This document provides a summary of the 2016 interim results for the GPT Metro Office Fund. The key points are:
- Funds from operations per unit of 7.97 cents exceeded revised guidance and prior comparative period.
- Distribution per unit of 7.65 cents was in line with prior guidance.
- The portfolio was revalued upwards by $9.4 million, representing a capitalisation rate of 7.09%.
JLL - Tampa Bay 2018 Q2 Industrial OutlookKyle Koller
- Net absorption in the second quarter slowed compared to the first quarter but remained positive, helping to keep overall vacancy rates steady near 4.0%.
- Deliveries of new industrial space matched absorption levels year-to-date, which is unusual and could help alleviate tight availability conditions if deliveries continue.
- Polk County saw the largest absorption gains led by two large moves into a newly delivered distribution center in Auburndale.
Solid finish to fiscal 2014
Core sales growth +4%
Adjusted net income +62%
Adjusted EBITDA margin of 21.0%
Adjusted EPS +56% year over year to $0.50
Water Management growth accelerating as expected
+6% core growth … strong momentum in both Zurn and VAG
Acquired Green Turtle in April … proprietary products expand Zurn portfolio
Process & Motion Control end markets stable/improving
+3% core growth with strong performance in U.S. OEM/Distribution
Adjusted EBITDA increases to 29.2% … 300 basis point improvement year over year
Fiscal 2015 guidance of +3% to +5% core sales growth … adjusted EPS growth
of +20% to +28%
This document discusses various types of financial statement analysis that can be used to analyze the financial performance and position of healthcare organizations. It covers horizontal analysis, vertical analysis, ratio analysis, and calculating specific ratios to evaluate an organization's liquidity, profitability, activity, and capital structure. The learning objectives are to analyze financial statements using these techniques and to calculate and interpret common liquidity, profit, activity, and capital structure ratios.
JLL - Tampa Bay 2018 Q1 Industrial OutlookKyle Koller
The industrial real estate market in Tampa Bay started 2018 strongly, with positive net absorption and declining vacancy. However, a lack of large blocks of available space may limit activity over the year. Nearly 4.5 million square feet of new construction is underway, much of it pre-leased, which will help meet demand. Asking rental rates increased by 0.7% in the first quarter due to tight market conditions and new deliveries are expected to further increase rents throughout 2018. The East Tampa submarket is seeing the largest amount of new development.
Savillsresearch briefing-brisbane-cbd-office-q2-2019Tracy Tam
The document summarizes office market conditions in Brisbane's CBD in June 2019. It finds that office absorption and investment volumes continued to grow over the past year, with investment turnover reaching $2 billion for the first time in six years. Yield pressure remains with A-Grade yields falling 65 basis points over the last year. Leasing activity and demand strengthened, with net absorption up 65% year-over-year. Vacancy fell to 13.0%, its lowest point since 2014, and is forecast to continue declining gradually.
Metsa Group Interim report Q3-2016 - President and CEO Kari Jordan's presenta...Metsä Group
- Metsä Group's sales for Q1-Q3/2016 were EUR 3,483 million, down 9% from the previous year, and comparable operating result was EUR 332 million, down 20% from the previous year.
- Key factors affecting results were lower market prices and sales volumes for pulp as well as start-up costs for a new folding boxboard production line.
- Wood supply and forest services operations delivered a comparable operating result of EUR 22 million, down slightly from the previous year. Kerto LVL sales volumes continued to grow strongly.
- Construction of a new bioproduct mill in Äänekoski progressed on schedule, with nearly 75% completed
Dynamic and flexible 'KPI Dashboard Template'. Ready dashboard template, just plug your actual data. Flexible for the organization or any department's KPI. More: https://www.bizinfograph.com/dashboard-templates/55
The document analyzes freight expense for shipments from February through August 2006. It finds that total freight rates were $73.80/unit after credits. Some key partners had variances compared to Essbase financials. Adjusting entries were booked in September to align expenses with analysis results. Projections show 2006 partner expenses may be $541k over budget due to volume and cost issues. Implementing standards for booking expenses is discussed to improve accuracy.
JLL - Tampa Bay 2018 Q2 Industrial OutlookKyle Koller
- Net absorption in the second quarter slowed compared to the first quarter but remained positive, helping to keep overall vacancy rates steady near 4.0%.
- Deliveries of new industrial space matched absorption levels year-to-date, which is unusual and could help alleviate tight availability conditions if deliveries continue.
- Polk County saw the largest absorption gains led by two large moves into a newly delivered distribution center in Auburndale.
Solid finish to fiscal 2014
Core sales growth +4%
Adjusted net income +62%
Adjusted EBITDA margin of 21.0%
Adjusted EPS +56% year over year to $0.50
Water Management growth accelerating as expected
+6% core growth … strong momentum in both Zurn and VAG
Acquired Green Turtle in April … proprietary products expand Zurn portfolio
Process & Motion Control end markets stable/improving
+3% core growth with strong performance in U.S. OEM/Distribution
Adjusted EBITDA increases to 29.2% … 300 basis point improvement year over year
Fiscal 2015 guidance of +3% to +5% core sales growth … adjusted EPS growth
of +20% to +28%
This document discusses various types of financial statement analysis that can be used to analyze the financial performance and position of healthcare organizations. It covers horizontal analysis, vertical analysis, ratio analysis, and calculating specific ratios to evaluate an organization's liquidity, profitability, activity, and capital structure. The learning objectives are to analyze financial statements using these techniques and to calculate and interpret common liquidity, profit, activity, and capital structure ratios.
JLL - Tampa Bay 2018 Q1 Industrial OutlookKyle Koller
The industrial real estate market in Tampa Bay started 2018 strongly, with positive net absorption and declining vacancy. However, a lack of large blocks of available space may limit activity over the year. Nearly 4.5 million square feet of new construction is underway, much of it pre-leased, which will help meet demand. Asking rental rates increased by 0.7% in the first quarter due to tight market conditions and new deliveries are expected to further increase rents throughout 2018. The East Tampa submarket is seeing the largest amount of new development.
Savillsresearch briefing-brisbane-cbd-office-q2-2019Tracy Tam
The document summarizes office market conditions in Brisbane's CBD in June 2019. It finds that office absorption and investment volumes continued to grow over the past year, with investment turnover reaching $2 billion for the first time in six years. Yield pressure remains with A-Grade yields falling 65 basis points over the last year. Leasing activity and demand strengthened, with net absorption up 65% year-over-year. Vacancy fell to 13.0%, its lowest point since 2014, and is forecast to continue declining gradually.
Metsa Group Interim report Q3-2016 - President and CEO Kari Jordan's presenta...Metsä Group
- Metsä Group's sales for Q1-Q3/2016 were EUR 3,483 million, down 9% from the previous year, and comparable operating result was EUR 332 million, down 20% from the previous year.
- Key factors affecting results were lower market prices and sales volumes for pulp as well as start-up costs for a new folding boxboard production line.
- Wood supply and forest services operations delivered a comparable operating result of EUR 22 million, down slightly from the previous year. Kerto LVL sales volumes continued to grow strongly.
- Construction of a new bioproduct mill in Äänekoski progressed on schedule, with nearly 75% completed
Dynamic and flexible 'KPI Dashboard Template'. Ready dashboard template, just plug your actual data. Flexible for the organization or any department's KPI. More: https://www.bizinfograph.com/dashboard-templates/55
The document analyzes freight expense for shipments from February through August 2006. It finds that total freight rates were $73.80/unit after credits. Some key partners had variances compared to Essbase financials. Adjusting entries were booked in September to align expenses with analysis results. Projections show 2006 partner expenses may be $541k over budget due to volume and cost issues. Implementing standards for booking expenses is discussed to improve accuracy.
This document summarizes Rossi Residencial's 1Q15 earnings presentation.
The presentation shows that Rossi has improved its cash generation trend in recent years and generated R$494 million in proportional cash over the last 12 months. It also provides updates on Rossi's strategic plan achievements, including a focus on cash generation, G&A efficiency, and increasing Rossi Vendas' stake.
Operational highlights include gross sales results for 1Q15 and details on reducing inventory and focusing on strategic regions. Financial results indicate a reduction in debt levels compared to prior quarters along with details on cash, debt balances, and cash flow drivers.
23.ICV Srbija sastanak - Kako izgleda controlling u mojoj kompaniji, 30.09.20...Menadžment Centar Beograd
The document discusses the role of controllers in controlling organizations. It provides details on:
1) How controlling is set up as a department in every shared service center covering Publicis worldwide operations to consolidate systems, lower overhead costs, and provide centralized administration.
2) The types of monthly, quarterly, and yearly reports controllers generate including P&L, balance sheet, workforce trends, and financial reports.
3) The importance of controlling as a driver of growth, support for negotiations, clear picture and decision making, variance reduction, profit protection, investment security, and diagnosis.
NNIT reported financial results for the first quarter of 2018. Revenue declined 2.3% to DKK 699 million due to a 20% decline in revenue from Novo Nordisk. Operating profit was DKK 61 million with an operating margin of 8.7%. Order backlog for 2018 increased 2.8% to DKK 2,487 million. Major new contract wins in the quarter included an infrastructure outsourcing contract and an SAP implementation project. The outlook for 2018 was maintained.
- Rockwell Automation reported fiscal year 2017 fourth quarter and full year financial results in a conference call on November 8, 2017.
- For the fourth quarter, organic sales were up 5.6% year-over-year and adjusted EPS was $1.69, which included restructuring charges and a gain from divesting a business.
- For the full fiscal year, organic sales increased 6.1% and adjusted EPS grew 14% to $6.76, with strong free cash flow conversion.
Rockwell Automation is a global company dedicated to industrial automation and information solutions, with over 22,000 employees in 80+ countries. It has two business segments - Control Products & Solutions, which accounts for $3.2 billion in annual sales, and Architecture & Software, which accounts for $2.6 billion. Rockwell Automation focuses on helping customers achieve faster time to market, improved asset utilization, lower total cost of ownership, and enterprise risk management through its innovative control systems, software, industrial networks, and value-added services.
'CFO Dashboard'. Dynamic and flexible dashboard for CFO to monitor the progress of profitability, cash flow, and balance sheet indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/51
Third Quarter of Fiscal Year Ending March 2018(FY2017) Financial HighlightsRicohLease
Ricoh Leasing Company reported financial results for the third quarter of FY2017 ending March 2018. Net sales increased 2.1% year-over-year to 227.1 billion yen due to steady growth in operating assets. Operating profit of 12.7 billion yen progressed as expected despite higher expenses. For the full year, the company forecasts net sales growth of 2.1% and operating profit decline of 3.1%, with continued expansion of operating assets and a focus on strategic investments.
Technopolis Plc reported continued growth in the first three quarters of 2017. Financial occupancy rates rose to 94.4% while net sales and EBITDA grew 5.4% year-over-year on a constant currency basis. Services continue to be a key focus, with service income up 15.7% and EBITDA growing 72.8% year-over-year. Organic expansion projects totaling €93.9 million are underway across multiple campuses. Guidance for 2017 remains unchanged with an expectation that net sales and EBITDA will improve over 2016 levels.
'CEO Dashboard'. Present monthly business performance to your CEO in a world-class, dynamic, and flexible dashboard. Ready dashboard, just plug your data. More: https://www.bizinfograph.com/dashboard-templates/50
Google reported strong Q4 2008 results, with 18% year-over-year revenue growth to $5.7 billion. Revenue from Google properties grew 22% year-over-year while network revenues increased 4% year-over-year. The company maintained operational efficiency despite a difficult economic environment, with costs and expenses declining to 67% of revenues. Non-GAAP net income was $1.6 billion, with EPS of $5.10.
'Financial Dashboard'. Dynamic and flexible dashboard for the finance team to monitor the progress of financial indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/52
Fletcher Building reported a 3% increase in revenue to $8.661 billion for the year ended June 2015. Operating earnings before significant items rose 5% to $653 million, while net earnings before significant items increased 10% to $399 million. The company saw strong growth in the New Zealand construction and housing markets, while the Australian business was impacted by declines in the resources sector. Key divisions such as Concrete and Cement in New Zealand performed well, while the Plastic Pipes business in Australia struggled with increased competition.
Year-End Report Presentation 2014 Husqvarna GroupHusqvarna Group
- Q4 2014 results showed continued improved performance for Husqvarna Group, with the seasonal operating loss declining to SEK -230m compared to SEK -308m in Q4 2013. The EBIT increase was driven by higher gross margins.
- For the full year, operating income increased 47% to SEK 2,358m, with the EBIT margin improving 1.9 percentage points to 7.2%. However, a non-recurring impairment charge of SEK -767m was recorded.
- The board proposed a dividend of SEK 1.65 per share, up from SEK 1.50 previously. A new organizational structure and divisional reporting was also implemented from January 1, 2015.
The industrial vacancy rate in Austin dropped to 7.8% by the end of 2015, falling 270 basis points over the year. Net absorption for the year reached over 2 million square feet. Rental rates decreased slightly to $9.32 per square foot on average. Over 1 million square feet of industrial space was under construction in Q4, including an 855,000 square foot Amazon distribution center.
- Operating income for Q2 2015 was up 22% to SEK 1,675m compared to SEK 1,373m in Q2 2014, with the operating margin improving 1.3 percentage points to 13.7%.
- High margin divisions like Husqvarna and Gardena saw growth in net sales.
- Continued benefits from the Accelerated Improvement Program and currency exchange rates led to improved performance.
- Product mix was improved through a focus on higher profit products and reducing material costs.
- Further cost reductions planned for 2016-17 to fund growth investments and mitigate currency impacts going forward.
Technopolis Plc reported strong financial results for the first half of 2017, with increases in key metrics like net sales, EBITDA, and financial occupancy rate compared to the same period last year. Services are becoming an increasingly important contributor to revenue and profits. The company is progressing on implementing its revised strategy, which includes expanding its coworking network and development projects, with the goal of spending €200-250 million on organic growth by 2020. Technopolis reiterated its full-year guidance and expects continued improvement over 2016 based on its current property portfolio.
- Sales declined 3% for the quarter but operating income was up 22% due to a favorable sales mix between divisions and continued margin improvements from the Accelerated Improvement Program.
- While the first quarter saw strong results, currency trends are expected to negatively impact margins going forward. Additional cost-cutting measures are planned to reach the 2016 target of 10% operating margin.
- The new divisional organization structure is working well but recent currency fluctuations may make reaching financial targets difficult without further efficiency improvements.
NTPC reported mixed Q2 FY16 results with revenue and EBITDA in line with expectations but profit above expectations due to higher tax credit. Revenue grew 6.9% to Rs. 178,985.1 million from higher generation capacity and plant load factor. EBITDA grew 24.3% due to lower fuel costs and margins expanded 315 basis points. Profit grew 39.9% due to a tax credit of Rs. 7,296.8 million compared to an expected tax expense. NTPC is expected to benefit from economic recovery driving power demand growth. The stock is rated a Buy with a target price of Rs. 169 per share.
- The presentation summarizes Husqvarna's Q2 2014 results, noting strong demand across forest and garden segments but decreasing growth rates. Operating income for the group was up 35% and the net debt to equity ratio improved.
- Husqvarna announced a new brand-driven organization to be implemented in January 2015 in order to better focus on customer needs and drive further differentiation in its business models. Key brands will become separate divisions.
- An accelerated improvement program aims to achieve a 10% operating margin by 2015 and has supported results improvement through cost reductions and prioritized product sales.
'Cash Flow Dashboard'. Keep focusing on the indicators that matter to your cash flow management. Dynamic and flexible dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/53
thyssenkrupp's expertise in large infrastructure and construction makes them a perfect match for the key growth sectors in the Indian industry, the Elevator industry being one of them.
*NEW* The Public Relations Professional Course: Everything you need to knowIdagu007
Frequently asked questions and answers concerning the professional certification course of the Nigerian Institute of Public Relations. A coordinated by the Public Relations Academy.
This document summarizes Rossi Residencial's 1Q15 earnings presentation.
The presentation shows that Rossi has improved its cash generation trend in recent years and generated R$494 million in proportional cash over the last 12 months. It also provides updates on Rossi's strategic plan achievements, including a focus on cash generation, G&A efficiency, and increasing Rossi Vendas' stake.
Operational highlights include gross sales results for 1Q15 and details on reducing inventory and focusing on strategic regions. Financial results indicate a reduction in debt levels compared to prior quarters along with details on cash, debt balances, and cash flow drivers.
23.ICV Srbija sastanak - Kako izgleda controlling u mojoj kompaniji, 30.09.20...Menadžment Centar Beograd
The document discusses the role of controllers in controlling organizations. It provides details on:
1) How controlling is set up as a department in every shared service center covering Publicis worldwide operations to consolidate systems, lower overhead costs, and provide centralized administration.
2) The types of monthly, quarterly, and yearly reports controllers generate including P&L, balance sheet, workforce trends, and financial reports.
3) The importance of controlling as a driver of growth, support for negotiations, clear picture and decision making, variance reduction, profit protection, investment security, and diagnosis.
NNIT reported financial results for the first quarter of 2018. Revenue declined 2.3% to DKK 699 million due to a 20% decline in revenue from Novo Nordisk. Operating profit was DKK 61 million with an operating margin of 8.7%. Order backlog for 2018 increased 2.8% to DKK 2,487 million. Major new contract wins in the quarter included an infrastructure outsourcing contract and an SAP implementation project. The outlook for 2018 was maintained.
- Rockwell Automation reported fiscal year 2017 fourth quarter and full year financial results in a conference call on November 8, 2017.
- For the fourth quarter, organic sales were up 5.6% year-over-year and adjusted EPS was $1.69, which included restructuring charges and a gain from divesting a business.
- For the full fiscal year, organic sales increased 6.1% and adjusted EPS grew 14% to $6.76, with strong free cash flow conversion.
Rockwell Automation is a global company dedicated to industrial automation and information solutions, with over 22,000 employees in 80+ countries. It has two business segments - Control Products & Solutions, which accounts for $3.2 billion in annual sales, and Architecture & Software, which accounts for $2.6 billion. Rockwell Automation focuses on helping customers achieve faster time to market, improved asset utilization, lower total cost of ownership, and enterprise risk management through its innovative control systems, software, industrial networks, and value-added services.
'CFO Dashboard'. Dynamic and flexible dashboard for CFO to monitor the progress of profitability, cash flow, and balance sheet indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/51
Third Quarter of Fiscal Year Ending March 2018(FY2017) Financial HighlightsRicohLease
Ricoh Leasing Company reported financial results for the third quarter of FY2017 ending March 2018. Net sales increased 2.1% year-over-year to 227.1 billion yen due to steady growth in operating assets. Operating profit of 12.7 billion yen progressed as expected despite higher expenses. For the full year, the company forecasts net sales growth of 2.1% and operating profit decline of 3.1%, with continued expansion of operating assets and a focus on strategic investments.
Technopolis Plc reported continued growth in the first three quarters of 2017. Financial occupancy rates rose to 94.4% while net sales and EBITDA grew 5.4% year-over-year on a constant currency basis. Services continue to be a key focus, with service income up 15.7% and EBITDA growing 72.8% year-over-year. Organic expansion projects totaling €93.9 million are underway across multiple campuses. Guidance for 2017 remains unchanged with an expectation that net sales and EBITDA will improve over 2016 levels.
'CEO Dashboard'. Present monthly business performance to your CEO in a world-class, dynamic, and flexible dashboard. Ready dashboard, just plug your data. More: https://www.bizinfograph.com/dashboard-templates/50
Google reported strong Q4 2008 results, with 18% year-over-year revenue growth to $5.7 billion. Revenue from Google properties grew 22% year-over-year while network revenues increased 4% year-over-year. The company maintained operational efficiency despite a difficult economic environment, with costs and expenses declining to 67% of revenues. Non-GAAP net income was $1.6 billion, with EPS of $5.10.
'Financial Dashboard'. Dynamic and flexible dashboard for the finance team to monitor the progress of financial indicators. Ready dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/52
Fletcher Building reported a 3% increase in revenue to $8.661 billion for the year ended June 2015. Operating earnings before significant items rose 5% to $653 million, while net earnings before significant items increased 10% to $399 million. The company saw strong growth in the New Zealand construction and housing markets, while the Australian business was impacted by declines in the resources sector. Key divisions such as Concrete and Cement in New Zealand performed well, while the Plastic Pipes business in Australia struggled with increased competition.
Year-End Report Presentation 2014 Husqvarna GroupHusqvarna Group
- Q4 2014 results showed continued improved performance for Husqvarna Group, with the seasonal operating loss declining to SEK -230m compared to SEK -308m in Q4 2013. The EBIT increase was driven by higher gross margins.
- For the full year, operating income increased 47% to SEK 2,358m, with the EBIT margin improving 1.9 percentage points to 7.2%. However, a non-recurring impairment charge of SEK -767m was recorded.
- The board proposed a dividend of SEK 1.65 per share, up from SEK 1.50 previously. A new organizational structure and divisional reporting was also implemented from January 1, 2015.
The industrial vacancy rate in Austin dropped to 7.8% by the end of 2015, falling 270 basis points over the year. Net absorption for the year reached over 2 million square feet. Rental rates decreased slightly to $9.32 per square foot on average. Over 1 million square feet of industrial space was under construction in Q4, including an 855,000 square foot Amazon distribution center.
- Operating income for Q2 2015 was up 22% to SEK 1,675m compared to SEK 1,373m in Q2 2014, with the operating margin improving 1.3 percentage points to 13.7%.
- High margin divisions like Husqvarna and Gardena saw growth in net sales.
- Continued benefits from the Accelerated Improvement Program and currency exchange rates led to improved performance.
- Product mix was improved through a focus on higher profit products and reducing material costs.
- Further cost reductions planned for 2016-17 to fund growth investments and mitigate currency impacts going forward.
Technopolis Plc reported strong financial results for the first half of 2017, with increases in key metrics like net sales, EBITDA, and financial occupancy rate compared to the same period last year. Services are becoming an increasingly important contributor to revenue and profits. The company is progressing on implementing its revised strategy, which includes expanding its coworking network and development projects, with the goal of spending €200-250 million on organic growth by 2020. Technopolis reiterated its full-year guidance and expects continued improvement over 2016 based on its current property portfolio.
- Sales declined 3% for the quarter but operating income was up 22% due to a favorable sales mix between divisions and continued margin improvements from the Accelerated Improvement Program.
- While the first quarter saw strong results, currency trends are expected to negatively impact margins going forward. Additional cost-cutting measures are planned to reach the 2016 target of 10% operating margin.
- The new divisional organization structure is working well but recent currency fluctuations may make reaching financial targets difficult without further efficiency improvements.
NTPC reported mixed Q2 FY16 results with revenue and EBITDA in line with expectations but profit above expectations due to higher tax credit. Revenue grew 6.9% to Rs. 178,985.1 million from higher generation capacity and plant load factor. EBITDA grew 24.3% due to lower fuel costs and margins expanded 315 basis points. Profit grew 39.9% due to a tax credit of Rs. 7,296.8 million compared to an expected tax expense. NTPC is expected to benefit from economic recovery driving power demand growth. The stock is rated a Buy with a target price of Rs. 169 per share.
- The presentation summarizes Husqvarna's Q2 2014 results, noting strong demand across forest and garden segments but decreasing growth rates. Operating income for the group was up 35% and the net debt to equity ratio improved.
- Husqvarna announced a new brand-driven organization to be implemented in January 2015 in order to better focus on customer needs and drive further differentiation in its business models. Key brands will become separate divisions.
- An accelerated improvement program aims to achieve a 10% operating margin by 2015 and has supported results improvement through cost reductions and prioritized product sales.
'Cash Flow Dashboard'. Keep focusing on the indicators that matter to your cash flow management. Dynamic and flexible dashboard, just plug your data. More:https://www.bizinfograph.com/dashboard-templates/53
thyssenkrupp's expertise in large infrastructure and construction makes them a perfect match for the key growth sectors in the Indian industry, the Elevator industry being one of them.
*NEW* The Public Relations Professional Course: Everything you need to knowIdagu007
Frequently asked questions and answers concerning the professional certification course of the Nigerian Institute of Public Relations. A coordinated by the Public Relations Academy.
This document contains the contact information and career experience of Mohammed Abdel Fattah Mohammed Elleboudi. It details his experience working in finance and administration roles for various can making and beverage companies in Egypt and Saudi Arabia from 1968 to present. The document also provides a detailed list of Elleboudi's qualifications and responsibilities in his roles, including accounting, budgeting, costing, inventory control, financial reporting, and supervising finance department staff.
Download tại
http://share-connect.blogspot.com/2015/04/giao-trinh-kien-truc-cong-nghiep.html
Tài liệu lưu hành nội bộ, Trường Đại học Bách Khoa - Khoa Xây dựng dân dụng và công nghiệp - Bộ môn Kiến trúc, biên soạn Trương Hoài Chính, năm 2004.
This one sentence document does not provide enough context or information to create an accurate 3 sentence summary. The document contains only one word - "Lorem" - which is not meaningful on its own.
Use of robotics will be essential in construction and maintenance due to multistoreyed structures coming up, safety, quality and limited time available for construction and maintenance activities.
Gema Martín ofrece la Danza Sensual Terapéutica para centros de coaching, la cual combina danzas sensuales con herramientas de desarrollo personal para ayudar a los clientes a superar miedos y limitaciones internas de manera lúdica y terapéutica. Según testimonios de alumnos, las clases de Gema Martín han aportado bienestar al despertar la imaginación, creatividad y sensualidad. La Danza Sensual Terapéutica está dirigida tanto a mujeres como a hombres y ofrece grupos especial
The document compares the author's college magazine to their music magazine, noting the differences and how they have evolved. Some key differences include:
- The music magazine masthead uses a slight glowing effect while the college magazine does not
- The cover lines are much smaller in the music magazine to avoid crowding the page
- The puff used vibrant colors and informal language in the music magazine to appeal to teenagers, unlike the college magazine puff
- The magazine images feature the same model against different backgrounds, with the music magazine choosing a black background to draw attention to colors used.
Courtney Wells is seeking an entry-level or assistant manager position with experience in customer service, stocking shelves, and operating cash registers. She graduated from Beaufort High School in 2009 and has over 5 years of retail experience, most recently as an assistant manager at Fastrac and Uhaul where she assisted customers, ran registers, and ensured cleanliness.
El documento analiza el papel del imaginario social en la construcción de identidades políticas a lo largo de la historia del pensamiento occidental. Explora cómo el imaginario ha sido tratado en el pensamiento griego, renacentista, moderno y contemporáneo, y destaca su importancia en la formulación de discursos y propuestas políticas. Finalmente, enfatiza la relevancia de valores, socialización y códigos en el desarrollo de imaginarios sociales que generen sentidos de pertenencia política.
Earnings Release Presentation - Second Quarter 2010 (2Q10).MRVRI
MRV reported financial results for the second quarter of 2010, with net revenue increasing year-over-year to R$705.1 million and net income rising to R$188.9 million. The company launched 45 new projects totaling R$1.1 billion during the quarter and saw contracted sales grow to R$981.9 million. MRV also provided guidance for 2010 of contracted sales between R$3.7-4.3 billion and an EBITDA margin of 25-28%.
Extra Credit Assignment, Econ 140 (3)Choose any topic discussed.docxnealwaters20034
Extra Credit Assignment, Econ 140 (3%)
Choose any topic discussed in the managerial economics class and write a 3 – 5 page essay with the following specifications.
1. Typed – Double spaced
2. Font Size - 12
3. Margins – 1 inch (top, bottom, right and left)
The paper should consist of the following:
(a) A discussion on your selected topic covering the main points.
(b) At least one news article related to the chosen topic, showing the application of the concept in the real world. You can easily find such news articles on google.
(c) Write in your own words what you’ve understood from the article(s) and how this relates to what you have learned in the Econ 140 class.
(d) Download (or scan) the articles and upload them along with your paper. The articles will not be included in the page count.
Other Requirements:
· Title of the paper and Your Name (Top corner of the first page)
· References (These should be on the last page of the assignment)
You can earn a maximum of 3% on this assignment. The grading TA’s decision regarding your assignment grade will be final; the assignment is not subject to grade-disputes. The assignments will be randomly distributed among the TAs for grading purpose.
(Keep in mind that late submissions or submissions via email will not be graded.)
1
Front Page
2
Memo
TO:
FROM:
DATE:
SUBJECT:
<text follows>
3
Table of contents
Appendix 1: Pro Forma FCF Page 4
Appendix 2 : Weighted Average Cost of Capital Page 5
Appendix 3 : Balance Sheets Page 6
Appendix 4 : Income Statements Page 8
Appendix 5 : Statements of Cash Flows Page 10
Appendix 6 : 10K Data Collection Page 11
Appendix 7: Market Return and Beta Page 12
4
Pro Format FCF
Value Drivers
Sales Growth 4.07%
Directly related to sales
Operating Expens es (excluding depreciation) 89.86%
Operating Current Assets 17.16%
Operating Current Liabilities 14.31%
Capital Expenditures 4.22%
Not directly related to sales
Depreciation Rate 6.09%
Interest Rate on Debt 5.53%
Interest Rate on ST Inves tments 1.73% <-- 1-year treasury yield (https://www.federalreserve.gov/releases/h15/)
Tax Rate 36.34%
Long term growth rate 0.00%
Unlevered Free Cash Flows Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 Jan-28 Jan-29
Sales $17,255,546 $17,958,617 $18,690,334 $19,451,865 $20,244,425 $21,069,276 $21,927,736 $22,821,174 $23,751,014 $24,718,741
Operating Expenses $15,506,519 $16,138,326 $16,795,877 $17,480,219 $18,192,444 $18,933,688 $19,705,135 $20,508,013 $21,343,605 $22,213,242
Depreciation $620,940 $665,274 $711,414 $759,435 $809,412 $861,425 $915,557 $971,895 $1,030,529 $1,091,552
Earnings Before Interest And Taxes $1,128,087 $1,155,017 $1,183,043 $1,212,212 $1,242,569 $1,274,163 $1,307,044 $1,341,265 $1,376,881 $1,413,947
Taxes $409,958 $419,745 $429,930 $440,530 $451,562 $463,044 $474,993 $487,429 $500,372 $513,842
Net Income $718,129 $735,272 $753,114 $771,682 $791,.
This presentation discusses how to build an effective financial model for a business. A financial model shows revenues, profits, cash needs, hiring plans, and runway over a 5-year period. It also includes a sensitivity analysis. The model proves whether the business can make money and scale over time. The document provides guidance on building income statements, balance sheets, cash flow statements, and assumptions for revenues, costs, expenses, and headcount over multiple years. It cautions against underestimating costs and cash burn and stresses the importance of financial planning and oversight.
The document provides an overview of Thiensurat Group's business, financial highlights for Q1 2017, and outlook for 2017. Key highlights include total revenues of 456 million baht for Q1 2017, a focus on expanding electric appliance sales and improving debt collection, and targets for 2017 including decreasing bad debts and increasing total revenues to 2,000 million baht.
Office transaction volume in 2015 was $146 billion, up 16% year-over-year. Mega-deals involving portfolio and entity-level sales drove much of the growth, increasing 36% and accounting for $40.6 billion in transactions. Foreign investment reached new highs and contributed to the rise in mega-deals. Commercial property prices increased 14% overall according to preliminary estimates, though price growth has begun to moderate as capitalization rates hit floors. Transaction volume grew faster for suburban assets, up 26% to $78.9 billion, while central business district asset sales rose only 6% to $66.9 billion.
Presentation Material for 2Q / Mar. 2019RicohLease
This document provides financial highlights and results for Ricoh Leasing Company's second quarter of fiscal year 2019, which ended in September 2018. It summarizes that net sales increased 2.8% year-over-year to a record high of 155.4 billion yen due to steady growth in operating assets. Gross profit also increased 3.9% to a record high of 16.1 billion yen. Operating profit rose 2.2% to 8.6 billion yen, while net income grew 3.9% to 5.9 billion yen. Both leases/installment sales and financial services businesses contributed to these gains. Transaction volumes and operating assets continued trending upward.
Earnings Release Presentation - Third Quarter 2010 (3Q10).MRVRI
MRV reported its strongest third quarter results in the company's history in terms of net revenue, EBITDA, and net income. Key metrics such as EBITDA margin and net margin increased compared to the prior year. The company also saw increases in average project size, allowing for economies of scale. MRV maintained its position as the largest operator in Brazil's government housing program "Minha Casa Minha Vida" and operator with the largest number of contracted units.
The document summarizes the financial performance of ABC Brasil for 4th quarter and full year 2011. Key highlights include:
- Net income for 2011 was BRL 236.0 million, with BRL 60.6 million in 4Q11.
- Annualized ROAE was 16.6% for 2011 and 16.4% for 4Q11.
- The credit portfolio reached BRL 12,854.8 million by end of 2011, up from BRL 11,588.4 million in 2010.
- The number of clients increased to 1,879 in 2011 from 1,626 in 2010.
RioCan Investor Presentation provides an overview of the company's portfolio, financial highlights, and conservative capital structure. Key points include:
- RioCan owns 340 retail properties in Canada and the US totaling 81 million square feet and valued at $14.9 billion.
- The portfolio has high occupancy rates around 97% and a well-distributed lease maturity profile.
- Financial highlights show growing revenues, FFO, and distributions with a conservative payout ratio around 85%.
- RioCan maintains a modest debt-to-assets ratio of 44.2% and strong interest coverage, adhering to a conservative capital structure.
This document provides snapshots of several construction companies, including Tutor Perini Corporation, Granite Construction, Inc., Sterling Construction Co., Inc., AECOM, Emcor Group, Inc., and MYR Group, Inc. It includes details on their balance sheets, income statements, recent news, conference calls, and valuation multiples. For each company, financial data from 2012-2016 is presented along with notes from recent earnings calls discussing business trends, bidding activity, and progress on key projects.
Star America Capital Advisors have developed a succinct summary of publicly traded construction companies based in the United States. The following presentation summarizes financial highlights of the following U.S. based contractors: Tutor Perini, Granite, Sterling, AECOM, Emcor, and MYR Group.
- The document provides an earnings presentation for Rossi Residencial for the second quarter and first half of 2015, including operational and financial highlights.
- Operationally, gross sales increased year-over-year in the second quarter driven by sales in strategic regions. Inventory was reduced in non-core areas.
- Financially, cash generation was R$687 million for the first half of 2015, reducing corporate debt levels. The net debt to equity ratio improved.
- The strategic plan focuses on increasing profitability and cash generation through initiatives like reducing costs and focusing operations in core regions.
This document provides an investor presentation for ABC Brasil for the fourth quarter of 2011. It summarizes the company's business segments, financial highlights, and competitive environment. ABC Brasil focuses on providing loans and structured products to mid-sized and large companies in Brazil. Over the periods reported, the company grew its credit portfolio, maintained strong credit quality, and increased revenues from services like guarantees issued.
The document provides a pro-forma income statement and sensitivity analyses for a proposed delivery service business over 5 years. Key metrics like revenue, costs, margins, and their sensitivities to input variables are projected. The tornado diagram shows that revenue in year 5 is most sensitive to changes in $/transaction, number of transactions/year, and number of customers in service areas. Operating margin per order is most sensitive to $/transaction, cost of goods sold percentage, and delivery cost per order.
The document provides historical returns and projected returns for various asset classes over 10-year periods. It then shows the impact of different strategic asset allocations (SAAs) with low, medium, and high equity exposure on the ending capital balance after 10 years under various inflation-beating return targets. Monthly and annual returns are also provided for the different SAAs. Tables show the ending capital balance and impact of annual withdrawals at various rates on the ending balance.
The document summarizes the financial results of Banco ABC Brasil S.A. for the 4th quarter of 2012. Some key highlights include:
- Net income for 2012 totaled BRL 226.6 million, with BRL 59.6 million in the 4th quarter.
- The expanded credit portfolio reached BRL 15.3 billion by the end of 2012, with BRL 13.2 billion in the Corporate segment and BRL 2.1 billion in the Middle Market segment.
- Return on average equity was 14.3% for 2012 and 14.4% for the 4th quarter.
The document also provides guidance for 2013, estimating expanded credit portfolio growth of 14-
This document provides an overview of RioCan Real Estate Investment Trust's (RioCan) 2016 year-end results and key financial metrics. It discusses RioCan's portfolio size and composition, core strengths, stable tenant base, conservative balance sheet and debt profile, and financial highlights such as funds from operations, same property NOI growth, distributions to unitholders, and interest coverage ratios. Non-GAAP measures are used to assess performance and are defined in RioCan's MD&A. Forward-looking statements are also present and associated risks outlined.
This document provides an overview and financial highlights of TRC Companies Inc.'s performance in the first quarter of fiscal year 2016. Some key points:
- Net service revenue increased 8% year-over-year to $100.2 million, with growth across all segments.
- Operating income increased 28% to $7.7 million and EBITDA increased 20% to $9.9 million.
- Net income increased 29% to $4.5 million and backlog increased 23% to $319 million.
- The environmental segment saw 11% revenue growth, while the energy and infrastructure segments grew revenues by 5% and 9% respectively.
- Segment profits increased in energy and
This document provides an investor presentation for Banco ABC Brasil covering their strategy, business segments, funding and capital base, and financial highlights. It summarizes that Banco ABC Brasil focuses on providing commercial banking services to large corporate and middle-market clients in Brazil. Their strategy is to increase profitability per large corporate client through cross-selling more products, and grow their middle-market client base. They have a diversified funding base and strong capital and financial ratios.
1. Facebook was founded in 2004 and had its IPO in 2012, initially pricing shares at $38. It now has over 1.5 billion monthly active users and generates nearly all of its revenue from advertising.
2. Facebook has posted impressive revenue growth in recent years, driven by growth in mobile advertising, but greater operating costs have constrained profit growth.
3. The company is well-positioned for continued growth as it benefits from increasing global internet usage and engagement, especially on mobile. It is investing heavily to help new projects and acquisitions reach scale.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The Impact of Generative AI and 4th Industrial RevolutionPaolo Maresca
This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
2. 2
7.97c
Successful delivery, ahead of PDS
7.65c
Exceeded revised earnings guidance
Six months to 31 Dec 15
Earnings per unit Distribution per unit
$2.15 28.3%
Solid capital management
NTA per unit Net gearing
$412.9m 94.1%
Quality portfolio of 100% A-Grade office assets
Asset portfolio
representing a $9.4m
asset revaluation uplift
Office occupancy¹
16.1c - 16.3c
15.35c
Growth outlook – FY16 Guidance
Earnings
per unit
Distribution
per unit
within 90% - 100% payout ratio
2016 Interim Result Highlights
1. Includes rental guarantees.
3. 3Financial summary
2016 Interim Result Summary
6 months to 31 December 2015 ($m) Actual PDS Change (%)
Net Profit After Tax (NPAT) 18.3 10.9 68.1
Less: Valuation increases (9.4) 0.0
Add: Treasury items marked to market 1.2 0.0
Less: Other items1 0.1 (0.3)
Distributable Earnings / Funds From Operations (FFO) 10.2 10.5 2.5
Divided by: Number of weighted average units on issue (million) 128.5 127.6
Distributable Earnings / Funds From Operations per unit (cents)2 7.97 8.23
1. Other includes amortisation expense, profit/(loss) on sale and the tax impact.
2. Revised guidance of 7.84 cents per unit was provided at the 2015 Annual Result.
IPO Allotment to 31 December 2015 (PDS) Actual PDS Change (%)
Distributable Earnings / Funds From Operations per unit (cents) 19.25 18.56 3.7
4. 4Financial summary
2016 Interim Result Summary
6 months to 31 December 2015 ($m) Actual PDS Change ($m)
Portfolio net income 14.0 14.1 0.1
Net financing costs (2.7) (2.8) 0.1
Responsible Entity fee (1.3) (1.1) 0.2
Management and administrative expenses (0.5) (0.5) -
Other items1 0.7 0.9 0.2
Funds From Operations (FFO) 10.2 10.5 0.3
Retained earnings (0.4) (0.7) 0.3
Distribution 9.8 9.8 -
Distribution per unit (cents) 7.65 7.65 -
Prior period surrenders
30 bps of GAV per half
96% payout ratio
1. Other includes amortisation expense, profit/(loss) on sale and the tax impact.
IPO Allotment to 31 December 2015 (PDS) Actual PDS Change (%)
Distribution per unit (cents) 17.80 17.46 1.9
20 bps lower
average cost of debt
5. 5Strong balance sheet with conservative gearing
Capital Management
31 Dec 15 30 Jun 15 Change
Net tangible assets per unit $2.15 $2.09 3.1%
Total borrowings $119.4m $119.5m 0.1%
Net gearing 28.3% 28.9% 60 bps
Weighted average cost of debt 4.6% 4.8% 20 bps
Weighted average term to maturity 4.1 years 3.6 years 0.5 years
Interest cover ratio 4.6 times 6.7 times1 2.1 times
Weighted average term of interest rate hedging 4.8 years 5.3 years 0.5 years
Average interest rate hedging over hedge term 69% 71% 200 bps
Active capital management
• Both loans refinanced
• 12 month extension
• 5 basis points lower margin and fees
1. Excluding capitalised interest related to the 3 Murray Rose Avenue development, the interest cover ratio was 4.7 times.
6. 6Maintaining strong portfolio metrics
Fund Update
Moving to Quarterly Distribution Payments
• Increased frequency – more regular income returns
• Commencing March 2016
Revaluations
3 Murray Rose Avenue, Sydney Olympic Park
• 3.9% increase to $86.0m
5 Murray Rose Avenue, Sydney Olympic Park
• 7.7% increase to $86.7m
Portfolio Metrics
• Six assets across Sydney, Melbourne and Brisbane
• 100% A-grade totalling 64,500 sqm
• Asset valuations up $9.4m to $412.9m
• 7.09% weighted average cap rate
• Long WALE of 5.9 years
7. 7A focus on leasing
Portfolio/Asset Updates
Sustainability
• Portfolio NABERS Energy Rating 5.2 stars
• Portfolio NABERS Water Rating 5.2 stars
Quads 2 and 3, Sydney Olympic Park
• 2 tenancies re-leased
• Total of 7 tenancies (2,430 sqm) now leased since
Allotment, ahead of forecast
Vantage, Hawthorn
• Level 1 full refurbishment complete, including new
reception area and change facilities
• Lobby upgrade and End of Trip facilities to commence
• Café operator renewed for 5 years
Optus Centre, Fortitude Valley
• Oil Search to surrender small suite (350 sqm) in April
2016
Asset Updates
8. 8
Net Effective
Rents
4.2%
Net Face Rents
3.9%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Mar10
Jun10
Sep10
Dec10
Mar11
Jun11
Sep11
Dec11
Mar12
Jun12
Sep12
Dec12
Mar13
Jun13
Sep13
Dec13
Mar14
Jun14
Sep14
Dec14
Mar15
Jun15
Sep15
Dec15
Mar16
Jun16
AnnualGrowth(Line)
QuarterlyGrowth(Bar)
National Metro Office: Face vs Effective Rents - Prime
Favourable demand and supply fundamentals continue to support rental growth
Australian Metro Office Markets
Demand tracking economic growth
• Metro office demand at 1.5%
per annum
Balanced fundamentals remain
• Second year of positive net absorption,
matched by constrained supply, has
resulted in a steady vacancy rate
Continued growth in rents
• Face and effective rents continue to
recover from 2013/14 trough
Liquidity in metro markets
• Increase in asset transactions from
1H 2015, totalling $4.5bn for 2015
62,085
63,437
10.8%
-4%
1%
6%
11%
16%
-100,000
-50,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15
VacancyRate
sqm.pa
National Metro Office Markets: Annual Demand vs. Supply
Net Absorption Net Supply Vacancy Rate
Source: Deloitte Access Economics, JLL and GPT Research.
9. 9
NSW modest economic growth
• Growth of 1.9% per annum
Positive growth in office demand
• 2.0% per annum growth in office
demand has led to positive net
absorption, exceeding net supply
• Vacancy has fallen 70 basis points
over the past 12 months and has
trended down since 2013
Stable incentives
• Positive growth in face rents and
consistent incentive levels have led
to solid net effective rental growth
Strong fundamentals with falling vacancy rates
Sydney Metro Office Markets
61,087
31,783
9.0%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
-50,000
0
50,000
100,000
150,000
200,000
250,000
300,000
Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15
VacancyRate
sqm.pa
Sydney Metro Office Market: Annual Demand vs. Supply
Net Absorption Net Supply Vacancy Rate
Net Effective
Rents
6.5%
Net Face Rents
4.7%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Mar10
Jun10
Sep10
Dec10
Mar11
Jun11
Sep11
Dec11
Mar12
Jun12
Sep12
Dec12
Mar13
Jun13
Sep13
Dec13
Mar14
Jun14
Sep14
Dec14
Mar15
Jun15
Sep15
Dec15
Mar16
Jun16
AnnualGrowth(Line)
QuarterlyGrowth(Bar)
Sydney Metro Office: Face vs Effective Rents - Prime
Source: Deloitte Access Economics, JLL and GPT Research.
10. 10
VIC economy the fastest in Australia
• 2.6% growth per annum
Fundamentals pushing up rents
• Office demand growing more strongly
than other states at 2.3% per annum,
leading to positive net absorption
• Net supply has increased from last
year and in line with net absorption
Strong growth in rents
• Growing face rents with steady
incentive levels have led to the
strongest growth in net effective
rents at a state level
Solid economic and office employment helping to support rental growth
Melbourne Metro Office Markets
33,811
36,241
10.5%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
-50,000
-25,000
0
25,000
50,000
75,000
100,000
Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15
VacancyRate
sqm.pa
Melbourne Metro Office Market: Annual Demand vs. Supply
Net Absorption Net Supply Vacancy Rate
Net Effective
Rents
8.8%
Net Face Rents
6.4%
-16%
-12%
-8%
-4%
0%
4%
8%
12%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Mar10
Jun10
Sep10
Dec10
Mar11
Jun11
Sep11
Dec11
Mar12
Jun12
Sep12
Dec12
Mar13
Jun13
Sep13
Dec13
Mar14
Jun14
Sep14
Dec14
Mar15
Jun15
Sep15
Dec15
Mar16
Jun16
AnnualGrowth(Line)
QuarterlyGrowth(Bar)
Melbourne Metro Office: Face vs Effective Rents - Prime
Source: Deloitte Access Economics, JLL and GPT Research.
11. 11
QLD economy still facing headwinds
• 1.4% contraction but the rate of
decline has slowed
• Growth in office demand weak
but positive at 0.7% per annum
Soft fundamentals for office
• Demand conditions have led to
negative net absorption and while
offset in part by stock withdrawals,
vacancy rates have softened
• Growth in face rents has
remained positive, however
elevated incentives have led to a
decline in effective rents
Soft fundamentals continue, however weakness is abating
Brisbane Metro Office Markets
-18,519 -8,010
15.8%
-8%
-3%
2%
7%
12%
17%
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15
VacancyRate
sqm.pa
Brisbane Metro Office Market: Annual Demand vs. Supply
Net Absorption Net Supply Vacancy Rate
Net Effective
Rents
-3.1%
Net Face Rents
4.2%
-24%
-18%
-12%
-6%
0%
6%
12%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Mar10
Jun10
Sep10
Dec10
Mar11
Jun11
Sep11
Dec11
Mar12
Jun12
Sep12
Dec12
Mar13
Jun13
Sep13
Dec13
Mar14
Jun14
Sep14
Dec14
Mar15
Jun15
Sep15
Dec15
Mar16
Jun16
AnnualGrowth(Line)
QuarterlyGrowth(Bar)
Brisbane Metro Office: Face vs Effective Rents - Prime
Source: Deloitte Access Economics, JLL and GPT Research.
12. 12Over $50 billion in infrastructure projects support metro growth
Metro Office Markets and Infrastructure
• Parramatta Light Rail: $1bn (announced Dec 2015)1
• West Connex: $14.9bn (2016 to 2023)
• North Connex: $3bn (2015 to 2019)
• Sydney Metro (NW): $8.3bn (2013 to 2019)
• Sydney Light Rail: $2.2bn (2012 to 2019)
• South West Rail Link: $2bn (opened 2015)
• Metro Rail Project: $11bn (2015 to 2023)
• Western Distributor: $5.5bn (2016 to 2022)
• CityLink upgrade: $1.3bn (2015 to 2017)
• East Link Tunnels: $2.5bn (opened 2008)
• Brisbane Metro: $1.5bn (announced Jan 2016)1
• Legacy Way: $1.5bn (opened 2015)
• AirportLink: $4.8bn (opened 2012)
• Go Between Bridge: $0.4m (opened 2010)
Source: NSW Department of Planning and Environment
WEST CONNEX
NORTH CONNEX
SYDNEY LIGHT RAIL
SOUTH WEST RAIL LINK
SYDNEY OLYMPIC PARK
SYDNEY METRO (NORTHWEST)
Brisbane
Melbourne
Sydney
1. Proposed and subject to approval processes.
13. 13
GPT Metro Office Fund
• Delivering sustainable returns to investors
• A focus on quality assets
• Maintaining a conservative capital structure
• Delivered an annualised distribution yield of 7.4%
• Guidance: Earnings per unit of 16.1 to 16.3 cents
14. 14Disclaimer
The information provided in this presentation has been prepared by GPT Platform Limited (ABN 51 164 839 061) (GPL), as responsible entity
of the GPT Metro Office Fund (GMF or the Fund) (ARSN 169 500 476).
The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should
not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information described in this
paper to determine whether it is appropriate for you.
You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance.
Furthermore, while every effort is made to provide accurate and complete information, the responsible entity does not represent or warrant that
the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no
representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns
contained in the information - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent
permitted by law, the responsible entity, its related entities, officers, employees and agents will not be liable to you in any way for any loss,
damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this
presentation.
Information is stated as at 31 December 2015 unless otherwise indicated.
All values are expressed in Australian currency unless otherwise indicated.
FFO is reported in the Directors’ Report which is included in the Interim Financial Report of GMF for the period 1 July 2015 to 31 December
2015.
To provide information that reflects the Directors’ assessment of the net profit attributable to unitholders calculated in accordance with
Australian Accounting Standards, certain significant items that are relevant to an understanding of GMF’s result have been identified.
FFO is a financial measure that represents GMF’s underlying and recurring earnings from its operations. This is determined by adjusting
statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO
has been determined based on guidelines established by the Property Council of Australia and is intended as a measure reflecting the
underlying performance of the Fund.