This investor presentation provides an overview of macroeconomic conditions and the retail market in Russia:
- The Russian economy grew 3.7% in Q2 2011 and is estimated to grow 4% for the full year. Inflation is estimated between 7.5-8.5% and unemployment fell to 6.4%.
- Retail supply has grown steadily to over 3 million square meters while vacancy remains below 1% in prime malls. Prime rental rates are stable around 4,000 rubles per square meter annually.
- Base retail rents have increased from 1,300 to 1,350 rubles per square meter annually in the past year as the sector continues its recovery from the economic downturn
H1 2009 IFRS Results
- Despite challenging economic conditions, the company reported sound operating results in the first half of 2009.
- Total deposits decreased 4.6% year-over-year while loans decreased 3.5%, with the loan-to-deposit ratio increasing 5.9 percentage points.
- Net profit decreased 58.8% year-over-year however total operating income increased 17.5% and operating costs decreased 13.1% leading to a 14.9 percentage point decrease in the cost to income ratio.
An economic analysis and forecast of job trends in Pennsylvania by Wells Fargo Securities' Economics Group. The analysis shows that Marcellus Shale drilling has led to a dramatic growth in jobs in not only counties where drilling is occuring, but also in all of the counties throughout the state--because of shale gas drilling.
Peeter Luikmel. Features of Estonian EconomyEesti Pank
Estonia has a small, open economy of 1.34 million people with GDP of about 16 billion euros. While it experienced rapid growth and credit expansion before the crisis, it also suffered a large GDP decline in 2009. However, the economy has recovered faster than expected, helped by improvements in competitiveness from lower wages, higher productivity, and flexible labor markets. Looking forward, monetary policy support and opportunities for investment could help offset risks from the difficult euro area situation, though growth is projected to slow somewhat in the near term.
The document is a report from First National Bank (FNB) that provides an analysis of property market trends in South Africa. It summarizes data on house prices, commercial property values, construction costs, demand and supply factors, and investment returns. The report finds that while house prices and commercial property values increased in recent years, the market is showing signs of weakness, with high supply, falling demand, and lengthening times for properties to sell. Total property returns have also started declining again in 2011.
The document provides an overview of housing and labor market trends, with a focus on national trends and trends specific to Nevada. It summarizes that while the national unemployment rate dipped below 9%, recovery in the labor market remains elusive. The Case-Shiller and FHFA home price indices show continued softness in the national housing market. Nationally, mortgage delinquencies dropped in 2010 but over 4.5 million homes remain in distress. Modifications under HAMP decreased and obtaining permanent modifications remains challenging for borrowers. Many states face severe budget shortfalls. In Nevada, the unemployment rate fell below 14% but remains the highest in the country, and house prices are falling to 2003 levels.
The document summarizes recent U.S. economic growth since 2009 in three charts:
1. Real U.S. GDP growth has gradually strengthened since mid-2009, ranging from -6.7% to 3.9% per quarter, though it remains below pre-crisis levels.
2. Consumption, investment, and exports have been the main drivers of growth, contributing over 6 percentage points to GDP since 2009, while government spending has been a drag.
3. U.S. growth has outpaced other major advanced economies affected by the global financial crisis such as Germany, Japan, and the UK.
The document provides key economic indicators and facts about the Indian economy. It shows India's population, poverty rates, literacy rates, and other indicators have greatly improved since the 1980s. While agriculture still employs many, the services and manufacturing sectors have grown. Challenges remain in reducing poverty and the fiscal deficit. India has experienced strong GDP growth in recent years and its successes include the IT, pharmaceutical and manufacturing industries.
H1 2009 IFRS Results
- Despite challenging economic conditions, the company reported sound operating results in the first half of 2009.
- Total deposits decreased 4.6% year-over-year while loans decreased 3.5%, with the loan-to-deposit ratio increasing 5.9 percentage points.
- Net profit decreased 58.8% year-over-year however total operating income increased 17.5% and operating costs decreased 13.1% leading to a 14.9 percentage point decrease in the cost to income ratio.
An economic analysis and forecast of job trends in Pennsylvania by Wells Fargo Securities' Economics Group. The analysis shows that Marcellus Shale drilling has led to a dramatic growth in jobs in not only counties where drilling is occuring, but also in all of the counties throughout the state--because of shale gas drilling.
Peeter Luikmel. Features of Estonian EconomyEesti Pank
Estonia has a small, open economy of 1.34 million people with GDP of about 16 billion euros. While it experienced rapid growth and credit expansion before the crisis, it also suffered a large GDP decline in 2009. However, the economy has recovered faster than expected, helped by improvements in competitiveness from lower wages, higher productivity, and flexible labor markets. Looking forward, monetary policy support and opportunities for investment could help offset risks from the difficult euro area situation, though growth is projected to slow somewhat in the near term.
The document is a report from First National Bank (FNB) that provides an analysis of property market trends in South Africa. It summarizes data on house prices, commercial property values, construction costs, demand and supply factors, and investment returns. The report finds that while house prices and commercial property values increased in recent years, the market is showing signs of weakness, with high supply, falling demand, and lengthening times for properties to sell. Total property returns have also started declining again in 2011.
The document provides an overview of housing and labor market trends, with a focus on national trends and trends specific to Nevada. It summarizes that while the national unemployment rate dipped below 9%, recovery in the labor market remains elusive. The Case-Shiller and FHFA home price indices show continued softness in the national housing market. Nationally, mortgage delinquencies dropped in 2010 but over 4.5 million homes remain in distress. Modifications under HAMP decreased and obtaining permanent modifications remains challenging for borrowers. Many states face severe budget shortfalls. In Nevada, the unemployment rate fell below 14% but remains the highest in the country, and house prices are falling to 2003 levels.
The document summarizes recent U.S. economic growth since 2009 in three charts:
1. Real U.S. GDP growth has gradually strengthened since mid-2009, ranging from -6.7% to 3.9% per quarter, though it remains below pre-crisis levels.
2. Consumption, investment, and exports have been the main drivers of growth, contributing over 6 percentage points to GDP since 2009, while government spending has been a drag.
3. U.S. growth has outpaced other major advanced economies affected by the global financial crisis such as Germany, Japan, and the UK.
The document provides key economic indicators and facts about the Indian economy. It shows India's population, poverty rates, literacy rates, and other indicators have greatly improved since the 1980s. While agriculture still employs many, the services and manufacturing sectors have grown. Challenges remain in reducing poverty and the fiscal deficit. India has experienced strong GDP growth in recent years and its successes include the IT, pharmaceutical and manufacturing industries.
This document provides an overview and analysis of unemployment costs and systems in the United States in 2011. It discusses rising national unemployment rates and long-term unemployment. Many state unemployment trust funds are insolvent, requiring over $40 billion in federal loans. The document analyzes proposals to manage unemployment costs, including changes to the Federal Unemployment Tax Act that could increase taxes for employers in states with outstanding loan balances.
The document summarizes the outlook for the U.S. housing market and discusses policy options to address troubled housing conditions. It analyzes data on home prices, sales, permits, and delinquency rates. It also examines factors influencing housing such as inventory levels, unemployment, and lending standards. Key recommendations include stabilizing home prices, encouraging sustainable homeownership through responsible lending, and reengaging the private sector to help achieve long-term solutions.
The document provides an economic analysis and outlook from the Chief Economist of a bank. It summarizes data on GDP growth in Canada and the US, food and commodity price inflation, the economic outlook and recession risks for European economies, challenges for the banking sector in Europe, fiscal policy debates in the US, US consumer behavior, monetary policy outlook from the Fed, and the US housing market. The analysis covers economic indicators and policy issues across multiple countries and regions.
The document compares the performance of different portfolio allocations from 2001-2004 and 1Q 2004. It shows that portfolios with a mix of stocks and bonds significantly outperformed those with 100% stock allocations during periods of market decline from 2001-2003. The key finding is that asset allocation, or how assets are divided among asset classes like stocks and bonds, has the biggest impact on portfolio performance rather than choices about specific securities or market timing.
Adding the Domestic Private Sector Financial BalanceMitch Green
The document presents data on the government balance, private sector balance, and current account balances for Portugal, Italy, Ireland and Greece from 1996-2011. It shows that:
1) When a country has a government surplus, the private sector balance is negative and vice versa, keeping their sum close to zero.
2) Periods of high unemployment generally coincide with current account deficits, while periods of low unemployment coincide with current account surpluses.
3) Debt crises in Europe from 2008-2011 corresponded to large government deficits and private sector surpluses in Portugal, Italy, Ireland and Greece.
For a few weeks now, the Washington Post has posted a gallery of charts to help explain what is meant by the ‘Fiscal Cliff’ (http://goo.gl/V46U6). Although the 7 charts are a collection of simple bar charts, from a data visualization perspective they leave a lot to be desired. In this slide deck, I've redesigned all 7 charts.
Presentation, Economic Outlook for 2013 and Beyond, presented by Michael Brown, Wells Fargo Securities, presented at Winter 2012 NCLGBA Conference, 12/7/12
Using Options for Risk Management and to Enhance Income and Risk-adjusted Ret...BCV
This document provides an agenda for a presentation on using options for risk management and income enhancement. The presentation will cover: [1] historical price changes in stocks like Citigroup and American Airlines; [2] worldwide derivatives markets; [3] detailed analysis of options pricing; [4] strategies to lower portfolio volatility using options; [5] benchmark indexes for these strategies; [6] volatility-based strategies; and [7] conclusions. Examples will be given of how Southwest Airlines used options to lock in fuel costs, and charts will show performance of indexes and exchange-traded funds over time.
This document introduces Gujarat, India as a global business hub and highlights opportunities for collaboration. It then provides background on India's strong economic growth, highlighting that India has the 4th largest economy globally by purchasing power parity and was growing at over 8% annually in 2011. The document outlines India's trade and foreign direct investment trends, identifying it as the 2nd most preferred destination for investment.
Federal Reserve Bank of SF on Oregon Real Estate Jan 2010ThinkOregon
This document summarizes national and Oregon-specific trends related to delinquencies and foreclosures from January 2010. It finds that while GDP growth was positive, weaknesses remained in housing, labor, and credit markets. Nationally, foreclosures continued to rise and modifications through HAMP fell short. In Oregon, unemployment fell but remained high, and house prices declined the most in Bend. Oregon also saw a continued rise in foreclosure starts. The document stresses the need for outreach to prevent "preventable" foreclosures and stabilize communities after foreclosure.
Outsourcing Deal Activity – February 2012Everest Group
Transaction Intelligence (TI) Monthly report for February, 2012. This report provides a brief overview of the overall outsourcing market activity for the month and includes the following:
• Trailing three-month average of outsourcing deals
• Split of outsourcing deals by function and industry vertical
• Geographical split and analysis of the level of deal activity
• Key outsourcing deals signed in February 2012
We would be happy to receive your feedback on this report and/or on the TI offering.
Sri Lanka Stock Market Quarterly earnings update sep 2011Ishara Gamage
- The financial services sector dominated the market in terms of capitalization and earnings contribution. It accounted for 24% of market capitalization and 26% of total earnings.
- Earnings grew 13% quarter-over-quarter but only 5% year-over-year, reflecting slower growth compared to previous periods.
- Top performing sectors included health services, motor, and manufacturing in terms of earnings growth, while footwear/textiles, oil palms, and plantations declined.
- Leading companies by earnings contribution were Browns Investments, Commercial Bank, and Lanka Orix Leasing Company.
S394 Presentation to NC Senate Finance Committee 4/3/2013PublicFinanceTV
Senate Bill 394 proposes lowering tax rates in North Carolina to make the tax system more competitive, simpler, and fairer. It aims to lower major tax rates like personal income, corporate, and sales taxes while keeping the plan revenue-neutral. The current tax system relies too heavily on volatile sources like corporate income tax and the non-withholding portion of personal income tax. The sales tax base has also been shrinking as a percentage of the overall economy.
Avant garde wealth mgmt quarterly letter - 1212Gaurav Jalan
The document discusses the relationship between interest rates, equity markets, and corporate earnings/profits in India based on empirical evidence from 1998-2012. Three key points:
1) There is no meaningful correlation between interest rates and P/E ratios in India, and historically interest rates have been loosely positively correlated with P/E ratios.
2) There is no relationship between changes in interest rates and subsequent corporate earnings growth.
3) No correlation exists between changes in bond yields and future equity index returns.
1) Columbus MSA employment increased sharply during Q1 2012, gaining 9,400 jobs. Healthcare employment enjoyed particularly strong growth, adding 2,700 jobs.
2) Manufacturing lost 3,300 jobs during the quarter, suggesting improving efficiency rather than weakness in the sector itself.
3) The Columbus region unemployment rate rose to 7.0% in March from 6.8% due to an increase in the number of active job seekers despite a decline later in the quarter.
The document provides financial information for Ramirent, a construction equipment rental company, for Q4 2011 and full year 2011. Key highlights include:
- Net sales for Q4 2011 were up 24.4% to MEUR 186.8, with organic growth of 17.8%. Full year net sales increased 22.3% to MEUR 649.9.
- EBITDA for Q4 2011 was MEUR 55.0 compared to MEUR 36.9 in Q4 2010. Full year EBITDA was MEUR 181.8 compared to MEUR 127.4 in 2010.
- Nine acquisitions and two outsourcing deals were completed in 2011 to support growth,
Avant Garde Wealth Mgmt - Quarterly letter - 1112Gaurav Jalan
(1) Avant Garde Wealth Management provides an update on market conditions and their portfolio positioning. (2) They have remained 36% invested with the rest in cash finding limited stocks that meet their valuation criteria. (3) Their portfolio has increased 1.8% while the market fell 19.6% since starting in June, though longer-term performance is needed to evaluate their ability.
It's More Fun Investing in the PhilippinesAldrin Bibon
The Philippine stock market has performed well despite global economic challenges, with the PSEi up 18.5% year-to-date. Strong economic fundamentals such as consumer spending, government spending, and exports drove 1Q GDP growth of 6.4%. However, valuations appear stretched and recent large share placements may sap liquidity in the short-term. Overall the outlook remains positive, as fundamentals are expected to catch up to valuations over the long-run.
Hospitality Lawyer with pearls from NYU - Bjorn Hanson & Economists 6 2 08Jim Butler
Hotel Lawyer in NY. We cover many topics at wwwHotelLawBlog.com, but ne of the things that has fascinated me about the hospitality industry for more than 20 years now, is the close -- almost intimate -- relationship of industry performance to the U.S. economy's performance. Some might say this is intuitive, that when the economy does well, all business does well. But that is not always true. There are some businesses which do better in hard times, like discount and bargain stores, and there are some that seem impervious, like ultra luxury goods. However the relationship of the lodging industry's performance to the general economy, has been carefully documented by the experts, and it is worth noting. The implications are interesting.
Here is the presentation made at the NYU Hotel Investment Conference on June 2, 2008, along with his other panelists about the current state of our domestic and global economy, along with implications for the hospitality industry.
The document presents conflicting economic data from various sources on the state of the US economy. It shows data that indicates rising GDP, jobs, manufacturing and retail sales alongside data pointing to high unemployment, falling housing starts and declining economic indexes. The intent is to show that different economic indicators can suggest contradictory things, similar to blind men describing different parts of an elephant. It urges readers to consider long term trends rather than single monthly data points when evaluating the economy.
Smart Water nella Città del Futuro - Marco Fantozzi: EU Reference document Go...Servizi a rete
The document discusses a European Union reference document on good practices for leakage management in water distribution systems. It provides guidance to improve efficient water use and achieve the objectives of the EU Water Framework Directive. The summary includes recommendations for key stakeholders such as using volumetric indicators instead of percentage of system input to measure leakage, adopting a holistic approach considering demand management and asset renewal, and implementing practices like pressure management, active leakage control and sectorization of distribution networks. Case studies from various European countries demonstrate the application of good practices.
Developing PowerPoint slide shows for use in lectures or online can be time consuming and frustrating.
This session will raise a number of the issues you need to consider and provide some tips to help you prepare good looking slide shows.
This document provides an overview and analysis of unemployment costs and systems in the United States in 2011. It discusses rising national unemployment rates and long-term unemployment. Many state unemployment trust funds are insolvent, requiring over $40 billion in federal loans. The document analyzes proposals to manage unemployment costs, including changes to the Federal Unemployment Tax Act that could increase taxes for employers in states with outstanding loan balances.
The document summarizes the outlook for the U.S. housing market and discusses policy options to address troubled housing conditions. It analyzes data on home prices, sales, permits, and delinquency rates. It also examines factors influencing housing such as inventory levels, unemployment, and lending standards. Key recommendations include stabilizing home prices, encouraging sustainable homeownership through responsible lending, and reengaging the private sector to help achieve long-term solutions.
The document provides an economic analysis and outlook from the Chief Economist of a bank. It summarizes data on GDP growth in Canada and the US, food and commodity price inflation, the economic outlook and recession risks for European economies, challenges for the banking sector in Europe, fiscal policy debates in the US, US consumer behavior, monetary policy outlook from the Fed, and the US housing market. The analysis covers economic indicators and policy issues across multiple countries and regions.
The document compares the performance of different portfolio allocations from 2001-2004 and 1Q 2004. It shows that portfolios with a mix of stocks and bonds significantly outperformed those with 100% stock allocations during periods of market decline from 2001-2003. The key finding is that asset allocation, or how assets are divided among asset classes like stocks and bonds, has the biggest impact on portfolio performance rather than choices about specific securities or market timing.
Adding the Domestic Private Sector Financial BalanceMitch Green
The document presents data on the government balance, private sector balance, and current account balances for Portugal, Italy, Ireland and Greece from 1996-2011. It shows that:
1) When a country has a government surplus, the private sector balance is negative and vice versa, keeping their sum close to zero.
2) Periods of high unemployment generally coincide with current account deficits, while periods of low unemployment coincide with current account surpluses.
3) Debt crises in Europe from 2008-2011 corresponded to large government deficits and private sector surpluses in Portugal, Italy, Ireland and Greece.
For a few weeks now, the Washington Post has posted a gallery of charts to help explain what is meant by the ‘Fiscal Cliff’ (http://goo.gl/V46U6). Although the 7 charts are a collection of simple bar charts, from a data visualization perspective they leave a lot to be desired. In this slide deck, I've redesigned all 7 charts.
Presentation, Economic Outlook for 2013 and Beyond, presented by Michael Brown, Wells Fargo Securities, presented at Winter 2012 NCLGBA Conference, 12/7/12
Using Options for Risk Management and to Enhance Income and Risk-adjusted Ret...BCV
This document provides an agenda for a presentation on using options for risk management and income enhancement. The presentation will cover: [1] historical price changes in stocks like Citigroup and American Airlines; [2] worldwide derivatives markets; [3] detailed analysis of options pricing; [4] strategies to lower portfolio volatility using options; [5] benchmark indexes for these strategies; [6] volatility-based strategies; and [7] conclusions. Examples will be given of how Southwest Airlines used options to lock in fuel costs, and charts will show performance of indexes and exchange-traded funds over time.
This document introduces Gujarat, India as a global business hub and highlights opportunities for collaboration. It then provides background on India's strong economic growth, highlighting that India has the 4th largest economy globally by purchasing power parity and was growing at over 8% annually in 2011. The document outlines India's trade and foreign direct investment trends, identifying it as the 2nd most preferred destination for investment.
Federal Reserve Bank of SF on Oregon Real Estate Jan 2010ThinkOregon
This document summarizes national and Oregon-specific trends related to delinquencies and foreclosures from January 2010. It finds that while GDP growth was positive, weaknesses remained in housing, labor, and credit markets. Nationally, foreclosures continued to rise and modifications through HAMP fell short. In Oregon, unemployment fell but remained high, and house prices declined the most in Bend. Oregon also saw a continued rise in foreclosure starts. The document stresses the need for outreach to prevent "preventable" foreclosures and stabilize communities after foreclosure.
Outsourcing Deal Activity – February 2012Everest Group
Transaction Intelligence (TI) Monthly report for February, 2012. This report provides a brief overview of the overall outsourcing market activity for the month and includes the following:
• Trailing three-month average of outsourcing deals
• Split of outsourcing deals by function and industry vertical
• Geographical split and analysis of the level of deal activity
• Key outsourcing deals signed in February 2012
We would be happy to receive your feedback on this report and/or on the TI offering.
Sri Lanka Stock Market Quarterly earnings update sep 2011Ishara Gamage
- The financial services sector dominated the market in terms of capitalization and earnings contribution. It accounted for 24% of market capitalization and 26% of total earnings.
- Earnings grew 13% quarter-over-quarter but only 5% year-over-year, reflecting slower growth compared to previous periods.
- Top performing sectors included health services, motor, and manufacturing in terms of earnings growth, while footwear/textiles, oil palms, and plantations declined.
- Leading companies by earnings contribution were Browns Investments, Commercial Bank, and Lanka Orix Leasing Company.
S394 Presentation to NC Senate Finance Committee 4/3/2013PublicFinanceTV
Senate Bill 394 proposes lowering tax rates in North Carolina to make the tax system more competitive, simpler, and fairer. It aims to lower major tax rates like personal income, corporate, and sales taxes while keeping the plan revenue-neutral. The current tax system relies too heavily on volatile sources like corporate income tax and the non-withholding portion of personal income tax. The sales tax base has also been shrinking as a percentage of the overall economy.
Avant garde wealth mgmt quarterly letter - 1212Gaurav Jalan
The document discusses the relationship between interest rates, equity markets, and corporate earnings/profits in India based on empirical evidence from 1998-2012. Three key points:
1) There is no meaningful correlation between interest rates and P/E ratios in India, and historically interest rates have been loosely positively correlated with P/E ratios.
2) There is no relationship between changes in interest rates and subsequent corporate earnings growth.
3) No correlation exists between changes in bond yields and future equity index returns.
1) Columbus MSA employment increased sharply during Q1 2012, gaining 9,400 jobs. Healthcare employment enjoyed particularly strong growth, adding 2,700 jobs.
2) Manufacturing lost 3,300 jobs during the quarter, suggesting improving efficiency rather than weakness in the sector itself.
3) The Columbus region unemployment rate rose to 7.0% in March from 6.8% due to an increase in the number of active job seekers despite a decline later in the quarter.
The document provides financial information for Ramirent, a construction equipment rental company, for Q4 2011 and full year 2011. Key highlights include:
- Net sales for Q4 2011 were up 24.4% to MEUR 186.8, with organic growth of 17.8%. Full year net sales increased 22.3% to MEUR 649.9.
- EBITDA for Q4 2011 was MEUR 55.0 compared to MEUR 36.9 in Q4 2010. Full year EBITDA was MEUR 181.8 compared to MEUR 127.4 in 2010.
- Nine acquisitions and two outsourcing deals were completed in 2011 to support growth,
Avant Garde Wealth Mgmt - Quarterly letter - 1112Gaurav Jalan
(1) Avant Garde Wealth Management provides an update on market conditions and their portfolio positioning. (2) They have remained 36% invested with the rest in cash finding limited stocks that meet their valuation criteria. (3) Their portfolio has increased 1.8% while the market fell 19.6% since starting in June, though longer-term performance is needed to evaluate their ability.
It's More Fun Investing in the PhilippinesAldrin Bibon
The Philippine stock market has performed well despite global economic challenges, with the PSEi up 18.5% year-to-date. Strong economic fundamentals such as consumer spending, government spending, and exports drove 1Q GDP growth of 6.4%. However, valuations appear stretched and recent large share placements may sap liquidity in the short-term. Overall the outlook remains positive, as fundamentals are expected to catch up to valuations over the long-run.
Hospitality Lawyer with pearls from NYU - Bjorn Hanson & Economists 6 2 08Jim Butler
Hotel Lawyer in NY. We cover many topics at wwwHotelLawBlog.com, but ne of the things that has fascinated me about the hospitality industry for more than 20 years now, is the close -- almost intimate -- relationship of industry performance to the U.S. economy's performance. Some might say this is intuitive, that when the economy does well, all business does well. But that is not always true. There are some businesses which do better in hard times, like discount and bargain stores, and there are some that seem impervious, like ultra luxury goods. However the relationship of the lodging industry's performance to the general economy, has been carefully documented by the experts, and it is worth noting. The implications are interesting.
Here is the presentation made at the NYU Hotel Investment Conference on June 2, 2008, along with his other panelists about the current state of our domestic and global economy, along with implications for the hospitality industry.
The document presents conflicting economic data from various sources on the state of the US economy. It shows data that indicates rising GDP, jobs, manufacturing and retail sales alongside data pointing to high unemployment, falling housing starts and declining economic indexes. The intent is to show that different economic indicators can suggest contradictory things, similar to blind men describing different parts of an elephant. It urges readers to consider long term trends rather than single monthly data points when evaluating the economy.
Smart Water nella Città del Futuro - Marco Fantozzi: EU Reference document Go...Servizi a rete
The document discusses a European Union reference document on good practices for leakage management in water distribution systems. It provides guidance to improve efficient water use and achieve the objectives of the EU Water Framework Directive. The summary includes recommendations for key stakeholders such as using volumetric indicators instead of percentage of system input to measure leakage, adopting a holistic approach considering demand management and asset renewal, and implementing practices like pressure management, active leakage control and sectorization of distribution networks. Case studies from various European countries demonstrate the application of good practices.
Developing PowerPoint slide shows for use in lectures or online can be time consuming and frustrating.
This session will raise a number of the issues you need to consider and provide some tips to help you prepare good looking slide shows.
The document advertises six professional development training days hosted by South West Youth Ministries during the 2012-2013 academic year. Each day focuses on a different topic related to youth ministry and features a keynote speaker like Andy Burns, Jennie Frost, or Tim Hastie-Smith. The training days provide encouragement and idea-sharing for both full-time and voluntary youth workers. They will be held at Hill House Christian Centre and cost just £30 per day or £125 for all six days. Attendees can book a place by calling or emailing South West Youth Ministries.
Good practice in church school partnerships Diocese of Bath and WellsKatherine Lyddon
This document provides guidance for developing good partnerships between churches and schools. It outlines protocols for schools visiting churches, using church spaces for events, and participating in church worship. It also provides guidance for churches visiting schools and using school sites. Key recommendations include obtaining permission, discussing logistics and expectations, preparing students, leaving spaces clean and organized, and expressing thanks. The document emphasizes maintaining respect for sacred spaces, being sensitive to different communities, and ensuring activities are appropriate for all involved.
Psychology is the science of behavior and here we show the PTAS Method as a resource to improve behavior safety at work. Dr. Lopez-Mena working in it since 1982.
This document announces the winners of a safety at work contest, with the city council maintenance team taking first place and a special prize awarded to the shooting gallery assistant. Various occupations are listed from 17th to 1st place, including delivery men, grinders, masons, welders, painters, shipyard mechanics, air conditioner installers, construction workers, experts in biological weapons, WMD warehouse managers, car mechanics, electricians, power cable installers, and aircraft mechanics.
The document provides an overview of Paraná Banco's financial performance in the fourth quarter and full year of 2009. It summarizes that net income increased 81.4% in 4Q09 and 24.0% for the full year, driven by recovery in credit operations and a reduction in expenses. The insurance business contributed over half of 4Q09 net income and 43.0% for the full year. Total assets grew 6.1% in 4Q09 and 21.8% for the year. Loan volumes and deposits increased compared to prior periods. Asset quality remained strong, with over 90% of loans rated AA to C.
The Economy and Financial Markets: Crawling Out of Recession - David Wyss, Br...IFG Network marcus evans
David Wyss, Brown University/Standard & Poor - Speaker at the 2012 IFG Wealth Management Forum, delivered his presentation entitled The Economy and Financial Markets: Crawling Out of Recession
1) Israel has a strong and growing economy with GDP per capita of $32,200 in 2012 and low unemployment and inflation rates.
2) Israel has a vibrant innovation ecosystem, ranking highly in R&D spending, venture capital investment, scientific research, and entrepreneurship. The country is a global leader in fields like cybersecurity and cleantech.
3) Major multinational corporations have established a strong presence in Israel for R&D, with some opening multiple facilities and acquiring Israeli startups for over $1 billion. The government supports the high-tech sector through incentives.
NewsLetter "Monthy Perspectives Fincor" Novembro 2012João Pinto
The document provides an overview and analysis of economic and market conditions in October 2012. Some key points:
1) October saw positive performance for risky assets, though the S&P 500 fell for the first time since May. Euro and US financial stocks performed well year-to-date.
2) The world economy maintains trend growth while addressing debt issues, particularly in Europe. Recent US and Chinese data showed some improvement.
3) The US presidential election outcome could impact policy direction. Concerns remain about the ability of US politicians to compromise on fiscal challenges.
4) Country-specific analyses note Portugal's ongoing recession but improved bond yields, while Spain's economic and fiscal outlook remains poor with high
The bank reported good operating performance in the challenging first quarter of 2009. While net profit decreased 43% due to higher loan loss provisions, operating income grew 39% and operating expenses fell 13% due to cost control efforts. The bank maintained a strong capital position with an 18.5% capital adequacy ratio and liquidity ratios remained healthy despite a contracting loan portfolio and rising unemployment and inflation in Russia during the quarter.
The document summarizes an industry research monitor on the truck transportation industry. It finds that while the US economy and freight indicators are holding steady, truck and trailer orders are seeing year-over-year gains due to aging equipment and improving carrier rates, though the rate of orders has slowed as carriers remain cautious. Key economic indicators like GDP, industrial production, and retail sales increased in the third quarter of 2011 compared to the previous quarter and year, suggesting steady demand in the trucking industry.
The document provides an overview of a company's 9M 2009 financial results and operating environment. Some key points:
- Total deposits declined 9% year-over-year while retail deposits grew nearly 6%, and the loans to deposits ratio fell 3.8 percentage points.
- Net profit was down 67% year-over-year due to a 18% decline in net loans, though operating income grew nearly 7% and costs fell 12.5%.
- Despite slowing business activity, net interest income was flat quarter-over-quarter while the net interest margin held steady. Operating expenses continued to be well-controlled, declining nearly 12% year-over-year.
The document summarizes loan growth trends in the banking and credit union industries between 2006 and 2011. It shows that loan growth for both industries has been very low or negative in recent years, with credit unions seeing stronger loan growth than banks. A second chart shows that household debt as a percentage of disposable income peaked in 2007 and has declined significantly since the financial crisis.
Us economic outlook micky levy, chief economist - bank of america 25 januar...Jessica Roch
The document summarizes US and global economic trends in 2012. It finds that while emerging markets will grow significantly, growth in advanced nations like Europe and Japan will be slower. In the US, moderate growth is expected to continue with high unemployment gradually improving. Business investment and exports remain strong, but consumer spending and housing are in the early stages of recovery. International trade is rising moderately amid a challenging global environment.
CPFL Energia is the largest private electricity company in Brazil. It distributes, generates, and commercializes energy through subsidiaries. After its IPO in 2004, it became the first Brazilian private company to trade on the São Paulo Stock Exchange and NYSE, requiring high corporate governance standards. It has over 11,000 MW of installed generation capacity and serves over 6.5 million customers.
Intact Financial Corporation held an investor presentation in February 2011. The presentation discussed IFC's position as the largest property and casualty insurer in Canada, with $4.5 billion in direct premiums written. It highlighted IFC's consistent outperformance of the Canadian P&C industry, including a 10-year combined ratio that was 3.8 percentage points better than the industry average. The presentation also outlined IFC's growth strategies, including organic growth through its multiple distribution channels and the potential for industry consolidation through acquisitions.
2008 Shanghai Compensation and Benefits Studydacare
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2. Disclaimer
This document does not constitute or form part of and should not be construed as, an offer to sell or issue or
the solicitation of an offer to buy or acquire securities of AFI Development Plc (the "Company") or any of its
subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document,
nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or
commitment or investment decision whatsoever. No representation, warranty or undertaking, express or
implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information or the opinions contained herein. None of the Company or any of its affiliates,
advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss
howsoever arising from any use of this document or its contents or otherwise arising in connection with the
document.
This communication is only being distributed to and is only directed at (1) qualified institutional buyers (within
the meaning of Rule 144A of the United States Securities Act of 1933, as amended (the "Securities Act") or
(2) accredited investors (as defined in Rule 501(a) of Regulation D adopted pursuant to the Securities Act).
Any person who is not a "qualified institutional buyer" or "accredited investor" should not act or rely on this
document or any of its contents.
This document contains "forward-looking statements", which include all statements other than statements of
historical facts, including, without limitation, any statements preceded by, followed by or that include the
words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or
similar expressions or the negative thereof. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors beyond the Company's control that could cause the actual
results, performance or achievements of the Company to be materially different from future results,
performance or achievements expressed or implied by such forward-looking, including, among others, the
achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact
of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of
developments in the Russian economic, political and legal environment, volatility in stock markets or in the
price of our shares or GDRs, financial risk management and the impact of general business and global
economic conditions.
Such forward-looking statements are based on numerous assumptions regarding the Company's present and
future business strategies and the environment in which the Company will operate in the future. By their
nature, forward-looking statements involve risks and uncertainties because they relate to events and depend
on circumstances that may or may not occur in the future. These forward-looking statements speak only as at
the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with regard thereto or any change in events, conditions or
circumstances on which any such statements are based.
Neither the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to
supplement, amend, update or revise any of the forward-looking statements contained in this document.
The information contained in this document is provided as at the date of this document and is subject to
change without notice.
2
3. Macroeconomic update
Real GDP growth 3.7% in Q2 2011, TY 2011 150 110%
estimation – 4% 140 104.0%
105%
Sovereign debt to GDP ratio is the lowest 130
100%
120
among its peers
110 95%
Oil price (Brent) is volatile but still over
100
U$100 per barrel 90%
90
Unemployment is 6.4% in May. Labor market 85%
80
is steadily improving
70 80%
Inflation is estimated at 7.5-8.5% for TY 2003 2004 2005 2006 2007 2008 2009 2010
2011 Real GDP (Year 2003 = 100) - left axis
Ruble exchange rate is fluctuating around 30 YoY growth, % - right axis
RUB for 1 US$
200% Sovereign Debt (% of GDP) 114%
150% 112%
100%
110% 108.8%
50%
108%
0%
Portugal
Spain
Italy
Ireland
US
UK
Greece
Germany
Russia
106%
2003 2004 2005 2006 2007 2008 2009 2010
Russian CPI, %
Source: EIU, Federal statistics service, JLL 3
4. Market update
Retail Retail supply and vacancy Retail rental rates, US$ psqm pa
Key indicators Units 4 6%
Million sqm
4,800
4,500
5%
4,000 4,000 4,000
Prime rates* 4,000 psqm pa 3
4% 3,500
3,700
3,000
Base rents 1,350 psqm pa 2 3%
2,000
2% 1,500 1,700
1,300 1,200 1,350 1,350 1,350
Prime yield 9.0% – 9.5% 1
1%
Vacancy <1% (prime) 0 0%
2005 2006 2007 2008 2009 2010 H1
7% (Moscow aver.) 2011
2005 2006 2007 2008 2009 2010 Q1
2011
Q2
2011
total area vacancy Prime rents Base rents
source: JLL, C&W source: JLL, C&W
*Prime rates: 100 sqm shops on 1st floors in quality
shopping centers
Office Class A office supply and vacancy Class A rental rates, US$ psqm pa
3 2,000
Key indicators Units
25%
Million sqm
20% 1,500
CBD prime US$1,100 - 2 1,150
rates US$1,200 psqm pa 15% 1,000 1,400
850
800 800
10%
US$700 - US$800 1 1,000
Class A 750 750
psqm pa 5% 600 620 650
0 0%
Yields 9% 2005 2006 2007 2008 2009 2010 H1 2005 2006 2007 2008 2009 2010 H1 2011
2011
total supply vacancy Class A
Vacancy prime 2% - 4% vacancy Class A CBD source: JLL, C&W
Average Class A
Class A CBD Prime source: JLL, C&W
Source: JLL, C&W 4
5. AFI Development at glance
• Full cycle real estate developer Market Cap - Sep 09, 2011 US$ 0.65 bn
NAV - Jun 30, 2011 US$ 1.8 bn
• Focus on unique large scale
Average share price - Sep 09, 2011 US$ 0.63
commercial and residential projects
NAV per share - Jun 30, 2011 US$ 1.74
• Primary market: Moscow, Russia Total equity – Jun 30, 2011 US$ 1.83 bn
Cash & Cash equiv. – Jun 30, 2011 US$ 96 mn
• Portfolio market value – US$ 2.4 bn
Project level bank loans – Jun 30, 2011 US$ 489 mn
(JLL valuation as of June 30, 2011)
Land bank AFIMall City
27% 35%
Moscow
94%
Pipeline Kislovodsk
14% 3%
Projects Completed Other
under and unsold 3%
development projects
10% 14%
Portfolio market value by project type Portfolio MV by geography
5
6. Key projects
1 AFIMALL City 8 Ozerkovskaya III
CITY OF MOSCOW
Shopping mall Mixed-use
2 Four Winds 9
13 Kosinskaya
“A”-class office
“B”-class office
3 Aquamarine hotel 10 Paveletskaya II
4* hotel Residential
12
14
2
4 Ozerkovskaya II 1
11 Otradnoye
Residentaial 5
8
Residentail
4 3
6
7 10 9
5 Berezhkovskaya 11 12 Pochtovaya
“B”-class office Mixed-use
6 H2O
13
“B”-class office Serebryakova
Residential
7 Paveletskaya I
“B”-class office 14 Tverskaya Zastava
Mixed-use
Existing projects
Projects under development 6
Pipeline projects
8. AFIMALL City
Key advantages
• Central location
• Largest mall in the city center
• High quality construction and fit-out
Highlights
GLA/# of shops 107K /c.400
Occupancy 81%
2013 NOI (100%) US$120-130 mn (JLL)
Revenue 2011 US$60 mn
JLL appraisal value* US$1,093 mn 25
thousand visitors per day
*(100% project as at Jun 30, 2011)
20
Additional matters
15
• The 25% city share acquisition in Sep 2011
• The Company aims to have the finance in 10
place by the end of Sep 2011
5
• The Company continues its negotiations
with the City in respect of the parking 0
March April May June July August
• Favorable finance terms have been
reached in respect of the existing loan Average daily footfall
8
9. Four Winds office
Key advantages
• Prime location in CBD
• AAA long-term tenants
• Well-known brand in Moscow
Highlights
Ownership 50%
GBA/GLA 28K /22K
Occupancy 100%
NOI US$29 mn
Rental rate US$1,350 psqm pa
JLL appraisal value* US$271 mn
*(100% project as at Jun 30, 2011)
9
10. Aquamarine Hotel
Key advantages
• Central location
• Part of the residential / office
complex with a total area of 160K
sqm
• Professional development concept
Highlights
GBA/# of keys 11K /159 keys
Occupancy (H1 2011) 60%
2011 NOP US$2.1 mn (JLL)
Stabilized NOP US$4 mn (JLL)
ADR US$195
JLL appraisal value* US$47 mn
*(100% project as at Jun 30, 2011)
10
11. Plaza Spa
Key advantages
• Recognized recreational area
• Solid reputation for the top quality
service in Kislovodsk town
• Established client base
Highlights
Ownership 50%
GBA/# of keys 25K /275 keys
Occupancy (H1 2011) 73%
2011 NOP (100%) US$8.1mn (JLL)
JLL appraisal value* US$62mn
*(100% project as at Dec 31, 2010)
11
13. Ozerkovskaya III
Key advantages
• Prime location in CBD
• 3rd phase of the residential / office
complex with a total area of 160K sqm
• High quality construction and fit-out
Highlights
Ownership 50%
GBA/GLA 79K /46K
Completion Q4 2011
Stabilized future NOI US$38 million (JLL)
Average rate US$800 (JLL)
Management targets
• Development completion in Q4 2011
• The Company is exploring several
disposal possibilities of completed office
buildings, in whole or in part
13
14. Kalinina Spa
Key advantages
• Recognized recreational area
• Second Spa project in the region after
Plaza Spa success
• Attractive price-quality
Highlights
GBA/# of keys 13K /175 keys
Operation start Q1 2012
Stabilized future NOI US$3 million (JLL)
Management targets
• Start operation in Q1 2012
• Occupancy stabilization by 2012 end
14
16. Tverskaya Zastava
Key advantages
• Prime business location
• Close proximity to public transport
• Moscow top rental rates /prices in the
neighborhood
Highlights (based on JLL)
GBA Over 300K
Delivery 2016-2017
Current status
• The Company is still in negotiations
with the Moscow authorities on the
matter of Tverskaya Zastava
16
17. Otradnoye (Odintsovo)
Key advantages
• Green zone in 7 km from Moscow
• Prestigious direction & top prices in
Moscow Region
• All amenities for comfort living in place
Highlights
GBA/# of apartments 665K /c.7.5K
Revenue US$1,370 mn*
Development costs US$860 mn*
Management targets
• Renewal of construction permit and
construction start and/or cooperation
with co-investor (clarity in 2012)
* The information is based on valuation report conducted by JLL as at Jun 30, 2011
for the purpose of the Company financial statements for the 6 months 2011
17
18. Paveletskaya Phase II
Key advantages
• Central location – 5 km from the
Kremlin
• Embankment of the Moscow River
• Undersupply of quality residential space
in Moscow
Highlights
GBA 106K
Revenue US$390 mn*
Development costs US$174 mn*
Management targets
• Design and approval works proceeding
to secure construction permit (clarity in
2012)
* The information is based on valuation report conducted by JLL as at Jun 30, 2011
for the purpose of the Company financial statements for the 6 months 2011
18
19. Pochtovaya
Key advantages
• Central administrative district of Moscow
• Embankment of the Yauza River
• Undersupply of quality residential space
in Moscow
Highlights
GBA 424K
Revenue US$1,497 mn*
Development costs US$616 mn*
Management targets
• Design and approval works proceeding to
secure construction permit (clarity in
2012)
* The information is based on valuation report conducted by JLL as at Jun 30, 2011
for the purpose of the Company financial statements for the 6 months 2011
19