Obligation Santander Bank 6% ( XS0363956565 ) en EUR

Société émettrice Santander Bank
Prix sur le marché 100 %  ▼ 
Pays  Espagne
Code ISIN  XS0363956565 ( en EUR )
Coupon 6% par an ( paiement annuel )
Echéance 30/05/2023 - Obligation échue



Prospectus brochure de l'obligation Banco Santander XS0363956565 en EUR 6%, échue


Montant Minimal 50 000 EUR
Montant de l'émission 30 000 000 EUR
Description détaillée Banco Santander est une banque multinationale espagnole, l'une des plus grandes institutions financières du monde, opérant dans plusieurs pays d'Europe, d'Amérique et d'Asie.

L'Obligation émise par Santander Bank ( Espagne ) , en EUR, avec le code ISIN XS0363956565, paye un coupon de 6% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 30/05/2023







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, S.A.
(incorporated with limited liability in Spain)
A32,000,000,000 PROGRAMME FOR THE ISSUANCE OF DEBT INSTRUMENTS
This document (the ``Base Prospectus'') constitutes two base prospectuses for the purposes of Article 5.4 of the Directive 2003/71/EC
(the ``Prospectus Directive'') (i) a base prospectus relating to instruments (the ``Instruments'') issued under the programme described
herein (the ``Programme'') by Santander International Debt, S.A. Unipersonal (``Santander International'') and Santander Issuances,
S.A. Unipersonal (``Santander Issuances'' and, together with Santander International, the ``Issuers'' (each an ``Issuer'')) and guaranteed
by Banco Santander, S.A. (``Banco Santander'', the ``Guarantor'' or the ``Bank''); and (ii) a base prospectus relating to Instruments
issued under the Programme by Santander Issuances, S.A. Unipersonal and guaranteed by the Guarantor. The Base Prospectus was
approved on 14 November 2008 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 Markets in Financial Instruments Directive (2004/39/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 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.
There are certain risks related to any issue of Instruments under the Programme, which investors should ensure they fully understand
(see ``Risk Factors'' on page 10 of this Base Prospectus).
Potential purchasers should note the statements on pages 80-90 regarding the tax treatment in Spain of income obtained in respect of
the Instruments and the disclosure requirements imposed by Law 13/1985 of 25 May 1985, as amended, on the relevant Issuer and the
Guarantor relating to the identity and country of residence of holders of Instruments. In particular, payments on the Instruments may be
subject to Spanish withholding tax if certain information regarding holders is not received by the relevant Issuer and the Guarantor in a
timely manner.
Arrangers for the Programme
BANCO SANTANDER, S.A.
MORGAN STANLEY
Dealers
BANC OF AMERICA SECURITIES LIMITED
BARCLAYS CAPITAL
BNP PARIBAS
CITI
COMMERZBANK CORPORATES & MARKETS
CREDIT SUISSE
DEUTSCHE BANK
GOLDMAN SACHS INTERNATIONAL
HSBC
J.P. MORGAN
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY
NOMURA INTERNATIONAL PLC
SANTANDER GLOBAL BANKING & MARKETS
SOCIE
´ TE´ GE´NE´RALE CORPORATE
THE ROYAL BANK OF SCOTLAND
& INVESTMENT BANKING
UBS INVESTMENT BANK
14 November 2008


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.
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
accept 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 come 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.
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 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
i


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.
Any stabilising action or over-allotment must be conducted by the Stabilising Manager(s) (or persons
acting on behalf of the Stabilising Manager(s)) in accordance with all applicable laws and rules.
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 ``C'' 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.
For the avoidance of doubt, uniform resource locators (``URLs'') given in respect of web-site
addresses in the Base Prospectus are inactive textual references only and it is not intended to
incorporate the contents of any such web sites into this Base Prospectus nor should the contents of
such web sites be deemed to be incorporated into this Base Prospectus.
ii


TABLE OF CONTENTS
Page
SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Risks Relating to the Issuers and the Guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Risks Relating to Group Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Risks Relating to Latin America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Risks Relating to the Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
DESCRIPTION OF THE PROGRAMME. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
THE ISSUERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
1
PERSONS RESPONSIBLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
1.1
All persons responsible for the information given in the Base Prospectus relating to the issuer
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
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 relating to
the issuer 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
2
STATUTORY AUDITORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
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) . . . . . . . . . . . . . . . . .
25
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 . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
3
SELECTED FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
4
RISK FACTORS
Prominent disclosure of risk factors that may affect the issuer's ability to fulfil its obligations
under the securities to investors in a section headed ``Risk Factors'' in the Base Prospectus
26
5
INFORMATION ABOUT THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
5.1
History and development of the issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
5.1.1
the legal and commercial name of the issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
5.1.2
the place of registration of the issuer and its registration number . . . . . . . . . . . . . . .
26
iii


5.1.3
the date of incorporation and the length of life of the issuer, except where indefinite
26
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).
27
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
5.2
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
5.2.1
A description of the principal investments made since the date of the last published
financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
5.2.2
Information concerning the issuer's principal future investments, on which its
management bodies have already made firm commitments . . . . . . . . . . . . . . . . . . . .
27
5.2.3
Information regarding the anticipated sources of funds needed to fulfil commitments
referred to in item 5.2.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
6
BUSINESS OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
6.1
Principal activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
6.1.1
A description of the issuer's principal activities stating the main categories of products
sold and/or services performed; and . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
6.1.2
an indication of any significant new products and/or activities . . . . . . . . . . . . . . . . . .
27
6.2
Principal markets: A brief description of the principal markets in which the issuer competes
27
6.3
The basis for any statements made by the issuer regarding its competitive position . . . . . . .
27
7
ORGANISATIONAL STRUCTURE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
7.1
If the issuer is part of a group, a brief description of the group and of the issuer's position
within it . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
8
TREND INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
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 . . . . . . . . . . . . . . . . .
28
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
9
PROFIT FORECASTS OR ESTIMATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
9.1
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
9.2
A statement setting out the principal assumptions upon which the issuer has based its forecast,
or estimate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
9.3
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 . . . . . . . . . . . . . . . . . . . . . .
28
9.4
The profit forecast or estimate must be prepared on a basis comparable with the historical
financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
10
ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES . . . . . . . . . . . .
28
iv


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:
(a)
members of the administrative, management or supervisory bodies;
(b)
partners with unlimited liability, in the case of a limited partnership with a share
capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
11
BOARD PRACTICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
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 . . . . . . . . . .
29
11.2 A statement as to whether or not the issuer complies with its country of incorporation's
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
12
MAJOR SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
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. . . . . . . . . . . . . . . . . . . . . . . . . .
30
13
FINANCIAL
INFORMATION
CONCERNING
THE
ISSUER'S
ASSETS
AND
LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES . . . . . . . . . . . . .
30
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
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 . . . . . . . . . . . .
32
13.3 Auditing of historical annual financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
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 . . . . . . . . . . . . . . . . . .
32
13.3.2 An indication of other information in the base prospectus which has been audited by
the auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
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
32
13.4 Age of latest financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
13.4.1 The last year of audited financial information may not be older than 18 months from
the date of the base prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
v


13.5 Interim and other financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
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. . . . . . . . . . . . . . .
32
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
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 . . . . . . . . . . . . . . . . . . . . . . . . .
34
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 issuer 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. . . . . . . . . . . . . . . .
34
14
ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
14.1 Share Capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
14.2 Memorandum and Articles of Association. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
15
MATERIAL CONTRACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
16
THIRD PARTY INFORMATION AND STATEMENT BY EXPERTS AND
DECLARATIONS OF ANY INTEREST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
vi


17
DOCUMENTS ON DISPLAY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
17.1 A statement that for the life of the base prospectus the following documents (or copies
thereof), where applicable, may be inspected. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
THE GUARANTOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
1
PERSONS RESPONSIBLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
2
STATUTORY AUDITORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
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). . . . . . . . . . .
36
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 . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
3
SELECTED FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
3.1
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
4.
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
4.1
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'' in the Base
Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
5
INFORMATION ABOUT THE GUARANTOR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
5.1
History and development of the guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
5.1.1
Legal and trading name of the guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37
5.1.2
The place of registration of the guarantor and its registration number. . . . . . . . . . . .
38
5.1.3
The date of incorporation and the length of life of the guarantor, except where
indefinite . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
5.1.4
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).
38
5.1.5
Any recent events particular to the guarantor which are to a material extent relevant to
the evaluation of the guarantor's solvency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
38
vii


6
BUSINESS OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
6.1
Principal activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
6.1.1
A brief description of the guarantor's principal activities stating the main categories of
products sold and/or services performed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
6.1.2
An indication of any significant new products and/or activities . . . . . . . . . . . . . . . . .
58
6.1.3
Principal markets: A brief description of the principal markets in which the guarantor
competes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60
7
ORGANISATIONAL STRUCTURE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
7.1
If the guarantor is part of a group, a brief description of the group and of the guarantor's
position within it. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
7.2
If the guarantor is dependent upon other entities within the group, this must be clearly stated
together with an explanation of this dependence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
8
TREND INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
8.1
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
8.2
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
9
PROFIT FORECASTS OR ESTIMATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
9.1
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
9.2
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. . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
9.3
The profit forecast or estimate must be prepared on a basis comparable with the historical
financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
10
ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES . . . . . . . . . . . .
63
10.1 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
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 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66
11
BOARD PRACTICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
11.1 Details relating to the guarantor's audit committee, including the names of committee
members and a summary of the terms of reference under which the committee operates. . .
67
viii


11.2 A statement as to whether or not the guarantor complies with its country of incorporation's
corporate governance regime(s). In the event that the guarantor 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
12
MAJOR SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
12.1 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. . . . . . . . . . . . . . . . . . . . . . . . .
67
12.2 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. . . . . . . . . . . . . . . . . . . . . . .
67
13
FINANCIAL INFORMATION CONCERNING THE GUARANTOR'S ASSETS AND
LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES . . . . . . . . . . . . .
67
13.1 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
13.2 Financial statements: If the guarantor prepares both own and consolidated financial
statements, include at least the consolidated financial statements in this Base Prospectus. . .
70
13.3 Auditing of historical annual financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
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 . . . . . . . . . . . . . . . . . .
70
13.3.2 An indication of other information relating to the guarantor in this Base Prospectus
which has been audited by the auditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
13.3.3 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
13.4 Age of latest financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
13.4.1 The last year of audited financial information may not be older than 18 months from
the date of this Base Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
13.5 Interim and other financial information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
70
13.5.1 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 . . . . . . . .
70
13.5.2 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
71
ix


Document Outline