ERGO Private Capital Vierte GmbH & Co. KG, Düsseldorf 100.0000 ERGO Private Capital Zweite GmbH & Co. KG, Düsseldorf 100.0000 ERGO SIGORTA A.S., Istanbul 100.0000 ERGO Versicherung Aktiengesellschaft, Düsseldorf 100.0000 ERGO Versicherung Aktiengesellschaft, Vienna 98.8368 ERGO Vida Seguros y Reaseguros, Sociedad Anónima, Zaragoza 100.0000 ERGO Zivljenjska zavarovalnica d.d., Ljubljana 100.0000 ERGO Zivotno osiguranje d.d., Zagreb 100.0000 ERV Evropská pojišťovna, a. s., Prague 90.0000 ERV Försäkringsaktiebolag (publ), Stockholm 100.0000 Europaeiske Rejseforsikring A/S, Copenhagen 100.0000 EUROPÄISCHE Reiseversicherung Aktiengesellschaft, Munich 100.0000 Everything Legal Ltd., Bristol 100.0000 FAIRANCE GmbH, Düsseldorf 100.0000 Flexitel Telefonservice GmbH, Berlin 100.0000 Forst Ebnath AG, Ebnath 100.0000 FOTOUNO S.r.l., Bressanone 100.0000 FOTOWATIO ITALIA GALATINA S.r.l., Bressanone 100.0000 Fundo Invest Exclusivo referenciado di Munich Re Brasil, São Paulo4 98.2000 GF 65, Vienna4 100.0000 Global Standards, LLC, Dover, Delaware 100.0000 Globality S.A., Luxembourg 100.0000 Great Lakes Insurance SE, Munich 100.0000 Group Risk Services Limited, London 100.0000 Groves, John & Westrup Limited, London 100.0000 Habiriscos – Investimentos Imobiliarios e Turisticos, S.A., Lisbon 100.0000 Hartford Steam Boiler (M) Sdn. Bhd., Kuala Lumpur 100.0000 Hartford Steam Boiler (Singapore) PTE Ltd, Singapore 100.0000 Hartford Steam Boiler International GmbH, Rheine 100.0000 HMV GFKL Beteiligungs GmbH, Düsseldorf 100.0000 HSB Brasil Servicos de Engenharia e Inspecao, Ltda., São Paulo 100.0000 HSB Engineering Finance Corporation, Dover, Delaware 100.0000 HSB Engineering Insurance Limited, London 100.0000 HSB Engineering Insurance Services Limited, London 100.0000 HSB Group, Inc., Dover, Delaware 100.0000 HSB International (India) Private Limited, Gujarat 100.0000 HSB Japan KK, Minato-KU, Tokyo 100.0000 HSB Solomon Associates Canada Ltd., Saint John, New Brunswick 100.0000 HSB Solomon Associates LLC, Dover, Delaware 100.0000 HSB Specialty Insurance Company, Hartford, Connecticut 100.0000 HSB Technical Consulting & Service (Shanghai) Company, Ltd, Shanghai 100.0000 Ibero Property Portugal – Investimentos Imobiliarios S.A., Lisbon 100.0000 Ibero Property Trust S.A., Madrid 100.0000 IDEENKAPITAL Financial Engineering GmbH, Düsseldorf 100.0000 IDEENKAPITAL Financial Service GmbH i. L., Düsseldorf 100.0000 IDEENKAPITAL GmbH, Düsseldorf 100.0000 IDEENKAPITAL Media Finance GmbH, Düsseldorf 50.1000
MEAG German Prime Opportunities (GPO), Munich4 100.0000 MEAG Golf 1, Munich4 100.0000 MEAG HBG 1, Munich4 100.0000 MEAG HM Sach Rent 1, Munich4 100.0000 MEAG HMR 1, Munich4 100.0000 MEAG HMR 2, Munich4 100.0000 MEAG IREN, Munich4 100.0000 MEAG Janus, Munich4 100.0000 MEAG Kapital 2, Munich4 100.0000 MEAG Kapital 5, Munich4 100.0000 MEAG Lambda EUR EM Local, Munich4 100.0000 MEAG Lambda EUR, Grünwald4 100.0000 MEAG Lambda GBP, Grünwald4 100.0000 MEAG Lambda USD, Grünwald4 100.0000 MEAG Multi Life, Munich4 100.0000 MEAG Multi Sach 1, Munich4 100.0000 MEAG MUNICH ERGO AssetManagement GmbH, Munich 100.0000 MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH, Munich 100.0000 MEAG Munich Re Placement, Grünwald4 100.0000 MEAG New York Corporation, Wilmington, Delaware 100.0000 MEAG PEGASUS, Munich4 100.0000 MEAG Pensionskasse Nord, Munich4 100.0000 MEAG Pensionskasse West, Munich4 100.0000 MEAG Premium, Munich4 100.0000 MEAG Prof III Beteiligungsgesellschaft mbH, Düsseldorf 100.0000 MEAG Property Fund I, Munich4 100.0000 MEAG Property Fund III, Munich4 100.0000 MEAG RenditePlus, Munich4 100.0000 MEAG REVO, Munich4 100.0000 MEAG SAG 1, Munich4 100.0000 Meag Tandem (Spezialfonds), Munich4 100.0000 MEAG US Fonds, Munich4 100.0000 MEAG Venus, Munich4 100.0000 MEAG Vidas Rent 3, Munich4 100.0000 MEAG Vigifonds, Munich4 100.0000 MEAG VLA, Munich4 100.0000 MedNet Holding GmbH, Munich 100.0000 MedWell Gesundheits-AG, Cologne 100.0000 Merkur Grundstücks- und Beteiligungs-Gesellschaft mit beschränkter Haftung, Düsseldorf 100.0000 Meshify Inc., Houston 100.0000 MFI Munich Finance and Investment Holding Ltd., Ta’ Xbiex 100.0000 MFI Munich Finance and Investment Ltd., Ta’ Xbiex 100.0000 Midland-Guardian Co., Amelia, Ohio 100.0000 Midwest Enterprises, Inc., Miami, Florida 100.0000 MR Beteiligungen 1. GmbH, Munich3 100.0000 MR Beteiligungen 16. GmbH, Munich3 100.0000 MR Beteiligungen 17. GmbH, Munich 100.0000 MR Beteiligungen 18. GmbH & Co. Immobilien KG, Grünwald2 100.0000 MR Beteiligungen 19. GmbH, Munich 100.0000
Amicus Ltd., Bristol 100.0000 ANOVA GmbH, Rostock 100.0000 Arridabra 130013 S.L., Valencia 100.0000 ARTES Assekuranzservice GmbH, Düsseldorf 100.0000 B&D Business Solutions B.V., Utrecht 100.0000 Badozoc 1001 S.L., Valencia 100.0000 Bank Austria Creditanstalt Versicherungsdienst GmbH, Vienna 100.0000 Baqueda 7007 S.L., Valencia 100.0000 Beaufort Dedicated No.3 Ltd, London 100.0000 Beaufort Dedicated No.4 Ltd, London 100.0000 Beaufort Dedicated No.6 Ltd, London 100.0000 Beaufort Underwriting Services Limited, London 100.0000 Bobasbe 6006 S.L., Valencia 100.0000 Botedazo 8008 S.L., Valencia 100.0000 Callopio 5005 S.L., Valencia 100.0000 Camcichu 9009 S.L., Valencia 100.0000 Cannock Chase Incasso II B.V., The Hague 100.0000 CAPITAL PLAZA Holding GmbH, Düsseldorf 100.0000 Caracuel Solar Catorce S.L., Valencia 100.0000 Caracuel Solar Cinco S.L., Valencia 100.0000 Caracuel Solar Cuatro S.L., Valencia 100.0000 Caracuel Solar Dieciocho S.L., Valencia 100.0000 Caracuel Solar Dieciseis S.L., Valencia 100.0000 Caracuel Solar Diecisiete S.L., Valencia 100.0000 Caracuel Solar Diez S.L., Valencia 100.0000 Caracuel Solar Doce S.L., Valencia 100.0000 Caracuel Solar Dos S.L., Valencia 100.0000 Caracuel Solar Nueve S.L., Valencia 100.0000 Caracuel Solar Ocho S.L., Valencia 100.0000 Caracuel Solar Once S.L., Valencia 100.0000 Caracuel Solar Quince S.L., Valencia 100.0000 Caracuel Solar Seis S.L., Valencia 100.0000 Caracuel Solar Siete S.L., Valencia 100.0000 Caracuel Solar Trece S.L., Valencia 100.0000 Caracuel Solar Tres S.L., Valencia 100.0000 Caracuel Solar Uno S.L., Valencia 100.0000 Centrum Pomocy Osobom Poszkodowanym Sp. z o.o., Gdansk 100.0000 Copper Leaf Research, Bingham Farms, Michigan 100.0000 Cotatrillo 100010 S.L., Valencia 100.0000 D.A.S. Prawo i Finanse Sp. z o.o., Warsaw 100.0000 D.A.S. Rechtsschutz Leistungs-GmbH, Munich 100.0000 D.A.S., Tomasz Niedzinski Kancelaria Prawna Spolka komandytowa, Warsaw 95.0000 DAS America Legal Protection Insurance Agency Ltd., Wilmington, Delaware 100.0000 DAS Financial Services B.V., Amsterdam 51.0000 DAS Incasso Arnhem B.V., Elst 100.0000 DAS Incasso Eindhoven B.V., The Hague 100.0000 DAS Incasso Rotterdam B.V., Rotterdam 100.0000 DAS Legal Protection Ireland Limited, Dublin 100.0000 DAS Legal Protection Limited, Christchurch, New Zealand 100.0000 DAS Legal Protection Limited, Vancouver, British Columbia 100.0000
Unconsolidated subsidiaries 80e LIMITED, Bristol 100.0000 ADVIA NV, Schoten 80.0000 Aleama 150015 S.L., Valencia 100.0000
DAS Legal Protection Pty. Ltd., Sydney 100.0000 DAS Legal Services B.V., Amsterdam 100.0000 DAS Lex Assistance, S.L., L’Hospitalet de Llobregat 100.0000 DKV Servicios, S.A. , Zaragoza 100.0000 DKV-Residenz am Tibusplatz gGmbH, Münster 100.0000 DKV-Residenz in der Contrescarpe GmbH, Bremen 100.0000 DRA Debt Recovery Agency B.V., The Hague 100.0000 Economic Data Resources B.V., The Hague 100.0000 ERGO Alpha GmbH, Düsseldorf 100.0000 ERGO Asia Management Pte. Ltd., Singapore 100.0000 ERGO Deutschland AG, Düsseldorf 100.0000 ERGO Digital IT GmbH, Berlin 100.0000 ERGO Digital Ventures AG, Düsseldorf 100.0000 ERGO Fund Golden Aging, Brussels4 100.0000 ERGO GmbH, Steinhausen 100.0000 ERGO Gourmet GmbH, Düsseldorf 100.0000 ERGO Immobilien-Verwaltungs-GmbH, Kreien 100.0000 ERGO Infrastructure Investment Gesundheit GmbH, Düsseldorf 100.0000 ERGO Infrastructure Investment Komposit GmbH, Düsseldorf 100.0000 ERGO Infrastructure Investment Leben GmbH, Düsseldorf 100.0000 ERGO Infrastructure Investment Pensionskasse GmbH, Düsseldorf 100.0000 ERGO Infrastructure Investment Victoria Leben GmbH, Düsseldorf 100.0000 ERGO Leben Asien Verwaltungs GmbH, Munich 100.0000 ERGO Private Capital GmbH, Düsseldorf 100.0000 ERGO PRO S.r.l., Verona 100.0000 ERGO Pro Sp. z o.o., Warsaw 100.0000 ERGO Pro, spol. s r.o., Prague 100.0000 ERGO Versicherungs- und Finanzierungs-Vermittlung GmbH, Hamburg 100.0000 ERGO Zehnte Beteiligungsgesellschaft mbH, Düsseldorf 100.0000 ERGO Zwölfte Beteiligungsgesellschaft mbH, Munich 100.0000 ERV (China) Travel Service and Consulting Ltd., Beijing 100.0000 ERV (India) Travel Service and Consulting Private Limited, Mumbai 99.9999 ERV Seyahat Sigorta Aracilik Hizmetleri ve Danismanlik Ltd.Sti., Istanbul 99.9980 Etics, s.r.o., Prague 100.0000 Etoblete 160016 S.L., Valencia 100.0000 Euro-Center (Cyprus) Ltd., Larnaca 100.0000 Euro-Center (Thailand) Co. Ltd., Bangkok 100.0000 Euro-Center Cape Town (Pty.) Ltd., Cape Town 100.0000 Euro-Center Holding North Asia (HK) Pte. Ltd., Hong Kong 100.0000 Euro-Center Holding SE, Prague 83.3331 Euro-Center Ltda., São Paulo 100.0000 Euro-Center North Asia Consulting Services (Beijing) Co., Ltd., Beijing 100.0000 Euro-Center Prague, s.r.o., Prague 100.0000 Euro-Center USA, Inc., New York City, New York 100.0000 Euro-Center Yerel Yardim, Istanbul 100.0000 Euro-Center, S.A. (Spain), Palma de Mallorca 100.0000
VV-Consulting Többesügynöki Kft., Budapest 100.0000 welivit New Energy GmbH, Düsseldorf 100.0000 welivit Solar España GmbH, Düsseldorf 100.0000 Welivit Solar Italia s.r.l., Bolzano 100.0000 Windpark Langengrassau Infrastruktur GbR, Bremen 83.3300 WNE Solarfonds Süddeutschland 2 GmbH & Co. KG, Düsseldorf 100.0000 Wohnungsgesellschaft Brela mbH, Hamburg 100.0000 WP Kladrum/Dargelütz GbR, Bremen 61.1000 Zacobu 110011 S.L., Valencia 100.0000 Zacuba 6006 S.L., Valencia 100.0000 Zacubacon 150015 S.L., Valencia 100.0000 Zafacesbe 120012 S.L., Valencia 100.0000 Zapacubi 8008 S.L., Valencia 100.0000 Zarzucolumbu 100010 S.L., Valencia 100.0000 Zetaza 4004 S.L., Valencia 100.0000 Zicobucar 140014 S.L., Valencia 100.0000 Zucaelo 130013 S.L., Valencia 100.0000 Zucampobi 3003 S.L., Valencia 100.0000 Zucarrobiso 2002 S.L., Valencia 100.0000 Zucobaco 7007 S.L., Valencia 100.0000 Zulazor 3003 S.L., Valencia 100.0000 Zumbicobi 5005 S.L., Valencia 100.0000 Zumcasba 1001 S.L., Valencia 100.0000 Zuncabu 4004 S.L., Valencia 100.0000 Zuncolubo 9009 S.L., Valencia 100.0000
Associates and joint ventures accounted for using the equity method Apollo Munich Health Insurance Co. Ltd., Hyderabad 48.7000 Avantha ERGO Life Insurance Company, Mumbai 25.9998 BHS tabletop AG, Selb 28.9134 Consorcio Internacional de Aseguradores de Crédito, S.A., Madrid5 15.0353 Consortia Versicherungs-Beteiligungsgesellschaft mbH, Nuremberg 33.7027 D.A.S. Difesa Automobilistica Sinistri, S.p.A. di Assicurazione, Verona 49.9920 DAMAN – National Health Insurance Company, Abu Dhabi 20.0000 EGM Wind SAS, Paris 40.0000 ERGO China Life Insurance Co., Ltd., Jinan, Shandong Province 50.0000 Europai Utazasi Biztosito Rt., Budapest 26.0000 Europäische Reiseversicherungs-Aktiengesellschaft, Vienna 25.0100 GHGH Holdings Inc., Surrey, British Columbia 40.0000 Global Aerospace Underwriting Managers Ltd., London 40.0000 Global Insurance Company, Ho Chi Minh City 43.7500 HDFC ERGO General Insurance Company Ltd., Mumbai 48.6626 HighTech Beteiligungen GmbH und Co. KG i. L., Düsseldorf 23.8882 Invesco MEAG US Immobilien Fonds IV B, Luxembourg 37.1375 KarstadtQuelle Finanz Service GmbH i. L., Düsseldorf 50.0000 King Price Financial Services (Pty) Ltd., Pretoria5 15.0000 Marchwood Power Limited, Marchwood 50.0000
MAYFAIR Holding GmbH & Co. Singapur KG i. L., Düsseldorf9 71.4285 MCAF Verwaltungs-GmbH & Co.KG i. L., Düsseldorf 50.0000 MEAG Pacific Star Holdings Ltd., Hong Kong 50.0000 MEDICLIN Aktiengesellschaft, Offenburg 35.0042 MEGA 4 GbR, Berlin 34.2569 Rendite Partner Gesellschaft für Vermögensverwaltung mbH i. L., Frankfurt/Main 33.3333 RP Vilbeler Fondsgesellschaft mbH i. L., Frankfurt/Main 40.0000 Sana Kliniken AG, Munich 22.4128 SAS Le Point du Jour, Paris 50.0000 Saudi National Insurance Company B.S.C.(c), Manama 22.5000 SEBA Beteiligungsgesellschaft mbH, Nuremberg 48.9966 Storebrand Helseforsikring AS, Oslo 50.0000 Suramericana S.A., Medellín5 18.8672 Taunus Holding B.V., Rotterdam 23.1913 Thaisri Insurance Public Company Limited, Bangkok 40.2576 T-Solar Global Operating Assets S.L., Madrid 37.0000 U.S. Property Fund IV GmbH & Co. KG, Munich 21.7286 Vier Gas Investments S.à r.l., Luxembourg 43.7516 VV Immobilien GmbH & Co. United States KG i. L., Munich 28.9515 VV Immobilien GmbH & Co. US City KG i. L., Munich 23.0999 WISMA ATRIA Holding GmbH & Co. Singapur KG i. L., Düsseldorf9 65.0000
Shareholdings exceeding 5% of the voting rights in large companies as defined in Section 271 (1) of the German Commercial Code (HGB) Admiral Group plc, Cardiff (equity: €315,487k; result for year: €356,637k) 10.0577 Extremus Versicherungs-Aktiengesellschaft, Cologne (equity: €65,690k; result for year: €500k) 16.0000 Protektor Lebensversicherungs-AG, Berlin (equity: €92,900k; result for year: €1,824k) 10.7597 Saudi Enaya Cooperative Insurance Company, Jeddah (equity: €50,609; result for year: –€12,528k) 15.0000 Wataniya Cooperative Insurance Company, Jeddah (equity: €23,974; result for year: –€3k) 10.0000
Solarpark 1000 Jahre Fürth GmbH & Co. KG, Düsseldorf (equity: €664k; result for year: €71k) 0.9091 T&R GP Management GmbH, Bonn (equity: €27k; result for year: €2k) 10.0020 T&R Investment GmbH & Co KG, Bonn (equity: €350,120k; result for year: –€102k) 9.9980 T&R MLP GmbH, Bonn (equity: €25k; result for year: €0k) 10.0020 T&R Real Estate GmbH, Bonn (equity: €140,872k; result for year: €0k) 10.0020 Umspannwerk Hellberge GmbH & Co. KG, Treuenbrietzen (equity: –€1,908k; result for year: –€134k) 6.9000 welivit TOP SOLAR GmbH & Co. KG, Düsseldorf (equity: €80k; result for year: €32k) 0.0000 1 Not currently utilised.
9 Significant influence owing to reduced voting power. 10 No significant influence because, under the articles of association, statutes or other agreement, all key decisions regarding the company‘s financial and operating policy are subject to a quorum which cannot be attained by the majority shareholder without the non-controlling shareholders.
Other shareholdings as defined in Section 271 (1) of the German Commercial Code (HGB) Asia Property Fund II GmbH & Co. KG, Munich (equity: €132,018k; result for year: €314k) 5.8889 Augury, Inc., Wilmington, Delaware12
(equity: €–--; result for year: €–--) 7.6000 Brookfield Timberlands Fund V, L.P., Wilmington, Delaware (equity: €202,625k; result for year: –€7,319k) 7.9800 CBRE Core Partners Parallel LP, Wilmington, Delaware8
(equity: €29,693k; result for year: €282k) 99.9000 FIA Timber Partners II L.P., Wilmington, Delaware8
(equity: €160,951k; result for year: €3,559k) 39.0800 Green Acre LLC, Wilmington, Delaware8
(equity: €47,437k; result for year: –€1,828k) 31.9361 Hancock Timberland XII LP, Wilmington, Delaware (equity: €80,638k; result for year: €3,515k) 15.1500 Helium Systems, Inc., Dover, Delaware12
(equity: €---; result for year: €---) 4.6900 Hines India Fund LP, Houston, Texas (equity: €74,003k; result for year: –€31,866k) 11.8333 IK Australia Property Eins GmbH & Co. KG, Hamburg (equity: €13,153k; result for year: €4,173k) 10.6438 IK Objekt Bensheim Immobilienfonds GmbH & Co. KG, Düsseldorf (equity: €12,641k; result for year: –€1,004k) 16.2445 IK US PORTFOLIO INVEST Drei GmbH & Co. KG, Düsseldorf (equity: €31,757k; result for year: €3,408k) 0.0024 IK US Portfolio Invest GmbH & Co. KG, Düsseldorf (equity: €36,017k; result for year: €6,077k) 0.0026 IK US Portfolio Invest ZWEI GmbH & Co. KG, Düsseldorf (equity: €51,970k; result for year: €9,033k) 0.0016 K & P Objekt München Hufelandstraße Immobilienfonds GmbH & Co. KG, Düsseldorf (equity: €379k; result for year: –€10,904k) 0.0489 M 31 Beteiligungsgesellschaft mbH & Co. Energie KG, Düsseldorf (equity: €1,081,264k; result for year: €58,887k) 18.6246 m:solarPOWER GmbH & Co. KG, Düsseldorf (equity: €457k; result for year: €83k) 0.0000 PRORENDITA DREI GmbH & Co. KG, Hamburg (equity: €9,753k; result for year: €1,350k) 0.0260 PRORENDITA EINS GmbH & Co. KG, Hamburg (equity: €8,401k; result for year: €1,066k) 0.0590 PRORENDITA Fünf GmbH & Co. KG, Hamburg (equity: €18,878k; result for year: €260k) 0.0384 PRORENDITA VIER GmbH & Co. KG, Hamburg (equity: €15,992k; result for year: €2,249k) 0.0029 PRORENDITA Zwei GmbH & Co. KG, Hamburg (equity: €15,992k; result for year: €2,249k) 0.0100 Relayr, Inc., Wilmington, Delaware12
(equity: €–--; result for year: €–--) 11.5000 RMS Forest Growth International, L.P., Grand Cayman, Cayman Islands8 (equity: €102,763k; result for year: –€14,282k) 43.4700
Dr. Ellenbürger Lippl Wirtschaftsprüfer Wirtschaftsprüferin (German public (German public auditor) auditor)
The following is a translation of the auditor’s opinion in respect of the original German consolidated financial statements and combined management report for the Company and the Group
We conducted our audit of the consolidated financial statements in accordance with Section 317 of the German Commercial Code (HGB) and German generally accepted standards for the audit of financial statements promulgated by the Institute of Public Auditors in Germany (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the combined management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the combined management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by the Board of Management, as well as evaluating the overall presentation of the consolidated financial statements and combined management report. We believe that our audit provides a reasonable basis for our opinion.
Greenhouse gas emissions from paper production for this annual report are offset through Munich Re’s carbon-neutral strategy.
Balance sheet Investments (incl. insurance-related investments) €m 228,974 231,546 228,098 223,873
Thereof: Income from associates accounted for using the equity method 121 22 20 77 2 9. Other operating expenses –938 –280 –192 –212 –254 10. Deduction of income from technical interest –6,490 –1,548 –1,621 –1,810 –1,511 13. Other non-operating result –437 –123 –112 –120 –82 14. Impairment losses on goodwill –28 –19 0 –9 0 15. Net finance costs –219 –57 –54 –58 –51 16. Taxes on income –760 –137 –164 –302 –157
Important dates 2018 15 March 2018 Balance sheet press conference for 2017 financial statements 25 April 2018 Annual General Meeting 8 May 2018 Quarterly Statement as at 31 March 2018 8 August 2018 Half-Year Financial Report as at 30 June 2018 7 November 2018 Quarterly Statement as at 30 September 2018