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Intesa Sanpaolo Press release
INTESA SANPAOLO: CONSOLIDATED RESULTS AS AT 30 JUNE 2016
NET INCOME FOR H1 2016 WAS €1,707M. EXCLUDING ORDINARY CHARGES IN RELATION TO THE RESOLUTION FUND FOR FULL YEAR 2016 BOOKED IN H1, NET INCOME WAS €1,810M.
NET INCOME WAS ALREADY ALMOST 90% OF THE €3BN DIVIDEND COMMITMENT FOR 2016 WHEN INCLUDING THE NET CAPITAL GAIN OF AROUND €895M ON THE SALE OF SETEFI AND INTESA SANPAOLO CARD (THE AGREEMENT CONCERNING THE SALE WAS SIGNED IN Q2 2016 AND THE CAPITAL GAIN IS EXPECTED TO BE BOOKED IN THE SECOND HALF OF 2016).
THE CAPITAL BASE WAS STRONG AND WELL ABOVE REGULATORY REQUIREMENTS, EVEN UNDER THE STRESS TEST ADVERSE SCENARIO: PRO-FORMA FULLY LOADED COMMON EQUITY RATIO WAS 12.9% NET OF ACCRUED DIVIDENDS.
NET FEE AND COMMISSION INCOME SHOWED STRONG RECOVERY IN Q2 2016.
THE CREDIT TREND IMPROVED AT A FASTER PACE. IN Q2 2016, NPL STOCK AND GROSS NPL INFLOW FROM PERFORMING LOANS FURTHER DIMINISHED (THE LOWEST QUARTELY INFLOW SINCE THE CREATION OF INTESA SANPAOLO AND THE LOWEST HALF-YEARLY INFLOW SINCE 2007).
INTESA SANPAOLO CONTINUES TO OPERATE AS AN ACCELERATOR FOR GROWTH IN THE REAL ECONOMY IN ITALY. IN THE FIRST HALF OF 2016, MEDIUM/LONG-TERM NEW LENDING GRANTED BY THE GROUP TO ITALIAN HOUSEHOLDS AND BUSINESSES AMOUNTED TO €24BN (UP 24% VS H1 2015). IN THE FIRST HALF OF THE YEAR, THE BANK FACILITATED THE RETURN TO PERFORMING STATUS OF OVER 10,000 COMPANIES – MAKING A TOTAL OF AROUND 40,000 SINCE 2014.
ROBUST NET INCOME:
• €901M IN Q2 2016, VS €806M IN Q1 2016
• €1,707M IN H1 2016, VS €2,004M IN H1 2015
• €1,810M IN H1 2016, VS €2,106M IN H1 2015, EXCLUDING CHARGES IN RELATION TO THE RESOLUTION FUND AND THE DEPOSIT GURANTEE SCHEME
SIGNIFICANT INCREASE IN OPERATING MARGIN IN Q2 2016 VS Q1 2016:
• €2,451M, UP 9% EXCLUDING RESOLUTION FUND CHARGES AND THE INCOME FROM THE SALE OF THE STAKE IN VISA EUROPE
GROWING OPERATING INCOME IN Q2 2016 VS Q1 2016:
STRONG RECOVERY IN NET FEE AND COMMISSION INCOME IN Q2 2016 VS Q1 2016:
• €1,848M, UP 10%
PRE-TAX INCOME IN Q2 2016 IN LINE WITH Q1 2016, AND REFLECTING PARTICULARLY CONSERVATIVE LOAN ADJUSTMENTS INCREASED ALSO IN LIGHT OF THE INCOME FROM THE DISPOSAL OF NON-CORE ASSETS:
• PRE-TAX INCOME OF €1,372M VS €1,377M, EXCLUDING RESOLUTION FUND CHARGES
• ADJUSTMENTS TO LOANS OF €923M VS €694M
CREDIT TREND IMPROVING AT A FASTER PACE:
• DECREASE IN GROSS NPL INFLOW FROM PERFORMING LOANS:
 THE LOWEST QUARTERLY INFLOW SINCE THE CREATION OF INTESA SANPAOLO, AT €1.4BN, DOWN 7% VS Q1 2016
 THE LOWEST HALF-YEARLY INFLOW SINCE 2007, AT €3BN, DOWN 35% VS H1 2015
• DECREASE IN NLP STOCK:
 DOWN 2% GROSS VS Q1 2016 AND DOWN 3% GROSS VS Q4 2015
 DOWN 2% NET VS Q1 2016 AND Q4 2015
A STRONG CAPITAL BASE, WELL ABOVE REGULATORY REQUIREMENTS EVEN UNDER THE STRESS TEST ADVERSE SCENARIO:
• COMMON EQUITY RATIO AS AT 30 JUNE 2016, NET OF AROUND €1,650M DIVIDENDS ACCRUED IN H1 2016:
 12.9% ON A FULLY LOADED BASIS (1) (2)
 12.7% ON A TRANSITIONAL BASIS FOR 2016 (2)
• COMMON EQUITY RATIO UNDER STRESS TEST:
 10.2% UNDER THE ADVERSE SCENARIO FOR 2018
(1) Estimated by applying the fully loaded parameters to the financial statements as at 30 June 2016, considering the total absorption of deferred tax assets (DTAs) related to the goodwill realignment and adjustments to loans, the expected absorption of DTAs on losses carried forward and the expected distribution of the H1 2016 net income of insurance companies; including the effect of the Danish compromise (under which insurance investments are risk weighted instead of being deducted from capital, with a benefit of 16 basis points).
(2) After deduction of accrued dividends, assumed equal to the net income for the first half of the year minus accrued coupons on Additional Tier 1 issues.
AT €4,605M VS €4,023M IN Q1 2016,
EXCLUDING RESOLUTION FUND CHARGES AND INCOME
FROM THE SALE OF VISA EUROPE STAKE
H1 2016
VS €4,689M IN Q1 2015,
EXCLUDING CHARGES IN RELATION TO RESOLUTION
FUND AND DEPOSIT GUARANTEE SCHEME AND INCOME
OPERATING COSTS:
AT €2,154M FROM €2,047M IN Q1 2016;
AT €4,201M FROM €4,205M IN H1 2015
FROM THE SALE OF VISA EUROPE STAKE;
AT €4,427M VS €4,934M IN H1 2015,
INCOME BEFORE
TAX FROM
€1,360M
VS €1,241M IN Q1 2016;
EXCLUDING RESOLUTION FUND CHARGES
VS €3,224M IN H1 2015;
VS €3,362M IN H1 2015,
FUND AND DEPOSIT AND GUARANTEE SCHEME
€901M
VS €806M IN Q1 2016;
VS €902M IN Q1 2016,
FUND AND DEPOSIT GUARANTEE SCHEME
CAPITAL RATIOS:
COMMON EQUITY RATIO AFTER ACCRUED DIVIDENDS:
12.9% PRO-FORMA FULLY LOADED (3) (4);
12.7% PHASED IN (4)
(4) After deduction of accrued dividends, assumed equal to the net income for the first half of the year minus the accrued coupons on Additional Tier 1 issues.
Turin - Milan, 2 August 2016 – At its meeting today, the Board of Directors of Intesa Sanpaolo approved the consolidated half-yearly report as at 30 June 2016(5).
In the second quarter of 2016, the Group achieved an improvement in profitability compared with the first quarter of 2016, and maintained a solid balance sheet, as the figures below show:
● robust net income at €901m in Q2 2016, compared with €806m in Q1 2016. Excluding charges in relation to the resolution fund – for which the total ordinary contribution covering full year 2016 was booked in the first half of the year – net income for Q2 was €908m, versus €902m in Q1 2016. In H1 2016, net income amounted to €1,707m, compared with €2,004m in H1 2015 which benefitted from a particularly positive trend in financial markets. Excluding charges in relation to the resolution fund and the deposit guarantee scheme, net income for H1 2016 was €1,810m, versus €2,106m in H1 2015. Net income for H1 2016 was already almost 90% of the €3bn dividend commitment for 2016 when considering the net capital gain of around €895m deriving from the sale of Setefi and Intesa Sanpaolo Card. The agreement concerning the sale was signed in Q2 2016 and the capital gain is expected to be booked in the second half of 2016.
● increase in operating margin to €2,451m in Q2 2016, up 24% versus Q1 2016, up 9% excluding charges in relation to the resolution fund and the income from the sale of the VISA Europe stake;
● growth in operating income to €4,605m in Q2 2016, up 14% versus Q1 2016, up 7% excluding charges in relation to the resolution fund and the income from the sale of the VISA Europe stake;
● strong recovery in net fee and commission income up at €1,848m in Q2 2016, up 10% versus Q1 2016, alongside a pick-up in assets under management. Managed assets recorded net inflow of around €3bn in Q2, compared with €1bn in Q1, despite savers continued to show propensity towards liquidity in a context of high market volatility.
● high efficiency, highlighted by a cost/income ratio of 48.7% in H1 2016 – 48.8% excluding resolution fund charges and the income from the sale of the stake in VISA Europe – a figure that places Intesa Sanpaolo in the top tier of its European peers;
● continuous cost management, with operating costs at €4,201m in H1 2016, in line with H1 2015, due to a 5% decrease in administrative expenses, and a 2% increase in personnel expenses attributable to incentives to trigger growth;
● pre-tax income in Q2 2016 in line with Q1 2016, at €1,372m versus €1,377m, when excluding resolution fund charges, and reflecting particularly conservative loan adjustments increased to €923m in Q2 2016 from €694m in Q1 2016 also in light of the income from the disposal of non-core assets. The stated pre-tax income amounted to €1,360m in Q2 2016 versus €1,241m in Q1 2016.
(5) Methodological note on the scope of consolidation on page 23.
● credit trend improving at a faster pace, following the effective proactive credit management approach in an improving economic environment:
- gross inflow of new NPLs from performing loans strongly diminished in Q2 2016, the lowest quarterly figure since the creation of Intesa Sanpaolo: €1.4bn in Q2 2016, down 7% versus €1.6bn in Q1 2016, leading to €3bn for the first half of the year, the lowest half-yearly figure since 2007, down 35% from €4.6bn in H1 2015,
- in addition, net inflow of new NPLs from performing loans recorded a strong decrease in Q2 2016, the lowest quarterly figure since 2007: €0.9bn in Q2 2016, down 26% versus €1.2bn in Q1 2016, leading to €2bn for the first half of the year, the lowest half-yearly figure since 2007, down 31% from €3bn in H1 2015,
- NPL stock decreased, down 2% gross versus March 2016 and down 3% gross versus December 2015, down 2% net versus both March 2016 and December 2015,
- specifically, the stock of unlikely to pay loans decreased, down 3% gross and net, versus both March 2016 and December 2015,
- gross bad loan stock decreased, down 1% versus both March 2016 and December 2015;
● sizeable NPL coverage:
- NPL cash coverage ratio of 47.3% at the end of June 2016 versus 47.6% at year-end 2015 (Italian peers average: 41% in Q1 2016), with a cash coverage ratio of the bad loan component of 60.7% at the end of June 2016 (61.8% at year-end 2015)
- total NPL coverage ratio of 146% including collateral at the end of June 2016 (139% at year-end 2015) and 153% when adding also personal guarantees (146% at year-end 2015), with a total coverage ratio of the bad loan component of 147% (140% at year-end 2015) and 154% when adding also personal guarantees (147% at year-end 2015)
- robust reserve buffer on performing loans amounting to 0.6% at the end of June 2016 (0.7% at year-end 2015);
● support to the real economy, with over €27bn of medium/long-term new lending in the first half of 2016. Around €24bn of loans were granted in Italy (up 24% vs H1 2015); over €20bn of these loans were granted to households and SMEs, an increase of 32% on H1 2015. In the first half of 2016, the Bank facilitated the return from non-performing to performing status of more than 10,000 Italian companies, making a total of around 40,000 since 2014.
● a very solid capital base with capital ratios well above regulatory requirements, even under the stress test adverse scenario. As at 30 June 2016, the pro-forma fully loaded Common Equity ratio was 12.9%(6) (7), one of the highest levels amongst major European banks, and the phased-in Common Equity ratio came in at 12.7%(7). These are net of around €1,650m dividends accrued in the first half of the year (assumed to be equal to the net income for the half year minus accrued coupons on Additional Tier 1 issues). The Common Equity ratio resulting from the stress test under the adverse scenario for 2018 would stand at 10.2%.
● strong liquidity position and funding capability with liquid assets of €130bn and available unencumbered liquid assets of €69bn at the end of June 2016. Basel 3 Liquidity Coverage Ratio and Net Stable Funding Ratio requirements have already been complied with, well ahead of the implementation timeline (2018). The Group's refinancing operations with the ECB to optimise the cost of funding and support businesses in their investment, amounted, on average, to €27.7bn in Q2 2016 (€27.6bn, on average, in Q1 2016 and €23.2bn, on average, in 2015), and consisted entirely of the four-year TLTRO funding. At the end of June 2016, the Group took around €36bn under the TLTRO II programme against the full pay-back of the €27.6bn that the Group borrowed under the TLTRO I programme (€12.6bn in the last four months of 2014, €10bn at the end of March 2015, and €5bn at the end of June 2015).
● several Business Plan initiatives are already under way and on track, with the strong involvement of the Group's people, as illustrated below:
• New Growth Bank
- Banca 5®
▫ the Banca 5® "specialised" business model has been introduced in around 70% of the branches, with 3,600 dedicated relationship managers. Revenues per client have increased from €70 to €111
▫ the "Intesa Sanpaolo Casa" real estate project, focused on real estate sale and brokerage, is being implemented with 23 real estate agencies already opened and four additional agencies to be opened in September in the most important cities
- Multichannel Bank
▫ new multichannel processes have been successfully launched:
- around 1.2 million additional multichannel clients since the beginning of 2014, raising the total to around 5.6 million clients
- 3.4 million mobile Apps for smartphone/tablet have been downloaded by customers
- Intesa Sanpaolo ranks number one in Italy in multichannel banking with around 80% of products available via multichannel platforms
- digitisation involves all branches, with around 100% paperless transactions for all priority products (around 3.8 million transactions completed)
- the "Online Branch" is fully operational for the "Service To Sale", with around 11,000 products sold in the first six months of 2016
- new digital marketing capabilities have been built to fully exploit search engines and social media presence
- the new Intesa Sanpaolo digital experience has been launched, with new internet banking site, new website and new Apps
- Private Banking
▫ Fideuram - Intesa Sanpaolo Private Banking has been successfully operational since 1 July 2015
▫ the Private Banking branch in London is fully up and running and Intesa Sanpaolo Private Bank (Suisse) is being strengthened
▫ the first wave of new products has been launched for the entire Division (e.g., Fideuram Private Mix)
▫ five dedicated High Net Worth Individual boutiques have been opened, with a targeted service model for HNWI clientele
▫ the advisory tool "View" has been launched on the Intesa Sanpaolo Private Banking network with €2.6bn of assets under advisory
▫ the new digital office for private bankers is being rolled out
- Asset Management
▫ the digital platform has been enriched (with e.g., "model portfolio" and "scenario analysis")
▫ a new product range has been introduced in the Banca dei Territori, the Private Banking and the Insurance Divisions, and a new offer has been dedicated to international clients (e.g., "Best expertise") and to SMEs (e.g., GP Unica Imprese)
▫ the product range has been enhanced with moderate risk profile solutions aimed at responding to current market volatility (e.g., Epsilon Difesa Attiva)
▫ products have been launched which allow investors to sustain the real economy while capturing the evolution of the European structured credit market (Eurizon Easy Fund – Securitised Bond Fund)
▫ the Asset Management Division is expanding further at an international level (e.g., partnership in London, ongoing authorisation processes for Eurizon Capital China, Frankfurt, Hong Kong and Paris)
▫ the steering of product mix towards capital-efficient products is making good progress (i.e., Unit Linked products represent 61% of the new production, compared with 57% in 2015)
▫ a new Unit Linked Product with capital protection has been launched ("Exclusive Insurance")
▫ existing products have been consolidated (Fideuram Private Mix and Synthesis) and a new composite product for HNWI has been launched within the Private Banking Division
▫ the product "Giusto Mix" has been restyled with the introduction of a volatility reduction tool
▫ offer diversification in P&C business continues, with products in the health-care sector (a new product dedicated to surgery and prevention) and in the corporate sector (a new product dedicated to agriculture)
▫ activities for the development of pension funds dedicated to company employees have been completed
▫ pension fund business has been fully integrated
- Banca 360° for corporate clients
▫ a new Transaction Banking Group unit has been set up and new commercial initiatives are ongoing
▫ a new commercial model and a product offering for SMEs have been developed
▫ the SME Finance hub is fully operational (new Mediocredito Italiano)
▫ the international presence of the Corporate and Investment Banking Division has been strengthened (e.g., opening of the Washington Office, strengthening of Intesa Sanpaolo Bank Luxembourg)
• Core Growth Bank
- capturing untapped revenue potential
▫ the "cash desk service evolution" project is in progress with around 2,000 branches already having cash desks closing at 1pm and extended hours only available for advisory, and around 250 branches fully dedicated to advisory services
▫ the new e-commerce portal will continue seizing business potential after EXPO 2015
▫ the offer aimed at growth in lending to the private sector has been reinforced (e.g., new "Mutuo Giovani")
▫ a new service model has been introduced in the Banca dei Territori Division, with three specialised commercial value chains, the creation of approximately 1,200 management roles and the innovation of the SME service model
▫ new advanced analytics / machine learning models have been adopted to identify high potential clients
▫ the "Programma Filiere" has been launched with important initiatives in relevant economic sectors (Agriculture)
▫ consumer finance has been integrated into the branch network of the Banca dei Territori Division
▫ the Asset Light model of the Corporate and Investment Banking Division is fully operational, with benefits in terms of cross selling and the reinforcement of distribution under way
▫ a front-line excellence programme is being implemented in the Corporate and Investment Banking Division, reinforcing a sector-oriented business model
▫ a new international organisation is in place within the Corporate and Investment Banking Division to serve top international clients; the international strategy of Banca IMI is being implemented, with a focus on core selected products
▫ a new segmentation and a new service model have been launched for affluent clients of the International Subsidiary Banks Division
▫ a joint venture in merchant banking with a specialised investor (Neuberger) has been finalised, with deconsolidation of activities
- continuous cost management
▫ the geographical footprint simplification continues, with 93 branch closures since the beginning of 2016 and 658 closures since 2014
▫ the simplification of legal entities is ongoing: the rationalisation of seven product factories, performing leasing, factoring, specialised finance and advisory activities, into one (new Mediocredito Italiano) has been finalised, and nine local banks have been merged into the Parent Company
- dynamic credit and risk management
▫ the proactive credit management value chain has been empowered across all Divisions
▫ integrated management of substandard loans is in place
▫ the Chief Lending Officer Governance area has been reorganised and structured by business units
▫ separate Risk Management and Compliance functions are now in place, with a Chief Risk Officer and a Chief Compliance Officer reporting directly to the CEO
• Capital Light Bank
- Capital Light Bank is fully operational with around 720 dedicated people and around €16bn of deleveraging of non-core assets already achieved
- a new performance management system is fully operational on each asset class
- Re.O.Co. (Real Estate Owned Company) is fully up and running, and has generated an estimated positive impact for the Group of €40m since 2014
- the partnership with KKR-Pillarstone is up and running
• people and investment as key enablers:
- around 4,500 people have already been reallocated to high priority initiatives
- the Investment Plan for Group employees has been finalised, registering the highest number of participants in the Group's history
- the "Big Financial Data" programme is fully in line with targets (more than 300 employees involved)
- the Chief Innovation Officer is established in role, and the "Innovation Centre", created to train staff and develop new products, processes and "ideal branches", is fully operational at the new ISP Tower in Turin
- a large-scale digitisation programme has been launched with the aim of improving efficiency and service level in top priority operating processes; the Digital Factory is fully operational, with the digitisation launched on eight processes, already up and running on four
- investment to renew the layout of 1,000 branches has already been activated (around 50 branches have been converted to date)
- more than 175 agreements with labour unions have been signed
- more than 4,500 employees have already adopted "smart working" practices
- an "Integrated Welfare Programme" has been launched.
The income statement for the second quarter of 2016
The consolidated income statement for Q2 2016(8) recorded net interest income of €1,831m, down 1.3% from €1,855m in Q1 2016 and down 6.3% from €1,954m in Q2 2015.
Net fee and commission income amounted to €1,848m, up 10.3% from €1,676m in Q1 2016. Specifically, commissions on commercial banking activities were up 3.6% and commissions on management, dealing and consultancy activities were up 11.7%. The latter, which include portfolio management, distribution of insurance products, dealing and placement of securities, etc., recorded commissions on dealing and placement of securities up 68.1%, distribution of insurance products up 10.7% and portfolio management up 3.9% (zero-contribution of performance fees in both Q1 and Q2 2016). Net fee and commission income for Q2 2016 decreased 4.8% from €1,941m in Q2 2015. Specifically, commissions on commercial banking activities were stable, while those on management, dealing and consultancy activities declined by 9% with commissions on dealing and placement of securities down 22.3%, portfolio management down 13.2% (performance fees of €60m were recorded in Q2 2015) and distribution of insurance products up 8.1%.
(8) During the preparation of the interim statement at 30 September 2008, in the wake of the global financial crisis, certain amendments to international accounting standards were introduced and adopted by the European Commission. In short, in accordance with these amendments it is possible to reclassify - in specific circumstances considered to be rare - unquoted financial instruments, or no longer quoted, in an active market and no longer held for trading or available for sale: in particular, out of the category "fair value through profit and loss" into the categories "available-for-sale" or the "held-to-maturity" or "loans and receivables", and out of the category "available-for-sale" into the category "loans and receivables". The Group, largely basing on the prices at 1 July 2008, in previous years reclassified financial assets held for trading of €485m into loans and receivables; the Group also reclassified financial assets available for sale of €5,375m into loans and receivables. If these reclassifications had not been made, the profits/losses on trading for Q2 2016 would have recorded a positive pre-tax impact of €4m (a negative impact of €15m in H1 2016, a positive impact of €2m in full-year 2015, €60m in full-year 2014, €94m in full-year 2013, €135m in full-year 2012, a negative impact of €11m in full-year 2011, a positive impact of €92m in full-year 2010 and €73m in full-year 2009, and a negative impact of €460m in full-year 2008) and the shareholders' equity as at 30 June 2016 would have included a negative pre-tax direct impact of €904m (with a negative impact of €82m in Q2 2016 and €220m in H1 2016).
Profits on trading amounted to €467m (including €121m dividends from the Bank of Italy stake) versus €228m in Q1 2016. Profits from customers increased from €106m to €136m. Activities in capital markets and AFS financial assets increased from €74m to €85m. Trading and treasury activities increased from €48m to €239m (including the aforementioned dividends of €121m). Structured credit products reported profits of €6m versus a loss of €1m. Profits of €467m for Q2 2016 compare with profits of €380m in the corresponding period of 2015, which recorded profits from customers of €69m, profits from capital markets and AFS financial assets of €57m, profits from trading and treasury activities of €251m (including €144m dividends from the Bank of Italy stake) and profits from structured credit products of €3m.
Income from insurance business amounted to €239m, compared with €332m in Q1 2016 and €282m in Q2 2015.
Other operating income/expenses showed a positive balance of €136m (including the income of €170m from the sale of the stake in VISA Europe, as well as further charges of €12m in relation to the resolution fund for full-year 2016 in addition to those estimated in Q1 2016). In Q1 2016, a negative balance of €142m was recorded (including €136m charges for the resolution fund), while in Q2 2015 the negative balance was €59m (including charges of €21m for the resolution fund and €43m for the deposit guarantee scheme).
Operating income amounted, therefore, to €4,605m, up 14.5% from €4,023m in Q1 2016 and up 2% from €4,513m in Q2 2015. Excluding charges for the resolution fund and the deposit guarantee scheme and the income from the sale of the VISA Europe stake, operating income increased 6.9% versus Q1 2016 and was down 2.8% versus Q2 2015.
Operating costs amounted to €2,154m, up 5.2% from €2,047m in Q1 2016 attributable to personnel expenses increasing 4.9%, administrative expenses up 7.2% and adjustments up 0.6%. Operating costs for Q2 2016 increased 2.2% from €2,107m in the same quarter of 2015, due to personnel expenses up 5.9%, adjustments up 1.1%, while administrative expenses were down 4.5%.
As a result, operating margin amounted to €2,451m, up 24% from €1,976m in
Q1 2016 and up 1.9% from €2,406m in Q2 2015. The cost/income ratio was 46.8% in
Q2 2016 versus 50.9% in Q1 2016 and 46.7% in Q2 2015. Excluding charges for the resolution fund and the deposit guarantee scheme, as well as the income from the sale of the VISA Europe stake, the cost/income ratio was 48.4% versus 49.2% in Q1 2016 and 46% in Q2 2015, and the operating margin increased 8.6% versus Q1 2016, while decreasing 7.2% versus Q2 2015.
Net provisions and adjustments (net provisions for risks and charges, net adjustments to loans, net impairment losses on other assets) amounted to €1,056m, compared with €730m in Q1 2016 and €946m in Q2 2015. Net provisions for risks and charges amounted to €97m, compared with €16m in Q1 2016 and €68m in Q2 2015. Net adjustments to loans amounted to €923m, compared with €694m in Q1 2016 and €847m in Q2 2015. Net impairment losses on other assets were €36m, compared with €20m in Q1 2016 and €31m in Q2 2015.
Profits/losses on investments held to maturity and on other investments recorded losses of €35m, compared with losses of €5m in Q1 2016 and profits of €38m in Q2 2015.
Income before tax from continuing operations amounted to €1,360m, compared with €1,241m in Q1 2016 and €1,498m in Q2 2015. Excluding charges for the resolution fund and the deposit guarantee scheme, the income amounted to €1,372m in Q2 2016, compared with €1,377m in Q1 2016 and €1,562m in Q2 2015.
Consolidated net income for the quarter amounted to €901m, compared with €806m in Q1 2016 and €940m in Q2 2015, after accounting:
- taxes of €340m
- charges (net of tax) for integration and exit incentives of €38m
- charges from purchase price allocation (net of tax) of €27m
- income after tax from discontinued operations of €15m
- minority interests of €69m.
Excluding charges for the resolution fund and the deposit guarantee scheme, net income was €908m in Q2 2016, compared with €902m in Q1 2016 and €988m in Q2 2015.
The income statement for the first half of 2016
The consolidated income statement for H1 2016 recorded net interest income of €3,686m, down 5.6% from €3,904m in H1 2015.
Net fee and commission income amounted to €3,524m, down 5.2% from €3,716m in H1 2015. Specifically, commissions on commercial banking activities were down 1.3% and commissions on management, dealing and consultancy activities were down 9.4%. The latter, which include portfolio management, distribution of insurance products, dealing and placement of securities, etc., showed commissions on dealing and placement of securities down 43.3%, on portfolio management down 9% (contribution from performance fees was zero in H1 2016 and €90m in H1 2015), and on distribution of insurance products up 14.8%.
Profits on trading amounted to €695m (including €121m dividends from the Bank of Italy stake) versus €976m in H1 2015 (including €144m dividends from the Bank of Italy stake). Profits from customers increased from €227m to €243m. Activities in capital markets and AFS financial assets increased from €145m to €160m. Trading and treasury activities (including the aforementioned dividends) declined from €603m to €288m. Structured credit products increased from €1m to €5m.
Income from insurance business amounted to €571m, compared with €625m in H1 2015.
Other operating income/expenses showed a negative balance of €6m (including the income of €170m from the sale of the stake in VISA Europe and charges of €148m in relation to the resolution fund). The corresponding period of 2015 showed a negative balance of €136m, which included charges of €95m for the resolution fund and the contribution of €43m made to the deposit guarantee scheme.
Operating income amounted, therefore, to €8,628m, down 5.6% from €9,139m in H1 2015. Excluding charges for the resolution fund and the deposit guarantee scheme, as well as the income from the sale of the VISA Europe stake, operating income was down 7.2% versus H1 2015.
Operating costs amounted to €4,201m, down 0.1% from €4,205m in H1 2015, as a result of a 4.9% decrease in administrative expenses and increases in personnel expenses and adjustments of 2.2% and 1.4% respectively.
As a result, operating margin amounted to €4,427m, down 10.3% from €4,934m in
H1 2015. The cost/income ratio was 48.7% in H1 2016 versus 46% in H1 2015. Excluding charges for the resolution fund and the deposit guarantee scheme, as well as the income from the sale of the VISA Europe stake, the cost/income ratio was 48.8% versus 45.3% in H1 2015 and the operating margin decreased 13.2% versus H1 2015.
Net provisions and adjustments (net provisions for risks and charges, net adjustments to loans, net impairment losses on other assets) amounted to €1,786m, compared with €1,776m in H1 2015. Net provisions for risks and charges amounted to €113m, compared with €122m in H1 2015. Net adjustments to loans amounted to €1,617m, compared with €1,614m in H1 2015. Net impairment losses on other assets were €56m, compared with €40m in H1 2015.
Profits/losses on investments held to maturity and on other investments recorded losses of €40m, compared with profits of €66m in H1 2015.
Income before tax from continuing operations amounted to €2,601m, compared with €3,224m in H1 2015. Excluding charges for the resolution fund and the deposit guarantee scheme, the income amounted to €2,749m in H1 2016 and €3,362m in H1 2015.
Consolidated net income for the first half of the year amounted to €1,707m, compared with €2,004m in H1 2015, after accounting:
Excluding charges for the resolution fund and the deposit guarantee scheme, net income was €1,810m in H1 2016 and €2,106m in H1 2015.
Balance sheet as at 30 June 2016
As regards the consolidated balance sheet figures, as at 30 June 2016 loans to customers amounted to €360bn, up 3.7% from year-end 2015 and up 5.4% from 30 June 2015 (up 1.2% in Q2 2016 vs Q1 2016 and up 1.8% in H1 2016 vs H1 2015 when taking into account average volumes instead of those at the end of the period). Total non-performing loans (bad, unlikely to pay, and past due) - net of adjustments - amounted to €32,352m, down 2.2% vs the €33,086m of year-end 2015. In detail, bad loans increased to €15,159m from €14,973m at year-end 2015, with a bad loans to total loans ratio of 4.2% (4.3% as at year-end 2015) and a cash coverage ratio of 60.7% (61.8% as at year-end 2015). When including collateral and guarantees, the total bad loan coverage ratio was 147% including collateral and 154% adding also personal guarantees. Loans included in the unlikely to pay category decreased to €16,560m from €17,091m as at year-end 2015. Past due loans decreased to €633m from €1,022m at year-end 2015.
Customer financial assets amounted to €841bn (net of duplications between direct deposits and indirect customer deposits), down 0.2% from year-end 2015 and up 1.5% from 30 June 2015. Under customer financial assets, direct deposits from banking business amounted to €387bn, up 3.9% from year-end 2015 and up 6% from 30 June 2015; direct deposits from insurance business and technical reserves amounted to €140bn, up 5% from year-end 2015 and up 12.2% from 30 June 2015. Indirect customer deposits amounted to €452bn, down 3.4% from year-end 2015 and down 2.1% from 30 June 2015. Assets under management reached €301bn, down 0.4% from year-end 2015 and down 0.1% from 30 June 2015. As for bancassurance, in H1 2016, the new business for life policies amounted to €12.7bn (7.3% lower than in H1 2015). Assets under administration and in custody amounted to €151bn, down 8.9% from year-end 2015 and down 5.8% from 30 June 2015.
Capital ratios as at 30 June 2016, calculated by applying the transitional arrangements for 2016 and net of around €1,650m dividends accrued for the first half of the year, were as follows:
- Common Equity ratio(9) at 12.7% (13% at year-end 2015),
- Tier 1 ratio(9) at 13.9% (13.8% at year-end 2015),
- total capital ratio(9) at 16.9% (16.6% at year-end 2015).
The estimated pro-forma common equity ratio for the Group on a fully loaded basis was 12.9% (13.1% at year-end 2015). It was calculated by applying the fully loaded parameters to the financial statements as at 30 June 2016, considering the total absorption of deferred tax assets (DTAs) related to the goodwill realignment and adjustments to loans, the expected absorption of DTAs on losses carried forward, the expected distribution of the H1 2016 net income of insurance companies, and the effect of the Danish compromise (under which insurance investments are risk weighted instead of being deducted from capital, with a benefit of 16 basis points).
As a result of the strategic decisions taken, Intesa Sanpaolo has confirmed its position as one of the most solid international banking Groups. In addition to the asset quality and level of capital ratios commented on above, the Group has continued to build on its key strengths: robust liquidity and low leverage.
In particular, as regards the components of the Group's liquidity:
- high level of available unencumbered liquid assets which were €130bn at the end of June 2016, including eligible assets with Central Banks received as collateral and excluding eligible assets currently used as collateral;
- high level of liquid assets which amounted to €69bn at the end of June 2016, comprising available unencumbered liquid assets - excluding eligible assets received as collateral - and eligible assets currently used as collateral;
- refinancing operations with the ECB to optimise the cost of funding and support businesses in their investment, amounted, on average, to €27.7bn in the second quarter of 2016 (€27.6bn on average in Q1 2016 and €23.2bn, on average, in 2015) and consisted entirely of the four-year TLTRO funding. At the end of June 2016, the Group took around €36bn under the TLTRO II programme against the full pay-back of the €27.6bn that the Group borrowed under the TLTRO I programme (€12.6bn in the last four months of 2014, €10bn at the end of March 2015, and €5bn at the end of June 2015);
- the sources of funding were stable and well-diversified, with 70% of direct deposits from the banking business (including securities issued) generated from retail operations;
- medium/long-term funding has reached around €11bn since the beginning of the year, of which around €4bn retail funding;
- medium/long-term wholesale issues have included, since the beginning of the year, the following benchmark operations: €1.25bn Additional Tier 1, US$1.5bn subordinated Tier 2 and €1.25bn covered bonds (almost 90% placed with foreign investors).
The Group's leverage ratio as at 30 June 2016 was 6.6% phased in and 6.2% fully loaded, both best in class among major European banking groups.
As at 30 June 2016, the Intesa Sanpaolo Group's operating structure had a total network of 5,242 branches - of which 4,047 were in Italy and 1,195 were abroad - with 89,914 employees.
Breakdown of results by business area
The Banca dei Territori Division comprises:
- Retail customers (individual customers with financial assets up to €100,000 and businesses/companies with low-complexity needs)
- Personal customers (individual customers with financial assets between €100,000 and €1m)
- SME customers, including companies whose group turnover is below €350m.
The division includes Banca Prossima operating at the service of non-profit entities through the Group's branches with regional centres and a team of specialists, Mediocredito Italiano, which is the SME Finance Hub, and Setefi operating in electronic payments.
In the second quarter of 2016, the Banca dei Territori Division recorded:
- operating income of €2,291m, +8.2% versus €2,118m in Q1 2016;
- operating costs of €1,241m, +4.4% versus €1,188m in Q1 2016;
- operating margin of €1,050m, +12.9% versus €930m in Q1 2016;
- a cost/income ratio of 54.2% versus 56.1% in Q1 2016;
- net provisions and adjustments of €504m, versus €456m in Q1 2016;
- income before tax from continuing operations of €547m, +15.4% versus €474m in
Q1 2016;
- net income of €357m, +25.1% versus €286m in Q1 2016.
In the first half of 2016, the Banca dei Territori Division recorded:
- operating income of €4,410m, -4.2% versus €4,602m in H1 2015, contributing approximately 51% of the consolidated operating income (50% in H1 2015);
- operating costs of €2,429m, +0.4% versus €2,419m in H1 2015;
- operating margin of €1,981m, -9.3% versus €2,183m in H1 2015;
- a cost/income ratio of 55.1% versus 52.6% in H1 2015;
- net provisions and adjustments of €960m, versus €1,048m in H1 2015;
- income before tax from continuing operations of €1,021m, -10% versus €1,135m in H1 2015;
- net income of €643m, -3.6% versus €667m in H1 2015.
The Corporate and Investment Banking Division includes:
- International Network & Global Industries, which manages relationships with global industrial corporates operating in eight key industries with high growth potential (automotive & industrial; basic resources & diversified; consumer, retail & luxury; healthcare & chemical; infrastructures; oil & gas; power & utilities; telecom, media & technology). Furthermore, this department is responsible for foreign branches, representative offices and foreign subsidiaries carrying out corporate banking (Intesa Sanpaolo Bank Luxembourg, Intesa Sanpaolo Bank Ireland and Intesa Sanpaolo Brasil), and provides specialist assistance in supporting the internationalisation of Italian corporates and export development
- Corporate and Public Finance, which manages relationships with large to mid-sized Italian corporates and provides services to government, public entities, local authorities, universities, public utilities, general contractors, and public and private healthcare providers
- Financial Institutions, which is responsible for relationships with financial institutions
- Global Transaction Banking, which is responsible for management of transaction banking services
- Banca IMI, which operates in investment banking (M&A and advisory), structured finance, capital markets and primary markets (equity and debt capital market).
The division also comprises the management of the Group's proprietary trading.
In the second quarter of 2016, the Corporate and Investment Banking Division recorded:
- operating income of €898m, +15.1% versus €780m in Q1 2016;
- operating costs of €237m, +6.7% versus €222m in Q1 2016;
- operating margin of €661m, +18.4% versus €558m in Q1 2016;
- net provisions and adjustments of €88m, versus €38m in Q1 2016;
- profits on investments held to maturity and on other investments of €18m, versus no profits/losses in Q1 2016;
In the first half of 2016, the Corporate and Investment Banking Division recorded:
- operating costs of €460m, +1.3% versus €454m in H1 2015;
- net provisions and adjustments of €125m, versus €130m in H1 2015;
- profits on investments held to maturity and on other investments of €18m, versus no profits/losses in H1 2015;
- income before tax from continuing operations of €1,111m, -8.3% versus €1,212m in
H1 2015;
The International Subsidiary Banks(10) Division is responsible for operations on international markets through commercial banking subsidiaries and associates, and provides guidelines, coordination and support for the Group's subsidiaries. It is responsible for defining the Group's development strategy related to its direct presence abroad, including exploring and analysing new growth opportunities in markets where the Group already has a presence, as well as in new ones. This division also coordinates operations of international subsidiary banks and their relations with the Parent Company's head office departments and the Corporate and Investment Banking division's branches and offices abroad. The division is in charge of the Group's operations in the following geographical areas: i) South-Eastern Europe, through Privredna Banka Zagreb in Croatia, Banca Intesa Beograd in Serbia, Intesa Sanpaolo Banka Bosna i Hercegovina in Bosnia and Herzegovina, Intesa Sanpaolo Bank Albania and Intesa Sanpaolo Bank Romania; ii) Central-Eastern Europe, through Banka Koper in Slovenia, VUB Banka in Slovakia and CIB Bank in Hungary; iii) CIS & South Mediterranean, through Banca Intesa in the Russian Federation and Bank of Alexandria in Egypt.
In the second quarter of 2016, the International Subsidiary Banks Division recorded:
- no profits/losses on investments held to maturity and on other investments, versus €4m profits in Q1 2016;
(10) The International Subsidiary Banks Division does not include Pravex-Bank in Ukraine and the bad bank of CIB Bank in Hungary. Both are placed in a reporting line to the Capital Light Bank business unit.
In the first half of 2016, the International Subsidiary Banks Division recorded:
- operating income of €1,068m, +2.5% versus €1,042m in H1 2015, contributing approximately 12% of the consolidated operating income (11% in H1 2015);
- operating costs of €477m, -4.4% versus €499m in H1 2015;
- operating margin of €591m, +8.8% versus €543m in H1 2015;
- net provisions and adjustments of €88 m, versus €165m in H1 2015;
- profits on investments held to maturity and on other investments of €4m, versus no profits/losses H1 2015;
- net income of €389m, +37% versus €284m in H1 2015.
The Private Banking Division serves the top customer segment (Private and High Net Worth Individuals) through Fideuram and its subsidiaries Fideuram Investimenti, Intesa Sanpaolo Private Banking, Sirefid, Fideuram Fiduciaria, Intesa Sanpaolo Private Bank (Suisse) and Fideuram Asset Management Ireland.
In the second quarter of 2016, the Private Banking Division recorded:
- operating income of €430m, -2.1% versus €439m in Q1 2016;
- operating margin of €296m, -5.9% versus €315m in Q1 2016;
- a cost/income ratio of 31% versus 28.3% in Q1 2016;
- net provisions and adjustments of €15 m, versus €6m in Q1 2016;
- income before tax from continuing operations of €281m, -8.9% versus €308m in
- net income of €170m, -11.9% versus €194m in Q1 2016.
In the first half of 2016, the Private Banking Division recorded:
- operating income of €869m, -2% versus €887m in H1 2015, contributing approximately 10% of the consolidated operating income (10% in H1 2015 as well);
- operating margin of €611m, -2.6% versus €627m in H1 2015;
- net provisions and adjustments of €21 m, versus €12m in H1 2015;
The Asset Management Division develops asset management solutions targeted at the Group's customers, commercial networks outside the Group and the institutional clientele through Eurizon Capital. Eurizon Capital controls Eurizon Capital SA (Luxembourg), a company specialising in managing Luxembourg mutual funds with low tracking error and VUB Asset Management (Slovakia) which is 50.12% owned by Eurizon Capital SA and heads up the Hungarian CIB IFM and the Croatian PBZ Invest (Eastern European asset management hub). Eurizon Capital also controls Epsilon Associati SGR, a company specialising in managing structured products and mutual funds using quantitative methods which is 51% owned by Eurizon Capital and 49% owned by Banca IMI. Eurizon Capital owns a 49% stake in a Chinese asset management company, Penghua Fund Management.
In the second quarter of 2016, the Asset Management Division recorded:
- operating income of €151m, +2% versus €148m in Q1 2016;
- operating costs of €33m, +4.9% versus €31m in Q1 2016;
- operating margin of €118m, +1.2% versus €117m in Q1 2016;
- income before tax from continuing operations of €118m, +1.2% versus €117m in Q1 2016;
- net income of €89m, -1.3% versus €90m in Q1 2016.
In the first half of 2016, the Asset Management Division recorded:
- operating income of €299m, -19.4% versus €371m in H1 2015, contributing approximately 3% of the consolidated operating income (4%in H1 2015);
- operating costs of €64m, -4.5% versus €67m in H1 2015;
- operating margin of € 235m, -22.7% versus €304m in H1 2015;
- no net provisions and adjustments, versus net provisions and adjustments of €1m in
- income before tax from continuing operations of €235m, -22.4% versus €303m in
- net income of €179m, -19.7% versus €223m in H1 2015.
The Insurance Division develops insurance products tailored for the Group's clients and coordinates the operations of Intesa Sanpaolo Vita (which controls Intesa Sanpaolo Assicura) and Fideuram Vita.
In the second quarter of 2016, the Insurance Division recorded:
- operating income of €306m, -16.6% versus €367m in Q1 2016;
- operating margin of €267m, -19% versus €330m in Q1 2016;
- a cost/income ratio of 12.6% versus 10% in Q1 2016;
- net provisions and adjustments of €8m, versus no net provisions and adjustments in
- income before tax from continuing operations of €259 m, -21.5% versus €330m in Q1 2016;
In the first half of 2016, the Insurance Division recorded:
- operating income of €673m, +3.5% versus €650m in H1 2015, contributing approximately 8% of the consolidated operating income (7% in H1 2015);
- operating costs of €75m, +2.7% versus €73m in H1 2015;
- income before tax from continuing operations of €589m, +2.1% versus €577m in
The outlook for 2016
In 2016, the Intesa Sanpaolo Group is expected to record improvement in consolidated pre-tax income and net income, compared with 2015. The commitment to distribute €3 billion cash dividends for 2016, as indicated in the 2014-2017 Business Plan, is confirmed.
For consistency purpose:
- the income statement and the balance sheet figures for the four quarters of 2015 and the first quarter of 2016 were restated following the signing of the agreement concerning the sale of Setefi and Intesa Sanpaolo Card and the finalisation of the sale of a portfolio of performing loans of subsidiary Accedo. The related items were deconsolidated line by line: the contribution of Setefi and Intesa Sanpaolo Card to the income statement and the balance sheet was recorded under income/loss from discontinued operations and under relevant assets/liabilities referring to discontinued operations, while the contribution of Accedo's portfolio to the income statement was recorded under minority interests;
- furthermore, the income statement and balance sheet figures for the first quarter of 2015 were restated following the termination of the sale-and-purchase agreement signed in January 2014, concerning Ukrainian subsidiary Pravex-Bank. The related items were reconsolidated line by line while their contribution to the income statement and the balance sheet was previously recorded, respectively, under income/loss from discontinued operations and under relevant assets/liabilities referring to discontinued operations;
- finally, following the consolidation of Risanamento, the income statement figures for the first and the second quarter of 2015 were restated line by line, with the corresponding net income included under minority interests, and so were the balance sheet figures for the first quarter of 2015.
In order to present more complete information on the results generated in the first half of 2016, the reclassified consolidated income statement and the reclassified consolidated balance sheet included in the report approved by the Board of Directors are attached. Please note that these statements have not been reviewed by the auditing company. The auditing company in charge of performing the limited review of the half-yearly report has not yet completed its analysis.
The manager responsible for preparing the company's financial reports, Fabrizio Dabbene, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.
The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this document. By accessing these materials, you agree to be bound by the foregoing limitations.
This press release contains certain forward-looking statements, projections, objectives, estimates and forecasts reflecting the Intesa Sanpaolo management's current views with respect to certain future events. Forward-looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding Intesa Sanpaolo's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where Intesa Sanpaolo participates or is seeking to participate.
Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Intesa Sanpaolo Group's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions.
All forward-looking statements included herein are based on information available to Intesa Sanpaolo as of the date hereof. Intesa Sanpaolo undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to Intesa Sanpaolo or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
investor.relations@intesasanpaolo.com
group.intesasanpaolo.com
Last updated 2 August 2016 at 13:43
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Dunkirk 1940
The Before, The Reality, The Aftermath
Our Wider Collection.
The Plus Gros Ouvrage Hochwald
The Hochwald ridge forms one of the final natural barriers of the northern Vosges. At 508 metres, it can be crossed via the Col du Pfaffenschlick. When the French military was surveying for the construction of the Maginot Line, it was an obvious choice as the location for the construction of a fortress. Additionally, the surrounding area was considered in need of urgent attention due to its close location to the German border.
The Plus Gros Ouvrage Hochwald was one of the original 'big four' works of the Maginot, whose construction was begun before the official funding had been signed off. These works were seen as vital to the defence of the French nation as well as being type proofs for the concept of the Maginot as a whole. Normally, as we have mentioned in the main section on the Maginot, the forts can be divided into two classifications -Gros, (large) and Petit (small). The Hochwald and its three 'sisters' formed the Plus Gros, super-large category. The Hochwald fortress was built astride the ridge whence it took its name and comprised an east and a west fortress connected via an anti-tank ditch which ran over the top of the ridge and which was in turn protected by a series of casemates. The fort was served by a total of three entry blocks; one for munitions and the other two for the fort's crew.
The initial plans had also allowed for the construction of a réduit, which was to be a fort within a fort, located between the entry and combat blocks. This would have been a unique structure on the line. The construction of the réduit begun around the same time as the main fortress and would have seen 145mm or 155mm long-range artillery mounted in non-retractable turrets, accessed via its own entry blocks. However, construction was halted before the work could be fully realised. The réduit now forms a unique example of the construction methods for a Maginot fortress.
In 1940, the Hochwald had a complement of 1022 men and 41 officers and was under the command of Lt. Col. Miconnet. The fortress was in turn served by the barrack complex located nearby at Drachenbronn. Due to its location, the Hochwald was one of the more active forts during the period of the Phoney War, being often called on to fire in support of French patrols. Most likely due to the concentration of the defence and artillery offered by the Hochwald, when the Germans invaded in May 1940, they simply bypassed the work, preferring to wait. When the Germans began to advance in the direction of the nearby town of Lembach in mid June 1940, the Hochwald offered support, firing a number of salvos which were met by a number of air attacks from Stukas.
Following the forced surrender of the Maginot Line, the fortress remained largely unused; not until 1944 was it converted for use as an underground factory complex, before seeing its last actions of World War Two, later the same year when it was hurriedly pressed back into service by the Germans. The biggest issue with the Germans' use of the Maginot Line was that the works were never designed to offer their maximum capabilities against an attack from the rear. While the re-use of the line will have offered a limited delay in the Americans' assaults, the efforts can only really be seen as token and in way offer a true reflection of the potential the Maginot Line offered. On retreating, the Germans blew up a number of the combat blocks in an attempt to prevent them being used again.
Following the end of World War Two, French Army engineers repaired the damage inflicted by the war and the deliberate sabotage. This was undertaken in order to provide a strong fortified position from which to form a stop line in the event of a Soviet attack into western Europe. However, in 1956 the Hochwald was removed from this defensive aspect and placed into the care of the French Air Force, becoming the Base Aérienne 901. As the BA901, the tunnels were extended to incorporate additional equipment, thus being transformed into a hardened air defence command centre. Recently, the BA901 was closed although the fortress itself remains as an early warning centre, monitoring the skies of Europe.
It is important to note that while most of the other surface works of the Maginot Line can be visited, due to the highly sensitive work undertaken on the site, unless you have express official permission to do so, no such attempt should be made at the Hochwald.
To view images of the réduit, click here.
Photographs © Robert Haag.
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Copyright (c) Dunkirk 1940.org,

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DaRa Williams is a trainer, meditation teacher and wellness coach. She has been a clinician and administrator in the field of Mental Health for over 25 years. DaRa currently maintains a private practice in Manhattan. She is a certified Complex Trauma Focusing Oriented Therapist and a practitioner of Natural Force Healing, a vibrational energetic healing system. DaRa has been a meditator for the past 20 years and is a practitioner of both Vipassana and Ascension meditation. She is a member of the Board of Directors for the Insight Meditation Society in Barre, Massachusetts, graduate of the Community Dharma Leaders Program, and in the current IMS/Spirit Rock Teacher Training program with Jack Kornfield.


Dale Harvey is a successful and experienced Reining and Cutting-horse trainer who today works out of his ranch in Marietta, Oklahoma.
Dale Harvey has, through several years, worked for renowned cutting-horse trainer Larry Reeder and Carol Rose. For several years he was managing Archese Quarter Horses in Italy. Dale Harvey shows his clients horses in the major futurities on a regular basis and conducts clinics as far away as Japan.
Dale Harveys easy-going tutorial style ensures that you, as a clinic-participant, makes the most of the training you receive and enables you to take home lots of new techniques for working with reining horses.
The clinic will be held in Rotekrug (close to Apfenrade) in Southern Denmark, approx. 25 km. from the German border. Clinic dates are June 20. – 21. 2009. Clinic fee is 350 Euro per rider for the weekend, including board of one horse, dinner on Saturday night as well as lunch Saturday and Sunday.


If you're not passionate about a single business, VCs (or anyone else for that matter) won't be either.
"There's no competition." Really?! If that really were true, then you're going after a tiny market that doesn't matter. Most likely, you're not really assessing which companies really are your competition, which doesn't translate to you taking a thoughtful approach. Take a long, hard look in the mirror if you think this about your business. What about the status quo? What about doing nothing? Sometimes changing a person's behavior is hardest – not overcoming another startup entering your arena. Think strategically about the way you intend to serve your customers and broaden your thought process to encompass these solutions.
"Which of my two ideas do you like better?" If you're not passionate about a single business, VCs (or anyone else for that matter) won't be either. How could you expect someone to follow your vision if that vision is split? You should choose which business idea to pursue based on which will make the biggest impact. We're looking for startup leaders with conviction, not wishy-washy softies. You should wake up in the morning, kicking the sheets back, ready to solve the world's problem with your idea – because you believe your idea will do so. If you're vacillating between two, this becomes tricky… and we can tell.
"I'll have to get back to you on that." Now this is alright if it's about one or two points, but if there are too many details that you don't know cold, on the spot, it shows you are not close enough to the business or that you haven't truly thought it all the way through. Before your VC pitch meeting, conduct a role play with a team member or close friend. Ask your "actor" to be a complete jerk – have her poke as many holes in your delivery as possible. Anytime she has any sort of question, concern, inconsistency, etc, have her voice that to you. Record it. Take notes. Go back and fix it. Know the answers to her questions – and if you don't know, figure them out. Do all of this with plenty of time before your actual meeting so you can make your tweaks. Chances are good that if she's asking something, so would we – and it's better to come from a close colleague than a total stranger on the cusp of writing you a check (or not).
Avoid these missteps and let your passion shine through – you'll be well on your way to changing the world with your idea, helped out by your friendly neighborhood venture capitalist.


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Home List Of Titles Review: a comprehensive summary of a decade development of the recombinase polymerase amplification
PDF - Published Version (Open Access) 12 MB Adobe Acrobat PDF Download
PDF - Published Version (Open Access)
Review: a comprehensive summary of a decade development of the recombinase polymerase amplification
Li, Jia | Macdonald, J | von Stetten, Felix
Nucleic acid amplification has permeated every field in the life sciences since the introduction of the classic polymerase chain reaction (PCR) method in 1983. Yet, despite its fundamental reach, PCR has been constrained within the walls of a laboratory, due to its requirement for a sophisticated thermocycling machine, limiting external application in low-resource settings. New isothermal amplification strategies are seeking to break through traditional laboratory boundaries by providing nucleic acid replication at constant temperatures. Of these methods, recombinase polymerase amplification (RPA) is one of the fastest developing, experiencing rapid uptake and market, even though it was introduced comparatively late. Critically, RPA's technology potentiates highly accessible and sensitive nucleic acid amplification outside of laboratory, and even self-testing. Here we provide a comprehensive review of the equipment-free simplicity of RPA over its first decade of development. Our review includes key knowledge of RPA technology, such as its reaction components, mechanism, sensitivities and specificities, and distinctive detection methods. The review also provides know-how for developing RPA assays, and information about commercially available RPA reaction kits and accessories. We summarise critical RPA experimental tips and issues available through data mining the published literature, to assist researchers in mastering the RPA reaction. We also outline influential hotspots of RPA development, and conclude with outlooks for future development and implications for eclipsing PCR and further revolutionising the life sciences.
Analyst / Vol. 144, No. 1, pp.31-67
http://dx.doi.org/10.1039/C8AN01621F
FoR 0301 (Analytical Chemistry) | FoR 0399 (Other Chemical Sciences)
Copyright © 2018 The Authors. This article is licensed under a Creative Commons Attribution 3.0 Unported Licence.
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Radiocrafts' RC1701HP-WIZE High-Power RF Transceiver Module
The RC1701HP-WIZE is part of a compact surface-mounted Wireless M-Bus product family. It contains a communication controller with embedded Wize protocol and 500 mW output power.
The RC1701HP-WIZE is a Wize-compliant high-power RF transceiver module that has been designed especially for "hard-to-reach places" according to the manufacturer, Radiocrafts. Measuring in at a mere 12.7x25.4x3,7mm, the RF transceiver module contains a communications controller based on Wireless M-Bus and an embedded Wize protocol, v.1.1.
Wize is a 169 MHz Industrial IoT (IIoT) technology designed to achieve long-range, high object penetration, and ultra-long battery life.
The RC1701HP-Wize High-Power Module
Designed for hard-to-reach places, the module's use of Wize and the 169 MHz band means that it can be deployed in constrained environments where other transceivers may have penetration problems. With the inclusion of Wize, the module also benefits from strong industry backing in the form of the Wize Alliance—a non-profit association that promotes an international standard for IIoT.
The RC1701HP-Wize RF Transceiver Module. Image courtesy of Radiocrafts.
In addition to Wize and everything that comes with it, the RC1701HP module benefits from robust communications and secure data transfer. A 2-way and power-efficient communication protocol is used for sensor reading and control.
Updates to the module are delivered over-the-air (OTA) and deployment of the module only requires a communicating object and concentrator; no repeater system, pairing, programming, or sensors are needed. The module is also very low maintenance due to its low-power nature and limited requirements for supplementary equipment.
Technical specifications include operation across 169.4 – 169.475 MHz frequency bands, 2.4/4.8/6.4 Kbps data rate, + 27dBm max output power, 2.8 – 3.6 V supply voltage, -30 to +85°C temperature range, and 41 channels.
Providing More Options for IoT Engineers
Wize is a utility-driven IoT network that can now connect 7M sensors. It is the international standard for the IoT with the Wize Alliance targeting smart city, IIoT, and wireless metering as part of its efforts.
The RC1701HP-WIZE's inherent Wize-compliance makes it ideal for deployment in IoT applications—hence the point of making it Wize-compliant in the first place—such as smart metering, smart city and smart building wireless networks, energy management, and heavy industry.
Furthermore, due to its power and low profile, the module is perfect for use in hard-to-reach places such as networks with isolated or buried objects.
Modernising UK Engineering Education: A Q&A with NMiTE University's Chief Academic Officer
NMiTE (New Model in Technology and Engineering) is the UK's first approach to a fully engineering-focused higher education institution. Martin Gillie, provost and chief academic officer at NMiTE, explains what the organisation is doing differently to traditional universities.
Advancements in Solar Technologies Help Meet Low-Cost and Sustainable European Energy Goals
In the race for renewable energy, solar photovoltaic cells are among the first-place contenders. At the same time, they pose considerable challenges in terms of manufacturing costs, efficiency, and scalability.
Biljana Ognenova 3 months ago


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FactCheck Q&A: Will India no longer buy Australian coal?
August 23, 2015 3.42pm EDT
Craig Froome, The University of Queensland, Roger Dargaville, University of Melbourne
Craig Froome
Global Change Institute – Clean Energy Program Manager , The University of Queensland
Roger Dargaville
Deputy Director, Energy Research Institute, University of Melbourne
Roger Dargaville receives funding from the Australian Renewable Energy Agency.
Craig Froome does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
University of Queensland provides funding as a member of The Conversation AU.
Leader of The Greens, Richard Di Natale, speaking on ABC TV's Q&A program. Q&A
The Conversation is fact-checking claims made on Q&A, broadcast Mondays on the ABC at 9:35pm. Thank you to everyone who sent us quotes for checking. Viewers can request statements to be FactChecked via Twitter using hashtags #FactCheck and #QandA, on Facebook or by email.
Q&A, Monday August 17, 2015.
LEADER OF THE GREENS, RICHARD DI NATALE: We've got India no longer buying our coal…
TONY JONES: I don't think it's true that India is no longer buying our coal. I think you must have that wrong… It's about to build one of the biggest mines in Queensland.
RICHARD DI NATALE: India in the next decade have made a statement that they will no longer buy not a kilo of Australian coal. They will be out of the coal business as far as Australian imports is concerned in the next decade.
India's electricity demand has been steadily increasing over the last decade and will continue to do so. The country still has around 300 million people who aren't connected to the electricity grid, with the current government saying they're determined to fix that.
Senator Di Natale is right about India's coal import intentions. Indian Energy Minister, Piyush Goyal, is on the record stating in 2015 that
We are confident that in the next year or two, we will be able to stop imports of thermal coal, while imports of coking coal will continue until we are able to explore more reserves.
The government aims to protect the environment as well as make India's power supply more self-sufficient.
This is a rather optimistic objective, considering coal still makes up nearly 70% of India's current generation capacity and demand is still 10% greater than the capacity to supply.
India's Coal Secretary Anil Swarup recently told Reuters that India's coal imports are expected to increase 19% to a record of about 200 million tonnes this fiscal year.
The evidence
When asked for data to support his statement, a spokesman for Senator Di Natale said by email that "the new Indian federal government was elected among other things, to revolutionise their country's electricity system." He said:
· They are aiming for 175 gigawatts of renewables to be built by 2022. This is the equivalent of building four times Australia's energy infrastructure.
· They are also ramping up domestic coal production in order to create jobs and they want to reduce imported thermal coal because it has been identified as the most expensive source of energy.
· In November 2014, Energy Minister Piyush Goyal said it was his intention to stop importing coal in two to three years.
· In February 2015, the government released a commissioned study that found only two or three coal plants near the coast would benefit from imported coal. The transport costs are too high to justify moving it to the rest of the coal generation fleet.
If anything, the decade timeframe was being generous, the spokesman said.
These commercial realities are of course completely at odds with the development of the Carmichael Mine proposed to be developed by vertically integrated Indian power company Adani. Major international and Australian banks have refused to fund it.
India's optimism
Experts expect India to surpass China's population and it may become the world's second largest economy by 2050. Power demand has grown astronomically in the last few decades and is projected to grow further in future.
To meet their stated objectives, India's government must not only continue to increase generation capacity, but replace existing generation with alternative renewable technologies.
The Indian government has a major plan to reduce carbon emissions by 20-25% of 2005 intensity by 2020, as well as one of the largest renewable energy deployment plans in the world.
As well as adding new capacity to the grid, India will also need substantial additional infrastructure if it's to have any hope of meeting its goals. More distribution network assets – things like poles and wires - will be required in areas where there is existing electricity supply. New transmission and distribution infrastructure will be required in areas of new supply. These can be substantial projects, with planning alone taking a number of years.
Using renewable technologies located close to places where the electricity is to be used will substantially cut down on time lags.
Major Indian coal companies such as Adani are still aiming to acquire Australian coal assets such as the much publicised Carmichael coal mine development in Queensland, but they are also looking at other options.
Adani has also recently entered into a joint venture to build one of India's largest solar PV manufacturing plants, fleshing out the firm's coal interests with renewables.
India is not ceasing electricity generation from coal. In fact, it intends to increase local coal production and use their local resources rather than rely on imports (local coal costs around US$24 a tonne, compared to US$62 a tonne for imported Australian coal).
Prime Minister Narendra Modi has already overseen India's largest solar project and does have a passion to see the electricity generation mix move towards more renewable resources.
However, private enterprise will always seek out the lowest cost option. If growth in the electricity sector is through private rather than government-owned projects, growth in renewables will likely slow down and coal generation will likely continue.
India wants to be able to produce enough local coal to meet their generation needs – whether they'll be able to achieve that is not known.
The timeframes set out by the Indian government seem very optimistic, given the substantial task it has set itself of increasing access to grid-connected electricity and reducing fossil fuel-based power at the same time.
The Coal in India report, published this year by the Australian government's Office of the Chief Economist, said that:
… India is likely to continue to rely on imports. The expansion in India's coal use presents some opportunities for the Australian industry, which is not currently a large supplier of thermal coal to India. Australia has large deposits of high-energy, low ash coal that is suitable for use in advanced coal-generation technologies. The roll out of advanced coal generation technologies in India presents a significant long term opportunity for coal producers
It is true India is on record saying they will stop importing coal within two to three years.
However, some analysts see this as an optimistic and perhaps unrealistic goal for India.
The fact checker is correct. As the sources identified show, the Indian government has indeed declared its intention to stop importing foreign coal in the near future. India has larger anthracite coal reserves than Australia, and is exploiting those reserves at rates comparable to those in Australia. So India does have the ability to supply its own coal at current consumption rates.
However, as the author has identified, the increase in appetite for electricity and other forms of energy will increase dramatically, so the challenge of meeting those demands with local fossil fuel will be significant. India has demonstrated a rapid uptake of renewable energy technologies, but to continue that expansion at required rates is also is a massive challenge.
Have you ever seen a "fact" that doesn't look quite right? The Conversation's FactCheck asks academic experts to test claims and see how true they are. We then ask a second academic to review an anonymous copy of the article. You can request a check at checkit@theconversation.edu.au. Please include the statement you would like us to check, the date it was made, and a link if possible.
FactCheck Q&A
Carmichael coal mine


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People Who Have Their Tonsils Removed Have A Higher Risk Of Illness Later On, Says Study
Tags: education, Medicine, Technology
By Amanda Froelich,
For decades, Western physicians have operated on the notion that if a symptom appears, it either needs to be burnt off, surgically cut out, or treated with drugs. But now, we're learning that this is a counter-intuitive approach.
Rather than treat the symptom, the underlying cause(s) of the physical manifestation needs to be addressed. To do this, the patient needs to be treated in a holistic manner. What does "holistic" mean? Simply, that the entire patient — and their mental, emotional, physical, and spiritual requirements — need to be taken into account.
When healers believe they can correct an imbalance through force, it will never fully resolve. A new study published by JAMA Otolaryngology-Head & Neck Surgery affirms this. In recent decades, a startling amount of children have gone to the hospital with inflamed tonsils. Doctors wrongly believed that the lymphatic tissue structures were unnecessary, so cut them out. The idea was that by removing the tonsils and adenoids, the persistent throat pain and ear infections that accompany the affliction would disappear. But this is not the case.
We now know that the tonsils and adenoids serve as a first-line immune response to pathogens entering via the respiratory tract. And removing them, according to Dr. Sean Byars at the University of Melbourne and colleagues, may actually increase a child's risk of developing illness later on in life.
For the study, Byars and colleagues examined medical records from approximately 1.2 million Danish individuals whose health had been recorded from birth to age 10 and, in some cases, age 30. The team compared subjects who had their tonsils or adenoids removed before age 9 to controls. What they discovered is staggering.
Those who underwent tonsillectomy were three times more likely to develop either allergic or infectious upper respiratory tract diseases in the following years, such as asthma, influenza, and pneumonia (among more). Those who underwent an adenoidectomy had a two-fold higher rate of the diseases, as well as chronic pulmonary obstructive disease (COPD).
In at least one way, the surgery has proven to be ironic. Doctors remove the swollen tissue to alleviate breathing issues. But by attempting to fix only the symptom, their actions exacerbate respiratory conditions. As IFLScience reports,
"The analysis indicated that many of the troublesome symptoms of tonsillitis and adenoiditis that removal surgeries aim to ameliorate – breathing problems and chronic ear or sinus inflammation – often return soon after the operation, meaning that any possible short-term benefits are paltry when stacked against the long-term risks."
In light of these findings, Dr. Bryars and his team warn against the procedure when alternative treatments are available.
"Given that tonsils and adenoids are part of the lymphatic system and play a key role both in the normal development of the immune system and in pathogen screening during childhood and early-life,3 it is not surprising that their removal may impair pathogen detection and increase risk of later respiratory and infectious diseases," they said.
"The growing body of research on developmental origins of disease has convincingly demonstrated that even small perturbations to fetal and childhood growth and development can have lifelong consequences for general health."
The Lymphatic System
Inflamed tonsils are a clear sign that the digestive tract and lymphatic system are compromised. Rather than cut out the defenders of the body, special emphasis needs to be placed on detoxification, moving the lymphatic system (the sewer system of the body) and moving the physical vessel toward an alkaline state.
Watch the video below to learn more:
What are your thoughts? Please comment below and share this news!
Image credit: gpointstudio / 123RF Stock Photo
Written by: Amanda Froelich
I'm an RHN, chef, writer, activist, and entrepreneur who lives in Colorado. I share healthy plant-based recipes at Life in Bloom and cannabis-infused recipes at My Stoned Kitchen. Read More stories by Amanda Froelich
? South Korean Court Rules That It Is Illegal To Kill Dogs For Food Koko The Gorilla Dies In Captivity, Aged 46 ?


We develop a theory for the food intake of a predator that can switch between multiple prey species. The theory addresses empirical observations of prey switching and is based on the behavioural assumption that a predator tends to continue feeding on prey that are similar to the prey it has consumed last, in terms of, e.g., their morphology, defences, location, habitat choice, or behaviour. From a predator.s dietary history and the assumed similarity relationship among prey species, we derive a general closed-form multi-species functional response for describing predators switching between multiple prey species. Our theory includes the Holling type II functional response as a special case and makes consistent predictions when populations of equivalent prey are aggregated or split. An analysis of the derived functional response enables us to highlight the following five main findings. (1) Prey switching leads to an approximate power-law relationship between ratios of prey abundance and prey intake, consistent with experimental data. (2) In agreement with empirical observations, the theory predicts an upper limit of 2 for the exponent of such power laws. (3) Our theory predicts deviations from power-law switching at very low and very high prey-abundance ratios. (4) The theory can predict the diet composition of a predator feeding on multiple prey species from diet observations for predators feeding only on pairs of prey species. (5) Predators foraging on more prey species will show less pronounced prey switching than predators foraging on fewer prey species, thus providing a natural explanation for the known difficulties of observing prey switching in the field.


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San Antonio chapel now has pews!
Author Topic: San Antonio chapel now has pews! (Read 1496 times)
Reputation: +20553/-329
Following closely in the footsteps of the Houston chapel "Stella Maris" -- and not by coincidence -- St. Dominic's Chapel now has pews as well!
Did I have to purchase them, or did Fr. Zendejas just donate them to the chapel?
These 11 foot pews all have kneelers, and are in good shape. A few of them might need a new screw here or there, but all the kneelers work. I had to install one of the kneelers myself.
While the (12) pews were donated, they cost $575 to transport here, and that was with 2 men and 1 boy volunteering for a day's work! U-haul rental, insurance, and lots of gas. We took a PT Cruiser one direction and towed it back with the U-haul, to save on gas. It was a 240 mile trip, one-way.
This expense vastly exceeded the chapel's coffers, so we're in the hole (again!) If anyone wants to contribute to the cause, you can donate by Paypal (which accepts credit cards) using this link:
https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=LHMPZNHJB6J8Q
I realize that many (most?) of you don't have any extra money sitting around, especially in this bad economy, but I figured it wouldn't hurt to ask. Perhaps there are a few readers out there who have the means and want to donate to a good cause -- a Traditional Catholic independent chapel standing for the truth, supporting good priests, and actively growing.
If our chapel had a motto, it would be "Stay Catholic, and don't be sectarian!" We are on good terms with anyone and everyone that we can be. We are friendly with Fr. Trinh's group in Lampasas, TX, Fr. Morel's independent chapel in Louisiana, all of Fr. Zendejas' chapels, and we even have friends at the local SSPX chapel. We're looking to help as many people keep the Faith as possible -- our job isn't to find ways to condemn people.
Our chapel is not sitting on a big bank account like Tolkien's Smaug the Dragon sitting on his gold, not doing anything with it. Unlike certain SSPX chapels I know...
Anyhow, we're about to test these pews out in a real Mass setting in about an hour and a half... Mass is at 2:30!
Start your Amazon.com session by clicking this link, and my family and I get a commission on your purchase!
If our chapel had a motto, it would be "Stay Catholic, and don't be sectarian!"
Might I suggest a motto for some chapel?
On March 20 A.D. 1908, His Holiness Pope Saint Pius X granted a 500 day indulgence to the following ejaculation that I believe is a perfect motto for the Resistance.
"Conserva nobis fidem, O Lord preserve in us the faith" This was taken from a breviery insert titled Little Treasury of Indulgenced Prayers copyright 1937
The pews look lovely in your chapel !
Awesome, awesome job Matthew!
The Highest Principle in the Church: "We are first of all under obedience to God, and only then under obedience to man." - Fr. Hesse
RomanCatholic1953
I been to San Antonio a few times and it is really a beautiful city with lots
of History. Such as the restored Spanish Governors Palace where
Spanish rule of the Spanish ruled Territories, now the western U.S.
was ruled from. The Cathedral in which were added on by the waves
of German Catholic Immigrants in the latter 19th Century.
Also the superb architectures of the German Immigrants of the 19th
and 20th Centuries.
Even a boat ride on the canal and the guide pointing out the trees
that pre dated the Battle of the Alamo in 1836.
All the restored Missions that predated the California Missions by
at lease a century.
On a private ranch nearby there is an exact replica of San Antonio
of 1836 including the Alamo that was used as a set for the motion picture
staring John Wayne in the "Alamo" .
If our chapel had a motto, it would be "Stay Catholic, and don't be sectarian!" We are on good terms with anyone and everyone that we can be.
In this you are doing God's work. Bless you and the Chapel.
"Love the brethren...."
Well, the pews really added a lot to the Traditional Catholic chapel experience. Surprise, surprise!
I thought I had a good imagination. I knew it would be "nice" to have pews in the chapel, but I think I vastly underestimated just how much better it would be.
Seriously, I think that most other upgrades the chapel has received pale in comparison to this one.
It's hard to put into words, but it makes a lot of difference in many different ways. Some psychological, some practical. Obviously having pews evokes the feeling of every real chapel you've ever been in. They are solid and don't move, so the kids can't move them around during Mass. Adults holding kids have an easier time, too, because they are solid. And speaking of solid (as in doesn't move) they are also solid (as in not see-through). So it's easier to focus on the altar. I could be wrong, but I think even children have an easier time staying put, compared with when each person has his own chair.
And then there is the kneelers aspect -- it's much easier to kneel without accidentally pushing the chair in front of you forwards, or kicking the chair behind you. And some people really need something to lean on a bit (to take some of the weight off their knees), and/or something solid in front of them to push off of to help them stand again. Yes, in a perfect world we'd all have 1% body fat and everyone would be in excellent shape. But I don't think we're in a perfect world. But other things cause difficulty kneeling as well, such as mankind's timeless foe, OLD AGE.
PerEvangelicaDicta
Reputation: +1285/-0
We are friendly with Fr. Trinh's group in Lampasas, TX...
So that's where he is now. I have good memories of his orthodox sermons in San Diego when he was with the SSPX.
Your philosophy is very Catholic. As J.Paul quoted St. Peter, love the brotherhood.
For the rest, brethren, rejoice, be perfect, take exhortation, be of one mind, have peace; and the God of peace and of love shall be with you.


Welcome to the Fairytale Factory. We publish You Say Which Way interactive fiction. Interactive fiction isn't new. What is new is the way interactive stories work in tablets and Kindles. In an eBook an interactive story is a deeply satisfying read, less about turning pages and finding the next part of the story and more about engaging with a story that you control.
Our book Lost in Lion Country was inspired by asking readers where they would like to visit. Readers said said they'd like to go on a safari in Africa. Well now you can!
If you want to know more about who we are, check out the blog. If you want to talk about submitting an interactive story try the 'Contact Us' page. We often post on our FaceBook page, so feel free to follow us there.


I haven't opened the packets yet but after looking at the sprues, I will have enough components to create both Scopedogs and Red shoulders.
It is a future plan (probably next year...or even later) but I am going to be converting the kit to use ball joints and will be using the converted components to cast my own pieces. I won't be selling any and when I've finished, the kits will not be recognisable as plastic kits...I will be simplifying everything into as few parts as possible and they will be in resin. I feel that it is the only way that I can build the army of VOTOMs troops that I have always wanted to do. It will also be an excellent way to learn how to cast resin.
On to other things and I have put in another order to Old Crow. Three more Glaive APCs will be winging their way towards me in a month or so and they will be the last vehicles needed to finish off the Urban infantry company. I would have waited for Salute to get them but Old Crow, won't be there...so I thought I'd get in and buy some now.
I have nearly finished painting my Grymn Walker. I only have the base to go and it is done. I haven't painted the seated pilot yet...but the standing pilot is also painted except for the base so show and tell tomorrow should be worth the wait. I have gone for a slightly different Urban camouflage scheme for the walker but I think it will fit in fine with the rest of the army.
Interesting times...and still no decal fitting! Mind you, if I am going to get distracted from my chosen tasks, I'd rather it was as a result of free Grymn Walkers than anything else!!!
See you from the Mech command seat!


Several media stories in the last few months have highlighted the potential of 23andMe to help adoptees.
One of the more touching pieces highlighted a woman's 50-year search for the son she'd given up for adoption at 19. She was able to find him using 23andMe, only to lose him again to cancer. Another interesting story on PRI looked at Korean born adoptees using DNA to learn more about their ancestry.
Inventor and scientist Thomas Park Clement, who was among the first wave of Korean adoptees to come to the United States in the 1950s, set aside a million dollars of his own money to cover the cost of other Korean adoptees who want to get tested.
"Everyone on the planet has the right to know who their relatives are," Clement is quoted as saying.
Those stories and others highlight that while it's not designed with adoptees in mind, 23andMe has become a resource for many wanting to fill in the gaps in what they know about their ancestry, their inherited traits or family history.
For many of us we take for granted knowing this basic information about ourselves, but for many adoptees using a DNA test is the only way they could find out this kind of information.
More Than Just Luck With the help of a genetic genealogist and her 23andMe results, a woman abandoned behind a grocery store as an infant is able to identify her biological mother.
A Fantastical Story Not an adoption story, but this story tracks some of the same kind of ordeals adoptees have to go through to find out about their biological families. In this case, half brothers– one who lives in Brazil, the other in the United States – connected through 23andMe. Their story, which spans over several decades and includes some harrowing childhood trauma, ends with the two brothers meeting for the first time.
Goodnight Son Not every reunion between an adoptee and his or her biological parent or sibling is a happy one, but for Mike Reed the meeting with his biological father couldn't have gone better. His biological father welcomed into the family and introduced him to his nine half siblings.
Putting It Together Abandoned in a laundry mat as an infant, Liz Kellner used 23andMe and ultimately found her sisters and biological parents.
An Unexpected Discovery Cody tested to find out more about his health, but in the process he found his biological parents and half siblings. He also learned that he'd been conceived when his mother was a young teen and that's why he'd been put up for adoption.
It's A Girl Although not an adoptee story, Kelli's story highlights some of the anxiety many go through when trying to connect with a biological parent. They simply don't know how it will play out. For Kelli the experience was a good one. She used 23andMe to help her find her biological father. Once she made the connection her biological father, who hadn't known of her birth, welcomed her into the family.
An Extraordinary Turn An adult son connects with his biological father and they become friends.
A Siblings Story Using 23andMe Tricia found her half brother and half sister. They were able to tell her more about her biological father and the three of them met and became friends.


Future Fertility Trust (UK) – Leaflets on Cryopreservation etc.
British Andrology – In 2014 the UK Professional Fertility Societies joined together as an expert group to provide patient information that all agreed was comprehensive and appropriate.
BioNews, published by the Progress Educational Trust (PET), provides news and comment on genetics, assisted conception, embryo/stem cell research and related areas.
The Long, Winding Tale of Sperm Science …and why it's finally headed in the right direction.
The DoveCote – Enabling and inspiring people facing the prospect of living life without children to reconnect with their daily lives and rediscover a passion and purpose.
Will2Love – EMPOWERING CANCER SURVIVORS AND THEIR LOVED ONES, WITH EXPERT GUIDANCE ON THE JOURNEY TO SEXUAL WELLNESS AND PARENTHOOD.
Official journal of the British #Menopause Society @BrMenopauseSoc. News, research and opinion for all involved in #postreproductive health study and treatment.
The Daisy Network – A registered charity providing support, information and a friendly network of members to women diagnosed with Premature Ovarian Insufficiency.
Mummy's Star is the only charity in the UK and Ireland dedicated to women and their families affected by cancer during pregnancy shortly after a birth. Our aim is to support pregnancy through cancer and beyond.
Woman is diagnosed or treated for cancer during her pregnancy.
Woman is diagnosed or treated for cancer within a year of her giving birth.
Jessica Hepburn – Jessica published a book about her experiences called The Pursuit of Motherhood. This catapulted her into the limelight as one of the first people prepared to talk openly about the stigma of infertility.


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Reports: Luiz leaving Chelsea and Real chiefs want Eriksen
David Luiz is on this way out of Chelsea, while Real Madrid are determined to sign Tottenham midfielder Christian Eriksen, according to the Express.
Luiz, who is in his second spell at Stamford Bridge, is coming towards the end of his contract.
The club have a policy of not offering longer than one-year deals to players over the age of the 30 and Luiz looks set to move on.
Meanwhile, the Express reports that Eriksen is a top target for Real during this month's transfer window.
Eriksen's Spurs contract expires next year and reports in Spain suggest he will not sign a new deal.
That would leave Spurs with a decision to make over whether to sell Eriksen, who has also been linked with Paris St-Germain and Manchester United.
Speaking of United, Paul Pogba has also been strongly linked with a move to Real.
But the Express cite respected Spanish journalist Guillem Balague, who is convinced Real chiefs would rather buy Eriksen than Pogba.
"I'm quite certain [Real president] Florentino Perez and the club would like Eriksen instead. Cheaper and a more Real Madrid player," he said.
"Modric I believe they want to sell because they need to raise money, so you don't have Modric but you have Eriksen, that's sorted out.
"But do you really need Pogba? Zidane thinks he does and the club thinks they don't."
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