This document contains the presentation from CSX's 2007 transportation conference. It summarizes CSX's record financial results in 2006, including a 26% increase in operating income and 31% increase in EPS. It outlines CSX's targets for 2010, including 10-12% CAGR for operating income and 12-14% CAGR for EPS. The presentation also discusses factors supporting continued growth in rail transportation demand and CSX's investments to capitalize on trends in industries like intermodal, ethanol and fertilizer. In conclusion, it expresses confidence that the rail renaissance environment remains strong and that CSX is well-positioned for ongoing momentum and record results.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
2. Forward Looking Disclosure
This presentation and other statements by the Company contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and
estimates of earnings, revenues, cost-savings, expenses, or other financial items; statements of
management’s plans, strategies and objectives for future operation, and management’s expectations as to
future performance and operations and the time by which objectives will be achieved; statements concerning
proposed new products and services; and statements regarding future economic, industry or market
conditions or performance. Forward-looking statements are typically identified by words or phrases such as
“believe,” “expect,” “anticipate,” “project,” and similar expressions. Forward-looking statements speak only as
of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking
statement. If the Company does update any forward-looking statement, no inference should be drawn that the
Company will make additional updates with respect to that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or
results could differ materially from that anticipated by these forward-looking statements. Factors that may
cause actual results to differ materially from those contemplated by these forward-looking statements include,
among others: (i) the Company’s success in implementing its financial and operational initiatives, (ii) changes
in domestic or international economic or business conditions, including those affecting the rail industry (such
as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory
changes; (iv) the inherent business risks associated with safety and security; and (v) the outcome of claims
and litigation involving or affecting the Company. Other important assumptions and factors that could cause
actual results to differ materially from those in the forward-looking statements are specified in the Company’s
SEC reports, accessible on the SEC’s website at www.sec.gov and the Company’s website at www.csx.com.
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3. CSX registered another breakout year in 2006
Generated record financial results
Produced step-function service improvements
Delivered significant value for shareholders
Driving towards 2010 targets
Positioned for long-term profitable growth
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4. CSX produced record financial results in 2006
Dollars in millions, except EPS Year-Over-Year
Improvement
Surface Transportation
11%
Revenue $ 9,566
Expense 7,608
Operating Income $ 1,958 26%
Operating Ratio 79.5%
Consolidated EPS $ 2.22 31%
Note: Excludes insurance recoveries and income tax benefits
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5. Earnings improving; momentum to mid-70’s
Surface Transportation Surface Transportation
Operating Income Operating Ratio
87.9%
$1,958M
$1,549M 84.6%
82.0%
$1,064M
$902M
79.5%
2003 2004 2005 2006 2003 2004 2005 2006
Notes: Excludes provision for casualty claims, management restructuring and insurance recoveries
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6. Over $1 billion deployed for investors in 2006
Growing Cash Generation
& Improving ROIC
Debt Equity
Debt Equity
Company
Company
Holders Holders
Holders Holders
Maintain target Focused, strategic Competitive
debt levels investment dividend yield
for growth
Share buyback
program
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8. Double-digit growth targeted through 2010
Set goals
Set goals
2006–2010
CAGR
Surface Transport 10%–12%
Consistent
Execute
Execute
Operating Income continuous
and
and
Monitor
Monitor improvement
Progress
Progress
Earnings Per Share 12%–14%
Create
Create
plans
plans
Free Cash Flow 10%–12%
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9. Surface Transportation above target growth
Operating Income in Millions
Five-year Target: 10%-12% CAGR
$2.5–$2.7
$2.5–$2.7
Billion
Billion
$1,958
$1,549
26%
26%
Increase
Increase
2005 2006 2007 2008 2009 2010
Note: 2006 excludes benefits from insurance recoveries
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10. Earnings per share above target growth
Earnings Per Share
Five-year Target: 12%-14% CAGR
$3.00–$3.30
$3.00–$3.30
$2.22
$1.70
31%
31%
Increase
Increase
2005 2006 2007 2008 2009 2010
Note: 2005 and 2006 excludes debt repurchase expenses, insurance recoveries and income tax benefits
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11. Rail earnings growth among leading sectors
Long-term Earnings Growth Expectations
Energy 18.2%
Railroads 15.4%
IT 15.3%
Health Care 14.9%
Industrials 12.9%
S&P 500 12.8%
Financials 10.9%
Utilities 7.7%
Telecom 5.6%
Source: Standard & Poor’s as of February 13, 2007
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12. However, rail PE’s continue to lag S&P 500
NTM Price-to-Earnings Ratio
Health Care 22.5
IT 21.6
S&P 500 18.3
Telecom 17.7
Financials 17.1
Industrials 16.6
Utilities 16.5
Railroads 13.9
Energy 11.2
Source: Standard & Poor’s as of February 13, 2007
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19. . . . with volume focused at the major ports
15.8
7.0
3.6
4.5
CSX Intermodal Network
CSX Intermodal Network
Seattle/Tacoma
59.4
NY/NJ
3.4 5.6
2.0
1.8
Oakland
Virginia
6.6
1.9
Charleston
9.4
13.1
TEU in Millions
1.7
6.2
2004
1.4 Savannah
2020
Houston
LA/LB
Source: Containerization International and TranSystems.
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20. Increasing port volumes will drive rail volumes
Today 2020
CSX Territory
Source: TranSystems and USDOT Federal Railroad Administration Office of Policy
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21. New CSX/BNSF service leverages that trend
BNSF BNSF–Memphis
CSX Charlotte
BNSF Atlanta
BNSF–Memphis
CSX Florida
February 26th start-up
February 26th start-up
Enhanced PSW-SE service
Enhanced PSW-SE service
Seamless connectivity
Seamless connectivity
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22. Broader industrial development is growing
Merchandise
• Ethanol Facilities
• Feed Mills
• Aggregate Facilities
Boston
• Plastics Plants
Chicago New York
Philadelphia
Coal
Baltimore
St Louis
• New Projects
Portsmouth
Intermodal
Memphis
• Port Development
Charleston
• Logistics Centers
Mobile
Jacksonville
Automotive
New Orleans
• Assembly Plant
• Supplier Facility
Miami
Income Growth
5-5.5%
LT 5%
5.6-6.0% GT 6%
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23. Access to new fertilizer receiving warehouses
Unit-train service
New Warehouses
— McLeansboro, IL
— Templeton, IA
— Mitchell, SD
— W Millbank SD
— Hutchinson, KS
— Yuma, CO
— Loomis, NE
— Oakland, NE
— Tamora, NE
— Ross, ND
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24. CSX creating industry-leading ethanol network
CSX Ethanol Terminals
Albany, NY
Albany
RI
Sewaren, NJ
Philadelphia NJ
Baltimore
Linden, NJ (new)
Providence, RI (new)
Philadelphia, PA (2 new)
Baltimore, MD, (2 new)
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25. CSX well positioned in Rail Renaissance
Serves every major
market in the east
Boston
Syracuse
Buffalo
Detroit
Direct access to all
New York
Cleveland
Chicago
Atlantic and Gulf ports
Philadelphia
Indianapolis Columbus
Baltimore
Cincinnati
St Louis
Access to Pacific ports
Evansville Portsmouth
Charlotte
with BNI/UNP alliances
Nashville
Memphis
Atlanta
Charleston
Population in Major Metropolitan Areas
Savannah
Mobile
Jacksonville GT 10,000,000
New Orleans 5,000,000 – 10,000,000
Tampa 2,500,000 – 5,000,000
1,500,000 – 2,500,000
Miami
1,000,000 – 1,500,000
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26. Looking forward . . .
Rail renaissance environment remains strong
Financial and operational momentum continues
In our 180th year, targeting record results again
Capitalizing on long-term growth trends
Delivering value for shareholders
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