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Rothschild & Co | Annual Report 2017
51
1. Overview
4. Financial statements
3.
Management report
2. Business review
(1) Please refer to Section 4 of the 2016/2017 Annual Report for more details.
Issued invoices remaining unpaid as at end of the last financial year
0 day
1 to 30
days
31 to 60
days
61 to 90
days
91 days
and more
Total
1 day and
more
(A) Late payment ranges
Aggregate number of concerned invoices
12
–
–
5
11
16
Aggregate amount due on concerned invoices (inclusive of all taxes) (in euro)
71,843
–
– 24,160 123,110 147,270
Percentage of the revenue of the financial year inclusive of all taxes
1%
–
–
0%
2%
2%
(B) Reference terms of payment used (contractual or legal)
Terms of payment used for calculating the late payment
Legal terms
Contractual terms
4 Significant events during 2017
4.1 Legal and economic reorganisation of the
Rothschild & Co and Martin Maurel groups
Following the merger between Rothschild & Co SCA and Compagnie
Financière Martin Maurel SA which completed on 2 January 2017
(1)
,
the two groups carried out an internal reorganisation through an operational
and legal combination of their banking and collective and institutional
management businesses with the aim of:
• combining the banking business performed by Banque Martin Maurel
SA and Rothschild & Compagnie Banque SCS under one credit
institution, Rothschild & Compagnie Banque SCS, which has been
renamed “Rothschild Martin Maurel”; and
• combining the current collective and institutional management business
performed by Martin Maurel Gestion SA and Rothschild & Cie Gestion
SCS under one newly created portfolio management company,
Rothschild Asset Management SCS.
In accordance with the provisions of the articles of association of the
Company, at its meeting on 30 March 2017, the Supervisory Board gave a
positive opinion to the Managing Partner of the Company on this proposed
legal and economic reorganisation. It was implemented on 1 July 2017
through the following transactions, occurring on the same day:
• the contribution by Banque Martin Maurel SA of all of its assets and
liabilities and any equity interests it held to Rothschild & Compagnie
Banque SCS, with the exception of certain equity interests, items relating
to certain taxes and the cash necessary for their payment, as well as for
the capital reduction realised on 2 January 2017;
• the merger of Rothschild & Cie Gestion SCS into Martin Maurel
Gestion SA;
• the contribution of the collective and institutional management business
of Martin Maurel Gestion SA (following the absorption of Rothschild &
Cie Gestion SCS) into the newly-created portfolio management company
referred to above; and
• the merger of Martin Maurel Gestion SA, which no longer included its
collective and institutional asset management business contributed
to Rothschild Asset Management SCS into Rothschild & Compagnie
Banque SCS. As a result of this merger, Martin Maurel Gestion SA
contributed its private banking activities (including those of Rothschild
& Cie Gestion SCS) to Rothschild Martin Maurel.
Moreover, the Rothschild & Compagnie Banque’s corporate name was
changed into Rothschild Martin Maurel.
The completion of the transactions was subject to the fulfilment of the
following conditions precedent:
• authorisation from the European Central Bank for the contribution
realised by Banque Martin Maurel SA to the benefit of Rothschild &
Compagnie Banque SCS resulting in the acquisition by Banque Martin
Maurel SA of a qualifying holding reaching 30% of the capital and
voting rights in Rothschild & Compagnie Banque SCS;
• authorisation from the French Prudential Authority (
Autorité de contrôle
prudentiel et de résolution
) for the takeover of Martin Maurel – Sella
(Monaco) as a result of the contribution realised by Banque Martin
Maurel SA to the benefit of Rothschild & Compagnie Banque SCS;
• approval from the French financial markets authority (
Autorité des
marchés financiers
or “AMF”) authorising Rothschild Asset Management
SCS to act as a portfolio management company; and
• approval of the transactions by the shareholders of the companies
involved in the internal reorganisation.
As a result of this reorganisation, the Rothschild & Co Group has become
a leading independent family-controlled private banking group operating
in France, Belgium and Monaco, with a distinctive market positioning
targeted notably at entrepreneurs. The Group, which has total assets under
management (“AUM”) of c.€36 billion in France out a total of c.€67 billion
as at 31 December 2017, offers a particularly broad wealth management,
asset management, financing and corporate finance advisory service and
enjoys a greater geographic footprint in France.