Bond Santander Bank 0% ( XS0291652203 ) in EUR

Issuer Santander Bank
Market price 100 %  ▲ 
Country  Spain
ISIN code  XS0291652203 ( in EUR )
Interest rate 0%
Maturity 23/03/2017 - Bond has expired



Prospectus brochure of the bond Banco Santander XS0291652203 in EUR 0%, expired


Minimal amount 50 000 EUR
Total amount 1 500 000 000 EUR
Detailed description Banco Santander is a Spanish multinational banking and financial services company with significant operations in Europe, North America, and South America.

The Bond issued by Santander Bank ( Spain ) , in EUR, with the ISIN code XS0291652203, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 23/03/2017







BASE PROSPECTUS
Santander International Debt, S.A.
Unipersonal
(incorporated with limited liability in Spain)
and
Santander Issuances, S.A. Unipersonal
(incorporated with limited liability in Spain)
guaranteed by
Banco Santander Central Hispano, S.A.
(incorporated with limited liability in Spain)
32,000,000,000 Programme for the Issuance of Debt Instruments
This document constitutes a base prospectus (the "Base Prospectus") for the purpose of giving
information required by Directive 2003/71/EC (the "Prospectus Directive") in relation to instruments (the
"Instruments") issued under the above Programme and each of Santander International Debt, S.A.
Unipersonal, Santander Issuances, S.A. Unipersonal (each, an "Issuer" and together the "Issuers") and
Banco Santander Central Hispano, S.A. (the "Guarantor"). The Base Prospectus has been approved on
16 November 2006 by the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"),
which is the Luxembourg competent authority for the purpose of the Prospectus Directive and relevant
implementing measures in Luxembourg, as a base prospectus issued in compliance with the Prospectus
Directive and relevant implementing measures in Luxembourg for the purpose of giving information with
regard to the issue of Instruments under the Programme during the period of twelve months after the date
hereof. Application has been made for Instruments to be admitted to trading on the regulated market of
the Luxembourg Stock Exchange, which is a regulated market for the purposes of the Investment Services
Directive 93/22/EEC (an "EEA Regulated Market") and to listing on the official list of the Luxembourg
Stock Exchange. The Programme also permits Instruments to be issued on the basis that they will not be
admitted to listing, trading and/or quotation by any listing authority, stock exchange and/or quotation
system or to be admitted to listing, trading and/or quotation by such other or further listing authorities,
stock exchanges and/or quotation systems as may be agreed with the relevant Issuer.
Arrangers for the Programme
BANCO SANTANDER CENTRAL HISPANO, S.A.
MORGAN STANLEY
Dealers
ABN AMRO
BARCLAYS CAPITAL
BANCO SANTANDER DE NEGÓCIOS PORTUGAL
CITIGROUP
COMMERZBANK CORPORATES & MARKETS
CREDIT SUISSE
DEUTSCHE BANK
GOLDMAN SACHS INTERNATIONAL
HSBC
JPMORGAN
LEHMAN BROTHERS
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY
SOCIÉTÉ GÉNÉRALE CORPORATE &
INVESTMENT BANKING
THE ROYAL BANK OF SCOTLAND
UBS INVESTMENT BANK
16 November 2006


The Base Prospectus should be read and construed together with any supplements thereto and with any other
documents incorporated by reference therein and, in relation to any Tranche (as defined herein) of Instruments,
should be read and construed together with the relevant Final Terms (as defined herein).
The Issuers and the Guarantor have confirmed to the Dealers that the Base Prospectus (together with the relevant
Final Terms (each "Final Terms") referred to herein) contains all such information as investors and their
professional advisers would reasonably require, and reasonably expect to find, for the purpose of making an
informed assessment of the assets and liabilities, financial position, profits and losses, and prospects of the
Issuers and the Guarantor and of the rights attaching to the relevant Instruments.
This document constitutes two base prospectuses; one in relation to Santander International Debt, S.A.
Unipersonal and one in relation to Santander Issuances, S.A. Unipersonal.
Neither the Issuers nor the Guarantor has authorised the making or provision of any representation or information
regarding the Issuers, the Guarantor, and the companies whose accounts are consolidated with those of the
Guarantor (together, the "Group") or the Instruments other than as contained or incorporated by reference in the
Base Prospectus, in the Dealership Agreement (as defined herein), in any other document prepared in connection
with the Programme or any Final Terms or as approved for such purpose by either of the Issuers or (where
applicable) the Guarantor. Any such representation or information should not be relied upon as having been
authorised by the Issuers, the Guarantor, the Dealers or any of them.
No representation or warranty is made or implied by the Dealers or any of their respective affiliates, and neither
the Dealers nor any of their respective affiliates make any representation or warranty or accepts any
responsibility, as to the accuracy or completeness of the information contained in the Base Prospectus. Neither
the delivery of the Base Prospectus or any Final Terms nor the offering, sale or delivery of any Instrument shall
create, in any circumstances, any implication that there has been no adverse change in the financial situation
either of the Issuers or the Guarantor or the Group since the date hereof or, as the case may be, the date upon
which the Base Prospectus has been most recently amended or supplemented or the balance sheet date of the
most recent financial statements which are deemed to be incorporated into the Base Prospectus by reference. The
distribution of the Base Prospectus and any Final Terms and the offering, sale and delivery of the Instruments in
certain jurisdictions may be restricted by law. Persons into whose possession the Base Prospectus or any Final
Terms comes are required by the Issuers, the Guarantor and the Dealers to inform themselves about and to
observe any such restrictions. For a description of certain restrictions on offers, sales and deliveries of
Instruments and on the distribution of the Base Prospectus or any Final Terms and other offering material
relating to the Instruments, see "The Instruments -- paragraph 5.2 (Plan of Distribution and Allotment)". In
particular, Instruments have not been and will not be registered under the United States Securities Act of 1933
(as amended) and may include Instruments in bearer form which are subject to U.S. tax law requirements.
Subject to certain exceptions, Instruments may not be offered, sold or delivered within the United States or to
U.S. persons.
Neither the Base Prospectus nor any Final Terms may be used for the purpose of an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it
is unlawful to make such an offer or solicitation.
Neither this Base Prospectus nor any Final Terms constitutes an offer or an invitation to subscribe for or purchase
any Instruments and should not be considered as a recommendation by the Issuers, the Guarantor, the Dealers or
any of them that any recipient of this Base Prospectus or any Final Terms should subscribe for or purchase any
Instruments. Each recipient of this Base Prospectus or any Final Terms shall be taken to have made its own
investigation and appraisal of the condition (financial or otherwise) of the Issuers and the Guarantor.
2


IN CONNECTION WITH THE ISSUE OF ANY TRANCHE OF INSTRUMENTS, THE DEALER OR
DEALERS (IF ANY) NAMED AS THE STABILISING MANAGER(S) (OR PERSONS ACTING ON
BEHALF OF ANY STABILISING MANAGER(S)) IN THE APPLICABLE FINAL TERMS MAY
OVER-ALLOT INSTRUMENTS (PROVIDED THAT, IN THE CASE OF ANY TRANCHE OF
INSTRUMENTS TO BE ADMITTED TO TRADING ON AN EEA REGULATED MARKET, THE
AGGREGATE PRINCIPAL AMOUNT OF INSTRUMENTS ALLOTTED DOES NOT EXCEED 105
PER CENT. OF THE AGGREGATE PRINCIPAL AMOUNT OF THE RELEVANT TRANCHE) OR
EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE
INSTRUMENTS AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL.
HOWEVER, THERE IS NO ASSURANCE THAT THE STABILISING MANAGER(S) (OR PERSONS
ACTING ON BEHALF OF A STABILISING MANAGER) WILL UNDERTAKE STABILISATION
ACTION. ANY STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH
ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE RELEVANT
TRANCHE OF INSTRUMENTS IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT
MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE
RELEVANT TRANCHE OF INSTRUMENTS AND 60 DAYS AFTER THE DATE OF THE
ALLOTMENT OF THE RELEVANT TRANCHE OF INSTRUMENTS.
There are certain risks relating to an investment in the Instruments. See "Risk Factors".
References herein to "Conditions" are to the Terms and Conditions of the Instruments.
All references in this Base Prospectus to "$", "U.S. $" or "U.S. dollars" are to United States dollars, references to
"Sterling" and "£" are to pounds sterling and references to "euro", "EUR" and "" are to the currency introduced
at the start of the third stage of European economic and monetary union pursuant to the Treaty on European
Union, as amended.
3


TABLE OF CONTENTS
Page
SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Risks Relating to the Issuers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Risks Relating to the Guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Risks Relating to Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Risks Relating to Procedures for Collection of Holders' Details . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
Risks Relating to the Comisario . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
Risks Relating to the Insolvency Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
Risks Relating to the Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
DESCRIPTION OF THE PROGRAMME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
THE ISSUERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
1
PERSONS RESPONSIBLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
1.1
All persons responsible for the information given in the Base Prospectus and, as the case may be,
for certain parts of it, with, in the latter case, an indication of such parts. In the case of natural
persons including members of the issuer's administrative, management or supervisory bodies
indicate the name and function of the person; in case of legal persons indicate the name and
registered office. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
1.2
A declaration by those responsible for the base prospectus that, having taken all reasonable care
to ensure that such is the case the information contained in the base prospectus is, to the best of
their knowledge, in accordance with the facts and contains no omission likely to affect its
import. As the case may be, declaration by those responsible for certain parts of the base
prospectus that, having taken all reasonable care to ensure that such is the case, the
information contained in the part of the base prospectus for which they are responsible is, to the
best of their knowledge, in accordance with the facts and contains no omission likely to affect its
import. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
2
STATUTORY AUDITORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
2.1
Names and addresses of the issuer's auditors for the period covered by the historical financial
information (together with their membership in a professional body). . . . . . . . . . . . . . . . . . . . . . .
35
2.2
If auditors have resigned, been removed or not been re-appointed during the period covered by the
historical financial information, details if material. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
3
SELECTED FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
3.1
Selected historical financial information regarding the issuer, presented, for each financial year
for the period covered by the historical financial information, and any subsequent interim
financial period, in the same currency as the financial information. The selected historical
financial information must provide key figures that summarise the financial condition of the
issuer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
3.2
If selected financial information for interim periods is provided, comparative data from the same
period in the prior financial year must also be provided, except that the requirement for
comparative balance sheet data is satisfied by presenting the year end balance sheet
information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
4
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
5
INFORMATION ABOUT THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
5.1
History and development of the Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
5.1.1
the legal and commercial name of the issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
5.1.2
the place of registration of the issuer and its registration number . . . . . . . . . . . . . . . . . . . . . .
37
4


Page
5.1.3
the date of incorporation and the length of life of the issuer, except where indefinite . . . . .
37
5.1.4
the domicile and legal form of the issuer, the legislation under which the issuer operates,
its country of incorporation, and the address and telephone number of its registered
office (or principal place of business if different from its registered office) . . . . . . . . . . .
37
5.1.5
any recent events particular to the issuer which are to a material extent relevant to the
evaluation of the issuer's solvency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
5.2
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
5.2.1
A description of the principal investments made since the date of the last published
financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
5.2.2
Information concerning the issuer's principal future investments, on which its
management bodies have already made firm commitments. . . . . . . . . . . . . . . . . . . . . . . .
37
5.2.3
Information regarding the anticipated sources of funds needed to fulfil commitments
referred to in item 5.2.2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
6
BUSINESS OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
6.1
Principal activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
6.1.1
A description of the issuer's principal activities stating the main categories of products
sold and/or services performed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
6.1.2
an indication of any significant new products and/or activities. . . . . . . . . . . . . . . . . . . . . . .
37
6.2
Principal markets: A brief description of the principal markets in which the issuer competes. . . . .
38
6.3
The basis for any statements made by the issuer regarding its competitive position. . . . . . . . . . . . .
38
7
ORGANISATIONAL STRUCTURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
7.1
If the issuer is part of a group, a brief description of the group and of the issuer's position within it. . .
38
7.2
If the issuer is dependent upon other entities within the group, this must be clearly stated together
with an explanation of this dependence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
8
TREND INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
8.1
Include a statement that there has been no material adverse change in the prospects of the issuer
since the date of its last published audited financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . .
38
8.2
Information on any known trends, uncertainties, demands, commitments or events that are
reasonably likely to have a material effect on the issuer's prospects for at least the current
financial year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
9
PROFIT FORECASTS OR ESTIMATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
9
If an issuer chooses to include a profit forecast or a profit estimate, the base prospectus must
contain the information items 9.1 and 9.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
9.1
A statement setting out the principal assumptions upon which the issuer has based its forecast, or
estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
9.2
A report prepared by independent accountants or auditors must be included stating that in the
opinion of the independent accountants or auditors the forecast or estimate has been properly
compiled on the basis stated and that the basis of accounting used for the profit forecast or
estimate is consistent with the accounting policies of the issuer. . . . . . . . . . . . . . . . . . . . . . . . . . .
38
9.3
The profit forecast or estimate must be prepared on a basis comparable with the historical
financial information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
10
ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES . . . . . . . . . . . . . . . . . .
39
10.1
Names, business addresses and functions in the issuer of the following persons, and an
indication of the principal activities performed by them outside the issuer where these are
significant with respect to that issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
5


Page
10.2
Administrative, Management, and Supervisory bodies conflicts of interests: Potential conflicts of
interests between any duties to the issuing entity of the persons referred to in item 10.1 and
their private interests and or other duties must be clearly stated. In the event that there are no
such conflicts, make a statement to that effect. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
11
BOARD PRACTICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
11.1
Details relating to the issuer's audit committee, including the names of committee members and
a summary of the terms of reference under which the committee operates. . . . . . . . . . . . . . . . . .
39
11.2
A statement as to whether or not the issuer complies with its country's of incorporation corporate
governance regime(s). In the event that the issuer does not comply with such a regime a
statement to that effect must be included together with an explanation regarding why the
issuer does not comply with such regime. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
12
MAJOR SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
12.1
To the extent known to the issuer, state whether the issuer is directly or indirectly owned or
controlled and by whom and describe the nature of such control, and describe the measures in
place to ensure that such control is not abused. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
12.2
A description of any arrangements, known to the issuer, the operation of which may at a
subsequent date result in a change in control of the issuer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
13
FINANCIAL INFORMATION CONCERNING THE ISSUER'S ASSETS AND
LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES . . . . . . . . . . . . . . . .
40
13.1
Historical Financial Information: Audited historical financial information covering the latest 2
financial years (or such shorter period that the issuer has been in operation), and the audit
report in respect of each year. Such financial information must be prepared according to
Regulation (EC) No 1606/2002, or if not applicable to a Member States national accounting
standards for issuers from the Community. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40
13.2
Financial statements: If the issuer prepares both own and consolidated financial statements,
include at least the consolidated financial statements in the base prospectus. . . . . . . . . . . . . . . .
103
13.3
Auditing of historical annual financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
13.3.1
A statement that the historical financial information has been audited. If audit reports
on the historical financial information have been refused by the statutory auditors or
if they contain qualifications or disclaimers, such refusal or such qualifications or
disclaimers must be reproduced in full and the reasons given. . . . . . . . . . . . . . . . . . . . .
103
13.3.2
An indication of other information in the base prospectus which has been audited by the
auditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
13.3.3
Where financial data in the base prospectus is not extracted from the issuer's audited
financial statements state the source of the data and state that the data is
un-audited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
13.4
Age of latest financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
13.4.1
The last year of audited financial information may not be older than 18 months from the
date of the base prospectus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
13.5
Interim and other financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
13.5.1
If the issuer has published quarterly or half yearly financial information since the date
of its last audited financial statements, these must be included in the base prospectus.
If the quarterly or half yearly financial information has been reviewed or audited the
audit or review report must also be included. If the quarterly or half yearly financial
information is un-audited or has not been reviewed state that fact. . . . . . . . . . . . . . . . . .
103
6


Page
13.5.2
If the base prospectus is dated more than nine months after the end of the last audited
financial year, it must contain interim financial information, covering at least the first
six months of the financial year. If the interim financial information is un-audited
state that fact. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108
13.6
Legal and arbitration proceedings: Information on any governmental, legal or arbitration
proceedings (including any such proceedings which are pending or threatened of which the
issuer is aware), during a period covering at least the previous 12 months which may have, or
have had in the recent past, significant effects on the issuer and/or group's financial position
or profitability, or provide an appropriate negative statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
108
13.7
Significant change in the issuer's financial or trading position: A description of any significant
change in the financial or trading position of the Issuers which has occurred since the end of
the last financial period for which either audited financial information or interim financial
information have been published, or an appropriate negative statement. . . . . . . . . . . . . . . . . . . .
108
14
ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
14.1
Share Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
14.1.1
The amount of the issued capital, the number and classes of the shares of which it is
composed with details of their principal characteristics, the part of the issued capital
still to be paid up, with an indication of the number, or total nominal value, and the
type of the shares not yet fully paid up, broken down where applicable according to the
extent to which they have been paid up. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
14.2
Memorandum and Articles of Association. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
14.2.1
The register and the entry number therein, if applicable, and a description of the issuer's
objects and purposes and where they can be found in the memorandum and articles of
association. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
15
MATERIAL CONTRACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
15.1
A brief summary of all material contracts that are not entered into in the ordinary course of the
issuer's business, which could result in any group member being under an obligation or
entitlement that is material to the issuer's ability to meet its obligation to security holders in
respect of the securities being issued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
16
THIRD PARTY INFORMATION AND STATEMENT BY EXPERTS AND
DECLARATIONS OF ANY INTEREST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
16.1
Where a statement or report attributed to a person as an expert is included in the Base
Prospectus, provide such person's name, business address, qualifications and material interest
if any in the issuer. If the report has been produced at the issuer's request a statement to that
effect that such statement or report is included, in the form and context in which it is included,
with the consent of that person who has authorised the contents of that part of the Base
Prospectus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
16.2
Where information has been sourced from a third party, provide a confirmation that this
information has been accurately reproduced and that as far as the issuer is aware and is able
to ascertain from information published by that third party, no facts have been omitted which
would render the reproduced information inaccurate or misleading. In addition, the issuer
shall identify the source(s) of the information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
17
DOCUMENTS ON DISPLAY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110
17.1
A statement that for the life of the base prospectus the following documents (or copies thereof),
where applicable, may be inspected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110
7


Page
THE GUARANTOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
1
PERSONS RESPONSIBLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
1.1
All persons responsible for the information given in this Base Prospectus relating to the
Guarantor and, as the case may be, for certain parts of it, with, in the latter case, an indication
of such parts. In the case of natural persons including members of the issuer's administrative,
management or supervisory bodies indicate the name and function of the person; in case of
legal persons indicate the name and registered office. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
1.2
A declaration by those responsible for this Base Prospectus that, having taken all reasonable care
to ensure that such is the case, the information contained in this Base Prospectus relating to
the Guarantor is, to the best of their knowledge, in accordance with the facts and contains no
omission likely to affect its import. As the case may be, declaration by those responsible for
certain parts of this Base Prospectus that, having taken all reasonable care to ensure that such
is the case, the information contained in the part of this Base Prospectus for which they are
responsible is, to the best of their knowledge, in accordance with the facts and contains no
omission likely to affect its import. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
2
STATUTORY AUDITORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
2.1.
Names and addresses of the Guarantor's auditors for the period covered by the historical
financial information (together with their membership in a professional body). . . . . . . . . . . . . . .
111
2.2
If auditors have resigned, been removed or not been re-appointed during the period covered by
the historical financial information, details if material. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
3
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
3.1.
Prominent disclosure of risk factors that may affect the Guarantor's ability to fulfil its obligations
under the securities to investors in a section headed "Risk Factors". . . . . . . . . . . . . . . . . . . . . . .
111
4
INFORMATION ABOUT THE GUARANTOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112
4.1.
History and development of the Guarantor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112
4.1.1.
Legal and trading name of the issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112
4.1.2.
The place of registration of the Guarantor and its registration number. . . . . . . . . . . . . . . . .
112
4.1.3.
The date of incorporation and the length of life of the Guarantor, except where
indefinite. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112
4.1.4.
The domicile and legal form of the Guarantor, the legislation under which the Guarantor
operates, its country of incorporation, and the address and telephone number of its
registered office (or principal place of business if different from its registered
office). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112
4.1.5.
Any recent events particular to the Guarantor which are to a material extent relevant to
the evaluation of the Guarantor's solvency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
112
5
BUSINESS OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113
5.1.
Principal activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113
5.1.1.
A brief description of the Guarantor's principal activities stating the main categories of
products sold and/or services performed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113
5.1.2.
An indication of any significant new products and/or activities. . . . . . . . . . . . . . . . . . . . . . .
126
8


Page
5.1.3.
Principal markets: A brief description of the principal markets in which the Guarantor
competes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
127
6
ORGANISATIONAL STRUCTURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128
6.1
If the Guarantor is part of a group, a brief description of the group and of the Guarantor's
position within it. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128
6.2
If the Guarantor is dependent upon other entities within the group, this must be clearly stated
together with an explanation of this dependence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128
7
TREND INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128
7.1.
Include a statement that there has been no material adverse change in the prospects of the
Guarantor since the date of its last published audited financial statements. In the event that
the Guarantor is unable to make such a statement, provide details of this material adverse
change. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128
7.2.
Information on any known trends, uncertainties, demands, commitments or events that are
reasonably likely to have a material effect on the Guarantor's prospects for at least the
current financial year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
128
8
PROFIT FORECASTS OR ESTIMATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
8.1.
A statement setting out the principal assumptions upon which the Guarantor has based its
forecast, or estimate. There must be a clear distinction between assumptions about factors
which the members of the administrative, management or supervisory bodies can influence
and assumptions about factors which are exclusively outside the influence of the members of
the administrative, management or supervisory bodies; be readily understandable by
investors; be specific and precise; and not relate to the general accuracy of the estimates
underlying the forecast. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
8.2.
A report prepared by independent accountants or auditors stating that in the opinion of the
independent accountants or auditors the forecast or estimate has been properly compiled on
the basis stated and that the basis of accounting used for the profit forecast or estimate is
consistent with the accounting policies of the Guarantor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
8.3.
The profit forecast or estimate must be prepared on a basis comparable with the historical
financial information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
9
ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES . . . . . . . . . . . . . . . . .
129
9.1.
Names, business addresses and functions in the Guarantor of the following persons, and an
indication of the principal activities performed by them outside the Guarantor where these are
significant with respect to the Guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
9.2.
Administrative, Management, and Supervisory bodies conflicts of interests. Potential conflicts of
interests between any duties to the issuing entity of the persons referred to in item 9.1 and
their private interests and or other duties must be clearly stated. In the event that there are no
such conflicts, make a statement to that effect. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
132
10
MAJOR SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
133
10.1.
To the extent known to the Guarantor, state whether the Guarantor is directly or indirectly
owned or controlled and by whom, and describe the nature of such control, and describe the
measures in place to ensure that such control is not abused. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
133
10.2.
A description of any arrangements, known to the Guarantor, the operation of which may at a
subsequent date result in a change in control of the Guarantor. . . . . . . . . . . . . . . . . . . . . . . . . .
133
9


Page
11
FINANCIAL INFORMATION CONCERNING THE GUARANTOR'S ASSETS AND
LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES . . . . . . . . . . . . . . . .
133
11.1.
Historical Financial Information: Audited historical financial information covering the latest 2
financial years (or such shorter period that the Guarantor has been in operation), and the
audit report in respect of each year. Such financial information must be prepared according
to Regulation (EC) No 1606/2002, or if not applicable to a Member State national accounting
standards for issuers from the Community. For third country issuers, such financial
information must be prepared according to the international accounting standards adopted
pursuant to the procedure of Article 3 of Regulation (EC) No 1606/2002 or to a third
country's national accounting standards equivalent to these standards. If such financial
information is not equivalent to these standards, it must be presented in the form of restated
financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
133
11.2.
Financial statements: If the Guarantor prepares both own and consolidated financial
statements, include at least the consolidated financial statements in this Base Prospectus. . . . .
135
11.3
Auditing of historical annual financial information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135
11.3.1.
A statement that the historical financial information has been audited. If audit reports
on the historical financial information have been refused by the statutory auditors or
if they contain qualifications or disclaimers, such refusal or such qualifications or
disclaimers must be reproduced in full and the reasons given. . . . . . . . . . . . . . . . . . . .
135
11.3.2.
An indication of other information in this Base Prospectus which has been audited by
the auditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135
11.3.3.
Where financial data in this Base Prospectus is not extracted from the Guarantor's
audited financial statements state the source of the data and state that the data is
unaudited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135
11.4.
Age of latest financial information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136
11.4.1.
The last year of audited financial information may not be older than 18 months from
the date of this Base Prospectus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136
11.5.
Interim and other financial information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136
11.5.1.
If the Guarantor has published quarterly or half yearly financial information since the
date of its last audited financial statements, these must be included in this Base
Prospectus. If the quarterly or half yearly financial information has been reviewed or
audited the audit or review report must also be included. If the quarterly or half
yearly financial information is unaudited or has not been reviewed state that fact. . . .
136
11.5.2.
If this Base Prospectus is dated more than nine months after the end of the last audited
financial year, it must contain interim financial information, covering at least the
first six months of the financial year. If the interim financial information is
unaudited state that fact. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136
11.6.
Legal and arbitration proceedings: Information on any governmental, legal or arbitration
proceedings (including any such proceedings which are pending or threatened of which the
Guarantor is aware), during a period covering at least the previous 12 months which may
have, or have had in the recent past, significant effects on the Guarantor and/or group's
financial position or profitability, or provide an appropriate negative statement. . . . . . . . . . . . .
136
10