ANNUAL REPORT ‘12
CONTENTS
CONTENTS
ANNUAL REPORT
THE ANA GROUP – AN OVERVIEW
1.
The ANA Group at a glance
6
2.
Message from the chairman
9
3.
2012 highlights
12
4.
Key performance indicators
17
BUSINESS PORTFOLIO
5.
Strategy
22
6.
Economic and regulatory environment
27
7.
Business review
34
COMMITMENT TO SOCIETY
8.
Human resources
72
9.
Research, development and innovation
80
10.
Sustainability
86
ECONOMIC AND FINANCIAL REVIEW
11.
Investments
92
12.
Economic and financial analysis
96
CORPORATE GOVERNANCE
13.
Corporate governance and compliance
114
14.
Compliance with legal obligations
136
OUTLOOK
15.
2013 outlook
144
16.
Proposed allocation of net profit
148
ANNEXES
151
ACCOUNTS
17.
Financial statements
164
Notes to the financial statements
169
AUDIT REPORTS AND OPINIONS
255
Note:
This report has been paginated in such a way as to minimise the amount of paper and toner required for any printing.
