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Visit One News Page for Italy news from around the world, aggregated from leading sources including newswires, newspapers and broadcast media. Search millions of archived news headlines. This feed provides the Italy news headlines.

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    · *The weak risk-appetite continues to weigh on USD/JPY on Tuesday.*
    · *US Dollar Index stays quiet around 96.*
    · *Wall Street recovers modestly from lows.*

    The USD/JPY came under a renewed selling pressure in the early trading hours of the NA session and fell to a fresh five-day low of 111.94 before recovering slightly. At the moment, the pair is still down 0.6% on a daily basis at 112.12.

    With the flight-to-safety becoming the primary driver of the market action on Tuesday, the JPY stays strong against its peers. Following the sharp fall witnessed in both Asian and European equity indices, Wall Street started the day and extended losses to provide an additional boost to the yen. However, it seems like the selling pressure is taking a break in the stock markets with Dow Jones Industrial Average and S&P 500 pulling away from their daily lows. Nonetheless, these indexes are still down 1.75% and 1.85%, respectively.

    Commenting on the market sentiment, "The combination of market risk in equities, political risk in  Europe - Brexit and Italy -  and economic risk around the globe have revived the traditional havens for flailing markets, the Dollar and Treasury assets.  It doesn't hurt that the U.S. is also the world's healthiest major economy," FXStreet Senior Analyst Joseph Trevisani said.

    Meanwhile, the US Dollar Index, which tracks the greenback against a basket of six major currencies, continues to fluctuate in a tight range below the 96 mark on Tuesday amid a lack of macroeconomic data releases that could impact the market valuation. Later in the session, Atlanta Fed President Bostic is scheduled to deliver a speech.

    *Technical levels to consider*

    With a daily close below 112/111.95 (psychological level/daily low), the pair could target 111.70 (100-DMA) on the downside ahead of 111.15 (Sep. 13 low). Resistances, on the other hand, are located at 112.30 (50-DMA), 112.85 (daily high/20-DMA) and 113.30 (Oct. 10 high). Reported by FXstreet.com 2 hours ago.

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    Gold jumped 1 percent to a more than three-month peak on Tuesday, with investors spurred on by a slide in global equities and rising political and economic uncertainty, including concerns over Italy's spending plans. Reported by Reuters India 2 hours ago.

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    Wall Street stocks followed Europe and Asia lower on Tuesday as investors fled for safety as they worried about U.S. earnings, Italy's finances and U.S. trade tensions while pressure mounted on Saudi Arabia over the death of journalist Jamal Khashoggi. Reported by Reuters India 1 hour ago.

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    Wall Street stocks followed Europe and Asia lower on Tuesday as investors fled for safety as they worried about U.S. earnings, Italy's finances and U.S. trade tensions while pressure mounted on Saudi Arabia over the death of journalist Jamal Khashoggi. Reported by Reuters 2 hours ago.

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    Italian Deputy Prime Minister Luigi Di Maio said on Tuesday the European Commission's unprecedented rejection of Italy's budget was fully expected and called for the EU executive to have "respect" for Italians and their government. Reported by Reuters India 1 hour ago.

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    EU rejects Italy's budget, raising stakes in dispute BRUSSELS (AP) - The European Commission on Tuesday rejected Italy's proposed budget for next year - the first time it has ever done so with a member state - as it argues the populist government's spending plans are out of line and would break promises to lower public debt. The... Reported by WorldNews 2 hours ago.

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    Italy budget rejected in unprecedented European Commission move Symbol copyright AFP Symbol caption PM Giuseppe Conte (L) and his two deputies – Luigi Di Maio and Matteo Salvini (R) were informed to revise their funds The Ecu Fee has informed Italy to revise its funds, an extraordinary transfer against a EU member state. Italy’s ruling populist events have vowed to push forward with … Reported by The News Articles 1 hour ago.

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    STRASBOURG (FRANCE) - The European Commission on Tuesday rejected Italy's draft 2019 budget, the first time the EU executive has ever sent a member state back to the drawing board over spending plans. Reported by Bangkok Post 1 hour ago.

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    *Paris, October 23, 2018*

    *Highlights *

    · *Robust organic growth^(1) in Q3 2018 (+3.4% vs. Q3 2017), thanks to very strong momentum in Sports (+11.8%)^(1) and North America's good performance (+4.3%)^(1)*
    · *On-going positive impact from higher selling prices, partly covering increased raw materials and transportation costs*
    · *Q3 2018 adjusted EBITDA^(2) of €98m and adjusted EBITDA margin of 11.6% *
    · *Completion of the acquisition of Lexmark, one of the North American leaders in carpet for the hospitality segment*

    (1) Organic growth: at constant scope of consolidation and exchange rates (note that in the CIS segment, price increases implemented to offset currency fluctuations are not included in organic growth, which therefore only reflects volume and price effects). See the definition of alternative performance indicators at the end of this press release.

    (2) Adjusted EBITDA: adjustments include expenses such as those relating to restructuring, acquisitions and share-based payments. See the definition of alternative performance indicators at the end of this press release.

    * *

    Tarkett's sales continued to grow at a good rate in the third quarter of 2018 and *organic growth was up 3.4% compared with Q3 2017, *despite the high basis of comparison (Q3 2017 +6.1% vs Q3 2016). Price rises applied earlier in the year are starting to pay off and contributed 0.9 % to sales growth. In North America, additional price increases were applied in September.

    The Sports segment remained particularly buoyant in the most important quarter of the year, achieving organic growth of 11.8%. The North America segment continued to improve its performance (+4.3% compared to +3.7% in Q2 2018), boosted by rising volumes and the growing impact of increased selling prices. In EMEA, organic growth was slower (0.9% compared with Q3 2017) due to weaker business levels in France and the UK. Sales fell 4.8%, across CIS, APAC and Latin America segment, suffering notably from uncertain demand in Russia. The Asia-Pacific region continued to grow and selling prices were raised substantially in Latin America.

    *Reported sales *grew by *2.0% *compared with Q3 2017 due to adverse exchange-rate movements (-1.9%), mainly related to the Swedish krona and Brazilian real. Changes in scope had a positive impact of 0.5%, mainly due to the Group acquiring Grassman's assets, a leading Australian synthetic turf manufacturer that generated sales of around €10m in 2017.

    The Group's *adjusted EBITDA *amounted to *€98m *in *Q3 2018*.* EBITDA margin *came in at* 11.6% compared to 12.3% in Q3 2017.* Group profitability is affected by a very significant increase in raw material and freight costs (-€13.4m), as well as adverse currency effects
    (-3.2m, mainly due to the Australian dollar and Brazilian real). Those negative effects are partially covered by the selling price increases, mainly in North America and in EMEA, with a positive impact of €7.1m. Thanks to actions taken at the end of the second quarter in the CIS countries, the net impact of currencies and selling prices evolutions ("lag effect") was clearly positive at €3.5m.

    Net productivity gains amounted to only €3.0m, mainly due to the under-performance of two production sites in North America in a context of strong volumes. In addition, cost containment and targeted restructuring measures continued to yield savings, offsetting normal wage increases.

     

    The acquisition of Lexmark, one of the North American leaders of carpet for hospitality ($120m of sales in 2017) was completed in late September 2018. Lexmark will be consolidated from the fourth quarter onwards. Given Lexmark's strong performance, the transaction will be immediately accretive to the Group's EBITDA margin, up to 50 basis points after synergies on a full year basis.

    Commenting on these results, *Fabrice Barthélemy*, Acting CEO, said:

    "Tarkett achieved dynamic growth in the third quarter of 2018 mainly thanks to good performance in Sports and Luxury Vinyl Tiles (LVT). As previously announced, selling price increases have reduced the significant impact of inflation in raw materials and transportation costs. In Russia, the activity has been penalized by a more hesitant demand, but the weakness of the ruble was fully offset by selling price increases. We are focused on achieving sustainable profitability improvement through selling price increases, improved industrial performance in North America, accelerated cost reductions and synergies with Lexmark."

     

    *Sales by segment*

    *€ million * *Q3 2018* *Q3 2017* *Change*
    * (%) * *of which organic growth^(1)*
    EMEA 225.2 227.2 -0.8% +0.9%
    North America 206.0 197.9 +4.1% +4.3%
    CIS, APAC & Latin America 165.4 178.0 -7.1% -4.8%
    Sports 243.3 220.4 +10.4% +11.8%
    *Group total * *839.9* *823.5* *+2.0%* *+3.4%*

    *€ million * *9M 2018* *9M 2017* *Change*
    * (%) * *of which organic growth^(1)*
    EMEA 689.6 708.5 -2.7% -0.7%
    North America 584.4 610.6 -4.3% +2.3%
    CIS, APAC & Latin America 427.1 453.7 -5.9% -0.1%
    Sports 456.3 414.7 +10.0% +14.6%
    *Group total * *2157.3* *2187.5* *-1.4%* *+3.2%*

    *Adjusted EBITDA^(2)*

    *€ million * *Q3 2018* *Q3 2017* *Change*
    Adjusted EBITDA 97.7 101.2 -3.5%
    % of sales 11.6% 12.3% -0.7pt

    *€ million * *9M 2018* *9M 2017^(3)* *Change*
    Adjusted EBITDA 213.7 261.4 -18.2%
    % of sales 9.9% 12.0% -2.1pt

    (1) Organic growth: at constant scope of consolidation and exchange rates (note that in the CIS segment, price increases implemented to offset currency fluctuations are not included in organic growth, which therefore only reflects volume and price effects). See the definition of alternative performance indicators at the end of this press release.
    (2) Adjusted EBITDA: adjustments include expenses such as those relating to restructuring, acquisitions and share-based payments. See the definition of alternative performance indicators at the end of this press release.
    (3) Including a $12m favorable settlement payment related to a patent infringement claim against a competitor.

     

    *Comments by reporting segment*

    *Europe, Middle East, Africa (EMEA)*

    In the *third quarter, *the EMEA segment achieved *moderate organic growth of 0.9%.* Positive trends continued in Germany, Central Europe and Italy. Business levels in France remained lower than in 2017, and the slowdown in UK demand continued. In Turkey, the deteriorating economic environment dragged down volumes.

    Sales of Luxury Vinyl Tiles (LVT) remained particularly strong, and new rigid board products launched in the second quarter (iD Click Ultimate and Starfloor Click Ultimate) proved popular.

    Price rises intended to mitigate the adverse effect of rising raw materials and transportation costs had a positive effect. In Turkey, the Group significantly increased its prices, fully offsetting the devaluation of the Turkish lira. As with the CIS countries, these adjustments are not included when calculating organic growth.

    *Sales were down 0.8% on a reported basis in Q3 2018*, penalized by adverse exchange-rate fluctuations (mainly the Swedish krona and Norwegian krone).

    *North America *

    Sales in North America maintained the strong momentum seen in Q2 with *organic growth of 4.3% in Q3 2018*, thanks to the combined effect of higher volumes and prices. Sales of resilient commercial and residential flooring products were particularly strong, supported by higher sales of accessories and ongoing excellent momentum in the LVT range. The segment benefited from large price increases applied earlier in the year, along with additional price rises applied in September.

    *Reported sales growth was 4.1% compared with Q3 2017, *marginally held back by a slightly adverse currency effect.

    *CIS, APAC & Latin America*

    *Organic sales fell 4.8% in Q3 2018 *(excluding selling price increases in the CIS region). In Russia, the uncertain operating environment and weak ruble meant that consumers were cautious, leading to lower volumes. In the CIS, Tarkett maintained its strategy of adapting selling prices to movements in exchange rates, offsetting most of the adverse currency impact on its sales. The net lag effect on Group EBITDA resulting from selling prices and currency movements was positive at €3.5m.

    In Asia-Pacific, growth was robust, due in particular to good business levels in China. Sales in Latin America continued to grow and in Brazil, prices were increased significantly to offset the weak real.

    *On a reported basis, sales decreased by 7.1% in Q3 2018*, affected by the decline in the Brazilian real against the euro during the period.

    *Sports*

    *Organic growth *in the Sports segment remained particularly *strong at 11.8% in Q3 2018, *despite the high basis of comparison resulting from Q3 2017 growth of 13.6%. Growth remained firm in artificial turf in North America, landscape applications and running tracks. Hybrid turf products (Grassmaster^TM, Playmaster^TM) also remained a popular choice for the most prestigious sports grounds, including the training ground of the Olympique de Marseille soccer club.

    *Reported sales grew 10.4% in Q3 2018*, factoring in a slightly negative currency effect.

    *Outlook*

    The Group's business levels should remain globally well oriented. It should be noted that the basis for comparison in the fourth quarter is high, since year-on-year organic growth in Q4 2017 was 6.9% compared to Q4 2016. In the CIS, uncertainty about possible further sanctions against Russia might cause consumers to be more hesitant.

    Given recent movements in raw materials, energy and transportation costs, the Group expects them to have a significantly high impact and should reach €50m to €55m in 2018. Selling price increases should offset about 40% of this effect, with an acceleration in the second half of the year.

    Tarkett's teams remain focused on accelerating cost reduction initiatives and improving industrial performance in North America. Moreover, we expect a growing contribution of new products' sales.

    The fast integration of Lexmark will have a positive impact on EBITDA margin in Q4 2018. Leverage ratio will remain contained (around 2.5x pro forma EBITDA) thanks to the tight management of working capital and investments.

     

    The analysts' conference will be held on Wednesday October 24, 2018 at 11:00 am CET and an audio webcast service (live and replay) along with the results presentation will be available on www.tarkett.com.

    *Financial calendar*

    · February 7, 2019: 2018 financial results -press release after close of trading on the Paris market and conference call the following morning

      

    *About Tarkett*

    With net sales of more than €2.8 billion in 2017, Tarkett is a worldwide leader of innovative flooring and sports surface solutions. Offering a wide range of products including vinyl, linoleum, carpet, rubber, wood, laminate, synthetic turf and athletic tracks, the Group serves customers in more than 100 countries worldwide through its major brands: Tarkett, Desso, Johnsonite, Tandus Centiva, Tarkett Sports, FieldTurf and Beynon. With approximately 13,000 employees and 34 industrial sites, Tarkett sells 1.3 million square meters of flooring every day, for hospitals, schools, housing, hotels, offices, stores and sports fields. Committed to "Doing Good. Together", the Group has implemented an eco-innovation strategy based on Cradle to Cradle® principles and promotes circular economy, with the ultimate goal of contributing to people's health and wellbeing, and preserving the natural capital. Tarkett is listed on Euronext Paris (compartment A, ISIN: FR0004188670, ticker TKTT) and is included in the following indices: SBF 120, CAC Mid 60. www.tarkett.com.

    *Investor Relations Contact*

    Tarkett - Catherine David (assistant to Investor Relations Director)

    catherine.david@tarkett.com

    *Media contacts*

    Tarkett - Véronique Bouchard Bienaymé - communication@tarkett.com

    Brunswick - tarkett@brunswickgroup.com - Tel.: +33 (0) 1 53 96 83 83

    The information contained in this press release has not been independently verified and no express or implied representations or warranties are made as to the fairness, accuracy, completeness or correctness of the information or opinions set out herein.

    This press release may contain estimates and/or forward-looking statements. These do not represent forecasts of Tarkett's results or other performance indicators, but rather trends or targets as appropriate. These statements are inherently subject to risks and uncertainties, most of which are outside Tarkett's control, including but not limited to the risks described in Tarkett's registration document, the French version of which was filed on March 21, 2018 and is available on www.tarkett.com. These risks and uncertainties include those discussed or identified in the "Risk factors" section of its registration document filed with the AMF. These statements do not constitute guarantees as to Tarkett's future performance, which may differ materially from these forward-looking statements. Tarkett disclaims any intention or obligation to update these forward-looking statements in light of events or circumstances that may arise subsequent to the date of publication of this press release.

     

    *Appendices*

    *1/ Bridges*

    *Change in sales by segment in the third quarter (€ millions)*

     

    *Q3 2017* *823.5*
    +/- EMEA +2.1
    +/- North America +8.9
    +/- CIS, APAC & Latin America -8.5
    +/- Sports +25.8
    *H1 2018 sales like-for-like^(1)* *851.7*
    +/- Scope +4.1
    +/- Currencies -15.1
    +/- Selling price lag effect in CIS -0.8
    *Q3 2018* *839.9*

     

    (1) Like-for-like: a constant scope and exchange rates. (NB: In the CIS, price increases implemented to offset currency fluctuations are not included in organic growth, which therefore only reflects volume and price effects). See the definition of alternative performance indicators at the end of this press release.

     

    *9M 2017* *2,187.5*
    +/- EMEA -5.1
    +/- North America +14.1
    +/- CIS, APAC & Latin America -0.4
    +/- Sports +60.3
    *H1 2018 sales like-for-like^(1)* *2,256.4*
    +/- Scope +8.3
    +/- Currencies -91.7
    +/- Selling price lag effect in CIS -15.8
    *9M 2018* *2,157.3*

     

    (1) Like-for-like: a constant scope and exchange rates. (NB: In the CIS, price increases implemented to offset currency fluctuations are not included in organic growth, which therefore only reflects volume and price effects). See the definition of alternative performance indicators at the end of this press release.

    *Change in adjusted EBITDA by segment in the third quarter (€ millions)*

     

    *Q3 2017* *101.2*
    +/- Currencies -3.2
    +/- Selling price lag effect in CIS 3.5
    +/- Volume / Mix +0.5
    +/- Selling prices +7.1
    +/- Purchasing prices -13.4
    +/- Productivity +3.0
    +/- Scope +1.0
    +/- Salary increase, SG&A and other -1.9
    *Q3 2018* *97.7*

    *9M 2017* *261.4*
    +/- Currencies -9.7
    +/- Selling price lag effect in CIS +0.1
    +/- Volume / Mix -6.6
    +/- Selling prices +14.5
    +/- Purchasing prices -36.5
    +/- Productivity +16.6
    +/- Scope +2.2
    +/- Salary increase, SG&A and other^(1) -28.5
    *9M 2018* *213.7*

     

    (1) Including in 2017 a $12m favorable settlement payment related to a patent infringement claim against a competitor.

     

    *2/ Key figures*

     

    *Sales by segment *

    * € million* *Q1 2018* *Q1 2017* *% change * * of which organic growth^(1)*
    EMEA 228.3 243.4 -6.2% -4.6%
    North America 163.5 190.3 -14.1% -1.6%
    CIS, APAC & Latin America 116.3 121.3 -4.1% +5.0%
    Sports 59.8 56.7 +5.4% +15.9%
    *Group total* *567.9* *611.7* *-7.2%* *+0.1%*

    *€ million* *Q2 2018* *Q2 2017* *% change* *of which organic growth^(1)*
    EMEA 236.0 237.9 -0.8% +1.7%
    North America 214.8 222.4 -3.4% +3.7%
    CIS, APAC & Latin America 145.4 154.4 -5.8% +1.4%
    Sports 153.2 137.6 +11.4% +18.6%
    *Group total* *749.4* *752.3* *-0.4%* *+5.3%*

    *€ million* *H1 2018* *H1 2017* *% change* *of which organic growth^(1)*
    EMEA 464.3 481.3 -3.5% -1.5%
    North America 378.3 412.7 -8.3% +1.3%
    CIS, APAC & Latin America 261.7 275.7 -5.1% +3.0%
    Sports 213.0 194.3 +9.6% +17.8%
    *Group total* *1,317.3* *1,364.0* *-3.4%* *+3.0%*

     

    *€ million* *Q3 2018* *Q3 2017* *% change* *of which organic growth^(1)*
    EMEA 225.2 227.2 -0.8% +0.9%
    North America 206.0 197.9 +4.1% +4.3%
    CIS, APAC & Latin America 165.4 178.0 -7.1% -4.8%
    Sports 243.3 220.4 +10.4% +11.8%
    *Group total* *839.9* *823.5* *+2.0%* *+3.4%*

     

    *€ million* *9M 2018* *9M 2017* *% change* *of which organic growth^(1)*
    EMEA 689.6 708.5 -2.7% -0.7%
    North America 584.4 610.6 -4.3% +2.3%
    CIS, APAC & Latin America 427.1 453.7 -5.9% -0.1%
    Sports 456.3 414.7 +10.0% +14.6%
    *Group total* *2157.3* *2187.5* *-1.4%* *+3.2%*

     

    (1) Organic growth: at constant scope of consolidation and exchange rates (note that in the CIS segment, price increases implemented to offset currency fluctuations are not included in organic growth, which therefore only reflects volume and price effects). See the definition of alternative performance indicators at the end of this press release.

    *Quarterly Group adjusted EBITDA**^(2)*

    * € million* *2018* *2017* *2018 margin *
    * (% of sales)* *2017 margin *
    *(% of sales)*

    Q1 29.8 51.5 5.2% 8.4%
    Q2 86.3 108.8 ^(3) 11.5% 14.5%
    Q3 97.7 101.2 11.6% 12.3%
    9M 213.7 261.4^(3) 9.9% 12.0%

    *Half-year adjusted EBITDA by segment^(2)*

    *€ million* *H1 2018* *H1 2017* *H1 2018 margin *
    *(% of sales)* *H1 2017 margin *
    *(% of sales)*
    EMEA 57.1 68.5 12.3% 14.2%
    North America 35.5 51.7 9.4% 12.5%
    CIS, APAC & Latin America 31.1 40.2 11.9% 14.6%
    Sports 13.9 23.0^(3) 6.5% 11.8%
    Unallocated central costs (21.5) (23.1) - -
    *Group total* *116.1* *160.3* *8.8%* *11.8%*

            

    ^(2) Adjusted EBITDA: adjustments include expenses such as restructuring, acquisitions and share-based payment expenses. See the definition of alternative performance indicators at the end of this press release.

    ^(3) Including a US$12m favorable settlement payment related to a patent infringement claim against a competitor.

     

    *3/ **Definition of alternative performance measures *

    *(not defined under IFRSs)*

    * *

    The Tarkett Group uses the following non-IFRS financial indicators:

    · Organic growth
    · Adjusted EBITDA
    · Net cash flow from operations

    These indicators are calculated as described below.

    · *Organic growth: *

    · Organic growth measures the change in net sales as compared with the same period in the previous year, at constant scope of consolidation and exchange rates.
    · The exchange rate effect is calculated by applying the previous year's exchange rates to sales for the current year and calculating the difference as compared with sales for the current year. It also includes the impact of price adjustments in CIS countries and Turkey intended to offset movements in local currencies against the euro.
    · The scope effect reflects:

    · current-year sales for entities not included in the scope of consolidation in the same period in the previous year, up to the anniversary date of their consolidation;
    · the reduction in sales relating to discontinued operations that are not included in the scope of consolidation for the current year but were included in sales for the same period in the previous year, up to the anniversary date of their disposal.

     

    Year-on-year net sales trends can be analyzed as follows:

    *€ million* *2018* *2017* % change o/w exchange rate effect o/w scope effect of which organic growth
    Total Group - Q1 567.9 611.7 -7.2% -7.5% +0.3% +0.1%
    Total Group - Q2 749.4 752.3 -0.4% -6.0% +0.3% +5.3%
    *Total Group - H1* *1,317.3* *1,364.0* *-3.4%* *-6.7%* *+0.3%* *+3.0%*
    Total Group - Q3 839.9 823.5 2.0% -1.9% +0.5% 3.4%
    Total Group - 9M *2157.3* *2,187.5* *-1.4%* *-4.9%* *+0.4%* *+3.2%*

    · *Adjusted EBITDA*:

    · Adjusted EBITDA is calculated by deducting the following income and expenses from operating income before depreciation and amortization:

    · restructuring costs intended to increase the Group's future profitability;
    · capital gains and losses recognized on significant asset disposals;
    · provisions and reversals of provisions relating to impairment losses;
    · costs arising on corporate and legal restructuring;
    · share-based payment expenses;
    · other one-off items considered non-recurring owing to their nature.

    *Attachment*

    · link to PDF.pdf Reported by GlobeNewswire 1 hour ago.

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    In figures: What's the EU's problem with Italy's draft budget? Reported by euronews 28 minutes ago.

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    The rupee bounced back from the day's low level to settle almost flat at 73.57 against the US currency Tuesday helped by easing crude oil prices and increased dollar selling by banks and exporters.

    The rupee opened weak at 73.74 and later fell to the day's low of 73.82 due to steady capital outflows amid deep losses in stock markets due to growing geopolitical concerns.

    However, retreating crude oil prices which fell 1.93 per cent to USD 78.29 per barrel eased concerns and helped arrest a decline in the local currency, a dealer said.

    Increased dollar selling by banks on the behalf of the Reserve Bank helped the rupee recover from losses.          "Rupee pared losses and closed flat as crude oil prices retreated and dollar selling by state run lenders on behalf of RBI," V K Sharma, Head PCG & Capital Markets Group, HDFC Securities said.

    Bond markets also arrested their decline as softer US yields supported the sentiment. The benchmark 10-year bond yield fell by 4 basis points, the most since October 16, to 7.89 per cent as investors cut down exposure to riskier assets.

    The rupee settled at 73.57 per dollar, showing a loss of just 1 paise over the previous close. On Monday, the rupee had settled 24 paise lower at 73.56 against the US dollar.

    Stock markets fell for the fourth day in a row tracking sluggish trend in global markets on geo-political tensions and fresh worries over trade war.

    The 30-share BSE Sensex closed down 287.15 points or 0.84 per cent at 33,847.23.

    Foreign investors took out more than Rs 850 crore from capital markets since Friday amid growing geopolitical tensions.

    The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 73.7818 and for rupee/euro at 84.4743. The reference rate for rupee/British pound was fixed at 95.5568 and for rupee/100 Japanese yen was 65.62.

    Meanwhile,  stock markets slumped Tuesday on geopolitical risks stretching from US tensions with Russia and Saudi Arabia to trade issues and Italy's budget stand-off with the European Union.

    European stocks picked up where Asia left off, with Frankfurt closing over two percent down, after Hong Kong closed down more than three percent.

    Wall Street also saw sharp falls in the early hours of trading, although the Dow and Nasdaq held above the morning's worst levels approaching midday in New York.

    Mixed US corporate earnings, prompting sharp falls in Dow members Caterpillar and 3M, added to geopolitical angst among investors, dealers reported.

    "US equity markets turned sharply lower as investors turned chicken to the tune of some very risk-off mood music," said Neil Wilson at Markets.com.

    The dollar was down versus the euro, yen and pound.

    The price of gold, which is typically in demand in times of unertainty, rose by around one percent on the day.

    Participating in Frankfurt's plunge was a share price drop in chemicals and pharmaceuticals giant Bayer after a San Francisco judge on Monday upheld a jury verdict that found Bayer-owned Monsanto liable for not warning a groundskeeper that its weed killer product Roundup might cause cancer.

    Judge Suzanne Bolanos denied Monsanto's request for a new trial but cut the $289 million damages award to $78 million to comply with the law regarding how punitive damages awards must be calculated.
    Bayer said it would appeal the latest ruling.
    There is growing unease meanwhile about Italy's row with the EU over its purse-busting budget, which Brussels said breaks the bloc's financial rules.
    The populist government in Rome has refused to back down and cut its spending promises despite warnings about the country's economic outlook.
    On Tuesday, the EU Commission rejected Italy's draft budget, the first time the EU executive has ever sent a member state back to the drawing board over spending plans.
    "We doubt that the Italian government will alter its budget sufficiently to placate the Commission, suggesting that the two remain on a collision course," Capital Economics said in a note to clients.
    Pressure is also growing on Saudi Arabia after it admitted that a journalist critical of Riyadh had been killed at its Istanbul consulate.
    Turkish President Recep Tayyip Erdogan on Tuesday said that the "savage murder" of journalist Jamal Khashoggi at the Saudi consulate in Istanbul was meticulously planned, demanding that all those linked to the killing face punishment.
    Oil prices slid Tuesday as the market discounted concerns about potential supply disruptions in the Middle East.
    Saudi Arabia said Monday it had no plans to repeat its harsh 1973 oil embargo, even as relations with the West sour following the death of Khashoggi.
    Earlier in Asia, sharp equity losses brought an end to a rally in previous sessions fuelled by China's top brass issuing coordinated statements of support for the country's markets and officials unveiling tax cut plans.
    Elsewhere, nerves have been tested by US President Donald Trump's warning that he will pull out of a nuclear treaty with Russia and bolster America's arsenal. (AFP)
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    SAN FRANCISCO
    Tue, 23 Oct 2018-09:55pm
    Date updated: 
    Tuesday, 23 October 2018 - 9:55pm
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    1
    From Print Edition: 
    Highlights:  Reported by DNA 38 minutes ago.

    0 0

    The European Commission has for the first time ever rejected the budget of a member state, as it said the spending plans of Italy's populist government were violating the bloc's debt limit and needed revision. Reported by Deutsche Welle 4 minutes ago.

    0 0
  • 10/23/18--09:51: Kluivert set for a loan?
  • According to reports in Italy, Justin Kluivert could be set for a loan move away from Roma. The 19 year old joined the Italian club from Ajax earlier this year, but things haven’t quite gone to plan as of yet. He was signed for €19 million but he’s only made one start, leaving many to feel […]

    The post Kluivert set for a loan? appeared first on Soccer News. Reported by SoccerNews.com 23 minutes ago.

    0 0

    · *European Commission rejects Italy's budget proposal.*
    · *Consumer confidence in the euro area improves slightly.*
    · *US Dollar Index records modest losses below 96.*

    After slumping to a 4-day low at 1.1438, the EUR/USD pair staged a modest recovery and touched a session high of 1.1493 in the last hour before losing its momentum. Although there were no clear catalysts behind that move, a position readjustment at the end of the London session may have a provided a boost to the pair. At the moment, EUR/USD is trading at 1.1480, adding 0.15% on a daily basis.

    Earlier today, the data from Germany showed that the Producer Price Index rose 0.5% on a monthly basis and lifted the annual rate to 3.2% compared to analysts' estimate of 2.9%. Moreover, the European Commission announced that the Consumer Confidence Index in the euro area improved slightly from -2.9 to -2.7 in the preliminary estimate compared to the market expectation of -3.2. Nevertheless, ahead of this week's ECB meeting, the market reaction to these data releases stayed limited.

    Previewing this week's event, "The habitually cautious tone can be reinforced on the back of growing risk due to lingering concerns about protectionism, recent stock market correction and renewed bond sell-off in Italy. In this regard, we do not expect the strategy on QE to be altered at all,” BBVA analysts said.

    Meanwhile, the European Commission's Vice-President, Valdis Dombrovskis, announced that they rejected Italy's budget proposals and asked for a revised plan to be submitted in three weeks. "Italian government is ‘openly’ going against past commitments on the budget," Dombrovskis said. "Experience shows higher fiscal deficits, debt does not bring lasting growth but makes the economy vulnerable."

    On the other hand, the US Dollar Index, which touched a fresh 2-week high at 96.16, started to consolidate its gains amid a lack of macroeconomic data releases that could support the buck. At the moment, the index is down 0.15% on the day at 95.90.

    *Technical outlook by FXStreet Chief Analyst Valeria Bednarik*

    The 4 hours chart for the pair shows that it's currently retreating from around a bearish 20 SMA, after two failed attempts to surpass it. The 100 SMA in the mentioned chart maintains a strong bearish slope and converges with the 23.6% retracement of the October decline at around 1.1525, maintaining the risk leaned to the downside. Technical indicators, however, lack directional strength, as the pair remains within familiar levels, having bounced from a daily low of 1.1439. As mentioned on a previous update, a breakthrough 1.1430 is needed to fuel the slump toward 1.1360.

    Support levels: 1.1460 - 1.1430 - 1.1400.  

    Resistance levels: 1.1525 - 1.1575 - 1.1610. Reported by FXstreet.com 29 minutes ago.

    0 0

    The European Commission rejected Italy's draft 2019 budget on Tuesday, saying it brazenly broke EU rules on public spending, and asked Rome to submit a new one within three weeks or face disciplinary action. Reported by Reuters 14 minutes ago.

    0 0

    A row between the eurosceptic Italian government and the European Union over Italy's 2019 budget has escalated with the EU Commission's decision on Oct. 23 to reject Italian budgetary plans for next year. Reported by Reuters 14 minutes ago.

    0 0

    The dispute over Italy’s budget risks sparking severe market turmoil Reported by FT.com 18 minutes ago.

    0 0

    The European Commission rejected Italy’s 2019 budget in an unprecedented decision on Tuesday (23 October), after the government in Rome failed to give a substantial response to the executive's allegations of a breach of the EU law. Reported by EurActiv 13 minutes ago.

    0 0

    Paris, 24 October 2018 - 17h35

    *Coface results at 30 September 2018:*

    *Coface reports a solid performance confirming the relevance of its strategy and launches additional €15m share buyback programme*

    ·     *Turnover: €1,036m, up 4.0% at constant scope and FX*
    -     Q3-2018 up 8.0% vs. Q3-2017 and 4.7% excluding one-off adjustments^2 
    -     Growth in credit insurance driven by strong customer activity and record retention
    -     Controlled development of commercial underwriting

    ·     *Net loss ratio at 45.0% at 9M-2018, an improvement of 9.4 ppts; net combined ratio at 79.0%*
    -     Net loss ratio at 48.5% in Q3-2018 (44.4% at constant exchange rates), thanks to controlled risk monitoring and favourable development of previous claims
    *-     *Net cost ratio at 34.0% compared to 35.4% in 9M-2017 driven by tight cost control and revenue growth
    -     Net combined ratio of 82.8% in Q3-2018, reflecting progressive normalisation of the risk environment in the third quarter

    ·     *Net income (group share) of €98.2m; of which €35.4m in Q3-2018*
        -          Q3-2018 includes a positive FX impact of €5m and continued favourable recoveries

    ·     *Annualised RoATE^1 at 8.2% *
    -     €30m share buyback programme completed. The repurchased shares will be cancelled in accordance with the decision of the Board of Directors on 24 October 2018
    -     Launch of an additional share buyback for a total target amount of €15m before February 2019

    ·     *Continuing to execute Fit to Win strategic plan *
    -     Agreement signed to acquire PKZ, Slovenia's leading credit insurer
    -     Announcement of a strategic partnership with Tradeshift
    -     Work continues on partial internal model project. Coface continues to monitor potential evolution of the standard formula
    -     Coface North America obtained an IFS rating of "A (Excellent)" from AM Best
    -     Coface awarded "Prime" status by ISS-Oekom for its Environmental, Social & Governance performance

    Unless otherwise indicated, the changes are expressed in comparison with the results as at 30 September 2017.
    ^1 RoATE = Average return on tangible equity | ^2 One-off adjustment of €10.7m

    *Xavier Durand, Coface's Chief Executive Officer, said: *

    "More than ever Coface believes Fit to Win is the right strategy and continues to implement the plan with determination. Our ambition to become the most agile global credit insurer is particularly fitting in the current risk environment, which continuous to normalise progressively. Political uncertainty, mainly in Europe; indisputable pressures on the distribution sector; and the challenge to free trade are growing, increasing the level of risk in the economy.

    The results of the first nine months of the year confirm Coface's ability to execute, with a net income of €98.2m and a RoATE of 8.2%.

    Confident in the strength of our balance sheet and in line with the second pillar of Fit to Win, Coface will launch an additional share buyback for a target amount of €15m. This programme does not affect Coface's ability to finance its growth, be it organic or external, as shown by the proposed acquisition of PKZ. Finally, the strategic agreement with Tradeshift shows our ability to work with leaders in the digital revolution*."*

    *Key figures at 30 September 2018 *

    The Board of Directors of COFACE SA examined the consolidated financial statements at 30 September 2018 at its meeting of 24 October 2018. 
    They were also previously reviewed by the Audit Committee at its meeting on 23 October 2018.

    *Income statement items in €m* *9M-2017* *9M-2018* *%* *%
    ex. FX*
    Gross earned premiums 837.2 852.9 +1.9% +4.8%
    Services revenue 184.0 182.8 (0.7)% +0.3%
    *REVENUE* *1,021.2* *1,035.7* *+1.4%* *+4.0%*
    UNDERWRITING INCOME/LOSS AFTER REINSURANCE 55.8 122.8 x2.2 x2.1
    Investment income, net of management expenses 44.7 42.5 (5.0)% +18.3%
    *CURRENT OPERATING INCOME* *100.5* *165.3* *x1.6* *x1.7*
    Other operating income / expenses (2.3) (1.8) x0.8 N.A
    *OPERATING INCOME* *98.2* *163.4* *x1.7* *x1.7*
    *NET INCOME* *55.0* *98.2* *x1.8* *x1.9*
             
    *Key ratios * *9M-2017* *9M-2018* *%* *%
    ex. FX*
    Loss ratio net of reinsurance 54.4% 45.0% (9.4) ppts.
    Cost ratio net of reinsurance 35.4% 34.0% (1.4) ppt.
    *COMBINED RATIO NET OF REINSURANCE* *89.8%* *79.0%* *(10.8)* *ppts.*
             
    *Balance sheet items in €m* *2017* *9M-2018* *%*  
    Total Equity (group share) 1,802.6 1,804.6 +0.1%  

    1. *Turnover *

    Coface recorded consolidated turnover of €1,035.7m for the first nine months of the year, up 4.0% at constant exchange rates compared to 30 September 2017. On a reported basis (at current exchange rates), revenue increased by +1.4% due to the strengthening of the euro against the other currencies in which the Group operates.

    In line with the trends of previous quarters, the growth in Coface's customer business had a positive impact of +4.8% over the first nine months of the year. The price decline remains controlled at (1.4)%, reflecting good commercial control and the start of re-pricing in the riskiest markets.

    The retention rate is high in most regions and reached a record level of 92.1% for the Group. New business totalled €88m, down €14m from 9M-2017, in line with a controlled underwriting policy. The third quarter is still in decline compared to the previous year, but at a slower rate than that seen in the first half.

    Insurance revenues (including Bonding and Single Risk) grew by +4.8% at constant scope and exchange rates compared to 9M-2017 (up +1.9% at current exchange rates), thanks to the return to growth in mature markets on the back of growth in our clients' business and a high level of contract retention. In emerging markets, contract portfolios stabilised.

    Revenues from other activities (Factoring and Services) were down (3.9)% vs. 9M-2017 due to lower factoring revenues in Germany in a context of margin control, offset by good growth in service revenues.

    *Total revenue - cumulated - in €m* *9M-2017* *9M-2018* *%* *%
    ex. FX*
    Northern Europe 229.7 228.3 (0.6)% (0.6)%
    Western Europe 211.0 212.8 +0.8% +1.5%
    Central & Eastern Europe 93.7 100.8 +7.5% +8.7%
    Mediterranean & Africa 259.6 276.8 +6.6% +8.3%
    North America 92.4 94.4 +2.1% +8.9%
    Latin America 59.7 51.5 (13.8)% +0.4%
    Asia Pacific 75.1 71.1 (5.3)% +0.8%
    *Total Group* *1,021.2 * *1,035.7* *+1.4%* *+4.0%*

    In the Northern Europe region, revenue decreased by (0.6)% (on a current basis and at constant exchange rates), mainly due to lower factoring revenues. Credit insurance revenues increased by +1.9% due to the impact of policyholder activity and a good level of retention.

    In Western Europe, revenue increased by +0.8% and by +1.5% at constant exchange rates thanks, on the one hand, to the activity of our customers and, on the other hand, to record retention for the Group.

    In Central and Eastern Europe, revenue grew by +7.5% and by +8.7% at constant exchange rates. All countries in the region contributed to this performance, which benefited from the growth in our customers' revenues and record retention. Factoring revenues were also up in Poland.

    In the Mediterranean and Africa region, driven by Italy and Spain, turnover rose by +6.6% and +8.3% at constant exchange rates, thanks to good sales momentum and growth in policyholders' business.

    In North America, revenue increased by +2.1% as reported and by +8.9% at constant exchange rates. The Group has now stabilised its portfolio and the signing of major contracts explains the significant growth in revenue.

    In emerging markets, where the risk environment is less favourable, the growth rate is lower. Turnover in the Asia-Pacific region decreased by (5.3)% on a current basis and increased slightly by +0.8% at constant exchange rates. Customer activity is increasing and the region has recorded a strong improvement in its sales performance. However, these positive trends are offset by high premium refunds (low claims experience) and low Single Risk sales.

    In Latin America, revenue decreased by (13.8)% on a current basis and was almost stable at +0.4% at constant exchange rates due to the recording of premium rebates. This decrease comes against a backdrop of prudent risk management (currency turbulence).

    1. *Result*

    - Combined ratio

    The combined ratio net of reinsurance was 79.0% for the first nine months of the year (a 10.8 points decrease year-on-year). The combined ratio net of reinsurance for Q3-2018 was 82.8%, reflecting continuing progressive normalisation of losses.

     (i) Loss ratio

    The gross reinsurance loss ratio stood at 43.8% for the first nine months of 2018, an improvement of 8.0 points compared to the previous year. In Q3-2018, the gross loss ratio was slightly higher than in the previous quarter (46.5% in Q3-2018 vs. 45.0% in Q2-2018), mainly due to an unfavourable exchange rate effect (revaluation of liabilities in local currencies), a phenomenon more than offset by a gain recorded in financial income. Excluding this effect, the gross loss ratio would have been 43.6% for the quarter.

    The Group's provisioning policy remains unchanged. The rigorous management of past claims enabled the Group to record 33.2 points of recoveries over prior years. These levels remain well above the historical average. They are supported in particular by good recoveries on two major claims recorded in previous years. A portion of these recoveries has been provisioned again in the current year because the companies concerned, to which the Group retains exposure, have not fully recovered from their difficulties.

    These movements are an opportunity for the Group to reiterate that credit insurance activity is sensitive to large single claims, which can frequently represent a significant portion of quarterly profit.

    The net loss ratio also improved to 45.0%, a decrease of 9.4 points compared to 9M-2017.

    (ii) Cost ratio

    Coface is continuing to drive its operational efficiency programme. Since the beginning of the year Coface has achieved €27m cost savings; its annualised total cost savings objective of €30m for 2018 will be exceeded.

    The savings achieved enable continued investment in Coface's in-depth transformation around risks, systems, processes and quality of service.

    The cost ratio net of reinsurance stood at 34.0% for the first nine months, an improvement of 1.4 points year-on-year.

    - Financial result

    Net financial income amounted to €42.5m over nine months, including €6.4m in net realised capital gains. The high volatility of exchange rates in a number of emerging countries during Q3-2018 resulted in an exchange gain of €18m in Q3-2018 (and €9.5m over nine months). This apparently very high gain is in fact offset by a €10m charge to the technical account (loss ratio) and a €2m decrease in the Group's equity. Overall, since the beginning of the year, the strong exchange rate movements have therefore had only a very marginal impact (around €1m) on the company's financial position, in line with the Group's matching rules and hedging policy.

    In an environment still marked by historically low rates, Coface managed to record a very slight increase in the portfolio's current income (i.e. excluding capital gains) to €32.7m (compared with €30.8m at 9M-2017). The accounting yield^[1], excluding capital gains, stood at 1.4% in 2018, and was very slightly lower than the previous year (1.5%).

    - Operating income and net income

    Operating income amounted to €163.4m since the beginning of the year, up sharply (+66.4%) compared to the previous year, following the decline in the loss ratio.

    The effective tax rate decreased to 35% from 37% in 9M-2017, but the third quarter was marked by a number of non-recurring tax charges (tax rate of 40% in Q3-2018).

    In total, net income (group share) amounted to €98.2m, including €35.4m in Q3-2018.

    1. *Shareholders'* *equity*

    At 30 September 2018, total shareholders' equity amounted to €1,804.6m, up €1.9m or +0.1% (€1,802.6m at 31 December 2017).

    This change is mainly due to positive net income of €98.2m offset by the dividend payment (€52.9m), share buybacks (€30.1m) and negative adjustments to the fair value of investments (€10.0m).

    The share buyback programme announced on 12 February 2018 for a maximum amount of €30m was completed on 15 October 2018. In total, 3,348,971 shares were purchased for a value of €29,999,997 (excluding fees). These shares will be cancelled in accordance with the decision of the Board of Directors of 24 October 2018.

    The annualised return on average tangible equity (RoATE) was 8.2% at 30 September 2018, driven by the improvement in the technical result.

    1. *Outlook*

    The third quarter of 2018 confirms Coface's scenario of a progressive normalisation of the risk environment under the combined effect of high political uncertainty (particularly in Europe), structural pressures on the distribution sector and continued challenges to free trade.

    In this economical context, Coface is confident in the pertinence of its strategy to become the most agile credit insurer and remains focused on its execution.

    Supported by its investments in risk management, Coface continues its disciplined underwriting policy, while reiterating that its credit insurance activity is sensitive to large claims, which can represent a significant portion of quarterly profit.

    The rigorous management of the various transformation projects over 2018 will make it possible to limit the total cost of investments recorded over the year to below the €19m expected previously. The resources thus saved would be used in 2019, which will be another year of investment. In particular, Coface is preparing for the implementation of some structural new accounting standards. In addition, we will exceed the €30m cost savings target.

    The agreement to acquire PKZ and the strategic partnership with Tradeshift confirm Coface's ability to grow and to innovate, in line with its selective growth strategy.

    In parallel, Coface is continuing work on its partial internal model (Solvency II) and continues to monitor potential regulatory changes that could increase the capital requirement under the standard formula.
    The share buyback programme for a maximum amount of €30m announced on February 12, 2018 has been completed and the Board of Directors has approved the cancellation of the 3,348,971 shares purchased.
    Confident in the company's balance sheet strength, the Board of Directors also approved the launch of an additional share buyback for a maximum amount of €15 m. This new programme will run until February, 2019.

    Finally, the objectives of delivering a net combined ratio of around 83% over the cycle and achieving a RoATE of 8% + 1% are maintained.

    *Conference call for financial analysts*

    Coface's results for 9M-2018 will be discussed with financial analysts during the conference call on 24 October at 18.00 (Paris time). Dial one of the following numbers: *+33(1)72727403 *(France), *+442071943759 *(United Kingdom), *+16467224916 *(United States). The access code for participants is: *42587661#*

    The presentation will be available (in English only) at the following address:
    http://www.coface.com/Investors/financial-results-and-reports

    *Appendix*

    Quarterly results

    *Income statement items in €m
    Quarterly figures* *Q1-17* *Q2-17* *Q3-17* *Q4-17* *Q1-18* *Q2-18* *Q3-18*   *%* *% ex. FX*
    Gross earned premiums 282.2 283.4 271.6 272.5 278.4 282.3 292.2   +7.6% +9.2%
    Services revenue 66.1 60.0 57.9 61.2 65.6 58.7 58.5   +1.2% +1.6%
    *REVENUE* *348.3* *343.4* *329.4* *333.7* *344.0* *340.9* *350.7*   *+6.5%* *+7.9%*
    *UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE* *14.5* *7.0* *34.2* *44.0* *52.4* *35.9* *34.5*   *x1.0* *x0.9*
    Investment income,
    net of management expenses 5.6 20.2 18.9 10.6 8.3 4.6 29.6   +56.7% +91.3%
    *CURRENT OPERATING INCOME* *20.1* *27.3* *53.1* *54.6* *60.7* *40.5* *64.1*   *x1.2* *x1.2*
    Other operating income / expenses (1.0) 0.0 (1.3) 1.7 (2.3) 1.5 (1.0)   N.A N.A
    *OPERATING INCOME* *19.2* *27.3* *51.7* *56.3* *58.4* *42.0* *63.1*   *x1.2* *x1.2*
    *NET INCOME* *7.3* *12.9* *34.8* *28.2* *35.5* *27.3* *35.4*   *x1.0* *x1.0*
    Income tax rate 52.0% 47.1% 27.3% 47.2% 35.3% 26.4% 39.7%   + 12.4 ppts.

    Cumulated results

    *Income statement items in €m
    Cumulated figures* *Q1-17* *H1-17* *9M-17* *FY-17* *Q1-18* *H1-18* *9M-18*   *%* *% ex. FX*
    Gross earned premiums 282.2 565.6 837.2 1,109.7 278.4 560.7 852.9   +1.9% +4.8%
    Services revenue 66.1 126.2 184.0 245.2 65.6 124.3 182.8   (0.7)% +0.3%
    *REVENUE* *348.3* *691.7* *1,021.2* *1,354.9* *344.0* *685.0* *1,035.7*   *+1.4%* *+4.0%*
    *UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE* *14.5* *21.5* *55.8* *99.8* *52.4* *88.3* *122.8*   *x2.2* *x2.1*
    Investment income,
    net of management expenses 5.6 25.9 44.7 55.3 8.3 12.9 42.5   (5.0)% +18.3%
    *CURRENT OPERATING INCOME* *20.1* *47.4* *100.5* *155.0* *60.7* *101.2* *165.3*   *x1.6* *x1.7*
    Other operating income / expenses (1.0) (0.9) (2.3) (0.6) (2.3) (0.8) (1.8)   x0.8 N.A
    *OPERATING INCOME* *19.2* *46.5* *98.2* *154.4* *58.4* *100.4* *163.4*   *x1.7* *x1.7*
    *NET INCOME* *7.3* *20.2* *55.0* *83.2* *35.5* *62.8* *98.2*   *x1.8* *x1.9*
    Income tax rate 52.0% 49.0% 36.9% 40.8% 35.3% 31.7% 34.8%   (2.1) ppts.

    *CONTACTS*

    * *
    *MEDIA RELATIONS*

     

    Monica COULL
    T. +33 (0)1 49 02 25 01
    monica,coull@coface,com

     

    Maria KRELLENSTEIN
    T. +33 (0)1 49 02 16 29
    maria,krellenstein@coface,com

    * * *ANALYSTS / INVESTORS*

     

    Thomas JACQUET
    T. +33 (0)1 49 02 12 58
    thomas,jacquet@coface,com

     

    Ana Cecilia URIBE ARCE DE BREANT
    T. +33 (0)1 49 02 22 40
    anacecilia.uribearce@coface,com

    * *

    *FINANCIAL CALENDAR 2019 **(subject to change)*
    FY-18 results: 11 February 2019 (after market close)
    Q1-2019 results: 24 April 2019 (after market close)
    Annual General Shareholders' Meeting 2018: 16 May 2019
    H1-2019 results: 25 July 2019 (after market close)
    9M-2019 results: 23 October 2019 (after market close)

    *FINANCIAL INFORMATION*
    This press release, as well as COFACE SA's integral regulatory information, can be found on the Group's website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM)
    please refer to our Interim Financial Report for S1-2018 and our 2017 Registration Document.

    *Coface: for trade - Building business together*
    70 years of experience and the most finely meshed international network have made Coface a reference in credit insurance, risk management and the global economy.  With the ambition to become the most agile, global trade credit insurance partner in the industry, Coface's experts work to the beat of the world economy, supporting 50,000 clients in building successful, growing and dynamic businesses. The Group's services and solutions protect and help companies take credit decisions to improve their ability to sell on both their domestic and export markets. In 2017, Coface employed ~4,100 people and registered turnover of
    €1.4 billion.

    www,coface,com

     
       

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN : FR0010667147 / Mnémonique : COFA

    DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 "Main risk factors and their management within the Group" of the Coface Group's 2017 Registration Document filed with AMF on 5 April 2018 under the number No. D.18-0267 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance. 
    ^[1] Accounting profitability ratio calculated on average investment portfolio.

    *Attachment*

    · COFACE SA: 9m-2018 Results.pdf Reported by GlobeNewswire 2 hours ago.

    0 0

    Korian: Revenue Up 6.1% in the Third Quarter of 2018 PARIS--(BUSINESS WIRE)--Regulatory News: Korian (Paris:KORI): THIRD QUARTER REVENUE 1                                 In € millions       3rd quarter       Reported       Organic           2017       2018       change       change2   France 401       415 3.6% 2.6% as a % of revenue 50.7% 49.5% International 390 424 8.7% 3.4% as a % of revenue 49.3% 50.5% Germany 222 231 3.8% 3.7% Belgium 95 109 15.0% 2.4% Italy 74 85 15.1% 3.4%   Group Total       791       840       6.1%       3.0%   NB: reven Reported by Business Wire 2 hours ago.

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