Annual Report 2011 AR2011 BVH ENG

[...]... employees transferred to Africa RBB 26 Barclays Bank PLC Annual Report 2011 www .barclays. com/annualreport Page left blank for pagination purposes Barclays Bank PLC Annual Report 2011 www .barclays. com/annualreport 27 Risk management Overview There are no differences in the manner in which risks are managed and measured between the Barclays Bank PLC Group and the Barclays PLC Group Therefore, the explanations... of average equity and average tangible equity c Data for year ended 31 December 2010 and 2011 includes the impact of Standard Life Bank Barclays Bank PLC Annual Report 2011 www .barclays. com/annualreport 13 Retail and Business Banking Europe Retail and Business Banking (audited) 2011 Europe Retail and Business Banking adjusted loss before tax increased to £234m (2010: £168m) reflecting repositioning... regions have been revised since January 2011, Ireland is now included within the Europe region and Middle East is now reported with Africa Comparatives have been updated to reflect these changes Barclays Bank PLC Annual Report 2011 www .barclays. com/annualreport 11 Retail and Business Banking UK Retail and Business Banking (audited) 2011 UK Retail and Business Banking adjusted profit before tax improved... and performance measures exclude the impact of loss on disposal of Barclays Bank Russia of £73m (2010: £nil) and £123m of Spain goodwill impairment (2010: £243m) 2010 adjusted loss before tax has been revised to exclude goodwill impairment of £243m on Barclays Bank Russia 22 Barclays Bank PLC Annual Report 2011 www .barclays. com/annualreport Financial review Analysis of results by business All disclosures... return on average tangible equity and return on average risk weighted assets reflect a deferred tax benefit of £205m Barclays Bank PLC Annual Report 2011 www .barclays. com/annualreport 15 Retail and Business Banking Africa Retail and Business Banking (audited) 2011 Africa Retail and Business Banking adjusted profit before tax improved 26% to £908m reflecting business growth in South Africa and a significant... calculation of average equity and average tangible equity c South Africa cards 30 day arrears rates revised to include approved debt counselling accounts Barclays Bank PLC Annual Report 2011 www .barclays. com/annualreport 19 Barclays Capital (audited) 2011 Barclays Capital profit before tax declined to £2,975m (2010: £4,389) driven by a 22% reduction in income to £10,345m in a challenging market environment,... comparatives have been revised to use 10% of average risk weighted assets (previously 2010) in the calculation of average equity and average tangible equity Barclays Bank PLC Annual Report 2011 www .barclays. com/annualreport 21 Barclays Corporate (audited) 2011 Barclays Corporate adjusted profit before tax improved to £126m (2010: loss of £388m), Transforming and growing stronger The Annual Report 2011 of Baoviet Holdings is available at our website: www.baoviet.com.vn 2011 MESSAGE Transforming and growing stronger TRANSFORMING AND GROWING STRONGER TABLE OF CONTENTS 2011 MESSAGES Transforming and growing stronger 06 Message from the Chairman 10 Message from the Chief Executive Officer 14 2011 Highlights 16 Key Performance Indicators (KPIs) Baoviet began to implement our five year strategy in 2011, focusing on establishing ‘One Baoviet - One New Foundation’ This aims to drive business transformation and deliver strong future growth The development of ‘One Baoviet - One New Foundation’ has progressed well on the basis of Baoviet’s unified brand, a modern information technology platform, a qualified and dedicated workforce, improved professionalism and efficiency in business performance, and outstanding customer service This enables us to meet the changing and comprehensive needs of our customers, offer more benefits to our shareholders and employees, and continue to support the community JOURNEY AND ASPIRATION Reaching higher standards 19 Vision, mission, core values, strategy 22 46 years of development 24 Organizational structure – Business lines 26 Baoviet Holdings Board of Directors 28 Baoviet Holdings Board of Management ONE BAOVIET – ONE NEW FOUNDATION Dynamic and open to new ideas 31 Business performance report 43 The Board of Directors report 45 The Supervisory Board report 46 Corporate governance report 53 Internal audit activities SUBSIDIARIES Operating with ‘consolidated strength’ 56 Baoviet Insurance Corporation 60 Baoviet Life Corporation 64 Baoviet Fund Management Company Limited 66 Baoviet Securities Joint Stock Company 68 Baoviet Commercial Joint Stock Bank 70 Baoviet Invest Joint Stock Company FULFILLING OUR MISSION Ensuring the peace of mind, prosperity and benefits for stakeholders 73 Shareholders and investor relations 78 Human resources development 80 Committed to supporting communities FINANCIAL STATEMENTS Improving transparency with each move 84 Audited separate financial statements (VAS) 128 Audited consolidated financial statements (VAS) 218 Audited consolidated financial statements (IFRS) MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS Ladies and Gentlemen, The Vietnamese economy in 2011 was challenging and volatile The key reasons for the slower economy included high inflation and interest rates, a substantial trade and payment balance deficit, and declining foreign exchange reserves which kept the monetary market and foreign exchange rates depressed As a result, macroeconomic stability remained a key concern, and the business performance of enterprises across Vietnam, including Baoviet came under pressure 2011- RESILIENT GROWTH IN A CHALLENGING YEAR Against a backdrop of market turbulence, Baoviet Holdings and our subsidiaries supported the directive from the Government and strictly followed Resolution No 11/NQ-CP dated 24 February 2011 regarding key solutions to control inflation, stabilize the macroeconomy, and ensure social welfare We successfully implemented appropriate solutions, maintaining and delivering sustainable growth while meeting 2011 business targets as approved by our shareholders Contributing to our solid performance were the group’s efforts in improving customer service and innovation in developing new products and services to meet customer needs Baoviet is developing our business into a fast-growing, dynamic and confident organization in order to fulfill our mission and continue to support our customers, shareholders, employees and the community In 2011, Baoviet Holdings successfully met our business targets and effectively carried out our key initiatives 2011 consolidated revenue reached VND14,872 billion, increasing by 15.3% compared to 2010 Consolidated profit before tax and profit after tax rose 17.3% and 19.6% to VND1,521 billion and VND1,203 billion, respectively The revenue of Baoviet Holdings (The Parent company) reached VND1,618 billion, an increase of 28.3% compared to 2010, exceeding our approved target by 24.5% Our profit after tax was on target, climbing 5.6% to VND903 billion compared to the previous year Profit after tax on the chartered capital of VND6,804 billion was 13.28% To our shareholders, we are sharing this success by ensuring the dividend payout of 12% as approved at the Annual General Meeting of Shareholders in 2011 BAOVIET HOLDINGS Annual Report 2011 Annual Report 2011 BAOVIET HOLDINGS 2006-2011 GROWTH RATES Total consolidated assets Total consolidated revenue Profit before tax 2.7 2.1 2.4 times 22% per annum times 16.4% per annum times Owners’ equity 19% per annum SUCCESS OF EQUITIZATION ENABLES OUR DEVELOPMENT AND HELPS US TO CONSOLIDATE OUR MARKET POSITION After the equitization of Vietnam Insurance Corporation (now Baoviet Holdings) and the establishment of Baoviet financial-insurance group, Baoviet has dramatically transformed into a new organization that is more ...reliminaryresultsforthenancialyear Deutsche Bank Annual Report 2011 on Form 20-F [...]... unable to gain or retain entities subject to such prohibitions as customers or as investors in our securities In addition, our reputation may suffer due to our association with such countries Such a result could have significant adverse effects on our business or the price of our securities 21 Deutsche Bank Annual Report 2011 on Form 20-F Item 4: Information on the Company Item 4: Information on the... reforming market infrastructures See “Item 4: Information on the Company – The Competitive Environment – Regulatory Reform.” 16 Deutsche Bank Annual Report 2011 on Form 20-F Item 3: Key Information Legislation already enacted includes the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) enacted in the United States in July 2010 The Dodd-Frank Act has numerous provisions... Bank Annual Report 2011 on Form 20-F Item 3: Key Information In 2011, economic growth continued, but the eurozone, where we are based, has lagged behind other segments of the world economy, especially Asia and other developing markets The European sovereign debt crisis has contributed substantially to economic stagnation in the eurozone, even fueling concerns that Europe may already have dipped into... through other arrangements Parties to these transactions, such as trading counterparties, may default on their obligations to us due to bankruptcy, political and economic events, lack of liquidity, operational failure or other reasons 15 Deutsche Bank Annual Report 2011 on Form 20-F Item 3: Key Information Many of our derivative transactions are individually negotiated and non-standardized, which can make... adopt a strategy focusing on capital preservation and creation, in particular involving the reduction in higher margin risk-weighted assets, over revenue and profit growth 10 Deutsche Bank Annual Report 2011 on Form 20-F Item 3: Key Information Any of these measures could have adverse effects on our business, financial condition and results of operations, as well as on perceptions in the market of our... could be forced to accept capital injections from the German government or the European Union (if available) These capital injections could lead to significant dilution of our shareholders, and regulators may impose additional operational and other limitations or obligations on our business as conditions to public funding In addition, any requirement to increase capital ratios could lead us to adopt a strategy... the location of our personnel who entered into or facilitated the transaction Where we record a transaction involving our staff and customers and other third parties in different locations frequently depends on other considerations, such as the nature of the transaction, regulatory considerations and transaction processing considerations Management Structure We operate the three group divisions and the... should not construe any translations as a representation that the amounts could have been exchanged at the rate used 2011 A N U L R E P O T AN R [...]... http://ec.europa.eu/internal_market/consultations /2011/ social_investment_funds_en.htm 50 http://ec.europa.eu/internal_market/social_business/docs/COM2011_682_en .pdf 51 36 http://ec.europa.eu/internal_market/smact/docs /20110 413-communication_en .pdf 48 http://ec.europa.eu/internal_market/social_business/docs/working_document2011_en .pdf Annual Report 2011 | European fund and Asset Management Association ... http://ec.europa.eu/internal_market/consultations/docs/2010/governance/feedback_statement_en .pdf 33 http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//NONSGML +REPORT+ A7 -2011- 0074+0+DOC +PDF+ V0//EN European fund and Asset Management Association | Annual Report 2011 31 best practice on an equal footing is appropriate; stresses that it must be complemented by regular external evaluation and appropriate regulatory oversight”34 The report focused on the topics... http://ec.europa.eu/internal_market/consultations/docs/2010/ucits/summary_of_responses_en .pdf 4 http://ec.europa.eu/internal_market/finances/docs/de_larosiere _report_ en .pdf European fund and Asset Management Association | Annual Report 2011 11 under scrutiny with a view to identifying their potential vulnerabilities and the systemic risks they might create, as well as the actions that may be needed to address them on 12 April 2011, the financial Stability Board... http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L :2011: 174:0001:0073:EN :PDF 11 http://ec.europa.eu/internal_market/investment/docs/alternative_investments/level2/mandate_en .pdf 12 http://www.esma.europa.eu/index.php?page=consultation_details&id=176 European fund and Asset Management Association | Annual Report 2011 13 work on the different topics resulted in 2 extensive consultation papers published in July and August 2011: the Consultation... electronic version of the fact Book as well as hard copies are available for purchase on EfAMA’s website: www.efama.org 2 EFAMA’s Fourth Annual Asset Management Report In May 2011, EfAMA published the fourth edition of its Annual Asset Management Report This freeof-charge report, available on EfAMA’s website, provides an overview of the professionally managed assets in Europe, taking into account the overall... http://ec.europa.eu/internal_market/finances/docs/de_larosiere _report_ en .pdf 28 http://ec.europa.eu/internal_market/company/docs/modern/com2010_284_en .pdf 29 http://ec.europa.eu/internal_market/company/docs/modern/com2011-164_en .pdf 30 http://ec.europa.eu/enterprise/newsroom/cf/_getdocument.cfm?doc_id=7010 31 http://ec.europa.eu/internal_market/company/docs/modern/com2010_284_en .pdf 32 http://ec.europa.eu/internal_market/consultations/docs/2010/governance/feedback_statement_en .pdf. .. Guarantee Schemes 13 http://www.esma.europa.eu/popup2.php?id=7702 15 http://www.esma.europa.eu/system/files /2011_ 379 .pdf 16 14 http://www.esma.europa.eu/index.php?page=home_details&id=580 14 http://ec.europa.eu/internal_market/securities/docs/isd/dir-97-9/proposal-modification_en .pdf Annual Report 2011 | European fund and Asset Management Association In a detailed Position Paper published in october 201017,... http://ec.europa.eu/internal_market/company/docs/modern/com2011-164_en .pdf European fund and Asset Management Association | 1 inspiring collective human nature culture transparent values organic sense future involvement in creative processes energy happiness Annual Report 2011 2 3 Dear Readers, GLS Bank’s way of working is humane, forward-looking and economically oriented. The 2011 Annual Report summarises the results of these three aspects of our work and comple- ments our continuous reporting in our customer magazine “Bankspiegel”. The 2011 business year was characterised by a great demand for our banking offers, which are socio-economically meaningful while being safe and bearing average interest. We wel- comed our 100,000 th customer in summer 2011– one of about 25,000 people who found their way to us last year. We won several awards, were nominated for others and were respectively represented in the media. We are expecting the number of our new customers to increase considerably in 2012. In response to our growth as well as in order to meet the increasing requirements of bank regulations we need to constantly increase our equity capital. By introducing a dividend on cooperative shares in December 2011 the foundation was laid for also offering membership as a capital investment with effect from 2012. This step was supported by the large major- ity of the members, in particular by subscribing for shares. We would like to invite every customer or prospective customer to become a member of our cooperative. The conscious involvement in the direct and indirect socio-economic impact of all GLS Bank activities forms the basis of our integrated economic approach. The subject of sus- tainability is therefore the main focus of our reporting along with the people who share and have a forming influence on GLS Bank. At this point our special thanks go to our members and customers for putting their trust in GLS Bank. Owing to our pleasing development to date as well as from the numerous op- portunities seized, in the future we are expecting results from the huge commitment of our employees. We would also like to express our sincere thanks for this dedication. Thomas Jorberg Andreas Neukirch Management Board Spokesperson Member of the Management Board 4 “Fears that we have for the future can only be overcome by images of a future we want.” Wilhelm …rnst Barkhoff, GLS Bank Initiator and Founding Member 5 3 Introduction 6 Highlights in 2011 8 People at GLS Bank 8 Members 10 Customers 12 Employees 14 Divisional Managers 16 GLS Bank Management Board 17 GLS Bank Supervisory Board 19 GLS Treuhand Management Board and Supervisory Board 20 Sustainability at GLS Bank 20 Humane (social) 21 Forward-looking (ecological) 24 Economic 26 What is GLS Bank actively involved in? 30 GLS banking operations 35 Equalisation and Safety Fund 36 GLS loan examples 37 Preliminary figures and explanations 44 Donations and endowments 44 GLS Bank Stiftung 45 GLS Treuhand 50 GLS investment operations 6 GLS Bank welcomes its 100,000 th customer In June 2011, GLS Bank welcomed its 100,000 th customer. The anniversary customer from Hesse was invited to a special weekend event: she was firstly given a festive reception and a tour of the bank by the employees in Bochum, followed by a visit to the organic-dynamic Schepershof in Velbert. By taking a look at the stables and the cheese dairy during the tour of the farmyard she had the opportunity to see at first hand how the deposits of GLS customers are in- vested. She enjoyed the rest of the weekend with her family at the organic hotel Werretal in Weserbergland. GLS Bank honoured as “Bank of the Year” with the QUERDENKER Award and for its housing financing – Thomas Jorberg receives German Fairness Prize 2011 For the second time in a row GLS Bank was delighted to receive the Maternal Health Thematic Fund Annual Report 2011 UNFPA: Delivering a world where every pregnancy is wanted, every childbirth is safe, and every young person’s potential is fulfilled. Cover photo: A young woman and her healthy, newborn baby following a Caesarian section in Central Equatoria, South Sudan. Photo by Sven Torfinn, Panos Pictures. ii MATERNAL HEALTH THEMATIC FUND ANNUAL REP ORT 2011 ACKNOWLEDGEMENTS UNFPA wishes to acknowledge its partnerships with national governments and donors, and with other UN agencies, in advancing the UN Secretary-General’s Global Strategy for Women’s and Children’s Health. We also acknowledge, with gratitude, the multi-donor support generated to strengthen reproductive health. In particular, we would like to thank the governments of Austria, Canada, Finland, Iceland, Ireland, Luxembourg, the Netherlands, New Zealand, Norway, Poland, the Republic of Korea, Spain, Sweden and the United Kingdom. We would also like to thank our partners in civil society and the private sector, including Friends of UNFPA, Johnson & Johnson, Virgin Unite, Zonta International and the Women’s Missionary Society-African Methodist Episcopal Church, for their generous sup- port. A special thanks goes to our many individual donors and to our UN Trust Funds and Foundations. We would like to extend our sincere appreciation to colleagues around the globe in the World Health Organization, UNICEF, the World Bank, UNAIDS and UNFPA, who are making a stronger and healthier partnership possible, especially through the French and Canadian grants promoting maternal, newborn and child health, known as the ‘Muskoka Initiative’. We are also grateful to development partners for their collaboration and support in championing reproductive health issues and for their technical contributions. These partners include the International Confederation of Midwives, the International Federation of Gynecology and Obstetrics, Columbia University’s Averting Maternal Death and Disability Program, Johns Hopkins University, Jhpiego, the Guttmacher Institute, Health Research For Action (HERA), Aberdeen University, the Woodrow Wilson Center, Women Deliver, EngenderHealth, Family Care International, Integrare, national and regional institutions, and private sector partners, including Intel Corporation and Frontline Medic Mobil, which have helped make m-health and e-health a reality. Finally, we would like to acknowledge the hard-working team in the UNFPA Sexual and Reproductive Health Branch, the Commodity Security Branch, other colleagues in the Technical Division, colleagues in the Resource Mobilization Branch, the Media and Communication Branch, Finance Branch, other UNFPA units and members of the Maternal Health Inter- Divisional Working Group for their commitment, solidarity and teamwork in promoting maternal and newborn health and for their contributions to this report. We look forward to continuing this productive collaboration and to our active participation in the future. ACRONYMS & ABBREVIATIONS iii ACRONYMS & ABBREVIATIONS AMDD Averting Maternal Death and Disability Program (Columbia University) DFID Department for International Development (United Kingdom) EmONC Emergency obstetric and newborn care FIGO International Federation of Gynecology and Obstetrics H4+ WHO, UNICEF, UNFPA, the World Bank and UNAIDS ICM International Confederation of Midwives INGO International non-governmental organization Jhpiego Johns Hopkins Program for International Education in Gynecology and Obstetrics MDG Millennium Development Goal MDSR Maternal death surveillance and response MHTF Maternal Health Thematic Fund NGO Non-governmental organization UNAIDS Joint United Nations Programme for HIV/AIDS UNFPA United Nations Population Fund UNICEF United Nations Children’s Fund USAID United ... payout of 12% as approved at the Annual General Meeting of Shareholders in 2011 BAOVIET HOLDINGS Annual Report 2011 Annual Report 2011 BAOVIET HOLDINGS 2006 -2011 GROWTH RATES Total consolidated... interests 2009 2010 2011 TOTAL LIABILITIES AND OWNERS’ EQUITY 2009 2010 2011 34 BAOVIET HOLDINGS 35 Annual Report 2011 Annual Report 2011 BAOVIET HOLDINGS BUSINESS PERFORMANCE REPORT Other indicators... 2010 2011 Baoviet launched a new brand identity 22 BAOVIET HOLDINGS 23 Annual Report 2011 Annual Report 2011 BAOVIET HOLDINGS ORGANIZATIONAL STRUCTURE AND BUSINESS LINES BUSINESS LINES Annual