Colin Hamilton's, from Macquarie Capital, presentation on the macro environment and the effect on steel at SteelOrbis Spring '12 Conference & 66th IREPAS Meeting
- Sales growth was 5.0% in Q3 2012 on a like-for-like basis, with reported growth of 9.4% due to currency and scope effects.
- For the first nine months of 2012, like-for-like sales grew 5.6% while reported growth was 8.3% due to currency impacts.
- Growth continues to be driven by emerging markets and North America, while Western Europe saw a deterioration, especially in Southern Europe.
Global economic activity is picking up, but the continuing crisis in the euro area is delaying a meaningful recovery and job creation, the OECD said in its latest Interim Economic Assessment.
This document discusses China's significance to Australia and the potential economic impacts of different scenarios related to China's economy. It provides statistics showing that China is Australia's largest trading partner and export market, particularly for iron ore. It outlines two scenarios where a slowdown in China's property market or recession in advanced economies could negatively impact commodity prices and Australian GDP growth. The document suggests businesses exposed to Chinese trade should prepare plans to accommodate potential short-term reductions in trade volumes with China.
The document provides an overview of Enel SpA's 2011 results and 2012-2016 strategic plan. Key points include:
1) Enel reported a 1.4% increase in EBITDA for 2011 to €17.7 billion, though net income declined 5.5% to €4.1 billion due to higher taxes.
2) The strategic plan outlines macroeconomic assumptions for mature and growth markets and focuses on priorities like efficiencies in mature markets and growth in emerging markets.
3) The plan expects challenges in 2012 from declining demand in Italy, Spain, and mature markets as well as overcapacity issues, while forecasting organic growth to boost profitability in Latin America.
Fincor- Sociedade Corretora, S.A. provides brokerage services including receiving, executing, and transmitting orders. The document discusses weekly market perspectives and does not constitute investment advice. Fincor will not accept responsibility for any use or effects of the content. It summarizes discussions on Greece requesting a delay in austerity measures, opposition from some European leaders to more delays, and economic data from Greece, Spain, Germany, France, and the Eurozone.
The document discusses India's growth story before and after economic liberalization in 1991. It describes how India moved from a closed socialist-inspired economy with high import duties and public sector dominance to a more open, privatized and globalized economy after 1991. This economic reform led to significantly higher GDP growth rates, especially in industry and agriculture. However, it also led to rising inequality within India and concerns about whether the benefits of growth are being shared widely enough. The document examines debates around whether globalization and financial liberalization increase or decrease inequality and the various factors that influence this relationship. It emphasizes the need for inclusive growth that broadly distributes the benefits of economic progress.
1. IGT has a wide economic moat in the gaming industry due to significant barriers to entry, pricing power, and recurring revenue streams.
2. The company has a history of strong profitability and returns on capital that exceed its cost of capital.
3. IGT trades at a discount to conservative estimates of intrinsic value, providing a margin of safety, and has growth prospects in international markets and new revenue streams.
MIPIM 2012 - Wrap-Up Keynote address from Mark RobertsMIPIMWorld
Austerity-Stimulus, Risks-Opportunities: Fresh insights and way forward.
The US and Europe have embarked on fundamentally different paths in resolving their debt challenges: Austerity measures in Europe versus stimulus in the US. Policy outcomes will be different, and cannot be overlooked by real estate investors. There are many risks to consider and lots of opportunities ahead. How should investors approach the market today? What strategies are investors pursuing for a brighter tomorrow? Join us for the freshest insights on real estate markets: A combination of our panelists' research, your insights gathered during MIPIM conferences and events, and through our survey responses.
- Sales growth was 5.0% in Q3 2012 on a like-for-like basis, with reported growth of 9.4% due to currency and scope effects.
- For the first nine months of 2012, like-for-like sales grew 5.6% while reported growth was 8.3% due to currency impacts.
- Growth continues to be driven by emerging markets and North America, while Western Europe saw a deterioration, especially in Southern Europe.
Global economic activity is picking up, but the continuing crisis in the euro area is delaying a meaningful recovery and job creation, the OECD said in its latest Interim Economic Assessment.
This document discusses China's significance to Australia and the potential economic impacts of different scenarios related to China's economy. It provides statistics showing that China is Australia's largest trading partner and export market, particularly for iron ore. It outlines two scenarios where a slowdown in China's property market or recession in advanced economies could negatively impact commodity prices and Australian GDP growth. The document suggests businesses exposed to Chinese trade should prepare plans to accommodate potential short-term reductions in trade volumes with China.
The document provides an overview of Enel SpA's 2011 results and 2012-2016 strategic plan. Key points include:
1) Enel reported a 1.4% increase in EBITDA for 2011 to €17.7 billion, though net income declined 5.5% to €4.1 billion due to higher taxes.
2) The strategic plan outlines macroeconomic assumptions for mature and growth markets and focuses on priorities like efficiencies in mature markets and growth in emerging markets.
3) The plan expects challenges in 2012 from declining demand in Italy, Spain, and mature markets as well as overcapacity issues, while forecasting organic growth to boost profitability in Latin America.
Fincor- Sociedade Corretora, S.A. provides brokerage services including receiving, executing, and transmitting orders. The document discusses weekly market perspectives and does not constitute investment advice. Fincor will not accept responsibility for any use or effects of the content. It summarizes discussions on Greece requesting a delay in austerity measures, opposition from some European leaders to more delays, and economic data from Greece, Spain, Germany, France, and the Eurozone.
The document discusses India's growth story before and after economic liberalization in 1991. It describes how India moved from a closed socialist-inspired economy with high import duties and public sector dominance to a more open, privatized and globalized economy after 1991. This economic reform led to significantly higher GDP growth rates, especially in industry and agriculture. However, it also led to rising inequality within India and concerns about whether the benefits of growth are being shared widely enough. The document examines debates around whether globalization and financial liberalization increase or decrease inequality and the various factors that influence this relationship. It emphasizes the need for inclusive growth that broadly distributes the benefits of economic progress.
1. IGT has a wide economic moat in the gaming industry due to significant barriers to entry, pricing power, and recurring revenue streams.
2. The company has a history of strong profitability and returns on capital that exceed its cost of capital.
3. IGT trades at a discount to conservative estimates of intrinsic value, providing a margin of safety, and has growth prospects in international markets and new revenue streams.
MIPIM 2012 - Wrap-Up Keynote address from Mark RobertsMIPIMWorld
Austerity-Stimulus, Risks-Opportunities: Fresh insights and way forward.
The US and Europe have embarked on fundamentally different paths in resolving their debt challenges: Austerity measures in Europe versus stimulus in the US. Policy outcomes will be different, and cannot be overlooked by real estate investors. There are many risks to consider and lots of opportunities ahead. How should investors approach the market today? What strategies are investors pursuing for a brighter tomorrow? Join us for the freshest insights on real estate markets: A combination of our panelists' research, your insights gathered during MIPIM conferences and events, and through our survey responses.
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
- The WIOF Global Listed Utilities Fund increased 1.8% in the past month and 6.6% over the past year, underperforming its benchmark index which rose 1.3% and 1.2% respectively.
- The underperformance was due to not holding shares in three North American gas companies that were takeover targets and rose significantly.
- Top performing holdings were US electricity utilities, while worst were a global satellite operator and Hong Kong electricity utility.
- The portfolio was adjusted by adding four North American utilities and exiting four European utilities.
- Regulated utilities are expected to perform well in 2012 as growth remains challenging in Europe and the US outperforms.
The Brazilian Central Bank (BCB) published its 4Q12 Inflation Report reaffirming that monetary conditions should remain stable for a prolonged period. The report signals that maintaining the current interest rate of 7.25% is appropriate to keep inflation within the target range given mild economic recovery, despite some temporary weakness in recent data. Changes to inflation projections are also viewed as temporary, with inflation expected to return to target levels by the end of 2014. The external environment poses some risks but these have lessened, and the overall assessment remains of a disinflationary global environment.
This interim report summarizes Ramirent's financial performance from January to September 2012. Some key points:
1) Net sales increased 12.3% year-over-year due to acquisitions, while like-for-like growth was 5.7%. EBITDA was €153.8 million with an EBITDA margin of 29.6%.
2) The third quarter saw net sales growth of 3.7% year-over-year and an EBITDA of €60.3 million. However, profitability declined slightly with an EBITDA margin of 32.5% compared to 32.7% last year.
3) Most segments saw sales growth in the
Honeywell Goldman Sachs Great China Tour - Honeywell Transportation Systemsfinance8
Honeywell Turbo China is Honeywell's wholly owned turbo manufacturing facility in Shanghai's Zhangjiang Hi-Tech Park. It began construction in September 2005 with an initial investment of $27 million. Honeywell views China as a key growth market and sees the new turbo manufacturing plant as helping to expand in new Chinese markets and revolutionize Honeywell's global cost structure. The plant will also support Honeywell's aspirations to make China a global growth platform based on expanding into new markets and reducing costs.
Igtm pre event golf survey by sports marketing survey - part IMS-Co
The survey found:
1) Spain was the most popular recent international golf destination at 17%, followed by Portugal at 13% and the United States at 7%.
2) 37% of respondents had not taken an international golf trip in the past 5 years.
3) When considering future destinations, recommendations from friends were most important to respondents, followed by golf magazines and online reviews/golf networks. Price, variety of courses, and golf being included in packages were also very important factors.
4) Economic factors like currency exchange rates and fuel costs have at least a little impact on most respondents' decisions to take an international golf trip.
Government revises its 2009 real GDP growth forecast. The Prime
Minister (PM) announced yesterday that the official real GDP growth
forecast for this year is now between -4% and -5% from +1% to -1%
announced by Bank Negara Malaysia (BNM) in Mar 09. This is due to
the impact of the global recession on external demand which also
weakened domestic demand, especially private investment (1Q09: -
26% YoY), including FDI (1Q09: -50% YoY). However, apart from
mentioning a 25% drop in exports, no detailed breakdown of the
revised forecast was provided.
The document summarizes industry trends in the wine industry over the past 10 years for the SJVWA's 10th anniversary. It finds that overall wine consumption and the premium wine segment have grown significantly. Varietals like Pinot Grigio, Pinot Noir, and Sauvignon Blanc have increased in popularity, while Chardonnay and Cabernet Sauvignon remain top sellers. Innovation through new products and approachable styles has also fueled category growth. The wine supply outlook for 2012 is more balanced after shortages in 2010-2011, though grape prices are increasing. The trends present opportunities and challenges for SJVWA members to supply popular high-growth varietals at the right cost structure.
capital onePrinter Friendly Version of the Conference Call Presentationfinance13
- Fourth quarter 2008 results showed a loss due to higher provision expense and a goodwill write-down. The losses were driven by deterioration in credit performance as economic conditions worsened.
- Credit losses and delinquency rates increased across all lending segments as unemployment rose. The allowance for loan losses was increased substantially.
- Deposits grew significantly while margins declined due to credit costs and mix shift to lower-yielding assets. Expenses declined due to cost management efforts.
- An impairment charge was taken for goodwill in the Auto Finance segment. The balance sheet and liquidity remain strong despite the difficult environment.
The document summarizes the impact of the recession on employment in the Gulf region. It notes that most Gulf countries are expected to see limited economic growth in 2009 due to the global recession and falling oil prices. This has led many companies to implement staff cuts and recruitment freezes, particularly impacting professionals in investment, administration and marketing. Demand remains higher for infrastructure and audit professionals. The UAE and Dubai have seen decreased recruitment activity compared to other Gulf nations like Saudi Arabia and Qatar. Overall employment is expected to start recovering in 2010 if global trends like oil prices improve.
This document discusses the challenges and opportunities facing middle-income countries as global wealth shifts. It notes that while shifting wealth has created opportunities through reduced poverty and new development resources, middle-income countries face challenges around productivity growth, social cohesion, environmental sustainability, and maintaining fiscal revenue levels. Specific challenges discussed include the risk of falling into a "middle income trap" with slowing growth, rising inequality and labor disputes, high youth unemployment in Africa, and tax revenues generally being lower in Latin American countries compared to OECD nations.
Temple Leadership Seminar Outlook Talk 2 19 2009mgala
The document summarizes the state of the US economy in early 2009. It notes that actual 2008 economic growth, employment, and inflation were significantly weaker than had been forecast the previous year. Housing prices declined substantially across most states and the sharp drops in home values and stock prices reduced household wealth. The recession caused job losses averaging 250,000 per month since late 2007, and unemployment rose significantly. Businesses reduced inventories and cut back on investment in response to weak sales and economic uncertainty.
The document provides an economic forecast for 2013. It finds that:
1) The global economy is recovering but growth will be slow, especially in Europe, due to the eurozone crisis and moderating growth in Asia.
2) The US economy is building momentum slowly, with moderate domestic growth expected in 2013 despite a slow global environment.
3) The forecast predicts GDP growth of 1.8% for the US in 2013, picking up to 2.4% in 2014, but global and European growth will remain limited by structural issues.
The document provides an overview of the environmental industry in 2009-2011 based on a presentation by Grant Ferrier. Some key points:
- The environmental industry declined 1.4% in 2009 with most segments seeing declines between 2-12%, except for water utilities which grew 3.5% and clean energy which grew 14%.
- The consulting and engineering segment declined 3.9% in 2009.
- Growth improved in 2010 with the industry growing around 5% on average according to surveys. Consulting and engineering grew around 4%.
- Surveys predicted continued growth in 2011 of around 8% on average for the industry and 8% for consulting and engineering.
Telecom Italia 1Q 2012 Results - Operations - Marco Patuano (10/05/2012)Gruppo TIM
Telecom Italia reported its 1Q 2012 results, with total domestic revenues down 2.4% year-over-year to €4,486 million. Fixed revenues declined 2.9% to €3,235 million due to a 38.6% drop in equipment sales and a 1.7% fall in services. Mobile revenues decreased 1.7% to €1,650 million. Domestic EBITDA was down 3.4% at €2,196 million and EBITDA margin increased 0.7 percentage points to 49.0% of revenues. Telecom Italia's fixed network access lines declined 150,000 in the quarter as the company's market share remained above 66%.
Hyundai Capital is the leading auto finance company in Korea and a joint venture between Hyundai Motor Group and GE Capital. It has strong shareholder support from both companies. Despite recent slower economic growth, Korea's macroeconomic environment remains stable with low interest rates and manageable government debt levels. Hyundai Capital is well positioned to capitalize on its dominant market position and benefit from shareholder expertise in risk management and operations.
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
For more information contact: emailus@marcusevans.com
Christian Menegatti who is the MD & Head of Global Economic Research at Roubini Global Economics shared her presentation entitled "Bracing for Balance Sheet Repair Mode: Pinpointing Growth Drivers amidst a Global Deleveraging Landscape" at the marcus evans Elite Summit.
Join the November 2014 Summit along with leading European family offices and global asset managers in an intimate environment for a focused discussion of key new drivers shaping wealth management strategies today.
For more information contact: emailus@marcusevans.com
The document summarizes Alcoa's annual shareholders meeting on May 8, 2008. It lists nominees for the board of directors to serve until 2011 and current directors. It also provides an executive council listing and forward-looking statements. Financial highlights from 2007 include record income and cash from operations. Q1 2008 results showed income from continuing operations of $303M excluding restructuring impacts. It outlines Alcoa's share repurchase program and total shareholder return, which outperformed indexes in 2007 and 2008 to date.
This document provides an economic highlights presentation from the Israeli Ministry of Finance for the 4th quarter of 2011. It includes key economic indicators such as GDP, exports, unemployment, inflation, budget deficit, debt levels, and comparisons to other countries. Graphics show Israel recovering from the global economic crisis starting in 2010, with GDP, exports, and business growth increasing while unemployment and debt levels decreased.
Exane BNP Paribas 14th European Seminar in Paris. Presentation by CEO Jouko K...Stora Enso
This document discusses Stora Enso's strategy for chasing growth in a constrained environment. It notes that certain statements are forward-looking and subject to risks and uncertainties. It then provides an overview of Stora Enso's business segments and plans to keep its cash-generating segments profitable through restructuring. It outlines strategies for growth areas like renewable packaging and biomaterials, including new investments. The presentation emphasizes focusing on growth markets and high-quality segments to create shareholder value and cash generation.
This document discusses factors to consider in project valuation. It notes China's growing importance as both a risk and source of returns for commodity companies. Individual factors like resources, costs, and price volatility must be considered. Capital costs regularly exceed estimates. While uncertainty remains, companies can improve valuations through share buybacks or focusing on quality projects rather than assuming commodity demand will always increase.
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
- The WIOF Global Listed Utilities Fund increased 1.8% in the past month and 6.6% over the past year, underperforming its benchmark index which rose 1.3% and 1.2% respectively.
- The underperformance was due to not holding shares in three North American gas companies that were takeover targets and rose significantly.
- Top performing holdings were US electricity utilities, while worst were a global satellite operator and Hong Kong electricity utility.
- The portfolio was adjusted by adding four North American utilities and exiting four European utilities.
- Regulated utilities are expected to perform well in 2012 as growth remains challenging in Europe and the US outperforms.
The Brazilian Central Bank (BCB) published its 4Q12 Inflation Report reaffirming that monetary conditions should remain stable for a prolonged period. The report signals that maintaining the current interest rate of 7.25% is appropriate to keep inflation within the target range given mild economic recovery, despite some temporary weakness in recent data. Changes to inflation projections are also viewed as temporary, with inflation expected to return to target levels by the end of 2014. The external environment poses some risks but these have lessened, and the overall assessment remains of a disinflationary global environment.
This interim report summarizes Ramirent's financial performance from January to September 2012. Some key points:
1) Net sales increased 12.3% year-over-year due to acquisitions, while like-for-like growth was 5.7%. EBITDA was €153.8 million with an EBITDA margin of 29.6%.
2) The third quarter saw net sales growth of 3.7% year-over-year and an EBITDA of €60.3 million. However, profitability declined slightly with an EBITDA margin of 32.5% compared to 32.7% last year.
3) Most segments saw sales growth in the
Honeywell Goldman Sachs Great China Tour - Honeywell Transportation Systemsfinance8
Honeywell Turbo China is Honeywell's wholly owned turbo manufacturing facility in Shanghai's Zhangjiang Hi-Tech Park. It began construction in September 2005 with an initial investment of $27 million. Honeywell views China as a key growth market and sees the new turbo manufacturing plant as helping to expand in new Chinese markets and revolutionize Honeywell's global cost structure. The plant will also support Honeywell's aspirations to make China a global growth platform based on expanding into new markets and reducing costs.
Igtm pre event golf survey by sports marketing survey - part IMS-Co
The survey found:
1) Spain was the most popular recent international golf destination at 17%, followed by Portugal at 13% and the United States at 7%.
2) 37% of respondents had not taken an international golf trip in the past 5 years.
3) When considering future destinations, recommendations from friends were most important to respondents, followed by golf magazines and online reviews/golf networks. Price, variety of courses, and golf being included in packages were also very important factors.
4) Economic factors like currency exchange rates and fuel costs have at least a little impact on most respondents' decisions to take an international golf trip.
Government revises its 2009 real GDP growth forecast. The Prime
Minister (PM) announced yesterday that the official real GDP growth
forecast for this year is now between -4% and -5% from +1% to -1%
announced by Bank Negara Malaysia (BNM) in Mar 09. This is due to
the impact of the global recession on external demand which also
weakened domestic demand, especially private investment (1Q09: -
26% YoY), including FDI (1Q09: -50% YoY). However, apart from
mentioning a 25% drop in exports, no detailed breakdown of the
revised forecast was provided.
The document summarizes industry trends in the wine industry over the past 10 years for the SJVWA's 10th anniversary. It finds that overall wine consumption and the premium wine segment have grown significantly. Varietals like Pinot Grigio, Pinot Noir, and Sauvignon Blanc have increased in popularity, while Chardonnay and Cabernet Sauvignon remain top sellers. Innovation through new products and approachable styles has also fueled category growth. The wine supply outlook for 2012 is more balanced after shortages in 2010-2011, though grape prices are increasing. The trends present opportunities and challenges for SJVWA members to supply popular high-growth varietals at the right cost structure.
capital onePrinter Friendly Version of the Conference Call Presentationfinance13
- Fourth quarter 2008 results showed a loss due to higher provision expense and a goodwill write-down. The losses were driven by deterioration in credit performance as economic conditions worsened.
- Credit losses and delinquency rates increased across all lending segments as unemployment rose. The allowance for loan losses was increased substantially.
- Deposits grew significantly while margins declined due to credit costs and mix shift to lower-yielding assets. Expenses declined due to cost management efforts.
- An impairment charge was taken for goodwill in the Auto Finance segment. The balance sheet and liquidity remain strong despite the difficult environment.
The document summarizes the impact of the recession on employment in the Gulf region. It notes that most Gulf countries are expected to see limited economic growth in 2009 due to the global recession and falling oil prices. This has led many companies to implement staff cuts and recruitment freezes, particularly impacting professionals in investment, administration and marketing. Demand remains higher for infrastructure and audit professionals. The UAE and Dubai have seen decreased recruitment activity compared to other Gulf nations like Saudi Arabia and Qatar. Overall employment is expected to start recovering in 2010 if global trends like oil prices improve.
This document discusses the challenges and opportunities facing middle-income countries as global wealth shifts. It notes that while shifting wealth has created opportunities through reduced poverty and new development resources, middle-income countries face challenges around productivity growth, social cohesion, environmental sustainability, and maintaining fiscal revenue levels. Specific challenges discussed include the risk of falling into a "middle income trap" with slowing growth, rising inequality and labor disputes, high youth unemployment in Africa, and tax revenues generally being lower in Latin American countries compared to OECD nations.
Temple Leadership Seminar Outlook Talk 2 19 2009mgala
The document summarizes the state of the US economy in early 2009. It notes that actual 2008 economic growth, employment, and inflation were significantly weaker than had been forecast the previous year. Housing prices declined substantially across most states and the sharp drops in home values and stock prices reduced household wealth. The recession caused job losses averaging 250,000 per month since late 2007, and unemployment rose significantly. Businesses reduced inventories and cut back on investment in response to weak sales and economic uncertainty.
The document provides an economic forecast for 2013. It finds that:
1) The global economy is recovering but growth will be slow, especially in Europe, due to the eurozone crisis and moderating growth in Asia.
2) The US economy is building momentum slowly, with moderate domestic growth expected in 2013 despite a slow global environment.
3) The forecast predicts GDP growth of 1.8% for the US in 2013, picking up to 2.4% in 2014, but global and European growth will remain limited by structural issues.
The document provides an overview of the environmental industry in 2009-2011 based on a presentation by Grant Ferrier. Some key points:
- The environmental industry declined 1.4% in 2009 with most segments seeing declines between 2-12%, except for water utilities which grew 3.5% and clean energy which grew 14%.
- The consulting and engineering segment declined 3.9% in 2009.
- Growth improved in 2010 with the industry growing around 5% on average according to surveys. Consulting and engineering grew around 4%.
- Surveys predicted continued growth in 2011 of around 8% on average for the industry and 8% for consulting and engineering.
Telecom Italia 1Q 2012 Results - Operations - Marco Patuano (10/05/2012)Gruppo TIM
Telecom Italia reported its 1Q 2012 results, with total domestic revenues down 2.4% year-over-year to €4,486 million. Fixed revenues declined 2.9% to €3,235 million due to a 38.6% drop in equipment sales and a 1.7% fall in services. Mobile revenues decreased 1.7% to €1,650 million. Domestic EBITDA was down 3.4% at €2,196 million and EBITDA margin increased 0.7 percentage points to 49.0% of revenues. Telecom Italia's fixed network access lines declined 150,000 in the quarter as the company's market share remained above 66%.
Hyundai Capital is the leading auto finance company in Korea and a joint venture between Hyundai Motor Group and GE Capital. It has strong shareholder support from both companies. Despite recent slower economic growth, Korea's macroeconomic environment remains stable with low interest rates and manageable government debt levels. Hyundai Capital is well positioned to capitalize on its dominant market position and benefit from shareholder expertise in risk management and operations.
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
For more information contact: emailus@marcusevans.com
Christian Menegatti who is the MD & Head of Global Economic Research at Roubini Global Economics shared her presentation entitled "Bracing for Balance Sheet Repair Mode: Pinpointing Growth Drivers amidst a Global Deleveraging Landscape" at the marcus evans Elite Summit.
Join the November 2014 Summit along with leading European family offices and global asset managers in an intimate environment for a focused discussion of key new drivers shaping wealth management strategies today.
For more information contact: emailus@marcusevans.com
The document summarizes Alcoa's annual shareholders meeting on May 8, 2008. It lists nominees for the board of directors to serve until 2011 and current directors. It also provides an executive council listing and forward-looking statements. Financial highlights from 2007 include record income and cash from operations. Q1 2008 results showed income from continuing operations of $303M excluding restructuring impacts. It outlines Alcoa's share repurchase program and total shareholder return, which outperformed indexes in 2007 and 2008 to date.
This document provides an economic highlights presentation from the Israeli Ministry of Finance for the 4th quarter of 2011. It includes key economic indicators such as GDP, exports, unemployment, inflation, budget deficit, debt levels, and comparisons to other countries. Graphics show Israel recovering from the global economic crisis starting in 2010, with GDP, exports, and business growth increasing while unemployment and debt levels decreased.
Exane BNP Paribas 14th European Seminar in Paris. Presentation by CEO Jouko K...Stora Enso
This document discusses Stora Enso's strategy for chasing growth in a constrained environment. It notes that certain statements are forward-looking and subject to risks and uncertainties. It then provides an overview of Stora Enso's business segments and plans to keep its cash-generating segments profitable through restructuring. It outlines strategies for growth areas like renewable packaging and biomaterials, including new investments. The presentation emphasizes focusing on growth markets and high-quality segments to create shareholder value and cash generation.
This document discusses factors to consider in project valuation. It notes China's growing importance as both a risk and source of returns for commodity companies. Individual factors like resources, costs, and price volatility must be considered. Capital costs regularly exceed estimates. While uncertainty remains, companies can improve valuations through share buybacks or focusing on quality projects rather than assuming commodity demand will always increase.
Hyundai Capital provides a mid-year investor presentation highlighting its strong fundamentals and performance in the first half of 2012. Key points include:
- Good profitability with an operating income of KRW 330 billion and ROA of 2.5%, despite slower new car sales.
- Excellent asset quality shown by a low 30+ day delinquency rate of 2.1% and sound capital structure with leverage of 5.8x.
- Committed shareholder support from Hyundai Motor Company and an extended credit line from GE Capital.
- Continuous improvement in credit ratings from rating agencies despite challenges from weaker new car sales.
The Korea Fund underperformed its benchmark, the MSCI Korea Index, in the fourth quarter of 2012 by 39 basis points. Within sectors, stock picks in consumer discretionary hurt performance while selections in industrials and an underweight in financials helped. Growth stocks strongly outperformed value stocks last quarter, contrasting the third quarter. The Fund initiated positions in selected IT and consumer names and exited a credit card company due to regulatory changes.
This document provides an economic highlights presentation from the 1st quarter of 2012 from the State of Israel Ministry of Finance International Affairs Department. It includes 3 sentences summarizing key information:
The presentation provides economic indicators for Israel such as GDP, exports, unemployment, inflation rates, credit ratings and balances like the budget deficit, public debt levels, and current account surplus. International comparisons to other countries and Israel's position in the OECD are also examined. Contact information is provided to learn more about Israel's economy, trade agreements, and other economic figures.
Fortuna Silver Mines Inc. is a silver mining company with operations in Peru and Mexico. The presentation provides an overview of Fortuna's two core operating assets: the San Jose Mine in Mexico and the Caylloma Mine in Peru. It also summarizes the company's financial performance, growth strategy, and extensive land holdings for exploration.
Apl investor presentation may 2012 final versionParish Aggarwal
- Consolidated total income for Q4 FY 2011-12 grew by 29.3% to Rs. 2546 crores compared to the same period last year.
- Operating profit grew by 32.7% to Rs. 351.3 crores and profit after tax grew by 39.5% to Rs. 259.5 crores.
- Material costs increased by 32% due to rising input prices, impacting operating margins.
- Other income increased substantially due to treasury income and dividend received from subsidiaries.
The document discusses drivers of global internet growth including broadband/PC penetration. It notes that internet penetration continues to have significant room for growth worldwide. Growth is expected to be highest in developing regions like Asia Pacific and Latin America. Broadband and PC adoption, which are tied to rising GDP per capita, are key in increasing internet access. As broadband and internet-enabled devices spread, search is becoming more important for finding information online.
Guo Xin is a senior partner and managing director at Mercer in Greater China, as well as the chairman of Marsh & McLennan Companies in China. He has expertise in strategic organization structure, business processes, and HR systems. His experience includes working with both local private/listed companies and multinationals in China and the US. Today's discussion will cover setting the scene in China, attracting and retaining top talent, ensuring compliance with local legislation, moving critical staff to China, and ensuring success in M&A expansion.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
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Colin Hamilton's presentation at SteelOrbis Spring '12 Conference & 66th IREPAS Meeting
1. IREPAS presentation
p
The macro environment and the effect on steel
April 2012
Colin Hamilton
Macquarie Capital (Europe) Limited
Levell 7 28 Ropemaker St London, UK
L 7, R k St, L d
colin.hamilton@macquarie.com
colin hamilton@macquarie com
In preparing this research, we did not take into account the investment objectives, financial situation and particular needs of the reader. Before making an investment decision on the basis of this research, the
reader needs to consider, with or without the assistance of an adviser, whether the advice is appropriate in light of their particular investment needs, objectives and financial circumstances. Please see disclaimer.
2. Commodities research team
London
Jim Lennon Colin Hamilton Duncan Hobbs Ryan Belshaw Hayden Atkins
Senior Strategist
g Associate Director Senior Analyst
y Analyst
y Senior Analyst
y
Nickel & Steel, Copper, Base Metals Base Metals Coal, Precious
Stainless Steel Iron ore, Coal +44 20 3037 4497 +44 20 3037 2732 Metals, Uranium
+44 20 3037 4271 +44 20 3037 4061 +44 20 3037 4476
Singapore & Sh
Si Shanghai
h i
Bonnie Liu Graeme Train Angela Bi
Associate Director Senior Analyst Associate
Base Metals
Metals, Steel,
Steel Bulks Base Metals
Thermal Coal +86 21 2412 9035 +86 21 2412 9086
+65 6601 0144
Agricultural commodities - London
g Oil and Gas - Houston
Kona Haque Chris Gadd Vikas Dwivedi
Senior Analyst Research Associate Global oil and gas
Softs Grains Economist
+44 20 3037 4334 +44 20 3037 4433 +1 713 275 6352
Page 2
3. Macro backdrop – Upturn in 2H12 if policy makers
p p p y
can get it right
China demand uncertainty persists: Still uncertainty
Summary of Macquarie Global IP Forecasts
S fM i Gl b l F t
about degree of downside risks to demand in % Change Y-o-Y 2007 2008 2009 2010 2011f 2012f
China, but slowdown so far not overly alarming. Western Europe 5.4% 0.2% -10.5% 5.8% 3.0% -1.5%
Eastern Europe 3.0% -1.7% -9.2% 13.6% 6.0% 0.5%
But policymakers not behind the curve. Easing so Total Europe 3.4% -2.1% -12.4% 7.3% 3.8% 1.2%
far has been relatively small, but still plenty of room
small
Japan 2.9% -3.4% -21.8% 16.6% -3.7% 2.0%
to move and we think policymakers will be effective China 17.1% 12.7% 12.3% 14.3% 13.8% 12.0%
in managing slowdown. Other Asia 6.8% 4.7% -1.8% 12.0% 3.7% 3.0%
Total Asia 7.6% 4.1% -4.2% 13.3% 6.6% 6.3%
Euro risks elevated but receding, with central bank
g
action going a long way to helping stabilise activity. USA
Total NAFTA
2.7%
3.2%
-3.7%
-3.5%
-11.2%
-10.9%
5.3%
5.4%
4.0%
3.8%
2.0%
2.0%
Stronger signs of OECD trough policy makers have Latin America 6.6% 1.1% -6.1% 10.0% 2.3% 3.0%
avoided creating more uncertainty. US activity
remains solid
solid. OECD 4.1% -1.7%
1.7% -11.7%
11.7% 7.2% 2.4% 0.7%
IP growth of 2¼% in 2012. Weakness in activity Total World 4.9% 0.3% -6.8% 8.6% 4.9% 2.3%
likely to be concentrated in 1Q, with improvement
through mid-year and into year end.
Source: Ecowin, Macquarie Research, April 2012
Page 3
4. China slowing but not collapsing, nadir may be in
g p g, y
sight in OECD
Index Index 15% 15%
China official PMI
60 60 10% 10%
55 55 5% 5%
0% 0%
50 50
2010 -5% -5%
45 2011 45 OECD IP
Median 2005-2007 -10% -10%
2012 Leading indicator (6mth annualised) -
40 2008 40 -15% foward 6 months -15%
-20% -20%
35 35
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
Apr
Aug
Dec
Jul
Jan
Feb
Jun
Sep
Oct
May
Nov
Mar
Source: CEIC, OECD, Macquarie Research, April 2012
Page 4
5. Euro area growth forecasts
We are forecasting growth of -0.4% this year and 1.3% next year. This is broadly similar to
the IMF and Consensus for 2012, but above for 2013.
The balance of risks to our forecasts is now to the upside.
upside
Euro area growth forecasts: Macquarie, Consensus and the IMF
% Macquarie Consensus IMF
1.5 1.30
0.90
1.0 0.8
0.5
0.0
-0.5 -0.30
-0.40
-0.5
-1.0
-1 0
2012 2013
Source: IMF, Consensus, Macquarie Research, April 2012
6. External demand has driven the recovery…
y
Europe’s recovery has been overwhelmingly driven by external demand – net exports have
accounted for 2.2pts of the 3.6% growth in GDP since the trough.
Exports have driven the recovery Much more than is the case elsewhere
Index, 2Q09=100 ppt Ho useho ld Co nsumptio n Go vernment
125 Ho useho ld co nsumptio n Go vt co nsumptio n 8 B usiness Investment Net expo rts
GFCF Expo rts Invento ries
7
120
6
15
1
5
10
1 4
3
105
2
100 1
0
95
-1
90 -2
M ar 07 Dec 07 Sep 08 Jun 09 M ar 10 Dec 10 Sep 11 US Japan Euro area UK
Source: Eurostat, Macquarie Research, April 2012
7. …particularly when compared to the BRICs…
p y p
In the BRICs, the recovery has been driven by private final domestic demand. This is much less the
case in the developed world, particularly the UK and Euro area.
The recovery in GDP since the trough by component
ppt
35 Household Consumption Government Business Investment Net exports Inventories
30
25
20
15
10
5
0
-5
-10
10
Brazil Russia India US Japan UK Euro area
Source: CEIC, Macquarie Research, April 2012
8. …but this is normal for Europe
Exports lead Europe’s economic cycle
E t l dE ’ i l
YoY % YoY %
Exports (LHS) GDP (RHS)
20 6
15
4
10
2
5
0 0
-5
-2
-10
-4
-15
-20 -6
Mar 92 Jun 94 Sep 96 Dec 98 Mar 01 Jun 03 Sep 05 Dec 07 Mar 10 Jun 12
Europe’s business cycle
Source: Eurostat, Macquarie Research, April 2012
9. Europe’s industrial core has re-oriented its export
exposure
Europe, particularly its industrial core, has been successful at re-orienting its export
exposure.
exposure
Exports to emerging economies Exports to advanced economies
% o f to tal
% o f to tal UK Germany France
35 UK Germany France
90
Italy Spain Italy Spain
30
85
25 80
20 75
15 70
10 65
Jan-90 A ug-93 M ar-97 Oct-00 M ay-04 Dec-07 Jul-11 Jan-90 A ug-93 M ar-97 Oct-00 M ay-04 Dec-07 Jul-11
Source: IMF, Macquarie Research, April 2012
10. C a st the core ocus o steel
China still t e co e focus for stee - NPC po cy targets in
C policy ta gets
2012 more subdued, but how relevant are they?
Lower GDP target suggests that policy makers
expect weaker growth, although this is not new
news to the market.
2011 2011 2012
(ann chg) Target Actual Target I fl ti t
Inflation target of 4% iin a year where it is
t f h i
GDP 8% 9.3% 7.5% coming down suggests policy makers will be a
bit more tolerant of price pressure than the last
CPI inflation 4% 5.4% 4% 24 months.
M2 16% 14.7%
14 7% 14%
We are forecasting a 22% increase in FAI and
FAI 18% 23.8% 16% the lower target for 2012 does raise some
questions about how willing policymakers will
be to use this as a tool to reinvigorate growth
growth.
But against the backdrop of achieved FAI in
2011, this target may not be particularly
meaningful.
Source: NBS, Macquarie Research, April 2012
Page 10
11. China construction – rolling over, some support from social
g pp
housing
80%
100% Floor area sold
70% Total Commodity Real Estate
Floor area under construction Economic Housing
80% 60%
Floor area completed
60% 50%
YoY, 3mma
YoY, 3mma
40%
40%
30%
20%
20%
0% 10%
-20% 0%
-10%
-40%
n-07
n-08
n-09
n-10
n-11
May -07
p-07
May -08
p-08
May -09
p-09
May -10
p-10
May -11
p-11
-20%
Jan-07
7
May-07
7
Jan-08
8
May-08
8
Jan-09
9
May-09
9
Jan-10
0
May-10
0
Jan-11
May-11
Sep-07
7
Sep-08
8
Sep-09
9
Sep-10
0
1
Sep-11
Jan
Jan
Jan
Jan
Jan
Sep
Sep
Sep
Sep
Sep
Source: CEIC, Macquarie Research, April 2012
Page 11
12. With real estate, is important to distinguish between top tier
estate top-tier
cities and the rest of the market
Tier-1 and 2 cities have had very difficult years recently but they are only 20% of the
market
Top tier cities have been underperforming in Clearly a bubble in tier 1 cities, less obvious
sales for a while else where
nnual household
40% 17
1-tier 2-tier 3-tier
30%
20% 15
operty sales, 3mma YoY
10%
a,
ffordibilty ratio - house price/an
0% 13
income
-10%
11
-20%
-30%
Pro
9
-40%
Tier 1+2 cities
-50%
Total China 7
-60%
r-10
y-10
Jul-10
v-10
n-11
r-11
y-11
Jul-11
v-11
p-10
p-11
5
Af
May
Nov
May
Nov
Jan
Mar
Mar
Sep
Sep
2011 E
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Source: NBS, Macquarie Research, February 2012
Page 12
13. C ese es e
Chinese investment in infrastructure crashes – room
as uc u e c as es oo
for 2012 improvement YoY changes in Chinese fixed asset
investment
60
50
% change % change % change 40
RMB bn 2009 2010 2011 2009/08 2010/09 2011/10
% change yoy
30
Equipment/IT/light manufg 1,910 2,543 3,734 29% 33% 47%
Other manufg/mining/metals 4,757 5,841 7,660 24% 23% 31% 20
Transport infrastructure
T ti f t t 2,198
2 198 2,616
2 616 2,508
2 508 49% 19% -4%
4% 10
Utilities infrastructure 3,201 3,772 4,042 38% 18% 7%
Total infrastructure 5,399 6,388 6,550 42% 18% 3% 0
Real estate 4,401 5,872 7,731 23% 33% 32% -10
Nov-088
Nov-099
Nov-100
Nov-11
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
May-08
Sep-08
May-09
Sep-09
May-10
Sep-10
May-11
Sep-11
Mar-08
Mar-09
Mar-10
Mar-11
Tertiary & Rural 2,947 3,497 4,518 39% 19% 29%
Equipt/IT/light manufg
Other manufg/ming/metals
Total Fixed Asset investment 19,414 24,141 30,193 31% 24% 25% Total infrastructure
Real estate
Source: NBS, Macquarie Research, April 2012
Page 13
14. China autos and machinery – looking for recovery on easier
y g y
credit
Vehicle output Output of excavators
23 350
21 300
19
m units annualised
k units, annualised
250
17
15 200
13
s,
150
,
11
9 100
7 50
5
-
May
Jan
n
Feb
b
n
Jun
Aug
g
Sep
p
Nov
ul
ct
ar
pr
Dec
Ju
Oc
Ma
Ap
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007 2008 2009 2010 2011
2007 2008 2009 2010 2011
Source: CEIC, Macquarie Research, April 2012
Page 14
15. China’s big risk is the rise of sticky inflation
China’s previous inflation problems have been linked to surges in money supply or food supply shocks.
A wage/price spiral would be a new challenge – machinery/automation would be a solution
C hinese money supply grow th (M2) Labour market demand/supply
30% 12.5%
28%
10.0%
26%
$ chnage yoy: CPI
% change yoy: M2
7.5%
24%
5.0%
5 0%
y
22%
20% 2.5%
18%
0.0%
16%
-2.5%
14%
12% -5.0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Money supply growth (M2) Inflation (CPI)
Source: NBS, MOHRSS, Macquarie Research, February 2012
Page 15
16. Our steel survey shows sentiment is holding up
Outlook remains positive after a difficult Feb, helped by improving conditions in March
Are you positive or negative on the market over the next three months?
100 Increasing number of respondents p
g p positive
90
80
70
60
50
40
30
20 Mills
Steel traders
10
Iron ore traders Increasing number of respondents negative
0
Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12
Source: Macquarie China Steel Sector Survey, April 2012
17. The biggest change has been improving orders
Traders registered a significant MoM change in orders
Mills also saw improvement, although less dramatic
Traders Mills
Have sales volum es increased or decreased?
Have dom estic orders increased or decreased over the
Increasing no . o f traders seeing sales rise last m onth?
100
To tal Increasing no . o f mills seeing o rders rise
90 Large Traders (>1mtpa) 100
M edium Traders (0.5-1mtpa) 90 To tal
80
Small Traders (<0.5mtpa) Large M ills (>10mtpa)
70 80
M edium M ills (5-10mtpa)
70 Small M ills (<5mtpa)
60
60
50
50
40
40
30
30
20 20
10 10
Increasing no . o f traders seeing sales fall Increasing no . o f mills seeing o rders fall
0 0
Jul-11 Aug- Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Jul-11 Aug- Sep- Oct-11 Nov- Dec- Jan-12 Feb-12 Mar-12
11 11 11 11 11
Source: Macquarie China Steel Sector Survey, April 2012
18. Improvement has co e ac oss most e d use
po e e as come across os end
sectors
Biggest change has been construction and infrastructure
Net change in orders at mills - end use sectors
Construction
Infrastructure
Machinery
30 Autos
White goods
20 Shipbuilding
p g
10
0
-10
-20
-30
-40
Jul-11
Jul 11 Aug-11
Aug 11 Sep-11
Sep 11 Oct-11
Oct 11 Nov-11
Nov 11 Dec-11
Dec 11 Jan-12
Jan 12 Feb-12
Feb 12 Mar-12
Mar 12
Source: Macquarie China Steel Sector Survey, April 2012
19. Profitability is c eep g bac into the sec o ,
o ab y s creeping back o e sector,
although there are regional variations
North China mills are making money
What is the current level of profitability?
Increasing no . o f mills making mo ney
100
90
80
70
60
50
40
30 To tal
No rth
20
Central So uth
10 So uth East
West Increasing no . o f mills lo sing mo ney
0
Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12
Source: Macquarie China Steel Sector Survey, April 2012
20. Steel margins – the perennial problem for
steelmakers
Raw material costs for a "typical" Steel price minus raw material costs
steelmaker
700
1100
1000 600
900
500
800
700
400
$/tonne
$/tonne
600
500 300
400
300 200
200
100
100
0
0
Nov-08
Nov-09
Nov-10
Nov-11
May-08
May-09
May-10
May-11
Jan-08
Mar-08
Jul-08
Sep-08
Jan-09
Mar-09
Jul-09
Sep-09
Jan-10
Mar-10
Jul-10
Sep-10
Jan-11
Mar-11
Jul-11
Sep-11
Jan-12
Mar-12
Nov-08
Nov-09
Nov-10
Nov-11
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
May-08
Sep-08
May-09
Sep-09
May-10
Sep-10
May-11
Sep-11
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Using contract prices Using spot prices Using contract raw material costs
Composite HRC price (E /US)
C i i (Eur/US) Using spot raw material costs
Source: Platts, CRU, Macquarie Research, April 2012
Page 20
21. $/tonn CFR Turkey
ne, y
100
150
200
250
300
350
400
450
500
550
Sep-08
N
Nov-08
Source: Platts, Macquarie Research, April 2012
J
Jan-09
M
Mar-09
May-09
J
Jul-09
Sep-09
N
Nov-09
J
Jan-10
M
Mar-10
May-10
J
Jul-10
Page 21
Sep-10
N
Nov-10
J
Jan-11
Metal spread - Rebar over scrap
M
Mar-11
May-11
J
Jul-11
Sep-11
N
Nov-11
J
Jan-12
M
Mar-12
Conversion margins remain pretty slim for rebar
22. Small Chinese mills have adapted much better to
p
operating as cyclical, low margin converters…
Cash margins at Chinese mills
200
150 Rebar
HRC
100
$/tonne
50
US$
0
-50
-100
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
J
J
J
J
J
J
J
Source: Mysteel, Macquarie Research, April 2012
Page 22
23. …with iron ore prices reacting to the change in
p g g
futures prices
SHFE Rebar vs Spot iron ore
700 220
Rebar- SHFE 3M (LHS)
650 Spot Iron ore (RHS) 200
600
180
550
/tonne
/tonne
500 160
US$/
US$/
450
140
400
120
350
300 100
May-10
May-11
v-09
ar-10
v-10
ar-11
v-11
ar-12
n-10
ul-10
p-10
n-11
ul-11
p-11
n-12
Nov
Nov
Nov
Jan
Sep
Jan
Sep
Jan
Ma
Ju
Ma
Ju
Ma
Source: Mysteel, Macquarie Research, April 2012
Page 23
24. Chinese domestic ore output is highly price sensitive
Q4 2011 showed how flexible Chinese
Apparent domestic iron ore use
domestic ore can be – fell by >100mtpa
as prices dropped into cost curve.
400 200
Import iron ore price 180
350
Declining grades, rising costs and
160
300
140
250
environmental concerns have meant that
$/t cfr price
mt iron ore
120
200 100
production has been constrained.
363
345
336
316
07
80
98
m
3
293
3
30
$
150
29
270
270
261
256
High-cost domestic supply only in the
231
231
60
216
196
100
market as much as it needs to be.
40
50
20
- 0
If steel production rises so Chinese
rises,
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
domestic ore must respond.
Source: NBS, Platts, Macquarie Research, April 2012
Page 24