The document analyzes the financial performance of Siemens for fiscal years 2002 and 2001. Some key points:
1) Siemens sales decreased 3% in 2002 but gross profit margin increased, EBIT grew 30% and net income rose 24%.
2) Cash flow from operations and investing declined in 2002 from 2001 but cash flow from financing rose, increasing total cash.
3) Financial ratios show improved liquidity, shorter operating cycles, higher asset turnover and profit margins in 2002 compared to 2001. Leverage and coverage ratios also increased, indicating stronger financial position.
This document is the 2009/2010 Salary Survey for Finance & Accounting positions in Switzerland published by Michael Page Switzerland. It provides an overview of the Swiss market, outlines the survey methodology, and details salary ranges for various senior management, controlling, accounting, and specialist finance roles. The survey aims to present current salary data to support clients and candidates in the Swiss finance sector.
The document is Southern Company's 2002 annual report. It includes the independent auditor's unqualified opinion that Southern Company's 2002 consolidated financial statements fairly present the company's financial position, results of operations, and cash flows in accordance with generally accepted accounting principles. It also includes management's report asserting that the financial statements were prepared using reasonable estimates and judgments, and that the company maintains an adequate system of internal controls over financial reporting.
southern 2000 Financial Section, black typefinance17
This annual report summarizes Southern Company's financial performance in 2000. Key points include:
- Reported earnings per share were $2.13 in 2000 and $1.90 in 1999, though both years had significant unusual items. Earnings per share from normal business operations were $2.13 in 2000 and $1.90 in 1999.
- In 2000, Southern Company announced an initial public offering to spin off up to 19.9% of Mirant Corporation, formerly Southern Energy, which contributed unusual transition costs.
- Asset impairment charges were also recorded in 2000 and 1999 related to Mobile Energy Services, which affected reported earnings.
- The traditional utilities business in the Southeast saw strong earnings growth
The Canadian Intergovernmental Conference Secretariat (CICS) provides administrative support services for senior intergovernmental conferences. In 1997-1998, CICS served more conferences than in the past 5 years, including 7 First Ministers meetings. CICS launched a new website providing online access to conference communiques. CICS is reviewing its service model to provide a more flexible and tailored approach in response to client feedback calling for greater responsiveness. CICS met or exceeded its performance targets for the period.
The document discusses the accounting information system and accounting cycle. It defines key accounting terminology and explains the double-entry system and accounting equation. The accounting cycle includes identifying and recording transactions, posting to accounts, preparing a trial balance, adjusting entries, and financial statements. The document provides examples to illustrate double-entry accounting and the accounting equation.
southern 2000 Financial Section, color typefinance17
This document contains financial information for Southern Company and its subsidiaries for the years 1996-2000. It includes earnings per share from operations, market value, and return on average common equity for each year. The document also includes consolidated financial statements and notes. Key information includes:
- Earnings per share from operations increased from $1.65 in 1996 to $2.13 in 2000.
- Market value increased from $17.9 billion in 1996 to $22.6 billion in 2000.
- Return on average common equity increased from 10.3% in 1996 to 13.43% in 2000.
1) Global Financial Review reported that EBIT rose 11% from 1999 to 2000 due to strong sales growth and cost-cutting initiatives. EBIT also increased 10% from 1998 to 1999.
2) Gross profit margin increased to 54.4% in 2000, above both 1999 and 1998 levels, reflecting the company's strategy to improve its supply chain and focus on higher margin products.
3) Selling, general and administrative expenses declined slightly as a percentage of sales due to continued expense containment efforts, though this was offset by higher advertising costs.
The project includes brief analysis of the company along with its swot analysis. The financial statements for the 2014 and 2015 are presented along with its interpretation. A detailed analysis of the cash flow analysisis also present
This document is the 2009/2010 Salary Survey for Finance & Accounting positions in Switzerland published by Michael Page Switzerland. It provides an overview of the Swiss market, outlines the survey methodology, and details salary ranges for various senior management, controlling, accounting, and specialist finance roles. The survey aims to present current salary data to support clients and candidates in the Swiss finance sector.
The document is Southern Company's 2002 annual report. It includes the independent auditor's unqualified opinion that Southern Company's 2002 consolidated financial statements fairly present the company's financial position, results of operations, and cash flows in accordance with generally accepted accounting principles. It also includes management's report asserting that the financial statements were prepared using reasonable estimates and judgments, and that the company maintains an adequate system of internal controls over financial reporting.
southern 2000 Financial Section, black typefinance17
This annual report summarizes Southern Company's financial performance in 2000. Key points include:
- Reported earnings per share were $2.13 in 2000 and $1.90 in 1999, though both years had significant unusual items. Earnings per share from normal business operations were $2.13 in 2000 and $1.90 in 1999.
- In 2000, Southern Company announced an initial public offering to spin off up to 19.9% of Mirant Corporation, formerly Southern Energy, which contributed unusual transition costs.
- Asset impairment charges were also recorded in 2000 and 1999 related to Mobile Energy Services, which affected reported earnings.
- The traditional utilities business in the Southeast saw strong earnings growth
The Canadian Intergovernmental Conference Secretariat (CICS) provides administrative support services for senior intergovernmental conferences. In 1997-1998, CICS served more conferences than in the past 5 years, including 7 First Ministers meetings. CICS launched a new website providing online access to conference communiques. CICS is reviewing its service model to provide a more flexible and tailored approach in response to client feedback calling for greater responsiveness. CICS met or exceeded its performance targets for the period.
The document discusses the accounting information system and accounting cycle. It defines key accounting terminology and explains the double-entry system and accounting equation. The accounting cycle includes identifying and recording transactions, posting to accounts, preparing a trial balance, adjusting entries, and financial statements. The document provides examples to illustrate double-entry accounting and the accounting equation.
southern 2000 Financial Section, color typefinance17
This document contains financial information for Southern Company and its subsidiaries for the years 1996-2000. It includes earnings per share from operations, market value, and return on average common equity for each year. The document also includes consolidated financial statements and notes. Key information includes:
- Earnings per share from operations increased from $1.65 in 1996 to $2.13 in 2000.
- Market value increased from $17.9 billion in 1996 to $22.6 billion in 2000.
- Return on average common equity increased from 10.3% in 1996 to 13.43% in 2000.
1) Global Financial Review reported that EBIT rose 11% from 1999 to 2000 due to strong sales growth and cost-cutting initiatives. EBIT also increased 10% from 1998 to 1999.
2) Gross profit margin increased to 54.4% in 2000, above both 1999 and 1998 levels, reflecting the company's strategy to improve its supply chain and focus on higher margin products.
3) Selling, general and administrative expenses declined slightly as a percentage of sales due to continued expense containment efforts, though this was offset by higher advertising costs.
The project includes brief analysis of the company along with its swot analysis. The financial statements for the 2014 and 2015 are presented along with its interpretation. A detailed analysis of the cash flow analysisis also present
- Embraer delivered 23 commercial and 53 executive aircraft in Q4 2012, bringing full-year deliveries to 106 commercial and 99 executive aircraft.
- Revenue for Q4 2012 was $1.9 billion and $6.2 billion for the full year 2012, in line with guidance. EBIT margin for Q4 was 12.0% and 9.9% for the full year, surpassing guidance.
- Net income for Q4 2012 was $123.2 million and $347.8 million for the full year. Cash generation was strong, increasing Embraer's net cash position to $312.9 million.
Credit Suisse Group reported net income of CHF 959 million for Q4 2004, down from CHF 784 million in Q4 2003. For the full year 2004, net income was CHF 5,628 million, up significantly from CHF 770 million in 2003. While results were negatively impacted by provisions related to prior disposals, the letter notes that the results demonstrate continued progress towards sustainable profitability.
This document provides an overview and analysis of Illinois Tool Works Inc.'s financial results for 2003, 2002 and 2001. It discusses revenues, operating income, margins and factors affecting performance for the company overall and within its five business segments. The key points are:
- Consolidated revenues increased 6% in 2003 due to currency effects and acquisitions, while base business revenues declined slightly.
- Operating income increased 8% in 2003 due to cost savings, currency effects and acquisitions, despite declines in base business.
- Engineered Products-North America saw a 1% revenue increase in 2003 but an 8% drop in operating income due to base business declines.
- Engineered Products-International saw a 20
This document provides an overview and analysis of Illinois Tool Works Inc.'s financial results for 2003, 2002 and 2001. It discusses revenues, operating income, margins and factors affecting performance for the company overall and within its five business segments. The company saw overall revenue growth of 6% in 2003 driven by currency translation and acquisitions, while base business revenues declined slightly. Operating income increased 8% due to cost savings and currency effects, despite declines in base business.
Embraer delivered 35 commercial and 20 executive aircraft in Q2 2012. Revenues for the first half of 2012 totaled $2.87 billion. EBIT and EBITDA margins for Q2 2012 were 11.5% and 15.4% respectively. Net income was $54.3 million for Q2 2012, impacted by unrealized foreign exchange losses. Cash flow from operations was positive, but free cash flow for the first half was negative $149.2 million due to capital expenditures and inventory levels.
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
Embraer released its third quarter 2012 results. Key highlights include:
- Revenues of $1.4 billion and gross margin of 25.3%
- EBIT of $100.9 million and EBIT margin of 7.2%
- Net income attributable to shareholders of $65.2 million
- Earnings per share of $0.3594
The results were impacted by $41.9 million in costs associated with restructuring agreements with an airline customer. Excluding this one-time item, EBIT margin would have been 10.2% and EBITDA margin 14.8%.
Tele2 reported robust fourth quarter and full-year 2008 results with revenue growth and improved profitability. Key highlights included strong growth in Russia and Croatia, stable performance in the Nordic region, and a focus on profitability in Western Europe. Tele2 is well positioned financially and operationally to deal with potential economic impacts in 2009, with contingency plans to preserve cash flow. The company proposed an increased dividend and secured a new credit facility, maintaining a strong liquidity profile.
The annual report summarizes the company's performance in 2010. Key points include:
- Revenues increased slightly to €141.4 million but EBITDA fell significantly to €0.4 million from €14.7 million in 2009.
- The initial public offering of shares in TPK Holding Co. Ltd. increased the company's asset value significantly.
- The MobileCom segment struggled with declining sales volumes and a negative operating result of €23.5 million.
- The Electronic Products segment also fell short of expectations with sales of €35.4 million but an operating loss of €18.1 million.
- The CEO is prepared to take decisive action if the MobileCom
The annual report summarizes CSC's performance in fiscal year 2002. Some key points:
- CSC achieved record revenues of $11.4 billion, an 8.6% increase over 2001, with strong growth in global outsourcing and U.S. federal government businesses.
- Net income was $344 million, reflecting focus on fiscal management and cost reductions.
- CSC was awarded $11.4 billion in new multi-year contracts, increasing recurring revenue sources.
The document is Credit Suisse's condensed consolidated financial statements for the 4th quarter of 2007. It has been revised to reflect a CHF 2.86 billion valuation reduction in certain ABS positions identified by an internal review. This resulted in a CHF 1,177 million reduction to net revenues and CHF 789 million reduction to net income for 4Q07 and full year 2007. The financial statements include consolidated statements of income, balance sheets, changes in shareholders' equity, and notes providing details on accounting policies, business developments, segments, and other financial information.
The document summarizes Credit Suisse's financial results for the first quarter of 2003. Key points include:
- Credit Suisse reported a net profit of CHF 652 million, compared to a net loss of CHF 950 million in the previous quarter.
- Credit Suisse Financial Services saw a net profit increase of 13% compared to the first quarter of 2002, driven by improved results across all business segments.
- Credit Suisse First Boston returned to profitability with a net operating profit of USD 292 million, up from USD 11 million the previous quarter, due to higher fixed income revenues and lower credit provisions.
This document provides the directors' report and consolidated financial statements for EastNets Europe S.A. for the year ended December 31, 2012. It discusses EastNets' mission to deliver resilient, compliant, and convenient financial solutions. It provides an overview of EastNets' customers, products, employees, and financial highlights for 2012. Total income was €8.545 million in 2012, up slightly from €8.441 million in 2011. EBITDA was €4.412 million in 2012, up from €3.694 million the previous year. Profit for the year was €357,000 in 2012, down from €598,000 in 2011.
Highlights of the fourth quarter of 2011. Net sales amounted to SEK 28,369m (27,556) and income for the period was SEK 221m (677), or SEK 0.77 (2.38) per share. Operating income amounted to SEK 1,441m (1,714), corresponding to a margin of 5.1% (6.2), excluding items affecting comparability and non-recurring items.
Highlights of the fourth quarter of 2010. Net sales amounted to SEK 27,556m (28,215) and income for the period was SEK 677m (664), or SEK 2.38 (2.34) per share. Net sales increased by 1.6% in comparable currencies.
Embraer released its first quarter 2012 results. Key highlights include:
- Deliveries of 21 commercial and 13 executive jets, surpassing deliveries in Q1 2011.
- Revenues of $1.16 billion and gross margin of 23.2% for the quarter.
- EBIT margin of 7.4% and EBITDA margin of 12.8% for the quarter, in line with expectations.
- Net income of $62.7 million and earnings per share of $0.3463 for the quarter.
- Net cash position of $301.8 million at the end of the quarter.
Mand a toolkit generating a fcf forecastchrisdoran
This document provides guidance on building a discounted cash flow (DCF) valuation model. It outlines the key steps to build a DCF model, including: 1) entering historical financial data, 2) calculating historical drivers and ratios, 3) projecting initial "vanilla" assumptions, 4) calculating projected financial statements, and 5) debugging the model. It then discusses generating a free cash flow forecast by developing assumptions around a future business "story" and key drivers. The final steps involve building the valuation model to calculate terminal value, equity value, and running sensitivities. Quick checks are also provided to test the model's reasonableness. The overall guidance emphasizes building the model logically and iteratively to generate a credible valuation.
This document provides a summary of Credit Suisse Group's 3rd quarter 2001 results. It reports a net operating profit of CHF 21 million but an overall reported loss of CHF 299 million due to losses at CSFB and unrealized investment losses. It highlights continued net new asset inflows but lower revenues and profits across most business units due to difficult market conditions. It also summarizes asset quality, capital adequacy, results by business unit and other financial details on the quarter.
The document summarizes Veolia Environnement's first half 2009 results. Key points include operating cash flow of €1.978 million, a decline in recurring operating income of 22.2% due to the economic environment, and progress on their 2010 Efficiency Plan and asset disposal program. Veolia maintains their commitments for 2009 and continues developing the Group through contracts and strategic transactions.
This document appears to be a slide presentation on international business given by Dr. Magdy Abdelsattar. The presentation covers various topics related to international business including: components of globalization, analyzing political, economic, social, and cultural environments; approaches to internationalization; international trade theories; foreign exchange; and international business strategy formulation. The presentation contains over 40 slides and touches on many fundamental concepts in international business.
The document discusses 7 predictions for business intelligence trends in government for 2017:
1. Modern BI with self-service analytics will become the new normal for government agencies.
2. The era of open data in government will arrive as more government entities release data to the public.
3. Collaborative analytics using shared dashboards and data will move from niche to essential in government.
- Embraer delivered 23 commercial and 53 executive aircraft in Q4 2012, bringing full-year deliveries to 106 commercial and 99 executive aircraft.
- Revenue for Q4 2012 was $1.9 billion and $6.2 billion for the full year 2012, in line with guidance. EBIT margin for Q4 was 12.0% and 9.9% for the full year, surpassing guidance.
- Net income for Q4 2012 was $123.2 million and $347.8 million for the full year. Cash generation was strong, increasing Embraer's net cash position to $312.9 million.
Credit Suisse Group reported net income of CHF 959 million for Q4 2004, down from CHF 784 million in Q4 2003. For the full year 2004, net income was CHF 5,628 million, up significantly from CHF 770 million in 2003. While results were negatively impacted by provisions related to prior disposals, the letter notes that the results demonstrate continued progress towards sustainable profitability.
This document provides an overview and analysis of Illinois Tool Works Inc.'s financial results for 2003, 2002 and 2001. It discusses revenues, operating income, margins and factors affecting performance for the company overall and within its five business segments. The key points are:
- Consolidated revenues increased 6% in 2003 due to currency effects and acquisitions, while base business revenues declined slightly.
- Operating income increased 8% in 2003 due to cost savings, currency effects and acquisitions, despite declines in base business.
- Engineered Products-North America saw a 1% revenue increase in 2003 but an 8% drop in operating income due to base business declines.
- Engineered Products-International saw a 20
This document provides an overview and analysis of Illinois Tool Works Inc.'s financial results for 2003, 2002 and 2001. It discusses revenues, operating income, margins and factors affecting performance for the company overall and within its five business segments. The company saw overall revenue growth of 6% in 2003 driven by currency translation and acquisitions, while base business revenues declined slightly. Operating income increased 8% due to cost savings and currency effects, despite declines in base business.
Embraer delivered 35 commercial and 20 executive aircraft in Q2 2012. Revenues for the first half of 2012 totaled $2.87 billion. EBIT and EBITDA margins for Q2 2012 were 11.5% and 15.4% respectively. Net income was $54.3 million for Q2 2012, impacted by unrealized foreign exchange losses. Cash flow from operations was positive, but free cash flow for the first half was negative $149.2 million due to capital expenditures and inventory levels.
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
Embraer released its third quarter 2012 results. Key highlights include:
- Revenues of $1.4 billion and gross margin of 25.3%
- EBIT of $100.9 million and EBIT margin of 7.2%
- Net income attributable to shareholders of $65.2 million
- Earnings per share of $0.3594
The results were impacted by $41.9 million in costs associated with restructuring agreements with an airline customer. Excluding this one-time item, EBIT margin would have been 10.2% and EBITDA margin 14.8%.
Tele2 reported robust fourth quarter and full-year 2008 results with revenue growth and improved profitability. Key highlights included strong growth in Russia and Croatia, stable performance in the Nordic region, and a focus on profitability in Western Europe. Tele2 is well positioned financially and operationally to deal with potential economic impacts in 2009, with contingency plans to preserve cash flow. The company proposed an increased dividend and secured a new credit facility, maintaining a strong liquidity profile.
The annual report summarizes the company's performance in 2010. Key points include:
- Revenues increased slightly to €141.4 million but EBITDA fell significantly to €0.4 million from €14.7 million in 2009.
- The initial public offering of shares in TPK Holding Co. Ltd. increased the company's asset value significantly.
- The MobileCom segment struggled with declining sales volumes and a negative operating result of €23.5 million.
- The Electronic Products segment also fell short of expectations with sales of €35.4 million but an operating loss of €18.1 million.
- The CEO is prepared to take decisive action if the MobileCom
The annual report summarizes CSC's performance in fiscal year 2002. Some key points:
- CSC achieved record revenues of $11.4 billion, an 8.6% increase over 2001, with strong growth in global outsourcing and U.S. federal government businesses.
- Net income was $344 million, reflecting focus on fiscal management and cost reductions.
- CSC was awarded $11.4 billion in new multi-year contracts, increasing recurring revenue sources.
The document is Credit Suisse's condensed consolidated financial statements for the 4th quarter of 2007. It has been revised to reflect a CHF 2.86 billion valuation reduction in certain ABS positions identified by an internal review. This resulted in a CHF 1,177 million reduction to net revenues and CHF 789 million reduction to net income for 4Q07 and full year 2007. The financial statements include consolidated statements of income, balance sheets, changes in shareholders' equity, and notes providing details on accounting policies, business developments, segments, and other financial information.
The document summarizes Credit Suisse's financial results for the first quarter of 2003. Key points include:
- Credit Suisse reported a net profit of CHF 652 million, compared to a net loss of CHF 950 million in the previous quarter.
- Credit Suisse Financial Services saw a net profit increase of 13% compared to the first quarter of 2002, driven by improved results across all business segments.
- Credit Suisse First Boston returned to profitability with a net operating profit of USD 292 million, up from USD 11 million the previous quarter, due to higher fixed income revenues and lower credit provisions.
This document provides the directors' report and consolidated financial statements for EastNets Europe S.A. for the year ended December 31, 2012. It discusses EastNets' mission to deliver resilient, compliant, and convenient financial solutions. It provides an overview of EastNets' customers, products, employees, and financial highlights for 2012. Total income was €8.545 million in 2012, up slightly from €8.441 million in 2011. EBITDA was €4.412 million in 2012, up from €3.694 million the previous year. Profit for the year was €357,000 in 2012, down from €598,000 in 2011.
Highlights of the fourth quarter of 2011. Net sales amounted to SEK 28,369m (27,556) and income for the period was SEK 221m (677), or SEK 0.77 (2.38) per share. Operating income amounted to SEK 1,441m (1,714), corresponding to a margin of 5.1% (6.2), excluding items affecting comparability and non-recurring items.
Highlights of the fourth quarter of 2010. Net sales amounted to SEK 27,556m (28,215) and income for the period was SEK 677m (664), or SEK 2.38 (2.34) per share. Net sales increased by 1.6% in comparable currencies.
Embraer released its first quarter 2012 results. Key highlights include:
- Deliveries of 21 commercial and 13 executive jets, surpassing deliveries in Q1 2011.
- Revenues of $1.16 billion and gross margin of 23.2% for the quarter.
- EBIT margin of 7.4% and EBITDA margin of 12.8% for the quarter, in line with expectations.
- Net income of $62.7 million and earnings per share of $0.3463 for the quarter.
- Net cash position of $301.8 million at the end of the quarter.
Mand a toolkit generating a fcf forecastchrisdoran
This document provides guidance on building a discounted cash flow (DCF) valuation model. It outlines the key steps to build a DCF model, including: 1) entering historical financial data, 2) calculating historical drivers and ratios, 3) projecting initial "vanilla" assumptions, 4) calculating projected financial statements, and 5) debugging the model. It then discusses generating a free cash flow forecast by developing assumptions around a future business "story" and key drivers. The final steps involve building the valuation model to calculate terminal value, equity value, and running sensitivities. Quick checks are also provided to test the model's reasonableness. The overall guidance emphasizes building the model logically and iteratively to generate a credible valuation.
This document provides a summary of Credit Suisse Group's 3rd quarter 2001 results. It reports a net operating profit of CHF 21 million but an overall reported loss of CHF 299 million due to losses at CSFB and unrealized investment losses. It highlights continued net new asset inflows but lower revenues and profits across most business units due to difficult market conditions. It also summarizes asset quality, capital adequacy, results by business unit and other financial details on the quarter.
The document summarizes Veolia Environnement's first half 2009 results. Key points include operating cash flow of €1.978 million, a decline in recurring operating income of 22.2% due to the economic environment, and progress on their 2010 Efficiency Plan and asset disposal program. Veolia maintains their commitments for 2009 and continues developing the Group through contracts and strategic transactions.
This document appears to be a slide presentation on international business given by Dr. Magdy Abdelsattar. The presentation covers various topics related to international business including: components of globalization, analyzing political, economic, social, and cultural environments; approaches to internationalization; international trade theories; foreign exchange; and international business strategy formulation. The presentation contains over 40 slides and touches on many fundamental concepts in international business.
The document discusses 7 predictions for business intelligence trends in government for 2017:
1. Modern BI with self-service analytics will become the new normal for government agencies.
2. The era of open data in government will arrive as more government entities release data to the public.
3. Collaborative analytics using shared dashboards and data will move from niche to essential in government.
Magdy Abdelsattar outlines a sales plan to launch new handset mobile sales in Egypt. The objectives are annual sales growth, new client acquisition, increased product sales and profit margins. The plan targets Egypt's population segments C, D and E which make up 86% of the population and have household incomes below $3,500/month. The go-to-market strategy will use retail outlets, wholesalers, key accounts and telecom operators to sell Eurostar tablets and smartphones. The management team structure includes directors for sales, marketing, finance and logistics, as well as area and branch managers.
There are several reasons to leave a job, including a mismatch between the job requirements and an employee's skills, the job or workplace not meeting expectations, and lack of growth opportunities or recognition. Other reasons are insufficient training, coaching or performance evaluations, loss of trust in management, and stress from overwork or poor work-life balance.
1. Talk to your boss to open lines of communication without seeming desperate. Discuss your day-to-day work but avoid insisting on discussions about your future. Ask for constructive feedback to show you are improving.
2. Look for opportunities to join new teams if you no longer see eye to eye with your boss or if your department faces layoffs. Find teams with growing budgets.
3. Get involved in essential projects core to the company's reputation to improve your chances of avoiding layoffs.
The document outlines 7 reasons not to apply for a job: 1) lacking the required skills or qualifications, 2) insufficient experience in the required areas, 3) failing to meet the educational requirements, 4) the job or company culture not being a good fit, 5) living in a different location than the job, 6) not being able to work the scheduled hours including nights, weekends and holidays, and 7) lacking the necessary connections or client base for some jobs like sales. The document advises only applying if you meet or can demonstrate equivalents for most of the stated requirements.
An employer can generally cut an employee's pay or reduce their hours without cause as long as it is not done discriminatorily. This is because most employees are "at-will" and do not have formal employment contracts or union protections. However, pay cannot be cut below minimum wage and employees must be notified of any pay reductions. While pay cuts are legal, changing an employee's job description or targeting reductions based on protected attributes like race would be considered illegal discrimination.
The document lists 10 potential reasons why someone may not have received a raise at their job. These include: poor timing of the request, lack of company resources to provide raises, lack of strong performance to warrant a raise, failing to properly lay the groundwork by promoting accomplishments, making the request about personal finances rather than value provided, skipping preparation for the discussion, being a difficult employee, employers fearing setting a precedent, salary already being at market rate, and simply not asking for a raise.
The 10 step document outlines a process for successfully changing careers. It begins with evaluating current job satisfaction and assessing interests, values, and skills. Alternative careers are then considered by researching options and discussing with contacts. Several potential fields are evaluated in depth by learning about job options, conducting informational interviews, and job shadowing. New skills are developed through volunteering, classes, and training. The process concludes by considering a new job in the same industry that utilizes existing experience.
This document discusses top e-commerce website builders and what you need to know before launching an online store. It provides an overview of key considerations like available storage space, payment security features, and easy-to-use design. The three most important factors for a successful online shop are to choose a builder with sufficient storage and bandwidth, strong safety protocols like SSL encryption, and a user-friendly site design.
The document discusses the sales management process. It involves setting goals for staff, providing sales support and training, creating or updating the sales strategy, and monitoring results. If goals are not being met, the sales manager will work with other departments like production and marketing to determine the root cause, such as issues with the product, pricing, manufacturing, or customer service. The sales manager will also ensure that proper training and support were provided to sales staff and may provide additional coaching or terminate an employee if needed. It is important for sales managers to recognize top performers and retain high performing employees.
The document discusses push and pull strategies for marketing products. Push strategies involve tactics that get third parties like distributors or retailers to stock a company's products, like trade shows, sales visits, or point-of-sale displays. Pull strategies use tactics that create customer demand for a product, such as advertising, viral marketing, or social media. The push strategy works best for manufacturers seeking to promote products through distributors, while the pull strategy is more effective for service businesses marketing directly to customers. Both strategies have advantages and disadvantages, so a combination may be needed for business growth.
1) Egypt has one of the fastest growing e-commerce markets in the Middle East, with its market expected to reach $2.7 billion by 2020, nearly doubling from $1.4 billion in 2014.
2) Egypt has the largest number of online shoppers in the Arab world at 15.2 million, however other countries like the UAE and Kuwait have higher online shopping rates relative to their population.
3) The largest demographic of Egyptian online shoppers is males between 26-35 years old, who make up about 50% of purchases, while cash remains the most popular payment method.
There are four main types of economic systems. A traditional economy relies on custom and ritual to make choices. A market economy relies on individual consumption choices. A command economy has the government make all decisions. A mixed economy incorporates some government involvement into a market-based system. All economies must deal with the basic scarcity of resources and prioritize how to allocate limited income, time, and resources.
The document provides an overview of the e-commerce sector in Egypt, outlining major trends, players, and challenges. Some of the key challenges facing e-commerce growth in Egypt include a lack of banking options, mistrust of online purchases, and outdated regulations. However, factors such as rising internet and smartphone penetration, as well as Egyptians' enthusiasm for online shopping, make Egypt an appealing market. The document also profiles major e-commerce players in Egypt across various sectors and payment options available.
This document provides a business plan for self-service machines (cash collection machines) in the Middle East and North Africa region from 2012-2014. It includes a market analysis showing strong projected growth in mobile payments in the region from $53.3 billion in 2009 to $75.7 billion in 2014. The business model proposes a turnkey solution for supplying and maintaining self-service machines, with customized software interfaces and cash collection processes for service providers. Financial projections estimate the company can achieve a monthly profit of $4.25 million with a 20% market share of the region's 260 million mobile users.
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1. Rennes International School of Business
ESC RENNES
Executive Master of Business Administration
EMBA
COHORT 1 (2003 - 2004)
Financial Analysis
Conducted by:
Dr. Barbara Majumdar
Financial Analysis
By
Magdy A. Sattar
September, 2003
Cairo, Egypt
2. TABLE OF CONTENTS
Introduction & Objective II
Part 1. Presentation of Siemens 1
1-1 History 1
1-2 Corporation Structure 1
1-3 Financial Statement Presentation 1
Part 2. Efficiency of Siemens Operating Performance & Its Financial Conditions 2
2-1 Siemens Results for 2002 2
2-2 Siemens Cash Flow Chart 2
2-3 Siemens Financial Ratios 3
2-3-1 Liquidity Ratios 4
2-3-2 Operating Ratios 4
2-3-3 Activity Ratios 4
2-3-4 Financial Leverage Ratios 4
2-3-5 Profitability Ratios 4
2-3-6 Efficiency Ratios 4
2-3-7 Summaries 4
Annexes
1. Siemens Business Structure 5
2. Consolidated Statements of Income 6
3. Consolidated Balance Sheets 7
4. Consolidated Statements of Cash Flow 8
5. Siemens four year Summary 9
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3. INTRODUCTION & OBJECTIVE
The purpose of this report is to write a short financial analysis of “SIEMENS”
Consolidated financial statements over the last two years, as it is difficult for me to
analyze the financial statements for the last two years of “MENATEL” the company I
represent for the confidentiality of the data.
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4. SIEMENS PRESENTATION
HISTORY.
Siemens origins trace back to 1847. It became a multi-national business by the end of the
19th century. In 1966 became a stock corporation under the Federal laws of Germany.
With headquarters in Munich, Siemens employed an average of 445,100 people in some
190 countries during fiscal 2002, and net sales of 84.016 billion euros.
Siemens has a balanced business with activities predominantly in the field of electronics
and electrical engineering, holding global leader areas such as telecommunications
equipment, industrial automation, power generation equipment and medical equipment.
CORPORATE STRUCTURE. (Annex 1)
Siemens corporate structure consists of fifteen different business groups active in seven
different business areas. Thirteen of Siemens groups involve manufacturing, industrial
and commercial solutions and services, related more or less to Siemens origins in the
electrical business, are referred to as Siemens “Operations” to distinguish them from
Siemens financial services activities.
The financial services business comprises two additional activities that have a different
character from Siemens other business, also managed differently from operations groups.
Siemens business groups are supported by regional units and central corporate
departments, also operate through hundreds of subsidiaries, some of which are organized
along the lines of Siemens business group and others are organized on a geographical
basis.
In additional to the business groups, Siemens hold non-controlling interests in a number
of businesses.
FINANCIAL STATEMENT PRESENTATION. (Annexes 2,3,4,5)
The consolidated financial statements include the accounts of Siemens AG and all
subsidiaries, which are directly or indirectly controlled. Results of associated companies-
companies in which Siemens, directly or indirectly, has 20% to 50% of the voting rights
and the ability to exercise significant influence over operating and financial policies-are
recorded in the consolidated financial statements using the equity method of accounting.
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5. EFFICIENCY OF SIEMENS OPERATING PERFORMANCE &
ITS FINANCIAL CONDITIONS.
SIEMENS RESULTS FOR 2002.
* Sales level decreased by 3 % of the prior year.
*Gross profit as a percentage of sales increased by 1 % of the prior year this mean
decrease in COGS.
*EBIT increased by 30 % of the prior year.
*Net income increased by 24 % of the prior year.
*Net cash increased by 43.5 % of the prior year.
The results indicates that Siemens has a balanced business globally especially if we know
that the economic conditions during fiscal year 2002, IRAQ WAR, were not a healthy
environment for any business on a global basis.
SIEMENS CASH FLOW CHART.
2002 2001 2000 1999
CFO 5564 7016 6154 3640
CFI 810 5886 435 2876
CFF 859 95 1174 1111
Net increase (decrease) in cash and cash
equivalents.
3394 940 4725 292
Net increase (decrease) in cash and cash
equivalents. (Beginning of the period)
7802 6862 2137 1845
Net increase (decrease) in cash and cash
equivalents. (End of the period)
11,196 7,802 6,862 2137
12000
10000
8000 CFO
6000 CFI
CFF
4000
NC
2000
0
2002 2001 2000 1999
For the fiscal year 2002, net cash provided by operation and investing activities decreased
compared to the prior year and net cash provided by financing activities increased.
For the fiscal year 2001, net cash provided by operation and investing activities increased
compared to the prior year and net cash provided by financing activities decreased.
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6. For the fiscal year 2000, net cash provided by operation and financing activities increased
compared to the fiscal year 1999 and net cash provided by investing activities decreased.
The net cash and cash equivalents at the end of each period was gradually increasing, this
mean that Siemens manage the three generators of cash flow to maintain a gradual
increase and growing for the corporate using mainly its internal sources.
SIEMENS FINANCIAL RATIOS.
2002 2001 Comments
LIQUIDITY RATIOS.
Current Ratio 1.2 1.1 Improve
Quick Ratio 0.96 0.84 Improve
Cash Ratio 0.32 0.17 Improve
OPERATING CYCLE
Number of days Inventory (NDI) 64 76.6 Decrease
Number of days Receivable (NDR) 66 74.4 Decrease
Number of days Payables (NDP) 52 62 Decrease
Net Operating Cycle (NOC) 78 89 Decrease
ACTIVITY RATIOS
Acts receivable turnover 5.5 4.9 Increase
Inventory turnover 5.7 4.8 Increase
Total assets turnover 1.1 0.96 Increase
Fixed assets turnover 7.1 4.8 Increase
Current assets turnover 1.9 1.7 Increase
FINANCIAL LEVERAGE RATIOS
Debt-To-Assets Ratio 30 % 25 % Increase
Debt-To-Equity Ratio 96 % 95 % Increase
Interest rate coverage Ratio 477 % 280 % Increase
PROFITABILITY RATIOS
Gross Profit Margin (GPM) 27.6 % 26.5 % Increase
Operating Profit Margin (OPM) 4.1 % 3% Increase
Net Profit Margin (NPM) 3% 2.4 % Increase
Basic Earning Power Ratio (BEPR) 4.4 % 2.9 % Increase
EFFICIENCY RATIOS
Return On Assets (ROA) 3.3 % 2.3 % Increase
Return On Equity (ROE) 11 % 8.7 % Increase
Equity Multiplier (EM) 3.3 % 3.7 % Decrease
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7. LIQUIDITY RATIOS.
The current ratio improved by more than 10 percent, from 1.1 in 2001 to 1.2 in 2002, the
quick ratio increased from 0.84 to 0.96, also the cash ratio improved by more than 15
percent, from 0.17 in 2001 to 0.32 in 2002, indicating a stronger liquid position. We can
see also that the working capital increased by 2861 million euros in-spite of the net sales
decrease by almost the same amount, 2984 million, indicating that the increasing in the
working capital is due to the cash position.
OPERATING CYCLE
The number of days it takes to sell the inventory decreased by 12.6 days, the average
length of time from sales to cash collection decreased by 8.4 days, the number of days it
takes for Siemens to pay its trade payable decreased by 10 days, the operating cycle as
results decreased by 11 days indicating an improved cash position.
ACTIVITY RATIOS
The number of times it takes receivables to run into cash per year increased by 60 percent
of a cycle reflecting a stronger credit and collection policies, the number of times Siemens
liquidates its inventory over a year increased by 90 percent of a cycle reflecting effective
management controls over inventory, the turnover rate of total assets to achieve net sales
increased from 0.96 in 2001 to 1.1 in 2002 indicating effective use of assets in supporting
sales, the turnover rate of fixed assets to achieve net sales increased by 2.3 times
indicating effective management to put the fixed assets to work to generate revenue.
FINANCIAL LEVERAGE RATIOS
The debt to assets ratio increased by 5 % indicating increase in the proportion of assets
that are financed with debt (long-term in our case), and the debt to equity ratio show the
same increase for relying on long-term debt as sources of capital.
PROFITABILITY RATIOS
The gross profit margin increased by 1.1 % not due to increase in sales, but to cost
reduction in sales cost, the operating profit margin increased from 3 % in 2001 to 4.1 % in
2002 indicating effective management controlling the operating expenses, the net profit
margin increased by 0.6 % indicating a profitable firm.
EFFICIENCY RATIOS
The return on assets increased from 2.3 % in 2001 to 3.3 % in 2002 indicating improved
effective use of all the resources of Siemens, the return on equity increased by 2.3 %
reflected a roughly increase in net income after taxes.
SUMMARY OF FINDINGS
The two-year financial ratio analysis discloses a substantial improvement resulting from: -
*An increase in working capital, (cash), which improved the liquidity position.
*Increased profitability in absolute Euros, affected mainly by price policy, cost
reduction, and controlled expenses.
*Increased efficiency indicated by higher inventory and payable turnovers, stable
receivable turnover.
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8. SIEMENS BUSINESS STRUCTURE
Information and Communication Automation and Control
Informattion & Information &
Automation & Siemens Dematic
Communication Communication
Drives (A&D) (SD)
Networks (ICN) Mobile (ICM)
Siemens Industrial
Siemens Building
Business Solutions &
Technologies (SBT)
Services (SBS) Services (I &S)
Power Transportation
Power
Power Transmission & Transporttion Siemens VDO
Generation
Distribution (PTD0 Systems (TS) Automotive (SV)
(PG)
Medical Lighting
Medical Osram
Solutions
(Med)
Financing and Real Estate
Siemens
Siemens Real
Financial
Estate (SRE)
Services (SFS)
Business Areas
Business Groups
1000
800
600
400
200
0
ICN SBS I&S SBT PTD SV OSRAM SRE
EBIT
Annex 1
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9. Consolidated Statements of Income
For the fiscal years ended September 30, 2002 and 2001 (in millions of €, per share amounts in
€)
Siemens worldwide
2002 2001
Net sales 84,016 87,000
Cost of sales (60,810) (63,895)
Gross profit on sales 23,206 23,105
Research and development expenses (5,819) (6,782)
Marketing, selling and general administration expenses (15,455) (16,640)
Other operating income (expense), net (therein gain on issuance of
subsidiary and associated company stock €37 and €617, respectively) 1,321 2,762
Income (loss) from investments in other companies, net (114) 49
Income (expense) from financial assets and marketable securities, net 18 173
Interest income (expense) of operation, net 94 (32)
EBIT(1) from operations / EBIT lnfineon
Other interest income (expense), net 224 43
Goodwill amortization and purchased in-process R & D expenses of
operations
Gains on sales and dispositions of significant business interests
Other special items
Income (loss) before income taxes 3,475 2,678
Income Taxes(2) (849) (781)
Minority interest (29) 191
Net income (loss) 2,597 2,088
Basic earning per share 2.92 2.36
Diluted earning per share 2.92 2.36
(1)
EBIT is measured as earning before financing interest, income taxes and certain
onetime items. In fiscal 2001, EBIT excluded the amortization of goodwill and
purchased in-process research and development expenses. Beginning October 1,2001,
Siemens adopted the provision of SFAS 142 and no longer amortizes goodwill. Interest
income related to receivables from customers, cash allocated to the segments and
interest expense on payables to suppliers is part of EBIT.
(2)
The income taxes of Eliminations, reclassifications and Corporate Treasury,
Operations, and Financing and Real Estate are based on the consolidated effective
corporate tax rate applied to income before income taxes. The corresponding figures for
fiscal year 2001 are calculated based on the consolidated effective corporate tax rate
excluding Infineon.
(3)
As of December 5, 2001, Siemens deconsolidated Infineon. The results of operations
from Infineon for the first two months of the fiscal year 2002 are included in
Eliminations, reclassifications and Corporate Treasury. AS of December 5, 2001, the
share in earning from Infineon is included in “Income (loss) from investments I other
companies, net” in operations.
The accompanying notes are an integral part of these consolidated financial statements.
Annex 2
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10. Consolidated Balance Sheets
As September 30, 2002 and 2001 (in millions of €)
Siemens worldwide
2002 2001
Assets
Current assets
Cash and cash equivalents 11,196 7,802
Marketable securities 399 791
Accounts receivable, net 15,230 17,734
Intracompany receivables
Inventories, net 10,672 13,406
Deferred income taxes 1,212 1,113
Other Current assets 5,353 10,167
Total curent assets 44,062 51,013
Long-term investments 5,092 3,314
Intangible assets, net 8,843 9,771
Property, plant and equipment, net 11,742 17,803
Deferred income taxes 3,686 3,684
Other assets 4,514 4,533
Other intracompany receivables
Total assets 77,939 90,118
Liabilities and Shareholder’s Equity
Current liabilities
Short-term debt and current maturities of long-term debt 2,103 2,637
Accounts payable 8,649 10,798
Intracompany liabilities
Accrued liabilities 9,608 10,864
Deferred income taxes 661 754
Other Current liabilities 13,691 19,471
Total curent liabilities 34,712 44,524
Long-term debt 10,243 9,973
Pension plans and similar commitments 5,326 4,721
Deferred income taxes 195 111
Other accruals and provisions 3,401 2,957
Other intracompany liabilities
53,877 62,286
Minority interests 541 4,020
Shareholders’ equity
Common stock, no par value
Authorized: 1,145,917,335 and 1,145,773,579 shares, respectively
Issued: 890,374,001 and 888,230,245 shares, respectively 2,671 2,665
Additional paid-in capital 5,053 4,901
Retained earnings 21,471 19,762
Accumulated other comprehensive income (loss) (5,670) (3,516)
Treasury stock, at cost. 49,864 and 1,116 shares, respectively (4)
Total shareholders’ equity 23,521 23,812
Total liabilities and shareholders’ equity 77,939 90,118
The accompanying notes are an integral part of these
consolidated financial statements.
Annex 3
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11. Consolidated Statements of Cash Flow
As September 30, 2002 and 2001 (in millions of €)
Siemens worldwide
2002 2001
Cash flows from operating activities
Net income 2,597 2,088
Adjustments to reconcile net income to cash provided
Minority interest 29 (191)
Amortization, depreciation and impairments 4,126 6,264
Deferred taxes (191) 36
Gains on sales and disposals of business and property, plant and equipment, net,
and gain fromissuance of subsidiary and associated company stock (1,610) (4,429)
(Gains) losses on sales of investments, net (177) 141
Gains on sales and dispositions of significant business interests
Losses (gains) on sales and impairments of marketable securities, net 4 (209)
Losses (income) from equity investees, net of dividends received 298 27
Write-off acquired in-process research and development 195
Change in current assets and liabilities
(Increase) decrease in inventories, net 1,349 (716)
(Increase) decrease in accounts receivable, net 1,763 1,797
Increase (decrease) in outstanding balance of receivables sold (503) 866
(Increase) decrease in other current assets 1,213 (1.397)
Increase (decrease) in accounts payable (899) 467
Increase (decrease) in accrued liabilities (575) 629
Increase (decrease) in other current liabilities (1,025) 2,682
Supplemental contributions to pension trusts (1,782)
Change in other assets and liabilities 947 (1,234)
Net cash provided by (used in) operating activities 5,564 7,016
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment (3,894) (7,048)
Acquisitions, net of cash acquired (3,787) (3,898)
Purchases of investments (332) (410)
Purchases of marketable securities (338) (436)
Increase in receivables from financing activities (172) (619)
Increase (decrease) in outstanding balance of receivables sold by SFS
Proceeds from sales of long-term investments, intangible and property, plant and
equipment 1,218 3,804
Proceeds from sales and dispositions of business 6,097 1,878
Proceeds from sales marketable securities 398 1,143
Net cash (used in) provided by investing activities (810) (5,886)
Cash flows from financing activities
Proceeds from issuance of capital stock 156 514
Purchase of common stock of Company (152) (514)
Proceeds from issuance of treasury shares 81 233
Proceeds from issuance of debt 384 4,141
Repayment of debt (847) (976)
Change in short-term debt 512 (1,828)
Change in restricted cash (2) 45
Dividends paid (888) (1,412)
Dividends paid to minority shareholders (103) (298)
Intercompany financing
Net cash (used in) provided by financing activities (859) (95)
Effect of deconsolidation of Infineon on cash and cash equivalents (383)
Effect of exchange rates on cash and cash equivalents (118) (95)
Net increase (decrease) in cash and cash equivalents 3,394 940
Cash and cash equivalents at beginning of period 7,802 6,862
Cash and cash equivalents at end of period 11,196 7,802
Supplemental disclosure of cash paid for:
Interests 794 779
Income taxes 389 1,098
The accompanying notes are an integral part of these consolidated financial statements.
Annex 4
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12. FOUR-YEAR SUMMARY
2002 2001 2000 1999
Sales and earnings (in millions of euros)
Net sales 84,016 87,000 77,484 68,069
Gross profit on sales 23,206 23,105 21,535 17,909
Research and development expenses 5,819 6,782 5,848 5,260
As apercentage of sales 6.9 7.8 7.5 7.7
Net incom 2,597 2,088 8,860 1,209
Assets, liabilities and shareholders’equity (in millions of euros)
Current assets 44,062 51,013 49,091 44,850
Current liabilities 34,712 44,524 36,855 31,049
Debt 12,346 12,610 9,338 7,492
Long-term debt 10,243 9,973 6,734 4,753
Pension plans and similar commitments 5,326 4,721 2,473 11,540
Shareholders’ 23,521 23,812 28,480 19,138
As apercentage of total assets 30 26 35 27
Total assets 77,939 90,118 81,654 71,720
Cash flows (in millions of euros)
Net cash provided by operating activities 5,564 7,016 6,154 3,640
Amortization, depreciation and impairments 4,126 6,264 4,652 3,594
Net cash uesd in investing activities 810 5,886 435 2,876
Additions to intangible assets, property,plant and equipment 3,894 7,048 5,544 3,998
Net cash used in financing activities 859 95 1,174 1,111
Net increase (decrease) in cash and cash equivalents 3,394 940 4,725 292
Employees
Employees ( in thousands) 624 484 448 437
Employee cost (in millions of euros) 27,195 27,102 26,601 23,126
Annex 5
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