Supermercados Peruanos S.A. SPSA/BVL
|
|
- Reginald Manning
- 8 years ago
- Views:
Transcription
1 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 Supermercados Peruanos S.A. SPSA/BVL Supermercados Peruanos Performance 2007 was a year of historic growth for Supermercados Peruanos, as well as a year of significant achievements. They were pioneers in entering provinces and, because of that inroad, they won the Great Business Award for Creativity. In July of that year, they opened Plaza Vea Trujillo, Plaza Vea Chiclayo in October; and Plaza Vea Arequipa in December, surpassing significantly in all of the cases the estimated sales for each project. This confirms the confidence that the company has the potential development of the supermarket industry in Peru s billing was S/ million, representing a growth of 22% compared against In addition, net profit for the period was S/.11.9 million, equivalent to 3.1 times the net profit obtained the year before, representing an improvement of S/.8.1 million compared to net profit reported in Company Valuation Valuation Method by Free Cash Flow: net present value of the company S/ (USD ); discounted with a WACC of 4.78% quarterly. Company Quick View: Location: The corporate offices are located in San Borja, Lima-Peru. Industry: Retail. Description: Company engaged in the buying and retail sale at general level of consumption and for the home. Key Products & Services: Food, beverages, personal care and cleaning items, hardware store, toyshop, appliances and technology, prepared foods. Web Site: Analysts: Alexandra Ávila alexandra.avila@pucp.edu.pe Silvia San Miguel ssanmiguel@pucp.edu.pe Elvis Ramírez elvis.ramirez@pucp.edu.pe Investment Research Manager: Eduardo Court ecourt@pucp.edu.pe Adviser: Elizabeth Girón mgironm@pucp.edu.pe The BURKENROAD REPORTS PERÚ are produced solely as a part of an educational program of Tulane University s A.B. Freeman School of Business in conjunction with CENTRUM Católica School of Business. The reports are not investment advice, and you should not and may not rely on them in making any investment decision. You should consult an investment professional and/or conduct your own primary research regarding any potential investment. 1
2 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 SUPERMERCADOS PERUANOS S.A. SALES EVOLUTION Figure 1: Sales Performance Note: Retrieved from INVESTMENT SUMMARY INVESTMENT THESIS With the method of Free Cash Flow resulted in a net present value of the company S/ ,000. The flows are discounted with an average rate of 4.78% quarterly, matching the estimate of the Weighted Average Cost of Capital (WACC). To get the WACC, it was considered the cost of debt and the cost of capital, without taking into account the beta of the industry. In addition, the cost of capital was obtained by the amount of risk-free rate plus the premium market (market risk unless the risk-free rate). In the market risk, it was considered the annual change in the General Index of the Lima Stock Exchange. The results of the strategic changes, initiated since the Interbank Group joined the shareholders of Supermercados Peruanos S.A., have helped to build gradually, especially in 2007, higher sales growth, increased generation of operating results and net profit, and an improved financial structure in terms of indebtedness, profitability, liquidity and operational efficiency. All this confirms a positive outlook for the coming periods: the increasing dynamics of the supermarkets sales have reached the adequate growing perspectives due to the expansion plans of the leading reatailers chains, and the possible entrance of new operators, attracted by the low penetration level on this modality of retailing sales in the local market. On top of this, it must be added SPSA s expansion projects. INDUSTRY ANALYSIS The peruvian economy continues to present a positive development in macroeconomic terms. According to the Central Reserve Bank of Peru (BCRP) for the year 2007, the GDP growth was 9%, while domestic demand rose by 11.6%. Such economic expansion is also reflected in sales through modern retail channels. For instance, Wong and Metro, Supermercados Peruanos and Tottus, have accumulated an increase of approximately 30% during
3 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos Table 1: Global Demand and Supply (actual percentage changes) Note: From the Central Reserve Bank of Perú According to statistics from the National Institute of Statistics and Information (INEI), Peru is in the process of recomposition in favor of the socio-economic sectors, where sectors B and C have shown a growing trend, while sector D has decreased. This development has led an improvement in the purchasing power of the population of fewer resources, which until recent years was very poorly served by the supermarket chains. In this context, the expansion of coverage of the supermarket business represents an opportunity, even more so when it is observed the low level of penetration of these in the Peruvian market compared with other Latin American countries. The increase in the population consumption has led to sales growth of supermarkets, which have joined new local chains, both in Lima and in provinces, to meet the increasing demand. In Lima and Callao, it has been estimated the level of penetration in 30%, while in provinces penetration levels are still low. However, it is considered to have high expectations given the growth in the employment level. Figure 2: Share Market Evolution Note: Retrieved from 3
4 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 Economic growth in the inner cities, driven by export growth, has turned several cities (Trujillo and Ica, for example) into attractive places to investors of local services and real estate. In 2007, the total number of stores of major supermarket chains rose to 101, while in 2006 it was 88. All three competitors were aggressive in their investments and openings of stores to expand their activities and gain greater market share. Insofar, the sector has achieved an important development, consolidating the supermarket industry in the Metropolitan Lima area around three main players: Supermercados Wong, with an average market share of 60%; SPSA, with 27%; and Hipermercados Tottus, with approximately 13%. In provinces, regional chains have developed. INDUSTRY STRUCTURE Threat of New Entrants The low penetration of supermarkets in the country, a growing domestic demand and an incentives policy for private investment by the Peruvian government, puts Peru in the view of major foreign investors. For example, the Fallabella Group of Chile made its only supermarket project in Peru. At the same time, it underlines the acquisition of Supermercados Wong conducted by the Chilean group Cencosud. As a result, the entry barriers for new comers into the grocery industry in Peru are very low. It only depends on the investment capacity of the investor group. Bargaining Power of Suppliers Bargaining Power of Buyers Threat of Substitute Products The negotiation scheme with suppliers is based on contracts without compromise of charges or penalties for breach of terms. It gives a low level of negotiation to suppliers because of the high purchasing power of supermarkets. The supermarket industry has consumers with more information and they demand better prices, greater variety of products and services, as well as a friendlier environment and personal attention. As a result, the bargaining power of buyers is medium, as the supermarket sector has a challenge to attract consumers accustomed to purchase its traditional products at warehouses in the neighborhood or district supply markets. In the supermarket sector, there are substitutes such as: (a) grocery stores, which are traditional and highly personalized at understanding the details of daily purchases and tastes of their customers; (b) market supplies, places where the consumers negotiate the price of products; and (c) informal markets, commonly called flea markets, where there is no security on the origin of the products they offer. These substitutes are the main reason why the penetration level of supermarkets in Peru is the lowest in South America. 4
5 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos Rivalry Among Existing Competitors The intensity of the rivalry between the supermarket chains in the country is increasingly higher. This is evident in the need to capture more customers by diversifying products and services. Consequently, all supermarket chains are constantly innovating with new formats (known as hypermarkets, which offer a wide range of products), and expand their market share through the entrance to major cities nationwide. In addition, the supermarket chains in Peru maintain strategic alliances with various companies, to provide greater convenience, service and satisfaction to their customers, while ensuring a continuous flow of them. These alliances include partnerships with food companies, banks, and pharmaceutical companies, among others. Also, the supermarkets benefit from additional income, since in most cases the space occupied by the associated companies is rented. COMPANY DESCRIPTION Supermercados Peruanos S.A., a Peruvian company, was formed as a limited company on June 1st, 1979, under the trade name of Promociones Camino Real S.A. In 1993, the supermarket was sold to Santa Isabel, a chilean group, and the company started to operate as Supermercados Santa Isabel S.A. The chain grew during the nineties by acquiring the stores of Mass and Top Market. The leasing of the San Jorge supermarket consolidated it as the second supermarket chain in Peru. Later, the Dutch group Royal Ahold, the third retailer in the world, became co-owner of Santa Isabel S.A., and was increasing its participation until they assume full control of the company. Under the administration of Ahold, the company successfully launched the format of hypermarkets Plaza Vea; however, the group decided to sell its operations in South America. Royal Ahold sold Supermercados Santa Isabel S.A. to Interbank Group (Banco Internacional del Peru S.A.-Interbank and Interseguro Compañía de Vida S.A.) and Compass Capital Partners Corporation. They purchased all the shares and gave them the financial backing and prestige necessary to continue the expansion process initiated by Ahold. The General Stock Holder Meeting decided to change the name of Supermercados Santa Isabel to SUPERMERCADOS PERUANOS S.A. In 2005, the company opened its first Vivanda supermarket in Pezet Avenue located in San Isidro, a level A district. Between 2005 and 2006, the company opened 4 Vivanda stores, other Plaza Vea stores and the creation of Plaza Vea Super. In the same year, Supermercados Peruanos reached a market share of 29%. Since 2006, the company has grown through the construction of new stores, both in Lima and in provinces; and, in some cases, remodeling existing stores to better meet the needs of its customers. In 2003, the General Stock Holder Meeting of Supermercados Santa Isabel S.A. registered shares representing the capital stock in the Lima Stock Exchange and in the Public Register of the Securities Market. The capital stock of the company was One Hundred Forty Million Five Hundred Sixty Six Thousand Eight Hundred Nine and 00/100, Nuevos Soles represented by 5
6 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, ,809 common shares with voting rights and a nominal value of to S / each one. Company Business and Products Supermercados Peruanos S.A. is dedicated to the business of buying and selling movable at a general level, the current product lines are: Table 2: Product Categories Meat, fish and poultry Fruits and vegetables Sausages, cheese and meals Groceries Beverages, liquors, snacks Personal care Baby care Household cleaning Bazaar Library Pets Hardware Textiles Toys and recreation Appliances and technology Prepared foods Note: Retrieved from Each category has a role, vision, goals, strategies, policies of exhibition range and price; every one works separate documents, just as each section has a head of product, a category leader and assistant specialist, giving them an aura of personalization and specialization. Brands Supermercados Peruanos S.A. has 5 brands of white products (own brands): 1) Bell s and Sulli: foodstuffs and household 2) A-selection: textile products 3) Brio: cleaning products 4) La Florencia: vegetables, milk and sausages 5) Nube: paper products These brands are produced through outsourcing, with the company s specifications and designs. To accommodate the Peruvian purchasing behavior, Supermercados Peruanos has created platform formats adapted to different types of consumers in the country, intended to cover their needs for closeness and price; it features what Peruvians are looking when purchasing. Their formats are divided into three categories: hypermarkets, supermarkets and discount stores. Plaza Vea Hypermarkets and Plaza Vea Super Hypermarkets Plaza Vea and Plaza Vea Super are the best-known brands, the most effective and the most widespread of all those created by this company. In 2007, it has opened the first stores in the cities of Trujillo, Chiclayo and Arequipa. Plaza Vea is also certified by ISO: 9001; it is the only supermarket in Latin America that possesses such certification. This brand of hypermarkets is the second in the preference of sectors A / B, but the third in sectors C and D. Purchases with its own credit card that allows its customers access to exclusive benefits. 6
7 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos Vivanda Supermarkets Mass Discount Stores Stores by Format Vivanda is the second-largest brand in Supermercados Peruanos. It has six stores in the province of Lima, in the districts of San Isidro, Surco, Magdalena and Miraflores. They cater the upper social classes A and B. It is more appreciated among women ranging from 17 to 25 years, as well as executives and entrepreneurs. Also, it is the only supermarket in Peru that has a store open 24 7, located in Miraflores district, in Lima. Mass is a small market located in places like Chosica and Magdalena; there are eleven stores with small areas. There are future plans to form a larger supermarket, aimed to target groups of socioeconomic status C and D. Supermercados Peruanos S.A. has 48 locals: 21 Plaza Vea hypermarkets 6 Vivanda supermarkets 7 Plaza Vea Super supermarkets 2 Santa Isabel supermarkets 11 Mass discount stores 1 San Jorge Market There are hypermarkets Plaza Vea in Arequipa, Chiclayo, Trujillo and Piura. Strategies The business strategy of SPSA is based on the change of format of its stores. The expansion of its operations and the financial backing provided by the shareholder, Grupo Intercorp, ensures the necessary resources to further the expansion of a strong managerial group and extensive experience in the industry. During the years 2004 and 2005, the company s strategy was based on the definition and consolidation of its formats, culminating with the launch of the new brand Vivanda, the transformation of the stores Minisol into Mass, and a profound improvement in quality and services of Plaza Vea. The business strategy of the Company has determined that the stores that are currently operating under the format of Plaza Vea Super are converted during the 2008 into the Vea format. At the same time, it will offer the Vea card that gives its customers the capacity to buy products on credit from their stores. It is important to mention that the introduction of values in the organization as transparency, commitment and spirit of improvement, teamwork, sense of humor and social responsibility, has contributed to the success of its operations. SPSA has people specializing in each of its product lines; their business is divided into small units. The corporate strategy consists in negotiating volume purchases of supplies for all its supermarkets. 7
8 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 CUSTOMERS BY SEGMENT Plaza Vea There are two large groups stores: Plaza Vea La Molina and Caminos del Inca, where they attract groups A and B; and a second set of stores, such as Plaza Vea Brasil and Plaza Vea Risso, catering groups B and C. Their customers come from socio-economic levels A, B and C, with incomes that allow them to access more expensive products and services. Class A is located in Surco, La Molina, Miraflores, San Isidro and San Borja. Class B lives in traditional districts like Jesus Maria, Lince, Pueblo Libre, Magdalena and San Miguel. Class C is located in San Martin de Porres, Los Olivos, Rimac, Breña, La Victoria, Chorrillos, San Juan de Miraflores and around El Callao. There is a group of customers, belonging to the so-called middle class traditional two of Lima, which has experienced a decrease in their purchasing capacity because of the pressure to incur in some expenses to maintain their social status ; the majority has access to credit card. In recent years, customers levels D to level B and C buy much more in supermarkets. A good segment corresponds to merchants or entrepreneurs that obtain personal formal or informal income in cash; they do not pay rent because they own their home (with or without title deed). As a result, they have greater consumption. Customers from Plaza Vea Super resemble clients of Plaza Vea, with the exception of some stores such as Plaza Vea Super Valle Hermoso or Dasso, which have more clients of level A. Vivanda Market San Jorge Customers come from socio-economic level A or B; but predominantly A. The money available for consumption is high, and, additionally, most of them have access to credit cards. Predominant customers come from socio-economic levels C and D. Their availability for consumption in cash is limited, for that reason they seek the lowest price. Customers of the socio-economic level D are located in the districts of San Juan de Lurigancho, Ate, Lurigancho, El Agustino, Villa El Salvador, Villa Maria del Triunfo and Lurin. Table 3: Segmentation of Consumers Note: Based on SPSA data 8
9 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos SWOT Analysis Figure 3: SWOT PEER ANALYSIS Wong Group The main competitors of Supermercados Peruanos are Wong and Metro, owned by Cencosud. They operate under 3 formats (Wong, Metro and ECO), while Hipermercados Tottus operates in one format only. Wong Corporation is the Peruvian s largest group targeted for direct sale to consumers with presence in Lima and Trujillo. It has 48 stores among its four formats: Wong, Metro, Eco and American Outlet. Today, they have 32 stores operating under the brands Wong (12 supermarkets), Metro (8 supermarkets and 10 hypermarkets), Eco (a warehouse store) and American Outlet (2 stores). The main competitor for Vivanda and Plaza Vea Super is Supermercados Wong. Hipermercados Metro was inaugurated in 1992, with a format never seen until then. It had wider product presentations and more affordable prices. This format competes with Plaza Vea s format. American Outlet was created with the aim of offering products with the best brands international but with a reduction of the original price up to 70%. Group E. Wong opened American Outlet discount store located in Plaza Camacho Shopping Center. Wong Group does not have competitors in this area; Supermercados Peruanos has no stores of this format. 9
10 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 Hipermercados Tottus Hipermercados Tottus is a company incorporated in Peru in It was created as a result of the expansion of Saga Falabella, who ventured into the category of hypermarkets through HIPERMERCADOS TOTTUS. In December of the same year the company opened its first store: TOTTUS MEGA PLAZA. In November of the following year, Tottus opened its second store, in the most commercial area of San Isidro: TOTTUS LAS BEGONIAS. In 2004, Tottus opened its third store in San Miguel: TOTTUS LA MARINA. In 2008, Tottus determined to implement its growth through a fairly ambitious plan that included opening in several provinces in the country. In a short time, and with a small number of stores, Tottus has managed to obtain access in the market and a highly competitive position, currently taking a 14% of market share. Each Tottus is 10 or 12 thousand m2 unlike stores from Supermercados Peruanos whose stores only have from 4 or 6 thousand m 2. Figure 4 : Market Share Note: Retrieved from Peer Ratio Analysis The analysis of the ratios of competition has been conducted without taking into account Hipermercados Tottus, because it has short market share. From the year 2005, SPSA showed a growing trend in its revenues as a result of the increased number of locals in operation, and the commercial and operating relaunch of the company in 2004, when the group entered with the INTERBANK shareholders. During the 2007 period, SPSA earned sales revenue amounting to S/.1,313 million, 21.7% higher than the figure obtained in The improvement in gross margin and the relative decline in the costs of administration, sales and depreciation, operating income has shown an improvement, amounting to S/ million in 2007, surpassing by more than twice as recorded in the past two years. 10
11 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos Table 4: Peer Ratio Analysis Note: Based on SPSA data MANAGEMENT BACKGROUND & PERFORMANCE Supermercados Peruanos S.A. shows independence in its directory, formed by managers from the first line of the Interbank group. The committee of the Supermarkets directory is not influenced by managers in its decisionmaking. The directors are independent of any operational decisions, unless they are consulted. The committee is composed by: Directors: President (*): Vice President: Director: Director: Director: Carlos Rodríguez Pastor Juan Carlos Vallejo David Fischman Manuel José Balbontín Julio Luque Badenes The 1% of the staff of SPSA works in the central administrative and management of the company. The aim of the management of SPSA is company revaluation; that is, greater value to shareholders of the company. Managers have no involvement in the group, because they do not own shares in either the group or in competition. SPSA has a policy to hire the best retail managers. Most of the management staff is composed by foreigners or Peruvian staff with studies abroad. 11
12 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 Table 5: Board of Managers Note: Retrieved from There are no plans for management succession. The sequence is based on the growth of the company. The vacancies are filled by the management through external recruitment or relocation of jobs. Management Incentives The policy of incentives for management is based on economic incentives that vary depending on performance. The goals are negotiated with the directors who have signed contracts of incentives. The bonds are handled confidentially, and they are negotiated personally with managers (including chiefs and analysts) through contracts based on the performance of different objectives, depending on the position of the worker. Managers must meet annual goals in order to receive the bonuses. In some instances, they can double the fee, depending on the level of achievement of the objectives. The staff should reach annual goals. They are based on 10 indicators of the store and 3 annual targets at group level, related to EBITDA, achieving a position in the Great Place to Work, and sales levels in the group. Management Training Return on Invested Capital Peer Comparison The company has no policy to finance management training. In special cases, external training is given to some workers to fill a management position and to coach them in accordance with the requirements. Table 6 shows the ROIC of SPSA compared with its main competitor, Grupo de Supermercados Wong S.A. 12
13 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos Table 6: Return On Invested Capital Comparison Note: Based on SPSA data The management of SPSA has clearly outperformed its peer group over the past two years. The return on invested capital for 2005 of SPSA was because the company recorded a net loss mainly related to exchange rate fluctuations. Since 2006, SPSA shows a higher return on capital due to the expansion strategy of increasing the number of new stores and the reformatting of Santa Isabel stores. On the other hand, the performance sales of stores opened in provinces have exceeded the expectations of the company. SHAREHOLDER ANALYSIS The main shareholder of Supermercados Peruanos is IFH Retail Corp., a subsidiary of IFH Peru Ltd., established in January 2007 as part of the corporate reorganization of the Interbank Group holding companies. By the year 2007, the composition of the shareholding structure of Supermercados Peruanos S.A. is as follows: Table 7: Capital Structure Note: From SPSA Annual Report 2007 The shareholders, in order to revalue the company in time, make capital contributions. The interests of shareholders are given by the incentives that they agree with the management. During 2007, IFH Peru Ltd., Interseguro, Compañia de Seguros de Vida SA and Banco Internacional del Peru S.A.A. transferred its shareholding in Supermercados Peruanos S.A. in favor of IFH Retail Corp. (IFH). Additionally IFH conducted a capital increase amounting to a total of S/.62.6 million in exchange for the issue of the equivalent of S/.77.3 million in shares, causing a loss in the broadcast, which is reflected in the balance sheet at 31st December IFH now has ownership of % of the shares representing the capital of SPSA, while IFH Peru Limited holds an action that represents the % of the share capital. 13
14 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 RISK ANALYSIS In keeping with the global trend, the strategy of Supermercados Peruanos S.A. (SPSA) is aimed at expanding its operations through the opening of new stores. This measure implies a higher level of indebtedness, and will require the company to obtain an optimal ratio between debt and assets, so that it shows healthy growth and not deteriorate the fit between the generation of cash and its commitments. Taking into account that SPSA is opening market, especially in the provinces, it must be considered that the entry of another competitor of similar size could cannibalize sales. An important factor to ponder is the effect of maintaining inventories in this business, where storage costs are high and the inventories turnover influences the liquidity of companies. On the other hand, due to the nature of the business, working capital is financed mainly through suppliers. The high turnout of short-term liabilities on its funding and its impact on liquidity is a strong pressure on the deficit of working capital. But the administration of obligations to suppliers has reduced the deficit in working capital of S/ million in December 2006 to S/ million in December 2007 at the time that has increased the accounts receivable turnover by paying up to 116 days. In December 2007 shows a significant improvement since the deficit in working capital was reduced to 11% of annualized sales. Figure 5: Working Capital Evolution Note: Retrieved from on November 13,2009. The period of payment of its suppliers obligations has increased in the last years with accounts payable turnover average of 102 days in 2007, whereas the one of his main competitor was 91days. The net results of SPSA, due to the moderate operative margins, still exhibit a high dependency on macroeconomic variables such as the variations of the exchange rate, phenomenon characteristic in the supermarket industry. 14
15 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos The SPSA incomes are mainly national currency and 40% of their passive operations in foreign currency, reason why the net loss of year 2005 as the net utility of year 2007 are strongly related to the fluctuations of the exchange rate. In the last three years, the supermarket industry has had intense dynamics due to the entrance of new participants in the sector; the greater challenge of SPSA has been to increase the geographic cover by optimizing its operative scale and, thus, to strengthen its margins, to improve its economic results, and their positioning of mark. FINANCIAL PERFORMANCE AND PROJECTIONS Projections for valuing the company came under the following assumptions: a) The long-term growth of the company s average was taken of the change in the trade sector s GDP for the period from b) The cost of debt for the quarters of 2008 was considered equal to the period 2007 to maintain long-term debt into bonds last for three more years. c) The investment in fixed assets (CAPEX) was estimated based on the amount of investment activities that the company conducted on an annual basis. d) The rate of the cost of debt was taken from the average annual rates of short-term and long-term debts, and then weighted it by the respective amount of debts. 15
16 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 Table 8. Valuing of Supermercados Peruanos S.A. (Discounted Free Cash Flow) (In Thousands of Nuevos Soles) 16
17 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos Table 9. Quarterly Projection of the Balance Sheet of Supermercados Peruanos S.A. (In Thousands of Nuevos Soles) 17
18 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 Table 10. Quarterly Projection of Profit/Loss Statement of Supermercados Peruanos S.A. (In Thousand of Nuevos Soles) 18
19 November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos 19
20 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Supermercados Peruanos November 24, 2008 The Burkenroad Reports are about listed companies financial analysis, and small and medium Peruvian companies. They are made by CENTRUM Catolica s alumni, the Pontificia Universidad Catolica del Perú Business School, and they are supervised by Finances, Economy and Accounting professors of the School. Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM), Instituto de Estudios Superiores de Administración de Venezuela (IESA), Universidad de los Andes de Colombia, Estudios Superiores Incolta de Colombia (ICESI), Escuela de Postgrado de Administración de Empresas de Ecuador (ESPAE), and the Universidad Francisco Marroquín de Guatemala, in conjunction with Tulane University, develop the Burkenroad Program in Latin America. This project is supported by the Multilateral Investment Fund from the Inter-American Development Bank. This program enriched the human capital by providing training in financial analysis techniques, and also pretends to facilitate access to financial sources by providing to institutions and investors with financial information. These reports evaluate conditions and opportunities for investments in companies. The listed companies reports are distributed to domestic and foreign investors by using publications and financial information systems as the Infosel Financiero and Finsat. The small and medium companies reports are solely distributed to companies favored for being used in future private presentations to financial institutions or potential investors. Invesment plans and financial situation from the analyzed companies are shown to the financial community in an Annual Meeting. Additional information about Burkenroad Program, please visit the page web: Ph.D. Eduardo Court Monteverde ecourt@pucp.edu.pe Research Director Burkenroad Peru Reports CENTRUM - Business School of the Pontificia Universidad Católica del Perú Phone Nº: (511) Magister Elizabeth Girón mgironm@pucp.edu.pe Coordinator Burkenroad Peru Reports CENTRUM - Business School of the Pontificia Universidad Católica del Perú Phone Nº: (511)
Banco de Comercio BANCOM
November 24, 2008 FINANCIAL REPORTS CENTRUM Católica - Burkenroad Latin America (Peru) - Banco de Comercio November 24, 2008 Banco de Comercio BANCOM Cover monitoring: Constant Investment Investment Recommendation:
More informationVerifone Reports Results for the Second Quarter of Fiscal 2016
Verifone Reports Results for the Second Quarter of Fiscal 2016 SAN JOSE, Calif. (BUSINESS WIRE) Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results
More informationRIPLEY CORP presentation. January 2009
RIPLEY CORP presentation January 2009 Ripley Corp 1. Ripley Today 2. Ripley Chile 2.0 3. Ripley Peru 4. Financing 5. Main goals Ripley Today why invest Ripley? Because Is a big player in the department
More informationIndex. Section I. Risk rating 3. Section II. Revenues, EBITDA and Net Profit 3. Section III. Highlights 4
Press Release March 2015 1 Press Release March 2015 Section Index Page Section I. Risk rating 3 Section II. Revenues, EBITDA and Net Profit 3 Section III. Highlights 4 Section IV. Medical Facilities Investment
More informationFalabella Perú Peru Finance & Banking Day 2013 Julio Alcalde Chief Financial Officer
Falabella Perú Peru Finance & Banking Day 2013 Julio Alcalde Chief Financial Officer Falabella at a Glance Operational Highlights Multi-format retailer in Chile, Peru, Colombia, Argentina and Brasil 298
More informationO KEY GROUP ANNOUNCES AUDITED FINANCIAL RESULTS FOR 2014
Press Release 19 March 2015 O KEY GROUP ANNOUNCES AUDITED FINANCIAL RESULTS FOR 2014 O KEY Group S.A (LSE: OKEY), a leading food retailer in Russia, today released audited consolidated financial results
More informationInvestor Presentation. August 2012. years. Parque Arauco S.A. www.parauco.com
Investor Presentation August 2012 years Parque Arauco S.A. www.parauco.com This document has been prepared by Parque Arauco for the purpose of providing general information about the Company. The Company
More informationBALANCE SHEET AND INCOME STATEMENT
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and
More informationTranslation of consolidated financial statements originally issued in Spanish - Note 29
Translation of consolidated financial statements originally issued in Spanish - Note 29 Intercorp Financial Services Inc. (formerly Intergroup Financial Services Corp.) and Subsidiaries Consolidated financial
More informationDisaster Management Cycle
GIS TOOL FOR CALCULATING REPAIR COST OF BUILDINGS DUE TO EARTHQUAKE EFFECTS (CCRE CISMID) Miguel Estrada Carlos Zavala Fernando Lazares Jorge Morales Japan Peru Center for Earthquake Engineering Research
More informationAPPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7
APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015
More informationNetflix Strategic Analysis
XMBA 2013 Netflix Strategic Analysis Global Strategic Thinking Joey M. Reed, XMBA 2013 4/17/2013 EXECUTIVE SUMMARY In 1999, Reed Hastings launched an online movie rental service called, Netflix. The company
More informationARCA CONTINENTAL REPORTS REVENUE GROWTH OF 26% WITH EBITDA UP 25.8% IN 3Q15
ARCA CONTINENTAL REPORTS REVENUE GROWTH OF 26% WITH EBITDA UP 25.8% IN 3Q15 Monterrey, Mexico, October 23, 2015 Arca Continental, S.A.B. de C.V. (BMV: AC*) ( Arca Continental or AC ), the second-largest
More informationProfessor: Dr. Mary Flannery Teaching Assistant: Jia-Yuh Chen ECON 136 Business Strategy February 27, 2006
CASE STUDY Professor: Dr. Mary Flannery Teaching Assistant: Jia-Yuh Chen ECON 136 Business Strategy February 27, 2006 INDUSTRY ANALYSIS The retail industry is dominated by few retail giants, with Wal-Mart
More informationHIGHLIGHTS FIRST QUARTER 2016
Q1-16 EUROPRIS ASA 2 CONTENTS / HIGHLIGHTS FIRST QUARTER 2016 HIGHLIGHTS FIRST QUARTER 2016 (Figures for the corresponding period of last year in brackets. The figures are unaudited.) Group revenues increased
More informationOperating cash flow (EBITDA) exceeded Euro 247 million, rising 27.5% on 2000;
2001 ( NON AUDITED) HIGHLIGHTS Consolidated turnover reached Euro 4.2 billion, 7.3% growth from last year. Particularly remarkable was the like for like sales increase in Biedronka, more than 26%. Operating
More information2013FIRSTHALFRESULTS. JERÓNIMO MARTINS Strategic Overview
2013FIRSTHALFRESULTS JERÓNIMO MARTINS Strategic Overview Disclaimer Statements in this presentation that are forward-looking statements are based on current expectations of future events and are subject
More informationDealer. Línea Integral Autos Car Line Program. Autos (LIA): Línea Integral. The Wholesale Plan: The Retail Plan: Inventory 0 % Inventory Sales
Automotive Sector Introduction Grupo Bancolombia is the financial partner for the Automotive Sector in Colombia and has a comprehensive portfolio designed according to your needs and those of agents that
More informationThe Healthcare and Health Tourism. Sector
The Healthcare and Health Tourism Sector Introduction For Bancolombia being an ally of healthcare institutions means to accompany, advise, and offer alternatives to make your projects become a reality.
More informationDOLLARAMA REPORTS STRONG SALES AND NET EARNINGS INCREASES TO CLOSE FISCAL YEAR 2011
For immediate distribution DOLLARAMA REPORTS STRONG SALES AND NET EARNINGS INCREASES TO CLOSE FISCAL YEAR 2011 MONTREAL, Quebec, April 7, 2011 Dollarama Inc. (TSX: DOL) ( Dollarama or the Corporation )
More informationSMITHS CITY GROUP LIMITED HALF YEAR REPORT
SMITHS CITY GROUP LIMITED REPORT 31 OCTOBER 2009 TABLE OF CONTENTS Contents...1 Company Directory...2 Company Profile...3 Directors Report...4-5 Financial Information...6-8 Income Statement...6 Statement
More informationManagement s Discussion and Analysis
Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion
More informationOwnership Structure and Governance of NLCs in Latin America: The Case of Chile
Ownership Structure and Governance of NLCs in Latin America: The Case of Chile Business School Pontificia Universidad Católica de Chile Introduction: Standard conjecture: Smaller, NLCs present: Higher
More informationFinancial Analysis Project. Apple Inc.
MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION AUGUST 2014 1 2 DISCLAIMER THIS DOCUMENT HAS BEEN PREPARED BY PARQUE ARAUCO FOR THE PURPOSE OF PROVIDING GENERAL INFORMATION ABOUT THE COMPANY. The Company assumes no responsibility
More informationNotes to Consolidated Financial Statements Kikkoman Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008
Notes to Consolidated Financial Statements Kikkoman Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008 1. Basis of Preparation KIKKOMAN CORPORATION (the Company ) and its domestic
More informationSoftware Testing Market India
Software Testing Market India July 2014 Executive Summary Market Software Testing market in India was valued at ~ INR xx bn in 20-- and is projected to grow at a CAGR of ~ x1% between 20--- and 20-- Over
More informationQuarterly Results Telefónica del PerúS.A.A. and subsidiaries
Quarterly Results Telefónica del PerúS.A.A. and subsidiaries October December 2000 Significant Events A brief containing the most significant events that occurred since October 2000 is presented below:
More information1. Planning - Establishing organizational goals and deciding how to accomplish them
1 : Understanding the Management Process Basic Management Functions 1. Planning - Establishing organizational goals and deciding how to accomplish them SWOT analysis - The identification and evaluation
More informationRalph Lauren. Shelby Gray Group #2 BUS 440.02 11:30
Ralph Lauren Shelby Gray Group #2 BUS 440.02 11:30 0 COMPANY OVERVIEW Polo Ralph Lauren is a company specializing in the production of lifestyle products. Ralph Lauren began forty years ago with simply
More informationTanner Investor Information 1Q 2014
Tanner Investor Information 1Q 2014 Tanner at a Glance Business Description Key Highlights (1Q 14) Tanner Servicios Financieros S.A. ( Tanner ) is a leading Chilean non banking financial institution, offering
More informationAgricultural Catastrophic Insurance for Poor Farmers in Perú. Lourdes del Carpio Manager, Agricultural Insurance Rio de Janeiro, November 2011
Agricultural Catastrophic Insurance for Poor Farmers in Perú Lourdes del Carpio Manager, Agricultural Insurance p g, g Rio de Janeiro, November 2011 La Positiva Seguros Who we are? La Positiva Seguros
More informationSolutions to Chapter 4. Measuring Corporate Performance
Solutions to Chapter 4 Measuring Corporate Performance 1. a. 7,018 Long-term debt ratio 0. 42 7,018 9,724 b. 4,794 7,018 6,178 Total debt ratio 0. 65 27,714 c. 2,566 Times interest earned 3. 75 685 d.
More informationFURTHER PROFIT GROWTH IN FIRST-HALF 2015
FURTHER PROFIT GROWTH IN FIRST-HALF 2015 Net sales of 37.7bn, up +5.2% (+2.9% on an organic basis) Growth in Recurring Operating Income: 726m, +2.6% at constant rates Strong growth in adjusted net income,
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.
More informationMarket Leader(R) Grows Q3 Revenue With SaaS-Based Vision Products
Market Leader(R) Grows Q3 Revenue With SaaS-Based Vision Products Company Release - 10/28/2010 16:00 Double Digit Revenue Growth Projected for the Coming Quarter KIRKLAND, WA -- (MARKET WIRE) -- 10/28/10
More informationUnderstanding A Firm s Financial Statements
CHAPTER OUTLINE Spotlight: J&S Construction Company (http://www.jsconstruction.com) 1 The Lemonade Kids Financial statement (accounting statements) reports of a firm s financial performance and resources,
More informationFundamentals Level Skills Module, Paper F9
Answers Fundamentals Level Skills Module, Paper F9 Financial Management December 2008 Answers 1 (a) Rights issue price = 2 5 x 0 8 = $2 00 per share Theoretical ex rights price = ((2 50 x 4) + (1 x 2 00)/5=$2
More informationEurope: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability
2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth
More informationMedia Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.
The Sherwin-Williams Company Reports First Quarter 2012 Financial Results Consolidated net sales increased 15.1% to a record $2.14 billion Diluted net income per common share increased 50.8% to a record
More informationINTERIM REPORT for the period January 1 March 31, 2007
Interim report for ICA AB January 1 - March 31, 2007 INTERIM REPORT for the period January 1 March 31, 2007 Stockholm, May 15, 2007 Strong sales growth but lower operating income during first quarter Net
More informationEmpresas Banmédica. Financial Results First Quarter 2008
Empresas Banmédica Financial Results First Quarter 2008 Contents Empresas Banmédica Business Organization Shareholders structure Issues First Quarter 2008 Market Overview Isapres Private Hospitals Financial
More informationLaunch of. Transaction Agreement with
Launch of & Transaction Agreement with Note on Forward-Looking Statements This presentation may contain forward-looking statements regarding expected developments and expectations about future events.
More informationEarnings Release. Investor Relations HIGHLIGHTS. Brasil Insurance discloses its 4Q10 results
Investor Relations Bruno Padilha de Lima Costa Investor Relations Officer (55 21) 3433-5060 ri@brasilinsurance.com.br 4Q10 Earnings Conference Call Thursday, March 31, 2010 Portuguese 10:00 a.m. (BR);
More informationFIS Mergent Online. Walsh College Library. Select one or more of the databases to search
Walsh College Library FIS Mergent Online U.S. Company Data Financial information on over 25,000 U.S. public companies (active & inactive) International Company Data Financial information for over 20,000
More informationRESULTS OF OPERATIONS
Management s Discussion and Analysis of Financial Conditions and Results of Operations («MD & A») should be read in conjunction with the unaudited interim consolidated financial statements for the six
More informationLA ANONIMA. Corporate bond: Equity market cap $ 800.000.000,00 Outstanding capital stock 50.000.000 Source: Bolsar
December 08, 2008 LA ANONIMA Main activity: Retail store Exchange: Bolsa de Comercio de Buenos Aires Stocks: PATA, PATA5 Corporate bond: OPTA1 Equity market cap $ 800.000.000,00 Outstanding capital stock
More informationWAL-MART STORES INC (WMT) Hypermarkets & Super Centers
WMT Overview Company Performs Well In Fundamental Analysis - MarketGrader currently has a BUY rating on WAL- MART STORES INC (WMT), based on a final overall grade of 61.6 scored by the company's fundamental
More informationPerformance Food Group Company Reports First-Quarter Fiscal 2016 Earnings
NEWS RELEASE For Immediate Release November 4, 2015 Investors: Michael D. Neese VP, Investor Relations (804) 287-8126 michael.neese@pfgc.com Media: Joe Vagi Manager, Corporate Communications (804) 484-7737
More informationNotes to the Quarterly Report for Q4 FY03 1. Accounting principles adopted in the preparation of the quarterly report; information on changes in adopted accounting principles The report has been drawn
More informationHow To Calculate Financial Leverage Ratio
What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? HOCK international - 2004 1 HOCK international - 2004 2 How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? HOCK
More informationSecond quarter 2015 results August 20, 2015
Second quarter 2015 results August 20, 2015 Group highlights Q2 2015 Sales of 8.7 billion, up 17.1% (up 3.1% at constant exchange rates) Sales excluding gas up 4.8% at constant exchange rates Underlying
More informationZebra Technologies Announces Record Sales for Second Quarter of 2006
FOR IMMEDIATE RELEASE Zebra Technologies Announces Record Sales for Second Quarter of 2006 Vernon Hills, IL, July 26, 2006 Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that net income
More informationJerónimo Martins, SGPS, S.A. 2012 Full Year Results
Jerónimo Martins, SGPS, S.A. 2012 Full Year Results Lisbon, 27 February 2013 In a difficult macroeconomic environment, Jerónimo Martins has strengthened its competitiveness in all markets Consolidated
More informationInstitute of Chartered Accountant Ghana (ICAG) Paper 2.4 Financial Management
Institute of Chartered Accountant Ghana (ICAG) Paper 2.4 Financial Management Final Mock Exam 1 Marking scheme and suggested solutions DO NOT TURN THIS PAGE UNTIL YOU HAVE COMPLETED THE MOCK EXAM ii Financial
More informationPress release Envigado, July 22, 2014
During the second quarter of 2014, Grupo Éxito's sales increased 9.7% and operating income increased 13.8% as a result of the adequate performance of the omnichannel strategy During the second quarter
More informationQuarter Report 2014 ESSANELLE HAIR GROUP AG
Quarter Report 2014 ESSANELLE HAIR GROUP AG Q1 2 Q1/2014 ESSANELLE HAIR GROUP KEY FIGURES for 1 January to 31 March 2014/2013 (IFRS) million 2014 2013 Change* Consolidated sales 32.3 30.8 +4.7% essanelle
More informationPress Release from Securitas AB. Securitas to list three new specialized security companies on the Stockholm Stock Exchange
Press Release from Securitas AB The Board of Securitas AB proposes: February 9, 2006 Securitas to list three new specialized security companies on the Stockholm Stock Exchange Securitas AB, a world leader
More informationCanadian Tire: Value Under the Hood
Canadian Tire: Value Under the Hood May 2006 Pershing Square Capital Management, L.P. Disclaimer Pershing Square Capital Management's ("Pershing") analysis and conclusions regarding Canadian Tire Corporation
More informationInterim report ICA AB. January 1 June 30, 2009
Interim report ICA AB January 1 June 30, 2009 Interim report Stockholm, Sweden, August 19, 2009 Increased sales and improved operating income excluding capital gains and impairments Second quarter Net
More informationDATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014
For Immediate Release DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 HIGHLIGHTS Q1 2014 First quarter 2014 ( Q1 ) Revenues of 77.9 million, Q1 Gross Profit of 18.8 million and Q1 Net Income of
More informationIn this chapter, we build on the basic knowledge of how businesses
03-Seidman.qxd 5/15/04 11:52 AM Page 41 3 An Introduction to Business Financial Statements In this chapter, we build on the basic knowledge of how businesses are financed by looking at how firms organize
More informationAgribusiness. Sector
Agribusiness Sector Introduction Specialized interest and knowledge of your business is the best guarantee of a broad array of financial solutions that Grupo Bancolombia* places at your disposal. The backing
More informationCompany Presentation September 14
Estrictamente Company Presentation September 14 1 ILC s Highlights ILC placed the largest IPO in Chile (US$ 468 million) 2012 June 1 st 2013 ILC sold 51% of Desarrollos Educacionales June 18 th 2013 ILC
More informationHow to Write a Business Plan
How to Write a Business Plan Small Business Development Center (SBDC) A well-written comprehensive business plan forms the basis for the success of any business venture. The business plan is a written
More information2014 UNDERGRADUATE SMF EQUITY RESEARCH REPORT
2014 UNDERGRADUATE SMF EQUITY RESEARCH REPORT DAVID BOUDREAU DUSTON HODGKINS (NASDAQ: DTV) Company Summary is a television provider that operates through the use of satellites. The company purchases orbit
More informationCash flow before tax 1,587 1,915 1,442 2,027 Tax at 28% (444) (536) (404) (568)
Answers Fundamentals Level Skills Module, Paper F9 Financial Management June 2014 Answers 1 (a) Calculation of NPV Year 1 2 3 4 5 $000 $000 $000 $000 $000 Sales income 5,670 6,808 5,788 6,928 Variable
More informationManufacturing. Sector
Manufacturing Sector Introduction Taking into account its interest in and knowledge of your business, Grupo Bancolombia*, through its subsidiaries, offers different financial solutions to industry. We
More informationINTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS
Press Release INTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS New York February 12, 2015 Interactive Data Corporation today reported its financial results for the fourth quarter and
More informationWILLIAMS-SONOMA, INC.
WILLIAMS-SONOMA, INC. 3250 Van Ness Avenue San Francisco, CA 94109 CONT: Julie P. Whalen EVP, Chief Financial Officer (415) 616-8524 Gabrielle L. Rabinovitch Vice President, Investor Relations (415) 616-7727
More informationNEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016
NEWS CORPORATION REPORTS SECOND QUARTER RESULTS FOR FISCAL 2016 FISCAL 2016 SECOND QUARTER KEY FINANCIAL HIGHLIGHTS Revenues of $2.16 billion compared to $2.26 billion in the prior year; Excluding the
More informationValuing the Business
Valuing the Business 1. Introduction After deciding to buy or sell a business, the subject of "how much" becomes important. Determining the value of a business is one of the most difficult aspects of any
More informationW.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9
W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 News Release GRAINGER REPORTS RESULTS FOR THE 2015 FIRST QUARTER Revises 2015 Guidance Quarterly Summary Sales of $2.4 billion, up 2 percent Operating
More informationStrategic and Operational Overview May 11, 2016
Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,
More informationParque Arauco Institutional presentation
Parque Arauco Institutional presentation August 2013 This document has been prepared by Parque Arauco for the purpose of providing general information about the Company. The Company assumes no responsibility
More informationModule 2: Preparing for Capital Venture Financing Financial Forecasting Methods TABLE OF CONTENTS
Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods 1.0 FINANCIAL FORECASTING METHODS 1.01 Introduction
More informationConsolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]
The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued
More informationEconomic Commentaries
n Economic Commentaries Sweden has had a substantial surplus on its current account, and thereby also a corresponding financial surplus, for a long time. Nevertheless, Sweden's international wealth has
More informationStaples, Inc. Announces First Quarter 2016 Performance
Media Contact: Mark Cautela 508-253-3832 Investor Contact: Chris Powers/Scott Tilghman 508-253-4632/1487 Staples, Inc. Announces First Quarter 2016 Performance FRAMINGHAM, Mass., May 18, 2016 Staples,
More informationFeasibility Study Requirements. Qatar Development Bank
Feasibility Study Requirements Qatar Development Bank i. Feasibility Study Requirements The Feasibility study should ideally encompass the following areas / sections A. Executive Summary. B. Project details
More informationReport of 3Q 2015 consolidated results Information reported in Ps. billions (1) and under Full IFRS (1) We refer to billions as thousands of
Report of 3Q 2015 consolidated results Information reported in Ps. billions (1) and under Full IFRS (1) We refer to billions as thousands of millions. isclaimer Grupo Aval Acciones y Valores S.A. ( Grupo
More informationMarketing Software and Web Developer with Clients Nationwide
Marketing Software and Web Developer with Clients Nationwide This web-development, marketing, and software company, founded in 2000, has developed a loyal, long-term client base, who appreciates its excellent
More informationThe ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results. Profits double as strategy delivers continued improved performance
The ReThink Group plc ( ReThink Group or the Group ) Unaudited Interim Results Profits double as strategy delivers continued improved performance The Group (AIM: RTG), one of the UK s leading recruitment
More informationCorporate Presentation 2014
Corporate Presentation 2014 Grupo Éxito Grupo Éxito is the leader retail Company in Colombia and Uruguay with Net Revenues of COP$10.7 billion in 2013 and 42% share of the formal market with a true nation-wide
More informationA Financial Analysis of Energies and Gas Pipelines
Research Update: Interconexion Electrica S.A. E.S.P. (ISA) 'BBB' Credit Rating Affirmed, Outlook Remains Stable Primary Credit Analyst: Maria del Sol S Gonzalez, CFA, New York (1) 212-438-4443; maria.gonzalezcosio@standardandpoors.com
More informationCorporate Credit Analysis. Arnold Ziegel Mountain Mentors Associates
Corporate Credit Analysis Arnold Ziegel Mountain Mentors Associates I. Introduction The Goals and Nature of Credit Analysis II. Capital Structure and the Suppliers of Capital January, 2008 2008 Arnold
More informationResearch Update: Empresa de Energia de Bogotá S.A. E.S.P. 'BB+' Corporate Credit Rating Affirmed; Outlook Remains Stable.
June 21, 2011 Research Update: Empresa de Energia de Bogotá S.A. E.S.P. 'BB+' Corporate Credit Rating Affirmed; Outlook Primary Credit Analyst: Carolina Duran, Mexico City 52-55-5081-4417;carolina_duran@standardandpoors.com
More informationGrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
More informationSears Holdings Second Quarter 2015 Results Pre-Recorded Conference Call Transcript August 20, 2015
Sears Holdings Second Quarter 2015 Results Pre-Recorded Conference Call Transcript August 20, 2015 Operator: Good day, ladies and gentlemen, and welcome to the Sears Holdings Corp. Q1 2015 earnings conference
More informationAshland Entrepreneur Center EXAMPLE Business Plan
Ashland Entrepreneur Center EXAMPLE Business Plan Questions regarding this plan should be directed to: Larry Ferguson, E-Center Director (606) 326-2232 Or Kim Boggs, E-Center Coordinator (606) 326-2164
More informationThe transfer between levels of hierarchy (i.e., from Level 2 to Level 1) in 2010 was due to the listing of the SMC shares in December 2010.
24 In accordance with this amendment, financial assets and liabilities measured at fair value in the statement of financial position are categorized in accordance with the fair value hierarchy. This hierarchy
More informationFINANCIAL ANALYSIS CS. Sample Reports. version 2008.x.x
FINANCIAL ANALYSIS CS Sample Reports version 2008.x.x TL 19887 (10/14/2008) Copyright Information Text copyright 2004-2008 by Thomson Reuters/Tax & Accounting. All rights reserved. Video display images
More informationWestmoreland Reports First Quarter 2016 Results and Affirms Full-year Guidance
News Release Westmoreland Reports First Quarter 2016 Results and Affirms Full-year Guidance Englewood, CO May 10, 2016 - Westmoreland Coal Company (NasdaqGM:WLB) today reported financial results for the
More informationGRUPO GIGANTE REPORTS RESULTS FOR THE FIRST QUARTER 2011
GRUPO GIGANTE REPORTS RESULTS FOR THE FIRST QUARTER 2011 Mexico City, April 27 2011. Grupo Gigante, P.L.C, (hereinafter, Grupo Gigante, or the Company ) reported its first quarter results today. Grupo
More informationChapter 4: Liquor Store Business Valuation
Chapter 4: Liquor Store Business Valuation In this section, we will utilize three approaches to valuing a liquor store. These approaches are the: (1) cost (asset based), (2) market, and (3) income approach.
More informationHOLD. Ticker: MCD Sector: Consumer Services Industry: Restaurants and Bars. Recommendation:
Ticker: MCD Sector: Consumer Services Industry: Restaurants and Bars Recommendation: HOLD Data: Price 52-wk high 52-wk low $54.23 (14-Sept-09) $65.47 (19-Sept-08) $45.79 (10-Oct-08) Market cap $59.18B
More informationFundamentals Level Skills Module, Paper F9
Answers Fundamentals Level Skills Module, Paper F9 Financial Management June 2008 Answers 1 (a) Calculation of weighted average cost of capital (WACC) Cost of equity Cost of equity using capital asset
More information3 M O N T H S R E P O R T 2 O O 3 / 2 O O 4
3 M O N T H S R E P O R T 2 O O 3 / 2 O O 4 Content 03 Hönle at a glance 04 Letter to the Shareholders 06 Management Report 09 Consolidated financial statement 17 Shareholdings of the corporate bodies
More informationForward-Looking Statements
MANAGEMENT S DISCUSSION AND ANALYSIS For the three months ended March 31, 2010 Dated May 21, 2010 Management's Discussion and Analysis ( MD&A ) is intended to help shareholders, analysts and other readers
More information