Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
This presentation provides key findings from the 2018 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Everyone can benefit from starting their own private equity bank. All that is needed is the ability to contribute monthly installments or a large lump sum coupled with monthly deposits. You can start your own bank for as little as a few hundred dollars a month. How simple is that?
What can you use your bank for?
Anything! You can purchase real estate, cars, vacations, college tuition, fund retirement, purchase investments, businesses, etc. Whatever your interest or needs are, the money is there for your convenience.
What are the benefits of being your own banker?
Simply put…financial independence.
You will no longer depend on financial institutions to borrow money or grow your wealth. You will never pay interest to a financial institution again. This is on your own terms!
Contact Kagan Financial for more information: 1.800.774.0945
Weakness ahead. Loan disbursements, applications and approvals
slowed in Apr, reflecting cautious sentiment. Loans growth was just
1.4% YTD, and 4.2% annualised. There was a slight uptick in absolute
NPLs, implying stress in some loans segments. The poor 1Q09 GDP
numbers suggest growing stress in system loans over the next few
months. We remain cautious on banks’ profits, especially from 3Q09.
1.4% YTD loans growth. Banking loans (net of repayments) grew to
RM736.5m in Apr ’09 (+0.4% MoM, +10.6% YoY) on expansion in both
household (+0.7% MoM, +8.5% YoY) and business loans (-0.03%
MoM, +9.2% YoY). Disbursements slowed (-6.6% MoM, -6.4% YoY)
but repayments were relatively stable (+1.3% MoM, -2.8% YoY). YTD
loans growth was +1.4% (4M2008: +3.4%), driven by household loans
(+2.2%) while business loans’ growth was anemic (+0.4%).
Forward indicators contracting. Loan applications and approvals fell
YoY: -5.4% and -18.2%. The business segment saw loan applications
and approvals down 24.2% and 35%, while the household segment
continued to see growing appetite in loan applications but flattish loan
approvals. On a MoM comparison, both indicators also showed
contraction. Loan applications fell 1.4% while approvals slipped 0.8%.
Absolute NPLs inched up. Absolute NPLs ticked-up by 0.34% MoM to
RM33.7b (Mar ‘09: -3.7% MoM). However, Apr ‘09’s absolute NPLs
were still lower than a year ago, by 14.7%. We suspect the rising NPLs
came from the business segment, especially exporters. The net NPL
ratio was unchanged at 2.24% due to the expanded loans base. Loan
loss coverage (LLC) remained adequate at 88.5% (Mar ’09: 88.3%).
Stay Underweight. The combined 1Q09 net profit of the six banking
stocks we cover was down 2.1% QoQ, and a sharper 13.1% YoY, on
lower treasury and FX income and higher loan loss provisions. We
expect sector earnings to contract 10% YoY in 2009 and reiterate our
concerns on asset and loan quality as the economy contracts over the
next two quarters. Our analysis shows a 3-6 months interval from GDP
trough to NPL peak. Banks are set to report weaker profits.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
This presentation provides key findings from the 2018 edition of the OECD Sovereign Borrowing Outlook. This includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
Find out more information at http://www.oecd.org/finance/oecdsovereignborrowingoutlook.htm
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Everyone can benefit from starting their own private equity bank. All that is needed is the ability to contribute monthly installments or a large lump sum coupled with monthly deposits. You can start your own bank for as little as a few hundred dollars a month. How simple is that?
What can you use your bank for?
Anything! You can purchase real estate, cars, vacations, college tuition, fund retirement, purchase investments, businesses, etc. Whatever your interest or needs are, the money is there for your convenience.
What are the benefits of being your own banker?
Simply put…financial independence.
You will no longer depend on financial institutions to borrow money or grow your wealth. You will never pay interest to a financial institution again. This is on your own terms!
Contact Kagan Financial for more information: 1.800.774.0945
Weakness ahead. Loan disbursements, applications and approvals
slowed in Apr, reflecting cautious sentiment. Loans growth was just
1.4% YTD, and 4.2% annualised. There was a slight uptick in absolute
NPLs, implying stress in some loans segments. The poor 1Q09 GDP
numbers suggest growing stress in system loans over the next few
months. We remain cautious on banks’ profits, especially from 3Q09.
1.4% YTD loans growth. Banking loans (net of repayments) grew to
RM736.5m in Apr ’09 (+0.4% MoM, +10.6% YoY) on expansion in both
household (+0.7% MoM, +8.5% YoY) and business loans (-0.03%
MoM, +9.2% YoY). Disbursements slowed (-6.6% MoM, -6.4% YoY)
but repayments were relatively stable (+1.3% MoM, -2.8% YoY). YTD
loans growth was +1.4% (4M2008: +3.4%), driven by household loans
(+2.2%) while business loans’ growth was anemic (+0.4%).
Forward indicators contracting. Loan applications and approvals fell
YoY: -5.4% and -18.2%. The business segment saw loan applications
and approvals down 24.2% and 35%, while the household segment
continued to see growing appetite in loan applications but flattish loan
approvals. On a MoM comparison, both indicators also showed
contraction. Loan applications fell 1.4% while approvals slipped 0.8%.
Absolute NPLs inched up. Absolute NPLs ticked-up by 0.34% MoM to
RM33.7b (Mar ‘09: -3.7% MoM). However, Apr ‘09’s absolute NPLs
were still lower than a year ago, by 14.7%. We suspect the rising NPLs
came from the business segment, especially exporters. The net NPL
ratio was unchanged at 2.24% due to the expanded loans base. Loan
loss coverage (LLC) remained adequate at 88.5% (Mar ’09: 88.3%).
Stay Underweight. The combined 1Q09 net profit of the six banking
stocks we cover was down 2.1% QoQ, and a sharper 13.1% YoY, on
lower treasury and FX income and higher loan loss provisions. We
expect sector earnings to contract 10% YoY in 2009 and reiterate our
concerns on asset and loan quality as the economy contracts over the
next two quarters. Our analysis shows a 3-6 months interval from GDP
trough to NPL peak. Banks are set to report weaker profits.
G093 Kodaira, T., Ito, T., Matsugami, S., & Inoue (2008). Can we reduce the ...Takehiko Ito
G093 Kodaira, T., Ito, T., Matsugami, S., & Inoue (2008). Can we reduce the prejudice among the people towards schizophrenia by a short-time video education? 13th Pacific Rim College of Psychiatrists Scientic Meeting Program & Abstracts, 296.
The Mental Health Network represents providers from across the statutory and non-statutory sectors.
The network works with government, regulators, opinion formers, media and the wider NHS to promote excellence in mental health services, and the importance of good mental health.
You can find out more about the NHS Confederation Mental Health Network at www.nhsconfed.org/mhn
Cyber Security - The New Threats to Internal ControlsDecosimoCPAs
Fraud specialist and published author Pamela Mantone presented "Cyber Security - The New Threats to Internal Controls" at the 2013 Decosimo Accounting Forum hosted by the University of North Alabama on July 19.
2011 National ITS Update - 2 25-11 public versionraymurphy9533
The 2011 National ITS Update is a hilevel overview by Ray Murphy of US DOT/FHWA major ITS Initiatives - including the Five Year ITS Strategic Research Plan (2010 – 2014) Major ITS Initiatives such as Applications for the Environment: Real-Time Information Synthesis (AERIS), the Clarus Initiative, the Vehicle Data Translator (VDT), the Integrated Mobile Observing (IMO) Project, and the Connected Vehicle Initiative.
Nurdan Şahin-Genel Müdür: "......Dr. Emre Erdoğan ve İnfakto Araştırma Şirketi ile geçtiğimiz yıllarda birbirini takip eden 3 araştırma çalışması yaptık. 2008 yılında “Türkiye’de Gençlik, Gönüllülük ve Sosyal Sermaye”; 2009 yılında “Gönüllülük ve Kazanımları”; 2010 yılında “Sürdürülebilir Gönüllülük” başlıkları altında yapılan bu çalışmalar, ilgili yılların, yine TEGV tarafından düzenlenen Dünya Gönüllüler Günü Konferanslarında kamuoyu ile paylaşıldı, web sitemize kondu, küçük bir kısmı da TEGV ETKİ ARAŞTIRMASI adlı çalışmamızda yayınlandı. Ancak, konu ile ilgili kaynakların azlığını da göz önüne alarak, 3 araştırmayı bir bütünlük içinde ve geneli ilgilendirecek kısımlarıyla kitaplaştırarak, tüm ilgilenenlerin yararlanmasını arzu ettik.Bu çalışmanın hem Türkiye’de gönüllülüğün yaygınlaşmasına hem de STK’lardaki gönüllü koordinasyonuna katkı yapmasını umuyor, araştırmaları yürüten ve kitaplaştıran Dr. Emre Erdoğan’a; araştırmaları gerçekleştiren İnfakto ekibine ve büyük destek sağlayan
TEGV merkez ve saha personeline yürekten teşekkür ediyoruz. Teşekkürün en büyüğünü ise, hiçbir karşılık beklemeden emeklerini ve zamanlarını toplum yararına sunan ve bu önemli çalışmanın gerçekleştirilmesinde katkı sağlayan, en büyük gücümüz, gönüllülerimiz hak ediyor."
I presented this webinar for Ragan Communications on Thursday, Feb. 24, 2011 with colleagues Ryan Paul and Tripp Underwood. It covers how to use blogs, Facebook and Twitter to accomplish your health care communications and marketing goals.
The Youth Mental Health Network showcased its work to senior NHS and Social Care Leaders at the launch of the South East Strategic Clinical Network on 1st may 2013.
10 actions for facilities managers to improve job satisfactionMartin Leitch
Qualifications cost money and experience takes time, but these 10 low cost and timely actions will help facilities managers improve their job satisfaction
The CECL Workshop Series Part II: Vintage AnalysisLibby Bierman
This webinar covered concerns with methodologies as institutions prepare for the FASB's proposed current expected credit loss (CECL) model. This presentation covered the importance of scenario building, choosing methodologies to test, and gave a deep dive into vintage analysis CECL scenarios.
Financial Ratio Breakdown of Waste ManagementAmandaRouquette
Intermediate Financial Management Course presentation of Waste Management organization. This includes:
full breakdown of business and industry position, Ratio and Financial Statement Analysis on ROE, and a final proposal to Improve Return on Equity on the Income Statement.
CRFB Webinar - Where Do We Stand on the National Debt - june 29 2020CRFBGraphics
On June 29th, Committee for a Responsible Federal Budget Policy Director Marc Goldwein gave a webinar detailing where the national debt and deficit stand in the post-COVID environment, featuring CRFB's updated 10-year budget projections. This slide deck accompanied that webinar.
Forensics and Fraud: Red Flags and War StoriesDecosimoCPAs
Principal Mike Costello, CPA•ABV•CFF, ASA, CFE, Director of Litigation Support Sharon P. Hamrick, CPA•CFF, CFE and Senior Manager Pamela S. Mantone, CPA•CFF, CFE, FCPA, CITP, CGMA co-presented the topic "Forensics and Fraud: Red Flags and War Stories" at the 2013 TSCPA FSV Conference, during which they shared from their experiences the details of various fraud schemes and methods used to detect and investigate them. - See more at: http://decosimo.com/www/announcements/540.8136/forensic-accounting-fraud-specialists-share-expertise-tscpa#sthash.eEdR6hfE.dpuf
Assurance Principal Jennifer Goodman presented "What Was the FASB Thinking?," a discussion and examples of unusual accounting rules, at the 2013 Decosimo Accounting Forum hosted by the University of North Alabama on July 19.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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3. Bad Debts
Companies generally don’t give the details of how
they compute bad debts
There are, however, typical considerations
Historical rates of charge-offs and recoveries (mostly the
company’s own, but industry-wide numbers may also be part
of the process)
Transaction volume
Age of the stores
Details of state law
Economic conditions
4. Measuring the Allowance
Most common: income statement measure
Numerator: bad debt expense for the year
Denominator: revenue from the relevant type of loan
Also sometimes seen: balance statement measure
Numerator: amount in the bad debt reserve
Denominator: loans receivable
The allowance is an estimate of the entire portfolio,
not a judgment about any one loan
DLLR is an exception, recording increases to the reserve when
a default actually occurs
5. Special Cases
Texas (CSO) structure
The allowance is typically classified as a contingent liability
under the letter of credit
This does not affect the amount reserved, only the presentation
Pawn loans
No reserve is accrued
If the customer does not redeem the item, the transaction was
really not a loan, but a purchase of inventory, and the books
are adjusted to reflect this
The above does not apply to title loans—those have a bad debt
reserve.
6. Values of the Ratios
AEA Advance America
Essentially pure payday-loan
First 9 months 2011: 16.7% (up from 16.2%)
Third Quarter 2011: 20.9% (down from 21.6%)
Appears to be seasonal
Full-year values:
2010, 17.4%
2009, 19.2%
2008, 20.1%
2007, 19.8% (not comparable before that)
7. Values of the Ratios
CSH Cash America
Three-fifths of revenue is pawn
Consumer loans (both payday and installment)
2010:37.2%
2009: 35.2%
2008: 38.6%
On balance-sheet basis, more reserves for payday (20.8% of
receivables) than for installment (16.3% of receivables)
8. Values of the Ratios
DLLR Dollar Financial (renamed to DFC Global)
Majority of revenue (56.4%) is payday; only installment loans are in a
military program (also do pawn, check cashing, and gold buying)
3rd Quarter 2011: 20.2%, up from 15.2%
Annual (July–June):
2010–2011:17.2%
2009–2010: 14.4%
2008–2009: 19.5%
2007–2008: 20.7%
2006–2007: 20.7%
Another interesting note: their non-performing loans went from
22.6% to 26.2% of receivables from 2010-Sept to 2011-Sept, which
drove the expense up
Their reports focus more on the balance sheet ratio
9. Values of the Ratios
EZPW EZCorp
October–September fiscal year; 80% pawn
Like CSH, has a “signature loans” category that covers both
payday and installment, but is mostly payday
2011:24.2%
2010: 22.8%
2009: 25.2%
Separate category for auto title loans
2011: 11.2%
2010: 15.4%
2009: 10.6%
Varies in exactly the opposite pattern
10. Values of the Ratios
FCFS First Cash Financial
12% payday and 2‰ installment, the rest is pawn
2010: 25.4%
2009: 26.0%
2008: 28.2%
9 Months 2011: 30.2%, down from 32.4%
3rd Quarter 2011: 23.1%, down from 26.5%
11. Values of the Ratios
QCCO QC Holdings
Payday and installment are again not distinguished in the
reserve, about 2:1 payday with a tiny bit of check cashing and
buy here/pay here
2010: 22.5%
2009: 23.0%
2008: 25.3%
2007: 24.0%
2006: 21.1%
12. Values of the Ratios
WRLD World Acceptance
Strictly installment loans, and services (e. g. insurance)
ancillary to installment lending
April–March fiscal year
2010: 22.6%
2009: 24.1%
2008: 25.8%
2007: 23.1%
2006: 21.0%
April–September 2011: 30.2%, down from 32.4%
3rd quarter 2011: 23.1%, down from 26.5%
14. Comparative Capital Structures
100%
90%
80%
70% Common Equity
60% Derivatives
50% Subordinated Debt
40% Senior Notes
30% Other Short-term Debt
20% Revolver
10% Accruals
0%
15. Advance America
$270 million revolver available
Company may request increase to $365 million with covenants
$79.1 million outstanding, plus $6.5 million in letters
of credit (related to Texas)
Premium over LIBOR is from 2½ to 3¼ points,
currently at 2½
Determined based on leverage
16. Cash America
$280 million line of credit, 80% outstanding
LIBOR premium is from 2 to 3¼
Currentlyset at 2½
Method of computing the premium is also not specified
Commitment fee is 25–50 basis points (current 38)
Arrangement also includes a term loan of $50
million, floating interest at 3½ points over LIBOR
Fixed-rate debt:
$136.7 million straight debt, rates from 6.09% to 7.26% and
maturities 2012–2021
$106.3 million convertible debt, at 5.25%, matures 2029
17. DFC Global f/k/a Dollar Financial
Information is as of December 2011
Global revolver of $200 million
Maximum of $75 million in US$; may also be tapped in C$, £, or €
Interest at 4 points over the LIBOR or equivalent rate for the relevant
currency
May be capped at a percentage of cash and receivables
$154.3 million outstanding
Scandinavian facilities based on an acquisition
SEK 240 million in term loans at current rate of 4.68%
SEK 20 million out of 85 million in an overdraft facility currently at
4.78%
The above are lender’s cost (3.08%) plus a premium.
Also, €16 million out of 17.5 million at Euribor plus 1.95 points
(current 2.59%)
18. DFC Global f/k/a Dollar Financial cont.
Fixed-rate debt is in three issues
$600 million of 10.375% notes due in 2016 (issued 2009 at
99.5)
$40.7 million of 2.875% convertible notes due in 2027
$90.9 million of 3% convertible notes due in 2028
Derivatives in place:
US$/C$ interest rates, paying a fixed rate on a notional C$322
million and receiving a floating rate on a notional US$280
million (down $43.5 million in fair value)
Collars on 4,500 ozt of gold (near zero fair value)
19. EZCorp
Information as of December 2011
Revolver is for $175 million, of which $40.5 million
was borrowed and $5 million tied up in Texas letters
of credit
Premium to LIBOR is 2 to 2¾ points (current 2½)
Commitment fee is 37½ to 50 bp (current 50)
Exact premium is decided by leverage
21. QC Holdings
Term loan is for $32 million
Premium over LIBOR is 4¼ points
Must be prepaid with at least 50% of available cash (75% if they are
at more than 1:1 leverage)
Matures in 2014
Revolver for up to $27 million
Rate varies from 3¼ to 4¼ points over LIBOR
Commitment fee is 37½ to 62½ bp
Exact premiums depend on leverage
$3 million of subordinated debt
Chairman/CEO holds $2½ million, an outside shareholder has the
rest
12% cash interest payment plus 4% in-kind interest (bunny bonds)
Matures in 2015, may be prepaid after the other loans are covered
22. World Acceptance
Information is as of December 2011
Revolver is up to $300 million, with $279 million
borrowed
Interest rate is LIBOR plus 3 points, but a minimum of 4%
(which currently controls)
Commitment fee is 40 bp
$20 million is hedged to a synthetic quasi-fixed rate of 5.4%
Subordinated note still has decent backing to it
Line of credit, not revolving
LIBOR plus 4⅞ points
$70 million maximum ($50 million out), decreasing $5 million
per year
23. And on the equity market…
WALL STREET AND THE PAYDAY COMPANIES
27. Multiples (as of 24 February 2012)
AEA CSFS CSH DLLR EZPW FCFS QCCO WRLD
EV to 1.14 0.59 1.19 1.69 1.76 2.34 0.51 2.41
Revenue ⑥ ⑦ ⑤ ④ ③ ② ⑧ ①
EV to 5.75 4.73 6.15 5.58 7.59 10.23 3.76 7.27
EBITDA ⑥ ⑦ ④ ② ① ⑧ ③
P/E 11.25 16.08 10.93 14.02 11.70 17.51 6.66 10.41
(Trail) ⑤ ② ⑥ ③ ④ ① ⑧ ⑦
Price to 2.48 1.28 1.50 1.84 2.24 4.09 0.80 2.19
Book ② ⑦ ⑥ ⑤ ③ ① ⑧ ④
P/E (Y 7.70 7.94 — — — — — —
+1)
28. Contact Us
Mike Costello Tom Decosimo
CPA•ABV, ASA, CFE, CFF CPA•ABV, ASA
Principal Principal
mikecostello@decosimo.com tomdecosimo@decosimo.com
423-756-7100 423-756-7100
29. About Decosimo
Top 100 Regional CPA firm with approximately 300 professionals and staff
Office Locations:
Huntsville, Alabama
Chattanooga, Knoxville, Memphis and Nashville, Tennessee
Cincinnati, Ohio
Atlanta and Dalton, Georgia
Grand Cayman
Independent firm associated with Moore Stephens International Limited
Association comprised of 314 independent CPA firms with 638 office locations across 97 countries
Allows us to provide resources comparable to Big Four firms
CPA of choice for the pioneers in consumer finance with a 40 year history of serving payday
cash advance providers, rent-to-own operators, title loan providers, pawn shops and consumer
loan providers
Consumer finance services include:
Business advisory including due diligence and business valuation
Tax consulting and compliance
Assurance and accounting
www.decosimo.com/consumerfinance
30. About Decosimo Advisory Services
Decosimo Advisory Services is a practice of the regional accounting firm Decosimo providing
business valuation, litigation support, and transaction advisory services to
businesses, business owners and their advisors. These services have been an integral part of the
Decosimo firm since its founding in 1971.
Our professionals have a diverse array of credentials in a variety of fields:
Accredited in Business Valuation
Accredited Senior Appraiser
Business Valuator Accredited for Litigation
Certified Business Appraiser
Certified Fraud Examiner
Certified Management Accountant
Certified Public Accountant
Fellow of the Healthcare Financial Management Association
With 40 years experience involving over $17 billion in transactions, Decosimo Advisory Services
has the strength, capacity and expertise to maximize value for the middle market.
www.decosimo.com/advisory
31. About Decosimo Corporate Finance
With a forty year history in hundreds of transactions, DCF helps business owners grow and maximize value
when selling their businesses, accessing capital for growth, or growing through acquisition. DCF is a broker/
dealer, member FINRA/SIPC
Sell-Side Advisory –
DCF’s clients concentrate on maximizing their value by doing what they do best – running their businesses. DCF seeks to maximize their
clients’ value by doing what they do best – conducting their disciplined sell-side process. DCF’s process is comprehensive, minimizes
disruption to daily operations, and is designed to maintain confidentiality and maximize value.
Buy-Side Advisory –
DCF’s full range of buy-side advisory includes acquisition searches, valuation analysis, due diligence, and merger and acquisition
financing. DCF brings its experience of over 40 years and $17 billion of transactions to each assignment.
Capital Sourcing –
Growing businesses require capital, and DCF understands the methods to help business owners obtain an optimal capital structure. DCF
utilizes a myriad of capital sources including banks, asset based lenders, equipment lessors, mezzanine lenders, equity funds, Regulation D
private offerings, and other private sources.
Fairness Opinions –
Corporate boards, special committees, trustees, shareholders, and other interested parties wishing to confirm the fairness of a particular
sale or transaction price require fairness opinions. DCF’s professionals have more than 40 years of transaction and valuation expertise, as
well as senior business valuation credentials.
www.dcf-llc.com