Top PDF RESUMEN DE MODIFICACIONES Y RECTIFICACIONES DE LA LEY GENERAL DE URBANISMO Y CONSTRUCCIONES

At the start of this year, iPAYst LLC was formed as a further subsidiary in Riga as a basis for expansion in the Baltic markets and eastern Europe. In addition to the proliferation of the iPAYst mobile payment solution and creation of strategic added-value solutions for e-commerce and brick-and-mortar retail stores, UMT has aligned itself as a mobile solutions enabler. iPAYst is being established on the market directly under its own brand and as a white label. The international expansion of the company's shareholding portfolio in March of this year also plays a role in this regard. UMT acquired a total of 22.5% of the shares in Vienna-based Delinski GmbH. Through this strategic shareholding, the potential to create further iPAYst acceptance points has been significantly increased. With well over 20,000 users and 173 high-priced restaurants, Delinski is one of the most successful online smart table booking exchanges. The well-known platform for the best restaurants in the city is to be officially introduced in Munich in the fourth quarter of 2014, with further German cities, such as Duesseldorf, Frankfurt, Hamburg and Berlin, to follow soon. The common goal of UMT and Delinski GmbH is to position their products Europe-wide.

The basis for the presentation of the earnings, liquidity and financial situation as well as for the ratios is the audited annual financial statements as of 31 December 2014, prepared in accordance with the German Commercial Code, and the internal reports of UMT United Mobility Technology AG for the period from 1 January 2015 to 30 June 2015. In general, UMT publishes all figures in thousands of Euros (TEUR). Due to the use of rounding, it is possible that some figures will not add up exactly to the indicated sum and that the figures and percentages shown will not precisely reflect the absolute values to which they refer.

Within the framework of its shareholdings, UMT will invest strategically in companies which can use their own mobile payment solutions and can therefore offer added value for the payment platform. With the investment in delinski GmbH, the plan is to expand the well-known last-minute restaurant reservation system in other major German cities, like Dusseldorf, Frankfurt, Hamburg and Berlin. The agreement which has already been concluded with UMT Turkey Mobil Anonim Sirketi concerning the licensing of the UMT payment platform in the Zorlu shopping center will be operationally implemented accordingly in the first half of Financial Year 2015. The UMT Management Board expects additional follow-up orders in connection with the joint venture with the leading marketing agency Ketchup in Turkey.

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants. A review of interim condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

At 31 March 2016, the nominal value of issued additional tier 1 capital amounted to EUR 1,500 million (31 December 2015: EUR 1,500 million) equivalent to DKK 11,177 million (31 December 2015: DKK 11,194 million). Danske Bank A/S may, at its sole discretion, omit interest and principal payments to bondholders. Any interest payments made must be made out of retained earnings in Danske Bank A/S and Danske Bank Group. At 31 March 2016, re- tained earnings amounted to DKK 104,988 million for Danske Bank A/S (31 December 2015: DKK 101,764 million). Retained earnings for Danske Bank Group are disclosed in the balance sheet. The additional tier 1 capital will be temporarily written down if the common equity tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group. At 31 March 2016, the common equity tier 1 capital ratio was 18.7% (31 December 2015: 19.5%) for Danske Bank A/S. The ratio for Danske Bank Group is disclosed in the Statement of capital. For information on the Group’s excess capital, see the Capital requirements section in the Management’s report. The solvency need for Danske Bank A/S and Danske Bank Group is provided in the Internal Capital Ade- quacy Assessment report at 31 March 2016, which is available at danskebank.com/ir/reports. The issued additional tier 1 capital is classified as equity in- struments in the financial statements, and equity has increased by the net proceeds received. Interest payments are accounted for as dividends, which are recognised directly in equity at the time when the payment obligation arises. Consequently, interest payments do not have any effect on the net profit for the period. Amounts paid or received for the acquisition or sale of additional tier 1 instruments are recognised directly in equity. On redemption of the tier 1 capital, equity will be reduced by the redemption amount.

Pursuant to this agreement, Xebec has the obligation to repurchase the Minority Shareholders’ interest in Xebec Adsorption (Shanghai) Co. Ltd., for a consideration of no less than the initial investment and annualized return of 10% if a) the achievement of specific financial targets were not achieved in any given year prior to December 31, 2020, or b) should the Minority Shareholders not divest by December 31, 2020 and should the Minority Shareholders exercise their put option with respect to a) or b) as mentioned above.

The preparation of Almonty’s consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

The Group continues to adopt a prudent financial policy and sustain a sound capital structure with healthy cashflow. As at 30 September 2015, the Group’s cash on hand was approximately HK$1,418 million (31 March 2015: HK$1,311 million) while total assets and net assets (after deducting non- controlling interests) were approximately HK$5,447 million (31 March 2015: HK$5,568 million) and HK$2,724 million (31 March 2015: HK$2,742 million), respectively. As at 30 September 2015, the Group’s working capital amounted to HK$2,655 million (31 March 2015: HK$1,100 million). As at 30 September 2015, the Group did not have any net debt gearing and recorded a net cash balance of HK$881 million, while the Group recorded a net cash balance of HK$944 million as at 31 March 2015. Contingent liabilities in relation to guarantees of performance bonds decreased from HK$417 million as at 31 March 2015 to HK$226 million as at 30 September 2015. Certain of the Group’s assets with a book value of approximately HK$179 million have been pledged to secure certain banking facilities of the Group. The Group’s bank borrowings were mostly denominated in Hong Kong dollars, with a few loan facilities in Euro. Currency exposure has been monitored and forward contracts will be considered when the need arises.

Equity The Logwin Group's equity increased substantially to EUR 114.2m due to the positive net result as of the end of the first half of 2015 (31 December 2014: EUR 102.1m). In addition, equity was positively influenced by currency translation of foreign subsidiaries and actuarial gains from pension provisions. We refer to the statement of comprehensive income on page 9 of this interim financial report for further details. The equity ratio improved from 27.9% as of 31 December 2014 to 31.9% as of the end of the first two quarters of 2015.

In terms of the disposal of investments, bmp media investors AG as the seller or – under some circumstances – as a partner with the par- ticipation of other investors may have to grant guarantees particularly in regard to tax liabilities in favour of the purchaser or the purchasers. bmp media investors AG strives to limit the liabi- lity arising from such guarantees and indem- nities to a certain percentage of the purchase price, insofar as guarantees are accepted at all. bmp media investors AG cannot rule out the possibility that such liabilities will occur in some individual cases.

Conditional capital. By resolution of the Annual Meeting on April 14, 2010, the Board of Management, with the consent of the Supervisory Board, was authorized until April 13, 2015 to issue once or several times convertible and/or warrant bonds or a combination of these instruments (“bonds”) with a total nominal value of up to €10,000 million and a maturity of no more than ten years. The Board of Management is allowed to grant the holders of these bonds conversion and/or warrant rights for new registered no-par-value shares in Daimler AG with an allocable portion of the share capital of up to €500 million in accordance with the details defined in the terms and condi- tions of the bonds. Among other things, the Board of Management was authorized with the consent of the Supervisory Board to exclude shareholders’ subscription rights for the bonds with conversion or warrant rights for new registered no-par-value shares in Daimler AG under certain conditions and within defined limits. The bonds can also be issued by majority-owned direct or indirect subsidiaries of Daimler AG.

These condensed consolidated interim financial statements have been prepared in accordance with Malaysian Financial Reporting Standard (“MFRS”) 134, Interim Financial Reporting in Malaysia, International Accounting Standard (“IAS”) 34, Interim Financial Reporting and all the applicable disclosure provisions of the Listing Requirements of Bursa Malaysia Securities Berhad. They do not include all the information required for full annual financial statements and should be read in conjunction with the Group's financial statements for the financial year ended 31st December 2016.

The preparation of the consolidated financial statements requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period. The determination of estimates requires the exercise of judgment based on various assumptions and other factors such as historical experience and current and expected economic conditions. Actual results may differ from these estimates. The more significant areas requiring the use of management estimates and assumptions are discussed below.

Forward-looking statements are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties, both about the Fund and general economic factors, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement made in relation to the Fund. These factors include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events.

In addition, we have recently announced a new partnering arrangement with Crowdcube and together we have been jointly appointed as partners of the London Co-investment Fund (LCIF). This newly announced fund which totals £25m, closely mirrors the Scottish Co-investment Fund which we helped establish in 2003. Under our LCIF partnership, Crowdcube will source seed stage technology companies in the London area and we will provide fund management services for the LCIF monies which we will co-invest alongside the crowd. We expect to invest in around 36 young companies over a three year period and we look forward to working with Funding London who are administering the scheme.

The Company evidently benefited from the changes implemented last year and created the basis for growth during the second half-year as well as the subsequent months. Nonetheless, the Company is cautiously planning to achieve revenues of € 13 mn for 2012. Besides, there is further need to foster the liquidity position. However, the revenue increases to be expected over the coming months and the customer's improved payment behavior gives reason for TELES to expect a clear tension release on the liquidity side and a higher financial flexibility.

performance or achievements to differ materially from those in the forward-looking statements are levels of actual production during any period, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factors identified in Rio Tinto's most recent Annual Report and Accounts in Australia and the United Kingdom and the most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to, or filed with, the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Rio Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority and the Listing Rules of the Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Rio Tinto’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

25 While judgement is always required in assessing materiality, this Standard bases the recognition and disclosure decision on data for the interim period by itself for reasons of understandability of the interim figures. Thus, for example, unusual items, changes in accounting policies or estimates, and errors are recognised and disclosed on the basis of materiality in relation to interim period data to avoid misleading inferences that might result from non-disclosure. The overriding goal is to ensure that an interim financial report includes all information that is relevant to understanding an entity’s financial position and performance during the interim period .

The unaudited consolidated interim financial statements were prepared by the Corporation in accordance with Canadian generally accepted accounting principles applicable to interim financial statements following the same accounting policies and methods and their applications in the most recent annual financial statements. In the opinion of the Management, all adjustments necessary for fair presentation are reflected in the interim financial statements. The unaudited interim financial statements should be read in conjunction with the audited annual financial statements and notes thereto for the year ended December 31, 2009,

The expectations for our business development outlined in the previous year’s management report (considerable growth in order intake, slight rise in all other key indicators) have not yet been met. A major reason is the ongoing difficult situation in the power plant business, with continuing heavy pressure on prices. Negative currency effects and post- ponements of project deadlines impacted the development of sales revenue. For more details see the Business Development section of this interim management report.