Second Quarter and First Half 2015 Trading Update

Size: px
Start display at page:

Download "Second Quarter and First Half 2015 Trading Update"

Transcription

1 Second Quarter and First Half 2015 Trading Update

2

3

4 Trading Performance Year-on-Year Gross Profit Reported ( m) Constant % % Q % +10.6% H % +10.8% Q2 Gross Profit +10.6% vs Q in constant currency In reported rates Q2 Gross Profit +6.0% At constant currency, Q2 Gross Profit was 151.5m (+ 6.2m on reported rates) 4

5 Permanent : Temporary Ratio Analysis 12% 14% 27% 28% ASIA PAC 88% AMERICAS 86% EMEA 73% UK 72% 15% 41% 85% 59% Temp Perm 5

6 Permanent : Temporary Year-on-Year Gross Profit Reported ( m) Constant Q2 Q Q % % Permanent % +11.3% Temporary % +8.1% Ratio (Perm : Temp) 78:22 77:23 Reported ( m) Constant H1 H H % % Permanent % +11.0% Temporary % +9.8% Ratio (Perm : Temp) 78:22 77:23 6

7 Discipline Overview Year-on-Year Gross Profit % of Group Reported ( m) Constant Q Q % % Finance & Accounting 40% % +10.1% Legal, Technology, HR, Secretarial and Healthcare Engineering, Property & Construction, Procurement & Supply Chain 21% % +15.6% 19% % +6.6% Marketing, Sales and Retail 20% % +10.3% Group Total 100% % +10.6% 7

8 Headcount H H Movement % Fee earners 4,303 3, % Support staff 1,319 1, % Total headcount 5,622 5, % Ratio 77:23 75:25 Focus on bringing the 468 fee earners added in 2014 up to full productivity Additions in the first half impacted by closure of Russia and market conditions in Brazil Fee earner to operational support staff ratio returned to 77:23 Investment in fee earner headcount will continue selectively in 2015 in our high potential markets as well as in regions where market conditions permit 8

9 Headcount and Reported Gross Profit Total headcount increased by 5% vs. H to 5,622 (H1 2014: 5,337) 9

10 Impact of Foreign Exchange ( m) H1 Actual FX Impact Estimated Full Year Impact As at Q1* As at Q2** Movement Gross Profit (11) (10) (28) (18) Operating Profit (2) (2) (6) (4) *If March rates were to prevail for the remainder of 2015 **If June rates were to prevail for the remainder of 2015 FX movements in H1 impacted reported performance by 11m of Gross Profit and 2m of Operating Profit When we lasted updated the market in April, estimated FX impact was 10m Gross Profit and 2m Operating Profit for the full year Further weakening of overseas currencies is now expected to reduce full year Gross Profit by 28m and Operating Profit by 6m 10

11 One-Off Items Half Year 2015 ( m) (1.0) (1.0) (2.6) -3-4 (2.1) European SSC Russia Share Plans PRS re-life Variance European Shared Service Centre transition costs - 1.0m Costs associated with the exit of Russian business - 1.0m Increase in share plan costs primarily driven by increase in share price to 545p at HY - 2.1m Half year impact of the reassessment of our new operating system, PRS, useful economic life + 1.5m - This will have a full year impact of c. 3m 11

12

13 Q2 Regional Overview Year-on-Year Gross Profit Reported ( m) Constant % of Group Q Q % % EMEA 38% % +11.4% UK 27% % +12.8% Asia Pacific 21% % +5.6% Americas 14% % +11.5% Group Total 100% % +10.6% 13

14 EMEA (38% of Group) Year-on-Year Gross Profit Reported ( m) Constant % % Q % +11.4% H % +11.8% Headcount at 30 June 2015: 2,154 (31 December 2014: 2,113) Q2 Highlights Page Personnel (43% of EMEA) +16%, France (12% of Group) +7% - Page Personnel (Temp/Perm < 40,000) 63% of France: +6% - Michael Page (Perm > 40,000) 37% of France: +8% Germany (6% of Group) +15% - Page Personnel, 32% of Germany: +28% Southern Europe +24%, Switzerland, Benelux and Poland all grew over 15% Record in the UAE, despite impact of oil prices 14

15 United Kingdom (27% of Group) Year-on-Year Gross Profit Reported ( m) % Q % H % Headcount at 30 June 2015: 1,453 (31 December 2014: 1,441) Q2 Highlights Michael Page (79% of the UK) +11% on Q Page Personnel (21% of the UK) +21% on Q Strong performances include Finance & Accounting, Legal, Procurement & Supply Chain and Property & Construction Private sector (88% of the UK) +13% on Q Public sector (12% of the UK) +11% on Q Activity impacted briefly by Election 15

16 Asia Pacific (21% of Group) Year-on-Year Gross Profit Reported ( m) Constant % % Q % +5.6% H % +7.9% Headcount at 30 June 2015: 1,138 (31 December 2014: 1,141) Q2 Highlights Overall record quarter for Asia Pacific Asia (15% of Group and 73% of Asia Pacific) +9% Record performance from Greater China +11% against Q comparator of 37% South East Asia +6%, including Malaysia up 48% Record quarter for India +33% Australasia (6% of Group and 27% of Asia Pacific) -2% Australia -1%, Page Personnel +21% 16

17 Americas (14% of Group) Year-on-Year Gross Profit Reported ( m) Constant % % Q % +11.5% H % +9.4% Headcount at 30 June 2015: 877 (31 December 2014: 883) Q2 Highlights North America (7% of the Group) +21% Record quarter for the US and Canada Exceptional performance from New York Latin America (7% of the Group) +4% Brazil (43% of Latin America) -15% impacted by adverse macroeconomic factors Latin America, ex-brazil (57% of Latin America) +30% Record quarter for Mexico +33% now two thirds the size of Brazil 17

18

19 Large, High Potential Markets Achieved H Record quarter for Large, High Potential Markets +10.7% Gross Profit 1,418 Fee-earners 30.7% of Group Large, High Potential Markets: Germany China South-East Asia US Latin America H objectives Grow existing offices/brands/disciplines No new offices/countries planned having launched in Peru and Indonesia in 2014 Improve conversion rates, especially US/LatAm Focus on headcount investment Complete roll-out of PRS, with LatAm in H2, having already successfully rolled out in the US, Germany, Greater China and SE Asia 19

20 Large, Proven Markets Achieved Achieved H H Strong performance across the category +11.5% Gross Profit 2,226 Fee-earners 55.1% of Group H objectives Ongoing productivity and conversion rate improvements Continue roll-out of PRS Ongoing investment in Page Personnel disciplines Selective headcount investment SSC implementation Large, Proven Markets: UK France Australia Netherlands Italy Spain 20

21 Medium & Small, High Margin Markets Achieved Achieved H H % Gross Profit growth in H1, 12% excluding Russia +8.0% Gross Profit H objectives 659 Fee-earners 14.2% of Group PRS roll-out in Canada, having already rolled out successfully in Japan, Switzerland and Austria amongst others Focus on productivity gains & improve conversion rates Expansion of our Japanese business into domestic market Continued focus on achieving high margins across all markets Medium & Small, High Margin Markets: Austria Belgium Canada India Ireland Japan Luxembourg Morocco New Zealand Poland Portugal Qatar South Africa Sweden Switzerland Turkey UAE 21

22 PAGE ADVERTISING Post adverts to PageGroup websites and external job boards PAGE SEARCH Streamlined searching across 3 rd party sites Access to search across all regional candidate applications NEXT GEN WEBSITE PAGE ADVERTISING COLLABORATION PAGE SEARCH PAGE MANAGE APPLICATIONS PAGE RECRUITING PAGE MANAGE APPLICATIONS Review and filter candidate applications and send to the CRM for progression Real time job board and candidate response tracking CV CAPTURE Automatically parse and upload CV s into CRM Performs duplicate check CORE CRM Updated, faster more user friendly More sales focused features 22

23 PRS % Headcount Covered JUNE 15 PRS 53% 80% NEXT GEN WEBSITE 60% 80% COLLABORATION TOOLS 100 % 2014 END 2015 PRS significantly improves the quality and speed of instant information available to our consultants greatly enhancing the end to end sales cycle. One of the biggest impacts has been around the quality of management data. The easily accessible nature of this has allowed us to further improve the development of our people. 23

24

25 Summary Summary Impact of FX: Q2 reported Gross Profit reduced by 4.6 percentage points or 6.2m H1 reported Gross Profit reduced by 4.2 percentage points or 11.0m, reported Operating Profit by 2m Q2 Gross Profit: +10.6% in constant currency and +6.0% in reported rates - Large, High Potential Markets: Gross Profit +11% in constant currency Q2 Headcount: 5,622 in Q2-4,303 fee earners - Fee earner to operational support staff ratio of 77:23 Financial position: c. 100m net cash 25

26 Outlook Summary Outlook Trends in market conditions expected to continue across major regions - Activity levels remain strong across most markets - Brazil expected to remain challenging in the short-term - Page Personnel progressing strongly Adverse effect of foreign exchange movements to continue - Forecast full year Gross Profit reduced by 28m and Operating Profit by 6m, an additional 18m and 4m from Q1 Ongoing focus on conversion rates and productivity - Selective investment in fee earner headcount - Continued focus on standardisation and efficiency - No planned new offices or countries On track for PRS roll-out target of 80% of fee earners by year end Excluding FX movements, full year results in line with Board s expectations 26

27 Recognition: external awards

28 Year-on-Year Gross Profit Growth Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 EMEA -15.0% -8.2% -7.1% -1.4% +5.7% +5.1% +11.2% +12.5% +12.1% +11.4% UK -1.2% +0.3% +5.0% +5.1% +8.1% +11.1% +13.7% +11.0% +11.3% +12.8% Asia Pacific -0.3% -8.0% -4.3% -5.7% +1.3% +14.2% +11.1% +10.8% +10.8% +5.6% -Asia +13.5% +1.6% +7.4% +2.7% +8.0% +25.0% +16.5% +15.0% +14.1% +8.8% - Australasia -16.1% -21.3% -19.7% -18.3% -9.5% -2.9% +1.7% +2.7% +3.9% -1.8% Americas +2.1% +9.8% +16.8% +6.7% +16.2% +8.5% +9.6% +20.2% +7.1% +11.5% - North America +15.8% +29.8% +26.0% +30.0% +30.5% +15.5% +22.3% +20.3% +10.6% +21.1% -Latin America -2.1% +1.4% +12.6% -4.8% +7.4% +4.2% +1.5% +19.9% +4.2% +3.8% Group Total -6.7% -3.8% -0.3% +0.3% +6.8% +8.9% +11.6% +12.9% +10.9% +10.6%

29 Cautionary Statement 29 This presentation contains certain statements that are neither reported financial results nor other historical information. The information contained in this presentation is not audited, is for personal use and informational purposes only and is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law or regulation, or which would subject any member of the Michael Page International plc group of companies to any registration requirement. No representation or warranty, express or implied, is or will be made in relation to the accuracy, fairness or completeness of the information or opinions made in this presentation. Certain statements included or incorporated by reference within this presentation may constitute forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. There are risk factors that can cause actual results to differ materially from those expressed in or implied by such statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Michael Page International plc disclaims any intention or obligation to revise or update any forward-looking statements that may be made in this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast. This presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares in Michael Page International plc, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the shares of Michael Page International plc. Past performance cannot be relied upon as a guide to future performance. Liability arising from anything in this presentation shall be governed by English Law. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

30

Second Quarter 2014 Trading Update. 15 July 2014

Second Quarter 2014 Trading Update. 15 July 2014 Second Quarter 2014 Trading Update 15 July 2014 PageGroup Second Quarter 2014 Trading Update 2 Overview Group Q2 Gross Profit +9% in constant currency +2% in reported rates Y-o-Y growth in all regions

More information

*in constant currencies, unless otherwise indicated

*in constant currencies, unless otherwise indicated 14 July 2015 SECOND QUARTER AND FIRST HALF 2015 TRADING UPDATE Highlights* Group gross profit growth of 10.6%; continued growth in all four regions Ongoing FX headwinds lowered reported Q2 gross profit

More information

FTI Consulting +44 (0)20 3727 1340 Richard Mountain / Susanne Yule

FTI 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 information

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

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

More information

ON TRACK TO MEET FULL YEAR EXPECTATIONS. Overview. Strategic Highlights. Alison Cooper, Chief Executive, commented

ON TRACK TO MEET FULL YEAR EXPECTATIONS. Overview. Strategic Highlights. Alison Cooper, Chief Executive, commented ON TRACK TO MEET FULL YEAR EXPECTATIONS Overview First quarter performance in line with guidance and on track to meet full year outlook US business performing well and to plan Tobacco net revenue up 16.6%

More information

Software Tax Characterization Helpdesk Quarterly June 2008

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

More information

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

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

More information

H1 2015 Results. 12 August 2015

H1 2015 Results. 12 August 2015 H1 2015 Results Agenda Agenda H1 2015 at a glance Building industry outlook 2015 Outlook 2015 2 Stable operating margins Group net sales increase of 20.1% to CHF 1 308 million In local currencies, net

More information

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

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

More information

GLOBAL DATA CENTER INVESTMENT 2013

GLOBAL DATA CENTER INVESTMENT 2013 2013 CENSUS REPORT: Global Data Center Investment 2013 GLOBAL DATA CENTER INVESTMENT 2013 2013 - Healthy Growth in Data Center Investment Globally Globally, the data center industry has continued to maintain

More information

GLOBAL DATA CENTER SPACE 2013

GLOBAL DATA CENTER SPACE 2013 2013 CENSUS REPORT: Global Data Center Space 2013 GLOBAL DATA CENTER SPACE 2013 Top 3 data center markets account for almost half of all global data center space. In spite of a slowdown in the amount of

More information

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

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

More information

Design the future. Second quarter results 2015. Detlef Borghardt, CEO Wilfried Trepels, CFO. August 06, 2015

Design the future. Second quarter results 2015. Detlef Borghardt, CEO Wilfried Trepels, CFO. August 06, 2015 Design the future Second quarter results 215 Detlef Borghardt, CEO Wilfried Trepels, CFO August 6, 215 Agenda 1 Market Development 3 2 Financial information 5 3 Outlook 17 2 Truck and trailer market development

More information

Energy Briefing: Global Crude Oil Demand & Supply

Energy Briefing: Global Crude Oil Demand & Supply Energy Briefing: Global Crude Oil Demand & Supply November 6, 215 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Please visit our sites at www. blog. thinking outside the

More information

Performance 2015: Global Stock Markets

Performance 2015: Global Stock Markets Performance 21: Global Stock Markets November 12, 21 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of

More information

360 o View of. Global Immigration

360 o View of. Global Immigration 360 o View of Global Immigration In a fast moving global economy, remaining compliant with immigration laws, being informed and in control is more challenging than ever before. We are a globally linked

More information

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015

The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 The big pay turnaround: Eurozone recovering, emerging markets falter in 2015 Global salary rises up compared to last year But workers in key emerging markets will experience real wage cuts Increase in

More information

Global AML Resource Map Over 2000 AML professionals

Global AML Resource Map Over 2000 AML professionals www.pwc.co.uk Global AML Resource Map Over 2000 AML professionals January 2016 Global AML Resources: Europe France Italy Jersey / Guernsey 8 Ireland 1 Portugal 7 Luxembourg 5 United Kingdom 1 50 11 Spain

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

Global Economic Briefing: Global Inflation

Global Economic Briefing: Global Inflation Global Economic Briefing: Global Inflation August 7, Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the

More information

Focus on fleet customers SAF-HOLLAND 1st half-year results 2014

Focus on fleet customers SAF-HOLLAND 1st half-year results 2014 Focus on fleet customers SAF-HOLLAND 1st half-year results 214 Detlef Borghardt, CEO Wilfried Trepels, CFO August 7, 214 Executive Summary 1 Increase in group sales by 1.7% to 482.mn (previous year: 435.6)

More information

Global Effective Tax Rates

Global Effective Tax Rates www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes

More information

Software Tax Characterization Helpdesk Quarterly April 2012

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

More information

Performance 2016: Global Stock Markets

Performance 2016: Global Stock Markets Performance 216: Global Stock Markets July 22, 216 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of Contents

More information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

Global Real Estate Outlook

Global Real Estate Outlook Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South

More information

2015 Growth in data center employment continues but the workforce is changing

2015 Growth in data center employment continues but the workforce is changing Published in Conjunction with MARKET BRIEFING GLOBAL DATA CENTER EMPLOYMENT 2015 2015 Growth in data center employment continues but the workforce is changing Globally, the number of people working in

More information

Supported Payment Methods

Supported Payment Methods Sell Globally in a Snap Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not

More information

Performance 2013: Global Stock Markets

Performance 2013: Global Stock Markets Performance 213: Global Stock Markets January 4, 214 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of

More information

HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE

HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE HAS BRAZIL REALLY TAKEN OFF? BRAZIL LONG-RUN ECONOMIC GROWTH AND CONVERGENCE COUNTRY PROFILE: A COUNTRY IN TRANSFORMATION POLICY RECOMENDATIONS COUNTRY PROFILE Brazilian Equivalent Population in The World

More information

www.pwc.co.uk/economics Global wage projections to 2030 September 2013

www.pwc.co.uk/economics Global wage projections to 2030 September 2013 www.pwc.co.uk/economics Global wage projections to 2030 Summary: Wage gap between emerging and advanced economies will shrink significantly by 2030 By 2030, our projections in this report suggest that

More information

Sberbank Group s IFRS Results for 6 Months 2013. August 2013

Sberbank Group s IFRS Results for 6 Months 2013. August 2013 Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB

More information

Verdict Financial: Wealth Management. Data Collection and Forecasting Methodologies

Verdict Financial: Wealth Management. Data Collection and Forecasting Methodologies Verdict Financial: Wealth Management Data Collection and Forecasting Methodologies April 2014 Contents Global Wealth Markets Methodology Methodology Methodology 2 Global Wealth Markets Section 1: Global

More information

U.S. Trade Overview, 2013

U.S. Trade Overview, 2013 U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the

More information

FY2010 Results Presentation. 23 March 2011

FY2010 Results Presentation. 23 March 2011 FY2010 Results Presentation 23 March 2011 Disclaimer This document is of a purely informative nature and does not constitute an offer to sell, exchange or buy, or the solicitation of an offer to buy, securities

More information

FTSE Global Small Cap Index

FTSE Global Small Cap Index FTSE FACTSHEET FTSE Global Small Cap Index bmktitle1 The FTSE Global Small Cap Index is derived from FTSE's flagship Global Equity Series universe, which comprises around 7,000 securities worldwide, giving

More information

HR Outsourcing Market Forecast: 2012-2016 ~~~

HR Outsourcing Market Forecast: 2012-2016 ~~~ HR Outsourcing Market Forecast: 2012-2016 ~~~ Market Assessment August 2012 About is a specialist BPO analyst company. provides buy-side and sell-side organizations with deeper research and analyses in

More information

Supported Payment Methods

Supported Payment Methods Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not only the major credit

More information

On What Resources and Services Is Education Funding Spent?

On What Resources and Services Is Education Funding Spent? Indicator On What Resources and Services Is Education Funding Spent? In primary, secondary and post-secondary non-tertiary education combined, current accounts for an average of 92% of total spending in

More information

How many students study abroad and where do they go?

How many students study abroad and where do they go? From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter

More information

Axioma Risk Monitor Global Developed Markets 29 June 2016

Axioma Risk Monitor Global Developed Markets 29 June 2016 Axioma Risk Monitor Global Developed Markets 29 June 2016 1. Global volatility hotspots 2. Global correlation hotspots www.axioma.com Greater than 1% rise over last week Greater than 1% fall over last

More information

International Clinical Trials and Liability Insurance - The Challenges and their Solutions. Barrie Lloyd (QBE Switzerland)

International Clinical Trials and Liability Insurance - The Challenges and their Solutions. Barrie Lloyd (QBE Switzerland) International Clinical Trials and Liability Insurance - The Challenges and their Solutions Barrie Lloyd (QBE Switzerland) Disclaimer The information contained herein has been prepared by QBE Insurance

More information

FTSE All-World ex Fossil Fuels Index Series

FTSE All-World ex Fossil Fuels Index Series FTSE FACTSHEET FTSE All-World ex Fossil Fuels Index Series Data as at: 31 August 2015 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce write-off

More information

INVESTING IN A TRANSITIONING SECTOR

INVESTING IN A TRANSITIONING SECTOR INVESTING IN A TRANSITIONING SECTOR Eurelectric conference Jon Moore, CEO NEW INVESTMENT IN CLEAN ENERGY 24-14 ($BN) 32% 17% $318bn -7% $294bn 16% -9% $31bn.5% $272bn $268bn 17% 46% 36% $175bn $25bn $26bn

More information

E-Seminar. Financial Management Internet Business Solution Seminar

E-Seminar. Financial Management Internet Business Solution Seminar E-Seminar Financial Management Internet Business Solution Seminar Financial Management Internet Business Solution Seminar 3 Welcome 4 Objectives 5 Financial Management 6 Financial Management Defined 7

More information

Second Quarter 2015 Investor Conference Call

Second Quarter 2015 Investor Conference Call Second Quarter 2015 Investor Conference Call August 20, 2015 December 13, 2012 DRAFT 5 Safe Harbor Basis of Presentation Unless otherwise noted or unless the context otherwise requires, all references

More information

Adecco returns to growth in October

Adecco returns to growth in October Adecco returns to growth in October Improving revenue trends and strong profitability in Q3 2013 Q3 2013 HIGHLIGHTS Revenues flat in constant currency Gross margin of 18.7%, up 80 bps SG&A down 2% in constant

More information

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

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

More information

Global Economic Indicators: Global Leading Indicators

Global Economic Indicators: Global Leading Indicators Global Economic Indicators: Global Leading Indicators September 12, 2016 Dr. Edward Yardeni 516-2-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit

More information

How does a venture capitalist appraise investment opportunities?

How does a venture capitalist appraise investment opportunities? 1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:

More information

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO

MAUVE GROUP GLOBAL EMPLOYMENT SOLUTIONS PORTFOLIO MAUVE GROUP GLOBAL SOLUTIONS PORTFOLIO At Mauve Group, we offer a variety of complete employee management services such as Global Employment Solutions (GES), Professional Employment Outsourcing (PEO),

More information

Trends in Digitally-Enabled Trade in Services. by Maria Borga and Jennifer Koncz-Bruner

Trends in Digitally-Enabled Trade in Services. by Maria Borga and Jennifer Koncz-Bruner Trends in Digitally-Enabled Trade in Services by Maria Borga and Jennifer Koncz-Bruner Digitally-enabled are those for which digital information and communications technologies (ICT) play an important

More information

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50. Overall Results Climate Change Performance Index 2012 Table 1 Rank Country Score** Partial Score Tendency Trend Level Policy 1* Rank Country Score** Partial Score Tendency Trend Level Policy 21 - Egypt***

More information

Financial supplement 2013. Zurich Insurance Group Annual Report 2013

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

More information

CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES

CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES THE APERIO DIFFERENCE. Authors Michael Branch, CFA Ran Leshem CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES U.S. investors can capture international equity exposure

More information

Report on Government Information Requests

Report on Government Information Requests Report on Government Information July 1 - December 31, 2014 apple Apple takes our commitment to protecting your data very seriously and we work incredibly hard to deliver the most secure hardware, software

More information

Accuracy counts! SENSORS WITH ANALOG OUTPUT

Accuracy counts! SENSORS WITH ANALOG OUTPUT Accuracy counts! SENSORS WITH ANALOG OUTPUT OTHER APPLICATIONS: KEY ADVANTAGES: Distance measurement Positioning Profile detection Deformation monitoring Vibration monitoring Process monitoring Detection

More information

Ontex Q3 2015: Trading in line with Company expectations and full year outlook reiterated

Ontex Q3 2015: Trading in line with Company expectations and full year outlook reiterated Ontex Q3 2015: Trading in line with Company expectations and full year outlook reiterated Aalst-Erembodegem, November 5, 2015 - Ontex Group NV (Euronext Brussels: ONTEX; Ontex, the Group or the Company

More information

Software Tax Characterization Helpdesk Quarterly August 2012

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

More information

Agenda. Company Platform Customers Partners Competitive Analysis

Agenda. Company Platform Customers Partners Competitive Analysis KidoZen Overview Agenda Company Platform Customers Partners Competitive Analysis Our Vision Power the backend of the post- web enterprise Key Challenges of the Mobile Enterprise Enterprise systems integration

More information

Figure 1: Global Aggregates: Industrial Production (% MoM Ann., 3M moving average)

Figure 1: Global Aggregates: Industrial Production (% MoM Ann., 3M moving average) Figure 1: Global Aggregates: Industrial Production (% MoM Ann., 3M moving average) World Advanced Economies Emerging Market Economies Notes: Nowcasts are in red. World is the PPP-weighted average of US,

More information

Microsoft Voucher Ordering Processes

Microsoft Voucher Ordering Processes Microsoft Voucher Ordering Processes *For purposes of this document, the term Member applies to all Microsoft Members, Academic, ITA and Learning partners. Pearson VUE Voucher Store The Pearson VUE Voucher

More information

We decided that we would build IFS Applications on standards so our customers would not be locked into any particular technology. We still do.

We decided that we would build IFS Applications on standards so our customers would not be locked into any particular technology. We still do. IFS Applications for Shipbuilding 2 ifs shipbuilding OUR SOLUTION S DNA When we first set out to create IFS Applications over 25 years ago, our goal was to make the most usable business solution on the

More information

Carat forecasts growth of 5.0% for 2012 and 5.3% in 2013 with digital advertising overtaking newspapers sooner than expected

Carat forecasts growth of 5.0% for 2012 and 5.3% in 2013 with digital advertising overtaking newspapers sooner than expected 23 August 2012 Carat forecasts growth of 5.0% for 2012 and 5.3% in 2013 with digital advertising overtaking newspapers sooner than expected Carat, the world s leading independent media communications agency,

More information

Brochure More information from http://www.researchandmarkets.com/reports/1339929/

Brochure More information from http://www.researchandmarkets.com/reports/1339929/ Brochure More information from http://www.researchandmarkets.com/reports/1339929/ The 2011 World Forecasts of Machine Tools That Remove Material by Laser or Light, Photon, Ultrasonic, Electro-Discharge,

More information

BT Premium Event Call and Web Rate Card

BT Premium Event Call and Web Rate Card BT Managed Event and BT Self-Managed Event (also referred to as Express, Plus and Premium) Conference Bridge and Call for Booked Audio Conferencing Services will comprise the following for each phone-conference:

More information

Triple-play subscriptions to rocket to 400 mil.

Triple-play subscriptions to rocket to 400 mil. Triple-play criptions to rocket to 400 mil. Global triple-play criptions will reach 400 million by 2017; up by nearly 300 million on the end-2011 total and up by 380 million on the 2007 total, according

More information

Document Management Market Forecast: 2009-2013 ~~~

Document Management Market Forecast: 2009-2013 ~~~ Document Management Market Forecast: 2009-2013 ~~~ Market Assessment November 2009 DOCUMENT MANAGEMENT MARKET FORECAST: 2009-2013 About is a specialist BPO analyst company. provides buy-side and sell-side

More information

Consumer Credit Worldwide at year end 2012

Consumer Credit Worldwide at year end 2012 Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international

More information

2013 GLOBAL PERFORMANCE MANAGEMENT SURVEY REPORT

2013 GLOBAL PERFORMANCE MANAGEMENT SURVEY REPORT 2013 GLOBAL PERFORMANCE MANAGEMENT SURVEY REPORT Executive Summary contents Overview Key Findings: Critical Drivers of Performance Management Success Industry Insights Regional and Country Insights Participant

More information

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace

DSV Air & Sea, Inc. Aerospace Sector. DSV Air & Sea, Inc. Aerospace DSV Air & Sea, Inc. Aerospace Sector DSV Air & Sea, Inc. Aerospace Introduction to DSV DSV is a global supplier of transport and logistics services. We have offices in more than 70 countries and an international

More information

Cisco Phone Systems Telemarketing Script Cold Call

Cisco Phone Systems Telemarketing Script Cold Call Cisco Phone Systems Telemarketing Script Cold Call 1. Locate Contact: Name listed Owner General Manager / Office Manager Chief BDM (Business Decision Maker) Note: Avoid talking to IT since this is not

More information

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

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

More information

Review of R&D Tax Credit. Invitation for Submissions

Review of R&D Tax Credit. Invitation for Submissions Review of R&D Credit invitation for submissions Review of R&D Credit Invitation for Submissions February 2013 Economic and Fiscal Divisions Department of Finance Government Buildings, Upper Merrion Street,

More information

Sulfuric Acid 2013 World Market Outlook and Forecast up to 2017

Sulfuric Acid 2013 World Market Outlook and Forecast up to 2017 Brochure More information from http://www.researchandmarkets.com/reports/2547547/ Sulfuric Acid 2013 World Market Outlook and Forecast up to 2017 Description: Sulfuric Acid 2013 World Market Outlook and

More information

World Consumer Income and Expenditure Patterns

World Consumer Income and Expenditure Patterns World Consumer Income and Expenditure Patterns 2014 14th edi tion Euromonitor International Ltd. 60-61 Britton Street, EC1M 5UX TableTypeID: 30010; ITtableID: 22914 Income Algeria Income Algeria Income

More information

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai

THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic

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

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

Global payments trends: Challenges amid rebounding revenues

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

More information

Sybase Solutions for Healthcare Adapting to an Evolving Business and Regulatory Environment

Sybase Solutions for Healthcare Adapting to an Evolving Business and Regulatory Environment Sybase Solutions for Healthcare Adapting to an Evolving Business and Regulatory Environment OVERVIEW Sybase Solutions for Healthcare Adapting to an Evolving Business and Regulatory Environment Rising medical

More information

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013

Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 Global Investing 2013 Morningstar. All Rights Reserved. 3/1/2013 World Stock Market Capitalization Year-end 2012 18.5% 9.6% United States International: Other Europe United Kingdom Japan Other Pacific

More information

First quarter 2015. Wednesday, April 22, 2015. Bezons

First quarter 2015. Wednesday, April 22, 2015. Bezons Wednesday, April 22, - Bezons Disclaimers April 22, This document contains further forward-looking statements that involve risks and uncertainties concerning the Group's expected growth and profitability

More information

Euler Hermes the world leader in credit insurance RISK ASSESSMENT CREDIT INSURANCE DEBT COLLECTION

Euler Hermes the world leader in credit insurance RISK ASSESSMENT CREDIT INSURANCE DEBT COLLECTION Euler Hermes the world leader in credit insurance RISK ASSESSMENT CREDIT INSURANCE DEBT COLLECTION Agenda 1 The Euler Hermes group 2 Our business 3 Our products and solutions 4 Our added value 2 The Euler

More information

Market Briefing: Trade-Weighted Dollar

Market Briefing: Trade-Weighted Dollar Market Briefing: Trade-Weighted Dollar August 16, 2016 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 4-664-1333 djohnson@ Mali Quintana 4-664-1333 aquintana@ Please visit our sites at blog.

More information

RC GROUP. Corporate Overview

RC GROUP. Corporate Overview RC GROUP Corporate Overview VISION & MISSION We, at RC Group aim to become the preferred Partner for Innovative, Customer driven, Value adding IT based business solutions and services in local and international

More information

October 2007. Trust in Advertising. a global Nielsen

October 2007. Trust in Advertising. a global Nielsen October 2007 Trust in Advertising a global Nielsen consumer report Word-of-mouth the most powerful selling tool: Nielsen Survey Traditional Media Advertising Still More Credible Worldwide Than Ads on Search

More information

Verifone Reports Results for the Second Quarter of Fiscal 2016

Verifone Reports Results for the Second Quarter of Fiscal 2016 Verifone Reports Results for the Second Quarter of Fiscal 2016 SAN JOSE, Calif. (BUSINESS WIRE) Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results

More information

Financial Information

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

More information

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

GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7% GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue

More information

CMMI for SCAMPI SM Class A Appraisal Results 2011 End-Year Update

CMMI for SCAMPI SM Class A Appraisal Results 2011 End-Year Update CMMI for SCAMPI SM Class A 2011 End-Year Update Software Engineering Institute Carnegie Mellon University Pittsburgh, PA 15213 1 Outline Introduction Current Status Community Trends Organizational Trends

More information

Nordex SE Conference Call Q1 2015

Nordex SE Conference Call Q1 2015 Nordex SE Conference Call Q1 2015 Hamburg 13 May 2015 AGENDA 1. Highlights Dr. Jürgen Zeschky 2. Operational progress and order intake Dr. Jürgen Zeschky 3. Financials Q1 2015 Bernard Schäferbarthold 4.

More information

HP Priority Services - Overview

HP Priority Services - Overview HP Priority Services - Overview Premium enterprise-level global support for your entire Install base. May 2016 1 Overview Priority Services: Premium enterprise-level global support for your entire Install

More information

TOMTOM BONUS INTERNATIONAL MAP INDONESIA PROMOTION HOW TO CLAIM

TOMTOM BONUS INTERNATIONAL MAP INDONESIA PROMOTION HOW TO CLAIM TOMTOM BONUS INTERNATIONAL MAP INDONESIA PROMOTION HOW TO CLAIM a) To be eligible to claim, individuals must purchase an eligible TomTom GPS model (as stipulated below in Clause 11) from a participating

More information

Brochure More information from http://www.researchandmarkets.com/reports/3278449/

Brochure More information from http://www.researchandmarkets.com/reports/3278449/ Brochure More information from http://www.researchandmarkets.com/reports/3278449/ The 2016 World Forecasts of Hand-Operated Date, Sealing, or Numbering Stamps; Devices for Printing or Embossing Labels;

More information

Manpower Employment Outlook Survey Singapore Q3 2014. A Manpower Research Report

Manpower Employment Outlook Survey Singapore Q3 2014. A Manpower Research Report Manpower Employment Outlook Survey Singapore Q3 14 A Manpower Research Report Contents Q3/14 Singapore Employment Outlook 2 Sector Comparisons Global Employment Outlook 6 International Comparisons - Asia

More information

FACT SHEET Global Direct Selling

FACT SHEET Global Direct Selling Global 2011 Global Retail Sales: USD $153,727 million Global Sales Force The 91.5 million Direct Sellers who represent companies around the world are: 3 2 16% 9% 2% 3% 2% 3% 2% 3% Care 42% 2% 56% 3% 2

More information

First quarter 2015 revenue

First quarter 2015 revenue First quarter 2015 revenue Start of the year well on track to 2015 objectives Revenue: 2,427 million +17.6% year-on-year Order entry: 2,198 million +31.5% year-on-year All 2015 objectives confirmed Bezons,

More information