Rothschild & Co - Equity Story

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Rothschild & Co - Equity storyOctober 2016

ContentsSections1Overview32Rothschild Global Advisory73Rothschild Merchant Banking124Rothschild Private Wealth & Rothschild Asset Management175Financials226Why invest in Rothschild & Co?29AppendicesAAppendices32

DisclaimerThis presentation has been prepared solely for information purposes and must not be construed as or considered as constituting orgiving any investment advice. It does not take into account, in any way whatsoever, the investment objectives, financial situation orspecific needs of its recipients.This presentation and its contents may not be copied or disseminated, in part or as a whole, without prior written consent ofRothschild & Co.This presentation may contain forward-looking information and statements pertaining to Rothschild & Co SCA (“Rothschild & Co”), itssubsidiaries (together, the “Rothschild & Co Group”) and its and their results. Forward-looking information is not historical. It reflectsobjectives that are based on management’s current expectations or estimates and is subject to a number of factors and uncertainties,that could cause actual figures to differ materially from those described in the forward-looking statements including those discussedor identified in the documentation publicly released by Rothschild & Co, including its annual report.Rothschild & Co does not undertake to update such forward-looking information and statements unless required by applicable lawsand regulations. Subject to the foregoing, Rothschild & Co has no obligation to update or amend such information and statements,neither as a result of new information or statements, nor as a result of new events or for any other reason.No representation or warranty whatsoever, express or implied, is made as to the accuracy, completeness, consistency or thereliability of the information contained in this document. It may not be considered by its recipients as a substitute to their judgment.This presentation is qualified in its entirety by the information contained in Rothschild & Co’ financial statements, the notes theretoand the related annual financial report. In case of a conflict, such financial statements, notes and financial reports must prevail. Onlythe information contained therein is binding on Rothschild & Co and the Rothschild & Co Group. If the information contained herein ispresented differently from the information contained in such financial statements, notes and reports, only the latter is binding onRothschild & Co and the Rothschild & Co Group.For more information on Rothschild & Co: www.rothschildandco.com; www.rothschild.com1

Rothschild & Co investment case1Rothschild brand& value creationlong term Listed parent of the Rothschild & Co Group benefiting from strong corporategovernance A family controlled business focused on long term growth Alignment of interests between shareholders, Rothschild family and management Three core businesses:2Establishedbusiness modeltargeting growth3High operatingleverage Cost discipline and productivity Complementary activities with synergies4Financial strength Strong financial position and solvency ratios5Objectives ofShareholder return Return on tangible equity of between 10% to 15% through the cycle Progressive dividend policy Rothschild Global Advisory with a worldwide franchise Rothschild Merchant Banking Rothschild Private Wealth & Rothschild Asset ManagementA value driven investment leveraged for growth2

1. Overview

1. OverviewFacing Page 4Network ofContactsRothschildGlobal AdvisoryRothschild Private Wealth &Rothschild Asset ManagementNatural schild MerchantBankingCross fertilisation gives a real competitive advantage,with maximum benefits for Entrepreneurs

1. OverviewBusiness modelRothschild Global AdvisoryLead independent advisory firmPortfolio ofsolutionsPositionAverage 3 yearsrevenue perannum M&A and strategic advisory Debt and restructuring advisory Equity advisory Highly recognised franchisebenefiting from critical mass Very well poised to benefit fromongoing recovery in global M&A 870m66%Rothschild Merchant BankingRothschild Private Wealth &Rothschild Asset Management Private equity funds Wealth Management Private debt funds Asset Management Proprietary portfolio Trust services Fast growing business European stronghold c. 6bn assets undermanagement Foothold in other promisingmarkets 50bn of AuM 109m8%3 resilient pillars with strong potential4 341m26%

1. OverviewShareholding structure as at 31 July 2016Share capitalVoting rightsFacing Page milyconcert54.7%Cornerstone childGroup10.6%

1. OverviewRothschild & Co at a glance40 countriesFloat49.8% of share capital(54.7% voting rights)49.2% of share capital(45.3% voting rights)ManagingPartnerRothschild & CoGestionRothschildGlobal AdvisoryEnlarged family concert1.0%RothschildPrivate WealthRothschildMerchant Banking100%UKSwitzerland100%NMR – Merchant BankingRothschild Bank ZurichFranceFranceFive Arrow Managers100%LuxembourgPO ParticipationsRothschildAsset ManagementFrance73%¹US100%Rothschild & Cie GestionRothschild Asset ManagementUK100%Rothschild WealthManagement80%¹GermanyNotes1 Minority interests held by the Rothschild family5100%Rothschild & Cie GestionRothschildVermögensverwaltungs73%¹100%

1. OverviewRothschild & Co Supervisory Board and CommitteesFacing Page 6SupervisoryBoardMemberSpecialised ion andNomination CommitteeRiskCommitteeEric de Rothschild – FrenchAndré Lévy-Lang – FrenchFrançois Henrot – French 1Martin Bouygues – FrenchDr. Daniel Daeniker – SwissSylvain Héfès – FrenchAngelika Gifford – GermanArielle Malard de Rothschild – FrenchLucie Maurel-Aubert – FrenchCarole Piwnica – BelgianAnthony de Rothschild – BritishJacques Richier – FrenchSipko Schat – DutchPeter Smith – BritishLuisa Todini – ItalianAdam Keswick - BritishChairman1Non voting memberVice-ChairmanIndependent memberNon independent member

1. OverviewCorporate governance1 Group managementRothschild & Co Gestion, ManagingPartner of Rothschild & Co David de Rothschild, Chairman, Alexandre de Rothschild, Vicechairman Nigel Higgins and Olivier Pécoux,CEOsGroup management committee(GMC) with 12 members splitbetween: CEOs (2) Business heads (6) Support heads (4)Accomplishedmanagement team2Board and committeesA Supervisory board composed of: 15 recognised professionals,including 9 independent members 7 different nationalities High profile individuals3Aligned shareholders andsenior managementAn Equity Scheme was introduced inOctober 2013 for 57 senioremployees from 10 countriesExtended to 10 new senioremployees in December 20154 specialised committees: Audit Committee Risk Committee Strategy Committee Remuneration & NominationCommitteeStrong governance complyingwith best practiceAlignmentof interestsStrong corporate governance complying with highest standards6

2. Rothschild Global Advisory

2. Rothschild Global AdvisoryA global networkFacing Page 8On-the-groundpresence in 40countries with 52officesAbility to address a large number of key clients around the world

2. Rothschild Global AdvisoryRanking by advisory revenueAdvisory revenue – 12 months to June 2016Global advisory revenue (in 78Laz1,006Evr946CS678UBS651DB579Development of the US platform in domestic M&A andcross border (recruitment of 8 MDs over the last 2years) Strong rankings across Europe (#1 in Europe, Franceand UK by number of deals) and in the Middle East,South Africa and Brazil Successful year for M&A advisory:23%– market leadership in Europe– advising on landmark, high-profile transactions(11)% Continued growth of debt advisory and restructuringbusiness, advising on more transactions Strong European equity advisory13%856Barc (4)%1,188CitiTop ranked world GA adviser excluding US9%1,215Roth 26%(26)%% change12m to June 15to 12m to June 16(13)%(17)%Source : Companies filing#6 globally by revenue8

2. Rothschild Global AdvisoryRevenue progressionRevenue progression (in m)1,0401,037 18%14%880699740 0M&A67%64%2013/142014/15Financing Advisory (debt restructuring, debt advisory, equity advisory)Resilience over the cycle due tocomplementary mix of M&A and Financing Advisory92015/16

2. Rothschild Global AdvisoryKey figures(in m)RevenueM&AFinancing AdvisoryProfit before taxPBT marginCompensation nkers908864851860940of which MDs190178184186197Strong momentum for both revenueand profit before tax10 10%CAGR

2. Rothschild Global AdvisoryStrategy and objectives1USA: continued investment to strengthen presence2Europe: increase market share and deepen market penetration in countrieswhere the Group does not yet have a leading position3RoW: maintain strong presence in Asia, Pacific, Latin America and Middle eastto support cross-border M&A transactions4Enhance cross selling synergies between businesses5Maintain headcount and cost discipline byoptimising the operating model in each region6Manage compensation ratio during the cycleRothschild Global Advisory objective:PBT margin of low to mid-teens through the cycle11

3. Rothschild Merchant Banking

3. Rothschild Merchant BankingRothschild Merchant Banking offeringsInvestment arm of the Rothschild & Co GroupPRIVATE EQUITYCorporate Private EquityFAPIPRIVATE DEBT 1.4bnEuropeSecondaries, Multi-Managers Mandatesand Co-Investments 1.3bnDirect Lending 415mFACSCredit ManagementEurope 3.2bnFASOEuropeOberon &Managed AccountsUS /EuropeArollaGlobalElsinoreEuropeRPIGlobalCLOsUS /Europec. 6bn of Asset under management(of which 12% from the Group) via a range of targeted mid-cap funds13

3. Rothschild Merchant BankingAssets under Management & revenueAuM progression (in bn)Breakdown of revenue (in m)6.3Exceptionalinvestmentgains %19%19%12%31 March201331 March201431 March2015Group12%19%31 March201630 Sept2016Third party383931353412m toMarch 1312m toMarch 1412m toMarch 15Management revenue (fee & carry)NoteAssets under management comprise committed capital where a managed fund isstill in its investment period, and includes net asset value after the investmentperiod has expired.Fee based revenue driven by AuM growthas well as investment performance144712m toMarch 16Investment profits

3. Rothschild Merchant BankingValue Creation for the GroupFacing Page 15Change in balance sheet portfolio value (in m)171209464438(406)Asset value31 March 2013AdditionsChangein valueDisposalsAsset value31 March 2016Strong value creation enables solid cash generationwhile maintaining constant capital at work

3. Rothschild Merchant BankingKey figures2011/122012/132013/142014/152015/16average 3previousyearsRevenue71697414510796o/w net investment gains5238391116063o/w impairments(16)(19)(4)(10)(12)(11)Net asset value of Groupprivate equity assets481464518508438Investment professionals3548465264(in m)Ability to generate significant returnsbut unusually high levels of investment gains in 2014/201515 12%

3. Rothschild Merchant BankingStrategy161Grow AuM by raising new funds targeted at specific opportunities2Maintain significant capital at work (“skin in the game”) in our fundsand investment programs of c. 500m3Remain selective in our investment decisions & focus on areaswhere we enjoy a distinct advantage4Generate attractive returns with limited correlation to general market movementsthrough a mix of management fees, capital gains and carry

4. Rothschild Private Wealth & Rothschild Asset Management

4. Rothschild Private Wealth & Rothschild AssetManagementOverviewOverviewRothschild Private WealthRotshchild Asset Management(AuM figures are as at 30 June 2016)(AuM figures are as at 30 June 2016)Paris and BrusselsLondon and ChannelIslandsSwitzerland and RoW 10.2bn of AuM 14.2bn of AuMNew York 5.7bn of AuM( 6.4bn) 7.3bn of AuM 12.5bn of AuM113 Relationships managersand investment professionals67 Investment and sales managersNiche player for high net worth individuals,focused on a small number of productsto “preserve wealth”High conviction strategy with expertisein US / euro equities, euro fixed incomeand diversified fundsStrong planning capabilityPrivate client lending offering for existing clients18ParisOpen architecture and solutions: Funds Funds of funds and dedicated mandatesRisk based investment solutions

4. Rothschild Private Wealth & Rothschild AssetManagementAssets under ManagementAuM progression (in bn)Net new assets (in bn)3.4CAGR: 6%55%2011/122012/132013/14Wealth 13/142014/152015/16Wealth Management Asset ManagementAsset ManagementMarch 2016: Market effect, FX impact and reclassification of assets accounted for 4.5bn of thedeclineStrong growthin AuM overtime190.61232011/2012 excludes 1.5 billion outflow related to the partial sale of Sélection R in France2012/13 includes 0.8 billion inflow related to the merger with HDF Finance in France2014/15 excludes 1.9 billion outflow related to the transfer of accounts from Sélection R in FranceStrong track record ofattracting new business

4. Rothschild Private Wealth & Rothschild AssetManagementKey figures(in 307336379Average Bps7976767174AuM (in bn)35.938.442.352.150.2NNA1.40.60.73.42.6Front office for WM9799104111113Front office for AM5051526267Steady growth of revenue thanks to strong increase in AuM20 8%CAGR 9%CAGR

4. Rothschild Private Wealth & Rothschild AssetManagementZoom on the merger in Private WealthContemplated merger between R&Co and Compagnie Financière Martin MaurelFacing Page 21In addition to their existing strengths in portfolio management,the two groups are highly complementaryAttractions of Rothschild & CoAttractions of CFMM Wealth structuring skills Critical size with c. 10bn of AuM UHNWI expertise M&A services geared to families andentrepreneursWide range of products for private bankingclients Investment management capabilities anddistributionIntegrated corporate model including lendingofferings Proven track-record of investing in non listedassets (private equity and private debt)Complementary range of funds distributed toprivate banking Regional footprint in the most dynamic andwealthy regions of France A new brand for private banking in France:Rothschild Martin MaurelThe new group would have a real competitive advantage

4. Rothschild Private Wealth & Rothschild AssetManagementZoom on the merger in Private WealthFinancial & legal terms & impacts CFMM valued at 240m (on a 100% basis – cum 2015 dividend). Implied 1.16x P/BV 2015and 12.8x FY15 PER Transaction remains subject to (i) work councils consultation from both groups and (ii) usualconditions, notably appropriate regulatory and anti-trust approvals External credit facilities and Rothschild own resources The proposed combination is expected to be EPS accretive for the first full financial year postmerger, pre synergiesSynergies Up to 10-15m PBT potential impact over timeSolvencyposition Pro-forma CET1 ratio expected post transaction of c.18%, well above regulatory requirements Around 100m of recurring revenues to be added to existing Wealth & Asset Managementrevenues of Rothschild & Co (c. 379m as of FY 2015/2016) Building further earnings resilience for the Group and diversification away from GlobalFinancial S accretiveReinforcedRothschild & Cobusiness mixExceptional opportunity to enhance value for shareholders21

4. Rothschild Private Wealth & Rothschild AssetManagementStrategy and objectivesFacing Page 221Focus on wealth preservation, wealth planning and client service2Targeting significant growth from increased market sharein onshore European markets and selected offshore markets3Contemplated merger between Rothschild & Co and Compagnie Financiere Martin Maurel :unique opportunity to create a leading independent private bank in France 4Focus on existing core strengths: High conviction euro equity and bondsUS equityLong-only and alternative manager selection5Rationalise product portfolio in other areas6Continue to move from being a vendor of investment productto a provider of investment service7Look to expand our distribution channels through third parties in sectorswhere our wealth management experience is relevant

5. Financials

5. FinancialsCommentsFacing Page 23 Improvingoperating marginCompensationcosts Revenue growthCosts savings initiativesTargeted headcount optimisationTarget of an adjusted compensation ratio: in low 60%’s through the cycle(In m)2012/132013/142014/152015/16---(97)31182-IT outsourcing costs-11--Legacy legal provisions (including DoJ)51616-69-(14)(8)(11)-224316(97)UK asset finance saleLong-standing shareholding impairmentExceptionalsimpact on NetIncome – GroupshareDeferred tax asset write offOthers (pensions credit, sale ofproperty, swap settlement cost)Total exceptionals itemsNon-controllinginterestsFX impactComprise Rothschild family shareholders in the Swiss based Wealth Management business, theprofit share distributed to French partners and interest on perpetual debt2015/16: FX effects positive on revenue ( 68m) and negative on Net income – Group share ( 4m)

5. Financials5.1 Summary P&L(in m)2013/142014/152015/16Revenue1,1081,4031,589Staff costs(699)(820)(954)Administrative ing Income129268319Other income / (expense) (net)(22)49103Profit before tax107317422Consolidated net income64254357Net income - Group share814423251160135Depreciation and amortisationImpairmentsNet income - Group share excl. exceptionalsStrong momentum over the last 2 financial years23

5. Financials5.2 Performance by businessPrivate Wealth & AssetGlobal Advisory Management and MerchantBanking(in m)2015/20162015/20161,0404875661,589Operating xceptional charges / (profits)Operating income withoutexceptional itemsOperating margin %(in m)RevenuesOperating expensesImpairmentsOperating incomeExceptional charges / (profits)Operating income withoutexceptional itemsOperating margin %1224IFRSReconciliation 2RevenuesOperating income2014/2015Other 116%17%Private Wealth & AssetGlobal Advisory Management and MerchantBanking20%Other 1IFRSReconciliation 16%28%19%Other comprises central costs, Legacy businesses, including Banking & Asset Finance and otherThis analysis is prepared from non IFRS data used internally for assessing business performance then adjusted to conform to the Group's statutory financial accounting policies. IFRSreconciliation mainly includes items that relate to the treatment of profit share paid to French partners as non-controlling interests; accounting for deferred bonuses over the period thatthey are earned; the application of IAS 19 (R) for defined benefit pension schemes; and reallocation of impairments and certain operating expenses.

5. Financials5.3 Compensation(in 9Total staff costs(734)(887)(1,031)Group Compensation ratio1Adjusted Group Compensation ratio1266.3%263.2%64.9%64.3%63.3%The compensation ratio include profit share distributed to French Partners and exclude redundancy costsThe adjusted compensation ratio include effects from FX, joiner costs and the decline of Merchant Banking revenue Discipline on the management of compensation ratio Group compensation ratio includes the effects of deferred bonus accounting Increase of compensation ratio between 2015/16 vs 2014/15 linked to:– FX (0.6%)– Joiner costs (0.5%)– Decline of Merchant Banking revenue (1.6%)Compensation ratio: Low 60%’s through the cycle25

5. Financials5.4 Non-controlling interestP&L(in m)2014/20152015/2016(in m)Interest on perpetualsubordinated debt1415Preferred shares 186101Impairment of longstanding shareholding(1)0Other Non-controllinginterests119110125TOTAL126Balance sheetMainly relates to the profit share distributed to French partnersPerpetual r Non-controllinginterests170165TOTAL556516Preferred shares Reduction in balance sheet value mainly relates toFX effects ( 34m)

5. FinancialsSummary balance sheet(in bn)Facing Page 2731/03/201531/03/2016VarCash and amounts due from central banks3.63.5(0.1)Cash placed with banks1.51.2(0.3)Loans and advances to customers1.61.5(0.1)3of which Private client lending0.91.30.44of which Legacy lending book0.30.2(0.1)Debt and equity securities1.01.50.5Other assets1.41.3(0.1)Total assets9.19.0(0.1)Due to customers5.75.5(0.2)Other liabilities1.41.50.1Shareholders' equity - Group share1.41.50.1Non-controlling interests0.60.5(0.1)Total capital and liabilities9.19.0(0.1)25112Customer deposits from clients, mainly in Switzerland and UKSurplus cash is placed in central banks and banks3Private client lending (Lombard and mortgages) is developing in line with our Private Wealth strategy4Corporate legacy lending book continues its managed decline5Debt and equity securities increased due to treasury managementFX impact decreased the balance sheet size by approximately 0.4bn

5. Financials5.5 Solvency ratiosRisk weighted assets and ratios under full application of Basel 3 rulesRisk weighted assets (in m)5,762Group solvency tal ratio min:10.5%3,508 271mrelated torun-offactivitiesMarch 2015Credit risk27Tier 1 with buffermin: 8.5%3,048 156mrun-offMarch 2016Market riskOperational riskMarch 2015CET 1 / Tier 1 ratioMarch 2016Global solvency ratio Increase in Group solvency ratios largely due to the strong profits performance in the year as well as the benefits ofthe FALG sale UK banking licence to be relinquished in due course which will ultimately result in loss of T2 capital ( 100m as atMarch 2016) Ratios are comfortably above minimum requirements imposed by Basel 3 Management considers Merchant Banking requires additional capital beyond Basel 3 On a pro forma basis, after the contemplated merger with Compagnie Financière Martin Maurel, the CET 1 ratiowould be c.18%

5. Financials5.6 Dividends282013/142014/152015/16Earnings per share 0.11 2.08 3.37Dividend per share 1 0.50 0.60 20% 0.63 5%Payout ratio455%29%19%Payout ratio excl. FALG sale455%29%32% Continued increase in dividend reflecting strong growth in profitability Average payout % over the last 3 years of 31% No dividend in shares We are targeting a progressive dividend policy over time in order to avoid the potential negative effect ofresults volatility and our desire to reinvest the capital release from the FALG disposal, as demonstratedby the recent announcement of the contemplated merger with Compagnie Financière Martin Maurel

6. Why invest in Rothschild & Co?

6. Why invest in Rothschild & Co?Financial targetsFacing Page 30Compensation ratioReturn on tangible equityGA : Profit before tax margin12Medium-termobjectives2015/2016Low 60%’sthrough the cycle63.3% 1Between 10% to 15%through the cycle10.8% 2Low to mid-teensthrough the cycle16.1%As adjusted – see slide 26ROTE based on Net income – Group share excl. exceptionals items. W ould be 13% for 2014/15 and 19% for 2015/16 if exceptionals included

6. Why invest in Rothschild & Co?Management’s strategic focusPlaying toour existingstrengths Growth will come from ourexisting businesses Investment in Global Advisory in the USSignificant opportunities toimprove synergies Launch of new funds in Merchant banking Continued strong growth of AuM in Private Wealth &Asset Management New product opportunities in Asset Management Potential acquisitions of teams and/or bolt-onbusinesses in Private Wealth (ie. Contemplated mergerwith CFMM) Reduce dependence on Global Advisory with a focuson annuity style revenues IT outsourcing Leverage businesses with common IT Finance andWealth Management platforms Synergies between businesses Cost saving initiatives Reinvest capital realised from legacy businessesFocus on long term performancerather than short term profit Our Private Wealth & AssetManagement businesses needgreater scale to maximise theirprofitability Diversify our earnings toachieve more balanced revenue Improve profitability Make more effective use ofGroup capital Simplify and streamline iency30

6. Why invest in Rothschild & Co?Rothschild & Co: key investment considerations1Creating value over the long term with strong governance,controlled by Rothschild family with an alignment of interests with management2Strong momentum for the three businesses3Translating into higher profitability and return to shareholdersA value driven investment leveraged for growth31

Appendix A. Appendices

Appendix A. AppendicesM&A deal values (US bn)Facing Page 33EuropeNorth America2,5002015/16 vs 2014/15Announced : 13%Completed : -5%2,0001,5002015/16 vs 2014/15Announced : 26%Completed : 19%3,0002,5002,0001,5001,0001,000500500--Announced M&A EuropeCompleted M&A - EuropeAsiaAnnounced M&A North AmericaCompleted M&A - North AmericaRest of the world2015/16 vs 2014/15Announced : 47%Completed : 38%2,0001,5001,0002015/16 vs 2014/15Announced : -5%Completed : -8%1,000500500--Announced M&A AsiaCompleted M&A - AsiaAnnounced M&A RoWSource Thomson ReutersVerizon deal has been excluded from European data due to the size ( 130bn – announced in 2013 and completed in 2014)Completed M&A - RoW

Appendix A. AppendicesGlobal M&A marketPick up of volumes of transactionGlobal M&A deal values (US bn)5,000by valueAnnounced ( bn)2014/153,586 23%2015/164,413Completed ( bn)2,6853,152 17%4,0003,0002,000Deal Values 10bn2014Announced705Completed4682015%1,940 175%954 104%o/w USAnnouncedCompleted1,424 182%686 206%5052241,0002004Source Thomson Reuters20052006200720082009Global announced M&A2010201120122013/14Global completed M&AContinuing increase in M&A deal values,particularly in large cap deal in the US332014/152015/16

Appendix A. AppendicesM&A deal numberFacing Page 34EuropeNorth AmericaFY 2016/15 vs FY 2014/15Announced : -1%Completed : -3%6,0004,0004,0002,0002,0000FY 2016/15 vs FY 2014/15Announced : -5%Completed : -6%6,00002013/142014/15Announced M&A Europe2015/16Completed M&A - EuropeAsia2013/142014/15Announced M&A North America2015/16Completed M&A - North AmericaRest of the world4,000FY 2016/15 vs FY 2014/15Announced : 5%Completed : -1%2,0004,000FY 2016/15 vs FY 2014/15Announced : -4%Completed : -6%2,000002013/142014/15Announced M&A Asia2015/16Completed M&A - Asia2013/142014/15Announced M&A RoWSource Thomson ReutersVerizon deal has been excluded from European data due to the size ( 130bn – announced in 2013 and completed in 2014)2015/16Completed M&A - RoW

Appendix A. AppendicesGlobal M&A marketGlobal M&A deal numberFY 2016/15 vs FY 2014/15Announced : -1%Completed : -4%12,00010,0008,0006,000Deal number 10bn2014Announced31Completed19o/w USAnnouncedCompleted20122015%71 129%42 121%5129155%142%4,0002,00002013/14Global announced M&ASource Thomson Reuters342014/152015/16Global completed M&A

Appendix A. AppendicesGlobal IPO marketEquity markets with high momentum both in the US and EuropeIPO volumes in Europe since 2008 ( 200m)659m 2016 vs 9m 2015:Value of IPO : -50%# of IPO : Value of IPOs ( bn)20122013201420159m 2016Number of IPOsSource : DealogicUndisputed leadership in European equity advisory having advisedaround 25% of European IPOs 200m since 201435

Appendix A. AppendicesOur key achievements (1/2)M&A and strategic advisory – Recent major transactionsFacing Page 36CompanyDealCountrySectorValueUS 13bn combination with FMCTechnologies to create TechnipFMCEnergy andPowerUS 11.2bn combination with CetipFIGAdviser to Al Kharafi Family andAl Khair on US 3.5bn sale ofAmericana to AdeptioHotels andLeisure /ConsumerUS 3.5bnAcquisition by ORIX and VINCI of aUS 18bn 44-year concession forKansai Airport and Itami AirportTransport andInfrastructureUS 18bn 9.1bn Managed Separation into itsfour independent business unitsFIGUS 10bn recommended takeoverby MylanHealthcare 8bn demergerRetailUS 2.3bn merger with Gores HoldingsConsumerUS 13bnUS 11.2bn 91.bnUS 10bn 8bnUS 2.3bn

Appendix A. AppendicesOur key achievements (2/2)Financing advisory – Recent major transactionsCompany36DealCountrySectorValueDebt advice on US 20.4bn equivalentbond offeringHealthcareUS 20.4bnAdviser to Kingdom of DenmarkMinistry of Finance on 2.6bnprivatisation IPO of Dong energyEnergy andPower 2.6bnAdviser to Greece PDMA on reprofilingof 220bn Financial Support LoansSovereign 220bnDebt advice on completion of 970mWBS notes consent solicitationHotels andLeisure 970m 2.4bn Combo offering in DassaultAviation sharesAerospace andDefence 2.4bnUS 3.9bn Chapter 11 restructuring andUS 325m asset sale to Contura EnergyMiningUS 3.9bnAdvisor to the Company on itsUS 2.9bn debt restructuringConstructionUS 2.9bn 16.7bn privatisation IPO of ABNAMRO raising 3.8bnFIG 16.7bn

Appendix A. AppendicesPrivate DebtFrom junior to senior debt as well as CLOs across the globeFacing Page 37EuropeGlobalDirect LendingCredit ManagementStructuring European mezzanine andjunior credit financingsActive portfolio management of seniorsecured credits in US &

PRIVATE EQUITY PRIVATE DEBT Secondaries, Multi-Managers Mandates and Co-Investments Direct Lending Credit Management Corporate Private Equity FAPI FASO Arolla Europe FACS Europe Global Europe RPI Global 1.4bn 1.3bn 415m 3.2bn Oberon & Managed Accounts US / Europe CLOs US / Europe Elsinore Europe Investment arm of the Rothschild & Co .

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