The Netherlands. A profitable location for long-term logistics operations
|
|
- Brook Rose
- 8 years ago
- Views:
Transcription
1 The Netherlands A profitable location for long-term logistics operations
2 The Netherlands: A long-term profitable location for logistics operations Published by Holland International Distribution Council (NDL/HIDC) Zoetermeer, February 2012 ISBN-number is Investment Consulting Associates (ICA), Groenewout Consultants & Engineers, Mazars Paardekooper Hoffman N.V., Holland International Distribution Council (NDL/HIDC), The Netherlands: A long-term profitable location for logistics operations, November 2012.
3 Colophon Author A. Beerens, Groenewout Consultants & Engineers M. Weeink, Investment Consulting Associates Final editing Holland International Distribution Council (NDL/HIDC) Publisher Holland International Distribution Council (NDL/HIDC) The Netherlands: A long-term profitable location for logistics operations
4 Contents Page Summary 1 1. Background and relevance of this study 3 2. Business case model 5 3. Operational excellence 6 4. Start-up Costs 7 5. Total Inbound freight costs 9 6. Total outbound freight costs Exit costs Total Net Present Value (NPV) What if Analysis Qualitative analysis Results Conclusions and final remarks Annex 20 The Netherlands: A long-term profitable location for logistics operations
5 The Netherlands: A long-term profitable location for logistics operations
6 Summary In Europe the present period of uncertainty leads corporations to exercise caution in their investment strategies. Although statistics confirm a decline in foreign direct investment projects within Europe, any conclusions that companies have stopped approving new investment projects would be premature. To attract new investment projects, countries will need a sensible and distinctive national policy of promoting investments. This report demonstrates a business case methodology adopted by many internationally operating companies when considering multiple locations. The assumptions and industry figures used in the business case are based on actual investment cases and best practices to ensure reliable and consistent results. Approach and Methodology This report benchmarks and ranks four countries (Belgium, France, Germany, and the Netherlands) in terms of their attractiveness as the site for a new European Distribution Center in the Electronics Industry. The corporate business case technique incorporates real estate and supply chain modeling, inbound and outbound product flows to various European regions, operational cost modeling, regional incentive schemes, and exit costs presented in a 10-year net present value model. To make this business case as comprehensive as possible, we have also included direct and indirect tax (i.e. VAT) considerations. Results Belgium and the Netherlands are on par in terms of net present value (NPV) calculations, yet for very different regions. The incentives offered in Belgium (i.e. Wallonia) are significant, resulting in a favorable cash flow position in the first year; however, higher operating costs than in the Netherlands yield a similar NPV result. Although regions in France and Belgium offer appealing incentives, the terms and conditions are less flexible in practice, due to penalty costs when considering an early exit (i.e. within 5 years). In today s volatile market, such a lack of operational flexibility to adapt your supply chain footprint presents a profound business risk. France s NPV score is impacted by higher logistics costs due to its remote location, while Germany s labor cost means that annual operating costs are slightly higher. In our qualitative evaluation, we benchmarked and ranked the competitiveness of the four countries based on business environment, infrastructure quality, and taxation factors. This analysis places the Netherlands and Germany slightly ahead of France and Belgium. Overall, the Netherlands has a strong location value proposition, supported by a neutral, objective position between a company s different operating units. This relatively small market is positioned strategically and has a good logistics infrastructure (i.e. lead times) between main markets such as the United Kingdom, Germany, and France. This makes The Netherlands easy to accept as a new investment location for the EDC, for example because in times of shortages inventory assignments to main markets will be impartial. The Netherlands: A long-term profitable location for logistics operations 1
7 The Netherlands: A long-term profitable location for logistics operations 2
8 1. Background and relevance of this study Introduction The Netherlands has long been committed to economic growth and, more specifically, to marketing its competitive value in logistics and distribution. For decades, the Netherlands has obtained and benefited from significant inward investments from corporate investors, especially in logistics and centralized warehousing facilities. Yet, investment locations are increasingly selling their proposition to potential investors, and competition for inward investments is rising. The window of opportunity is therefore expanding, as is the complexity of foreign direct investment (FDI) decisions. Examples of location value propositions marketed by different Investment Promotion Agencies This raises the question of how investors currently deal with this complexity in selecting a carefully considered winning location. Understanding the assorted drivers that relate to different phases in corporate site selection projects is essential in all investment promotions. Investor point of view Various boardroom dynamics drive investment decisions. While a Chief Financial Officer focuses on potential cost savings, a Chief Executive Officer might be targeting risk mitigation and long-term corporate strategy. These complementary and in some cases diverging views might even interfere with a Chief Operations Officer s perspective, looking to optimize the global corporate footprint and synchronize supply chains. It is fair to say that investment decisions are based on a manifold of business perspectives, all with different business drivers. In this benchmark report, we will use the following three business perspectives to assess the attractiveness of the Netherlands, compared to regions in Germany, Belgium, and France: 1. Operational excellence 2. Financial and tax excellence 3. Risk mitigation perspective The Netherlands: A long-term profitable location for logistics operations 3
9 By using a corporate business case technique, Investment Consulting Associates (ICA), Groenewout Consultants and Engineers, and Mazars Accountants incorporated these three different aspects into this 2011 NDL/HIDC Benchmark Report. This technique applies facility and supply chain modeling, financial cost modeling, regional incentive estimates, 10-year net present value modeling including exit costs, and direct and indirect tax considerations. All these quantitative results are then leveraged and weighed against a business climate risk appraisal. The Netherlands: A long-term profitable location for logistics operations 4
10 2. Business case model Before reviewing the details of the business case model, a few important items need to be addressed. First, assumptions in the business case model are derived from actual logistics investment projects or recent transactions. This means that the model is based on best practices and actual case study materials. Second, the business case simulates a new inward investment in the electronics industry. This particular sector has been chosen because of its supply chain characteristics. Until recently, the most optimal supply chain design in the electronics industry often proved to be highly centralized. Production was outsourced to Asia in many cases. Typically, most of the European market was served via one or a few major distribution centers, with a few local warehouses at the edge of Europe. More recently, determining factors such as decreasing product value, increasing transportation costs, sustainable supply chain and IT solutions have reshaped the industry supply chain and have made for a more decentralized footprint. The changing dynamics within this industry, with new rules of the game, makes this an interesting industry to focus on. The Netherlands: A long-term profitable location for logistics operations 5
11 3. Operational excellence The first pillar is based on the operational aspects of this simulated investment project. Our investment project is a European Distribution Center (EDC) with the following characteristics: In this business case we will calculate a 10-year Net Present Value (NPV), based on the start-up costs, annual operating costs, and exit costs for each of the four alternative locations in this benchmark. The Netherlands: A long-term profitable location for logistics operations 6
12 4. Start-up Costs In selecting the location, investors will evaluate and assess the different start-up costs for the regions considered. Start-up costs are costs that are required for becoming operational. In this perspective we have simplified the business case and have included only the following cost items: Capital Expenses on land, buildings, and equipment Recruitment costs based on total annual labor cost Costs of training staff at the EDC National and/or regional incentives (i.e. negative costs) CAPEX The first observation is that land costs are significantly higher in the Netherlands than in surrounding European regions, especially compared to certain areas in Belgium (i.e. 300%). In the Ruhr area and logistics parks near Le Havre land costs are similar to those in Belgium. Table 1 Land costs in the different regions in 2011 Total capital expenditure for the respective regions is calculated by multiplying the land prices per square meter by the land required and then adding the construction and equipment costs multiplied by the desired facility size. Table 2 Total capital expenditure Recruitment and training costs Recruitment costs are calculated as a share of the annual total labor costs for blue and white-collar workers, i.e. two months of total labor costs. Total annual labor costs comprise the gross annual salary costs for workers plus overhead (e.g. sickness, disability, pension plan) payable by employers. Table 3 indicates the respective labor costs in the four countries. The Netherlands: A long-term profitable location for logistics operations 7
13 Table 3 Total labor cost per type of EDC worker For training costs we assumed a fixed budget of 500,00 per Full Time Equivalent (FTE) per year. National and regional incentives The Netherlands and Germany offer modest incentives to promote training services (e.g. 50% of training costs are subsidized). Belgium and France offer far more substantial incentives with regard to the Capital Expenditures of the investment project. In both countries, large companies may apply for a 15% refund of the total capital expenditure 1. Table 4 Overview of start-up costs In this example, the incentive would amount to 4.9 and 5.1 million for Belgium and France, respectively (see Table 4). Yearly operating expenditures (OPEX) Understanding the annual operating expenditures associated with each location is a key exercise in selecting the location. In this case, total annual operating expenses of an EDC comprise of the following elements: Transport costs o Inbound freight o Outbound freight Warehousing & utility costs Taxes and VAT Each element will be outlined in the sections below. 1 Thirty percent of the eligible capital expenditure is refundable to Small and Medium-sized. The Netherlands: A long-term profitable location for logistics operations 8
14 5. Total Inbound freight costs In the business case we assume that all inbound logistics involve the use of 40-foot containers handled and shipped through the nearest port directly to the EDC. In general, transportation of a 40 ft container costs 1.20 per kilometer. Table 5 Inbound freight costs Table 6 lists total handling cost (THC) by port in The port of Antwerp offers the lowest THC per 40 ft container (e.g. 150,00 per 40 ft container), followed by Rotterdam and the French ports of Dunkerque / Le Havre. Table 6 Total Handling Costs per port in the respective countries Given the geographic proximity to the port of Le Havre, locating an EDC there will entail relatively low inbound freight costs compared to the other locations, which require inland transportation across greater distances. This is why locating the EDC in Germany would entail the highest inbound freight costs, while Belgium and the Netherlands are cost-competitive, at 1.7 and 2.0 million annually. Yet, inbound shipping costs are low compared to total outbound costs. The Netherlands: A long-term profitable location for logistics operations 9
15 6. Total outbound freight costs Total outbound freight costs are a major recurring cost driver that significantly impacts total logistics costs and therefore influences the final decision regarding the EDC location. We have based our calculation of the total outbound freight costs on the following assumptions. The most important product shipment locations are Germany, France, and Central Europe, followed by Scandinavia and Spain. This market segmentation is based on actual cases and reflects Europe s most important consumer markets. Table 7 Sales volumes and associated number of truckloads per country We have used a distance matrix (see Table 8) and the assumed price per kilometer to calculate total annual outbound freight costs. Table 8 Distance Matrix The Netherlands: A long-term profitable location for logistics operations 10
16 In terms of outbound costs, Germany s location is clearly the most strategic for serving the major European markets. These costs are similar for the Netherlands and Belgium, while the remote location of Le Havre leads to significantly higher outbound transportation costs. Warehouse & Utility Costs Besides the outbound freight costs, total operational expenditures, also referred to as annual warehousing costs, are decisive in selecting the location. In this category we have considered the following cost drivers for this business case: Maintenance costs are estimated as a fixed amount per year based on the value of the initial capital investment in the facility (5%) and the EDC equipment (10%). Although labor turnover rates are assumed to be constant for all locations at 8%, these costs nonetheless vary by country due to different total labor costs and different termination costs. Labor law regulations are another important variable depending on the country. In the electronics industry labor needs peak during the summer and December periods. Although working-hour regulations for staff are somewhat more flexible in Belgium, hiring temporary workers is difficult, if the peak in workload is structural and predictable. Conversely, the Netherlands and Germany offer more flexible terms and conditions for recruiting temporary workers. To factor this into the business case, we allowed for 10% more blue-collar FTEs in Belgium to achieve peak output. In the Netherlands and Germany 3.3 additional FTEs would be recruited as temporary workers during the peak months. Table 9 Human resource requirements, given national labor regulations Utility costs are included in the overall warehousing costs. Table 10 shows the different electricity and gas rates in the respective countries. France is particularly attractive in terms of electricity rates, whereas gas rates are lowest in Belgium. The Netherlands follows closely with relatively low rates for both types of utilities. The Netherlands: A long-term profitable location for logistics operations 11
17 Table 10 Utility costs in the respective countries Incorporating all annual warehousing costs results in the annual cost overview below. Figure 1 shows that the Netherlands ranks first, due mainly to the modest labor costs there compared to those at the alternative locations. Conversely Belgium has fairly high warehousing costs because of reduced, productivity, due to the lack of temporary staff flexibility in busy and slow months. Figure 1 Overview of total warehousing costs Taxes & VAT The variable tax factors for each of the four alternative locations are corporate tax rates and VAT deferment. Whereas the national corporate tax rate in The Netherlands is 25%, this same tax exceeds 33% in France and Belgium. While the national corporate tax rate in Germany is 15%, local corporate tax (Solidaritätszuschlag) is payable as well, bringing the total corporate tax rate above 35%. The Netherlands has clear agreements on VAT deferment. Payment of VAT may be deferred from the time of import to the periodic VAT filing, which is generally monthly. VAT due for import will be reported at the time of filing, when any amounts prepaid will be subtracted as well. The other three countries have less sophisticated VAT arrangements, automatically leading to higher costs as a result of the requirement to pre-finance VAT fees that are not offset. To prevent this, one may open a bonded warehouse, which will result in additional administrative burdens and costs to operations. The Netherlands: A long-term profitable location for logistics operations 12
18 7. Exit costs After 10 years the residual value of the initial investment in France and Belgium will be significantly lower than in the Netherlands and Germany, where, on the other hand, far fewer incentives are available. Apparently, the higher incentives offered (i.e. Belgium and France) are offset by a much lower residual value of the warehouse after ten years. The residual value assumptions are based on recent transaction deals and existing distribution facilities currently offered on the market. Based on current labor laws, dismissing all staff members after ten years would result in termination costs of 1.7 million in the Netherlands. This severance amount is based on the various labor costs multiplied by the number of months payable by the employer. France and Belgium both have relatively low termination costs, followed by the Netherlands and Germany. Table 11 Overview of total exit costs per country after a ten-year period At -/ million, total exit costs are lowest for the Netherlands, compared with the other countries (i.e. highest net revenue). This is due mainly to the relatively high residual value, based on the highest initial capital investment. The Netherlands: A long-term profitable location for logistics operations 13
19 8. Total Net Present Value (NPV) The final result of this business case approach with detailed financial cost modeling is the ten-year Net Present Value, which provides an overall summary of the start-up costs, operating costs (including taxes) and exit costs over a 10-year operational period. Each component represents one year, starting with year zero which reflects the investment costs and the incentives. Wallonia 223,7 The Netherlands South 223,7 North West of France 230,3 Ruhr Area via Rotterdam 233,3 Ruhr Area via Hamburg 240,0 0,0 50,0 100,0 150,0 200,0 250,0 in mio EUR Both Wallonia and the Netherlands rank first with a total NPV of million Euros. These identical NPVs are based on very different assumptions. Wallonia offers substantial incentives that result in low start-up costs but entail various rules and regulations. On the other hand, the Netherlands has relatively low warehousing costs and the lowest exit costs, given the high residual value of the property. The cost differentials with France and Germany are 3% and 4.2% respectively. The Netherlands: A long-term profitable location for logistics operations 14
20 The graph shows the yearly operational logistics costs for each of the potential locations. Last-mile transport from logistics hub to end-customer is not represented, as this is the same for each location. Variations in transport costs due to a difference in average customer distance are therefore represented exclusively as the outbound freight. Given the strategic logistics position of the Netherlands in the European market and the relatively high labor output, yearly operational costs in the Netherlands are lower than at the other locations. This graph depicts cash flow during the last year of the operation, meaning operational costs (transport & warehousing) + exit costs e.g. labor remuneration sales of logistics property. Final-year costs are clearly lowest in The Netherlands, due to the high residual value of the logistics property when selling it in Year 10. This final year benefit in the Netherlands fully offsets the initial start-up incentives awarded in regions such as Wallonia and Northern France. The Netherlands: A long-term profitable location for logistics operations 15
21 9. What if Analysis As the Net Present Value calculation shows, the two dominant financial differentiators are (1) national incentives on the CAPEX and (2) the residual value of the logistics property after 10 years. For the what-if analysis, both parameters are considered in conjunction with or separate from the NPV calculations, leading to 4 what-ifs. Although the differences are small, the Netherlands ranks first for warehouse location in 3 of the 4 what-ifs. Only when residual value is not considered does Belgium rank first, provided that the national incentives are granted. 250,0 250,0 240,0 240,0 230,0 230,0 220,0 220,0 YES 210,0 200,0 210,0 200,0 190,0 190,0 180,0 180,0 170,0 170,0 160,0 160,0 CLOSING COSTS 150,0 250, ,0 250, ,0 240,0 230,0 230,0 220,0 220,0 NO 210,0 200,0 190,0 210,0 200,0 190,0 180,0 170,0 160,0 150,0 180,0 170,0 160,0 150, NO YES REGIONAL INCENTIVES Wallonia North West of France Ruhr Area via Hamburg Ruhr Area via Rotterdam South of The Netherlands The Netherlands: A long-term profitable location for logistics operations 16
22 10. Qualitative analysis Results As mentioned in the introduction, different drivers and opinions of the respective boardroom members will influence the ultimate location decision. In many cases, companies focus too much on short-term cost advantages and overlook potential risk factors and qualitative aspects that may lead to costly mistakes in the long run. Table 12 Qualitative assessment based on a weighted multi-criteria analysis Table 12 shows the different scores for each location group. Each one is comprised of a number of location factors (see annex), on which the overall location group score is based. To prioritize certain location groups (and location factors), different weights have been allocated to the three respective location groups. In terms of Business Environment, Germany and the Netherlands rank first and second, respectively. This location group reflects ease of doing business and offers an initial indication of the risk proxy. Infrastructure quality differences between the countries are relatively small. Yet taxation factors clearly favor the Netherlands. In addition to the modest total corporate income tax in the Netherlands, paying taxes is less cumbersome there than elsewhere, and personal income taxes are relatively low as well. Given the current selection of location groups and the weights allocated, the Netherlands ranks first in this qualitative assessment,, with a total score of 27.08, slightly ahead of Germany. France and Belgium rank third and fourth, with competitiveness scores of and respectively. The Netherlands: A long-term profitable location for logistics operations 17
23 Below are the summary and index scores relating to the Net Present Value (NPV). Belgium and the Netherlands have similar NPVs and therefore have an index score of 100. The index scores other countries are based on the respective NPV differentials. Qualitative Score Higher score indicates lower risk levels and ease of doing business Cost score there is an inverse with 100 reflecting the lowest cost level Figure 2 Cost Quality Benchmark Study The Netherlands: A long-term profitable location for logistics operations 18
24 11. Conclusions and final remarks Although different regions in France and Belgium offer appealing incentives, this also means less flexible terms and conditions, due to penalty costs when considering an early exit, for example (e.g. within 5 years). In today s volatile market, such a lack of operational flexibility to adapt your supply-chain footprint presents a profound business risk. In terms of cost and quality factors, the Netherlands provides a powerful location value proposition. Instead of focusing on incentives and modest land costs, the Netherlands has relatively low operating costs and a high residual value of the initial investment. Furthermore, the Netherlands has a neutral, objective position between the different country operating units within a company. It is a relatively small market, is positioned strategically, and has a good logistics infrastructure (i.e. short lead times) between main markets, such as the UK, Germany, and France. This makes the Netherlands politically acceptable as a new investment location for a EDC, e.g. decisions concerning inventory assignment to main markets in times of shortages will be impartial. So although today s operational and financial differences between the four countries considered for locating an EDC seem relatively small, the Netherlands offers a substantial advantage in terms of transparency and accommodation of logistics. A new competitive landscape is developing, based on technical revolution and increasing globalization, where such logistics flexibility will prove to be invaluable. The Netherlands: A long-term profitable location for logistics operations 19
25 12. Annex List of qualitative location criteria BUSINESS ENVIRONMENT - 30% Location Factors Closing a business Ranking Dealing with construction permits Ranking Employing workers Ranking Enforcing contracts Ranking Getting credit Ranking Paying taxes Ranking Protecting investors Ranking Registering property Ranking Starting a business Ranking Trading across borders Ranking Global Competitiveness Score (GCI) WEF IMD Competitiveness Index INFRASTRUCTURE - 40% Location Factors Quality of Overall Infrastructure Quality of Port Infrastructure Quality of Railroad Infrastructure TAX - 30% Location Factors Ease of paying taxes Resident individuals, Income tax rates Total Tax Rate Turnover taxes, VAT/GST (standard) The Netherlands: A long-term profitable location for logistics operations 20
Mexico Shipments Made Simple. Third-party logistics providers help streamline the U.S. Mexico cross-border process WHITE PAPER
Mexico Shipments Made Simple Third-party logistics providers help streamline the U.S. Mexico cross-border process WHITE PAPER Introduction With the cost of manufacturing rising in Asia, many companies
More informationCargo Flows & Hot Spots
Cargo Flows & Hot Spots Peter Colon Buck Consultants International German-Dutch Logistics Conference March 2015 Buck Consultants International P.O. Box 1456 6501 BL Nijmegen The Netherlands P: +31 24 379
More informationBROCHURE BUSINESS SERVICES
BROCHURE BUSINESS SERVICES EUROPE AT A GLANCE Europe, which includes not only the 27 EU countries but Russia, Turkey and several other nations as well, is the largest economy in the world. It has been
More informationGrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%
GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue
More informationBudget 2016 CHANGES IN DUTCH TAXATION FOR 2016. www.fi sconti.com
Budget 2016 CHANGES IN DUTCH TAXATION FOR 2016 www.fi sconti.com Table of contents Changes in Dutch payroll and income tax Tax credits and rates in 2016 ----------- 3 Emigration of substantial interest
More informationSupply Chain Distribution Model: European Expansion. April 28, 2015 ISM NY Webinar Retail and Consumer Goods Industry Webinar
Supply Chain Distribution Model: European Expansion April 28, 2015 ISM NY Webinar Retail and Consumer Goods Industry Webinar 1 Objectives & Expectations By the end of this presentation, the expectation
More informationCloud-based trading & financing ecosystem for global ecommerce
Cloud-based trading & financing ecosystem for global ecommerce specializing in China inbound and outbound trade for small online retailers and social commerce players Our Motto MAKING BUY AND SELL EASY!
More informationEUROPE S MOST DESIRABLE LOGISTICS LOCATIONS
EUROPE S MOST DESIRABLE LOGISTICS LOCATIONS LOGISTICS FACILITY USER SURVEY 2013 INTRODUCTION Europe has a larger population and a higher combined Gross Domestic Product (GDP) than the U.S., yet it has
More informationEUROPE S MOST DESIRABLE LOGISTICS LOCATIONS
EUROPE S MOST DESIRABLE LOGISTICS LOCATIONS Logistics Facility User Survey 2013 Introduction Europe has a larger population and a higher combined Gross Domestic Product (GDP) than the U.S., yet it has
More information2016 Interim Results Presentation 24 November 2015
2016 Interim Results Presentation 24 November 2015 Disclaimer This presentation includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements can be
More informationThe Training Material on Logistics Planning and Analysis has been produced under Project Sustainable Human Resource Development in Logistic Services
The Training Material on Logistics Planning and Analysis has been produced under Project Sustainable Human Resource Development in Logistic Services for ASEAN Member States with the support from Japan-ASEAN
More informationlast page of this release. 3 Operating margin is calculated as operating income divided by net revenues.
By: EARNINGS RELEASE Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104 CONTACTS: R. Jordan Gates Bradley S. Powell President and Chief Operating Officer
More informationAccounting for inventory. www.brightpearl.com
Accounting for inventory Whats inside Accounting for your inventory is as important as accounting for your sales. Every product you have on the shelf has a cost value, and the total cost of goods is likely
More informationBusiness Process Outsourcing Location Index. A Cushman & Wakefield Publication
Business Process Outsourcing Location Index A Cushman & Wakefield Publication 2013 OUR CLIENTS ARE OUR COMMITMENT Founded in 1917 in New York City, Cushman & Wakefield is the world s largest privately-held
More informationSetting up your Business in France Issues to consider
Around 20,000 foreign companies are already established, running businesses under many different legal forms. The reforms that France has pursued to improve competitiveness and the business environment
More informationFinancial 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 informationMFFA Belastingadvies Tax Advice
MFFA Belastingadvies Tax Advice Specialized in Expats and International Companies Amsterdam Zwolle Assen The Netherlands VAT in Europe an introduction General comments European Union: 27 member states
More informationInternational comparison of electricity and gas prices for commerce and industry
International comparison of electricity and gas prices for commerce and industry FINAL REPORT ON A STUDY PREPARED FOR CREG October 2011 Frontier Economics Ltd, London. October 2011 Frontier Economics
More informationIMCD reports strong results for 2014
IMCD reports strong results for 2014 Rotterdam, The Netherlands 11 March 2015 - IMCD N.V. ( IMCD or Company ), a leading international speciality chemicals-focused distributor, today announces the 2014
More informationThe 2013 Supply Chain Agenda
The 2013 Supply Chain Agenda Time to go beyond the traditional supply chain optimization projects 5 th Edition Prepared and edited by: Erik Koperdraat Kris Dieteren Capgemini Consulting The Netherlands
More informationIn this chapter, we build on the basic knowledge of how businesses
03-Seidman.qxd 5/15/04 11:52 AM Page 41 3 An Introduction to Business Financial Statements In this chapter, we build on the basic knowledge of how businesses are financed by looking at how firms organize
More informationEffectiveness or Efficiency? Is your firm tracking the right Real Estate Metrics? TENANT PERSPECTIVES. The Challenge of Real Estate Management
Effectiveness or Efficiency? Is your firm tracking the right Real Estate Metrics? By Joseph Hamilton, SVP, Cornish & Carey Client Solutions The Challenge of Real Estate Management Managing real estate
More informationEARNINGS RELEASE FOR IMMEDIATE RELEASE EXPEDITORS REPORTS FOURTH QUARTER 2014 EPS OF $0.51 PER SHARE 1
By: Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104 EARNINGS RELEASE CONTACTS: R. Jordan Gates Bradley S. Powell President and Chief Operating Officer
More information5th edition - December 2014. European salary survey 2014 European employer keeps on struggling with high employer cost
5th edition - December 2014 European salary survey 2014 European employer keeps on struggling with high employer cost Content Foreword 3 Salary comparison 4 Salary comparison Net disposable income 22 Company
More informationWHY INVEST IN FRANCE?
WHY INVEST IN FRANCE? A COUNTRY AT THE HEART OF THE EU SINGLE MARKET AND A GATEWAY TO THE EMEA 10 KEY INFO IN POINTS 1 A GLOBAL ECONOMIC POWER largest exporter of services. (WTO, 2013) France is the second
More informationMSD Supply Chain Programme Strategy Workshop
MSD Supply Chain Programme Strategy Workshop Day 2 APPENDIX Accenture Development Partnerships Benchmarking MSD s Current Operating Supply Chain Capability 1.0 Planning 2.0 Procurement 3.0 Delivery 4.0
More informationDriving towards the supply chain ideal
Driving towards the supply chain ideal www.groenewout.com Supply chain management Assets & facilities Sourcing Customer Warehousing & distribution Manufacturing GW ref. 9026X031 - version 1.0 Transportation
More informationW.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9
W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 News Release GRAINGER REPORTS RESULTS FOR THE 2015 FIRST QUARTER Revises 2015 Guidance Quarterly Summary Sales of $2.4 billion, up 2 percent Operating
More informationHow To Calculate Discounted Cash Flow
Chapter 1 The Overall Process Capital Expenditures Whenever we make an expenditure that generates a cash flow benefit for more than one year, this is a capital expenditure. Examples include the purchase
More informationDevelopment of a Freight Transportation Network Optimization Strategy An Overview
financial services payments government transportation healthcare Development of a Freight Transportation Network Optimization Strategy An Overview June 19, 2015 consulting & technology Quetica History
More informationTHE ELECTRONIC CUSTOMS IMPLEMENTATION IN THE EU
Flash Eurobarometer THE ELECTRONIC CUSTOMS IMPLEMENTATION IN THE EU REPORT Fieldwork: April-May 214 Publication: October 214 This survey has been requested by the European Commission, Directorate-General
More informationSolar Photovoltaics Jobs & Value Added in Europe
Solar Photovoltaics Jobs & Value Added in Europe November 2015 1 This study is commissioned by SolarPower Europe. 2 1. Introduction 4 2. A Summary of Key Findings 8 3. Total job creation 10 4. Forces shaping
More informationCourse 3: Capital Budgeting Analysis
Excellence in Financial Management Course 3: Capital Budgeting Analysis Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides a concise overview of capital budgeting analysis. This course is recommended
More informationMarch 13, 2006. Hon. Scott M. Stringer Manhattan Borough President 1 Centre Street New York, NY 10007. Dear Borough President Stringer:
THE CITY OF NEW YORK INDEPENDENT BUDGET OFFICE 110 WILLIAM STREET, 14 TH FLOOR NEW YORK, NEW YORK 10038 (212) 442-0632 FAX (212) 442-0350 EMAIL: ibo@ibo.nyc.ny.us http://www.ibo.nyc.ny.us Hon. Scott M.
More informationFOR IMMEDIATE RELEASE
By: EARNINGS RELEASE Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104 CONTACTS: R. Jordan Gates Bradley S. Powell President and Chief Operating Officer
More informationINVESTOR PRESENTATION Q3-2015 RESULTS OCTOBER 22, 2015. October 22, 2015 Page 1
INVESTOR PRESENTATION Q3-2015 RESULTS OCTOBER 22, 2015 October 22, 2015 Page 1 Safe Harbor Statement This presentation contains statements about management's future expectations, plans and prospects of
More informationGrandVision 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 informationHydrogenics Reports Fourth Quarter and Full Year 2015 Results
PRESS RELEASE Hydrogenics Reports Fourth Quarter and Full Year 2015 Results Kolon, Alstom, and China Wins Highlight 2015 Achievements Mississauga, Ontario. March 9, 2016 Hydrogenics Corporation (NASDAQ:
More informationEUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE
EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE Access to finance is key to business development. Investment and innovation are not possible without adequate financing. A difficulty in getting finance
More informationC&I LOAN EVALUATION UNDERWRITING GUIDELINES. A Whitepaper
C&I LOAN EVALUATION & UNDERWRITING A Whitepaper C&I Lending Commercial and Industrial, or C&I Lending, has long been a cornerstone product for many successful banking institutions. Also known as working
More informationCivitas: Online Report. The Costs and Benefits of the European Union
Civitas: Online Report The Costs and Benefits of the European Union Would we be better off if we left? If the UK were to leave the EU, there would be no net loss of jobs or trade. In addition, we would
More informationTrends in the European Investment Fund Industry. in the Fourth Quarter of 2015. Results for the Full Year of 2015
Quarterly Statistical Release February 2016, N 64 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Fourth
More informationTHE ANALYSIS OF PRIVATE HEALTH INSURANCE PENETRATION DEGREE AND DENSITY IN EUROPE
THE ANALYSIS OF PRIVATE HEALTH INSURANCE PENETRATION DEGREE AND DENSITY IN EUROPE Gheorghe Matei, Professor Ph.D University of Craiova Faculty of Economics and Business Administration Craiova, Romania
More informationWHY INVEST IN HOLLAND? because Holland offers a highly competitive fiscal climate
WHY INVEST IN HOLLAND? because Holland offers a highly competitive fiscal climate Introduction Netherlands Foreign Investment Agency (NFIA) The NFIA (Netherlands Foreign Investment Agency) is an operational
More informationLEAD LOGISTICS PARTNER
Lead Logistics Partner LEAD LOGISTICS PARTNER visit www.dhl.com/supplychain Delivering supply chain transformation that drives a competitive advantage. 2 Understanding supply chain dynamics Understanding
More informationWE ARE. SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016
WE ARE SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016 I BUSINESS UPDATE AND 2015 RESULTS HIGHLIGHTS 2015: A YEAR FULL OF ACHIEVEMENTS A STRONG AND PROFITABLE GROWTH 443m net sales and 24m EBITDA
More informationN Brown Group plc Interim Report 2013
N Brown Group plc Interim Report 2013 2013 4CUSTOMER CENTRIC SEGMENTS FINANCIAL SUMMARY Financial Highlights 2013 2012 Revenue 409.6m 379.3m Operating profit 48.4m 45.7m Adjusted profit before taxation*
More informationFinancial Terms & Calculations
Financial Terms & Calculations So much about business and its management requires knowledge and information as to financial measurements. Unfortunately these key terms and ratios are often misunderstood
More informationHow changing supply chains impacts location choices
Corporate Real Estate Journal Volume 4 Number 3 How changing supply chains impacts location choices René Buck Received (in revised form): 13th January, 2015 Buck Consultants International, P.O. Box 1456,
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS O-I generates second highest free cash flow in the Company s history PERRYSBURG, Ohio (February 2, 2015) Owens-Illinois, Inc.
More informationChapter 9 E-Commerce: Digital Markets, Digital Goods
1 Chapter 9 E-Commerce: Digital Markets, Digital Goods LEARNING TRACK #: 2: BUILD BUSINESS PLAN There are lots of different ways to lay out a business plan. The sample
More informationNet attributable income totaled 64.7million in first-half 2015 compared with 69.0 million in firsthalf
HALF-YEAR RESULTS 2015 H1 2015: FURTHER STRONG GROWTH FOR COMMUNICATION AND SHIPPING SOLUTIONS Sales up 10.4%, or -1.1% organically 1 CSS activities: organic growth of 16.0% Current operating margin 2
More informationThe fact is that 90% of business strategies are not implemented through operations as intended. Overview
Overview It is important to recognize that a company s network determines its supply chain efficiency and customer satisfaction. Designing an optimal supply chain network means the network must be able
More informationWelcome to RAKIA. The Land of Business Opportunities
Welcome to RAKIA The Land of Business Opportunities Ras Al Khaimah At a Glance Ras Al Khaimah GDP Growth USD 6.55 Billion (2012) Umm al Quwain Ajman Sharjah Fujairah Dubai USD 4.5 Billion (2009) Abu Dhabi
More informationOvercoming network logistic complexities in emerging markets
Overcoming network logistic complexities in emerging markets When carrying out supply chain network modelling projects in emerging markets, there are a number of challenges to be considered and managed.
More informationGLOBAL SCM EXCELLENCE STUDY
1 GLOBAL SCM EXCELLENCE STUDY How Supply Chain Management can boost company performance Summary of study results Paris, Janvier 2009 2 Letter from the authors In a globalized world with continuously increasing
More informationCustomer Segmentation and Predictive Modeling It s not an either / or decision.
WHITEPAPER SEPTEMBER 2007 Mike McGuirk Vice President, Behavioral Sciences 35 CORPORATE DRIVE, SUITE 100, BURLINGTON, MA 01803 T 781 494 9989 F 781 494 9766 WWW.IKNOWTION.COM PAGE 2 A baseball player would
More informationConsolidated 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 informationAastra Technologies Limited First Quarter ended March 31, 2003
Aastra Technologies Limited First Quarter ended March 31, 2003 AASTRA TECHNOLOGIES LIMITED MESSAGE TO OUR SHAREHOLDERS First Quarter ended March 31, 2003 To our Shareholders: Aastra Technologies Limited
More informationHow to Use Supply Chain Design to Craft Successful M&A Activities
How to Use Supply Chain Design to Craft Successful M&A Activities Mergers and acquisitions (M&A) present an incomparable number of options for the design of the new organization s supply chain; a staggering
More informationFTI Consulting +44 (0)20 3727 1340 Richard Mountain / Susanne Yule
13 October 2015 THIRD QUARTER 2015 INTERIM MANAGEMENT STATEMENT Highlights* 10.2% Group gross profit growth, good contributions from all four regions FX lowered gross profit by c. 7m (c. 18m YTD) Double-digit
More informationmr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com
Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3
More informationEconomic impacts of expanding the National Insurance Contributions holiday scheme Federation of Small Businesses policy paper
Economic impacts of expanding the National Insurance Contributions holiday scheme Federation of Small Businesses policy paper Overview This research paper sets out estimates for the economic and employment
More informationHow To Understand How Well-Run A Company Like Aerocean Does Well
3 rd Quarter 2014 Earnings Conference Call Transcript Overview*: BDC reported 3Q14 consolidated revenues of $613.1M, income from continuing operations of $50.4M and diluted EPS from continuing operations
More informationASML reports Q3 results as guided and remains on track for record 2015 sales Two new lithography scanners launched
ASML reports Q3 results as guided and remains on track for record 2015 sales Two new lithography scanners launched ASML 2015 Third Quarter Results Veldhoven, the Netherlands Forward looking statements
More informationMorningstar is shareholders in
Media Contact: Andy Seunghye Jung, +82 2 3771 0730 or andy.jung@morningstar.comm FOR IMMEDIATE RELEASE Morningstar A Grade Announces Findings from Fourth Global Fund Investor Experience Report; Korea Scores
More informationQ1 2015 Earnings Presentation May 6, 2015
Q1 2015 Earnings Presentation May 6, 2015 1 Safe Harbor Statement Certain statements in the Business Update and Order Backlog sections contain forward-looking statements within the meaning of the safe
More informationBox 3.1: Business Costs of Singapore s Manufacturing and Services Sectors
Economic Survey of Singapore 213 Box 3.1: Business Costs of Singapore s Manufacturing and Services Sectors Business costs in the manufacturing and services sectors have increased after a period of decline
More informationMr Duisenberg discusses the role of capital markets and financing in the euro area Speech by Willem F Duisenberg, President of the European Central
Mr Duisenberg discusses the role of capital markets and financing in the euro area Speech by Willem F Duisenberg, President of the European Central Bank, at the Waarborgfonds Sociale Woningbouw in Utrecht,
More information2014 HALF YEAR RESULTS 4 September 2014
862m H1 2014 Revenues 2014 HALF YEAR RESULTS 4 September 2014 57% of Revenues for International in H1 2014 21,657 Employees In H1 2014 Disclaimer This presentation contains forward-looking statements (as
More informationFull year and fourth quarter 2014 results 1
Full year and fourth quarter results 1 Luxembourg, February 12, 2015 Highlights Health and Safety frequency rate 2 of 1.1x in compared to 1.3x in 2013. Shipments of 1,813 thousand tonnes in full year,
More informationPMR. IT outsourcing in Central and Eastern Europe FREE ARTICLE. www.ictrussia.com
FREE ARTICLE www.ictrussia.com IT outsourcing in Central and Eastern Europe Source: IT outsourcing in Central and Eastern Europe 2009 Countries attractiveness and development forecasts January 2009 PMR
More informationHow To Help The World Coffee Sector
ICC 105 19 Rev. 1 16 October 2012 Original: English E International Coffee Council 109 th Session 24 28 September 2012 London, United Kingdom Strategic action plan for the International Coffee Organization
More informationHow To Compare Business Costs In Different Countries
Page 1 of 6 SEARCH SITE Go Home > Articles By Issue > Site Selector's Strategies > Article May 2004 Comparing Global Business Costs Need to compare business costs around the world? KPMG's 2004 Competitive
More informationNOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016
NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 FELTHAM, United Kingdom, May 25, 2016 /PRNewswire/ Nomad Foods Limited ( Nomad or the Company ) (NYSE: NOMD), today
More informationThailand s Logistics
Thailand s Logistics Over the past fourteen years, overall international trade with Thailand has grown 340% and manufacturing trade 370%; this growth, aided in part by the nation s bilateral trade agreements
More informationMakita 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 informationAutomotive Suppliers Survey
The outlook for 2014 remains optimistic. The key to success will be innovation and R&D, the key to survive will be skilled labour. Automotive Suppliers Survey Slovakia, 2014 Consultancy firm PwC in cooperation
More informationthe write choice: a primer on outsourcing transcription services
FEBRUARY 2006 healthcare financial management FEATURE STORY Bryan F. Smith the write choice: a primer on outsourcing transcription services Face it, medical transcription is not sexy. It s definitely not
More informationThe Lipper Leader Rating System
The Lipper Leader Rating System International Methodology Total An to the Lipper Leader Rating System Overview The Lipper Leader Rating System is a toolkit that helps guide investors and their advisors
More informationThe U.S. Producer Price Index for Management Consulting Services (NAICS 541610)
The U.S. Producer Price Index for Management Consulting Services (NAICS 541610) Andrew Baer* U.S. Bureau of Labor Statistics 2 Massachusetts Avenue NE Washington, DC 20212 August 8, 2006 * The views expressed
More informationMAPLEWOOD INTERNATIONAL REIT 2014 Second Quarter MD&A
MANAGEMENT S DISCUSSION AND ANALYSIS and six June 30, 2014 August 15, 2014 TABLE OF CONTENTS CAUTION REGARDING FORWARD-LOOKING STATEMENTS... 1 BASIS OF PRESENTATION... 1 BUSINESS OVERVIEW... 2 INVESTMENT
More informationBizScore Contractor Example
BizScore Contractor Example For the period ending 12/31/2009 Provided By www.bizscorevaluation.com 919-846-4747 bizscore@gmail.com Page 1 / 11 This report is designed to assist you in your business' development.
More informationThe Norwegian Government Pension Fund Global
The Norwegian Government Pension Fund Global l Tore Eriksen Paris 1 June 2012 1 Part I The Role of oil & gas in the Norwegian economy 2 Discovery of oil on December 23. 1969; the Ekofisk oil field Foto:
More informationEmpire State Manufacturing Survey
May 15 Empire State Manufacturing Survey The May 15 Empire State Manufacturing Survey indicates that business conditions improved slightly for New York manufacturers. The headline general business conditions
More informationAbbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007
Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for
More informationData Centres. FDI and Market Trends 24 th June 2010
Data Centres FDI and Market Trends 24 th June 2010 1 About OCO Global Headquartered in Belfast, with 6 offices in Europe and North America and global reach through a partner network. Client Examples 40+
More informationOrganization & Strategy Tools & Concepts II
Tools & Concepts II February 2003 Contents 1 Introduction to the Strategic Process 2 Creating Competitive Advantage 3 Competitive Positioning 4 Sustaining Competitive Advantage 5 Introduction to financial
More informationInstruments to control and finance the building of healthcare infrastructure in other countries of the European Union
Summary and conclusions This report describes the instruments by which the respective authorities of eight important European Union members control the building, financing and geographical distribution
More informationDesigning an Automated, Omni-Channel Fulfillment Center: Key Considerations for Multi-Channel Retailers
Designing an Automated, Omni-Channel Fulfillment Center: Key Considerations for Multi-Channel Retailers INTRODUCTION U.S. e-commerce retail sales in 2013 were estimated to have exceeded $262 billion, marking
More informationCustomer financing in Brazil Guide for a Finnish SME exporter
Customer financing in Brazil Guide for a Finnish SME exporter Contents Financial markets 2 Know your customer 3 Prepayments received from the buyer 4 Granting payment terms with invoice 5 Bills of exchange
More informationChoose the right 3PL system
Choose the right 3PL system Automate your logistics White Paper www.ibs.net Automating your logistics Increasing numbers of distributors are switching to a third party logistics (3PL) provider: the international
More informationTORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS
PRESS RELEASE TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS TORONTO, ONTARIO (Marketwired July 30, 2014) Torstar Corporation (TSX:TS.B) today reported financial results for the second quarter ended
More informationSino Belgian Business Survey 2014. Results. Comparing Apples to Apples
Sino Belgian Business Survey 2014 Results Comparing Apples to Apples www.moorestephens.be PRECISE. PROVEN. PERFORMANCE. Contents Page 1. Executive Summary 2 2. Survey Demographics 3 3. Growth and Margins
More informationInterim report April-June 2003
Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second
More informationAmcham Ho Chi Minh City
Amcham Ho Chi Minh City Mark Ketelaar, Managing Director, DHL Exel Supply Chain Vietnam Delivering Excellence Together! Deutsche Post World Net 2006!"#$ Page 2 One Stop Logistics Provider - DHL Same day,
More informationComprehensive Business Budgeting
Management Accounting 137 Comprehensive Business Budgeting Goals and Objectives Profit planning, commonly called master budgeting or comprehensive business budgeting, is one of the more important techniques
More informationSri Lanka Tax Profile
Sri Lanka Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: September 2014 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation
More informationFINANCIAL RESEARCH SEPTEMBER 2015. Auto ABS from an EDW-Perspective
FINANCIAL RESEARCH SEPTEMBER 2015 Auto ABS from an EDW-Perspective MANAGEMENT SUMMARY 1. This analysis builds on our study Fasten Your Seatbelts - European Auto ABS on the Rise, in which we undertook a
More informationHow To Profit From A Strong Dollar
For Immediate Release MERCER INTERNATIONAL INC. REPORTS STRONG 2015 THIRD QUARTER RESULTS ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.115 NEW YORK, NY, October 29, 2015 - Mercer International Inc. (Nasdaq:
More information