppliers. In addition, the implementation of open access could have a material adverse impact on the Company's results of operations and financial condition. | 0none
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Within this framework, one of the most relevant initiatives that will be addressed in 2020 is the establishment of Corporate Guidelines on the Digital Disconnection Policy, with a positive impact on the productivity and welfare of people. | 0none
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Enagás has received the Healthy Workplace certification. The Integrated Healthy Management System encompasses aspects and information regarding the physical working environment, the psychosocial environment, personal health resources and community participation. | 0none
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Additionally, as enhanced protection for the critical infrastructures operated by Enagás, a General Policy on the Integrated Security of Strategic Infrastructures has been defined in which the processes of physical and logical security have been combined for compliance with the Law governing the Protection of Critical Infrastructure (LPIC). | 0none
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Around the world our planners, designers and engineers are helping to create and enhance transport infrastructure that provides the critical connection between people and places. Our particular strength lies in finding solutions to our clients’ most demanding technical challenges – whether that’s in rail, road, ports or aviation. | 0none
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Ethos We are a firm built on clear, shared values. Derived from the beliefs of our founder Sir Ove Arup, they shape our goals and our behaviour, wherever we are working. Quality, integrity, humanity and usefulness are the underpinning principles – driving forward a firm that constantly strives to make a difference. | 0none
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This year we have been rolling out an online learning platform that provides a significantly enhanced personal development environment for all our staff. We’re also investing in Digital Workspace, a new intranet- based platform that integrates all of our collaborative learning channels. Amongst other things, it provides a virtual space in which Arup people with similar professional interests can explore and share new ideas. | 0none
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In 2020, we expect like-for-like to im- prove further as we continue our turna- round. We will build on the current mo- mentum of our commercial initiatives and keep focus on improving brand relevance. We will continue to reduce costs and upgrade our product devel- opment process and organisational ca- pabilities. We are happy to push on with these plans together as a team and on behalf of the Board, we would like to ex- tend appreciation to the previous Chair, Peder Tuborgh, for his dedication and contribution to the company over the past five years. | 0none
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The new test concept embraces everything that our brand represents today. The warm lighting and choice of interior design create a welcoming and playful environment. | 0none
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Sephora showed strong resilience in a retail environment heavily impacted by the global health crisis that led to the closure of more than 90% of its stores worldwide for more than two months in the first half of the year, and then a second wave of closures in Europe in the fourth quarter. Thanks to the commitment and agility of its teams, Sephora accelerated its online sales, breaking all-time online sales records in all regions. To enhance client experience, Sephora accelerated best practices like Click & Collect, Call & Collect, new apps and livestream beauty advice, and set up partnerships with recognized third parties to offer services such as payment deferral and same-day delivery. Sephora continued to gain market share in its key regions and confirmed its leadership as the world’s most loved beauty community. This was illustrated in mega-events like China’s Virtual Sephora Day and the “11/11” day, when Sephora connected with more than one million people on social media. Importantly, Sephora put great emphasis on | 0none
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Ao Yun means “flying above the clouds” in Chinese: a name that invites you on a jour- ney to discover this premium Chinese wine. For this singular project, the journey was taken by Christophe Navarre, President of Moët Hennessy. He traveled to the north of the province of Yunnan, not far from the mythical city of Shangri La, to locate the vineyard where this one-of-a-kind wine is produced, between the banks of the Mekong and the summits of the Himalayas. With its rich culture and breathtaking landscapes, the Yunnan region provides the best natural environment to create this new wine. It was a daring move, to develop and grow at an altitude of 2,600 meters a French grape variety that had never experienced the thrill of such high altitudes. | 0none
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Broad-ranging and international career development opportunities are a key feature of LVMH’s Human Resources philosophy. With our Maisons’ business devel- opment in fast-moving markets, and with new growth drivers such as digital emerging, the Group is well placed to offer career opportunities to all its staff. Through dedi- cation and close teamwork, the HR teams in our various Maisons around the world enabled 2,500 executives to relocate in 2016 and filled 74% of senior vacancies through internal promotions, with a special focus on retail, digital and supply chain positions. | 0none
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The Dom Pérignon vintages are unique because of how they evolve. They do not mature in a linear fashion, but in a series of stages, producing windows of expression. We refer to these special moments as “Plénitudes”. They are instants when the wine reveals itself with greater intensity. P2, Dom Pérignon’s Second Plénitude, is the result of at least sixteen years of elaboration. This name reflects the wine’s character. At its peak, P2 is dynamic and bursting with energy, revealing an abundance of aromas on the palate. Dom Pérignon’s dark, mineral, iodic, spicy personality resonates with more intensity and clarity than ever. | 0none
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The conviction that “people make the difference” runs deep in our Group, and we see training as a vital tool – not only for helping each of our employees fulfill their professional aspirations, but also for meeting our busi- ness objectives. To satisfy this dual imperative, we have put in place a wide-ranging training program that operates at Group level, within the Maisons, and also regionally. Courses cover a broad spectrum, including skills upgrading, cultural adaptation, management and business challenges, and are tailored to suit different levels of responsibility. | 0none
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The Group Code of Conduct defines rules and standards of Conduct to control risks concerning “Fight against corruption”, as described in Paragraph “Identification of Risks and Opportunity”. The Code applies to the members of the Board of Directors of each company of the DiaSorin Group, to all employees and all other individuals or companies who act on behalf of one or more companies of the Group. | 0none
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Finally, in 2020, an internal communication initiative entitled #proudtobediasorin took place, involving the whole Group. Through the company’s commitment in the fight against the pandemic and the experiences of the families of DiaSorin employees around the world, the project helped to keep up our people’s morale, strengthened the sense of belonging. An example of employee involvement in #proudtobediasorin was the collection of drawings by Group’s employees’ children, representing their parents at work during the first pandemic wave. The drawings gathered from employees around the world were assembled in a video available on the Group’s website showing, through the eyes of children, what each employee has done to help combat the COVID-19 pandemic. | 0none
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Subsidiaries are companies over which the Group is able to exercise control pursuant to IFRS 10, that is when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are consolidated line by line from the date the Group obtains control until the moment when control ceases to exist. | 0none
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Again, with reference to the COVID Projects, the Company launched two additional molecular diagnostic tests: the Simplexa COVID-19 Direct Kit and Simplexa Flu A / B & RSV Direct Gen II. The first allows to detect the presence of SARS-CoV-2 from nasal and nasopharyngeal swabs and saliva samples (only in markets accepting CE marking). The latter detects Influenza A and B strains and the respiratory syncytial virus (RSV), allowing differential diagnosis of these infections and SARS-CoV-2. Both tests have been approved in countries accepting CE marking and have received FDA Emergency Use Authorization (EUA) for the U.S market. | 0none
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Collectively, these activities revealed some uncomfortable truths about the way our society and parts of our industry operate. They encouraged many of my colleagues and me to learn much more about racism. We will continue our journey to become a truly inclusive, increasingly diverse and actively anti-racist organisation in 2021, becoming a better, more effective business with each step we take. | 0none
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Local commitments continue to be key to the way in which we do business, and as a result of our successes in 2017 we spent over £900K with social enterprises, donated over 9,000 hours to community projects and continued to invest in the skills of local people through our Building Futures and work experience programmes. | 0none
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Looking forward to 2018, we will continue to remain focused on our key sectors and core customers, while further exploring how digital technologies can drive value for our customers. We are excited by the opportunities presented by the Scape Major Works framework with the first projects coming to fruition in 2018. In a challenging market we are conscious of the obligation to build on our strengths and retain our financial and operational stability. A key component of long-term sustainability will be ensuring we can continue to attract the most talented people to our workforce, and our work on promoting a more diverse and inclusive workforce will be an increasing focus in the year ahead. | 0none
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The new business team also spent the year bidding and ultimately winning a £1bn estate regeneration project with the London Borough of Havering, which will provide 3,000 new homes across 12 sites. We were also awarded two construction projects for the London Borough of Wandsworth to help build new affordable homes as part of their wider estate renewal strategy. The existing and new project work demonstrates the ability of the Wates Residential team to operate as both developer and contractor, in support of our business partners in delivering mixed tenure housing. | 0none
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Wheatstone LNG, image courtesy of Chevron Australia. 1.The acquisition is subject to transaction close. Sustaining a diverse and proud workforce Delivering superior shareholder returns is built upon attracting and retaining a diverse, capable andengagedworkforce – the people who live the Woodside values every day. With a focus on growing talent from within, we increased our graduate intake by 45% in 2014. This supports long-term development of our culture for a sustainable future. | 0none
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The Woodside Group operates a standardised enterprise-wide risk management process that provides an over-arching and consistent framework for the identification, assessment, monitoring and management of material business risks. Woodside has a Risk and Compliance function, separate to Internal Audit, and aligns the company’s risk management process with the International Standard for risk management (ISO 31000 Risk Management). Risks are identified, assessed and prioritised using a common methodology. Assessed risk is escalated to increasingly senior levels of management based on corporate materiality thresholds. | 0none
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Under communications and engagement protocols adopted by the Company, the market data reports and the recommendations were provided directly to the Committee chairman, and the consultants provided a statement to the Committee that the reports and recommendations had been prepared free of undue influence from KMP. The Committee had full oversight of the review process and therefore it, and the Board, were satisfied that the recommendations made by Egan Associates were free from undue influence by KMP. | 0none
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From time to time, Woodside engages its external auditor, Ernst & Young, to conduct non-statutory audit work and provide other services in accordance with Woodside's External Auditor Guidelines. The terms of engagement include an indemnity in favour of Ernst & Young: ▪ against all losses, claims, costs, expenses, actions, demands, damages, liabilities or any proceedings (liabilities) incurred by Ernst & Young in respect of third party claims arising from a breach by the Group under the engagement terms; and ▪ for all liabilities Ernst & Young has to the Group or any third party as a result of reliance on information provided by the Group that is false, misleading or incomplete. | 0none
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The Japan Securities Dealers Association (JSDA) functions as a self-regulatory organization (SRO) and as an interlocutor for the securities industry. Its legal status is as a Financial Instruments Firms Association authorized by the Prime Minister, pursuant to Article 67-2, Paragraph 2, of the Financial Instruments and Exchange Act. The members of the JSDA consist of securities firms, banks, and other financial institutions operating securities businesses in Japan. | 0none
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The IOSCO Committee 8 (C8) The IOSCO Committee 8 (C8) was established in June 2013 to deal with issues related to retail investors, and its primary mandate is to conduct policy work on financial literacy and investor protection. The JSDA has participated as an observer in its meetings since September 2014 and contributed to its projects on anti-fraud messaging, investor risk education, and protection of senior retail investors, among others. Recent meetings of the C8 were held in Tokyo in April 2018, Hangzhou in January 2019, and Madrid in April 2019. | 0none
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Women’s empowerment, an essential factor to achieve sustainable and inclusive growth We share the G20 leaders’ view that “Gender equality and women’s empowerment are essential for achieving sustainable and inclusive economic growth.” In Japan, if the securities industry, which employs about 90,000 executives and employees, endeavors to promote working reforms, enhance productivity, and become an environment conductive to a diverse range of human capital, it has the potential to contribute greatly to improvement of working conditions as a whole. With this in mind, the JSDA has conducted a number of initiatives starting with the survey to grasp the current status of working conditions in the industry. The survey revealed some current challenges to gender equality in the workplace, such as the lack of female workers at managerial level, lack of diverse role models, and the unconscious bias among workers. To address these challenges, the JSDA began a series of measures including: • Establishing the “Women’s Network” for the securities industry • Signing the Women’s Empowerment Principles (WEPs) *See Page 9 for details | 0none
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The electronic module business showed substantial growth and became a steady, mature activity of EM Microelectronic, in- tegrating components from several Swatch Group companies. EM Microelectronic successfully launched a ruggedized industri- al module for tracking assets over large outdoor distances. Its exceptional robustness makes it suitable for usage in the harshest environments. | 0none
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Diamond and gemstone sourcing Diamonds are only purchased from the few suppliers who completely respect and implement the Kimberley Process certifi- cation system. Certification guarantees that diamonds can be proven to originate from conflict-free regions and from legal trade. Countries, companies, and merchants who do not use this certification system in its entirety are excluded from trade. In addition, only long-term partners who comply with the CIBJO (Confédération Internationale de la Bijouterie, Joaillerie, Orfèvrerie des diamants, perles, et pierres; The World Jewellery Confedera- tion) guidelines as well as the Kimberley Process are used, in or- der to eliminate any quality and sourcing risks. | 0none
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At the end of 2017 and the beginning of 2018, the economic environment and prospects for the watchmaking industry were improved and Swatch Group was able to meet the high demands of the different markets. This was made possible by employees who not only remained active during the difficult months but also used the time available to acquire new skills and thus meet the challenges facing Swatch Group. It was important to maintain a good and open relationship with the staff, who acknowledged the efforts made by their em- ployers to maintain the positions as well as the general condi- tions required for each person’s personal fulfillment. | 0none
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The production capacity of integrated watch modules was increased during the year under review. These modules are used, for example, in the manufacture of Longines V.H.P. (Very High Precision) watches. At the same time, developments with miniature real-time clocks, as well as experience gained in this field, are helping Micro Crystal to significantly increase the accuracy of its integrated watch modules. The integration of quartz and an integrated circuit in the same package, along with temperature compensation and other environmental influences, will soon enable Swatch Group brands to produce even more accurate quartz watches. The improved miniature integrated watch modules have extremely low power consumption, which guar- antees long watch battery life. This progress in development was only possible thanks to the close cooperation between Micro Crystal and its sister companies EM Microelectronic and ETA Manufacture Horlogère Suisse. | 0none
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Wood, the building’s leitmotif, is omnipresent, including a symbolic representation with five trees that create a distinctive atmosphere in various parts of the building: Bucida buceras are black olive trees originally native to tropical regions and which can grow to heights of up to two stories. These exotic visitors were chosen because their fine evergreen foliage copes well with room temperatures. The fourth and smallest floor by sur- face area stretches under the vaulted ceiling of the unusual wooden façade. Here, visitors are closer to the “skin of the build- ing” than anywhere else. | 0none
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Villeret Métiers d’Art Binchōtan Through its Métiers d’Art collection, Blancpain innovates by combining the know-how of its craftsmen with ancestral decora- tive techniques rarely used in watchmaking. In 2018, the Maison presented its first dials in binchōtan, a charcoal of remarkable quality because it is extremely dense, resulting from the slow combustion of ubamegashi wood in a clay furnace heated to around 1300 degrees Celsius. The sudden rise in temperature, followed by rapid cooling, reduces the bark of the tree to ashes and gives way to a smooth surface with a hardness comparable to that of steel. Blancpain has acquired this 17th century Japa- nese skill to create a series of unique dials. | 0none
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Educating employees about the Kirin Group’s approach to business In February 2019, the Group formulated the Kirin Group Vision 2027 as a long-term management vision with the goal of being a global leader in creating shared value (CSV). It also created a new mission statement to express its basic management concept of creating new value for stakeholders in and outside the Group. Finally, the Group created a new corporate slogan, “Joy brings us together,” to simply convey its fundamental business approach to customers and the public. On the momentum of these initiatives, all members of the Kirin Group—numbering 31,040 worldwide—are set to put the concept of CSV into practice while striving for sustainable growth. | 0none
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The Group created a special team to examine potential uses for its yeast production and other technologies for health food products and to apply its technologies and expertise in the beer brewing and beverage businesses to the health domain. R&D led to the discovery in 2011 of Lactococcus lactis strain Plasma that was commercialized as iMUSE brand products. | 0none
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Corporate governance is another area where we recognize that further fortification is essential. Regarding oversight, we have added new independent non-executive directors who are experts in their fields to assist specialization. The resulting significant increase in the ratio of non-executive directors to all directors is conducive to objective discussion. We are also adding more incentives to executive compensation to drive stronger medium- to long-term performance and increased corporate value. By tracking progress toward CSV non-financial targets in addition to financial targets we are further reinforcing our commitment to CSV management. Regarding execution, we have clarified responsibilities by enhancing our research and development system and establishing the Health Business Strategy Office. | 0none
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Through our joint-research, we have discovered how proteins that improve skin conditions can be increasingly activated by 14-dehydroergosterol (14-DHE), a compound contained in a white koji mold produced by the Kirin Group. FANCL will examine how 14-DHE’s properties that prevent skin aging can be applied in a wide range of products, including cosmetics and sunscreen. FANCL also plans to use 14-DHE in its mainstay cosmetics when its product lineup is renewed in 2021. | 0none
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In Japan’s soft drink market, sales of canned coffee have been on the decline in recent years. For Kirin Beverage, decreased sales of canned coffee products were having a relatively large impact on performance because these products are highly profitable. It was able to compensate for these results with growing sales of other products, but finding a way to halt the falling sales of FIRE became a serious issue. Compared with beer brands, devising medium- to long-term marketing strategies for soft drink brands is more difficult as the cycle of releasing new products and renewing existing brands is much faster. Kirin Beverage had been implementing a short-term cycle, as conventionally done by soft drink makers in Japan, but due to the impact of the downward trend in the market, its marketing campaigns were less and less successful. Therefore, in the autumn of 2019, Kirin Beverage adopted Kirin Brewery’s marketing methods to renew FIRE in an effort to restart the brand’s sales growth. | 0none
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We led with purpose and culture, empowering the IBMer at the center of our efforts. As IBM focuses on leadership in the era of hybrid cloud and AI, we are taking a number of decisive steps to create a culture where all employees can thrive. In March 2020, we transitioned 95 percent of IBMers to remote work within days, and throughout the year, we launched global initiatives to support the health and well-being of IBMers amid the pandemic. Today, we are shaping the future of work for a post-COVID era, building on our longtime approach to flexible and collaborative innovation. We are making every effort to address employee needs and commitments for empathy, transparency and social responsibility in this new era. | 0none
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The Call for Code Initiative was created in 2018 by David Clark Cause and founding partner IBM, joined by United Nations Human Rights and the Linux Foundation. Participants build applications on open source–powered software, including Red Hat OpenShift®, IBM Cloud®, IBM Watson®, IBM Blockchain, atmospheric data from IBM’s Weather Company and resources from ecosystem partners. Winning teams of the Call for Code Global Challenge receive $200,000 and support from IBM Service Corps, technical experts and ecosystem partners to incubate their technology, open source their code and deploy their solution in communities around the world. | 0none
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IBM has been an industry leader in releasing numerous public policy positions with concrete, actionable recommendations regarding the development, regulation and ethical use of AI. For example, IBM CEO Arvind Krishna’s letter to the US Congress in June 2020 said that IBM “firmly opposes and will not condone uses of any technology, including facial recognition technology offered by other vendors, for mass surveillance, racial profiling, or violations of basic human rights and freedoms.” In September, IBM called for facial recognition to be included in America’s list of export-controlled technologies, recognizing its potential use “to suppress dissent, to infringe on the rights of minorities, or to erase basic expectations of privacy.” Learn more about IBM’s AI-related positions at THINKPolicy. | 0none
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Yamaha Motor products are created through collaboration with numerous suppliers in Japan and other countries. As our procurement and sales structures expand with our increasingly global business, the Yamaha Motor Group is establishing cooperative relationships with suppliers and dealers in Japan and around the world based on a spirit of mutual trust and mutual benefit. For this reason, we strive to conduct fair business in compliance with the competition laws of all countries and regions while working to create partnerships that aim for mutual, sustainable growth. | 0none
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To sustainably develop operational activities that are capable of flexibly responding to customer diversity, product diversity and the globally expanding market, we acknowledge that adequate risk-taking and decisive decision-making are necessary. We also place importance on multilaterally understanding and appropriately overseeing issues and risks associated with the implementation of management strategies. We believe it is effective to structure a corporate governance system consisting of the Board of Directors, made up of Directors of the Company who are familiar with the Company’s customer characteristics, products, business operations and functions and Outside Directors who have a wealth of knowledge in global corporate management, and the Audit & Supervisory Board whose members include Outside Audit & Supervisory Board Members with professional knowledge in areas including accounting, legal affairs, and management administration. Under this corporate governance system, Executive Officers are appointed to execute operational duties in a timely manner, and the Board of Directors delegates matters related to the execution of business operations to the Executive Officers. | 0none
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Net non-operating income was positive in the amount of ¥4.8 billion, which was ¥5.2 billion, or 52.2%, lower than in the previous year. This included ¥9.9 billion of interest income (compared with ¥7.8 billion in the previous year), a ¥2.0 billion of gain on revaluation of sales finance assets (compared with a year-earlier ¥0.7 billion of loss) and ¥1.9 billion of sales finance-related income (compared with ¥0.5 billion) at North American subsidiaries, and foreign exchange losses of ¥9.2 billion (compared with a ¥5.1 billion gain last year) at subsidiaries in mainly Asia | 0none
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Forecast for Fiscal 2016 The Company’s demand forecast for major businesses in 2016 is for continued solid macroeconomic conditions in developed markets, but with uncertainty continuing in emerging markets due to declining resource prices and weaker currencies in countries like Indonesia and Brazil. Given these expectations, the Company plans to increase the earnings power of all its businesses. This will be achieved by further developing the market for platform models in the motorcycle business, leveraging the strength of the brand to maintain high profitability in the marine products business, and strengthening the sports segment for ROVs in the power products business. These earnings will then be invested to facilitate lasting growth, with the aim of evolving into “a unique company that continues to achieve dynamic milestones.” | 0none
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A weakening of the global economic envi- ronment could result in a deterioration of the market environment and the competi- tive situation in the industry. In particular, a stronger than anticipated decline or a prolonged weakness of the construc- tion market could result in a significant decline in the new equipment market and a more challenging market environment for services. In particular, a sustained mar- ket decline in China, which accounts for approximately 30% of KONE’s sales, could have an adverse effect on KONE’s growth and profitability. | 0none
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Customer credit risks relate to advance payments receivable from customers or to accounts receivable related to equipment handed over or to services rendered. This risk is managed by defining the rules for tendering, payment terms, authorizations and credit control as well as project man- agement controls. Advance payments, documentary credits and guarantees are used in payment terms to minimize customer credit risks. KONE proactively manages its accounts receivable in order to minimize the risk of customer defaults. | 0none
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KONE’S NET WORKING CAPITAL • Our business model enables us to operate with negative net working capital. • KONE operates with advance payments across businesses and geographies. Advance pay- ments consist of customer pay- ments for new equipment and modernization orders included in work-in-progress as well maintenance contracts. | 0none
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As a result of travel restrictions arising from the current global pandemic, we were unable to carry out our assurance activities as originally planned and agreed with Gold Fields. In-person visits to operations and the head office were replaced with remote reviews via teleconference and video calls for this year’s assurance engagement. While we believe these changes do not affect our reasonable assurance opinions above, we draw attention to the possibility that if we had undertaken in-person visits we may have identified errors and omissions in the assured information that we did not discover through the alternative approach. | 0none
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After a difficult 2018, in which we undertook a significant restructuring process, which resulted in reducing our workforce by a third, South Deep can now report material and steady progress towards sustainable growth. With costs cut by 31% and production up by over 40%, South Deep stemmed its decade- long cash burn in 2019 and contributed US$15m in net cash compared to an outflow of US$146m in 2018. As significant, the leadership team has managed to facilitate a new culture of performance at the mine, as exemplified by a 30% improvement in employee and fleet productivity. It truly is remarkable progress, and we are cautiously optimistic about further entrenching these developments during 2020. | 0none
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In addition to the international standards and guidelines with which we voluntarily align (detailed on p03 of our AFR), we are committed to entrenching the principles of King IV throughout our business. The application of King IV within Gold Fields can be found in our full Corporate Governance Report (p14 – 16 of our AFR). | 0none
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In our view, capital expenditure in the industry has to increase, with companies needing to spend on new projects and exploration to maintain production levels. We believe that the recent spate of consolidation in the industry – led by the mergers between Barrick Gold and Randgold, and Newmont Gold and Goldcorp – is a response to the under-investment. | 0none
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