Kroton Day: M&A September 2011 KROT11
|
|
- Loreen Martin
- 8 years ago
- Views:
Transcription
1 Kroton Day: M&A September 2011 KROT11
2 Extensive Consolidation Opportunities in Post Secondary Education in Brazil Amount of Post-Secondary Institutions 245 1,2 milhões alunos Market Share - Post-Secondary Institutions (em # de alunos ) ,9% 23,7% 27,2% 3,6 milhões alunos Source INEP / MEC 2009 Públicas Privadas Source HOPER 2009 Top 5 Top 10 Top
3 Pitágoras IUNI 18 acquisitions in 12 months (Kroton & IUNI), 1 acquisition in 2010 (Kroton) and 3 acquisitions in 6 months (Kroton) FIPAG Pitágoras Guarapari NABEC Pitágoras Guarapari Unilinhares Pitágoras Linhares UMEP Pitágoras Londrina FATEC Pitágoras Londrina FADOM Pitágoras Divinópolis São Francisco Pitágoras Divinópolis FAMA São Luis FAMA Imperatriz União Ponta Grossa JAPI Pitágoras Jundiaí UNIMINAS Pitágoras Uberlândia FACTEF Pitágoras Teixeira de Freitas Dec Jan. Mar. Apr. May Jun. Aug. Sep. Oct. Mar Jul Unicem Primavera IUNI Primavera Facdelta, Salvador IUNI Salvador Unicem IUNI Tangará IUNI Unicen Sinop Aeroporto IUNI Sinop Aeroporto Unitas IUNI Tangará Facsul Itabuna IUNI Itabuna UNIR IUNI Rondonópolis UESP IUNI Rondonópolis 3
4 FAMA Acquisition São Luis Maranhão Process Transaction Datas Non-binding: Jul/10 starts the process; Nov/10 reinitiating; Mar/11 signing NB Due Diligence: Mar/11 a Jul/11 Closing: 07/18/11 Total Process: 12 months EV Total = R$ 47mn EV Unit = R$ 24mn Debt = R$ 18.6mn Equity = R$ 28.4mn EV/Students = 4.79k Payment Flow EV Building= R$ 23mn (+ stock option of the land R$ 3 mn) Guarantees: Payment Flow and Lease 18/jul/12 18/jul/13 18/jul/14 18/jul/15 18/jul/16 FAMA SL (R$ 000) 4.970, , ,39 0, ,84 IPCA 5,0% 5,0% 5,0% 5,0% 5,0% Opção de compra a ser exercida até 18/jul/13 Target Gross Revenues (2010): R$ 23.8 million. Students: 5,007 7 Courses: business,accounting, nursing, letters, pedagogy, secretariat and tourism. Investment Thesis Strengthening of Pitágoras Brand in Maranhão State (8k students). Synergy with Pitágoras unit: the building stands FAMA students (administrative consolidation) and complements courses. 4
5 UNIÃO Acquisition - Paraná Process Datas Initiation of the Process (Mar/11) Non-binding: 05/05/11 Due Diligence: May/11 to Jul/11 Closing: 07/14/11 Total Process: 4 months Transaction EV = R$ 8.0mn Guarantees: Payment & Lease and Building Debt = R$ 150k Equity = R$ 7.8mn EV/Student = R$ 5.38k IPCA* 5,0% CDI* 12,0% *Estimativa 14/jul/12 14/jul/13 14/jul/14 14/jul/15 14/jul/16 União (R$ 000) 681,38 739,30 802,14 870,32 944,30 (IPCA + CDI) / 2 8,5% 8,5% 8,5% 8,5% 8,5% Target Gross Revenues (2010): R$ 10.2mn Students: 1,486 3 Courses: business, law and information systems. Investment Thesis Strengthening Kroton s presence in Paraná State. Municipality (Ponta Grossa) with 310k inhabitants and micro-region with 800k inhabitants. 5
6 FAIS Acquisition - Sorriso Process Datas Initiation of the Process (Jan/11) Non-binding: 06/01/11 Due Diligence: Jun/11 a Set/11 Closing: 07/21/11 Total Process: 9 months Transaction EV = R$ 7.0mn Guarantees: Payment, Lease and Building Debt = R$ 1.5mn Equity = R$ 5.5mn EV/Student = R$ 5.38k IPCA* 5,0% *Estimado 21/set /12 21/set /13 21/set /14 21/set /15 21/set /16 FAIS (R$ 000) 227,81 239,20 251,16 263,72 276,90 IPCA 5,0% 5,0% 5,0% 5,0% 5,0% Target Revenues (2011E): R$ 9.5 million. Students: 1, Courses: business, pedagogy, accounting, law, nursing, information systems and agribusiness. Investment Thesis Strengthening Kroton s presence in Mato Grosso Municipality (Sorriso) with 70k inhabitants and microregion with 130k inhabitants, 80 km far from Sinop. Consolidation of a micro-region with high GDB per capita and strong presence of UNIC brand. 6
7 Where is Kroton focusing its M&A efforts? Target segments 1 In-Class Post-Secondary Education 2 Distance Post-Secondary Education 3 Primary and Secondary Education (Educational System, Schools) 4 Preparatory Courses (admission exams, public service exams etc.) 5 Vocational courses 6 7 Other courses (IT, languages, design, etc.) Development of content (educational games, etc.) 7
8 Extensive Opportunities! The challenge is focus! 2,314 Total Institutions 2,069 Private Institutions Target Priorization Rationale Regions where Kroton s brands are already known Regions with high growth potential (North, Northeast and Mid -west) Kroton s Priority Targets 345 Religious Organizations and foundations > 1,000 students Targets in regions where Kroton decided not to have exposure nd Priority 1st Priority 3rd Priority Targets: 639 sites in 269 municipalities* 345 sites as 1st priority with 1.4k Students 130 municipalities 2.7 M students in Post Secondary 4.2M students in Secondary Source: Company and Censo 2009 Note: (1) Includes all units in all municipalities, even with the same brand or Corporate Taxpayer s ID. 8
9 The priority targets are all over Brazil, but are concentrated in three target macro regions # IES by macro region Norte North Nordeste North East Centro- Midwest Oeste Sul South Sudeste South East TOTAL OF 345 IES: 70% IN THE NORTH, NORTH EAST AND MIDWEST REGIONS IES priority target 1 4 Source: MEC, INEP, IBGE. *Higher Education Institution - IES 9
10 Active participation of the CEO, Committee and Board Pipeline Meeting Agenda Pipeline update Setting priorities and definition of weekly plan Resolve issues involving active deals Meeting Frequency Weekly for M&A Team and Fortnightly for CEO Investment Committee Board of Directors Presentation of deals at the beginning of due diligence (DD) Approval of budget for DD Focus on DD Resolve potential issues Presentation of Investment Memo Presentation of due diligence results Discussion of issues and mitigating factors Approval of the deal Closing procedures Monthly Quarterly 10
11 Valuation is detailed and based on DCF and IRR Billing Structure Students Ticket Deductions Taxes New students Drop outs Graduating Tuition for new students Tuition for seniors Annual adjustment Scholarships Discounts Prouni / Pro-Muni / FIES Other deductions ISS PIS COFINS Cost and Synergy Structure Administrative Personnel Integration with Kroton s Shared Services Center (and elimination of redundancies) Optimization of administrative structure. Teachers Optimized course time model Expenses Savings on agreements related to services (security, advertising, cleaning, etc.), which are not signed for the whole of the Kroton group. 10% Zero-Based Budget Other items not considered (upside) New programs Elimination of Increase in ticket competition Capex avoided Working capital 50% 40% IRR Returns (R$ M) Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Payments (16.000) Dividends Exit Equity CashFlow (16.000) Nominal Unleveraged Post-tax IRR 28,0% Capital Gain (R$ M) x Money 2,8 11
12 Due Diligence Process Complete Approach Accounting/ Tax Legal Academic Regulatory Property Valuation Synergies / Management Market Structure Integration Key Outputs of Due Diligence Validation of Students Validation of FL Adjusted EBITDA Debt Realized and unrealized contingencies Guarantees Valuation Base and Synergies Examples of Due Diligence challenges X Invoicing directly to the cashier (not accounted) X Discounts not informed X Nonexistent students /Drop-outs X PDA above booked amount X PJs or non-booking of benefits X Non-payment of taxes in graduate course X Irregularities in property X Non-recurring expenses 12
13 Kroton is currently evaluating 36 opportunities of acquisitions... # de IES # de Alunos matriculados # de Alunos médio Preliminary Discussions NDA s signed / Under Assessment MOU under negotiation/ Due Diligence Concluded TOTAL Source: Company and Censo 2009 Fonte: MEC, Kroton. 13
14 ... and also 43 sites under prospect Sites 227, ,279 # Sites # Students Average students per site Region # Sites # Students Southeast 18 94,403 South 9 69,208 Mid-west 5 28,249 North 4 12,576 Northeast 7 22,199 Total ,635 14
Institutional Presentation February 2011 KROT11
Institutional Presentation February 2011 KROT11 Disclaimer The following presentation provides general information about Kroton Educacional S.A. ( Kroton ). It consists of summary information not intended
More informationAnhanguera Educacional S.A.
Team: Insper Type: Partial Presentation 1 Anhanguera Educacional S.A. CFA Investment Research Challenge December 3 rd, 2011 Note: 1. This is only a preview. This presentation wiil suffer changes until
More informationAT&T Global Network Client for Windows Product Support Matrix January 29, 2015
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
More informationEducation. abc. Education team
team Luciano Campos* Analyst HSBC Bank Brasil SA +55 11 3371 8194 luciano.t.campos@hsbc.com.br Caio Moscardini* Analyst HSBC Bank Brasil SA +55 11 3847 5635 caio.s.moscardini@hsbc.com.br *Employed by a
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationP/T 2B: 2 nd Half of Term (8 weeks) Start: 25-AUG-2014 End: 19-OCT-2014 Start: 20-OCT-2014 End: 14-DEC-2014
2014-2015 SPECIAL TERM ACADEMIC CALENDAR FOR SCRANTON EDUCATION ONLINE (SEOL), MBA ONLINE, HUMAN RESOURCES ONLINE, NURSE ANESTHESIA and ERP PROGRAMS SPECIAL FALL 2014 TERM Key: P/T = Part of Term P/T Description
More informationP/T 2B: 2 nd Half of Term (8 weeks) Start: 26-AUG-2013 End: 20-OCT-2013 Start: 21-OCT-2013 End: 15-DEC-2013
2013-2014 SPECIAL TERM ACADEMIC CALENDAR FOR SCRANTON EDUCATION ONLINE (SEOL), MBA ONLINE, HUMAN RESOURCES ONLINE, NURSE ANESTHESIA and ERP PROGRAMS SPECIAL FALL 2013 TERM Key: P/T = Part of Term P/T Description
More informationP/T 2B: 2 nd Half of Term (8 weeks) Start: 24-AUG-2015 End: 18-OCT-2015 Start: 19-OCT-2015 End: 13-DEC-2015
2015-2016 SPECIAL TERM ACADEMIC CALENDAR For Scranton Education Online (SEOL), Masters of Business Administration Online, Masters of Accountancy Online, Health Administration Online, Health Informatics
More informationBrazilian perspec-ve on the future of learning and teaching.
Brazilian perspec-ve on the future of learning and teaching. Prof. Maria Paula Dallari Bucci University of São Paulo- Brasil, Faculty of Law Former Chairperson of Brazilian Higher EducaFon Secretary, Ministry
More informationKroton Day: Technology and Processes September 2011 KROT11
Kroton Day: Technology and Processes September 2011 KROT11 Technology: Systems and Projects KROT11 Main Information Systems Post Secondary Education OLIMPO: admission exam, enrollment, academic registration,
More informationCase 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8
Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007
More informationSolid Financial Position Improving Efficiency
Solid Financial Position Improving Efficiency Kim Ignatius CFO, Sanoma Group Sanoma Capital Markets Day 12 October 2009 Solid financial performance improving efficiency Cost reductions Reshaping operations
More informationAnalysis One Code Desc. Transaction Amount. Fiscal Period
Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00
More informationEnhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017
From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days
More informationBrazil s Response to Lower Commodity Prices Will Infrastructure Improvements Support Further Expansion?
Brazil s Response to Lower Commodity Prices Will Infrastructure Improvements Support Further Expansion? By Dr. Michael Cordonnier www.soybeansandcorn.com soycorn@comcast.net 630-325-0192 (Chicago) Overview
More informationInterest Rates. Countrywide Building Society. Savings Growth Data Sheet. Gross (% per annum)
Interest Rates (% per annum) Countrywide Building Society This is the rate of simple interest earned in a year (before deducting tax). Dividing by 12 gives the monthly rate of interest. Annual Equivalent
More information2Q07 Conference Call Presentation
2Q07 Conference Call Presentation This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth
More informationCURRENT SITUATION 9M13
CURRENT SITUATION 9M13 1. Sector Overview 2 ELECTRICITY CONSUMPTION 2013 Consumption by Category 2012 2013 Brazil Consumption (TWh) (+3,5%) 448 464 183 185 118 (+5,9%) 125 79 84 68 71 Industrial Residential
More informationMembership 54% 18% 28% Bank Captive Independent & Mult Line
Membership Bank Captive Independent & Mult Line 54% 18% 28% Business Fixed Investment & Equipment Financing Volume ($ Billions) New Business by Equipment Type Source: 2012 SEFA $14.0 $12.0 $10.0 $8.0 $6.0
More informationDisclosure of 1Q13 Results
Disclosure of 1Q13 Results José Rubens de la Rosa CEO Presentation: Carlos Zignani Investor Relations Director José Antonio Valiati Controller and Chief Financial Director Thiago A. Deiro Investor Relations
More information2015-16 BCOE Payroll Calendar. Monday Tuesday Wednesday Thursday Friday Jun 29 30 Jul 1 2 3. Full Force Calc
July 2015 CM Period 1501075 July 2015 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 August 2015 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
More informationNeighborhoods concept and expands its activities to the. Distrito Federal.
PDG Realty advances in the low income Planned Neighborhoods concept and expands its activities to the states of Goiás, Pará, Mato Grosso, Mato Grosso do Sul e Distrito Federal. Relações com Investidores:
More informationBrazil February Production Update and Weekly Crop Condition Report
February 27, 2014 Informa Economics South American Crop Reporting Service Brazil February Production Update and Weekly Crop Condition Report The Informa Economics staff in Brazil conducted its survey between
More informationTim Howkins, CEO. Steve Clutton, Finance Director
Tim Howkins, CEO Steve Clutton, Finance Director Highlights Revenue Revenue up 36% Earnings per share up 33% All parts of business contributed to growth Benefits of increased IT spend Proposed final dividend
More informationMedia Planning. Marketing Communications 2002
Media Planning Marketing Communications 2002 Media Terminology Media Planning - A series of decisions involving the delivery of messages to audiences. Media Objectives - Goals to be attained by the media
More informationKroton Day: Primary and Secondary September 2011 KROT11
Kroton Day: Primary and Secondary September 2011 KROT11 K12: Growth Opportunities in Public and Private Markets Main Players in the K-12 Brazilian Learning System Market 790 491 460 334 265 120 64 50 30
More informationAliansce Investor Presentation
Aliansce Investor Presentation 2014 Agenda Overview Financial and Operational Performance Growth Drivers Appendix Overview 3 Portfolio Overview Aliansce owns an extensive and balanced portfolio of shopping
More informationConference Call. 2Q10 Earnings Results. Aug 13 th, 2010
Conference Call 2Q10 Earnings Results 1 Aug 13 th, 2010 Notice This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results,
More informationHighlights of 1H FY2015 Results. November 18, 2015
Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27
More informationAnnexure B: Planning, Budgeting and Performance Management Programme
Annexure B:, Budgeting Programme The following are key activities that need take place in more detail than Time frame Nature Period referred Start Finish 2012/09/01 /08/31 /or September /09/01 /09/26 August
More informationHow To Perform Well In The Second Quarter Of 2012
2Q12 Earnings Conference Call August 15 th, 2012 GP Investments presents its private equity results excluding non-controlling interests to reflect the participation of GP Investments as a Limited Partner
More informationThe Lindorff Group - A Leading creditor and Provider For 2010
> Year of investment: t 20 > Share of capital/votes: 57%/50% > Value of holding: SEK 3.293 m. 3 Scandinavia Gambro & CaridianBCT Mölnlycke Health Care > Serving on the Board: Börje Q1 2010 Ekholm and Petra
More informationEnjoy S.A. June 2013
Enjoy S.A. June 2013 Executive summary Enjoy: Leader in the Chilean gaming industry, with a successful track record dating back over 37 years Comprehensive casino, hotel, restaurant, bar, event, show and
More informationU.S. Credit Card. Trends, Liquidation and Portfolio Pricing
U.S. Credit Card Sector Update: Market Trends, Liquidation and Portfolio Pricing Agenda U.S. Credit Card Sector AY Year in Review Key Economic Trends Liquidation and Pricing Changes Market Trends Unfolding
More informationAshley Institute of Training Schedule of VET Tuition Fees 2015
Ashley Institute of Training Schedule of VET Fees Year of Study Group ID:DECE15G1 Total Course Fees $ 12,000 29-Aug- 17-Oct- 50 14-Sep- 0.167 blended various $2,000 CHC02 Best practice 24-Oct- 12-Dec-
More informationYear-end Report January-December 2015
Year-end Report January-December 20 Johan Dennelind, President & CEO Q4 20 high pace towards the new TeliaSonera Started to reduce presence in region Eurasia Continued business transformation Solid development
More informationCredit Suisse Leverage Finance Conference. Barcelona, October 1, 2015 1
Credit Suisse Leverage Finance Conference Barcelona, October, 205 OVERVIEW OF ALTICE GROUP DEBT Ø Silo debt structure; Separate balance sheets in Europe and US Altice Europe (Consolidated) Altice US Net
More informationComputing & Telecommunications Services Monthly Report March 2015
March 215 Monthly Report Computing & Telecommunications Services Monthly Report March 215 CaTS Help Desk (937) 775-4827 1-888-775-4827 25 Library Annex helpdesk@wright.edu www.wright.edu/cats/ Last Modified
More informationIn accordance with risk management best practices, below describes the standard process for enterprise risk management (ERM), including:
Enterprise Risk Management Process and Procedures Scope In accordance with risk management best practices, below describes the standard process for enterprise risk management (ERM), including: Risk identification
More informationLight Holdings Diversified structure which comprehends the Distribution, Generation and Commercialization segments
J u n e 2 0 1 6 Light Holdings Diversified structure which comprehends the Distribution, Generation and Commercialization segments 2 Light in numbers DISTRIBUTION RJ State Concession Area % Population¹
More informationUNIVERSITY SCHOLARSHIP PROGRAM VII AID-268-A-15-00002
Lebanese American University UNIVERSITY SCHOLARSHIP PROGRAM VII AID-268-A-15-00002 QUARTERLY PROGRESS REPORT Report number 1 REPORTING PERIOD: October December 2015 Mr. Abdo Ghie SUBMITTED TO: UNITED STATES
More informationDecember/2003. Corporate Presentation
December/2003 Corporate Presentation General Overview 1 HIGHLIGHTS Integrated Telecom Service Provider 15.1 million wirelines in service (Dec/03) Over 4.0 million wireless subscribers (Jan/04) Region I
More informationDetailed guidance for employers
April 2015 3 Detailed guidance for employers Appendix A: Pay reference periods This document accompanies: Detailed guidance no. 3 Assessing the workforce Pay reference period calendars where the definition
More informationFINANCIAL RESULTS Q1 2016
FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets
More informationDisclosure of 1Q15 Results
Disclosure of 1Q15 Results Investor Relations Presentation: José Rubens de la Rosa CEO José Antonio Valiati CFO & Investor Relations Officer Thiago Deiro Finance & Investor Relations Manager Caxias do
More informationProposal to Reduce Opening Hours at the Revenues & Benefits Coventry Call Centre
Proposal to Reduce Opening Hours at the Revenues & Benefits Coventry Call Centre Proposal To change the opening hours of the Revenues & Benefits Call Centre to 9am until 5pm Monday to Friday with effect
More informationStart Your. Business Business Plan
Start Your Waste Recycling Business A TECHNICAL STEP-BY-STEP-GUIDE OF HOW TO START A COMMUNITY-BASED WASTE RECYCLING BUSINESS Start Your Waste Recycling Business Business Plan INTERNATIONAL LABOUR OFFICE
More informationNATIONAL CREDIT UNION SHARE INSURANCE FUND
NATIONAL CREDIT UNION SHARE INSURANCE FUND PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS RENDELL L. JONES CHIEF FINANCIAL OFFICER MANAGEMENT OVERVIEW Balance Sheet Other - Insurance and Guarantee Program
More information3 rd Brazil - China Capital Markets Forum
3 rd Brazil - China Capital Markets Forum Ilan Goldfajn Chief Economist, Itaú Unibanco Partner, Itaú BBA August 30 th, 2012 In Brief World: consolidating a scenario of low growth. Slow recovery in the
More informationAcquisiton of. 2008 Brasil Brokers Todos os Direitos Reservados
Acquisiton of 2008 Brasil Brokers Todos os Direitos Reservados Acquisition of ABYARA BROKERS Acquisition of 51% of Abyara Brokers, with purchase option of the other 49% to be exercised in the next 3 years;
More informationAccident & Emergency Department Clinical Quality Indicators
Overview This dashboard presents our performance in the new A&E clinical quality indicators. These 8 indicators will allow you to see the quality of care being delivered by our A&E department, and reflect
More informationFinancial Statement Consolidation
Financial Statement Consolidation We will consolidate the previously completed worksheets in this financial plan. In order to complete this section of the plan, you must have already completed all of the
More informationAlternative Fee Arrangements
Alternative Fee Arrangements A Guide to Alternative Fee Arrangements De Brauw Blackstone Westbroek September 2014 1 Introduction Welcome to the first edition of the De Brauw Blackstone Westbroek Alternative
More informationNeo Consulting. Neo Consulting 123 Business Street Orlando, FL 32805 123-456-7890 info@neoconsulting.com
Neo Consulting 123 Business Street Orlando, FL 32805 123-456-7890 info@neoconsulting.com This sample marketing plan has been made available to clients of BizCentral USA for reference only. All information
More informationArchitectural Services Data Summary March 2011
Firms Typically Small in Size According to the latest U.S. Census Survey of Business Owners, majority of the firms under the description Architectural Services are less than 500 in staff size (99.78%).
More informationState Annual Report Due Dates for Business Entities page 1 of 10
State Annual Report Due Dates for Business Entities page 1 of 10 If you form a formal business entity with the state, you may be required to file periodic reports on the status of your entity to preserve
More information2016 Examina on dates
Please note the following informa on: The following exams are available throughout the year: Please click on the exam for which you wish to see the dates. When you have finished, you can select to return
More informationYellow Brick Road Holdings FY 2015 Summary & 2016 Outlook
Yellow Brick Road Holdings FY 2015 Summary & 2016 Outlook November 11, 2015 Executive Summary: Delivery in FY15, Enhancement in FY16, Position For Growth Delivered on our commitment to get to operating
More informationResults presentation Six Months Ended 30 November 2006
Results presentation Six Months Ended 30 November 2006 Tim Howkins, CEO Steve Clutton, Finance Director Introduction Turnover up 44% Highlights Earnings per share up 43% All parts of business contributed
More informationEnergy Lending Presentation To IPAA Private Capital Conference
Energy Lending Presentation To IPAA Private Capital Conference January 21, 2013 1 Agenda I. Overview of IBERIABANK &IBERIA Capital Partners II. III. IV. Reserve - Based Lending Overview Borrowing Base
More information2015 Examination dates
Please note the following information: The following exams are available throughout the year: BULATS Paper-based: Please click on the exam for which you wish to see the dates. When you have finished, you
More informationExample of a diesel fuel hedge using recent historical prices
Example of a diesel fuel hedge using recent historical prices Firm A expects to consume 5,, litres of diesel fuel over the next 12 months. Fuel represents a large expense for the firm, and volatile prices
More informationO c t o b e r 2 0 1 5
O c t o b e r 2 0 1 5 Light Holdings Diversified structure which is comprised of the Distribution, Generation and Commercialization segments 2 Light in numbers DISTRIBUTION RJ State Concession Area % Population¹
More informationThe Central Role of Energy Efficiency in the Energy Outlook and EIA s Energy Data Program
The Central Role of Energy Efficiency in the Energy Outlook and EIA s Energy Data Program For MIT Energy Initiative Symposium May 12, 2014 Cambridge, MA By Howard Gruenspecht, Deputy Administrator U.S.
More informationAGENDA: Highlights Operational Performance Stock Market Business Strategy and Outlook
0 Disclaimer This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to Cia. Hering's growth prospects.
More informationCENTERPOINT ENERGY TEXARKANA SERVICE AREA GAS SUPPLY RATE (GSR) JULY 2015. Small Commercial Service (SCS-1) GSR
JULY 2015 Area (RS-1) GSR GSR (LCS-1) Texarkana Incorporated July-15 $0.50690/Ccf $0.45450/Ccf $0.00000/Ccf $2.85090/MMBtu $17.52070/MMBtu Texarkana Unincorporated July-15 $0.56370/Ccf $0.26110/Ccf $1.66900/Ccf
More informationIR Presentation November, 2014
November, 2014 1 The forward-looking statements and projected figures concerning the future performance of NTT and its subsidiaries and affiliates contained or referred to herein are based on a series
More informationThe Need for International Weather Data and Related Products at the U.S. Department of Agriculture. Presented to. CoCoRaHS
The Need for International Weather Data and Related Products at the U.S. Department of Agriculture Presented to CoCoRaHS Weather Talk Webinar Series February 26, 2015 WASDE Report USDA Situation and Outlook
More informationFY 2015 Schedule at a Glance
Coaching and Mentoring for Excellence Oct 21 23, 2014 $2,950 Residential Coaching and Mentoring for Excellence Apr 7 9, 2015 $2,400 Non-residential Coaching and Mentoring for Excellence May 27 29, 2015
More informationLEWIS SCHOOL OF ENGLISH
LEWIS SCHOOL OF ENGLISH Academic Year Programme 2015 2 www.lewis-school.co.uk/ayp Welcome! Our flexible Academic Year Programme allows you to choose from our range of courses and create your own programme
More informationLaw Firm Economics 101. Trenton H. Norris Berkeley School of Law March 13, 2012
Law Firm Economics 101 Trenton H. Norris Berkeley School of Law March 13, 2012 Good Economics Enables Law Firms Enables firm to command a premium Supports Rate Structure First Class Talent Enables firm
More informationIntroduction. Strong growth continues. Implementing the strategy - 3 - H2 Group revenue H1 Group revenue
!" #$% $ Disclaimer This presentation, prepared by IG Group Holdings plc (the Company ), contains forward-looking statements about the IG Group. By their very nature, forward-looking statements involve
More informationFINANCIAL RESULTS Q2 2015
FINANCIAL RESULTS Q2 2015 CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution
More informationTítulo da apresentação. Earnings Results 2 nd Quarter 2013
Título da apresentação Earnings Results 2 nd Quarter 2013 Disclaimer This presentation may include statements representing expectations about future events or results of Banco Pan. These statements are
More informationPart F. Reforms in Pensions and in the Taxation of the Capital Market. 1. The Pension Reform
Part F 1. The Pension Reform Reforms in Pensions and in the Taxation of the Capital Market In May 2003, the Knesset approved a comprehensive reform in pension funds, under which their investment terms
More informationXING Q2 2012 results presentation. August 14, 2012
XING Q2 2012 results presentation August 14, 2012 Disclaimer This presentation was produced in August 2012 by XING AG (the "Company") solely for use as an information source for potential business partners
More informationTECO Energy Edison Electric Institute Financial Conference
TECO Energy Edison Electric Institute Financial Conference Dallas, TX Nov. 13, 2014 Forward Looking Statements The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking
More informationBusiness Plan Planning Service Financial Analyses and Projections
Business Plan Planning Service Financial Analyses and Projections Financials Included With Every Ceo Resource Plan These are the financial analyses and projections that are included with all plans developed
More informationAgri Credit Clinic. New Entrants Work-Shop. Moorepark 25 th April 2013. Bank of Ireland is regulated by the Central Bank of Ireland
Agri Credit Clinic New Entrants Work-Shop Moorepark 25 th April 2013 Bank of Ireland is regulated by the Central Bank of Ireland Pillars of the credit application process Pillar 1 The Foundation Business
More informationWestpac Banking Corporation
Westpac Banking Corporation Philip Coffey Chief Financial Officer 31 March 2006 Westpac at a glance Established 1817 Top 40 bank globally 1 Core markets - Australia, New Zealand and near Pacific Total
More informationValuation for merger and acquisition. March 2015
Valuation for merger and acquisition March 2015 Flow of presentation Valuation methodologies Valuation in the context of Merger and Acquisition Indian Regulatory Environment and Minority Interest Safeguard
More informationImportant Dates Calendar 2014-2015 FALL
Important Dates Calendar 204-205 FALL Rev. 6-8-4 st 8 H st 0 2nd 0 st 5 2nd 5 3rd 5 LSC Advanced Registration Begins May 27 May 27 May 27 May 27 May 27 May 27 May 27 May 27 May 27 Returning Students Advanced
More informationCoal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015
17-Nov-14 17-Dec-14 17-Jan-15 17-Feb-15 17-Mar-15 17-Apr-15 17-May-15 17-Jun-15 17-Jul-15 17-Aug-15 17-Sep-15 17-Oct-15 Coal India Ltd. Subdued e-auction realization impacted profitability Coal India Ltd.
More informationNatural Gas Diversification Strategy for PREPA GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO
Natural Gas Diversification Strategy for PREPA GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO Agenda 1 Importance of Diversifying to Natural Gas 2 Natural Gas Diversification Strategy 2 Currently, Puerto
More informationTVN GROUP RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2015 WARSAW, AUGUST 4 TH, 2015
TVN GROUP RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2015 WARSAW, AUGUST 4 TH, 2015 Disclaimer This presentation (the Presentation ) has been prepared by TVN S.A. (the Company ) solely for use by
More informationEarnings Release 9M2015
Earnings Release 9M2015 19 November 2015 Results overview Regional segments Final remarks PAGE 3 PAGE 12 PAGE 22 Europe Africa Latin America 2 Key highlights Consolidation of EGF in the 3Q15, according
More informationXING Q1 2012 results presentation. May 14, 2012
XING Q1 2012 results presentation May 14, 2012 Disclaimer This presentation was produced in April 2012 by XING AG (the "Company") solely for use as an information source for potential business partners
More informationAPPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7
APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015
More informationMarina Bay Sands. George Tanasijevich President and CEO of Marina Bay Sands
Marina Bay Sands George Tanasijevich President and CEO of Marina Bay Sands MBS Starts Strong and Continues to Ramp Marina Bay Sands Starts Strong and Continues to Ramp Adjusted Property EBITDA and Adjusted
More informationEstimated Going Concern Enterprise Valuation
UBS Securities LLC 299 Park Avenue New York NY 10171 www.ubs.com September 12, 2005 VARIG, S.A. (VIAÇÃO AÉREA RIO-GRANDENSE) Em Recuperação Judicial Brazilian Bankruptcy Court in Rio de Janeiro, Brazil
More informationPurchased Services Areas of Opportunity:
Purchased Services Areas of Opportunity: How Texas Children's Hospital Achieved Significant Cost Savings For Its Contract Staffing Purchased Services Presented by Edward M. Lewis, C.P.M., CMRP Supply Chain
More informationAgenda. CEO s review Veli-Matti Mattila, CEO. Financial review Jari Kinnunen, CFO
Agenda CEO s review Veli-Matti Mattila, CEO Financial review Jari Kinnunen, CFO CEO s review Q1 2013 financial and operational highlights Segment review Strategy execution Outlook for 2013 3 Q1 2013 highlights
More informationAbout CREST R&D Grant
1 About CREST R&D Grant Philosophy Higher value Electrical & Electronics (E&E) economic sector can be achieved when R&D thrives in the ecosystem This can be accelerated by promoting collaborative research
More informationHARPER ADAMS UNIVERSITY ACADEMIC CALENDAR 2015/2016 Date Time Event Room
Mon 31-Aug-15 Bank Holiday Tue 01-Sep-15 Tue 1 Mon 7 Reassessment Examinations Sports Hall, QMH Wed 02-Sep-15 Thu 03-Sep-15 04-Sep-15 Mon 7 11 Short Course Week Mon 07-Sep-15 Start of term at BAC Tue 8
More informationFor personal use only INVESTOR PRESENTATION MARCH 2015
INVESTOR PRESENTATION MARCH 2015 Contents Part 1 Yellow Brick Road Group - performance update Key Metrics and Financial Results The model in motion brand, distribution, product Part 2 Acquisition journey
More informationHomeland Security Grants Management Louisiana Emergency Preparedness Association (LEPA)
Homeland Security Grants Management Louisiana Emergency Preparedness Association (LEPA) An LEM Basic Credentialing Course 1 Objectives Using local government management systems perform: Homeland security
More informationICT statistics production and policymaking in Brazil
ICT statistics production and policymaking in Brazil Measuring ICT penetration through indicators Alexandre F. Barbosa, MSc., PhD Cape Town, June 6 th 2012 CGI.br - Brazilian Internet Steering Committee
More informationENERGY ENERGY CALENDAR ENERGY TRAINING CALENDAR OF EVENTS 2015 PUBLISHED JANUARY 2015. www.euromoneytraining.com/energy
ENERGY CALENDAR ENERGY TRAINING CALENDAR OF EVENTS 2015 PUBLISHED JANUARY 2015 www.euromoneytraining.com/energy 2015 CALENDAR We are pleased to release our 2015 dates for energy training courses taking
More information