Zürich, 6. Oktober 2014

Der grösste Schweizer Milchverarbeiter Emmi verkauft den Joghurthersteller Trentinalatte an die deutsch-österreichische Industrieholding Livia. Über den Kaufpreis wurde Stillschweigen vereinbart, wie Emmi am Montag mitteilte. Trentinalatte mit Sitz in Roverè della Luna hat dem Unternehmen den Halbjahresabschluss schwer in Leidenschaft bezogen. Belastet von Wertberichtigungen auf der norditalienischen Tochter von CHF 38.5 Mio. ist der Reingewinn um 76% auf CHF 9.8 Mio. gefallen.

Emmi hatte Trentinalatte im Juli 2006 übernommen mit dem Ziel das Joghurtgeschäft in Italien zu diversifizieren. Der Kaufpreis war damals nicht genannt, jedoch von Analysten aber auf rund CHF 30 Mio. geschätzt worden. Trentinalatte leidet laut Emmi unter der angespannten wirtschaftlichen Lage in Italien. Für die Tochtergesellschaft seien alle Optionen geprüft worden, hiess es. Emmi habe sich unter einer Vielzahl von Interessenten für den Verkauf an Livia entschieden.

Für das weiter Bestehen von Trentinalatte seien alle Optionen sorgfältig geprüft worden und man freue sich, dass mit der Livia Gruppe ein Investor gefunden wurde, der das Potenzial der Mitarbeitenden und des Standortes zu würdigen wisse. Die Industrieholding mit Sitz in München und Wien verfüge über das notwendige Knowhow für eine erfolgreiche Trentinalatte. /RLU

source: www.emmi.com

Tokyo, October 6, 2014

From Silence Shareholders  to Proactive Stakeholders

Japanese institutional investors such as pension funds and financial institutions were traditionally seen as “silent shareholders” or “sleeping shareholders.” Companies would have cross-holdings of share with other companies with which they did cooperate, but these investors long supported the management of the companies in which they held investments without getting proactively engaged, even when they were underperforming. This situation has started to take another shape drastically.

Japanese Financial Service Agency (FSA) launched a Japanese version of “Stewardship Code” in February 2014, inviting institutional investors to sign up. Modelled on the British Stewardship Code adopted in 2010, these Principles for Responsible Institutional Investors were set out as a code of behaviour for institutional investors who hold corporate stocks.

In Japan’s stewardship code, “stewardship responsibility” is defined as the responsibility of institutional investors to enhance the medium- to long-term investment return for their clients and beneficiaries by improving the investee companies’ corporate value and promoting sustainable growth through constructive engagement or purposeful dialogue based on in-depth  and trustfuly understanding of the companies and their business environment.

The code encompasses principles considered to be useful for institutional investors who behave as responsible institutional investors in fulfilling their stewardship responsibilities, with due regard to all stakeholders as to clients/beneficiaries and to investee companies. The code states: “By fulfilling their stewardship responsibilities properly in line with this Code, institutional investors will also be able to contribute to the growth of the economy as a whole.” The seven principles in the code are ment to promote sustainable growth of the invested company and enhance the medium- and long-term investment return of clients and beneficiaries.  Institutional investors are invited to:

1. shape and disclose a policy to fulfil their stewardship responsibilities
2. shape and disclose a policy on how they manage conflicts of interest
3. monitor investment  situations appropriately
4. work together with the invested company and search to solve problems through constructive engagement with the invested company
5. have a policy on voting and disclosure voting activity
6. report periodically and trasparently on how they fulfil their stewardship responsibilities, including their voting responsibilities, to their clients and beneficiaries
7. Have good knowledge of the invested companies and their business environment, and consolidate skills and dialogue resources needed to make proper judgments in fulfilling their stewardship activities.

The code is not a law or legally binding regulation. Nevertheless, the FSA expects to see progress in its implementation by compiling a list every three months of institutional investors who have announced that they have adopted the code. As of May 2014, three months after it was launched, 127 institutional investors had announced their intention to adopt it.

The Government Pension Investment Fund (GPIF), managing about 130 trillion yen (about U.S.D. 1.29 trillion), is the biggest among them. Also, in the private sector, some major life insurance companies and trust banks have together indicated their acceptance of the code. In the past, many of the institutional investors were subject the investment management companies for voting at the shareholder meetings of their investments and did not disclose their policies on voting. With the code principles, functions of monitoring investments’ management will be strengthened, thanks to the code inducing institutional investors to create voting policies or make the respect the sustanability standards more rigorous.

Japan has not been known as a leader in socially responsible investment (SRI), in part due to the lack of proactive institutional investors. The ethical values worked within the Japanese traditions’ frame. With this new code, “proactive shareholders” get the larger scale of universal ethical values in doing business and may play a bigger role in supporting money flows that will enhance a sustainable society. /RLU

Helsinki, 18 September 2014

Outokumpu OyJ today showcased its high-quality offering in surface finishes in simultaneous events in Germany and China and demonstrated why stainless steel is used increasingly in demanding building and infrastructure projects.

At both events, Outokumpu exhibited three of its latest products; 2R2 – a highly reflective, smooth finish in high volume production; GritLine – a bright surface with improved properties through rolling; and Laser – a new surface finish with random pattern that depicts a homogeneous surface, ideal for large façade elements.

Speaking to an audience of architects, designers and material fabricators in Dillenburg, Germany, Mika Seitovirta, CEO of Outokumpu said: “Stainless steel is the preferred material for modern building and construction due to its high mechanical strength, resistance to corrosion, aesthetics and cost efficiency. It performs well in extreme climate conditions and needs little maintenance.”

In both Dillenburg and Shanghai, China, Outokumpu displayed its broad range of surface finishes, many of which adorn some of the world’s most famous buildings, from the Chrysler building and One World Trade Center in New York, to the new headquarters of the Ping An Finance Center in Shenzhen, China. On September 15, Outokumpu announced the delivery of over 800 tonnes of special surface stainless steel for the creation of the facades of Baosteel’s head offices in Shanghai (48,000 m2 of façade) and Guangzhou, China.

Said Seitovirta: “These landmark buildings are more than just beautiful architectural masterpieces. They also tell about the advantages of high-quality stainless steel and underscore Outokumpu’s position as one of the world’s leading innovators in advanced materials.”

The Chrysler building is a great example of low maintenance. It was built in 1930, and except of few panels which have been replaced, the stainless steel roof is original and has been manually cleaned only twice. For the One World Trade Center, Outokumpu designed a brand new surface with random patterns to fit in with the critical surface demands of the architect. The Marina Bay Helix bridge in Singapore features high- strength and corrosion-resistant duplex to ensure low maintenance and continuing beauty in hot and humid maritime conditions.

In addition to the low lifetime cost of stainless, Seitovirta stressed the importance of technical expertise and support for customers: “The requirements for cost-efficient, high-performing, sustainable buildings are growing and those stainless steel suppliers that can offer technical expertise, innovation and end-to-end project support will lead the pack. Outokumpu is one of the suppliers; one which takes building and infrastructure to new heights.”

Outokumpu is a global leader in stainless steel. The Company creates advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs more than 12 000 professionals in more than 30 countries, with headquarters in Espoo, Finland and shares listed in the NASDAQ OMX Helsinki.

Source: www.outokumpu.com

Helsinki, 12 September 2014

A delegation from Standard & Poor’s began on Wednesday its three-day round of assessments in Finland in an attempt to determine whether or not the country should retain the highest, triple-A credit rating. This year, Standard & Poor’s downgraded Finland to seventh on its list of sovereign states by credit rating, after ranking the country third behind Norway and Sweden throughout 2013.

Basically credit rating agencies monitor the development of national debts and assess the ability of national economies to fulfil their financial obligations. Lauri Kajanoja, a principal adviser at the Bank of Finland, reveals that credit rating agencies are interested in the independent assessments of their interviewees of economic developments in Finland and abroad. He said that the focus will vary.

The credit rating agencies are interested in the political situation and the decision-making capacity of the Government. Usually, credit rating agencies have also drafted their own economic forecasts on the basis of key trends and ask the interviewees to comment on their main assumptions. In the short term, the agencies are interested in fluctuations in demand, the behaviour of households, the outlook for export industries and public demand. Meanwhile, the major political talking points in Finland – such as the proposed raise in the retirement age, reduction in municipal responsibilities and cuts in social and health services – may prompt very detailed questions.

After the agency has developed a general understanding of economic developments and the prevalent political situation, the assessment will move on to the structural policy reforms of the Government and the state of the public economy and fiscal policy. In addition, credit rating agencies ask how the regulatory environment has been streamlined to promote competition and whether or not the industrial or innovation policy has been revised. The stability of the financial system, in turn, is always of interest to credit rating agencies due to the high costs associated with the collapse of a bank. RLU

Japan and Switzerland celebrate the FTEPA 5th anniversary

Zurich, 3 September 2014

2009年9月1日に発効したスイスと日本の経済連携協定（FTEPA）は、5周年を迎えました。これを機に、FTEPAが実際どれくらい有効活用されているかについての研究が行われ、発効以来、スイスの輸入業者/日本の輸出業者が節約した関税は、自動車を中心に4,100万スイスフラン(約46億円)にのぼる事がわかりました！

The bilateral Free Trade and Economic Partnership Agreement (FTEPA) between Switzerland and Japan came into effect on September 1, 2009; celebrating its 5th anniversary, this year. A study shows that the agreement allowed Swiss importers and Japanese exporters to save 41 million Swiss francs on duties since then, mainly on vehicles.  Download PDF20 140902_sjcc_ftepa_analysis

Source: www.sjcc.ch

Zürich, 28. August 2014

Die Ems-Gruppe hat im ersten Halbjahr den Nettogewinn markant gesteigert. Dieser nahm gegenüber der entsprechenden Vorjahresperiode um 18% auf CHF 184 Mio. zu.

Dies teilte die Gruppe mit dem definitiven Halbjahresabschluss mit. Die definitiven Zahlen wiesen «keine wesentlichen Abweichungen» zum provisorischen Abschluss auf. Erste Zahlen wurden bereits Anfangs Juli bekannt gemacht. Das Eigenkapital wird mit CHF 1.39 Mrd. ausgewiesen, nach CHF 1.2 Mrd. per Ende 2013. Die Eigenkapitalquote nahm entsprechend um 5.4 Prozentpunkte auf 74.4% zu. Der Nettoumsatz wuchs demnach um 4.8% auf CHF 999 Mio., das Betriebsergebnis (Ebit) um 17% auf CHF 215 Mio. und der Ebitda um 15% auf CHF 242 Mio. Das Finanzergebnis sank indessen um zwei Drittel auf CHF 4 Mio.

Das Eigenkapital wird mit CHF 1.39 Mrd. ausgewiesen, nach CHF 1.2 Mrd. per Ende 2013. Die Eigenkapitalquote nahm entsprechend um 5.4 Prozentpunkte auf 74.4% zu.

Quelle: www.ems-group.com

200 business leaders sign up to say Yes to independence

Edinburgh, 27 August 2014

In Scotland 200 business people have backed independence in an open letter that aims to counter warnings by 130 industry leaders the plans would be bad for trade. Stagecoach chairman Sir Brian Souter, who has donated £1million to the Nationalists in the run-up to the referendum, engineering tycoon Jim McColl, the chairman and chief executive of Clyde Blowers, and Ralph Topping, the Scottish-based former chief executive of William Hill, lead the list of signatories to the document, which is published in today’s Scotland Herald.

The Scottish business people declare that independence would offer Scotland more power to many areas of economic strength in an increasingly competitive world. The independence would provide much more opportunities for young people. The Yes campaign stated more than 2500 business people have joined the Business for Scotland group.

Alex Salmond, the Scottish first minister, underlines that there is strong power to boost the Scottish economy with a Yes vote through control over business tax system, finance, air passenger duty, employment policy, trade policy and immigration policy.

Source: www.heraldscotland.com