Highlights of the second quarter of 2009. Net sales amounted to SEK 27,482m (25,587) and income for the period to SEK 658m (99), or SEK 2.32 (0.36) per share. Net sales declined by 8.4%, in comparable currencies, due to continued sharp market downturn in Electrolux main markets.
Highlights of the second quarter of 2009. Net sales amounted to SEK 27,482m (25,587) and income for the period to SEK 658m (99), or SEK 2.32 (0.36) per share. Net sales declined by 8.4%, in comparable currencies, due to continued sharp market downturn in Electrolux main markets.
Q4 year end-2012 assa abloy invetors presentation 7 februaryASSA ABLOY
ASSA ABLOY released its interim report January - December on Thursday 7 February 2013 at 08.00 am (CET). A combined investors’ and analyst meeting and web conference was held at Operaterrassen in Stockholm, Sweden, at 10:00 am (CET). Welcome to visit our Investor pages at http://www.assaabloy.com/investors/
Chris Caton, Chief Economist at BT Financial Group, presented his economic preview for AIM NSW & ACT this week. "Share markets are still slightly cheap" is just one of the key findings. Read more in the attached slide show.
Q4 year end-2012 assa abloy invetors presentation 7 februaryASSA ABLOY
ASSA ABLOY released its interim report January - December on Thursday 7 February 2013 at 08.00 am (CET). A combined investors’ and analyst meeting and web conference was held at Operaterrassen in Stockholm, Sweden, at 10:00 am (CET). Welcome to visit our Investor pages at http://www.assaabloy.com/investors/
Chris Caton, Chief Economist at BT Financial Group, presented his economic preview for AIM NSW & ACT this week. "Share markets are still slightly cheap" is just one of the key findings. Read more in the attached slide show.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
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Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
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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 what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
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Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
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1. RW BAIRD – CHICAGO INVESTOR ROADSHOW
BOB LIVINGSTON • ROB KUHBACH
CHICAGO – SEPTEMBER 25 & 26, 2008
2. Forward Looking Statements
We want to remind everyone that our comments may contain
forward-looking statements that are inherently subject to
uncertainties. We caution everyone to be guided in their
analysis of Dover Corporation by referring to our Form 10K for
a list of factors that could cause our results to differ from those
anticipated in any such forward looking statements.
We would also direct your attention to our internet site,
www.dovercorporation.com, where considerably more
information can be found.
2
3. ...
. . . a $7 billion global provider of innovative equipment,
specialty systems and value added services for the industrial
products, fluid management, engineered systems and
electronic technologies markets.
. . . focuses on growing organically 5-7% over a business
cycle and strategically invests in value creating acquisitions.
. . . returns value to shareholders through earnings growth
initiatives, annually increased dividends and strategic share
repurchases.
3
4. Record Financial Results
Four Segment Structure Improves Clarity
Platforms For Sustained Growth
Strategic Capital Allocation
Outlook for 2008
4
7. Geographic Revenue Mix (YTD June 2008)
Dover Growth Rate: 9%
9.2%
27.8%
5.2%
Growth in Asia was driven
7.6%
by increases in Electronic
Technologies and
Engineered Systems
YTD
Growth Rate
7
8. Strong Free Cash Flow
Free Cash Flow as a % of Revenue
Source of Dover strength 12%
– Consistency
10%
– Outcome of metrics focus
– $728 million in 2007 8%
– 111% conversion rate in
6%
2007 (FCF / earnings from
continuing ops)
4%
Facilitates strategic
capital allocation 2%
2008 free cash flow is on 0%
2004 2005 2006 2007
track for another strong
year
8
13. Industrial Products
Revenue Operating Earnings
Material Handling ($ in millions) ($ in millions)
•
– International and military sales
were strong
– Earnings gain despite raw
material cost increase
– Successful pricing initiatives
alleviate cost increases
↑ 2%
– Bookings up sequentially & YOY
Mobile Equipment
• ↑ 4%
– Revenue growth from continued
strength in domestic oilfield,
military and solid waste markets
and Rotary Lift acquisition
↓ 1%
– Earnings decline due to one-time ↑ 6%
gain from property sale recorded
in prior year ($5.3M); earnings
growth of 8% without prior year
gain
– Backlog up over PY; down
sequentially
13
14. Industrial Products
Winch companies will continue to grow
– Military contracts
– Oilfield demand
Continued challenges in heavy construction
– Performance enhancing initiatives underway
– No market improvement expected
Waste handling will be strong
– Solid backlog
– Class eight chassis delivery improves
14
15. Engineered Systems
Revenue Earnings
Product Identification ($ in millions) ($ in millions)
•
– Revenue increase driven by
double-digit gains in direct coding
business
– Earnings reflect cost efficiency
benefits from MARKEM•Imaje
integration, net of $2 million
related expense
↑ 10%
↑ 6%
– Bookings & backlog remains
strong
$539
Engineered Products
•
– Revenue increases in all
businesses except beverage can
↑ 3%
↑ 6%
equipment
– Earnings impacted by business
mix
– Refrigeration business continues
to diversify customer base
– Bookings moderated from strong
PY levels
15
16. Engineered Systems
Significant improvements in Product ID
– Markem margins up 700 bps
– > 50% of revenue tied to fast moving consumer goods
– Recurring revenue > 50%
Food display equipment fundamentals are sound
– Growth will be driven by “sustainability” factors
– Well-developed plan to diversify customer base
Heat exchanger business will continue to expand
16
17. Fluid Management
Operating Earnings
Revenue
Energy
• ($ in millions)
($ in millions)
– Results driven by continued
growth in global oil and gas
drilling and worldwide demand
for power generation
– Operational improvements
and product mix increased
earnings
– Bookings & backlog remain
strong
↑17% ↑24%
Fluid Solutions
•
– General strength across most
industrial markets
– Business mix and operational
focus improved earnings and
margins ↑23% ↑34%
– Backlog up 28%.
17
18. Fluid Management
Continued strength in energy
– Broad product engagement in downhole
drilling, production and logging equipment
– Positive power generation trends
– Focus on globalizing revenue base
Pump and dispensing businesses remain consistent
– Global footprint
– Expanded product offerings
– Chemical, pharmaceutical and wastewater
processing capex budgets drive business
– Regulatory environment provides opportunity
– Consistent sustainable performance
18
19. Electronic Technologies
Revenue Operating Earnings
Electronic Technologies
• ($ in millions) ($ in millions)
– Good business activity in the
quarter across the segment with
a positive book-to-bill and
organic growth of 5.2%
– MEMS microphones now being
sold to all Tier-1 handset
manufacturers ↑6%
↑11%
– Military programs continue to be
growth drivers of ceramic and
microwave product lines
– Impact of first quarter
restructuring (ECT) is showing
improvements in the results
– Inflationary pressures in Asia
↑13%
(principally China) from currency ↑12%
and other costs impacted
margins by 1%
– Bookings & backlog are up
sequentially and YOY
19
20. Electronic Technologies
Cell phone market continues to grow 10%
annually
– Customer mix was improved
– Dominance in MEMS technology continues
New product applications in military, telecom
and audio result in broader markets
Revenues related to fabrication and testing of
semiconductors and boards are flat
– Adjustments being made to reflect current business
environment
– Margin improvement is a focus
20
21. PERFORMANCECOUNTS
Target Q2 2008 Q2 2007
Inventory Turns * 8 6.9 6.5
Earnings Growth 10% 7% 11.5%
Operating Margins 15% 15.8% 15.6%
WC as a % of Revenue 20% 18.5% 19.2%
ROI (Operating) 25% 26.1% 25.8%
* Dover has improved inventory turns four
consecutive years
21
22. Value Creation Continues
2005 - 2007 Going Forward
New Management Team Four Segment Structure
Portfolio Transformation Platform Development
PERFORMANCECOUNTS PERFORMANCECOUNTS
Refocus Acquisitions Capturing SYNERGY
Recurring Revenue Theme Minimize Volatility
Globalization Management Development
Capital Allocation Focus Strategic Capital Allocation
Best Financial Results in Continue Improvement in
Dover’s History Financial Performance
22
23. Strategic Capital Allocation
Acquisitions
– Strategic add-ons to bolster existing platforms
– High pricing expected to gradually moderate
– 2009 should favor strategic buyers
Share Repurchase
– Two programs announced in 2007 totaling approximately $1 billion
• First program completed in 2007 (10 million shares)
• Second program completed 8/2008 (10.8 million shares)
• Reduced share count by 10% in a twelve month period
Long history of increasing dividend each year
– Increased 25% in 2008 ($1.00 per share on annualized basis)
– Long-term payout target of 28% - 32% of net earnings
We have the capacity to do all three
23
24. Seeking Synergy
Overhead cost structure
Expanding role of Supply
Chain Council
Shared facilities
4% - 6%
Business system Earnings
consolidations
Improvement
Examples:
– Energy Platform
– Product ID
– Pump Group
– Components Group
Emphasis on Tangible Value Creation
24
25. Second Quarter and YTD Overview
Net Debt to Capital Ratio
– 28.8%: up 15 bps over 2007 year-end, reflective of higher total debt level to fund share
repurchase program
Free Cash Flow
– QTR: $192.5 million; 9.6% of revenue
– YTD: $300.9 million; 7.8% of revenue
Effective Tax Rate
– QTR: 29.3%, up 220 bps
– YTD: 29.4%, up 170 bps
Prior year periods benefited from tax positions that were effectively settled.
Acquisitions
– Two add-ons in the quarter: Brady Mining & Construction Supply Co. (US Synthetic) for $12
million, net of cash acquired and Neptune Chemical Pump Company (Pump Solutions
Group) for $65 million, net of cash acquired.
Share Repurchase Program
– QTR: Repurchased 4 million shares for $198 million.
– Completed (August): Repurchased 10 million shares for $461 million
25
26. 2008 Outlook – Full Year
Organic growth: mid single digits
Margin improvement: Full year up 25 – 50 bps
Capital expenditures: $150 – $175 million
Interest expense: $98 - $103 million
Full-year tax rate: 27% – 28% (quarterly variance)
Free cash flow for full year: 10% of revenue
Corporate expenses: $100 - $105 million
26
27. … A Solid Growth Story with Record Financial Results
Metrics are Driving Improved Results
… New Organization Structure Driving Change
Growth Platforms Emerging, Operating Style Evolving,
Clarity is Improving, Focus on Synergy
… Strategic Capital Allocation Discipline
Balancing Growth and Shareholder Return
… Time Honored Value System Intact
27