It is obvious that 2015 marked a slight recovery for our sample of major construction groups with an upturn in business and improved operating margins. Growth continues at both sectoral and geographic levels, with a boost in the energy and services sector and growth in business outside of Europe. However, companies are still affected by developments in their domestic markets, as can be seen in France, where construction groups are impacted by a still-sluggish home market.
In the last year, there has been an increase in the activity of the tax authorities, including both in-depth tax audits and specific tax audits related to a particular tax or issue, usually finalized with tax assessment decisions and inspection reports establishing material additional tax liabilities.
Over the years, financial communication has become an essential aspect of promoting the activities of large insurance groups. The exercise has particular salience this year with the arrival of the European Solvency II Directive, introducing far-reaching changes in the matter of capital requirements and risk management. Against this background, we have taken a closer look at the information available on Solvency II, the major issue in financial communication in 2015.
Mazars recognises digitisation as an important topic for the financial services industry; for this reason, we have developed a content programme with the Economist Intelligence Unit that focuses on how banks, insurance and real estate businesses are adapting their risk and reporting procedures to the new digital environment.
Over the years, financial communication has become an essential element in promoting the activities of large groups, especially for insurers, with their particular business model.
As part of the Integrated Reporting Insurance Network, Mazars has been fully involved in building the business case for the Insurance sector.
This report contains valuable insights into the attitudes and behaviours of mid-cap companies and their strategies for international – and domestic – growth.