Obbligazione Orsted Energia A/S 3% ( XS1227607402 ) in EUR

Orsted Energia A/S

100 EUR ▼

Danimarca

XS1227607402 ( in EUR )

3% per anno ( pagato 1 volta l'anno)

perpetue - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Orsted A/S XS1227607402 in EUR 3%, scaduta

1 000 EUR

600 000 000 EUR

Orsted A/S è una società energetica danese leader mondiale nell'energia eolica offshore, impegnata nella produzione e distribuzione di energia sostenibile.

The Obbligazione issued by Orsted Energia A/S ( Denmark ) , in EUR, with the ISIN code XS1227607402, pays a coupon of 3% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is perpetue

Prospectus dated 28 April 2015

DONG ENERGY A/S
(incorporated as a public limited company in Denmark with CVR number 36213728)
[]
Callable Subordinated Capital Securities due 3015
ISIN XS1227607402
The [] Callable Subordinated Capital Securities due 3015 (the "Securities") will be issued by DONG Energy A/S (the "Issuer" or "DONG") on 6 May 2015
(the "Issue Date"). The Securities will bear interest from (and including) 6 May 2015 (the "Interest Commencement Date") to (but excluding) 6 November
2020 (the "First Par Call Date") at rate of [] per cent. per annum (the "First Fixed Rate"). Thereafter, unless previously redeemed, the Securities will bear
interest from (and including) the First Par Call Date to (but excluding) 6 November 2025 (the "First Step-up Date") at the 5-year swap rate for the Reset Period
(as defined herein) commencing on the First Par Call Date plus a margin of [] basis points per annum (no step-up) (the "First Reset Fixed Rate"). From (and
including) the First Step-up Date to (but excluding) the next subsequent Reset Date (as defined herein) and thereafter from (and including) each Reset Date to
(but excluding) the next subsequent Reset Date until the Reset Date falling on 6 November 2040 (the "Second Step-up Date") the Securities will bear interest
at the 5-year swap rate for the relevant Reset Period in which the coupon period falls plus a margin of [] basis points per annum (including a step-up of 25
basis points). From (and including) the Second Step-up Date to (but excluding) the next subsequent Reset Date and thereafter from (and including) each Reset
Date to (but excluding) the next subsequent Reset Date until 6 November 3015 (the "Maturity Date") the Securities will bear interest at the 5-year swap rate
for the relevant Reset Period in which the coupon period falls plus a margin of [] basis points per annum (including a further step-up of 75 basis points).
During each such period, interest is scheduled to be paid annually in arrear on 6 November in each year (each a "Coupon Payment Date"), commencing on 6
November 2015 (first short coupon), as described under "Terms and Conditions of the Securities Coupons".
Payments of interest on the Securities may be deferred at the option of the Issuer (see "Terms and Conditions of the Securities Optional Coupon Deferral").
Payments on the Securities will be made without deduction for or on account of taxes of the Kingdom of Denmark to the extent described under the "Terms and
Conditions of the Securities Taxation".
Unless previously redeemed or purchased by the Issuer as provided below, the Securities will be redeemed on the Maturity Date at their principal amount
(together with accrued interest in respect of the Coupon Period (as defined herein) ending on (but excluding) the Maturity Date). Any Outstanding Payments (as
defined in the terms and conditions of the Securities (the "Conditions")) will be cancelled on the Maturity Date.
The Securities will be redeemable at the option of the Issuer in whole but not in part on any date during the period commencing (and including)
10 August 2020 to (and including) the First Par Call Date, or on any Coupon Payment Date falling after the First Par Call Date at their principal amount
(together with accrued interest and any Outstanding Payments). In addition, the Securities will be redeemable at the option of the Issuer in whole but not in part
at the amount specified in the Conditions (i) for taxation reasons, (ii) for accounting reasons, (iii) on the occurrence of a Ratings Event (as defined herein) or
(iv) in the event that the Issuer has purchased and cancelled 80 per cent. or more of the initial principal amount of the Securities, all as more fully described in
"Terms and Conditions of the Securities Redemption and Purchase".
The Securities and the Coupons will constitute direct, unsecured and subordinated obligations of the Issuer. See "Terms and Conditions of the Securities --
Status".
This prospectus in respect of the Securities (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003 (as amended, inter alia, by Directive 2010/73/EU) (the "Prospectus Directive"). This Prospectus
will be published in electronic form together with all documents incorporated by reference on the website of the Luxembourg Stock Exchange (www.bourse.lu).
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under the
Luxembourg Act dated 10 July 2005 relating to prospectuses for securities (the "Luxembourg Law"), for the purposes of the Prospectus Directive. By
approving this Prospectus, the CSSF gives no undertaking as to the economic and financial opportuneness of the transaction and the quality or solvency of the
Issuer in line with the provisions of Article 7(7) of the Luxembourg Law. The Issuer will prepare and make available on the website of the Luxembourg Stock
Exchange (www.bourse.lu) an appropriate supplement to this Prospectus if at any time the Issuer will be required to prepare a prospectus supplement pursuant
to Article 13 of the Luxembourg Prospectus Law. The Issuer has also requested the CSSF to provide the competent authorities in the Offer Jurisdictions (as
defined in "Subscription and Offer of the Securities") with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the
Luxembourg Law. Application has also been made to the Luxembourg Stock Exchange for the Securities to be admitted to the official list of the Luxembourg
Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market. References in this Prospectus to the
Securities being "listed" (and all related references) shall mean that the Securities have been admitted to the Official List and admitted to trading on the
Luxembourg Stock Exchange's regulated market. The Luxembourg Stock Exchange's regulated market is a regulated market for the purposes of Directive
2004/39/EC of the European Parliament and of the Council on markets in financial instruments.
The issue price, the aggregate principal amount of Securities to be issued, the number of Securities to be issued, the interest rate, the margin in respect to the
First Reset Fixed Rate, the margin in respect of the Coupon Periods from the First Step-up Date to the Second Step-up Date, the margin in respect of the
Coupon Periods from the Second Step-up Date to the Maturity Date, the net proceeds and the yield to the First Par Call Date will be included in the Pricing
Notice (as defined in the section "Subscription and Offer of the Securities") which will be filed for publication with the OMX News Service and (in addition
thereto) filed with the CSSF and published on the website of the Luxembourg Stock Exchange (www.bourse.lu) prior to the Issue Date.
The principal amount of each Security shall be 1,000.
The Securities will initially be represented by a temporary global security (the "Temporary Global Security"), without interest coupons, which will be
deposited on or about the Issue Date with a common depositary for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, société anonyme
("Clearstream, Luxembourg"). Interests in the Temporary Global Security will be exchangeable for interests in a permanent global security (the "Permanent
Global Security" and, together with the Temporary Global Security, the "Global Securities"), without interest coupons, on or about 15 June 2015, upon
certification as to non-U.S. beneficial ownership. Interests in the Permanent Global Security will be exchangeable for definitive Securities ("Definitive
Securities") only in certain limited circumstances - see "Summary of Provisions relating to the Securities while represented by the Global Securities".
The Securities are expected to be rated BB+ by Standard & Poor's Credit Market Services Europe Limited, a subsidiary of the McGraw-Hill Companies, Inc.
("S&P"), Baa3 by Moody's Investors Service, Limited ("Moody's") and BBB- by Fitch Ratings Limited ("Fitch"). A rating is not a recommendation to buy,
sell or hold securities and may be subject to revision, suspension, reduction or withdrawal at any time by the assigning rating agency.
S&P defines BB+ as follows: An obligation rated 'BB' is less vulnerable to non-payment than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial

commitment on the obligation. The ratings from 'AA' to 'CCC' may be modified by the addition of a plus or minus sign to show relative standing within the
major rating categories. Moody's defines Baa3 as follows: Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such
may possess certain speculative characteristics. Fitch defines BBB- as follows: A 'BBB' rating indicates that expectations of credit risk are currently low. The
capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. The
modifiers plus or minus may be appended to a rating to denote relative status within major rating categories.
Credit ratings included or referred to in this Prospectus have been issued by S&P, Moody's and Fitch, each of which is established in the European
Union and registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating
agencies (the "CRA Regulation"). A list of credit rating agencies registered under the CRA Regulation is available for viewing at
http://www.esma.europa.eu/page/List-registered-and-certified-CRAs.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this Prospectus.
Joint Lead Managers
BARCLAYS
DANSKE BANK
DEUTSCHE BANK
J.P. MORGAN
Structuring Adviser
Structuring Adviser

RESPONSIBILITY STATEMENT
The Issuer (the "Responsible Person") accepts responsibility for the information contained or incorporated
by reference in this Prospectus and hereby declares that, having taken all reasonable care to ensure that such
is the case, the information contained or incorporated by reference in this Prospectus is, to the best of its
knowledge, in accordance with the facts and contains no omission likely to affect its import.
NOTICE
This Prospectus is to be read in conjunction with any supplement hereto and the Pricing Notice, once
available, and with all the documents which are incorporated herein by reference (see "Documents
Incorporated by Reference").
The Issuer has confirmed to Barclays Bank PLC, Danske Bank A/S, Deutsche Bank AG, London Branch and
J.P. Morgan Securities plc (together, the "Joint Lead Managers" and each, a "Joint Lead Manager") that (i)
this Prospectus contains all information with respect to the Issuer and its subsidiaries taken as a whole (the
"Group") and to the Securities which is material in the context of the issue, offering and listing of the
Securities, including all information required by applicable laws and the information which, according to the
particular nature of the Issuer and of the Securities is necessary to enable investors to make an informed
assessment of the assets and liabilities, financial position, profits and losses, and prospects of the Issuer and
the Group and of the rights attached to the Securities; (ii) the statements contained in this Prospectus relating
to the Issuer, the Group and the Securities are in every material respect true and accurate and not misleading;
(iii) any opinions and intentions expressed by the Issuer herein are honestly held and based on reasonable
assumptions; (iv) there are no other facts in relation to the Issuer, the Group or the Securities the omission of
which would, in the context of the issue and offering of the Securities, make any statement in the Prospectus
misleading in any material respect and (v) all reasonable enquiries have been made by the Issuer to ascertain
such facts and to verify the accuracy of all such information and statements.
The Securities will be offered to the public by the Joint Lead Managers in any of the Offer Jurisdictions as set
out below under "Subscription and Offer of the Securities".
Any offer of Securities in the Offer Jurisdictions, in any Member State of the European Economic Area or in
any other jurisdiction, must be made in compliance with all applicable securities laws. Neither the Issuer nor
any Joint Lead Manager has authorised, nor does it authorise, the making of any offer of Securities by any
other person or in any manner other than as described herein.
This Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the Joint Lead
Managers to subscribe for or purchase, any of the Securities. The distribution of this Prospectus and the
offering of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession this
Prospectus comes are required by the Issuer and the Joint Lead Managers to inform themselves about and to
observe any such restrictions.
For a description of further restrictions on offers and sales of Securities and distribution of this Prospectus,
see "Selling Restrictions" below. In particular, the Securities have not been and will not be registered under
the U.S. Securities Act of 1933 (the "Securities Act") and are subject to U.S. tax law requirements. Subject to
certain exceptions, Securities may not be offered, sold or delivered within the United States or to U.S.
persons.
No person is authorised to give any information or to make any representation not contained in this
Prospectus and any information or representation not so contained must not be relied upon as having been
authorised by or on behalf of the Issuer or the Joint Lead Managers or the Trustee. Neither the delivery of this
Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication
that there has been no change in the affairs of the Issuer since the date hereof or the date upon which this

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Prospectus has been most recently supplemented or that there has been no adverse change in the financial
position of the Issuer since the date hereof or the date upon which this Prospectus has been most recently
supplemented or that the information contained in it or any other information supplied in connection with the
Securities is correct as of any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
Neither the Joint Lead Managers nor the Trustee have separately verified the information contained in this
Prospectus. Accordingly, no representation, warranty or undertaking, express or implied, is made as to the
accuracy, completeness or verification of the information contained or incorporated by reference in this
Prospectus or any other information supplied in connection with the Securities or the Prospectus. To the
fullest extent permitted by law, neither the Joint Lead Managers nor the Trustee accept responsibility
whatsoever for the contents of this Prospectus or for any other statement, made or purported to be made by a
Joint Lead Manager or on its behalf in connection with the Issuer or the issue and offering of the Securities.
Each Joint Lead Manager and the Trustee accordingly disclaims all and any liability whether arising in tort or
contract or otherwise (save as referred to above) which it might otherwise have in respect of this Prospectus
or any such statement.
This Prospectus is not intended to provide the basis of any credit or other evaluation and should not be
considered as a recommendation by the Issuer or the Joint Lead Managers or the Trustee that any recipient of
this Prospectus should purchase any of the Securities. Each investor contemplating purchasing Securities
should make its own independent investigation of the financial condition and affairs of, and its own appraisal
of the creditworthiness of the Issuer. Each investor should consult with his or her own advisers as to the legal,
tax, business, financial and related aspects of a purchase of the Securities.
All references in this Prospectus to (i) "Danish Krone" and "DKK" are to the lawful currency for the time
being of Denmark; (ii) "euro" and "" are to the currency introduced as the start of the third stage of
European economic and monetary union, as defined in Article 2 of Council Regulation (EC) No. 974/98 of 3
May 1998 on the introduction of the euro; and (iii) "U.S. dollars" and "USD" are to the lawful currency for
the time being of the United States of America, its territories and possessions, any state of the United States of
America and the District of Columbia.
In connection with the issue of the Securities, Deutsche Bank AG, London Branch (the "Stabilising
Manager") (or any person acting on behalf of the Stabilising Manager) may over-allot Securities or effect
transactions with a view to supporting the market price of the Securities at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising Manager (or any person acting on
behalf of the 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 Securities 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 and
60 days after the date of the allotment of the Securities. Any stabilisation action or over-allotment must be
conducted by the Stabilising Manager (or any person acting on behalf of the Stabilising Manager) in
accordance with all applicable laws and rules.

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Table of Contents
Page
Summary ............................................................................................................................................................ 5
Risk Factors .......................................................................................................................................................26
Terms and Conditions of the Securities .............................................................................................................42
Summary of Provisions relating to the Securities while in Global Form ..........................................................59
DONG Energy A/S ............................................................................................................................................62
Selected Financial Information..........................................................................................................................80
Taxation .............................................................................................................................................................82
Subscription and Offer of the Securities ............................................................................................................97
Selling Restrictions .........................................................................................................................................100
General Information ........................................................................................................................................102
Documents Incorporated by Reference ...........................................................................................................105

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Summary
Summaries are made up of disclosure requirements known as " Elements". These elements are numbered in
Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of securities and
Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering
sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short
description of the Element is included in the summary with the mention of "not applicable".
Section A Introduction and warnings
Description of
Element
Element Disclosure
requirement
A.1
Warnings
This summary should be read as an introduction to the Prospectus.
Any decision to invest in the Securities should be based on
consideration of the Prospectus as a whole by the investor.
Where a claim relating to the information contained in the Prospectus
is brought before a court, the plaintiff investor might, under the
national legislation in its Member State, have to bear the costs of
translating the Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled the
summary including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with the
other parts of the Prospectus or it does not provide, when read together
with the other parts of the Prospectus, key information in order to aid
investors when considering whether to invest in such securities.
A.2
Consent to the use The Issuer consents to the use of the Prospectus by Barclays Bank
of the prospectus
PLC, Danske Bank A/S, Deutsche Bank AG, London Branch and J.P.
Morgan Securities plc (together, the "Joint Lead Managers" and each,
a "Joint Lead Manager") (specific consent) and all financial
intermediaries (general consent) and accepts responsibility for the
content of the Prospectus also with respect to subsequent resale or final
placement of the Securities by any financial intermediary which was
given consent to use the Prospectus.

Indication of the The subsequent resale or final placement of Securities by the Joint
offer period
Lead Managers and financial intermediaries can be made from the later
of the time of effectiveness of the notifications (passporting) of the
Prospectus into the eligible jurisdictions and 29 April 2015 until 6 May
2015 (being the date of issuance of the Securities).

Member States in The Joint Lead Managers and financial intermediaries may use the
which the
Prospectus for subsequent resale or final placement of the Securities in

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Description of
Element
Element Disclosure
requirement
prospectus may Austria, Denmark, Finland, Germany, Luxembourg, the Netherlands,
be used
Norway and Sweden.

Conditions
Any financial intermediary using the Prospectus has to state on its
attached to the website that it uses the Prospectus in accordance with the consent
consent
and the conditions attached thereto.

Notice in bold
In the event of an offer being made by a financial intermediary,
this financial intermediary will provide information to investors on
the terms and conditions of the offer at the time the offer is made.

Section B Issuer
Description of
Element
Element
Disclosure requirement
B.1
Legal and
DONG Energy A/S
commercial name
of the Issuer
B.2
Domicile /legal
DONG Energy A/S is a limited liability company (aktieselskab),
form /legislation
incorporated under the laws of Denmark and has its registered address
/country of
at Kraftværksvej 53, Skærbæk, DK-7000 Fredericia, Denmark.
incorporation of
the Issuer
B.4b
Trends affecting
In recent years, the European utility sector has been working under
the Issuer and the
difficult market conditions. Economic activity has been low in most
industries in
European countries since the financial crises broke out in 2008
which it operates
resulting in weak demand and low prices for natural gas and power.
Furthermore, changes in energy policies and development in the supply
side have also affected energy prices and price relations between gas,
power and coal. These developments have been driven by many factors
including the development of energy generation capacity from wind
and solar energy sources, the retirement of nuclear and ageing of coal-
based generation capacity, increase of global supply from production of
shale gas in the United States and very low CO2 prices.
During the second half of 2014, oil prices fell significantly, driven
primarily by a continued rapid increase in oil production in the US and
Libya. Weaker economic growth in a number of major economies such
as China and a strengthening of the US dollar, particularly in the
second half of 2014, also contributed to the decline in oil prices.
In relation to natural gas and oil exploration and production activities

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Description of
Element
Element
Disclosure requirement
the costs per produced barrel are generally on an increasing trend due
to higher production costs associated with marginal production from
existing mature fields, higher costs from application of new production
technologies and more marginal new finds in mature geographical
areas driving oil and gas exploration and production activities to more
challenging and costly frontier areas and deeper waters.
The European power sector is undergoing a long-term transformation
towards an ever-increasing use of renewable energy. In 2000, only
2 per cent. of Europe's electricity generation was based on renewable
energy, while the figure has grown to 15 per cent. in early 2015. By
2030, renewable energy is expected to account for one-third of the total
European electricity supply.
The market for offshore wind is expected to continue its growth backed
by political support for a transformation of the energy system towards
more sustainable energy production. Supportive regimes are in place
today, however changes in the regulatory framework and consequent
subsidy reduction in leading offshore markets could be expected as
competition and cost-effectiveness in the industry increases. Going
forward, sites will be located further from shore and in deeper waters.
This requires significant investment in new technology solutions for
deep water foundations, power connections and new logistics solutions
for park maintenance.
The trend in the domestic Danish thermal power business is directed
towards a continuing conversion of coal-based thermal power and heat
production to a dual coal and biomass fuel basis. This development is
driven by political, customer and industry ambitions to reduce CO2
emissions. Furthermore, the role of the domestic thermal power
capacity is shifting from providing base load power and bi-product heat
towards a regulated heat business with a flexible and efficient thermal
power capacity to accommodate the increasing and intermittent
production of renewable energy from wind and solar with
unpredictable supply patterns.
Additionally the European utility sector is struggling with negative
price differentials between long-term gas procurement contracts linked
to oil price and wholesale sales price, which historically have been
linked to the hub-gas prices. Renegotiations of the terms of long-term
gas procurement contracts are expected to mitigate this structural
problem in the short-to-medium term.
The trend in the domestic Danish energy supply and distribution
business is directed towards a continuing pressure from the regulator to
increase cost-efficiency in regulated distribution activities, and a
political and commercially-driven ambition for higher energy
efficiency and reduction of energy consumption in industries,

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Description of
Element
Element
Disclosure requirement
businesses, the public sector and in private households alike.
The current weak demand for natural gas in the European energy
market, mainly caused by the economical slow down and low prices
for coal, has lowered the demand for and value of natural gas storage
and the demand for LNG deliveries into Europe
B.5
Group/ Issuer's
DONG Energy A/S is the parent company of the DONG Energy Group.
position within
the Group
B.9
Profit forecast or
Not applicable. No forecasts or estimates are made public.
estimate
B.10
Qualifications in
Not applicable. There are no qualifications in the audited financial
the audit report
reports for the DONG Energy group.
B.12
Selected historical Selected historical financial information on the Issuer
key financial

information
Consolidated Income Statement(a)

2013(b)
2014(b)
Q1 2014(c)
Q1 2015(c)

(DKK million)
Revenue ...............................................................................................
73,105 67,048 20,192 19,267
EBITDA .............................................................................................
15,004 16,389 6,334 6,001
Operating profit (EBIT) .......................................................................
2,041 (1,177) 4,129 3,910
Profit before tax
229
(2,113)
3,473
3,075
Profit for the year .................................................................................
(993) (5,284) 1,594 1,745
Notes
(a)
Unless otherwise stated, all figures in Consolidated Income Statement relate to business performance.
(b)
Reference is made to page 53 of the Issuer's Annual Report for the financial year ended 31 December 2014.
(c)
Reference is made to page 17 of the Issuer's Interim Report for the three months ended 31 March 2015.

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Consolidated Balance Sheet as at 31 December
Assets

2013(a)
2014(a)
Q1 2014(b)
Q1 2015(b)

(DKK million)
Intangible assets...................................................................................
2,167 1,369 1,953 1,344
Property, plant and equipment .............................................................
91,522
85,906 90,020 93,212
Other non-current assets ......................................................................
3,615 3,720 3,705 3,744
Non-current assets ...............................................................................
97,304
90,995 95,678 98,300
Current assets ......................................................................................
48,088 58,919 71,464 62,046
Asset classified as held for sale ...........................................................
280
0 0 0
Assets ..................................................................................................
145,672 149,914 167,142 160,346
Notes
(a)
Reference is made to page 54 of the Issuer's Annual Report for the financial year ended 31 December 2014.
(b)
Reference is made to page 19 of the Issuer's Interim Report for the three months ended 31 March 2015.

Equity and Liabilities

2013(a)
2014(a)
Q1 2014(b)
Q1 2015(b)

(DKK million)
Equity attributable to the equity holders of DONG Energy A/S .......
31,599 41,736 47,636 42,768
Equity ...............................................................................................
51,543 61,533 67,603 62,937
Non-current liabilities .......................................................................
59,112 60,126 59,278 61,206
Current liabilities ..............................................................................
35,015 28,255 40,261 36,203
Liabilities ..........................................................................................
94,127 88,381 99,539 97,409
Liabilities associated with assets
2 0 0 0
classified as held for sale ..................................................................
Equity and liabilities .........................................................................
145,672 149,914 167,142 160,346
Notes
(a)
Reference is made to page 53 of the Annual Report for the financial year ended 31 December 2014.
(b)
Reference is made to page 20 of the Issuer's Interim Report for the three months ended 31 March 2015.

No
material
Not applicable. There has been no material adverse change in the
adverse change/ prospects of the Issuer since 31 December 2014.
significant
Not applicable. There have been no significant changes in the financial
changes in
or trading position of the Issuer and its subsidiaries taken as a whole
financial or
since 31 March 2015.
trading position
B.13
Recent events,
Not applicable. There have been no recent events following the
which are to a publication of the Issuer's Interim Report for the three months ended
material extent
31 March 2015, which had a material effect on the Issuer's business.
relevant to the
evaluation of the
Issuer's solvency

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