The document provides an overview of Gafisa S.A., a Brazilian real estate developer, including:
1) Gafisa has grown significantly since 2004 through both organic growth and acquisitions. It focuses on core market regions in Brazil.
2) In 2012, Gafisa prioritized deleveraging and cash generation by reducing launch volumes and focusing on core regions.
3) Gafisa has agreed to sell a 70% stake in its subsidiary Alphaville to investment firms Blackstone and Patria for $1.4 billion, reducing its leverage significantly.
4) Post-transaction, Gafisa will have a more flexible balance sheet and be better positioned to focus
Gafisa is a Brazilian real estate developer that has undergone a strategic shift since 2011 to focus on profitable opportunities in core markets and reduce leverage. It completed the first stage of its turnaround in 2012 through measures like reducing launches and prioritizing cash flow. Gafisa entered 2013 with improved liquidity and recently agreed to sell a 70% stake in its subsidiary Alphaville to private equity firms for $1.4 billion, which will significantly reduce its debt levels. The transaction maintains Gafisa's 30% stake in Alphaville and positions it for future growth opportunities while improving its balance sheet.
This document contains the Q1 FY2017 earnings results presentation from Nimble Storage. It discusses Nimble's strong revenue growth, gross margins, and cash position. Key highlights include 82% growth in revenue, gross margins between 63-65%, and over $200M in cash. The presentation outlines Nimble's strategies to continue driving revenue growth through new customer acquisition, larger transactions, and expanding existing customers. Financial guidance for Q2 FY2017 projects revenue of $93-96M and a non-GAAP operating loss of $16-18M.
2Q12 and 1H12 Results Conference Call PresentationRiRossi
Rossi has announced several strategic changes and accounting adjustments:
- Rossi plans to reduce its geographic footprint, partner relationships, and overhead costs to improve margins. This includes closing offices, reducing staff, and focusing on major cities.
- Rossi's in-house sales team will take over 90% of sales from partners. Reducing partners is expected to boost gross and EBITDA margins by 2023.
- Rossi identified accounting adjustments totaling R$610 million related to revenue recognition, transactions with partners, and interest expenses. Management expects these adjustments to reverse over the next 18-24 months.
- Rossi established two new business units focused on commercial and residential development that could generate R
Zep Inc. provides a company overview and discusses its markets, brands, and strategic initiatives. Key points include:
- Zep sells highly effective chemicals to maintain, clean, and protect assets in transportation, industrial, and janitorial markets.
- It has a trusted family of brands and markets over 4,000 formulas to over 200,000 customers.
- The company aims to consolidate facilities, reduce workforce, and realize cost savings from complexity reduction efforts to improve profitability.
LafargeHolcim CFO, Géraldine PIcaud, presents financial updates and outlook for 2019to members of the financial community at LafargeHolcim Capital Markets Day 2018
- Third quarter results were mixed with progress made on strategic initiatives but overall financial results were unacceptable.
- Revenue increased due to acquisitions but was offset by declines in other areas, while gross profit margins grew.
- Expectations are for flat to declining revenue in the near term as complexity reduction plans are accelerated, but these plans aim to improve free cash flow and margins.
WuXi Pharma Tech First Quarter 2013 Earnings PresentationCompany Spotlight
WuXi PharmaTech reported first quarter 2013 financial results that exceeded guidance. Total revenues grew 11.7% year-over-year to $131.9 million, driven by 15.5% growth in China-based laboratory services and 9.6% growth in manufacturing services. Non-GAAP diluted EPS grew 7.5% to $0.35. WuXi reconfirmed its full-year 2013 guidance for revenue growth of 13-15% and non-GAAP EPS growth of 6-9%. WuXi expects continued double-digit revenue growth across most business units in 2013 and remains focused on controlling costs and returning cash to shareholders.
The document outlines Gafisa's investor day agenda, which includes presentations on Gafisa and Tenda's strategy, operations, and financial performance. It also provides an overview of Gafisa's history and strategic repositioning over time to focus on core markets in Sao Paulo and Rio de Janeiro. Gafisa has implemented improvements to streamline operations and reduce costs, improving financial results with stable operating margins and profitability expected to continue at current levels based on backlog revenues and margins.
Gafisa is a Brazilian real estate developer that has undergone a strategic shift since 2011 to focus on profitable opportunities in core markets and reduce leverage. It completed the first stage of its turnaround in 2012 through measures like reducing launches and prioritizing cash flow. Gafisa entered 2013 with improved liquidity and recently agreed to sell a 70% stake in its subsidiary Alphaville to private equity firms for $1.4 billion, which will significantly reduce its debt levels. The transaction maintains Gafisa's 30% stake in Alphaville and positions it for future growth opportunities while improving its balance sheet.
This document contains the Q1 FY2017 earnings results presentation from Nimble Storage. It discusses Nimble's strong revenue growth, gross margins, and cash position. Key highlights include 82% growth in revenue, gross margins between 63-65%, and over $200M in cash. The presentation outlines Nimble's strategies to continue driving revenue growth through new customer acquisition, larger transactions, and expanding existing customers. Financial guidance for Q2 FY2017 projects revenue of $93-96M and a non-GAAP operating loss of $16-18M.
2Q12 and 1H12 Results Conference Call PresentationRiRossi
Rossi has announced several strategic changes and accounting adjustments:
- Rossi plans to reduce its geographic footprint, partner relationships, and overhead costs to improve margins. This includes closing offices, reducing staff, and focusing on major cities.
- Rossi's in-house sales team will take over 90% of sales from partners. Reducing partners is expected to boost gross and EBITDA margins by 2023.
- Rossi identified accounting adjustments totaling R$610 million related to revenue recognition, transactions with partners, and interest expenses. Management expects these adjustments to reverse over the next 18-24 months.
- Rossi established two new business units focused on commercial and residential development that could generate R
Zep Inc. provides a company overview and discusses its markets, brands, and strategic initiatives. Key points include:
- Zep sells highly effective chemicals to maintain, clean, and protect assets in transportation, industrial, and janitorial markets.
- It has a trusted family of brands and markets over 4,000 formulas to over 200,000 customers.
- The company aims to consolidate facilities, reduce workforce, and realize cost savings from complexity reduction efforts to improve profitability.
LafargeHolcim CFO, Géraldine PIcaud, presents financial updates and outlook for 2019to members of the financial community at LafargeHolcim Capital Markets Day 2018
- Third quarter results were mixed with progress made on strategic initiatives but overall financial results were unacceptable.
- Revenue increased due to acquisitions but was offset by declines in other areas, while gross profit margins grew.
- Expectations are for flat to declining revenue in the near term as complexity reduction plans are accelerated, but these plans aim to improve free cash flow and margins.
WuXi Pharma Tech First Quarter 2013 Earnings PresentationCompany Spotlight
WuXi PharmaTech reported first quarter 2013 financial results that exceeded guidance. Total revenues grew 11.7% year-over-year to $131.9 million, driven by 15.5% growth in China-based laboratory services and 9.6% growth in manufacturing services. Non-GAAP diluted EPS grew 7.5% to $0.35. WuXi reconfirmed its full-year 2013 guidance for revenue growth of 13-15% and non-GAAP EPS growth of 6-9%. WuXi expects continued double-digit revenue growth across most business units in 2013 and remains focused on controlling costs and returning cash to shareholders.
The document outlines Gafisa's investor day agenda, which includes presentations on Gafisa and Tenda's strategy, operations, and financial performance. It also provides an overview of Gafisa's history and strategic repositioning over time to focus on core markets in Sao Paulo and Rio de Janeiro. Gafisa has implemented improvements to streamline operations and reduce costs, improving financial results with stable operating margins and profitability expected to continue at current levels based on backlog revenues and margins.
The document summarizes CNO Financial Group's 4Q13 financial and operating results. Key points include:
- Businesses continued performing well with sales, premium, and earnings growth.
- Returning value to shareholders while continuing on path to investment grade status.
- Completed an OCB long-term care reinsurance transaction that reduced LTC exposure by 12% and was accretive to earnings.
- Investments in distribution channels drove consolidated sales growth of 6% for 2013.
- 4Q and full year results showed strength in annuity margins, investment returns, and OCB performance.
- Capital and liquidity positions remained strong with deployable capital of $160 million.
Presentation by LafargeHolcim management, Jan Hofmann and Neeraj Akhoury, to members of the financial community at LafargeHolcim Capital Markets Day 2018
Gafisa reported its 4Q12 and full year 2012 results on March 12, 2013. Key highlights included:
1) Positive consolidated free cash generation of R$381mn in 4Q12 and R$685mn in 2012, exceeding cash flow guidance.
2) Unit deliveries increased 20% to 27,107 units in 2012, exceeding guidance.
3) Launches totaled R$1.49bn in 4Q12 and R$2.95bn for the full year, near the high end of guidance.
4) Actions taken in 2012 positioned the company with a comfortable cash position and improved balance sheet as it prepares to accelerate investments in 2013.
- The document is a presentation for Las Vegas Sands' 4Q14 earnings call that discusses financial results and provides an investment case for the company.
- Key highlights from 4Q14 include adjusted EPS growth of 27.8% and consolidated adjusted property EBITDA growth of 10.9%. Marina Bay Sands saw record results while Macao operations faced challenges in VIP and premium mass gaming.
- Las Vegas Sands remains committed to maximizing shareholder returns through growth, recurring dividends that have increased significantly each year, and over $9.6 billion returned to shareholders via dividends and share repurchases over the last 12 quarters.
Moelis company february investor pres_vfinalMoelis_Company
The document provides an overview of Moelis & Company, an independent investment bank. It summarizes Moelis' global footprint with 19 locations, 124 managing directors with extensive experience, and record 2017 revenues of $685 million, up 12% from 2016. It highlights Moelis' differentiated partnership model, commitment to returning excess capital to shareholders, and strong balance sheet with no debt or goodwill. The document asserts that tax reform, an active M&A environment, and Moelis' model position it for significant franchise enhancement and shareholder value in 2018.
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-$1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-$1,350
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-1,350
- The document provides financial and operating results for CNO Financial Group for the 4th quarter of 2014, including earnings highlights and sales results.
- Key highlights included continued growth in the franchise, strong capital ratios, and $376.5 million spent on share repurchases for the full year.
- Sales growth outlook for 2015 is estimated at 3-6% overall, with individual segment expectations ranging from 3-8% growth.
- Company reported financial results for 4Q13 and full year 2013, with consolidated launches totaling R$1.6 billion for 4Q13, up 224.9% quarter-over-quarter.
- Adjusted EBITDA was R$978.9 million for 4Q13 and R$1.3 billion for 2013, reflecting contributions from the Alphaville transaction.
- Net income was R$921.3 million for 4Q13 and R$867.4 million for 2013.
Barnes Group Inc. Investor Overview - March 2016Terri Chapman
The document provides an investor overview for Barnes Group from March 2016. It discusses Barnes Group's business segments, end markets served, financial performance trends, and growth strategies. Some key points:
- Barnes Group has two business segments: Industrial and Aerospace, serving a variety of end markets globally.
- The company has transformed its portfolio through acquisitions since 2010, increasing its aerospace business from 32% to 65% of sales.
- Financial metrics like adjusted operating margins and EPS have increased steadily in recent years and are expected to continue growing.
- Growth strategies focus on intellectual property, portfolio enhancements, sustainable end markets, global expansion, and talent development.
This document summarizes Gafisa's 4Q08 and FY08 earnings presentation. Some key points:
- Gafisa achieved growth in 2008 despite economic challenges through expanding into lower income segments with the Tenda acquisition and maintaining dedicated management teams across platforms.
- FY08 launches increased 88% to R$4.2 billion and pre-sales grew 58% to R$2.6 billion, though higher income pre-sales declined as buyers became cautious.
- 4Q08 results were negatively impacted by special charges from project cancellations and restructuring to position the company for future growth, but sales were solid with 79% of launches pre-sold. Excluding charges, margins and income
This document summarizes an investor presentation for Banco ABC Brasil. It discusses the bank's strategy, business segments, funding sources, financial highlights, and key metrics. The bank focuses on providing commercial banking services to corporate and middle-market clients. It aims to increase profitability per corporate client and grow its middle-market client base. The bank has a diversified funding base and maintains strong capital and credit quality ratios. It achieved growth in net income and return on equity in 2012 compared to 2011.
Abengoa first semester 2014 Earnings PresentationAbengoa
- Abengoa reported revenues of €3.4 billion for the first half of 2014, a 2% increase over the same period in 2013. EBITDA was €695 million, up 31% year-over-year. Net income increased 49% to €69 million.
- The company continues to execute its strategic plan, with the successful IPO of Abengoa Yield providing a market reference for its concessions portfolio and the ability to further crystallize value. Corporate leverage improved to 2.5x from 3.2x in June 2013.
- Engineering and construction delivered strong margins of 17.7% in the first half, with the business segment's backlog increasing 8% to a record
Principal Financial Group reported strong financial results for the first quarter of 2014, with record total company operating earnings and assets under management. Several business segments saw improved performance, including Retirement and Investor Services which saw growth in net revenue and margins. Principal Global Investors also had solid results with record assets under management. Principal International reported record operating earnings despite some macroeconomic headwinds. The company deployed capital through dividends, share repurchases, and debt redemption and expects full-year capital deployment to be at the high end of its $500-700 million target range.
This document summarizes Ameriprise Financial's fourth quarter 2006 earnings conference call. It discusses strong adjusted revenue, earnings, and return on equity growth for both the quarter and full year. The separation from American Express is on track. Brand awareness has increased and distribution capabilities have been strengthened through advisor productivity improvements and growth in fee-based assets and clients.
The document analyzes and compares the financial ratios of Nestle and Unilever for 2010 and 2009. Some key highlights:
- Nestle had stronger liquidity ratios, with higher current, quick, and cash ratios compared to Unilever.
- Unilever saw decreases in total debt and long-term debt ratios from 2009 to 2010, while ratios were generally higher than Nestle.
- Inventory and receivables turnover ratios improved for both companies from 2009 to 2010, though Nestle ratios were weaker.
- Asset and profitability ratios like ROA, ROE, and profit margin were higher for Unilever in 2010 compared to 2009 and Nestle.
So in summary
This document summarizes the transformation of ITT Inc. from a conglomerate holding company into an integrated operating company focused on four key value centers. It describes how the company established a new finance operating system with FP&A (financial planning and analysis) at the heart to drive accountability, efficiency, and decision making across the newly organized business units. FP&A teams were embedded in the businesses and tasked with initiatives like cost structure analysis, target costing, and action register monitoring to help turnaround underperforming divisions. On a global scale, both local and headquarters FP&A teams worked to transition from financial reporting to proactively driving performance through activities like operational reviews, capital allocation, and improving forecast accuracy.
- In 3Q14, the company's launches totaled R$510 million, up 142% year-over-year. Net pre-sales were R$230 million, down 32% year-over-year.
- Adjusted gross profit was R$179.9 million with a margin of 36.4%, up 200 basis points from the prior year. Adjusted EBITDA was R$73.5 million with a margin of 14.9%, down 750 basis points from the prior year.
- Net loss was R$10 million compared to net income of R$15.8 million in 3Q13, impacted by lower pre-sales and margins in the Tenda segment.
Orion Portrait cabinet launched in Q1 2017 and ended the year with ~1,900 units installed. AGS achieved over 5% market share for EGM sales in the second half of 2017, selling 2,565 EGMs compared to 465 in 2016. Adjusted EBITDA increased 23% to $107.8 million in 2017 from $91.7 million in 2016 as revenue grew 23% to $199.9 million driven by strong growth in EGM sales and an increasing installed base which added over 2,900 recurring revenue units.
The document summarizes a company's first quarter 2008 earnings conference call. It discusses challenges faced by weak equity markets and volatility in credit markets. While earnings were lower than desired, the company's financial foundation remains strong with high client retention rates. The company is focused on executing its long-term strategy and emerging from the downturn in a good position.
O documento apresenta os resultados financeiros do 4T14 e do ano de 2014 para os segmentos Gafisa e Tenda. No segmento Gafisa, as vendas contratadas totalizaram R$177 milhões no 4T14 e R$811 milhões no ano. O lucro líquido foi de R$36,8 milhões no trimestre. No segmento Tenda, as vendas contratadas foram de R$126,6 milhões no trimestre, enquanto o prejuízo líquido foi de R$28,8 milhões. O documento também discute o desempen
O relatório anual de 2007 da Gafisa S.A. resume que: a Gafisa é uma das maiores incorporadoras e construtoras do Brasil, com mais de 50 anos de experiência e presença em diversas regiões do país; em 2007 a empresa expandiu suas operações e lançamentos imobiliários, com crescimento de receita líquida de 77%; e a Gafisa mantém classificação de crédito elevada segundo agências internacionais de rating.
The document summarizes CNO Financial Group's 4Q13 financial and operating results. Key points include:
- Businesses continued performing well with sales, premium, and earnings growth.
- Returning value to shareholders while continuing on path to investment grade status.
- Completed an OCB long-term care reinsurance transaction that reduced LTC exposure by 12% and was accretive to earnings.
- Investments in distribution channels drove consolidated sales growth of 6% for 2013.
- 4Q and full year results showed strength in annuity margins, investment returns, and OCB performance.
- Capital and liquidity positions remained strong with deployable capital of $160 million.
Presentation by LafargeHolcim management, Jan Hofmann and Neeraj Akhoury, to members of the financial community at LafargeHolcim Capital Markets Day 2018
Gafisa reported its 4Q12 and full year 2012 results on March 12, 2013. Key highlights included:
1) Positive consolidated free cash generation of R$381mn in 4Q12 and R$685mn in 2012, exceeding cash flow guidance.
2) Unit deliveries increased 20% to 27,107 units in 2012, exceeding guidance.
3) Launches totaled R$1.49bn in 4Q12 and R$2.95bn for the full year, near the high end of guidance.
4) Actions taken in 2012 positioned the company with a comfortable cash position and improved balance sheet as it prepares to accelerate investments in 2013.
- The document is a presentation for Las Vegas Sands' 4Q14 earnings call that discusses financial results and provides an investment case for the company.
- Key highlights from 4Q14 include adjusted EPS growth of 27.8% and consolidated adjusted property EBITDA growth of 10.9%. Marina Bay Sands saw record results while Macao operations faced challenges in VIP and premium mass gaming.
- Las Vegas Sands remains committed to maximizing shareholder returns through growth, recurring dividends that have increased significantly each year, and over $9.6 billion returned to shareholders via dividends and share repurchases over the last 12 quarters.
Moelis company february investor pres_vfinalMoelis_Company
The document provides an overview of Moelis & Company, an independent investment bank. It summarizes Moelis' global footprint with 19 locations, 124 managing directors with extensive experience, and record 2017 revenues of $685 million, up 12% from 2016. It highlights Moelis' differentiated partnership model, commitment to returning excess capital to shareholders, and strong balance sheet with no debt or goodwill. The document asserts that tax reform, an active M&A environment, and Moelis' model position it for significant franchise enhancement and shareholder value in 2018.
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-$1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-$1,350
- The document is AES Corporation's fourth quarter and full year 2014 financial review presentation. It provides an overview of AES' 2014 financial results, strategic achievements, capital allocation plans, and guidance for 2015.
- Key highlights include adjusted EPS of $1.30 for 2014, proportional free cash flow of $891 million, $1.8 billion in equity proceeds from asset sales, and plans to continue investing in growth while returning capital to shareholders through dividends and share repurchases.
- For 2015, AES is lowering adjusted EPS guidance to $1.25-1.35 due to currency and commodity headwinds, but reaffirming proportional free cash flow guidance of $1,000-1,350
- The document provides financial and operating results for CNO Financial Group for the 4th quarter of 2014, including earnings highlights and sales results.
- Key highlights included continued growth in the franchise, strong capital ratios, and $376.5 million spent on share repurchases for the full year.
- Sales growth outlook for 2015 is estimated at 3-6% overall, with individual segment expectations ranging from 3-8% growth.
- Company reported financial results for 4Q13 and full year 2013, with consolidated launches totaling R$1.6 billion for 4Q13, up 224.9% quarter-over-quarter.
- Adjusted EBITDA was R$978.9 million for 4Q13 and R$1.3 billion for 2013, reflecting contributions from the Alphaville transaction.
- Net income was R$921.3 million for 4Q13 and R$867.4 million for 2013.
Barnes Group Inc. Investor Overview - March 2016Terri Chapman
The document provides an investor overview for Barnes Group from March 2016. It discusses Barnes Group's business segments, end markets served, financial performance trends, and growth strategies. Some key points:
- Barnes Group has two business segments: Industrial and Aerospace, serving a variety of end markets globally.
- The company has transformed its portfolio through acquisitions since 2010, increasing its aerospace business from 32% to 65% of sales.
- Financial metrics like adjusted operating margins and EPS have increased steadily in recent years and are expected to continue growing.
- Growth strategies focus on intellectual property, portfolio enhancements, sustainable end markets, global expansion, and talent development.
This document summarizes Gafisa's 4Q08 and FY08 earnings presentation. Some key points:
- Gafisa achieved growth in 2008 despite economic challenges through expanding into lower income segments with the Tenda acquisition and maintaining dedicated management teams across platforms.
- FY08 launches increased 88% to R$4.2 billion and pre-sales grew 58% to R$2.6 billion, though higher income pre-sales declined as buyers became cautious.
- 4Q08 results were negatively impacted by special charges from project cancellations and restructuring to position the company for future growth, but sales were solid with 79% of launches pre-sold. Excluding charges, margins and income
This document summarizes an investor presentation for Banco ABC Brasil. It discusses the bank's strategy, business segments, funding sources, financial highlights, and key metrics. The bank focuses on providing commercial banking services to corporate and middle-market clients. It aims to increase profitability per corporate client and grow its middle-market client base. The bank has a diversified funding base and maintains strong capital and credit quality ratios. It achieved growth in net income and return on equity in 2012 compared to 2011.
Abengoa first semester 2014 Earnings PresentationAbengoa
- Abengoa reported revenues of €3.4 billion for the first half of 2014, a 2% increase over the same period in 2013. EBITDA was €695 million, up 31% year-over-year. Net income increased 49% to €69 million.
- The company continues to execute its strategic plan, with the successful IPO of Abengoa Yield providing a market reference for its concessions portfolio and the ability to further crystallize value. Corporate leverage improved to 2.5x from 3.2x in June 2013.
- Engineering and construction delivered strong margins of 17.7% in the first half, with the business segment's backlog increasing 8% to a record
Principal Financial Group reported strong financial results for the first quarter of 2014, with record total company operating earnings and assets under management. Several business segments saw improved performance, including Retirement and Investor Services which saw growth in net revenue and margins. Principal Global Investors also had solid results with record assets under management. Principal International reported record operating earnings despite some macroeconomic headwinds. The company deployed capital through dividends, share repurchases, and debt redemption and expects full-year capital deployment to be at the high end of its $500-700 million target range.
This document summarizes Ameriprise Financial's fourth quarter 2006 earnings conference call. It discusses strong adjusted revenue, earnings, and return on equity growth for both the quarter and full year. The separation from American Express is on track. Brand awareness has increased and distribution capabilities have been strengthened through advisor productivity improvements and growth in fee-based assets and clients.
The document analyzes and compares the financial ratios of Nestle and Unilever for 2010 and 2009. Some key highlights:
- Nestle had stronger liquidity ratios, with higher current, quick, and cash ratios compared to Unilever.
- Unilever saw decreases in total debt and long-term debt ratios from 2009 to 2010, while ratios were generally higher than Nestle.
- Inventory and receivables turnover ratios improved for both companies from 2009 to 2010, though Nestle ratios were weaker.
- Asset and profitability ratios like ROA, ROE, and profit margin were higher for Unilever in 2010 compared to 2009 and Nestle.
So in summary
This document summarizes the transformation of ITT Inc. from a conglomerate holding company into an integrated operating company focused on four key value centers. It describes how the company established a new finance operating system with FP&A (financial planning and analysis) at the heart to drive accountability, efficiency, and decision making across the newly organized business units. FP&A teams were embedded in the businesses and tasked with initiatives like cost structure analysis, target costing, and action register monitoring to help turnaround underperforming divisions. On a global scale, both local and headquarters FP&A teams worked to transition from financial reporting to proactively driving performance through activities like operational reviews, capital allocation, and improving forecast accuracy.
- In 3Q14, the company's launches totaled R$510 million, up 142% year-over-year. Net pre-sales were R$230 million, down 32% year-over-year.
- Adjusted gross profit was R$179.9 million with a margin of 36.4%, up 200 basis points from the prior year. Adjusted EBITDA was R$73.5 million with a margin of 14.9%, down 750 basis points from the prior year.
- Net loss was R$10 million compared to net income of R$15.8 million in 3Q13, impacted by lower pre-sales and margins in the Tenda segment.
Orion Portrait cabinet launched in Q1 2017 and ended the year with ~1,900 units installed. AGS achieved over 5% market share for EGM sales in the second half of 2017, selling 2,565 EGMs compared to 465 in 2016. Adjusted EBITDA increased 23% to $107.8 million in 2017 from $91.7 million in 2016 as revenue grew 23% to $199.9 million driven by strong growth in EGM sales and an increasing installed base which added over 2,900 recurring revenue units.
The document summarizes a company's first quarter 2008 earnings conference call. It discusses challenges faced by weak equity markets and volatility in credit markets. While earnings were lower than desired, the company's financial foundation remains strong with high client retention rates. The company is focused on executing its long-term strategy and emerging from the downturn in a good position.
O documento apresenta os resultados financeiros do 4T14 e do ano de 2014 para os segmentos Gafisa e Tenda. No segmento Gafisa, as vendas contratadas totalizaram R$177 milhões no 4T14 e R$811 milhões no ano. O lucro líquido foi de R$36,8 milhões no trimestre. No segmento Tenda, as vendas contratadas foram de R$126,6 milhões no trimestre, enquanto o prejuízo líquido foi de R$28,8 milhões. O documento também discute o desempen
O relatório anual de 2007 da Gafisa S.A. resume que: a Gafisa é uma das maiores incorporadoras e construtoras do Brasil, com mais de 50 anos de experiência e presença em diversas regiões do país; em 2007 a empresa expandiu suas operações e lançamentos imobiliários, com crescimento de receita líquida de 77%; e a Gafisa mantém classificação de crédito elevada segundo agências internacionais de rating.
Este documento fornece instruções sobre como criar materiais no sistema SAP, incluindo os tipos de materiais, as visões necessárias e os campos obrigatórios em cada tela como unidade de medida, grupo de mercadorias e setor de atividade.
O documento apresenta o planejamento da Gafisa para o Investor Day de 18 de dezembro de 2013, com as seguintes informações essenciais:
1) A agenda do evento inclui apresentações sobre a estratégia da Gafisa, Tenda, Alphaville, cadeia de suprimentos e finanças;
2) A empresa tem focado sua atuação nos mercados do Rio de Janeiro e São Paulo e reduzido a complexidade das operações;
3) A Gafisa tem concentrado seu banco de terrenos em projetos de médio
O documento apresenta as informações para o Investor Day da Gafisa realizado em 04 de dezembro de 2014. Nele, a empresa faz declarações prospectivas sobre seus negócios que estão sujeitas a riscos e incertezas. A agenda do evento inclui apresentações sobre a estratégia e desempenho operacional e financeiro da Gafisa e de sua subsidiária Tenda.
Este documento discute os principais tipos de departamentalização em organizações, que incluem departamentalização por funções, produtos ou serviços, localização geográfica, clientes, fases do processo e projetos. Ele descreve as vantagens e desvantagens de cada tipo de departamentalização e discute em que circunstâncias cada um é mais apropriado. O documento fornece uma visão geral abrangente dos principais critérios usados para estruturar departamentos dentro de uma organização.
[1] O documento discute os conceitos de organização, departamentalização e estrutura organizacional.
[2] Apresenta os níveis hierárquicos nas organizações (estratégico, tático e operacional), os tipos de organização (alongada e achatada), centralização versus descentralização e os processos administrativos básicos (planejamento, organização, direção e controle).
[3] Discutem-se também os tipos de planos, níveis de planejamento, organização, direção e controle, além de apresentar exemplos
- Consolidated launches totaled R$1.6 billion in 4Q13, up 224.9% quarter-over-quarter and 8.7% year-over-year. Consolidated pre-sales reached R$1.3 billion in 4Q13 and R$2.5 billion in 2013.
- Net income for 4Q13 was R$921.3 million and R$867.4 million for 2013. Operating cash generation was R$667.7 million in 2013, resulting in positive free cash flow of R$97.3 million.
- Guidance for 2014 includes consolidated launches of R$2.1-2.5 billion and leverage of 55-65%.
Gafisa reported financial and operating results for 3Q13. Key highlights included:
- Launches totaled R$498 million in 3Q13, up 8.1% q-o-q and 10.3% y-o-y.
- Consolidated pre-sales reached R$1.2 billion in 9M13.
- Net income was R$15.8 million in 3Q13, reversing a net loss in 2Q13.
- Positive free cash flow of R$32.1 million in 3Q13, compared to a cash burn in 2Q13.
2023 Barclays Global Consumer Staples Conference.pdfSYYIR
The document provides forward-looking statements regarding Sysco's expectations and beliefs about its future financial performance and growth opportunities. It notes several risks and uncertainties that could cause actual results to differ from expectations. The document also provides an overview of Sysco's fiscal year 2023 financial results, including record sales of $76.3 billion and adjusted earnings per share of $4.01. Sysco reiterates its fiscal year 2024 guidance of net sales growth in the mid-single digits percent range and adjusted EPS growth between 5-10%.
Sysco reported first quarter 2017 earnings results. Key highlights included sales growth of 1.0% excluding Brakes and 11.2% including Brakes. Gross profit grew 5.0% excluding Brakes and 20.3% including Brakes. Operating income grew 15.3% excluding Brakes and 23.8% including Brakes. The acquisition of Brakes Group was accretive to earnings per share and Sysco expects Brakes to be high-single-digit accretive for fiscal year 2017. Sysco also discussed continued focus on key initiatives to drive growth and manage expenses.
- The document provides an overview of a company's 1Q13 earnings conference call, including highlights of financial performance, operational results, and recent developments.
- Revenue declined year-over-year due to lower seasonal activity and higher sales cancellations. Operating results have not yet reflected margins due to legacy project resolutions and structural changes.
- Cash generation was positive in 1Q13, with increased launch activity and land purchases to result in neutral operating cash flow for 2013. The new Tenda business model focuses on minimizing costs and balance sheet risk while maintaining construction quality.
- The document provides an overview of a company's 1Q13 earnings conference call, including highlights of financial performance, operational results, and recent developments.
- Revenue declined year-over-year due to lower seasonal activity and higher sales cancellations. Operating results have not yet reflected margins due to legacy project resolutions and structural changes.
- Cash generation was positive in 1Q13, with increased launch activity and land purchases to result in neutral operating cash flow for 2013. The new Tenda business model focuses on minimizing costs and balance sheet risk while maintaining construction quality.
The document is a summary of Valeant Pharmaceuticals' third quarter 2013 financial results conference call. It reports strong revenue and earnings growth in Q3 2013 driven by acquisitions. However, currency impacts, Bausch + Lomb pre-close costs, and an earlier generic launch reduced results slightly below previous guidance. New full-year 2013 guidance is provided for revenues of $5.7-5.9 billion and adjusted cash EPS of $6.11-6.16.
This document provides a summary of Principal Financial Group's fourth quarter 2015 earnings call. It discusses Principal's use of non-GAAP financial measures to evaluate performance alongside GAAP measures. The document also highlights themes from the earnings call, including strong investment performance, work on the Department of Labor regulation, and segment results for Retirement and Income Solutions and Principal Global Investors. Forward-looking statements are presented along with risks that may affect future performance.
Principal Financial Group reported strong second quarter 2014 earnings. Some key points:
- Record total company operating earnings were up 19% over second quarter 2013.
- Approximately 90% of investment options are in the top half of Morningstar rankings over 3 and 5 years.
- Assets under management surpassed $518 billion, a record high.
- International operations grew operating earnings by 13% on a normalized local currency basis.
- The company continued strong capital deployment including a 31% increased dividend and $61 million in share repurchases in the quarter.
Zep Inc. sells highly-effective consumable chemicals that help professionals maintain, clean and protect assets and facilities. It markets over 4,000 formulas under trusted brands to over 200,000 customers. Zep aims to reduce complexity and drive organic growth through strategic initiatives like product line rationalization and supply chain optimization. It expects these actions to generate $9 million in cost savings in 2014 and profitably grow its business toward $1 billion in revenue within 5 years.
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
- The company reported a profit before tax of $369.2m for the year ended 31 December 2021, compared to a loss of $50.4m in the previous year.
- Gross premiums written increased by 30% to $4,618.9m, while the combined ratio improved to 93% from 109% in 2020.
- Prior year reserve releases were $209.8m for 2021. The capital position remains strong at 27% of requirements.
- A dividend of 12.9p per share will be paid in respect of 2021 results.
SoFi reported strong financial results for Q2 2023, with record adjusted net revenue of $489 million, up 37% year-over-year, and record adjusted EBITDA of $77 million, at a 16% margin. SoFi added 584,000 new members and 847,000 new products in the quarter. For the second half of 2023, SoFi expects adjusted net revenue of $1.025-1.085 billion and adjusted EBITDA of $180-190 million. For the full year 2023, SoFi expects adjusted net revenue of $1.974-2.034 billion and adjusted EBITDA of $333-343 million, with positive GAAP net income expected
This document provides highlights from BI&P's 1Q 2015 results presentation. Key points include:
- The expanded credit portfolio totaled R$3.9 billion, down 6.8% from the previous quarter due to a more conservative lending policy.
- Funding totaled R$4.1 billion, down 7.2% from the previous quarter.
- Net income was a loss of R$6.7 million, up from a R$5.1 million loss in 1Q 2014. Expenses continue to be controlled while the bank works to achieve economies of scale.
Zep Inc. August 2014 Investor PresentationZep Inc.
Zep Inc. held an investor presentation in August 2014 to provide an overview of the company and its outlook. The presentation discussed Zep's portfolio of brands serving transportation, industrial/MRO, and jan/san markets. It highlighted trends favoring these end markets as well as Zep's history of acquisitions and initiatives to streamline operations and reduce complexity. Zep has generated strong revenue and earnings growth but expects near-term challenges from a fire that impacted its aerosol production capacity. Overall sales are projected to be flat to down in the next 2-3 quarters before capacity is restored.
This document provides an overview and summary of The AES Corporation's presentation at the Wolfe Research Power & Gas Leaders Conference on September 18, 2014. The presentation discusses AES' diversified portfolio of generation and utility businesses, its strategy to reduce risk, drive growth and enhance returns, and its outlook for 2014-2018 which includes adjusted EPS growth of 4-6% through 2015 and 6-8% in 2017-2018.
Principal Financial Group reported strong financial results for the fourth quarter of 2014 and full year. Operating earnings per share increased 14% year-over-year for the quarter and normalized earnings per share grew 11%. For the full year, normalized EPS increased 15%. Business segments such as Retirement and Investor Services, Principal Global Investors, and Principal International experienced revenue growth and margin expansion over the trailing twelve months. Capital deployment in 2014 totaled $855 million, more than 75% of net income, and similar levels of capital return are expected in 2015.
Sysco at 2016 Barclays Global Consumer Staples Conference Sysco_Investors
Sysco provided an overview of its business and recent performance. Key points include:
- For fiscal year 2016, Sysco reported adjusted sales growth of 3.5% and adjusted earnings per share growth of 14.1%.
- Momentum continued into the fourth quarter with local case growth and gross margin expansion.
- The acquisition of Brakes enhances Sysco's product portfolio and geographic reach in Europe.
- For fiscal year 2017, Sysco aims to further grow gross profit through customer-focused solutions and insights while keeping supply chain costs flat.
- Executive compensation changes will result in a one-time $15 million expense shift from the second quarter to the first quarter of fiscal 2017.
This document provides a summary of Principal Financial Group's second quarter 2013 earnings call. It discusses the use of non-GAAP financial measures to evaluate performance alongside GAAP measures. The company uses non-GAAP measures to illustrate normal ongoing operations, but also provides reconciliations to GAAP measures. It notes strong investment performance across many of its mutual funds and separate accounts. The document also summarizes key points regarding the company's accumulation and guaranteed retirement businesses, noting growth in net revenue and operating earnings for both segments compared to the prior year.
Similar to Apresentação gafisa ir citibank_eng_ (20)
- The company reported financial results for the fourth quarter and full year of 2014.
- For the Gafisa segment, net pre-sales fell 61% year-over-year in 4Q14. Adjusted EBITDA was R$81.8 million with a 16.7% margin.
- For the Tenda segment, launches increased 173% year-over-year in 4Q14 while pre-sales fell 23%. Adjusted EBITDA was negative R$30.9 million.
- Consolidated net revenue increased 31% quarter-over-quarter. Adjusted gross profit rose 9% and adjusted gross margin was 30.2%.
O documento apresenta os resultados financeiros da Gafisa e Tenda no 3T14 e nos primeiros 9 meses de 2014. A Gafisa teve aumento nos lançamentos e vendas contratadas, além de melhora nas margens. A Tenda reduziu prejuízos com foco no novo modelo de negócios, apesar de queda nas vendas. Ambas as empresas tiveram redução de custos.
The document summarizes the company's 1Q14 results conference call. It discusses positive operational and financial results for both the Gafisa and Tenda segments. Gafisa saw increases in launches, pre-sales, gross profit and EBITDA. Tenda's launches and pre-sales also increased significantly year-over-year, though it continues to have negative EBITDA. The company has a net debt to equity ratio of 1.26x and generated cash of R$20.5 million in 1Q14. Management provided updates on recent events including the shareholder meeting, dividend program, and preliminary studies on separating the Gafisa and Tenda business units.
Este documento apresenta os resultados da empresa no primeiro trimestre de 2014. Os principais pontos são: (1) Lançamentos totais de R$535 milhões, aumento de 172% em relação ao mesmo período do ano anterior. (2) Vendas contratadas totais de R$239 milhões, aumento de 122% na comparação anual. (3) Lucro bruto ajustado de R$132 milhões e margem bruta ajustada de 30,5%.
1) O documento apresenta os resultados financeiros e operacionais da empresa no 4T13 e no ano de 2013, destacando o crescimento dos lançamentos, vendas e lucro operacional.
2) Também discute eventos recentes como a venda de participação na AUSA, programa de recompra de ações, e proposta de separação das unidades de negócio.
3) Fornece detalhes do balanço patrimonial pós-transação e status dos turnarounds dos segmentos Gafisa e Tenda.
Gafisa outlined its strategic positioning to focus operations on the Rio de Janeiro and Sao Paulo markets, establish profit and loss responsibility by brand and region, and allocate capital to the Alphaville brand. Gafisa also discussed improvements to its construction management, cost control, landbank profile, product segmentation, and customer relations to support its strategic goals of cash generation and adapting its capital structure for profitable growth.
A presentação 3 t13 - port - v0511_v2 (1)Gafisa RI !
O documento apresenta os resultados financeiros da empresa no 3T13. Os principais destaques são: (1) lucro líquido de R$15,8 milhões no trimestre revertendo prejuízo anterior; (2) geração de caixa positiva de R$32,1 milhões; (3) evolução da margem bruta. A empresa também fornece atualizações sobre a transação da Alphaville e perspectivas para 2013.
O documento apresenta os resultados financeiros da empresa no 2T13, destacando:
1) A venda de uma participação de 70% na Alphaville por R$2,01 bilhões, fortalecendo o caixa e reduzindo a alavancagem.
2) Melhoras nas vendas e redução gradual nos distratos, concentrando lançamentos e vendas nos mercados estratégicos de SP e RJ.
3) Retomada dos lançamentos da Tenda no fundamento, com redução do estoque legado e do ciclo financeiro.
- Gafisa reported 2Q13 results with sales exceeding launches and sequential improvement in the speed of sales.
- Gafisa entered an agreement to sell a 70% stake in Alphaville to Blackstone and Patria, generating expected proceeds of R$1.4 billion to reduce leverage.
- The sale allows shareholders to participate in long-term value through the retained 30% stake while unlocking value generated since Alphaville's acquisition.
- Gafisa S.A. signed an agreement to sell a 70% stake in Alphaville to Blackstone and Pátria, valuing the company at R$2.01 billion and generating expected gross cash proceeds of R$1.4 billion.
- The sale strengthens Gafisa's balance sheet by reducing leverage and generating long-term shareholder value. Shareholders will participate in future value creation through the retained 30% stake.
- In 2Q13, Gafisa exceeded sales over launches and saw sequential improvement in its sales velocity. Tenda's new launches are performing well and its financial cycle has halved to an average of 7 months.
- Post-
A apresentação discute os resultados financeiros da empresa no 2T13, incluindo a venda de uma participação majoritária na Alphaville para a Blackstone e Pátria. Além disso, fornece atualizações sobre o desempenho operacional dos segmentos Gafisa e Tenda e explica ajustes nas demonstrações financeiras devido à classificação de ativos da Alphaville como mantidos para venda.
O documento descreve a estratégia e histórico da Gafisa, incluindo: 1) A Gafisa focou-se inicialmente em crescimento orgânico e aquisições, mas agora prioriza oportunidades de alto retorno e disciplina financeira; 2) A venda de uma participação de 70% na Alphaville para a Blackstone e Pátria reduzirá significativamente a alavancagem da Gafisa; 3) A Tenda está relançando suas operações sob um novo modelo de negócios rentável.
Alphaville presented its corporate presentation which included:
1) An overview of Alphaville's history, products, national presence and key highlights including its strong brand, experience, and national partnerships.
2) Details on Alphaville's unique business model which relies on partnerships, efficient construction processes, and a proprietary sales process to ensure high sales velocity and profitability with low cash exposure.
3) Financial highlights demonstrating Alphaville's consistent growth and profitability with high margins, returns, and solid increases in launches, sales, and profits over recent years.
O documento apresenta os resultados financeiros do primeiro trimestre de 2013 da empresa. As vendas líquidas contratadas totalizaram R$218 milhões, em linha com o primeiro trimestre tradicionalmente mais fraco. A velocidade de vendas consolidada foi de 5,9%, impactada por maior volume de distratos. A empresa relançou operações da Tenda com novo modelo de negócios visando redução de riscos.
O documento apresenta os resultados financeiros do primeiro trimestre de 2013 da empresa. As margens operacionais ainda não retornaram aos níveis normais devido a projetos antigos com margens menores que serão entregues em 2013. A Tenda retomou lançamentos após reestruturação e agora prioriza projetos de menor risco e giro mais rápido. As vendas consolidadas atingiram R$481 milhões no trimestre, com velocidade de vendas de 5,9%.
O documento apresenta os resultados financeiros do primeiro trimestre de 2013 da empresa. As margens operacionais ainda não retornaram aos níveis normais devido a projetos antigos com margens menores que serão entregues em 2013. A Tenda retomou lançamentos após reestruturação e agora prioriza projetos de menor risco e giro mais rápido. As vendas consolidadas atingiram R$481 milhões no trimestre, com velocidade de vendas de 5,9%.
1) A Gafisa reportou resultados positivos no 4T12 e 2012, superando metas de lançamentos, vendas e geração de caixa.
2) A estratégia de turnaround focou na geração de caixa, redução de dívida e reestruturação da empresa por marca.
3) A empresa espera um maior equilíbrio entre investimentos e desalavancagem em 2013, com resultados mais visíveis a partir de 2014.
Este documento apresenta a estrutura organizacional e os principais executivos da Alphaville Urbanismo, descreve seu portfólio de produtos, incluindo núcleos urbanos e bairros planejados, e destaca suas principais características como liderança no mercado de desenvolvimento urbano no Brasil e forte reconhecimento de marca.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
2. Safe-Harbor Statement
We make forward-looking statements that are subject to risks and uncertainties. These statements are based on the
beliefs and assumptions of our management, and on information currently available to us. Forward-looking statements
include statements regarding our intent, belief or current expectations or that of our directors or executive officers.
Forward-looking statements also include information concerning our possible or assumed future results of operations,
as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,''
''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions. Forward-looking statements are not
guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events
and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may
differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that
will determine these results and values are beyond our ability to control or predict.
2
3. 305 327
664
1,204
1,740
3,022
3,401
2,940
3,953
3,618
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E
Focus on Core Market Regions
Gafisa: A Track Record of Growth and Expansion
2005:
Equity International
Acquires 36%
of Gafisa
2004:
GP Investimentos
acquires control
of Gafisa
2009:
Acquistion of the remaining 40% of Tenda;
Tenda R$600 mm in FI-FGTS debentures (May/09)
R$600 mm in FI-FGTS debentures (Dec/09)
Net Revenues (R$ MM)
2007: ADR Level 3 issuance
First follow-on:
R$488 mm of
primary proceeds
2011: YE
Implementation of New
Strategic Plan
2006:
Company undertakes IPO:
R$494 mm of primary
proceeds
2010:
New Follow-On: R$ 1 billion;
Increase in AlphaVille stake
from 60% to 80%
2008:
Acquisition of a
60% stake of Tenda
3
*Market consensus estimate
2012: Deleveraging
and cash generation
stragegy, including
focus on core market
regions
2008-
2011
2012-
Nationwide Real Estate Developer Regional Player
› High Growth Rates
› Organic Growth Strategy (with partners in new markets)
› Growth via Acquisitions
› New Management Structure –
heads responsible for P&L
› Regional Focus
IPO
2006:
Acquisition of a
60% stake of AlphaVille
Pre-IPO
*
2013: Focus on High
Return Opportunities
4. Gafisa Completed the 1st Cycle of the Turnaround Strategy in 2012
Update: Status of the Turnaround
Throughout 2012, Gafisa positioned itself conservatively, prioritizing cash flow and net debt reduction.
The debt profile was restructured and launch volumes were reduced.
Established a new operating structure organized by brand (Gafisa, Alphaville and Tenda)
Maintained focus of the Gafisa brand on its core markets, São Paulo and Rio de Janeiro
Scaled back the Tenda business until complete control over the financial and operational cycle was achieved
Increased participation of the most profitable projects in the Group’s product mix and prioritized capital allocation to
the business unit
These actions resulted in a turnaround in the Company’s recent history.
The focus on cash generation in 2012 means Gafisa entered 2013 with a comfortable liquidity
position, having restructured debt and diversified funding sources and cash facilities.
The Company resumed launches in the low income business, while maintaining stable launch activity
at Gafisa and preparing core business for the near term, which necessarily includes new landbank for
future launches, and expanding Alphaville’s growth.
The execution of projects is proceeding according to plan and the expected results will be more
apparent in 2014, when Gafisa expects to have aligned operations with the strategy laid out at the
beginning of 2012.
20122013
4
5. Financial and Investment Discipline
Gafisa: A Well Defined Strategy
Focus on Profitable
Opportunities
Achieve and Maintain an
Appropriate level of
Leverage
Business Focus in Core Market Regions
Gafisa's Strategy
Establish itself as the leader in the residential
development company in Brazil in terms
profitability and product quality
5
6. The cash proceeds will reduce leverage and remove financial constraints, thereby enabling
greater focus on operational performance
Recent Events - Gafisa Agrees to Sell 70% Stake in Alphaville to
Blackstone and Pátria
Gafisa S.A. signed an agreement to sell a majority stake in Alphaville, valuing AUSA at
R$2.01 billion.
The sale transaction will allow Gafisa to generate expected gross cash proceeds of R$1.4 billion,
that will strengthen Gafisa’s balance sheet by reducing leverage and generate long-term
shareholder value
Furthermore, the transaction will allow our shareholders, through the 30% stake in Alphaville, to
participate in the long-term value creation we believe will be produced by partnering with two
leading investment firms with global and local experience in the real estate sector
Blackstone and Pátria Investimentos will maintain the existing Alphaville management team, led
by Marcelo Willer, which has driven industry-leading growth and returns at the brand
Following the transaction, Alphaville will remain an affiliate to Gafisa and the Company will
continue to play a significant role in Alphaville, with representatives serving as directors on the
board with two out of six seats
Terms of the shareholder agreement include clauses covering the following issues: vetoes in
investment documents; limitations on liability and tag along right
Completion of the sale to Blackstone and Pátria Investimentos is subject to closing conditions
customary for a transaction of this nature, including required anti-trust approvals, and is expected
to occur in the second half of the year
Gafisa also agreed to complete the purchase of the outstanding 20% stake in Alphaville
which it did not already own, finalizing the arbitration process for a total consideration of
R$367 million.
6
7. 62%
50% 45% 44%
9%
38%
50% 55% 56%
91%
Until Mar/14 Until Mar/15 Until Mar/16 Until Mar/17 After Mar/17
Corporte Debt Project Finance
3,929
1,190
216
585
791
1,147
Total
Investors Obligations
Working Capital
SFH / Project Finance
Debentures Working Capital
Debentures FGTS
3,929
2,485
1,570
1,444
915
Total debt Cash Net debt Net
Proceeds
(sale
transaction
+ purchase
20% stake)
Post
transaction
Net Debt
Debt Composition (R$ mm) and RatesLeverage 1Q13 vs Pro-forma Post Transaction
Note: Unaudited pro-forma preliminary estimated results
1 Does not include obligations related to securitization of R$250 mm
2 Post offering on pro forma basis on 1Q13.
Debt Maturity Schedule as % of Total Debt
Net Debt /
Shareholders’ Equity
0.95x
9.5% - 10.1% (TR)
1.5% - 1.9% (CDI)
8.3% - 11,5% (TR)
0.2% - 1.0% (CDI)
9.3%
Flexible Post-Transaction Balance Sheet
0.53x
1.3% - 3,0% (CDI)
1.179 1.252 920 341 237
R$
R$
Gafisa’s net debt to equity is expected to decrease from 94% at the end of 1Q13 to approximately
53%, based on unaudited pro-forma data
7
9. Relaunch of Tenda under New Business Model
Tenda’s operations will continue to expand in line with high
growth potential in the brand’s core markets of São Paulo,
Rio de Janeiro, Bahia and Minas Gerais.
The brand was relaunched in the 1Q13 under a new
business model
Launches totaled R$114mn in 1Q13
During 1Q13, Tenda transferred around 2,451 units to
financial institutions
Pre-sales reached R$6.8 million (gross pre-sales of R$239
million and R$232 million in sales cancellation)
Units are being sold only to customers that have access to a
mortgage and can be immediately transferred to financial
institutions
40% of the 1,473 units cancelled during 1Q13 were resold
during the period
All projects qualified for financing under the MCMV or SFH
programs
During 1Q13, 1300 units were contracted for financing under
the MCMV program
Customers Transferred (# of units) vs, % MCMV
Run Off – Tenda
1,898
2,515
2,381
2,865
1,892
3,066
3,168
2,863
2,796
3,620
3,151
3433
2,451
81%
89%
85%
95%
67%
83%
95% 92% 92% 89%
95% 92%92%
Transferred units to CEF MCMV (%)
The resumption of Tenda’s operations is proceeding in a cautious manner and is expected
to maximize the segment’s potential within the Group
0
5
10
15
20
25
30
SP
RJ
NE
MG
84 23
Constructionsites
9
10. Purchase of
Land and
Development
Launch of the
Sales Phase of
the Project
Completion of
the Project
Delivery
Phase1
Tenda purchases a parcel of
land (on which it can build a
number of homes) or
subdividesthe land into lots to
build multiple projects that
will be launched in phases.
Tenda targets areas where
customersmake 3-6 times the
monthly minimum wage (2nd
range of the housing program
MCMV - My House, My Life).
Participantsin the land
development stage are:
financialinstitutions(projects
need to be approved and
contractedbefore the 2nd
phase),municipal planning and
zoning departments,elected
officialsand community
interestgroups.
Phase2
Tenda’s marketing campaigns are
conductedinternally, eliminating
the need for a sales stand.
Sales are conducted by an
internal force.
The remuneration of the internal
sales team is based on the
“repasse”(transferof units to
financialinstitutions).
As a result of the tighter credit
policyand the new sales process,
sales velocity is stable during the
launch phase, sales expenses are
lower and sales are steady. The
model is designed to result in 7-
10% SoS per month until the
project is sold. This typically
occurs within 15 months.
Phase4
• Collectionsfor sold units
are in accordance with the
payment plan provided by
financialinstitutions
under the “associativo”
MCMV program).
• Tenda receives 100% of
the value of the unit
during the construction
phase,eliminating the risk
of delinquencyon its
balance sheet.
Phase3
• Aluminum molds are used in
constructionto ensure a high quality
and cost efficiency.
• Shorter cycle given the use of
aluminum mold results in improved
visibility of cost trends.
• The overall process (from authorization
- to delivery), is planned to take
approximately2 years.
• The loan starts out as a construction
loan based on a subsidized line of
credit and rolls over into a permanent
mortgage to the final buyer.
• The assurance of financing allows the
builder to focus on execution and
better schedule constructionworkflow.
1 2 3 4
6 months 2 years
Tenda’s New Business Model Workflow
10
11. Launches (2012A) R$1.61bn R$0mn R$1.34bn
% of Launches (2012A) 54% 0% 46%
Launches (2013E) R$1.15-1.35bn R$250-450mn R$1.3-1.5bn
% of Launches (2013E)1 42% 12% 47%
Contracted Sales (2012A) R$1.60bn - R$74mn R$1.11bn
% of Contracted Sales (2012A) 61% -3% 42%
Net Revenues (2012A) R$2.18bn R$1.12bn R$809mn
% of Revenues (2012A) 51% 28% 20%
Gross Margin (2012A) 22% 13% 52%
EBITDA Margin (2012A) 12% -4% 34%
Note 1: Launches for 2013 are expected to be between R$2.7 and R$3.3 billion, reflecting a new, more targeted regional focus. Gafisa should represent 42%, Tenda 12%
and Alphaville 47% of the average of launches estimated for 2013. For the first quarter of 2013, the Gafisa Group launched R$308 million.
Delivery of most lower-margin legacy projects in 2013
Consolidated Margins Have Not Yet Returned to
Normalized Levels
11
12. Launches (1Q13A) R$82mn R$114mn R$111mn
% of Launches (1Q13A) 27% 37% 36%
Launches (2013E) R$1.15-1.35bn R$250-450mn R$1.3-1.5bn
% of Launches (2013E)1 42% 12% 47%
Contracted Sales (1Q13A) R$101mn R$6.8mn R$110mn
% of Contracted Sales (1Q13A) 46% 3% 51%
Net Revenues (1Q13A) R$367mn R$140mn R$161mn
% of Revenues (1Q13A) 55% 21% 24%
Gross Margin % (1Q13A) 24% -7% 50%
EBITDA Margin % (1Q13A) 12% -18% 30%
Note 1: Launches for 2013 are expected to be between R$2.7 and R$3.3 billion, reflecting a new, more targeted regional focus. Gafisa should represent 42%, Tenda 12%
and Alphaville 47% of the average of launches estimated for 2013. For the first quarter of 2013, the Gafisa Group launched R$308 million.
Delivery of most lower-margin legacy projects in 2013
Consolidated Margins: 2013 Results
12
13. Gafisa (A) Tenda (B) Alphaville (C) (A) + (B) + (C) (A) + (C)
Revenues to be recognized 1,951,419 361,914 996,580 3,309,913 2,947,999
Costs to be incurred (units sold) (1,273,873) (275,766) (470,771) (2,020,410) (1,744,644)
Results to be Recognized 677,546 86,148 525,809 1,289,503 1,203,355
Backlog Margin 35% 24% 53% 39% 41%
Gafisa Group Consolidated Results to Be Recognized (REF) (R$ million)
1Q13 4Q12 Q/Q(%) 1Q12 Y/Y(%)
Results to be recognized 3,309,913 3,676,320 -10% 3,616,289 -8%
Costs to be incurred (units sold) (2,020,410) (2,226,575) -9% (2,338,561) -14%
Results to be Recognized 1,289,503 1,449,745 -11% 1,277,728 1%
Backlog Margin 39% 39% -48 bps 35% 363 bps
Backlog of Results
Results to Be Recognized (REF) by Segment (R$ million) 1Q13
• The 1Q13 consolidated margin rose to 39% from 35% in 1Q12, due to the contribution of
new projects, lower participation of Tenda’s legacy projects and increased contribution of
Alphaville’s projects in the Group’s product mix
13
14. Receivables + Inventory vs Construction Obligations
Receivables
Inventory at market
value
Total
Construction
obligations
Gafisa (A) 3.678.097 1.921.120 5.599.217 1.753.981
Alphaville (B) 1.746.194 808.927 2.555.121 698.304
Tenda (C) 1.243.188 772.992 2.016.180 463.716
Total (A) + (B) + (C) 6.667.479 3.503.039 10.170.518 2.916.003
R$ million
(R$000) Consolidated 1Q13 4Q12 Q-o-Q (%) 1Q12 Y-o-Y (%)
Receivables from developments – LT (off BS) 3.435.302 3.815.589 -10% 3.753.284 -8%
Receivables from PoC – ST (on balance sheet) 2.492.119 2.493.170 0% 3.002.163 -17%
Receivables from PoC – LT (on balance sheet) 740.058 820.774 -10% 1.024.027 -28%
Total Gafisa Group 6.667.479 7.129.533 -6% 7.779.474 -14%
Receivables
14
15. Launches, Sales, Cancellations and SoS
Inventories
BoP1
Launches Dissolution Pre-Sales
Price
Adjust +
Other5
Inventories
EoP2
% Q-o-Q3 VSO4
Gafisa (A) 1,983,694 83,029 191,572 (292,688) (44,486) 1,921,120 -3.2% 5.0%
Alphaville (B) 812,174 110,828 57,420 (167,799) (3,696) 808,927 -0.4% 12.0%
Total (A)+(B) 2,795,867 193,857 248,992 (460,487) (48,182) 2,730,047 -2.4% 7.2%
Tenda (C) 826,671 113,696 232,517 (239,302) (16,589) 772,992 -6.5% 0.9%
Total (A)+(B)+(C) 3,622,538 307,553 481,508 (699,789) (208,771) 3,503,039 -3.3% 5.9%
Note: 1) BoP beginning of the period – 4Q12. 2) EP end of the period – 1Q13. 3) % Change 1Q13 versus 4Q12.
4) 1Q13 sales velocity. 5) Projects cancelled during the period.
INVENTORYAT
MARKETVALUE
1SALESOVER
SUPPLYSoS(%)
SALESOVER
LAUNCHES(%)
23
5%
20%
14%
1Q13 4Q12 1Q12
Gafisa
14%
48%
31%
1Q13 4Q12 1Q12
Gafisa
12%
35%
22%
1Q13 4Q12 1Q12
Alphaville
46%
73%
63%
1Q13 4Q12 1Q12
Alphaville
7%
25%
16%
1Q13 4Q12 1Q12
Gafisa Group
Ex-Tenda
67%
45%
53%
1Q12 4Q12 1Q13
Gafisa Group
Ex-Tenda
-1%
-4%
-
31%
1Q13 4Q12 1Q12
Tenda
14%
0%
47%
1Q13 4Q12 4Q11
Tenda
6%
20%
10%
1Q13 4Q12 1Q12
Gafisa Group
32%
67%
48%
1Q13 4Q12 1Q12
Gafisa Group
15
18. Appendix
Size (m²) 60-350 45-60 250-1500
# units 50-300 500 100-400
Average price >R$500.000 R$120.000 R$200.000
Typical project margins 37% 28% 44%
Cash exposure / Total Sales 40% 20% 10-15%
Mortgage Provider Commercial Banks and
CEF
100% CEF (directly to
the final buyer)
AlphaVille
Note 1: Launches for 2013 are expected to be between R$2.7 and R$3.3 billion, reflecting a new, more targeted regional focus. Gafisa should represent 42%, Tenda 12%
and Alphaville 47% of the average of launches estimated for 2013. For the first quarter of 2013, the Gafisa Group launched R$308 million.
18