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Datum nieuwsfeit: 29-10-2008
Moody's Corporation meldt resultaten voor derde kwartaal 2008
( BW)(NY-MOODY'S-CORPORATION)(MCO) Moody's Corporation Reports Results
for Third Quarter 2008
Business Editors/Financial Editors
NEW YORK--(BUSINESS WIRE)--Oct. 29, 2008--
-- 3Q08 revenue down 17% and operating expenses down 11%
-- Reported 3Q08 EPS of $0.46 down 10%
-- FY08 EPS guidance revised downward to $1.71 - $1.77, excluding
the acquisition of Fermat International, legacy tax matters
and 2007 restructuring adjustments
Moody's Corporation (NYSE: MCO) today announced results for the
third quarter 2008.
Summary of Results for Third Quarter 2008
Moody's reported revenue of $433.4 million for the three months
ended September 30, 2008, a decrease of 17% from $525.0 million for
the same quarter of 2007. Operating income for the quarter was $189.8
million, a 24% decline from $250.5 million for the same period last
year. Diluted earnings per share were $0.46 for the third quarter of
2008 and included a benefit of $0.01 related to legacy tax matters and
2007 restructuring adjustments. Excluding the impact of these items,
diluted earnings per share declined 12% to $0.45 in 2008 versus $0.51
in 2007.
Raymond McDaniel, Chairman and Chief Executive Officer of Moody's,
said, "Moody's results in the third quarter were adversely impacted by
the credit markets freeze, which worsened materially in mid-September.
Since then, market conditions have eased only slightly and the pace of
recovery remains uncertain." Mr. McDaniel added, "Given these
conditions, we will continue to develop areas of our business that
produce recurring revenue and maintain our focus on cost management.
In addition, we are revising our 2008 earnings guidance downward. We
now expect full-year earnings per share to be in the range of $1.71 to
$1.77, excluding legacy tax matters, 2007 restructuring adjustments,
and dilution of $0.05 to $0.07 per share relating to our acquisition
of Fermat International."
Third Quarter Revenue
For Moody's Corporation overall, global revenue declined 17% from
the third quarter of 2007. Excluding favorable foreign exchange
impacts, revenue declined 19%. U.S. revenue of $218.3 million for the
third quarter of 2008 decreased 29% from the third quarter of 2007,
while non-U.S. revenue of $215.1 million was about flat with the
prior-year period. Non-U.S. revenue accounted for 50% of Moody's total
revenue for the quarter, up from 42% in the year-ago period.
Global revenue at Moody's Investors Service ("MIS") for the third
quarter of 2008 was $296.8 million, a decrease of 27% from the
prior-year period. Excluding the favorable impact of foreign currency
translation, revenue declined 29%. U.S. revenue of $153.4 million for
the third quarter of 2008 decreased 38% from the third quarter of
2007. Outside the U.S., revenue of $143.4 million, representing 48% of
global MIS revenue, declined 10% from the year-ago period.
Within the ratings business, global structured finance revenue
totaled $97.7 million for the third quarter of 2008, a decrease of 50%
from a year earlier. U.S. structured finance revenue decreased 65%,
driven by declines in issuance across all asset classes, led by
weakness in residential mortgage-backed securities, commercial real
estate finance and credit derivatives. Non-U.S. structured finance
revenue decreased 25%, led by declines in commercial real estate
finance and European credit derivatives.
Global corporate finance revenue of $75.0 million in the third
quarter of 2008 declined 19% from the same quarter of 2007. Revenue in
the U.S. declined 22% from the prior-year period. Outside the U.S.,
corporate finance revenue decreased 14%, led by declines in bank loan
ratings and speculative-grade securities. Historically wide interest
spreads caused investment-grade and speculative-grade issuers to delay
transactions, resulting in reduced issuance.
Global financial institutions revenue of $64.4 million in the
third quarter of 2008 increased 2% compared to the same quarter of
2007. Financial institutions revenue in the U.S. decreased 10% as
declines in the insurance and finance and securities sectors more than
offset growth in the banking and managed investments sectors. Outside
the U.S., revenue increased 12% primarily due to greater issuance by
European banks.
Global public, project and infrastructure finance revenue was
$59.7 million for the third quarter of 2008, 11% higher than in the
third quarter of 2007, reflecting strong double-digit percent growth
in revenue from U.S. municipal ratings. Public, project and
infrastructure finance revenue in the U.S. increased 3% over the
prior-year period. Non-U.S. revenue rose over 30% with strong
increases in project and infrastructure finance activity in the EMEA
region, driven primarily by capital raising of European utilities.
Global Moody's Analytics revenue for the third quarter of 2008
reached $136.6 million, up 14% from the same quarter of 2007.
Excluding the impact of foreign currency translation, revenue
increased 12%. U.S. revenue of $64.9 million for the third quarter of
2008 increased 7% from the third quarter of 2007. Outside the U.S.,
revenue increased by 20%, and represented 52% of total Moody's
Analytics revenue. The subscriptions, software and consulting business
lines each delivered double-digit percent growth. Revenue from
subscriptions rose to $118.6 million, contributing the majority of
dollar growth.
Third Quarter Expenses
Third quarter 2008 operating expenses for Moody's Corporation of
$243.6 million were $30.9 million or 11% lower than in the prior-year
period. Lower incentive and stock-based compensation expense
positively impacted these results, as did cost reduction initiatives
that began in late 2007. Third quarter 2008 non-operating expenses
included benefits of approximately $5 million, or about $0.01 per
share, primarily relating to the resolution of certain legacy tax
matters. Moody's operating margin for the third quarter of 2008 was
43.8%, 390 basis points lower than the prior-year period.
Third Quarter Effective Tax Rate
Moody's effective tax rate was 38.6% for the third quarter of
2008, compared with 43.3% for the prior-year period. The decrease was
due primarily to a larger portion of consolidated taxable income being
generated from outside the U.S., which is taxed at a lower rate than
the U.S. statutory rate, and the realization of credits and deductions
available for U.S.-based manufacturing and research activities.
Year-to-Date Results
Moody's Corporation revenue for the first nine months of 2008
totaled $1,351.7 million, a decrease of 23% from $1,754.1 million for
the same period of 2007. Excluding the positive impact from foreign
currency translation, global revenue declined 25 percent. Operating
income of $622.8 million was down 32% from $918.9 million for the same
period of 2007. Diluted earnings per share of $1.49 for the first nine
months of 2008 included a benefit of $0.05 related to the resolution
of certain legacy tax matters and 2007 restructuring adjustments.
Excluding these items in both years, diluted earnings per share of
$1.44 decreased 24% from $1.89 for the first nine months of 2007.
Revenue at Moody's Investors Service totaled $950.8 million for
the first nine months of 2008, a decrease of 32% from the prior-year
period. Moody's Analytics revenue rose to $400.9 million for the first
nine months of 2008, up 16% from the first nine months of 2007.
Share Repurchases
During the third quarter of 2008, Moody's repurchased 4.2 million
shares at a total cost of $145 million and issued 394 thousand shares
under employee stock-based compensation plans. Outstanding shares as
of September 30, 2008 totaled 239.8 million, representing a 7%
decrease from a year earlier. Third quarter share repurchases were
funded primarily by free cash flow. At quarter-end, Moody's had $1.4
billion of outstanding debt with additional debt capacity available of
approximately $350 million. Additionally, as of September 30, 2008,
Moody's had $1.6 billion of share repurchase authority remaining under
its current program.
Assumptions and Outlook for Full-Year 2008
Moody's outlook for 2008 is based on assumptions about many
macroeconomic and capital market factors, including interest rates,
corporate profitability and business investment spending, merger and
acquisition activity, consumer spending, residential mortgage
borrowing and refinancing activity, securitization levels, capital
markets issuance, and the impact of government-sponsored economic
stabilization initiatives. There is an important degree of uncertainty
surrounding these assumptions and, if actual conditions differ from
these assumptions, Moody's results for the year may differ materially
from our current outlook.
In light of very difficult conditions in the global debt markets
and uncertainty as to the pace of recovery, we have revised our
outlook downward for the full-year 2008. For Moody's overall, the
Company now expects full-year 2008 revenue to decline in the
low-twenties percent range. This decline excludes any revenue relating
to the acquisition of Fermat International ("Fermat") and assumes
foreign currency translation for the remainder of 2008 at current
exchange rates.
We are maintaining our focus on expense management given our lower
revenue expectations. As a result, full-year 2008 operating expenses
are now expected to decline about 11% on an as-reported basis compared
to full-year 2007. Excluding the $50 million restructuring charge in
2007, restructuring adjustments in 2008 and the Fermat acquisition, we
now project full-year 2008 expenses to decline about 8% and the
full-year 2008 operating margin to be in the low-forties percent
range, down from our previous guidance of mid-forties percent, due
primarily to lower revenue. The Company now projects full-year 2008
diluted earnings per share, excluding the above items and legacy tax
matters, in the range of $1.71 to $1.77, versus our previous guidance
range of $1.90 to $2.00.
For the global Moody's Investors Service business, we now expect
revenue for the full-year 2008 to decline in the low-thirties percent
range, down from our previous guidance of a mid-twenties percent
decline, in anticipation of poor market conditions for the remainder
of the year. Within the U.S., we now project Moody's Investors Service
revenue to decrease in the low-forties percent range for the full-year
2008.
In the U.S. structured finance business, we now expect revenue for
the year to decline in the mid-sixties percent range, reflecting
significant declines across all asset classes, led by residential
mortgage-backed securities, commercial real estate finance and credit
derivatives ratings.
In the U.S. corporate finance business, we now expect revenue to
decrease in the low-thirties percent range for the year, with weakness
across all asset classes led by bank loan and speculative-grade bond
ratings.
In the U.S. financial institutions sector, the Company now expects
revenue to decline in the low- to mid-teens percent range. For the
U.S. public, project and infrastructure finance sector, we now project
2008 revenue to be about flat with full year 2007.
Outside the U.S. we now expect Moody's Investors Service revenue
to decrease in the mid-teens percent range. Growth from rating
financial institutions, as well as public, project and infrastructure
finance, is expected to be more than offset by the decline in
structured finance ratings revenue, as well as a decline in revenue
from the corporate finance business.
For Moody's Analytics, we now expect revenue growth in the
low-double digit percent range, rather than low- to mid-teens, as
weakness among financial institutions is leading to longer sales
cycles and somewhat higher customer attrition. On a geographic basis,
U.S. and non-U.S. growth are now projected to be in the high-single
digit and mid-teens percent ranges, respectively. We now expect growth
in the subscription business to be in the low-double digit percent
range. In the software business, we expect revenue to be about flat
compared with 2007. In the smaller consulting business, we continue to
anticipate strong growth, reflecting sustained demand for professional
services and credit training projects. While sales cycles are
lengthening due to financial market uncertainty, robust demand
continues for Moody's expertise in credit education, risk modeling,
and scorecard development. Our customers continue to value our
expertise as they implement more sophisticated and comprehensive risk
management processes and manage compliance with regulatory
requirements.
*****
Moody's is an essential component of the global capital markets,
providing credit ratings, research, tools and analysis that contribute
to stable, transparent and integrated financial markets. Moody's
Corporation (NYSE: MCO) is the parent company of Moody's Investors
Service, which provides credit ratings and research covering debt
instruments and securities, and Moody's Analytics, encompassing the
growing array of Moody's non-ratings businesses including Moody's KMV,
a provider of quantitative credit analysis tools, Moody's Economy.com,
which provides economic research and data services, and Moody's Wall
Street Analytics, a provider of software for structured finance
analytics. The Corporation, which reported revenue of $2.3 billion in
2007, employs approximately 3,600 people worldwide and maintains a
presence in 29 countries. Further information is available at
www.moodys.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995
Certain statements contained in this release are forward-looking
statements and are based on future expectations, plans and prospects
for Moody's business and operations that involve a number of risks and
uncertainties. Moody's outlook for 2008 and other forward-looking
statements in this release are made as of October 29, 2008, and the
Company disclaims any duty to supplement, update or revise such
statements on a going-forward basis, whether as a result of subsequent
developments, changed expectations or otherwise. In connection with
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, the Company is identifying certain factors that
could cause actual results to differ, perhaps materially, from those
indicated by these forward-looking statements. Those factors include,
but are not limited to, the current world-wide credit market
disruptions and economic slowdown, which is and could continue to
affect the volume of debt securities issued in domestic and/or global
capital markets, including credit quality concerns, changes in
interest rates and other volatility in the financial markets; the
uncertain effectiveness and possible collateral consequences of U.S.
and foreign government initiatives to respond to the economic
slowdown; possible loss of market share through competition;
introduction of competing products or technologies by other companies;
pricing pressures from competitors and/or customers; the potential
emergence of government-sponsored credit rating agencies; proposed
U.S., foreign, state and local legislation and regulations;
regulations relating to the oversight of Nationally Recognized
Statistical Rating Organizations; possible judicial decisions in
various jurisdictions regarding the status of and potential
liabilities of rating agencies; the possible loss of key employees;
the outcome of any review by controlling tax authorities of the
Company's global tax planning initiatives; the outcome of those legacy
tax and legal contingencies that relate to the Company, its
predecessors and their affiliated companies for which Moody's has
assumed portions of the financial responsibility; the outcome of other
legal actions to which the Company, from time to time, may be named as
a party; the ability of the Company to successfully integrate acquired
businesses; a decline in the demand for credit risk management tools
by financial institutions; and other risk factors as discussed in the
Company's annual report on Form 10-K for the year ended December 31,
2007 and in other filings made by the Company from time to time with
the Securities and Exchange Commission.
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*T
Moody's Corporation
Consolidated Statements of Operations (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2008 2007 2008 2007
Amounts in millions, except per
share amounts
======================================================================
Revenue $433.4 $525.0 $1,351.7 $1,754.1
----------------------------------------------------------------------
Expenses
Operating, selling, general
and administrative
expenses 230.8 262.9 687.7 804.2
Restructuring (1.8) - (2.7) -
Depreciation and
amortization 14.6 11.6 43.9 31.0
---------- ------- ---------- --------
Total expenses 243.6 274.5 728.9 835.2
-------------------------------------------------- -------------------
Operating income 189.8 250.5 622.8 918.9
----------------------------------------------------------------------
Interest and other non-
operating (expense)
income, net (5.9) (9.0) (21.3) 5.5
---------- ------- --------- --------
Income before provision
for income taxes 183.9 241.5 601.5 924.4
Provision for income taxes 70.9 104.6 232.6 350.2
---------- ------- --------- --------
Net income $113.0 $136.9 $ 368.9 $ 574.2
----------------------------------------------------------------------
======================================================================
Earnings per share
Basic $ 0.47 $ 0.52 $ 1.51 $ 2.13
Diluted $ 0.46 $ 0.51 $ 1.49 $ 2.08
----------------------------------------------------------------------
Weighted average number of
shares outstanding
Basic 241.3 262.2 244.4 269.8
Diluted 244.6 267.6 247.9 276.1
======================================================================
*T
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Moody's Corporation
Supplemental Revenue Information (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -------------------
Amounts in millions 2008 2007 2008 2007
======================================================================
Moody's Investors Service
Structured Finance $ 97.7 $ 195.3 $ 319.0 $ 714.7
Corporate Finance 75.0 92.2 243.9 321.4
Financial Institutions 64.4 63.3 206.5 207.8
Public, Project and
Infrastructure Finance 59.7 53.9 181.4 163.4
Intersegment royalty 15.8 14.2 47.5 40.7
--------- -------- --------- ---------
Sub-total MIS 312.6 418.9 998.3 1,448.0
Eliminations (15.8) (14.2) (47.5) (40.7)
--------- -------- --------- ---------
Total MIS 296.8 404.7 950.8 1,407.3
--------- -------- --------- ---------
Moody's Analytics
Subscription 118.6 107.5 354.0 309.1
Software 11.1 8.2 30.1 25.8
Consulting 6.9 4.6 16.8 11.9
--------- -------- --------- ---------
Total MA 136.6 120.3 400.9 346.8
--------- -------- --------- ---------
Total consolidated revenue $ 433.4 $ 525.0 $1,351.7 $1,754.1
========= ======== ========= =========
======================================================================
Consolidated Revenue by
Geographic Area
United States $ 218.3 $ 306.9 $ 714.6 $1,084.6
International 215.1 218.1 637.1 669.5
--------- -------- --------- ---------
Total consolidated revenue $ 433.4 $ 525.0 $1,351.7 $1,754.1
======== ======= ======== ========
*T
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Moody's Corporation
Summary Impact of Reorganization on Revenue
Amounts in millions Three Months Ended September 30, 2007
---------------------------------------------
As Reported Reclassifications 2008 Adjusted
(a) Presentation
---------------------------------------------
Structured finance $ 200.8 $ (5.5) $ 195.3
Corporate finance 105.1 (12.9) 92.2
Financial
institutions 68.8 (5.5) 63.3
Public finance 30.0 (30.0) -
Public, project and
infrastructure
finance - 53.9 53.9
---------------------------------------------
Total
ratings
revenue 404.7 - 404.7
Research revenue 83.2 (83.2) -
---------------------------------------------
Total
Moody's
Investors
Service 487.9 (83.2) 404.7
Moody's
KMV 37.1 (37.1) -
Moody's
Analytics - 120.3 120.3
---------------------------------------------
Total Moody's
Corporation $ 525.0 $ - $ 525.0
=============================================
Amounts in millions Nine Months Ended September 30, 2007
--------------------------------------------
As Reported Reclassifications 2008 Adjusted
(a) Presentation
--------------------------------------------
Structured finance $ 725.7 $ (11.0) $ 714.7
Corporate finance 360.9 (39.5) 321.4
Financial
institutions 229.3 (21.5) 207.8
Public finance 91.4 (91.4) -
Public, project and
infrastructure
finance - 163.4 163.4
--------------------------------------------
Total
ratings
revenue 1,407.3 - 1,407.3
Research revenue 236.2 (236.2) -
--------------------------------------------
Total
Moody's
Investors
Service 1,643.5 (236.2) 1,407.3
Moody's
KMV 110.6 (110.6) -
Moody's
Analytics - 346.8 346.8
--------------------------------------------
Total Moody's
Corporation $ 1,754.1 $ - $ 1,754.1
============================================
*T
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(a) Reclassifications relate to the business reorganization announced
in August 2007 which became effective in January 2008. It reflects
the combination of the research business, previously classified in
Moody's Investors Service, and Moody's KMV to form Moody Analytics.
As part of the reorganization there were several realignments within
the MIS lines of business. Sovereign and sub-sovereign ratings, which
were previously part of financial institutions;
infrastructure/utilities ratings, which were previously part of
corporate finance; and project finance, which was previously part of
structured finance, were combined with the public finance business to
form a new line of business called public, project and infrastructure
finance. In addition, real estate investment trust ratings were moved
from financial institutions and corporate finance to the structured
finance business. Furthermore, in August 2008 the global managed
investments group moved from structured finance to the financial
institutions business.
*T
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Moody's Corporation
Reconciliation to Non-GAAP Financial Measures
(Unaudited)
2008 Forecast
=============
Expected 2008 earnings per share - GAAP $1.71 - $1.75
Adjustments:
Fermat International acquisition $0.05 - $0.07 (a)
Legacy tax matters and restructuring adjustments $(0.05) (b)
-------------
Expected 2008 earnings per share - Non-GAAP $1.71 - $1.77
=============
*T
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Moody's has included in the table above a reconciliation of its "non-
GAAP" to GAAP full year forecast. Management believes that such non-
GAAP financial measures, when read in conjunction with the company's
reported and forecasted results, can provide useful supplemental
information for investors analyzing period to period comparisons of
the company's results. The table above shows Moody's full year 2008
EPS outlook, adjusted to reflect the following:
(a) To exclude the impact of the Fermat International acquisition made
in the fourth quarter of 2008.
(b) To exclude benefits relating to the resolution of certain legacy
tax matters and adjustments made in 2008 to the 2007 restructuring
charge.
*T
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*T
Moody's Corporation
Reconciliation to Non-GAAP Financial Measures (Unaudited)
Three Months Ended
September 30, 2008
=================================
Amounts in millions, except per
share amounts
Non-GAAP
As Financial
Reported Adjustments Measures*
-------- ----------- ---------
Revenue $433.4 $ - $433.4
Expenses 243.6 1.8 (a) 245.4
-------- ----------- ---------
Operating income 189.8 (1.8) 188.0
Interest and other non-operating
income (expense), net (5.9) (4.6)(b) (10.5)
-------- ----------- ---------
Income before provision for
income taxes 183.9 (6.4) 177.5
Provision for income taxes 70.9 (2.5)(c) 68.4
-------- ----------- ---------
Net income $113.0 $ (3.9) $109.1
======== =========== =========
Basic earnings per share $ 0.47 $ 0.45
======== =========
Diluted earnings per share $ 0.46 $ 0.45
======== =========
Nine Months Ended
September 30, 2008
===================================
Amounts in millions, except per
share amounts
Non-GAAP
As Financial
Reported Adjustments Measures*
--------- ------------ ---------
Revenue $1,351.7 $ - $1,351.7
Expenses 728.9 2.7 (a) 731.6
--------- ------------ ---------
Operating income 622.8 (2.7) 620.1
Interest and other non-
operating income (expense),
net (21.3) (13.3)(b) (34.6)
--------- ------------ ---------
Income before provision for
income taxes 601.5 (16.0) 585.5
Provision for income taxes 232.6 (3.7)(c) 228.9
--------- ------------ ---------
Net income $ 368.9 $ (12.3) $ 356.6
========= ============ =========
Basic earnings per share $ 1.51 $ 1.46
========= =========
Diluted earnings per share $ 1.49 $ 1.44
========= =========
*T
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*T
* In addition to its reported results, Moody's has included in the
table above adjusted results that the Securities and Exchange
Commission defines as "non-GAAP financial measures." Management
believes that such non-GAAP financial measures, when read in
conjunction with the company's reported results, can provide useful
supplemental information for investors analyzing period to period
comparisons of the company's results. The table above shows Moody's
results for the three and nine months ended September 30, 2008,
adjusted to reflect the following:
(a) To exclude adjustments made in 2008 relating to the 2007
restructuring charge.
(b) To exclude benefits relating to the resolution of certain legacy
tax matters.
(c) To reflect the income tax impacts related to the adjustments
described in notes (a) and (b) above.
*T
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*T
Moody's Corporation
Reconciliation to Non-GAAP Financial Measures (Unaudited)
Nine Months Ended
September 30, 2007
==================================
Amounts in millions, except per
share amounts
Non-GAAP
As Financial
Reported Adjustments Measures*
-------- ------------ ---------
Revenue $1,754.1 $ - $1,754.1
Expenses 835.2 - 835.2
-------- ------------ ---------
Operating income 918.9 - 918.9
Interest and other non-operating
income (expense), net 5.5 (31.9)(a) (26.4)
-------- ------------ ---------
Income before provision for income
taxes 924.4 (31.9) 892.5
Provision for income taxes 350.2 20.4 (a) 370.6
-------- ------------ ---------
Net income $ 574.2 $ (52.3) $ 521.9
======== ============ =========
Basic earnings per share $ 2.13 $ 1.93
======== =========
Diluted earnings per share $ 2.08 $ 1.89
======== =========
*T
-0-
*T
* In addition to its reported results, Moody's has included in the
table above adjusted results that the Securities and Exchange
Commission defines as "non-GAAP financial measures." Management
believes that such non-GAAP financial measures, when read in
conjunction with the company's reported results, can provide useful
supplemental information for investors analyzing period to period
comparisons of the company's results. The table above shows Moody's
results for the nine months ended September 30, 2007, adjusted to
reflect the following:
(a) To exclude benefits relating to the resolution of certain legacy
tax matters.
*T
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Moody's Corporation
Selected Consolidated Balance Sheet Data (Unaudited)
September 30, 2008 December 31, 2007
================== =================
Amounts in millions
Cash and cash equivalents $ 438.6 $ 426.3
Short-term investments 7.2 14.7
Total current assets 896.2 989.1
Non-current assets 776.5 725.5
Total assets 1,672.7 1,714.6
Total current liabilities 1,227.2 1,349.2
Long-term debt 750.0 600.0
Other long-term liabilities 589.2 549.0
Shareholders' deficit (893.7) (783.6)
Total liabilities and
shareholders' deficit $ 1,672.7 $ 1,714.6
Shares outstanding 239.8 251.4
*T
--30--CD/ny*
CONTACT: Moody's Corporation
Lisa Westlake
Vice President - Investor Relations
+1 (212) 553-7179
lisa.westlake@moodys.com
Disclaimer: Deze bekendmaking is officieel geldend in de originele
brontaal. Vertalingen zijn slechts als leeshulp bedoeld en moeten
worden vergeleken met de tekst in de brontaal welke als enige,
juridische geldigheid beoogt.