Harley-Davidson, Inc.- Financial and Strategic Analysis Review

Size: px
Start display at page:

Download "Harley-Davidson, Inc.- Financial and Strategic Analysis Review"

Transcription

1 Harley-Davidson, Inc. - Financial and Strategic Analysis Review Publication Date: Oct-2015 Company Snapshot Key Information Harley-Davidson, Inc., Key Information Web Address Financial year-end December Number of Employees 5,900 NYSE HOG Key Ratios Harley-Davidson, Inc., Key Ratios P/E EV/EBITDA Return on Equity (%) Company Overview Harley-Davidson, Inc. (Harley-Davidson) is a motorcycles manufacturing company. It designs, manufactures markets motorcycles and motorcycle parts and accessories, and general merchandise on wholesale basis. It also offers wholesale and retail financing, and insurance programs to its dealers and customers in the US, and Canada. Further, Harley-Davidson conducts e-commerce business through which it sells motorcycle parts, accessories, and related products and services. The company offers its products under six platforms: Touring, Dyna, Softail, Sportster, V-Rod, and Street. SWOT Analysis Harley-Davidson, Inc., SWOT Analysis Strengths Weaknesses Debt/Equity 1.89 Operating profit margin (%) Dividend Yield 0.02 Note: Above ratios are based on share price as of 14-Oct-2015 Share Data Harley-Davidson, Inc., Share Data Price (USD) as on 14-Oct EPS (USD) 3.88 Book value per share (USD) Shares Outstanding (in million) Operational Performance Business Performance: Motor Cycles segment Research and Development Opportunities Growth in Emerging Markets Strategic Initiatives New Product Development Increasing Debt Burden Declining Cash Reserves Threats Stringent Government Regulations Dependence on third party suppliers Stiff Competition Performance Chart Harley-Davidson, Inc., Performance Chart ( ) Financial Performance The company reported revenues of (US Dollars) US$6,228.5 million for the fiscal year ended December 2014 (FY2014), an increase of 5.6% over FY2013. In FY2014, the company s operating margin was 20.6%, compared to an operating margin of 19.6% in FY2013. In FY2014, the company recorded a net margin of 13.6%, compared to a net margin of 12.4% in FY2013. The company reported revenues of US$1,824.4 million for the second quarter ended June 2015, an increase of 9.1% over the previous quarter. Page 1

2 Key Information Harley-Davidson, Inc., Key Information Corporate Address 3700 West Juneau Avenue, Ticker Symbol, Stock HOG [New York Stock Exchange] Milwaukee, WI, , Exchange United States Telephone No. of Employees 5,900 Fax Fiscal Year End December URL Revenue (in USD Million) 6,228.5 Industry Locations Automotive, Consumer Products, Textiles Australia, Austria, Brazil, Canada, Czech Republic, France, Germany, Hong Kong, India, Italy, Mexico, Netherlands, Russia, South Africa, Spain, Switzerland, United Arab Emirates, United Kingdom, United States Company Overview Harley-Davidson, Inc. (Harley-Davidson) is a motorcycles manufacturing company. It designs, manufactures markets motorcycles and motorcycle parts and accessories, and general merchandise on wholesale basis. It also offers wholesale and retail financing, and insurance programs to its dealers and customers in the US, and Canada. Further, Harley-Davidson conducts e-commerce business through which it sells motorcycle parts, accessories, and related products and services. The company offers its products under six platforms: Touring, Dyna, Softail, Sportster, V-Rod, and Street. Harley-Davidson markets its products in North America, Europe, Middle East, Africa, Asia-Pacific and Latin America through a network of independent dealers. Harley-Davidson is headquartered in Milwaukee, the US. The company strives to design and manufacture unique vehicles to meet the evolving consumer preferences. To this end, Harley-Davidson launched two new models of its Street platform of motorcycles; Street 500, and Street 750. Page 2

3 Harley-Davidson, Inc. - SWOT Analysis SWOT Analysis - Overview Harley-Davidson, Inc. (Harley-Davidson) is a motorcycles manufacturing company. It designs, manufactures markets motorcycles and motorcycle parts and accessories, and general merchandise on wholesale basis. Its operational performance, business performance of motor cycles segment and research and development are its strengths, while increasing debt burden and declining cash reserves could be an area of concern. The company could benefit from growth in emerging markets, strategic initiatives and new product development. Nevertheless, its performance could be affected by stringent government regulations, stiff competition and its dependence on third party suppliers. Harley-Davidson, Inc. - Strengths Strength - Operational Performance Increasing profitability ratios indicate the company s sturdy performance and its ability to deliver the returns expected by its shareholders. The company s profitability increased considerably in FY2014. It recorded high operating income and margins. Its operating margin was 20.56% for FY2014, as against 19.5% for FY2013. The company reported operating income of US$ million for FY2014, indicating an increase of 11.03% over that for FY2013. Harley-Davidson reported a net income of US$ million for FY2014, indicating an increase of 15.07% over that for FY2013. The company also registered an increase in its profitability ratios. Its profitability ratios, such as return on equity, return on capital employed, return on assets, return on fixed assets and return on working capital employed increased from 24.38%, 16.73%, 7.8%, 21.3% and 77.99% in FY2013 to 29.03%, 17.94%, 8.86%, 22.95% and 82.17% respectively in FY2014. Strength - Business Performance: Motor Cycles segment The Motor Cycles segment continued to be a major strength of the company. The products that the segment offers include a range of accessories, motorcycle parts, general merchandise and related services. Through this segment the company manufactures custom and touring motorcycles under six major platforms, Touring, Dyna, Softail, Sportster, V-Rod and Street. For the fiscal year ended December 2014 (FY2014), the segment accounted for 89.4% of the company s total revenue. The segment revenue increased 5.88% from US$5, million in FY2013 to US$5, million in FY2014.The increase in segment sales was driven by the increase in sales of new motor cycle sales, which increased by 1.3% in the U.S and 5.4% in the international markets. The retail sales in Asia-Pacific region were driven by growth in emerging markets such as India and China. Strength - Research and Development Harley-Davidson has a strong research and development unit that facilitates innovation and attracts industry attention. Its Product Development Center (PDC) undertakes the development of new and better quality products. The company s research and development (R&D) activities focus on new product development to deliver products according to the customer requirements reducing the overall cost and time to market. In the FY2014, the company has spent US$138.3 million on its research and development activities. The company s strong focus on R&D helped the company to launch innovative products such as Harley-Davidson s continuous focus on R&D helped the company in launching innovative products such as Softail motorcycles with 1584 cc engine with new features such as new hand controls, a larger odometer, and an anti-lock braking system option. Continuous research and development activity enables the company to maintain a leading position in custom and touring motorcycle market and develop products for the performance segment. Focused R&D activities enable the company to offer innovative products and improve its operational performance. Harley-Davidson, Inc. - Weaknesses Weakness - Increasing Debt Burden Increasing debt could have a major impact on the operational performance of the company as a major portion of its earnings would be diverted to servicing of its debt obligations. This could be of concern to the investors as well, as it would be difficult for the company to raise funds on favorable terms from the market. Its total debt as of FY2014 was US$ million, which increased 4.67% over the previous year. As a result, the company s debt to equity ratio increased 1.89 times in FY2014 from 1.74 times in FY2013.If it fails to comply with any of the debt service requirements, the debt could become due and payable prior to its scheduled maturity. Such huge debt increases the debt servicing obligations of the company and impacts its cash flows adversely. It could limit Harley-Davidson s ability to raise debt in future and pursue other strategic opportunities. It would also increase the company s vulnerability to adverse economic and industry conditions. Weakness - Declining Cash Reserves Harley-Davidson reported a decrease in cash and cash equivalents for the past two fiscal years. The continuing decline in cash reserves is a cause for concern to the company. Harley-Davidson had US$ million in cash and cash equivalents as of December 2014, as compared to cash and cash equivalents of US$ million in FY2013, reflecting a decrease of 14.9%. The decrease in cash reserves could be due to the high current liabilities and negative cash flows from investing and financing activities. As a result, Harley-Davidson recorded net change in cash of (US$ million) in Page 3

4 FY2014, as against a net change in cash of (US$1.52 million) in FY2013. The decreasing cash reserves indicate the company s inability to obtain debt to finance acquisitions, capture business opportunities, and meet capital expenditure or other capital requirements in the future. Harley-Davidson, Inc. - Opportunities Opportunity - Growth in Emerging Markets The company's presence in emerging economies such as India could prove to be very beneficial to the company. The company has introduced Street motorcycles in India with low price range, aiming towards the young audience offering good city performance. Similarly, the company is considering an entry into the cc bike segment. According to analyst, the motorcycle demand is expected to reach more than 20 million in India by In India, only 6% of the total population has motorcycles. Similarly, market penetration in Indonesia, Brazil, Vietnam, Thailand and Taiwan are 20.8%, 7.6%, 29.6%, 25.4% and 62.4% respectively. Therefore, these markets offer huge potential for growth. Passenger vehicles accounted for 16% of the total number of vehicles sold in India. This was due to the easy availability of the loans to customers, and the growing number of people in the earning population segment in the country. With competition at its peak and markets getting saturated, the company can look out for new growth avenues in these regions. Opportunity - Strategic Initiatives The company has taken certain strategic initiatives that are aimed at enhancing its business operations and existing product line. In 2015, the company entered into agreement with its current exclusive distributor in Canada for distributing its products directly to dealers in Canada. In 2014, HDFS entered into agreements with local lenders, insurance companies and brokers to add 11 finance and insurance programs in Latin America, Asia-Pacific and EMEA. This could enable the HDFS to facilitate 82 finance and insurance programs in 32 countries. Opportunity - New Product Development The company s newly launched and pipeline products provide enough opportunities for it to improve its market share. In 2015, the company launched Street 750 and Street 500, motor cycles designed for urban riders. The company launched these two models in the US, Spain, Portugal, Italy and India. In 2014, the company has initiated Project LiveWire, an electric motorcycle model, which the company is offering demonstration rides in the U. S and plans to expand to Europe and Canada to understand the customer preferences and insights. Harley-Davidson, Inc. - Threats Threat - Stringent Government Regulations The company s domestic sales and operations are subjected to the US governmental agencies, including Environmental Protection Agency (EPA), SEC, National Highway Traffic Safety Administration, Department of Labor and Fedral Trade Commission. The company has to comply with various local, state, federal, foreign and transnational laws and regulations related to safety and emissions. The company s financial service has to comply with various foreign, federal and state laws. Compliance with the laws may be costly and could affect operating results and place limits on pricing. Failure to comply with these regulations, could affect HDFS earnings, limit it access to capital, limit the number of loans eligible for HDFS securitization programs and have a material adverse effect on HDFS business. Threat - Dependence on third party suppliers Harley-Davidson is dependent on a few suppliers for raw materials and components and in some cases it relies on single supplier to provide the entire requirement for specific parts. Such a situation makes the company s business dependent on the ability of the supplier to deliver the ordered raw materials in time. The rising input costs could also have a major impact on the operational costs of Harley-Davidson. Increasing pressure of the costs of commodities leads to capacity constraints, lower production and financial distress to raw material suppliers. In case of a delay in receiving the raw materials, product delivery to its customers could also get delayed, which impacts its business and customer relations. Threat - Stiff Competition The market for company s products, services and technologies is both competitive and price sensitive. The company s performance could be affected by the competitive environment in the medical devices and customer preferences in these markets. The demand for its products is impacted by competitive conditions, including the timely development and introduction of new competitive products and the response of Harley Davidson to downward pricing to sustain competition. Factors such as changing customer order patterns or competitors new products can impact the company s competitive positioning. The major competitors of the company include American Honda Motor Co., Inc., and Suzuki Motor Corporation and Yamaha Motor Co., Ltd. among others. Some of its competitors have higher financial, technical and other resources than what the company possesses. Page 4

5 Threat - Rapid Technological Changes The company products are subject to significant technological advances and product innovation and development. The company must continuously design new products, and update existing products and develop new technologies to meet its customers demands. The launch of new products and technologies involves a significant commitment to research and development. Upon investing in these new technologies, the company s profits may suffer if they are not accepted in the marketplace as anticipated. Additionally, its competitors may develop innovative technologies and products, which could render its technology and products under development obsolete or uncompetitive. NOTE: The above strategic analysis is based on in-house research and reflects the publishers opinion only Page 5

The TJX Companies, Inc.- Financial and Strategic Analysis Review

The TJX Companies, Inc.- Financial and Strategic Analysis Review The TJX Companies, Inc. - Financial and Strategic Analysis Review Publication Date: Nov-2015 Company Snapshot Key Information The TJX Companies, Inc., Key Information Web Address www.tjx.com Financial

More information

Automatic Data Processing, Inc.- Financial and Strategic Analysis Review

Automatic Data Processing, Inc.- Financial and Strategic Analysis Review Automatic Data Processing, Inc. - Financial and Strategic Analysis Review Publication Date: Nov-2015 Company Snapshot Key Information Automatic Data Processing, Inc., Key Information Web Address www.adp.com

More information

Recommendation. P/Book 2.66 Div Yield 1.6% Profitability & Effectiveness ROE 13.14% Debt/Equity 2.67 Profit Margin 5.69%

Recommendation. P/Book 2.66 Div Yield 1.6% Profitability & Effectiveness ROE 13.14% Debt/Equity 2.67 Profit Margin 5.69% Ticker: HOG Sector: Consumer Cyclical Industry: Recreational Product Recommendation: BUY Pricing Closing Price $23.61 (7/19/10) 52-wk High $36.13 52-wk Low $18.43 Market Data Market Cap $5.56B Trading

More information

Agrium Inc. - Company Profile, SWOT & Financial Report

Agrium Inc. - Company Profile, SWOT & Financial Report - Company Profile, SWOT & Financial Report ICD Research. This product is licensed and not to be photocopied _ TABLE OF CONTENTS 1 Agrium Inc. - Key Employees... 7 2 Agrium Inc. - Key Employee Biographies...

More information

Tata Consultancy Services Limited - Financial and Strategic Analysis Review

Tata Consultancy Services Limited - Financial and Strategic Analysis Review Tata Consultancy Services Limited - Financial and Strategic Analysis Publication Date: Nov-2015 Company Snapshot Key Information Tata Consultancy Services Limited, Key Information Web Address www.tcs.com

More information

Macquarie Group Limited (MQG): Company Profile and SWOT Analysis

Macquarie Group Limited (MQG): Company Profile and SWOT Analysis Brochure More information from http://www.researchandmarkets.com/reports/2309651/ Macquarie Group Limited (MQG): Company Profile and SWOT Analysis Description: "Macquarie Group Limited (MQG) : Company

More information

Financial Results for the First Quarter Ended June 30, 2014

Financial Results for the First Quarter Ended June 30, 2014 July 28, 2014 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji

More information

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables

More information

April 28, 2015 HONDA MOTOR CO., LTD. REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FISCAL FOURTH QUARTER AND THE FISCAL YEAR ENDED MARCH 31, 2015

April 28, 2015 HONDA MOTOR CO., LTD. REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FISCAL FOURTH QUARTER AND THE FISCAL YEAR ENDED MARCH 31, 2015 April 28, 2015 HONDA MOTOR CO., LTD. REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FISCAL FOURTH QUARTER AND THE FISCAL YEAR ENDED MARCH 31, 2015 Tokyo, April 28, 2015--- Honda Motor Co., Ltd. today announced

More information

Financial supplement 2013. Zurich Insurance Group Annual Report 2013

Financial supplement 2013. Zurich Insurance Group Annual Report 2013 Financial supplement 2013 Zurich Insurance Group Annual Report 2013 2 Contents Results for the Year ended December 31, 2013 Financial supplement (unaudited) Financial highlights (unaudited) Business operating

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 18, 2009 Key Findings FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Foreign Direct Investment in the United

More information

Starbucks Corporation- Financial and Strategic Analysis Review

Starbucks Corporation- Financial and Strategic Analysis Review Starbucks Corporation - Financial and Strategic Analysis Review Publication Date: Mar-2016 Company Snapshot Key Information Starbucks Corporation, Key Information Web Address www.starbucks.com Financial

More information

Ferrari posted a record Q3 2015 performance

Ferrari posted a record Q3 2015 performance Ferrari posted a record Q3 2015 performance Shipments were 1,949 units, up 21% Net revenues were up 9% (3% at constant currencies) to Euro 723 million EBIT reached Euro 141 million, 610bps margin increase

More information

Financial supplement (unaudited) 2014. Zurich Insurance Group Annual Report 2014

Financial supplement (unaudited) 2014. Zurich Insurance Group Annual Report 2014 Financial supplement (unaudited) 204 Zurich Insurance Group Annual Report 204 2 Contents Results for the year ended December 3, 204 Financial supplement (unaudited) Financial highlights (unaudited) Business

More information

Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion*

Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* Ford Credit Earns Full-Year Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* DEARBORN, Mich., Jan. 29, 2015 Ford Motor Credit Company reported a pre-tax profit of $1.9 billion in, its highest

More information

Review of Operations 5.9% 14.0% 77.5% 1 The Power of Dreams 2 Financial Highlights 3 To Our Shareholders 5 Corporate Governance 6 Financial Section 7

Review of Operations 5.9% 14.0% 77.5% 1 The Power of Dreams 2 Financial Highlights 3 To Our Shareholders 5 Corporate Governance 6 Financial Section 7 page opened contents page 13 4 1 The Power of Dreams 2 Financial Highlights 3 To Our Shareholders 5 Corporate Governance 6 Financial Section 7 Motorcycle Business Automobile Business page 14 page 17 Power

More information

Media Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.

Media 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 information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

Amazon.com, Inc.- Financial and Strategic Analysis Review

Amazon.com, Inc.- Financial and Strategic Analysis Review Amazon.com, Inc. - Financial and Strategic Analysis Review Publication Date: Sep-2015 Company Snapshot Key Information Amazon.com, Inc., Key Information Web Address www.amazon.com Financial year-end December

More information

HORIZON GLOBAL DELIVERS PROFIT IMPROVEMENT FOR THIRD CONSECUTIVE QUARTER

HORIZON GLOBAL DELIVERS PROFIT IMPROVEMENT FOR THIRD CONSECUTIVE QUARTER FOR IMMEDIATE RELEASE CONTACT: Maria C. Duey Vice President, Corporate Development & Investor Relations (248) 593-8810 mduey@horizonglobal.com HORIZON GLOBAL DELIVERS PROFIT IMPROVEMENT FOR THIRD CONSECUTIVE

More information

FY2014 Consolidated Financial Results

FY2014 Consolidated Financial Results May 13, 2015 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji

More information

Deutsche Bank Global Transaction Banking. Securities Services. Overview

Deutsche Bank Global Transaction Banking. Securities Services. Overview Deutsche Bank Global Transaction Banking Direct Securities Services Securities Services Overview Finding the right custodian with a long-term commitment to supporting its clients business is critical for

More information

THE UK FILM MARKET AS A WHOLE. BFI Research and Statistics PUBLISHED DECEMBER Image: The Lady in the Van courtesy of Sony Pictures

THE UK FILM MARKET AS A WHOLE. BFI Research and Statistics PUBLISHED DECEMBER Image: The Lady in the Van courtesy of Sony Pictures THE UK FILM MARKET AS A WHOLE BFI Research and Statistics PUBLISHED DECEMBER 2015 Image: The Lady in the Van courtesy of Sony Pictures THE UK FILM MARKET AS A WHOLE THE UK WAS THE SECOND LARGEST FILM MARKET

More information

For the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales. 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6%

For the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales. 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6% Results highlights For the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6% % of Net sales 82.5% 82.7% +0.2 pp Operating profit 132.1 152.3

More information

Why Invest in International Now?

Why Invest in International Now? July 2015 As of the end of June 2015 over 62% of the weight of the world stock market capitalization consisted of non-u.s. companies. The largest companies in many industries are in fact internationally

More information

GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%

GrandVision 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 information

Selected Financial Summary (U.S. GAAP) Toyota Motor Corporation Fiscal years ended March 31

Selected Financial Summary (U.S. GAAP) Toyota Motor Corporation Fiscal years ended March 31 Page 44 Selected Financial Summary (U.S. GAAP) [1 of 2] Consolidated Segment Information Consolidated Quarterly Financial Summary Consolidated Financial Statements Selected Financial Summary (U.S. GAAP)

More information

ManpowerGroup Second Quarter Results

ManpowerGroup Second Quarter Results ManpowerGroup Second Quarter Results July 21, 2015 FORWARD-LOOKING STATEMENT This presentation contains includes forward-looking statements, including statements financial which projections, are subject

More information

Philippines Taxation

Philippines Taxation Philippines Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of mutual funds A mutual fund company which is established in the Philippines is taxable like any domestic corporation.

More information

Chasing growth in a constrained environment

Chasing growth in a constrained environment Chasing growth in a constrained environment Bernard Fontana CEO June 14, 2012 Agenda 1 Drivers of demand growth 2 Allocating the asset footprint according to demand 3 Growth from customer excellence &

More information

March 31, 2015 327,192 16.2 16,563 20.5 18,429 20.7 10,489 11.4 March 31, 2014 281,505 13.5 13,742 3.4 15,267 7.4 9,417 3.1

March 31, 2015 327,192 16.2 16,563 20.5 18,429 20.7 10,489 11.4 March 31, 2014 281,505 13.5 13,742 3.4 15,267 7.4 9,417 3.1 Company Name: Stock exchange listed on: Financial Results for the Fiscal Year Ended March 31, 2015 [J-GAAP] May 8, 2015 Kintetsu World Express, Inc. (KWE) Tokyo Stock Exchange (First Section) Company code:

More information

Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry

Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Improving Industry Health to Bolster Global Merger Activity in 2014 NC3B-F1 January 2013 Contents Section Slide Number

More information

Brunswick Earnings Conference Call Q3, 2015

Brunswick Earnings Conference Call Q3, 2015 Brunswick Earnings Conference Call Q3, 2015 Helping Active People Live Active Lives Forward-Looking Statements Certain statements in this presentation are forward-looking as defined in the Private Securities

More information

An Introduction to FleetCor Technologies

An Introduction to FleetCor Technologies An Introduction to FleetCor Technologies A Leading Global Provider of Fleet Cards and Specialty Payments to Businesses March 2012 Safe Harbor Provision This presentation contains statements that express

More information

The Sherwin-Williams Company Reports 2016 First Quarter Financial Results

The Sherwin-Williams Company Reports 2016 First Quarter Financial Results The Sherwin-Williams Company Reports 2016 First Quarter Financial Results First quarter consolidated net sales increased 5.1% to a record $2.57 billion; Net sales from stores open more than twelve calendar

More information

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS For Immediate Release For Further Information Refer to: John J. Haines 260-824-2900 FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS Bluffton, Indiana July 30, 2013 - Franklin Electric

More information

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information)

Makita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information) Makita Corporation Consolidated Financial Results for the nine months ended (U.S. GAAP Financial Information) (English translation of "ZAIMU/GYOSEKI NO GAIKYO" originally issued in Japanese language) CONSOLIDATED

More information

FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.

FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3. FOSSIL GROUP, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS; Fourth Quarter Net Sales of $1.065 Billion; Diluted EPS Increases 12% to $3.00 Fiscal Year 2014 Net Sales Increase 8% to $3.510 Billion;

More information

ManpowerGroup First Quarter Results

ManpowerGroup First Quarter Results ManpowerGroup First Quarter Results April 23, 2014 Forward-Looking Statements This presentation contains statements, including financial projections, that are forward-looking in nature. These statements

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

Rosy Blue International SA

Rosy Blue International SA For more information, please contact: Mark Stout +32 2 417 41 98 Enzo Soi + 32 2 417 35 51 Securitisation, KBC Bank This Information Memorandum is dated 30 November 2010 Rosy Blue International SA USD

More information

GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014

GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 Schiphol, the Netherlands 18 March 2015. GrandVision N.V. publishes Full Year and Quarter 2014 results. 2014 Highlights Revenue grew

More information

W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9

W.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 information

FY2016 Annual Results Announcement For The Year Ended 31 March 2016

FY2016 Annual Results Announcement For The Year Ended 31 March 2016 FY2016 Annual Results Announcement For The Year Ended 31 March 2016 Highlights For the year ended 31 March (million ) 2015 2016 Change Net sales 1,177.9 1,282.7 +8.9% Gross profit 963.2 1,061.5 +10.2%

More information

INVESTOR NEWSLETTER. Contents. 2... Financial Highlights 6... Share Price History 7... About LTLS. November 4 th, 2015

INVESTOR NEWSLETTER. Contents. 2... Financial Highlights 6... Share Price History 7... About LTLS. November 4 th, 2015 November 4 th, Distributor and Manufacturer - Basic and Specialty Chemicals INVESTOR NEWSLETTER Contents 2... Financial Highlights 6... Share Price History 7... About LTLS PT Lautan Luas Tbk @PTLAUTANLUASTbk

More information

ManpowerGroup Third Quarter Results

ManpowerGroup Third Quarter Results ManpowerGroup Third Quarter Results October 21, 2014 Forward-Looking Statements This presentation contains statements, including financial projections, that are forward-looking in nature. These statements

More information

Microsoft Corporation- Financial and Strategic Analysis Review

Microsoft Corporation- Financial and Strategic Analysis Review Microsoft Corporation - Financial and Strategic Analysis Review Publication Date: Nov-2015 Company Snapshot Key Information Microsoft Corporation, Key Information Web Address www.microsoft.com Financial

More information

Deutsche Global Infrastructure Fund (TOLLX)

Deutsche Global Infrastructure Fund (TOLLX) Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests

More information

Second Quarter and First Half 2015 Trading Update

Second Quarter and First Half 2015 Trading Update Second Quarter and First Half 2015 Trading Update Trading Performance Year-on-Year Gross Profit Reported ( m) Constant 2015 2014 % % Q2 145.3 137.1 +6.0% +10.6% H1 281.0 263.7 +6.6% +10.8% Q2 Gross Profit

More information

Software Tax Characterization Helpdesk Quarterly June 2008

Software Tax Characterization Helpdesk Quarterly June 2008 & McKenzie Software Tax Characterization Helpdesk Quarterly June 2008 Characterizing foreign software revenues is a complex challenge for large and small software firms alike. Variations in the rules around

More information

FOR IMMEDIATE RELEASE

FOR 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 information

CONFERENCE CALL PRELIMINARY FIGURES FISCAL YEAR 2013

CONFERENCE CALL PRELIMINARY FIGURES FISCAL YEAR 2013 WELCOME DÜRR AKTIENGESELLSCHAFT CONFERENCE CALL PRELIMINARY FIGURES FISCAL YEAR 2013 Ralf W. Dieter, CEO Ralph Heuwing, CFO Bietigheim-Bissingen, February 25, 2014 www.durr.com DISCLAIMER This presentation

More information

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure

More information

A Nielsen Report Global Trust in Advertising and Brand Messages. April 2012

A Nielsen Report Global Trust in Advertising and Brand Messages. April 2012 A Nielsen Report Global Trust in Advertising and Brand Messages April 2012 CONSUMER TRUST IN EARNED ADVERTISING GROWS IN IMPORTANCE Earned media sources remain most credible Trust in traditional paid advertising

More information

3Q 2015 EARNINGS REVIEW

3Q 2015 EARNINGS REVIEW Go Further 3Q 2015 EARNINGS REVIEW OCTOBER 27, 2015 OUR FOCUS One Ford Acceleration THE PLAN Product Excellence Delivered with Passion Innovation In Every Part of Our Business Asia Americas Pacific Europe,

More information

HARLEY DAVIDSON INC. FORM 10-K (Annual Report) Filed 2/27/2007 For Period Ending 12/31/2006

HARLEY DAVIDSON INC. FORM 10-K (Annual Report) Filed 2/27/2007 For Period Ending 12/31/2006 HARLEY DAVIDSON INC FORM 10-K (Annual Report) Filed 2/27/2007 For Period Ending 12/31/2006 Address 3700 W JUNEAU AVE MILWAUKEE, Wisconsin 53208 Telephone 414-342-4680 CIK 0000793952 Industry Recreational

More information

Acquisition of SAIT Communications. 28 July 2015

Acquisition of SAIT Communications. 28 July 2015 Acquisition of SAIT Communications 28 July 2015 Conference call details SpeedCast acquires SAIT Communications The company has scheduled a conference call as follows: Time: 11.00am (Sydney time), 28 th

More information

Snap-on Announces Third Quarter 2009 Results

Snap-on Announces Third Quarter 2009 Results Release: IMMEDIATE Snap-on Announces Third Quarter 2009 Results Sales of $581.8 million and EPS of $0.44 for the third quarter of 2009; Financial Services transition on track; Continued strong operating

More information

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around

More information

FY 2012 SECOND QUARTER (CUMULATIVE) CONSOLIDATED FINANCIAL RESULTS (April 1, 2012 to September 30, 2012)

FY 2012 SECOND QUARTER (CUMULATIVE) CONSOLIDATED FINANCIAL RESULTS (April 1, 2012 to September 30, 2012) FY 2012 SECOND QUARTER (CUMULATIVE) CONSOLIDATED FINANCIAL RESULTS (April 1, 2012 to September 30, 2012) 1.Company Name : SANKEN ELECTRIC CO., LTD. 2.Code NO : 6707 3.Headquarters : 363 Kitano, Niizashi,

More information

Analyst presentation H1 2015/16

Analyst presentation H1 2015/16 Analyst presentation H1 2015/16 Half year ended 30 September 2015 18 November 2015 Disclaimer DISCLAIMER THIS PRESENTATION may contain forward looking statements. These statements are based on current

More information

HARLEY DAVIDSON INC FORM 10-K. (Annual Report) Filed 02/22/08 for the Period Ending 12/31/07

HARLEY DAVIDSON INC FORM 10-K. (Annual Report) Filed 02/22/08 for the Period Ending 12/31/07 HARLEY DAVIDSON INC FORM 10-K (Annual Report) Filed 02/22/08 for the Period Ending 12/31/07 Address 3700 W JUNEAU AVE MILWAUKEE, WI 53208 Telephone 4143424680 CIK 0000793952 Symbol HOG SIC Code 3751 -

More information

Automakers and Auto Parts manufacturers

Automakers and Auto Parts manufacturers Last updated: March 26, 2012 Rating Methodology by Sector Automakers and Auto Parts manufacturers *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and

More information

Schaeffler Group at a glance

Schaeffler Group at a glance Facts and figures First quarter 2016 Schaeffler Group at a glance Key figures Income statement (in millions) 2016 2015 Change Revenue 3,343 3,339 0.1 % at constant currency 2.4 % EBIT 421 434-3.0 % in

More information

Global Long-Term Incentives: Trends and Predictions Results from the 2013 iquantic Global Long-Term Incentive Practices Survey

Global Long-Term Incentives: Trends and Predictions Results from the 2013 iquantic Global Long-Term Incentive Practices Survey Global Long-Term Incentives: Trends and Predictions Results from the 2013 iquantic Global Long-Term Incentive Practices Survey Jon F. Doyle and Sandra Sussman October 8, 2013 Presenters Jon F. Doyle Attorney

More information

Staples, Inc. Announces Second Quarter 2015 Performance

Staples, Inc. Announces Second Quarter 2015 Performance Media Contact: Kirk Saville 508-253-8530 Investor Contact: Chris Powers/Kevin Barry 508-253-4632/1487 Staples, Inc. Announces Second Quarter 2015 Performance FRAMINGHAM, Mass., August 19, 2015 Staples,

More information

Tech Data Reports Fiscal 2008 First-Quarter Results

Tech Data Reports Fiscal 2008 First-Quarter Results Tech Data Reports Fiscal 2008 First-Quarter Results Record First Quarter Net Sales Total $5.4 Billion, a 9.3 Percent Increase Year-Over-Year CLEARWATER, Fla.--(BUSINESS WIRE)--May 22, 2007--Tech Data Corporation

More information

2014 performances in line with targets

2014 performances in line with targets Limoges, February 12, 2015 2014 performances in line with targets Group development initiatives actively pursued On the closing of full-year accounts for 2014, Gilles Schnepp, Legrand Chairman and CEO,

More information

The rise of the cross-border transaction. Grant Thornton International Business Report 2013

The rise of the cross-border transaction. Grant Thornton International Business Report 2013 The rise of the cross-border transaction Grant Thornton International Business Report 2013 Foreword MIKE HUGHES GLOBAL SERVICE LINE LEADER MERGERS & ACQUISITIONS GRANT THORNTON INTERNATIONAL LTD When reflecting

More information

Financial Ratios and Quality Indicators

Financial Ratios and Quality Indicators Financial Ratios and Quality Indicators From U.S. Small Business Administration Online Women's Business Center If you monitor the ratios on a regular basis you'll gain insight into how effectively you

More information

PRESS RELEASE February 4, 2016 SIMPSON MANUFACTURING CO., INC. ANNOUNCES FOURTH QUARTER RESULTS

PRESS RELEASE February 4, 2016 SIMPSON MANUFACTURING CO., INC. ANNOUNCES FOURTH QUARTER RESULTS PRESS RELEASE February 4, 2016 SIMPSON MANUFACTURING CO., INC. ANNOUNCES FOURTH QUARTER RESULTS Pleasanton, CA - Simpson Manufacturing Co., Inc. (the Company ) (NYSE: SSD) today announced its fourth quarter

More information

Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]

Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] October 27, 2010 Company Name: KOITO MANUFACTURING CO., LTD. Stock Listing: First Section, Tokyo Stock Exchange Code Number:

More information

Overview of Current Trade in TEXTILES & CLOTHING

Overview of Current Trade in TEXTILES & CLOTHING Overview of Current Trade in TEXTILES & CLOTHING Presentation at COA Meeting 21st November 2016 The Cotton Textiles Export Promotion Council OUTLINE World Trade in Textiles & Clothing US Imports of Textiles

More information

Software Tax Characterization Helpdesk Quarterly April 2012

Software Tax Characterization Helpdesk Quarterly April 2012 Software Tax Characterization Helpdesk Quarterly April 2012 Characterizing foreign software revenues is a complex challenge for large and small software firms alike. Variations in the rules around the

More information

BlackBerry Reports 2015 Fiscal First Quarter GAAP Profitability

BlackBerry Reports 2015 Fiscal First Quarter GAAP Profitability NEWS RELEASE FOR IMMEDIATE RELEASE June 19, BlackBerry Reports 2015 Fiscal First Quarter GAAP Profitability Waterloo, ON BlackBerry Limited (NASDAQ: BBRY; TSX: BB), a global leader in mobile communications,

More information

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles)

FINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles) FINANCIAL SUMMARY FY2015 First Quarter (April 1, 2014 through June 30, 2014) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION FY2015 First Quarter Consolidated

More information

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR

CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR January 23, 2014 ETF-014-011 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: MARKET VECTORS MSCI ETF S TO BEGIN TRADING ON CHX Pursuant to Information Circular MR 08-16,

More information

FY14 1st Quarter Financial Results

FY14 1st Quarter Financial Results Insight 1st Quarter Financial Results Honda Motor Co., Ltd. July 31, 213 ACURA MDX (North America) 1 1st Quarter Financial Results & Financial Forecasts Tetsuo Iwamura Executive Vice President - 1st Quarter

More information

INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD

INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD YOU ARE WHAT YOU DO INTERNATIONAL SECURITIES TRADING III CONTENTS CONTENTS Welcome Welcome 1 2 Trade international securities with

More information

MODULE 2. Business Analysis

MODULE 2. Business Analysis MODULE 2 Business Analysis Types Of Business Analysis Comparative Statements Ratio Analysis Break Even Analysis Comparative Statements Comparative statements present the accounts of two or more consecutive

More information

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013 Holdings plc and Bank Canada Presentation to Fixed Income Investors September 2013 Forward-looking statements This presentation, including the accompanying slides and subsequent discussion, contains certain

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

The Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG

The Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG The Key to Mobility Creating Value with Financial Services Fixed Income Investor Update - December 2010 Bernd Bode Head of Group Treasury and Investor Relations Volkswagen Financial Services Nils Allnoch

More information

Global payments trends: Challenges amid rebounding revenues

Global payments trends: Challenges amid rebounding revenues 34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.

More information

Market Bulletin. 3Q15 Earnings season recap: What will earnings do after a gap year? November 6, In brief. Earnings recap

Market Bulletin. 3Q15 Earnings season recap: What will earnings do after a gap year? November 6, In brief. Earnings recap Market Bulletin November 6, 2015 3Q15 Earnings season recap: What will earnings do after a gap year? In brief The third quarter was another difficult earnings season for S&P 500 companies, with earnings-per-share

More information

BRAKES ON AT PIAGGIO. Dhaka Stock Exchange - February

BRAKES ON AT PIAGGIO. Dhaka Stock Exchange - February BRAKES ON AT PIAGGIO 1 Strong EBITDA Margin 14,00% 12,00% 10,00% 8,00% 11.7% 6,00% 15.74% 20% 35% 4,00% 2,00% 0,00% 2001 2002 2003 2004 2005 2006 2007 2008 2009 IS IT SUSTAINABLE IN THE LONG RUN? 2 Business

More information

PRESS RELEASE. Treviso May 8th, 2015. Summary

PRESS RELEASE. Treviso May 8th, 2015. Summary Treviso May 8th, 2015 PRESS RELEASE De'Longhi S.p.A.: The Board of Directors approved today the first quarter 2015 consolidated results of the De Longhi Group. Revenues grew 9.0% at current exchange rates

More information

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology OCTOBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology SEPTEMBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol) Indexes Construction

More information

P R E S S R E L E A S E K E N D R I O N N. V. 7 M A Y 2 0 1 3

P R E S S R E L E A S E K E N D R I O N N. V. 7 M A Y 2 0 1 3 P R E S S R E L E A S E K E N D R I O N N. V. 7 M A Y 2 0 1 3 Revenue and profit performance in Q1 2013 in line with expectations - Revenue in Q1 2013 totalling EUR 71.4 million (-/-8% compared to Q1 2012,

More information

For personal use only GALE PACIFIC LIMITED

For personal use only GALE PACIFIC LIMITED GALE PACIFIC LIMITED RESULTS FOR YEAR ENDED 30 JUNE 2013 FY13 Review FY13 FY12 FY11 A$M S A$M S % Variance A$M S Sales 120.0 110.5 9% 95.6 EBITDA 18.0 18.0 0% 15.8 EBIT 12.9 12.5 4% 9.9 NPAT 9.1 8.5 7%

More information

Exhibit 1. General Motors Company and Subsidiaries Supplemental Material (Unaudited)

Exhibit 1. General Motors Company and Subsidiaries Supplemental Material (Unaudited) Exhibit 1 General Motors Company and Subsidiaries The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted),

More information

CITIGROUP REPORTS INCOME FROM CONTINUING OPERATIONS UP 11% WITH INTERNATIONAL REVENUES UP 17%

CITIGROUP REPORTS INCOME FROM CONTINUING OPERATIONS UP 11% WITH INTERNATIONAL REVENUES UP 17% CITIGROUP REPORTS INCOME FROM CONTINUING OPERATIONS UP 11% WITH INTERNATIONAL REVENUES UP 17% INCOME FROM CONTINUING OPERATIONS OF $5.26 BILLION; REVENUES INCREASE 10% EPS FROM CONTINUING OPERATIONS OF

More information

Management Policies of Nippon Express. March 2007

Management Policies of Nippon Express. March 2007 Management Policies of Nippon Express March 2007 1. Our Group's Business Framework 1. Our Group's Business Framework Nippon Express Group Overseas Japan Asia-Oceania Europe Americas Domestic transport

More information

International Securities Trading now you can invest across the world

International Securities Trading now you can invest across the world International Securities Trading now you can invest across the world INTERNATIONAL SECURITIES TRADING iii CONTENTS Welcome 2 Trade international securities with CommSec and Pershing 2 International trading

More information

Incorporating International Tax Laws in Multinational Capital Budgeting

Incorporating International Tax Laws in Multinational Capital Budgeting APPENDIX 14 Incorporating International Tax Laws in Multinational Capital Budgeting Tax laws can vary among countries in many ways, but any type of tax causes an MNC s after-tax cash flows to differ from

More information

Q2 and Half-Year 2010 Results

Q2 and Half-Year 2010 Results Q2 and Half-Year 2010 Results July 27, 2010 27.07.2010 1 Key financials in billions of Q2 2009 Q2 2010 Revenue 19.6 25.1 EBIT Net profit (loss) Earnings (loss) per share (in ) (1.0) (1.1) (0.99) 2.1 1.3

More information

FOSSIL GROUP, INC. REPORTS THIRD QUARTER 2014 RESULTS. Third Quarter Net Sales Increase 10% to $894 Million; Diluted EPS Increases 24% to $1.

FOSSIL GROUP, INC. REPORTS THIRD QUARTER 2014 RESULTS. Third Quarter Net Sales Increase 10% to $894 Million; Diluted EPS Increases 24% to $1. FOSSIL GROUP, INC. REPORTS THIRD QUARTER RESULTS Third Quarter Net Sales Increase 10% to $894 Million; Diluted EPS Increases 24% to $1.96 Updates Full Year Guidance and Provides Fourth Quarter Guidance

More information

2015 Global Survey of Accounting Assumptions for Defined Benefit Plans. Executive Summary

2015 Global Survey of Accounting Assumptions for Defined Benefit Plans. Executive Summary 2015 Global Survey of Accounting Assumptions for Defined Benefit Plans Executive Summary Executive Summary In broad terms, accounting standards aim to enable employers to approximate the cost of an employee

More information

Financial Services CNH Industrial Capital. Oddone Incisa

Financial Services CNH Industrial Capital. Oddone Incisa CNH Industrial Capital Oddone Incisa Integrated and Diversified across Regions and Asset Classes by Region ($ billion) Managed Portfolio $26.9 billion (YE 2013) by Segment 13.3 1.1 8.2 49% 4% NAFTA 31%

More information