The document summarizes Western Union's 2006 annual report. It highlights that Western Union has a 150-year history of connecting people around the world through money transfers, with its brand synonymous with speed, trust, reliability and convenience. It processes nearly 150 million consumer-to-consumer transactions annually, accounting for over 80% of its revenue. It is also expanding its consumer-to-business services to allow bill payments, having recently acquired a company in Argentina, as it looks to increase diversification and growth opportunities.
Western Union's 2008 annual report summarizes the company's strong financial performance in 2008. The company delivered record revenue of $5.3 billion and cash flow from operations of $1.25 billion. Western Union's share of the global cross-border remittance market increased to 17% in 2008. Looking ahead, the company plans to focus on accelerating profitable growth, expanding payments services, innovating new products, and improving profitability through cost reductions.
This document is the annual report for ANSA Merchant Bank for the year 2016. It includes reports from the Chairman and Managing Director, which discuss the bank's financial performance for the year and outlook. Some key points:
- Profit before tax increased 8% to $322 million, the second highest result in the bank's history.
- Total assets increased by $670.5 million to $7.4 billion due to organic growth and the acquisition of Consolidated Finance Co. Limited.
- Loans and receivables grew to comprise 31% of total assets, up from 28% the prior year.
- Total equity increased 8% to $2.2 billion, and the board approved a dividend of
This document provides information about EECU, a credit union serving members in the Fort Worth, Texas area. It lists 13 branch locations across the region that offer drive-thru ATM services. The annual report summarizes EECU's financial performance and growth in 2013, including increases in membership, assets, loans, and net income. It also recognizes contributions to local communities through scholarships and internship programs.
Banking Insight - CAB Magazine 2018 - 2019 - Embracing the future Now - Content:
01 Outgoing Chairperson’s Farewell Message
02 Chairperson’s Message
05 Outgoing General Manager’s Farewell Message
07 Chief Executive Officer’s Message
11 Vital Statistics
14 Weathering The Storm: Experiences & Best Practices
19 Country Feature - Grenada
22 Country Feature - Haiti
24 Country Feature - Guyana
26 New Credit Regulation - IFRS 9
30 Reporting Regulation - GDPR
33 Tax Haven Regulation: BEPS, The Caribbean and CAB - A Brief Thought!
35 The ABC’s Of Blockchain Technology
38 CAB Rebrands - Reshaping & Refocusing Our Message
41 Highlights From CAB’s 45th AGM & Conference
43 Training Our Members To Adapt To Change
45 CAB’s Strong Focus On Advocacy
46 How To Best Serve Millennial Bankers
48 Leadership 2.0 For Disruptive Times
52 CARICOM Digital Technology – The Pros & Cons
57 Five Principles To Building A Digital Mindset
59 2019’s Most Important Financial Sector Events
61 CAB Members Round-Up
73 CAB Service Members Round-Up
Western Union had a very successful 2007 financially, with revenue, operating profit, and cash flow from operating activities all reaching record highs and growing at double-digit annual rates. The company strengthened its global network by increasing its number of agent locations worldwide to over 335,000 across more than 200 countries and territories. International consumer-to-consumer money transfers now make up 65% of Western Union's total revenue, demonstrating the company's increasing global reach and focus on serving migrant populations worldwide. Western Union aims to continue growing this business segment and meeting the evolving financial needs of global consumers.
1) Unitus Community Credit Union saw growth in 2009 despite economic challenges, adding over 3,300 new members for 6% growth and increasing assets by 10%.
2) The credit union helped many members by refinancing mortgages, growing its business loan portfolio by 60%, and providing affordable auto loans through its subsidiary.
3) Unitus focuses on service, financial education, and giving back to the community, volunteering over 1,300 hours and donating $58,685 to local causes in 2009.
Civic Banking is a transparent and participative banking model where customers can decide how 30% of the bank's profits are used to support good causes. It allows customers to choose which projects their money supports and creates networks of customers helping local communities and businesses. This model is sustainable and profitable, with the bank now looking to expand it internationally.
The annual general report summarizes the Greater Niagara Chamber of Commerce's activities for 2015. It provides the mission, vision, and goals of promoting business success and prosperity in the Niagara region. Key events included record membership growth, advocacy efforts that influenced government budgets, and networking opportunities. The board of directors and staff are thanked for their contributions to the chamber's accomplishments. The strategic plan for 2016-2018 aims to further support businesses through activities, government representation, and resources.
Western Union's 2008 annual report summarizes the company's strong financial performance in 2008. The company delivered record revenue of $5.3 billion and cash flow from operations of $1.25 billion. Western Union's share of the global cross-border remittance market increased to 17% in 2008. Looking ahead, the company plans to focus on accelerating profitable growth, expanding payments services, innovating new products, and improving profitability through cost reductions.
This document is the annual report for ANSA Merchant Bank for the year 2016. It includes reports from the Chairman and Managing Director, which discuss the bank's financial performance for the year and outlook. Some key points:
- Profit before tax increased 8% to $322 million, the second highest result in the bank's history.
- Total assets increased by $670.5 million to $7.4 billion due to organic growth and the acquisition of Consolidated Finance Co. Limited.
- Loans and receivables grew to comprise 31% of total assets, up from 28% the prior year.
- Total equity increased 8% to $2.2 billion, and the board approved a dividend of
This document provides information about EECU, a credit union serving members in the Fort Worth, Texas area. It lists 13 branch locations across the region that offer drive-thru ATM services. The annual report summarizes EECU's financial performance and growth in 2013, including increases in membership, assets, loans, and net income. It also recognizes contributions to local communities through scholarships and internship programs.
Banking Insight - CAB Magazine 2018 - 2019 - Embracing the future Now - Content:
01 Outgoing Chairperson’s Farewell Message
02 Chairperson’s Message
05 Outgoing General Manager’s Farewell Message
07 Chief Executive Officer’s Message
11 Vital Statistics
14 Weathering The Storm: Experiences & Best Practices
19 Country Feature - Grenada
22 Country Feature - Haiti
24 Country Feature - Guyana
26 New Credit Regulation - IFRS 9
30 Reporting Regulation - GDPR
33 Tax Haven Regulation: BEPS, The Caribbean and CAB - A Brief Thought!
35 The ABC’s Of Blockchain Technology
38 CAB Rebrands - Reshaping & Refocusing Our Message
41 Highlights From CAB’s 45th AGM & Conference
43 Training Our Members To Adapt To Change
45 CAB’s Strong Focus On Advocacy
46 How To Best Serve Millennial Bankers
48 Leadership 2.0 For Disruptive Times
52 CARICOM Digital Technology – The Pros & Cons
57 Five Principles To Building A Digital Mindset
59 2019’s Most Important Financial Sector Events
61 CAB Members Round-Up
73 CAB Service Members Round-Up
Western Union had a very successful 2007 financially, with revenue, operating profit, and cash flow from operating activities all reaching record highs and growing at double-digit annual rates. The company strengthened its global network by increasing its number of agent locations worldwide to over 335,000 across more than 200 countries and territories. International consumer-to-consumer money transfers now make up 65% of Western Union's total revenue, demonstrating the company's increasing global reach and focus on serving migrant populations worldwide. Western Union aims to continue growing this business segment and meeting the evolving financial needs of global consumers.
1) Unitus Community Credit Union saw growth in 2009 despite economic challenges, adding over 3,300 new members for 6% growth and increasing assets by 10%.
2) The credit union helped many members by refinancing mortgages, growing its business loan portfolio by 60%, and providing affordable auto loans through its subsidiary.
3) Unitus focuses on service, financial education, and giving back to the community, volunteering over 1,300 hours and donating $58,685 to local causes in 2009.
Civic Banking is a transparent and participative banking model where customers can decide how 30% of the bank's profits are used to support good causes. It allows customers to choose which projects their money supports and creates networks of customers helping local communities and businesses. This model is sustainable and profitable, with the bank now looking to expand it internationally.
The annual general report summarizes the Greater Niagara Chamber of Commerce's activities for 2015. It provides the mission, vision, and goals of promoting business success and prosperity in the Niagara region. Key events included record membership growth, advocacy efforts that influenced government budgets, and networking opportunities. The board of directors and staff are thanked for their contributions to the chamber's accomplishments. The strategic plan for 2016-2018 aims to further support businesses through activities, government representation, and resources.
The CAB Annual Magazine, Bank Insight, is the complete guide to the Caribbean Financial Service Sector.
Content of this 2019 edition:
01 Outgoing Chairperson’s Farewell Message
02 Chairperson’s Message
05 Outgoing General Manager’s Farewell Message
07 Chief Executive Officer’s Message
11 Vital Statistics
14 Weathering The Storm: Experiences & Best Practices
19 Country Feature - Grenada
22 Country Feature - Haiti
24 Country Feature - Guyana
26 New Credit Regulation - IFRS 9
30 Reporting Regulation - GDPR
33 Tax Haven Regulation: BEPS,
35 The ABC’s Of Blockchain Technology
38 CAB Rebrands - Reshaping & Refocusing Our Message
41 Highlights From CAB’s 45th AGM & Conference
43 Training Our Members To Adapt To Change
45 CAB’s Strong Focus On Advocacy
46 How To Best Serve Millennial Bankers
48 Leadership 2.0 For Disruptive Times
52 CARICOM Digital Technology – The Pros & Cons
57 Five Principles To Building A Digital Mindset
59 2019’s Most Important Financial Sector Events
61 CAB Members Round-Up
73 CAB Service Members Round-Up
This annual report summarizes Opportunities Credit Union's activities and financial performance in 2015. It highlights that the credit union expanded partnerships, addressed financial gaps in the market, and provided financial education and loans to over 8,000 people. Opportunities had a strong financial year and remains well-capitalized to serve its membership of over 26,000 individuals. The report also outlines the credit union's lending impacts, deposit services, partnerships, and financial education programs that help members build assets and access affordable services.
PwC provides industry-focused assurance, tax, and advisory services to over 161,000 clients in 154 countries worldwide. In FY 2010, PwC's global revenues were $26.6 billion. While economic conditions remained challenging, PwC's performance was up slightly from the previous year, with emerging markets showing renewed growth. Looking ahead, PwC is well-positioned to help clients capitalize on new opportunities as the global economy continues its recovery.
Standard Chartered Bank Socio-Economic Impact ReportSarah Oyungu
For over 150 years Standard Chartered Bank has provided financial services to individuals, companies and governments across Kenya, Uganda and Tanzania, enabling them to achieve their growth aspirations. This report articulates our contribution to the region and the impact that it allows our clients to have.
Standard Chartered Bank Socio-Economic Impact ReportStanChartKE
For over 150 years Standard Chartered Bank has provided financial services to individuals, companies and governments across Kenya, Uganda and Tanzania, enabling them to achieve their growth aspirations. This report articulates our contribution to the region and the impact that our sustainable business practices allow our clients to have.
Sovereign Bancorp is a $45 billion financial institution that has grown significantly over 17 years since going public. In 2003, the company realized net income of $402 million, up 18% from 2002. Sovereign achieved all-time highs in consumer and commercial fee revenues and received upgrades from credit rating agencies. The company completed acquisitions that expanded its presence in New England and the Mid-Atlantic regions. Sovereign was recognized for its corporate governance, financial performance, and community lending efforts.
The document discusses two longtime employees at The Buntin Group who are retiring after decades of service - art director Bill Holley after 47 years and media director Peggy Owen after 18 years. It notes their significant contributions to the agency and impact on others, with Bill Holley mentoring many young creatives and Peggy Owen guiding media planning, buying, and stewardship of client dollars. The document also mentions the Buntin Group kickball team that has raised money for charity through an annual game for the past six years.
Unitus Community Credit Union had a successful year in 2007 despite economic challenges. Membership grew with over 4,200 new members joining. The credit union offered numerous financial education seminars and counseling sessions to help members. Mortgage lending increased with over $66 million in home loans issued. New accounts like Unitus Rewards Checking were introduced. The credit union also expanded services, increased community support through employee volunteering and donations, and will be opening two new branch locations in 2008.
This is the very first FutureWealth report published back in 2009. We kicked off the series by asking "Just who are the world's wealthy?" 1,414 individuals from around the world took part to provide a snapshot of the world's future wealthy.
HNW Survey - Futurewealth 2009: Just who are the world's wealthy Scorpio Partnership
The future wealthy surveyed remained optimistic about their financial situation despite the financial crisis:
- 78% thought their wealth would grow in 2010, with 66% feeling unaffected by the crisis. 41% had actually grown their wealth in the past year.
- Confidence was high across regions, particularly emerging markets. Only 7% expected their wealth to shrink in the coming year.
- Those surveyed felt the worst of the crisis was over and many worked in financial services, suggesting recovering confidence in that hard-hit sector.
- While some faced losses, the future wealthy generally felt able to ride out the storm and believed 2009 would not be a write-off and 2010 could be better.
The annual report summarizes the activities of Arun and Chichester Citizens Advice Bureau (CAB) for the 2014-2015 year. It highlights that the bureau received positive feedback from its annual audit, delivered the new Pension Wise service, maintained a strong financial position, and continued providing core advice services to clients in the community dealing with issues such as benefits, debt, housing, and employment. The report expresses gratitude to funders and volunteers for supporting the important work of the bureau and outlines plans to address ongoing needs in the community in the upcoming year.
First Data Corporation's 2004 annual report provides financial highlights and a letter from the CEO. The report summarizes that:
- Revenues grew from $5.9 billion in 2000 to $10.0 billion in 2004, while earnings per share grew from $1.24 to $2.22 over the same period.
- First Data processed over 36 billion transactions in 2004, or over 100 million transactions per day.
- The CEO expresses confidence in First Data's ability to capitalize on opportunities in the payments industry due to its global distribution network, brands, and integrated solutions.
CNO Financial Group is dedicated to supporting organizations that promote health and financial wellness. In 2016, CNO delivered over $2.7 million in total community impact through donations, fundraising, and over 14,000 hours of employee volunteerism. CNO supports numerous national and local nonprofits focused on health, financial literacy, and building stronger communities. This includes supporting the Alzheimer's Association, American Cancer Society, Arthritis Foundation, and sponsoring the Bankers Life Fieldhouse and Indianapolis Monumental Marathon.
This document provides an inaugural report for the Momentum Waikato Community Foundation. It includes reports from the Chair, Ken Williamson, and Chief Executive, Cheryl Reynolds. The reports discuss establishing the foundation to connect generous donors with impactful community projects. The foundation aims to raise $25 million over 5 years to distribute $10 million in grants. It focuses on strategic investing, community engagement, and creating a lasting legacy to improve lives in the Waikato region for current and future generations.
TAG Alliances 2017 Annual Review - "Amplify"TIAG_Alliance
TAG Alliances is comprised of the leading professional alliances, TAGLaw®, TIAG® and TAG-SP™. Our global and multidisciplinary reach encompasses 290+ members who employ 16,000 lawyers, accountants, and other professional service providers in over 100 countries.
We are excited to share with you our 2017 Annual Review, which highlights our community's successes and achievements.
TAG Alliances 2017 Annual Review - "Amplify"TAG Alliances
TAG Alliances is comprised of the leading professional alliances, TAGLaw®, TIAG® and TAG-SP™. Our global and multidisciplinary reach encompasses 290+ members who employ 16,000 professionals in over 100 countries.
We are excited to share with you our 2017 Annual Review, which "amplifies" our community's successes and achievements.
The document provides financial highlights and performance metrics for Consumers National Bank for the fiscal years ending June 30, 2014 and June 30, 2013. It shows that total assets increased 11.4% to $382.5 million over the period, driven by loan and deposit growth. Net income increased 6.3% to a record $2.84 million. The bank aims to continue growing organically and expanding its customer base in existing and new markets through relationship-based community banking.
The document is an annual report from 2005 for the U.S. Chamber of Commerce Center for Corporate Citizenship (CCC), which details the CCC's mission to promote positive business involvement in society through initiatives like raising awareness of corporate citizenship, researching trends, facilitating partnerships, and coordinating disaster relief efforts particularly in response to the 2004 tsunami and 2005 hurricanes. The report provides an overview of the CCC's programs and activities in 2005, including presenting corporate citizenship awards, releasing a state of corporate citizenship survey, hosting conferences on education and globalization issues, and matching businesses with nonprofit partners.
This document is the annual report of the Conseil de la Coopération de la Saskatchewan (CCS), which provides economic development services and support to Francophone communities in Saskatchewan. The report outlines the CCS's activities over the past year, including providing business services, hosting job fairs, supporting community economic development projects, and facilitating partnerships. It expresses gratitude to funding partners for supporting the CCS's work promoting the economic growth and sustainability of Francophone minority communities in the province.
western unionCorporate Governance Guidelinesfinance47
The Board of Directors is responsible for overseeing Western Union and selecting the CEO and other executive management. The Board's primary functions are oversight, ethics and integrity, evaluating performance, reviewing strategic plans, advising management, and ensuring compliance. The Board establishes committees, evaluates itself, and plans for CEO succession to fulfill its responsibilities.
The CAB Annual Magazine, Bank Insight, is the complete guide to the Caribbean Financial Service Sector.
Content of this 2019 edition:
01 Outgoing Chairperson’s Farewell Message
02 Chairperson’s Message
05 Outgoing General Manager’s Farewell Message
07 Chief Executive Officer’s Message
11 Vital Statistics
14 Weathering The Storm: Experiences & Best Practices
19 Country Feature - Grenada
22 Country Feature - Haiti
24 Country Feature - Guyana
26 New Credit Regulation - IFRS 9
30 Reporting Regulation - GDPR
33 Tax Haven Regulation: BEPS,
35 The ABC’s Of Blockchain Technology
38 CAB Rebrands - Reshaping & Refocusing Our Message
41 Highlights From CAB’s 45th AGM & Conference
43 Training Our Members To Adapt To Change
45 CAB’s Strong Focus On Advocacy
46 How To Best Serve Millennial Bankers
48 Leadership 2.0 For Disruptive Times
52 CARICOM Digital Technology – The Pros & Cons
57 Five Principles To Building A Digital Mindset
59 2019’s Most Important Financial Sector Events
61 CAB Members Round-Up
73 CAB Service Members Round-Up
This annual report summarizes Opportunities Credit Union's activities and financial performance in 2015. It highlights that the credit union expanded partnerships, addressed financial gaps in the market, and provided financial education and loans to over 8,000 people. Opportunities had a strong financial year and remains well-capitalized to serve its membership of over 26,000 individuals. The report also outlines the credit union's lending impacts, deposit services, partnerships, and financial education programs that help members build assets and access affordable services.
PwC provides industry-focused assurance, tax, and advisory services to over 161,000 clients in 154 countries worldwide. In FY 2010, PwC's global revenues were $26.6 billion. While economic conditions remained challenging, PwC's performance was up slightly from the previous year, with emerging markets showing renewed growth. Looking ahead, PwC is well-positioned to help clients capitalize on new opportunities as the global economy continues its recovery.
Standard Chartered Bank Socio-Economic Impact ReportSarah Oyungu
For over 150 years Standard Chartered Bank has provided financial services to individuals, companies and governments across Kenya, Uganda and Tanzania, enabling them to achieve their growth aspirations. This report articulates our contribution to the region and the impact that it allows our clients to have.
Standard Chartered Bank Socio-Economic Impact ReportStanChartKE
For over 150 years Standard Chartered Bank has provided financial services to individuals, companies and governments across Kenya, Uganda and Tanzania, enabling them to achieve their growth aspirations. This report articulates our contribution to the region and the impact that our sustainable business practices allow our clients to have.
Sovereign Bancorp is a $45 billion financial institution that has grown significantly over 17 years since going public. In 2003, the company realized net income of $402 million, up 18% from 2002. Sovereign achieved all-time highs in consumer and commercial fee revenues and received upgrades from credit rating agencies. The company completed acquisitions that expanded its presence in New England and the Mid-Atlantic regions. Sovereign was recognized for its corporate governance, financial performance, and community lending efforts.
The document discusses two longtime employees at The Buntin Group who are retiring after decades of service - art director Bill Holley after 47 years and media director Peggy Owen after 18 years. It notes their significant contributions to the agency and impact on others, with Bill Holley mentoring many young creatives and Peggy Owen guiding media planning, buying, and stewardship of client dollars. The document also mentions the Buntin Group kickball team that has raised money for charity through an annual game for the past six years.
Unitus Community Credit Union had a successful year in 2007 despite economic challenges. Membership grew with over 4,200 new members joining. The credit union offered numerous financial education seminars and counseling sessions to help members. Mortgage lending increased with over $66 million in home loans issued. New accounts like Unitus Rewards Checking were introduced. The credit union also expanded services, increased community support through employee volunteering and donations, and will be opening two new branch locations in 2008.
This is the very first FutureWealth report published back in 2009. We kicked off the series by asking "Just who are the world's wealthy?" 1,414 individuals from around the world took part to provide a snapshot of the world's future wealthy.
HNW Survey - Futurewealth 2009: Just who are the world's wealthy Scorpio Partnership
The future wealthy surveyed remained optimistic about their financial situation despite the financial crisis:
- 78% thought their wealth would grow in 2010, with 66% feeling unaffected by the crisis. 41% had actually grown their wealth in the past year.
- Confidence was high across regions, particularly emerging markets. Only 7% expected their wealth to shrink in the coming year.
- Those surveyed felt the worst of the crisis was over and many worked in financial services, suggesting recovering confidence in that hard-hit sector.
- While some faced losses, the future wealthy generally felt able to ride out the storm and believed 2009 would not be a write-off and 2010 could be better.
The annual report summarizes the activities of Arun and Chichester Citizens Advice Bureau (CAB) for the 2014-2015 year. It highlights that the bureau received positive feedback from its annual audit, delivered the new Pension Wise service, maintained a strong financial position, and continued providing core advice services to clients in the community dealing with issues such as benefits, debt, housing, and employment. The report expresses gratitude to funders and volunteers for supporting the important work of the bureau and outlines plans to address ongoing needs in the community in the upcoming year.
First Data Corporation's 2004 annual report provides financial highlights and a letter from the CEO. The report summarizes that:
- Revenues grew from $5.9 billion in 2000 to $10.0 billion in 2004, while earnings per share grew from $1.24 to $2.22 over the same period.
- First Data processed over 36 billion transactions in 2004, or over 100 million transactions per day.
- The CEO expresses confidence in First Data's ability to capitalize on opportunities in the payments industry due to its global distribution network, brands, and integrated solutions.
CNO Financial Group is dedicated to supporting organizations that promote health and financial wellness. In 2016, CNO delivered over $2.7 million in total community impact through donations, fundraising, and over 14,000 hours of employee volunteerism. CNO supports numerous national and local nonprofits focused on health, financial literacy, and building stronger communities. This includes supporting the Alzheimer's Association, American Cancer Society, Arthritis Foundation, and sponsoring the Bankers Life Fieldhouse and Indianapolis Monumental Marathon.
This document provides an inaugural report for the Momentum Waikato Community Foundation. It includes reports from the Chair, Ken Williamson, and Chief Executive, Cheryl Reynolds. The reports discuss establishing the foundation to connect generous donors with impactful community projects. The foundation aims to raise $25 million over 5 years to distribute $10 million in grants. It focuses on strategic investing, community engagement, and creating a lasting legacy to improve lives in the Waikato region for current and future generations.
TAG Alliances 2017 Annual Review - "Amplify"TIAG_Alliance
TAG Alliances is comprised of the leading professional alliances, TAGLaw®, TIAG® and TAG-SP™. Our global and multidisciplinary reach encompasses 290+ members who employ 16,000 lawyers, accountants, and other professional service providers in over 100 countries.
We are excited to share with you our 2017 Annual Review, which highlights our community's successes and achievements.
TAG Alliances 2017 Annual Review - "Amplify"TAG Alliances
TAG Alliances is comprised of the leading professional alliances, TAGLaw®, TIAG® and TAG-SP™. Our global and multidisciplinary reach encompasses 290+ members who employ 16,000 professionals in over 100 countries.
We are excited to share with you our 2017 Annual Review, which "amplifies" our community's successes and achievements.
The document provides financial highlights and performance metrics for Consumers National Bank for the fiscal years ending June 30, 2014 and June 30, 2013. It shows that total assets increased 11.4% to $382.5 million over the period, driven by loan and deposit growth. Net income increased 6.3% to a record $2.84 million. The bank aims to continue growing organically and expanding its customer base in existing and new markets through relationship-based community banking.
The document is an annual report from 2005 for the U.S. Chamber of Commerce Center for Corporate Citizenship (CCC), which details the CCC's mission to promote positive business involvement in society through initiatives like raising awareness of corporate citizenship, researching trends, facilitating partnerships, and coordinating disaster relief efforts particularly in response to the 2004 tsunami and 2005 hurricanes. The report provides an overview of the CCC's programs and activities in 2005, including presenting corporate citizenship awards, releasing a state of corporate citizenship survey, hosting conferences on education and globalization issues, and matching businesses with nonprofit partners.
This document is the annual report of the Conseil de la Coopération de la Saskatchewan (CCS), which provides economic development services and support to Francophone communities in Saskatchewan. The report outlines the CCS's activities over the past year, including providing business services, hosting job fairs, supporting community economic development projects, and facilitating partnerships. It expresses gratitude to funding partners for supporting the CCS's work promoting the economic growth and sustainability of Francophone minority communities in the province.
western unionCorporate Governance Guidelinesfinance47
The Board of Directors is responsible for overseeing Western Union and selecting the CEO and other executive management. The Board's primary functions are oversight, ethics and integrity, evaluating performance, reviewing strategic plans, advising management, and ensuring compliance. The Board establishes committees, evaluates itself, and plans for CEO succession to fulfill its responsibilities.
western unionRelated Person Transactions Policy finance47
The policy establishes guidelines for approving related person transactions between the company and its directors, executive officers, or significant shareholders. It requires that all related person transactions be approved or ratified by the Corporate Governance Committee or disinterested members of the Board. The committee must consider factors like the transaction's size, the related person's interest, potential conflicts, and whether comparable terms could be obtained from an unaffiliated third party. Ongoing related person transactions are also subject to annual review. All approved transactions must be disclosed as required by securities laws.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
Hershey Foods Corporation saw decreased sales and net income in 1999 compared to 1998. Sales declined due to the divestiture of the pasta business in early 1999 and difficulties fulfilling orders after implementing a new IT system. Net income increased due to a gain on the pasta sale, but excluding this was down 13% due to the sales decline and higher costs. The financial position remained strong with reduced debt from the pasta sale proceeds. Capital expenditures of $150-170 million annually are planned for manufacturing expansion and modernization.
This document provides an analysis of Hershey Foods Corporation's financial condition and results of operations. It discusses increases in net sales and gross margin from 1999 to 2000 primarily due to lower raw material costs. Selling and administrative expenses also increased from 1999 to 2000 due to higher marketing and staffing costs. In 2000, Hershey acquired Nabisco's mint and gum businesses for $135 million. The acquisition increased assets but did not materially impact 2000 results. Cash flow from operations and prior asset sales exceeded capital expenditures, share repurchases and dividends. Liquidity remains strong with continued capital investments planned.
1) Net sales for Hershey Foods Corporation increased 6% from 1999 to 2000 due to higher core confectionery and grocery product sales in North America, new product introductions, and lower returns and discounts. Net sales decreased 10% from 1998 to 1999 primarily due to the sale of the pasta business.
2) Gross margin increased from 40.7% in 1999 to 41.5% in 2000 due to lower raw material costs and returns/discounts, but was partially offset by higher distribution costs. Gross margin decreased from 40.8% in 1998 to 40.7% in 1999 due to product mix and higher distribution costs.
3) Net income decreased 27% from 1999 to 2000 due to the 1999
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
- Hershey Foods Corporation produces and distributes a broad line of chocolate and non-chocolate confectionery and grocery products.
- Net sales rose in 2001 primarily due to acquisitions of mint and gum businesses and new product introductions. Net sales also rose in 2000 due to increased sales of base confectionery products.
- Gross margin was unchanged at 41.5% in 2000 and 2001. Excluding one-time charges, gross margin rose to 42.6% in 2001 due to lower costs and supply chain efficiencies.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. In 2002, the company's net sales decreased from 2001 primarily due to increased promotion costs, divestitures of some brands, and the timing of sales from an acquired gum and mint business. Cost of sales also decreased in 2002 from 2001 mainly because of lower costs for raw materials. However, gross margin increased due to decreased raw material costs and supply chain efficiencies. Selling, marketing, and administrative expenses decreased slightly in 2002 driven by savings from business realignment initiatives and the elimination of goodwill amortization, partially offset by expenses to explore a possible sale of the company.
Hershey Foods Corporation manufactures and distributes confectionery and grocery products. Net sales decreased in 2002 due to increased promotion costs, divestitures, and sluggish retail conditions. Cost of sales decreased due to lower raw material costs and supply chain efficiencies. In late 2001, the company approved a business realignment plan to improve efficiency, including outsourcing manufacturing, rationalizing product lines, improving supply chain, and workforce reductions, generating $75-80 million in annual savings. Charges of $312 million were recorded for these initiatives.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and net income compared to 2002 through strategies focusing on key brands, gross margin expansion, and earnings growth per share.
- The company's strategies over a three-year period resulted in increased sales, gross margins, and returns through price increases, improved sales mix, lower costs, and share repurchases. However, challenges remain in driving profitable core confectionery growth and portfolio evolution.
- Hershey Foods Corporation manufactures and sells confectionery and grocery products. In 2003, the company saw increased net sales and income compared to 2002 through strategies focused on key brands, gross margin expansion, and earnings growth per share.
- Primary challenges for 2004 and beyond include profitable sales growth in core confectionery and broader snacks, evolving the product portfolio to meet consumer trends, and balancing growth and profit in seasonal and packaged candy businesses. The company expects continued revenue growth, margin expansion, and earnings growth per share through focus on these strategies.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued gross margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, marketing strategies, distribution networks, raw material costs, and price increases. Key details include that Hershey manufactures and sells over 50 brands of confectionery, snack, refreshment and grocery products in North America and other countries. It sources cocoa beans, its primary raw material, from various global regions.
This document is a Form 10-K annual report filed by Hershey Foods Corporation with the SEC for the fiscal year ending December 31, 2004. It provides information on Hershey's business operations, products, sales, distribution, raw materials, and pricing. Key details include: Hershey manufactures and sells confectionery, snack, refreshment and grocery products worldwide; its major brands include Hershey's, Reese's, and Kit Kat; cocoa beans are its primary raw material; and it announced price increases on half its domestic confectionery line in late 2004 and early 2005.
The document is The Hershey Company's annual report filed with the SEC for the fiscal year ended December 31, 2005. It provides information on Hershey's business operations including that it manufactures, distributes and sells confectionery, snack, refreshment and grocery products. It operates in the United States, Canada and Mexico and markets over 50 brands. The report lists the company's principal product groups and brands of confectionery, snack and refreshment products sold in the US. It also discusses the acquisitions of Joseph Schmidt Confections and Scharffen Berger Chocolate Maker in 2005.
This document is The Hershey Company's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2005. It provides an overview of The Hershey Company's business including its principal product groups, brands, manufacturing and distribution operations, marketing strategies, raw material sourcing, and recent acquisitions. It also discloses that over 20% of its total net sales in 2005 were to McLane Company, one of the largest wholesale distributors in the US, and that cocoa is a significant raw material used in chocolate production which is imported from various regions including West Africa.
This document is The Hershey Company's annual report on Form 10-K filed with the SEC for the fiscal year ended December 31, 2006. It provides an overview of The Hershey Company, including that it is the largest manufacturer of chocolate and confectionery products in North America. It details the company's reportable segment, selling and marketing organization, principal product lines in various geographic regions, customers, marketing strategy, product distribution, pricing changes, and raw materials used.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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1. The words Thank You have always been synonymous with Western
Union. Throughout our 150-year history, our business has been
centered on making people’s lives easier and more productive.
Without Western Union, people all over the world would not be
able to work, travel or provide for their families in the way that
they currently do. It’s no wonder then that Thank You is something
that every Western Union employee hears countless times each
day. And in 2006, Thank You took on an entirely new meaning,
becoming an internal theme that speaks to the consumers, employees,
agents and shareholders who have helped us get to this: the most
exciting phase in our entire history.
the western union company
2006 annual report
6. “Every time I hear a piano I think
about how I’m helping my grandson
with lessons of his own.”
Annual Report
Western Union 2006
7. “There is a Western Union
right down the street — with hours
that work with my schedule.”
Consumers
8. “Using westernunion.com gives us
the flexibility to send our bill payments
from anywhere.”
Annual Report
Western Union 2006
9. “My brother is helping me
with my tuition and using
Western Union gives him
great comfort that the
money will arrive quickly.”
Consumers
10. “I wanted to help
the Hurricane Katrina
victims the minute I
heard the news. Western
Union is a convenient
way to get money to those
in need right away.”
Annual Report
Western Union 2006
11. “I can walk into any
of Argentina’s Pago Fácil
locations to send my
utility bill payments quickly
and conveniently.”
Consumers
12. “At Western Union, we are proud of
our rich history and just like the founders
of Western Union, we understand
that people want — and need — to stay
connected. We are excited about
the opportunities that await us and those
we serve. We remain committed to
offering diverse, financial services that help
people stay in touch around the corner
or around the world.”
Christina gold
President and CEO
The Western Union Company
Annual Report
Western Union 2006
10
14. Dear Fellow Shareholders,
The familiar yellow and black signs of Western Union have
become the international icon for quick, reliable and convenient
money transfer. Western Union is one of the easiest ways
for families and friends to send money and stay connected
anywhere in the world.
This is precisely why I’m so proud to work for this company. segment we processed nearly 250 million transactions.
In fact, any one of us can tell you that there is no other This financial and operational performance is a
feeling that can compare with knowing the difference we result of our execution on our long-standing strategic
make in the lives of so many people. Again, it all comes objectives:
down to the relationships we’ve established over many 1. Build our brands and enhance our
years. We take pride in being close to our consumers. consumers’ experience
We speak their languages. We live in their neighborhoods. 2. Develop consumer convenience and choice
And we share their cultures. We are a significant part of 3. Explore new service offerings
each other’s lives. 4. Expand and diversify global distribution
As a result, I believe our agents and employees are We are incredibly fortunate to have begun our life as
more like ambassadors. They are ambassadors of trust. an independent public company with strong financial
Ambassadors of responsibility. And ambassadors of hope. performance and a leading position in a thriving global
They are the living, breathing manifestation of who we business. Yet I think there are still parts of the world that
are as a company and everything we stand for: Integrity. are really underserved. So we’ve set ambitious targets
Partnership. Opportunity. Passion. Teamwork. for the immediate future, like increasing our presence
and market position in rapidly growing markets like
a defining year for employees, ConsUmers Asia, the Middle East and India, and expanding our
and shareholders alike
C2B segment outside of the U.S. With the strength of
2006 saw the tireless efforts of an entire organization pre-
the management team and the 5,900 Western Union
paring for life as an independent public company. And on
employees behind me, I am confident our investments
October 2, The Western Union Company began trading on
will continue to increase shareholder value and put an
the NYSE under the ticker symbol WU. In reaching this day
even greater focus on our consumers, our business strate-
we crossed several significant milestones including: raising
gies and our growth initiatives.
$3.5 billion in debt financing, completing a move to global
headquarters in Denver, Colorado, recruiting a Board of loyalt y that transCends age, raCe, gender
Directors and establishing a world-class infrastructure. and nationalit y
We also delivered the financial expectations we set, Western Union is constantly building its brand and
with overall revenues growing 12% to $4.5 billion, operat- enhancing our consumers’ experience. Consequently,
ing income of $1.3 billion and operating cash flow of $1.1 many of those who use our services do so frequently, as
billion. Furthermore, 2006 was a year of operating high- they understand that Western Union is the catalyst that
lights. We increased our global footprint to nearly 300,000 helps improve the quality of life for millions of families
agent locations in over 200 countries and territories, when worldwide. So at a time when people are pursuing
just five years ago the agent network was merely 120,000 opportunities around the world, we welcome the chance
agent locations, with more than one-third of those being to be the faithful connection that keeps them close to
in the United States. We grew our Gold Card program to their own homes. Could there be a greater or more
8 million active cards, up from just 1.5 million in 2003. rewarding responsibility?
And on December 15, 2006 — our busiest day ever — we Our consumers come to us for a variety of services
successfully handled over 2 million transactions. because they know we are committed to meeting their
We divide our business into two segments: consumer- needs. In the end, we know it’s about so much more than
to-consumer (C2C) and consumer-to-business (C2B). We money. It’s about what that money does for people. It’s
handled nearly 150 million C2C transactions in 2006, about bringing a truly global knowledge and scale to local
accounting for more than 80% of our overall revenue and communities everywhere. It’s about taking responsibility.
generating more than $3.7 billion in revenue. C2B com- This loyalty I speak of exists for four reasons. The
prises nearly 15% of our revenue at $636 million. In this first is our global network of 300,000 agent locations.
Annual Report
Western Union 2006
1
15. Second is our brand, which is synonymous with trust and town and, in minutes, it is available to a customer virtually
dependability. The third is our technology — an established anywhere in the world. We work with over 600 super-
system that handles on average more than 1 million trans- agents around the world that are seasoned, established
actions daily, and moves money from one place to another business people in their countries — bringing an unmatched
within minutes. And fourth is the experience and advice local knowledge and expertise to our business. We
provided by our agents and employees. service over 15,000 corridors around the globe with deep
understanding of the culture of each and every one.
leading oUr ConsUmers to bet ter lives
Never before has the number of people living outside their oUr relevanCe has never been more apparent
home countries been higher than it is today. According to My vision for Western Union is to become a leading global
a study done by the United Nations, right now there are financial services provider. This will be achieved by providing
more than 191 million people living outside their country the services our consumers need and by taking advantage
of origin, and that number is expected to continue to grow. of our strengths: Our hours. Our locations. Our capabilities
Additionally, The Aite Group estimated that the total and speed. We will continue to build upon our heritage
amount of cross-border remittances was $269 billion in and live our values as we adapt our business to the needs
2006, of which Western Union has a 17.4% share. This, of the marketplace. Looking ahead, I find Western Union
without question, presents a tremendous opportunity for in a unique and desirable position — ready for change and
growth — especially as we already have the network and equipped with the resources to do so. We have been, and
capacity in place to serve our customers. will continue to be, an institution that is executing new
There is no limit to our ability to develop consumer strategies around the world to help millions of people live
convenience and choice. And we are making significant easier lives.
investments in our business to match new market oppor- My management team and I believe Western Union
tunities and consumer needs, including the Western Union® is a great investment because we provide a meaningful
Gold Cards — for both sender and receiver, our consumer service to millions of people around the world. We con-
database and direct-to-bank transfers. tinue to meet our consumers’ needs and we are extremely
Our C2B initiatives are another strong growth well positioned in a fast growing market to deliver on our
opportunity for Western Union. This business allows commitment to our shareholders.
consumers to send bill payments from a participating My management team and I would like to thank the
Western Union agent location or initiate electronic pay- consumers, agents, employees and shareholders who
ments to billers using a variety of service channels. Our make the hopes of millions of people a reality. The promise
established relationships bring scale to our business and that tomorrow holds for Western Union is incredibly
are helping to increase system efficiency and build encouraging. Just think: in only the last five years we have
diversification into our revenue stream. Our C2B business nearly tripled our number of agent locations. We’ve
enables us to grow our relationships with both companies increased market share and begun life as a public company.
and customers who may not have experience with our Our cash flow has never been stronger. We are constantly
C2C service. expanding and diversifying our global distribution. And
Currently, our C2B business is based primarily in the we’ve grown our agent relationships and introduced new
United States. However, efforts are under way to expand service offerings. The investments we’re making on a
this business internationally. This began in late 2006 with daily basis are benefiting people throughout the world.
the acquisition of Servicio Electrónico de Pago S.A. They are the foundation from which we will continue to
(SEPSA) and their Pago Fácil branded services — a walk- help our consumers realize their dreams.
SM
in bill payment company in Argentina.
I have no doubt that we will strive to continue to be
the market leader in the cross-border remittance market as
our range of services increases. We also remain dedicated
to our regulatory compliance initiatives. Offering services Christina gold
in 200 countries and territories is extremely complex and President and CEO
The Western Union Company
we take great pride in our compliance program.
making the highly Complex look
remark ably simple
Our vast worldwide network is incredibly efficient, and will
continue to be as we explore even more service offerings.
Consumers can put money down on the counter in one
A Letter from the CEO 1
16. Western Union is Accessible
Western Union has a 150-year history of connecting people when
it matters most. Our brand is synonymous with speed, trust,
reliability and convenience for millions of consumers in more
than 200 countries and territories around the world. We offer an
easy, safe and convenient means of transferring money.
ConsUmer‑to ‑ ConsUmer
There is an agent location nearly everywhere —from
the biggest cities to the most rural of areas. We offer
consumers a variety of ways to send money at 300,000
agent locations, and in many countries, over the phone
or on the Internet. However, over 90% of our transac-
tions are still done in person, where consumers receive
the attention and expertise of an agent.
ConsUmer‑to ‑bUsiness
Western Union offers several electronic and cash
payment options that allow our consumers to send
fast, convenient bill payments on a one-time or
recurring basis. C2B transactions account for nearly
15% of our total revenue.
other
Western Union is a trusted source for money orders,
prepaid cards and other financial services. These
services are distributed directly through our agent
network and allow our consumers to manage
their finances conveniently.
Annual Report
Western Union 2006
1
17. Western Union does so much more than simply send money.
Every day our agents and employees come together to help
people all over the world realize their dreams. We are passionately
committed to doing business the right way and we are always
looking for new ways to grow beyond our core business.
An agent CC CompoUnd annUal revenUe groW th nUmber of gold Card holders
from 001 to 00 (in millions)
network
8% U.S./Canada
of 300,000 03 1.5
13% Latin America
locations 04
25% urope, the Middle East, 3.0
E
Africa, and South Asia 05 5.0
48% Asia Pacific 0 8.0
A proven, established brand a Commitment to marketing
in international markets
powerful, Seven percent of annual revenues
Superbrand 2006 — Hong Kong
and potent are invested back into the company
Superbrand 2006 — Russia
brand through worldwide marketing and
Top 100 America’s Greatest Brands — USA
advertising efforts.
Media Cristal Award — France
Best Use of Television — Germany
A capable a Commitment to ComplianCe investment in teChnology
global system In 2006: Our technology is industry
leading. We completed nearly 400
We invested more than $35 million.
that completes
million transactions in 2006—
We have 250 dedicated employees.
an average of quickly and with a high degree
13 transactions of reliability.
per second
Western Union total revenUe 00 revenUe (in billions)
2006 Revenue 62% I
nternational C2C
03 $3.2
14 % omestic C2C
D
04 $3.5
8% exico C2C
M
05 $4.0
14% C2B
2% Other 0 $4.5
Educational Overview 1
18. Agent Locations by Continent*
79,000
north ameriCa
14,000
soUth ameriCa
Countries and territories where Western Union has agent locations:
north ameriCa Panama Suriname Hungary Sweden
Puerto Rico Uruguay Iceland Switzerland
Anguilla
Saint Kitts Venezuela Ireland Turkey
Antigua and Barbuda
Saint Lucia Italy Ukraine
Aruba
eUrope
Saint Maarten Jersey United Kingdom
Barbados
Albania
Saint Vincent Kosovo
Belize
Armenia afriCa
The Bahamas Latvia
Bonaire
Austria
Trinidad and Tobago Liechtenstein Algeria
British Virgin Islands
Azerbaijan
Turks and Caicos Lithuania Angola
Canada
Belgium
U.S. Virgin Islands Luxembourg Benin
Cayman Islands
Bosnia and
United States Macedonia Botswana
Costa Rica
Herzegovina
of America Malta Burkina Faso
Cuba
Bulgaria Moldova Burundi
Curaçao
Croatia
soUth ameriCa Monaco Cameroon
Dominica
Cyprus
Argentina Netherlands Cape Verde
Dominican Republic
Czech Republic
Bolivia Norway Central African Republic
El Salvador
Denmark
Brazil Poland Chad
Grenada
Estonia
Chile Portugal Comoros
Guatemala
Finland
Colombia Romania Congo
Haiti
France
Ecuador Russia Djibouti
Honduras
Georgia
Falkland Islands Serbia and Montenegro DRC (Democratic Republic
Jamaica
Germany
Guyana Slovakia of the Congo)
Mexico
Gibraltar
Paraguay Slovenia Egypt
Montserrat
Greece
Peru Spain Equatorial Guinea
Nicaragua
Annual Report
Western Union 2006
1
19. 91,000
eUrope
99,000
asia
11,000
afriCa
6,000
aUstralia
Eritrea Seychelles Iraq Taiwan Papua New Guinea
Ethiopia Sierra Leone Israel Tajikistan Solomon Islands
Gabon Sudan Japan Thailand Tonga
Gambia Tanzania Jordan Turkmenistan Tuvalu
Ghana Togo Kazakhstan United Arab Emirates Vanuatu
Guinea Tunisia Korea Uzbekistan Western Samoa
Guinea-Bissau Uganda Kuwait Vietnam
Ivory Coast Zambia Kyrgyzstan Yemen * Agent locations include
Kenya Zimbabwe Laos locations of Western Union’s
affiliates Orlandi Valuta
aUstralia
Liberia Lebanon
and Vigo.
asia
Libya Macau American Samoa
Madagascar Afghanistan Malaysia Australia
Malawi Bahrain Maldives Cook Islands
Mali Bangladesh Mongolia Federated States of
Mauritania Belarus Nepal Micronesia
Mauritius Bhutan Oman Fiji
Mayotte Brunei Pakistan French Polynesia
Morocco Cambodia Palestine Kiribati
Mozambique China Philippines Marshall Islands
Niger East Timor Qatar New Caledonia
Nigeria Guam Saudi Arabia New Zealand
Rwanda Hong Kong Singapore Niue
Sao Tome India Sri Lanka Northern Marianas
Senegal Indonesia Syria Palau
Educational Overview 1
20. one World. one home.
Now is a great time to invest in Western Union.
With more and more people leaving their homes and their
families to make a living in foreign lands, the
value of our services increases immensely. As does the value
of everything that makes our services possible: Capability,
People, Geography, Strong Agent Relationships,
Responsibility, Passion and Community.
21. Capability
So much of what we do is designed to hap-
pen quickly. Yet the effects of our actions
last forever. We believe there are very few
companies in the world that can have the
same profound and lasting impact as providing
crucial financial resources when they are
most needed. The truth is, we believe that
Western Union’s capabilities are unmatched.
While there are others that have the ability
to transfer money internationally, they lack
a comparable network of employees and
agent locations covering nearly every corner
of the globe.
In 2006, our capital expenditures of over
$200 million included investments in our multi-
currency processing systems and in our agent
network. We invested more than $290 million
in our brands and improving our consumers’
experience. We completed on average over
one million transactions each day. And we did
it in a highly complex regulatory environment.
As we enter 2007, we will increase our
focus on our consumers by expanding our
global capabilities and local understanding.
We will continue to increase our technological
capabilities, making our services even more
capable of changing the lives of both senders
and receivers. In fact, the most important
differentiator between our system and
all others is, and will remain, our ability to
understand the needs of individuals at both
ends of the transaction.
robin heller
Executive Vice President
Operations and IT
Employees 1
22. Geography
With 300,000 agent locations in over 200 countries and we are now committing more and more resources toward
territories, The Western Union Company may be among countries and geographic locations that hold enormous
the most global companies in the world. In the United potential. China. India. The Philippines. And the Middle
States, we are in 8 of the 10 largest grocery chains, and East, just to name a few.
we are in banks and post offices throughout the world. There has never been a greater demand for our ser-
We are in the places that allow us to become an integral vices. Hundreds of millions of people are currently living
part of the fabric of local communities everywhere. outside of their home countries and using Western Union®
In 2006, we drove our strategies to facilitate an even services to remain connected to their families and home-
greater global focus. Consider that 85% of our total C2C lands. We see this as an enormous opportunity and we
transactions touch a point outside of the United States, are committed to bringing our service to every corner of
and 50% of our C2C revenue never touches a U.S. agent. the world.
Working with our worldwide agents and their employees,
Pictured above from left to right:
hikmet ersek
Executive Vice President and Managing Director
Europe, Middle East, Africa, South Asia
liz aliCea‑velez
Executive Vice President
Latin America, Caribbean
david barnes
Executive Vice President
United States/Canada and Strategic Development
ian marsh
Executive Vice President and Managing Director
Asia Pacific
Annual Report
Western Union 2006
0
23. People
There is a “we” in Western Union. To under-
stand that is to look at the 5,900 people within.
Bonded by common values and common
goals, each of us is truly proud to be here as
a member of this family. There is no reward
or feeling that can compare to being able to
make such a monumental difference in the
lives of so many people.
2006 saw the implementation of many
new and tremendous initiatives, both personally
and professionally. Our Founder’s Grant. Our
five Core Values. Our Commitment Statement.
Each a significant measure in making sure we
remain committed to a single vision that will lead
Western Union through the next 150 years.
Just as we help our consumers realize
their dreams, we help our employees achieve
their goals.
grover Wray
Executive Vice President
of Human Resources
Employees 1
24. Pictured from left to right:
pio molioo
General Manager
Pacific Holding
Western Union Agent
Samoa
pongsima koslathip
Senior Vice President
Bank of Ayudhya PCL
Western Union Agent
Thailand
gabriel paredes
President and CEO
Universal Storefront Services Corporation
Western Union Agent
Philippines
rayma CresWel
CEO
Australian Newsagent’s Federation
Western Union Agent
Australia
Annual Report
Western Union 2006
25. Strong Agent Relationships
Western Union has a history of adapting our business to themselves. They are the primary reason our Western
meet the changing needs of the people we serve. So as Union Gold Card loyalty program has more than 8 million
more of our consumers are moving to more places around active cards and reached 62 countries in 2006. And their
the world, our over 600 superagent relationships have long tenure with Western Union gives them the knowledge
never been more important. and insight to create customized solutions on a local basis.
The relationship between a consumer and their We are always looking to implement new strategies that
Western Union agent is a special one. Our agents’ deep will allow our service, our technology and our agents to have
understanding of the communities they serve comes from an even greater impact on the communities we serve.
the fact that they are members of these communities
Employees
26. Responsibility
Western Union is a company of values
and principles. And as the industry leader in
cross-border remittances, we welcome the
opportunity to also be a leader in strong
business practices, and understanding the
regulatory laws and standards in the more
than 200 countries and territories where we
do business. 2006 saw our most significant
investment in compliance-related initiatives,
with investments exceeding $35 million.
We supported proprietary monitoring systems,
sophisticated analysis and reporting systems,
and dedicated 250 employees across the globe.
We share a common goal with government
representatives everywhere we do business:
the best interests of our consumers and their
families. Our Public Affairs group leverages
Western Union’s global reach, leadership,
innovation and role in diverse communities —
allowing us to serve as a resource, advocate
and trusted participant among regulators,
policy makers, researchers, development
agencies, and grassroots and community
organizations. For example, in conjunction
with the Mexican government we have
launched the 4 plus 1 program — a plan
designed to promote job growth and improve
economic conditions in Mexico. This, along
with other grassroots community efforts,
helps us service our consumers on a whole
different level.
fred niehaUs
Senior Vice President
Public Affairs
Annual Report
Western Union 2006
27. lUell a Chavez‑d’angelo
President
Western Union Foundation
Community
Our rich history of assisting people and communities China, while giving homeless children in Mumbai, India, a
across the globe goes far beyond the transferring of new life through the Vatsalya Foundation. We’ve generated
money. Each day, through the Western Union Foundation, nearly $1.5 million to help survivors of Hurricane Katrina
we find ways to provide assistance to those who need it and the city of New Orleans, and nearly $2 million — in
most. In just over five years, the Foundation has helped immediate relief and for rebuilding — to help the survivors
generate tens of millions of dollars for international non- of the 2004 tsunami. We also donated to the survivors
profit organizations like the Red Cross and America’s of the earthquakes in Indonesia and Pakistan in 2005
Second Harvest — providing disaster relief, education and and 2006.
human service programs. The Western Union Foundation is one more reason
Internationally, we’re helping the Asia Foundation why we are truly local — regardless of city, country or
educate and empower migrant women in Jintang County, even continent.
Employees
28. Passion
Behind the Western Union brand is a renewed sense of people’s lives. It’s seeing what that money does for a
purpose, excitement and momentum. We are a culture person that really defines what we’re all about. Because
focused on inclusion, where each one of us feels as though when you’re responsible for somebody having something
we play an equal part in the business. There’s a genuine that they wouldn’t be able to get any other way — something
eagerness inside each one of us to create even more that is an absolute necessity for living — it has a profound
possibilities for the people we serve. effect that no other feeling can match. It’s something that
Of course, it’s easy to get behind something you see could only happen with the 5,900 employees and 300,000
and feel every day. And this really is about much more agent locations that are The Western Union Company.
than sending money. It’s about making a difference in
Top row from left to right:
l aUren kim
Korean Language Department
mohamed patel
Gujarati Language Department
liza sindalovsky
Ukranian Language Department
rose kengele
French Language Department
Bottom row from left to right:
marisol gUzman
Spanish Language Department
deanne zolotar
Portuguese Language Department
Annual Report
Western Union 2006
30. Why shoUld We invest in eaCh other?
Consumers value the services we offer. What we do,
helping people stay connected, brings vitality to
relationships. And thinking responsibly for the company
and the community is the anchor of how we do
business. We will strive to meet our consumers’ expectations
in the highest manner possible, remain strongly
positioned in a fast-growing worldwide market and
deliver on our commitments to our shareholders.
32. Executive Committee
Pictured above from left to right:
David Schlapbach, David Barnes, Grover Wray, Christina A. Gold, Hikmet Ersek, Anne McCarthy,
Ian Marsh, Scott Scheirman, Robin Heller, Liz Alicea-Velez, Royal Cole, Guy Battista
david barnes Hikmet ersek ian marsH david scHl aPbacH
Executive Vice President Executive Vice President Executive Vice President Executive Vice President
United States/Canada and and Managing Director and Managing Director General Counsel
Strategic Development Europe, Middle East, Asia Pacific and Secretary
Africa, South Asia
guy bat tista anne mccartHy liz alicea-velez
Executive Vice President Executive Vice President Executive Vice President
cHristina a. gold
and President of President and Corporate Latin America/Caribbean
Western Union Chief Executive Officer Communications
grover wray
Financial Services, Inc.
Executive Vice President
robin Heller scot t scHeirman
Executive Vice President Executive Vice President Human Resources
royal cole
Executive Vice President Operations and IT and Chief Financial
and General Manager Officer
Western Union
Payment Services
Annual Report
western union 2006
30
33. Board of Directors
Pictured above from left to right:
Dinyar S. Devitre, Mike Miles, Dennis Stevenson, Roberto G. Mendoza, Christina A. Gold, Alan J. Lacy,
Betsy D. Holden, Jack M. Greenberg, Linda Fayne Levinson,
dinyar s. devitre betsy d. Holden linda fayne levinson mike miles
Senior Vice President and Former President Advisor to President and Chief
Chief Financial Officer Global Marketing and Professionally Funded, Operating Officer
Altria Group Inc. Category Development Privately Held Ventures Staples Inc.
Kraft Foods Inc.
cHristina a. gold roberto g. mendoza dennis stevenson
President and Chairman of Chairman
alan J. lacy
Chief Executive Officer Former Vice Chairman Trinsum Group HBOS plc
and Chief Executive
Jack m. greenberg
Officer Sears Holding
Non-executive Chairman Corporation
Former Chairman and
Chief Executive Officer
McDonald’s Corporation
Executive Committee Board of Directors 31
34. || Forward-Looking Statements
This Annual Report and materials we have filed or will file liabilities resulting from litigation and
||
with the Securities and Exchange Commission (the “SEC”) regulatory investigations, including costs,
(as well as information included in our other written or oral expenses, settlements and judgments;
statements) contain or will contain certain statements that
our ability to protect our brands and our other
||
are forward-looking within the meaning of the Private
intellectual property rights and to defend ourselves
Securities Litigation Reform Act of 1995. These statements
against potential patent infringement claims;
are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult changes in domestic or foreign laws, rules
||
to predict. Actual outcomes and results may differ materially and regulations as well as Internal Revenue
from those expressed in, or implied by, our forward-looking Service or other governmental agencies’
statements. Words such as “expects,” “intends,” interpretations thereof;
“anticipates,” “believes,” “estimates” and other similar
changes in accounting standards, rules
||
expressions or future or conditional verbs such as “will,”
and interpretations;
“should,” “would” and “could” are intended to identify
such forward-looking statements. You should not rely solely competition with banks and other nonbank
||
on the forward-looking statements and should consider all money transfer services providers;
uncertainties and risks, as described under “Risk Factors”
our ability to grow our core businesses;
||
in our Annual Report on Form 10-K filed with the SEC on
February 27, 2007. The statements are only as of the date our ability to develop and introduce new
||
they are made, and we undertake no obligation to update products, services and enhancements, and
any forward-looking statement. gain market acceptance of such products;
Possible events or factors that could cause results or
mergers, acquisitions and integration of acquired
||
performance to differ materially from those expressed in
businesses into our company;
our forward-looking statements include the following:
decisions to downsize, sell or close units or
||
changes in general economic conditions and
||
otherwise change the business mix;
economic conditions in the geographic regions
and industries in which we operate;
any material breach of security of our systems
||
or interruptions in our systems;
the impact of our spin-off from First Data Corporation;
||
catastrophic events; and
||
changes in immigration laws, patterns and other
||
factors related to immigrants;
management’s ability to manage these
||
and other risks.
technological changes, particularly with respect
||
to e-commerce;
|| Selected Financial Data
our ability to attract and retain qualified key
||
employees;
The financial information in this Annual Report is presented
changes in foreign exchange rates, including
||
on a consolidated basis and includes the accounts of The
the impact of foreign exchange spreads on money
Western Union Company (“Western Union” or the “Company”)
transfer transactions;
and its majority-owned subsidiaries. The financial information
adverse movements and volatility in debt and
||
for the periods presented prior to the spin-off by First
equity capital markets; Data Corporation (“First Data”) of its money transfer and
consumer payments businesses on September 29, 2006
political conditions and related actions by the United
||
through a distribution of 100% of the common stock of
States and abroad which may adversely affect our
the Company to holders of record of First Data’s common
businesses and economic conditions as a whole;
stock (the “Distribution”) is presented on a combined
continued growth in the money transfer market basis and represents those entities that were ultimately
||
and other markets in which we operate at rates transferred to the Company as part of the spin-off. The
approximating recent levels; assets and liabilities presented have been reflected on a
historical basis, as prior to the Distribution such assets and
deterioration in consumers’ confidence in
||
liabilities presented were 100% owned by First Data.
our business, or in traditional money transfer
However, the financial statements for the periods presented
providers generally;
prior to the Distribution do not include all of the actual
our ability to maintain our agent network; expenses that would have been incurred had Western Union
||
been a stand-alone entity during the periods presented
successfully managing credit and fraud risks
||
and do not reflect Western Union’s combined results of
from our agents and consumers;
operations, financial position and cash flows had Western
Union been a stand-alone company during the periods
presented.
Annual Report
western union 2006
32
35. Our selected historical financial data are not necessarily of Financial Condition and Results of Operations and
indicative of our future financial position, future results of our historical consolidated financial statements and the
operations or future cash flows. notes to those statements included elsewhere in this
You should read the information set forth below in Annual Report.
conjunction with Management’s Discussion and Analysis
2006 2005 2004 2003 2002
Year Ended December 31,
(in millions, except per share data) (unaudited )
statements of income data:
$4,470.2 $3,987.9 $3,547.6 $3,151.6 $2,743.4
Revenues
Operating expenses (a) (b) 3,158.8 2,718.7 2,435.5 2,148.6 1,919.9
Operating income 1,311.4 1,269.2 1,112.1 1,003.0 823.5
Other income/(expense), net (c) 23.7 74.9 (13.5) (40.4) (24.2)
Income before income taxes (a) (b) (c) 1,335.1 1,344.1 1,098.6 962.6 799.3
Net income (a) (b) (c) 914.0 927.4 751.6 633.7 494.1
Depreciation and amortization 103.5 79.5 79.2 78.4 60.2
casH flow data:
Net cash provided by operating activities 1,108.9 1,002.8 930.2 792.8 607.5
Dividends to First Data 2,953.9 417.2 659.8 324.2 486.8
earnings Per sHare data:
Basic (a) (b) (c) (d) $ 1.20 $ 1.21 $0.98 $ 0.83 $ 0.65
Diluted (a) (b) (c) (d) $ 1.19 $ 1.21 $0.98 $ 0.83 $ 0.65
Cash dividends to public stockholders
per common share $ 0.01 — — — —
key indicators (unaudited):
Consumer-to-consumer transactions (e) 147.08 118.52 96.66 81.04 67.84
Consumer-to-business transactions (f) 249.38 215.11 192.57 179.39 145.01
2006 2005 2004 2003 2002
Year ended December 31,
(unaudited ) (unaudited )
bal ance sHeet data:
Settlement assets $1,284.2 $ 914.4 $ 702.5 $ 583.9 $ 473.2
Total assets 5,321.1 4,591.7 3,315.8 3,027.4 2,469.7
Settlement obligations 1,282.5 912.0 696.6 573.6 460.6
Total borrowings 3,323.5 — — — —
Total liabilities 5,635.9 1,779.9 1,381.3 1,198.5 999.0
Total stockholders’ (deficiency)/net
investment in The Western Union Company (314.8) 2,811.8 1,934.5 1,828.9 1,470.7
(a) We adopted SFAS No. 123R, “Share-Based Payment,” or “SFAS No. 123R,” following the modified prospective method effective January 1, 2006. SFAS No. 123R requires all
stock-based payments to employees to be recognized in the income statement based on their respective grant date fair values over the corresponding service periods and also
requires an estimation of forfeitures when calculating compensation expense. Stock-based compensation expense, including stock compensation expense allocated by First Data
prior to the spin-off on September 29, 2006 and the impact of adopting SFAS No. 123R, was $30.1 million for the year ended December 31, 2006.
(b) In 2002, our company recorded expenses of $41.0 million related to the settlement of certain class action litigation and regulatory matters.
(c) Primarily includes interest income on international cash balances and a loan made to one of our agents, interest expense on debt incurred in connection with the spin-off, derivative
gains and losses, the net foreign exchange effect on notes receivable from First Data and related foreign currency swaps with First Data, and net interest income due from First Data.
Prior to September 29, 2006, we did not have any forward contracts that qualified as hedges, and therefore, the gains and losses on these contracts were reflected in income prior
to that date. On September 29, 2006, we re-established our foreign currency forward positions to qualify for cash flow hedge accounting. As a result, after September 29, 2006,
we anticipate the amounts reflected in the caption “Derivative (losses)/gains, net” will be minimal. The notes receivable from First Data affiliates and related foreign currency swap
agreements were settled in cash in connection with the spin-off. Accordingly, we will no longer have any amounts related to the revaluation of notes receivable from First Data and
the related foreign currency swap arrangements recognized on the statement of income in the caption “Foreign exchange effect on notes receivable from First Data, net.” During
years ended December 31, 2006, 2005, 2004, 2003 and 2002, the pre-tax derivative (loss)/gain was $(21.2) million, $45.8 million, $(30.2) million, $(37.9) million and $(28.9) million,
respectively. During the years ended December 31, 2006, 2005 and 2004, the pre-tax gain/(loss) on foreign exchange translation of notes receivable from First Data and valuation
of related foreign currency swap agreements was $10.1 million, $(5.9) million, and $7.5 million, respectively. There were no gains or losses during 2003 or 2002.
(d) For all periods prior to September 29, 2006 (the date of our spin-off from First Data), basic and diluted earnings per share were computed utilizing the basic shares outstanding at
September 29, 2006.
(e) Consumer-to-consumer transactions include consumer-to-consumer money transfer services worldwide. Amounts include Vigo Remittance Corp. transactions since the acquisition
date of October 21, 2005.
(f) Consumer-to-business transactions include Quick Collect, Western Union Convenience Pay, Speedpay, Equity Accelerator, and Pago Fácil transactions processed by us. Amounts
include SEPSA (Pago Fácil) transactions since its acquisition in December 2006, E Commerce Group, Inc. (Speedpay) transactions since its acquisition in June 2002 and Paymap Inc.
(Equity Accelerator®) transactions since its acquisition in April 2002.
Selected Financial Data 33
36. || Overview || The Western Union Business
Western Union is a leader in global money transfer, providing Our revenue is principally generated by money transfer
people with fast, reliable and convenient ways to send and payment transactions. We derive our revenue primarily
money around the world, pay bills and purchase money from two sources. Most of our revenue comes from fees
orders. The Western Union® brand is globally recognized. that consumers pay when they send money. In certain
Our services are available through a network of nearly consumer money transfer transactions involving different
300,000 agent locations in more than 200 countries send and receive currencies, we generate revenue based
and territories. Each location in our agent network is on the difference between the exchange rate set by us to
capable of providing one or more of our services. As of the consumer and the rate at which we or our agents are
December 31, 2006, approximately 75% of our locations able to acquire currency.
had experienced money transfer activity in the prior twelve In our consumer-to-consumer segment we provide
months. Our consumer-to-consumer money transfer service our third-party agents with our multi-currency, real-time
enables people to send money around the world in minutes. money transfer processing systems used to originate and
Our consumer-to-business service provides consumers pay money transfers. Our agents provide the physical
with flexible and convenient options for making one-time infrastructure and staff required to complete the transfers.
or recurring payments. We generally pay our agents a commission based on a
In 2006, we generated $4.5 billion in total consolidated percentage of revenue. The commission is shared between
revenues and $914.0 million in consolidated net income. the agent that initiated the transaction, the “send agent,”
We handled 147 million consumer-to-consumer money and the agent that paid out the transaction, the “receive
transfers in 2006, an increase of 24% over 2005. Our agent.” For most agents, the costs of providing the physical
249 million consumer-to-business transactions in 2006 infrastructure and staff are typically covered by the agent’s
represented a 16% increase over 2005. primary business (e.g., postal services, banking, check
We believe that brand strength, size and reach of our cashing, travel and retail businesses), making the economics
global network, and convenience and reliability for our of being a Western Union agent attractive to our agents.
consumers have been key to the growth of our business. Western Union’s global reach and loyal consumer base
As we continue to meet the needs of our consumers for allow us to attract agents we believe to be of high quality.
fast, reliable and convenient money transfer services, we In our consumer-to-business segment we offer
are also working to enhance our existing services and consumers options to make payments electronically over
provide our consumers with access to an expanding portfolio the telephone or the Internet, and to make cash payments
of payment and other financial services. in person at an agent location. We process electronic
payments using the consumer’s credit card, debit card or
bank account. We process cash payments much like we
|| History and Development process consumer-to-consumer transactions.
Western Union has roots back to 1851. It first traded on
|| Our Segments
the New York Stock Exchange in 1865. In 1884, Western
Union was one of the original 11 companies included on
the first Dow Jones average listing. We have a long history We manage our business around the consumers we serve
of providing innovative services, including creating the and the type of services we offer. Each segment addresses
universal stock ticker and launching the first United States a different combination of consumer needs, distribution
commercial communications satellite service. We introduced networks and services.
our consumer-to-consumer money transfer service in 1871.
consumer-to - consumer — provides money transfer
||
We began offering consumer-to-business payment services
services between consumers, primarily through a global
in 1989 when we introduced Western Union Quick Collect®
network of third-party agents using our multi-currency,
or “Quick Collect,” providing consumers in the United
real-time money transfer processing systems.
States with the ability to conveniently pay bills in cash
through our agent network. || c o n su m e r -to - bus i n es s — focuses
on payments from
Over the past decade, we have become a leader in consumers to billers through our networks of third-
the development of a formal global remittance market. party agents and various electronic channels. While
Today, we offer money transfer and bill payment services we continue to pursue international expansion of our
under the Western Union, Orlandi Valuta, VigoSM and Pago
® ®
offerings in selected markets, as demonstrated by our
FácilSM brands in over 200 countries and territories. December 2006 acquisition of Servicio Electrónico de
The Western Union Company was incorporated in Pago S.A. and related entities (“SEPSA”), substantially
Delaware as a wholly owned subsidiary of First Data on all of the segment’s 2006 revenue was generated in the
February 17, 2006 in anticipation of the planned spin-off United States.
described below.
Annual Report
western union 2006
34
37. Our other businesses not included in these segments specifying, among other things, the name and address of
include Western Union branded money orders available the recipient, and delivers it, along with the principal amount
through a network of third-party agents primarily in the of the money transfer and the fee, to the agent. This sending
United States and Canada, and prepaid services. Prepaid agent enters the transaction information into our data
services include a Western Union branded prepaid card processing system and the funds are made available
sold through our agent network primarily in the United for payment, usually within minutes. The recipient enters
States and the Internet, and top-up services for third parties any agent location in the designated receiving area or
that allow consumers to pay in advance for mobile phone country, presents identification and is paid the transferred
and other services. amount. Recipients do not pay a fee (although in limited
circumstances, a tax may be imposed on the payment of
Consumer-to-Consumer Segment the remittance). We determine the fee paid by the sender,
Individual money transfers from one consumer to another which generally is based on the principal amount of the
are the core of our business, representing 84% of our total transaction and the locations from and to which the funds
consolidated revenues for 2006. We offer consumers a are to be transferred.
variety of ways to send money. Although most remittances We maintain three separate multi-currency, real-time
are sent in cash at one of our nearly 300,000 agent locations money transfer processing systems through which a
worldwide, in some countries we also offer the ability to consumer can transfer money from a location within that
send money over the Internet or the telephone, using a system. Money transfer services are available under
credit or debit card. Some agent locations also accept debit the Western Union, Orlandi Valuta and Vigo brands, at
cards to initiate a transaction. We also offer consumers least one of which is available in each location in the
several options to receive a money transfer. While the vast agent network.
majority of transfers are paid in cash at agent locations, in Approximately 85% of our consumer-to-consumer
some places we offer payments directly to the receiver’s transactions involve at least one non-United States location.
bank account or a stored-value card. No individual country outside the United States and Mexico
accounted for more than 10% of the segment’s revenue
Operations for the years ended December 31, 2006, 2005, and 2004.
Our revenue is derived primarily from transaction fees Mexico, shown separately in the table below, accounted
charged to consumers to transfer money. In certain for the largest single source of foreign country revenue in
consumer money transfer transactions involving different the segment. Certain of our agents facilitate a large number
send and receive currencies, we generate revenue based of transactions; however, no individual agent accounted
on the difference between the exchange rate set by us to for greater than 10% of the segment’s revenue during
the consumer and the rate at which we or our agents are these periods. The table below presents the geographic
able to acquire currency. components of consumer-to-consumer revenue for Western
In a typical money transfer transaction, a consumer Union, Orlandi Valuta and Vigo as a percentage of the total
goes to one of our agent locations, completes a form segment revenue.
2006 2005 2004
Years Ended December 31,
International (a) 74% 72% 71%
Domestic (b) 16% 19% 21%
Mexico (c) 10% 9% 8%
(a) Represents transactions between and within foreign countries (excluding Canada and Mexico), transactions originated in the United States or Canada destined for foreign countries
and foreign country transactions destined for the United States or Canada. Excludes all transactions between or within the United States and Canada and all transactions to and
from Mexico as reflected in (b) and (c) below.
(b) Represents all transactions between and within the United States and Canada.
(c) Represents all transactions to and from Mexico.
Seasonality Services
Consumer-to-consumer segment revenue typically increases We offer money transfer services worldwide. In 2006, over
sequentially from the first quarter to the fourth quarter 90% of our consumer-to-consumer transactions were
each year and declines from the fourth quarter to the first traditional cash money transfers involving our walk-in
quarter of the following year. This seasonal fluctuation is agent locations around the world. In order to enhance the
related to the holiday season in various countries during convenience of our services, we offer a number of options
the fourth quarter. for sending and receiving funds; however, historically,
demand for in-person, cash money transfers has been the
strongest. The different ways consumers can send or
receive money include the following:
Our Business 35
38. Distribution and Marketing Channels
wa l k- i n m o n e y t r a n s f e r s e rv i c e . The majority of
Western Union, Orlandi Valuta and Vigo remittances We offer our consumer-to-consumer service through our
constitute transactions in which cash is collected by the global network of third-party agents and the other initiation
agent and payment (usually cash) is available for pick-up and payment methods discussed above. Western Union
at another agent location in the designated receive country, provides central operating functions such as transaction
usually within minutes. processing, marketing support and customer relationship
Western Union continues to develop new services management to our agents.
that enhance consumer convenience and choice and are Some of our Western Union agents outside the United
customized to meet the needs of consumers in the regions States manage subagents. Although these subagents
where these services are offered. In the United States, are under contract with our primary agents (and not
consumers can use a debit card to send transactions from with Western Union directly), the subagent locations have
many agent locations. In some United States outbound access to the same technology and services that our agent
corridors and in select international corridors, Western locations do.
Union provides Direct to Bank service, enabling a consumer Our international agents are able to customize services
to send a transaction from an agent location directly to a as appropriate for their geographic markets. In some
bank account in another country. In certain countries, markets individual agents are independently offering specific
Western Union offers payout options through a debit or services such as stored-value payout options and direct
stored-value card, or through a money order. In a number to bank service. Our marketing relies on feedback from
of countries in Latin America and the Caribbean, Western our agents and consumers, and our agents also market
Union agents offer a bank deposit service, in which the our services.
paying agent provides the receiver the option to direct In February 2005, Western Union International Bank
funds to a bank account or to a stored-value card. Vigo also began operations. We chartered the bank in order to adapt
offers Direct to Bank and home delivery service in certain to the challenges presented by the growing trend among
receive countries. the member states of the European Union to regulate the
Our “Next Day Delivery” option is a money transfer money transfer business. Western Union International
that is available for payment 24 hours after it is sent. This Bank holds a full credit institution license, allowing it to
option is available in certain markets for domestic service offer a range of financial services throughout the 27 member
within the United States, and in select United States states of the European Union and the three additional
outbound and international corridors, including Mexico. states of the European Economic Area. Today, the bank
The Next Day Delivery service gives our consumers a offers retail service in over 20 locations in three countries
lower-priced option for money transfers that do not need and online money transfer services in seven countries.
to be received within minutes. The service still offers the
convenience, reliability and ease-of-use that the Western Industry Trends
Union brand represents. We participate in a large and growing market for money
Our “Money Transfer by Phone” service is available transfer. Growth in the money transfer business tends to
in select Western Union agent locations in the United correlate to immigration and related employment rates
States. In a Money Transfer by Phone transaction, the worldwide. Therefore, an indicator for future growth is the
consumer is able to use a telephone in the agent location size of the international migrant population, which to a
to speak to a Western Union representative in one certain extent follows economic opportunity worldwide.
of several languages. Typically the sender provides the In 2006, the United Nations reported that there were
information necessary to complete the transaction to 191 million people living outside their country of origin in
the Western Union operator on the phone and is given a 2005. We anticipate that demand for money transfer
transaction number, which the sender takes to the agent’s services will continue to grow as individuals continue to
in-store representative to send the funds. migrate to countries outside of their country of origin.
online money transfer service. Our Internet website, According to a 2005 United Nations report, during 2005 to
westernunion.com, allows consumers to send funds 2050, the net number of international migrants moving to
on-line, using a credit or debit card, for pay-out at Western more developed regions of the world is projected to increase
Union-branded agent locations around the world. Transaction by 98 million or an average of 2.2 million annually.
capability at westernunion.com was launched in the United Aite Group, LLC or “Aite,” an independent research
States in 2000 and in Canada in 2002. Since 2004, Western and advisory firm, estimated in a January 2005 report that
Union has expanded the service to additional countries the total value of remittances sent by workers to developed
outside the United States. and emerging regions would be $269 billion in 2006 and
telePHon e mon ey tr ansfer servi c e. Our Telephone that this amount would grow to $289 billion in 2007. These
Money Transfer service allows Western Union consumers figures were estimated primarily by using balance of
to send funds by telephone without visiting an agent location. payments data reported by the International Monetary
Consumers call a toll-free number in the United States or Fund, the Inter-American Development Bank, central banks
the United Kingdom and use a debit card or credit card to and money transmitters. They do not capture all of the
initiate a transaction. The money transfer is then available money transfers sent through informal channels and do
for pay-out at an agent location. not measure the size of the intra-country market. The World
Bank estimates that unrecorded remittances are at least
half as large as recorded remittances.
Annual Report
western union 2006
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