Duke Energy held an earnings conference call to discuss its first quarter 2005 results. The call included prepared remarks from Duke Energy's Chairman and CEO, Group VP and CFO, and President and COO. They reported earnings of $0.91 per share including special items, and ongoing earnings of $0.44 per share, up nearly 30% from the prior year. Business unit highlights included strong results from Field Services, International Energy, and Crescent Resources. DENA reported a smaller loss than the prior year. The executives provided an outlook for the remainder of 2005 and discussed the impact of recent transactions involving Duke Energy's ownership in Field Services.
This document summarizes a presentation given to contractors on surety bonding. It discusses the relationship between contractors, sureties, and owners when jobs are bonded. It also outlines key factors sureties examine like working capital, debt to equity ratios, and job schedules. The presentation recommends providing audited financial statements, maintaining good relationships with banks and sureties, and having a business continuity plan.
The Big Finance Payoff - Top Performance Metrics and How to Achieve ThemSAP Ariba
The document discusses key performance metrics for finance processes and how to achieve top performance. It identifies four main pillars - process, discounts, compliance, and working capital. For each pillar, it provides benchmarks for laggard, average, and innovator organizations. It also outlines opportunities to improve, such as reducing invoice cycle times, increasing electronic invoices, capturing more discounts, and improving contract compliance. The document emphasizes that automation, measurement, and collaboration with suppliers are critical to maximizing benefits across the four pillars.
The document provides an introduction to credit portfolio management. It discusses analyzing portfolio risk through economic capital and reshaping the portfolio. Some ideas for improving the portfolio include hedging concentration risk using credit derivatives, enhancing returns while managing risk, and utilizing modern portfolio theory to reweight assets. Developing an effective credit portfolio management function faces challenges including streamlining decision processes, clarifying roles, and ensuring adequate liquidity in credit markets.
Duke Energy 02/02/05_prepared_remarks_and_qafinance21
This document provides a summary of Duke Energy Corporation's Q4 2004 earnings conference call. Key points include:
- Duke Energy reported 2004 EPS of $1.59, including special items, and ongoing EPS of $1.38, exceeding its $1.20 target.
- Business units like Field Services and Crescent Resources had strong years. Field Services benefited from higher commodity prices.
- For Q4 2004, Duke Energy reported EPS of $0.38 including special items. Ongoing segment EBIT increased at Franchised Electric and Natural Gas Transmission.
- Guidance for 2005 includes a $150M loss for DENA and $350-500M EBIT for Field Services depending
GE-2009 Electrical Products Group (EPG) Conference Manya Mohan
This document provides an overview and summary of GE's performance in the first quarter of 2009. It discusses preliminary unaudited results, the challenging economic environment, and GE's performance across its business segments. GE's infrastructure business saw earnings growth of 11% despite a 10% decline in orders. Capital Finance had $1.1 billion in earnings. The document outlines strategies for stabilizing Capital Finance, outperforming competitors, and strengthening GE's balance sheet in a difficult recession. It reviews initiatives around costs, global stimulus opportunities, services growth, and cash generation.
Economic capital Management Experience SharingEric Kuo
1. Economic capital is used to gauge unexpected loss in a bank's credit portfolio by taking into account diversification and concentration effects.
2. Key applications of economic capital include risk governance to determine a bank's risk appetite, internal capital allocation, and external communication with regulators and investors.
3. Implementing and promoting the use of economic capital faces challenges of encouraging buy-in from regulators, rating agencies, and analysts through ongoing communication.
- Ameriprise Financial's investment portfolio experienced increased unrealized losses during the third quarter of 2008 due to widespread spread widening across fixed income markets.
- The portfolio emphasizes high quality, diversified holdings including investment grade corporate bonds from industries like utilities and telecommunications as well as agency residential mortgage-backed securities.
- Total unrealized losses increased by $602 million in the third quarter, with the largest losses occurring in investment grade corporate bonds and state and municipal bonds.
Duke Energy held an earnings conference call to discuss its first quarter 2005 results. The call included prepared remarks from Duke Energy's Chairman and CEO, Group VP and CFO, and President and COO. They reported earnings of $0.91 per share including special items, and ongoing earnings of $0.44 per share, up nearly 30% from the prior year. Business unit highlights included strong results from Field Services, International Energy, and Crescent Resources. DENA reported a smaller loss than the prior year. The executives provided an outlook for the remainder of 2005 and discussed the impact of recent transactions involving Duke Energy's ownership in Field Services.
This document summarizes a presentation given to contractors on surety bonding. It discusses the relationship between contractors, sureties, and owners when jobs are bonded. It also outlines key factors sureties examine like working capital, debt to equity ratios, and job schedules. The presentation recommends providing audited financial statements, maintaining good relationships with banks and sureties, and having a business continuity plan.
The Big Finance Payoff - Top Performance Metrics and How to Achieve ThemSAP Ariba
The document discusses key performance metrics for finance processes and how to achieve top performance. It identifies four main pillars - process, discounts, compliance, and working capital. For each pillar, it provides benchmarks for laggard, average, and innovator organizations. It also outlines opportunities to improve, such as reducing invoice cycle times, increasing electronic invoices, capturing more discounts, and improving contract compliance. The document emphasizes that automation, measurement, and collaboration with suppliers are critical to maximizing benefits across the four pillars.
The document provides an introduction to credit portfolio management. It discusses analyzing portfolio risk through economic capital and reshaping the portfolio. Some ideas for improving the portfolio include hedging concentration risk using credit derivatives, enhancing returns while managing risk, and utilizing modern portfolio theory to reweight assets. Developing an effective credit portfolio management function faces challenges including streamlining decision processes, clarifying roles, and ensuring adequate liquidity in credit markets.
Duke Energy 02/02/05_prepared_remarks_and_qafinance21
This document provides a summary of Duke Energy Corporation's Q4 2004 earnings conference call. Key points include:
- Duke Energy reported 2004 EPS of $1.59, including special items, and ongoing EPS of $1.38, exceeding its $1.20 target.
- Business units like Field Services and Crescent Resources had strong years. Field Services benefited from higher commodity prices.
- For Q4 2004, Duke Energy reported EPS of $0.38 including special items. Ongoing segment EBIT increased at Franchised Electric and Natural Gas Transmission.
- Guidance for 2005 includes a $150M loss for DENA and $350-500M EBIT for Field Services depending
GE-2009 Electrical Products Group (EPG) Conference Manya Mohan
This document provides an overview and summary of GE's performance in the first quarter of 2009. It discusses preliminary unaudited results, the challenging economic environment, and GE's performance across its business segments. GE's infrastructure business saw earnings growth of 11% despite a 10% decline in orders. Capital Finance had $1.1 billion in earnings. The document outlines strategies for stabilizing Capital Finance, outperforming competitors, and strengthening GE's balance sheet in a difficult recession. It reviews initiatives around costs, global stimulus opportunities, services growth, and cash generation.
Economic capital Management Experience SharingEric Kuo
1. Economic capital is used to gauge unexpected loss in a bank's credit portfolio by taking into account diversification and concentration effects.
2. Key applications of economic capital include risk governance to determine a bank's risk appetite, internal capital allocation, and external communication with regulators and investors.
3. Implementing and promoting the use of economic capital faces challenges of encouraging buy-in from regulators, rating agencies, and analysts through ongoing communication.
- Ameriprise Financial's investment portfolio experienced increased unrealized losses during the third quarter of 2008 due to widespread spread widening across fixed income markets.
- The portfolio emphasizes high quality, diversified holdings including investment grade corporate bonds from industries like utilities and telecommunications as well as agency residential mortgage-backed securities.
- Total unrealized losses increased by $602 million in the third quarter, with the largest losses occurring in investment grade corporate bonds and state and municipal bonds.
The document discusses trustee duties and the role of the actuary regarding member options in pension schemes, particularly cash commutation which allows members to exchange accrued pension for a tax-free lump sum. It notes that trustees must exercise discretion reasonably by considering all relevant factors, such as scheme funding, and act impartially between member classes. The actuary confirms the reasonableness of factors like commutation rates, considering actuarial values and other relevant factors. Both trustees and actuaries should aim for fairness between interested parties when setting factors for member options.
This document discusses credit risk economic capital modeling. It provides an overview of the role of bank capital in absorbing unexpected losses while maintaining solvency. It then interprets Basel 2's capital equation, which incorporates factors like the Vasicek model, correlation, expected loss (EL), and tenor adjustment. The document introduces a model that follows Basel's approach while also using simulation to measure economic capital (EC). It discusses key applications of EC in areas like risk governance, external communication, and internal management. EC reflects a bank's risk appetite by indicating how much unexpected loss the bank is willing to absorb with its capital reserves.
Goldman Sachs Presentation at the 2008 Merrill Lynch Banking and Financial Se...Manya Mohan
This document provides a cautionary note about forward-looking statements in Goldman Sachs' presentations. It notes that actual results may differ from what is presented. It directs the reader to risk factors in Goldman's annual report and information about non-GAAP calculations on their website. The statements are current as of November 11, 2008, the date of the presentation.
Ch 18 consumer loans, credit cards, and real estate lendingTazar Aung
This document discusses consumer lending, including types of consumer loans like residential mortgages, installment loans, noninstallment loans, and credit cards. It covers evaluating consumer loan applications, credit scoring, laws and regulations around consumer lending, and pricing considerations for consumer loans. Real estate lending is also discussed, along with factors in evaluating real estate loans and types of mortgages.
Towards a Green Future-Green Retrofit ProposalWilliam Sankey
This proposal suggests that JLL creates a real estate finance strategy to securitize the operational cost savings from green building retrofits. By using the cost savings to fund additional retrofits, JLL could provide retrofits to building owners at no upfront cost while generating a new revenue stream. JLL is uniquely positioned to implement this strategy due to its existing business lines in project development, property management, energy services, and capital markets.
Eric Feldstein, CEO of GMAC LLC - Sale of Majority Interest in GMAC - Investo...finance8
David Walker of GMAC presented a business update on January 19, 2007. GMAC aims to transform into an independent global financial services company following its separation from GM control in 2006. Key strategic priorities include strengthening GMAC's capital base, reducing borrowing costs, expanding operating margins, and increasing net income through initiatives focused on funding, capital, and operations. GMAC maintains significant liquidity protection and plans to diversify its business beyond GM while growing profitable operations internationally and fee-based services.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors such as lower concentrations of loans with FICO scores < 620, interest-only loans, and loans in California and Florida.
- Genworth's delinquency and default rates are lower than industry rates across vintages from 2004 to 2007, with the exception of some higher default rates in the 2007 policy year, which is still early.
- Within Genworth's portfolio, delinquency and default rates increase as FICO scores decrease, and are higher for adjustable rate mortgages, loans with loan-to-value ratios over 95%, and Alt-A loans.
PPB Advisory Research The Future Of Liquidation And Bankruptcyspascoe69
The document discusses research conducted by PPB Advisory on the sources of funds that have generated dividends in official liquidations over the past few years. The research found that the major sources of funds were real property (7% of cases), recoveries from company directors (41% of cases), business assets (21% of cases), and cash at bank (22% of cases). PPB Advisory has developed screening tools like a bankruptcy scorecard and property searches to better assess recovery prospects from liquidations and bankruptcies in order to help creditors make more informed decisions.
The document provides two draft alternatives for determining cash flows from reinvested assets in life insurance reserve calculations. It requests comments on the draft by a certain date. The draft includes sections on minimum reserves, net premium reserves, deterministic reserves, stochastic reserves, cash flow models, reinsurance, and assumptions. It establishes principles for principle-based reserves for life insurance products in accordance with the Standard Valuation Law.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
1) GE expects earnings of around $18 billion in 2008, below its previous forecast, but above the S&P 500's performance.
2) For 2009, GE projects Industrial segment growth of 0-5%, Financial Services earnings of around $5 billion, and flat performance for Corporate/C&I.
3) GE will maintain its $1.24 per share dividend for 2009 and expects long-term earnings growth to return to 10% after the recession ends.
The document presents an exposure at default model for contingent credit lines. It discusses:
1. The importance of modeling EAD for regulatory capital requirements under Basel II.
2. A review of past literature on modeling EAD and partial drawdowns of credit lines.
3. A theoretical model that uses a portfolio of put options to model individual obligor usage, and then aggregates to higher levels using Fourier transforms and Poisson processes.
4. A numerical experiment applying the model to Moody's data on credit lines that highlights computational precision challenges at large portfolio sizes.
Tom Waechter, CEO of JDSU, presented at the RBC Capital Tech Conference on June 10, 2010. JDSU aims to execute as a diversified technology company focused on optical and broadband innovation by enabling customer innovation, diversifying its portfolio and customer base, and focusing on profitability and revenue growth. Key highlights included quarterly revenue of $332.9 million, gross margins of 44.1%, and highest non-December quarter operating margin of 6.6%.
NorthStar Realty Finance is a commercial real estate finance company with three primary business lines: commercial real estate lending, real estate securities investment and management, and net leased corporate and healthcare properties. It has $6.8 billion of commercial real estate loans, securities, and properties under management. NorthStar focuses on senior loans, direct origination, and long-term capital raising. It has a seasoned management team with extensive experience and a strong credit track record through economic cycles. NorthStar prioritizes liquidity management, capital retention, and intensive credit risk management during the difficult market environment.
1. Webster Financial Corporation conducted an exchange of convertible preferred securities and trust preferred securities, which contributed to improvements in its Tier 1 common equity ratio and tangible common equity ratio.
2. The exchange raised $173 million in new Tier 1 common equity at a price more than double Webster's pre-exchange stock price.
3. As a result of the exchange and higher provision for loan losses, Webster reported a net loss of $31.6 million for the second quarter of 2009, compared to a net loss of $28.7 million in the second quarter of 2008.
Adaptive learning in the educational e-LORS system: an approach based on pref...Luciana Zaina
In the field of electronic education, the recommendation of contents with higher levels of relevance may potentially attract the students’ attention. In this context, this work considers students’ learning styles, delineated with structured questionnaires, as a means of selecting the best content as for the learning-teaching process. The goal is to present a complete systematisation –the e-LORS system, which is able to recommend electronic educational content
based on the relationship between detected learning styles and stored learning
objects. Our contributions include the e-LORS system – its multiple-criteria
architecture and study case, the methodology based on the Felder-Silverman
learning style model and on the IEEE learning object metadata (LOM), and the
reporting of experiments conducted in an actual educational context.
An Approach for Supporting P2P Collaborative Communication Based on Learning ...Luciana Zaina
The diversity of mobile communication scenarios brings up the needs for applications to access not only internet services but also local applications where the communication between the devices (called collaborative communication) happen without the usage of internet infrastructure. This scenario represents a peer-to-peer (P2P) network, which allows the sharing and the exchanging of hardware, software and content. The goal of this work is to propose a mobile P2P collaborative communication approach to allow the sharing and the exchanging of learning objects comparing their metadata to the student learning profile. A prototype was developed and we performed the architecture evaluation with 20 students of an undergraduate course. An evaluation using different message protocols was conducted to verify the proposal and suggest the best communication technology. The communication technology has an impact on the time spent during the exchange of objects which may interfere in the student motivation.
This document is a promotional flyer for Crystal Dragonfly Photography, a photography business owned by Jodie Taylor-Smith. The flyer lists various photo session themes such as "Red Lace and Champagne" and "Burning Aces." Contact information is provided at the bottom for Jodie Taylor-Smith, including a phone number and email address.
Interaction With Mobile Devices by Elderly People: The Brazilian ScenarioLuciana Zaina
The use of mobile devices in Brazil has grown in different groups of people, making it an essential element in people’s daily communication. Although there is a high concentration of users in the age group 20-40 years, it is the visible increase in the number of people over 60 that interacts with mobile devices, especially smartphones. These different groups of different ages have different needs with regard to interaction with mobile devices. The objective of this paper is to present the results of an exploratory study on the interaction of the older users with mobile devices in Brazil. For this, we used an exploratory study with potential users in Brazil. The exploratory study outcomes allowed us to draw the personas for the Brazilian scenario. The main interaction personas were identified and defined from this survey, aiming at an efficient representation of the group studied. The survey showed us that although the majority of users had mobile devices and used them for daily activities, some of them still face difficulties on handling them.
The document discusses trustee duties and the role of the actuary regarding member options in pension schemes, particularly cash commutation which allows members to exchange accrued pension for a tax-free lump sum. It notes that trustees must exercise discretion reasonably by considering all relevant factors, such as scheme funding, and act impartially between member classes. The actuary confirms the reasonableness of factors like commutation rates, considering actuarial values and other relevant factors. Both trustees and actuaries should aim for fairness between interested parties when setting factors for member options.
This document discusses credit risk economic capital modeling. It provides an overview of the role of bank capital in absorbing unexpected losses while maintaining solvency. It then interprets Basel 2's capital equation, which incorporates factors like the Vasicek model, correlation, expected loss (EL), and tenor adjustment. The document introduces a model that follows Basel's approach while also using simulation to measure economic capital (EC). It discusses key applications of EC in areas like risk governance, external communication, and internal management. EC reflects a bank's risk appetite by indicating how much unexpected loss the bank is willing to absorb with its capital reserves.
Goldman Sachs Presentation at the 2008 Merrill Lynch Banking and Financial Se...Manya Mohan
This document provides a cautionary note about forward-looking statements in Goldman Sachs' presentations. It notes that actual results may differ from what is presented. It directs the reader to risk factors in Goldman's annual report and information about non-GAAP calculations on their website. The statements are current as of November 11, 2008, the date of the presentation.
Ch 18 consumer loans, credit cards, and real estate lendingTazar Aung
This document discusses consumer lending, including types of consumer loans like residential mortgages, installment loans, noninstallment loans, and credit cards. It covers evaluating consumer loan applications, credit scoring, laws and regulations around consumer lending, and pricing considerations for consumer loans. Real estate lending is also discussed, along with factors in evaluating real estate loans and types of mortgages.
Towards a Green Future-Green Retrofit ProposalWilliam Sankey
This proposal suggests that JLL creates a real estate finance strategy to securitize the operational cost savings from green building retrofits. By using the cost savings to fund additional retrofits, JLL could provide retrofits to building owners at no upfront cost while generating a new revenue stream. JLL is uniquely positioned to implement this strategy due to its existing business lines in project development, property management, energy services, and capital markets.
Eric Feldstein, CEO of GMAC LLC - Sale of Majority Interest in GMAC - Investo...finance8
David Walker of GMAC presented a business update on January 19, 2007. GMAC aims to transform into an independent global financial services company following its separation from GM control in 2006. Key strategic priorities include strengthening GMAC's capital base, reducing borrowing costs, expanding operating margins, and increasing net income through initiatives focused on funding, capital, and operations. GMAC maintains significant liquidity protection and plans to diversify its business beyond GM while growing profitable operations internationally and fee-based services.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors such as lower concentrations of loans with FICO scores < 620, interest-only loans, and loans in California and Florida.
- Genworth's delinquency and default rates are lower than industry rates across vintages from 2004 to 2007, with the exception of some higher default rates in the 2007 policy year, which is still early.
- Within Genworth's portfolio, delinquency and default rates increase as FICO scores decrease, and are higher for adjustable rate mortgages, loans with loan-to-value ratios over 95%, and Alt-A loans.
PPB Advisory Research The Future Of Liquidation And Bankruptcyspascoe69
The document discusses research conducted by PPB Advisory on the sources of funds that have generated dividends in official liquidations over the past few years. The research found that the major sources of funds were real property (7% of cases), recoveries from company directors (41% of cases), business assets (21% of cases), and cash at bank (22% of cases). PPB Advisory has developed screening tools like a bankruptcy scorecard and property searches to better assess recovery prospects from liquidations and bankruptcies in order to help creditors make more informed decisions.
The document provides two draft alternatives for determining cash flows from reinvested assets in life insurance reserve calculations. It requests comments on the draft by a certain date. The draft includes sections on minimum reserves, net premium reserves, deterministic reserves, stochastic reserves, cash flow models, reinsurance, and assumptions. It establishes principles for principle-based reserves for life insurance products in accordance with the Standard Valuation Law.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
1) GE expects earnings of around $18 billion in 2008, below its previous forecast, but above the S&P 500's performance.
2) For 2009, GE projects Industrial segment growth of 0-5%, Financial Services earnings of around $5 billion, and flat performance for Corporate/C&I.
3) GE will maintain its $1.24 per share dividend for 2009 and expects long-term earnings growth to return to 10% after the recession ends.
The document presents an exposure at default model for contingent credit lines. It discusses:
1. The importance of modeling EAD for regulatory capital requirements under Basel II.
2. A review of past literature on modeling EAD and partial drawdowns of credit lines.
3. A theoretical model that uses a portfolio of put options to model individual obligor usage, and then aggregates to higher levels using Fourier transforms and Poisson processes.
4. A numerical experiment applying the model to Moody's data on credit lines that highlights computational precision challenges at large portfolio sizes.
Tom Waechter, CEO of JDSU, presented at the RBC Capital Tech Conference on June 10, 2010. JDSU aims to execute as a diversified technology company focused on optical and broadband innovation by enabling customer innovation, diversifying its portfolio and customer base, and focusing on profitability and revenue growth. Key highlights included quarterly revenue of $332.9 million, gross margins of 44.1%, and highest non-December quarter operating margin of 6.6%.
NorthStar Realty Finance is a commercial real estate finance company with three primary business lines: commercial real estate lending, real estate securities investment and management, and net leased corporate and healthcare properties. It has $6.8 billion of commercial real estate loans, securities, and properties under management. NorthStar focuses on senior loans, direct origination, and long-term capital raising. It has a seasoned management team with extensive experience and a strong credit track record through economic cycles. NorthStar prioritizes liquidity management, capital retention, and intensive credit risk management during the difficult market environment.
1. Webster Financial Corporation conducted an exchange of convertible preferred securities and trust preferred securities, which contributed to improvements in its Tier 1 common equity ratio and tangible common equity ratio.
2. The exchange raised $173 million in new Tier 1 common equity at a price more than double Webster's pre-exchange stock price.
3. As a result of the exchange and higher provision for loan losses, Webster reported a net loss of $31.6 million for the second quarter of 2009, compared to a net loss of $28.7 million in the second quarter of 2008.
Adaptive learning in the educational e-LORS system: an approach based on pref...Luciana Zaina
In the field of electronic education, the recommendation of contents with higher levels of relevance may potentially attract the students’ attention. In this context, this work considers students’ learning styles, delineated with structured questionnaires, as a means of selecting the best content as for the learning-teaching process. The goal is to present a complete systematisation –the e-LORS system, which is able to recommend electronic educational content
based on the relationship between detected learning styles and stored learning
objects. Our contributions include the e-LORS system – its multiple-criteria
architecture and study case, the methodology based on the Felder-Silverman
learning style model and on the IEEE learning object metadata (LOM), and the
reporting of experiments conducted in an actual educational context.
An Approach for Supporting P2P Collaborative Communication Based on Learning ...Luciana Zaina
The diversity of mobile communication scenarios brings up the needs for applications to access not only internet services but also local applications where the communication between the devices (called collaborative communication) happen without the usage of internet infrastructure. This scenario represents a peer-to-peer (P2P) network, which allows the sharing and the exchanging of hardware, software and content. The goal of this work is to propose a mobile P2P collaborative communication approach to allow the sharing and the exchanging of learning objects comparing their metadata to the student learning profile. A prototype was developed and we performed the architecture evaluation with 20 students of an undergraduate course. An evaluation using different message protocols was conducted to verify the proposal and suggest the best communication technology. The communication technology has an impact on the time spent during the exchange of objects which may interfere in the student motivation.
This document is a promotional flyer for Crystal Dragonfly Photography, a photography business owned by Jodie Taylor-Smith. The flyer lists various photo session themes such as "Red Lace and Champagne" and "Burning Aces." Contact information is provided at the bottom for Jodie Taylor-Smith, including a phone number and email address.
Interaction With Mobile Devices by Elderly People: The Brazilian ScenarioLuciana Zaina
The use of mobile devices in Brazil has grown in different groups of people, making it an essential element in people’s daily communication. Although there is a high concentration of users in the age group 20-40 years, it is the visible increase in the number of people over 60 that interacts with mobile devices, especially smartphones. These different groups of different ages have different needs with regard to interaction with mobile devices. The objective of this paper is to present the results of an exploratory study on the interaction of the older users with mobile devices in Brazil. For this, we used an exploratory study with potential users in Brazil. The exploratory study outcomes allowed us to draw the personas for the Brazilian scenario. The main interaction personas were identified and defined from this survey, aiming at an efficient representation of the group studied. The survey showed us that although the majority of users had mobile devices and used them for daily activities, some of them still face difficulties on handling them.
TOWARDS A HYBRID APPROACH FOR ADAPTING WEB GRAPHICAL USER INTERFACES TO HETER...Luciana Zaina
Ubiquitous Computing promises seamless access to a wide range of applications and Internet based services from anywhere, at anytime, and using any device. In this scenario, new challenges for the practice of software development arise: Applications and services must keep a coherent behavior, a proper appearance, and must adapt to a plenty of contextual usage requirements and hardware aspects. Especially, due to its interactive nature, the interface content of Web applications must adapt to a large diversity of devices and contexts. In order to overcome such obstacles, this work introduces an innovative methodology for content adaptation of Web 2.0
interfaces. The basis of our work is to combine static adaption the implementation of static Web interfaces; and dynamic adaptation the alteration, during execution time, of static interfaces so as for adapting to different contexts of use. In hybrid fashion, our methodology benefits from the advantages of both adaptation strategies static and dynamic. In this line,we designed and implemented UbiCon, a framework over which we tested our concepts through a case study and through a development experiment. Our results show that the hybrid methodology over UbiCon leads to broader and more accessible interfaces, and to faster and less costly software development. We believe that the UbiCon hybrid methodology can foster more efficient and accurate interface engineering in the industry and in the academy.
The use of social tagging to support the cataloguing of learning objectsLuciana Zaina
Social networks have become the main media for information dissemination in the so-called Web 2.0. The core of these networks is social tagging, the act of annotating what users see in their social space. In the education domain, social tagging is potentially a useful resource to improve the organization (cataloguing) of large repositories of learning objects. To the present moment, however, many questions are open about social tagging in e-learning. In this work, hence, we proceed to answer
three questions: (1) Can social tagging successfully catalog e-learning objects? (2) How do students behave according to Korner’s classification: categorizers or describers? and (3) Does ¨social tagging converge to a well-defined descriptive vocabulary of tags? We performed a large experiment with 336 technician students that marked 218 electronic learning objects for about 4,985 times. Our results show that social tagging is a promising practice for e-learning; however some issues must be addressed to
prevent an excessive number of categorizer students and, also, a premature convergence of the vocabulary of tags. Our conclusions are specific for the setting of our experiment, but we generalize them as much as possible suggesting guidelines of how to use social tagging in e-learning.
Anna Richo is an executive vice president and general counsel at UCB, a biopharmaceutical company, where she oversees the intellectual property and corporate compliance departments. Intellectual property covers creative works of the mind ranging from novels and art to commercial brands and symbols, and can be protected through patents, copyrights, and trademarks. Intellectual property law can also apply if a geographical association with a product is inappropriate, such as a potato brand implying its potatoes come from Idaho when they do not.
Cataloguing of learning objects using social taggingLuciana Zaina
Social tagging has been recognized as an important solution to the description of resources available on the Web. In the context of e-learning it is presented as an auxiliary mechanism to the composition of learning object metadata. This article aims to present the results of a study on the state of the art of works related to social tagging and learning objects, promoting a discussion about the main elements related to the concepts.
A design methodology for user-centered innovation in the software development...Luciana Zaina
We propose a methodology integrating HCI and Entrepreneurship courses. The approach allows to explore the business ideas supported for HCI techniques. The proposal brings up the students viewpoint for the audience needs.We concern on the lack of specific education on innovation in computer science.Two case studies to evaluate the methodology were conducted.
This document discusses disaster management and outlines several key points:
1) It defines disasters as occurrences that cause damage on a large scale and warrant an extraordinary response, including both natural disasters like earthquakes, floods, and epidemics, as well as man-made disasters.
2) During disasters, morbidity increases due to injuries, loss of property, emotional stress, and potential for epidemic diseases to spread.
3) Effective disaster management requires response, preparedness, and mitigation, including search and rescue, medical triage, relief efforts to provide food/water/shelter, and controlling potential epidemics through vaccination and ensuring nutrition, sanitation and hygiene.
4) Long-term rehabilitation
Interaction With Mobile Devices on Social Networks by Elderly People: A Surve...Luciana Zaina
The use of social networks in Brazil has been increasing on different groups of people. Although the high concentration of users are in the 20-40 years-old group there is an expansion in the group of people over 50 years which use social networks. These different groups have their own needs during the interaction with different social networks. The goal of this work is to present the results of a survey on the use of Facebook as an entertainment tool by older users in Brazil. The research shows that although most users adopt the social network for more than one hour a day, some of them still experience difficulties during its use and wish for new ways of interacting with the tool. The exploratory study outcomes allowed us to draw the personas for the Brazilian scenario. From this survey, were identified and defined the main personas, aiming at an efficient representation of the group studied. The survey showed us that although the majority of users had mobile devices and used for daily activities, some of them still face difficulties on handling them.
Model driven RichUbi: a model driven process for building rich interfaces of ...Luciana Zaina
The demand for software in Ubiquitous Computing, in which access to applications occurs anywhere, anytime and from different devices, has raised new challenges for Software Engineering. One of these challenges is related to the adaptation of the contents of an application to the numerous devices that can access it in distinct contexts. Another challenge is related to the building of rich interfaces with multimedia content, asynchronous communication and other features that characterize Rich Internet Applications (RIAs). Searching for solutions focused on these challenges, a model-driven process for building rich interfaces of context-sensitive ubiquitous applications has been developed. The process, which is based on the conceptions of Domain-Specific Modeling (DSM), emphasizes the modeling reuse from a rich interface components metamodel. This metamodel provides a generic infrastructure for developing rich interfaces of applications, focusing on model-level reuse and on code generation for different Ubiquitous Computing platforms. In addition, the metamodel allows that the interface models are built by using the terms of rich interface domain, which facilitates the communication between users and developers.
Classification of learning profile based on categories of student preferencesLuciana Zaina
In an environment applied in engineering
teaching, as in many knowledge areas, is very important
to know and understand learner differences in a way to
be able to adapt system’s actions to student’s best
learning conditions and aptitudes. Working thus makes
it possible to identify learning profiles within a group of
students, allowing the system to supply learners with
contents and tools more suited for them. The goal of this
work is to present the architecture of a system that
realizes an evaluation of learning profiles based on
categories of student preferences. The categories are
defined from Felder-Silverman Learning Style Model.
The architecture enables the teacher to specify the
observable characteristics he considers most suitable
within the teaching scope in question, whose
characteristics are related with categories of student
preferences. Through the categories create a relationship
between what is observed and the learning objects used
to build automatically the learning scenarios according
to the student learning profile.
Learning objects retrieval from contextual analysis of user preferences to en...Luciana Zaina
The need to adapt the system’s behavior to user preferences is a reality in many fields of knowledge. Specifically in the e-learning area it is very important to be aware of learner differences so that scenarios can be composed that are tailored to the student’s best learning conditions and aptitudes. This paper proposes a mechanism to retrieve learning objects based on the analysis of user preference data garnered from contextual information about student interactions. This mechanism is performed by a component of a system architecture that builds an e-learning scenario dynamically,according to the student’s classification in a specific learning profile. The purpose of the architecture is to personalize e-learning scenarios by presenting the student with several learning objects.
Dokumen tersebut membahas tentang hukum pajak internasional, termasuk pengertian pajak internasional, pajak berganda internasional, penghindaran pajak berganda internasional secara unilateral dan bilateral, serta perjanjian perpajakan internasional antar negara dan model-model perumusannya.
DTE Energy reported its business and financial results for 2007. Key points include:
- Operating earnings for 2007 were $2.82 per share, driven by strong results across utility and non-utility segments.
- Detroit Edison and MichCon earned near their authorized returns on equity despite challenges from new computer systems.
- Non-utility segments like coal/gas midstream and energy trading significantly contributed to earnings.
- The company is making investments to grow its utilities and pipelines, with plans to file an updated rate case for Detroit Edison.
DTE Energy reported its business and financial results for 2007. Key points include:
- Operating earnings for 2007 were $2.82 per share, driven by strong results across utility and non-utility segments.
- Detroit Edison and MichCon earned near their authorized returns on equity despite challenges from new computer systems.
- Non-utility segments like coal/gas midstream and energy trading significantly contributed to earnings.
- The company is making investments to grow its utilities and pipelines, with plans to file an updated rate case for Detroit Edison.
This document provides an overview of a Midwest Utilities Seminar held in April 2008. It discusses Ameren Corporation, a regional electric and gas utility operating in Missouri and Illinois. The presentation outlines Ameren's business segments and strategy to achieve operational excellence and regulatory frameworks that support earnings growth. Financial projections through 2012 indicate a target of 4-6% annual EPS growth through rate cases and investment in regulated infrastructure. Non-regulated generation is also positioned for potential earnings growth depending on power and fuel prices.
This document discusses forward-looking statements and non-GAAP financial measures. It warns that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. It also states that non-GAAP financial measures should not be considered substitutes for GAAP measures and provides reconciliations. The document introduces Kevin Longe, who will become CEO, and outlines objectives of leveraging strengths for growth, expanding product offerings, enhancing operational framework, and pursuing acquisitions.
This document summarizes a presentation by Ameren, a regional electric and gas utility, at the Morgan Stanley Energy & Electricity Conference in April 2008. It discusses Ameren's business plan to achieve operational excellence, improve customer service, demonstrate environmental leadership, and maximize shareholder value. Financially, Ameren expects near-term regulatory lag due to rising costs but significant longer-term earnings growth from rate cases and increasing regulated investments. Regulated returns currently support earnings growth and regulated investment plans are expected to grow rate base and earnings.
This document provides an overview of Ameren Corporation for investors. It discusses Ameren's business segments, which include regulated electric and gas utilities in Missouri and Illinois and a non-regulated generation business. The document outlines Ameren's financial outlook, including opportunities from rate cases, improving plant performance, and hedging strategies. It also discusses recent credit rating upgrades and capital market activities.
The document provides an update on DTE Energy's mid-year business performance. It discusses proposed energy legislation in Michigan that would reform electric choice, phase in cost-of-service rates, and establish renewable portfolio and energy efficiency standards. It also provides details on DTE Energy's Detroit Edison rate case filing and use of proceeds from asset monetization and synfuel partnerships. DTE Energy raises its 2008 operating earnings guidance while maintaining EPS guidance and provides a preliminary outlook for higher non-utility earnings in 2009 driven by retaining its power and industrial projects.
This document provides a mid-year business update from DTE Energy, including:
1) An overview of energy legislation progressing through the Michigan legislature aimed at electric choice reform, cost-of-service rates, and renewable portfolio standards.
2) Details on Detroit Edison's general rate case filing, including a requested $60 million revenue increase to recover required environmental investments and merger premium costs.
3) An outline of topics to be covered, including the legislative update, non-utility business performance, and updated earnings guidance.
This document provides an overview and cautionary statements for DMC's presentation at an industrial conference. It summarizes DMC's business segments, global presence, and financial highlights. The document also cautions readers that DMC's forward-looking statements are based on management's current assessments and involve risks and uncertainties that could cause actual results to differ materially.
This document provides an overview and guidance from Ameren, a Midwest electric and gas utility, at their April 10, 2007 Midwest Utilities Conference. It discusses Ameren's regulated operations in Missouri and Illinois, non-rate-regulated generation business, key investment highlights, 2007 earnings guidance of $3.15-3.60 per share excluding certain storm costs, 2007 capital expenditures of $1.327 billion, and environmental compliance strategy and costs through 2016. It also addresses regulatory and legislative issues impacting Ameren's Illinois utilities and provides an outlook for 2008.
Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
The document provides an investor presentation for a company in August 2010. It cautions that the presentation contains forward-looking statements regarding the company's financial condition and results of operations that are subject to risks and uncertainties. It then provides an overview of the company's business segments, financial highlights from 2009, management team, global presence, and competitive positioning in its industry. Supplemental slides provide more details on financial performance, balance sheet, sales trends, backlog, capital expenditures, and adjusted EBITDA.
Integrys Energy Group has maintained a strong dividend track record despite volatile market conditions. The company's stock investment plan allows shareholders, employees, and the public to purchase stock with no brokerage fees or commissions. Participants can choose to reinvest all, some, or none of their dividends and can make optional cash payments up to $100,000 per year to purchase additional shares.
The document provides information on Ameren's annual finance meeting, including cautionary statements regarding forward-looking statements and non-GAAP financial measures. It summarizes Ameren's operations, recent regulatory proceedings in Missouri and Illinois, 2007 earnings guidance, environmental compliance strategy and outlook, and financial strength. Key highlights include pending rate cases, 2007 EPS guidance of $3.15-3.60 excluding certain items, $1.65-2.12 billion in expected environmental spending through 2016, and credit rating downgrades due to Illinois political uncertainty.
The document summarizes a presentation given by Joseph P. O'Leary and Steven P. Eschbach at a Mid-Cap Utility Conference on March 25, 2008. It discusses Integrys Energy Group's goals of delivering long-term shareholder value and earnings growth. It provides an overview of Integrys' regulated utility businesses, the progress of integrating Peoples Energy, capital investment programs, and financial outlook. Guidance is given for 6-8% annual EPS growth and a projected 2008 EPS range of $3.33-$3.78.
GMAC Executive Vice President and Chief Financial Officer Sanjiv Khattri.finance8
The document discusses forward-looking statements and risk factors that could cause actual results to differ from expectations. It notes that statements with words like "expect" and "anticipate" are intended to identify forward-looking statements that are subject to important risk factors described in SEC filings. The summary also notes that GMAC management cannot guarantee the accuracy of its forward-looking statements.
This presentation provides an overview of DMC and its business for investors. It summarizes DMC's financial highlights including its market capitalization, revenue, earnings, cash flow, and dividend. It also summarizes DMC's executive management team, business segments, global presence, and financial performance by region. The presentation cautions that it contains forward-looking statements and discusses the use of non-GAAP financial measures to evaluate the company's performance.
xcel energy 1D KEnvironmental_Leadership_Xcel_Energy_12052007finance26
This document outlines Xcel Energy's strategy for achieving financial success through environmental leadership. The strategy focuses on growing their core regulated utility business while meeting environmental challenges like reducing emissions by 2020. Key elements of the strategy include investing in regulated utility infrastructure, increasing renewable energy generation and company-owned transmission, enhancing regulatory frameworks to support clean energy, and improving customer understanding of clean energy costs and benefits. The strategy aims to achieve 5-7% annual EPS growth and 2-4% annual dividend growth while transitioning to a cleaner energy supply mix by 2020.
xcel energy 1DKxcel energy Environmental_Leadership_Xcel_Energy_12052007finance26
This document outlines Xcel Energy's strategy for achieving financial success through environmental leadership. The strategy focuses on growing their core regulated utility business while meeting environmental challenges like reducing emissions by 2020. Key elements of the strategy include investing in regulated utility infrastructure, increasing renewable energy generation and company-owned transmission, enhancing regulatory frameworks to support clean energy, and improving customer understanding of clean energy costs and benefits. The strategy aims to achieve 5-7% annual EPS growth and 2-4% annual dividend growth while transitioning to a cleaner energy supply mix by 2020.
This document summarizes a presentation given by Steven P. Eschbach, Vice President of Investor Relations for Midwest Utilities Seminar. The presentation provides an overview of Integrys Energy Group, a leading Midwest energy company serving over 2 million customers. Key points included Integrys' goals of long-term shareholder value and earnings growth, its diverse regulated utility businesses across six states, ongoing capital investment including the Weston 4 power plant project, and guidance for 2008 financial performance.
Bienestar Financiero al servicio de su jubilación anticipada
Pago de su 🏡
Estudio de sus hijos
Directamente a tu cuenta bancaria
Con Tesorería Auditoria Jurídica comercial
Administración de carteras
Apalancamiento Financiero
Desarrollo de tu marca personal
Acceso a Desarrollo de varias industrias
Cuentas bancarias
Estructuras Físicas en USA y en América Central
Avalado por Bolcomer
Puesto de Bolsa Comercial
Turismo
Y mucho más
Link de registro
https://business.myinfinity.global/maurod8/
https://therusnetwork.com/
Contacto:
https://goo.su/pzm1fja
Collective Mining | Corporate Presentation - June 2024
CMS Energy EEI November 2012
1. EEI 47th Annual Financial Conference
November 2012
Zeeland 2007
Foote Hydro 1918 Lake Winds 2012
2. This presentation is made as of the date hereof and contains “forward-looking statements” as defined in Rule 3b-6
of the Securities Exchange Act of 1934, as amended, Rule 175 of the Securities Act of 1933, as amended, and
relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. They should be
read in conjunction with “FORWARD-LOOKING STATEMENTS AND INFORMATION” and “RISK FACTORS” sections of
CMS Energy’s and Consumers Energy’s Form 10-K for the year ended December 31 and as updated in subsequent
10-Qs. CMS Energy’s and Consumers Energy’s “FORWARD-LOOKING STATEMENTS AND INFORMATION” and “RISK
FACTORS” sections are incorporated herein by reference and discuss important factors that could cause CMS
Energy’s and Consumers Energy’s results to differ materially from those anticipated in such statements. CMS
Energy and Consumers Energy undertake no obligation to update any of the information presented herein to reflect
facts, events or circumstances after the date hereof.
The presentation also includes non-GAAP measures when describing CMS Energy’s results of operations and
financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure
is included in the appendix and posted on our website at www.cmsenergy.com.
CMS Energy provides financial results on both a reported (Generally Accepted Accounting Principles) and adjusted
(non-GAAP) basis. Management views adjusted earnings as a key measure of the company’s present operating
financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from
prior years, or other items. Certain of these items have the potential to impact, favorably or unfavorably, the
company's reported earnings in 2012. The company is not able to estimate the impact of these matters and is not
providing reported earnings guidance.
2
3. CMS Energy MODEL . . . .
RESULTS –
Consistent
Strong
Performance
Investment
Risk Profile
• Credit Outlook Positive
Enablers
Self-Imposed • Michigan Energy Law
• Constructive Regulation
Limits • Rate Cases
• Base Rates • Lean O&M Expense
• Sales Recovery
• Growth Self Funded (NOLs)
. . . . working well.
3
4. Model Delivers . . . .
Future
Return
• Attractive dividend yield 4%
– 62% payout ratio
• EPS growth rate 5 - 7
– Driven by $7 billion investment in regulated Utility
over next five years
Total shareowner return 9%-11%
Near Term Catalysts
1) Regulatory climate
2) Electric rate case
3) Sales recovery
4) New gas plant
5) Credit rating outlook positive
6) Growth self funded (NOLs)
. . . . good total return opportunity.
4
5. CATALYST #1 - - Constructive Regulation . . . .
2008 Law Regulation
Growth John Quackenbush,
• Renewable energy plan Chairman
Appointed: 9/15/11
• Energy optimization Term Ends: 7/2/17
Republican
Speed
• File and implement
ratemaking
Orjiakor Isiogu,
Commissioner
Appointed: 9/9/07
• Forward test year Term Ends: 7/2/13
Democrat
Risk Mitigation
• Retail open access cap Greg White,
Commissioner
• Decoupling Appointed: 12/4/09
Term Ends: 7/2/15
Independent
. . . . provides improvements for customers and investors.
5
6. CATALYST #2- - Electric Rate Case . . . .
Drivers
Amount 2012 Rate case mechanisms
(mils) – Revenue adjustment mechanism
– Capital investment
Request $148
– Pension and retiree healthcare
– Uncollectible accounts
Mix of Request:
Capital Investment Mix of Total
Capital Investment: 85%
ROE 10.5%: 7 94%a 85%
Tree trimming and other: 8 70%
62%
Total: 100%
2014 Capex Adjustment
_ _ _ _ _ 2010 2011 2012 2013E
Mechanism (mils): $83 a Excludes depreciation case
. . . . mechanisms may result in less frequent rate cases and lower regulatory risk.
6
7. 2011 Electric Costs . . . .
O&M % Revenue Overhead % Revenue
Peer Average 22%
18%
Peer Average 5%
2%
CMS CMS
_____
Source: SNL data service
. . . . among the best.
7
8. Future Cost Performance . . . .
Future O&M Cost Examples of Cost Reductions
• Employee restructuring
• Improved productivity
• Consolidating field offices
Flat
• “Classic 7” mothballing
• Smart Energy
• Uncollectible account
improvements
• Lower benefit costs
-6%
2012 2013-2017
. . . . continues to provide sustainable rate and EPS growth.
8
9. CATALYST #3 - - Sales Recovery . . . .
Electric Salesa Electric Salesa vs Prior Years
GWh Up 4%
Before EO +7%
40,000 2010 to 2012
2.4% 2.4%
+2.1% +2.3%
+1.7%
6% decline
35,000 2007 to 2009 +1.3% +1.3%
30,000
25,000 Up 9%
1983 & 1984
-0.7% +4%
7% decline -2.0%
20,000 1979 to 1982
-3.0%
-6%
0
15,000
1975 1979 1983 1987 1991 1995 1999 2003 2007 2011
2012 2006 2007 2008 2009 2010 2011 2012
_____
a Weather adjusted
. . . . third year of continuing load growth.
9
10. Michigan Economy . . . .
Economic Indicators Improving 2013 State Business Tax
Consumers 2013 2012
U.S. Michigan Service Territory • Overall state rank 12 18
• Unemployment – Corporate tax rank 7 49
– Peak 10% 14% 10.8% a • Replaced Michigan Business Tax with
– Today 8% 9% 6.5% a a flat 6% Corporate Income Tax
• Employment growth • Improves competitiveness of
– Last 12 months 2% 1% 2.4% Michigan’s business environment
• Best corporate rank in the Midwest
• 2000-2010 Census +10% -1 +3%
population change
_____ _____
a Central and West Michigan
Source: Tax Foundation 2013 Index
. . . . and U.S. recovering; Michigan is building for the future.
10
11. CATALYST #4 - - Capital Investment . . . .
2013 – 2017 Plan Opportunity Level
$6.5 - $7.3 • Faster smart grid
• Pipe replacements $10 Billion
Billion • Pole replacements
• New gas generation
Customer rates <2% >4%
×
. . . . at sustainable customer “base rate” increases.
11
12. Capacity . . . .
Installed Capacity Excl Class 7 Classic 7
Peak Demand with 11% Reserve Margin Peak Demand with 18% Reserve Margin
MW
9,500
9,000
8,500
Up to 1,500 MW
8,000 Shortfall
7,500
7,000
6,500
6,000
5,500
5,000
4,500
0
2012 2013 2014 2015 2016 2017
. . . . need looms.
12
13. Capital Investment . . . .
2013-2017 2018-2022
$6.5 - $7.3 Billion $8.0 Billion
Gas 7%
Infrastructure - 29%
5% 19%
8% 31%
11%
Electric Base
Gas Base
4% Generation
Environmental
Smart Energy
16%
Electric Reliability
14%
Gas Infrastructure 18%
7%
3% 3% 14%
Renewables
New Gas Plant –
11%
. . . . provides sustainable long-term EPS and cash flow growth.
13
14. CATALYST #5 - - Liquidity & Credit Outlook . . . .
Availability Credit Ratings
$1.6 Billion
Scale
S&P/ Moody’s S&P Moody’s Fitch
CMS Energy Fitch
5-year revolver - 2016 $548 mils
Consumers
A- A3 Secured
32% BBB+
Market Cap a
CMS
Consumers Energy BB+ Ba1
Unsecured
5-year revolver - 2016 498
Outlook: Positive Positive Stable
5-year revolver - 2017 150
A/R Facility - 2012 250
Cash 128
. . . . strong.
_____
a As of 6/30/12, comparing 18% for peers
14