The document summarizes the performance and allocation of Arizona's endowment fund as of February 2012. It notes that the fund was updated in 2011 from a 50/50 to a 60/40 stock to bond allocation, increasing expected returns from 6% to 6.4% while also increasing risk. As of February 2012, the fund was valued at $3.52 billion and provided a record K-12 distribution of $77.8 million for fiscal year 2012. The document also discusses exploring changing the distribution formula to provide more stable annual distributions.
Sands Investment Group is pleased to exclusively offer for sale a portfolio
of ten fee simple Dollar General locations located in Oklahoma, Illinois
(x2), Indiana (DG Market), South Carolina, Florida (x2), Alabama, and
Mississippi (x2). Each location offers an absolute triple net (NNN) lease
with primary lease term of 15 years. The average remaining primary
lease term of the portfolio is 12.8 years.
RioCan Investor Presentation for Q2 2013 highlights the following:
1) RioCan owns 348 retail properties across Canada and the US totaling 83 million square feet and has over 7,900 tenancies.
2) Key metrics like revenues, operating FFO, occupancy rates, and distributions to unitholders have increased year-over-year.
3) RioCan has a geographically diversified portfolio concentrated in Canada's six major markets and has strong relationships with national and anchor tenants.
Hovnanian Enterprises reported strong financial results for fiscal year 2004. Total revenues increased to $4.16 billion, up 30% from the prior year. Net income grew 35% to $348.7 million. Earnings per share increased 36% to $5.35. Stockholders' equity surpassed $1 billion for the first time, increasing 45% to $1.192 billion. The company benefited from leadership positions in expanding housing markets, a diverse product portfolio, and continuous process improvements. Hovnanian aims to continue growing revenues and profits through these strategies.
The document compares Northwestern Mutual to three other insurance companies over a three year period from 2007-2009. It shows that Northwestern Mutual maintained the highest financial strength rating from Moody's, stable net income of $1.8 billion, and paid out $14.2 billion in dividends. In comparison, the other companies saw lowered ratings, losses, and smaller dividends paid. The document concludes Northwestern Mutual is well-positioned to perform in varying economic conditions.
el paso C0A209DE-4313-4A81-8B00-54550DEAC9E8_Barclays_Fixed_Income_032509finance49
El Paso Corporation provides natural gas and related energy products. It has raised its liquidity to $3.3 billion and reduced capital spending thoughtfully in response to market challenges. The company has set 2009 financial targets including EPS of $0.85-1.05 and EBIT of $2.0-2.3 billion. It has a large pipeline backlog that is expected to generate $1.2 billion in incremental EBITDA. El Paso also has significant natural gas and oil reserves and is focusing its $0.9-1.3 billion capital budget on lower-risk exploration and production programs.
The document summarizes high-level estimates for funding that could be generated through two value capture strategies, Mello Roos Community Facilities Districts (CFDs) and Enhanced Infrastructure Financing Districts (EIFDs), to support Phase 2 of the BART expansion in the Santa Clara Valley region of California. The estimates provide low, medium, and high projections for potential bonding capacity in millions of dollars that could be generated in four city areas from these strategies between 2020-2025. The medium estimates were used for presentation and total $85-170 million from CFDs and $50-70 million from EIFDs.
This document provides an investor presentation for Boardwalk Real Estate Investment Trust from February 2007. It includes a summary of the Trust, highlights of recent and planned acquisitions, an overview of the multi-family rental market, and a financial review. Key information presented includes the Trust's portfolio statistics, acquisition and disposition activity in 2006 and 2007, and forecasts for economic and rental market conditions in Western Canada.
This document analyzes financial data from several major oil and gas companies from 2005-2021. It summarizes key metrics like revenues, assets, equity, credit ratings, and dividend policies. It finds that share prices of companies within the industry are highly correlated, except between companies from different continents, suggesting political factors influence prices. It also finds that share price fluctuations do not necessarily correspond to dividend amounts paid. While share repurchases increase stock prices short-term, other market forces are also at play. Return on capital and dividend payout ratios did not correlate in the data, indicating dividends are not a sole measure of company viability.
Sands Investment Group is pleased to exclusively offer for sale a portfolio
of ten fee simple Dollar General locations located in Oklahoma, Illinois
(x2), Indiana (DG Market), South Carolina, Florida (x2), Alabama, and
Mississippi (x2). Each location offers an absolute triple net (NNN) lease
with primary lease term of 15 years. The average remaining primary
lease term of the portfolio is 12.8 years.
RioCan Investor Presentation for Q2 2013 highlights the following:
1) RioCan owns 348 retail properties across Canada and the US totaling 83 million square feet and has over 7,900 tenancies.
2) Key metrics like revenues, operating FFO, occupancy rates, and distributions to unitholders have increased year-over-year.
3) RioCan has a geographically diversified portfolio concentrated in Canada's six major markets and has strong relationships with national and anchor tenants.
Hovnanian Enterprises reported strong financial results for fiscal year 2004. Total revenues increased to $4.16 billion, up 30% from the prior year. Net income grew 35% to $348.7 million. Earnings per share increased 36% to $5.35. Stockholders' equity surpassed $1 billion for the first time, increasing 45% to $1.192 billion. The company benefited from leadership positions in expanding housing markets, a diverse product portfolio, and continuous process improvements. Hovnanian aims to continue growing revenues and profits through these strategies.
The document compares Northwestern Mutual to three other insurance companies over a three year period from 2007-2009. It shows that Northwestern Mutual maintained the highest financial strength rating from Moody's, stable net income of $1.8 billion, and paid out $14.2 billion in dividends. In comparison, the other companies saw lowered ratings, losses, and smaller dividends paid. The document concludes Northwestern Mutual is well-positioned to perform in varying economic conditions.
el paso C0A209DE-4313-4A81-8B00-54550DEAC9E8_Barclays_Fixed_Income_032509finance49
El Paso Corporation provides natural gas and related energy products. It has raised its liquidity to $3.3 billion and reduced capital spending thoughtfully in response to market challenges. The company has set 2009 financial targets including EPS of $0.85-1.05 and EBIT of $2.0-2.3 billion. It has a large pipeline backlog that is expected to generate $1.2 billion in incremental EBITDA. El Paso also has significant natural gas and oil reserves and is focusing its $0.9-1.3 billion capital budget on lower-risk exploration and production programs.
The document summarizes high-level estimates for funding that could be generated through two value capture strategies, Mello Roos Community Facilities Districts (CFDs) and Enhanced Infrastructure Financing Districts (EIFDs), to support Phase 2 of the BART expansion in the Santa Clara Valley region of California. The estimates provide low, medium, and high projections for potential bonding capacity in millions of dollars that could be generated in four city areas from these strategies between 2020-2025. The medium estimates were used for presentation and total $85-170 million from CFDs and $50-70 million from EIFDs.
This document provides an investor presentation for Boardwalk Real Estate Investment Trust from February 2007. It includes a summary of the Trust, highlights of recent and planned acquisitions, an overview of the multi-family rental market, and a financial review. Key information presented includes the Trust's portfolio statistics, acquisition and disposition activity in 2006 and 2007, and forecasts for economic and rental market conditions in Western Canada.
This document analyzes financial data from several major oil and gas companies from 2005-2021. It summarizes key metrics like revenues, assets, equity, credit ratings, and dividend policies. It finds that share prices of companies within the industry are highly correlated, except between companies from different continents, suggesting political factors influence prices. It also finds that share price fluctuations do not necessarily correspond to dividend amounts paid. While share repurchases increase stock prices short-term, other market forces are also at play. Return on capital and dividend payout ratios did not correlate in the data, indicating dividends are not a sole measure of company viability.
Winfield Refuse Management is considering financing options to acquire Mott-Pliese Integrated Solutions for $125 million. The options considered are: debt with fixed principal repayments, debt, equity, and a combination of debt and equity.
Debt with fixed principal repayments of $6.25 million annually over 15 years has the lowest net present value of financing costs. It also provides the highest expected earnings per share and return on equity under likely earnings scenarios. Monte Carlo simulations show Winfield can meet debt obligations and maintain strong interest, debt, and dividend coverage ratios under varying earnings outcomes.
Therefore, the recommendation is for Winfield to finance the acquisition through the issuance of bonds with no principal repayments
This document summarizes market share data for several major US airlines. It shows that in the most recent year, Delta Air Lines increased its market share the most at 3 percentage points, while AirTran's market share remained flat. It also notes that JetBlue has a larger market share in New York than AirTran does in Atlanta, and that AirTran has been losing share in Atlanta due to competition from Delta. The document questions whether Southwest should have considered acquiring JetBlue instead of AirTran, given JetBlue's stronger position in key markets like New York.
Winfield Refuse Management Inc.Raising Debt vs. Equitysubhash kalal
Winfield Refuse Management is considering financing options for a $125M acquisition of Mott-Pliese Integrated Solutions. The options considered are: 1) Debt with fixed principal repayments, 2) Debt only, 3) Equity, 4) Debt and equity. Debt only has the lowest NPV cost of financing, while equity has the highest. Debt options provide the highest expected earnings per share and return on equity under likely earnings scenarios. Monte Carlo simulations show Winfield can meet debt obligations and dividend payments under varying earnings outcomes for all financing alternatives. Winfield should finance through issuing bonds with no principal repayments.
el paso 2E961AE6-D8CD-4328-9657-89A97FED03C0_Howard_Weil_032409finance49
El Paso Corporation provides natural gas and related energy products in North America. It has raised its liquidity to $3.3 billion and reduced capital spending thoughtfully in response to market challenges. The company has set 2009 financial targets including EPS of $0.85-1.05 and EBITDA of $3.1-3.3 billion. El Paso has a substantial pipeline backlog of around $8 billion that is expected to generate $1.2 billion in additional EBITDA. The company also has a significant exploration and production portfolio focused on lower-risk programs in its key areas.
This document provides a summary from Dick Kelly, Chairman and CEO of Xcel Energy, at the Edison Electric Institute Financial Conference in November 2006. It discusses Xcel Energy's strategy of building its core utility business through meeting customer needs, environmental leadership, and regulatory and legislative accomplishments. Key points include delivering competitively priced and reliable energy, leading in renewables and emissions reductions, and significant investment opportunities through 2020 to support growth. Earnings guidance of $1.25-1.35 per share is provided for 2006 and $1.35-1.45 for 2007.
This document discusses discounted cash flow analysis, which is necessary for capital expenditure appraisal because money changes value over time. It explains how to calculate a discount rate based on inflation, opportunity cost, and risk. It then demonstrates how to use discounted cash flows to evaluate projects, determine their net present value, and calculate their internal rate of return. Discounted cash flow analysis allows complex investment decisions to be reduced to simple quantifiable alternatives.
This document summarizes the quarterly meeting of the LGIP (Local Government Investment Pool). It discusses the earnings, performance, and asset allocation of various investment pools including Pool 5, Pool 7, Pool 500, and Pool 700. It also summarizes the performance of the State Endowment and discusses its asset allocation, unrealized gains, distribution formula, and economic outlook for Arizona.
The document summarizes key topics from an LGIP quarterly meeting and conference call, including:
1) LGIP and endowment fund performance updates.
2) Proposed changes to the endowment distribution formula to provide smoother, more consistent distributions.
3) A state budget presentation reviewing Arizona's economic outlook and revenue forecasts.
4) Updates on state cash flow trends and the components driving individual income tax growth.
The document provides an agenda for an LGIP quarterly meeting and conference call. It includes discussions on LGIP and endowment performance, new LGIP products, endowment distribution formulas, state cash flow, and an Arizona economic update. A special presentation will be given by Alex Roever of JP Morgan Securities on the US short-term credit outlook. Time will also be provided for questions.
The quarterly meeting agenda included discussing the performance of the LGIP, endowments, and state cash flow. The treasurer's investment philosophy prioritizes safety, liquidity, then yield. LGIP pools performed well in Q4 2012. The endowment market value was $3.52 billion as of June 2012 with unrealized gains of $911 million. A new distribution formula based on a 5-year average was proposed. State cash flow and balances were up significantly year-over-year. Jim Palmer then presented on current market conditions, Fed policy, strategies around the yield curve and duration, and attractive sectors.
The document summarizes the agenda and presentations for a quarterly meeting and conference call of the Arizona Local Government Investment Pool (LGIP). Key topics included LGIP and endowment fund performance, earnings, new separately managed account products, and economic updates on the state of Arizona. An economic presentation was also given by Joseph Quinlan of U.S. Trust, Bank of America Private Wealth Management.
Avia-Tek is an aerospace consulting firm founded in 2010 with headquarters in Shanghai, China and offices in Hong Kong and Palm Beach. It provides market research, management consulting, and M&A advisory services to clients in the commercial aviation, airlines, business aviation, and related industries. Services include customized market studies, competitive intelligence, feasibility studies, technical consulting, and M&A services for buy-side and sell-side transactions. The company works with a global network of industry experts and partners to support clients.
- Scheduled air service and passenger numbers at Ontario International Airport have continued declining year-over-year since January 2012.
- Passenger numbers at ONT in 2012 were at similar levels as the mid-1980s and are projected to drop below 4 million in 2013 at the current monthly decline rate.
- While the Inland Empire population and overall employment continue growing, ONT has lost over 40% of its passengers since 2007, worse than other regional airports.
This document summarizes DeVry's strategic plan to strengthen its core business of providing career-oriented education through investments in areas like technology and faculty, while also diversifying its business across different academic programs, education levels, and geographies. It discusses DeVry's history of growth and financial performance, current challenges around enrollment and earnings declines, and a 5-point plan to improve performance through cost alignment, recruiting enhancements, awareness building, targeted investments, and developing faculty.
The document discusses DeVry's strategic plan to grow its business. It plans to grow vertically by expanding its program offerings in technology, business, healthcare and applied arts. It aims to grow horizontally by offering additional degree levels from associate to doctoral programs. DeVry also plans international and online growth. The goal of the strategic plan is to diversify and expand DeVry's business through increased program, degree level, geographic and delivery method diversification.
Primero april corporate presentation finalv3primero_mining
- Corporate update from Primero providing production guidance and financial results for 2012 as well as outlining plans for 2013.
- Production and cash flows increased significantly in 2012 with record revenues, operating cash flow, and annual production. Cash position also grew substantially.
- Guidance for 2013 forecasts further production growth with output expected to reach 120,000-130,000 gold equivalent ounces at its San Dimas mine.
- Exploration continues to successfully replace reserves and resources at San Dimas with a large land package and numerous underexplored veins remaining. Mill expansion is underway to increase throughput.
- Agreement to acquire Cerro Del Gallo project from Cerro Resources announced. The transaction will create a leading Americas gold
- Corporate update from Primero Mining Corp providing production guidance and financial results for 2012 as well as outlining plans for 2013.
- Production and cash flows increased significantly in 2012 with record revenues, operating cash flow, and annual production. Cash position also grew substantially.
- Plans for 2013 include expanding the San Dimas mine to increase throughput and production, continuing exploration across the large land package, and acquiring the Cerro del Gallo project which will further diversify production and increase reserves.
- The acquisition of Cerro del Gallo is expected to close in May 2013 and will add estimated annual production of around 95,000 gold equivalent ounces starting in 2014, doubling Primero's reserves and tripling its measured and
Claude Resources Inc. Q4 2012 Conference Call and Webcast PresentationClaude Resources Inc.
Neil McMillan, President and CEO of Claude Resources Inc., presented the company's 2012 financial and operating results on March 28, 2013. Key highlights included net profit of $5.6 million, cash flow from operations of $25.8 million, gold sales increasing 16% to 48,672 ounces, and production reaching a record 49,570 ounces. The presentation also provided details on the company's financial position, debt facilities, operations at Seabee Gold Operation and exploration projects, and production and cost guidance for 2013.
This document appears to be the agenda for a budget town hall meeting at Florida International University on April 12, 2010. The agenda includes discussing FY10-11 budget expectations, providing a research update, highlighting new partnerships, and recognizing student achievements. It provides background on declining state funding for universities over the last decade and outlines FIU's budget plan for FY10-11, which anticipates cuts but also new sources of revenue from tuition increases and state stimulus funds. The document discusses recent research awards and grants received by FIU faculty and notes some new partnerships, including an agreement signed with Qingdao City Construction Investment Corp in China.
Sempra Energy is an energy services company based in San Diego, California with revenues of $11.7 billion in 2005. It develops energy infrastructure, operates utilities, and provides related products and services to over 29 million consumers worldwide. The company focuses on enhancing shareholder value and meeting customer needs through financial strength, operational flexibility, and a skilled workforce to succeed in changing market conditions. Sempra Energy's strategy is to grow beyond its two California utilities into global energy businesses such as liquefied natural gas terminals, pipelines, and power generation and marketing.
Presentación del resultado anual del año 2012 de la empresa Camposol SA. En la lista de accionista todavía está Iván Orlic (Andean Fishing), quien vendió sus acciones el 12 de marzo del 2013
Newmont reported its fourth quarter and full year 2012 earnings. It cautioned that the presentation contains forward-looking statements subject to risks and uncertainties. Safety is a core value, with the goal of zero harm, and the fourth quarter saw the lowest total recordable injury frequency rate below the industry threshold of 0.5. Newmont is focused on reducing costs and improving margins while returning capital to shareholders through a gold price-linked dividend, currently yielding around 4%. Production came from globally diversified operations across North America, South America, Australia/New Zealand, and Africa.
Winfield Refuse Management is considering financing options to acquire Mott-Pliese Integrated Solutions for $125 million. The options considered are: debt with fixed principal repayments, debt, equity, and a combination of debt and equity.
Debt with fixed principal repayments of $6.25 million annually over 15 years has the lowest net present value of financing costs. It also provides the highest expected earnings per share and return on equity under likely earnings scenarios. Monte Carlo simulations show Winfield can meet debt obligations and maintain strong interest, debt, and dividend coverage ratios under varying earnings outcomes.
Therefore, the recommendation is for Winfield to finance the acquisition through the issuance of bonds with no principal repayments
This document summarizes market share data for several major US airlines. It shows that in the most recent year, Delta Air Lines increased its market share the most at 3 percentage points, while AirTran's market share remained flat. It also notes that JetBlue has a larger market share in New York than AirTran does in Atlanta, and that AirTran has been losing share in Atlanta due to competition from Delta. The document questions whether Southwest should have considered acquiring JetBlue instead of AirTran, given JetBlue's stronger position in key markets like New York.
Winfield Refuse Management Inc.Raising Debt vs. Equitysubhash kalal
Winfield Refuse Management is considering financing options for a $125M acquisition of Mott-Pliese Integrated Solutions. The options considered are: 1) Debt with fixed principal repayments, 2) Debt only, 3) Equity, 4) Debt and equity. Debt only has the lowest NPV cost of financing, while equity has the highest. Debt options provide the highest expected earnings per share and return on equity under likely earnings scenarios. Monte Carlo simulations show Winfield can meet debt obligations and dividend payments under varying earnings outcomes for all financing alternatives. Winfield should finance through issuing bonds with no principal repayments.
el paso 2E961AE6-D8CD-4328-9657-89A97FED03C0_Howard_Weil_032409finance49
El Paso Corporation provides natural gas and related energy products in North America. It has raised its liquidity to $3.3 billion and reduced capital spending thoughtfully in response to market challenges. The company has set 2009 financial targets including EPS of $0.85-1.05 and EBITDA of $3.1-3.3 billion. El Paso has a substantial pipeline backlog of around $8 billion that is expected to generate $1.2 billion in additional EBITDA. The company also has a significant exploration and production portfolio focused on lower-risk programs in its key areas.
This document provides a summary from Dick Kelly, Chairman and CEO of Xcel Energy, at the Edison Electric Institute Financial Conference in November 2006. It discusses Xcel Energy's strategy of building its core utility business through meeting customer needs, environmental leadership, and regulatory and legislative accomplishments. Key points include delivering competitively priced and reliable energy, leading in renewables and emissions reductions, and significant investment opportunities through 2020 to support growth. Earnings guidance of $1.25-1.35 per share is provided for 2006 and $1.35-1.45 for 2007.
This document discusses discounted cash flow analysis, which is necessary for capital expenditure appraisal because money changes value over time. It explains how to calculate a discount rate based on inflation, opportunity cost, and risk. It then demonstrates how to use discounted cash flows to evaluate projects, determine their net present value, and calculate their internal rate of return. Discounted cash flow analysis allows complex investment decisions to be reduced to simple quantifiable alternatives.
This document summarizes the quarterly meeting of the LGIP (Local Government Investment Pool). It discusses the earnings, performance, and asset allocation of various investment pools including Pool 5, Pool 7, Pool 500, and Pool 700. It also summarizes the performance of the State Endowment and discusses its asset allocation, unrealized gains, distribution formula, and economic outlook for Arizona.
The document summarizes key topics from an LGIP quarterly meeting and conference call, including:
1) LGIP and endowment fund performance updates.
2) Proposed changes to the endowment distribution formula to provide smoother, more consistent distributions.
3) A state budget presentation reviewing Arizona's economic outlook and revenue forecasts.
4) Updates on state cash flow trends and the components driving individual income tax growth.
The document provides an agenda for an LGIP quarterly meeting and conference call. It includes discussions on LGIP and endowment performance, new LGIP products, endowment distribution formulas, state cash flow, and an Arizona economic update. A special presentation will be given by Alex Roever of JP Morgan Securities on the US short-term credit outlook. Time will also be provided for questions.
The quarterly meeting agenda included discussing the performance of the LGIP, endowments, and state cash flow. The treasurer's investment philosophy prioritizes safety, liquidity, then yield. LGIP pools performed well in Q4 2012. The endowment market value was $3.52 billion as of June 2012 with unrealized gains of $911 million. A new distribution formula based on a 5-year average was proposed. State cash flow and balances were up significantly year-over-year. Jim Palmer then presented on current market conditions, Fed policy, strategies around the yield curve and duration, and attractive sectors.
The document summarizes the agenda and presentations for a quarterly meeting and conference call of the Arizona Local Government Investment Pool (LGIP). Key topics included LGIP and endowment fund performance, earnings, new separately managed account products, and economic updates on the state of Arizona. An economic presentation was also given by Joseph Quinlan of U.S. Trust, Bank of America Private Wealth Management.
Avia-Tek is an aerospace consulting firm founded in 2010 with headquarters in Shanghai, China and offices in Hong Kong and Palm Beach. It provides market research, management consulting, and M&A advisory services to clients in the commercial aviation, airlines, business aviation, and related industries. Services include customized market studies, competitive intelligence, feasibility studies, technical consulting, and M&A services for buy-side and sell-side transactions. The company works with a global network of industry experts and partners to support clients.
- Scheduled air service and passenger numbers at Ontario International Airport have continued declining year-over-year since January 2012.
- Passenger numbers at ONT in 2012 were at similar levels as the mid-1980s and are projected to drop below 4 million in 2013 at the current monthly decline rate.
- While the Inland Empire population and overall employment continue growing, ONT has lost over 40% of its passengers since 2007, worse than other regional airports.
This document summarizes DeVry's strategic plan to strengthen its core business of providing career-oriented education through investments in areas like technology and faculty, while also diversifying its business across different academic programs, education levels, and geographies. It discusses DeVry's history of growth and financial performance, current challenges around enrollment and earnings declines, and a 5-point plan to improve performance through cost alignment, recruiting enhancements, awareness building, targeted investments, and developing faculty.
The document discusses DeVry's strategic plan to grow its business. It plans to grow vertically by expanding its program offerings in technology, business, healthcare and applied arts. It aims to grow horizontally by offering additional degree levels from associate to doctoral programs. DeVry also plans international and online growth. The goal of the strategic plan is to diversify and expand DeVry's business through increased program, degree level, geographic and delivery method diversification.
Primero april corporate presentation finalv3primero_mining
- Corporate update from Primero providing production guidance and financial results for 2012 as well as outlining plans for 2013.
- Production and cash flows increased significantly in 2012 with record revenues, operating cash flow, and annual production. Cash position also grew substantially.
- Guidance for 2013 forecasts further production growth with output expected to reach 120,000-130,000 gold equivalent ounces at its San Dimas mine.
- Exploration continues to successfully replace reserves and resources at San Dimas with a large land package and numerous underexplored veins remaining. Mill expansion is underway to increase throughput.
- Agreement to acquire Cerro Del Gallo project from Cerro Resources announced. The transaction will create a leading Americas gold
- Corporate update from Primero Mining Corp providing production guidance and financial results for 2012 as well as outlining plans for 2013.
- Production and cash flows increased significantly in 2012 with record revenues, operating cash flow, and annual production. Cash position also grew substantially.
- Plans for 2013 include expanding the San Dimas mine to increase throughput and production, continuing exploration across the large land package, and acquiring the Cerro del Gallo project which will further diversify production and increase reserves.
- The acquisition of Cerro del Gallo is expected to close in May 2013 and will add estimated annual production of around 95,000 gold equivalent ounces starting in 2014, doubling Primero's reserves and tripling its measured and
Claude Resources Inc. Q4 2012 Conference Call and Webcast PresentationClaude Resources Inc.
Neil McMillan, President and CEO of Claude Resources Inc., presented the company's 2012 financial and operating results on March 28, 2013. Key highlights included net profit of $5.6 million, cash flow from operations of $25.8 million, gold sales increasing 16% to 48,672 ounces, and production reaching a record 49,570 ounces. The presentation also provided details on the company's financial position, debt facilities, operations at Seabee Gold Operation and exploration projects, and production and cost guidance for 2013.
This document appears to be the agenda for a budget town hall meeting at Florida International University on April 12, 2010. The agenda includes discussing FY10-11 budget expectations, providing a research update, highlighting new partnerships, and recognizing student achievements. It provides background on declining state funding for universities over the last decade and outlines FIU's budget plan for FY10-11, which anticipates cuts but also new sources of revenue from tuition increases and state stimulus funds. The document discusses recent research awards and grants received by FIU faculty and notes some new partnerships, including an agreement signed with Qingdao City Construction Investment Corp in China.
Sempra Energy is an energy services company based in San Diego, California with revenues of $11.7 billion in 2005. It develops energy infrastructure, operates utilities, and provides related products and services to over 29 million consumers worldwide. The company focuses on enhancing shareholder value and meeting customer needs through financial strength, operational flexibility, and a skilled workforce to succeed in changing market conditions. Sempra Energy's strategy is to grow beyond its two California utilities into global energy businesses such as liquefied natural gas terminals, pipelines, and power generation and marketing.
Presentación del resultado anual del año 2012 de la empresa Camposol SA. En la lista de accionista todavía está Iván Orlic (Andean Fishing), quien vendió sus acciones el 12 de marzo del 2013
Newmont reported its fourth quarter and full year 2012 earnings. It cautioned that the presentation contains forward-looking statements subject to risks and uncertainties. Safety is a core value, with the goal of zero harm, and the fourth quarter saw the lowest total recordable injury frequency rate below the industry threshold of 0.5. Newmont is focused on reducing costs and improving margins while returning capital to shareholders through a gold price-linked dividend, currently yielding around 4%. Production came from globally diversified operations across North America, South America, Australia/New Zealand, and Africa.
The document discusses the implications of the upcoming "Fiscal Cliff" for financial advisors and their clients. It notes that if Congress fails to act, taxes will rise substantially in 2013 which will negatively impact the economy. Spending cuts will also take effect that will further slow economic growth. Interest rates are expected to remain low to help stimulate the economy. The document provides details on how the higher taxes and spending cuts could impact individuals and families. It also discusses the federal budget situation and debt levels that create incentives to keep interest rates low.
This document provides information about school funding in California. It discusses how revenue limits are calculated based on average daily attendance and local property taxes. It notes that while some districts receive little state aid, categorical funding is being reduced. Charts show declining per-student funding in California compared to top performing states. The document also includes district-specific data on revenues, expenditures, ADA, sources of funding, and expenditure categories. It outlines proposed budget cuts, potential layoffs, and options to resolve a $5 million budget deficit, including school closures. API scores for the district are also shown.
The document provides an overview of Q3 2012 financial and operating results for Claude Resources Inc. Key highlights include:
- Net profit of $3.0 million and cash flow from operations of $8.6 million.
- Gold production of 15,073 ounces at a total cash cost of $920 per ounce.
- Continued exploration success extending resources at Santoy Gap and confirming continuity.
- Capital projects on track to increase production including shaft extension and mill expansion.
- Management additions bringing significant operating experience to optimize operations.
- Outlook focuses on increasing production and reserves while advancing projects like Amisk.
This document provides an overview of Xcel Energy's strategy to achieve financial success through environmental leadership. It summarizes the company's plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It also outlines Xcel's goals for annual earnings per share growth of 5-7% and dividend growth of 2-4% through 2020. The capital expenditure forecast estimates spending between $2.1-$2.2 billion annually through 2011 to fund these clean energy investments and system upgrades.
This document summarizes Xcel Energy's strategy to achieve financial success through environmental leadership. It plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It forecasts strong earnings growth of 5-7% annually through 2020 by investing over $2 billion per year in its regulated utilities, with enhanced regulatory recovery mechanisms. This is expected to drive rate base growth of 7.5% annually and sustainable dividend growth of 2-4% per year, providing an attractive total return profile.
This panel will examine what sorts of decisions the President and Congress – new or old – will have to make following this year’s November elections. Panelists will examine the political landscape and describe the major decisions that have to be made, including on government funding, sequestration, and tax cuts. Special emphasis will be given to the impacts various budget proposals will have on Great Lakes restoration funding.
Hugh Grant, Chairman and CEO of Monsanto, presented at the Goldman Sachs Agricultural Biotech Forum. In the presentation, Grant discussed Monsanto's focus on seeds and traits, which have driven strong gross profit growth. He outlined Monsanto's strategy to extend its leadership in seeds and traits through 2010 by leveraging six growth opportunities. Grant also reviewed Monsanto's corn seed and trait performance in the U.S., noting its strength in key maturity zones is translating to increased market share. He projected demand from ethanol will provide a further boost for Monsanto's corn technology. Internationally, Grant noted Monsanto's seed business provides varying levels of profit opportunity in major corn markets.
Global ACV down slightly for the year. Number of mega relationship contracts up for 2012, lifting acv when overall contract numbers were down. BPO expanded on several large deals while ITO performance was off for 2012. Asia Pacific surged in 2012 while EMEA struggled on a weak first half. Guarded optimism for 2013 with a possible slowdown in the second quarter.
FUS Mid-year Financial Update January 2012fusmadison
This document provides an overview and update of the financial situation for the FUS Capital and Operating Funds. It discusses revenue sources such as capital pledges, annual pledges, and other fundraising. It outlines capital expenses and debt obligations. The operating budget funds ongoing capital repayment through annual pledges. Maintaining status quo is challenging due to increasing debt payments and expenses. Program cuts may be needed if revenue growth does not keep pace. Community engagement and new funding sources are needed to manage the transition to full debt repayment.
2. ENDOWMENT TRUST LANDS
Bureau of Land
Management (17%)
US Forest Service (15%)
Tribal Reservations (28%)
Privately-owned land (17%)
State trust land (13%)
ARIZONA STATE TREASURER DOUG DUCEY
3. ENDOWMENT ASSET ALLOCATION
In 2011 the fund was updated from 50/50 to a 60/40 stocks to bond allocation:
20-year Projected Returns Previous Allocation Current Allocation Gain
95th percentile (highest value) 9.1 9.9 $2.38 B
75th percentile 7.0 7.5 $1.17 B
50th percentile 5.5 5.8 ($240 M)
25th percentile 4.1 4.2 $130 M
Expected Return increased to 6.4% from 6%
Standard Deviation increased to 11% from 9.6%
ARIZONA STATE TREASURER DOUG DUCEY
4. ENDOWMENT ASSET ALLOCATION
8.6%
$3.52 Billion
Fixed Income
$1,549.4 million
$542.2 million
15.2% $1,600.04M $502.79M
40.9% S&P 500
35.1% S&P 400
$1,122.1 million
$1,052.42M
S&P 600
As of 2/29/2012
ARIZONA STATE TREASURER DOUG DUCEY
5. ENDOWMENT MARKET VALUE
$3.52
Billion
N D
D TRE
A R
UPW
ARIZONA STATE TREASURER DOUG DUCEY
10. REVIEW PROCESS
Highlights the risk and return tradeoffs of
different investment policy options
Evaluates various approaches based on
the practices of similar funds
Allows the Board of Investment to make
more informed decisions
ARIZONA STATE TREASURER DOUG DUCEY
11. CURRENT DISTRIBUTION FORMULA
FY 2008 AVG. TOTAL RETURN FY 2008 AVG. TOTAL INFLATION
+ +
FY 2009 AVG. TOTAL RETURN FY 2009 AVG. TOTAL INFLATION
+ +
FY 2010 AVG. TOTAL RETURN FY 2010 AVG. TOTAL INFLATION
+ +
FY 2011 AVG. TOTAL RETURN 20% FY 2011 AVG. TOTAL INFLATION 20%
+ +
FY 2012 AVG. TOTAL RETURN FY 2012 AVG. TOTAL INFLATION
FY 2008 MARKET VALUE
+
FY 2009 MARKET VALUE
+
FY 2010 MARKET VALUE
+
FY 2011 MARKET VALUE
+
20%
FY 2012 MARKET VALUE
ANNUAL DISTRIBUTION
ARIZONA STATE TREASURER DOUG DUCEY
12. WHAT’S THE FORMULA FORECAST FOR 2012?
HOW THE FORMULA WORKS
ARIZONA STATE TREASURER DOUG DUCEY 12
13. WHAT’S THE FORMULA FORECAST FOR 2012?
HOW THE FORMULA WORKS
ARIZONA STATE TREASURER DOUG DUCEY 13
14. WHAT’S THE FORMULA FORECAST FOR 2012?
HOW THE FORMULA WORKS
ARIZONA STATE TREASURER DOUG DUCEY 14
15. SMOOTHER, CONSISTENT DISTRIBUTIONS
X
2.5%
Takes 2.5% of the average monthly market value from
each of the previous five years
ARIZONA STATE TREASURER DOUG DUCEY
First, a map that show the make-up of Arizona land The proceeds of state trust land sales come to our office to invest in perpetuity K-12 schools are the prime beneficiary and make up about 87% of state trust land.
From 1912 to 1998, all of the funds in the Permanent Land Endowment Trust Fund were invested in fixed-income , or bonds. In 1998 the voters approved a Constitutional change that would allow the Fund to invest in equities, or stocks. Up until this time last year we are invested close to 50% stocks and 50% bonds. Last year the Board of Investment updated our investment strategy to implement a 60% stock and 40% bond allocation. Based on the scenarios that were part of the study you can see the positive effect this change will have on the fund.
Total market value of the Endowment is at $3.52 billion at end of February. New Record high. Fixed Income is at $1.44 billion (40.9%) Our S&P 500 allocation is at $1.23 billion (35.1%) Our S&P 400 allocation is at $536 million (15.2%) And our S&P 600 is at $306 million (8.6%)
This slide shows the growth in the total Market Value of the Endowment since December 2006. Value at the end of February was $3.52 billion, a new record high.
Here we show unrealized gains and losses. Gains are also at all-time record at $908 million.
K-12 Education is the primary recipient of the endowment. Here you can see the distributions to K-12 since 2000. For this current year, t he preliminary is a $77.8 million distribution for K-12 schools - This is the highest from the endowment in history. Total Endowment Distributions are $83.9 million, when you include the other beneficiaries. Over the last 13 years, the State Land Fund’s distributions have averaged approximately $40 million per year with a high in 2012 near $80 million and a low in 2010 of zero.
The 1 st study conducted by the Treasurer’s Office. A projection on future endowment distributions was conducted based on five economic scenarios for the next 20 years.
The current formula was put in place in 1998 at the same time the fund was given the opportunity to invest in stocks. It was designed to smooth out distributions given the inherent volatility of the stock market. It also was designed to protect the corpus of the trust from inflation. Using this formula, an estimate is created each year in July using estimated YTD numbers, and then has to be re-done the following October after the final inflation numbers for the 2 nd quarter are published.
To provide an example, here’s how it was calculated for the 2012 distribution.
After the Board of Investment reviewed the data it is seeking to simplify the formula in the Arizona Constitution. The new formula would create a flat distribution of 2.5% each year based on the previous five years of market value of the Endowment. This will allow a steady increase in distributions while still protecting the fund from the effects of inflation. It will allow school districts to plan accordingly and avoid years with $0 in distributions. Why 2.5%? This is what the average distribution has been since 2004, so the beneficiaries will not be receiving anything less than they have been for the past 9 years.
After 9 years in operation, the current formula, in red, has not smoothed out distributions for education. Instead it has been quite inconsistent, which makes the budgeting process extremely difficult. If adopted in 2004 when the current formula was put in place, the new, simplified formula would have resulted $21 million more in funding for K-12 education and would have provided consistent distributions that avoid years where $0 are available.
For future distributions, this scenario models a moderate market performance. The current formula is in red and the new, simplified formula is in blue. Here, 6 years could result in $0 funding using the current distribution formula. The new formula being proposed, which will have more consistent funding available every single year.
This scenario, models an optimistic market performance. Based on the study, you can see how choppy the projected distributions are using the current formula over the next 20 years. Even in an optimistic scenario there are 3 years that there is $0 projected to fund education, and several other years with very limited money available.
You’ve heard the saying, hope for the best plan for the worst… Here is a pessimistic market scenario that would result in 10 of the next 20 years with no funding for education from our $3.4 billion endowment fund. We can’t let that happen. We’ve shared this information with the Legislature and hope that this will be heard in committee next week so that a resolution that would put this formula change on the ballot this coming November.