EQUITY CARVE-OUT (ECO) AS A FINANCIAL
|
|
- Diana Harrell
- 9 years ago
- Views:
Transcription
1 AS A FINANCIAL INSTRUMENT FOR CORPORATE RESTRUCTURING, WILL IT WORK FOR THE PULP AND PAPER INDUSTRY? V.R. (PERRY) PARTHASARATHY, PhD WEYERHAEUSER COMPANY PORT WENTWORTH, GA TAPPI Engineering, Pulping and Envirnmental Cnference, Jacksnville, Flrida, USA Octber 21 t 24, 2007
2 BREAKING UP IS GOOD TO DO. Restructuring thrugh spin-ffs and equity carve-uts can enhance Sharehlder Value Creatin (SVC)
3 Restructuring usually eliminates diffusin f management gals, a prblem that ges hand in hand with big, diversified cmpanies. When the aim is t fcus n being the best at ne r tw things, restructuring make sense. Spin-Offs (SO) and Equity Carve-Outs (ECO) are used by large crpratins fr restructuring purpses. Used judiciusly, SO and ECO are imprtant financial instruments that help crpratins increase value.
4 CORPORATE EQUITY CLAIMS There are three types f crprate equity claims: Tracking (r Targeted) Stck (TS), Majrity-wned Equity Carve-Out (ECO) and Spin-ffs (SO).
5 CORPORATE EQUITY CLAIMS The Tracking Stck (TS) is a class f cmmn stck that is linked t the perfrmance f a specific business grup within the diversified firm. Equity Carve-uts (ECO) are an IPO f a stake in a subsidiary. The parent usually keeps majrity wnership. Spin-ffs (SO) ccur when the entire wnership f a subsidiary is divested as a dividend t sharehlders.
6 TRACKING STOCK (TS) The financial reprting is separate fr the TS frm the parent but the cntrl remains in the hands f the parent cmpany. TS is typically distributed as a dividend t sharehlders f the parent cmpany and can als take the frm f an Initial Public Offering (IPO). Even during its hay day, nly tw Pulp and Paper Cmpanies had taken advantage f this instrument but that did nt result in the enhancement f their crprate value. By 2006, the TS as a crprate restructuring tl had disappeared altgether and nne was issued between 2001 and 2006.
7 The ECO is different frm TS in that equity partitin creates welldefined equity claims n assets. ECO is the sale f a subsidiary by a publicly traded cmpany by carving ut a prtin f its utstanding shares thrugh IPO. While the parent firm usually retains a cntrlling interest in the partitined subsidiary, each ECO, hwever will have its wn bard, perating CEO, and will issue its wn financial statement. Equity Carve-Outs (ECO) increase the access t capital markets, enabling ECO subsidiary strng grwth pprtunities while aviding the negative signaling assciated with a seasned ffering (SEO) f parent equity.
8 In a twelve-year perid between 1988 and 1999, the US stck market has seen 50 Carveuts, r abut 10% f the IPOs issued. While the number f IPOs issued had increased at least three fld between the years 1997 and 2006, the IPOs fr ECO were nt that many (Exhibit 1). Over the years, ECO as a crprate restructuring vehicle has shifted, fr financial gain t strategic realignment. Percent Strategic Reasns Financial Reasns Strategic Reasns Financial Reasns EXHIBIT 1. The Trend in Asset Disaggregatin Number f Events 100% 80% 60% SPIN-OFF EQUITY CARVE-OUT (ECO) % 20% Surce: Blmberg, Financial Executives Research Fundatin, Cmpustat Inc., Cmpustat SDC, BDCI SDC, Analysis BDCI Analysis
9 One thing sure abut ECO is the inherent assumptin that the asset that is being carved-ut culd nt derive its full asset value under the existing crprate structure and a carve-ut will accurately value the subsidiary if, part f the equity is carved ut and sld in an IPO (Exhibit 2). EXHIBIT 2. Equity Carve-Out (Prs and Cns)
10 Cmmn equity is the cheapest yet the largest value distributin in the Enterprise Valuatin f a cmpany with multiple business segments. ECO gives a crprate parent an pprtunity t get equity and at the same time increase its market capitalizatin by virtue f restructuring ne f the units as a carved-ut entity TOTAL = 2000 Cnvertible Securities Operatin D Crprate Overhead 1750 *all values in millin US$ 400 Debt EXHIBIT 3. Valuatin f an Enterprise with Multi-Business Segments 350 Operatin C 450 Operatin B 750* Operatin A Preferred Stck Cmmn Equity Stck Value f the Enterprise Value Operating Units Value Distributin Surce: Valuatin Measuring and Managing the Value f Cmpanies: McKinsey & Cmpany, Inc.,
11 Therm-Electrn (TE) is the mst successful cmpany t leverage ECO t deliver high returns t its sharehlders. In 1982, TE was just a US $200 millin cmpany. By 1997, its market value was $5200 millin (a whpping 2500%) thrugh frequent equity partitin f business segments and wning cntrlled interest in the ECO subsidiaries EXHIBIT 4. Therm Electrn s ECO Examples
12 Equity Carve-Outs (ECO) ut perfrmed SO n three financial metrics, Ttal Sharehlder Return (TSR), change in leading P/E rati and Return n Invested Capital (ROIC). EXHIBIT 5. Cmparisn f Perfrmance Metrics fr ECO and SO
13 The Bz-Allen & Hamiltn and SMU/The McKinsey Cmpany studies which cmpared 78 merger deals between 1997 and 1998 and between 2002 and 2003 and wrth mre than $1 billin each, cncluded that 48% f the mergers failed t deliver the prmised cst savings ver the tw-year pst-merger perid. 52 percent f them had fallen shrt f achieving the revenue grwth. Almst ne-third f the cmpanies delivered less than 40% f the cst-savings that were used as the basis fr the mergers. The previus pulp and paper industry mergers (and the premiums paid t acquire the cmpanies) had been justified under ptential cst savings rather than revenue grwth put a big dent n their chance fr success which came ut t be true.
14 Pre-Merger Revenue Grwth EQUITY CARVE-OUT (ECO) ECO n average has the strngest TSR r SVC perfrmance f any restructuring vehicle and the track recrd f ECO n ROIC are far superir t Spin-ffs (SO). Psitive Slw Dwn f Slid Perfrmers 4 3 Great Earners Unfazed 2 EXHIBIT 6. Very Few Cmpanies Achieved Success Thrugh Mergers Bad Remains Bad Negative -3 Very Few Players Perfrm Negative Pst-Merger Revenue Grwth Psitive Sample f mre than 160 acquisitins by 157 publicly traded cmpanies acrss 11 industries. Revenue grwth calculated fr cmbined entity 5 years befre and after mergers ( ) Surce: The McKinsey Quarterly 2001, Number 4.
15 T deliver superir sharehlder return, P&P industry can use, ECO as a crprate restructuring vehicle. Fr ECO t be successful, the parent cmpany shuld have multi-segmented businesses and that the subsidiary can be separated easily frm the parent withut creating huge transfer-pricing issues and als the subsidiary shuld have gd prspects. Out f the eighteen large U.S. and Canadian pulp and paper cmpanies, nly six are truly multi-segmented businesses and nly these cmpanies can d an ECO r spin-ff.
16 The majrity-wned ECO is the mst apprpriate fr P&P industry because: Out f the six P&P cmpanies that are truly multi-segmented businesses, five f them have debt t equity rati ver 1.5 and therefre suffer huge capital cnstraints. ECO will allw the parent cmpanies t raise capital at a fair-price and t fund prjects that might therwise depress earnings.
17 The majrity-wned ECO is the mst apprpriate fr P&P industry because: Certain businesses in pulp and paper cmpanies, wdlands r lumber, fr example, can readily be separated withut invlving transfer price prblems. Befre the ECO, bth the bards need t review cntractual agreements, including thse establishing transfer prices, and agree n sharing ther supprts such as R&D, sales and marketing, and certain manufacturing resurces, etc.
18 CONCLUSIONS Restructuring f crpratins is usually carried-ut t imprve perfrmance. A majrity-wned equity carve-ut is ne such equity claim that wuld allw the carved-ut business units t imprve perfrmance by expsing them t the capital market and attracting new investrs. ECO brings a new management team int the rganizatin. This usually results in imprvement in perating perfrmance, prviding incentives fr managers and increasing their strategic flexibility.
19 CONCLUSIONS While mergers can be used as ne f the tls t imprve the perfrmance f the pulp and paper industry, fr cmpanies with multi-segmented businesses, the ECO ffers the best valueenhancing prpsitin If judiciusly applied, ECO can help crprate management t increase value f bth the parent and the carved-ut subsidiary.
20 Thanks.
Investments and Fair Value Accounting
C H A P T E R 15 Investments and Fair Value Accunting Financial Accunting 14e Warren Reeve Duchac human/istck/360/getty Images Investing Cash in Current Operatins Cash may be used t replace wrn-ut equipment
More informationSecond Quarter 2015 Earnings Conference Call. August 05, 2015
Secnd Quarter 2015 Earnings Cnference Call August 05, 2015 Nn-GAAP Financial Measures and Frward-Lking Statements Frward-Lking Statements This webcast and presentatin cntains statements that are frward-lking
More informationCorporations Q&A. Shareholders. 2006 Edward R. Alexander, Jr.
Crpratins Q&A. What is a crpratin and why frm ne? A crpratin is a business entity that is separate and distinct frm its wners. It can enter cntracts, sue and be sued withut invlving its wners (the sharehlders).
More information2014 Q3 Earnings Conference Call. November 6, 2014
2014 Q3 Earnings Cnference Call Nvember 6, 2014 This presentatin includes certain frward-lking statements that are made as f the date heref and are based upn current expectatins, which invlve risks and
More informationChange Management Process
Change Management Prcess B1.10 Change Management Prcess 1. Intrductin This plicy utlines [Yur Cmpany] s apprach t managing change within the rganisatin. All changes in strategy, activities and prcesses
More informationHow Much Does Employee Engagement Correlate With Profitability?
Hw Much Des Emplyee Engagement Crrelate With Prfitability? A Partial Summary f Dick Finnegan s presentatin at the SHRM Annual Cnference in Orland, Flrida, June 24 th, 2014 Perhaps the greatest challenge
More informationWHITE PAPER. Vendor Managed Inventory (VMI) is Not Just for A Items
WHITE PAPER Vendr Managed Inventry (VMI) is Nt Just fr A Items Why it s Critical fr Plumbing Manufacturers t als Manage Whlesalers B & C Items Executive Summary Prven Results fr VMI-managed SKUs*: Stck-uts
More informationInformation Guide Booklet. Home Loans
Infrmatin Guide Bklet Hme Lans This Infrmatin Guide bklet prvides yu with general infrmatin nly. It will als help yu t better understand any recmmendatins we have made fr yu. Infrmatin Guide Hme Lans January
More informationCitizens, Inc. Reports Third Quarter three and nine months 2014 Results Investor Conference Call Scheduled for November 6, 2014, at 10:00 a.m.
NEWS RELEASE FOR IMMEDIATE RELEASE Nvember 5, 2014 FOR FURTHER INFORMATION CONTACT: Kay Osburn Chief Financial Officer (512) 837-7100 PR@citizensinc.cm Citizens, Inc. Reprts Third Quarter three and nine
More informationThinking Different About Alternative Financing Options
Thinking Different Abut Alternative Financing Optins Christpher Mills Senir Business Develpment Officer Federal Natinal Cmmercial Credit This whitepaper will make yu think differently abut alternative
More informationCPP INVESTMENT BOARD REPORTS FISCAL THIRD QUARTER PERFORMANCE RESULTS
CPP INVESTMENT BOARD REPORTS FISCAL THIRD QUARTER PERFORMANCE RESULTS $5 Billin in Investment Incme TORONTO, ON (February 15, 2013): The CPP Fund ended the third quarter f its 2013 fiscal year n December
More informationFINANCE SCRUTINY SUB-COMMITTEE
REPORT FOR: PERFORMANCE AND FINANCE SCRUTINY SUB-COMMITTEE Date f Meeting: 6 January 2015 Subject: Staff Survey and Sickness Absence Mnitring Results and Actin plans Respnsible Officer: Scrutiny Lead Member
More informationTO: Chief Executive Officers of all National Banks, Department and Division Heads, and all Examining Personnel
AL 96-7 Subject: Credit Card Preapprved Slicitatins TO: Chief Executive Officers f all Natinal Banks, Department and Divisin Heads, and all Examining Persnnel PURPOSE The purpse f this advisry letter is
More informationCitizens, Inc. Reports First Quarter 2012 Results Investor conference call scheduled for Tuesday, May 8, at 10 a.m. CDT
NEWS RELEASE FOR FURTHER INFORMATION CONTACT: Kay Osburn Chief Financial Officer (512) 837-7100 PR@citizensinc.cm FOR IMMEDIATE RELEASE May 7, 2012 Citizens, Inc. Reprts First Quarter 2012 Results Investr
More informationIFRS Discussion Group
IFRS Discussin Grup Reprt n the Public Meeting February 26, 2014 The IFRS Discussin Grup is a discussin frum nly. The Grup s purpse is t assist the Accunting Standards Bard (AcSB) regarding issues arising
More informationInstitutional Finance
Institutinal Finance Lecture 08 : Liquidity, Limits t Arbitrage Intr (Merger Arbitrage) Markus K. Brunnermeier Preceptr: Dng Bem Chi Princetn University 1 Cnvergence trades (pairs trading), statistical
More informationThe Cost of Not Nurturing Leads
The Cst f Nt Nurturing Leads The Cst f Nt Nurturing Leads The legacy yu are stuck in and the steps essential t change it Lisa Cramer President LeadLife Slutins, Inc. lcramer@leadlife.cm 770-670-6702 2009
More informationInternal Audit Charter and operating standards
Internal Audit Charter and perating standards 2 1 verview This dcument sets ut the basis fr internal audit: (i) the Internal Audit charter, which establishes the framewrk fr Internal Audit; and (ii) hw
More informationDefining Sales Campaign Automation How e-mail, the Killer App, is best applied to marketing
Defining Sales Campaign Autmatin Hw e-mail, the Killer App, is best applied t marketing Summary: Cmpanies tday are steadily adpting strategies and technlgies t reach prspects, custmers, and partners thrugh
More informationAllcare Pharmacy Group. Implementation Of Microsoft Dynamics Nav
Allcare Pharmacy Grup Implementatin Of Micrsft Dynamics Nav Dermt Ryan Finance Directr BACKGROUND ON ALLCARE PHARMACY GROUP Began as Restructuring f the Independent Pharmacy Ownership Scheme IPOS One f
More informationIN-HOUSE OR OUTSOURCED BILLING
IN-HOUSE OR OUTSOURCED BILLING Medical billing is ne f the mst cmplicated aspects f running a medical practice. With thusands f pssible cdes fr diagnses and prcedures, and multiple payers, the ability
More informationThe Importance of Market Research
The Imprtance f Market Research 1. What is market research? Successful businesses have extensive knwledge f their custmers and their cmpetitrs. Market research is the prcess f gathering infrmatin which
More informationLegacy EMR Data Conversions
Legacy EMR Data Cnversins Agenda Abut us Drivers fr EMR Replacement Things t Cnsider Tp 5 Reasns EMR Cnversins Fail Optins fr Legacy EMR Cnversin Case Study Abut Us Health efrmatics is a healthcare IT
More informationUNIVERSITY OF CALIFORNIA MERCED PERFORMANCE MANAGEMENT GUIDELINES
UNIVERSITY OF CALIFORNIA MERCED PERFORMANCE MANAGEMENT GUIDELINES REFERENCES AND RELATED POLICIES A. UC PPSM 2 -Definitin f Terms B. UC PPSM 12 -Nndiscriminatin in Emplyment C. UC PPSM 14 -Affirmative
More informationData Warehouse Scope Recommendations
Rensselaer Data Warehuse Prject http://www.rpi.edu/datawarehuse Financial Analysis Scpe and Data Audits This dcument describes the scpe f the Financial Analysis data mart scheduled fr delivery in July
More informationRetirement Planning Options Annuities
Retirement Planning Optins Annuities Everyne wants a glden retirement. But saving fr retirement is n easy task. The baby bmer generatin is graying. Mre and mre peple are appraching retirement age. With
More informationBusiness Plan Overview
Business Plan Overview Organizatin and Cntent Summary A business plan is a descriptin f yur business, including yur prduct yur market, yur peple and yur financing needs. Yu shuld cnsider that a well prepared
More informationHow much life insurance do I need? Wrong question!
Hw much life insurance d I need? Wrng questin! We are ften asked this questin r sme variatin f it. We believe it is NOT the right questin t ask. What yu REALLY need is mney, cash. S the questin shuld be
More informationBasics Of Stock Market. By Ronak Nangalia Sohrab Kothari
Basics Of Stck Market By Rnak Nangalia Shrab Kthari Investment & Need f Investment The mney yu earn is partly spent and the rest saved fr meeting future expenses. Instead f keeping the savings idle yu
More informationDisk Redundancy (RAID)
A Primer fr Business Dvana s Primers fr Business series are a set f shrt papers r guides intended fr business decisin makers, wh feel they are being bmbarded with terms and want t understand a cmplex tpic.
More informationHOW TO SELECT A LIFE INSURANCE COMPANY
HOW TO SELECT A LIFE INSURANCE COMPANY There will prbably be hundreds f life insurance cmpanies t chse frm when yu decide t purchase a life insurance plicy. Hw d yu decide which ne? Mst cmpanies are quite
More informationSuccession Planning & Leadership Development: Your Utility s Bridge to the Future
Successin Planning & Leadership Develpment: Yur Utility s Bridge t the Future Richard L. Gerstberger, P.E. TAP Resurce Develpment Grup, Inc. 4625 West 32 nd Ave Denver, CO 80212 ABSTRACT A few years ag,
More informationResearch Findings from the West Virginia Virtual School Spanish Program
Research Findings frm the West Virginia Virtual Schl Spanish Prgram Funded by the U.S. Department f Educatin Cnducted by R0cKMAN ETAL San Francisc, CA, Chicag, IL, and Blmingtn, IN Octber 4, 2006 R0cKMAN
More informationRQ10.06 AACo Share Trading Policy
Australian Agricultural Cmpany Limited ACN 010 892 270 RQ10.06 AAC Share Trading Plicy Versin 5 This plicy was apprved by the Bard f Australian Agricultural Cmpany Limited n 15 December 2010. This plicy
More informationIn-House Counsel Day Priorities for 2012. Cloud Computing the benefits, potential risks and security for the future
In-Huse Cunsel Day Pririties fr 2012 Clud Cmputing the benefits, ptential risks and security fr the future Presented by David Richardsn Thursday 1 March 2012 WIN: What in-huse lawyers need Knwledge, supprt
More informationImplementing an electronic document and records management system using SharePoint 7
Reprt title Agenda item Implementing an electrnic dcument and recrds management system using SharePint 7 Meeting Finance, Prcurement & Prperty Cmmittee 16 June 2008 Date Reprt by Dcument Number Head f
More informationDampier Bunbury Pipeline (DBP)
Limited ABN 59 001 777 591 AFSL 232497 April 2011 (Update) Cst f Debt Summary Paper Dampier Bunbury Pipeline (DBP) IMPORTANT NOTE Nte 1 This dcument has been prepared by AMP Capital Investrs Limited (AMP
More informationBasics of Supply Chain Management
The Champlain Valley APICS Chapter is a premier prfessinal assciatin fr supply chain and peratins management and wrking tgether with the APICS rganizatin the leading prvider f research, educatin and certificatin
More informationApplying Project Management Principles to Life Insurance
Applying Prject Management Principles t Life Insurance Kenneth W. Gdfrey, CLU, ChFC, CFP President & CEO Life Insurance Financial Evaluatins, LLC Octber, 2012 Applying Prject Management Principles t Life
More informationQAD Operations BI Metrics Demonstration Guide. May 2015 BI 3.11
QAD Operatins BI Metrics Demnstratin Guide May 2015 BI 3.11 Overview This demnstratin fcuses n ne aspect f QAD Operatins Business Intelligence Metrics and shws hw this functinality supprts the visin f
More informationAction. Situation. Client: Constant Contact Industry: Marketing Services Geography: United States RampRate Solutions: Data Center HyperSourcing
Client: Cnstant Cntact Industry: Marketing Services Gegraphy: United States RampRate Slutins: Data Center HyperSurcing Situatin At the end f 2010, Cnstant Cntact was a fast-grwing leader in prviding Internet-based
More informationFixed vs. Variable Interest Rates
Fixed vs. Variable Interest Rates Understanding the Advantages and Disadvantages f Each Rate Type When shpping fr financial prducts, there are a lt f factrs t cnsider. Much has changed in the financial
More informationTable of Contents. This document is for informational purposes only. MICROSOFT MAKES NO WARRANTIES, EXPRESS OR IMPLIED, IN THIS SUMMARY.
Table f Cntents Tp Pricing and Licensing Questins... 2 Why shuld custmers be excited abut Micrsft SQL Server 2012?... 2 What are the mst significant changes t the pricing and licensing fr SQL Server?...
More informationMobile Workforce. Improving Productivity, Improving Profitability
Mbile Wrkfrce Imprving Prductivity, Imprving Prfitability White Paper The Business Challenge Between increasing peratinal cst, staff turnver, budget cnstraints and pressure t deliver prducts and services
More informationEMPOWERING LOCAL BUSINESS TO ACCESS FUNDING. PARTIAL CREDIT GUARANTEE and SUPPLY CHAIN FINANCING
EMPOWERING LOCAL BUSINESS TO ACCESS FUNDING PARTIAL CREDIT GUARANTEE and SUPPLY CHAIN FINANCING Cntents Mandate f the Lesth Natinal Develpment Crpratin Backgrund Enterprise Develpment Facility Partial
More informationLicensing Windows Server 2012 for use with virtualization technologies
Vlume Licensing brief Licensing Windws Server 2012 fr use with virtualizatin technlgies (VMware ESX/ESXi, Micrsft System Center 2012 Virtual Machine Manager, and Parallels Virtuzz) Table f Cntents This
More informationAim The aim of a communication plan states the overall goal of the communication effort.
Develping a Cmmunicatin Plan- Aim Aim The aim f a cmmunicatin plan states the verall gal f the cmmunicatin effrt. Determining the Aim Ask yurself r yur team what the verall gal f the cmmunicatin plan is.
More informationMaintain a balanced budget primarily the General & Park Funds
EXHIBIT B City f Chic Budget Cntingency Plan P The purpse f the Budget Cntingency Plan is t establish a guideline and general apprach t respnd t adverse financial and ecnmic cnditins that culd negatively
More informationCMS Eligibility Requirements Checklist for MSSP ACO Participation
ATTACHMENT 1 CMS Eligibility Requirements Checklist fr MSSP ACO Participatin 1. General Eligibility Requirements ACO participants wrk tgether t manage and crdinate care fr Medicare fee-fr-service beneficiaries.
More informationHow to Finance your Investment
Hw t Finance yur Investment Acquiring a Lan - Key Steps Using the bank's mney t finance the purchase f a business rather than using yur wn capital will give yu significant tax advantages, s speak t yur
More informationContact: Monique Goyens directorsoffice@beuc.eu
Cmparisn Websites Cntact: Mnique Gyens directrsffice@beuc.eu Ref.: X/2012/065-28/08/2012 BUREAU EUROPÉEN DES UNIONS DE CONSOMMATEURS AISBL DER EUROPÄISCHE VERBRAUCHERVERBAND Rue d Arln 80, B-1040 Brussels
More informationHow To Understand The Financial Structure Of A Hedge Fund
Glbal Prime Finance Hedge Fund Cnsulting Grup Hedge Fund Cmpensatin Trends and Deferred Cmpensatin Plans fr US Funds Ntes frm DB Glbal Prime Finance Cnsulting Dinners Chicag / Dallas July 2011 General
More informationCompetitive Intelligence Report - Market Snapshot Explanations of Numbers Suggestions and Tips
Cmpetitive Intelligence Reprt - Market Snapsht Explanatins f Numbers Suggestins and Tips The infrmatin cntained in the tw sectins f the Cmpetitive Intelligence Reprt fr each gegraphic regin is f the highest
More informationOperating as an S corporation may be wise for several reasons:
S Crpratin Facts S crpratins are similar t LLCs in that they prvide wners with limited liability prtectin while ffering the tax structure f a partnership. Many entrepreneurs have tw gals when chsing a
More informationIn this chapter, you will learn to use net present value analysis in cost and price analysis.
9.0 - Chapter Intrductin In this chapter, yu will learn t use net present value analysis in cst and price analysis. Time Value f Mney. The time value f mney is prbably the single mst imprtant cncept in
More informationTeam Process Data Warehouse Goals and High-Level Requirements
Team Prcess Data Warehuse Gals and High-Level Requirements Backgrund TSP SM is used by teams wrking in a wide variety f prblem dmains (e.g. sftware, hardware, services). Since these activities are nt limited
More informationAre Insurance Premiums Deductible?
Are Insurance Premiums Deductible? December 2011 Can I deduct the premiums? That s a questin yu prbably hear when yu re presenting an insurance cncept. Unfrtunately, the answer is generally n insurance
More informationTraining Efficiency: Optimizing Learning Technology
Ideas & Insights frm 2008 Training Efficiency Masters Series Survey Results Training Efficiency: Optimizing Learning Technlgy trainingefficiency.cm Survey Results: Training Efficiency: Optimizing Learning
More informationInvesting in Sustainability. Professor Gordon L Clark August 2015
Investing in Sustainability Prfessr Grdn L Clark August 2015 1 Grdn L Clark is Prfessr and Directr f the Smith Schl f Enterprise and the Envirnment at Oxfrd University. He is als the Sir Luis Mathesn Distinguished
More informationLicensing the Core Client Access License (CAL) Suite and Enterprise CAL Suite
Vlume Licensing brief Licensing the Cre Client Access License (CAL) Suite and Enterprise CAL Suite Table f Cntents This brief applies t all Micrsft Vlume Licensing prgrams. Summary... 1 What s New in This
More informationINTRODUCTION HIGHLIGHTS AND KEY FINDINGS APRIL 2008
MEDICARE PRESCRIPTION DRUG PLANS IN 2008 AND KEY CHANGES SINCE 2006: SUMMARY OF FINDINGS Prepared by Jack Hadley i, Elizabeth Hargrave ii, and Juliette Cubanski and Tricia Neuman iii INTRODUCTION APRIL
More informationImportant Information about Master Limited Partnerships (MLPs)
Rbert W. Baird & C. Incrprated Imprtant Infrmatin abut Master Limited Partnerships (MLPs) Baird has prepared this dcument t help yu understand the characteristics and risks assciated with an investment
More informationONGOING FEEDBACK AND PERFORMANCE MANAGEMENT. A. Principles and Benefits of Ongoing Feedback
ONGOING FEEDBACK AND PERFORMANCE MANAGEMENT A. Principles and Benefits f Onging Feedback While it may seem like an added respnsibility t managers already "full plate," managers that prvide nging feedback
More informationPresident Obama and Secretary Geithner Announce Plans to Unlock Credit for Small Businesses
THE WHITE HOUSE Office f the Press Secretary FOR IMMEDIATE RELEASE March 16, 2009 President Obama and Secretary Geithner Annunce Plans t Unlck Credit fr Small Businesses Emphasizes Recvery Effrts Already
More informationImproved Data Center Power Consumption and Streamlining Management in Windows Server 2008 R2 with SP1
Imprved Data Center Pwer Cnsumptin and Streamlining Management in Windws Server 2008 R2 with SP1 Disclaimer The infrmatin cntained in this dcument represents the current view f Micrsft Crpratin n the issues
More informationConsolidated Edison of New York: Residential Direct Install Program: Process Evaluation Summary
Cnslidated Edisn f New Yrk: Residential Direct Install Prgram: Prcess Evaluatin Summary Evaluatin Cnducted by: DNV KEMA as subcntractr t Navigant Cnsulting PROGRAM SUMMARY March 13, 2013 Cn Edisn designed
More informationHow to Reduce Project Lead Times Through Improved Scheduling
Hw t Reduce Prject Lead Times Thrugh Imprved Scheduling PROBABILISTIC SCHEDULING & BUFFER MANAGEMENT Cnventinal Prject Scheduling ften results in plans that cannt be executed and t many surprises. In many
More informationSources of Federal Government and Employee Information
Inf Surce Surces f Federal Gvernment and Emplyee Infrmatin Ridley Terminals Inc. TABLE OF CONTENTS General Infrmatin Intrductin t Inf Surce Backgrund Respnsibilities Institutinal Functins, Prgram and Activities
More informationStandardization or Harmonization? You need Both
Standardizatin r? Yu need Bth Albrecht Richen and Ansgar Steinhrst Recently the CFO f a majr cnsumer electrnics cmpany stated, We dn t need standardizatin f ur wrldwide prcesses, we need harmnizatin. Is
More informationOFI Private Equity Capital NAV reaches nearly 150 million. Half year consolidated turnover of 165 million increasing by 9%
PRESS RELEASE 30 July 2010 OFI Private Equity Capital NAV reaches nearly 150 millin Half year cnslidated turnver f 165 millin increasing by 9% Olivier Millet, President f the Management Bard f OFI Private
More informationWhite Paper on Business Process Outsourcing in Automotive Industry
White Paper n Business Prcess Outsurcing in Autmtive Industry Intrductin As autmtive industry is stepping int a market landscape which is favrable t it, there is untapped market ptential which is critically
More informationDIVISION OF INFORMATION TECHNOLOGY
DIVISION OF INFORMATION TECHNOLOGY Cellphne/Tablet Repairs Overview Flrida Internatinal University s Divisin f Infrmatin Technlgy is seeking submissins frm prpsed Licensees wh are interested in perating
More informationJob Profile Data & Reporting Analyst (Grant Fund)
Jb Prfile Data & Reprting Analyst (Grant Fund) Directrate Lcatin Reprts t Hurs Finance Slihull Finance Directr Nminally 37 hurs but peratinally available at all times t meet Cmpany requirements Cntract
More informationArmy DCIPS Employee Self-Report of Accomplishments Overview Revised July 2012
Army DCIPS Emplyee Self-Reprt f Accmplishments Overview Revised July 2012 Table f Cntents Self-Reprt f Accmplishments Overview... 3 Understanding the Emplyee Self-Reprt f Accmplishments... 3 Thinking Abut
More informationWeb Development the Next Steps
Web Develpment the Next Steps Significant prgress has been made n the redesign f the Western Washingtn University hme page. The ATUS Web Services team has wrked hard in cllabratin with the University Cmmunicatins
More informationA Walk on the Human Performance Side Part I
A Walk n the Human Perfrmance Side Part I Perfrmance Architects have a license t snp. We are in the business f supprting ur client rganizatins in their quest fr results that meet r exceed gals. We accmplish
More informationWhat is an SBA Loan? SBA Loans
SBA Lans The State Bank is a Preferred SBA (Small Business Administratin) Lender. The State Bank has delegated authrity t underwrite and apprve SBA lans n behalf f the SBA, thereby greatly expediting the
More informationGartner Magic Quadrant Salesforce Automation 2009
Gartner Magic Quadrant Salesfrce Autmatin 2009 Sage CRM Slutins Opinin Brief Released July 24, 2009 Q. What is the Gartner Magic Quadrant (GMQ) fr SFA? A. The Gartner Magic Quadrant fr SFA is an analyst
More informationPracticing Good Financial Stewardship in Your Family with Estate Planning
Practicing Gd Financial Stewardship in Yur Family with Estate Planning The First Presbyterian Church f La Grange May 11, 2014 Presented by Michael O Reilly Executive Vice President and Trust Officer THE
More informationWatlington and Chalgrove GP Practice - Patient Satisfaction Survey 2011
Watlingtn and Chalgrve GP - Patient Satisfactin Survey 2011 Backgrund During ne week in Nvember last year patients attending either the Chalgrve r the Watlingtn surgeries were asked t cmplete a survey
More informationMaking the right choice between VoIP Service and Traditional Telephone Service
Making the right chice between VIP Service and Traditinal Telephne Service Befre making the switch t VIP, businesses are ften cncerned abut a cmparisn between traditinal and VIP service. Cncerns ver relative
More informationInternet and E-Mail Policy User s Guide
Internet and E-Mail Plicy User s Guide Versin 2.2 supprting partnership in mental health Internet and E-Mail Plicy User s Guide Ver. 2.2-1/5 Intrductin Health and Scial Care requires a great deal f cmmunicatin
More informationLicensing Windows Server 2012 R2 for use with virtualization technologies
Vlume Licensing brief Licensing Windws Server 2012 R2 fr use with virtualizatin technlgies (VMware ESX/ESXi, Micrsft System Center 2012 R2 Virtual Machine Manager, and Parallels Virtuzz) Table f Cntents
More informationApril 2011. In addition, we encounter valuation practices that present concerns in certain contexts, including:
April 2011 We wanted t take the pprtunity prvided by the AICPA s recent release f the expsure draft Practice Aid t share with ur clients and friends sme bservatins and best practice suggestins n this tpic.
More informationWhat is Software Risk Management? (And why should I care?)
What is Sftware Risk Management? (And why shuld I care?) Peter Kulik, KLCI, Inc. 1 st Editin, Octber 1996 Risks are schedule delays and cst verruns waiting t happen. As industry practices have imprved,
More informationSTATEMENT OF. Alice M. Rivlin Director Congressional Budget Office
STATEMENT OF Alice M. Rivlin Directr Cngressinal Budget Office befre the Special Cmmittee n Aging United States Senate June 16, 1981 Mr. Chairman: I am pleased t appear befre this Cmmittee t discuss shrt-term
More informationPOLISH STANDARDS ON HEALTH AND SAFETY AS A TOOL FOR IMPLEMENTING REQUIREMENTS OF THE EUROPEAN DIRECTIVES INTO THE PRACTICE OF ENTERPRISES
POLISH STANDARDS ON HEALTH AND SAFETY AS A TOOL FOR IMPLEMENTING REQUIREMENTS OF THE EUROPEAN DIRECTIVES INTO THE PRACTICE OF ENTERPRISES M. PĘCIŁŁO Central Institute fr Labur Prtectin ul. Czerniakwska
More informationIEMA Practitioner Volume 14 Supporting Information www.iema.net/practitioner/14
IEMA Practitiner Vlume 14 Supprting Infrmatin www.iema.net/practitiner/14 Title: Engaging and Re-engineering the Supply Chain Authr: Sam Balch Organisatin: Glbal Actin Plan There are a number f reasns
More informationP CARD College of Health and Rehabilitation Sciences: Sargent Internal Policy
P CARD Cllege f Health and Rehabilitatin Sciences: Sargent Internal Plicy All purchasing card hlders must read the Purchasing Card Prgram Manual (P Card Manual) and cnfirm upn ding s via email t the SAM
More informationContract Risk Management
Cntract Risk Management A Practical Apprach frm The Caridn Academy telephne +27 82 651 8897 facsimile +27 86 674 3384 email inf@caridn.net website www.caridn.za.net 1 1 Over-expenditure, fr example thrugh
More informationHealth Care Reform: The New Law
Health Care Refrm: The New Law Prfessr Sidney D. Watsn April 7, 2010 On March 23, 2010 President Obama signed int law the Patient Prtectin and Affrdable Care Act (H.R. 3590). On March 29, the President
More informationHOW TO MEASURE YOUR MARKETING
HOW TO MEASURE YOUR MARKETING Metrics, Analytics and ROI INTRODUCTION D yu knw hw a change in yur marketing budget can impact yur marketing results? Accrding t the 2010 B2B Lead Generatin Marketing ROI
More informationAllocation to Investment Grade Corporate Bonds is it time to reconsider? KPMG Investment Advisory August 2013
Allcatin t Investment Grade Crprate Bnds is it time t recnsider? KPMG Investment Advisry August 2013 Intrductin In this paper we take a fresh lk at the investment case fr UK Investment Grade Crprate Bnds,
More informationDETERMINING FAIR MARKET VALUE FOR SERVICES RENDERED BY A DESIGNATED COLLABORATING ORGANIZATION
DETERMINING FAIR MARKET VALUE FOR SERVICES RENDERED BY A DESIGNATED COLLABORATING ORGANIZATION One f the mst imprtant features f any cmmercial cntract is the type f cnsideratin the payment that is made
More informationRE: Notice 2015-16 - Excise Tax on High Cost Employer-Sponsored Health Coverage
Richard Stver, FSA, MAAA Principal and Cnsulting Actuary Knwledge Resurce Center May 15, 2015 Submitted electrnically via http://regulatins.gv/ Buck Cnsultants, LLC. 500 Plaza Drive Secaucus, NJ 07096
More information2014 Year End Earnings Conference Call. February 25, 2015
2014 Year End Earnings Cnference Call February 25, 2015 This presentatin includes certain frward-lking statements that are made as f the date heref and are based upn current expectatins, which invlve risks
More informationSBA 504 Financing. Long Term Asset Financing Made Possible. Glen Heller, Relationship Manager Nancy Sheridan, Specialty Finance Officer
SBA 504 Financing Lng Term Asset Financing Made Pssible Glen Heller, Relatinship Manager Nancy Sheridan, Specialty Finance Officer These prpsals are cntingent upn final Chase Bank review and apprval frm
More informationWhite Paper. Calculating ROI for GPS Tracking. Jack Duncan ERP Integration. 2912 NW 156th Street Edmond, OK 73013 405.749.1105
White Paper Calculating ROI fr GPS Tracking Jack Duncan ERP Integratin 2912 NW 156th Street Edmnd, OK 73013 405.749.1105 Hw can we plt the prjected ROI fr a GPS System? Successful implementatin f a GPS
More informationWhat Does Specialty Own Occupation Really Mean?
What Des Specialty Own Occupatin Really Mean? Plicy definitins are cnfusing, nt nly t cnsumers but als t many f the insurance prfessinals wh sell them. Belw we will try t prvide an understandable explanatin
More information