R&I Rating Methodology by Sector

Size: px
Start display at page:

Download "R&I Rating Methodology by Sector"

Transcription

1 R&I Rating Methodology by Sector Electric Wires and Cables December 3, 2013 R&I applies this rating methodology to electric wire and cable manufacturers that position three sectors "electric wires and cables," a segment that manufactures electric wires and cables, optical fibers and cables, and optical communications equipment and components, "automobile components" and "electronic components" as their main businesses. An earnings composition by business may differ among companies. Since sources of technology, which serves as the core of such businesses, are the same, those companies' orientation towards businesses diversification has little difference. R&I does not use this rating methodology when evaluating firms that handle only one or two of these sectors. I. Evaluation of Business Risk 1. View of industry risk Businesses handled by electric wire and cable manufacturers have expanded the global reach of their markets, and the size of their businesses is correspondingly large. Manufacturers also can expect comparatively rapid market growth along with expansion of the global economy. Because sales volumes are affected by customers' capital investments and inventory adjustments, however, fluctuations in demand are somewhat large. Moreover, many products, including electric wires and cables and electronic components, have become commodities and are exposed to relatively severe competition. Because of the strong process industry nature of the business, a comparatively sizable capital investment is needed in order to maintain and strengthen the earnings base. Accordingly, the fixed cost burden tends to be heavy. After comprehensive consideration of these points, R&I judges the electric wires and cables industry to have a medium degree of risk. (1) Market size, market growth potential and market volatility Electric wire and cable manufacturers continue to diversify their business portfolios. Reflecting this, they offer a broad array of products. The size of the market in each of the three business sectors, "electric wires and cables," "automobile components" and "electronic components," is believed to be tens of trillions of yen globally. 1/6

2 The market growth potential is comparatively high. Viewed globally, relatively high growth can be anticipated for "electric wires and cables" in conjunction with expansion of infrastructure investment in emerging countries and the development and broadening of telecommunications networks. "Automobile components" and "electronic components" are expected to maintain comparatively high growth potential as well because of growth in the demand for final products. Market volatility is somewhat high. Demand is dictated largely by factors such as the trend in customers' capital investment and business sentiments. If it is supplying parts, orders tend to fluctuate more easily because a manufacturer will also be affected by its customers inventory adjustments. (2) Industry structure (competitive environment) With the exception of specialized products, electric wires and cables have increasingly become commodities. Since there also are manufacturers that specialize in only certain types of products, it is impossible to avoid severe cost-centered competition. In optical fibers and cables, new entrants are limited because the process industry aspects are even stronger than in electric wires and cables, and a substantial upfront investment burden is required. The market for the various devices and components required for optical telecommunications is formed from the aggregation of numerous niche markets. Although many firms handle devices and components for optical telecommunications, there is an aspect of compartmentalization by product to a certain extent in the market. In "automobile components" and "electronic components," the competition is relatively intense. Customers' cost demands are relentless and complying with these demands has become critical for ensuring sales. For products that are also produced by numerous market participants other than electric wire and cable manufacturers, the competitive picture is becoming even more ferocious. Overall, R&I evaluates the competitive environment surrounding electric wire and cable manufacturers to be comparatively severe. (3) Customer continuity and stability Customer continuity and stability are not very high. Firms that will receive orders for "electric wires and cables" are decided by tender for each project. However, when a firm handles installation and maintenance work in addition to the manufacturing and sales of products, it is easier to secure follow-up business. 2/6

3 "Electronic components" have a short product life cycle. While "automobile components" orders also are decided after competitive bidding, if a manufacturer is able to deliver its products once, it usually is able to ensure continuous orders until the next model changeover. (4) Capital and inventory investment cycles "Electric wires and cables" is a business with process industry aspects and tends to require a substantial initial investment burden. However, the risk that manufacturing facilities and products will become obsolete is limited. Typically, there is no problem if funds invested in capital assets are recovered over a comparatively long timeframe. In many cases, investments in "automobile components" and "electronic components" do not require investments on the size of those for materials-related businesses, but are generally under pressure for relatively fast investment recovery. Firms in each sector will begin production only after receiving an order. There is thus relatively low risk of recording massive inventory valuation losses, in general. While fluctuations in the price of main raw material copper can basically be passed on to selling prices, there is a time lag between changes in the price of a raw material and in the sales price. This results in short-term changes in inventory value and effects on a working capital burden. (5) Protection, regulations and public aspects From the aspect of protection, regulations and public aspects there are no parameters that have a material impact on creditworthiness. (6) Cost structure In addition to personnel expenses, there generally is a tendency for the fixed-cost burden, including depreciation and amortization expense and R&D spending, to be comparatively substantial, although the degree of process industry or labor-intensive aspects may vary depending on types of businesses a firm handles. The cost of materials, especially copper, accounts for a large share of variable costs. Over the short term, changes in the price of copper can cause fluctuations in earnings. On the whole, the structure can be described as one in which profits and cash flow will vary relatively easily in response to changes in sales. 3/6

4 2. View of individual firm risk In contrast to industry risk, which highlights the standard risks of the industry of which the subject firms are a part, the business risk of each company will differ depending on the individual firm risk as explained below. (1) Competitiveness of main businesses and business diversification Firms which handle "electric wires and cables" comprehensively can enjoy advantages such as stable profits and cash flow that can be secured on the whole by absorbing falls in earnings from a certain business with profits from other businesses and the financial flexibility to allocate necessary funds for R&D and capital investment across business segments. To make the most of advantages derived from business diversification, it is important that main businesses have strong competitiveness and make contributions to overall earnings in a balanced manner. (2) Diversification of customers and operating regions When evaluating the stability of a firm's earnings base, it is not sufficient to examine only the competitiveness of each business and the balance of earnings. This is because, regardless of the number of businesses and products it handles, a concentration in certain clients (industries) or regions (production and marketing) could make a firm's earnings base susceptible to trends in specific industries or regions. Accordingly, R&I needs to confirm the diversification in terms of client and region. (3) Technical and R&D capabilities Electric wire and cable manufacturers have a history of evolution by making adjustment to their business portfolios in response to changes in the business environment. To make the most of advantages derived from business diversification, firms will need to take similar actions in the future as well. Together with responding sufficiently to changes in the environment for their existing businesses, a capacity to continually search for and construct new earnings sources, and enhance the earnings base, will prove indispensable. Consequently the strength of a firm's technical and R&D capabilities, which serve as the source for such capacity, becomes an important evaluation factor. 4/6

5 II. Evaluation of Financial Risk In addition to quantitative factors in the form of financial data, R&I also evaluates qualitative factors, such as a firm's financial management policy and liquidity risk, in its analysis of financial risk. For the electric wires and cables industry, R&I emphasizes the following financial indicators based on its business characteristics. (1) Earning capacity EBITDA/average total assets, ROA, operating income margin Electric wire and cable manufacturers engage in businesses that require upfront investment in principle. One strong aspect of such manufacturers is the use of their balance sheets to create added value. In consideration of the tendency for assets to expand easily, when analyzing earning capacity R&I emphasizes profitability on the capital invested. Because capital investment is relatively high, and the depreciation and amortization expense burden tends to become heavy, R&I focuses on EBITDA as an indicator of profits. (2) Scale and investment capacity EBITDA, equity capital Having the capacity to undertake sustained investment is essential to maintaining and enhancing competitiveness. In the process of revising a firm's business portfolio in particular, to strengthen its expansion into new sectors, a firm will often need to start new R&D or capital investment. To provide for such investment, it is important to have a certain size of cash flow. Firms must also accumulate equity capital to serve as a risk buffer. As a company develops multiple businesses and products, it is inevitable that changes in the business climate will result in businesses or products that generate only red ink. Provided it has sufficient equity capital at such times, a firm will flexibly be able to narrow its focus on specific businesses while deciding to scale down less profitable operations. (3) Debt redemption period Net debt to EBITDA ratio Because electric wire and cable manufacturers handle businesses that require a certain size of capital investment in order to maintain competitiveness, they possess a reasonable amount of tangible fixed assets. The balance between debt and cash flow becomes a key indicator for analyzing 5/6

6 the years to repay debt and, ultimately, investment efficiency. (4) Financial profile Equity ratio, net D/E ratio (ratio of net debt to equity capital) Earnings levels can vary easily in response to the business trend or other factors. During a deteriorating earnings phase, not only must a firm secure profitability through steps such as shrinking unprofitable sectors and slashing fixed costs, for example, it must always make a certain amount of investment to maintain competitiveness, even as it experiences losses. As a financial buffer that determines sustainable investment and fundraising capacities, R&I also emphasizes the equity ratio and the net D/E ratio, along with the amount of equity capital. III. Rating for Electric Wires and Cables Industry Issuer Rating Individual Firm Risk Financial Risk Importance Indicator Importance Competitiveness of main businesses Earning capacity EBITDA/average total assets and business diversification ROA Diversification of customers and Operating income margin operating regions Scale and investment EBITDA Technical and R&D capabilities capacity Equity capital Debt redemption period Net debt to EBITDA ratio Financial profile Equity ratio Net D/E ratio Industry risk: Medium Note) Importance is indicated by : extremely important, : important, or relatively important. * This report replaces all previous versions that have been released to date. The Rating Determination Policy and the Rating Methodologies R&I uses in connection with evaluation of creditworthiness (collectively, the "Rating Determination Policy and Methodologies") are R&I's opinions prepared based on R&I's own analysis and research, and R&I makes no representation or warranty, express or implied, as to the accuracy, timeliness, adequacy, completeness, merchantability, fitness for any particular purpose, or any other matter with respect to the Rating Determination Policy and Methodologies. Further, disclosure of the Rating Determination Policy and Methodologies by R&I does not constitute any form of advice regarding investment decisions or financial matters or comment on the suitability of any investment for any party. R&I is not liable in any way for any damage arising in respect of a user or other third party in relation to the content or the use of the Rating Determination Policy and Methodologies, regardless of the reason for the claim, and irrespective of negligence or fault of R&I. All rights and interests (including patent rights, copyrights, other intellectual property rights, and know-how) regarding the Rating Determination Policy and Methodologies belong to R&I. Use of the Rating Determination Policy and Methodologies, in whole or in part, for purposes beyond personal use (including reproducing, amending, sending, distributing, transferring, lending, translating, or adapting the information), and storing the Rating Determination Policy and Methodologies for subsequent use, is prohibited without R&I's prior written permission. Japanese is the official language of this material and if there are any inconsistencies or discrepancies between the information written in Japanese and the information written in languages other than Japanese the information written in Japanese will take precedence. 6/6

R&I Rating Methodology by Sector

R&I Rating Methodology by Sector R&I Rating Methodology by Sector Logistics Companies June 9, 2014 R&I applies this rating methodology to logistics companies whose main businesses are in segments such as charter trucking operations, warehouse

More information

R&I Rating Methodology by Sector

R&I Rating Methodology by Sector R&I Rating Methodology by Sector Medical Devices August 8, 2013 The term medical devices refers to equipment and apparatus that are used for the diagnosis and treatment of illnesses, or function as part

More information

R&I's Analytical Approach to Financial Congromerates

R&I's Analytical Approach to Financial Congromerates R&I's Analytical Approach to Financial Congromerates (This report is an English translation of the original report in Japanese.) 1. The Framework of Rating Evaluation The main steps for R&I's evaluation

More information

R&I Rating Methodology by Sector

R&I Rating Methodology by Sector R&I Rating Methodology by Sector Life Insurance October 31, 2013 R&I applies its rating methodology for life insurance to life insurance companies that provide death benefits centered on mortality insurance

More information

R&I Rating Methodology by Sector

R&I Rating Methodology by Sector R&I Rating Methodology by Sector Department Stores April 9, 2013 R&I applies its rating methodology for department stores when rating retail firms such as the member stores of the Japan Department Stores

More information

R&I's Basic Methodology for Corporate Credit Ratings

R&I's Basic Methodology for Corporate Credit Ratings R&I's Basic Methodology for Corporate Credit Ratings May 1, 2015 Chapter 1 Overview of the Rating Methodology This rating methodology provides the basis for assigning ratings to corporations. Corporations

More information

R&I Rating Methodology by Sector

R&I Rating Methodology by Sector R&I Rating Methodology by Sector Passenger Vehicles April 5, 2016 R&I applies this rating methodology to manufacturers of passenger vehicles in a broad sense, including light trucks and motorcycles. This

More information

R&I Rating Methodology by Sector

R&I Rating Methodology by Sector R&I Rating Methodology by Sector Consumer Finance April 25, 2014 The consumer finance business can be broadly divided into unsecured and secured loans. R&I applies this rating methodology to consumer finance

More information

General Trading Companies

General Trading Companies Last upated: July 13, 2011 Rating Methodology by Sector General Trading Companies General trading companies operate in a broad array of industries, including metals, energy, machinery, food, chemicals,

More information

Rating Methodology by Sector. Life Insurance

Rating Methodology by Sector. Life Insurance Last Updated: March 26, 2012 Rating Methodology by Sector Life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made to

More information

Rating Methodology by Sector. Non-life Insurance

Rating Methodology by Sector. Non-life Insurance Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made

More information

Rating Methodology by Sector. Life Insurance

Rating Methodology by Sector. Life Insurance Last Updated: July 1, 2013 Rating Methodology by Sector Life Insurance The following mainly applies to life insurance companies in Japan. The credit ratings of a life insurance company is assessed by focusing

More information

Rating Methodology by Sector. Non-life Insurance

Rating Methodology by Sector. Non-life Insurance Last updated: July 1, 2013 Rating Methodology by Sector Non-life Insurance The following mainly applies to non-life insurance companies in Japan. When determining the credit rating of a non-life insurance

More information

Rating Methodology by Sector. Electric Power

Rating Methodology by Sector. Electric Power Last updated: July 13, 2011 Rating Methodology by Sector Electric Power 1. Business base Vital to public interest, the electric power industry is regulated and protected by the government in its role as

More information

R&I Rating Methodology by Sector

R&I Rating Methodology by Sector R&I Rating Methodology by Sector Pulp and Paper April 28, 2016 R&I applies this rating methodology mainly to paper manufacturing companies that perform all of the processes, from pulping to finished product,

More information

Rating Methodology for J-REIT

Rating Methodology for J-REIT Rating Methodology for J-REIT Rating and Investment Information, Inc. (R&I) has updated its Rating Methodology for J-REIT. 1/7 July 21, 2016 I. Basic J-REIT Characteristics J-REITs, which are established

More information

Rating Methodology by Sector. Electric Power

Rating Methodology by Sector. Electric Power Last updated: April 23, 2015 Rating Methodology by Sector Electric Power 1. Business base Vital to public interest, the electric power industry is regulated and protected by the government in its role

More information

BANKERS GUIDE TO SECURE LENDING

BANKERS GUIDE TO SECURE LENDING BANKERS GUIDE TO SECURE LENDING WAREHOUSE RECEIPTS, ORDER OR STRAIGHT BILLS OF LADING, OTHER NEGOTIABLE AND NON-NEGOTIABLE DOCUMENTS OF TITLE, INCLUDING WAREHOUSE AND BAILEE OR DOCK RECEIPTS Lending Rationale

More information

As of July 1, 2013. Risk Management and Administration

As of July 1, 2013. Risk Management and Administration Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.

More information

Evaluation on Hybrid Capital of Life Insurance Companies

Evaluation on Hybrid Capital of Life Insurance Companies 06-D-417 September 1, 2006 Evaluation on Hybrid Capital of Life Insurance Companies Japan Credit Rating Agency (JCR) has summarized below the basic perspectives and standards for the evaluation of hybrid

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

Income Measurement and Profitability Analysis

Income Measurement and Profitability Analysis PROFITABILITY ANALYSIS The following financial statements for Spencer Company will be used to demonstrate the calculation of the various ratios in profitability analysis. Spencer Company Comparative Balance

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

R&I Rating Methodology by Sector

R&I Rating Methodology by Sector R&I Rating Methodology by Sector Electricity December 20, 2013 R&I applies this rating methodology mainly to the ten general electricity utilities that account for the majority of Japan's electricity business

More information

Cash Flow Statements

Cash Flow Statements Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates

More information

Asset-Based Management Evaluation Finance

Asset-Based Management Evaluation Finance Chapter 2 Business Flowchart for Intellectual Asset-Based Management Evaluation Finance 1. Business Flowchart Outline Based on the previous chapter s Way of Thinking for Intellectual Asset-Based Management

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

Cash Flow Statements

Cash Flow Statements STATUTORY BOARD FINANCIAL SB-FRS 7 REPORTING STANDARD Cash Flow Statements SB-FRS 7 Cash Flow Statements applies to Statutory Boards for annual periods beginning on or after 1 January 2009. This Standard

More information

Statement of Cash Flows

Statement of Cash Flows HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial

More information

Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents

Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents May 17, 2012 Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed Primary Credit Analyst: Arturo Sanchez, Mexico City (52) 55-5081-4468;arturo_sanchez@standardandpoors.com

More information

Money Market Funds Helping Businesses Manage Cash Flow

Money Market Funds Helping Businesses Manage Cash Flow Money Market Funds Helping Businesses Manage Cash Flow Since its inception, the U.S. Chamber s Center for Capital Markets Competitiveness (CCMC) has led a bipartisan effort to modernize and strengthen

More information

Consolidated Financial Summary under IFRS for the fiscal year ending March 31, 2015 (April 1, 2014 - March 31, 2015)

Consolidated Financial Summary under IFRS for the fiscal year ending March 31, 2015 (April 1, 2014 - March 31, 2015) Monex Group, Inc. Consolidated Financial Summary under IFRS for the fiscal year 2015 (April 1, 2014 - March 31, 2015) This is an English translation of Japanese report of the consolidated financial summary

More information

Farmer-to-Consumer Marketing: The Series

Farmer-to-Consumer Marketing: The Series Farmer-to-Consumer Marketing #6 Financial Management Scope of Financial Management Managing the financial affairs of a direct marketing operation includes: Raising capital Identifying financial objectives

More information

Corporate and Corporate Bond Rating MITEC Automotive AG Germany, Automotive suppliers

Corporate and Corporate Bond Rating MITEC Automotive AG Germany, Automotive suppliers MITEC Automotive AG Germany, Automotive suppliers www.scoperatings.com Corporate profile Founded in 1990, MITEC Automotive AG ( MITEC ) is a German auto supplier specialising in automobile propulsion technology,

More information

Brief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007

Brief Report on Closing of Accounts (connection) for the Term Ended March 31, 2007 MARUHAN Co., Ltd. Brief Report on Closing of (connection) for the Term Ended March 31, 2007 (Amounts less than 1 million yen omitted) 1.Business Results for the term ended on March, 2007 (From April 1,

More information

INSURANCE RATING METHODOLOGY

INSURANCE RATING METHODOLOGY INSURANCE RATING METHODOLOGY The primary function of PACRA is to evaluate the capacity and willingness of an entity / issuer to honor its financial obligations. Our ratings reflect an independent, professional

More information

RISK FACTORS AND RISK MANAGEMENT

RISK FACTORS AND RISK MANAGEMENT Bangkok Bank Public Company Limited 044 RISK FACTORS AND RISK MANAGEMENT Bangkok Bank recognizes that effective risk management is fundamental to good banking practice. Accordingly, the Bank has established

More information

Criteria Financial Institutions Other: Rating Asset Management Companies

Criteria Financial Institutions Other: Rating Asset Management Companies March 18, 2004 Criteria Financial Institutions Other: Rating Asset Management Companies Table Of Contents Competitive Position Financial Management Operations www.standardandpoors.com/ratingsdirect 1 Standard

More information

Consolidated Financial Highlights for the Third Quarter Ended December 31, 2015 [under Japanese GAAP] SMC Corporation

Consolidated Financial Highlights for the Third Quarter Ended December 31, 2015 [under Japanese GAAP] SMC Corporation February 9, 2016 Consolidated Financial Highlights for the Third Quarter Ended December 31, [under Japanese GAAP] SMC Corporation Company name : Stock exchange listing : Tokyo Stock Exchange first section

More information

Consolidated and Non-Consolidated Financial Statements

Consolidated and Non-Consolidated Financial Statements May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,

More information

International Financial Reporting Standard 8 Operating Segments

International Financial Reporting Standard 8 Operating Segments International Financial Reporting Standard 8 Operating Segments Core principle 1 An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects

More information

Rating Research Services

Rating Research Services Rating Research Services Media Release: Ratings On Taiwan Mobile Co. Ltd. Affirmed On Sustainable Market Position; Outlook Stable Primary Credit Analyst: Anne Kuo, CFA; (886) 2 8722-5829; anne.kuo@taiwanratings.com.tw

More information

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2016 [Japanese Standards] (Consolidated)

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2016 [Japanese Standards] (Consolidated) Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2016 [Japanese Standards] (Consolidated) August 4, 2015 Name of Listed Company: Arisawa Mfg. Co., Ltd. Listed on the Tokyo Stock

More information

CORPORATE CREDIT RATINGS A Note on Methodology

CORPORATE CREDIT RATINGS A Note on Methodology October 2009 ICRA Rating Feature CORPORATE CREDIT RATINGS A Note on Methodology The basic objective of credit rating is to provide an opinion on the relative credit risk associated with the instrument

More information

Kurita Water Industries Reports Earnings for the First Half Ended September, 2004

Kurita Water Industries Reports Earnings for the First Half Ended September, 2004 FOR IMMEDIATE RELEASE Kurita Water Industries Reports Earnings for the First Half Ended September, Tokyo Japan November 4, Kurita Water Industries Ltd. (TSE Security Code 6370) announced revenue for the

More information

Contents. ETF Reference Guide Page 2 The Stock Exchange of Mauritius

Contents. ETF Reference Guide Page 2 The Stock Exchange of Mauritius ETF Reference Guide Contents 1. Background 04 2. Introduction to Exchange Traded Funds 05 What are Exchange Traded Funds Why invest in Exchange Traded Funds as an alternative to other similar investments?

More information

Consolidated Financial Summary For the third quarter of the fiscal year ending March 31, 2009

Consolidated Financial Summary For the third quarter of the fiscal year ending March 31, 2009 Monex Group, Inc. Consolidated Financial Summary under Japanese GAAP for the third quarter of the fiscal year ending March 31, 2009 (April 1, 2008-December 31, 2008) This is an English translation of Japanese

More information

FLOW TRADERS REPORTS STRONG RESULTS IN FIRST HALF YEAR 2015 AND INTERIM DIVIDEND OF 0.50 PER SHARE.

FLOW TRADERS REPORTS STRONG RESULTS IN FIRST HALF YEAR 2015 AND INTERIM DIVIDEND OF 0.50 PER SHARE. For immediate release FLOW TRADERS REPORTS STRONG RESULTS IN FIRST HALF YEAR 2015 AND INTERIM DIVIDEND OF 0.50 PER SHARE. AMSTERDAM, the Netherlands 19 August 2015. Flow Traders N.V. ( the Company or Flow

More information

(2) Application of special accounting treatments for quarterly financial statements: Yes

(2) Application of special accounting treatments for quarterly financial statements: Yes Name of listed company: JSR Corporation Code # 4185 Representative: Mitsunobu Koshiba, President Consolidated Business Results for the 1st Half, FY March 2015 Stock Exchange: Tokyo URL http://www.jsr.co.jp

More information

Research Update: Klabin Ratings Raised To 'BB+' On Improving Financial Profile. Table Of Contents

Research Update: Klabin Ratings Raised To 'BB+' On Improving Financial Profile. Table Of Contents December 8, 2010 Research Update: Klabin Ratings Raised To 'BB+' On Improving Financial Profile Primary Credit Analyst: Reginaldo Takara, Sao Paulo (55) 11 3039-9740;reginaldo_takara@standardandpoors.com

More information

R.V.I. Guaranty Co. Ltd. And Subsidiaries 'BBB' Ratings Affirmed After Insurance Criteria Change; The Outlook Is Stable

R.V.I. Guaranty Co. Ltd. And Subsidiaries 'BBB' Ratings Affirmed After Insurance Criteria Change; The Outlook Is Stable Research Update: R.V.I. Guaranty Co. Ltd. And Subsidiaries 'BBB' Ratings Affirmed After Insurance Criteria Change; The Outlook Is Stable Primary Credit Analyst: David S Veno, New York (1) 212-438-2108;

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,

More information

Financial Results for the Nine-Month Period Ended March 31, 2013

Financial Results for the Nine-Month Period Ended March 31, 2013 Financial Results for the Nine-Month Period Ended March 31, 2013 May 14, 2013 Company name: ZERO CO., LTD. Code No: 9028 Tokyo Stock Exchange (Second Section) (URL http://www.zero-group.co.jp/) Representative:

More information

Claims Paying Ability Ratings for General Insurance Companies

Claims Paying Ability Ratings for General Insurance Companies Claims Paying Ability Ratings for General Insurance Companies ICRA's Claims Paying Ability Ratings (CPRs) for general insurance companies are opinions on their ability to honour policy-holder claims and

More information

Research Update: Russia-Based HMS Hydraulic Machines & Systems Group Assigned 'BB-' Corporate Credit Rating; Outlook Stable.

Research Update: Russia-Based HMS Hydraulic Machines & Systems Group Assigned 'BB-' Corporate Credit Rating; Outlook Stable. June 16, 2011 Research Update: Russia-Based HMS Hydraulic Machines & Systems Group Assigned 'BB-' Corporate Credit Primary Credit Analyst: Antoine Cornu, Paris (33) 1-4420-6796;antoine_cornu@standardandpoors.com

More information

Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings. Table Of Contents

Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings. Table Of Contents May 31, 2012 Research Update: Danish Mortgage Bank DLR Kredit A/S Assigned 'BBB+/A-2' Ratings Primary Credit Analyst: Per Tornqvist, Stockholm (46) 8-440-5904;per_tornqvist@standardandpoors.com Secondary

More information

ASR Nederland NV Assigned 'BBB+' Rating; Ratings On Core Insurance Operations Affirmed; Outlook Stable

ASR Nederland NV Assigned 'BBB+' Rating; Ratings On Core Insurance Operations Affirmed; Outlook Stable Research Update: ASR Nederland NV Assigned 'BBB+' Rating; Ratings On Core Insurance Operations Affirmed; Primary Credit Analyst: Oliver Herbert, London (44) 20-7176-7054; oliver.herbert@standardandpoors.com

More information

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013

SAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013 SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%

More information

Overview for the nine months ended December 31, 2008 (from April 1, 2008 to December 31, 2008)

Overview for the nine months ended December 31, 2008 (from April 1, 2008 to December 31, 2008) 1 [Qualitative Information & Consolidated Financial Statements] 1. Qualitative Information on Results of Operations Overview for the nine months ended December 31, (from April 1, to December 31, ) As for

More information

Fiscal year forecast Profit attributable to owners of parent

Fiscal year forecast Profit attributable to owners of parent KAWASAKI HEAVY INDUSTRIES, LTD. AND CONSOLIDATED SUBSIDIARIES FLASH CONSOLIDATED FINANCIAL RESULTS October 28, 2016 For six months ended September 30, 2016 and 2015 and one year ended March 31, 2016 (Consolidated)

More information

Consolidated Financial Review for the Second Quarter Ended September 30, 2014

Consolidated Financial Review for the Second Quarter Ended September 30, 2014 Consolidated Financial Review for the Second Quarter Ended September 30, 2014 TOKYO ELECTRON Oct 29, 2014 Company name: Tokyo Electron Limited URL: http://www.tel.com Telephone number: (03) 5561-7000 Stock

More information

Spain-Based IT Service Provider Amadeus IT Holding Rating Raised To 'BBB/A-2' On Strong Financials, Outlook Stable

Spain-Based IT Service Provider Amadeus IT Holding Rating Raised To 'BBB/A-2' On Strong Financials, Outlook Stable Research Update: Spain-Based IT Service Provider Amadeus IT Holding Rating Raised To 'BBB/A-2' On Strong Financials, Outlook Stable Primary Credit Analyst: Stefan Kirschner, Frankfurt (49) 69-33-999-281;

More information

A. M. Best Company & The Rating Process

A. M. Best Company & The Rating Process A. M. Best Company & The Rating Process Raymond J. Thomson, ARe, ARM Senior Financial Analyst, Property/Casualty Ratings Oldwick NJ Disclaimer AM Best Company (AMB) and/or its licensors and affiliates.

More information

Chapter 5: Business Valuation (Market Approach)

Chapter 5: Business Valuation (Market Approach) Chapter 5: Business Valuation (Market Approach) This methodology values larger companies based upon the value of similar publicly traded For smaller companies, otherwise known as micro businesses (e.g.,

More information

Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable

Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable Research Update: Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable Primary Credit Analyst: Diego H Ocampo, Buenos Aires (54) 114-891-2124; diego_ocampo@standardandpoors.com

More information

Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31 st, 2016 (FY2016), Japan GAAP February 9 th, 2016

Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31 st, 2016 (FY2016), Japan GAAP February 9 th, 2016 Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31 st, 2016 (FY2016), Japan GAAP February 9 th, 2016 Company Name Tokyo Seimitsu Co., Ltd. Stock Listing: First Section,

More information

CANON REPORTS RESULTS FOR FISCAL 1999

CANON REPORTS RESULTS FOR FISCAL 1999 February 14, 2000 CANON REPORTS RESULTS FOR FISCAL 1999 1. CONSOLIDATED RESULTS Millions of yen (except per share amounts) Actual Projected 1999 1998 Change(%) 2000 Change(%) Net sales 2,622,265 2,826,269-7.2

More information

Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending December 31, 2016 May 11, 2016

Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending December 31, 2016 May 11, 2016 Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending December 31, 2016 May 11, 2016 These financial statements, prepared in accordance with accounting principles generally

More information

RBS Citizens Financial Group Ratings Affirmed; Outlook Remains Negative; Stand-Alone Credit Profile Lowered To 'a-'

RBS Citizens Financial Group Ratings Affirmed; Outlook Remains Negative; Stand-Alone Credit Profile Lowered To 'a-' Research Update: RBS Citizens Financial Group Ratings Affirmed; Outlook Remains Negative; Stand-Alone Credit Profile Lowered To 'a-' Primary Credit Analyst: Barbara Duberstein, New York (1) 212-438-5656;

More information

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit

More information

ASML - Summary US GAAP Consolidated Statements of Operations 1,2

ASML - Summary US GAAP Consolidated Statements of Operations 1,2 ASML - Summary US GAAP Consolidated Statements of Operations 1,2 (in millions EUR, except per share data) Six months ended, Jun 29, Jun 28, Jun 29, Jun 28, 2014 2015 2014 2015 Net system sales 1,243.0

More information

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.

FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS. FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield

More information

Consolidated results for the third Quarter Period in FY2014

Consolidated results for the third Quarter Period in FY2014 Consolidated results for the third Quarter Period in FY2014 2014/2/7 Company Name Watami Co., Ltd. Listing: First Section of Tokyo Stock Exchange Code Number 7522 URL http://www.watami.co.jp/ Representative

More information

Consolidated Financial Report for the Third Quarter of Fiscal Year Ending March 31, 2011 [Japan GAAP]

Consolidated Financial Report for the Third Quarter of Fiscal Year Ending March 31, 2011 [Japan GAAP] Note) This translation is prepared and provided for readers' convenience only. In the event of any discrepancy between this translated document and the original Japanese document, the original document

More information

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014 2014 FIRST QUARTER RESULTS CONFERENCE CALL May 15th, 2014 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The

More information

Exchange Traded Funds A Brief Introduction

Exchange Traded Funds A Brief Introduction Exchange Traded Funds A Brief Introduction spdrs.com What You Need to Know about ETFs ETF Basics Potential Benefits of ETFs ETFs versus Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Frequently

More information

Trade Date The date of the previous trading day. Recent Price is the closing price taken from this day.

Trade Date The date of the previous trading day. Recent Price is the closing price taken from this day. Definition of Terms Price & Volume Share Related Institutional Holding Ratios Definitions for items in the Price & Volume section Recent Price The closing price on the previous trading day. Trade Date

More information

Claims Paying Ability / Financial Strength Rating Methodology for Insurance Companies

Claims Paying Ability / Financial Strength Rating Methodology for Insurance Companies Claims Paying Ability / Financial Strength Rating Methodology for Insurance Companies CRAF s Claims Paying Ability (CPA) / Financial Strength Rating (FSR) is an opinion on an insurance company s financial

More information

Consolidated Management Indicators

Consolidated Management Indicators Consolidated Management Indicators Isetan Mitsukoshi Holdings Ltd., Consolidated Subsidiaries and Affiliated Companies Net sales Gross profit Selling, general and administrative expenses Operating income

More information

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Member of Financial Accounting Standards Foundation Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Name of Listed Company: Arisawa Mfg. Co., Ltd. Listed on the 1st Section

More information

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Nine months ended, Sep 28, Sep 27, Sep 28, Sep 27, 2014 2015 2014 2015 Net system sales 884.5 975.3 3,157.5 3,356.3

More information

Brookfield financial Review q2 2010

Brookfield financial Review q2 2010 Brookfield financial Review q2 2010 Overview Operating cash flow and gains totalled $327 million in the second quarter or $0.53 per share compared to $294 million in the prior year. This brings operating

More information

Executive Order on Calculation of Risk Exposures, Own Funds and Solvency Need 1

Executive Order on Calculation of Risk Exposures, Own Funds and Solvency Need 1 Executive Order on Calculation of Risk Exposures, Own Funds and Solvency Need 1 The following shall be laid down pursuant to section 124(7), section 128(3), section 128a, section 142(1), section 143(1),

More information

Online Disclosures Relating to Notice of the 101st Annual Shareholders Meeting

Online Disclosures Relating to Notice of the 101st Annual Shareholders Meeting Online Disclosures Relating to Notice of the 101st Annual Shareholders Meeting Notes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements (From April 1, 2015 to March 31,

More information

Research Update: Swedish Public Housing Group Forvaltnings AB Framtiden Rated 'A+/A-1' On Importance To Goteborg; Outlook Stable

Research Update: Swedish Public Housing Group Forvaltnings AB Framtiden Rated 'A+/A-1' On Importance To Goteborg; Outlook Stable September 9, 2009 Research Update: Swedish Public Housing Group Forvaltnings AB Framtiden Rated 'A+/A-1' On Importance To Primary Credit Analyst: Carl Nyrerod, Stockholm (46) 8-440-5919;carl_nyrerod@standardandpoors.com

More information

Swedish Housing Company Willhem Affirmed At 'A-/A-2'; Outlook Stable

Swedish Housing Company Willhem Affirmed At 'A-/A-2'; Outlook Stable Research Update: Swedish Housing Company Willhem Affirmed At 'A-/A-2'; Outlook Stable Primary Credit Analyst: Carl Nyrerod, Stockholm (46) 8-440-5919; carl.nyrerod@standardandpoors.com Secondary Contact:

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

Additional Revision to Brief Report of Settlement of Accounts for Full Fiscal Year Ending March 31, 2007

Additional Revision to Brief Report of Settlement of Accounts for Full Fiscal Year Ending March 31, 2007 June 22, 2007 Company Name: ARUZE CORP. Name and Title of Representative: Kunihiko Yogo Representative Director and CEO (JASDAQ Code: 6425) Contact: Norihisa Kiriu General Manager Finance and Accounting

More information

Financial Summary for First 2 Quarters of Fiscal 2017 [Japanese GAAP] [Consolidated]

Financial Summary for First 2 Quarters of Fiscal 2017 [Japanese GAAP] [Consolidated] Financial Summary for First 2 Quarters of Fiscal 2017 [Japanese GAAP] [Consolidated] October 28, 2016 Name of listed company ZENRIN CO.,LTD. Stock exchange listings: Tokyo and Fukuoka Securities code 9474

More information

INVESTMENTS AND FINANCING POLICY

INVESTMENTS AND FINANCING POLICY INVESTMENTS AND FINANCING POLICY The Board of Directors of Gamesa Corporación Tecnológica, S.A. (the Company ), according to articles 19 of the Bylaws and 5 of the Board of Directors Regulations, has the

More information

ICRA Lanka s Credit Rating Methodology for Non-Banking Finance Companies

ICRA Lanka s Credit Rating Methodology for Non-Banking Finance Companies ICRA Lanka s Credit Rating Methodology for Non-Banking Finance Companies Non-Banking Finance Companies (NBFCs) play an important role in the Sri Lankan financial market. While the Central bank of Sri Lanka

More information

What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated?

What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? HOCK international - 2004 1 HOCK international - 2004 2 How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? HOCK

More information

Please NOTE This example report is for a manufacturing company; however, we can address a similar report for any industry sector.

Please NOTE This example report is for a manufacturing company; however, we can address a similar report for any industry sector. Please NOTE This example report is for a manufacturing company; however, we can address a similar report for any industry sector. Performance Review For the period ended 12/31/2013 Provided By Holbrook

More information

Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable

Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable Research Update: Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable Primary Credit Analyst: Diego H Ocampo, Buenos Aires (54) 114-891-2124; diego.ocampo@standardandpoors.com

More information

2015 FIRST HALF RESULTS CONFERENCE CALL. August 31st, 2015

2015 FIRST HALF RESULTS CONFERENCE CALL. August 31st, 2015 2015 FIRST HALF RESULTS CONFERENCE CALL August 31st, 2015 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The

More information

Consolidated Financial Results April 1, 2008 June 30, 2008

Consolidated Financial Results April 1, 2008 June 30, 2008 Consolidated Financial Results April 1, 2008 June August 14, 2008 In preparing its consolidated financial information, ORIX Corporation and its subsidiaries have complied with accounting principles generally

More information

Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P.

Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P. Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P. (Unaudited, in millions of Canadian dollars) Three months ended March 31, 2016 and 2015 Management s Comments on Unaudited Condensed

More information

Vienna Insurance Group AG Wiener Versicherung Gruppe

Vienna Insurance Group AG Wiener Versicherung Gruppe Summary: Vienna Insurance Group AG Wiener Versicherung Gruppe Primary Credit Analyst: Johannes Bender, Frankfurt (49) 69-33-999-196; johannes_bender@standardandpoors.com Secondary Contact: Ralf Bender,

More information

University of Virginia Debt Policy Dated February 19, 2015

University of Virginia Debt Policy Dated February 19, 2015 University of Virginia Debt Policy Dated February 19, 2015 Table of Contents I. Overview... 2 II. Scope and Objectives... 2 III. Oversight and Approval... 3 IV. Debt Affordability and Capacity... 3 V.

More information