Motor Oil announced yesterday amc FY’12 results, which came in below consensus’ estimates across-the-board on higher-than-expected inventory losses and financial expenses.
Financial Results for the the Fiscal Year Ended March 2016KDDI
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
Maven/Ivy vs OSGi (Toulouse Jug 26-05-2011)hibnico
Présentation par Nicolas Lalevée des modèles de gestion de dépendances Maven, Ivy et OSGi au Toulouse Jug du 26 Mai 2011.
Abstract:
La gestion des dépendances, sac de noeuds presque par définition, on va essayer de démêler tout ça.
Après avoir fait un état des lieux avec Maven car il est l'incontournable du moment, nous irons voir comment Ivy peut décrire assez finement et gérer avec souplesse des dépendances. Nous verrons ensuite comment le modèle de dépendances d'OSGi est original et apporte encore de nouveaux concepts. Deux mondes s'affrontent alors, celui de Maven et Ivy face à celui d'OSGi; on tentera enfin d'esquisser un meilleur des deux mondes.
Financial Results for the the Fiscal Year Ended March 2016KDDI
The figures included in the following brief, including the business performance target and the target for the number of subscribers are all projected data based on the information currently available to the KDDI Group, and are subject to variable factors such as economic conditions, a competitive environment and the future prospects for newly introduced services.
Accordingly, please be advised that the actual results of business performance or of the number of subscribers may differ substantially from the projections described here.
Maven/Ivy vs OSGi (Toulouse Jug 26-05-2011)hibnico
Présentation par Nicolas Lalevée des modèles de gestion de dépendances Maven, Ivy et OSGi au Toulouse Jug du 26 Mai 2011.
Abstract:
La gestion des dépendances, sac de noeuds presque par définition, on va essayer de démêler tout ça.
Après avoir fait un état des lieux avec Maven car il est l'incontournable du moment, nous irons voir comment Ivy peut décrire assez finement et gérer avec souplesse des dépendances. Nous verrons ensuite comment le modèle de dépendances d'OSGi est original et apporte encore de nouveaux concepts. Deux mondes s'affrontent alors, celui de Maven et Ivy face à celui d'OSGi; on tentera enfin d'esquisser un meilleur des deux mondes.
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
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
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
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
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
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 telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can i use my minded pi coins I need some funds.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.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
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,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.
Euroxx Motor Oil FY'12 Results
1. Flash Note, FY’12 Results
Euroxx Research – Refining
March 14, 2013
Motor Oil
FY’12 results
Tolis Paschalis Motor Oil announced yesterday amc FY’12 results, which came in below consensus’
Energy / Refining
estimates across-the-board on higher-than-expected inventory losses and financial expenses.
paschalis@euroxx.gr
+30 210 68 79 492
In particular, FY’12 sales settled at €9.7bn (+10.8% y-o-y), due to increased sales volume, and
marginal increase of petroleum products average prices. FY’12 reported EBITDA came in at
Manos Giakoumis €270.6m, down 20.3% y-o-y mainly due to increased refining operating costs (up 20% y-o-y),
Research Director the bulk of which relates to production costs. Adjusting for a total of €33m of inventory losses
giakoumis@euroxx.gr
+30 210 68 79 322 (vs c€22m inventory gains a year ago), we get adjusted EBITDA of €302.8m down 4.8% y-o-y
(4.9% below consensus estimates). Regarding bottom line results, MOH reported net profit of
€78m, down 45.4% y-o-y (down 20.8% on consensus estimates of €98.5m). Adjusting for the
aforementioned inventory gains, adjusted net profit settled at €104.4m (down 17.1% y-o-y
and 15.5% below consensus), also on the back of higher y-o-y financial expenses.
On a quarterly basis, Q4’12 sales reached €2.4bn, up by 6.4% y-o-y. Q4’12 reported EBITDA
landed at €41m, down 9.4% y-o-y. Adjusting for c€7m of inventory losses (vs c€6m in Q4’11),
we get adjusted EBITDA of €48m (down 6.3% y-o-y, and 24.5% below consensus). The
adjusted for inventory gains Q4’12 net profit, came to €3m, down 48.4% y-o-y (87.2% below
consensus estimates).
The BoD will propose to the group AGM (to be held on June 19) a FY’12 DPS of €0.30 (div.
yield: 3.4% on yesterday’s closing) with the ex-date set for June 26.
With respect to the performance of the main markets for Motor Oil, we note that the export
market was robust and absorbed 52.9% of total FY’12 volumes providing us with optimism
that the group can continue to operate at full capacity levels despite the recession in the
domestic market. Domestic market volumes continued to remain under pressure due to the
on-going recession in the local market, specifically, the volumes came out lower by 7.4% y-o-y.
Total volumes in FY’12 were strong and reached 12m MT, increased 4.3% y-o-y, while
refining volumes rose to 10.3m MT, up 9.5% y-o-y.
Net debt declined at €987m from €1.2bn in FY’11, while the group was granted, at the
beginning of the year, a new 3-year, €60m credit line, with a bullet re-payment on January 5,
2016. €40m will be used for re-financing of exiting working capital requirements, while the
remaining €20m will be used for general financing purposes. We expect a continuing
deleveraging as there are no immediate plans for further investments. The acquisition of
26.71% stake in Cyclon Hellas contributed further in the associate income levels.
Please refer to important disclosures in the Disclosure Appendix.
3. March 14, 2013 Greece / Refining
IMPORTANT DISCLOSURES
Analyst Certification
The analyst identified on the front page of this report and the Head of Research (Certified Analyst) certify that the written views about each company and
security they cover reflects only their personal opinions and estimates and their compensation are not linked to any investment banking services provided
by Euroxx.
Risks and sensitivity
The views and recommendations for all the companies that Euroxx Securities covers or refers to in the daily report have various levels of risk depending
on company, industry and market events. Furthermore, our estimates for each company we cover are affected by various factors such as interest rates,
inflation, local economic environment, market volatility, currency, management continuity or other company specific events. Investors should be informed
that the investment strategies discussed or recommended in these reports may not be realised and each company may fail to reach its targets or the
analyst’s targets.
Recommendation System
Our recommendation system is based on the unbiased personal views of our analysts. The target prices have a time horizon of one year. Euroxx
Securities S.A. aims in updating the covered companies on any new future material that may lead to a different recommendation but does not have a
regular policy to update reports
Coverage Universe (#) in Coverage % Com panies covered that are
Rating Explanation
the last quarter Universe (%) investm ent banking clients
Overw eight Expected total return >10% 8 25% 0%
Equalw eight Expected total return betw een -10% and +10% 9 28% 3%
Underw eight Expected total return < -10% 0 0% 0%
Under Review Recommendation and Target Price are subject to revision 15 47% 0%
*The target price and rating have a time horizon of one year
Investment recommendations are determined by the ranges described above at the time of initiation or review of coverage. Furthermore, the
aforementioned ratings and target prices are subject to constant changes. Any unauthorised use, disclosure, copying, distribution, or taking of any action
in reliance on these reports is strictly prohibited. Euroxx Securities S.A. and its employees are neither liable for the proper and complete transmission of
these reports nor for any delay in their receipt. Euroxx Securities S.A. and its employees do not guarantee the accuracy of the research reports or daily
report, while they are not responsible for any possible errors or omissions.
Under no circumstances Euroxx suggests any buying or selling activity through this document. In producing its research reports, Euroxx Securities SA
research departments may have received assistance from the subject company such as access to the company’s sites, visits to certain operations of the
subject company, meetings with management or employees and the handing by them of historical data regarding the subject company, as well as of all
the publicly available information regarding strategy and financial targets.
Other Important Regulatory Disclosures
The information and opinions in this report were prepared by Euroxx Securities S.A., which is member of the Athens Exchange S.A. and regulated by the
Hellenic Capital Market Commission. There is a separate location of analysts from Investment Banking, Capital Markets and Sales and Trading
employees and research reports are produced away from them. The communication between the Research Department and the other departments of
Euroxx Securities S.A. is restricted between the different departments. Note that "EUROXX Securities S.A. is regulated in Greece by the Hellenic Capital
Market Commission, License No. 45/23.06.95/3”.
Valuation Method
n/a
Disclosure checklist for companies mentioned in this report
1. As of the aforementioned date, Euroxx Securities S.A. does not own 5% or more of any common equity securities.
2. As of the aforementioned date, no listed companies own 5% or more of a class of common equity securities of Euroxx Securities S.A.
3. Euroxx Securities S.A. does not act as a market maker for any listed company.
4. Euroxx Securities S.A. has made underwriting for the prior 12 months of the aforementioned date for the stock GPSB.
5. Within the last 12 months, Euroxx Securities S.A. did not have a contractual relationship or has not received compensation for financial advisory
services from any listed company, except Postal Savings Bank
6. Euroxx Securities S.A. has not sent the research report to the company prior to publication for factual verification.
7. Following 6, Euroxx Securities S.A. has not changed the contents of the initially sent research report.
8. Euroxx Securities S.A. has not received compensation from the company for the preparation of this research report.
Euroxx Research / Motor Oil – FY’12 results 3
4. March 14, 2013 Greece / Refining
Rating History
Date Rating Share Price Target Price
20/2/2009 Overw eight 7.00 U/R
3/3/2009 Overw eight 7.08 12.90
17/6/2009 Overw eight 8.21 12.00
26/8/2009 Under Review 8.70 U/R
15/1/2010 Overw eight 11.20 13.60
18/6/2010 Overw eight 7.87 10.30
9/4/2011 Overw eight 9.21 12.50
2/9/2011 Overw eight 6.80 11.20
19/3/2012 Under Review 5.65 U/R
Research
Manos Giakoumis +30-210-6879322 giakoumis@euroxx.gr
Maria Kanellopoulou +30-210-6879363 kanellopoulou@euroxx.gr
Yiannis Sinapis +30-210-6879353 sinapis@euroxx.gr
Tolis Paschalis +30-210-6879492 paschalis@euroxx.gr
Fotis Zeritis +30-210-6879486 zeritis@euroxx.gr
Sales
George Polites +30-210-6879520 gpolites@euroxx.gr
Ilias Dimitros +30-210-6879485 dimitros@euroxx.gr
Danai Filioti +30-210-6879482 filioti@euroxx.gr
George Lymberopoulos +30-210-6879494 lymberopoulos@euroxx.gr
Christina Papakastrisiou +30-210-6879480 papakastrisiou@euroxx.gr
Euroxx Securities S.A
7 Paleologou Str.
15232, Athens
www.euroxx.gr
Euroxx Research / Motor Oil – FY’12 results 4