Tagged: SLS

Steady Development with Solid Performance in 1H 2014

HONG KONG, Aug. 28, 2014 /PRNewswire/ — CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its interim results for the six months ended June 30, 2014.

For the first half of the year, the Company’s total net oil and gas production reached 211.6 million barrels of oil equivalent (BOE), up 6.8% year-on-year (yoy), with 36.3 million BOE contributed by Nexen.

The Company’s average realized oil price was US$106.30 per barrel in the first half of 2014, representing an increase of 2.0% yoy, while average realized gas price rose 13.5% yoy to US$6.44 per thousand cubic feet.

Benefited from the growth of net oil and gas production and increase in realized oil and gas prices, the Company recorded RMB117.1 billion in oil and gas sales revenue, a yoy increase of 5.7%; meanwhile, net profit fell 2.3% yoy to RMB33.59 billion.

In the first half of 2014, the Company’s all-in cost was US$43.20 per BOE, up slightly by 2.0 % yoy, while operating cost was US$11.78 per BOE, up 7.0 % yoy, mainly attributable to the consolidation of two more months of Nexen’s performance.

In the area of exploration, the Company made 9 new discoveries and 23 successful appraisal wells. Among them, Lingshui 17-2, discovered by “Haiyangshiyou 981”, was successfully tested and is expected to become the first large-sized deepwater gas field made by our independent exploration activities. While Luda 16-3 South structure is expected to become a mid-sized discovery after appraisal, Kenli 16-1 structure uncovers the good exploration potential of southern slope of Laizhou Bay Sag in Bohai. Kenli 3-2 oilfields, Panyu10-2/5/8 project and Wenchang 13-6 oilfield have commenced production within the year as scheduled while other projects are progressing accordingly.

During the period, the Company continued to advance the integration of Nexen, especially in the areas of management, resources development and corporate culture. Nexen’s safety and environmental protection achieved best performance in its history in the first half of 2014. Production efficiency of Buzzard oilfield in the UK North Sea was further enhanced, while production and operation of Long Lake oil sands project achieved significant improvement. The progress of integration reached the Company’s expectation.

Mr. Wang Yilin, Chairman of the Company, said, “In the first half of 2014, the Company has executed its ‘New Leap Forward’ strategy in a solid way and achieved satisfactory results. We will endeavor to strengthen our management, enhance the growth quality and efficiency of the Company to create greater value for our shareholders.”

Mr. Li Fanrong, CEO of the Company commented, “During the first half of 2014, we have actively pushed ahead different areas of our business. Good progress was made in the production and operation and a healthy financial position was maintained. In the second half of the year, we will continue to work diligently to ensure that we meet our annual production and business targets.”

In the first half of the year, the Company’s basic earnings per share reached RMB0.75. The Board has declared an interim dividend of HK$0.25 per share (tax inclusive).

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to its terms and timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People’s Republic of China. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the 2013 Annual Report on Form 20-F filed on 17 April 2014.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

For further enquiries, please contact:

Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn

Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6211
Fax: +852-2576-1990
E-mail: cathy.zhang@hkstrategies.com

Logo – http://www.prnasia.com/sa/200701301659.jpg

Ulmart’s Hybrid Approach Continues to Disrupt Russian E-commerce: Sales Grow by 30%

MOSCOW, Aug. 19, 2014 /PRNewswire/ — Ulmart’s stunning growth continues unabated as sales for the first six months of 2014 were up 31% in a year-on-year comparison.  Sequential quarterly growth increased by 47%.

Ulmart’s half year results put the company at just below GMV of $610 million (VAT included).  The company is forecasting GMV of $1.6 billion for the whole year which would put year-end sales at 33% higher than 2013.

To view the Multimedia News Release, please click: http://www.multivu.com/players/English/7276256-ulmart-sales-grow-ecommerce

(Logo: http://photos.prnewswire.com/prnh/20140203/667275 )

Ulmart’s hybrid model which allows customer access to company’s fulfillments centers (currently there are 29 in the European part of Russia) continues to be a disruptive element in e-retail.  Due to the particularities of the Russian infrastructure, reliance on last-mile delivery, the obsession of so many other world e-commerce leaders, is simply not a profit-creating option in Russia.

Russia is a different market.  Why should force consumers to request home delivery if culturally it is not really a sought after service,” commented Brian Kean, Ulmart’s Director for Communications and Investor Relations.

Ulmart’s “web of fulfillment” has three main elements for receipt of the purchased item:  last mile delivery (roughly 15%); pre-last mile or what the company refers to as pick-up points (currently there are 412 situated throughout the European part of Russia and around 22% is picked up here) and the company’s 29 urban-based fulfillment centers (63% of sales are picked up at FC’s).  

Expansion into faster-growing categories like auto parts, children’s clothes and toys and home design items has also had a positive impact on Ulmart’s growth as the formerly-and low-margined-leading category of consumer electronics dropped by 5% to 46% of the overall sales.  The electronic catalogue has increased from 55,000 SKU to 75,000.

Another interesting development is that St. Petersburg and North-West Russia no longer drives all sales for Ulmart.  The company’s 2013 expansion into the regions has paid off with growth of 76% in a year-on-year comparison.  In the first half of this year, regional sales currently make up 42% of company sales; St. Petersburg and North-West Russia 36% (up 6%) and Moscow makes up 21% (up 12%).  

“Success in e-commerce is not solely about ground-shaking technological breakthroughs.  It is really about logistics:  getting the right product at the right price to the right customer when and where he wants it.  This is what Ulmart excels at,” believes Ulmart’s Chief Marketing Officer, Alexandra Savina.

Video: http://www.multivu.com/players/English/7276256-ulmart-sales-grow-ecommerce

BMW Group Records Best Sales Ever in July

MUNICH, Aug. 8, 2014 /PRNewswire/ —

– Sales increase by 7.6% to 163,959 vehicles

– Year-to-date deliveries rise 7.0% totalling 1,184,170

– Over one million BMW brand vehicles sold in first seven months

Sales of BMW Group vehicles achieved a new high for the month of July with a total of 163,959 vehicles delivered worldwide, an increase of 7.6% over the same month last year (prev. yr. 152,351). Global sales for the year-to-date are also the best ever with 1,184,170 vehicles delivered to customers in the first seven months of the year (prev. yr. 1,106,852 / +7.0%).

(Photo: http://photos.prnewswire.com/prnh/20140808/700690 )

“We are pleased to see the excellent sales results of the first half-year continuing into July,” said Ian Robertson, Member of the Board of Management BMW AG, Sales and Marketing BMW. “Our focus is on ensuring our sales remain balanced worldwide and we are confident that our strong vehicle line-up will enable us to achieve this. The success of our new vehicles such as the BMW X4, which went on sale in July, demonstrates that we are providing our customers with what they want.” Summing up the global sales situation and looking ahead to the rest of 2014, Robertson added, “We are confident that our positive sales momentum will continue, ensuring we will sell more than two million cars this year with a clear focus on profitable growth.”

Global sales of BMW brand vehicles rose 8.4% to 139,399 units in July (prev. yr. 128,596), bringing the year-to-date total to 1,025,747 – it’s the first time the brand has sold over a million vehicles this early in the year (prev. yr. 932,823 / +10.0%). Many model segments show steady rates of growth. Deliveries of the top-selling BMW 3 Series rose to 271,720 in the year-to-date (prev. yr. 255,745 / +6.2%) and the newly introduced BMW 4 Series posted sales of 57,524 units in the same period. Sales of the BMW 5 Series rose by 7.4% in the first seven months of the year, with a total of 223,587 cars delivered (prev. yr. 208,093). Sales of the X family continue to grow: July saw the first customer deliveries of the all-new BMW X4 and a total of 1,296 were sold in its first month with customer demand for the vehicle high. The spectacular growth in sales of the BMW X5 continues with sales in the year-to-date climbing 31.4% to 79,537 (prev. yr. 60,544).

One year after the international premiere of the all-electric BMW i3, sales of the megacity vehicle rose to 6,620 in the year-to-date.

MINI sales figures are above last year’s level, making it the brand’s best July ever. A total of 24,259 vehicles were delivered to customers worldwide (prev. yr. 23,515 / +3.2%) and this positive trend is expected to continue in the second half of the year. Sales of the new third-generation MINI Hatch, the brand’s core model, are up 22.3% compared to the same month last year with a total of 11,970 delivered in July (prev. yr. 9,785). In the year-to-date, a total of 156,154 MINIs were sold (prev. yr. 172,314 / -9.4%).

BMW Motorrad achieved the best July result to date, with 11,661 motorcycles and maxi-scooters delivered (prev. yr. 11,241 / +3.7%). Year-to-date, 82,639 vehicles were sold, a solid growth of 8.5% over the same period last year (76,182).

The BMW Group made gains on all continents  

In Asia, the company delivered 373,594 BMW and MINI brand vehicles in the first seven months of the year, an increase of 17.2% compared to July last year (prev. yr. 318,821). Strong double-digit growth continues to be recorded in mainland China, where sales for the year-to-date are up 21.8% to a total of 261,919 vehicles (prev. yr. 214,994). Another market in the region showing particularly strong growth is South Korea, where deliveries for the same period totalled 25,736 vehicles (prev. yr. 22,053 / +16.7%).

Sales of BMW and MINI vehicles continued to grow steadily in the Americas. Year-to-date, the region posted a sales plus of 3.6% with a total of 259,658 vehicles delivered (prev. yr. 250,517). In the USA, sales for the first seven months of the year totalled 213,754 vehicles, an increase of 5.4% on the same period in 2013 (prev. yr. 202,780).

In Europe, BMW Group sales grew 2.8% since the beginning of the year, with 513,707 BMW and MINI vehicles delivered to customers (prev. yr. 499,902). July saw solid growth in Great Britain – the company’s fourth largest market – where sales increased 9.3% (12,920 / prev. yr. 11,825). Year-to-date, sales increased 2.5% to a total of 111,261 vehicles (prev. yr. 108,578). The home market in Germany grew strongly in July, where registrations of BMW and MINI vehicles increased 8.7% to 23,646 vehicles.

BMW Group sales in/up to July 2014 at a glance 

Compared to

Compared to

July 2014

previous year

Year-to-date

previous year

BMW Group Automobiles

163,959

+7.6%

1,184,170

+7.0%

BMW

139,399

+8.4%

1,025,747

+10.0%

MINI

24,259

+3.2%

156,154

-9.4%

BMW Motorrad

11,661

+3.7%

82,639

+8.5%

The BMW Group 

With its three brands BMW, MINI and Rolls-Royce, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. As a global company, the BMW Group operates 29 production and assembly facilities in 14 countries and has a global sales network in more than 140 countries.

In 2013, the BMW Group sold approximately 1.963 million cars and 115,215 motorcycles worldwide. The profit before tax for the financial year 2013 was EUR 7.91 billion on revenues amounting to approximately EUR 76.06 billion. As of 31 December 2013, the BMW Group had a workforce of 110,351 employees.

The success of the BMW Group has always been based on long-term thinking and responsible action. The company has therefore established ecological and social sustainability throughout the value chain, comprehensive product responsibility and a clear commitment to conserving resources as an integral part of its strategy.

http://www.bmwgroup.com

Facebook: http://www.facebook.com/BMWGroup

If you have any queries, please contact:

Corporate Communications 

Mathias Schmidt, Business and Finance Communications, mathias.m.schmidt@bmw.de

Telephone: +49-89-382-24118, Fax: +49-89-382-24418

Nikolai Glies, Head of Business, Finance and Sustainability Communications, nikolai.glies@bmwgroup.com

Telephone: +49-89-382-24544, Fax: +49-89-382-24418

Media website: http://www.press.bmwgroup.com

Email: presse@bmw.de

Twitter: http://twitter.com/BMWGroup

YouTube: http://www.youtube.com/BMWGroupview

Google+: http://googleplus.bmwgroup.com

Banco Bradesco 1H14 Results

SAO PAULO, July 31, 2014 /PRNewswire/ — The main figures obtained by Bradesco in the first half of 2014 are presented below:

  1. The Adjusted Net Income(1) for the first half of 2014 stood at R$ 7.277 billion (an increase of 22.9% compared to the Adjusted Net Income of R$ 5.921 billion recorded in the same period in 2013), which is equivalent to R$ 3.23 per share, and returns of 20.7% on the Adjusted Average Equity(2).
  2. Adjusted Net Income is composed of R$ 5.165 billion from financial activities, representing 71.0% of the total, and
    R$ 2.112 billion from insurance, pension plan and capitalization bond operations, which together accounted for 29.0%.
  3. Bradesco’s market capitalization on June 30, 2014 was R$ 134.861 billion(3), up 8.1% compared to June 30, 2013.
  4. Total Assets stood at R$ 931.132 billion in June 2014, up 3.8% over June 2013. Return on Average Assets was 1.6%.
  5. In June 2014, the Expanded Loan Portfolio(4) reached R$ 435.231 billion, up 8.1% over June 2013. Operations with individuals totaled R$ 135.068 billion (up 9.6% over June 2013), while operations with companies totaled R$ 300.163 billion (up 7.5% over June 2013).
  6. Assets under Management stood at R$ 1.305 trillion, up 5.8% over June 2013.
  7. Shareholders’ Equity stood at R$ 76.800 billion in June 2014, up 16.3% on June 2013. The Capital Adequacy Ratio stood at 15.8% in June 2014, 12.1% of which was classified as Common Equity/Tier I.
  8. Interest on Shareholders’ Equity relative to the first half of 2014 was paid and recorded in provision to shareholders, in the amount of R$ 2.396 billion,being R$ 0.497 billion in monthly installments and R$ 1,899 billion recorded in provision.
  9. The Interest Earning Portion of the Net Interest Income stood at R$ 22.805 billion, up 8.2% compared to the first half of 2013.
  10. The Delinquency Ratio over 90 days dropped 0.2 p.p. in the last 12 months and stood at 3.5% on June 30, 2014 (3.7% on June 30, 2013).
  11. Efficiency Ratio (ER)(5) in June 2014 was 40.9% (41.8% in June 2013), whereas the adjusted-torisk ratio stood at 50.0% (52.6% in June 2013). It is worth mentioning that, in the second quarter of 2014, we recorded the best quarterly ER (38.6%) in the past 5 years.
  12. Insurance Written Premiums, Pension Plan Contributions and Capitalization Bond Income totaled R$ 25.442 billion in the first half of 2014, up 5.2% over the same period in 2013. Technical Reserves stood at R$ 142.731 billion, up 8.3% compared to June 2013.
  13. Investments in infrastructure, information technology and telecommunications amounted to R$ 2.211 billion in the first half of 2014.
  14. Taxes and contributions, including social security, paid or recorded in provision, amounted to R$ 14.116 billion, of which R$ 5.156 billion referred to taxes withheld and collected from third parties, and R$ 8.960 billion from Bradesco Organization activities, equivalent to 123.1% of the Adjusted Net Income(1).
  15. Bradesco has an extensive customer service network in Brazil, with 4,680 Branches and 3,497 Service Branches – PAs. Customers can also use any of 1,175 PAEs – ATMs (Automatic Teller Machines), 48,186 Bradesco Expresso service points, 31,509 Bradesco Dia & Noite ATMs and 16,103 Banco24Horas ATMs across the country.
  16. Payroll, plus charges and benefits, totaled R$ 5.651 billion. Social benefits provided to the 99,027 employees of the Bradesco Organization and their dependents amounted to R$ 1.401 billion, while investments in training and development programs totaled R$ 53,581 million.
  17. In May 2014, Bradesco BBI participated as one of the coordinators and joint bookrunners of a securitization transaction for Ford Motor Credit Company in the U.S., involving a US$ 1.04 billion transaction; this is the second time Bradesco BBI participates in funding operations for the U.S. automaker.
  18. In May 2014, Banco Bradesco and Banco do Brasil, via its subsidiary Companhia Brasileira de Solucoes e Servicos (“CBSS”), created the company LIVELO S.A. (“LIVELO”). The coalition loyalty program allows customers to accumulate and redeem points from multiple partners. The effective deployment of operations is conditioned to due compliance with applicable legal and regulatory formalities.
  19. In July 2014, Banco Bradesco signed a new “Tecban Shareholders’ Agreement”, including the main Brazilian retail banks, covering the consolidation of external ATM networks by the Banco24Horas ATM Network within a fouryear term, ultimately enhancing the efficiency and quality/reach of customer services rendered. The effectiveness of such Shareholders’ Agreement is subject to preceding conditions, including due approval from competent regulatory entities.
  20. In July 2014, Bradesco entered into a strategic partnership with IBM Brazil, which will take over the operational structure and all maintenance and support contracts entered between Scopus Servicos, an Organization Bradesco company, and its other customers.
  21. Major Awards and Acknowledgments in the period:
  • For the third consecutive year, Bradesco was named “Best Brazilian Bank” by Euromoney Awards for Excellence. In addition Bradesco BBI was chosen as best Brazilian Investment Bank (Euromoney magazine);
  • Among financial institutions, Bradesco led the ranking of most valuable brands in Brazil (IstoE Dinheiro magazine and BrandAnalytics/Milward Brown Optimor consulting firm); and
  • Stood out as the only Brazilian bank ranked among the “Best Companies to Work for in Latin America” for the second consecutive year, under the “Companies with over 500 employees” category (Great Place to Work consulting firm).

The Bradesco Organization fully complies with best global sustainability and corporate governance practices, particularly: Global Compact, PRI (Principles for Responsible Investment), Equator Principles, Carbon Disclosure Project and Green Protocol. Our sustainability actions, strategies and guidelines are guided by best corporate governance practices. The Organization’s main activities focus on banking inclusion, social and environmental variables for loan approvals and product offerings, based on social and environmental aspects. Regarding responsible management and engagement with stakeholders, we highlight activities geared towards valuing professionals, improving the workplace, client relations, managing suppliers and adopting environmental management practices. We also highlight the Organization’s role in Brazilian society as one of its leading social investors, supporting education, environment, culture and athletic programs.

With its 57-year history of extensive social and educational work, Fundacao Bradesco has been a stalwart supporter of such programs, and operates 40 schools across Brazil. In 2014, an estimated budget of R$ 523.434 million will benefit approximately 105,672 students in its schools, in Basic Education (from Kindergarten to High School and Vocational Training at the High School level), Education for Youth and Adults, and Preliminary and Continuing Qualification focused on the creation of jobs and generation of income.

(1) According to the non-recurring events described on page 8 of this Report on Economic and Financial Analysis; (2) Excludes mark-to-market effect of Securities Available for Sale recorded under Shareholders’ Equity; (3) Number of shares (excluding treasury shares) multiplied by the closing price for common and preferred shares on the last trading day of the period; (4) Includes sureties and guarantees, letters of credit, advances of credit card receivables, co-obligations in loan assignments (receivables-backed investment funds and mortgage-backed receivables), co-obligations in rural loan assignments and operations bearing credit risk – commercial portfolio, which includes debentures and promissory notes; and (5) In the last 12 months.