Milan, 22 February 2010
UniCredit receives mandate for SEPA payments of the European Commission
The European Commission has charged UniCredit with carrying out a large portion of the Commission's SEPA payments. Thus, UniCredit is one of four banks responsible for all SEPA payment transactions on behalf of the European Commission from now on.
Sergio Ermotti, Deputy-CEO of UniCredit: "This mandate shows the quality of our Global Transaction Banking capabilities that allows us to serve our clients in 22 European countries." Marco Bolgiani, Head of Global Transaction Banking of UniCredit: "The crucial factor for the European Commission's positive decision was our strong commitment to SEPA, together with our large network all over Europe."
The mandate was awarded as the result of a tendering process in which all banks in Europe were invited to take part. "With a share of between 25 and 35 percent of the total volume, we have proved our competitiveness once again", said Marco Bolgiani. The total transaction will amount to more than 1.6 million international payments with a volume of over EUR 33 billion. The European Commission's decision to process payment transactions via SEPA in the future and to focus on four banks means it will progressively abandon the previous model in which local banks in every European state were responsible for processing the respective payments.
About UniCredit
UniCredit is a major international financial institution with strong roots in 22 European countries as well as representative offices in 27 other markets, with approximately 10,000 branches, more than 166,000 employees at 30 September 2009.
In the CEE region, UniCredit operates the largest international banking network with approximately 4,000 branches and outlets.
Global Transaction Banking of UniCredit combines the local expertise of more than 2,000 professionals with the experience of a sophisticated global transaction bank, offering a diverse and proven set of core competencies in the fields of Cash Management and eBanking, Trade Finance, Supply Chain Management, Structured Trade and Export Finance. It offers Global Securities Services when related to CEE countries as well. UniCredit Group is the largest transaction bank in continental Europe. Many international awards demonstrate this. Thanks to an international network comprising about 10,000 branches in 22 countries plus 4,000 correspondent banks in 50 countries around the globe, UniCredit Group serves more than 400,000 corporate customers worldwide.
The Group operates in the following countries: Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
Enquiries:
Media Relations:
Tel. +39 02 88628236 ; e-mail: MediaRelations@unicreditgroup.eu
Global Transaction Banking
Media Relations
Markus Block
Tel. +49 89 378 24644
markus.block@unicreditgroup.de
19. 01. 2010
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14. 01. 2010 -- At the start of 2009, many feared a total automotive meltdown as global economies stalled and the financial system faced collapse. However, various forms of government intervention engineered a relatively soft-landing for the industry given the turbulence. In the case of China, the auto sector not only averted crisis, but posted extraordinary growth.
Calum MacRae, Auto expert, PricewaterhouseCoopers LLP said:
"2009 will forever be remembered as one of the most turbulent and challenging years in the global automotive industry's 100+ year existence. Aside from difficult lessons in financial and operational restructuring, the past year's travails offered a valuable commentary about the relationship between national economic well-being and automotive industry performance.
"Because of the industry's powerful economic multiplier effect, the auto manufacturing sector is considered by many as simply too important to be allowed to fail - especially during periods of recession. In Europe, for example, it is estimated that 2 million are employed directly in the industry, with 12 million more employed indirectly."
So what is in store for 2010? North America will likely exit the recession in a better competitive state than other mature regions due to significant restructuring and capacity reductions made by suppliers and car manufacturers, rather than relying heavily on artificial market stimulus ($3 billion CARS program notwithstanding).
Scrappage
Conversely, the European sector's dependence on scrappage schemes during 2009 has preserved an abundance of capacity. Autofacts currently estimates that 6.5 million units of excess capacity exist in the EU alone, suggesting that the region's challenge to competitively align supply and demand will likely persist due to the existence of many domiciled automakers and national champions.
Given China's performance in 2009, industry observers could be excused for concluding that the market was temporarily stoked by the central government's economic stimulus package, which supported a year on year sales surge of 50%. Not so. According to Chinese Ministry of Commerce officials, scrappage incentives are set to be a long-term strategic input into the industry's development.
Looking ahead
North America
As the curtain drops on a year that was historic for all the wrong reasons - lowest US light vehicle sales since 1982 coupled with the lowest US light vehicle production since the 1940s - 2010 holds considerable promise for the embattled region. Dramatic industry restructuring throughout every level of the value chain has delivered most surviving entities to a leaner and more agile state. Further, with the regional economy reportedly exiting recession in the waning months of 2009 and inventory correction underway, the outlook for North America sales turns positive in 2010. Autofacts forecasts a 10% improvement to 13.9 million units (11.4m in the US), forming the basis for Autofacts' 2010 North America assembly forecast of 10.4 million units.
European Union
PwC Autofacts expects overall EU light vehicle demand to fall by 900,000 units in 2010, driven by a large decline in German car demand. The anticipated decline is not greater due to - in line with economic recovery - growth in non-scrappage EU markets and in light commercial vehicle (LCV) demand, which has been very hard hit over the past two years
East Europe
East Europe suffered an estimated fall in output of 47.4% in 2009 over 2008. 2010 is also likely to be a challenging year, but there should be some improvement in sales and assembly volumes. Similarly, the recovery from recession of major European export markets will have a positive impact on countries that are major vehicle exporters, although this is likely to be tempered by the 'pull-forward' effects of scrappage schemes in major European markets. With EU LCV sales scheduled to experience some recovery, the trend is positive for East European OEMs exporting to the EU.
Developed Asia-Pacific: Japan and Korea
In South Korea, local market incentives did their best to offset the effect of vehicle exports suffering a decline of 24%. The government's tax break incentives for vehicles registered prior to December 31st, 1999 served to boost the local market by some 16% to nearly 1.2 million units. With the tax break expiring at the end of 2009, the onus for the South Korean auto industry will be on a restoration of export volumes as global economic fortunes improve in 2010. Currently, Autofacts expects improved export prospects to result in a 5.2% increase in South Korean light vehicle assembly to 3.4 million in 2010, against the 10.6% decline to 3.3 million posted in 2009.
Japan's industry has suffered similarly to Korea's - weak export volumes compounding poor domestic sales performance.
Developing Asia-Pacific: China and India
Autofacts continues to take an optimistic view on China's prospects due to the bold initiatives outlined by the Beijing government. Although the sales tax for sub-1.6L vehicles has been revised upward to 7.5% from 5% (prior to stimulus, the rate was 10%), the widening of the range of scrappage incentives to RMB5,000-18,000 from RMB3,000-6,000 is a significant step that should help buyers continue to support market growth. The incentives, allied with continuing strong economic performance, should enable China's GDP per capita to breach the US$5,000 barrier in 2012. That barrier traditionally signals a strong upturn in a country's light vehicle sales, thus in 2010, Autofacts anticipates a 10% sales growth rate, down from 2009's astonishing 48%.
India appears to be more circumspect in promoting its vehicle industry and bolstering auto market growth. The government has indicated that its economic stimulus will be wound down in 2010. Already, monetary policy has been tightened to curb increasing inflation. Nevertheless, India's automotive sector prospects look extremely positive as GDP growth should be maintained in the 6-7% range.
South America
The success of Brazilian tax incentives, combined with a strengthening economy helped annual light vehicle sales to reach 3 million units in 2009, a record-breaking 12.7% improvement over 2008. Support for Brazil's domestic market has been crucial to offset a 43% drop in export volume, but the net effect on light vehicle assembly puts 2009 marginally ahead of 2008's previous high point. Looking toward 2010, a confluence of drivers suggests that Brazil's automotive industry will continue to break records. As the export situation improves next year and Brazil's economy posts positive GDP growth, Autofacts forecasts that assembly will increase by a healthy 7.8%.
Calum MacRae, auto expert, PricewaterhouseCoopers, commented:
"Looking ahead, all industry participants along the global supply chain will become intensely focused on remaining relevant in the rapidly changing environment. Success will likely be defined by an entity's ability to fill voids in future technology portfolios, enhance regional coverage, and address scale issues. Thus, increased M&A activity is likely to ensue. With global industry concentration weakening over the forecast period, due to emerging major OEMs, sifting winners from losers is expected to be as challenging as ever."
About PricewaterhouseCoopers
PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 163,000 people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.
"PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
08 JAN 2010 - Company m: tel became well known by social responsibility, as one of the most important strategic objectives.
Corporate social responsibility is especially active in the fields of:
Sponsorships
Humanitarian Action
Sponsorship of concerts, performances, film festivals, sporting events, our name linked to major music stars, world championship, team handball match. m: tel reward excellence, encourage creativity and support of youth activities such as musical creativity and youth entrepreneurship. Sponsoring educational conferences, we support education, and donations for the clinic if we contribute to the development of health care. We participated in many humanitarian activities, donating significant funds for those most in need. The youngest, we become friends since birth, children with special needs from throughout BiH showed that they are not alone. Socially responsible business - plan to continue!
London, 7 JAN 2010 - The after effects of the worldwide economic and financial downturn have altered the business landscape and have challenged long-standing assumptions about successful operating structures. There is a need to establish a new 'normal' for the automotive industry and the reality is that the game has changed, according to the report 'Global Automotive Perspectives' by PricewaterhouseCoopers.
New approaches to everything automotive companies do from reporting to their stakeholders and the investment community to making decisions on tax and legal structures in a changed global market are essential.
Richard Hanna, global auto leader, PricewaterhouseCoopers LLP said:
"During the last decade, the underlying competitive landscape has changed dramatically because of the emergence of new markets and new industry players as well as fundamental changes in the economic environments of the mature markets. The global recession has challenged the core operating models responsible for delivering the business strategy of many companies.
In addition to the traditional disclosures on results of operations, cash flows and financial position, users of financial statements want insight into management strategy for dealing with changing industry, extended liquidity information and transparent discussion of risks and the company's outlook. Establishing a regular information flow between companies and the investment community develops a climate of confidence, creating a virtuous circle of transparency and credibility."
The report highlights three key themes:
Robust and transparent reporting on financial results and outlook
The golden rule of transfer pricing and how companies can help themselves
Simplifying the business model
Financial reporting
Since the beginning of the economic crisis, reporting has focused more on cash flow, and many companies have released enhanced information on debt maturity and covenants, cost-optimised liquidity and capital resources, their level of equity and refinancing measures, and their level of working capital and cash requirements.
However, based on PwC's discussions with analysts at the latest 'Meet the Experts' Conference in London, there are gaps between the provided information and the information that the capital markets need to understand a company's performance. Specifically, capital markets want details on the impact of foreign exchange translation on debt on the one hand, and acquired (or divested) debt on the other hand. Numbers alone however, are not enough - the analyst community need to understand the management's vision and strategy.
Transfer pricing
Most companies have set rules to determine the prices for intercompany transactions. These rules work under stable economic conditions but might not be adequate during a downturn. For example, typical transfer pricing arrangements may generate situations in which a large number of entities within the group are paying cash taxes while the group as a whole is loss-making.
The golden rule of transfer pricing (TP) is to set prices for transactions between related parties as independent parties would - the so-called arm's-length principle.
Simplifying the business model
The automotive industry is over 100 years old, and layers of complexity have been introduced at each turn of its evolution. It has one of the most complicated upstream and downstream value chains for a volume produced product.
Car manufacturers and suppliers need to have different strategies for mature markets versus emerging markets. In emerging markets, companies must have the very efficient market access platform to position themselves to benefit from growth opportunities. However, without the right strategy and execution in mature markets, it is clear that companies cannot profit from emerging markets - the persistence of structural cost and complexity in mature market operations will eventually rob all but the most resilient competitors of the opportunity to compete in emerging markets.
Richard Hanna, global auto leader, PricewaterhouseCoopers LLP said:
"A complex corporate operating model can be costly to manage and to maintain. It can create specific challenges as well, not the least of which is impaired operational efficiency. Change is never easy however, provided the change effort is recognised and managed appropriately, the size of the prize at the end of a successful implementation can be significant -- a cost effective, risk-compliant, tax efficient, and flexible organisation which is truly fit for the future, whatever it might hold."
About PricewaterhouseCoopers
PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to build public trust and enhance value for our clients and their stakeholders. More than 163,000 people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.
"PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
Our Automotive Practice
More than 1,500 skilled PwC professionals comprise our global automotive network, which is driven by eight Centres of Excellence to provide guidance, offer analysis, and deliver solutions to firms across the entire automotive industry value chain. Autofacts, PwC's industry-differentiating service offering, includes a global research team dedicated to delivering data analysis, assembly and capacity forecasting, and support to advisory services to our clients and their stakeholders.
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