EXAMINATION I: Economics. Corporate Finance. Financial Accounting and Financial Statement Analysis. Equity Valuation and Analysis
|
|
- Horatio Lenard Banks
- 7 years ago
- Views:
Transcription
1 EXAMINATION I: Economics Corporate Finance Financial Accounting and Financial Statement Analysis Equity Valuation and Analysis Questions Final Examination March 2009
2 Question 1: Economics (37 points) The following chart was obtained from UBS Wealth Management Research (summer 2008). The more volatile of the two plots shows the development of the exchange rate between the US dollar (USD) and the Euro (EUR), quoted as USD per 1 EUR. The more steady plot shows the value of this exchange rate pair implied by purchasing power parity. EUR-USD line PPP EUR-USD line a) Explain the theory of relative purchasing power parity (PPP). (3 points) b) What is the reason for the gradual upward movement in the PPP EUR-USD line from 1986 until 2008? Answer briefly by considering that the relative PPP holds. (4 points) c) For the past decade, the United States of America has been running ever increasing current account deficits. What are the options available to a nation to finance a current account deficit? Answer briefly. (4 points) d) Give two reasons why a large current account deficit is often seen as a cause for concern by economic analysts. (6 points) e) Exchange rate volatility appears to be higher than justified by economic fundamentals. One explanation for this fact is provided by the Overshooting Model. Explain this model and its stylized facts in the context of the Euro and the US-Dollar, assuming for example that the US central bank announces a surprisingly high growth rate of a monetary aggregate (money supply). (Hint: Start by giving the Overshooting Model assumptions. Then describe the short-run effect on the interest rate, the price level, etc. And finally describe the long-run effect.) (14 points) f) Excessive exchange rate volatility occasionally leads to calls for more stability in the international financial system. One possibility to achieve this is with the help of fixed exchange rates. State and briefly explain one major advantage of fixed exchange rate systems as well as one major advantage of floating exchange rate systems. (6 points) Page 1 / 9
3 Question 2: Financial Accounting (20 points) Metro Group, a German company, is an important retailing firm. Its 2008 consolidated balance sheet prepared in conformity with IFRS contains the following information about intangible assets: Concessions franchises, trademarks and similar rights, licenses and other such rights (thereof internally generated intangible assets) Prepayments (Unit: EUR million) Purchase or production costs At Dec 31, 2007/Jan 1, Currency translation Change in consolidation group Additions Disposals Transfers At Dec 31, , ,000 Depreciation/amortisation At Dec 31, 2007/Jan 1, Currency translation Additions, scheduled Additions, non-scheduled Disposals Write-ups 0 0 Transfers At Dec 31, Transition of Book value Book value on Jan 1, Book value on Dec 31, Book value on Dec 31, Total a) According to IFRS, what are the conditions that internally generated intangibles must meet to be recognized as assets? Answer specifically about development costs and research costs. (6 points) b) Assume that the tax authorities do not admit the capitalization of internally generated intangible assets. How would deferred tax assets and liabilities on be affected? Assume an income tax rate of 40%. (5 points) c) Now assume that despite IFRS, development costs for internally generated intangible assets were recognised as expenses in the period in which they were incurred. c1) What impact would it have on the Metro Group consolidated equity on ? (5 points) Page 2 / 9
4 c2) What influence (increase, decrease, no impact) would it have on the following items: net income of year cash flow from operating activities of year cash flow from investing activities of year cash and cash equivalents on (4 points) Page 3 / 9
5 Question 3: Equity Valuation and Analysis (49 points) Calculate the value of a company based on the following data using a Market Value Added (MVA) approach: (Unit: EUR million) 2008e 2009e 2010e 2011ff Total assets (2007: 7,000) 7,500 7,700 7, % p.a. Net profit after taxes % p.a. Net operating profits after % p.a. taxes Risk free rate 4% 4% 4% 4% Expected stock market return 8% 8% 8% 8% Interest Rate of companies 6.5% 6.5% 6.5% 6.5% debt Tax rate 28% 28% 28% 28% Free Cash Flow (FCF) % Dividend ??? Debt / equity ratio (2007: 1.0) Beta of the stock Value of debt Is equal to the book value of debt 2008e = 2008estimated 2011ff = 2011 and the following years a) a1) Which discount rate do you have to use? Explain your decision. (4 points) a2) Calculate the appropriate discount rate. (8 points) b) MVA approach uses EVA (Economic Value Added). Explain MVA first, then explain how to get EVA and why getting EVA is important. No calculation is required. (6 points) c) Based on the above data, calculate EVAs 2008e, 2009e and 2010e. (6 points) d) Explain the process to get the values of equity by using MVA. (6 points) e) Calculate the value of equity for the company as of Suppose a two stage MVA model where stage 1 covers the period from 2008 to 2010 and stage 2 from 2011 and beyond. Predict a constant growth of EVAs from 2011 which equals the growth rate of EVAs from 2010 to (11 points) [Note: If you need a result from one of the above sub-questions (a to d) which you have not been able to calculate earlier, then make an assumption (and indicate exactly what kind of assumption this is).] f) Suppose that the valuation of equity by a Dividend Discount model will show the same result as the valuation of your MVA model. How large must the growth rate of dividends be for an equivalent result of a DDM from 2012 onward, if the 2011 dividend paid is equal to the 2010 dividend paid? (8 points) Page 4 / 9
6 [Note: If you need a result from one of the above sub-questions (a to e) which you have not been able to calculate earlier, then make an assumption (and indicate exactly what kind of assumption this is).] Page 5 / 9
7 Question 4: Corporate Finance (40 points) UVG Inc. is a holding company traded on the Frankfurt stock exchange and consists of two major business divisions. The trucking division RACE services major trading routes between Northern and Southern Europe and has benefited from the surge in trade over the last couple of years. More recently, it has reported lower profits due to some bad decisions made by senior management at the holding company level. Moreover, substantial investments in new trucks will have to be made in the next two years. The second major division ENJOY operates in the travel industry and is separately traded on the stock exchange. Several institutional shareholders are questioning the benefits of operating these two divisions under the same holding company which does not generate synergies from their point of view. Therefore, they have approached UVG s CEO Richard Thales and demanded a break-up of the company. UVG has currently 100,000 shares outstanding and is paying a dividend of 2 EUR per share. Its shares are trading at 80 EUR per share and its beta equals 1.1. UVG s stake in ENJOY has a market value of 4,000,000 EUR. UVG is currently rated B and comparable company debt in this rating category is trading at a yield of 9.5%. The applicable tax rate equals 35%. The risk-free rate is 4.5% and the expected equity market return is 15%. Interest payments are corporate tax deductible. The management of the trucking division has projected the division s income statement and balance sheet as a stand-alone entity based on the assumption of continuing growth in trading between Asia and Europe. These projections are summarized in the table below. Summary Financials for the Trucking Division: (Unit: EUR) Income Statement Revenues 4,000,000 4,500,000 5,000,000 5,250,000 - Operating Expenses 2,000,000 2,250,000 2,500,000 2,625,000 - General Expenses 500, , , ,000 - Depreciation 400, , , ,000 EBIT 1,100,000 1,200,000 1,300,000 1,400,000 - Interest Payments 350, , , ,000 EBT 750, , ,000 1,050,000 - Taxes (35%) 262, , , ,500 Net Income 487, , , ,500 Capital Expenditures 1,800, , Increase in Working Capital 400, , , ,000 a) Thales has decided to evaluate the financial consequences of the proposed break-up of the company. Analyzing the valuations of the competitors of the trucking division, he notes that their average beta equals 1.3. Discussions with consultants come to the conclusion that the growth rate of the trucking industry will fall to the growth rate of the world economy of 2.5% after the fourth year. Page 6 / 9
8 a1) Calculate the free cash flow to the firm, the annual tax shield due to debt financing for the trucking division and the free cash flow to equity holders for the year Use the table below and fill out the shadowed cells. (8 points) Hint: When the firm debt amount is constant as in this case, the free cash flow to equity holder is derived by subtracting interest from and adding tax effect (tax shield) of such an interest payment to the free cash flow to the firm. (Unit: EUR) EBIT 1,100,000 1,200,000 1,300,000 1,400,000 Free Cash flow to the firm 280,000 1,345,000 1,410,000 tax effect (tax shield) Free Cash flow to equity holders 52,500 1,117,500 1,182,500 a2) Should Thales use a division-specific cost of capital when valuing the trucking division? Explain your reasoning. (5 points) a3) Calculate the equity value of the trucking division (date of calculation: ; bear in mind your answer from a2). (7 points) a4) Check whether the assertions made by the investors are correct by estimating the value of the synergies. Show calculations and explain. (5 points) b) Despite the fact that a break-up of UVG would make economic sense, Thales does not want to go ahead with this decision. Moreover, in order to protect himself against the threat of a hostile takeover, he plans to increase the company s leverage by issuing new additional debt which is senior to existing debt and using the proceeds to buy back shares. These transactions will raise UVG s debt-to-equity ratio from 0.5 to 1. Assume the beta of debt to be zero. b1) Determine whether these financing decisions will increase shareholder value by comparing UVG s weighted average cost of capital before and after these transactions are completed. Show your calculations. (10 points) b2) Thales goes ahead with the refinancing. As a result, UVG s share price rises while the price of its outstanding bonds falls to 95% of par value. The bonds have a maturity of 4 years and pay an annual coupon of 9.5%. Calculate the cost of debt based on this observation and interpret your result. (5 points) Page 7 / 9
9 Question 5: Financial Accounting (34 points) Acquirer (A) bought on X1 100% of the shares of Subsidiary (S) at a price of 10 million EUR. The values of the identifiable assets and liabilities of S at the acquisition date are shown below. A prepares its consolidated financial statements in EUR and according to IFRS. Book value on X1 (in million EUR) Fair value on X1 (in million EUR) Identifiable assets and liabilities of S Intangible assets Property, plant and equipment Current assets Financial liabilities a) Calculate the goodwill resulting from the acquisition of S assuming that the functional currency of S is EUR. (4 points) b) Explain how to recognize and measure an impairment loss of the goodwill resulting from the business combination. (6 points) c) Assuming hereafter that the functional currency of S is USD and that the values above are in million USD (but the acquisition amount which A paid remains the same amount at 10 million EUR): c1) Calculate the goodwill resulting from the acquisition of S. On X1 the exchange rate EUR/USD was 1.50 (1 EUR = 1.5 USD). (4 points) c2) Indicate in the table below the impact of the acquisition of S on the consolidated balance sheet of A on X1. Assume that A has financed the acquisition of the shares with bank credit. (10 points) Impact of the acquisition of S on the consolidated balance sheet of A on X1 Goodwill Other intangible assets Property, plant and equipment Current assets Financial liabilities Equity of which: Retained earnings portion by net income Amount (in million EUR) c3) In year X1, S has earned a net income of 2 million USD from sales to third parties, which has led to an equal increase of short-term assets. All remaining items did not change from X1. Page 8 / 9
10 Assuming that the exchange rate EUR/USD on X1 is 2.0 and that the average exchange rate for year X1 was 1.6, indicate in the table below the variations in the consolidated balance sheet of A on X1, as compared to the corresponding amounts on X1. (10 points) Changes in the consolidated balance sheet of A on X1, as compared to X1. Goodwill Other intangible assets Property, plant and equipment Current assets Financial liabilities Equity of which: Retained earnings portion by net income Amount (in million EUR) Page 9 / 9
Consolidated balance sheet
Consolidated balance sheet Non current assets 31/12/2009 31/12/2008 (*) 01/01/2008 (*) Property, plant and equipment 1,352 1,350 1,144 Investment property 7 11 11 Fixed assets held under concessions 13,089
More informationYear ended 31 Dec 2009
PACE PLC CHANGE OF FUNCTIONAL AND PRESENTATIONAL CURRENCY AND COMPARATIVES RE-PRESENTED IN US DOLLARS Introduction Pace announced at the time of its preliminary results announcement that the Board had
More informationNN Group N.V. 30 June 2015 Condensed consolidated interim financial information
Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim
More information5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands
Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)
More informationTO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS
QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues
More informationDATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015
For Immediate Release DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 SECOND QUARTER HIGHLIGHTS Second quarter 2015 ( Q2 ) Revenues of $73.4 million, a decrease of 4.3% year over year
More informationReport of the Executive Board. In millions of EUR 2014 2013
Review Results from operating activities Revenue 19,257 19,203 income 93 226 Raw materials, consumables and services (12,053) (12,186) Personnel expenses (3,080) (3,108) Amortisation, depreciation and
More informationConsolidated Balance Sheets
Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:
More information2015 Quarterly Report II
2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million
More informationUnderstanding Cash Flow Statements
Understanding Cash Flow Statements 2014 Level I Financial Reporting and Analysis IFT Notes for the CFA exam Contents 1. Introduction... 3 2. Components and Format of the Cash Flow Statement... 3 3. The
More informationPascal Quiry July 2010
Please send any questions on this case study to the author via the mail box on the web site www.vernimmen.net Pascal Quiry July 2010 This document may not be used, reproduced or sold without the authorisation
More information(Formerly CVTech Group Inc.)
(Formerly CVTech Group Inc.) Condensed Interim Consolidated Financial Statements For the three months ended, 2014 Consolidated Statement of Financial Position (in thousands of Canadian dollars) December
More informationFINANCIAL INFORMATION CONSOLIDATED FINANCIAL STATEMENTS. Risk management
167 Risk management Group risk management Group Risk Management supports the Board of Directors, the Executive Committee and the management teams of the Group companies in their strategic decisions. Group
More informationExamination II. Fixed income valuation and analysis. Economics
Examination II Fixed income valuation and analysis Economics Questions Foundation examination March 2008 FIRST PART: Multiple Choice Questions (48 points) Hereafter you must answer all 12 multiple choice
More informationCHAPTER 8. Problems and Questions
CHAPTER 8 Problems and Questions 1. Plastico, a manufacturer of consumer plastic products, is evaluating its capital structure. The balance sheet of the company is as follows (in millions): Assets Liabilities
More informationFull Year Results 2012. Conference Call Presentation, 21 st March 2013
Full Year Results 2012 Conference Call Presentation, 21 st March 2013 0 Disclaimer This presentation may contain forward-looking statements based on current assumptionsandforecastsmadebybrenntag AG and
More informationINTERVIEWS - FINANCIAL MODELING
420 W. 118th Street, Room 420 New York, NY 10027 P: 212-854-4613 F: 212-854-6190 www.sipa.columbia.edu/ocs INTERVIEWS - FINANCIAL MODELING Basic valuation concepts are among the most popular technical
More informationKey figures as of June 30, 2013 1st half
Never standing still. Interim Report as of June 30, 2013 Contents 2 Key figures as of June 30, 2013 1st half 3 Key figures as of June 30, 2013 2nd quarter 6 Strong revenue growth 12 Consolidated interim
More informationAccounting Standard for Business Enterprises No. 33 - Consolidated financial statements Caikuai [2006] No.3
Accounting Standard for Business Enterprises No. 33 - Consolidated financial statements Caikuai [2006] No.3 Chapter I General Provisions Article 1: These Standards are formulated in accordance with the
More informationCONSOLIDATED FINANCIAL STATEMENTS AND NOTES
CONSOLIDATED FINANCIAL STATEMENTS AND NOTES Consolidated Income Statements p.2 Statements of profit or loss and other comprehensive Income p.3 Statements of financial position p.4 Consolidated Cash Flow
More informationNon-GAAP Financial Measures. Second Quarter and First Half of Fiscal 2014. siemens.com. Energy efficiency. Intelligent infrastructure solutions
Energy efficiency Next-generation healthcare Industrial productivity Intelligent infrastructure solutions Non-GAAP Financial Measures Second Quarter and First Half of Fiscal 2014 siemens.com second QUARTER
More informationUnaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam
Unaudited financial report for the sixt-month period ended 30 June 2015 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 30 June 2015 4 Profit and loss
More informationThe statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.
Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required
More informationPractice Exam (Solutions)
Practice Exam (Solutions) June 6, 2008 Course: Finance for AEO Length: 2 hours Lecturer: Paul Sengmüller Students are expected to conduct themselves properly during examinations and to obey any instructions
More informationIncome Statement (1) First Quarter 2002
Income Statement (1) (in millions of EUR) 1 st Q 2002 1 st Q 2001 2002/2001 Sales 5,402.2 4,993.6 +8.2% (2) EBITDA (FIFO) 408.7 366.1 +11.6% EBITDA margin 7.6% 7.3% - Depreciation (145.5) (134.6) +8.1%
More informationFinancial report 2014. Deutsche Bahn Finance B.V. Amsterdam
Financial report 2014 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 31 December 2014 4 Profit and loss account for the year ended 31 December 2014 6
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 informationTax accounting services: Foreign currency tax accounting. October 2012
Tax accounting services: Foreign currency tax accounting October 2012 The globalization of commerce and capital markets has resulted in business, investment and capital formation transactions increasingly
More informationTIME WARNER CABLE INC. CONSOLIDATED BALANCE SHEET (Unaudited)
CONSOLIDATED BALANCE SHEET June 30, December 31, 2011 2010 (in millions) ASSETS Current assets: Cash and equivalents...$ 3,510 $ 3,047 Receivables, less allowances of $86 million and $74 million as of
More informationAnadolu Hayat Emeklilik Anonim Şirketi Consolidated Balance Sheet As At 31 December 2015 (Currency: Turkish Lira (TRY))
Consolidated Balance Sheet As At ASSETS I- Current Assets A- Cash and Cash Equivalents 14 302,999,458 216,428,429 1- Cash 14 3,385 27,952 2- Cheques Received 3- Banks 14 145,598,543 87,301,020 4- Cheques
More informationCONSOLIDATED INCOME STATEMENTS
ATTACHMENTS TO THE PRESS RELEASE The consolidated Income Statements, consolidated Statements of Financial Position and the Consolidated Statements of Cash Flows as well as the Net Financial Debt of INWIT,
More informationInvestor & Analyst Presentation Semi-Annual Report 2014. Dr. Cornelius Patt, CEO Andreas Grandinger, CFO August 19th, 2014
Investor & Analyst Presentation Semi-Annual Report 2014 Dr. Cornelius Patt, CEO Andreas Grandinger, CFO August 19th, 2014 Safe Harbor Statement This document includes supplemental financial measures that
More informationNotes to Consolidated Financial Statements Notes to Non-consolidated Financial Statements
This document has been translated from the Japanese original for reference purposes only. In the event of discrepancy between this translated document and the Japanese original, the original shall prevail.
More informationZAMIL INDUSTRIAL INVESTMENT COMPANY (SAUDI JOINT STOCK COMPANY)
ZAMIL INDUSTRIAL INVESTMENT COMPANY INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND AUDITORS REPORT (LIMITED REVIEW) FOR THE THREE MONTHS AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, NOTES TO THE INTERIM
More informationDUKE UNIVERSITY Fuqua School of Business. FINANCE 351 - CORPORATE FINANCE Problem Set #7 Prof. Simon Gervais Fall 2011 Term 2.
DUKE UNIVERSITY Fuqua School of Business FINANCE 351 - CORPORATE FINANCE Problem Set #7 Prof. Simon Gervais Fall 2011 Term 2 Questions 1. Suppose the corporate tax rate is 40%, and investors pay a tax
More informationQ1 2016 Results Conference Call
Q1 2016 Results Conference Call Karim Bohn, CFO 10 May 2016 PATRIZIA Immobilien AG PATRIZIA Bürohaus Fuggerstrasse 26 86150 Augsburg T +49 821 50910-000 F +49 821 50910-999 immobilien@patrizia.ag www.patrizia.ag
More informationEMERSON AND SUBSIDIARIES CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED) TABLE 1 Quarter Ended March 31, Percent Change Net Sales $ 5,854 $ 5,919 1% Costs and expenses: Cost of sales 3,548 3,583
More informationChapter 17: Financial Statement Analysis
FIN 301 Class Notes Chapter 17: Financial Statement Analysis INTRODUCTION Financial ratio: is a relationship between different accounting items that tells something about the firm s activities. Purpose
More informationThree Months Ended March 31, 2015 Revenues $ 15,420 $ 17,258 Increase in revenues year over year 19% 12%
Exhibit 99.1 Google Inc. Announces First Quarter 2015 Results MOUNTAIN VIEW, Calif. April 23, 2015 - Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended. Google s
More informationASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS
Almere, The Netherlands October 28, 2015 ASM INTERNATIONAL N.V. REPORTS THIRD QUARTER 2015 RESULTS ASM International N.V. (Euronext Amsterdam: ASM) today reports its third quarter 2015 operating results
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 informationNotes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements
This document has been translated from the Japanese original for reference purposes only. In the event of discrepancy between this translated document and the Japanese original, the original shall prevail.
More informationNote 2 SIGNIFICANT ACCOUNTING
Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting
More information2014 Quarterly Report II
2014 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2014 01 06/2013 Change Sales million 61.9 55.3 12% Return on revenue before tax % 9 % 12 % 26 % EBITDA million 9.7 10.2 5 % EBIT million 6.2 6.9
More informationCONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)
More informationINTERIM REPORT JANUARY 1 SEPTEMBER 30, 2011
Q3 INTERIM REPORT JANUARY 1 SEPTEMBER 30, 2011 Helsinki, October 27, 2011 Fiskars Corporation Interim Report January 1 - September 30, 2011 October 27, 2011 Third quarter: Net sales and operating profit
More informationRAKENTAJAIN KONEVUOKRAAMO OYJ STOCK EXCHANGE RELEASE 10 MAY 2005, at 10.30 hrs RAKENTAJAIN KONEVUOKRAAMO OYJ S INTERIM REPORT Q1/2005
RAKENTAJAIN KONEVUOKRAAMO OYJ STOCK EXCHANGE RELEASE 10 MAY 2005, at 10.30 hrs RAKENTAJAIN KONEVUOKRAAMO OYJ S INTERIM REPORT Q1/2005 - Turnover, EUR 17.0 million (EUR 15.4 million) - A 10.3 per cent increase
More informationConsolidated Interim Report
Consolidated Interim Report as of 31 March 2015 UNIWHEELS AG CONTENTS 1. Key performance data 2. Condensed group management report as of 31 March 2015 3. Condensed consolidated financial statements as
More informationFinancial Report 9M 2014
Financial Report 9M 2014 1 von 10 12.11.14 13:19 1. Financial Summary Income (in TEUR) 9M 2014 9M 2013 Revenues 9,485 9,992 Software & Subscriptions 8,668 8,127 Services 817 1,865 EBIT 2,926 1,051 as a
More informationCondensed Consolidated Interim Financial Statements Q4 2014. aegon.com
Condensed Consolidated Interim Financial Statements Q4 2014 aegon.com The Hague, February 19, 2015 Table of contents Condensed consolidated income statement 2 Condensed consolidated statement of comprehensive
More informationInterim Report. January - September
Interim Report January - September LETTER TO THE SHAREHOLDERS RIB SOFTWARE AG LETTER TO THE SHAREHOLDERS Dear Shareholders, With two strategic acquisitions in the third quarter of, we have taken a further
More informationAn overview of FX Exposure Risk: Assessment and Management
An overview of FX Exposure Risk: Assessment and Management June 2015 1. Introduction This report presents an overview of various types of foreign currency exposure, their impact on the financial statements,
More informationPaper F7 (INT) Financial Reporting (International) Tuesday 14 June 2011. Fundamentals Level Skills Module
Fundamentals Level Skills Module Financial Reporting (International) Tuesday 14 June 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted.
More informationInVision AG Workforce Management Cloud Services Call Center Training. Financial Report 9M 2014
Financial Report 9M 2014 Seite 1 von 7 1. Financial Summary Income (in TEUR) 9M 2014 9M 2013 Revenues 9,485 9,992-5% Software & Subscriptions 8,668 8,127 +7% Services 817 1,865-56% EBIT 2,926 1,051 +178%
More informationCONSOLIDATED STATEMENT OF INCOME
CONSOLIDATED STATEMENT OF INCOME 4 th quarter (a) 3 rd quarter 4 th quarter 2009 Sales 40,157 40,180 36,228 Excise taxes (4,397) (4,952) (4,933) Revenues from sales 35,760 35,228 31,295 Purchases, net
More informationNEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS
NAS 21 NEPAL ACCOUNTING STANDARDS ON BUSINESS COMBINATIONS CONTENTS Paragraphs OBJECTIVE 1 SCOPE 2-14 Identifying a business combination 5-10 Business combinations involving entities under common control
More informationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KANEKA CORPORATION AND CONSOLIDATED SUBSIDIARIES 1. BASIS OF PRESENTING CONSOLIDATED FINANCIAL STATEMENTS Kaneka Corporation (the Company ) and its consolidated
More informationTHERATECHNOLOGIES INC.
Interim Consolidated Financial Statements of (In thousands of Canadian dollars) THERATECHNOLOGIES INC. Table of Contents Page Interim Consolidated Financial Positions 1 Interim Consolidated Statements
More informationcondensed consolidated interim financial statements 2015
January march 2015 condensed consolidated interim financial statements 2015 (unaudited) contents 1. Income Statement 1 2. Statement of Comprehensive Income 2 3. Balance Sheet 3 4. Statement of Changes
More informationCEMATRIX CORPORATION Consolidated Financial Statements (in Canadian dollars) September 30, 2015
Consolidated Financial Statements September 30, 2015 Management s Responsibility for Financial Reporting and Notice of No Auditor Review of the Interim Consolidated Financial Statements for the Three and
More informationINDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)
INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED
More informationCONSOLIDATED FINANCIAL STATEMENTS AND NOTES
CONSOLIDATED FINANCIAL STATEMENTS AND NOTES Consolidated Income Statements p.2 Statements of profit or loss and other comprehensive Income p.3 Statements of financial position p.4 Consolidated Cash Flow
More informationAcal plc. Accounting policies March 2006
Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting
More informationSignificant reduction in net loss
press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany
More informationVolex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.
Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc
More informationFinancial Summary. as a % of balance sheet total
InVision AG Financial Report 6M 2015 Consolidated Interim Financial Statements of InVision AG as of 30 June 2015 in accordance with IFRS and 315a of the German Commercial Code as well as the Group management
More informationConsolidated Statement of Profit or Loss (in million Euro)
Consolidated Statement of Profit or Loss (in million Euro) Q3 2014 Q3 2015 % change 9m 2014 9m 2015 % change Revenue 636 661 3.9% 1,909 1,974 3.4% Cost of sales (440) (453) 3.0% (1,324) (1,340) 1.2% Gross
More informationFull Year Results 2014
Full Year Results 2014 18 March 2015 Conference call on FY Results 2014 Corporate Finance & Investor Relations AGENDA FY 2014 results presentation Highlights 2014 Financials 2014 Outlook 2015 Appendix
More informationG8 Education Limited ABN: 95 123 828 553. Accounting Policies
G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3
More informationLarge Company Limited. Report and Accounts. 31 December 2009
Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities
More informationTotal revenue (incl share of joint ventures) 1,082.2m 1,017.8m +6.3% EBITDA* 40.0m 40.0m +0.0% EBITA* 32.7m 30.5m +6.9% EBIT* 31.3m 28.3m +10.
Fyffes delivers further growth in revenue and earnings Preliminary Results Restated Change % Total revenue (incl share of joint ventures) 1,082.2m 1,017.8m +6.3% EBITDA* 40.0m 40.0m +0.0% EBITA* 32.7m
More informationAalberts Industries Net profit and earnings per share +15%
PRESS RELEASE 1 ST HALF YEAR 2015 Aalberts Industries Net profit and earnings per share +15% Langbroek, 13 August 2015 Highlights o Revenue EUR 1,244 million, increase +18% (organic +2%). o Operating profit
More informationSCORPEX INTERNATIONAL, INC.
AUDIT REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND CONSOLIDATED FINANCIAL STATEMENTS C O N T E N T S Report of Independent Registered Public Accounting Firm.... 3 Consolidated Balance Sheets...
More informationFinancial Results. siemens.com
s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014
More informationFinancial Statements
Financial Statements The financial information forms the basis of financial planning, analysis & decision making for an organization or an individual. Financial information is needed to predict, compare
More informationInternational Accounting Standard 36 Impairment of Assets
International Accounting Standard 36 Impairment of Assets Objective 1 The objective of this Standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more
More informationTelesat Reports Results for the Quarter and Year Ended December 31, 2014
Telesat Reports Results for the Quarter and Year Ended December 31, 2014 OTTAWA, CANADA, February 26, 2015. Telesat Holdings Inc. ( Telesat ) today announced its financial results for the three month and
More informationD.E MASTER BLENDERS 1753 N.V.
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months periods ended 31 December 2012 and 31 December 2011 TABLE OF CONTENTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL
More informationSTATUS Final EFFECTIVE DATE N/A
ILLUSTRATIVE EXAMPLES TO ACCOMPANY IFRS 13 FAIR VALUE MEASUREMENT UNQUOTED EQUITY INSTRUMENTS WITHIN THE SCOPE OF INTERNATIONAL FINANCIAL REPORTING BULLETIN 2013/06 Summary In December 2012, the IFRS Foundation
More informationBRITISH TRANSCO INTERNATIONAL FINANCE B.V. Rotterdam, The Netherlands. Annual Report for the year ended 32 March 2015
BRITISH TRANSCO INTERNATIONAL FINANCE B.V. Rotterdam, The Netherlands Annual Report for the year ended 32 March 215 ADDRESS: Westblaak 89 312 KG Rotterdam Chamber of Commerce Rotterdam File number: 24,262.646
More information1 Pricing options using the Black Scholes formula
Lecture 9 Pricing options using the Black Scholes formula Exercise. Consider month options with exercise prices of K = 45. The variance of the underlying security is σ 2 = 0.20. The risk free interest
More information1-3Q of FY2014 87.43 78.77 1-3Q of FY2013 74.47 51.74
January 30, 2015 Resona Holdings, Inc. Consolidated Financial Results for the Third Quarter of Fiscal Year 2014 (Nine months ended December 31, 2014/Unaudited) Code number: 8308 Stock
More informationEXPLANATORY NOTES. 1. Summary of accounting policies
1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists
More informationAmadeus Global Travel Distribution, S.A.
Amadeus Global Travel Distribution, S.A. Consolidated Interim Financial Statements as of June 30, 2002, prepared in accordance with International Accounting Standard 34 and Review Report of Independent
More informationIAS/IFRS - EQUITY. Ing. Jana HINKE, Ph.D. hinke@kfu.zcu.cz
IAS/IFRS - EQUITY Ing. Jana HINKE, Ph.D. hinke@kfu.zcu.cz EQUITY There is no IAS/IFRS for Equity Requirements for measurement and disclosures: a) IAS 1 Presentation of Financial Statements b) IAS 8 Accounting
More informationFinancial Statements
Financial Statements Years ended March 31,2002 and 2003 Contents Consolidated Financial Statements...1 Report of Independent Auditors on Consolidated Financial Statements...2 Consolidated Balance Sheets...3
More informationFLOW TRADERS COÖPERATIEF U.A.
FLOW TRADERS COÖPERATIEF U.A. Condensed consolidated interim financial statements 30 June 2015 Content Report of Management Board 3 Condensed consolidated statement of financial position 4 Condensed consolidated
More information9-MONTHS REPORT. Stable development of business in Q3 Lila Logistik confirms full-year forecast
/08 9-MONTHS REPORT Stable development of business in Q3 Lila Logistik confirms full-year forecast Key figures for the first three quarters of 2008 in accordance with IFRS 01.01. 01.01. Change in Change
More informationFINC 3630: Advanced Business Finance Additional Practice Problems
FINC 3630: Advanced Business Finance Additional Practice Problems Accounting For Financial Management 1. Calculate free cash flow for Home Depot for the fiscal year-ended February 1, 2015 (the 2014 fiscal
More informationFinancial Statement Analysis: An Introduction
Financial Statement Analysis: An Introduction 2014 Level I Financial Reporting and Analysis IFT Notes for the CFA exam Contents 1. Introduction... 3 2. Scope of Financial Statement Analysis... 3 3. Major
More informationNOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements of THE BRICK LTD. For the three months ended March 31, 2013 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,
More informationReturn on Equity has three ratio components. The three ratios that make up Return on Equity are:
Evaluating Financial Performance Chapter 1 Return on Equity Why Use Ratios? It has been said that you must measure what you expect to manage and accomplish. Without measurement, you have no reference to
More informationRestated Consolidated Financial Statements as at December 31, 2011
Restated Consolidated Financial Statements as at December 31, 2011 (including the adjusted adidas AG Opening Consolidated Statement of Financial Position (IFRS) as at January 1, 2011) This excerpt from
More informationHerzogenaurach, Germany, July 27, 2004 PUMA AG announces its consolidated nd
P Quarter P Half-Year For immediate release MEDIA CONTACT: INVESTOR CONTACT: U.S.A.: Lisa Beachy, Tel. +1 617 488 2945 Europe: Ulf Santjer, Tel. +49 9132 81 2489 Dieter Bock, Tel. +49 9132 81 2261 Herzogenaurach,
More informationFINANCIAL REPORT H1 2014
FINANCIAL REPORT H1 2014 HIGH SPEED BY PASSION 02_Key Figures 03_Group Status Report 05_Consolidated Financial Statements 10_Notes 11_Declaration of the Legal Representatives 02 PANKL KEY FIGURES EARNING
More informationHALF YEAR REPORT AS OF JUNE 30
2 0 1 4 HALF YEAR REPORT AS OF JUNE 30 T O O U R S H A R E H O L D E R S Dear shareholders, ladies and gentlemen, The Nemetschek Group continued its successful development in the second quarter of 2014
More informationInvestments and advances... 344,499
Consolidated Financial Statements of the Company The consolidated balance sheet, statement of income, and statement of equity of the Company are as follows. Please note the Company s consolidated financial
More informationFLEET MANAGEMENT SOLUTIONS INC.
FLEET MANAGEMENT SOLUTIONS INC. (Formerly: Silverton Mining Corp.) CONSOLIDATED FINANCIAL STATEMENTS (unaudited prepared by management) March 31, 2013 (Expressed in US Dollars) 1 FLEET MANAGEMENT SOLUTIONS
More information