The document provides an overview of analyzing corporate profit and loss statements. It discusses key components of a P&L statement such as revenue, expenses, profit, earnings per share, and how it shows the path from revenue to net profit. It also discusses interpreting P&L statements, including checking footnotes and understanding the treatment of items like depreciation, subsidiaries versus associates, and minority interests. An example P&L statement is then presented for Hutchison Whampoa Limited to demonstrate these concepts.
Hutchison Whampoa reported a 12% rise in net profit to HK$14.17 billion in 2009, despite a 14% drop in revenue to HK$300.55 billion. Gains from property and asset sales offset losses in its energy and 3G businesses. While losses in 3G operations fell 67%, the division is still dragging on earnings. However, results from property completions and asset sales boosted profits.
The document provides an overview of key concepts related to corporations from an economics course. It discusses why companies exist, the differences between private and public companies, and how public companies function. It also covers various corporate financial documents including income statements, balance sheets, cash flow statements, and how to analyze earnings announcements. Key terms like revenue, expenses, assets, liabilities, net profit are defined.
The document provides an overview of key corporate financial disclosure documents including the directors' report, auditor's report, profit and loss statement, balance sheet, and cash-flow statement. It discusses the importance of these documents for understanding a company's financial performance and position. The profit and loss statement is described as a roadmap from revenue to net profit, and the balance sheet provides a snapshot of a company's assets and liabilities. Footnotes and definitions of common financial ratios are also provided.
The document provides condensed consolidated financial statements for Credit Suisse Group for 3Q 2007. It includes statements of income, balance sheets, and statements of changes in shareholders' equity. For 3Q 2007, net income was CHF 1.3 billion, total assets were CHF 1.4 trillion, and total liabilities were CHF 1.3 trillion. Key metrics like revenues, expenses, assets, and liabilities are provided with comparisons to prior periods.
Baldwin & Lyons, Inc. announced financial results for the first quarter of 2009 with operating income of $6.2 million compared to an operating loss in 2008. Premiums increased 6% driven by growth in property reinsurance and auto products. The combined ratio improved to 89% from 98.5% due to lower loss ratios and reserve savings. However, investment income declined due to lower interest rates. Shareholders' equity decreased due to a decline in unrealized gains and cash dividends paid.
The document provides financial statements for MCB Bank Limited for the year ended December 31, 2009. It includes the balance sheet, profit and loss account, cash flow statement, statement of changes in equity, and statement of comprehensive income, along with accompanying notes. The balance sheet shows total assets of Rs. 509.2 billion and total liabilities of Rs. 439.5 billion. The profit and loss account reports a net profit after tax of Rs. 15.5 billion for 2009.
- The document contains financial statements and notes for American Express Bank Ltd for the years ended December 31, 2006 and 2005.
- It includes the consolidated statements of operations, balance sheets, cash flows, and changes in shareholder's equity.
- The notes provide information on significant accounting policies such as basis of presentation, foreign currency, amounts based on estimates, revenue recognition, and credit loss reserves.
1) Two key changes were proposed to IAS 31 regarding control of entities and the elimination of proportional consolidation.
2) Under the proposed changes, Deutsche EuroShop's 2008 consolidated financial statements would show decreased revenue, expenses, earnings, and assets due to eliminating proportional consolidation.
3) Deutsche EuroShop successfully raised €67 million in a private placement to institutional investors to strengthen its balance sheet.
Hutchison Whampoa reported a 12% rise in net profit to HK$14.17 billion in 2009, despite a 14% drop in revenue to HK$300.55 billion. Gains from property and asset sales offset losses in its energy and 3G businesses. While losses in 3G operations fell 67%, the division is still dragging on earnings. However, results from property completions and asset sales boosted profits.
The document provides an overview of key concepts related to corporations from an economics course. It discusses why companies exist, the differences between private and public companies, and how public companies function. It also covers various corporate financial documents including income statements, balance sheets, cash flow statements, and how to analyze earnings announcements. Key terms like revenue, expenses, assets, liabilities, net profit are defined.
The document provides an overview of key corporate financial disclosure documents including the directors' report, auditor's report, profit and loss statement, balance sheet, and cash-flow statement. It discusses the importance of these documents for understanding a company's financial performance and position. The profit and loss statement is described as a roadmap from revenue to net profit, and the balance sheet provides a snapshot of a company's assets and liabilities. Footnotes and definitions of common financial ratios are also provided.
The document provides condensed consolidated financial statements for Credit Suisse Group for 3Q 2007. It includes statements of income, balance sheets, and statements of changes in shareholders' equity. For 3Q 2007, net income was CHF 1.3 billion, total assets were CHF 1.4 trillion, and total liabilities were CHF 1.3 trillion. Key metrics like revenues, expenses, assets, and liabilities are provided with comparisons to prior periods.
Baldwin & Lyons, Inc. announced financial results for the first quarter of 2009 with operating income of $6.2 million compared to an operating loss in 2008. Premiums increased 6% driven by growth in property reinsurance and auto products. The combined ratio improved to 89% from 98.5% due to lower loss ratios and reserve savings. However, investment income declined due to lower interest rates. Shareholders' equity decreased due to a decline in unrealized gains and cash dividends paid.
The document provides financial statements for MCB Bank Limited for the year ended December 31, 2009. It includes the balance sheet, profit and loss account, cash flow statement, statement of changes in equity, and statement of comprehensive income, along with accompanying notes. The balance sheet shows total assets of Rs. 509.2 billion and total liabilities of Rs. 439.5 billion. The profit and loss account reports a net profit after tax of Rs. 15.5 billion for 2009.
- The document contains financial statements and notes for American Express Bank Ltd for the years ended December 31, 2006 and 2005.
- It includes the consolidated statements of operations, balance sheets, cash flows, and changes in shareholder's equity.
- The notes provide information on significant accounting policies such as basis of presentation, foreign currency, amounts based on estimates, revenue recognition, and credit loss reserves.
1) Two key changes were proposed to IAS 31 regarding control of entities and the elimination of proportional consolidation.
2) Under the proposed changes, Deutsche EuroShop's 2008 consolidated financial statements would show decreased revenue, expenses, earnings, and assets due to eliminating proportional consolidation.
3) Deutsche EuroShop successfully raised €67 million in a private placement to institutional investors to strengthen its balance sheet.
The document is the consolidated financial statements of The TJX Companies, Inc. for fiscal years 1998, 1997 and 1996. It shows that the company's net sales increased from $3.975 billion in 1996 to $6.689 billion in 1997 and $7.389 billion in 1998. Net income also increased each year, from $26.261 million in 1996 to $363.123 million in 1997 and $304.815 million in 1998. The majority of the company's sales and assets are from its off-price family apparel stores segment.
Symantec's 2003 annual report summarizes the company's strong financial performance in fiscal year 2003. Revenues grew 31% to $1.4 billion, operating income grew to $342 million, and net income grew to $248 million. The company saw growth across all regions and segments, with the consumer segment growing 52% and accounting for 41% of revenues. Symantec continued investing in its business through acquisitions and investments in sales, marketing, and product development to maintain its leadership position in the internet security market.
The document is Credit Suisse's condensed consolidated financial statements for the 4th quarter of 2007. It has been revised to reflect a CHF 2.86 billion valuation reduction in certain ABS positions identified by an internal review. This resulted in a CHF 1,177 million reduction to net revenues and CHF 789 million reduction to net income for 4Q07 and full year 2007. The financial statements include consolidated statements of income, balance sheets, changes in shareholders' equity, and notes providing details on accounting policies, business developments, segments, and other financial information.
Mohawk Industries is a flooring manufacturer that acquired other flooring companies. This document provides selected financial data for Mohawk from 2004 to 1996. In 2004, Mohawk's net sales were $5.88 billion and net earnings were $368.6 million. Working capital in 2004 was $968.9 million and total assets were $4.4 billion. Mohawk's financial performance has generally increased over this period as net sales, net earnings, working capital and total assets have risen.
- Weyco Group reported a 4% decrease in first quarter sales from $61.3 million to $58.9 million and a decline in net earnings from $5.1 million to $2.5 million. Diluted earnings per share fell from $0.43 to $0.22.
- Sales were down in the wholesale and retail divisions due to lower demand and 3 fewer retail stores. The acquisition of Florsheim Australia contributed to increased foreign sales.
- Operating earnings declined from $7.6 million to $3.3 million due to lower sales volumes and margins in a difficult retail environment. Florsheim Australia had an operating loss of $360,000 from acquisition costs.
- The document is the consolidated financial statements of United Bank Limited and its subsidiaries for the quarter ended March 31, 2009.
- It includes the consolidated balance sheet, profit and loss account, cash flow statement, and statement of changes in equity for the quarter.
- The balance sheet shows total assets of Rs. 641.9 billion, total liabilities of Rs. 586.8 billion, and net assets of Rs. 55.2 billion as of March 31, 2009.
This document summarizes Credit Suisse's financial statements for the first quarter of 2007. It shows increases in net interest income and trading revenues compared to the previous quarter. Net income decreased due to discontinued operations from the prior quarter. Total assets decreased slightly compared to the prior year due to decreases in investment securities and assets of discontinued operations. Total liabilities also decreased slightly year-over-year.
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
This document contains Credit Suisse's condensed consolidated financial statements for the second quarter of 2007. It includes:
1) Statements of income showing a 17% increase in net income from the prior year quarter to CHF 3.19 billion.
2) Balance sheets as of the end of the second quarter of 2007 and prior periods, showing total assets of CHF 1.42 trillion, a 1% increase from the prior year.
3) Details of shareholders' equity such as common shares, retained earnings, and treasury shares.
This document provides financial highlights and selected financial data for ConocoPhillips for the first quarter of 2005 compared to the first quarter of 2004. Some key figures include:
- Net income for Q1 2005 was $2.912 billion compared to $1.616 billion in Q1 2004.
- Income from continuing operations was $2.923 billion in Q1 2005 compared to $1.603 billion in Q1 2004.
- Total worldwide crude oil and natural gas production was 942 thousand barrels of oil equivalent per day in Q1 2005.
- Total revenues for Q1 2005 were $38.918 billion compared to $30.217 billion in Q1 2004.
This document summarizes the income statement and balance sheet of Credit Suisse Group for 1999/2000 and 1998/1999. It shows that the company's net profit increased 54% to CHF 3.948 billion in 1999/2000 compared to CHF 2.558 billion in 1998/1999. Total shareholders' equity grew 16% to CHF 23.668 billion. The balance sheet reflects increases in investments in Group companies and securities holdings. Notes provide additional details on contingent liabilities, bonds, share capital amounts and proposed retained earnings allocation.
Bank of America reported second quarter 2008 results. Key highlights included diluted EPS of $0.72, record quarterly revenue of $20.3 billion, and net income of $3.41 billion. Credit costs increased significantly to $5.83 billion due to weakness in the housing market. Revenue growth was driven by higher net interest income, though partially offset by lower noninterest income and higher expenses.
The document is the Clorox Company's condensed consolidated financial statements for fiscal years 2008, 2007 and 2006. It includes statements of earnings, balance sheets, cash flows and stockholders' equity. Some key details are:
- Net sales increased year-over-year from $4.8B in 2007 to $5.3B in 2008.
- Earnings from continuing operations were $461M in 2008, down from $496M in 2007.
- Total assets increased from $3.6B in 2007 to $4.7B in 2008, driven largely by acquisitions.
- Cash flows from operations were $730M in 2008, up from $709M in 2007.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
GMAC reported a net loss of $724 million in Q4 2007 compared to a net income of $7.4 billion in Q4 2008. For the full year, GMAC reported a net loss of $2.3 billion in 2007 compared to a net income of $1.8 billion in 2008. Key factors contributing to the changes included an $11.4 billion gain on extinguishment of debt in Q4 2008 and impairment charges taken in both years. Revenues declined across most business segments from 2007 to 2008.
Citigroup reported record first quarter net income of $5.44 billion, up 3% from the same period last year. Revenue increased 6% to $21.5 billion. The Board authorized up to an additional $15 billion in share repurchases. Several business segments saw revenue and income increases, including Global Consumer and Corporate and Investment Banking. However, Global Wealth Management saw declines in revenue and income.
- Sprint provided an investor update on its second quarter 2005 results in a document that included cautionary statements about forward-looking projections and non-GAAP financial measures.
- Key highlights included adjusted operating income of $1.256 billion for the quarter, adjusted EBITDA of $2.292 billion, and free cash flow of $2.548 billion.
- Financial results were provided for Sprint's consolidated business as well as its Wireless, Local, Long Distance, and Other/Eliminations segments.
Motorola's net sales increased 23% to $10.01 billion in the first quarter of 2006 compared to $8.16 billion in the same period in 2005. Gross margin improved to $3.02 billion in 2006 from $2.66 billion previously. Overall earnings from continuing operations were $686 million in 2006, nearly flat compared to $692 million in 2005. Mobile Devices segment sales grew 45% and operating earnings increased 60% year-over-year.
This document provides financial highlights and selected financial data for ConocoPhillips for the three month and twelve month periods ending December 31, 2005 and 2004. Some key details include:
- Revenues for the three months ending December 31, 2005 were $52.2 billion compared to $40.1 billion for the same period in 2004.
- Net income for the twelve months ending December 31, 2005 was $13.5 billion compared to $8.1 billion for the same period in 2004.
- Earnings per share (diluted) for continuing operations for the twelve months ending December 31, 2005 were $9.63 compared to $5.79 for the same period in 2004.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes Illinois Tool Works' condensed financial statements, including statements of income, financial position, and cash flows for the relevant periods. It also notes that the company completed some divestitures in 2007 and has classified other businesses as held for sale. The financial statements provide key financial information on Illinois Tool Works' performance, financial condition, and cash flows for the periods presented.
This document discusses use cases for trainers. It was authored by Austin Shannon and focuses on how trainers can utilize different scenarios. The use cases aim to help trainers effectively teach their students and improve outcomes.
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The document is the consolidated financial statements of The TJX Companies, Inc. for fiscal years 1998, 1997 and 1996. It shows that the company's net sales increased from $3.975 billion in 1996 to $6.689 billion in 1997 and $7.389 billion in 1998. Net income also increased each year, from $26.261 million in 1996 to $363.123 million in 1997 and $304.815 million in 1998. The majority of the company's sales and assets are from its off-price family apparel stores segment.
Symantec's 2003 annual report summarizes the company's strong financial performance in fiscal year 2003. Revenues grew 31% to $1.4 billion, operating income grew to $342 million, and net income grew to $248 million. The company saw growth across all regions and segments, with the consumer segment growing 52% and accounting for 41% of revenues. Symantec continued investing in its business through acquisitions and investments in sales, marketing, and product development to maintain its leadership position in the internet security market.
The document is Credit Suisse's condensed consolidated financial statements for the 4th quarter of 2007. It has been revised to reflect a CHF 2.86 billion valuation reduction in certain ABS positions identified by an internal review. This resulted in a CHF 1,177 million reduction to net revenues and CHF 789 million reduction to net income for 4Q07 and full year 2007. The financial statements include consolidated statements of income, balance sheets, changes in shareholders' equity, and notes providing details on accounting policies, business developments, segments, and other financial information.
Mohawk Industries is a flooring manufacturer that acquired other flooring companies. This document provides selected financial data for Mohawk from 2004 to 1996. In 2004, Mohawk's net sales were $5.88 billion and net earnings were $368.6 million. Working capital in 2004 was $968.9 million and total assets were $4.4 billion. Mohawk's financial performance has generally increased over this period as net sales, net earnings, working capital and total assets have risen.
- Weyco Group reported a 4% decrease in first quarter sales from $61.3 million to $58.9 million and a decline in net earnings from $5.1 million to $2.5 million. Diluted earnings per share fell from $0.43 to $0.22.
- Sales were down in the wholesale and retail divisions due to lower demand and 3 fewer retail stores. The acquisition of Florsheim Australia contributed to increased foreign sales.
- Operating earnings declined from $7.6 million to $3.3 million due to lower sales volumes and margins in a difficult retail environment. Florsheim Australia had an operating loss of $360,000 from acquisition costs.
- The document is the consolidated financial statements of United Bank Limited and its subsidiaries for the quarter ended March 31, 2009.
- It includes the consolidated balance sheet, profit and loss account, cash flow statement, and statement of changes in equity for the quarter.
- The balance sheet shows total assets of Rs. 641.9 billion, total liabilities of Rs. 586.8 billion, and net assets of Rs. 55.2 billion as of March 31, 2009.
This document summarizes Credit Suisse's financial statements for the first quarter of 2007. It shows increases in net interest income and trading revenues compared to the previous quarter. Net income decreased due to discontinued operations from the prior quarter. Total assets decreased slightly compared to the prior year due to decreases in investment securities and assets of discontinued operations. Total liabilities also decreased slightly year-over-year.
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
This document contains Credit Suisse's condensed consolidated financial statements for the second quarter of 2007. It includes:
1) Statements of income showing a 17% increase in net income from the prior year quarter to CHF 3.19 billion.
2) Balance sheets as of the end of the second quarter of 2007 and prior periods, showing total assets of CHF 1.42 trillion, a 1% increase from the prior year.
3) Details of shareholders' equity such as common shares, retained earnings, and treasury shares.
This document provides financial highlights and selected financial data for ConocoPhillips for the first quarter of 2005 compared to the first quarter of 2004. Some key figures include:
- Net income for Q1 2005 was $2.912 billion compared to $1.616 billion in Q1 2004.
- Income from continuing operations was $2.923 billion in Q1 2005 compared to $1.603 billion in Q1 2004.
- Total worldwide crude oil and natural gas production was 942 thousand barrels of oil equivalent per day in Q1 2005.
- Total revenues for Q1 2005 were $38.918 billion compared to $30.217 billion in Q1 2004.
This document summarizes the income statement and balance sheet of Credit Suisse Group for 1999/2000 and 1998/1999. It shows that the company's net profit increased 54% to CHF 3.948 billion in 1999/2000 compared to CHF 2.558 billion in 1998/1999. Total shareholders' equity grew 16% to CHF 23.668 billion. The balance sheet reflects increases in investments in Group companies and securities holdings. Notes provide additional details on contingent liabilities, bonds, share capital amounts and proposed retained earnings allocation.
Bank of America reported second quarter 2008 results. Key highlights included diluted EPS of $0.72, record quarterly revenue of $20.3 billion, and net income of $3.41 billion. Credit costs increased significantly to $5.83 billion due to weakness in the housing market. Revenue growth was driven by higher net interest income, though partially offset by lower noninterest income and higher expenses.
The document is the Clorox Company's condensed consolidated financial statements for fiscal years 2008, 2007 and 2006. It includes statements of earnings, balance sheets, cash flows and stockholders' equity. Some key details are:
- Net sales increased year-over-year from $4.8B in 2007 to $5.3B in 2008.
- Earnings from continuing operations were $461M in 2008, down from $496M in 2007.
- Total assets increased from $3.6B in 2007 to $4.7B in 2008, driven largely by acquisitions.
- Cash flows from operations were $730M in 2008, up from $709M in 2007.
Maxim Integrated Products reported financial results for its second quarter of fiscal year 2009. Revenue declined 18% from the previous quarter to $410.7 million. The company reported a GAAP loss per share of $0.12, which included $125.9 million in special expenses. Cash flow from operations was $71.5 million. For the third quarter of fiscal year 2009, the company expects revenue in the range of $290-330 million and GAAP loss per share including special expenses and stock-based compensation.
GMAC reported a net loss of $724 million in Q4 2007 compared to a net income of $7.4 billion in Q4 2008. For the full year, GMAC reported a net loss of $2.3 billion in 2007 compared to a net income of $1.8 billion in 2008. Key factors contributing to the changes included an $11.4 billion gain on extinguishment of debt in Q4 2008 and impairment charges taken in both years. Revenues declined across most business segments from 2007 to 2008.
Citigroup reported record first quarter net income of $5.44 billion, up 3% from the same period last year. Revenue increased 6% to $21.5 billion. The Board authorized up to an additional $15 billion in share repurchases. Several business segments saw revenue and income increases, including Global Consumer and Corporate and Investment Banking. However, Global Wealth Management saw declines in revenue and income.
- Sprint provided an investor update on its second quarter 2005 results in a document that included cautionary statements about forward-looking projections and non-GAAP financial measures.
- Key highlights included adjusted operating income of $1.256 billion for the quarter, adjusted EBITDA of $2.292 billion, and free cash flow of $2.548 billion.
- Financial results were provided for Sprint's consolidated business as well as its Wireless, Local, Long Distance, and Other/Eliminations segments.
Motorola's net sales increased 23% to $10.01 billion in the first quarter of 2006 compared to $8.16 billion in the same period in 2005. Gross margin improved to $3.02 billion in 2006 from $2.66 billion previously. Overall earnings from continuing operations were $686 million in 2006, nearly flat compared to $692 million in 2005. Mobile Devices segment sales grew 45% and operating earnings increased 60% year-over-year.
This document provides financial highlights and selected financial data for ConocoPhillips for the three month and twelve month periods ending December 31, 2005 and 2004. Some key details include:
- Revenues for the three months ending December 31, 2005 were $52.2 billion compared to $40.1 billion for the same period in 2004.
- Net income for the twelve months ending December 31, 2005 was $13.5 billion compared to $8.1 billion for the same period in 2004.
- Earnings per share (diluted) for continuing operations for the twelve months ending December 31, 2005 were $9.63 compared to $5.79 for the same period in 2004.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes Illinois Tool Works' condensed financial statements, including statements of income, financial position, and cash flows for the relevant periods. It also notes that the company completed some divestitures in 2007 and has classified other businesses as held for sale. The financial statements provide key financial information on Illinois Tool Works' performance, financial condition, and cash flows for the periods presented.
This document discusses use cases for trainers. It was authored by Austin Shannon and focuses on how trainers can utilize different scenarios. The use cases aim to help trainers effectively teach their students and improve outcomes.
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El documento resume la evolución del computador desde sus orígenes hasta la sexta generación actual. Comenzó con dispositivos mecánicos como el ábaco babilónico y la máquina de Pascal en el siglo 17. Luego vinieron las primeras computadoras electrónicas en la primera mitad del siglo 20. En las siguientes generaciones los transistores, circuitos integrados y microprocesadores hicieron que las computadoras sean más pequeñas, rápidas y eficientes. La era de las computadoras personales comenzó en la cuarta gener
The document discusses key economic goals of governments including full employment, steady annual growth, and stable prices. It then covers concepts of absolute and comparative advantage in determining what goods countries will produce. It provides an overview of common economic indicators used to measure economic performance such as GDP, CPI, unemployment, and money supply. It also discusses important considerations for analyzing and reporting on economic data.
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This document contains a resume for Kusum Gunaratne. It summarizes his personal and educational background, professional qualifications and over 30 years of work experience as an autocad draughtsman and designer for various infrastructure projects in Sri Lanka. Key details include his education at Richmond College and Pembroke Academy, a National Certificate in Draughtsmanship from 1978-1979, and experience working on projects like the ADB Assisted Greater Colombo Waste Water project from 2015-2017 and the PEACE PROJECT from 2007-2011. Contact details and two references are also provided.
Sinners to Saints Ministry is a nonprofit organization that provides a one-year program to help men in crisis build a productive life through Christian teachings. The program has two phases - the first focuses on Bible study classes for six months while living on campus, and the second phase allows men to leave for work while continuing classes for another six months. The ministry also aims to help homeless veterans by addressing the common causes of veteran homelessness through their program. They rely on donations and support from the community to continue their work of restoring lives through faith.
A lo largo de los siglos XVIII y XX, varios filósofos y economistas comenzaron a preocuparse por el impacto del crecimiento poblacional en la capacidad de la Tierra para satisfacer las necesidades humanas. Esto llevó al desarrollo del movimiento ecologista y la creación de diversas organizaciones y convenciones internacionales para la conservación de la naturaleza y el medio ambiente a nivel mundial, culminando con la Conferencia de las Naciones Unidas sobre el Medio Ambiente y el Desarrollo en 1992.
SC4 Workshop 1: Evangelos Mitsakis: Big data Sources for/from Intelligent Roa...BigData_Europe
This document discusses big data sources for intelligent road transport. It explains that even small datasets from individual vehicles can grow very large in aggregate when many vehicles are transmitting GPS data. Transportation agencies are now collecting petabytes of data on traffic patterns, public transit use, and vehicle locations using sensors, vehicle fleets, and smartphones. This big data is helping to optimize traffic management, asset maintenance, and traveler information services. Researchers are also able to conduct more accurate studies without relying on samples by analyzing vast amounts of real-world transportation data. The document provides examples of big data collection and use for traffic, public transit, and smart cities in Greece.
Comptant presque 40 millions d’habitants et du haut de ses 2 382 000 km² de superficie, l’Algérie est sans conteste l’un des géants démographiques africains. Mais qu’en est-il des chiffres clés relatifs aux utilisateurs de Facebook?
Afin de répondre à cette question, MEDIANET a collecté et a classé les données selon les Wilayas, le genre et les terminaux de connexion utilisés.
Plus de 92,2% sont abonnés à la téléphonie mobile. En contrepartie 45,6% ont utilisé au moins une fois internet en 2015 d’après les statistiques de la banque mondiale.
Urban Planning: Mapping & Alternative Scenarios (TLP)KKM Architects
"The Lahore Project"
(For the conservation of our Humanity and Environment)
Presented by KKM Architects at Monthly Discussion forum meeting held on 10th July, 2013 at Dabistan-e-Iqbal, 2-S, Gulberg II, Lahore, Pakistan
lahoreproject.blogspot.com
This internship with Pilot Flying J's Human Resource department provided exposure to various areas of the company over 10 weeks. The objectives included shadowing leaders in the Learning and Development department, creating an online learning module in Adobe Connect, and conducting a group project to improve customer obsession. Time was spent assisting different departments including Marketing, Food Service, and Finance. The internship experience enhanced the intern's knowledge of human resource functions like training implementation and organizational development.
THE CENTRAL QUESTION ...
How does the electric motor serve to brake my EV and what are the underlying principles that enable braking to happen?
COURSE ABSTRACT
The use of regenerative braking as a mechanism for capturing and reusing a vehicle’s kinetic energy is presented. Basic kinetic energy concepts are discussed, the characteristics of an electric motor that allows it to become a generator are explored, the system diagram for a regenerative braking system is considered, and driving with regen is examined. To obtain a copy of the EVU study guide for this and other available EVU courses, please complete the form on this page.
Course level: Intermediate
THE CENTRAL QUESTION ...
Since the battery is pivotal to my EV, what are the core issues that will allow me to understand battery technology?
COURSE ABSTRACT
A discussion of battery components and fabrication approach, the reasons that building higher capacity batteries are constrained by geometry and technological factors, the key characteristics to assess when comparing battery chemistries, and new battery tech that may lead to significant improvements in those characteristics. To obtain a copy of the EVU study guide for this and other available EVU courses, please complete the form on this page.
Course level: Intermediate
Capital Product Partners Fourth Quarter 2008 Earningsearningsreport
Capital Product Partners L.P. reported strong fourth quarter 2008 results with net income of $14.3 million and operating surplus of $17.4 million. They announced a non-recurring exceptional cash distribution of $1.05 per unit, returning profit sharing revenues earned in 2008. Despite a weak shipping market outlook, the company has long-term contracts with reputable counterparties and adequate financial reserves to weather uncertain market conditions.
Hittite Microwave Corporation reported financial results for the first quarter of 2009 with revenue of $38.2 million, a decrease of 11.8% from the first quarter of 2008. Net income was $10.2 million, a decrease of 22% from the first quarter of 2008. Six of the company's eight markets experienced sequential declines in demand. The company expects revenue for the second quarter of 2009 to be between $38.5-39.5 million with net income of $9.5-10.5 million.
1) Genuine Parts Company reported an 11% decrease in sales and a 28% decrease in net income for the first quarter of 2009 compared to the same period in 2008. Earnings per share decreased 25% to 56 cents.
2) The company's Automotive, Industrial, Office Products, and Electrical segments all reported sales decreases for the quarter ranging from 7% to 25%.
3) While operating results were down, the company's balance sheet remains in excellent condition and it will continue working to strengthen its financial position through various initiatives.
1) Interphase Corporation reported financial results for Q1 2009 with revenues of $8.4 million, a 13% increase over Q1 2008. Revenues increased 61% sequentially from Q4 2008.
2) The company reported a net income of $707,000 or $0.11 per share for Q1 2009 compared to a net loss in Q1 2008.
3) Interphase's balance sheet remains strong with $26.4 million in working capital including $17.4 million in cash and marketable securities as of March 31, 2009.
FBR Capital Markets reported a net loss of $16.2 million for Q1 2009, compared to a net loss of $10.2 million in Q1 2008. Revenue was $49.7 million for Q1 2009. Institutional brokerage revenue increased to $39.7 million due to adding a convertible securities business in late 2008. Non-compensation expenses decreased 19% to $28.2 million from cost cutting. The company eliminated all debt and reduced balance sheet risk by selling its remaining mortgage backed securities holdings of $454.3 million.
Bank of America reported third quarter 2005 results with the following key points:
1) Diluted EPS was up 12% year-over-year but down 4% quarter-over-quarter due to higher credit costs and lower securities gains.
2) Revenue grew 16% year-over-year and 4% quarter-over-quarter driven by strong growth across all business segments.
3) Credit costs increased from very low levels in previous quarters as charge-offs moved off recent lows.
Expeditors International of Washington, 3rd08qerfinance39
Expeditors International of Washington reported record quarterly profits for Q3 2008. Net earnings increased 15% to $85.6 million compared to $74.3 million in Q3 2007. Total revenues grew 11% to $1.56 billion while operating income rose 13% to $135.4 million. For the first nine months of 2008, net earnings increased 12% to $223.3 million and revenues grew 14% to $4.33 billion, reflecting strong growth across all business segments. The company attributed its strong results to its unique culture and business model focused on long-term profitability rather than short-term gains.
The audited financial statements are for Spider Resources Inc. for the years ending December 31, 2009 and 2008. The auditors issued an unqualified opinion stating the financial statements fairly represent the financial position of the company.
Net losses for 2009 and 2008 were $748,277 and $716,861 respectively, with a cumulative deficit from inception of $16,949,367. Cash decreased from $3,205,855 in 2008 to $2,716,778 in 2009.
Titan International reported record first quarter agricultural sales of $187.3 million, up $13 million from the previous year, despite overall sales declining from $253.5 million to $232.6 million due to lower demand in earthmoving and construction. Net income was $7 million compared to $8.1 million last year, while gross profit margin improved slightly to 12.9%. The CEO commented that agricultural market demand looks good but uncertainty remains, and material costs are declining which could help Titan gain market share through improvements and increased customer visits.
Expeditors International of Washington, 4th98qerfinance39
Expeditors International of Washington reported financial results for the fourth quarter and full year of 1998. For the fourth quarter, net earnings increased 8% to $13.9 million and diluted EPS rose 10% to $0.53. For the full year, net earnings grew 23% to $47.3 million and diluted EPS increased 22% to $1.78. The company saw increases in revenues, operating income, and same store growth for both the quarter and full year. Chairman and CEO Peter Rose commented that 1998 was challenging but the company delivered solid results through its global network and core values.
El Paso Corporation reported second quarter 2006 earnings of $0.21 per diluted share from continuing operations. Key highlights included $3 billion in gross debt reduction through July 31, year-to-date capital expenditures of $1.024 billion, and continued strong operating cash flow of $1.421 billion for the first half of 2006. The company's pipelines business continued to outperform while exploration and production achieved a second consecutive quarter of organic production growth.
El Paso Corporation reported second quarter 2006 diluted EPS from continuing operations of $0.21, which included a $0.02 gain from production hedges. The company achieved $487 million in EBIT and $1.4 billion in cash flow from operations. El Paso reduced gross debt by $3 billion through July 2006 through strong cash flow and asset sales, bringing net debt down to $14.45 billion. The company made continued progress on legacy legal issues while pipelines, exploration and production, and other businesses performed well during the quarter.
This document is a quarterly report filed by TJX Companies Inc. with the SEC. It includes financial statements and notes for the first quarter ended July 28, 2007. Some key details include:
- Net sales for the quarter increased to $4.3 billion, up from $4 billion in the prior year.
- Income from continuing operations was $59 million compared to $139 million in the previous year.
- The balance sheet shows total assets of $6.6 billion including $3.1 billion in merchandise inventories and $533 million in cash. Total liabilities were $2.9 billion and shareholders' equity was $2.2 billion.
- Kennametal Inc. filed an 8-K form with the SEC on April 24, 2009 regarding its financial results for the fiscal third quarter ended March 31, 2009.
- The filing included a press release containing non-GAAP financial measures and definitions of those measures, including adjusted gross profit, operating expenses, EBIT, and free operating cash flow.
- Reconciliations of the non-GAAP measures to the most comparable GAAP measures were provided in the press release or compiled as required by Regulation G.
The document summarizes financial information for Qwest Communications International Inc. for the three months and full year ended December 31, 2006 and 2005. It provides key metrics such as operating revenue, costs, segment income, EBITDA, cash flows, debt levels, and operating margins. Non-GAAP financial measures are reconciled to GAAP measures and footnotes explain how the non-GAAP measures are useful for evaluating the capital-intensive business.
Olympic Steel reported financial results for the first quarter of 2009 with a net loss of $25.5 million compared to net income of $13.2 million in the first quarter of 2008. Net sales decreased 48.8% to $140.9 million due to a 45.6% decrease in tons sold. The results were negatively impacted by a $30.6 million inventory write-down and weaker demand and pricing due to the economic downturn. The company expects results to improve as market conditions stabilize but approved a reduced quarterly dividend.
- Spider Resources Inc. is a development stage mining company that prepares interim financial statements on a quarterly basis.
- The interim financial statements for the three months ended March 31, 2010 were prepared by management who is responsible for their content.
- For the three month period, the company reported a net loss of $316,801 and an accumulated deficit of $17,266,168.
Expeditors International of Washington, 2nd98qerfinance39
Expeditors International announced a 36% increase in net earnings for the second quarter of 1998 compared to the same period in 1997. Total revenues increased 7% and operating income increased 27% for the quarter. For the first six months of 1998, net earnings rose 39% and operating income increased 36% compared to the first half of 1997. The company was satisfied with the results despite various global economic challenges during the periods.
State Street provides a summary of its business in 2003. It is the world's leading provider of investment services to institutional investors, with $9.4 trillion in assets under custody and $1.1 trillion under management. In 2003, State Street integrated the largest acquisition in its history of Deutsche Bank's investment servicing business. It focuses on continuing to provide excellent service while growing earnings per share and maintaining its tradition of integrity and innovation.
State Street had a challenging year in 2003, integrating the largest acquisition in its history while continuing to provide excellent client service. While net income declined from the previous year, operating earnings per share grew 8% and operating revenue increased 15% due to the acquisition of Deutsche Bank's Global Securities Services business. Assets under custody and management both significantly increased. The company reduced costs through job cuts and remains focused on serving institutional investors.
This document provides an introduction to economic journalism. It defines economics as the study of how people deal with scarcity and make choices about allocating limited resources. Key economic concepts discussed include supply and demand, incentives, business cycles, and how governments measure and influence economic performance. The role of economic journalists is to provide context and perspective on these issues.
This document provides an overview of mergers and acquisitions (M&A), initial public offerings (IPOs), and international trade. It discusses different types of M&A deals, global M&A activity from 2004-2012, the M&A process, questions to consider in M&A deals, and valuations. It also covers the IPO process, trade terminology, arguments for and against free trade, government trade policies, and the relationship between trade and currency values.
This document provides an overview of foreign exchange and bond markets. It discusses the major global currencies and daily forex trading volumes. It also outlines factors that influence currency values such as interest rates, inflation, and trade imbalances. Additionally, it defines what bonds are, how bond markets work, and key factors like interest rates and credit ratings that affect bond prices. Yield curves and spreads are also explained as tools used in analyzing bond markets.
The banking system channels savings from individuals to borrowers. As financial intermediaries, commercial banks take deposits and make loans. They must keep a portion of deposits as reserves set by the central bank. When the reserve ratio is lower, banks can lend out more, expanding the money supply through the money multiplier effect. Non-bank financial institutions also participate in shadow banking.
This document provides an overview of financial markets for journalists. It discusses the key characteristics of markets, including that they bring together buyers and sellers, allow standardized trading of fungible products by any participant, and make trade information public. The document also summarizes the main types of financial markets like commodities, stocks, bonds and forex, and the participants, price formation processes, and factors that influence prices in these markets.
The document provides an overview of international trade concepts including absolute advantage, comparative advantage, trade barriers, and trade policies. It discusses how free trade creates winners and losers between importing and exporting countries. Specifically, domestic consumers in importing countries and domestic producers in exporting countries tend to benefit from free trade, while the opposite is true for domestic consumers in exporting countries and domestic producers in importing countries. The document also outlines the effects of tariffs on prices and trade volumes.
PCCW reported a 20% decline in first-half net profit due to lower revenue contribution from its property development unit. Net profit fell to HK$656 million from HK$822 million a year earlier, while revenue declined 2% to HK$11.37 billion, mainly due to smaller contribution from its property development subsidiary. Revenue from PCCW's core telecommunications services rose 11% and from its broadband TV business increased 45%, but it did not offset the decline in property revenue. An analyst said net profit was below expectations due to continued investment in the TV business.
This document provides an overview of government economic policy tools used by central banks and finance ministries. It discusses fiscal policy tools like taxation and government spending and how they can be used to stimulate or contract the economy. It also explains monetary policy tools controlled by central banks, including interest rates, required reserve ratios, and open market operations to influence money supply and achieve goals of steady growth and low inflation. Specific policy examples from the US, UK, Japan, and Europe are also mentioned.
The document provides an overview of key concepts for covering stock markets and shares, including:
- What a share represents in terms of ownership stake and entitlement to profits
- Factors that influence share prices such as supply and demand, the economy, and company earnings
- How share prices reflect market expectations about a company's future performance
- Tools for analyzing stocks such as indexes, sectors, market capitalization, price-earnings ratios, and technical indicators
- Sources of information like brokerage ratings and finding contextual factors behind price movements
This document provides an overview of economics concepts for journalists. It discusses three main types of corporate financial disclosures - profit and loss statements, balance sheets, and cash flow statements. When reporting on earnings, journalists should focus on net profit and revenue year-over-year changes. The document also summarizes an article about Hong Kong's Hutchison Whampoa reporting a 12% rise in profits and explains economic growth and business cycles.
The stock market rebounded after earlier losses as concerns eased over European banks' access to funding. French banks reassured markets and investors watched for progress on Europe's debt crisis. Major U.S. stock indices ended higher, led by gains in industrial, materials and tech stocks, as signs pointed to stabilization in the markets.
The document provides an overview of covering company news as a financial journalist. It discusses why companies exist, the differences between private and public companies, and how public corporations function. It also outlines various types of corporate stories to cover, including earnings announcements, new products/business lines, executive changes, initial public offerings, and secondary fundraising. Key details on how to report on these stories such as common questions to ask and elements to include in articles are also reviewed.
This document provides an introduction to economic indicators for journalism students. It defines economic indicators as data used to evaluate the health of an economy. It discusses established indicators like the Consumer Price Index and copper prices. It also categorizes indicators as lagging, coincident, or leading in relation to economic activity. The document advises that good indicators are original, measure important economic activity accurately and consistently, and correlate closely with broader economic measures. It gives some hypothetical alternative indicators as examples from past classes.
This document provides an overview of corporations for journalism students. It discusses why companies exist, the difference between private and public companies, key industries, how public companies function, costs and profit, types of corporate stories to cover, and earnings announcements. The document is from a class on economics for journalists that focuses on reviewing supply and demand, examining the economic efficiency of gifts, and discussing corporations.
The document contains three proposals for small business profiles to cover:
1. A Chinese company called Yage Era Corp. that deletes negative posts and links online for clients and how it navigates regulations in a growing market.
2. A cat cafe in Hong Kong called The Cat Cafe that lost its restaurant license but continues operating as a cooking school with resident cats.
3. A music therapy center in Hong Kong called Pang's Music Therapy Center that offers treatments to both special needs and normal clients, and the growing but limited market for music therapy in Hong Kong.
This document provides an overview of week 2 topics from an economics course for journalists, including supply and demand. It discusses key concepts such as scarcity, opportunity costs, comparative advantage, and how supply and demand determine market prices. Government policies like rent control are also examined. An example writing assignment is given asking students to explain why a dog walker earns more than nurses based on economic concepts from class. Assessment criteria for the assignments focus on correctly applying relevant economic ideas and constructing a logical argument.
This document provides an overview of a course on global financial journalism. It discusses key themes like how everything in today's global financial system is interrelated and how business journalism isn't just about numbers but also about people. It defines what constitutes business news and explains why business journalism is important. The document outlines learning outcomes, assignments students will complete, reading assignments, the assessment process, and the course schedule. The goal is for students to learn to write different types of business news stories and analyze financial documents and events.
This document provides an introduction and overview for a course on economics for journalists. It defines economics as the study of how people deal with scarcity and make choices with trade-offs. The course will cover topics like how economies, companies, banks, markets and governments work, and economic theories. Students will write assignments, do a group project, and take a midterm and final exam. The instructor emphasizes applying economic concepts clearly and citing sources to avoid plagiarism. The first assignment is to set up an RSS reader for daily economic news and write an economic diary entry.
The document discusses initial public offerings (IPOs) and the IPO process. It explains that an IPO is the sale of shares in a private company to investors, resulting in the listing of the company on a stock exchange. The IPO process involves several steps, including announcing the intention to list, appointing an underwriter, setting an indicative price range, determining subscription levels, and finalizing the pricing before the company's shares are listed. The document provides details on these various stages to educate about fundamentals of business and financial journalism related to IPOs.
The document discusses mergers and acquisitions (M&A) and initial public offerings (IPOs). It defines different types of M&A transactions like mergers, acquisitions, take privates, and joint ventures. It also outlines the M&A process including initiation, due diligence, shareholder votes, integration, and questions to consider in M&A deals. Additionally, it covers global M&A trends in recent years and methods for valuing transactions.
3. Profit & loss statement
✤ Also called an “income statement”
✤ A roadmap that leads you from revenue to net profit
✤ Details the expenses that are incurred on the way to net profit
✤ Consolidated vs. company
✤ Always check the footnotes!
Thursday, 28 March, 13
4. Hutchison Whampoa Limited
Consolidated Income Statement
for the year ended 31 December 2009
As restated
Note 1
2009 2008
Note HK$ millions HK$ millions
Company and subsidiary companies:
Revenue 2 208,808 235,478
Cost of inventories sold (74,275) (77,172)
Staff costs (28,309) (31,929)
Telecommunications customer acquisition costs (16,544) (22,926)
Depreciation and amortisation 2 (16,258) (24,876)
Other operating expenses (60,769) (66,001)
Change in fair value of investment properties 1,117 672
Profit on disposal of investments and others 3 12,472 3,458
Share of profits less losses after tax of:
Associated companies before profit on disposal of investments and others 5,927 12,522
Jointly controlled entities 3,677 5,286
Associated company's profit on disposal of an investment and others 3 - 3,122
2 35,846 37,634
Interest and other finance costs 4 (9,613) (17,286)
Profit before tax 26,233 20,348
Current tax charge 5 (4,588) (3,443)
Deferred tax credit 5 92 2,576
Profit after tax 21,737 19,481
Allocated as : Profit attributable to minority interests (7,569) (6,800)
Profit attributable to shareholders of the Company 14,168 12,681
Earnings per share for profit attributable to shareholders of the Company 6 HK$ 3.32 HK$ 2.97
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5. The importance of cash
Profit is opinion, cash is fact
COMPANIES CAN LIE, BUT CASH CAN’T
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6. Opinion in the P&L
✤ Revenue booked at time of sale
✤ Length of useful life of fixed assets
✤ Some expenses might be capitalized as assets
✤ Sales to related entities recorded as ordinary revenue
✤ Non-operating or “Other” income
✤ “Extraordinary” or “one-time” profit/loss; investment write-downs
Thursday, 28 March, 13
10. Depreciation
✤ Takes into account the decline in value of fixed assets over time
✤ Unlike property, equipment wears out and needs to be replaced
✤ Recorded as an expense on the P&L
✤ Has nothing to do with cash!
✤ Is added back in to profit on the cash flow statement
✤ “Amortization” works in the same way
Thursday, 28 March, 13
11. Subsidiaries vs. Associates
Subsidiary Associate
International International
Widgets Ltd. Widgets Ltd.
>50% 20%-49.9%
National Associated
Widgets Ltd. Widgets Ltd.
International Widgets has “control” International Widgets has “significant
over National Widgets influence” over Associated Widgets
Thursday, 28 March, 13
12. Minority interests
National
Widgets Ltd.
20
80% Profit
%
st
stake (100%)
a
ke
International Fred’s House of
20%
Widgets Ltd. Pancakes Ltd.
Minority
interests
Thursday, 28 March, 13
13. Business Analysis: Step 1
✤ Revenue growth: This period’s revenue - Last period’s revenue x 100
Last period’s revenue
Net Profit
✤ Net profit margin: x 100
Revenue
AND: Price/Earnings
ratio
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14. Balance sheet
✤ A snapshot at a particular time of a company’s assets (what it owns)
and liabilities (what it owes)
✤ Major asset purchases or sales will be visible from the balance sheet
✤ The company’s total debt will also be on the balance sheet
✤ Assets & liabilities are categorized by time: current vs. non-current
✤ Current assets can be turned into cash within one year
✤ Current liabilities must be repaid within one year
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15. The accounting equation
Assets - Liabilities =
Working Capital (or Shareholders’
Funds + Reserves)
Thursday, 28 March, 13
16. Current liabilities 157,260 130,581 187,680
Current liabilities Trade and other payables 10
Trade and other payables Bank and other debts 10 73,029 82,599 90,141
Bank and other debts Current tax liabilities 17,589 23,945 50,255
Hutchison Whampoa Limited Current tax liabilities 3,249 1,274 2,336
Consolidated Statement of Financial Position 93,867 107,818 142,732
at 31 December 2009 Net current assets
Net current assets 63,393 22,763 44,948
As restated As restated
Note 1 Note 1 Total assets less current liabilities
Total assets less current liabilities 597,530 560,363 647,776
31 December 31 December 1 January
Non-current liabilities
2009 2008
Non-current liabilities 2008
Bank and other debts
Note HK$ millions andHK$ millions HK$ millions
Bank other debts 242,851 234,141 260,086
Interest bearing loans from minority shareholders
ASSETS Interest bearing loans from minority shareholders 13,424 13,348 12,508
Deferred tax liabilities
Non-current assets Deferred tax liabilities 13,355 13,616 17,957
Pension obligations
Pension obligations 2,436 2,541 1,468
Fixed assets 171,399 173,246 181,342 Other non-current liabilities
Other non-current liabilities 4,520 4,586 5,929
Investment properties 42,323 41,282 43,680
Leasehold land 33,984 34,745 36,272 276,586 268,232 297,948
Telecommunications licences 70,750 72,175 91,897
Goodwill 28,858assets
Net 30,436 31,573 Net assets 320,944 292,131 349,828
Brand names and other rights 7,351 10,486 10,901
Associated companies 84,748
CAPITAL AND RESERVES75,545
76,478 CAPITAL AND RESERVES
Interests in joint ventures 51,568 capital 45,865
Share 39,725 Share capital 1,066 1,066 1,066
Deferred tax assets Reserves
14,657 13,248 17,619 Reserves 282,465 259,253 300,803
Other non-current assets 5,286 8,904 5,082
Liquid funds and other listed investments Total shareholders' funds
23,213 30,735 69,192 Total shareholders' funds 283,531 260,319 301,869
Minority interests Minority interests 37,413 31,812 47,959
534,137 537,600 602,828
Total equity Total equity 320,944 292,131 349,828
Current assets
Cash and cash equivalents 8 92,521 57,286 111,307
Trade and other receivables 9 48,146 54,767 55,374
Inventories 16,593 18,528 20,999 Appendix
157,260 130,581 187,680 HWL 2009 Annual Results
Current liabilities Page 3 of 27
Trade and other payables 10 73,029 82,599 90,141
Bank and other debts 17,589 23,945 50,255
Current tax liabilities 3,249 1,274 2,336
93,867 107,818 142,732
Net current assets 63,393 22,763 44,948
Total assets less current liabilities 597,530 560,363 647,776
Non-current liabilities
Bank and other debts 242,851 234,141 260,086
Interest bearing loans from minority shareholders 13,424 13,348 12,508
Deferred tax liabilities 13,355 13,616 17,957
Pension obligations 2,436 2,541 1,468
Other non-current liabilities 4,520 4,586 5,929
276,586 268,232 297,948
Net assets 320,944 292,131 349,828
CAPITAL AND RESERVES
Share capital 1,066 1,066 1,066
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Reserves 282,465 259,253 300,803
17. Some more ratios (Balance sheet)
<1.5
Current assets A SIMPLE MEASURE
✤ Current ratio: OF LIQUIDITY
Current liabilities
<1
Current assets - Inventories A MEASURE OF
✤ Quick ratio: SHORT-TERM
Current liabilities LIQUIDITY
<7
✤ Accts. receivable A MEASURE OF
Annual revenue
turnover: ABILITY TO GET
Accounts receivable CUSTOMERS TO PAY
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18. Cash-flow statement
Hutch cash flow
✤ Tracks the inflow and outflow of cash during the course of one
statement in Evernote
financial period
✤ Three sections: cash flow from operating activities, from investing
activities, from financing activities
✤ Cash flow from operating activities starts with profit, and then subtracts
all non-cash items (like depreciation) to get to cash
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19. And still more ratios
✤ Inventory turnover: <4
Annual cost of goods sold A MEASURE OF THE
AGE OF INVENTORY
(Beginning inventory + final inventory)/2
>1
Total liabilities A MEASURE OF
✤ Debt-to-equity ratio: INDEBTEDNESS
Shareholders’ funds
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20. Some other red flags
✤ Declining trend in net and operating profit over several years
✤ Compare cash flow from operations with net profit
✤ Are both trending higher, by same general percentage?
✤ Off-balance sheet entities
✤ Presence of “non-recurring charges” year after year
Thursday, 28 March, 13
21. Reading List
✤ Taparia, J. (2004). Understanding Financial Statements : A Journalist's
Guide. Oak Park, IL: Marion Street Press.
✤ Vause, B. (2009). Guide to Analysing Companies (5th ed.). New York:
Bloomberg Press.
✤ Fraser, L. M., & Ormiston, A. (2010). Understanding Financial
Statements (9th ed.). Upper Saddle River, N.J.: Prentice Hall.
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