PRESENTATION OF FINANCIAL INFORMATION. The ANZ New Zealand Financial Statements and the ANZNIL Financial Statements have been prepared in accordance with accounting practice generally accepted in New Zealand (“NZ GAAP”) and do not contain a reconciliation to generally accepted accounting principles in the United States (“U.S. GAAP”). The ANZ New Zealand Financial Statements and the ANZNIL Financial Statements comply with the New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”), International Financial Reporting Standards (“IFRS”) and Interpretations adopted by the International Accounting Standards Board (“IASB”). Unless the context otherwise requires, references herein to “2014”, when used in connection with a discussion of the ANZ New Zealand Financial Statements, means our fiscal year ended September 30, 2014. We refer to prior and subsequent fiscal years and periods in a corresponding manner. The independent auditors of the ANZ New Zealand Financial Statements and the ANZNIL Financial Statements for the 2014, 2013 and 2012 years are subject to auditing and auditor independence standards applicable in New Zealand, which differ from those applicable in the United States. For the convenience of the reader, this Offering Memorandum contains translations of certain NZ dollar amounts into U.S. dollars at specified rates. These translations should not be construed as representations that the NZ dollar amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. See “Exchange Rates”. Due to rounding, the numbers presented throughout this Offering Memorandum may not add up precisely, and percentages may not precisely reflect absolute figures.
PRESENTATION OF FINANCIAL INFORMATION. The financial information as at and for the years ended 31 December 2017, 2018 and 2019 in this Offering Circular has been derived from the audited consolidated financial statements of the Bank as at and for the years ended 31 December 2018 and 2019, published on the Hong Kong Stock Exchange and incorporated by reference into this Offering Circular (see “Information incorporated by Reference”).
PRESENTATION OF FINANCIAL INFORMATION. The selected financial information included in the “Recent Developments” section of the Offering Memorandum, (a) has been prepared on a basis consistent with that of the audited financial statements contained in the Offering Memorandum, (b) has been prepared on a basis consistent with the financial information for the corresponding periods in the prior fiscal year and (c) has been extracted from the books and records of Parent and derived from internal controls and procedures that are used to prepare the audited financial statements and unaudited quarterly reports of Parent.
PRESENTATION OF FINANCIAL INFORMATION. This Offering Circular incorporates by reference the audited consolidated financial statements of the Group as at and for the years ended 31 December 2017, 2018 and 2019 (the ‘‘Audited Financial Information’’) and the unaudited and unreviewed consolidated interim financial statements of the Group as at and for the six months ended 30 June 2019 and 2020 (the ‘‘Interim Financial Information’’). The Audited Financial Information have been prepared in accordance with the Hong Kong Financial Reporting Standards (‘‘HKFRS’’) issued by the Hong Kong Institute of Certified Public Accountants (the ‘‘HKICPA’’) and audited by the Group’s independent certified public accountants, Ernst & Young. The Interim Financial Information have been prepared in accordance with Hong Kong Accounting Standard (‘‘HKAS’’) 34 ‘‘Interim Financial Reporting’’ issued by the HKICPA. The Interim Financial Information has not been reviewed or audited by the Group’s independent auditors, and thus such information should not be relied upon by investors to provide the same quality of information associated with information that has been subject to an audit or a review. Such Interim Financial Information should not be taken as an indication of the expected financial condition, results of operations of the Group for the full financial year. Potential investors must exercise caution when using such data to evaluate the Group’s financial condition and results of operation. PRESENTATION OF INDUSTRY AND MARKET DATA Market data and certain industry forecasts used throughout this Offering Circular have been obtained from internal surveys, market research, publicly available information and industry publications. Industry publications generally state that the information that they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of that information is not guaranteed. Similarly, internal surveys, industry forecasts and market research, while believed to be reliable, have not been independently verified, and none of the Issuer, the Joint Lead Managers, the Trustee or the Agents makes any representation as to the accuracy of that information. TABLE OF CONTENTS Page CERTAIN DEFINED TERMS AND CONVENTIONS ..... ....... ........ ....... ....... 1
PRESENTATION OF FINANCIAL INFORMATION. Our financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board, which differ in certain respects from generally accepted accounting principles in the United States (“U.S. GAAP”) and in certain other countries. We have made no attempt to describe or quantify the impact of those differences. In making an investment decision, investors must rely upon their own examination of us, the terms of the Notes and the financial information we present herein or incorporate by reference. Potential investors should consult their own professional advisers for an understanding of the differences between IFRS and accounting principles generally accepted in other countries, including the United States, and how those differences might affect the financial information presented herein. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the financial statements presented herein. This prospectus contains non-IFRS financial measures and ratios that are not required by, or presented in accordance with, IFRS, including Adjusted Property EBITDA. We present non-IFRS financial measures so that investors have the same financial data that management uses in evaluating financial performance with the belief that it will assist the investment community in assessing the underlying financial performance of the Company on a year- over-year basis. The non-IFRS financial measures may not be comparable to other similarly titled measures of other companies, since they are not uniformly defined, and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results reported under IFRS. Non-IFRS financial measures and ratios are not measurements of our performance under IFRS and should not be considered as alternatives to operating income, net profit, cash flows from operations or any other performance or liquidity measures derived in accordance with IFRS or any other generally accepted accounting principles.
PRESENTATION OF FINANCIAL INFORMATION. The audited consolidated financial information of the Group as at and for the years ended 31 December 2021, 2022 and 2023 (which have been audited by Xxxxx & Xxxxx, Certified Public Accounts) has been prepared and presented in accordance with Hong Kong Financial Reporting Standards (“HKFRS”) and interpretation promulgated by the Hong Kong Institute of Certified Public Accountants and is included in this Offering Circular.
PRESENTATION OF FINANCIAL INFORMATION. This Information Memorandum contains consolidated financial information of the Group as at and for the years ended 31 December 2018, 2019 and 2020, which has been extracted from the audited consolidated financial statements of the Group as at and for the year ended 31 December 2019 and the audited consolidated financial statements of the Group as at and for the year ended 31 December 2020 (together, the “Historical Financial Statements”) which are included elsewhere in this Information Memorandum. The Historical Financial Statements have been audited by the independent auditor of the Group.
PRESENTATION OF FINANCIAL INFORMATION viii ix Payable in or Linked to a Non-U.S. dollar Currency.............................................................. 148 Overview................................................................. 1 Taxes....................................................................... 150 Risk Factors............................................................. 17 Employee Retirement Income Security Act............ 166 Use of Proceeds....................................................... 30 Plan of Distribution................................................. 167 Capitalization, Funding and Capital Adequacy....... 31 Legal Matters .......................................................... 171 Exchange Rates ....................................................... 34 Independent Auditors.............................................. 171 Regulation and Supervision .................................... 35 General Information................................................ 172 Management’s Discussion and Analysis of Annex A-ANZ National Consolidated Financial Financial Condition and Results of Operations... 42 Statements ........................................................... A-1 Additional Financial and Statistical Information..... 81 Annex A-1-ANZNIL Financial Statements ............ A-1-1 Australia and New Zealand Banking Group Annex B-Form of Final Terms................................ B-1 Limited ................................................................ 94 Notice to Purchasers
PRESENTATION OF FINANCIAL INFORMATION. We report under International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or the IASB. None of the financial statements incorporated by reference herein were prepared in accordance with generally accepted accounting principles in the United States. We present our consolidated financial statements in euros and in accordance with IFRS. We have made rounding adjustments to some of the figures included in this prospectus supplement. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. In this prospectus, unless otherwise indicated, translations from U.S. dollars to euros (and vice versa) relating to payments made on or before December 31, 2019 were made at the rate in effect at the time of the relevant payment.
PRESENTATION OF FINANCIAL INFORMATION. This Information Memorandum contains consolidated financial information of the Group as at and for the years ended 31 December 2017, 2018 and 2019, which has been extracted from the audited consolidated financial statements of the Group as at and for the year ended 31 December 2018 and the audited consolidated financial statements of the Group as at and for the year ended 31 December 2019 (together, the “Historical Financial Statements”) which are included elsewhere in this Information Memorandum. The Historical Financial Statements have been audited by the independent auditor of the Group. This Information Memorandum also contains certain consolidated financial information of the Group as at and for the nine months ended 30 September 2019 and 2020, which has been extracted from the management accounts of the Group that have not been audited or reviewed by independent auditors (the “Interim Financial Information”). Consequently, the Interim Financial Information should not be relied upon by potential investors to provide the same quality of information associated with financial statements that have been subject to an audit or review. Potential investors must exercise caution when using such financial information to evaluate the Group’s financial condition and results of operations as of and for the year ended 31 December 2020.
