Obligation OTP Bank Rt 2.692% ( XS0274147296 ) en EUR

Société émettrice OTP Bank Rt
Prix sur le marché refresh price now   100 %  ▲ 
Pays  Hongrie
Code ISIN  XS0274147296 ( en EUR )
Coupon 2.692% par an ( paiement annuel )
Echéance Perpétuelle



Prospectus brochure de l'obligation OTP Bank Nyrt XS0274147296 en EUR 2.692%, échéance Perpétuelle


Montant Minimal 50 000 EUR
Montant de l'émission 247 700 000 EUR
Prochain Coupon 07/11/2026 ( Dans 342 jours )
Description détaillée OTP Bank Nyrt est une banque multinationale hongroise offrant une large gamme de services financiers en Europe centrale et orientale, ainsi qu'en quelques autres régions du monde.

L'émission obligataire d'OTP Bank Nyrt, identifiée par le code ISIN XS0274147296, constitue un instrument financier pertinent sur le marché de la dette internationale. OTP Bank Nyrt, acteur bancaire majeur et pilier de l'économie hongroise, s'est établie comme l'une des plus grandes institutions financières d'Europe Centrale et Orientale, offrant une gamme complète de services bancaires et financiers aux particuliers, entreprises et institutions à travers plusieurs pays de la région, consolidant ainsi sa position stratégique et sa résilience opérationnelle. Cette obligation, dont le pays d'émission est la Hongrie, est actuellement négociée sur le marché à 100% de sa valeur nominale et est libellée en Euros (EUR), offrant aux investisseurs un taux d'intérêt de 2.692%. Le montant total de l'émission s'élève à 247 700 000 EUR, avec une taille minimale d'acquisition fixée à 50 000 EUR, la rendant accessible à un certain profil d'investisseurs. Une caractéristique distinctive et essentielle de cet instrument est sa maturité perpétuelle, signifiant l'absence d'une date de remboursement finale prédéterminée, ce qui en fait un financement à très long terme pour l'émetteur, classé souvent comme quasi-fonds propres ou dette subordonnée, tandis que les paiements d'intérêts sont prévus sur une fréquence annuelle.







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PROSPECTUS
The date of this Prospectus is 6 November 2006.
OTP Bank Nyrt.
(incorporated with limited liability in the Republic of Hungary)
EUR 500,000,000 Fixed to Floating Rate Perpetual Subordinated Notes
Issue price: 99.875 per cent.
The EUR 500,000,000 Fixed to Floating Rate Perpetual Subordinated Notes (the Notes) are issued by OTP Bank
Nyrt. (the Issuer).
Interest on the Notes will be payable from and including 7 November 2006 to but excluding 7 November 2016
at the rate of 5.875 per cent. per annum, annually in arrear. From and including 7 November 2016 the Notes
will bear interest at a rate reset quarterly of 3.00 per cent. per annum above the Euro-zone interbank offered rate
for three month euro deposits payable quarterly in arrear on the Interest Payment Dates (as defined in "Terms
and Conditions of the Notes") falling on 7 February, 7 May, 7 August and 7 November in each year, all as more
particularly described in "Terms and Conditions of the Notes ­ 3. Interest". Interest payments may be deferred
as described in "Terms and Conditions of the Notes - .4 Interest Deferral". Payments in respect of the Notes will
be made without deduction for, or on account of, taxes of any Tax Jurisdiction (as defined in "Terms and
Conditions of the Notes"), unless such deduction is required by law. In the event that any such deduction is made,
the Notes will be subject to grossing up by the Issuer, subject to certain exceptions as are more fully described
under "Terms and Conditions of the Notes - 7. Taxation".
For a discussion of certain factors which should be considered in connection with an investment in the Notes,
see "Risk Factors" beginning on page 5 of this Prospectus.
The Notes will be rated A2 by Moody's Investors Service Limited (Moody's). A rating is not a recommendation
to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the
assigning rating organisation.
Application will be made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as
competent authority under the Luxembourg act dated 10 July 2005 on prospectuses for securities to approve this
document as a prospectus. Application has also been made to the Luxembourg Stock Exchange for the Notes to
be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the Official
List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange's regulated market is a regulated
market for the purposes of the Market in Financial Instruments Directive (Directive 2004/39/EC).
The Notes will initially be represented by a temporary global note (the Temporary Global Note), without interest
coupons, which will be deposited on or about 7 November 2006 (the Issue Date) with a common depositary for
Euroclear Bank S.A./N.V., as operator of the Euroclear System, (Euroclear) and Clearstream Banking, société
anonyme (Clearstream, Luxembourg). Interests in the Temporary Global Note will be exchangeable for interests
in a permanent global note (the Permanent Global Note and, together with the Temporary Global Note, the
Global Notes), without interest coupons, on or after 18 December 2006 (the Exchange Date), upon certification
as to non-U.S. beneficial ownership. Interests in the Permanent Global Note will be exchangeable for definitive
Notes only in certain limited circumstances ­ see "Summary of Provisions relating to the Notes while in Global
Form".
Joint Lead Managers
BNP PARIBAS
UBS INVESTMENT BANK
Structuring Adviser


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The Issuer (the Responsible Person) accepts responsibility for the information contained in this Prospectus.
To the best of the knowledge and belief of the Issuer (having taken all reasonable care to ensure that such
is the case) the information contained in this Prospectus is in accordance with the facts and does not omit
anything likely to affect the import of such information.
The figures in the section entitled "Financial Overview of The Hungarian Banking Sector" have been
extracted from the "Flash Report on the Development of the Financial Sector in 2005" published by the
Hungarian Financial Supervisory Authority. The Issuer accepts responsibility that such information has
been accurately reproduced and that, so far as it is aware, and is able to ascertain from information
published by Hungarian Financial Supervisory Authority, no facts have been omitted which would render
the reproduced information inaccurate or misleading.
This Prospectus is to be read in conjunction with all documents which are incorporated herein by reference
(see "Documents Incorporated by Reference" below). This Prospectus shall be read and construed on the
basis that such documents are incorporated and form part of this Prospectus. This Prospectus may only be
used for the purposes for which it has been published.
Neither the Joint Lead Managers nor BNP Paribas Trust Corporation UK Limited (the Trustee) have
independently verified the information contained herein. Accordingly, no representation, warranty or
undertaking, express or implied, is made and no responsibility or liability is accepted by the Joint Lead
Managers or the Trustee or any of them as to the accuracy or completeness of the information contained
or incorporated in this Prospectus or any other information provided by the Issuer in connection with the
Notes or their distribution. Neither the Joint Lead Managers nor the Trustee accept any liability in relation
to the information contained or incorporated by reference in this Prospectus or any other information
provided by the Issuer in connection with the Issue of the Notes.
No person is or has been authorised by the Issuer to give any information or to make any representation
not contained in or not consistent with this Prospectus or any other information supplied in connection with
the Notes and, if given or made, such information or representation must not be relied upon as having been
authorised by the Issuer, any of the Joint Lead Managers or the Trustee.
Neither this Prospectus nor any other information supplied in connection with the Notes (a) is intended to
provide the basis of any credit or other evaluation or (b) should be considered as a recommendation by the
Issuer, any of the Joint Lead Managers or the Trustee that any recipient of this Prospectus or any other
information supplied in connection with the Notes should purchase any Notes. Each investor contemplating
purchasing any Notes should make its own independent investigation of the financial condition and affairs,
and its own appraisal of the creditworthiness, of the Issuer. Neither this Prospectus nor any other
information supplied in connection with the Notes constitutes an offer or invitation by or on behalf of the
Issuer, any of the Joint Lead Managers or the Trustee to any person to subscribe for or to purchase any
Notes.
Neither the delivery of this Prospectus nor the offering, sale or delivery of the Notes shall in any
circumstances imply that the information contained herein concerning the Issuer is correct at any time
subsequent to the date hereof. The Joint Lead Managers and the Trustee expressly do not undertake to
review the financial condition or affairs of the Issuer during the life of the Notes or to advise any investor
in the Notes of any information coming to their attention. Investors should review, inter alia, the most
recently published documents incorporated by reference into this Prospectus when deciding whether or not
to purchase any Notes.
Save for any fees payable to the Joint Lead Managers, so far as the Issuer is aware, no person involved in
the issue of the Notes has an interest material to the offer.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as
amended, (the Securities Act) and are subject to U.S. tax law requirements. Subject to certain exceptions,
Notes may not be offered, sold or delivered within the United States or to U.S. persons (see "Subscription
and Sale").
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This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The
distribution of this Prospectus and the offer or sale of any Notes may be restricted by law in certain
jurisdictions. The Issuer, the Joint Lead Managers and the Trustee do not represent that this Prospectus may
be lawfully distributed, or that any Notes may be lawfully offered, in compliance with any applicable
registration or other requirements in any such jurisdiction, or pursuant to an exemption available
thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no
action has been taken by the Issuer, the Joint Lead Managers or the Trustee which would permit a public
offering of any Notes outside the European Economic Area or distribution of this Prospectus in any
jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold, directly
or indirectly, and neither this Prospectus nor any advertisement or other offering material may be
distributed or published in any jurisdiction, except under circumstances that will result in compliance with
any applicable laws and regulations. Persons into whose possession this Prospectus or any Notes may come
must inform themselves about, and observe, any such restrictions on the distribution of this Prospectus and
the offering and sale of the Notes. In particular, there are restrictions on the distribution of this Prospectus
and the offer or sale of the Notes in the United States, the European Economic Area (including the United
Kingdom, the Republic of Hungary, Germany and France) and Japan, see "Subscription and Sale".
All references in this document to U.S. dollars, U.S.$ and $ refer to United States dollars, to EUR, euro and
refer to the currency introduced at the start of the third stage of European economic and monetary union
pursuant to the Treaty establishing the European Community (signed in Rome on 25 March 1957), as
amended, all references to HUF and Forint are to Hungarian Forint, all references to BGN are to Bulgarian
leva, all references to SKK are to Slovakian koruny and all references to Sterling and £ refer to pounds
sterling.
As at 3 November 2006:
the exchange rate for HUF to EUR was HUF 260.35 to EUR 1;
the exchange rate for BGN to EUR was BGN 1.9559 to EUR 1; and
the exchange rate for SKK to EUR was SKK 36.388 to EUR 1.
Statement regarding forward-looking disclosure
This Prospectus contains forward-looking statements. Such statements, which are indicated by words or
phrases such as "intend", "anticipate", "plan", "estimate", "project", "expects", "believes" or "currently
envisions" and similar phrases are based on current expectations only, and are subject to certain risks,
uncertainties and assumptions. Should one or more of these risks or uncertainties materialise, or should
underlying assumptions prove incorrect, actual results may vary materially from those anticipated,
estimated or projected. Included among the factors that could cause actual results to materially differ are
those risks listed under the heading "Risk Factors" below. The Issuer undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise.
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CONTENTS
Page
Risk Factors ..............................................................................................................................
5
Documents Incorporated by Reference ......................................................................................
10
Terms and Conditions of the Notes ..........................................................................................
12
Summary of Provisions relating to the Notes while in Global Form..........................................
26
Use of Proceeds..........................................................................................................................
29
Description of the Issuer............................................................................................................
30
Material Contracts ....................................................................................................................
93
The Hungarian Banking System ................................................................................................
94
Taxation ....................................................................................................................................
103
Subscription and Sale ................................................................................................................
106
General Information ..................................................................................................................
109
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RISK FACTORS
The Issuer believes that the following factors may affect its ability to fulfil its obligations under the Notes.
Most of these factors are contingencies which may or may not occur and the Issuer is not in a position to
express a view on the likelihood of any such contingency occurring.
In addition, factors which are material for the purpose of assessing the market risks associated with the
Notes are also described below.
The Issuer believes that the factors described below represent the principal risks inherent in investing in the
Notes, but the inability of the Issuer to pay interest, principal or other amounts on or in connection with
the Notes may occur for other reasons which may not be considered significant risks by the Issuer based on
information currently available to it or which it may not currently be able to anticipate. Prospective
investors should also read the detailed information set out elsewhere in this Prospectus and reach their own
views prior to making any investment decision.
Factors that may affect the Issuer's ability to fulfil its obligations under the Notes
Like all other banks the Issuer is mainly exposed to credit risk and market risk (e.g. interest rate movements
and currency movements).
These risk factors are addressed by the Issuer's own risk management procedures and exposures are
constantly measured and supervised.
Expansion of the Group's business into Central and Eastern Europe
Recent acquisitions by the Issuer in the Central and Eastern European (CEE) markets, and the expansion
and integration of the acquired businesses may impact upon the consolidated financial results of the Issuer's
Group. The ongoing integration can also expose the Issuer to monitoring risk of these operations and will
require continued capital expenditure that can carry execution risk in the implementation. The Issuer can
give no assurances as to future profitability of its CEE acquisitions and their continued strategic viability as
part of the Issuer's Group.
In addition, the CEE acquisitions will in some markets such as Russia not operate to give the Issuer's Group
a market share comparable to its Hungarian business model and might require more aggressive lending
terms to gain market presence.
Increase in proportion of mortgage loans denominated in non-HUF currencies
The proportion of mortgage loans made by OTP Group in non-HUF currencies has increased. In case of
non-HUF denominated loans, the Issuer is currently the only bank that offers an FX protection scheme for
its clients as at the date of this Prospectus. Movements in exchange rates could lead to borrowers being
unable to meet repayments on mortgage loans and ultimately to default under such loans as there is no
obligation on the borrowers to hedge. Such defaults could have an impact on the financial results of the
Issuer's Group.
With the exception of the risk factors in this section entitled "Factors that may affect the Issuer's ability to
fulfil its obligations under the Notes", the Issuer does not consider there to be any other risk factors relevant
to its business.
Factors which are material for the purpose of assessing the market risks associated with the Notes
The Notes may not be a suitable investment for all investors
Each potential investor in the Notes must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
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RISK FACTORS
(i)
have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits
and risks of investing in the Notes and the information contained or incorporated by reference in this
Prospectus;
(ii)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on its
overall investment portfolio;
(iii)
have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes,
including Notes with principal or interest payable in one or more currencies, or where the currency
for principal or interest payments is different from the potential investor's currency;
(iv)
understand thoroughly the terms of the Notes and be familiar with the behaviour of any relevant
indices and financial markets; and
(v)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
Risks related to the Notes
Set out below is a brief description of certain risks relating to the Notes generally:
Regulatory risk ­ Payment Condition
All payments of interest or any other payment (excluding principal) in respect of or arising under the Notes,
Coupons and/or the Trust Deed in respect of the Notes are, in addition to the right of the Issuer to defer
payment of interest in accordance with Condition 4, conditional upon the Issuer being able to make such
payment, in accordance with Section 7.A (f) of Schedule 5 to the Hungarian Banking Act (as defined in
"Terms and Conditions of the Notes"), from the Issuer's post-tax profits, as specified in the Issuer's annual
report for the relevant fiscal year and, adjusted with the Issuer's retained earnings, subsequent to the Issuer's
recording of its general reserves, but preceding the payment of any dividends (the Payment Condition) and
no payment (excluding principal) in respect of or arising from the Notes, Coupons and/or the Trust Deed
in respect thereof shall be due and payable except to the extent that the Issuer could make such payment in
accordance with the Payment Condition.
The Notes and the related Coupons are conditional upon the Issuer being able to comply with the Payment
Condition for the purpose of Condition 2.3 immediately before payment by the Issuer. If the Payment
Condition is not satisfied, any amounts which might otherwise have been allocated in or towards payment
of interest or any other payment (excluding principal) in respect of the Notes may be used to absorb losses.
Perpetual Notes and interest deferral
The Issuer is under no obligation to redeem the Notes at any time and the Noteholders have no right to call
for their redemption. The Issuer may elect not to pay interest on any given interest payment date.
The Issuer's obligations under the Notes are subordinated
The Notes and Coupons are subordinated and unsecured obligations of the Issuer (járulékos kölcsönt´´oke,
as defined in Point 9.A of Annex 5 to Act CXII of 1996 on Credit Institutions and Financial Enterprises, as
amended from time to time) and will rank junior in priority to the claims of Senior Creditors (as defined in
"Terms and Conditions of the Notes" herein) of the Issuer, and subject to the provisions of the following
paragraph, rank pari passu without any preference among themselves. The Notes will be treated equally
and all amounts paid by the Issuer in respect of principal and interest thereon will be paid pro rata on all
the Notes.
In the event of the liquidation (felszámolás) of the Issuer in accordance with Act XLIX of 1991 on
Bankruptcy and Liquidation Proceedings, the payment obligations of the Issuer under the Notes and
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RISK FACTORS
Coupons will rank in right of payment after Senior Creditors of the Issuer but at least pari passu with all
other subordinated obligations of the Issuer which do not rank or are not expressed by their terms to rank
junior to the Notes and in priority to the claims of all shareholders of the Issuer, ordinary or preferred.
Although the Notes may pay a higher rate of interest than comparable notes which are not subordinated,
there is a real risk that an investor in the Notes will lose all or some of his investment should the Issuer
become insolvent.
Each holder of a Note unconditionally and irrevocably waives any right of set-off, counterclaim, abatement
or other similar remedy which it might otherwise have, under the laws of any jurisdiction, in respect of such
Note.
Early Redemption of the Notes
The early redemption of the Notes is subject to the prior consent of the Regulator (as defined in "Terms
and Condition of the Notes").
Optional redemption by the Issuer
The Conditions contain provisions for optional redemption by the Issuer. This feature is likely to limit the
market value of the Notes. During any period when the Issuer may elect to redeem Notes, the market value
of the Notes generally will not rise substantially above the price at which they can be redeemed. This also
may be true prior to any redemption period.
The Issuer may be expected to redeem Notes when its cost of borrowing is lower than the interest rate on
the Notes. At those times, an investor generally would not be able to reinvest the redemption proceeds at
an effective interest rate as high as the interest rate on the Notes being redeemed and may only be able to
do so at a significantly lower rate. Potential investors should consider reinvestment risk in light of other
investments available at that time.
Modification, waivers and substitution
The Conditions contain provisions for calling meetings of Noteholders to consider matters affecting their
interests generally. These provisions permit defined majorities to bind all Noteholders including
Noteholders who did not attend and vote at the relevant meeting and Noteholders who voted in a manner
contrary to the majority.
The Conditions also provide that the Trustee may, without the consent of the Noteholders, (i) agree to any
modification of, or waiver or authorisation of any breach or proposed breach of, any of the Conditions or
(ii) agree to the substitution of another entity as principal debtor under the Notes in place of the Issuer, in
the circumstances described in Condition 11.
Change of law
The Conditions are based on English law in effect as at the date of issue of the relevant Notes. No assurance
can be given as to the impact of any possible judicial decision or change to English law or administrative
practice after the date of issue of the Notes.
Integral multiples of less than EUR 50,000
It is possible that the Notes may be traded in the clearing systems in amounts in excess of EUR 50,000 that
are not integral multiples of EUR 50,000. Should definitive Notes be required to be issued, Noteholders
who hold Notes in the relevant clearing system in amounts that are not integral multiples of EUR 50,000
may need to purchase or sell, on or before the relevant Exchange Date, a principal amount of Notes such
that their holding is an integral multiple of EUR 50,000.
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RISK FACTORS
Restricted remedy for non-payment
Pursuant to the Hungarian Banking Act (as defined in "Terms and Conditions of the Notes"), the Trustee
or the Holders may not initiate winding up proceedings against the Issuer as a result of the Issuer's failure
to make any payment in respect of the Notes. The sole remedy against the Issuer available to the Trustee or
any Holder for recovery of amounts owing in respect of any interest or principal in respect of the Notes will
be proving in the winding-up or the administration of the Issuer.
Absence of prior public markets
The Notes constitute a new issue of securities by the Issuer. Prior to this issue, there will have been no public
market for the Notes. Although application has been made for the Notes to be admitted to listing and to
trading on the Luxembourg Stock Exchange, there can be no assurance that an active public market for the
Notes will develop and, if such a market were to develop, the Joint Lead Managers are under no obligation
to maintain such a market. The liquidity and the market prices for the Notes can be expected to vary with
changes in market and economic conditions, the financial condition and prospects of the Issuer and the OTP
Group (as defined herein) and other factors that generally influence the market prices of securities.
EU Savings Directive
If, following implementation of this Directive, a payment were to be made or collected through a Member
State which has opted for a withholding system and an amount of, or in respect of tax were to be withheld
from that payment, neither the Issuer nor any Paying Agent nor any other person would be obliged to pay
additional amounts with respect to the Notes as a result of the imposition of such withholding tax. If a
withholding tax is imposed on payment made by a Paying Agent following implementation of this Directive,
the Issuer will be required to maintain a Paying Agent in a Member State that will not be obliged to
withhold or deduct tax pursuant to the Directive.
Risks related to the market generally
Set out below is a brief description of the principal market risks, including liquidity risk, exchange rate risk,
interest rate risk and credit risk:
Exchange rate risks and exchange controls
The Issuer will pay principal and interest on the Notes in euros. This presents certain risks relating to
currency conversions if an investor's financial activities are denominated principally in a currency or
currency unit (the Investor's Currency) other than the euro. These include the risk that exchange rates may
significantly change (including changes due to devaluation of the euro or revaluation of the Investor's
Currency) and the risk that authorities with jurisdiction over the Investor's Currency may impose or modify
exchange controls. An appreciation in the value of the Investor's Currency relative to the euro would
decrease (1) the Investor's Currency-equivalent yield on the Notes, (2) the Investor's Currency equivalent
value of the principal payable on the Notes and (3) the Investor's Currency equivalent market value of the
Notes.
Government and monetary authorities may impose (as some have done in the past) exchange controls that
could adversely affect an applicable exchange rate. As a result, investors may receive less interest or
principal than expected, or no interest or principal.
Credit ratings may not reflect all risks
One or more independent credit rating agencies may assign credit ratings to the Notes. The ratings may not
reflect the potential impact of all risks related to structure, market, additional factors discussed above, and
other factors that may affect the value of the Notes. A credit rating is not a recommendation to buy, sell or
hold securities and may be revised or withdrawn by the rating agency at any time.
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RISK FACTORS
Legal investment considerations may restrict certain investments
The investment activities of certain investors are subject to legal investment laws and regulations, or review
or regulation by certain authorities. Each potential investor should consult its legal advisers to determine
whether and to what extent (1) the Notes are legal investments for it, (2) the Notes can be used as collateral
for various types of borrowing and (3) other restrictions apply to its purchase or pledge of the Notes.
Financial institutions should consult their legal advisers or the appropriate regulators to determine the
appropriate treatment of the Notes under any applicable risk-based capital or similar rules.
Hungarian government policy
The Issuer can give no assurances that the ongoing austerity measures being applied by the Hungarian
government will not negatively impact upon the business of the Issuer or its Group. Although the
implementation of Act LIX of 2006 on special tax and contribution aiming to enhance the balance of the
state budget has introduced a special banking tax and the recent introduction of capital gains and
withholding taxes on interest income and capital gains on the disposal of securities have as yet had no
absolute impact on the Issuer's business, there can be no guarantee that this position will not change in the
future. The continuing uncertainty and delay in the introduction of the Euro in Hungary may have a
negative impact on the economic climate within Hungary which may in turn have an impact on the Issuer's
business operations.
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DOCUMENTS INCORPORATED BY REFERENCE
The following documents which have previously been published or are published simultaneously with this
Prospectus and have been filed with the CSSF shall be incorporated in, and form part of, this Prospectus:
(a)
the audited consolidated and non-consolidated annual financial statements for the financial year
ended 31 December 2004 and the audit reports thereon including the information set out at the
following pages in particular:
Document
Section incorporated
Consolidated IFRS Financial Statements for the financial
years ended 31 December 2004 and 2003
Pages 75 to 106
­
Independent Auditors' Opinion
Page 75
­
Financial Statements:
­
Balance Sheet
Page 76
­
Profit and Loss Account
Page 77
­
Statement of Cash Flow
Pages 78 to 79
­
Statement of changes in Shareholders' Equity
Page 80
­
Notes to Financial Statements
Pages 80 to 106
Unconsolidated IFRS Financial Statements for the financial
years ended 31 December 2004 and 2003
Pages 107 to 112
­
Independent Auditors' Opinion
Page 107
­
Financial Statements:
­
Balance Sheet
Page 108
­
Profit and Loss Account
Page 109
­
Statement of Cash Flow
Pages 110 to 111
­
Statement of changes in Shareholders' Equity
Page 112
Notes to Financial Statements
Pages 112 to 134
Any other information not listed above but contained in such document is incorporated by reference
for information purposes only;
(b)
the audited consolidated and non-consolidated annual financial statements for the financial year
ended 31 December 2005 and the audit reports thereon including the information set out at the
following pages in particular:
Document
Section incorporated
Consolidated IFRS Financial Statements for the financial
year ended 31 December 2005
Pages 64 to 109
­
Independent Auditors' Opinion
Page 64
­
Financial Statements:
­
Balance Sheet
Page 65
­
Profit and Loss Account
Page 66
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Document Outline