Kyocera Corporation Business Presentation
|
|
- Norman Freeman
- 8 years ago
- Views:
Transcription
1 Kyocera Corporation Business Presentation February 2008 MAKOTO KAWAMURA President and Representative Director
2 1 Today s Presentation Consolidated Financial Forecast (Year Ending March 31, 31, 2008) Management Policy "Creativity and and Growth" Strategic Significance of of Acquisition of of Mobile Phone Related Business of ofsanyo Electric Co., Co., Ltd. Ltd. Makoto Kawamura President and Representative Director Solar Energy Business Strategies Tatsumi Maeda Senior Managing Executive Officer General Manager of Corporate Solar Energy Group
3 2 Forward-Looking Statements Certain of the statements made in this document are forward-looking statements (within the meaning of Section 21E of the U.S. Securities and Exchange Act of 1934), which are based on our current assumptions and beliefs in light of the information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors include, but are not limited to: general economic conditions in our markets, which are primarily Japan, North America, Europe, and Asia, particularly including China; unexpected changes in economic, political and legal conditions in China; our ability to develop, launch and produce innovative products, including meeting quality and delivery standards, and our ability to otherwise meet the advancing technical requirements of our customers, particularly in the highly competitive markets for ceramics, semiconductor parts and electronic components; manufacturing delays or defects resulting from outsourcing or internal manufacturing processes which may adversely affect our production yields and operating results; factors that may affect our exports, including a strong yen, political and economic instability, difficulties in collection of accounts receivable, decrease in cost competitiveness of our products, increases in shipping and handling costs, difficulty in staffing and managing international operations, and inadequate protection of our intellectual property; changes in exchange rates, particularly between the yen and the U.S. dollar and euro, respectively, in which we make significant sales; inability to secure skilled employees, particularly engineering and technical personnel; insufficient protection of our trade secrets and patents; holding licenses to continue to manufacture and sell certain of its products, the expense of which may adversely affects its results of operations; future initiatives and in-process research and development may not produce the desired results; events that may impact negatively on our markets or supply chain, including terrorist acts and outbreaks of diseases; the occurrence of natural disasters, such as earthquakes, in locations where our manufacturing and other key business facilities are located; and fluctuations in the value of, and impairment losses on, securities and other assets held by us, and changes in accounting principles. Such risks, uncertainties and other factors may cause our actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. We undertake no obligation to publicly update any forward-looking statements included in this document.
4 Net sales Profit from operations Pre-tax income Net income EPS (diluted - yen) Capital expenditures Depreciation R&D expenses Consolidated Financial Forecast - Year Ending March 31, Year ended March 31,2007 Amount 1,283, , , , ,896 70,155 61,100 % to net sales Year ending March 31, 2008 Previous forecast (October 2007) % to net Amount sales 1,330, , , , ,000 79,000 65, Revised forecast (January 2008) % to net Amount sales 1,290, , , , ,000 76,000 63, (Unit: Yen in millions) % change Average exchange rate (yen) Foreign currency fluctuation effect on: net sales pre-tax income US$:117 Euro: billion 15.7 billion US$:115 Euro: billion 2.5 billion US$:115 Euro: billion 7.2 billion 3
5 Pre-tax Income Ratio Trends - FY05 through FY08 (Forecast) (%) Components Business Equipment Business Kyocera Group FY05/3 FY06/3 FY07/3 FY08/3 (Forecast) Pre-tax Income has grown for three consecutive fiscal years (Forecast) Commencing in FY 3/08, the "Optical Equipment Group," previously a separate reporting segment, has been reclassified and included in "Others." Please refer to accompanying note on page 2 and 35. 4
6 FY08 Consolidated Financial Forecast (1) - Components Business - (4.0% increase in sales, 8.3% decrease in operating profit compared with FY07) Business environment outlook --Q4 Q4 in in FY08 FY08 -- Deceleration trend in some industries, such as a semiconductor production equipment industry, will continue Demand for passive components will recover from February or March 2008 Revision of forecast for average exchange rates rate US$ Euro FY07Q FY08Q4 (E) Increase in in depreciation (increase (increase of of approx. approx billion billion compared compared with with FY07) FY07) Effect of change in accounting method related to depreciation will be 9.5 billion (forecast) for the full year Recordation of of business restructuring expense Write-down of goodwill in the cutting tool business is expected to have a 2 billion negative impact Improvement of of profitability in in strategic businesses Significant increase in sales and profit for 2H of FY08 in solar energy business is expected compared with 1H FY08 Organic package business is forecast to achieve profitability in FY08 5
7 FY08 Consolidated Financial Forecast (2) Equipment business ( i ) (3.8% decrease in sales, 25.5% increase in operating profit compared with FY07) Telecommunications Equipment Group will achieve operating profit ratio of of 5% 5% in in 2H 2H of of FY08 Increased profit in domestic mobile phone handset business led by increased sales of sophisticated models Improved profit ratio for PHS business due to focus on domestic (Japanese) market During 2H of FY08, KWC s sales are forecast to decrease significantly, but profit will improve in 2H compared with 1H. 6
8 10 (%) Operating Profit Ratio Trends - Telecommunications Equipment Group Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY 3/07 FY 3/08 (Forecast) 7
9 FY08 Consolidated Financial Forecast (3) Equipment business ( ii ) (3.8% decrease in sales, 25.5% increase in operating profit compared with FY07) Increase in in sales and operating profit for for Information Equipment Group compared with FY07 Decrease in sales for US market due to arising uncertainty in economy Increase in sales of printers particularly in Europe Continuous introduction of both new color and monochrome products Intend to increase sales of consumable products by raising color product ratio 8
10 "Creativity and Growth": Aim at Sustainable Growth Achieve Continuous Sales Expansion and High Profit Ratio Creativity and Growth Seek synergies within group companies Develop new products and technologies Practice "Customer-first" Principle Management Policy Promote Global Management Establish a highly Profitable Structure 9
11 Creativity and Growth: Strategic Markets Promote development of new products and technologies in strategic markets Telecommunications Environment and Energy Information Automotive Handsets / Base Stations Color Printers Solar Energy / / MFPs Fuel Cells Intelligent Transport System (ITS) Hybrid Vehicles related products Efficient Utilization of Group-wide Management Resources 10
12 FY09 Business Outlook Increased uncertainty in in world economy Fear of slowing individual consumption in the US and Europe Fear of decreasing infrastructure investment by businesses (IT infrastructure) Appreciation of yen against both US dollar and Euro Steady growth in in demand for for digital consumer equipment Demand from Beijing Olympics Solid demand in the emerging countries Increasing number of components per product due to digitalization of equipment Mobile phone handsets PCs Digital TVs Sales unit forecast -CY2008- Forecast -CY2008- (Unit: Millions) 1, % increase from CY % +10% % 11
13 Main Initiatives in FY Achieve sustainable growth by by enhancing strategic businesses Expand solar energy business (Sales target: billion yen, ASAP) Improve profit for new Telecommunications Equipment Group after acquisition of SANYO s mobile phone related business (currently setting post-acquisition business targets) Expand product line-up for Information Equipment Group (sales target: billion, ASAP) Expand sales in organic package business Accurately grasp market trends and attentively execute investment for for production expansion Innovation of of new businesses for for growth 12
14 Creativity and Growth: Initiative for FY09 Operating profit (%) Applied Ceramic Products Maintain Profit Profit Ratio Ratio and and Expand Sales Sales 11.5% Fine Ceramic Parts Semiconductor Parts Information Equipment Electronic Device Telecommunication Equipment Improve Profit Profit Ratio Ratio and and Expand Sales Sales 0 2, , Documented in accordance with financial forecast for FY08 Operating profit ratio used above refers to Kyocera Group s consolidated operating income ratio of 11.5% for FY08 (forecast) as an average (Unit: Yen in billions) 13
15 Strategic Significance of Acquisition of Mobile Phone Related Business of SANYO Electric Co., Ltd.
16 Relevant Businesses Gained through Acquisition of Mobile Phone Related Business of SANYO Domestic mobile phone handset business Domestic base station business Overseas business 14
17 Keys to Strengthening Domestic Mobile Phone Handset Business Encourage replacement purchase Actively hold and keep existing users of both KYOCERA and SANYO Establish Kyocera brand Clarify each handset marketing position for each company then establish brands that cover all market segment and secure widespread customer support Strengthen designing & development Integrate management resources of two companies to develop products with attractive design that meet customer needs 15
18 Mobile Phone Handset Line-up Positioning In addition to product line-up with current positioning, launch models that contribute to new branding High provide middle to high end mobile phone handsets mainly for users aged 20s to 30s Mid SANYO KYOCERA Newly Launch models that contribute to branding Low KYOCERA KYOCERA Gain wide range of users aged late 20s to 80s, mainly for middle to low end mobile phone handsets age 16
19 Launch Product Line-up that Meets Characteristics of Users Base stations FY2007 Next generation PHS KDASH FY2008 (E) KDASH Ⅱ BPSK ~ 64QAM Interference IP Interface FY2009 (E) KDASH Ⅲ Macro Cell High Capacity FY2010 (E) Next generation PHS OFDMA 3.9G AAS/MIMO MAX Speed 20Mbps Maximize efficiencies of development resources for next generation PHS base stations by integration of technologies with SANYO Mobile WiMAX Towards launching of service on February 28, 2009 (Expectation) Expectation for outcome of establishment of mobile WiMAX business 17
20 Business Structure in USA KWC (Sales channel) US market US Sanyo (Sales channels) North American carriers North America (Distribution) Latin America (Distribution) Latin American carriers Oceania North American carriers Flextronics Kyocera Wireless (India) Japan Kyocera Telecommunications Research R&D Yokohama KYOCERA Yokohama SANYO Osaka and Gifu (Production system) Malaysian plant Tianjin Plant Kitami plant Tanakura Plant 18
21 Synergy Effects with SANYO: Cost Reduction 1. Synergy Effects with KWC (FY2009) Reducing R&D costs Reducing business risks 2. Reducing materials costs Activity to achieve cost targets (KYOCERA to SANYO) Know-how for procurement of components overseas (SANYO to KYOCERA) 3. Know-how for overseas production (SANYO to KYOCERA) 19
22 Synergy Effects with SANYO: Sales Growth 1 Product road map collaboration Clarify branding policy Distinguish product line-ups between KYOCERA and SANYO 2 Encourage replacement purchase within own brands in domestic market Encourage replacement purchase from past hit models (W44K, etc) Verify continuous replacement purchase within SANYO models, examine effective strategies 3 Execution of proposal oriented product plannings Development of fascinating and attractive products for users and carriers 4 Collaboration of development resources Considering new business for starting up towards FY2010 (ex. W-CDMA) 5 Examine the needs of future support for carriers of wireless broadband business 20
23 Solar Energy Business Developments
24 Contribution of Subsidies to Expansion of European and U.S. Markets Japan - Payback period comparison (3kW system)- approx. 20~25 years Germany Spain Feed-in tariff Feed-in tariff approx. 11 years approx. 10 years France California Feed-in tariff approx. 6.5 years CSI + Federal Tax Credit approx. 13 years (CSI / Step2) Calculated by Kyocera Corp. Ignores possible increases in interest rates and energy costs Germany 2004~ 2005~ 2006~ California WA OR ID NV 400 KW CA UT MT WY CO ND SD NE KS MN IA MO WI IL MI IN KY 2002~ 2005~ RPS* NH VT ME MA NY RI PA CT OH NJ DE WV VA MD DC NC AZ NM TX OK AR LA TN MS AL GA SC Spread of feed-in tariff HI id Parity AK Spread of incentives FL * RPS= Renewable Portfolio Standard 21
25 CY EU EU approx (E) Principal Market Outlook (E) Asia approx CY (E) Japan 0.3 CY (E) approx (E) 2,9 1,3 2016(E) 4 USA CY2006 Left: Outlook with incentive by governmental policy Right: Conservative outlook approx (E) (E) World market size CY (E) 2016 (E) Market outlook with incentive by governmental policy Conservative outlook Estimate by Kyocera Corp. 22
26 Kton 200 Relationship between Expansion Plan of Materials Manufacturers and Market Demand Demand for Materials for Semiconductor + Solar Products New material manufacturers CY2016 Solar Materials Shortage Demand for Solar Products Demand for Semiconductors Existing materials manufactures 0 CY Forecast 13 Calculation by Kyocera Corp. 23
27 Overseas Solar Photovoltaic (PV) System Manufacturers USA SunPower United Solar First Solar More than 20 GERMANY Q-Cells Conergy EverQ Ersol SolarWorld SCHOTT More than 60 Wurth Solon Wacker CHINA Cell / Module Makers Major New TAIWAN Motech E-ton More than 20 Gintech 24 Yingli Trina LDK Suntech More than 20
28 Market Conditions: Overview Spread of subsidies + Increase in production of materials = Sudden increase in number of manufacturers Europe, US, Korea, etc. Continuous market growth Increase in production volume by existing manufacturers + new entrants Stability in supply and price 200~300 EEG* in Germany: reexamination of buyback price of feed-in tariff annual decrease rate 5% 7~9% *EEG= Erneuerbare-Energien-Gesetz Beginning of "intense competition era" Gain comprehensive competitive advantages: "technologies, cost competitiveness, and quality" 25
29 Cost Competitiveness: Improvement of conversion efficiencies Silicon Casting Cutting Wafer slicing Solar cells Solar modules Improvement of conversion efficiencies Improvement of crystalline quality Impurity contamination measures Optimization of slicing condition Thinner wafers Improvement wires awing process Passivation Reactive Ion Etching (RIE) technology High sheet resistance emitters Improvement of contact metal Optimization of Module materials Optimization of Module fabrication Process Vertical integration Aims to maximize conversion efficiencies with optimization in all production phases 26
30 Cost Competitiveness: Productivity 1. Higher cell efficiencies 2BB Current: 3BB Back Contact Cell Approx. 17% improvement from current power output Conversion efficiencies Power output Technologies 15.7% FY % FY % 17.5% 3.67W/cell 3.86W/cell 4.06W/cell 4.26W/cell 2BB 3BB Back Contact 2. Thinner cell FY Lager Cell (156 ) FY09 target 18.5% 4.50W/cell Higher efficiencies for Back Contact 240 / 200μm 180μm Further advancement of thinner wafer Productivity improvement of approx. 40% compared to FY05 100% achievement 27
31 Development of Differential Products Snow resistance Building unifiable High temperature resistance Compact style with self power source Design oriented Snow resistance Design oriented High temperature resistance Compact style with self power source Snow resistance / weighting durability High temperature resistance / heat durability Design oriented / black back sheets Building unifiable / frame-less Compact style with self power source / small size Black Back sheets Frame-less High temperature resistance Compact style with self power source Annual average temperature map Compact style with self power source 28
32 Evaluation for High Quality Received best evaluation in general consumer product test (Germany)!. No.1 Quality Number of Manufacturers: 15 Score (Good Point): 1.9 (1.0=Highest Possible, 6.0=Lowest Possible) Evaluation criteria Power Output Durability Reliability Installation Quality is the key to differentiation "Kyocera Quality" 29
33 Czech Republic China Japan / Ise Japan / Yokaichi Mexico 4 production bases worldwide Germany EUROPE Czech Republic FY07 25MW FY11 150MW (Planned) FY07 FY11 30MW 90MW ASIA 7 sales bases worldwide Beijing (Planned) Tianjin Singapore Ise FY07 FY11 100MW 110MW Kyocera Japan Yokaichi (Cell) FY07 FY11 180MW Australia (Planned) 500MW (Planned) USA USA Mexico FY07 25MW FY11 150MW Brazil (Planned) Germany Singapore China Japan USA Brazil Australia 30
34 MW 600 Kyocera Group s Production Expansion Plan of PV Systems 500 California Solar Initiatives 500MW Amendment to EEG in Germany Yokaichi, Japan new plant (Possible production volume:500mw) Czech Republic plant 300MW 400MW 200 EEG in Germany Mexico plant 100 Residential subsidies in Japan (until FY06) Tianjin, China plant 0 FY Plan 31
35 EUROPE ASIA Taichun Science Park Taiwan 70kW 13.8MW Salamanca - Spain 1.35MW Soccer Stadium Switzerland Station Switzerland China 44kW USA Alaska Pipeline - USA 16kW New Jersey Commercial 1MW School - Timor 32
36 Roof of bus stops 25.5kW JAPAN Spread of store installations by AEON AEON Kagoshima: 140kW Total Roofs of parking lots 57.5kW AEON mall, Hanyu: 100kW Asahi Shokuhin (Kochi): 500kW 33
37 Kyocera's Initiatives for Contribution to Environment Kyocera's headquarters Building that is "environmentally friendly and coexist with the local community" 1 Installation of solar energy system (214 kw) 2 Gas cogeneration system Generators (520 kwx2) 3 installation of air-conditioning equipment with ice-storage system Delivery lecture related to environment Let children intensify interests for environmental issues or technologies, and learn importance of natural resources on the earth. Total participants: approx. 3,500 from 50 schools 34
38 35 Notes for Consolidated Financial Results During fiscal year ended March 31, 2007, Kyocera sold its shares in Kyocera Leasing Co., Ltd., a subsidiary engaged in financing services. For this reason, business results of Kyocera Leasing Co., Ltd. and profit on sales of the shares in Kyocera Leasing Co., Ltd. have been recorded as income from discontinued operations in conformity with accounting principles generally accepted in the U.S. Consequently, some figures for the fiscal years from 2003 to 2006 have been retrospectively reclassified.
39
Regional Electricity Forecasting
Regional Electricity Forecasting presented to Michigan Forum on Economic Regulatory Policy January 29, 2010 presented by Doug Gotham State Utility Forecasting Group State Utility Forecasting Group Began
More informationU.S. Department of Housing and Urban Development: Weekly Progress Report on Recovery Act Spending
U.S. Department of Housing and Urban Development: Weekly Progress Report on Recovery Act Spending by State and Program Report as of 3/7/2011 5:40:51 PM HUD's Weekly Recovery Act Progress Report: AK Grants
More informationState Corporate Income Tax-Calculation
State Corporate Income Tax-Calculation 1 Because it takes all elements (a*b*c) to calculate the personal or corporate income tax, no one element of the corporate income tax can be analyzed separately from
More informationHow To Rate Plan On A Credit Card With A Credit Union
Rate History Contact: 1 (800) 331-1538 Form * ** Date Date Name 1 NH94 I D 9/14/1998 N/A N/A N/A 35.00% 20.00% 1/25/2006 3/27/2006 8/20/2006 2 LTC94P I F 9/14/1998 N/A N/A N/A 35.00% 20.00% 1/25/2006 3/27/2006
More informationKyocera Corporation Business Presentation
Kyocera Corporation Business Presentation August 5, 2008 Makoto Kawamura President and Representative Director Today s Presentation 1. 1. Financial Results for the three months ended June 30, 2008 and
More informationNew York Public School Spending In Perspec7ve
New York Public School Spending In Perspec7ve School District Fiscal Stress Conference Nelson A. Rockefeller Ins0tute of Government New York State Associa0on of School Business Officials October 4, 2013
More informationStandardized Pharmacy Technician Education and Training
Standardized Pharmacy Technician Education and Training Kevin N. Nicholson, RPh, JD Vice President, Pharmacy Regulatory Affairs National Association of Chain Drug Stores May 19, 2009 Overview of how technicians
More informationOutlook for Renewable Energy Markets: Implications for development, finance, infrastructure and law. Kevin Lapidus
Outlook for Renewable Energy Markets: Implications for development, finance, infrastructure and law Kevin Lapidus Sr. Vice President and General Counsel Sun Edison LLC October 2, 2009 SunEdison 2 North
More informationFederation of State Boards of Physical Therapy Jurisdiction Licensure Reference Guide Topic: Continuing Competence
This document reports CEU requirements for renewal. It describes: Number of required for renewal Who approves continuing education Required courses for renewal Which jurisdictions require active practice
More informationUpdate of Financial Incentives for Promoting New and Renewable Energy in the U.S. Cary Bloyd EGNRET-38 Wellington, New Zealand June 18-19, 2012
Update of Financial Incentives for Promoting New and Renewable Energy in the U.S. Cary Bloyd EGNRET-38 Wellington, New Zealand June 18-19, 2012 The U.S. has a wide range of financial mechanisms that support
More informationFederation of State Boards of Physical Therapy Jurisdiction Licensure Reference Guide Topic: Continuing Competence
This document reports CEU (continuing education units) and CCU (continuing competence units) requirements for renewal. It describes: Number of CEUs/CCUs required for renewal Who approves continuing education
More informationNHIS State Health insurance data
State Estimates of Health Insurance Coverage Data from the National Health Interview Survey Eve Powell-Griner SHADAC State Survey Workshop Washington, DC, January 13, 2009 U.S. DEPARTMENT OF HEALTH AND
More informationLexisNexis Law Firm Billable Hours Survey Report
LexisNexis Law Firm Billable Hours Survey Report Executive Summary Despite the critical impact on a firm s bottom line, it remains challenging for some attorneys and legal staff to efficiently capture
More informationTITLE POLICY ENDORSEMENTS BY STATE
TITLE POLICY ENDORSEMENTS BY STATE State Endorsement ID Endorsement Description AK ARM ALTA 6 Adjustable (Variable) Rate AK BALLOON FNMA Balloon Endorsement AK CONDO ALTA 4 Condominium AK COPY FEE Copies
More informationFlorida Workers Comp Market
Florida Workers Comp Market 10/5/10 Lori Lovgren 561-893-3337 Lori_Lovgren@ncci.com Florida Workers Compensation Rates 10-1-03 1-1-11 to 1-1-11* Manufacturing + 9.9% 57.8% Contracting + 7.3% 64.4 % Office
More informationBreakeven Cost for Residential Photovoltaics in the United States: Key Drivers and Sensitivities (Report Summary)
Breakeven Cost for Residential Photovoltaics in the United States: Key Drivers and Sensitivities (Report Summary) Paul Denholm Robert M. Margolis Sean Ong Billy Roberts December 2009 NREL/PR-6A2-47248
More informationFederation of State Boards of Physical Therapy Jurisdiction Licensure Reference Guide Topic: License Renewal Who approves courses?
Federation of State s of Physical The table below provides information on approval of continuing education/competence courses and for each jurisdiction. Summary Number of jurisdictions requiring approval
More informationTable 11: Residual Workers Compensation Insurance Market By Jurisdiction
Table 11: Residual Workers Market By AL Yes/NCCI 3 Two declination AK Yes/NCCI Two declination AZ Yes/NCCI Three declination, including one from the State Fund Agent/ ()/ Access? 4 Recommend NWCRP Recommend
More informationState Annual Report Due Dates for Business Entities page 1 of 10
State Annual Report Due Dates for Business Entities page 1 of 10 If you form a formal business entity with the state, you may be required to file periodic reports on the status of your entity to preserve
More informationAN INSIDE LOOK AT SOCIAL RECRUITING IN THE USA
AN INSIDE LOOK AT SOCIAL RECRUITING IN THE USA THE BULLHORN REACH RANKINGS REPORT TM WWW.BULLHORNREACH.COM @BULLHORNREACH JUNE 2012 COPYRIGHT 2012 BULLHORN, INC. ALL RIGHTS RESERVED. EXECUTIVE SUMMARY
More informationThe Lincoln National Life Insurance Company Variable Life Portfolio
The Lincoln National Life Insurance Company Variable Life Portfolio State Availability as of 12/14/2015 PRODUCTS AL AK AZ AR CA CO CT DE DC FL GA GU HI ID IL IN IA KS KY LA ME MP MD MA MI MN MS MO MT NE
More informationNAAUSA Security Survey
NAAUSA Security Survey 1. How would you rate the importance of each of the following AUSA security improvements. Very important Somewhat important Not too important Not at all important Secure parking
More informationBuilding a Market for Small Wind: The Break-Even Turnkey Cost of Residential Wind Systems in the United States
Building a Market for Small Wind: The Break-Even Turnkey Cost of Residential Wind Systems in the United States Ryan H. Wiser Lawrence Berkeley National Laboratory rhwiser@lbl.gov; 510-486-5474 Global WINDPOWER
More informationFederation of State Boards of Physical Therapy Jurisdiction Licensure Reference Guide Topic: PTA Supervision Requirements
These tables provide information on what type of supervision is required for PTAs in various practice settings. Definitions Onsite Supervision General Supervision Indirect Supervision The supervisor is
More informationPaul E. Lingenfelter President, State Higher Education Executive Officers
Paul E. Lingenfelter President, State Higher Education Executive Officers Western Interstate Commission on Higher Education Monday, November 5, 2007 Forces Flattening the Global Playing Field Fall of Berlin
More informationSmall Business Credit Outlook
2014 Q4 Small Business Credit Outlook The Growth Engine in 2015 Stock market volatility and GDP growth slowing to 2.6% lead many to believe the economy is stumbling. This problem can be attributed to a
More informationRENEWABLE ENERGY STANDARDS AND
RENEWABLE ENERGY STANDARDS AND LEGISLATIVE PATHS TO IMPLEMENTATION Robert S. Kenney, Commissioner Missouri Public Service Commission P.O. Box 360 Jefferson City, MO 65102 (573) 751-4132 robert.kenney@psc.mo.gov
More informationTable 12: Availability Of Workers Compensation Insurance Through Homeowner s Insurance By Jurisdiction
AL No 2 Yes No See footnote 2. AK No Yes No N/A AZ Yes Yes Yes No specific coverage or rate information available. AR No Yes No N/A CA Yes No No Section 11590 of the CA State Insurance Code mandates the
More informationEnding Veteran and Veteran Family Homelessness: The Homeless Veteran Supported Employment Program (HVSEP)
Ending Veteran and Veteran Family Homelessness: The Homeless Veteran Supported Employment Program (HVSEP) Carma A. Heitzmann, Ph.D. National Program Manager HVSEP VHA Homeless Program Office carma.heitzmann@va.gov
More informationA R R A P R E S E N T A T I O N
A R R A P R E S E N T A T I O N May 14, 2 0 0 9 U. S. G E N E R A L S E R V I C E S A D M I N I S T R A T I O N G S A S P U B L I C B U I L D I N G S S E R V I C E Portfolio of 354 M rentable square feet
More informationehealth Price Index Trends and Costs in the Short-Term Health Insurance Market, 2013 and 2014
ehealth Price Index Trends and Costs in the Short-Term Health Insurance Market, 2013 and 2014 June 2015 1 INTRODUCTION In this report, ehealth provides an analysis of consumer shopping trends and premium
More informationThe Economic Impact of Commercial Airports in 2010
The Economic Impact of Commercial Airports in 2010 January 2012 Prepared for: Airports Council International North America Prepared by: CDM Smith 8805 Governor s Hill Drive Cincinnati, Ohio 45249 Table
More informationCliffs and Ducks, Inverted Blocks and Spirals: Where Does Distributed Solar Go From Here?
Cliffs and Ducks, Inverted Blocks and Spirals: Where Does Distributed Solar Go From Here? Steve Weissman Lecturer in Residence and Director of the Energy Program Berkeley Law California s Transition to
More informationEnrollment Snapshot of Radiography, Radiation Therapy and Nuclear Medicine Technology Programs 2013
Enrollment Snapshot of Radiography, Radiation Therapy and Nuclear Medicine Technology Programs 2013 A Nationwide Survey of Program Directors Conducted by the American Society of Radiologic Technologists
More informationLife Settlements Source List
BROKERS Ashar Group LLC - Life Settlement Specialists 407-772-1818 www.ashargroup.com Except AK NH VT Except AK NH VT Varies based on current market opportunities and groups that pass Ashar s due diligence
More informationDepartment of Legislative Services
Department of Legislative Services Maryland General Assembly 2008 Session HB 1169 FISCAL AND POLICY NOTE House Bill 1169 Ways and Means (Delegate Barve) Sales and Use Tax - Computer Services Exemption
More informationThe Middle Market Power Index: Catalyzing U.S. Economic Growth
The Power Index: Catalyzing U.S. Economic Growth In an exciting new collaboration, American Express and Dun & Bradstreet are combining forces to increase public understanding of the vital role that middle
More informationLIMITED LIABILITY COMPANY ORGANIZATION CHART
LIMITED LIABILITY COMPANY ORGANIZATION CHART The following Chart has been designed to allow you in a summary format, determine the minimum requirements to form a limited liability company in all 50 states
More informationLexisNexis Law Firm Billable Hours Survey Top Line Report. June 11, 2012
LexisNexis Law Firm Billable Hours Survey Top Line Report June 11, 2012 Executive Summary by Law Firm Size According to the survey, we found that attorneys were not billing all the time they worked. There
More informationPG&E Corporation. UBS Natural Gas, Electric Power and Coal Conference March 5, 2009
PG&E Corporation UBS Natural Gas, Electric Power and Coal Conference March 5, 2009 Cautionary Language Regarding Forward-Looking Statements This presentation contains management s guidance for PG&E Corporation
More informationStates Future Economic Standing
States Future Economic Standing if current education levels remain the same. Presentation by Joe Marks SREB Director of Data Services State Leaders Forum St. Petersburg, Florida November 17, 2004 1 The
More informationHealth Workforce Data Collection: Findings from a Survey of States
Health Workforce Data Collection: Findings from a Survey of States Jean Moore, DrPH David Armstrong, PhD Health Workforce Technical Assistance Center School of Public Health University at Albany, SUNY
More informationAn Introduction to... Equity Settlement
An Introduction to... Equity Settlement The New York CEMA & Co-op Process June 2009 About Us... Established in 1986 Over 100 Associates Approved Vendor for Bank of America Preferred Vendor for Many National
More informationAnnual Survey of Public Pensions: State- and Locally- Administered Defined Benefit Data Summary Brief: 2015
Annual Survey of Public Pensions: State- and Locally- Administered Defined Benefit Data Summary Brief: Economy-Wide Statistics Division Briefs: Public Sector Graphical Summary By Phillip Vidal Released
More informationANALYSIS OF US AND STATE-BY-STATE CARBON DIOXIDE EMISSIONS AND POTENTIAL SAVINGS IN FUTURE GLOBAL TEMPERATURE AND GLOBAL SEA LEVEL RISE
ANALYSIS OF US AND STATE-BY-STATE CARBON DIOXIDE EMISSIONS AND POTENTIAL SAVINGS IN FUTURE GLOBAL TEMPERATURE AND GLOBAL SEA LEVEL RISE by Paul Knappenberger SPPI ORIGINAL PAPER Updated April 2013 ANALYSIS
More information2016 Individual Exchange Premiums updated November 4, 2015
2016 Individual Exchange Premiums updated November 4, 2015 Within the document, you'll find insights across 50 states and DC with available findings (i.e., carrier participation, price leadership, gross
More informationEmerging Trends in Information. Impacting the States
Emerging Trends in Information Technology and Policies Impacting the States Doug Robinson, Executive Director National Association of State Chief Information Officers About NASCIO National association
More informationINTRODUCTION. Figure 1. Contributions by Source and Year: 2012 2014 (Billions of dollars)
Annual Survey of Public Pensions: State- and Locally- Administered Defined Benefit Data Summary Report: Economy-Wide Statistics Division Briefs: Public Sector By Phillip Vidal Released July 2015 G14-ASPP-SL
More informationAmGUARD Insurance Company EastGUARD Insurance Company NorGUARD Insurance Company WestGUARD Insurance Company GUARD
About Us For over 30 years, we have protected the interests of the small- to mid-sized businesses that insure with us. At Berkshire Hathaway Insurance Companies, we dedicate our efforts in the areas that
More informationCONTINGENT COVERAGES AVAILABLE FOR AUTO LESSORS
CONTINGENT COVERAGES AVAILABLE FOR AUTO LESSORS LESSORS CONTINGENT LIABILITY $100,000 per person, $300,000 per occurrence, Bodily Injury; and $50,000 per occurrence, Property Damage ($100/300/50). As the
More informationSmall Business Credit Outlook
2015 Q2 Small Business Credit Outlook A Change Will Do You Good Foreign markets falling. The U.S. economy holding up relatively well due to the consumer. Technology radically changing entire industries
More informationSuitability Agent Continuing Education Requirements by State
Suitability Agent Continuing Education Requirements by State STATE AL AK AZ AR CA CO CT DE DC FL GA HI ID Insurance producers holding a life line of insurance license must complete a one-time 4 hour annuity
More informationTHE SOLAR ENERGY INDUSTRY: CURRENT STATUS AND FUTURE CHALLENGES
THE SOLAR ENERGY INDUSTRY: CURRENT STATUS AND FUTURE CHALLENGES Gerald I. Susman Smeal College of Business Pennsylvania State University Sustainability Conference Washington, DC October 13, 2009 SUPPLY/DEMAND
More informationState Survey Results MULTI-LEVEL LICENSURE TITLE PROTECTION
MULTI-LEVEL LICENSURE TITLE PROTECTION Prior AK MN TN MO AL MO KY VA AZ MS MO DC NYC NE HI ME OR IA RI PA IL TX VA KS WA LA WI MA WV Prior AK ME OR TN AL MI PA HI CO MS FL DC NC MN IA NE UT IL NV WA IN
More informationAmbulance Industry Receives Financial Relief Through the MMA
Ambulance Industry Receives Financial Relief Through the MMA On June 25, 2004, the Centers for Medicare and Medicaid Services (CMS) issued Transmittal 220 to Medicare Contractors outlining changes to the
More informationForethought Medicare Supplement and ForeLife Final Expense Life Insurance Phase 1
Forethought Medicare Supplement and ForeLife Final Expense Life Insurance Phase 1 FOR AGENT USE ONLY NOT FOR USE WITH CONSUMERS 1 Company History Forethought Financial Group, Inc., through its subsidiaries,
More informationMassachusetts PV and SHW Program Update Elizabeth Kennedy Program Director Massachusetts Clean Energy Center
Massachusetts PV and SHW Program Update Elizabeth Kennedy Program Director Massachusetts Clean Energy Center MassCEC Statutory Mandate Advance Clean Energy Technology Create Jobs Develop a Trained Workforce
More informationCINCINNATI HILLS CHRISTIAN ACADEMY COLLEGE QUESTIONNAIRE FOR STUDENTS
CINCINNATI HILLS CHRISTIAN ACADEMY COLLEGE QUESTIONNAIRE FOR STUDENTS Complete & bring with you to your Junior College Planning Meeting. NAME: ADDRESS: EMAIL: BIRTHDATE: PHONE #: DATE: PLEASE READ BEFORE
More informationNotices of Cancellation / Nonrenewal and / or Other Related Forms
Forms are listed alphabetically by form title. INDEX POLICY CODES 1. Auto 2. Fire and Multiple Peril 3. Liability 4. Property, other than Fire and Multiple Peril (e.g. Crime & Inland Marine) 5. Workers
More informationMoving TIM from Good to Great?
FHWA Update: Traffic Incident Management Program Moving TIM from Good to Great? Iowa Traffic Safety Forum November 19, 2014 Mr. Jeff King (Retired Capt. AzDPS) Traffic Incident Management Public Safety
More informationAlternative RE Approach Technical Support Document
Alternative RE Approach Technical Support Document 1.1. Introduction Renewable energy (RE) is a cost-effective approach for reducing carbon dioxide (CO 2) emissions from fossil fuel-fired electric generating
More informationThe Survey of Undergraduate and Graduate Programs in Communication. Sciences and Disorders has been conducted since 1982-83. Surveys were conducted in
Introduction The Survey of Undergraduate and Graduate Programs in Communication Sciences and Disorders has been conducted since 1982-83. Surveys were conducted in 1982-83, 1983-84, 1984-85, 1985-86, 1986-87,
More informationState and Local Sales Tax Revenue Losses from E-Commerce: Estimates as of July 2004
State and Local Sales Tax Revenue Losses from E-Commerce: Estimates as of July 2004 by Dr. Donald Bruce, Research Assistant Professor dbruce@utk.edu and Dr. William F. Fox, Professor and Director billfox@utk.edu
More informationBroadband Technology Opportunities Program: Sustainable Broadband Adoption and Public Computer Centers
Broadband Technology Opportunities Program: Sustainable Broadband Adoption and Public Computer Centers National Telecommunications and Information Agency (NTIA) U. S. Department of Commerce Funded by the
More informationStates Served. CDFI Fund 601 Thirteenth Street, NW, Suite 200, South, Washington, DC 20005 (202) 622-8662 25
s Served CDFI Fund 601 Thirteenth Street, NW, Suite 200, South, Washington, DC 20005 (202) 622-8662 25 New Markets Tax Credit Program Sixth Round (2008) s Served NOTES: (1) Allocatees that are italicized
More informationGE Inventory Finance. Unlock your cash potential.
GE Inventory Finance Unlock your cash potential. Benefits of Floor Planning Increased sales Interest-free extended terms Ecommerce / Customer Online Management Systems (COMS) (Purchase Approvals / Inventory
More informationTrends in Medigap Coverage and Enrollment, 2011
Trends in Medigap Coverage and Enrollment, 2011 May 2012 SUMMARY This report presents trends in enrollment in Medicare Supplement (Medigap) insurance coverage, using data on the number of policies in force
More informationDownload at www.iii.org/presentations
Residual Markets, Uninsured Motorists and Competition in Maryland Auto Insurance Maryland Auto Insurance Plan Senate Hearing on Uninsured Motorists Annapolis, MD December 16, 2015 Download at www.iii.org/presentations
More informationU.S. Department of Education NCES 2011-460 NAEP. Tools on the Web
U.S. Department of Education NCES 2011-460 NAEP Tools on the Web Whether you re an educator, a member of the media, a parent, a student, a policymaker, or a researcher, there are many resources available
More informationCDFI FUND NEW MARKETS TAX CREDIT PROGRAM:
CDFI FUND US Department of the Treasury NEW MARKETS TAX CREDIT PROGRAM: SECOND ROUND (2003-2004) Allocatees Serving Allocatee Name (Award Amount) AK 1 Alaska Growth Capital BIDCO, Inc. ($35 million) Total:
More informationSTC Insured Deposit Program (STID) Updated 06/16/2016
STC Insured Deposit Program (STID) Welcome to the AIG Federal Savings Bank ( AIG FSB ), d/b/a SunAmerica Trust Company ( STC ) STC Insured Deposit Program. Under this program, available cash balances (from
More informationFlorida 1/1/2015 Workers Compensation Rate Filing
Florida 1/1/2015 Workers Compensation Rate Filing Kirt Dooley, FCAS, MAAA October 14, 2014 1 $ Billions 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.873 0.106 Florida s Workers Compensation Premium Volume 2.681 2.368
More informationUnited States Bankruptcy Court District of Arizona NOTICE TO: DEBTOR ATTORNEYS, BANKRUPTCY PETITION PREPARERS AND DEBTORS
United States Bankruptcy Court District of Arizona NOTICE TO: DEBTOR ATTORNEYS, BANKRUPTCY PETITION PREPARERS AND DEBTORS UPDATED REQUIREMENTS FOR FORMAT OF MASTER MAILING LIST The meeting of creditors
More informationThe following rates are the maximum rates that should be illustrated. Be sure to update the IRIS illustration system
INTEREST RATES - June 16, 2016 to July 15, 2016 Notices 1. Before soliciting or taking any annuity applications, it is required that you have completed Lafayette Life's Annuity Training and any Continuing
More informationPreapproval Inspections for Manufacturing. Christy Foreman Deputy Director Division of Enforcement B Office of Compliance/CDRH
Preapproval Inspections for Manufacturing Christy Foreman Deputy Director Division of Enforcement B Office of Compliance/CDRH Major Steps Review of the Quality System information Inspection requests generated
More informationReturn-to-Work Outcomes Among Social Security Disability Insurance (DI) Beneficiaries
Return-to-Work Outcomes Among Social Security Disability Insurance (DI) Beneficiaries Yonatan Ben-Shalom Arif Mamun Presented at the CSDP Forum Washington, DC September 17, 2014 Acknowledgments The research
More informationDepartment of Business and Information Technology
Department of Business and Information Technology College of Applied Science and Technology The University of Akron Summer 01 Graduation Survey Report 1. How would you rate your OVERALL EXPERIENCE at The
More informationSurety Bond Requirements for Mortgage Brokers and Mortgage Bankers As of July 15, 2011
Surety Bond Requirements for Mortgage Brokers and Mortgage Bankers As of July 15, 2011 State Mortgage Broker Bond Cancellation Mortgage Banker Bond Cancellation Notes & Citations AK $75,000 minimum for
More informationEnrollment Snapshot of Radiography, Radiation Therapy and Nuclear Medicine Technology Programs 2014
Enrollment Snapshot of, Radiation Therapy and Nuclear Medicine Technology Programs 2014 January 2015 2015 ASRT. All rights reserved. Reproduction in any form is forbidden without written permission from
More informationDashboard. Campaign for Action. Welcome to the Future of Nursing:
Welcome to the Future of Nursing: Campaign for Action Dashboard About this Dashboard: These are graphic representations of measurable goals that the Campaign has selected to evaluate our efforts in support
More informationIn Utilization and Trend In Quality
AHA Taskforce on Variation in Health Care Spending O Hare Hilton, Chicago February 10, 2010 Allan M. Korn, M.D., FACP Senior Vice President, Clinical Affairs and Chief Medical Officer Variation In Utilization
More informationPRODUCTS CURRENTLY AVAILABLE FOR SALE. Marquis SP
INTEREST RATES - August 16, 2016 to September 15, 2016 Notices 1. Before soliciting or taking any annuity applications, it is required that you have completed Lafayette Life's Annuity Training and any
More informationUnited States Bankruptcy Court District of Arizona
United States Bankruptcy Court District of Arizona NOTICE TO: DEBTOR ATTORNEYS, BANKRUPTCY PETITION PREPARERS AND DEBTORS UPDATED REQUIREMENTS FOR FORMAT OF MASTER MAILING LIST The meeting of creditors
More informationSteve Angel Chairman, President and
Praxair, Inc. Steve Angel Chairman, President and Chief Executive Officer 19 th Annual Citi Chemicals Conference New York City, Dec 2, 2008 1 Forward Looking Statement This document contains forward-looking
More informationAmerican Equity Investment Life Insurance Company Bonus Gold (Index 1-07) PFG Marketing Group, Inc.
A Fixed Indexed Annuity with a 16-year surrender period. This product is not available in AK AL CT DE MN NJ NV NY OH OK OR PR TX UT VI WA Ratings A.M. Best : A- Standard & Poor's: BBB+ 1 Year S&P 500 Annual
More informationAAIS Mobile-Homeowners 2008 Series
Policy Forms and Endorsements IT IS WOLTERS KLUWER FINANCIAL SERVICES' POLICY TO LIMIT THE SALE OF BUREAU FORMS TO THE MEMBERS AND SUBSCRIBERS OF THOSE RESPECTIVE BUREAUS. PURCHASE AND USE OF BUREAU FORMS
More informationEnrollment Snapshot of Radiography, Radiation Therapy and Nuclear Medicine Technology Programs 2012
Enrollment Snapshot of, and Nuclear Medicine Programs 2012 A Nationwide Survey of Program Directors Conducted by the American Society of Radiologic Technologists January 2013 2012 ASRT. All rights reserved.
More informationTelephone conference call for the three months ended June 30, 2015. (Held on July 30, 2015)
Telephone conference call for the three months ended June 30, 2015 (Held on July 30, 2015) Goro Yamaguchi President and Representative Director
More informationFixed Indexed Annuity Rates
Company / Minimum Issue Ages Product Premiums Surrender Charges Last 15 Years Life of the Southwest SecurePlus Accumulator 5 Life of the Southwest SecurePlus Platinum (after 3/21/06) Fixed Indexed Annuity
More informationFIELD SERVICE BULLETIN
FSB_971_1A HUGHES NETWORK SYSTEMS FIELD SERVICE BULLETIN SUBJECT: Updated Commissioning Rules FSB NUMBER: FSB_971_1A FSB ISSUE DATE: 7/1/9 SUBMITTED BY: J. Callow APPROVED BY: D. Dostalik CHANGE TO BE
More informationWhat does Georgia gain. by investing in its
What does Georgia gain by investing in its colleges and universities 2 A tremendous return: More economic prosperity. Less government spending. A stronger competitive advantage. A higher quality of life.
More informationAuto Insurance Underwriting/Rating
Auto Insurance Underwriting/Rating Insurance Underwriting/Rating Variables Driver Demographics Driver History Type of Vehicle Vehicle History Auto Po olicy 1 Name: John Smith Age: 32 Gender: Male Marital
More informationRegional Short-term Electricity Consumption Models
Regional Short-term Electricity Consumption Models Prepared for 25 th Annual North American Conference of the USAEE/IAEE, Denver September 18-21, 25 Frederick L. Joutz, Department of Economics The George
More informationRegional Short-term Electricity Consumption Models
Regional Short-term Electricity Consumption Models Prepared for Brown Bag Seminar on Forecasting of the Federal Forecasters Consortium (FFC), in alliance with Research Program on Forecasting at The George
More informationSmall Business Credit Outlook
2015 Q3 Small Business Credit Outlook All s Well that Ends Well Shakespeare All s Not Well - Hamlet Business Cycle As 2015 ends, it is easy to say all is well going into 2016. Lending activity stands strong,
More informationRates and Bills An Analysis of Average Electricity Rates & Bills in Georgia and the United States
Rates and Bills An Analysis of Average Electricity Rates & Bills in Georgia and the United States During regulatory and public policy discussions of electricity costs for Georgia ratepayers, the conversation
More informationState Small Business Credit Initiative. SSBCI Overview
6/11/2014 State Small Business Credit Initiative Opportunity Finance Network June 10, 2014 SSBCI Overview Created in Small Business Jobs Act of 2010 to spur up to $15 billion in lending and investing to
More informationAthene Annuity (DE) Rates
January 29, 2015 Athene Annuity (DE) s Athene Benefit 10 SM, Athene Choice, Athene Max and Athene 7 MYG SM rates will remain unchanged for the Athene Annuity (DE) product series. Guaranteed payout rates
More informationBoxborough Solar 101. Presented by: Elizabeth Youngblood, Project Manager Massachusetts Clean Energy Center. April 16, 2016
Boxborough Solar 101 Presented by: Elizabeth Youngblood, Project Manager Massachusetts Clean Energy Center April 16, 2016 1 Outline Introduction Solar PV Basics Solar PV Incentives and Economics MassCEC
More informationHeat Pumps: An Untapped Resource For Energy Savings Programs. Regional and State-Level Economic Analysis of Heating Applications
Heat Pumps: An Untapped Resource For Energy Savings Programs Regional and State-Level Economic Analysis of Heating Applications INTRODUCTION Consumers and policymakers alike are concerned about the rising
More information