- Michelin's net sales for the first half of 2009 were €7.1 billion, down 13.4% from the first half of 2008, due to a 23% decline in unit sales caused by falling tire demand globally except in China.
- The operating margin was 4.0% before non-recurring items, down 4.6 points from the first half of 2008, as operating income fell 60.2% to €282 million due to lower unit sales and higher unused capacity costs.
- Michelin reported a net loss of €122 million for the first half after €292 million in restructuring costs for plans in France and North America to increase competitiveness.
CSX Corporation reported third-quarter earnings results. Revenue increased 9.4% driven by a 9.3% increase in revenue per car. Earnings per share increased 31% to $0.72 despite a $250 million impact from Hurricane Katrina. The company raised its full-year earnings guidance to a range of $3.20 to $3.30 per share and increased its dividend by 30%, reflecting strong earnings and cash flow expectations.
The majority down. 62% of our 72-stock universe suffered lower
sequential quarterly net profits, with 24% surprising on the downside.
The combined 1Q09 net profit of our research universe fell by just 3.5%
QoQ. But stripping out 5 large gainers, net profits fell a larger 13.6%
QoQ. Consumers and glove manufacturers’ defied gravity, but net
profits of virtually all stocks in nine sectors fell quarter-on-quarter.
A surprising combined result, but the devil is in the details. The
combined net profit of our research universe declined just 3.5% QoQ
despite an overwhelming 62% of companies reporting a sequential
quarterly decline. But excluding five companies, combined net profit fell
13.6% QoQ, an acceleration from previous quarters. A broad-based
earnings decline is being masked by a few companies, including some
monopolies.
Declines in nine sectors, but consumer sector unscathed. Every
stock in nine sectors, excluding monopolies Petronas Gas and KLCCP,
experienced a drop in quarterly sequential earnings. The sectors are
gaming, oil & gas, property, REITs, construction, building materials,
semi-conductors, plantations and toll roads. Consumer stocks and
glove manufacturers showed particular resilience.
An ‘energy dividend’ took effect; monopolies fared well. Lower oil
prices benefited heavy fuel users AirAsia and Tenaga. Their gains were
only partially offset by lower earnings at the oil & gas services
companies. Net profits of Telekom, Tenaga and Petronas Gas, all
effectively monopolies, improved on a quarterly basis although only
Petronas Gas raised prices in 1Q09.
The biggest disappointment and downgrade: 1Q GDP. First quarter
2009 GDP fell 6.2% YoY, against consensus expectations of a 3-4%
drop. We have revised our GDP forecasts to -3.8% in 2009 and +4.0%
YoY in 2010 (previously -1.3% and +3.5% respectively). The
government, to be ahead in the expectations game, is projecting 2009
GDP growth of -4% to -5%. The silver lining is the government is now
under greater pressure to implement its fiscal stimulus plans quickly.
A reversal of fortune ahead for construction, building materials.
Despite uniformly lower earnings this 1Q, we believe the construction
and building materials sectors are only 2-3 quarters away from
improved revenues. Share prices of stocks in these sectors will likely
be driven by newsflow from the fiscal stimulus rather than earnings.
Charles Szews, President and COO of Oshkosh Corporation, presented at the Cowen and Company Aerospace & Defense Conference on February 5, 2009. He discussed Oshkosh's business segments, products, competitive advantages, challenges, and actions taken in response to the economic downturn. Key points included reduced revenues and earnings in Q1 2009, cost reduction efforts, and focus on core businesses with strong backlogs like defense and fire apparatus that have gained market share.
Bolt Technology Corp saw a 21% decrease in total revenues to $48.9 million in FY2009 mainly due to decreases in their seismic energy sources and controllers segments. However, their underwater cables and connectors segment saw increased sales. Gross profit margins increased to 49% due to higher prices and lower material costs. While dependent on a few major customers for most of its revenues, Bolt is forecasted to see increased sales in 2010 with projections for growth in oil demand and prices.
The document summarizes Tele2's financial and operational results for the third quarter of 2009. It reports that all regions performed solidly, with continued growth in customer numbers in Nordic, Russia, and Central Europe. Russia added over 1 million new customers, including 742,000 from new regions launched in the quarter. The financial review shows increased sales and profits compared to the same period last year.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
The document provides a summary of a company's 3Q09 earnings release and performance compared to 4T08 and full year 2008. Key highlights include a 40.9% reduction in net operating revenue in 3Q09 versus the same period in 2008. EBITDA declined 63.4% and net income declined 91.2% over the same period. The declines were driven by reductions in production of trucks, buses, and agricultural machinery in Brazil as well as lower domestic and export demand.
The document is a summary of WEG's Q3 2009 conference call discussing financial results. It notes that while the downturn was swift, recovery is gradual. Gross revenues were down 14% year-over-year due to impacts across markets, though margins are recovering faster through improved efficiency. Quarterly highlights show decreases in gross operating revenue but increases in gross margin and net income. Cost reductions and mix improvements helped profitability. Cash generation was strong and debt levels decreased. Capacity expansion investments continued with strict controls to maximize returns. Contact information is provided for further questions.
CSX Corporation reported third-quarter earnings results. Revenue increased 9.4% driven by a 9.3% increase in revenue per car. Earnings per share increased 31% to $0.72 despite a $250 million impact from Hurricane Katrina. The company raised its full-year earnings guidance to a range of $3.20 to $3.30 per share and increased its dividend by 30%, reflecting strong earnings and cash flow expectations.
The majority down. 62% of our 72-stock universe suffered lower
sequential quarterly net profits, with 24% surprising on the downside.
The combined 1Q09 net profit of our research universe fell by just 3.5%
QoQ. But stripping out 5 large gainers, net profits fell a larger 13.6%
QoQ. Consumers and glove manufacturers’ defied gravity, but net
profits of virtually all stocks in nine sectors fell quarter-on-quarter.
A surprising combined result, but the devil is in the details. The
combined net profit of our research universe declined just 3.5% QoQ
despite an overwhelming 62% of companies reporting a sequential
quarterly decline. But excluding five companies, combined net profit fell
13.6% QoQ, an acceleration from previous quarters. A broad-based
earnings decline is being masked by a few companies, including some
monopolies.
Declines in nine sectors, but consumer sector unscathed. Every
stock in nine sectors, excluding monopolies Petronas Gas and KLCCP,
experienced a drop in quarterly sequential earnings. The sectors are
gaming, oil & gas, property, REITs, construction, building materials,
semi-conductors, plantations and toll roads. Consumer stocks and
glove manufacturers showed particular resilience.
An ‘energy dividend’ took effect; monopolies fared well. Lower oil
prices benefited heavy fuel users AirAsia and Tenaga. Their gains were
only partially offset by lower earnings at the oil & gas services
companies. Net profits of Telekom, Tenaga and Petronas Gas, all
effectively monopolies, improved on a quarterly basis although only
Petronas Gas raised prices in 1Q09.
The biggest disappointment and downgrade: 1Q GDP. First quarter
2009 GDP fell 6.2% YoY, against consensus expectations of a 3-4%
drop. We have revised our GDP forecasts to -3.8% in 2009 and +4.0%
YoY in 2010 (previously -1.3% and +3.5% respectively). The
government, to be ahead in the expectations game, is projecting 2009
GDP growth of -4% to -5%. The silver lining is the government is now
under greater pressure to implement its fiscal stimulus plans quickly.
A reversal of fortune ahead for construction, building materials.
Despite uniformly lower earnings this 1Q, we believe the construction
and building materials sectors are only 2-3 quarters away from
improved revenues. Share prices of stocks in these sectors will likely
be driven by newsflow from the fiscal stimulus rather than earnings.
Charles Szews, President and COO of Oshkosh Corporation, presented at the Cowen and Company Aerospace & Defense Conference on February 5, 2009. He discussed Oshkosh's business segments, products, competitive advantages, challenges, and actions taken in response to the economic downturn. Key points included reduced revenues and earnings in Q1 2009, cost reduction efforts, and focus on core businesses with strong backlogs like defense and fire apparatus that have gained market share.
Bolt Technology Corp saw a 21% decrease in total revenues to $48.9 million in FY2009 mainly due to decreases in their seismic energy sources and controllers segments. However, their underwater cables and connectors segment saw increased sales. Gross profit margins increased to 49% due to higher prices and lower material costs. While dependent on a few major customers for most of its revenues, Bolt is forecasted to see increased sales in 2010 with projections for growth in oil demand and prices.
The document summarizes Tele2's financial and operational results for the third quarter of 2009. It reports that all regions performed solidly, with continued growth in customer numbers in Nordic, Russia, and Central Europe. Russia added over 1 million new customers, including 742,000 from new regions launched in the quarter. The financial review shows increased sales and profits compared to the same period last year.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
The document provides a summary of a company's 3Q09 earnings release and performance compared to 4T08 and full year 2008. Key highlights include a 40.9% reduction in net operating revenue in 3Q09 versus the same period in 2008. EBITDA declined 63.4% and net income declined 91.2% over the same period. The declines were driven by reductions in production of trucks, buses, and agricultural machinery in Brazil as well as lower domestic and export demand.
The document is a summary of WEG's Q3 2009 conference call discussing financial results. It notes that while the downturn was swift, recovery is gradual. Gross revenues were down 14% year-over-year due to impacts across markets, though margins are recovering faster through improved efficiency. Quarterly highlights show decreases in gross operating revenue but increases in gross margin and net income. Cost reductions and mix improvements helped profitability. Cash generation was strong and debt levels decreased. Capacity expansion investments continued with strict controls to maximize returns. Contact information is provided for further questions.
1) The document is the transcript from Cummins Inc.'s second quarter 2007 earnings teleconference held on July 26, 2007.
2) It includes comments from Cummins executives on the company's financial results and outlook, as well as segment results and strategies.
3) Key highlights included double-digit revenue growth, strong international demand offsetting declines in the US, and investments to capitalize on profitable growth opportunities around the world.
Doug Foshee, President and CEO of El Paso Corporation, presented at an annual investor conference on September 20, 2005. He summarized that El Paso has made significant progress in turning the company around, reducing net debt from $20.5 billion to $15.9 billion through asset sales and debt reduction. Production has stabilized at around 900 million cubic feet equivalent per day, and the company is well positioned with natural gas assets. El Paso expects substantial leverage to higher natural gas prices in 2006, with every $1 increase in gas prices above $5 providing around $200 million in additional cash flow.
John Hopper presented at the Deutsche Bank High Yield Conference on September 28, 2005. The presentation summarized El Paso Corporation's progress in turning around its business, reducing debt, and positioning itself for future growth. Key points included stabilizing production, focusing more investment onshore, improving the Texas Gulf Coast business, and having significant leverage to rising natural gas prices in 2006. Cost reductions were also continuing across the company. The presentation demonstrated that El Paso had made rapid progress in its turnaround.
2008:Botswana – Recent Economic Developments and Prospectseconsultbw
Botswana has experienced a recovery in economic growth from 0.6% in 2005/2006 to 6.2% in 2006/2007. Mining continues to dominate GDP at 42% but the non-mining private sector growth has picked up. Inflation remains moderate and the pula has depreciated slightly against the basket. Overall the economy remains robust but future growth depends on further diversification away from mining and government spending.
Dover Corporation is a $7 billion global provider of industrial products, fluid management, engineered systems and electronic technologies. In 2008, Dover exceeded 3 of its 5 performance targets and achieved strong free cash flow of $834.6 million. Looking ahead, Dover is focused on cost savings initiatives, restructuring programs, and strategic capital allocation to deliver solid results in a challenging economic environment. Guidance for 2009 anticipates an 11-13% decline in total revenue but maintains a target for free cash flow to remain above 10% of revenue.
The document summarizes Ideiasnet's 1Q09 earnings. It saw a 4.5% increase in net revenue but a 60% decrease in EBITDA. The e-commerce segment grew revenues and EBITDA while infrastructure/telecom revenues slightly declined with negatively impacted EBITDA. Media/content grew revenues with negative EBITDA due to investments. The company invested R$7.9 million in its portfolio and saw a decrease in net debt. Overall revenues grew but margins compressed, impacting net income.
Localiza Rent a Car S.A. held a public meeting to discuss the company's performance in 2Q06 and outlook. Key points include:
1) The car rental market saw strong growth, with Localiza's car rental business volume increasing 43.3% and fleet rental increasing 33.7%.
2) Localiza achieved a 63.7% increase in car rental EBITDA and 44.5% increase in fleet rental EBITDA, excluding used cars.
3) The company is well positioned for future growth, with competitive advantages from scale, brand strength, and an integrated business platform. Localiza will focus on organic growth and consolidation opportunities to increase business volume.
Goodrich Corporation provided an overview of its 2008 financial results and 2009 outlook. Key points include:
1) Aftermarket sales represented 45% of total 2008 sales of $7.062 billion and are expected to be flat in 2009.
2) Commercial OE sales, which made up 34% of 2008 sales, are forecast to grow 3-5% in 2009, slower than the 7% growth in 2008.
3) Defense and space sales, which accounted for 25% of 2008 sales, are estimated to increase 5% in 2009, similar to the 11% growth in 2008.
4) EPS in 2009 is projected to decline 8-16% from $5.33 in 2008 to
This document summarizes CSX's presentation at the Citigroup Global Transportation Conference in November 2006. Some key points:
1) CSX had achieved record results year-to-date for 2006, with revenues up 12% and operating income up 31% compared to the same period in 2005.
2) CSX expected long-term revenue growth of 4-6% annually through 2010, driven by both yield improvements and volume growth. Operating income was projected to increase 10-12% annually.
3) The economic environment for transportation was favorable, with manufacturing and trade driving demand. Rail was becoming increasingly competitive compared to trucking due to factors like congestion and fuel costs.
4)
- The document reports financial results for Localiza Rent a Car S.A. for the second quarter and first half of 2009, with comparisons to prior periods.
- Despite unfavorable market conditions, revenues grew 4.8% in the first half of 2009 due to higher volumes and prices. However, depreciation and used car sales resulted in lower net income.
- Strong cash generation of R$504.6 million and debt reduction of R$436.7 million improved financial ratios. The company adjusted its fleet size in response to market conditions.
Gm Events & Presentations Credit Suisse Group International Investor Conferen...Manya Mohan
The document summarizes General Motors' performance in Europe in the first half of 2008. It notes that GM Europe achieved record sales of 1.16 million vehicles despite challenging market conditions. Key initiatives discussed include a focus on growth in Central and Eastern Europe, expanding the Chevrolet brand, improving revenue and margins, and restructuring manufacturing operations to lower costs.
This document provides a strategic trade policy framework for Pakistan from 2009 to 2012. It outlines key challenges such as high costs of doing business and energy shortages. The framework aims to enhance competitiveness, reduce costs, and support focus sectors including textiles, pharmaceuticals, and agriculture. Specific initiatives are proposed to address supply constraints, promote financing at reasonable rates, and support export-oriented sectors through targeted policies and programs. The targets include increasing exports, improving competitiveness rankings, and expanding regional trade.
This document provides details from Cummins Inc.'s fourth quarter 2007 earnings teleconference call held on February 1, 2008. It includes key messages about Cummins achieving record sales and profits for the fourth straight year through operational improvements and investing in global growth. Segment results and guidance for 2008 indicate continued revenue growth across all business segments through new product introductions and market expansion.
This property listing summarizes commercial office space available for lease at 901 Market Street in San Francisco. Suite sizes range from 1,401 square feet to over 17,000 square feet. The building offers ideal access to public transit in downtown San Francisco and is within walking distance of major attractions like Union Square. Tenant spaces can be combined to provide up to 17,299 contiguous square feet of office space. Contact information is provided for property agent Daphne Spieker.
The document provides journal prompts for students to respond to regarding the novel Ender's Game. It asks students to take 10 minutes to respond to whether they agree or disagree with Anderson's statement that Ender isn't a killer, he just wins thoroughly, making references to the novel. It also asks students to describe Ender's battle with two armies at once and how he finds out he has graduated to Command School, including who tells him and who is with him. It assigns homework of reading the first page break of chapter 13 and vocabulary for the next day.
Ambrose is a pianist who is raising her son Julian as a single mother. She finds a stable job playing ambient music at a restaurant that allows her to work regular hours around her babysitting schedule. Bernice, Ambrose's friend, is also changing as she discovers her playful side while hanging out with Julian. Meanwhile, Ambrose's neighbor Hennrick develops feelings for Ambrose after seeing her happily playing with Julian. He decides to introduce himself to get more involved in her life.
This document defines a series of terms, including: certain, penultimate, convene, misleading, agreement, bypass, inaccurate, help, incursion, superficial, amateur, aberrant, insult, endless, straying, forerunner, exit, pardon, and novel. It provides definitions for various words related to certainty, order, deception, cooperation, avoidance, error, assistance, conflict, thoroughness, experience, deviation, disrespect, continuity, wandering, predecessors, departure, forgiveness, and new concepts.
1) The document is the transcript from Cummins Inc.'s second quarter 2007 earnings teleconference held on July 26, 2007.
2) It includes comments from Cummins executives on the company's financial results and outlook, as well as segment results and strategies.
3) Key highlights included double-digit revenue growth, strong international demand offsetting declines in the US, and investments to capitalize on profitable growth opportunities around the world.
Doug Foshee, President and CEO of El Paso Corporation, presented at an annual investor conference on September 20, 2005. He summarized that El Paso has made significant progress in turning the company around, reducing net debt from $20.5 billion to $15.9 billion through asset sales and debt reduction. Production has stabilized at around 900 million cubic feet equivalent per day, and the company is well positioned with natural gas assets. El Paso expects substantial leverage to higher natural gas prices in 2006, with every $1 increase in gas prices above $5 providing around $200 million in additional cash flow.
John Hopper presented at the Deutsche Bank High Yield Conference on September 28, 2005. The presentation summarized El Paso Corporation's progress in turning around its business, reducing debt, and positioning itself for future growth. Key points included stabilizing production, focusing more investment onshore, improving the Texas Gulf Coast business, and having significant leverage to rising natural gas prices in 2006. Cost reductions were also continuing across the company. The presentation demonstrated that El Paso had made rapid progress in its turnaround.
2008:Botswana – Recent Economic Developments and Prospectseconsultbw
Botswana has experienced a recovery in economic growth from 0.6% in 2005/2006 to 6.2% in 2006/2007. Mining continues to dominate GDP at 42% but the non-mining private sector growth has picked up. Inflation remains moderate and the pula has depreciated slightly against the basket. Overall the economy remains robust but future growth depends on further diversification away from mining and government spending.
Dover Corporation is a $7 billion global provider of industrial products, fluid management, engineered systems and electronic technologies. In 2008, Dover exceeded 3 of its 5 performance targets and achieved strong free cash flow of $834.6 million. Looking ahead, Dover is focused on cost savings initiatives, restructuring programs, and strategic capital allocation to deliver solid results in a challenging economic environment. Guidance for 2009 anticipates an 11-13% decline in total revenue but maintains a target for free cash flow to remain above 10% of revenue.
The document summarizes Ideiasnet's 1Q09 earnings. It saw a 4.5% increase in net revenue but a 60% decrease in EBITDA. The e-commerce segment grew revenues and EBITDA while infrastructure/telecom revenues slightly declined with negatively impacted EBITDA. Media/content grew revenues with negative EBITDA due to investments. The company invested R$7.9 million in its portfolio and saw a decrease in net debt. Overall revenues grew but margins compressed, impacting net income.
Localiza Rent a Car S.A. held a public meeting to discuss the company's performance in 2Q06 and outlook. Key points include:
1) The car rental market saw strong growth, with Localiza's car rental business volume increasing 43.3% and fleet rental increasing 33.7%.
2) Localiza achieved a 63.7% increase in car rental EBITDA and 44.5% increase in fleet rental EBITDA, excluding used cars.
3) The company is well positioned for future growth, with competitive advantages from scale, brand strength, and an integrated business platform. Localiza will focus on organic growth and consolidation opportunities to increase business volume.
Goodrich Corporation provided an overview of its 2008 financial results and 2009 outlook. Key points include:
1) Aftermarket sales represented 45% of total 2008 sales of $7.062 billion and are expected to be flat in 2009.
2) Commercial OE sales, which made up 34% of 2008 sales, are forecast to grow 3-5% in 2009, slower than the 7% growth in 2008.
3) Defense and space sales, which accounted for 25% of 2008 sales, are estimated to increase 5% in 2009, similar to the 11% growth in 2008.
4) EPS in 2009 is projected to decline 8-16% from $5.33 in 2008 to
This document summarizes CSX's presentation at the Citigroup Global Transportation Conference in November 2006. Some key points:
1) CSX had achieved record results year-to-date for 2006, with revenues up 12% and operating income up 31% compared to the same period in 2005.
2) CSX expected long-term revenue growth of 4-6% annually through 2010, driven by both yield improvements and volume growth. Operating income was projected to increase 10-12% annually.
3) The economic environment for transportation was favorable, with manufacturing and trade driving demand. Rail was becoming increasingly competitive compared to trucking due to factors like congestion and fuel costs.
4)
- The document reports financial results for Localiza Rent a Car S.A. for the second quarter and first half of 2009, with comparisons to prior periods.
- Despite unfavorable market conditions, revenues grew 4.8% in the first half of 2009 due to higher volumes and prices. However, depreciation and used car sales resulted in lower net income.
- Strong cash generation of R$504.6 million and debt reduction of R$436.7 million improved financial ratios. The company adjusted its fleet size in response to market conditions.
Gm Events & Presentations Credit Suisse Group International Investor Conferen...Manya Mohan
The document summarizes General Motors' performance in Europe in the first half of 2008. It notes that GM Europe achieved record sales of 1.16 million vehicles despite challenging market conditions. Key initiatives discussed include a focus on growth in Central and Eastern Europe, expanding the Chevrolet brand, improving revenue and margins, and restructuring manufacturing operations to lower costs.
This document provides a strategic trade policy framework for Pakistan from 2009 to 2012. It outlines key challenges such as high costs of doing business and energy shortages. The framework aims to enhance competitiveness, reduce costs, and support focus sectors including textiles, pharmaceuticals, and agriculture. Specific initiatives are proposed to address supply constraints, promote financing at reasonable rates, and support export-oriented sectors through targeted policies and programs. The targets include increasing exports, improving competitiveness rankings, and expanding regional trade.
This document provides details from Cummins Inc.'s fourth quarter 2007 earnings teleconference call held on February 1, 2008. It includes key messages about Cummins achieving record sales and profits for the fourth straight year through operational improvements and investing in global growth. Segment results and guidance for 2008 indicate continued revenue growth across all business segments through new product introductions and market expansion.
This property listing summarizes commercial office space available for lease at 901 Market Street in San Francisco. Suite sizes range from 1,401 square feet to over 17,000 square feet. The building offers ideal access to public transit in downtown San Francisco and is within walking distance of major attractions like Union Square. Tenant spaces can be combined to provide up to 17,299 contiguous square feet of office space. Contact information is provided for property agent Daphne Spieker.
The document provides journal prompts for students to respond to regarding the novel Ender's Game. It asks students to take 10 minutes to respond to whether they agree or disagree with Anderson's statement that Ender isn't a killer, he just wins thoroughly, making references to the novel. It also asks students to describe Ender's battle with two armies at once and how he finds out he has graduated to Command School, including who tells him and who is with him. It assigns homework of reading the first page break of chapter 13 and vocabulary for the next day.
Ambrose is a pianist who is raising her son Julian as a single mother. She finds a stable job playing ambient music at a restaurant that allows her to work regular hours around her babysitting schedule. Bernice, Ambrose's friend, is also changing as she discovers her playful side while hanging out with Julian. Meanwhile, Ambrose's neighbor Hennrick develops feelings for Ambrose after seeing her happily playing with Julian. He decides to introduce himself to get more involved in her life.
This document defines a series of terms, including: certain, penultimate, convene, misleading, agreement, bypass, inaccurate, help, incursion, superficial, amateur, aberrant, insult, endless, straying, forerunner, exit, pardon, and novel. It provides definitions for various words related to certainty, order, deception, cooperation, avoidance, error, assistance, conflict, thoroughness, experience, deviation, disrespect, continuity, wandering, predecessors, departure, forgiveness, and new concepts.
OS AVANÇOS TECNOLÓGICOS DA PESQUISA AGROPECUÁRIA E A PRODUÇÃO DE ALIMENTOS: A...Thiago Netto
1) O documento discute os avanços tecnológicos da pesquisa agropecuária brasileira e sua relação com a produção de alimentos.
2) Argumenta-se que houve considerável avanço na pesquisa agropecuária desde os anos 1960, apesar das crises econômicas, com fortalecimento de investimentos públicos.
3) Esses avanços tecnológicos foram importantes para aumentar a produtividade e permitir que o setor agropecuário equilibrasse a balança comercial, especialmente nos
Founded in 1966, Groenewout provides professional consulting in Logistics and Supply Chains Management.
Our core competence has been sharpened in supply chains optimization and detailed designs of manufacturing-, distribution- and
fulfillment centers. We place a great deal of emphasis on both the identification and realization of feasible opportunities.
The document provides information about a series of workshops from September 2011 to April 2012 on incorporating 21st century skills into foreign language classrooms. The workshops were a collaboration between the University of Arkansas at Little Rock's Department of International and Second Language Studies and the Arkansas Department of Higher Education. The workshops covered topics like the Partnership for 21st Century Skills framework, the foreign language skills map, and teaching methods to develop skills like critical thinking, problem solving, and cultural awareness.
OpenOffice es una suite ofimática gratuita y de código abierto que se puede instalar y usar libremente en sistemas operativos como Linux, Windows y Solaris. Ofrece utilidades básicas como procesador de texto, hoja de cálculo y presentaciones, y permite abrir y editar documentos de otros programas sin necesidad de convertirlos.
Investimenti esteri in Francia : boom degli investimenti italiani nel 2012Axelle Brown-Videau
Malgrado un anno 2012 caratterizzato dalla crisi dei debiti sovrani in Europa, gli imprenditori italiani confermano il loro interesse nei confronti dei mercati esteri. Nel 2012 infatti, su 693 progetti di investimento di provenienza estera registrati in Francia, 63 progetti provvengono dall’Italia (+ 37% rispetto al 2011). L’Italia realizza cosi il suo miglior risultato degli ultimi 5 anni. Tali progetti consentiranno il mantenimento o la creazione di oltre 2100 posti di lavoro (+31 % rispetto all’anno 2011). Nonostante le difficoltà dell’economia europea, l’Italia si classifica al terzo posto mondiale, dietro gli Stati Uniti e la Germania, per il numero di progetti sviluppati oltralpe e al secondo posto europeo.
The document provides a summary of PSA Peugeot Citroen's sales and financial results for Q3 and the first 9 months of 2008. Key points include:
- Automotive sales declined 7.1% in Q3 due to an 8.6% drop in volumes, with a particularly sharp 12.8% decline in Western Europe.
- The company maintained a strong balance sheet with €4-6 billion in excess cash and no immediate bond maturities.
- Banque PSA Finance continued stable sales and successfully passed through increased financing costs.
- Full year 2008 group recurring operating margin is expected to be around 1.3%.
Continental AG saw a significant decline in sales and earnings in Q1 2009 due to the slump in the global auto market. Sales fell 35.2% to €4.3 billion while EBIT turned negative at -€165 million, down from €456.7 million in Q1 2008. Both the Automotive and Rubber Groups were affected, with sales down 40% and 22% respectively. The company was still able to meet financial covenant requirements and expects sales and profits to improve in Q2 despite continued difficult market conditions.
UAL Corporation reported financial results for the fourth quarter of 2008. Some key points:
- The company reported a pre-tax loss of $547 million excluding special items, and $1.3 billion including special items.
- Domestic passenger revenue per seat mile increased 6.7% year-over-year due to capacity reductions. International and regional passenger revenue per seat mile also increased.
- Non-fuel operating costs per seat mile increased only 1.6% year-over-year despite an 11.7% reduction in capacity, showing good cost control.
- The company raised $390 million in cash through financing activities and expects to raise an additional $350 million in early 2009 to
Bekaert held a Capital Markets Day to provide updates on its business segments and financial performance. The event included presentations from the CEO and CFO on the company's Q3 trading update and outlook. Divisional CEOs then provided business updates on each of Bekaert's four segments: Steel Wire Solutions, Rubber Reinforcement, Specialty Businesses, and Bridon-Bekaert Ropes Group. The day concluded with a Q&A session.
The document provides an overview of Lear Corporation's fourth-quarter and full-year 2008 financial results and sales backlog update. Some key points:
- Global automotive production declined sharply in 2008 due to the economic downturn, with North American production down 26% in Q4.
- Lear reported $2.6 billion in Q4 sales and $13.6 billion for full-year 2008. Q4 core operating earnings were $22 million and full-year were $418 million.
- Lear's sales backlog for 2009-2011 was $1.1 billion, representing continued diversification outside of North America.
- Aggressive restructuring actions have improved Lear's
This document summarizes the financial and operating results of CEMAR and Light for the first quarter of 2009. Some key highlights include:
- Billed energy volume for CEMAR and Light increased 3.0% compared to the first quarter of 2008.
- CEMAR's energy losses decreased slightly to 28.5% while Light's losses increased to 20.8%.
- Consolidated net operating revenues grew 11.1% to R$622.6 million driven by increases at both CEMAR and Light.
- Consolidated EBITDA grew 15.7% and net income increased 18.7% after adjusting for non-recurring items.
- Investments grew 13.
This document provides an overview of Equatorial's operating and financial results for 1Q09. Key highlights include:
- Consolidated net operating revenues increased 11.1% to R$622.6 million driven by growth at CEMAR and Light.
- EBITDA grew 15.7% to R$191.7 million with increases at both CEMAR and Light.
- Net income totaled R$63 million, an increase of 1.6% adjusted for non-recurring items.
- Investments grew 13.3% to R$106.9 million with increases at CEMAR and a decrease at Light.
- Key operating metrics like energy losses and reliability improved compared to
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1. PRESS RELEASE
Clermont-Ferrand – 31 July 2009
COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
Financial Information for the Six Months Ended June 30, 2009
First-half net sales down 13.4% to €7.1 billion
Operating margin of 4.0% before non-recurring items and major
business metrics maintained thanks to efficient management of
operations
Net loss of €122 million, after high restructuring costs
Unit sales down 23%, primarily due to the fall-off in tire demand in all of the
country markets except China. The decline was especially apparent in the
original equipment business and, more broadly, in Truck tires.
Highly positive 9.6% impact from the price mix, reflecting the resistance of
the MICHELIN brand and the Group’s firm pricing policy.
Operating income before non-recurring items down 60.2% to €282 million,
hit by the decline in unit sales and the increase in capacity under-utilization
costs.
Generation of €575 million in free cash flow, driven by efficient management
of working capital (particularly inventory) and the sharp reduction in capital
expenditure, to €319 million from €500 million in first-half 2008.
“Faced with the persistent, steep decline in global tire markets, Michelin has responded
swiftly and effectively by tightening its management and deploying production
adjustment programs,” said Michel Rollier, Managing General Partner. “As part of
this response, the Group nevertheless had to introduce short-time working hours in a
number of countries and to implement the production reorganization programs needed to
make Michelin more competitive. Concerning the business environment, inventories have
now returned to more normal levels, but not to the extent that we can talk about a real
upturn. We will therefore maintain our efforts in the months ahead, although the decline
in raw materials prices should support second-half margins. The Group is committed to
generating positive free cash flow in the second half, in order to continue preserving its
major business metrics. The dedicated involvement of our teams and the measures taken
to enhance our responsiveness will enable Michelin to emerge from the current period
stronger and more efficient than ever.”
1/8
2. (IN € MILLIONS) June 30, 2009 June 30, 2008 Change
NET SALES 7,134 8,239 - 13.4%
OPERATING INCOME BEFORE NON-
RECURRING INCOME AND EXPENSES
282 708 - 60.2%
OPERATING MARGIN BEFORE NON-
RECURRING INCOME AND EXPENSES
4.0% 8.6% - 4.6 pts
PASSENGER CAR AND LIGHT TRUCK
TIRES AND RELATED DISTRIBUTION 6.3% 7.6% - 1.3 pts
TRUCK TIRES AND RELATED
DISTRIBUTION - 7.9% 5.2% - 13.1 pts
SPECIALTY BUSINESSES 17.8% 20.0% - 2.2 pts
OPERATING INCOME/(LOSS) (10) 708 N/M
NET INCOME/(LOSS) (122) 430 N/M
1
NET DEBT 3,818 4,334 - 10.7%
A 9-pt
1
GEARING 75% 80% improvement
2
FREE CASH FLOW 575 (445) €1,020m
3
EMPLOYEES ON PAYROLL 112,500 121,000 - 7.0%
1
Compared with December 31, 2008
2
Cash flow from operating activities less cash flow from investing activities
3
At period-end
2/8
3. Market Review
FIRST HALF 2009 EUROPE NORTH ASIA SOUTH AFRICA/ TOTAL
% change YoY incl. CIS AMERICA AMERICA MIDDLE EAST
PASSENGER CAR AND
LIGHT TRUCK TIRES
Original Equipment - 33.1% - 51.0% - 17.3% - 20.7% - 25.0% - 29.1%
Replacement -12.1%** - 10.7% - 4.6% - 7.4% - 5.2% - 9.4%
TRUCK TIRES*
Original Equipment - 67.4% - 47.8% - 21.9% - 30.7% - 25.1% - 44.5%
Replacement - 31.4% - 18.2% - 12.0% - 22.3% - 7.1% - 17.2%
*Radial market only
**Down 6.5% excluding the CIS
PASSENGER CAR AND LIGHT TRUCK TIRES
ORIGINAL EQUIPMENT
o Except in China, original equipment markets around the world fell sharply in
the first half, as carmakers drastically drew down inventories over the period
and slashed production in response to plunging demand.
o Markets showed signs of stabilizing in the second quarter, however,
particularly in the countries that had introduced automobile stimulus
packages.
REPLACEMENT
o Markets in Europe and North America bottomed out in the first quarter, which
saw a decline in vehicle miles traveled, a reduction in average highway speeds
and sustained retailer destocking. Demand in Europe fell 12.1% over the first
half, dragged down by the steep drop in the Russian market. Excluding the
CIS, demand was down 6.5% for the period.
o Retail inventory is at a record low, indicating that most of the drawdown is
behind us.
o In Asia, the Chinese market continued to expand, rising 13.8% over the
period.
TRUCK TIRES
ORIGINAL EQUIPMENT
o The collapse in demand that began in the autumn in Europe and North
America spread to all of the Group’s markets in the first-half and shows no
sign of abating.
o In the mature markets, weakness has hit every segment, from power units to
trailers, with semi-truck manufacturers and broadline trailer-makers feeling an
even steeper decline.
3/8
4. o In general, demand has fallen fastest in markets driven by exports and
international transportation.
REPLACEMENT
o In Western Europe and North America, intense retailer destocking in the first
quarter exacerbated the impact of the fall-off in road traffic, driving the
market down even faster. As drawdowns tapered off in the second quarter,
however, demand moved back in line with freight trends.
SPECIALTY TIRES
EARTHMOVER TIRES: The Mining and Quarries segment is withstanding the
economic slowdown, as mining companies rebuild their high-performance tire
inventory. On the other hand, global original equipment demand is still falling and
the Infrastructure markets have slowed considerably in Europe and North
America.
AGRICULTURAL TIRES: At a time of low economic visibility, original equipment
demand fell sharply in the first half. The replacement market was down
considerably in Europe but fared better in North America, particularly for tires for
high-powered farm machinery.
TWO-WHEEL TIRES: The “motorized” segments contracted sharply in the mature
country markets during the period, but continued to expand in the major
emerging markets, albeit at a slower pace.
AIRCRAFT TIRES: Airlines saw a decline in business in the first half, with a sharp
reduction in the number of flights, but demand for radial tires is still less affected.
First-Half Net Sales and Results
NET SALES
Net sales stood at €7,134 million for the period, down 13.4% at current
exchange rates compared with first-half 2008.
The decline reflected the 23.3% negative impact from the fall-off in volumes as
demand plummeted, which was attenuated by the positive 9.6% price-mix effect.
Pricing policies were held firm over the period, while the product mix continued to
move up-market, thanks to the MICHELIN brand’s solid resilience and a favorable
replacement/OE market mix.
The currency effect was a positive 2.9%, as gains in the US dollar and, to a lesser
extent, the Chinese yuan against the euro offset the declines in the British pound
and the Brazilian real.
4/8
5. RESULTS
Operating margin before non-recurring items stood at 4.0%, 4.6 points lower
than in first-half 2008.
At €282 million, operating income before non-recurring items was down
60.2% for the period, reflecting the extremely adverse impact of the decline in unit
sales (€875 million) and the under-utilization of Group production capacity. The raw
materials price impact, which was highly unfavorable in 2008, has started to decline,
but still reduced first-half 2009 operating income by a total of €117 million.
On the upside, the positive price-mix effect added €608 million to operating income
for the period.
The net loss for the period totaled €122 million, after €292 million in
restructuring costs related to the plant specialization plan in France and
implementation of the manufacturing and sales reorganization plan in North America.
NET FINANCIAL POSITION
The Group generated €575 million in free cash flow in the first half of 2009,
compared with a negative €445 million a year earlier.
The improvement was led by the €580 million reduction in inventory over the period,
thanks to the responsive deployment of the production flexibility programs in the
second quarter and, to a lesser extent, the decline in raw materials prices.
Free cash flow was also generated by the intrinsic gains driven by the transformation
program and the reduction in days of sales outstanding. In addition, as announced,
capital expenditure was sharply scaled back, to €319 million from €500 million in
first-half 2008, without compromising the Group’s sustained expansion in new
growth markets.
As a result, gearing stood at 75% at June 30, 2009, a 9-point improvement over
December 31, 2008, and consolidated net debt amounted to €3,818 million, down
€455 million over the period.
The dividend reinvestment plan, offered for the first time this year, attracted more
than half of all shareholders, enabling the Group to save €80 million in cash.
5/8
6. SEGMENT INFORMATION
NET SALES OPERATING INCOME OPERATING MARGIN
BEFORE NON- BEFORE NON-RECURRING
(IN € MILLIONS) RECURRING ITEMS ITEMS
FIRST-HALF FIRST-HALF FIRST-HALF FIRST-HALF FIRST-HALF FIRST-HALF
2009 2008 2009 2008 2009 2008
PASSENGER CAR AND
LIGHT TRUCK TIRES AND
RELATED DISTRIBUTION 3,949 4,357 247 332 6.3% 7.6%
TRUCK TIRES AND
RELATED DISTRIBUTION 2,071 2,696 (163) 139 - 7.9% 5.2%
SPECIALTY BUSINESSES 1,114 1,186 198 237 17.8% 20.0%
CONSOLIDATED TOTAL 7,134 8,239 282 708 4.0% 8.6%
PASSENGER CAR AND LIGHT TRUCK TIRES AND RELATED DISTRIBUTION
Net sales declined by 9.4% in the first half, to €3,949 million, while operating
income stood at €247 million, versus €332 million in first-half 2008.
The impact of falling markets was considerably attenuated by the highly positive
price-mix effect and the firm resistance of the MICHELIN brand’s market share,
particularly in the Replacement business. Cost discipline was tightened while
production programs were scaled back over the period.
TRUCK TIRES AND RELATED DISTRIBUTION
Net sales declined 23.2% year-on-year to €2,071 million in the first half, primarily
due to the collapse in demand in most truck tire markets around the world, which
was particularly apparent in the original equipment segment.
The business ended the period with an operating loss of €163 million, reflecting
the decline in unit sales, the resulting sharp reduction in output and the cost of
idled capacity.
SPECIALTY BUSINESSES
Net sales from the Specialty Businesses amounted to €1,114 million for the first
six months of the year, a 6.1% decline from first-half 2008. Sales in the
Earthmover segment demonstrated firm resistance, supported by increased
demand for high-performance tires in the mining industry.
Operating margin remained high.
6/8
7. First-Half 2009 Highlights
Plan announced to reorganize manufacturing and sales operations in
North America
Michelin France strengthens R&D operations and further specializes
production facilities
Michelin confirms its lead in fuel-efficient tire technologies
o MICHELIN EnergyTM Saver and Primacy HP Tires highly rated by ADAC
o One millionth MICHELIN Energy™ Saver Tire delivered to PSA Peugeot
Citroën
o A new MICHELIN Energy™ Saver All-Season tire for North America
Three additional J.D. Power Awards for Michelin in the United States
and one in Japan
The first Michelin Truck Service Center opened in India
Michelin begins delivering original equipment tires to Harley Davidson
Another success for the Michelin Retread Technologies network in
North America with the arrival of Snider Tire Inc.
New European tire performance regulations adopted by the European
Parliament on March 10
Michelin strengthens its financial structure by placing a €750 million
bond issue
A full description of first-half 2009 highlights
may be found on the Michelin website:
www.michelin.com/corporate
7/8
8. CONFERENCE CALL
First-half 2009 results will be reviewed in a conference call in English today, Friday July
31, at 10:30 am CEST (9:30 am UT). If you wish to participate, please dial one of the
following numbers from 10:20 am CET:
• From France 01 72 00 09 91
• From the UK 0808 238 1769
• From the United States 1 (866) 907 5923
• From anywhere else +44 808 238 1769
Please refer to the www.michelin.com/corporate website for practical information
concerning the conference call.
INVESTOR CALENDAR
• Quarterly information for the nine months ending September 30,
2009:
Monday, 26 October 2009 after close of trading
• 2009 net sales and results:
Friday, February 12, 2010 before start of trading
2009 INTERIM FINANCIAL REPORT
The interim financial report for the period ending June 30, 2009 may be downloaded
from the www.michelin.com/corporate website, in the Finance/Regulated Information
section.
It has also been filed with Autorité des Marchés Financiers (AMF).
The report contains:
- The business review for the six months ended June 30, 2009.
- The consolidated financial statements and notes for the period.
- The statutory auditors’ review report on the interim financial information for 2009.
Investor Relations Media Relations
Valérie Magloire: Fabienne de Brébisson
+33 (0) 1 45 66 16 15 + 33 (0) 1 45 66 10 72
+33 (0) 6 76 21 88 12 (mobile) + 33 (0) 6 08 86 18 15 (mobile)
valerie.magloire@fr.michelin.com fabienne.de-brebisson@fr.michelin.com
Jacques-Philippe Hollaender Individual shareholders
+33 (0) 1 45 66 11 07 Jacques Engasser:
+33 (0) 6 87 74 29 27 (mobile) + 33 (0) 4 73 98 59 08
jacques-philippe.hollaender@fr.michelin.com jacques.engasser@fr.michelin.com
Disclaimer
This press release is not an offer to purchase or a solicitation to recommend the purchase of
Michelin shares. To obtain more detailed information on Michelin, please consult the documents
filed in France with Autorité des Marchés Financiers, which are also available from the
www.michelin.com website.
This press release could contain a number of provisional statements. Although the Company
believes that these statements are based on reasonable assumptions as at the time of publishing
this document, they are by nature subject to risks and contingencies liable to translate into a
difference between actual data and the forecasts made or induced by these statements.
8/8