n j ) of this company and the average a as follows:

Size: px
Start display at page:

Download "n j ) of this company and the average a as follows:"

Transcription

1 Appendix Appendix 1: Estimation of Missing Variables If the number of employees (costs of employees) is not given for a company j, this number n j (costs c j ) is estimated by the ratio n ˆ j and the product c ˆ j using costs of employees c j (number of employees yearly labour costs per country and industry n j ) of this company and the average l, a as follows: c j nˆ j = (1) l, a l, c ˆ = n * a (2) j j with n ˆ j = Estimated value for thenumber of employeesof company j = Reported costs of employees of company j c j c ˆ = Estimated value for the costs of employees of company j j n j a = Reported number of employees of company j l, = Average yearly labour costs for country and industryl. Where possible, the average yearly labour costs are estimated for each country and industry on the basis of the information provided in AMADEUS according to the following formula; 86 a ci ni l c i N i = l, n i N i l,, with = Costs of employees of company i = Number of employees of company i (3) 86 For this purpose only companies are considered when information on both variables (costs of employees and number of employees) is provided by AMADEUS. C. Spengel and A. Oestreicher, Common Corporate Tax Base in the EU: Impact on the Size of Tax Bases and Effective Tax Burdens, ZEW Economic Studies 43, DOI / , Springer-Verlag Berlin Heidelberg

2 128 Appendix l, N = Set of companies in our samplebelonging to country and industry l = Country index, l = Industry index and l, i, j N. For Malta, the AMADEUS database only provides information on two sectors: the construction and service/trade industries. For the other industries (manufacturing, commerce and transport), average labour costs have to be derived l from the Malta average and the EU averages for the specific industry ( a ) and all industries ( a ). For the determination of a we referred only to the EU-12 member states: a l l, a K =, K = 1 l L l ( a ) { } { } a =, L = 1 p p a MT MT, Construction MT, Service/ Trade a + a = 2 MT MT a l cˆ = * a a (7) with MT, L cˆ = Estimated value for the costs of employees in Malta for theindustries manufacturing, commerce and transport a a a MT, L = Average yearly labour costs in Malta MT, Construction MT, Service / Trade = Average yearlylabour costsin Malta for construction = Average yearly labour costs in Malta for servicetrade a = Average yearly labour costs determined over the countries and industries L = Set of industries K = Set of countries. For Greece, Lithuania, Slovaia and Ireland, values for both variables (costs of employees and number of employees) are not given for any of the companies in the sample. Therefore, we used the EUROSTAT database for country- and industry-specific figures on macroeconomic labour costs, and adjusted these figures based on the average difference ( d l ) between the EUROSTAT values for the other countries and the corresponding values determined on the basis of (4) (5) (6)

3 Appendix 129 AMADEUS. 87 This average relative deviation d l is determined separately for the EU-12 member states and the EU-15 member states. A1, Table 1: Average yearly labour costs per country and industry in thousands d d Country Manu- Construction Commerce Service/ Transport facturing Trade AT BE CZ DE DK EE ES FI FR GB GR* HU IE IT LT* LU LV MT NL PL PT RO SE SK* The following formulae are applied: l, l l, a = 1 l, e l, d K =, K = 1 ( ) l, l, l { } a = e *1+ d (10) with l, e = Average yearly labour costs for country and industryl based on EUROSTAT (8) (9) 87 For Ireland average labour costs are not available from EUROSTAT. Therefore, we refer to the corresponding values for Great Britain. This is a plausible assumption; see the eyword Arbeitsosten (labour costs) at

4 130 Appendix l d = Average relative deviation of yearly labour costs between AMADEUS and EUROSTAT for industryl l, d = Relative deviation of yearly labour costs between AMADEUS and EUROSTAT for country and industryl. Table 1 shows the average yearly labour costs obtained for each country and sector based on AMADEUS data. Figures for countries mared with a star were determined based on EUROSTAT data. For the other variables (sales s j /operating revenue rev j and interest paid ip j /financial expenses fe j ), estimated values are determined correspondingly. If figures are unavailable for a sector specific variable (e.g. sales), a corresponding variable (e.g. operating revenue) adjusted by the average ratio between the two,l variables (e.g. b ) is used instead. rev j sˆ j = (11) l, b l, rev j s j b ip j = (12) fe j = (13) l, z l, fej ip j z = (14) where sˆ j = Estimated value for sales of company j rev j = Reported operating revenue of company j r ev j = Estimated value for operating revenue of company j s j = Reported sales of company j ip j = Estimated value for interest paid of company j fe j = Reported financial expenses of company j fe j = Estimated value for financial expenses of company j ip j = Reported interst paid of company j l, b = Averageratioof total operating revenuetototal sales for country and industryl l, z = Average ratio of total financial expenses tototal interest paid for country and industryl. l, Where possible, the average ratios b and z are again determined as country- and industry-specific averages on the basis of AMADEUS b l rev i N i = l, s i N i l,,,l (15)

5 Appendix 131 z l,, l fe i N i = l, ip i N i. (16) In Denmar, Great Britain and Ireland (as regard to sales/operating revenue), and Greece, Lithuania and Cyprus (as regard to interest paid/financial expenses), no company provides information on both variables. Thus, we refer to industryspecific EU average ratios, determined separately for the EU-15 and EU-12 member states.

6 Appendix 133 Appendix 2: Formulae for the Determination of the EU-Average Income Statements A2, Table 1: Determination of EU-average income statements EU-Average Income Statement Abbreviations Formulae Sales sales K sales = Costs of goods sold cgs cgs K cgs + oo exp cgs = * sales + oorev opl ( ) Other operating revenue Other operating expenses oorev oorev = sales * K oorev sales 1 oo exp K oo exp cgs + oo exp ooexp = *( sales + oorev opl) Operating profit/loss opl opl = sales * K opl sales Financial revenue frev frev = plbt opl + ip + of exp Interest paid Other financial expenses ip of exp ip = sales * K ip sales of exp K ip of exp = * ip Financial profit/loss fpl fpl = plbt opl

7 134 Appendix Profit/loss before tax plbt plbt = sales * K plbt sales Taxes taxes = plbt plat Profit/loss after tax plat plat = sales * K Extraordinary income extr extr = plp plat Profit and loss for period plp plp = sales * K plat sales plp sales Legend x x Average of item x across all countries Average of item x across the companies for country

8 Appendix 135 Appendix 3: Formulae for the Determination of the EU-Average Balance Sheets A3, Table 1: Determination of EU-average balance sheets EU-Average Balance Sheets Abbreviations Formulae Total assets toass toass K toass = Fixed assets Intangible fixed assets Tangible fixed assets fiass int tan fiass = toass * K fiass toass int K fiass int = * fiass tan K fiass tan = * fiass Other fixed assets ofiass ofiass = fiass int tan Current assets Stocs Debtors cuass deb cuass = toass * stocs = deb = K K K stocs cuass deb cuass cuass toass * cuass * cuass Other current assets ocuass ocuass = cuass stocs deb

9 136 Appendix Shareholder funds Capital Other shareholder funds Non-current liabilities Long-term debt Other noncurrent liabilities Current liabilities Loans Creditors shf cap oshf liab ltd oliap culiap cred shf = toass * cap = K K cap shf oshf = shf cap liab = toass * ltd = K shf toass K ltd liab oliab = liab ltd culiab = toass * loans = cred = K K K * shf liab toass * liab loans culiab cred culiab culiab toass * culiab * culiab Other current liabilities oculiap oculiab = culiab loans cred Legend x x Average of item x across all countries Average of item x across the companies for country

10 Appendix 137 Appendix 4: EU-27, EU-12, EU-15 and Industry-Specific Average Model Companies, Large and SME Appendix 4.1: EU-27 Average Model Company, Large and SME EU-27 Income Statement Large SME Sales ( ) 158,895, ,051, Costs of goods sold ( ) 130,635, ,463, Other operating revenue ( ) 11,641, , Other operating expenses ( ) 32,957, ,591, Operating profit/loss ( ) 6,944, , Financial revenue ( ) 1,969, , Interest paid ( ) 2,587, , Other financial expenses ( ) 743, , Financial profit/loss ( ) -1,361, , Profit/loss before tax ( ) 5,583, , Taxes ( ) 1,413, , Profit/loss after tax ( ) 4,169, , Extraordinary income ( ) -24, , Profit and loss for period ( ) 4,144, , Balance Sheet Total assets ( ) 124,963, ,156, Fixed assets ( ) 49,308, ,264, Intangible fixed assets ( ) 2,916, , Tangible fixed assets ( ) 37,419, ,075, Other fixed assets ( ) 8,972, , Current assets ( ) 75,655, ,892, Stocs ( ) 22,583, , Debtors ( ) 32,722, ,207, Other current assets ( ) 20,348, , Shareholder funds ( ) 44,362, ,239, Capital ( ) 16,207, , Other shareholder funds ( ) 28,154, , Non-current liabilities ( ) 18,136, , Long-term debt ( ) 8,349, , Other non-current liabilities ( ) 9,787, , Current liabilities ( ) 62,464, ,382, Loans ( ) 12,268, , Creditors ( ) 25,929, ,121, Other current liabilities ( ) 24,266, , Profit (loss) for period ( ) 4,144, , Total assets ( ) 124,963, ,156, Sales ( ) 158,895, ,051, Share of tangible fixed assets (%) Return on sales (%) Return on euity (%) Euity ratio (%) Return on assets (%) Inventories to capital (%) Costs for personnel to turnover (%)

11 138 Appendix Appendix 4.2: EU-12 Average Model Company, Large and SME EU-12 Income Statement Large SME Sales ( ) 42,249, ,537, Costs of goods sold ( ) 38,690, ,055, Other operating revenue ( ) 5,042, , Other operating expenses ( ) 6,501, , Operating profit/loss ( ) 2,100, , Financial revenue ( ) 482, , Interest paid ( ) 727, , Other financial expenses ( ) 262, , Financial profit/loss ( ) -507, , Profit/loss before tax ( ) 1,593, , Taxes ( ) 217, , Profit/loss after tax ( ) 1,375, , Extraordinary income ( ) -29, , Profit and loss for period ( ) 1,346, , Balance Sheet Total assets ( ) 32,306, ,995, Fixed assets ( ) 15,219, ,038, Intangible fixed assets ( ) 421, , Tangible fixed assets ( ) 13,505, , Other fixed assets ( ) 1,293, , Current assets ( ) 17,086, ,956, Stocs ( ) 6,172, , Debtors ( ) 7,270, , Other current assets ( ) 3,643, , Shareholder funds ( ) 13,927, , Capital ( ) 6,345, , Other shareholder funds ( ) 7,582, , Non-current liabilities ( ) 3,923, , Long-term debt ( ) 2,169, , Other non-current liabilities ( ) 1,753, , Current liabilities ( ) 14,455, ,760, Loans ( ) 3,079, , Creditors ( ) 7,427, ,003, Other current liabilities ( ) 3,947, , Profit (loss) for period ( ) 1,346, , Total assets ( ) 32,306, ,995, Sales ( ) 42,249, ,537, Share of tangible fixed assets (%) Return on sales (%) Return on euity (%) Euity ratio (%) Return on assets (%) Inventories to capital (%) Costs for personnel to turnover (%)

12 Appendix 139 Appendix 4.3: EU-15 average model company, Large and SME EU-15 Income Statement Large SME Sales ( ) 228,883, ,559, Costs of goods sold ( ) 175,345, ,957, Other operating revenue ( ) 10,440, , Other operating expenses ( ) 54,801, ,521, Operating profit/loss ( ) 9,177, , Financial revenue ( ) 2,999, , Interest paid ( ) 3,598, , Other financial expenses ( ) 889, , Financial profit/loss ( ) -1,489, , Profit/loss before tax ( ) 7,688, , Taxes ( ) 2,551, , Profit/loss after tax ( ) 5,137, , Extraordinary income ( ) 38, , Profit and loss for period ( ) 5,175, , Balance Sheet Total assets ( ) 180,558, ,852, Fixed assets ( ) 62,954, ,352, Intangible fixed assets ( ) 4,913, , Tangible fixed assets ( ) 42,922, ,104, Other fixed assets ( ) 15,118, , Current assets ( ) 117,603, ,500, Stocs ( ) 30,677, , Debtors ( ) 51,360, ,410, Other current assets ( ) 35,565, ,141, Shareholder funds ( ) 55,852, ,429, Capital ( ) 17,717, , Other shareholder funds ( ) 38,135, , Non-current liabilities ( ) 28,924, , Long-term debt ( ) 11,707, , Other non-current liabilities ( ) 17,216, , Current liabilities ( ) 95,781, ,738, Loans ( ) 17,787, , Creditors ( ) 33,679, ,114, Other current liabilities ( ) 44,313, ,145, Profit (loss) for period ( ) 5,175, , Total assets ( ) 180,558, ,852, Sales ( ) 228,883, ,559, Share of tangible fixed assets (%) Return on sales (%) Return on euity (%) Euity ratio (%) Return on assets (%) Inventories to capital (%) Costs for personnel to turnover (%)

13 140 Appendix Appendix 4.4: Industry-Specific Average Model Companies, Large and SME Industries Income Statement Manufacturing (Large) Manufacturing (SME) Construction (Large) Construction (SME) Sales ( ) 169,077,853 7,445, ,573,412 3,840,812 Costs of 137,280,984 5,870,588 93,819,255 3,109,331 goods sold ( ) Other operat- 6,548, ,408 9,255, ,986 ing revenue ( ) Other operat- 29,503,959 1,485,014 11,851, ,642 ing expenses ( ) Operating 8,841, ,701 4,157, ,825 profit/loss ( ) Financial 1,906,597 48, ,270 5,851 revenue ( ) Interest paid ( ) 2,765, ,909 1,037,932 39,429 Other finan- 941,475 27, ,960 7,302 cial expenses ( ) Financial -1,800,004-91, ,622-40,880 profit/loss ( ) Profit/loss 7,041, ,771 3,699, ,944 before tax ( ) Taxes ( ) 1,484,779 69, ,855 45,932 Profit/loss 5,556, ,485 2,823, ,012 after tax ( ) Extraordinary -447,215 4, , income ( ) Profit and loss for period ( ) 5,109, ,052 2,588, ,715 Balance Sheet Total assets ( ) 155,533,779 4,855,805 92,539,902 2,565,637 Fixed assets ( ) 69,246,343 1,770,345 24,502, ,448 Intangible 3,118,145 85,421 1,034,755 25,980 fixed assets ( ) Tangible fixed 53,849,003 1,555,071 17,433, ,727 assets ( ) Other fixed 12,279, ,853 6,035,126 60,741 assets ( ) Current 86,287,436 3,085,460 68,036,945 1,914,188 assets ( ) Stocs ( ) 30,263, ,924 16,491, ,366 Debtors ( ) 35,533,672 1,323,441 34,252, ,292 Other current assets ( ) 20,489, ,093 17,293, ,530 Shareholder 61,672,524 1,699,532 26,756, ,001 funds ( ) Capital ( ) 23,872, ,998 10,036, ,067 Other shareholder funds ( ) 37,800,039 1,139,533 16,719, ,933

14 Appendix 141 Non-current 23,899, ,993 9,412, ,027 liabilities ( ) Long-term 11,245, ,490 4,376, ,798 debt ( ) Other non- 12,654, ,502 5,035, ,229 current liabilities ( ) Current 69,961,286 2,458,280 56,371,718 1,504,609 liabilities ( ) Loans ( ) 16,078, ,649 7,175, ,094 Creditors ( ) 27,942,115 1,164,709 24,032, ,375 Other current liabilities ( ) 25,940, ,921 25,163, ,138 Profit (loss) 5,109, ,052 2,588, ,715 for period ( ) Total assets ( ) 155,533,779 4,855,805 92,539,902 2,565,637 Sales ( ) 169,077,853 7,445, ,573,412 3,840,812 Share of tangible fixed assets (%) Return on sales (%) Return on euity (%) Euity ratio (%) Return on assets (%) Inventories to capital (%) Costs for personnel to turnover (%)

15 142 Appendix (continued, Commerce and Service) Industries Income Statement Commerce (Large) Commerce (SME) Service/Trade (Large) Service/Trade (SME) Sales ( ) 235,388,152 9,498, ,664,328 3,371,179 Costs of 198,698,452 7,540,653 83,034,221 2,286,801 goods sold ( ) Other operat- 13,215, ,495 5,197, ,514 ing revenue ( ) Other operat- 41,475,892 1,672,194 20,796,189 1,105,839 ing expenses ( ) Operating 8,429, ,731 4,031, ,052 profit/loss ( ) Financial 1,283,963 67,181 1,127,885 39,002 revenue ( ) Interest paid ( ) 2,883, ,123 1,543,795 52,769 Other finan- 848,498 39, ,368 12,030 cial expenses ( ) Financial -2,447, , ,279-25,797 profit/loss ( ) Profit/loss 5,981, ,540 3,193, ,254 before tax ( ) Taxes ( ) 1,872, ,469 1,452,794 50,872 Profit/loss 4,109, ,071 1,740, ,381 after tax ( ) Extraordinary -15,975 2, ,714 1,653 income ( ) Profit and loss for period ( ) 4,093, ,715 2,555, ,035 Balance Sheet Total assets ( ) 106,315,228 4,287, ,730,927 3,300,054 Fixed assets ( ) 33,440,971 1,075,554 37,653,118 1,164,644 Intangible 2,403,483 74,520 4,873, ,022 fixed assets ( ) Tangible fixed 23,628, ,553 25,899, ,826 assets ( ) Other fixed 7,409, ,480 6,879, ,795 assets ( ) Current 72,874,256 3,212,369 65,077,809 2,135,410 assets ( ) Stocs ( ) 28,308,771 1,282,076 6,378, ,485 Debtors ( ) 28,597,498 1,186,432 36,688,625 1,021,125 Other current assets ( ) 15,967, ,860 22,010, ,799 Shareholder 30,106,539 1,157,739 31,846,587 1,051,892 funds ( ) Capital ( ) 9,974, ,432 10,134, ,652 Other share- 20,131, ,306 21,712, ,239 holder funds ( ) Non-current 13,658, ,588 16,089, ,908 liabilities ( ) Long-term debt ( ) 6,251, ,158 7,473, ,038

16 Appendix 143 Other non- 7,407, ,429 8,616, ,869 current liabilities ( ) Current 62,550,259 2,640,596 54,794,902 1,800,254 liabilities ( ) Loans ( ) 11,253, ,121 8,140, ,558 Creditors ( ) 32,055,677 1,411,177 17,611, ,955 Other current liabilities ( ) 19,241, ,297 29,043, ,740 Profit (loss) 4,093, ,715 2,555, ,035 for period ( ) Total assets ( ) 106,315,228 4,287, ,730,927 3,300,054 Sales ( ) 235,388,152 9,498, ,664,328 3,371,179 Share of tangible fixed assets (%) Return on sales (%) Return on euity (%) Euity ratio (%) Return on assets (%) Inventories to capital (%) Costs for personnel to turnover (%)

17 144 Appendix (continued, Transport and Energy) Industries Income Statement Transport (Large) Transport (SME) Energy (Large) Energy (SME) Sales ( ) 144,241,260 6,120, ,085,099 7,678,829 Costs of 133,240,005 4,241, ,509,471 6,473,458 goods sold ( ) Other operat- 16,354, ,380 20,539, ,492 ing revenue ( ) Other operat- 24,004,260 2,262,509 33,503,427 1,415,951 ing expenses ( ) Operating 3,351, ,445 21,611, ,912 profit/loss ( ) Financial 2,116,042 45,010 15,877, ,669 revenue ( ) Interest paid ( ) 3,162, ,476 15,646, ,171 Other finan- 1,031,332 18,613 3,818,999 45,216 cial expenses ( ) Financial -2,077,483-75,080-3,587, ,718 profit/loss ( ) Profit/loss 1,274, ,365 18,024, ,193 before tax ( ) Taxes ( ) 713,368 65,620 2,777, ,139 Profit/loss 560, ,745 15,246, ,053 after tax ( ) Extraordinary 414,588 5, ,251 31,721 income ( ) Profit and loss for period ( ) 975, ,062 14,375, ,774 Balance Sheet Total assets ( ) 157,955,293 4,150, ,339,653 12,464,937 Fixed assets ( ) 85,605,980 1,795, ,502,755 7,171,563 Intangible 7,058,491 88,510 14,209, ,949 fixed assets ( ) Tangible fixed 66,805,984 1,517, ,559,532 6,359,894 assets ( ) Other fixed 11,741, ,737 42,733, ,719 assets ( ) Current 72,349,313 2,355, ,836,898 5,293,373 assets ( ) Stocs ( ) 6,554, ,816 26,593, ,520 Debtors ( ) 35,933,038 1,385,270 80,654,834 2,806,239 Other current assets ( ) 29,861, ,242 70,588,229 1,985,614 Shareholder 53,272,938 1,143, ,641,399 4,798,461 funds ( ) Capital ( ) 21,258, , ,398,181 2,126,866 Other share- 32,014, ,233 96,243,218 2,671,594 holder funds ( ) Non-current 33,905, , ,091,065 3,051,706 liabilities ( ) Long-term debt ( ) 19,518, ,268 52,092,336 1,622,869

18 Appendix 145 Other non- 14,386, ,983 50,998,729 1,428,837 current liabilities ( ) Current 70,777,339 2,327, ,607,187 4,614,769 liabilities ( ) Loans ( ) 14,030, ,425 44,667, ,014 Creditors ( ) 24,767,134 1,078,075 62,347,026 1,972,147 Other current liabilities ( ) 31,980, , ,991,607 Profit (loss) 975, ,062 14,375, ,774 for period ( ) Total assets ( ) 157,955,293 4,150, ,339,653 12,464,937 Sales ( ) 144,241,260 6,120, ,085,099 7,678,829 Share of tangible fixed assets (%) Return on sales (%) Return on euity (%) Euity ratio (%) Return on assets (%) Inventories to capital (%) Costs for personnel to turnover (%)

19 Appendix 147 Appendix 5: Information on Shares After gathering data on direct shareholdings from AMADEUS, we chec to see if any values were flawed or inconsistent. Shareholdings are reported using abbreviations (see Table 1). A5, Table 1: Adjustments to the shareholding information in the AMADEUS database Information in AMADEUS Adjustments at first step Sign Meaning X X% none - unnown 0.00 <X less than X% X-0.01 >X more than X% X+0.01 CQP1 50% + 1 share G flaw in the database MO majority shareholding /-X +/-X X NG less than 1% 0.01 WO more than 98% If shareholdings in excess of 100% are reported, the company is ruled out as a plausible adjustment is not possible. Shareholdings for companies with an unnown share ( - ), reporting a minimum shareholding (> X) or reporting a majority shareholding (MO) are adjusted according to the formula below. This procedure ensures that the shares do in fact add up to 100%. S a Sa Sb = S + with b ( 100 TS ) SH ( ) ( ) = Shareholdings in per cent after adjustment = Shareholdings in per cent before adjustment TS = Reported total shareholdings ( in per cent) SH = Number of shareholders whose shares can vary. (17)

20 Appendix 149 Appendix 6: Present Value of the Tax Base at the Beginning of Period 1 The present value of the tax base is given by the sum of the discounted tax bases at the beginning of period 1. The following Tables 1 and 2 show the present value of the tax base under national GAAP for the large company and the SME as well as the deviations resulting from the application of each CCTB option (A-I). The deviations in per cent are exactly the same as measured by the future value of the tax base (see Tables 21 and 28), as the future value can easily be transformed to the present value. The relation between the future value of the tax base and the present value of the tax base is given by the following formula (with T for total periods of simulation and i for the interest rate): ( T ) PresentValueof thetax Base = FutureValueof thetax Base (1 + i). A6, Table 1: Present value (in millions) of the tax base for EU-27 large company (benchmar case) under national tax law and deviation (in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options (I) Country National GAAP A B C D E F G H I AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø

21 150 Appendix A6, Table 2: Present value (in millions) of the tax base for EU-27 SME (benchmar case) under national tax law and deviation (in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options (I) Country National A B C D E F G H I GAAP AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø

22 Appendix 151 Appendix 7: Supplementary Analysis on the Impact of Common Depreciation Provisions A7, Table 1: Impact (in %) of common rules regarding depreciation for different categories of assets (large benchmar case) Application of common depreciation provisions on Country Buildings Intangibles Machinery and All depreciable assets euipment (Option A) AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø

23 152 Appendix A7, Table 2: Impact (in %) of common rules regarding depreciation for different categories of assets (SME) Application of common depreciation provisions for Country Buildings Intangibles Machinery and euipment All depreciable assets (Option A) AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø Sensitivity Analysis Based on a Depreciation Rate of 25% for Pool Depreciation of Machinery and Euipment The effects of an alternate pool depreciation rate are evaluated under Option A (proposal for the harmonisation of depreciation rules) and Option I (all CCTB options applied simultaneously). While the pool depreciation rate has no bearing when Options B-H are considered in isolation, when all CCTB options are applied together, adjustments to the pool depreciation rate modify the overall impact of Options B-H. The sensitivity analysis of the effects of an increase in the pool depreciation rate for manufacturing and office euipment from 20% to 25% reveals four findings: As shown in section (large benchmar case) and section (small and medium benchmar case), the impact of common depreciation provisions for machinery and euipment largely dominates the increase in the future value of the tax base observed for Option A. Hence, changes in the definition of the

24 Appendix 153 proposed depreciation rules on machinery and euipment considerably influence the increase in the future value of the tax base witnessed when a CCTB is introduced. If the depreciation rate for the mentioned assets is fixed at 25% instead of 20% (as in the benchmar case), the average increase of the future value of the tax base due to the isolated application of common depreciation rules amounts 1.26% for the large corporation and to 1.35% for the SME (A7, Table 4 and Table 6). In both cases, the increase associated with a pool depreciation rate of 25% is thus significantly lower than that associated with a rate of 20%. This effect is also witnessed when all CCTB options are applied simultaneously: with a 25% pool depreciation rate under Option I, the EUaverage increase in the future value of the tax base and in the effective tax burden is significantly smaller than in the benchmar case considered in sections and (see A7, Tables 4 and 6 and A6, Tables 1 and 2 for the large company and for the SME) A7, Table 3: Tax base increase (in %) under alternate depreciation rates when all CCTB options are applied together (EU-average) Future Value of the Tax Base Effective Tax Burden Large Company SME Large Company SME 20% pool depreciation % pool depreciation In contrast to the base case with 20% pool depreciation, now with respect to the EU-average the SME faces a higher increase of all measures considered here (future value of the tax base, effective tax burden and present value of the tax base). In contrast to the large company benchmar case (with 20% pool depreciation), two countries (Malta and the UK) experience a decrease as opposed to an increase in the future value of the tax base. In the case of Ireland the variation of the pool depreciation rate leads to a decrease instead of an increase in the effective tax burden. For the SME only the UK shows a decrease instead of an increase in the future value of the tax base and in the present value of the tax base. Again, in the case of Ireland the variation of the pool depreciation rate leads to a decrease instead of an increase in the effective tax burden.

25 154 Appendix A7, Table 4: Future value of the tax base (in millions) for EU-27 large company (benchmar case) under national tax law and deviation (in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options (I) / CCTB option A: pool depreciation 25% Country National A B C D E F G H I GAAP AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø

26 Appendix 155 A7, Table 5: Effective tax burden (in millions) for EU-27 large company (benchmar case) under national tax law and deviation (in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options (I) / CCTB option A: pool depreciation 25% Country National A B C D E F G H I GAAP AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø

27 156 Appendix A7, Table 6: Future value of the tax base (in millions) for EU-27 SME (benchmar case) under national tax law and deviation (in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options (I) / CCTB option A: pool depreciation 25% Country National A B C D E F G H I GAAP AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø

28 Appendix 157 A7, Table 7: Tax burden (in millions) for EU-27 SME (benchmar case) under national tax law and deviation (in %) caused by each particular CCTB option A-H and by a simultaneous application all CCTB options (I) / CCTB option A: pool depreciation 25% Country National A B C D E F G H I GAAP AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø

29 Appendix 159 Appendix 8: Sensitivity Analysis on Economic Model Assumptions Tax Burden Appendix 8.1: Average EU-27 Large Corporation A8.1, Table 1: Deviation of effective tax burden (in %) from national GAAP caused by a simultaneous application all CCTB options (I) for different levels of capital intensity Country Decrease of share of tangible fixed assets by Benchmar Case 1 Increase of share of tangible fixed assets by 7.50% 5% 2.50% 2.50% 5% 7.50% AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø For the benchmar case see Table 24.

30 160 Appendix A8.1, Table 2: Deviation of effective tax burden (in %) from national GAAP caused by a simultaneous application all CCTB options (I) for different levels of profitability Country Decrease of return on sales by Benchmar Case 1 Increase of share of return on sales by 30% 20% 10% 10% 20% 30% AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø For the benchmar case see Table 24.

31 Appendix 161 A8.1, Table 3: Deviation of effective tax burden (in %) from national GAAP caused by a simultaneous application all CCTB options (I) for different levels of labour intensity Country Decrease of labour intensity by Benchmar Case 1 Increase of labour intensity by 20% 10% 10% 20% AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø For the benchmar case see Table 24.

32 162 Appendix A8.1, Table 4: Deviation of effective tax burden (in %) from national GAAP caused by a simultaneous application all CCTB options (I) for different levels of inventory intensity Country Decrease of inventories to capital by Benchmar Case 1 Increase of inventories to capital by 9.20% 4.60% 4.60% 9.50% AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø For the benchmar case see Table 24.

33 Appendix 163 Appendix 8.2: Average EU-27 SME A8.2, Table 1: Deviation of effective tax burden (in %) from national GAAP caused by a simultaneous application all CCTB options (I) for different levels of capital intensity Country Decrease of share of tangible fixed assets by Benchmar Case 1 Increase of share of tangible fixed assets by 5% 2.50% 2.50% 5% AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø For the benchmar case see Table 47.

34 164 Appendix A8.2, Table 2: Deviation of effective tax burden (in %) from national GAAP caused by a simultaneous application all CCTB options (I) for different levels of profitability Country Decrease of return on sales by Benchmar Case 1 Increase of return on sales by 30% 20% 10% 10% 20% 30% AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø For the benchmar case see Table 47.

35 Appendix 165 A8.2, Table 3: Deviation of effective tax burden (in %) from national GAAP caused by a simultaneous application all CCTB options (I) for different levels of labour intensity Country Decrease of labour intensity by Benchmar Case 1 Increase of labour intensity by 20% 10% 10% 20% AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø For the benchmar case see Table 47.

36 166 Appendix A8.2, Table 4: Deviation of effective tax burden (in %) from national GAAP caused by a simultaneous application all CCTB options (I) for different levels of inventory intensity Country Decrease of inventories to capital by Benchmar Case 1 Increase of inventories to capital by 10.60% 5.30% 5.30% 10.60% AT BE BG CY CZ DE DK EE ES FI FR GR HU IE IT LT LU LV MT NL PL PT RO SE SK SL UK Ø For the benchmar case see Table 47.

Country

Country Total EU-12 89,6 89,4 85,7 82,9 85,9 86,9 87,4 EU-15 89,6 85,7 83,1 86,2 87,0 87,5 EU-25 87,9 A 95,1 90,2 88,0 90,8 88,2 93,7 B 80,7 91,1 84,6 84,3 86,3 89,6 85,8 D 95,1 94,1 86,1 86,3 88,0 86,4 89,4 D-W

More information

Country

Country Total A 36,3 31,1 B 33,8 36,9 37,4 D 41,4 D-W 41,6 37,7 40,7 42,4 D-E 28,2 36,9 36,8 DK 55,8 49,1 48,8 E 33,2 39,5 33,2 28,9 F 44,4 33,1 36,3 FIN 62,2 30,9 50,6 54,6 GB 26,1 26,2 27,1 GR 14,5 I 34,5 32,1

More information

Resource efficiency and Geospatial data What EUROSTAT does. What could do.

Resource efficiency and Geospatial data What EUROSTAT does. What could do. Resource efficiency and Geospatial data What EUROSTAT does. What could do. Pedro Díaz Muñoz Director Sectoral and Regional Statistics, Eurostat 29/06/2011 Statements - Large amount of information to understand

More information

Statement of Profit & Loss

Statement of Profit & Loss Statement of Profit & Loss Form No: S1 Particulars CY I. Revenue from operations (including Revenue Subsidy) II. Other income 360.36 396.39 436.03 479.63 527.60 III. Income from other business allocated

More information

Overview of numbers submitted for Statistics on Pending Mutual Agreement Procedures (MAPs) under the Arbitration Convention (AC) at the End of 2017

Overview of numbers submitted for Statistics on Pending Mutual Agreement Procedures (MAPs) under the Arbitration Convention (AC) at the End of 2017 EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Direct taxation, Tax Coordination, Economic Analysis and Evaluation Direct Tax Policy & Cooperation Brussels, September 2018 Taxud/D2

More information

Weekly price report on Pig carcass (Class S, E and R) and Piglet prices in the EU. Carcass Class S % + 0.3% % 98.

Weekly price report on Pig carcass (Class S, E and R) and Piglet prices in the EU. Carcass Class S % + 0.3% % 98. Weekly price report on Pig carcass (Class S, E and R) and Piglet prices in the EU Disclaimer Please note that EU prices for pig meat, are averages of the national prices communicated by Member States weighted

More information

EU JOINT TRANSFER PRICING FORUM

EU JOINT TRANSFER PRICING FORUM EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Direct taxation, Tax Coordination, Economic Analysis and Evaluation Company Taxation Initiatives Brussels, December 2013 Taxud/D1/ DOC:

More information

Directorate F: Social Statistics and information Society UnitF-3: Living conditions and social protection statistics. Working Group SOCIAL PROTECTION

Directorate F: Social Statistics and information Society UnitF-3: Living conditions and social protection statistics. Working Group SOCIAL PROTECTION EUROPEAN COMMISSION EUROSTAT Directorate F: Social Statistics and information Society UnitF-3: Living conditions and social protection statistics Room Document 1 Working Group SOCIAL PROTECTION 28 th June

More information

Land Use and Land cover statistics (LUCAS)

Land Use and Land cover statistics (LUCAS) EUROPEAN COMMISSION EUROSTAT Directorate E: Sectoral and regional statistics Doc. ENV/DIMESA/7.1/2012 Original in EN Agenda point 7.1 Land Use and Land cover statistics (LUCAS) DIMESA Directors' Meeting

More information

Statistics on Pending Mutual Agreement Procedures (MAPs) under the Arbitration Convention at the End of 2015

Statistics on Pending Mutual Agreement Procedures (MAPs) under the Arbitration Convention at the End of 2015 EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Direct taxation, Tax Coordination, Economic Analysis and Evaluation Direct Tax Policy and Cooperation Brussels, October 2016 Taxud/D2

More information

ul. Vetterów 138, Lublin, 22222, Poland Phone: , Fax: , WWW:

ul. Vetterów 138, Lublin, 22222, Poland Phone: , Fax: ,     WWW: Sample Poland IGK-number: 133-125-529 Reported Subject Full Name Name in national language Trading Names, Brands Sample + Activities, SIC Activities, NACE_2 Office Address Legal Address Contacts Registration

More information

Statistics on Pending Mutual Agreement Procedures (MAPs) under the Arbitration Convention at the End of 2014

Statistics on Pending Mutual Agreement Procedures (MAPs) under the Arbitration Convention at the End of 2014 EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Direct taxation, Tax Coordination, Economic Analysis and Evaluation Direct Tax Policy and Cooperation Brussels, October 2015 Taxud/D2

More information

Variance estimation on SILC based indicators

Variance estimation on SILC based indicators Variance estimation on SILC based indicators Emilio Di Meglio Eurostat emilio.di-meglio@ec.europa.eu Guillaume Osier STATEC guillaume.osier@statec.etat.lu 3rd EU-LFS/EU-SILC European User Conference 1

More information

GIS Reference Layers on UWWT Directive Sensitive Areas. Technical Report. Version: 1.0. ETC/Water task:

GIS Reference Layers on UWWT Directive Sensitive Areas. Technical Report. Version: 1.0. ETC/Water task: GIS Reference Layers on UWWT Directive Sensitive Areas Technical Report Version: 1.0 ETC/Water task: 1.4.1.3 Prepared by / compiled by: Jiri Kvapil, ETC/W Organisation: CENIA EEA Project Manager: Bo Jacobsen

More information

ANNEXES. to the REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL

ANNEXES. to the REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL EUROPEAN COMMISSION Brussels, 6..5 COM(5) 5 final ANNEXES to 4 ANNEXES to the REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL European Union Solidarity Fund Annual Report 4 EN EN

More information

Disclosures - IFFCO TOKIO General Insurance Co. Ltd. for the period 1st April, st December, 2018 S.No. Form No Description

Disclosures - IFFCO TOKIO General Insurance Co. Ltd. for the period 1st April, st December, 2018 S.No. Form No Description Disclosures - IFFCO TOKIO General Insurance Co. Ltd. for the period 1st April, 2018-31st December, 2018 S.No. Form No Description 1 NL-1-B-RA Revenue Account 2 NL-2-B-PL Profit & Loss Account 3 NL-3-B-BS

More information

Assessment and Improvement of Methodologies used for GHG Projections

Assessment and Improvement of Methodologies used for GHG Projections Assessment and Improvement of Methodologies used for GHG Projections Jan Duerinck Etsap workshop 3 July 2008 Paris Who is using Markal and how Jan Duerinck Etsap workshop 3 July 2008 Paris 1 Outline of

More information

Preparatory Signal Detection for the EU-27 Member States Under EU Burden Sharing Advanced Monitoring Including Uncertainty ( )

Preparatory Signal Detection for the EU-27 Member States Under EU Burden Sharing Advanced Monitoring Including Uncertainty ( ) International Institute for Applied Systems Analysis Schlossplatz 1 A-2361 Laxenburg, Austria Tel: +43 2236 807 342 Fax: +43 2236 71313 E-mail: publications@iiasa.ac.at Web: www.iiasa.ac.at Interim Report

More information

Evolution Strategies for Optimizing Rectangular Cartograms

Evolution Strategies for Optimizing Rectangular Cartograms Evolution Strategies for Optimizing Rectangular Cartograms Kevin Buchin 1, Bettina Speckmann 1, and Sander Verdonschot 2 1 TU Eindhoven, 2 Carleton University September 20, 2012 Sander Verdonschot (Carleton

More information

Directorate C: National Accounts, Prices and Key Indicators Unit C.3: Statistics for administrative purposes

Directorate C: National Accounts, Prices and Key Indicators Unit C.3: Statistics for administrative purposes EUROPEAN COMMISSION EUROSTAT Directorate C: National Accounts, Prices and Key Indicators Unit C.3: Statistics for administrative purposes Luxembourg, 17 th November 2017 Doc. A6465/18/04 version 1.2 Meeting

More information

Land Cover and Land Use Diversity Indicators in LUCAS 2009 data

Land Cover and Land Use Diversity Indicators in LUCAS 2009 data Land Cover and Land Use Diversity Indicators in LUCAS 2009 data A. Palmieri, L. Martino, P. Dominici and M. Kasanko Abstract Landscape diversity and changes are connected to land cover and land use. The

More information

EUROINDICATORS WORKING GROUP THE IMPACT OF THE SEASONAL ADJUSTMENT PROCESS OF BUSINESS TENDENCY SURVEYS ON TURNING POINTS DATING

EUROINDICATORS WORKING GROUP THE IMPACT OF THE SEASONAL ADJUSTMENT PROCESS OF BUSINESS TENDENCY SURVEYS ON TURNING POINTS DATING EUROINDICATORS WORKING GROUP 11 TH MEETING 4 & 5 DECEMBER 2008 EUROSTAT D1 DOC 239/08 THE IMPACT OF THE SEASONAL ADJUSTMENT PROCESS OF BUSINESS TENDENCY SURVEYS ON TURNING POINTS DATING ITEM 6.2 ON THE

More information

Summary report on the progress made in financing and implementing financial engineering instruments co-financed by Structural Funds

Summary report on the progress made in financing and implementing financial engineering instruments co-financed by Structural Funds EUROPEAN COMMISSION DIRECTORATE-GENERAL Regional and Urban Policy DIRECTORATE-GENERAL Employment, Social Affairs and Inclusion Summary report on the progress made in financing and implementing instruments

More information

MANAGEMENT REPORT FROM 1 / 4 / 2016 TO 31 / 03 / 2017

MANAGEMENT REPORT FROM 1 / 4 / 2016 TO 31 / 03 / 2017 MANAGEMENT REPORT FROM 1 / 4 / 2016 TO 31 / 03 / 2017 1 NOTE 1 EVOLUTION OF THE BUSINESS AND SITUATION OF THE COMPANY The business has evolved favourably despite the difficult economic climate that exists.

More information

Policy Research Corporation

Policy Research Corporation Policy Research Corporation SOUND SOLUTIONS BASED ON SCIENTIFIC RESEARCH EC DG Mare study The role of Maritime Clusters to enhance the strength and development of maritime sectors Dr. Harry Webers Rome,

More information

Problems arising during the implementation of CLC2006

Problems arising during the implementation of CLC2006 Problems arising during the implementation of CLC2006 George Büttner, Barbara Kosztra ETC-LUSI / FÖMI (HU) EIONET WG meeting on Land Monitoring IGN Portugal, 10-12 March 2010 Contents of presentation Present

More information

FINANCIAL STATEMENTS OF THE COMPANY

FINANCIAL STATEMENTS OF THE COMPANY FINANCIAL STATEMENTS OF THE COMPANY getback Spółka Akcyjna for the period between 01.01.2014 and 31.12.2014 which include: 1. INTRODUCTION TO THE FINANCIAL STATEMENTS 2. BALANCE SHEET 3. PROFIT AND LOSS

More information

LUCAS 2009 (Land Use / Cover Area Frame Survey)

LUCAS 2009 (Land Use / Cover Area Frame Survey) EUROPEAN COMMISSION EUROSTAT Directorate E: Sectoral and regional statistics Unit E-1: Farms, agro-environment and rural development LUCAS 2009 (Land Use / Cover Area Frame Survey) M3 - Non sampling error

More information

1. Demand for property on the coast

1. Demand for property on the coast 1. Demand for property on the coast Key message Irrespective of density and location, population in Europe in general tends to concentrate in coastal areas. Detailed spatial elaboration of processes shows

More information

CONTENT. I. Project at a Glance. A Small write up about the Project & Promoters Back Ground. Project Implementation Schedule. Financial Statements

CONTENT. I. Project at a Glance. A Small write up about the Project & Promoters Back Ground. Project Implementation Schedule. Financial Statements CONTENT I. Project at a Glance II. III. IV. A Small write up about the Project & Promoters Back Ground Project Implementation Schedule Financial Statements FINANCIAL ANALYSIS 1 Details of Project 2 Projected

More information

MACRO-PRUDENTIAL RULES AND REGULATION (2015): DISCLOSURE REQUIREMENTS ANNEXURE I: FORMAT FOR ANNUAL DISCLOSURES DRUK PNB BANK LTD.

MACRO-PRUDENTIAL RULES AND REGULATION (2015): DISCLOSURE REQUIREMENTS ANNEXURE I: FORMAT FOR ANNUAL DISCLOSURES DRUK PNB BANK LTD. MACRO-PRUDENTIAL RULES AND REGULATION (2015): DISCLOSURE REQUIREMENTS ANNEXURE I: FORMAT FOR ANNUAL DISCLOSURES DRUK PNB BANK LTD. For the Year ended December 31, 2016 Item 1: Tier I Capital and its Sub-components

More information

THE USE OF CSISZÁR'S DIVERGENCE TO ASSESS DISSIMILARITIES OF INCOME DISTRIBUTIONS OF EU COUNTRIES

THE USE OF CSISZÁR'S DIVERGENCE TO ASSESS DISSIMILARITIES OF INCOME DISTRIBUTIONS OF EU COUNTRIES QUANTITATIVE METHODS IN ECONOMICS Vol. XV, No. 2, 2014, pp. 167-176 THE USE OF CSISZÁR'S DIVERGENCE TO ASSESS DISSIMILARITIES OF INCOME DISTRIBUTIONS OF EU COUNTRIES Jarosław Oczki 1, Ewa Wędrowska 2 Nicolaus

More information

LIBET S.A. Financial statements for the period of 12 months ended on 31 December 2014

LIBET S.A. Financial statements for the period of 12 months ended on 31 December 2014 Financial statements A. Introduction B. Balance sheet C. Profit and loss statement D. Statement on changes in equity E. Cash flow statement F. Additional information and clarifications 1 A. INTRODUCTION

More information

HOW TO USE THE SBDC FINANCIAL TEMPLATE

HOW TO USE THE SBDC FINANCIAL TEMPLATE HOW TO USE THE SBDC FINANCIAL TEMPLATE It is strongly suggested that, if you are not well acquainted with Financial Statements and their interrelationships, that you seek the assistance of the Small Business

More information

GRIPs. Overview Andrea Ćirlićová Business Area Manager, System Development

GRIPs. Overview Andrea Ćirlićová Business Area Manager, System Development GRIPs Overview 2013 Andrea Ćirlićová Business Area Manager, System Development 6 th TYNDP Workshop, Brussels -- 15 November 2012 GRIPs GRIPs are the regional interlink between Union-wide TYNDP and national

More information

BANGALORE METROPOLITAN TRANSPORT CORPORATION

BANGALORE METROPOLITAN TRANSPORT CORPORATION BANGALORE METROPOLITAN TRANSPORT CORPORATION BALANCE SHEET AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH 2013 ACCOUNTS DEPARTMENT CENTRAL OFFICES :: BANGALORE - 560 027 (Amount ) BANGALORE

More information

1) Standards and Methodology for the Evaluation of Financial Statements 2) Letter of Credit Instructions

1) Standards and Methodology for the Evaluation of Financial Statements 2) Letter of Credit Instructions TO: IATA Travel Agencies DATE: 29 th January 2016 REFERENCE: Annual Financial Review Preparation - Agency Risk Management Guideline About In preparation for your agency s upcoming annual financial review,

More information

Axel Ssymank. Bundesamt für Naturschutz

Axel Ssymank. Bundesamt für Naturschutz Experiences of the analysis of Natura 2000 sites and conclusions regarding coherence on EU-level Axel Ssymank Vilm, May 10 th 2005 Coherence on EU-level... Natura 2000 in the EU Site fragmentation Conservation

More information

The flow of funds in a who-to-whom framework: balance-sheet interlinkages and propagation of quantity shocks

The flow of funds in a who-to-whom framework: balance-sheet interlinkages and propagation of quantity shocks The flow of funds in a who-to-whom framework: balance-sheet interlinkages and propagation of quantity shocks C Girón (*) European Central Bank (**) How financial systems work: evidence from financial accounts

More information

Mainor Ülemiste AS. Interim Report July September

Mainor Ülemiste AS. Interim Report July September Mainor Ülemiste AS Interim Report July September 2018 http://mainorulemiste.ee/opiku/ Main Events in the 3Q 2018 Mainor Ülemiste s subsidiary concluded a loan agreement in amount of 10,7 million euros

More information

Information Bulletin 5/2010

Information Bulletin 5/2010 Information Bulletin /2010 Warsaw, 2010 Compiled from NBP materials by the Department of Statistics as at July 13, 2010. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published

More information

5. Atmospheric Supply of Mercury to the Baltic Sea in 2015

5. Atmospheric Supply of Mercury to the Baltic Sea in 2015 Atmospheric Supply of Mercury to the Baltic Sea in 2015 69 5. Atmospheric Supply of Mercury to the Baltic Sea in 2015 In this chapter the results of model evaluation of mercury atmospheric input to the

More information

"Transport statistics" MEETING OF THE WORKING GROUP ON RAIL TRANSPORT STATISTICS. Luxembourg, 25 and 26 June Bech Building.

Transport statistics MEETING OF THE WORKING GROUP ON RAIL TRANSPORT STATISTICS. Luxembourg, 25 and 26 June Bech Building. Document: Original: Rail/2007/9/EN English "Transport statistics" MEETING OF THE WORKING GROUP ON RAIL TRANSPORT STATISTICS Luxembourg, 25 and 26 June 2007 Bech Building Room BECH Ampere Beginning 10:00

More information

NASDAQ OMX Copenhagen A/S. 3 October Jyske Bank meets 9% Core Tier 1 ratio in EU capital exercise

NASDAQ OMX Copenhagen A/S. 3 October Jyske Bank meets 9% Core Tier 1 ratio in EU capital exercise NASDAQ OMX Copenhagen A/S JYSKE BANK Vestergade 8-16 DK-8600 Silkeborg Tel. +45 89 89 89 89 Fax +45 89 89 19 99 A/S www. jyskebank.dk E-mail: jyskebank@jyskebank.dk Business Reg. No. 17616617 - meets 9%

More information

CITY OF PORT ST. LUCIE UTILITY SYSTEMS DEPARTMENT

CITY OF PORT ST. LUCIE UTILITY SYSTEMS DEPARTMENT CITY OF PORT ST. LUCIE UTILITY SYSTEMS DEPARTMENT FINANCIAL STATEMENT AND PROJECT REPORT Twelfth Month Ending September 30, 2017 City of Port St. Lucie, Florida Prepared by: The Finance Department INTRODUCTORY

More information

Information Bulletin 11/2011

Information Bulletin 11/2011 Information Bulletin 11/2011 Warsaw, 2012 Compiled from NBP materials by the Department of Statistics as at January 13, 2012. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop

More information

Dangote Flour Mills Plc

Dangote Flour Mills Plc SUMMARY OF OFFER Opening Date 6 th September 27 Closing Date 27 th September 27 Shares on Offer 1.25bn Ord. Shares of 5k each Offer Price Offer Size Market Cap (Post Offer) Minimum Offer N15. per share

More information

European Commission. The role of Maritime Clusters to enhance the strength and development in European maritime sectors.

European Commission. The role of Maritime Clusters to enhance the strength and development in European maritime sectors. European Commission SOCIO-ECONOMIC STUDIES IN THE FIELD OF THE INTEGRATED MARITIME POLICY FOR THE EUROPEAN UNION The role of Maritime Clusters to enhance the strength and development in European maritime

More information

Investors presentation Oddo BHF Forum - January 2019

Investors presentation Oddo BHF Forum - January 2019 Investors presentation Oddo BHF Forum - January 2019 YMAGIS IN A NUTSHELL European leader for digital technologies and services for the cinema industry 26 countries 180m present in 26 countries across

More information

INDEPENDENT AUDITOR'S REPORT

INDEPENDENT AUDITOR'S REPORT INDEPENDENT AUDITOR'S REPORT For the General Meeting of Shareholders and the Supervisory Board Nowe Usługi Spółka Akcyjna in Katowice We have audited the accompanying financial statements of Nowe Usługi

More information

We Care Community Foundation Statement of Financial Income and Expense Accrual Basis January 1 through December 15, 2007

We Care Community Foundation Statement of Financial Income and Expense Accrual Basis January 1 through December 15, 2007 211 Student Ed 221 Teacher Ed 511 Management 521 Governance 531 Membership de... 100 Research (200 ED) (200 ED) Total 200 ED (500 M&G) (500 M&G) (500 M&G) Ordinary Income/Expense Income 4 Contributed support

More information

Sensitivity to Market Risk Consolidated Examples

Sensitivity to Market Risk Consolidated Examples Sensitivity to Market Risk Consolidated Examples Table of Contents Click the titles below to access the examples or you may scroll through the document. Sample IRRSA IRRSA Earnings Page Example UBPR: Balance

More information

Common Size Statements Reports in the Common Size Statements Folder

Common Size Statements Reports in the Common Size Statements Folder Common Size Statements Reports in the Common Size Statements Folder Report Name Annual Common Size Balance Sheet Annual Common Size Income Statement Quarterly Common Size Balance Sheet Quarterly Common

More information

Information Bulletin 11/2010

Information Bulletin 11/2010 Information Bulletin 11/2010 Warsaw, 2011 Compiled from NBP materials by the Department of Statistics as at January 13, 2011. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop

More information

CITY OF PORT ST. LUCIE UTILITY SYSTEMS DEPARTMENT

CITY OF PORT ST. LUCIE UTILITY SYSTEMS DEPARTMENT CITY OF PORT ST. LUCIE UTILITY SYSTEMS DEPARTMENT FINANCIAL STATEMENT AND PROJECT REPORT Sixth Month Ending March 31, 2018 City of Port St. Lucie, Florida Prepared by: The Finance Department INTRODUCTORY

More information

Corporate Governance, and the Returns on Investment

Corporate Governance, and the Returns on Investment Corporate Governance, and the Returns on Investment Klaus Gugler, Dennis C. Mueller and B. Burcin Yurtoglu University of Vienna, Department of Economics BWZ, Bruennerstr. 72, A-1210, Vienna 1 Considerable

More information

PROJECT PROFILE ON THE ESTABLISHMENT OF RECREATIONAL CENTER

PROJECT PROFILE ON THE ESTABLISHMENT OF RECREATIONAL CENTER Investment Office ANRS PROJECT PROFILE ON THE ESTABLISHMENT OF RECREATIONAL CENTER Development Studies Associates (DSA) October 2008 Addis Ababa Table of Contents 1. Executive Summary...1 2. Service Description

More information

Comparative Reports Reports in the Comparative Reports Folder

Comparative Reports Reports in the Comparative Reports Folder Comparative Reports Reports in the Comparative Reports Folder Report Name Comparative Annual Balance Sheet Comparative Annual Balance Sheet for a User Defined Set Comparative Annual Income Statement Comparative

More information

Orange County Public Schools Orlando, Florida

Orange County Public Schools Orlando, Florida Orange County Public Schools Orlando, Florida Annual Financial Report 2013-2014 ORANGE COUNTY PUBLIC SCHOOLS MANAGEMENT S DISCUSSION AND ANALYSIS June 30, 2014 Exhibit A-1 Page 1a As management of the

More information

Composition of capital ES059

Composition of capital ES059 Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Summary of data. on the progress made in financing and implementing financial engineering instruments

Summary of data. on the progress made in financing and implementing financial engineering instruments Summary of data on the progress made in financing and implementing financial engineering instruments reported by the managing authorities in accordance with Article 67(2)(j) of Council Regulation (EC)

More information

Information Bulletin 8/2009

Information Bulletin 8/2009 Information Bulletin 8/2009 Warsaw, 2010 Compiled from NBP materials by the Department of Statistics as at October 13, 2009. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop

More information

Composition of capital ES060 ES060 POWSZECHNAES060 BANCO BILBAO VIZCAYA ARGENTARIA S.A. (BBVA)

Composition of capital ES060 ES060 POWSZECHNAES060 BANCO BILBAO VIZCAYA ARGENTARIA S.A. (BBVA) Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Composition of capital DE025

Composition of capital DE025 Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Composition of capital CY007 CY007 POWSZECHNACY007 BANK OF CYPRUS PUBLIC CO LTD

Composition of capital CY007 CY007 POWSZECHNACY007 BANK OF CYPRUS PUBLIC CO LTD Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Composition of capital NO051

Composition of capital NO051 Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Composition of capital LU045 LU045 POWSZECHNALU045 BANQUE ET CAISSE D'EPARGNE DE L'ETAT

Composition of capital LU045 LU045 POWSZECHNALU045 BANQUE ET CAISSE D'EPARGNE DE L'ETAT Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Composition of capital DE028 DE028 POWSZECHNADE028 DekaBank Deutsche Girozentrale, Frankfurt

Composition of capital DE028 DE028 POWSZECHNADE028 DekaBank Deutsche Girozentrale, Frankfurt Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Composition of capital CY006 CY006 POWSZECHNACY006 CYPRUS POPULAR BANK PUBLIC CO LTD

Composition of capital CY006 CY006 POWSZECHNACY006 CYPRUS POPULAR BANK PUBLIC CO LTD Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Composition of capital DE017 DE017 POWSZECHNADE017 DEUTSCHE BANK AG

Composition of capital DE017 DE017 POWSZECHNADE017 DEUTSCHE BANK AG Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Composition of capital FR013

Composition of capital FR013 Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Composition of capital FR015

Composition of capital FR015 Composition of capital POWSZECHNA (in million Euro) Capital position CRD3 rules A) Common equity before deductions (Original own funds without hybrid instruments and government support measures other than

More information

Information Bulletin 12/2008

Information Bulletin 12/2008 Information Bulletin 12/2008 Warsaw, May 2009 Compiled from NBP materials by the Department of Statistics as at February 12, 2009. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop

More information

Information Bulletin 2/2011

Information Bulletin 2/2011 Information Bulletin 2/2011 Warsaw, 2011 Compiled from NBP materials by the Department of Statistics as at April 13, 2011. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published

More information

Firm-to-Firm Trade: Imports, Exports, and the Labor Market. IEA: Mexico City. Jonathan Eaton, Samuel Kortum, Francis Kramarz.

Firm-to-Firm Trade: Imports, Exports, and the Labor Market. IEA: Mexico City. Jonathan Eaton, Samuel Kortum, Francis Kramarz. Firm-to-Firm Trade: Imports, Exports, and the Labor Market Jonathan Eaton, Samuel Kortum, Francis Kramarz IEA: Mexico City June 2017 Overview Develop granular theory of rms, jobs, and international trade

More information

Case Doc 496 Filed 04/26/12 Entered 04/26/12 15:39:11 Desc Main Document Page 1 of 17

Case Doc 496 Filed 04/26/12 Entered 04/26/12 15:39:11 Desc Main Document Page 1 of 17 Document Page 1 of 17 Document Page 2 of 17 DEBTOR: MID-AMERICA CEDAR, INC. CASE NO: 11-45203 Form 2-B CASH RECEIPTS AND DISBURSEMENTS STATEMENT For Period: _3/1/2012_ to _3/31/2012_ CASH FLOW SUMMARY

More information

City of Scottsbluff, Nebraska Monday, December 4, 2017 Regular Meeting

City of Scottsbluff, Nebraska Monday, December 4, 2017 Regular Meeting City of Scottsbluff, Nebraska Monday, December 4, 2017 Regular Meeting Item Finance1 Council to review the Financial Report. Staff Contact: Liz Hilyard, Finance Director Scottsbluff Regular Meeting - 12/4/2017

More information

Information Bulletin 9/2007

Information Bulletin 9/2007 Information Bulletin 9/2007 Warsaw, January 2008 Compiled from NBP materials by the Department of Statistics as at November 13, 2007. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP

More information

Information Bulletin 5/2007

Information Bulletin 5/2007 Information Bulletin /2007 Warsaw, September 2007 Compiled from NBP materials by the Department of Statistics as at July 13, 2007. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop

More information

Summary of Main Checking Account

Summary of Main Checking Account December 31, 2014 Summary of Main Checking Account Cash In Cash Out Net Change Prior Month Current Pre-Paid Sub Total Current Pre-Paid Sub Total Current Pre-Paid Total Year October 34,667.52 20,265.00

More information

Flexible Top Trading Cycles and Chains Mechanism: Maintaining Diversity in Erasmus Student Exchange

Flexible Top Trading Cycles and Chains Mechanism: Maintaining Diversity in Erasmus Student Exchange 1/52 Flexible Top Trading Cycles and Chains Mechanism: Maintaining Diversity in Erasmus Student Exchange Umut Dur Onur Kesten Utku Ünver Econometric Society World Congress'15 New Market-Old Mechanism 2/52

More information

COMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION STAFF WORKING DOCUMENT. Annexes accompanying the

COMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION STAFF WORKING DOCUMENT. Annexes accompanying the EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 20.5.2009 SEC(2009) 684 COMMISSION STAFF WORKING DOCUMENT Annexes accompanying the REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE

More information

Information Bulletin 9/2011

Information Bulletin 9/2011 Information Bulletin 9/2011 Warsaw, 2011 Compiled from NBP materials by the Department of Statistics as at November 1, 2011. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop

More information

Information Bulletin 4/2007

Information Bulletin 4/2007 Information Bulletin 4/2007 Warsaw, September 2007 Compiled from NBP materials by the Department of Statistics as at May 18, 2007. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop

More information

Jacob Holm & Sønner Holding A/S. Interim Report Q CVR-nr

Jacob Holm & Sønner Holding A/S. Interim Report Q CVR-nr Jacob Holm & Sønner Holding A/S Interim Report Q4 2017 CVR-nr. 28 15 69 60 Table of content Page Management s Review 2 Interim Report for Q4 2017 (Oct 1 - Dec 31, 2017) 3 Financial Review 4 General information

More information

Tax Return Transcript

Tax Return Transcript This Product Contains Sensitive Taxpayer Data Request Date: 01-23-2008 Response Date: 01-23-2008 Tax Return Transcript IRS Employee Number: QCW-- Tracking Number: 10002281XXXX EIN Provided: 75-2XXXXXX

More information

Sample Institution Memphis, TN

Sample Institution Memphis, TN Morgan Keegan FIXED INCOME RESEARCH Morgan Keegan & Company, Inc. Members New York Stock Exchange Memphis, TN Asset & Liability Analysis MORGAN KEEGAN & COMPANY, INC. Memphis, Tennessee June 2, 2008 The

More information

TEPZZ A T EP A2 (19) (11) EP A2 (12) EUROPEAN PATENT APPLICATION. (51) Int Cl.: H02M 7/483 ( )

TEPZZ A T EP A2 (19) (11) EP A2 (12) EUROPEAN PATENT APPLICATION. (51) Int Cl.: H02M 7/483 ( ) (19) TEPZZ 7849 6A T (11) EP 2 784 926 A2 (12) EUROPEAN PATENT APPLICATION (43) Date of publication: 01..14 Bulletin 14/40 (1) Int Cl.: H02M 7/483 (07.01) (21) Application number: 14162389.2 (22) Date

More information

Texas Tech University Health Sciences Center (739) Statement of Net Position August 31, 2017 and 2016

Texas Tech University Health Sciences Center (739) Statement of Net Position August 31, 2017 and 2016 Statement of Net Position August 31, 2017 and 2016 Restated 2017 2016 ASSETS Current Assets: Cash and Cash Equivalents $ 55,910,167.26 $ 58,852,794.43 Restricted Cash and Cash Equivalents 76,001,967.30

More information

European Apple Crop Outlook 2017 a review of 2016 season and outlook Philippe Binard World Apple and Pear Association (WAPA)

European Apple Crop Outlook 2017 a review of 2016 season and outlook Philippe Binard World Apple and Pear Association (WAPA) European Apple Crop Outlook 2017 a review of 2016 season and outlook 2017 Philippe Binard World Apple and Pear Association (WAPA) European Union 2016 apple crop final -2,2 % or 260.000 T Forecasted: 12.006.000

More information

Orange County Public Schools Orlando, Florida

Orange County Public Schools Orlando, Florida Orange County Public Schools Orlando, Florida Annual Financial Report 2015-2016 ORANGE COUNTY PUBLIC SCHOOLS MANAGEMENT S DISCUSSION AND ANALYSIS Exhibit A-1 Page 1a As management of the District School

More information

Results as of 30 September 2018

Results as of 30 September 2018 rt Results as of 30 September 2018 F r e e t r a n s l a t ion f r o m t h e o r ig ina l in S p a n is h. I n t h e e v e n t o f d i s c r e p a n c y, t h e Sp a n i s h - la n g u a g e v e r s ion

More information

Information Bulletin 10/2008

Information Bulletin 10/2008 Information Bulletin 10/2008 Warsaw, February 2009 Compiled from NBP materials by the Department of Statistics as at December 12, 2008. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP

More information

SIGIT POLAND SP. Z O.O. FINANCIAL REPORT

SIGIT POLAND SP. Z O.O. FINANCIAL REPORT SIGIT POLAND SP. Z O.O. FINANCIAL REPORT For fiscal year January 01 December 31, 2016 Page 1 of 7 1. Company Registration SIGIT POLAND Spółka z ograniczoną odpowiedzialnością (a limited liability company)

More information

Jupiter lnfomeclia. 2. We hereby declare that the Audit Reports mentioned above have unmodified opinion.

Jupiter lnfomeclia. 2. We hereby declare that the Audit Reports mentioned above have unmodified opinion. Jupiter lnfomeclia Limited Date: May 30th, 2018 JM/592/2018 To, The Listing Operation Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 Dear Sifs, Sub.: Outcome of the Board

More information

GASB 34. Basic Financial Statements M D & A

GASB 34. Basic Financial Statements M D & A GASB 34 Basic Financial Statements M D & A In June 1999, the Governmental Accounting Standards Board issued Statement No. 34 (GASB 34) which fundamentally changed the financial reporting model for state

More information

Information Bulletin 7/2007

Information Bulletin 7/2007 Information Bulletin 7/2007 Warsaw, December 2007 Compiled from NBP materials by the Department of Statistics as at September 12, 2007. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP

More information

GIS Reference Layers on UWWT Directive Sensitive Areas Description of dataset and processing

GIS Reference Layers on UWWT Directive Sensitive Areas Description of dataset and processing EEA/NSV/10/002 ETC/ICM GIS Reference Layers on UWWT Directive Sensitive Areas Description of dataset and processing Version: 5.0 Date: 21/08/2013 EEA activity: 1.4.1.b ETC/ICM task, milestone:3 Prepared

More information

Information Bulletin 4/2008

Information Bulletin 4/2008 Information Bulletin 4/2008 Warsaw, August 2008 Compiled from NBP materials by the Department of Statistics as at June 17, 2008. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop

More information

Alvin's Paints Ltd., CS Solution Comparative Income Statement

Alvin's Paints Ltd., CS Solution Comparative Income Statement Alvin's Paints Ltd., CS Solution Comparative Income Statement REVENUE Actual Jan 01, 2017 to Jan 31, 2017 Budget Jan 01, 2017 to Dec 31, 2017 Percent Sales Revenue Sales Paint 2,744.00 360,000.00-99.24

More information