SA - Fundsquare

Transcription

SA - Fundsquare

PAN-H 0L D I N G
Sociktk Anonyme
ASSEMBLEE GENERALE ORDlNAlRE DU 24 AVRlL 2001
ANNUAL GENERAL MEETLNG, APRIL 24,2001
EXERCICE -YEAR
2000
70"ANNIVERSAIRE
-
70TH
ANNIVERSARY
CE RAPPORT FINANCIER NE CONSTITUE PAS UNE OFFRE D'ACTIONS
THIS FINANCIAL REPORT DOES NOT CONSTITUTE AN OFFER OF SHARKS
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PAN - H 0L D IN G
SociCtC Anonyme
R.C. LUXEMBOURG : B 7023
Siege Social
7, Place du Theitre
Registered Office
L - 2613 LUXEMBOURG
ASSEMBLEE GENERALE ORDTNAIRE DU 24 AVRIL 200 1
ANNUAL GENERAL MEETING, APRIL 24,2001
EXERCTCE SOCIAL - 2000 - FINANCIAL YEAR
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TABLE DES MATIERES -TABLE OF CONTENTS
Conseil d’Administratinn (page 3)
Board of Directors (page 3)
Rapport du Conscil d’hdministration
Directors’ Report
- L‘tconomie mondiale et les bourses (pages h - I O )
The world economy and the stock markets (pages 7 - 11 )
- Politique de placement (pages 10 - 12)
lnvcstincnt policy (pages 1 1 - 13)
- Performance (pages 14 - 23)
Resolutions presentkes i I’Assomblee Generale Ordinaire du 24 avril 2001 (pagc 26)
Resolutions proposcd to the Annual General Meeting on April 24,2001 (page 27)
Rapport du RCviseur d’Entreprises (page 28)
Auditor’s Report (page 29)
Situations financieres au 3 1 decenibre 2000 (pages 30 - 48)
Financial Statements as of December 3 I , 2000 (pages 3 1 - 48)
Participations ct portefeuille-titres au 3 1 dkcembre 2000 (pages 49 - 75)
Long-Term lnvestmcnts and Portfolio of Securitics as of December 3 1,2000 (pages 49-75)
Informations generales (pages 76 - 79)
Ckncral Information (pages 77 - 79)
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PAN-HOLDING
SociCtb Anonyme
Administration Centrale
Central Administration
7, Place du TheBtre
L - 2613 LUXEMBOURG
Tel.:(352) 46 24 01 - 1
- Fax : ( 3 5 2 ) 46 24 01 - 24
E-mail : pan(4pt.h
Telex : 2239 panac lu
SecrCtaire GCnCral
Corporate Secretary
Barbara MULLER
TNFOHMATION SUR LA VALEUR DE L’ACTION / PRICE INFORMATION
VALFUR NETTE U’INVENTAIRG / PRIX DEVENTE & PKlX DE RACHAT
NRT ASSET VALUE / SALE & RF,PURCHASE PRICE
Administrutitin Centrale - CentralAdministrati~in:sur dcmande - upon request
Luxemburger Wort (Luxembourg): ,,Fonds d’inves~isseiiient“.publication quotidienne. mise h jour
le vendrcdi .- published daily. updatcd Fridays / communiqui, le vcndrcdi - boxed announcement. Fridays
Tagehlaff(Luxembourg): .,Fonds d’investissement”, publication quotidienne,
mise ijour le vendredi - puhlished daily, updated Fridays
L’Echo (Belgique): communique, le vendredi - boxcd announcement, Fridays
La Tribune (France): communique, le vendredi - boxed announcement, Fridays
Financial Times (United Kingdom): ,,Offshore Funds - Luxcnibourg Regulated”.
publication quotidienne, mise ijour le vendredi - published daily. updatcd Fridays
INFORMATION SUR LES COURS BOUHSIERS / SHARE PRICES
Reutcw. LU0055289689.LUF + LIJ006325 1903.LUF; Bloomberg: I’ L X
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Les principales partitions sont publikes dam les jouriiaux nientionncs et egalement dans fnvestir (Francc)
Major announcements arc published in the above nientioncd press and also in fnvestir ( Francc)
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CONSEIL D'ADMINISTRATION
BOARD OF DIRECTORS
(December 3 I. 2000)
Vice-Prksident - Vice-chairman
Jacques LOESCH,
Luxembourg.
Paririer,
De Bandt, Van Hecke, L,agae & I.oesch
Prtsident - Chairman
Frederick A. KLINGENSTEIN.
New York.
Chairman,
Klingeiistein. Fields & Co., L.L.C.
COMlTE DE DIRECTION
MANAGEMENT COMMlTTEE
Prtsident - Chairman
Alain PHILIPPE.
Paris.
Presid~~nt-nircctciir
GPnPrul.
CIPEC
Garnett L. KEITH,
Summit, N.J.. USA
Former b'rce-Chairman,
The Prudential Insurance Company of Amcrica
Chairman,
SeaBridge Capital Management Company
Ceorges MULLER,
Luxembourg.
Ancirtz Achini.shut~trrUPlPguP.
CI EI ) ET.
Derek R. STRAUSS,
London.
Consultant.
SG Investment Management Ltd.
Drs Eijmert K. den RAKKER,
Rotlerdam.
F u r m u I:'hoirmatz r?/'lhei k w r r i v e Board,
Nationale Ncderlandcn N.V
Sir Brian COHHY,
London.
Former Chairmutt.
The Prudential Corporation plc
Hugh Jon FOULDS,
London.
Fernier. C'huirman.
Halifax plc.
Roger PALUEL-MARMON'I',
Paris.
Prc;sidmt d'Honnetrr, Administratcirr,
Compagnie Lebon S A .
Lord ROLL of Iprden, KCMG, CB,
London.
Smior . 4 d ~ i w c
UBS Warburg
Prof. Dr.jur. Dr.-1ng.E.h.
Dieter SPETHMANN,
Diisseldorf.
F(irmei.Chuirman.
Thyssen AG
Ernest WEILL,
Paris,
Prisident d 'Honneur.
CIPEC
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... ...
RAPPORT DU CONSEIL
A L'ASSEMBLEE GENERALE ORDINAIRE
Pan-Holding a le profond regret d'annoncer le dCces survenu le 9 fkvrier 2001 de son Secretaire
GknCral Honoraire, M. Paul DENTS, qui pendant 48 ans a servi la SociCtk avec dkvouenient et e t k a c i t e .
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Mesdames, Messieurs,
Nous avons I'honneur de vous soumettre notre rapport sur les comptes de I'exercice qui s'est terrninc
le 3 1 decembre 2000.
70"ANNIVERSAIRE DE LA SOCIETE
Avril 200 I marquera le soixante-dixikmc anniversaire de Pan-Holding.
La SociCtC fut crkke le 2 avril I93 1 a Luxembourg avec pour objectif la croissance du capital investi
tout en minimisant les risques.
Les fondateurs dc Pan-Holding furent des prkcurseurs B plus d'un titre puisqu'ils appliquaient dkja 1cs
principes de la diversirication internationale et qu'ils furent parmi les tout premiers a constituer un organisme
de gestion collcclivc en Europe continentale. 70 ans plus tard, ce mode de gestion est devenu la norme.
La performance dc Pan-Holding sur cette longue pkriode atteste de la clairvoyance de ses creatcurs,
comme en temoigne la comparaison, dcpuis 1931, par rapport aux principaux indices boursiers et a l'inflation
(graphiques page 23).
Sur de plus courtes pkiodes, les concepts qui ont prkside a la crbation de la SociCtC restent Cgalement
valables.
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I
,
DIRECTORS' REPORT
TO THE ANNUAL GENERAL MEETING
Pan-Holding dceply regrets the death on February 9, 2001 of its Honorary Corporate Secretary, Mr.
Paul DENJS who loyally and efficiently served the Company during 48 years.
a
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Ladies and Gentlemen?
We are pleased to submit our annual report for the year ended December 3 1,2000.
70T"ANNIVERSARY OF THE COMPANY
April 2001 will mark the seventieth anniversary of Pan-Holding.
The Company was created on April 2, 1931 in Luxembourg with the objective of seeking appreciation
of the capital invested whilst minimizing downside risk.
The founders of Pan-Holding were forerunners on several accounts as they already applicd the principles
of international diversification and as they were among the very first to establish an undertaking for
collective investment in Continental Europe. 70 years later, such methods have become the norm.
The performance of Pan-Holding over this long period also attests the clearsightedness of the Company's
founders, as shown by the comparison since 1931 with the main stock market indices and inflation (see
graphs page 23).
Over short periods, the concepts which presided at the inception of the Company also remain valid.
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0
EENVTRONNEM ENT ECONOMIQUE MONDIAL
L‘annee 2000 qui avait debute sous les auspices d’une vive croissance economique s’cst termin6e avec
la perspective d’un fort ralentissement et dans la craintc d’uno recession. Les marches financiers ont
parfaitement reflkte ces tendances divergentes.
Les cours des actions des sociktks de la ,,nouvelle tconomie“ ont connu des variations d’une ampleur
exceptionnelle. Lcs titres des sociCtCs des autres sectcurs ont eu un comportement beaucoup plus modere.
Un ensemble dc facteurs explique ce qui est apparu comme des exces de marches qui ont temporairement
perdu toute reference aux methodes d’kvaluation classiques.
Les Etats-Unis sont restks les animatcurs de la croissance mondiale et l’kvolution de la conjoncture
amiricaine s’est repercutke en Europe et en Asie. Ainsi, a I’image de ce qui s‘est produit aux Etats-his,
la croissance economique mondiale s’est fortement accklkree a l’occasion du passage a I’an 2000, en
particulier en ce qui concerne la demande de biens et de services lies A la technologie de I’information et
aux telecommunications. Les societes de ces sectcurs. extrapolant ce qu’une telle conjoncturo leur laissait
entrevoir, ont souvent temporairement oublie toute prudence. Le ralentissement de la demande, qui s’est
amplifiC dans les dernicrs inois de I’annCe et qui a ete aggravk par la hausse concomitante des cours du
petrole, a significativement af’fecte les perspectives bkneficiaires des entreprises. La chute de la rentabilitk
potentielle de leurs fonds propres a provoque celle de Icur capitalisation boursikre. rendant de plus en plus
coiiteux et difficile leur financement externe. Le secteur des telecommunications en est une illustration.
Dans ce contexte trCs heurte, les taux longs ont baisse, perincttant aux marches obligataires occidentaux
de montcr fortement. Sur le march6 des changes, le dollar s’est apprecik vis-a-vis de I’euro jusqu’en
octobre avant de subir un fort repli en fin d’annte 2000.
CRAINTES DE RECESSION ECONOMIQUE ENAMERIQUE DU NORD
Apres avoir progresse a un rythme de 7,6% jusqu’i fin mars. la consoinmation amtricaine a nettement
ralenti au deuxiPme trimestrc (3,1%). Cette inflexion brutale a surpris les entreprises qui avaient continue
d’invcstir pour ameliorer leur coinpetitivite et accroitre leurs capacites de production. Elles ont donc kte
contraintes de baisser les prix pour eviter le gonflement dc leurs stocks. Ceci a provoque un rcbond
tcmporaire de la consomination des menages au cours de l’ete ( 1 4,5’/0). Colle-ci a cependant de nouveau
faibli au dernier trimcstrc. La hausse du prix de l’energie (pitrolc et ga7) a aggravC la conjoncture maussade
du dcrnier semestre. L‘accroissement de I’investissement productif est pass6 de 2 1% au premier trimestre
ii -1,5% en fin d’annee. La dbgradation rapide de l’activite en particulier dans les secteurs de haute
technologie et dans le secteur manufacturier a exaccrbk les craintes de recession en dkpit de I’absence
d’inflation et malgre les cxckdents budgetaires importants.
LA REPRISE: EN EUROPEA MANQUl? DE FORCE
Quoique elevke sur l’ensemble de I’annee (+3.1% en France et en Allcmagne), la croissance econoinique
dans I’Euroland a connu deux tendances differentes en 2000. Unc forte progression au dCbut de l’annic
qui a resulte du niveau d’activite ClevC de la fin de I’annee I999 puis une decClCration sensible au deuxieme
semestre.
Dks le deuxikme trimestrc, la consornniation franGaise ralentissait i 0,8% en rythme annualise avant
de se renforcer a 1,6% au second semcstre. La croissance Cconomique en fiance s’cst donc rCvClCe inferieure
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THE WORLD ECONOMIC ENVIRONMENT
Thc ycar 2000, which had started under thc auspices of a strong economic growth, ended in a sharp
economic slowdown and with the fear that a recession might occur. Financial markets reflected these
diverging trcnds.
The stock prices of companies belonging to the so-called ,,new economy” enjoyed ups and downs of
exceptional magnitudes. The stocks of companies in the other sectors had more moderate behaviour. A
number of factors explain what appears to be excesses from markets that temporarily lost all rcference to
traditional valuation mcthods.
The United States remained thc driving force of world economic growth and the developments in the
US economy were passed on to tlic European and Asian countries. Thus, similarly to what happened in
thc US, world economic growth aocclcrated sharply on the eve of the year 2000, particularly with regards
to the demand for products and services relating to information technology and to telecommunications.
Companies in these sectors, extrapolating upon this short-term trend, often temporarily forgot all caution.
The slowdown in demand which gained momentum in the last months of the year and which was
exacerbated by the concomitant rise in oil prices, significantly impaired corporate profit perspectives.
Lower expected return on capital invested led to sharp reductions of stock market capitalisations, making
it more difficult and more expcnsivc Ibr corporates to raise money. The telecommunication sector is an
example.
In this difficult environmcnt, long-term interest rates dropped which led to the sharp rise of western
bond markets. On the foreign exchange markets, the US dollar appreciated against the cur0 until October
and then fell back sharply towards the end of the year.
FEARS OF A RECESSION IN NORTH AMERICA
Whilst it had been growing at an annualised rate of 7.6% until the end of March, consumer demand in
the US slowed down significantly in the second quarter (3.I ?A). This came much as a surprise to companies
that had continuously invested in order to improvc their competitiveness and to increase their production
capacity. They were thereforc forccd to reduce prices so as to avoid inventories build-up. This Icd to a
temporary rebound in private consumption during thc summer period (+4.5%).Demand however weakened
again in the fourth quarter. ?’he rise in cncrgy prices (oil and gas) aggravated the weakening economic
cnvironment in the second half of thc year. The growth rate of capital investment fell from 2 1 % in the first
quarter to - I .S% at thc cnd ol’the year. The rapid slowdown in economic activity especially in the information
technology and in thc manufacturing sectors exacerbated the fears that a recession might occur despite a
significant budgct surplus and a non-inflationary environment.
WEAK EUROPEAN RECOVERY
Although high in the year overall (+ 3.1 % in France and in Germany), economic growth in Eurolund
followed two different trends in 2000. Strong growth at the beginning ofthe year which resulted from the
level of activity in 1999 and then noticeable slowdown.
From the second quarter, private consumption in France was slowing to an annualised ratc of 0.8%
and then strengthened to 1 .Bo/;, in the second half-year. Economic growth in France thercfore turned out
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a cc que pouvait laisscr prksager une conf’iance des menages qui. sauf en septembre, est restkc toute
l’anntc A un niveau elevt. grice notamment a la baisse du ch6mage. La hausse du prix du pttrole a
contrihue h freiner la consommation. Le PIB franqais n’a finalenient crG que de 2.4%. en taux annualise,
aux troisieme et quatriemc trimestres.
Le ralentissement du commerce mondial a partir du second trimestre a lourdement pes6 sur la croissance
economique de I’Alletnugne qui a ralcnti ii 2.2% au deuxiemc semestre. La situation a tte similaire en
Italie, dont le PIB a progress6 de moins de 2% en rythme annuel pendant la meme periodc.
En dtpit de cet environnement Cconomique incertain. la plupart des entreprises curopeennes ont continub
d’investir car la forte demande debut 2000 a provoque dcs tensions au niveau de lcur appareil de production,
faute d’invcstissements suffisants en biens d’kquipement au cours des annees prkcbdentes.
En Grunde-Bretugne, la croissance a flkchi des le debut de I’annee. Si la consommation des menages
s’est nettement redressee au troisieme trimestre a la suite de la multiplication des baisscs de prix dans la
distribution, cette tendance est tres vite apparue fragile.
L‘ASIE AU BORD DE LA RECESSION
Le J q m n n’a pas rkussi, en 2000, a sortir de la stagnation bconomique qui stvit depuis maintenant 10
ans. Le deficit public avoisine desormais 10% du PIS. Les encours de pr&tsbancaires ont baissk de 3,8%
en decembre sur un an en dCpit des nombreuses aides publiques dont les banques ont bkntficik ces dernieres
annies. Le gouvernement japonais semble avoir echoue dans sa tentative de relance dc la demande
travers une politique de stimulation de I’investissement des entreprises.
En Cor&, le ralentissement de la croissance economique s’est amplifie au cours de I’CtC et le pays a
fr81b la recession en fin d’annee. Les entreprises dans les secteurs des technologies de I’information qui
avaient continue d’accroitre leurs investissements ont souffert de la baissc de la demande a I’exportation
et de la diminution de leurs marges du fait d’une concurrence s’intensifiant. Leur situation financiere s’en
est trouvee dkttriorke.
EVOLUTION DES MARCHES FINANCIERS
Sur les marches des changes, I’euro s’est dtprecie par rapport au dollar pour atteindre son plus bas de
US $0.82 fin octobre. I1 a ensuite fortement rebnndi pour terminer a US $0,93. Sur I’annee, la hausse du
dollar amhicain s’etablit neanmoins a 7,3%
En depit de la mauvaise situation Cconomique et financiere au Japon, le yen est rcste ferme pendant
les dix premiers mois. TI s’est ensuite fortemcnt dkprecie par rapport au dollar pour terminer a yen
1 14,97 / US $. soit une baissc de I I .2%. La depreciation de la devise japonaise vis-a-vis de I’curo a ete
plus forte encore, pres de 20%)dans les deux derniers mois de I’annke quoique sculement de 4%)sur un an.
La livre sterling a graduellement flechi vis-a-vis du dollar en 2000 (baisse de 7,5%) tandis qu’elle est
restie pratiquement stable par rapport a I’euro mal& d’importantes fluctuations en cours d’annke.
Les politiques monetaires restrictives, A un moment oil la croissance faiblissait. ont contribue au repli
des rendenients obligataires. Les taux 1 10 ans americains sont revenus de 6,44% a 5,11% sur un an en
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lower than was suggested by a consumer confidence index which, except in September, remained at a high
lcvel throughout the year, thanks notably to the decrease in the uncmployment f’igures. The rise in oil
priccs contributed to rcductl consumption. In the e n d the French GDP only grew at an annualised rate of
2.4%)in the third and fourth quarters.
The slowdown in world trade, that occurred as from the second quarter. weighted hcavily on economic
growth in Germany, which slowed as a result to 2.2% in the second half. Similarly, in Italy the annualised
GDP growth was below 2% over the same period.
Dcspitc this uncertain economic environment. most European companies continued to invest as the
strong demand that took place in the early part of2000 created near full capacity utilisation. due to underinvcstment in capital equipment in the prior years.
In Great Britain, economic growth slowed down right from the beginning of‘the year. Although private
consumption picked up noticeably in the third quarter thanks to many price discounts by retailers, this
trend soon appeared fragile.
ASIA ON THE VERGE OF A RECESSION
.Japan did not manage. in 2000. to cscape from the economic stagnation that has now been prevailing
over 10 years. CIovcrninent deficit is close to 10% of GDl? Credits outstanding dropped by 3.8% year-onyear in Dcccmber despite the many public subsidies from which banks benefited over the last few years.
The Japanese government seems to have failed to boost demand through its policy aimed at stimulating
corporate investment.
In Korea. the slowdown in economic growth gathered pace in the summer and the country neared
recession as the year came to an end. In the information technology sectors, corporates which had increased
capital investment. suf’ered from the drop in export led demand and from margins reductions following
intensifying price competition. Their financials deteriorated as a result.
TRENDS IN THE FINANCIAL MARKETS
On foreign exchange markets. the euro depreciated against the dollar and rcachcd its lowest level
(US $0.82) at the end of October, It then rebounded sharply to end at US $0.93. Over the year. the dollar
howcvcr appreciated by 7.3%.
Despite the poor economic and financial situation in Jupan, thc yen remained strong during the
first ten months of the year. It then depreciated sharply versus the dollar and ended the year at yen
I 14.97 / US $, that is a 1 1.2% drop. The fall of the Japanosc currency against the euro was even sharper,
almost 20% in the last two months although only 4% overall in the year.
The sterling pound wcakcned steadily against the US dollar in 2000 (a decline of 7.5%) whereas,
despite sharp fluctuations in the course of the year, it remained almost stable against the euro.
Restrictive monetary policies when economic growth was slowing contributed to a decline of bond
returns in 2000. US I O year rates fell back from 6.4496 to 5.1 1% over one year. Those of the German
bunds declined from 5.52% to 4.12%. The Japanese rates remained below 1.60%).
2000. Ceux des bunds allemands sont passes de 5,52% a 4.72%. Les taux japonais sont restes au-dessous
de l,h0%.
L‘annee 2000 a ete niauvaise pour les marches d’actions
Aux Etut.s Unis:.I’indice Dow Jones a recule de 6,2%, le S&P500 plus representatif a baissk de 10,1%
tandis que le Nasdaq reculait de 39,3% sur I’annee. Ce dernier indice qui avait fortement progress6 au
premier trimcstrc a lourdement chute au cours des mois suivants en depit d’un rehond ephemkre pendant
l’ctt-. Le Nasdaq a ainsi fini I’annee en baisse de 50% par rapport a son plus haut historique de mars 2000.
En Europe, l’indice Bloomberg des 500 plus grandes capitalisations a baisse de 7% en euro (- 12.9%
en dollar).
Dans l’Eurolund, les principaux marchts ont connu unc performance ncgative lorsqu’elle est exprimee en dollar. En euro, seul le marchc italien (indicc MTB 30) affiche une performance positive (+1.79/0
mais - 5.7% en dollar). La performance la moins mauvaise. quoique Iegerement negative en euro (- 0.5%),
est ensuite celle de I’indice CAC 40 en France, soit unc haissc de 7 3 % en dollar. L‘indicc allemand Xetra
Dax a diminue de 7.5% en euro (- 1433%en dollar).
Au Royuunte Uni, I’indice FTSE 100 a reculk de 10,2% en livre sterling (- 17% en dollar).
Au Jupon. l’indice Nikkei 225 a rcculC de 27.2% en yen (- 35,3% en dollar) tandis que I’indice corken
Kospi etait divise par deux en won (- 55.2%) en dollar).
POLITIQUE DE PLACEMENT DE LA SOCTETE
Le debut de 1’anni.e 2000 a ete caractPrisC par une croissance economique exceptionnellc qui a favorisk la poursuite de la forte hausse des cours des valeurs des secteurs TMT commcncke A I’automne 1999.
Le second semestre a Cte marque par la baisse brutale des estimations de rksultats des entreprises de ces
secteurs A la suite de la degradation rapide des perspectives de croissance Cconomiquc.
Dans cc contcxte d’incertitudes et de forte volatilite des marches. les liquidites ont Pte progressivement augmentees. Elles representaient 27,3%) des actifs fin dbcemhre 2000 contre I3.70/;1 un an auparavant. L‘exposition du portefeuille aux secteurs des semi-oonductcurs, des tcclinologius de I’information,
des medias et des telkcommunications (TMT) a ete diminuee au profit de secteurs plus defensifs. Lc poids
relatif des trois principales regions Cconomiques (AmCrique du Nord Europe, Asie) a peu varie.
Europe
Dans I’EuroZand, l’exposition du portefeuille aux secteurs des TMT a Ctl. progrussivcment reduite dts
le second triinestre a la suite de la forte hausse des cours intervcnuc cntrc janvier ct mars. Ces ventes ont
principalement concern6 la France et I’Alleniagne (services et programmes inforniatiques, rkscaux de
telkcommunication) ainsi que I’ltalie (tklecomniunications) et la Finlande (tC1Cphones mobiles). Dcs bcnefices ont aussi et6 pris dans le secteur bancaire et de l’assurance (Italie, Pays-Bas, Allemagne) ainsi qiic
dans le secteur pharmaceutique en Allemagne. Au premier trimestre. quelques positions avaient et&Tentorcees dans Ics scctcurs des technologies, des medias et des telecommunications en particulier en France
et en Allemagnc. Ccpcndant, a partir du second trimestre, les achats ont essentiellement port6 sur des
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The year 2000 was a bad one for equity markets.
In the US. the Dow Jones index retreated by 6.2%, the broader S&P500 index retreated by 10.1 and
the Nasdaq [ell back 39.3% over the year. The latter index rose strongly in the first quarter then fell sharply
in the following months despite a temporary rebound in the summer. The Nasdaq ended the year more than
50% below its peak of March 2000.
'The Bloomberg 500 index of the most highly capitalised European companies declined by 70/;, in
euro (- 12.9%)in dollar).
In Euroland, all major stock inarkets declined when expressed in US $. In euro, the Italian MIR 30
index was the only one to rise (i-l.7'!4in euro but - 5.7% in US $). The next best performer was the
CAC 40 index of France. slightly negative in euro (- 0.5%) i.e. a decline of 7.8% in dollar. The German
Xetra DAX index declined by 7.5% in euro ( - 14.3%)i n dollar).
In the United Kingdom. the FTSE 100 index fell back by 10.2% in pound sterling
(-
17'3'0 in dollar).
In Japan. the Nikkei 225 index declined by 27.2O/O in yen (- 35.30/0 in US $) whilst the Korean Kospi
all sharcs index halved in won {- 55.2%)in dollar).
INVESTMENT POLlCY
The early part of year 2000 was characterized by an exceptional economic growth, which fuelled the
sharp rise of'stock prices in thc TMT sectors that had started in the autumn of 1999. The second semester
was marked by a sharp drop in corporate profit estimates in these sectors following the rapid deterioration
of world economic growth perspectives.
In this environment o f uncertainties and high degree of market volatility. liquidities were gradually
raised. They amounted to 27.3°,i o f t h e assets at the end of December 2000 versus 13.7'/0 a year earlier.
The exposure ofthe portfolio to the semi-conductors, information technology. media and telecommunication
sectors (TMT) was reduced in fabour of more defensive sectors. The relative weight of the three main
economic regions (North America. Europe. Asia) was not significantly altered.
Europe
In Euroland. the exposure of the portfolio to thc TMT sectors was gradually reduced during the
second quarter following the sharp rise in stock prices which took place between January and March. The
sales occurcd mainly in France and in Germany (software and sotfware services. telecommunication
networks) as well as in Italy (telccommunications) and in Finland (mobile handsets). Profits were also
taken in the banking and insurance sectors (Italy, Netherlands, Germany) as well as in the pharmaceutical
sector in Germany. In the first quarter, some positions were added in the information technology,
media and telecommunication sectors, particularly in France and Germany. However, froin the sccond
quarter onwards, they took place in the more defensive sectors (food distributioil, insurance, public
scrvices. specialized publishers). At the end of the year, positions were added in the TMT sectors. when
stocks sold earlier in the year at higher valuation levels appeared undervalued following sharp drops
in prices.
c
secteurs plus dkfensifs. (distribution alimentairc, assurance. services publiques, editions specialis6es). A
la fin de l’annke, des positions ont et6 renforckes dans les secteurs des TMT lorsque, des titrcs vendus
auparavant a des niveaux plus 6lcvCs, paraissaient sous-CvaluCs A la suite des fortes baisses.
Dans les autrespays d’Europe. des benefices ont i t e pris dans les sectcurs des TMT (en Sukde,
Daneinark, Grande-Bretagne) ainsi que sur des titrcs bancaires et de services aux entreprises cotes a
Londres. Les achats sont principalement intervenus en Crande-Bretagne et en Suisse dans les secteurs
ago-alimentaire, de I’assurance et de la logistiquc. L’exposition du portefeuille anglais au sccteur des
medias a it6 accrue au quatrieme trimestre A la suite de la forte baissc des cours intcrvenue au cours de
I ‘annee.
AmCrique du Nord
A la suite de la forte hausse des cows des titres TMT au premier trimestre, des benefices nnt ete
realisks dans ces secteurs tandis que le poids des secteurs des matcriaux de base et des industries cycliques
a ete accru. Le portefeuille est neanmoins rest6 surponderk en valeurs technologiques. Au cours de I’annee, des ventes sont intervenues dans de nombrcux secteurs pour prendre avantagc de la forte volatilitk des
cours. Le poids des secteurs pharmaceutique et bancaire a CtC reduit principalement sur la base de valorisations trks elevkes. A la suite du triplement du prix du pktrole en moins de deux ans, des positions dans le
secteur de I’encrgie ont et6 vendues. Les liquidites ainsi degag6es ont ete utilisees pour renforcer des
lignes existantes clans le secteur des transports.
Bassin Pacifiquc
Aprks avoir connu une annee boursikrc exceptionnelle en 1999, les marches asiatiques ont subi de
lourdes pertcs en 2000. Au Japon par exemple, I’indice Topix a decru de 40% en dollars cntre dCbut avril
et fin decembre.
Le portefeuillc de Pan-Holding, qui etait sous-ponder6 au Japon a partir du second seniestre, a neanrnoins souffert de la forte baisse des cours. Les ventes ont concern6 les titres de technologie qui avaicnt
connu une excellente performance en 1999. Les achats ont port6 sur les titres de snciktes orientCes vers le
marche intbrieur ainsi quc sur des socittks en restructuration. Des titres, principalement de moyenncs
capitalisations, ont ete acquis en particulier dans les secteurs de consommation cycliques ainsi que dans
ceux de I’automobile et des telkcornmunications.
e
Les marchks corkens et raiivanais, qui sont fortenient dhpendants de l’industrie des semi-conducteurs. ont soufl‘ert d’une rnauvaise performance. Les marches de Hong Kong et de Singapour ont etk peu
affect& tandis que les titres chinois ont connu de fortes hausses. A I’exception de prises de benkf-ices dam
le secteur des TMT, peu de changcments ont affecte les portefeuillcs de ces dernicrs pays.
*
* *
Les donnecs economiqucs reprises dans notrc rapport ont kte fournies par notre consciller en
investissements: la SOCIETE D’ANALYSES ECONOMlQUES ET FINANCIERES (S.A.E.F.), Paris.
12
’
In the other European countries, profits were taken in the TMT sectors (Sweden, Denmark, Great
Britain) as well as in banking and service issues quoted in London. Purchases occurred mainly in the U K
and in Switzerland in the food, insurance and logistics sectors. The exposure of the British portfolio to
the media sector was increased in the fourth quarter following the sharp drop in prices, which had occurrcd
during the year.
North America
Following the sharp run up in prices ofTMT stocks during the first quarter, profits were taken in
thwc sectors whilst the weight of basic materials and industrial cyclicals was increased. The portfolio
however remained overweighted in tech-related issues. Throughout the year, gradual trimming occurred
in a variety of positions in order to take advantage ofthe high volatility of prices. Weighting in healthcare
and f‘inancials has heen decreased mostly because of high valuations. Due to the trebling of oil prices in
less than two years, energy positions have been sold. Further, available cash has been used to consolidate
existing positions in transport.
Pacific Rim
After an exceptional year in 1999, Asian inarkcts suffered significant losses in 2000. In Japan for
example. the Topix index dropped by 40% in dollars bctwuen early April and late December.
Pan-Holdingh portfolio, which was underweighted in Japan from the beginning of the sccond halfyear, however suffered from the sharp correction ofthe market. Sales were concentrated on the technology
stocks that had enjoyed a strong performance in 1999. Domestic and restructuring issues were bought.
Positions, mostly mid cap issues, have been added or consolidated in consumer cyclicals, autos and
telecommunications.
The Korean and Taiwanese markets, highly dependent on semi-conductors, performed poorly. The
Hoitg Kung and Singapore markets were left mostly unscathed while China stocks strongly outperformed.
No significant changes were made in the portfolio except for some profit taking in TMT stocks in the first
part of the year.
*
* *
The economic data used in our report have bccn supplied by our investment adviser: SOCIETE
D’ANALYSES ECONOMIQUES ET FINANCTERES (S.A.E.F.), Paris.
13
EVOLUTION DE LA VALEUR NETTE U'INVENTAIRE'
3 1 dkcembre 1999
en US $
3 I decembre 2000
en US $
Action de distribution
646,37
558.88
Action de capitalisation
684,ll
598.3 1
AnnCe 2000 :
En dollar LJS(nionnaie de reference dc la SociLtC) :
- taisant suite a line annee 1999 favorable, I'annee 2000 a et6 plus difTicile pour Ics marches boursiers. Pan-Holding a fait mieux que ces dcrnicrs au c w r s de chacune de ces deux annees. Apris la hausse
de 36,4U/u enregistree en 1999 (indite MSCI World capitalis6 + 25%). la baisse de la valeur nette d'inventaire d'une action de capitalisation (ou de distribution w e e dividende reinvesti) a ete en 2000 de 12,549G
(indice MSCI World capitalisk - 13,lX"A).
- La mime remarque s'applique pour les actiotinaires calculant Ieur performancc dans les monnaies
incntionnkes. ;I titre d'information, ci-dessous :
Ainsi, en euro, la valeur nette d'inventaire de I'action de capitalisation (ou d'une action de distribution avec dividende rktnvesti) de Pan-Ilolding a haisst de 5,60/0en 2000 preservant I'essentiel de la hausse
de 5X.W) enregistrkc cn 1999. En livre sterling, la diminution a ete de 5.4% en 2000 aprPs la hausse de
39.6% en 1000.
Sur le Ion? terme, I'ob,jectif de Pan-Holding, croissance du capital et minimisation des risques, a
aussi et6 atteinl. Ainsi, sur 25 ans, la valeur nette d'inventaire d'une action de distribution (avec dividende
rkinvesti) exprimee en dollar a, au 3 1 decembre 2000. augment6 cn moycnnc de 13.29% par an.
' Les dkcisions de gestion de la Societe n'etant pas prises en fonction des indices, ceux-ci sont mentionnks
h titre purement indicatif.
EVOLUTION OF THE NET ASSET VALUE'
Dccember 3 I , I999
in US !$
December 3 1.2000
in US $
Dividend Share
646.37
558.88
Capital Share
684.1 1
598.3 1
Year 2000 :
In US dollar (the official currency of the Company) :
- Following a good year in 1999, 2000 has been more difficult for the stock markets; Pan-Holding
did better than these in each of the last two years. After rising by 36.4% in 1999 (MSCI World Index :
+25%), the net asset value of a Capital Share (or that of a Dividend Share with dividend reinvested)
declined in 2000 by 12.54% (MSC'I World Index : - 13.18%).
- The same remark is valid for shareholders calculating their performance in the other currencies
mentioned for information hereafter :
In euro the net asset value of a Pan-Holding Capital Share (or that o f a Dividend Share with dividend
reinvested) dcclinod by 5.6% in 2000, thus preserving most of the rise (+58.50/) rtgistcrcd in 1999. In
pound sterling. it declined by 5.4°/b in 2000, following a rise 01'39.6% in 1999.
Over the Ion? term, the objcctive of Pan-Holding, capital appreciation and minimisation of' risk,
has also been reached : over 25 years, thc net asset value of a Dividend Share (with dividend reinvested)
exprcssed in dollar rose on average by 13.29% per annum to 31 December 2000.
' The Company not being benchmarked, references made to indices are for information only.
e
PARTICIPATION FINANCIERE EN CIPEC
Pan-Holding a une participation historique dans C‘IPEC, une SlCAV de droit francais geree par le
conseil en investissement de votre Societe.
CIPEC, apres avoir reGu pour I’annke 1999 le prix du mcillcur fonds sur 1 an dans la categorie
des Sicav ,,Mixtes International Dynamiqucs” dans IC cadre des ,,VICTOIRES DES SlCAV 2000 - L A
TRIBUNE - STANDARD & POOR’S MICROPAL”, a kte classee au 3 I decembre 2000 deuxikme dans
sa cattgorie sur 5 ans.
* * *
I)
L‘Cvoluticm dc la valcur nctte d’invcntaire de l’action de distribution de Pan-Holding comparee celle
des principaux indices boursiers, est concretisee dans trois graphiques.
Le premier porte sur l’exercice 2000, les deux suivants sur I’kvolution des dix et vingt-cinq dernibes
annees respectivement. Un quatrikme graphique montre I’evolution de Pan-Holding L‘I dc di tycrents
indices sur 70 ails (depuis avril 1931, date de creation de la Societe), corrigee de I’inflation.
Tous les indices ainsi que la valeur nette d’inventaire de Pan-Holding sont exprimcs dans unc meme
nionnaie. le dollar amkricain, devise du bilan de la Societe.
16
LONG-TERM INVESTMENT IN CTPEC
Pan-Holding has an historical stake in CIPEC, a French global fund managed by your Company’s
investment adviser.
CIPEC, a f k r having bcen in 1999 named best fund over one year in its category ,,Mixtes International
Dynamiqucs” in thc contcxt of ,,LES VICTOIRES DES SICAV 2000 .. LA TRIBUNE - STANDARD &
POOR’S MICROPAL”, as at December 3 1,2000 ranked second in its category over 5 years.
* * *
The evolution of the net asset value of the Dividend Share of Pan-Holding, compared with the principal market indices, is shown in three charts as follows.
The first indicates the evolution over the year 2000, the two others show the evolution over the last ten
and twenty-five years respectively. The fourth chart indicates Pan-Holding’s and various indices’ evolution
over 70 years (i.e. since your Company’s establishment in April 1931 ) adjusted for inflation.
All the market indices and the net asset values of Pan-Holding are expressed in one single currency,
the US $, in conformity with the currency used in Pan-Holding’s balance sheet.
17
e
PERFORMANCES DE PAN-HOLDING ET DES PRlNClPAUX INDICES BOURSIERS MONDIAUX EN DOLLARS US
PERFORMANCES OF PAN-HOLDING AND THE MAIN MARKET INDICES AROUND THE WORLD IN US DOLLARS
PAN-HOLDING S.A.
Action de capitalidon / Capital Share .........................
Action de distribution / Dividend Share
(sans coupon net reinvesti /
without net dividend reinvested) ...................................
MSCl World ($)
(coupon net rkinvesti / with net dividend reinvested) ....
(sans coupon net rkinvesti / without net dividend reinvested)
Variation des
indices boursiers
du 31.12.1999
au 3 1.12.2000
Variation dc
change par
rapport au $ US
du 31.12.1099
BU 3 I . 12.2000
Variation des
indices boursicrs
ajustts dcs
variationsde change
du 3 I . 12.1999
au 31.12.2000
Chatigcs in
market indices
from 31.12.1999
to 3 1.I2.2000
Currcncy changcs
compared
with US $
from 31.12.1999
to 31.12.2000
Changes in markct
indices adjusted for
currency changes
from 31.12.1999
to 3 I . 12.2000
YG
%
- 12.54
- 12.54
- 13.54
- 13.54
- 13.18
- 13.18
-
14.05
-
14.05
-
h.lX
-
6.18
39.29
-
39.29
ETATS-UNIS/ IJNIT'F.I) STA-TES OF A M E R I C A
Dow Jones Industrials ................................................
Standard and Poor's Composite .................................
Nasdaq Cotnpositc .....................................................
CANADA
Dollar canadicn i Canadian Dollar ............................
Toronto Composite ....................................................
JAPON / J A P A N
Ycn .............................................................................
Nikkci 225 .................................................................
Tokyo S.E. Index ........................................................
- 10.14
-
- 10.14
-
3.34
+ 2.64
+ 6.18
-
11.18
27.19
- 25.46
-
HONG KONG
Ilollar Honp Kong / Hong Kong Dollar .....................
Hang Seng Index ( 1964) ............................................
- I 1 .OO
SINGAPOUR / SINGAPORE
Dollar Singapour / Singapore Dollar .........................
SES All Singapore .....................................................
-
AUSTRALIE ;AUSTRALIA
Dollar auslralien / Australian Dollar ..........................
Sydney all ordinary ....................................................
+ 0.07
-
35.33
- 33.79
-
-
0.37
-
11.33
-
27.82
3.91
24.88
- 15.05
- 14.90
Variation des
indices boursiers
du31.12.1999
au 31.12.2000
Variation de
change par
rapport au $ US
du 31.12.1999
au 3 I . 12.2000
Variation des
indiccs boursiers
ajustts des
aiations de change
du 31.12.1999
au 3 1.12.2000
Changes in
market indices
from 31.12.1999
to 3 I . 12.2000
Currency changes
compared
with US $
from 31.12.1999
to 31.12.2000
Changes in market
indices adjusted for
currency changes
from 31.12.1999
to 31.12.2000
O/b
ALLEMAGNE I GERMANY
Deutschc Mark ...........................................................
Xctra DAX .................................................................
FAZ (1958=100) ........................................................
-
7.54
8.80
BELGIQUE / BELGIUM
Franc bclgc / Bclgian Franc .......................................
Brussels S.E. ..............................................................
-
5.02
ESPAGNE I SPAIN
Pcscta .........................................................................
Madrid SE ..................................................................
-
12.68
-
0.54
1.04
FRANCE
Franc franqais i French Franc .....................................
C'AC'40(31.12.87).....................................................
Indice S.B.F. 250 ........................................................
I'I'ALIF,! I'1AI.Y
Lire Lira ...................................................................
Ranca Comm. Italiana ...............................................
MIB 30 .......................................................................
- 7.34
- 7.34
- 7.34
+
SUISSE / SWITZERLAND
Franc suissc / Swiss Franc .........................................
SMI Indcx ..................................................................
- 7.34
5.48
+ 1.69
PAYS-HAS i NE'I'HEKL.AN13S
Florin / Guilder ..........................................................
CBS All Shares ( 1963)...............................................
GKANDE-BRETAGNE I GREAT HKITAIN
Livre Sterling / Pound Sterling ..................................
ET. Industrial Ordinary ..............................................
ET. - SE 100 ...............................................................
ET. Gold Mines ( $ ) ....................................................
- 7.34
-
- 3.87
- 14.33
- 16.50
-
11.99
- 19.09
-
7.84
8.30
-
2.26
5.77
-
10.93
- 7.34
- 7.53
14.03
- 10.21
- 26.36
-
- 20.50
- 16.97
- 3 1.90
-
t 7.47
%
1%
2.24
+ 5.06
La comparaison de ces variations ne devient significative qu'i la lumikre de la politique d'investissemcnt ct dcs objcctifs de votre
SociCtC. E l k concerne le pass&et ne cunstitue par; line indication valable de son cvolution future.
'ihe comparison of these variations is significant only when compared with the investment policy and the objectives ol' your Company. These comparisons concern the past. They are not indicative ofwhat may happen in the future.
RECORD OF PAN-HOLDING'S
NET ASSET VALUE INDEX
WITHOUT DIVIDEND REINVESTED
COMPARED WITH THE MAIN MARKET INDICES
EXPRESSED IN U.S. DOLLARS
OVER 1 YEAR
EVOLUTION DE L'INDICE DE LA
VALEUR NETTE D'INVENTAIRE
COUPON EXCLU DE L'AC'TION PAN-HOLDING
ET DES PRINCIPAUX INDICES BOURSIERS
EXPRIMES EN DOLLARS AMERICAINS
SUR 1 AN
1 10
1 10
December 3 1. 1999 = 100
1 0s
I 0s
I00
I 00
95
95
90
90
85
85
80
go
75
7s
70
- - . YORK cD J 30 Ind
_ _NFW
. ISHI- 2501
PARIS
-
PAN HOI DING
-- -- -- MSC'I WORLD (airhour
- - - LONORES [F T
-- -- - FT GOL1)MINk.S
65
70
)
dikideiids reitnestad)
65
liKAN@ORT (FAY)
Ind )
*
TOKYO(TOI'IXI
60
60
I) I999
J
F
M
A
M
J
J
A
S
0
N
D2000
La comparaison dc ccs variations ne dcvient significative qu'a la lurniere de la politique d'investissemcnt et des objcctifs
de la SociCtC. E l k conccrnc IC passe ct ne constituc pas une indication valablc dc son Cvolution future.
The coinparison of these variations is significant only when compared with the investment policy and the ob-jcctivesof
the Company. 'I'hese comparisons concern the past. They are not indicalive of what may happen in the future.
RECORD OF PAN-HOLDING’S
COMPARED WTTH THE MAIN MARKET INDICES
OVER 10 YEARS
EVOLUTION DE L‘INDICE DE LA
VALEUR NETTE D’INVENTAIRE
COUPON EXCLU DE L‘ACTION PAN-HOLDING
ET DES PRINCIPAUX INDICES BOURSIERS
SUR 10 ANS
1000
900
800
700
600
500
-------
-
I
NEW-YORK (D.J. 30 Ind.)
PARIS (SHF 250)
-
600
500
FRANCWKTWA/)
PAN-HOLDING
1
-
700
MSCl WORLD (w~fhoutdlridends minvcstcd)
- - - L0NDRF.S (F Ind
TOKYO (TOPIX)
- - - FT CiO1.13 MINES
400
1000
900
800
)
400
I
&
300
300
200
200
100
90
80
70
60
100
90
80
70
60
50
so
40
40
30
30
20
20
December 3 1, 1990 = I 00
10
1990
10
91
92
93
94
9s
96
97
98
99
2000
La comparaison de ces variations ne devient significative qu’a la lumikre de la politique d’investissement el des objectifs
de la SociPtP. Elk concerne le passe et ne constituc pas unc indication valahle de son tvolution future.
The comparison ofthesc variations is significant only when compared with the investment policy and the objcctivcs of
the Company. These comparisons concern the past. They are not indicative of what may happen in thc futurc.
0
EVOLUTION DE L'INDICE DE LA
COUPON EXCLU DE L'ACTION PAN-HOLDING
ET DES PRINCIPAUX INDICES BOURSTERS
SUR 25 ANS
RECORD OF PAN-HOLDING'S
COMPARED WITH THE MAIN MARKET INDICES
OVER 25 YEARS
2000
2000
December 3 1, 1975 = 1
I800
---*
1600
PAN-lIOLDING
WEWsYORK (p J $0 I
MSCI WURLD (mithou
I800
~OKYO(IOPIXJ
1. ONbREs W?' Inil
)
PARIS(SRIF2)O) ,
6 FRAWFQRT (W)
* I - FT
MINES'
1600
OLD
1400
*
1200
1200
I 000
1000
800
800
600
600
400
400
200
200
I00
100
0
0
197s 76 77 78 79 RO R I
RZ 81 8.1 RS
87 RR 89 90 9 1 YZ ~3
94 9s ~6 ~7 YH YY 2000
La comparaison de ces variations ne devient significative q u ' i la lumikre de la politique d'investissement et des objectit's
de la Societe. Elle concerne le passe et ne constitue pas une indication valable de son Cvolution rtlture.
The comparison of these variations is significant only when compared with the investment policy and the objectives o r
the Company. These comparisons concern the past. They are not indicative of what may happen in the future.
.-
.
-.
. ... .
Evolution de divers Tndiccs
et de PAN-HOLDING
(coupons exclus)
corrigks de I’inflation
sur 70 ans
02.04.1931
Historical record:
PAN-HOLDING and various indices
(without dividends reinvested)
corrected for inflation
over 70 years
louo
3 1.12.2000
ix3.30
Pan-Holdine en S
Pan-Hnlding in F
4M
3M
592.73
Dow Jones
lnduklrial average
2M
1$
‘I
0.0947 $
a8
SO
40
3u
ZUIIU
1469.40
‘I
bw
51IU
Pan-Hulding cn f
Pan-Holding i n f
4lIU
IUU
zw
1s
’E
t
40
172.18
Financial
Times Industrial
0.0329 f
31)
10 000
0Depuis le 3 1.12.1979: vdcur nette d’inventaire consolidee par action.
0 Since 31.12.1979:consolidated net asset value per share.
La coinparaison de ces variations nc devicnt sigilificative qu’i la lumierc de la politique d’investissement et des objectifs
de la Societe. Elle concernc IC passe et ne conslilue pas une indication valable de son Pvolution future.
The comparison of these variations is significant only when compared with the invcstmcnt policy and the objectives of
the Company. These comparisons conccrn the past. They are not indicativc of what may happen in the future.
BENEFICE NET REALISE (US $)
Le benefice net de I’exercice s’klkve a US $70.303.830 conttc US $58.1 39.697 pour I’exercice 1999.
AFFECTATION DU BENEFICE NET
Nous proposons :
-
de verser a la Reserve Extraordinaire le benefice net de I’exercice, soit US $ 70.303.830.
de payer a chaque action de distribution en circulation le 3 1 mai 2001, a la cl8tute des Bourses, un
dividende, net de retenue a la source au Luxembourg. de US $ 7,60 au titre de l’exercice 2000, qui se
coinpare au dividende de US $ 7,20. paye cn 2000 au titre de I’exercice 1999.
I
- d’affecter IC montant corrrespondant au dividende aux actions de capitalisation.
Le dividende proposk de US $ 7,60 par action de distribution ( pour les tittcs au porteur, coupon No
07), serait mis en paiement a partir du ler juin 2001, selon les modalites que nous artkerons.
Le montant neccssaire au paiement du dividende serait pteleve sur la Reserve Extraordinaire.
CONSEIL D’ADMINISTRATTON
Conformement a l’ordre de sortie, expirent aujourd’hui les mandats d’Administrateurs de
M. Jacques LOESCH
M. Alain PHlLlPPE
M. Garnctt L. KElTHs
M. Henri PARENT
Lord ROLL of Ipsden
qui snnt riiligibles et se representent a vos suffrages : leurs mandats prendraient f-in a I’Assemblke Gknerale
statuant sur les comptes de l’exercice 2003.
REMUNERATION DES A DMlNlSTRATEURS
Conforineinent a I’articlc 22 des statuts, nous vous demandons de mettrc 21 la disposition du Conseil,
pour I’exercice CcoulC une somme de US $ 141.337. Cctte somme est destinke a assurer les emoluments
ainsi quc le remboursement forfaitaire des frais de I’ensemble des Administrateurs.
REVISEUR D’ENTREPRISES
Le mandat de votre reviseur d’entreprises vient a expiration aujourd’hui.
Vous avez donc a proceder a la reelection de KPMG Audit S.C. comme reviseur d’entreprises de votru
Societe. Le mandat confere prendrait fin a I’Assemblee Genhale statuant sur les comptes de l’exercice 2001.
Mars 2001
24
LE CONSETL D’ADMINISTRATION
NET REALISED PROFIT (US $)
The net profit for the year amounts to US $70,303.830 against US $58,139,697 for the fiscal year 1999.
APPROPRIATION OF THE NET PROFIT
We propose :
- to transfer to the Extraordinary Reserve the net profit for the year, i.e. US $ 70,303,830.
- to pay, to each Dividend Share outstanding as at the close of business of stock exchanges on May 3 1,
2001, a dividend, free of withholding tax in Luxembourg, of US $ 7.60 for the year 2000, to be compared
with the dividend of US $ 7.20 paid in 2000 for the year 1999.
- to attribute the amount corresponding to the dividend to the Capital Shares.
The proposed dividend of IJS $ 7.60 per Dividend Share (coupon Nr 07 of bearer certificates) would
be paid as of June I , 2001. according to the arrangements we shall take.
The amount needed for the dividend payment would be taken from the Extraordinary Rcserve.
BOARD OF DIRECTORS
The following Directors are retiring by rotation and being eligible, offer thcmsclvcs for re-election
Mr. Jacques LOESCH
Mr. Alain PHlLlPPE
Mr. Garnett L. KEITH
Mr. Henri PARENT
Lord ROLL of lpsden
Their mandates would end at the General Meeting approving the accounts for the year 2003.
DIRECTORS’ EMOLUMENTS
In accordance with article 22 of the articles of incorporation, we ask you to make available to the
Board of Directors. in respect of the year 2000, B sum of US $ 141,337, which will be allocated to cowr
the emoluments and expenses of the Board of Directors.
AUDITOR
The mandate of your Auditor expires today.
You are asked to re-elect KPMG Audit S.C. as Auditor of your Company. Their mandate would end at
the Gcncral Meeting approving the accounts for the year 2001.
March 200 1
THE BOARD OF DIRECTORS
25
RESOLUTIONS
qui seront presentees a I’AssemblCe Gknbale Ordinaire du 24 avril2001
PremiPre rksolution - L‘AssemblCc Gknerale, ayant pris connaissance du rapport du Conseil
d’ Administration, approuve ce rapport dans toutes ses parties, ainsi que les ktats financiers arretes au 3 1
dkcembre 2000, tels qu’ils sont presentes par le Conseil d’Administration.
DemiPme rksolution - L‘ Assemblke Genkrale approuve I’affectation du binkfice net de I’exercice
2000, telle qu’elle est proposke par le Conseil d’Administration. L‘Assemblee fixe le dividende. au titre de
l’exercice 2000, a US $ 7,60, net de retenue A la source au Luxembourg, par action de distribution en
circulation le 3 1 mai 2001 a la cl6ture des bourses.
@
La mise en paiement du dividende (coupon No 07) pour les actions de distribution, sera effectuee a
partir du lerjuin 2001, selon les modalites qui seront arr2tCes par le Conseil d’hdministration.
Le montant correspondant au dividende sera affectk aux actions de capitalisation.
TroisiGme rksoltrlion - L‘Assemblee GenCrale donne decharge aux Administrateurs des operations
qui ont 6t6 effectuees pendant l’exercice 2000.
QuatrzPmr rksnlution - L‘Assemblke GknCrale reelit Administrateurs M. Jacques LOESCH, M. Alain
PHILIPPE, M. Garnctt L. KEITH, M. Henri PARENT et Lord ROLL of Ipsden, dont ICs mandats prendront
fin a I’hssemblCc Gknkrale qui statuera sur les comptes de l’exercice 2003.
Cinyuikme rksolution - L‘Assemblee Gknerale, par application de I’article 22 des statuts, met A la
disposition du Conseil d’Administration pour I’exercice 2000 une somme de US $ 141.337.
SixiPmr rksolution -- L‘Assemblee GinCrale reelit KPMG Audit S.C. comme reviseur d’entreprises.
Ce mandat prendra fin a 1’Assemblee Ginerale qui statuera sur les comptes de I’exercice 2001.
26
RESOLUTIONS
lo be proposed to the Annual General Meeting on April 24. 2001
First resohition - Having read the Directors' report for the year ended December 3 1,2000, the Gentral
Mceting approves said report in all respects, together with the financial statements as of December 31,
2000. as presented by the Hoard of Directors.
Second resolution - The General Meeting approves the appropriation of the net profit for the year
2000 as proposed by the Board of Directors. The Meeting decides to pay, in respect of the year 2000, a
dividend of US $ 7.60. fruc of'withholding tax in Luxembourg, for each Dividend Share outstanding as at
the close of business of stock exchanges on May 3 1,2001.
On the Dividend Shares, the dividend (coupon Nr 07) will be paid as of June 1,2001, in accordance
with the decisicms takcn by the Board of Directors.
The amount corresponding to the dividend will be attributed to the Capital Shares.
Thirdrrsolzilion - The General Meeting discharges the Directors from their responsibilities in rcspect
of' their mandates for the year ended December 3 1, 2000.
Fburth wsoltitioo - The General Meeting re-elects as Directors Mr. Jacques LOESCH, Mr. Alain
PHILIPPE, Mr. Ciarnett L. KEITH, Mr. Henri PAREN'T and Lord ROLL of lpsden. These appointments
will end at the General Meeting approving the accounts for the year ending December 3 1, 2003.
F$th resolzition - In accordance with article 22 of the articles of incorporation, the General Meeting
decides to put a sum of US $ 141,337 at the disposal of the Board of Directors for the year 2000.
Sixth resolution - The General Meeting re-elects KPMG Audit S.C. as Auditor of the Company. Their
inandate will end at the General Mceting approving the accounts for the year 2001.
27
3
RAPPORT DU REVISEUR D’ENTREPRISES
Aux actionnaires de Pan-Holding S.A.
Conformement au mandat donne par I’ Assemblee Generale Ordinaire des actionnaires de Pan-Holding
S.A. du 25 avril2000, nous avons contrfile Ics Ctats financiers, composes de 1’Ctat des actifs nets, 1’Ctat des
opkrations, I’ktat des changernents de I’actif net et 1’Ctat du portefeuille-titres et de I’annexe aux etats
financiers de Pan-Holding S.A. pour I’exercice se terminant le 3 1 dkcembre 2000. Ces etats financiers
relkent de la responsabilite du Conseil d’Administration de la SICAF. Notre responsabilite est, sur base
de nos travaux de revision, d’exprimer une opinion sur ces Ctats financiers.
Nous avons effectue nos travaux de revision selon Ics normes internationales de revision. Ces normes
requierent que nos travaux de revision soient planif’ies et executes de faGon obtenir une assurance
raisonnable que les ttats financiers ne comportent pas d’anomalies significatives. Une mission de revision
consiste a examiner, sur base de sondages les ClCnients probants justifiant les montants et informations
contenus dans les etats financiers. Elle consiste Cgalement A apprkcier les principes et methodes comptables
suivis et les estimations significatives faites par le Conseil d’Administration de la SICAF pour I’arrete des
Ctats financiers, ainsi qu’a effectuer une revue de leur presentation d’ensemble. Nous estimons que nos
travaux de revision forment une base raisonnable A I’expression dc notre opinion.
A notre avis, les comptes annuels ci-joints prksentent, en conformite avec les prescriptions legales et
reglementaires en vigueur au Luxembourg, une image fidde du patrimoine et de la situation financikre de
Pan-Holding S.A. au 3 1 dkcembre 2000 ainsi que des rksultats pour I’exercice se tcrminant a cctte date.
Les informations supplkmentaires incluses dans le rapport annuel ont ete revues dans le cadre de
notre mission, mais n’ont pas fait I’objet de procedures de revision spkcifiqucs selon Its norines decrites
ci-avant. Par consequent, nous n’emettons pas d’opinion sur ccs informations. Neanmoins, ces informations
n’appellent pas d’observation de notre part dans le contextc des Ctats financiers pris dans leur ensemble.
Luxembourg, le 7 mars 2001.
KPMG Audit
Reviseurs d’ Entreprises
John Li
28
AUDITOR’S REPORT
To the Shareholders of Pan-Holding S.A.
Following our appointment by the Annual General Meeting of the Shareholders of Pan-Holding S.A.
on April 25, 2000. we havc audited the financial statements, which consist of the statement of net assets,
the statement of operations, the statcment of changes in net assets, the portfolio of investments and the
notes to the financial statements of Pan-Holding S.A. for the year ended December 3 1,2000. These financial
statements are the responsibility of the Board of’ Directors of the SICAF. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by the Board of Directors of the SICAF in
preparing the financial statements, as well as evaluating the overall financial statements presentation. We
believe that our audit providcs a reasonable basis for our opinion.
In our opinion, the attached annual accounts give, in conformity with Luxembourg legal and regulatory
requirements, a true and fair view of’the financial position of Pan-Holding S.A. as at December 3 1,2000
and of the results of its operations for the year then ended.
Supplementary information included in the annual report has been reviewed in the context of our
mandate but has not bcen subject to specific audit procedures carried out in accordance with the standards
described above. Consequcntly, we express no opinion on such information. We have no observation to
make concerning such information in thc context of thc financial statements taken as a whole.
Luxembourg. March 7, 2001,
KPMG Audit
RCviseurs d’ Entreprises
JohnLi
&
,
29
*
PAN-HOLDING S.A.
Actif net au 3 1 dkcembre 2000
Note
2000
us $
us $
INVESTISSEMENTS :
Tmmobilisations financieres a la valeur du marchC
ou estimCes par le Coiiseil d’hdministration
(coiit d’acquisition US $ 3.648.058) ..........................
4
28.993.200
33.380.915
Portefeuille-titres A la valeur du marche ou estime
par le Conseil d’Administration
(cofit d’acquisition US $ 197.497.03I ;
1999 - [IS $ 196.3 12.169) .........................................
5
206.532.695
3 18.407.439
88.848.1 I8
56.106.108
1999
ACTIF
Avoirs en banquo ..........................................................
FRAIS DE RESTRUCTUKATION ..............................
10
1.750
49.540
1MMOBlLISATIONS CORPORELLES ......................
II
45.687
61.725
379.281
3 1.059
171.898
5.382
324.83 1.790
408.183.007
68.330
582.526
9 1.420
403.798
650.856
495.2 18
407.687.789
CREANCES :
.
*
Dividcndes et intkrets ...................................................
Divers ............................................................................
TOTAL DE L‘ACTIF ....................................................
CREDITEURS :
Dividendes non reclames ..............................................
Dettes ............................................................................
ACTIF NET ..................................................................
Les notes qui suivent font partie integrantc dc ccs etats financiers.
30
324.180.934
PAN-HOLDING S.A.
Statement of net assets December 3 1 2000
e
1999
Note
2000
us $
us $
INVESTMENTS :
Long term investments - at market value or
Directors’ valuation (cost - US 9; 3,648,058) ............
4
28,993,200
33,380,9 15
Investment portfolio - at market value or
Directors’ valuation (cost - US $ 197,497,03 1;
1999 - US $ 196,312,169) ........................................
5
206,532,695
3 18,407,439
88,848,l I8
56,106,108
ASSETS
Cash at banks ................................................................
RESTRUCTURATION EXPENSES ...........................
10
1,750
49,540
TANGIBLE ASSETS ...................................................
11
45,687
61,725
379,281
3 1,059
17 1,898
5,382
TOTAL ASSETS ..........................................................
324,83 I .790
408,183.007
LIABILITIES :
Unclaimed dividends ....................................................
Accrued expenses .........................................................
68,330
582,526
9 I ,420
403,798
650,856
4%,2 18
324,180,934
407,687,789
ACCOUNTS RECEIVABLE :
Dividends and accrued interest .....................................
Other .............................................................................
NET ASSETS ...............................................................
The accompanying notes form part of*these financial statements.
31
PAN-HOLDING S.A.
Actif net au 3 1 dkcembre 2000
Note
2000
us $
us $
6
55.000.000
34.380.807
IS 1.828.127
5.500.000
158,996,297
5.500.000
137.219.965
70.303.830
58.139.697
324.180.934
407.687.789
377.326
440.381
us $558,88
us $646,37
189.372
179.85I
IJS tF 598.31
US $684,11
1999
REPRESENTATION DE L'ACTIF NET
CAPITAUX PROPRES
Capital souscrit .............................................................
Plus-value nette non realisee ........................................
Reserves :
Rkserve legale .......................................................
Reserve Exlraordinaire .........................................
7
8
BENEFICE NET DE L'EXERCICE ............................
ACTIONS DE I)ISTRIBUTION
EN CIRCULATION
VALEUR NETTE D'INVENTAIRE PAR
ACTION DE DISTRIHUTION
ACTIONS DE CAPITALISATION
EN CIRCULATION
VALEUR NETTE D'INVENTAIRE PAR
ACTION DE CAPITAI,ISATION
Les notes
32
qtii
suivent font partie integrante de ces etats financiers.
55.000.000
PAN-HOLDING S.A.
Statement of net assets December 3 1,2000
Note
2000
us $
us $
6
55,000,000
34,380,807
151,828,127
5,500,000
158,996,297
5,500,000
137,219,965
70,303,830
58,139,697
324,180,934
407,687,789
377.326
440,38 I
us $558.88
U S $ 646.37
189,372
17935 1
US $598.31
US $684.1 1
I999
NET ASSETS REPRESENTED BY :
CAPITAL AND RESERVES :
Capital stock .................................................................
Net unrealised appreciation ..........................................
Reserves :
Lcgal Rcsurve ...........................................................
Extraordinary Reserve ..............................................
7
8
NET PROFIT FOR THE YEAR ...................................
NET ASSET VALUE
NUMBER OF DIVIDEND SHARES
0U T STAND 1N Ci
NET ASSET VALUE PER
131VI D E N D SH A K F,
NUMBER OF CAPITAL SHARES
OUTSTANDING
NET ASSET VALUE PER
CAPITAL SHARE
55,000,000
The accompanying notes form part of these financial statements.
33
...
PAN-HOLDING S.A.
Etat des operations pour I'exercice clos le 3 1 dkcembre 2000
Note
2000
1999
us $
us $
4.066.607
2.756.423
4.582
2.408.932
1.781.059
Commissions sur rachats et ventcs d'actions
dc capital .......................................................................
262.924
158.336
Total des produits ..........................................................
7.085.954
4.352.909
2.58 I .920
249.903
1.529.273
223.282
2.257.282
229.934
1.642.420
20 1.767
Total des charges ..........................................................
4.584.378
4.33 1.403
REVENTJ NET DES INVKSTISSEMENTS ................
2.501.576
2 1.506
Gain net rCalisC sur ventes de titres ..............................
Pcrtc ncttc rka1ist.e sur devises .....................................
69.369.382
- I S67.128
61.407.18 1
-3.288.990
BENW'ICE N E T DE L'EXERCICE ............................
70.303.830
58.139.697
Evolution de la plus-value nctte
non rcaliskc sur investissements ...................................
-1 17.447.320
5 1.006.461
-47.143.490
109.146.158
PRODUTTS :
Produits provenant de l'actif circulant :
InterEts sur obligations ..............................................
Dividendes ................................................................
TntkrGts sur avoirs en banque ....................................
6
CIIARGES :
Honoraires pour conseils en investisscmcnts ...............
Banque Depositaire et autres frais bancaires ................
Divers ............................................................................
lhxe d' Abonnement ......................................................
9
EVOLUTION DE L'ACTTF NE'I'
PAR LE RESULTAT DES OPERATIONS ...................
Les notes qui suivent font partie integrante de ccs Ctats financiers .
34
PAN-HOLDING S.A.
Statement of operations for the year ended December 3 1,2000
Note
2000
1999
us $
us $
4,066,607
2,756,423
4,582
2,408,932
1,781,059
262,924
158,336
7,085,954
4,352,909
2,58 1,920
24 9,903
1,529,273
223,282
2,257,282
229,934
1,642,420
201,767
Total expenses ...............................................................
4,584,378
4,33 1,403
NET INVESTMENT INCOME ...................................
2,501,576
2 1,506
Nct rcalised gain on sales of investments .....................
Net realised loss on exchange .......................................
69,369,382
- 1,567,I28
6 1,407,181
-3,288,990
NET PROFIT FOR T H E Y EAK ...................................
70,303,830
58,139,697
Movement in net unrealised appreciation
of investments ...............................................................
- 1 17,447,320
5 1,006,46 1
CHANGE IN NET ASSETS A S
A RESULT OF OPERATIONS ....................................
-47,143,490
109,146,158
INCOME :
Income from current assets :
Commission on capital transactions ..................
Total incomc .................................................................
EXPENSES :
Investment advisory focs ..............................................
Custo
.....................
Other
..........................................
,,Taxe
............................................
9
PAN-HOLDING S.A.
Etat des changements de l’actif net pour
l’exercice clos le 3 1 decembre 2000
2000
us $
407.687.789
330.021.485
Revenu net des investissements ....................................
2.501.576
21.506
Gain net rCalise sur ventes de titres et
opirations de change ....................................................
67.802.254
58.118.191
Sous-total ......................................................................
477.991.61 9
388.161.1 82
Valeur dcs actions de distribution vendues ...................
1.553.438
1.506.890
Valeur des actions de capitalisation vendues ................
8.041.458
84.732
Valeur des actions de distribution rachettes .................
-41.833.43 1
-28.613.537
Valeur des actions de capitalisation rachetees ..............
-1.152.040
-1.492.255
Evolution de la plus-value nette
lion realisee sur invustissements ...................................
- I 17.447.320
5 1.006.461
Transfcrt des dividendes prescrits
a la KCserve Extraordinaire ..........................................
14.569
10.688
Sous-total ......................................................................
327.168.293
4 10.664.1
6
1
Dividende pay6 durant l’exercice .................................
-2.987.359
-2.976.372
324.180.934
407.687.789
ACTIFS NETS AU DEBUT DE 1.XXERCICE ...........
&
I999
us $
ACTIFS NETS A LA FIN DE L‘EXERCICE ..............
Les notes qui suivent font partic intkgrante de ces Ctats financiers.
36
.
PAN-HOLDING S.A.
Statement of changes in net assets
for the year ended December 3 1,2000
2000
I999
us $
us $
407,687,789
330,021,485
Net investment income .................................................
2,501,576
2 1,506
Net realised gain on investments and
foreign cxcliange operations .........................................
67,802,254
58,118,191
Sub total ........................................................................
477,99 1,61 9
388,161,182
Value of Dividend Shares sold ......................................
1,553,438
1,506,890
Valuc of Capital Shares sold .........................................
8,041,458
84,732
Value of' Dividend Shares repurchased .........................
-41,833,43 I
-28,6 13,537
Value of Capital Shares repurchased ............................
-1 ,I 52,040
-1,492,255
Movement in nct unrealised appreciation
of investments ...............................................................
-1 17,447,320
5 1,006,46 1
Transfer to Extraordinary Reserve
of unclaimed dividends forfeitcd ..................................
14,569
10,688
Sub total ........................................................................
327,168,293
410,664,16 I
Dividend paid during the year ......................................
-2,987,359
-2,976,312
NET ASSETS AT END OF YEAR ...............................
324,180,934
407,687,789
NET ASSETS AT BEGINNING OF YEAR .................
31
PAN-HOLDING S.A.
Annexe aux etats financiers
3 1 dkcembre 2000
I . GENERALITES
Pan-Holding S.A. (la SociCtC) est enregistrke au Grand-DuchP de Luxembourg comme .,Societe
Anonyme". Le 28 decembre 1994, la SociCtC a adopt6 le statut de SociCtC d'lnvestissement a Capital Fixe
(STCAF) et le statut d'organisme de placement collectif relevant de la partie 11 de la loi luxembourgeoise
du 30 mars 1988.
2. PRESENTATION DES ETATS FINANCIERS
La presentation des ttats financiers est conforme aux prescriptions de la loi du 30 mars 1988 relative
aux organismes de placement collectif.
3 . PRINCIPALES REGLES COMPTABLES
Evuliiation des investissernents en titres - Les investissements cot& sur des marches officiels sont
Cvalues a la valeur cotee du march6 : les invcstissements non cotis (voir note 5) sont CvaluCs i la valeur
cstimee par le Conseil d'Administration. La plus- ou moins-value non realiske est calculte sur cette base.
tiains et p e r k s rbu1i.si.s sui- ventes de titres - Le calcul des gains et pertes rCalisCs sur ventes de titres
est fait sur base du prix moyen d'acquisition.
Upcirutions en titres et revenu des iiivestissements - LCSopkrations en titres sont comptabilisees a la
date de transaction. Les dividendes sont enregistrks A la date de detachement et les interets sont pris cn
compte sur une base journaliere.
Conversion des deviLseLs
i.tmngi.re.s - Comme la loi luxembourgeoise le permet, la SociCtC tient ses
livres en dollars des Etats-Unis. Les postes de l'actif et du passif en devises ttrangeres sont convertis en
dollars aux cours de change en vigueur h la date du bilan et les transactions sont converties aux parites de
change du jour. Les gains et pertes rkalisks et non realists sur devises sont port& directement au compte
de profits et pertes.
38
PAN-HOLDING S.A.
Notes to the financial statements
December 3 1,2000
I . GENERAL
Pan-Holding S.A. (the Company) is incorporated in the Grand-Duchy of Luxembourg as a ,,SociCtC
Anonyme". On December 28, 1994, the Company adopted the status of a ,,Societe d'investissement a
capital fixe" (SICAF) and thc status of undertaking for collective investment governed by Part II o f the
Luxembourg law of March 30, 1988.
2 . PRESENTATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the law of March 30, 1988 on
investment funds.
3 . SIGNIFICANT ACCOUNTING POLICIES
Vdtiarinti of l t n w / m m / Swiirih>s- Investments listed on recognised stock exchanges are carried at
quoted market valuc ; unlistcd invcstments (scc notc 5) are carried at Directors' valuation. Unrealised
appreciation or depreciation is computed on this basis.
Rwlised Guins and Losses on Sales oflnvrstmerrts - The computation o f realised gains and losses on
sales of investments is made on the basis of average cost.
Seci1rii.v Trunsuulions and lnveslmenl lncorne - Security transactions are accounted for on the trade
date. Dividend inconic is rwordcd 011 thc cx-dividend date and interest is accrued 011 a daily basis.
Tr-uirslation qfForeign Chwncies - As permitted by Luxembourg law the books of the Company are
denominated in United States dollars. Foreign currency itcnis arc translated for assets and liabilities at the
rates of exchange ruling at the balance sheet date and for transactions at the rates ruling when they arise.
Realised and unrealised gains and losscs on exchange ratcs are credited or charged to profit and loss
account.
39
Les cours de change utilisks au 31 dicembre Ctaient les suivants:
Devises
Dollar canadien
Yen
Dollar australien
Dollar Hong Kong
Ringgit malais
Dollar Singapour
Won sud - coreen
Baht thai'landais
Livre sterling
Franc suisse
Couronne danoise
Couronne norvegienne
Couronne suedoise
Euro
2000
CAD
1 ...........................................
JPY 100 ,.,..............
AUD
1 ...........................................
HKD
1 .,.,.............
MYR
1 ...........................................
GBP
1 .................
DKK
1 ...........................................
SEK
1 .................
1999
us $
us 9;
0,665690
0,869783
0,554877
0,128 1 80
0,26324 1
0,576934
0,0791 1 1
0,023 1 14
1,494098
0,6 1 I SO9
0,124604
0,112S40
0,105 195
0,930492
0.688658
0,9792 13
0.653 168
0.128650
0,263 I65
0,600420
0.088279
0,02676 1
1,h I 5770
0,625508
0,135058
0,124474
0,117498
1,004218
4. IMMOBILISATIONS FINANCIERES
2000
lmmobilisation cotke en CIPEC (France) 1 la valeur du marche
(coiit d'acquisition : US $ 3.648.058)
40
1999
us 9;
us $
28.993.200
33.380.91 5
The rates of cxchange used at December 3 1 were as follows:
2000
Foreign Currency
Canadian Dollar
Yen
Australian Dollar
Hong Kong Dollar
Malaysian Ringgit
Singapore Dollar
South Korean Won
Thailand Baht
Pound Sterling
Swiss Franc
Danish Krone
Norwegian Krone
Swedish Krone
Euro
CAD
1 ............................................
100 ............................................
AUD
1
HKD
1 .................tttt.......................
JPY
MYR
1 ............................................
SGD
1 ............................................
KRW 100
THB
I
.........*..
.....
GBP
1 ............................................
CHF
1
DKK
1 ............................................
NOK
1 t....,..,............
SEK
1
EUR
1
. . . . . . . . . . . . . . . . . . . . .
1999
us $
us $
0.665690
0.869783
0.554877
0.1281 80
0.263241
0.576934
0.0791 11
0.023 1 14
1.494098
0.61 1509
0.124604
0.1 12540
0.688658
0.9792 13
0.653 I68
0.128650
0.263 I65
0.600420
0.088279
0.026761
1.6 1 5770
0.625508
0.135058
0. I24474
0.1 17498
1.0042 18
0.105 I95
0.930492
4. LONG-TERM INVESTMENTS
2000
Listed investment in CIPEC (France) at market value
(cost : us $3,648,058)
1999
us $
us $
28,993,200
33,380.915
41
a
-
5. PORTEFEUILLE-TITRES
Le portefeuille-titres consiste principalcmcnt en valeurs mobilikres cotkes sur des marches officiels.
A u 3 1 dkcembre 2000 les valeurs non cotCcs estimees par le Conseil d’Administration s’tlevaicnt ii
us $ 11.334.228 ou 3,50% de l’actifnet (1999 - US $ 13.104.476 ou 3.20%). Le coiit d’acquisition de
ces valeurs s’klevait ii IJS $ 1.526.422 (1999 - US $ 3306.783).
6. CAPITAL
Le capital emis est rtprhstntC par I . 100.000 actions d’une valeur nominale de US $ 50.
Depuis le 2 fevrier 1996, le capital social de la Societk est represente par deux cattgories d’actions,
des actions de distribution et des actions de capitalisation. La diffkrence entre ces deux categories
d’actions consiste pour l’essentiel en ce que seules-lcs actions de distribution confkrent le droit de toucher
un dividende au cas ou I’Assemblke Cienkrale en decide la mise en paiement. Les actions de capitalisation
ne confkrent pas le droit de toucher un quelconque dividendc, mais toutes les fois qu‘un dividende sera
mis en paiement sur les actions de distribution, le montant correspondant sera affecte aux actions de
capitalisation.
I
Le detail des actions en circulation est le suivant :
Actions de Distribution :
Nombre d’actions de distribution au 1 cr janvier 2000 .....................................
Actions de distribution rachetkes pendant l’exercice ........................................
Actions d t distribution vendues pendant I’exercice ..........................................
Nombre d’actions
440.38 1
(65.43 8)
2.383
Nombre d’actions de distribution au 3 I decembre 2000 ...................................
377.326
Actions de Capitalisation :
Nombre d’actions de capitalisation au I cr janvier 2000 ...................................
Actions de capitalisation rachetkes pendant I’excrcice .....................................
Actions de capitalisation vendues pendant I’exercice .......................................
Nombre d’actions
179.85 I
(1.690)
11.21 1
Nombre d’actions de capitalisation au 3 1 decembrc 2000 ................................
189.372
42
.....
5. INVESTMENT PORTFOLIO
The investment portfolici consists principally of' securities listed on recognised stock exchanges. As
of December 31, 2000 unlisted securities included at Directors' valuation amounted to US $! 11,334,228
or 3.50o/u of Net Assets (1999 - US $ 13.104,476 or 3.20%). The cost of these securities amounted to
US $ 1,526.422 (1999 - IJS $ 3,806,783).
6. CAPITAL STOCK
The issued capital is represented by I.100.000 shares of a nominal value of US $ 50.
Since February 2, 1996. the Company's capital is represented by two classes of shares, namely Dividend
Shares and Capital Shares. The difrerence between these two classes of shares is that only the Dividend
Sharts entitle the holder thereof' to collect the dividend if the shareholders' meeting resolves to pay out a
dividend. The Capital Shares do not entitle the holder thereof to collect any dividend, but whenever a
dividcnd is declared on the Dividend Shares. the corresponding amount will be attributcd to the Capital
Shares.
Details of shares outstanding are as follows :
Dividend Shares :
Number of Dividend Shares as at January 1, 2000 ..........................................
Dividend Shares repurchased during the year ...................................................
Dividend Shares sold during thc year ................................................................
Number of Dividend Sharcs as at December 31, 2000 ......................................
Catital Shares :
Number of Capital Shares as at January 1, 2000 ..............................................
Capital Shares repurchased during the year ......................................................
Capital Shares sold during thc year ...................................................................
Number of Capital Shares as at December 3 1, 2000 .........................................
Number of shares
440,38 1
(65,438)
2,383
-
377,326
-
Number of shares
17935 1
( 1.690)
189.372
43
7. RESERVE LEGALE
Selon la loi luxembourgeoise sur les societes, la Societk doit affecter un minimum de 5 pour cent du
bkneficc de l’exercice h une reserve lkgale jusqu’h ce que le total de cette reserve atteigne 10 pour cent du
capital emis. La rCsorve Ikgale n’est pas disponible pour la distribution de dividende aux actionnaires ou
pour le rachat par la Societe d’actions propres. La reserve legale a atteint le minimum requis par la loi.
8. RESERVE EXTRAORDINAIRE
La Reserve Extraordinairc de la Sociktk reprksente des gains ncts cumules realisks sur ventes de titres
et IC revenu net des investissements non distribue ainsi que le produit d’actions propres vendues.
a
Cettc reserve peut Etre utiliske pour le paiement d’actions propres, que la SociCtt peut racheter de ses
actionnaires. pour le paiement de dividendes ou pour d’autres distributions aux actionnaires, y compris
l’attribution d’actions gratuites, ainsi que pour la compensation de pertes nettes de capital rkaliskes ou
non.
us $
Mouvements pendant l’exercice se cl8turant le 3 1. decembre 2000 :
.......................
Reserve Extraordimire au debut de l’annke
Benefice net de I’exercice 1999 .................................................
Dividende paye pour l’exercic
..........................................
Valeur des actions de distribut
Valcur des actions de capitalis
Valeur dcs actions de distribut
Valcur des actions de capitalisation r
Transfert des dividendes prescrits ......
..........................
(41.833.431)
( 1. 152.040)
14.569
Reserve Extraordinaire au 3 1 dkcembre 2000 ...................................................
158.996.297
44
137.219.965
58.139.697
(2.987.3 59)
1.553.438
8.041.458
7. LEGAL RESERVE
In accordance with Luxembourg company law, the Company is required to appropriate a minimum of
5 per cent of profits for the year to a legal reserve until thc balance of such reserve equals I O per cent of
issued share capital. The legal reserve is not available for dividend distribution to shareholders nor for the
repurchase ofthe Company’s own shares. The legal reserve has reached its present minimum requirements.
8. EXTRAORDINARY RESERVE
The Company’s Extraordinary Reserve represents net accumulated realised gains on sales of investments
and net retained investment income as well as the proceeds from own shares sold.
This reserve may be used to provide for the payment of any shares of the Company which the Company
may rcpurchast from its shareholders, for the payment of dividend or of any other distribution to
shareholders, including bonus shares, and for the setting off of net realised or unrealised capital losses.
us $
Movements during the year ended December 3 1,2000 were as follows :
Extraordinary Reserve at beginning of the year ................................................
Net profit for the year 1999 ...............................................................................
..................................................
Dividend paid for the year 1999 ............
Value of Dividend Shares sold ...........................................................................
Value of Capital Shares sold ............... ..............................................
Value of Dividend Shares repurchased ..............................................................
Value of Capital Shares repurchascd .............................
.........................
Transfer to Extraordinary Reserve of unclaimed dividends forfeited ...............
137,2 19,965
58,139,697
(2,987,359)
1,533,438
8,041,458
(41,833,43 1)
( 1,152,040)
Extraordinary Reserve as at December 3 I . 2000 ..............................................
158,996,297
14,569
45
a
9. HONORAIKES POUR CONSEILS EN INVESTlSSEMENTS
Le conseiller en investissement dc la Pan-Holding, la Societe d’hnalyses Economiques et Financieres
(S.A.E.F.) est unc sociktk de droit francais dont le siege social est a Paris et qui cst enregistrke auprks de la
,,COB“ et de la ,.SEC“.
La redevance paykc par la Societe a S.A.E.F. Cquivaut i 0,75 % par an (hors T.V.A.) dcs actifs nets de
la Societe. (Ces frais sont calcules a la fin de chaque mois.)
Cornme CIPEC payc aussi des honoraires de conseils cn investissements a S.A.E.F.. la participation
dc Pan-Holding dans CIPEC est exclue des actifs nets pour It. calcul de ces honoraires.
10. FRAlS DE RESTRUCTURATION
La SocietC a cnregistre des frais de restructuration qui se montent a US $ 775.366.
Ces frais sont amortis sur cinq ans. Au 3 1 dkcembre 2000: l’amortissement cumule se montait i US $
773.6 16 et le niontant net des frais de restructuration Ctait de US $ 1.750.
1 1. IMMOBILISATIONS CORPORELLES
La Socikte a enregistrk des iinmobilisations corporelles qui se montent a US $ 77.169.
Ces iminobilisations corporelles sont ainnrties sur ciriq ans. Au 3 I dkccmbre 1999, I’amortisseinent
cumule se montait ;i US $31.482 et le montant net des immobilisations corporelles ktait de US $45.687.
12. ENGAGEMENTS
6
Le portcfcuille comprend des titres non cntierement liberks, sur lesquels il rcstc h verser au total US $
1.675.845.
,
9. INVESTMENT ADVISORY FEES
SociCtC d'Analyses Economiques et Financieres (S.A.E.F.), incorporated in France - registered office
in Paris - is the investment adviser to the Company. S.A.E.F. is ,,COB" and ,,SEC" registered.
The fee paid by the Company to S.A.E.F. equals 0.75 YOper annum (excluding VAT) of the net assets
of the Company. (These fees are calculated at the end of each month.)
The holding of Pan-€Iolding in CIPEC is excluded from thc net assets for the calculation of this
commission as CIPEC also pays advisory fees to S.A.E.F.
1 0 . RESTRUCTURATION EXPENSES
The Company recorded restructuration expenses amounting to US $ 775,366.
Such expenses are being depreciated over five years. The accumulated amortization amounted to
1JS $ 7 7 3 ~ I6
5 and the net book value of restructuration expenses was US $ 1,750as at December 3 I , 2000.
I 1. TANGIBLE ASSETS
The Company recorded tangible asscts amounting to US $ 77,169.
Such tangible assets are being depreciated over Five years. The accumulated amortization amounted
to U S $ 3 1,482 and the net book value of tangible assets was US $45,687 as at December 3 1, 2000.
1.2. COMMITMENTS
'Total commitments arising from the purchase of securities not fully paid in amount to US $ 1,675.845.
41
P
PAN-HOLDING S.A.
oc
INDICATIOKS DIVERSES CONCERNANT LES TROIS D E N I E R S EXERCICES SOCIAUX
FINANCIAL INFORMATION FOR THE LAST THREE FISCAL YEARS
EXERCIC‘E
ACTLFS NETS
A LA FIN DE L‘EXERCICE
1999
us $
324.1 80,934
407.6X7.789
I998
330.021.485
ACTIONS DE DISTRIBUTION
us s
us 9
440.3 8 1
377.326
2,987,359
7.20
414.911
496.255
340.381
547.454
496.255
Number of shares outstanding
at the beginning of the year
at the end of the year
2.976.332
b 75
440.944
3.480.095
6.40
533.765
Dividend distributed during the year
per Dividend Share
on number of shares outstanding
us s
558.88
692.02 - 551 59
6.16.37
646.37 - 468.64
480.5 1
483.45 -413 47
us s
692.02 - 55 I 59
655 - 458.50
383.45 - 102
2,800 - 2,650
FRF
4CTIONS DE CAPlTALlSATlOh
Yombre d’actions en circulation
d u debut de I‘exercice
a la fin de I‘exercice
ialeurs nettes d’inventaire par action
a la fin de I’exercice
extremes pendant I’exercice
us J
179.85 1
189.372
182.573
l?9,85 1
194.362
182.573
598 31
732 43 - 5903 I
684 I I
684 1 I - 489 13
504 58 - 425.82
so1 52
Coun de Bourse extremes de I’action
pendant I’exercice
a Luxembourg
h Paris ( H u n Cote)
NET ASSETS
AT THE END OF THE YEAR
DIVIDEND SHARES
lriombre d’actions en circulation
au debut de I’exercice
i la fin de I’exercice
Dividende distribue pendant I’exercice
par action de distribution
sur actions en circulation
Valeurs nettes d‘inventaire par action
i la fin de I’exercice
extremes pendant I‘exercice
Cours de Bourse extremes de I’action
pendant I’exercice
a Luxembourg
a Pans (Hors Cote)
FISCAL YEAR
us s
FRF
732.43 - S90.5 I
681 87 - 189 13
507 - 42.5 82
1,810
Net asset values per share
ai the end of the year
highest and lowest during the year
Highest and lowest quotations
during the year
in Luxembourg
in Paris (over the counter)
CAPJTAL SHARES
Number of shares outstanding
at the beginning of the year
Yet asset values per share
highest and lowest during the year
Highest and lowest quotations
during the year
in Luxemboiirg
in Paris (over the counter)
REPARTITION GEOGRAPHIQUE DU PORTEFEUILLETITRES ET DES PARTICIPATIONS AU 3 1 DECEMBRE
GEOGRAPHICAL CLASSIFICATION OF THE PORTFOLIO
OF SECURITIES AND OF THE LONG-TERM INVESTMENTS
AT DECEMBER 3 1
(en pourcentage par rapport aux actifs ncts - a5 a percentage of the net assets)
France
Pays-Bas
Italic
Espagne
AI lemagne
Belgique
Irlande
Luxembourg
Finlande
Portugal
E U ROI, AN D
2000
1999
18.02
4.52
2.1 1
1.79
1.04
0.65
0.58
0.53
0.14
0.00
29.38
19.35
3.08
2.40
1.65
I .65
0.63
0.53
0.32
1.93
0.58
._.._
32.12
France
Netherlands
Italy
Spain
Germany
Belgium
Ireland
Luxembourg
Finland
Portugal
EUROLAND
Great Britain
Switzerland
Denmark
Norway
Sweden
REST OF EUROPE
Japan
Hong Kong
Singapore
Taiwan
Korea
India
Thailand
Grande-Bretagne
Suisse
Danemark
NorvPge
Suede
AUTRES PAYS D'EUROPE
11.99
13.76
I .60
1.26
0.00
0.00
16.62
Japon
Hong Kong
Singapour
Taiwan
Coree
Inde
Thai'lande
BASSIN DU PACIFIQUE
7.03
3.14
1.05
1.05
1.00
0.15
0.00
13.42
7.92
0.87
2.71
1.40
2.58
0.10
0.60
16.18
Etats-Unis
Canada
Antilles Neerlandaises
Panama
AMERIQUE
+-.
13.1 1
2.75
1.90
0.13
17.89
17.39
2.74
1.06
21.33..
1 TOTAL
72.68
86.25
7.77
3.31
0.48
0.22
0.2 1
__
PACIFIC RIM
0.14
- .
United States
Canada
Netherlands Antilles
Panama
AMERICA
..
49
REPARTITION GEOGRAPHIQUE
DES ACTIFS AU 3 1 DECEMBRE 2000*
GEOGRAPHICAL BREAKDOWN
OF ASSETS AT DECEMBER 3 1,2000*
(en pourceiitage par rapport aux actifs nets - as a percentage of the net assets)
Pays
.. .
Investi
Invested
-
Total
Country
..
Francc
Pays-Bas
ltalie
Espagnc
A llemagne
Belgique
Trlande
Luxembourg
Finlande
EUROLAND
9.91
4.81
2.29
1.91
1.21
0.71
0.62
0.53
0.15
22.14
Grande-Hretagne
Suisse
Danemark
NorvGge
Suede
AUTRES PAYS D’EUROPE
Japon
Hong Kong
Singapour
Taiwan
Cork
lnde
ThaYlande
RASSIN DU PACIFIQUE
Etats-Unis
Canada
Antilles Neerlandaises
Panama
ETATS D’AMEKIQUE
9.91
4.8 I
2.29
1.91
1.21
0.71
0.62
0.53
0.15
10.76
32.90
8.48
3.62
0.53
0.24
4.78
0.23
0.06
4.87
13.26
3.65
0.53
0.24
0.29
17.97
0.03
13.10
7.69
2.59
10.28
3.43
-0.29
1.17
0.29
3.14
I .46
0.32
2.91
1.16
I .09
0.17
0.32
17.62
1 1.07
I .OO
25.42
4.02
12.07
0.17
31.51
30.61
IOO.00
1.16
1.09
0.17
14.71
14.35
3.02
I .90
0.17
1 .go
19.44
- . . ..
TOTAL
TrCsorerie
Cash
France
Netherlands
Italy
Spain
Germany
Bclgium
Ireland
Luxembourg
Finland
EU R O I A N D
Great Britain
Switzerland
Denmark
Norway
Sweden
REST OF EUROPE
Japan
Ilong Kong
Singapore
Taiwan
Korea
India
Thailand
PACIFIC RIM
United States
Canada
Netherlands Antilles
Panama
AMERICA
_.
69.39
-.
* Aprks rkallocation d e certains fonds detenus par Pan-Holding S A . (non auditkc)
* After reallocation of funds held by Pan-Holding S A . (unaudited)
SO
.
REPARTITION ECONOMIQUE DU PORTEFEUILLE-TITRES
ET DES PARTICIPATIONS AU 3 1 DECEMBRE
ECONOMIC CLASSIFICATION OF THE PORTFOLIO
OF SECURITIES AND OF THE LONG-TERM INVESTMENTS
AT DECEMBER 3 1
(en pourcentage par rapport aux actifs nets - as a percentage of the net assets)
........
_-_
....
Organismes de placement collectif
Eqiiipement Clcctrique. electronique
et equipement de bureau
Banques, sociktes de portefeuillu et
societes financitres
Services
Assurances
Produits chimiques et pharmaccutiques,
santk
, Imprimerie, edition, medias
Magasins, chaines de distribution
I elt5communications
Loisirs, restaurants
Services publics
Constructions, travaux publics,
sociites immobilieres et hbtelieres
Transports
Pktrole, gaz nature1
(production et distribution)
Constructions mecaniques et navales.
equipement industriel
Metaux nnn fcrrcux
(production et transformation)
Automobiles et accessoires
Alimentation
Constructions aeronautiques
Trusts miniers
Transports maritimes
Papicr ct emballages
Divers
.........
~
I
.r
2000
1999
I 1.26
9.77
10.46
18.08
8.33
7.54
10.91
9.2 1
6.20
5.23
4.26
4.03
3.00
2.06
2.29
4.68
2.82
2.68
6.56
3.08
1.16
1.34
1.04
1.44
0.57
I .40
I .74
I .29
2.70
0.85
1.30
0.68
0.62
0.61
0.57
0.50
3.15
..........
0.75
1.65
1.07
0.68
0.59
0.00
0.40
0.00
0.38
72.68
86.25
~
Collective Investment Undertakings
Electrical Equipment, Electronics
and Office Equipment
Banks, Financial and
Holding Companies
Services
Insurance
Chemicals and Pharmaceuticals,
Health
Printing and Publishing, Medias
Retail
Telecommunication
Leisure, Restaurants
Public Utilities
Building, Real Estate
and Lodging
Transportation
Oil and Natural Gas
(production and distribution)
Machinery, Shipbuilding,
Industrial Equipment
Non-Ferrous Metals
(production and transformation)
Automobiles and Automobile Parts
Food
Aerospace
Mining Trusts
Shipping
Paper
Miscellaneous
..........
SI
PORTEFEUILLE-TTTRES
ET PARTICIPATIONS AU 3 1 DECEMBRE 2000
PORTFOLIO OF SECURITIES AND LONG-TERM
INVESTMENTS AS OF DECEMBER 3 1,2000
e
Membws du Conseil exerGant un mundul d’Administr~~tmr
duns des sociiti.s ditenues en port<feuillr
et repr&smtunt uu moins I % des uctfs nels de Pun-Holding S A
Directors ($Pun-HoldingS.A. who w e Dirwtors of companies Mvhich represent uf leust I % of‘the net
assets of pun-Holding S.A.
Mr, Alain PHILIPPE
ClPEC
Mr. Ernest WEILL
CTPEC
L a liste des changemeiits principaux intervenus dans la composition du portefeuille-titres en cours
d’exercice 2000 est a la disposition des actionnaires au siege social de la SocietC.
The list of principal purchascs and sales of securities during the year 2000 is held at the shareholders’
disposal at the registered office ofthc Company.
52
.......
Nomhre dc titres
YOdes
.ctifs nets
us $
Dtiiomination
Natne
‘olt d’acquisition
Cost
Par Value
Evaluation
Valuation
% of
Jet Assets
VALEURS MOBILIERES COTEES
QUOTED SECURITIES
ACI’IONS ET PARTS
EQUITIES
ETATS-UNIS
UNITED STATES OF AMERICA
Asstrraricps
Instirunce
23,700
American Internalional Group
805,092.92
2.346.300.00
0.72
2,376,633.60
3?012,663.75
80,445.99
0.00
0.00
5,165,207.60
I.965,094.02
932,042.72
49,375.00
292. I2 s . w
1.59
0.61
0.29
0.02
0.09
5,469,743.34
8,403,844.34
2.60
12,624.20
727,734.90
1,536,751.98
32,900.00
63 1,069.00
2,449,687.99
0.01
0.19
0.76
2,277,111 .OX
3,113,656.99
0.96
Bunqucs, s o c i h t s de por/e/etrille et
soci~tP.s.finnnci~les
Bunks, Firicrnrial and Holding C~impw~ies
620
68.500
784
500
750
Onre Technology Fund
First llnion Corp
Matrix Technology Group
Overseas Private Invcstors
Ovcrscas Equity Investors
Prclduits cltimiyires et phnmiuceutiyuus, Santb
Chemicals and Pliarmaceuticuls, Hculth
4,700
13,427
23.400
I
Allos Therapcutics
InterMune Pharmaccuticals
Johnson &L Johnson
Nombre de titrcs
% des
us $
OU
valeur nominalc
Number o f shares
Dknomination
Name
or
Par Value
Coit d'acquisition
Cost
ictifs nek
t;,val uation
Valuation
% of
\let Asset
Eqtripemm tl.xtriyire, ilcctronique et
Cquipement dr btireuu
Eliw%ul Equiplent. Electronics and
Ofjice Equipment
IO0.800
99,000
48,800
53,000
82,000
44.000
American Power Convcrsion
AVX
General Electric
Intel
Motorola
Sandisk Corp
I ,70 1,853.12
2,469.248.32
694,120.83
I .259,768.64
3,074.5 12.50
2,801,65 I .90
1,2 1S.900.00
1.658,250.00
2.360,700.00
1,636,375.00
1.706,625.00
1.276,OOO.OO
12,001.155.31
0.38
0.5 I
0.73
0.50
OS3
0.39
3.04
Loisirs - Restatwants
Leisure - Rrstuurant
72,800
Tricon Cilobal Restaurants
3,409,939.32
2,429.700.00
0.75
2,167,071.16
3. I3 1,275.00
0.97
2.967,356.40
I .8 I 8,443.70
2,077,322.05
13,794.00
692,669.20
2.365,300.00
1.673,900.00
448,122.00
2.588.625.00
7,857.00
534,750.00
280,562.07
0.52
0.14
0.80
0.00
0.16
9,934,885.35
5.533,8 16.97
1.71
Mugusins. chafnes de distribution
Retail
x 1,200
Costco Wholesale
Service.r
47,500
60,000
70,200
432
12.000
67,000
54
America Online
Legato Systems
Manpower
MatrixChe
Microsoft
Proxicom
0.09
Nombre de titres
Yo des
;til's nets
us $
OU
Denomination
Name
valeur nomillale
Number of shares
::oat d'acquisition
Cost
or
Par Value
Evaluation
Valuation
% of
et Asset:
Transports
Transportution
45,500
45,000
Fedex
United Airlines
ETATS-UNIS
Total:
1,938,538.28
1,922,994.80
1,765,855.00
1.622,813.00
0.54
0.50
3,86 1,533.08
3,388,668.00
1.04
39,927,43 1.56
38,201,111.30
11.79
CANADA
C'on striictions riCronuutiyues
'4 erospace
131.000
Bombardier "B"
49.000
4 I4,h 14.02
2,0017363.70
0.62
1,263,942.93
1,S46.562.99
0.48
2.591,856.83
2,760,062.97
0.85
M ~ Unoti,
X jerreux
(jwodiiction et trmsfi)rmotion)
Non-Ferrous Metals
(production und trunsfi)rmu/ion)
79.000
Alcan Aluminium
55
Nombre de titrcs
ou
valcur notninale
Number of shares
or
Par Value
?4 dcs
ictifs net:
us %
DCnotnitiation
Name
:hilt d’acquisition
Cost
Evaluation
Valuation
vi of
k t Assct!
Petrole. gaz naturc.1
(production et distribution)
O i l and Natiirul Gas
(prorhrctionmid distri hution)
399,500
Gulf Stream Resvurccs Canada
2.0 I 7,486.0 I
319.131.79
0.10
1,261,115.74
1.308,816.44
0.40
1,325,758.70
974,347.15
0.30
8,874,774.23
8,910,285.04
2.15
306,47 I .58
6,171,072.39
I .90
306,471.58
6,171,072.39
1.90
Pupier et emhallages
Paper
145,100
Abilibi Consolidatcd
Swvicas
58,900
Quehecor Inc “B’.
CANADA
Tvtal:
ANTILLES NEERLANDAISES
NEIHERLANDS ANTILLES
Orxanisnies de placement collwtif
Collwtive Invrstment IJndertakings
2 I.433
Energy International
ANTILLES NEERLANDAISES
NETHERLANDS ANTILLES
56
Tvtal:
Nonibre de titres
O/b dcs
ctifs nets
us $
vu
Denomination
Narnc
valeur noininale
Number of shares
or
Par Value
Coiit d’acquisition
Cost
Evaluation
Valuation
YO of
k t Assets
PAN.4MA
Orgutiisnws dc, plucement collectif
Collective Investniant Undwtuking.s
25,000
Mineral Oils & Resources
PANAMA
Total:
307,449.27
422,250.00
0.13
307,449.27
422,250.00
0.13
2,527,65 I .Ol
1,866.202.55
2,275,178.31
1,952,662.84
0.70
0.60
4.393J53.62
4.227.84 I .2 I
1.30
492,201.29
656,495.60
0.20
20,906.34
2,362,442.86
I , 123,715.86
3,2 17,080.82
2,756.744.87
27,659. I O
1,722,170.34
1,425,400.38
2,128.298.12
1,987.558.53
0.0 I
0.53
0.44
0.66
0.61
9,480,890.75
7,291.086.47
2.2s
JAPON
JAPAN
Automobiles & iiccessoir<~s
Aiiiomohiles & .4iitoiiiobile l’urts
220.000
I00.000
Suzuki Motors
Toyola Aulo Looms
(Irg(misnic.s i l plucenient
~
collectif
Collective lnwvtnient Undertakingy
5.200
Nouvelle Croissance Japon
Eyuipemenf L;leciriyire, dectriiiiiyzre et
kgiiipement ( i burmi
~
Electrical Eqiiiynierit. Electronics and
Ojjicr Eqiiipnieiit
300
247.500
34.000
179,000
3X6.000
Advantesl
Makita
Moritcx
Sharp
Ucliida Yoko
Nornbre de tilres
'?A des
us %:
ou
valeur notninale
Nutnbcr of shares
or
Par Value
Wnomination
Name
?oilt d'acquisition
Cost
ictifs nets
Evaluation
Valuation
%
of l
Jet Asset:
Loisirs - Restaurants
Leisirre - Re.staurant
86,000
Nainco
2,961.406.05
1.544.647.63
0.48
2.796J83.54
2.048,156.3 I
0.63
1,678,239.89
1,32 1.948.39
0.41
2,405,601.94
2,803,600.18
1,792.5 1 X.3Y
606,187.99
0.55
0.19
5,209,202.12
2,398,706.38
0.74
3,03 I .053.6 I
I ,58 I S26.43
0.49
30,042,930.87
21,070,408.42
6.50
(hstructimns mi.caniyue.s et namles.
Cquipcment industriel
Muchinen; Shipbuilding, Indwstriul
Equipmiwt
159,000
Kurita Watcr Jndustrics
Magasins. chaines de distribution
Retail
34,700
Kyohin Keikaku
Services
124.000
6 1,000
CSK
Internet Initiative Japan ADS
330
JAPON
JAPAN
S8
Total:
I
Nonibre de titres
1%) des
ictifs nets
us $
OU
valcur nominale
Number of sliarcs
or
Par Value
DPnomination
Name
::oGt d'acquisition
Evaluation
?; of
cost
Valuation
det Asset:
HONC; KONG
('onstructions. trawziix puhlir.7,
sociktLs immohilii.rr.s et hritelihr~s
Buildiiig, Real Estrite and Lodging
New World Infrastructure
2,604.005.02
1,500,090.54
0.46
929,108.54
3,393,953.17
2,204.226.10
959,81 I .84
2,066.223.15
1,103.014.54
0.30
0.64
0.34
6.527,287.8I
4,129,049.53
1.28
2,092.326.3 1
1,703.666.02
0.53
3,012,038.85
2,830,29 I .3 I
0.87
14,235,657.99
10,163,097.40
3.14
Eyuipmzrnt tlectriyue, dwtroniqrie et
Gqiripmwit dr hrrreaii
Elwtrical Eyuipnirnt. /dwtmnic.s and
Qfice Equipment
624.000
3,3 I0,000
1,2 12.000
Johnson Electrics Holding
Legend Holdings
Varitronix International
Telecommiinications
Tcleconiniunicatioii
China Mobile
Swrkrs piiblics
Public Utilities
Beijing Capital International Airport
HONG KONG
Total:
59
Nombre de titres
ou
valeur nominale
Number of shares
or
Par Value
YOdes
ctifs nct!
us $
Denomination
Namc
CoGt d'acquisitinn
cost
Evaluation
Valuation
'x or
let Asset
SINGAPOUR
SINGAPORE
Ser vires
138,200
Creative Technology
2,235,149.12
1,562.752.66
0.48
2,598.746.49
1,861.477.55
0.57
4,833,895.61
3,424,230.21
1.05
1,832,676.90
1,399,948.26
0.43
2,485.464.59
1,856,000.00
OS7
4.3 18.141.49
3,255,948.26
I .oo
Eansports maritimes
Shippiq
2,390,000
Neptune Orient Lines
SINGAPOUR
SINGAPORE
Total:
COREE
KOREA
Equipenlent dectrique, Plectronique et
&quipenlentde bureau
Eltctricol Equipment, Electronics and
Ofliw Eqiiipnient
I 1,200
Samsung Electronics
TPlProntmurircations
Telecomniunrratiort
58.000
Korea Telecom Sponsored ADR
COREti.
KOREA
Total:
Nornbrc dc titrcs
vu
valeur nominale
Number of shares
or
Par Value
O/o des
ictifs nctr
us s
Denomination
Name
:‘oCt d’acquisition
Cost
Evaluation
Valuation
yo or
dct Asset!
TAIWAN
Eqiripcment Plwtriqiie, Plertinniyur et
tyuipririrnt de hurrau
Electrical Eqiripment. Blectronicv and
Ofice Equipnirnt
266,000
146,000
147,862
Kilek CiDli (Reg.)
United Microelectronics ADS
Winbond Electronics GDR
TAIWAN
Total:
1,970,300.00
I , 19S,010.00
2,954,268.011
I , I86,250.00
1,441,654.50
0.24
0.37
0.44
6.1 19,578.06
3.399,304.50
1 .os
3,399,304.50
I .os
6,119,578.06
771,400.00
-~
INDE
INDIA
Srr.\.ices
48.000
Silverline Technologies AI3R
INUE
INDIA
Total:
1,186,718.40
480,000.00
0.15
1,186,718.40
480,000.00
0.15
61
Nombre de titres
ou
valeur noininale
Number of shares
Sh des
ictifs nets
us %
08nomination
Name
:oit d'acquisition
rest
or
Par Value
Evaluation
Valuation
o/o of
Jet Asset:
IRLANDE
IRELAND
I?anyue.r. .sociPtes de port&uille ct
socittts ,/inunci&w
Ranks. Financial arid Holding Chnpanies
164,675
Allied Irish Banks
IRLANDE
IRELAND
Total:
2,052,793.01
1,895,439.89
0.58
2,052,793.01
1,895,439.89
0.58
-_I .
GRANDE-BRETAGNE
GREAT BRITAIN
Assurunces
Insirranee
1 2.80
Prudential
IO 7x0. x 7
0. 38 3
I .269,5 18.44
2,005,01(1.74
0.92
1,108.3 I5.55
205,078.5 1
I .430.386.63
356,063.02
0.44
0.1 1
1,3 13.394.06
1,796,348.65
0.55
0.5
P r d i i t s chinriques et pharrrraePiitique.r.ScrntG
Che1nical.s and Pharniaccuticuls, Heulth
lO(1.174
CilaxoSinithkline
E y i i i p ~ i i t ~ Plectriqiie.
nt
Plectroniqw et
Cyiiip~ni~ni
de bzirrirti
Electricrrl Equipnieiit. Electronics and
Offire Equipment
193.450
37,833
62
A R M Holdings
Spirenl New
Nombrc dc titres
vu
valeur nominale
YOdes
us %
I)tnoniination
Name
Number of shares
or
Par Value
?oat d’acquisition
Cost
iotifs nets
Evaluation
Valuation
o/n of
Jet Asset?
Loisirs - Restauratits
Leisure - Restaurant
237.900
J.D. Wetherspoon
645.62 I .26
1, I 72,97 1.52
0.36
041,522.22
706.960.86
I .26S,6 10.01
718,661.14
0.39
0.22
1,648,483.08
1,Y84,27 I . I 5
0.6 1
2,505,603.82
1,629,989.97
2,390.743.56
2,743,354.28
0.74
0.85
4,135,593.79
5,134,097.84
1S 9
639,789.87
407,812.50
1,084,027.12
16,808.60
0.33
0.01
1,047,602.37
1,100,835.72
0.34
1,197,574.6 1
2.68 1,742.3 1
4,327,567.46
300,064.38
1,294,252.40
1,678,386.02
1,349,582.87
2,4 19.3 13.70
1,718,362.1 1
582,800.00
0.52
0.42
0.75
0.53
0.18
9,801,201.16
7,748,444.70
2.40
Trusts miniers
Mining Tr1r.rr.r
23.000
13.000
Anglo-American Corp (S.A. Reg.)
Anglo-American Corp (Ldn Reg.)
Imprimene, Alitian. mkdiias
Printing and PuMishing. Media
376.500
1 15.844
Granada Media
Pearson
Mnigusins, chuinrs de distriburioti
Rr/uiI
1 I 1.450
450.000
Electrocoinponcnts
Victory Corp
Services
484.200
1,368,600
557,400
2 17.000
12.400
Rcntokil Initial
ScoOt. Con1
Senia Group
Serco Group
Surfcontrol ADS
63
Noinbrc dc titrcs
YOdcs
ictifs netr
us $
OLI
Dtnornination
Name
valeur noniinalc
Number of shares
or
Par Value
?oit d’acquisition
Cost
837.650
CRANDE-BRETAGNE
GREAT BRITAIN
Tutal:
Evaluation
Val d o n
% of
rlet Asset!
2,078,983. I6
1,289,077.13
0.40
22,042,178.19
25,031,201.58
7.73
1 3 7 I .65X.0 1
2,025,936.97
1,036,195.89
0.62
0.32
3.062.132.86
0.94
ALLEMACNE
GERMANY
Ass14rut1ws
It1.ru,anre
5.450
All ianz
2.900
MCinchcner Ruckvcrsicheriuig (Reg.)
895.752.00
2.767,410.01
7.000
A L L EM AC; N E
GERMANY
57,500
64
Total:
308,775.92
3 10,039.93
0.10
3,076,185.93
3,372,172.79
1.04
2,804.28 1.SS
2,915.929.3 1
0.90
Nombre de titres
r
valeur nominale
Number of shares
% des
ctifs nets
us IF
011
Denomina tion
Name
or
Par Value
78,348
"3 d'acquisition
Cost
Evaluation
Valuation
% of
Jet Asset:
3,648,057.8 1
28,993,199.86
8.94
3,630,788.67
2,840,5 12.93
0.88
1,3 17,117. I3
1,15 1,197.42
762,190.19
1,559,318.49
0.24
0.48
2.468,3 14.55
2,321.508.68
0.72
884,284.22
1,060,171.42
855,125.62
1,592,411.44
1,039,336.30
938,494.23
0.49
0.32
0.29
3,570,241.97
1.10
1,5 17,853.49
1,532,855.30
0.47
I , I89,2 13.56
1,441,332.11
0.44
Constructions. travuidx publics.
sociktk inintobilieres et h6teliere.v
Uidding Real E.vtate and Lodging
34,300
La farge
Prodirit-v chiniiyues et phurinuceiitiyues, Suntk
C'hemica1.s unii f'hu~mucc~iticuls,
Hiwlth
10.638
4.900
Christian Dalloz
Essilor
Eqiiipement ilectriyue, d~ctroniyirc,Bt
bquipement iit hurtair
Electrical E q u i p e n / , Electroiiirs and
Oflice Equipient
27.100
7.950
19.680
Alcatcl
Sagctn Ncw
Thales
Loisirs - Restaurants
17,600
Leisure - Restiitrrunt
Club Mkditerranee
(,'onstructions mhcaniyues et nuvuks,
equipenlent iniiirstricl
Muchinei;]; Shiphiiilding, Industriul
Equiplent
20,000
Schneider Electric
Nombre de titres
U% des
actifs nets
us $
OU
DCnomination
Namc
valeur nominalc
Number of shares
or
Par Value
Codt d’acquisition
Evaluation
Valuation
Net Assets
962,484.19
2,033,264.59
I
0.63
hOh,5 19.39
438,485.05
I
0.14
cost
To of
Petrol., gaz nature1
@roduuctlon c1 disJistribiilioti)
011attd Naliiral Gus
@reduction attd distribiilion)
13,700
Total Fina “B”
Imprimerit:. edition, medias
Printing und Publishing, Media
7.700
Lagardere (Reg.)
Magasins. chaines de distribution
Retail
47.000
6.850
Carrefour
Castorama Dubois
3.499,208.26
1,476,607.64
4,9758 15.90
Servicrs
10.045
(1.050
Cap (jeinini
Dassault Systtmes ADR
2.08 1,694.2I
228,359.05
1,595,497.42
397,031.00
2.3 1O,OS3.26
1,992,528.42
I
0.61
1,043,474.19
1.153,273.56
I
0.36
0.49
0.12
ServiccJsPublics
Public Utilities
2h.h(10
Vivendi Fnvironnement
FRANCE
66
...
Tutal
27,956,437.82
1
53,887,452.77
16.62
Notnbre de titres
vu
valeur nominalc
Number of shares
or
Par Value
YOdes
ictifs nets
us 9;
DCnomination
Name
Z o l t d'acquisition
Evaluation
Valuation
Cost
?4l of
Jct Assets
ITALIE
ITALY
9 1,200
.4 wrance.T
Insirranre
AssicuraLioni Cienerali
3 13.500
64,000
ITALIE
ITALY
Total:
2,554,68 I .YX
3,585,371.77
1.11
I,585.072.54
l,IXO,647.36
2.024,462.14
0.62
I ,217,827.93
0.38
2,7657 19.90
3,242,290.07
1
5,320,401.88
6,827,66 1.84
2.11
1,567,397.28
2,112,337.06
0.65
0.00
2.1 12,485.36
0.65
2,112,48536
0,65
.oo
BELGIQUE
BELGIIJM
Bunqires, .si>cikiksLIP
port&tillr
suciPtCs JinunciPles
11,738
15,938
et
Banks, Finaitcial and Holding C,'onipanies
Dexia
Dexia Strip VVPR
1 ,567:336.85
BELGlQUE
BELGIUM
Total:
1,567,336.85
I
67
Nombre de titres
YOdes
ctifs nets
us $
011
valeur nominale
Number of shares
or
Par Value
Denomination
Name
Coilt d'acquisition
Cost
Evaluation
Valuation
?/" of
Ict Asscts
LUXEMBOURG
S8
Organisms di3 placement collect(/
Collective Investment Undertakings
Abingworth Bioventures (ord.)
0.00
300,351.85
0.09
1,39 I ,08 1.82
0.43
Services
12,616
Thiel Logistik
LUXEMBOURG
1,352,638.40
Total:
1,691,433.67
0.52
I
.
PAYS-BAS
NETHERLANDS
47,000
12,300
43,980
Assuranres
Insuranct,
Aegm
ING Group
Internationale Nederlanden Wrts 9 1/01
I .959,8 16.28
171,581.39
29.786.08
1.946,561.35
980,955.37
1,072,183.60
0.60
0.30
0.33
2.161,183.75
3.999,700.32
1.23
Alimentation
);bod
16,214
Unilever (New-York Listed)
19,206.40
..
0.32
PPw~IP,
guz nuturd
(jwodurtion et distribulion)
011and Natural Gas
34,900
68
(production and distribution)
Royal Dutch Petroleum
62,460.39
2,162,779.78
0.67
Nombre de titres
9/0 des
iotifs net?
us $
OU
valeur nominale
Number of shares
or
Par Value
Denomination
Name
I'ofit d'acquisition
cost
Evaluation
Valuation
%
ofl
iet Assetl
Imprinterie. Pdirron, mc;dias
Printing (ind Publishing, Media
120,891
52,726
VNU
Wolters Kluwer
PAYS-RAS
NETHERLANDS
Total:
4,527,011.5 1
I,334,005.12
6,023,738.20
1,422,281.90
I .86
0.44
5,861,016.63
7,446,020.10
2.30
8,103,867.26
14,645,183.20
4.52
416,567.26
1,72 1,993.36
0.53
34,909.05
3.342,422.62
35,433.39
3,393,649.48
0.01
1 .os
3,377,331.67
3,429.082.87
1.06
3,793,898.93
5,151,076.23
1.59
ESPAGNE
SPAIN
Tklkcommunications
Teleconiniuiiicatioi~
104,702
'I'elefonica
Servirrs piibhcv
Public Utilitics
2.927
266.800
Aguas dc Barcelona Ncw (01.01)
Aguas dc Barcclona
ESPAGNE
SPAIN
Tvtal:
69
Nombre de titres
des
US $
OU
valeur nominalc
Number of shares
UCnoniination
Name
roit d’acquisition
Cost
or
Par Value
ictifs nct
Evaluation
Valuation
O h of
k t Assci
DANEMARK
DENMARK
St~rvrct~s
6.660
Internationale Service Systcm “B”
2h.YO0
DANEMARK
DENMARK
443,976.5 1
0. I4
1,700,440.55
I .092.702.32
0.34
2J3 1,771 .SI
1,536,678.83
0.48
455,107.36
0.14
455,107.36
0.14
43 1,330.96
Total:
FINLANDE
FINLAND
TPlPrornmimications
Telcromrnunicarion
24.640
Sonera
FINLANDE
FINLAND
70
405,528.1 7
Total:
% des
cGfs net5
us $
DCnomination
Name
Zoiit d’acquisition
Cost
Evaluation
Valuation
o/o
of
let Assetl
NORVEGE
NORWAY
Constatictioris mkcaniqties et tiavales.
Pquipenient riiduvtriel
Machine[\: ShiyhuildinK. Industrid Equipmen,
Tomra Systems
NORVEGE
NORWAY
Tutal:
673,88 I .90
712,663.1s
0.22
673,881.90
712,663.15
0.22
2.139,605.36
677,807.68
0.21
2,139,60536
677,807.68
0.21
2,400.704.84
0.14
SUEDE
SWEDEN
Sc.rvicc.s
Adcore
SUEDE
SWEnEN
Total:
SUlSSE
SWITZERLAND
As rurunres
Insulanre
Swiss Ikinsurance (Reg.)
1,983,878.55
71
Nombre de titres
des
OS $
ou
DCnomination
Name
valcur nominale
Number of shares
C o l t d'acquisition
Cost
or
Par Value
ictifs net!
Evaluation
Valuation
"4l of
rlet Asset
Produits chimiqires et pharniacrtrt/ytie.r, S m / t
Chemirnlv nnd Phurmareuticuls. Heulth
940
2 74
I.000
Novartis (Reg.)
Roche Holding Bons de Jouissance
Serono I3
82 1,29 1.46
1,927.500.69
976,162.45
I ,660,075.7 I
2,775,523.16
940.500.84
0.5 1
0.86
0.29
3.724.954.60
5,376,099.71
1.66
990,374.66
892.996.38
0.28
1,064,569.79
1. I S8,SO3.80
0.36
1,085.3 14.65
869,290.62
0.27
8,849,092.25
10,697,595.35
3.31
199,618,666.52
24,191,667.22
69.18
Equipment tlectriqiie. Plertroniqtie et
Pyiiipcment de hurcuu
Electr.icul Equipment, Electronics and
0 ) f f i cEquipment
~
3,588
Logitech International (Rcg.)
Alirttentuiion
Food
500
Nest16 (Reg.)
Servire.y
1,950
Swisslng Holding (Reg.)
SUISSE
SWITZERLAND
Total:
TOTAL:
ACTIONS ET PARTS
EQU IT1E$
12
I
Nombre de titres
"/o des
ictifs nets
us $
0 11
\ d e w norninale
Numbcr of shares
Denomination
Name
Toiit d'acquisition
or
Par Value
Cost
Evaluation
Valuation
% of
.let Assets
VALEURS NON COTEES
UNLISTED SECURTTTES
ACTIONS ET PARTS
EQUITIES
ETATS-UNIS
Banques. sociPtes de portefeuille et
.roriPtLy finanriPrrs
Runkr. Finanriul and Holding Clonipunies
2,500
56
I
1
1
0.00
Overseas Venture Capital
Post Venture Associates
Sofinnova Ventures 111
Sofinnova Ventures IV
Sofinnova Ventures V
0.00
0.02
I20,000.00
1,250.00
62.300. I3
2. I29,3 19.00
I .988, I O I .00
109,139.00
179,452.20
4,290,109. I3
1.32
179,452.20
4,290,109.13
1.32
264,790.67
108,78h.17
0.00
1,100,842.96
617,639.47
5,5456 I
0.34
373,58234
1.724,028.04
0.53
373,582.84
1,724,028.04
OS3
5,598.20
0.00
53,854.00
0.66
0.6 1
0.03
E'IA'IS-UN IS
IJNITED STATES OF AMERICA Tutal:
JAPON
JAPAN
Son yties, soc.ittc;.s de portC<fiwillert
soc,ic;tc;s,lincrticier.rs
Banks. Financial and FIolditig C,'ompanir.r
6
1
500
JAFCO (Jap.Ass.Fin.)R-1 IEP
JAFCO (Jap.Ass.Fin.) R-2 1FP
L Co Ltd, Osaka
JAPON
JAPAN
Tutal:
0.19
0.00
I3
Nombre de titres
yUaes
us $
OU
valeur nominale
Nuinhcr of sharcs
DCnoniination
Name
or
Par Vdue
ictifs nets
“iit d’acquisition
Evaluation
s: or
cost
Valuation
del Asset!
GKAN DE-BKETAGNE
G R E A T BRITAIN
2
Ahingworth Ventures LP
GRANDE-BRETAGNE
G R E A T BRITAIN
Total:
259,72 I .9 I
118,131.78
0.04
2S9,72 1.91
118,13 1.78
0.04
53,426.02
FRANCE
Banques. .sociCtCs de port+iille et
.sor.ii.tk.s finanrieres
Bunks. Financiul and Holding Companies
1,984
14,000
30,000
39.960
40
42,308
107
Alpha Ventures V “B“
Alpha Ventures VI “B“
Entrcprisc & Partcnaires
FSD European Pre-Flotation Fund “A“
FSU European Pre-Flotation Fund “B”
Innovacom 2
Innovacoin 4
FRANCE
74
Total:
0.00
0.00
263,635.33
305,892.4 I
775.60
0.00
3.589,900.03
143,361.97
149,343.97
0.02
0.09
0.00
0.09
0.04
1.1 1
0.05
7 13,665.31
4,520,622.94
1.40
713,665.31
4,520,622.94
1.40
285,288.85
4,187.21
302,293.40
136,183.46
?'o
LIS $
Dcnomination
Name
Coit d'acquisition
cost
dcs
ctifs net:
Evaluation
Valuation
'!C of
let Asset
1,IJXEM ROU R G
Bunyircs. socii;tc~sdc, port~fi~uille
et
scic.ii;l~;sJinanc.iPlps
Bonks, Financial mid Ilolding Chmpanirs
0.00
0.00
23,772.60
10,083.S 7
0.01
0.00
0.00
33,856.17
0.0 1
0.00
33,856.17
0.01
Sucalmer Devcloprncnt Capital Fund
0.00
645.560.00
Sudimcr Buy-Out Fund
0.00
1,920.00
0.20
0.00
0.00
447,480.00
0.20
647,480.00
0.20
11,334,228.06
3.50
Biotechnology Venture Fund
letraven Fund (En liquidation)
LIJXEMBOIJRG
Tutal:
ESPAGNE
SPAIN
Bunqiws, .soci&tLsde portefiwille et
socii.ti.s finunc.ii.1.w
Bunks. Financiul and Holding Crimpunies
ESPAGNE
SPAIN
Total:
TOTAL:
\ALEURS NON COTEES
UNLISTED SECURITIES
1,526,422.26
TOTAL:
PORTEFEUI1,IX ET PARTICIPATIONS
PORTFOLIO A N D
LONG-TERM INVESTMENTS
235.525.895.28
72.68
INFORMATIONS GENERALES
VENTE ET RACHAT DE SES PROPRES ACTIONS PAR LA SOCIETE
Pan-Holding S.A. vend et rachete ses proprcs actions sur la base de la valeur nette d'inventaire, calculee
chaque mercredi. auginentee ou diminuee d'une commission de 0.5 %.
Les demandes d'achat et de rachat d'actions Pan-Holding S.A. doivent Otre reques par la SociCtC ou la
Banque Depositaire au plus tard a 17.00 heures (heure localc) le dcrnier jour ouvrable avant le jour de
I'kvaluation.
La valeur ncttc d'inventaire, le prix de vente et le prix de rachat, par action, sont disponiblcs auprks de
I'Administration Centrale le jcudi et sont publies chaque vendredi dans le ,,Luxemburger Wort"
(Luxembourg), ,,L'Echo" (Belgique) et la ,,Tribune" (France). 11s sont publiks quotidiennemcnt. mise
jour le vendredi, a Luxembourg dans le ,,Luxemburger Wort" et le ,,Tageblatt" sous la rubrique ,,Fonds
d'investissemen"' et dans IC ,,Financial Times" sous la rubrique ,,Offshore and Overseas Funds - Luxembourg
Regulated".
COTATION DES ACTIONS PAN-HOLDING S.A.
Lcs actions Pan-Holding S.A. sont cotees en US $ a la Bourse de Luxembourg.
Les Cours
la Bourse de Luxembourg sont publies sur I'ecran Reuters sous les codes
LU0055289689.LUF et LUOO6325 1903,LUP et sur 1'Ccran Bloomberg sous le code PLX.
PUBLICATION DES AVIS FINANCIERS
Des avis relatifs a la convocation a 1'AssemblCe et au paiement du dividende sont publies A Luxembourg,
sclon les cas dans le Recueil SpCcial du Memorial, dans IC Luxcmburger Wort, ainsi qu'a Bruxelles,
Londrcs et Paris, dans un quotidien publie sur ces places.
RAPPORTS ET PROSPECTUS
Les rapports annuels et seinestriels ainsi que le Prospectus peuvent Stre obtenus a I'Administration
Centrale de la Societe Luxembourg, ainsi qu'aupris de la Hanque Depositaire et des Agents Payeurs de
la SociCtC.
STATUTS
Les statuts coordonnes sont dCposCs au Registre de Commerce et des SociCtCs de Luxembourg oh ils
peuvent Etre consultks ut oh une copie peut itre obtenue sur demande. 11s peuvent aussi Etre demandes au
siige social de la SociCtl.
76
GENERAL INFORMATION
SALE AND REPURCHASE OF OWN SHARES BY THE COMPANY
Pan-Holding S.A. sells and repurchases its own shares on the basis of the net asset value, determined
on each Wednesday, plus or less a charge of 0.5 %.
Requests for the purchase and repurchase of Pan-Holding shares must be received by the Company or
the Custodian at the latest by 5.00 p.m. (Luxembourg time) on the business day before the relevant valuation
date.
The net asset value per share, the sale and thc repurchase price, per share, are available at the Central
Administration on each Thursday and are published each Friday in the ,,Luxemburger Wort" (Luxembourg),
,,L'Echo'' (Belgium) and ,,LaTribune" (France). They are published daily, updated Fridays, in Luxembourg
in the ,,Luxemburger Wort" and the ,,Tageblatt" under the heading ,,Fonds d'investisscmcnt" and in the
,,Financial Times" under the heading ,,Offshore and Overseas Funds - Luxembourg Regulated".
LISTING OF TIIE PAN-HOLDING S.A. SHARES
The Pan-IIolding S.A. shares are listed in US $ on the Luxeinbourg Stock Exchange.
The Luxembourg Stock Exchange prices are published on the Reuters screen under the codes
LU0055289689,LUF and LU006325 1903.LUF and on the Bloomberg screen under the code PLX.
PUBLICATION OF NOTICES TO SHAREHOLDERS
Information concerning the convoning of General Meetings and dividend announcements is published
in Luxembourg, if required in thc Rccueil Special du Memorial, in the Luxcmburger Wort, as well as in
daily newspapers in Brussels, London and Paris.
REPORTS AND PROSPECTUS
Annual and semi-annual reports as well as the Prospectus can be obtained at the Company's Central
Administration in Luxembourg, at the Company's Custodian and the Paying Agents.
ARTICLES OF INCORPOKATTON
The restated Articles of incorporation havc been lodged at the offices of the ,,Registre de Commerce
et des SociCtCs", of Luxembourg. where they are available for inspection and where copies thereof can be
obtained upon request. They can also be obtained at the registered office of the Company.
I1
DIVIDENDES - DIVIDENDS
Agent p g w r principul
- Principal Puying .4gmt
:
Banquc Gknhale du Luxembourg,
50, avenue J.F. Kennedy,
L - 2951 Luxembourg.
.4gmts payewi-s - Pqing Agents
Bank Degrool’S.A.,
44, rue de l’Industrie,
B - 1040 Bruxelles.
The Chase Manhattan Hank.
Global Trust Services,
450 West 33rd Street - 8th Floor,
USA - New York, N.Y. 10001-2697
Credit Lyonnais,
19, boulevard des Italicns,
F - 75002 Paris.
HSBC Bank PIC,
Global Investor Scrviccs,
Mariner F~OUSC.
Pepys Street,
GB - London EC3N 4DA.
UBS S.A.,
WS-CPZSD,
Bahnhofstrasse 45,
C H - 8098 Zurich.
78
PAN-HOLDING
SociCtC Anonyme
R.C. LUXEMBOURG: B 7023
Sikge Social
7, Place du Theitre
Registered Office
L - 2613 LUXEMBOURG
ADMINISTRATION CENTRALE
CENTRAL ADMINISTRATION
7, Place du ThCitre, L - 26 I3 Luxembourg
P.O. BOX 408, L - 201 4 LUXEMBOURG
Tel. : (352) 46 24 01-1 ; Fax : (352) 46 24 01-24; E-mail : [email protected]; Telex : 2239 panac lu
CONSEILLER EN INVESTISSEMENT
INVESTMENT ADVISER
SOCIETE D'ANALYST;.S ECONOMIQUES ET FINANCIERES - S.A.E.F.
12, rue du Faubourg St-Honore, F- 75008 PARIS
BANQUE DEPOSITAIRE
CUS'I'ODIAN
Bank of New York Europe Limited, Luxembourg Branch
6D. route de Treves, L - 2633 Senningerherg
Tel. : (352) 34 20 90-1 ; Fax : (352) 34 20 90-2
Clearstream No. 79 146
AGENT PAYEUR PRINCIPAL ET AGENT DE 1RANSFERT
PRINCIPAL PAYING AND TRANSFER AGENT
Banque GknCrale du Luxembourg,
SO, avenue J.F. Konnedy, L - 295 I Luxembourg
Tcl. : (352) 42 42-1 ; Fax : (352) 42 42 25 79
REVISEUR D'ENTREPRISES
AUDITOR
K PM G Audit s.c,, Luxembourg .
3 1, AllCe Scheffer. L - 2520 Luxembourg
CONSEIL JURlDlQUE
LEGAL ADVISER
De Randt, Van Hecke, Lagae & Loesch, Luxembourg,
4, rue Carlo IIemmer, B.P. 1107, L - 101 1 Luxembourg
79
lmprimerie Saint-Paul s.a.

SA - Fundsquare

Transcription

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