EX-99.1 2 e8899_ex99-1.htm PRESS RELEASE DATED FEBRUARY 22, 2007 e8946.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

PRESS RELEASE

February 22, 2007

VERY STRONG FULL YEAR 2006 PERFORMANCE:

UNDERLYING EARNINGS UP 20% TO EURO 4.0 BILLION

ADJUSTED EARNINGS UP 20% TO EURO 5.1 BILLION

NET INCOME UP 18% TO EURO 5.1 BILLION

LIFE & SAVINGS NEW BUSINESS VALUE UP 34%1 TO EURO 1.5 BILLION

PROPOSED DIVIDEND OF EURO 1.06 PER SHARE UP 20% VERSUS 2005

“AXA teams have achieved an excellent performance in 2006, contributing to the strong growth in all of our businesses - ahead of our Ambition 2012 targets - while building the future of the Group through offer innovation, distribution management and quality of service initiatives,” said Henri de Castries, Chairman of AXA’s Management Board.

“Through organic growth and acquisitions, the Group begins 2007 30% larger than a year ago, with increased diversification and stronger local franchises in a number of our key markets. In addition, we expect that our shareholders will also benefit from our continuing efforts to optimize the Group’s capital management and to develop a state-of-the-art risk management culture, which should further reduce the volatility of future earnings.”

“We expect 2007 to be another important year for AXA. Provided that the global economic environment remains favorable, we are confident, based on the strength of our operations, the quality of our people and the long term growth prospects of the financial protection business, that the Group is well positioned to meet the challenge of successfully integrating Winterthur while delivering another year of profitable growth.”

“The Management Board will propose to the shareholders that up to 0.7% of the share capital of AXA be granted to all employees in the form of allocations of free shares or of an enhanced shareplan, between 2007 and 2012, to strengthen the engagement of all employees on our Ambition 2012 plan."”

Important note: this press release presents AXA’s FY 2006 earnings.
-     AXA’s 2006 Balance Sheet including Winterthur PGAAP and European Embedded Value of the Life & Savings
      segment including Winterthur will be released on April 10, 2007.
-     Winterthur FY2006 earnings are not included in AXA’s 2006 consolidated earnings in 2006 due to the closing of
      the acquisition on December 22, 2006.


AXA FULL YEAR 2006 RESULTS SUMMARY

AXA’s 2005 earnings presented in this release reflect the following changes:
-     Following clarification of IFRIC Agenda Committee following IASB's decision, TSDI2 have been reclassified in
     shareholders’ equity (same treatment as TSS3 ). As a consequence, interest charges and FX
     impacts related to TSDI have been excluded from the income statement.
-     In addition, foreign exchange impacts have been reallocated from adjusted earnings to net
     income.

IFRS              
Euro million FY05 FY06 Change
      Reported @ Cst FX
 
Life & Savings 1,931 2,325 + 20% + 22 %
Property & Casualty 1,346 1,453 + 8% + 7 %
Asset Management 396 508 + 28% + 29 %
International Insurance 68 131 + 92% + 91 %
Other Financial Services & Holdings -404 -406  --  --  
Underlying Earnings(4) 3,337 4,010 + 20% + 21 %
Net capital gains 944 1,130          
Adjusted Earnings(4) 4,281 5,140 + 20% + 20 %
 
Profit or loss on financial assets (under 122 -226          
Fair Value option) and derivatives              
Exceptional operations -72 196          
Goodwill & related intangibles -13 -24          
Net income, group share 4,318 5,085 + 18% + 18 %

 

Earnings per share FY05 FY06 Change      
Euro              
 
Underlying earnings per share 1.73 2.03 + 17%      
Underlying EPS net of interest              
charges on TSDI(2) and TSS(3) 1.67 1.95 + 16%      
 
Adjusted earnings per share 2.21 2.59 + 17%      
Adjusted EPS net of interest              
charges on TSDI(2) and TSS(3) 2.15 2.51 + 17%      
 
Net income per share 2.22 2.56 + 15%      

2006 information relating to net income has been examined by AXA's independent auditors
Non-GAAP measures such as underlying earnings and adjusted earnings are reconciled to net
income in the table above and defined in the notes4 .

 

Notes are on page 7


2

FULL YEAR 2006 HIGHLIGHTS: VERY STRONG PERFORMANCE ACROSS THE BOARD

• Underlying earnings were up 20%, or 21% at constant exchange rates, to Euro 4,010
  million, with all business units contributing positively to this performance.
 
         - Life & Savings underlying earnings increased by 22% to Euro 2,325 million, with most
    countries achieving strong double digit growth, notably supported by higher fees and
    revenues and contained non commission expenses.
 
         - Property & Casualty underlying earnings were up 7% to Euro 1,453 million, driven by a
    4% increase in revenues together with a 0.8 point improvement of the combined ratio.
 
         - Asset Management underlying earnings were up 29% to Euro 508 million, as a result
    of higher average assets under management and an improved business mix. Asset
    managers’ underlying cost income ratio improved 1.5 points to 67.6%.
 
 
• Adjusted earnings were up 20% at current and constant exchange rates to Euro 5,140
  million, reflecting the strong growth in underlying earnings and in net capital gains attributable
  to shareholders, up Euro 187 million to Euro 1,130 million.
 
 
• New Business Value, up 34% on a comparable basis to Euro 1,501 million, was fuelled by
  all operational levers (volume, mix and expenses).
 
 
• 2006 proposed5 dividend of Euro 1.06 per share, up 20% over last year.

***

Note: for underlying earnings analysis below, percentage changes between 2005 and 2006 are presented at constant exchange rates.

LIFE & SAVINGS 2006 UNDERLYING EARNINGS: +22%

Life & Savings underlying earnings increased by 22% to Euro 2,325 million, with most countries achieving strong double digit growth. Excluding 2005 positive non recurring items in Japan (Euro 67 million) and 2006 positive tax one-off in the US (Euro 92 million), underlying earnings improved by 21%.

The underlying margin analysis presented below excludes these two non-recurring items.

Underlying investment margin was up 6% to Euro 2,307 million, reflecting an increase in net investment income, notably driven by fixed income revenues and higher equity dividend levels, together with an optimized management of credited rates across the board.

3

Fees & Revenues were up 15% to Euro 5,876 million. Insurance fees and loadings benefited
from unit-linked new business momentum in France, the US, the UK and Germany, as well as
from higher asset base, notably on unit-linked reserves, across the board. In addition, fees &
revenues reflected strong sales of protection products in Japan and continued positive inflows
into Australia mutual funds.

Net technical margin was up 10% to Euro 1,304 million, benefiting from overall favorable claims
experience and positive reserve developments.

Globally, total gross margin (the sum of the above margins) was up 12% to Euro 9,487 million.

Expenses, net of DAC/DOC and VBI were up 5% to Euro -6,037 million, mainly driven by higher
commissions (up 10%), partly offset by contained non commission expenses6, which were up
only 2%.

Income tax expense and minority interests were up 39% to Euro -1,217 million, largely driven by
the growth of pre-tax and pre-minority interests underlying earnings.

***

Life & Savings 2006 New Business Value increased by 34% on a comparable basis to Euro
1,501 million mainly fuelled by all operational levers (volume, mix and expenses).

Most countries recorded very strong double-digit growth, with the key contributors being the US,
Japan, Germany and France.

Overall, this NBV growth combined with the 15% increase in Life & Savings new business
volume7 drove a 3.5 point improvement of the New Business margin to 24.1% .

Rollforward of Life & Savings NBV (Euro million, group share)
2005 Life & Savings NBV 1,138
     Business-driven evolution: 329
           Volume 151
           Mix 53
           Expenses 125
     Investment market conditions 46
     Others8 (13)
2006 Life & Savings NBV 1,501

***

4

PROPERTY & CASUALTY 2006 UNDERLYING EARNINGS: +7%

Property & Casualty underlying earnings were up 7% to Euro 1,453 million, reflecting a very strong increase in net technical result, fuelled by solid top line growth and a 0.8 point improvement in the combined ratio.

  Combined ratio
Ratios in %   Change
  FY 2006 from
    2005
 
France 97.5   -0.4
Germany 98.1   -0.2
UK & Ireland 96.5  +0.2
Belgium 95.4   -3.3
Southern Europe 98.3   -0.8
Other countries 93.9   -2.5
Total P&C 96.9   -0.8

Loss ratio improved by 0.9 point to 68.3%, driven by both an improvement in the current year loss ratio and positive developments on prior accident years. Most countries experienced an improvement in their loss ratio, apart from Germany which was impacted by a higher level of large claims versus an extremely low level in 2005.

Expense ratio was up only 0.1 point to 28.6%, as the 1.1 point increase in the acquisition expense ratio, primarily driven by the shift towards higher commission business in the UK, was almost entirely offset by a 1.0 point improvement in the administrative expense ratio, reflecting tight expense management across the board.

Investment income9 was up Euro 135 million to Euro 1,586 million, reflecting a higher average asset base and improved investment yield.

***

ASSET MANAGEMENT 2006 UNDERLYING EARNINGS: +29%

Asset management underlying earnings were up 29% to Euro 508 million, benefiting from higher average AUM10 (up 18%11), notably driven by very strong third party net inflows, favorable product and client mix evolution and improvement in the underlying cost income ratio, down 1.5 points to 67.6% .

AllianceBernstein underlying earnings increased by 27% to Euro 302 million, driven by higher average AUM (+18%), a more favorable product mix and a 1.5 point improvement in the underlying cost income ratio to 67.2% .

AXA Investment Managers underlying earnings were up 32% to Euro 206 million, driven by higher average AUM (+19%), a further product and client mix improvement and a 1.6 point lower underlying cost income ratio (68.3%) .

5

Asset managers’ total AUM at year-end 2006 were up 19% to Euro 1,029 billion.

***

INTERNATIONAL INSURANCE 2006 UNDERLYING EARNINGS: +91%

International insurance12 underlying earnings were up 91% to Euro 131 million, mainly driven by positive developments on reinsurance run-off portfolios and the solid performance of AXA Corporate Solutions Assurance.

AXA Corporate Solutions Assurance underlying earnings were up 16% to Euro 84 million as a result of a 0.8 point combined ratio improvement and a higher net investment result, mainly reflecting a higher asset base and improved investment yield.

***

OTHER FINANCIAL SERVICES & HOLDINGS 2006 UNDERLYING EARNINGS: STABLE

Other Financial Services & Holdings underlying earnings were nearly stable at Euro -406 million.

Other Financial services underlying earnings were down Euro 16 million to Euro 51 million, notably due to the non recurrence of a 2005 loan provision release at AXA Bank Belgium.

Holdings underlying earnings were up Euro 13 million to Euro -457 million, mainly due to the financial income on proceeds from Winterthur financing and a tax gain in Germany following a change in legislation, partly offset by higher financial charges (mainly related to the merger with FINAXA), share based compensation costs and less favorable tax items.

***

2006 ADJUSTED EARNINGS: +20%

2006 adjusted earnings were up 20% at current and constant exchange rates to Euro 5,140 million, reflecting the strong growth in underlying earnings and in net capital gains attributable to shareholders, up Euro 187 million to Euro 1,130 million, realized on the back of favorable equity markets.

***

2006 NET INCOME, GROUP SHARE: +18%

2006 net income was up 18% at current and constant exchange rates to Euro 5,085 million, as the increase in adjusted earnings and higher gains on exceptional operations were partly offset by the negative impact of rising interest rates on the fair value of interest rate derivatives and fixed maturity investment funds. Exceptional operations amounted to Euro 196 million, mainly driven by the gain realized on the sale of AXA RE’s business, a dilution gain at AllianceBernstein, and several positive tax items, including one in the US related to the sale of DLJ.

6

OUTLOOK

2006 was another very strong year in terms of top line performance and earnings growth, and AXA continued to be ahead of the expected Ambition 2012 pace.

In 2007, AXA’s key operational challenge will be to successfully manage the integration of Winterthur while keeping the growth momentum. Management has increased the target synergies13 for this integration by 25% to Euro 350 million, to be fully phased by 2010.

Assuming the global economic environment remains favorable and barring any major catastrophic events or financial market incidents, we expect that

• our Life & Savings operations should continue to grow on the back of favorable long term market trends, and benefit from our distribution and offer innovation initiatives, including the promising roll-out of Accumulator type products across the Group.
 
 
• despite increasing competitive pressure in some European markets, our P&C operations should benefit from the strength of marketing and distribution, claims management initiatives and increasing diversification into some higher growth markets.
 
 
• our Asset Management businesses should continue to perform well, primarily driven by very strong net inflows in 2006 and current favorable financial market conditions.
 
• our net capital gains target range will increase from Euro 600/800 million to Euro 800/1000 million from 2007 onwards.

Notes
1 On a comparable basis
2 Perpetual subordinated notes
3 Perpetual deeply subordinated notes
4 Underlying earnings are adjusted earnings, excluding net capital gains attributable to shareholders. Adjusted
earnings represent net income before the impact of exceptional operations, goodwill and related intangibles
amortization/impairments, and profit or loss on financial assets (under the fair value option) and derivatives. Adjusted
and underlying earnings are non-GAAP measures and as such are not audited, may not be comparable to similarly
titled measures reported by other companies, and should be read together with our GAAP measures. Management
uses these non-GAAP measures as key indicators of performance in assessing AXA’s various businesses and
believes that the presentation of these measures provides useful and important information to shareholders and
investors as measures of AXA’s financial performance.
5 At the May 14, 2007 Shareholders Meeting
6 Gross of DAC/DOC
7 Annual Premium Equivalent
8 Including market calibration impacts on interest rates and volatility, modelling changes, change in scope, currency
impact, assumptions changes and others
9 Net of financial charges
10 Assets Under Management
11 AXA Investment Managers & AllianceBernstein, excluding assets managed by the insurance companies and
Winterthur
12 Sale of AXA RE’s business to Paris Re Holdings was completed on December 21, 2006, with the risks and
corresponding net income related to AXA RE’s 2006 claims experience accruing to Paris Re Holdings. AXA will
continue to manage underwriting and claims for 2006 and prior years
13 Pre-tax annual cost savings (underlying earnings basis)

7

About AXA

AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. For full year 2006, IFRS revenues amounted to Euro 79 billion and IFRS underlying earnings amounted to Euro 4,010 million.

The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.

* * *

This press release is available on the AXA Group web site: www.axa.com

AXA Investor Relations:     AXA Media Relations:    
Etienne Bouas-Laurent : + 33.1.40.75.46.85 Christophe Dufraux: + 33.1.40.75.46.74
Sophie Bourlanges: + 33.1.40.75.56.07 Clara Rodrigo: + 33.1.40.75.47.22
Paul-Antoine Cristofari : + 33.1.40.75.73.60 Armelle Vercken: + 33.1.40.75.46.42
Emmanuel Touzeau: + 33.1.40.75.49.05 Mary Taylor: + 1.212.314.5845
Kevin Molloy: + 1.212.314.2893      

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives (including statements herein with respect to AXA's Ambition 2012 project and the objectives, financial and other, associated with that project, and to the integration of Winterthur).

Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by numerous factors that could cause actual results and AXA’s plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). These risks and uncertainties include, without limitation, the risk that the AXA and Winterthur businesses will not be integrated successfully, our inability to achieve anticipated synergies from the Winterthur acquisition, the risk of future catastrophic events (including possible future pandemic and/or weather-related catastrophic events and/or terrorist related incidents), economic and market developments, legislative developments, regulatory actions or investigations, as well as litigations and/or other proceedings.

Please refer to AXA's Annual Report on Form 20-F and Document de Référence for the year ended December 31, 2005, for a description of certain important factors, risks and uncertainties that may affect AXA’s business.

AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.

8

APPENDIX 1 - UNDERLYING EARNINGS          
 
         

IFRS Results 
(Euro million)

        Change @
FY 2005* FY 2006 Change constant
        exchange
          rates
 
TOTAL Underlying earnings 3,337 4,010 +20% +21%
 
Life & Savings 1,931 2,325 +20% +22%
       France 387 462 +20% +20%
       United States 866 1,000 +15% +16%
       Japan 266 256   -4% +1%
       United Kingdom 85 155 +83% +82%
       Germany 30 69 +130% +130%
       Belgium 56 65 +16% +16%
       Southern Europe 44 50 +14% +14%
       Other Countries 198 268 +35% +36%
of which Australia / New Zealand 64 83 +30% +33%
of which Hong Kong 84 111 +33% +33%
Property & Casualty 1,346 1,453 +8% +7%
       France 363 382   5%   5%
       Germany 178 181   2%   2%
       United Kingdom & Ireland 399 386   -3%   -4%
       Belgium 128 147   15%   15%
       Southern Europe 125 148   18%   18%
       Other Countries 153 208   36%   32%
International Insurance 68 131 +92% +91%
       AXA Corporate Solutions Assurance 72 84 +17% +16%
       Other International incl. AXA RE -4 47 -- --
Asset Management 396 508 +28% +29%
       AllianceBernstein 240 302 +26% +27%
       AXA Investment Managers 156 206 +32% +32%
Other Financial Services 67 51   -24%   -24%
Holding Companies -471 -457   -   -

* Restated. Following clarification of IFRIC Agenda Committee following IASB's decision, TSDI have been reclassified to shareholders’ equity (same treatment as TSS). As a consequence, interest charges and FX impacts related to TSDI have been excluded from the income statement.

9

APPENDIX 2 – LIFE & SAVINGS – NEW BUSINESS VALUE (NBV) AND NBV TO APE MARGIN  
9 MAIN COUNTRIES/REGIONS & MODELED BUSINESS - FULL YEAR 2006 - GROUP SHARE  
 
 
  NBV NBV Change*   NBV/APE Change*
     (in euro million) 2005 2006     margin  
      2006  
 
France 157 202 28.3%   16.4% 1.8pts
United States   284 424 50.9%   22.1% 5.4pts
United Kingdom 72 100 38.6%   8.8% 0.0pt
Japan 364 431 24.3%   66.3% 4.4pts
Germany 29 90 209.6%   31.5% 20.7pts
Benelux 115 124 8.0%   35.6% 5.5pts
Southern Europe 27 23 -14.0%   16.4% - 3.1pts
Australia / New Zealand 32 38 20.1%   9.1% 1.5pts
Hong Kong 59 68 13.5%   68.2% - 9.0pts
 
TOTAL Group 1,138 1,501 33.9%   24.1% 3.5pts
* On a comparable basis            

  NB: Key modeling changes versus Full Year 2005
» Yield Curve
2006 : Swap rates on the last business day of the accounting period
2005 : Govies on the last business day of the accounting period
» Equity Implied Volatility
2006: 1 year average of equity implied volatility
2005:Based on historical average equity implied volatility
» Swaption Implied Volatility
2006: 2 weeks average of swaption implied volatility
2005: Based on historical average swaption implied volatility ATMF
As a reminder, please note that 4Q06 NBV cannot be derived from FY06 minus 9M06 due to changes in investment market conditions as well as the complete annual review of assumptions.

APPENDIX 3 - EARNINGS SUMMARY AFTER TAXES AND MINORITY INTERESTS – FULL YEAR 2006

  
  
  
  
  
 Consolidated Earnings
(in euro million)
  
  
  
  
  		        Exceptional operations 
 and discontinued 
operations 		Profit or loss (including
change) on financial 
assets (under Fair Value
option) & derivatives 		   
   
Adjusted Earnings
   
    		Net realized capital gains
attributable to 
shareholders		    
   
Underlying Earnings
   
    		   
   
Underlying Earnings
   
   
Net income
Group Share
    		Goodwill and related
intangibles
   
                             
                               
Period Period Period Period Period Period Period Period Period Period Period Period Period Period    
Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended   Change at
December December December December December December December  December December December December December December December Change constant FX
31, 2005* 31, 2006 31, 2005* 31, 2006 31, 2005* 31, 2006 31, 2005* 31, 2006 31, 2005* 31, 2006 31, 2005* 31, 2006 31, 2005* 31, 2006    
 
 
Life & Savings 2 404 2 957 (8) (10) (0) (3) 18 49 2 394 2 921 464 597 1 931 2 325 20% 22%
 France 630 776 - - - - 52 110 578 666 191 204 387 462 20% 20%
 United States 872 1 020 (8) (10) - - 9 0 871 1 029 5 30 866 1 000 15% 16%
 United Kingdom 44 138 - - - - (48) (27) 92 165 7 10 85 155 83% 82%
 Japan 392 256 - - - - 6 (37) 385 293 120 38 266 256 -4% 1%
 Germany 36 81 - - (0) - 4 6 32 75 2 6 30 69 130% 130%
 Belgium 131 310 - - - - (11) (10) 141 320 85 255 56 65 16% 16%
 Southern Europe 57 57 - - - - 3 (0) 54 57 10 7 44 50 14% 14%
 Other countries 242 318 - - - (3) 2 7 240 315 42 47 198 268 35% 36%
    of which Australia/New Zealand 69 100 - - - (0) 2 5 66 96 3 13 64 83 30% 33%
of which Hong Kong 93 115 - - - (3) (0) (1) 93 119 10 8 84 111 33% 33%
Property & Casualty 1 737 1 977 (1) (2) - 13 51 71 1 687 1 895 341 441 1 346 1 453 8% 7%
 France 464 515 - - - - 17 64 448 452 85 70 363 382 5% 5%
 Germany 295 282 - - - (3) 30 26 265 259 87 77 178 181 2% 2%
 United Kingdom & Ireland 464 451 - - - - 3 (9) 461 461 62 75 399 386 -3% -4%
 Belgium 183 283 - - - - 1 (6) 181 290 53 142 128 147 15% 15%
 Southern Europe 153 189 - - - - 1 (1) 152 190 27 42 125 148 18% 18%
 Other countries 179 256 (1) (2) - 16 (2) (1) 181 243 28 35 153 208 36% 32%
International Insurance 184 244 0 (12) 23 66 5 (1) 156 191 88 60 68 131 92% 91%
 AXA RE 67 - - - - - (2) - 70 - 59 - 11 - - -
 AXA Corporate Solutions
   Assurance 		97 117 - - - - 5 1 92 116 20 32 72 84 17% 16%
 Other 20 127 0 (12) 23 66 3 (2) (6) 75 9 28 (14) 47 - -
Asset Management 411 610 (4) - 3 91 10 10 402 509 6 1 396 508 28% 29%
 AllianceBernstein 254 394 - - 8 91 - - 246 303 6 1 240 302 26% 27%
 AXA Investment Managers 156 216 (4) - (5) - 10 10 156 206 0 - 156 206 32% 32%
Other Financial Services 82 43 - - 2 (1) 8 (15) 72 59 6 8 67 51 -24% -24%
         Holdings (500) (745) - - (99) 30 30 (341) (431) (434) 39 23 (471) (457) - -
TOTAL 4 318 5 085 (13) (24) (72) 196 122 (226) 4 281 5 140 944 1 130 3 337 4 010 20% 21%

* Restated. Following clarification of IFRIC Agenda Committee following IASB's decision, TSDI have been reclassified in shareholders’ equity (same treatment as TSS). As a consequence, interest charges and FX impacts related to TSDI have been excluded from the income statement.

11

Information about the Full Year Earnings Presentations

Members of AXA’s senior management will discuss these results at conferences in:

• Paris, February 22, 2007

The conference will be accessible through a live Webcast and a conference call.

The Webcast will begin at 8:30 am Paris time (2:30 am New York time, 7:30 am London time).

A slide presentation will accompany the event. Go to www.axa.com 10-15 minutes prior to the event to join the Web cast or to obtain investor material.

The conference call access numbers are:

France: +33 (0) 1 70 99 32 08  
UK: +44 (0) 20 7162 0025  
US: +1 334 323 6201  

Replay will be available on the following day only. Numbers are +33 1 70 99 35 29 for France, +44 207 031 4064 for the UK and +1 954 334 0342 for the U.S.

Access code: 736186.

• London, February 22, 2007

The conference will be accessible through a conference call in listen-only mode.

The conference will begin at 3:30 pm in London (4:30 pm in Paris, 10:30 am in New York).

The access numbers are:

France: +33 (0) 1 70 99 32 08  
UK: +44 (0) 20 7162 0025  
US: +1 334 323 6201  

Replay will be available on the following day only. Numbers are +33 1 70 99 35 29 for France, +44 207 031 4064 for the UK and +1 954 334 0342 for the U.S.

Access code: 736188.