Abengoa's 2014 economic and financial reportAbengoa
Abengoa has published its third annual financial and economic report, which contains information about its consolidated annual accounts, as well as its management.
Abengoa's 2014 economic and financial reportAbengoa
Abengoa has published its third annual financial and economic report, which contains information about its consolidated annual accounts, as well as its management.
Comparative ratio analysis on Coca-cola and Pepsi
Analysis and comparison study of both companies on the basis of
▪ Profitability ratios
▪ RETURN ON ENVESTMENT
▪ RETURN ON SHAREHOLDER’S FUND
▪ RETURN ON ASSET
▪ GROSS PROFIT RATIO
▪ NET PROFIT RATIO
▪ Liquidity ratios
▪ Current ratio
▪ Quickratio
▪ Turnover ratio
▪ CAPITAL TURNOVER RATIO
▪ FIXED ASSETS TURNOVER RATIO
▪ WORKING CAPITAL TURNOVER RATIO
▪ Solvency ratio
▪ Debt-Equity ratio
The analysis is done on the basis of company balance sheet and profit & loss account.
Get the financial highlights and an overview of our performance per business.
You can view our financial reports here: www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports
Comparative ratio analysis on Coca-cola and Pepsi
Analysis and comparison study of both companies on the basis of
▪ Profitability ratios
▪ RETURN ON ENVESTMENT
▪ RETURN ON SHAREHOLDER’S FUND
▪ RETURN ON ASSET
▪ GROSS PROFIT RATIO
▪ NET PROFIT RATIO
▪ Liquidity ratios
▪ Current ratio
▪ Quickratio
▪ Turnover ratio
▪ CAPITAL TURNOVER RATIO
▪ FIXED ASSETS TURNOVER RATIO
▪ WORKING CAPITAL TURNOVER RATIO
▪ Solvency ratio
▪ Debt-Equity ratio
The analysis is done on the basis of company balance sheet and profit & loss account.
Get the financial highlights and an overview of our performance per business.
You can view our financial reports here: www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
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If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
2. • Gross revenues of R$3.5 billion, an increase of 14.4% over 2012.
• Gross Margin of 29.3%, over gross revenues
• Total SSS of 11.5%, with 6.8% for mature stores
• Adjusted EBITDA of R$150.9 million, with adjusted EBITDA margin of 4.3%
• Adjusted net loss of R$15.9 million.
• With the opening of 65 new owned stores and 120 franchises, we ended 2013 with 1,218 stores.
Operational & Financial
4. 65 openings in 2013 (18 in 4Q13)
40 closings (13 in 4Q13)
38.4% of owned stores not yet at mature stage
132 149 154
210 203 193
118 123 127
248 253 247
47 18
27 13
2012 Organic Growth Closing 9M13 Organic Growth Closing 2013
8.9%
11.3%
16.2%
63.6%
Stores open less than 12 months
Stores open 12 to 24 months
Stores open 24 to 36 months
Stores open more than 36 months
5. • 120 openings in 2013 (43 in 4Q13)
• Accelerated expansion strategy
• Gain of scale (for franchisees and Brasil Pharma)
361 358 364 359 355 352 369 388 406 433 458 485
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
11. 1 - Portion relating to commercial establishments amortization and brand amortization.
2 - Due to adjustments in non-recurring expenses and revenues during 2012, in 1Q12 we excluded the effects of Income and Social Contribution
Taxes on the insurance coverage for Sant’ana’s distribution center, which was destroyed by a fire in December 2011.
43.4
16.1
178.9
150.9
5.1%
1.6%
5.8%
4.3%
4Q12 4Q13 2012 2013
2012
Proforma
Net income (loss) (12,272) (188,247) 14,464 (151,380)
% Net margin -1.5% -19.3% 0.5% -4.3%
(-) Non recurring expenses 18,470 62,952 11,596 30,546
(-) Impairment Mais Economica/Beauty'in - 37,153 - 37,153
(-) Inventories (COGS) - 42,392 - 42,392
(-) SOP expenses 1,415 2,888 10,015 11,792
(-) D&A Commercial establishments¹ 1,234 2,971 24,096 13,565
(-) Income tax and social contrib. from non recurring expenses²- - 9,940 -
Adjusted Net Income (loss) 8,847 (39,890) 70,110 (15,932)
% Adjusted net margin 1.0% -4.1% 2.3% -0.5%
Net Income reconciliation (R$'000) 4Q12 4Q13 2013
12. Cash position and indebtedness (R$'000) 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
(+) Loans and financing 149,124 177,049 169,079 160,228 247,170 209,490
Short term 43,953 83,229 44,864 41,694 150,963 124,507
Long term 105,171 93,820 124,215 118,534 96,207 84,983
(+) Debentures 260,759 253,642 258,937 253,964 260,704 549,809
Short term 12,461 5,237 10,427 5,348 11,982 15,249
Long term 248,298 248,405 248,510 248,616 248,722 534,560
(+) Accounts payable for investment acquisition 333,591 345,333 264,430 232,581 179,652 147,837
Short term 97,971 99,711 82,833 81,986 82,681 70,300
Long term 235,620 245,622 181,597 150,595 96,971 77,537
(=) Total Indebtedness 743,474 776,024 692,446 646,773 687,526 907,136
Short term (%) 20.8% 24.2% 19.9% 19.9% 35.7% 23.2%
Long term (%) 79.2% 75.8% 80.1% 80.1% 64.3% 76.8%
(-) Cash and cash equivalents (404,783) (368,751) (183,870) (162,205) (213,132) (405,914)
(=) Net Debt 338,691 407,273 508,576 484,568 474,394 501,222
Net debt/Adjusted EBITDA (LTM) 1.9 X 2.1 X 2.7 X 2.5 X 2.5 X 3.3 X
14. 1- The variation in working capital includes the change in accounts receivable, inventories and suppliers.
Cash flow Statement (R$'000) 4Q12 4Q13 2012 2013
EBT (13,330) (174,859) 13,359 (123,822)
(+) Depreciation and amortization 20,815 19,872 62,542 72,120
(+/-) Others (22,016) 72,173 32,267 58,008
Operating cash generation (14,531) (82,814) 108,168 6,306
(+/-) Change in working capital¹ 5,770 114,272 (208,285) 150,687
(+/-) Change in other assets and liabilities (26,678) (25,344) (52,139) (132,936)
Cash consumption (20,909) 88,928 (260,424) 17,751
Income Tax & Social Contribution payed 4,119 2,511 (12,406) (3,587)
Net cash generated by operating activities (31,321) 8,625 (164,662) 20,470
(-) Capex from operations (38,849) (50,405) (135,224) (155,637)
(-) Acquisitions (7,693) (15,311) (356,051) (129,604)
Net Cash from investing activities (46,542) (65,716) (491,275) (285,241)
(+/-) Loans and financing 41,344 249,873 279,957 300,964
(+/-) Equity funding / Dividends 487 - 481,176 970
Net Cash from financing activities 41,831 249,873 761,133 301,934
Change in cash and cash equivalents (36,031) 192,782 105,196 37,163
Cash and cash equivalents - opening balance 404,783 213,132 263,555 368,751
Cash and cash equivalents - closing balance 368,751 405,914 368,751 405,914
15. 5 Big acquisitions:
• Rosario Distrital
• Guararapes
• Mais Economica
• Sant’Ana
• Big Benn
Strong organic growth/market consolidation
Leadership position in 4 out 5 regions in Brazil
Financing: IPO/ 1st Debenture/ F-ON
Accelerated expansion
Centralized BackOffice (2012)
Centralized Procurement (2013)
Logistics optimization : 4 New
Distribution Centers
Systems Standardization : Start
of SAP Implementation
Brand repositioning
Stores renovation/Mix optimization
Big Ben as a separated business
unit
Focus on processes
Focus in Cash generation
Reduced investments
Slowdown in organic growth
Optimized corporate structure
WC management
Processes’ redesign
Stores’ profitability
Harvest the benefits of
integrations done in 2012 and
2013
Value creation analysis
16. José Ricardo is our Chief Executive Officer and our
Investor Relations Officer. From December 2013 to
March 2014 he served as our Vice President of Strategy
and Finance. Before joining Brasil Pharma, José Ricardo
worked for 11 years at Aché, one of the leading
industries in the Brazilian pharmaceutical market, where
he held the position of Chief Executive Officer from 2006
to 2013
André has served as our Chief Executive Officer from
November 2009, date of the foundation of the Company,
until March 2014. He is also a partner at BTG Pactual.
Previously, he served as Chief Financial Officer of Grupo
Los Grobo and was one of the founders of PDG Realty
S.A. Empreendimentos e Participações, where he
served as a private equity officer
17. Still a separated business unit:
Separated Administration
Duplicated structures/expenses
Managed by the former owner
Commercial BackOffice Operations
Integration in course:
Continuous improvement.
Synergies to be captured in
the years to come
18. BackOffice Integration (SAP schedule)
“Go live” Rosário
“Go live” Santana
“Go live” Farmais
“Go live” Mais Economica
“Go live” Big Ben/SSC Integration
Commercial/Logistics Integration
• System standardization in Rosario, Santana and Mais
Economica: logistics efficiency and better management
control
Benefits from an Integrated System:
• Integrated Financing/Accounting management
• Process standardization
• Better integration capacity
• Faster and more precise information
• Higher quality information to shareholders
SIG6 Gestao Procfit Proteus