The 2005 annual report summarizes Group 1 Automotive's financial performance for the 2005 fiscal year. It discusses record revenues of $6 billion and income of $70.3 million. It provides an overview of the company's operations including its dealership count, brands sold, and acquisition strategy. The CEO letter outlines strategic initiatives to streamline operations and leverage the company's scale, as well as growth targets for acquisitions and same-store sales.
Masco Corporation's 2001 annual report summarizes the company's financial results and business operations for the year. Key points include:
- Net sales reached a record $8.3 billion, up 15% from 2000, though net income declined to $199 million due to a $344 million non-cash investment write-down. Excluding special items, net income declined 21% to $543 million.
- The company achieved record operating profit exceeding $1 billion despite economic challenges. Capital expenditures totaled $274 million.
- Sales growth was driven by acquisitions expanding the cabinets/related products and installation/services segments, though plumbing product sales declined 5%.
- Most of Masco's
Stryker Corporation is a global leader in orthopaedics and other medical specialties. The 2004 annual report discusses Stryker's financial results and divisions. It achieved $4.26 billion in net sales in 2004, an 18% increase over 2003. The report highlights Stryker's orthopaedic implants, medical equipment, rehabilitation services, and international operations divisions. Stryker partners with medical professionals around the world to develop innovative solutions and help people lead more active lives.
This document summarizes Hexion's second quarter 2007 earnings conference call. The summary includes:
- Hexion delivered strong revenue and EBITDA growth compared to the prior year period due to global diversification offsetting weakness in North American markets.
- Synergies from acquisitions are on track to achieve $175 million target.
- Hexion entered into a definitive merger agreement with Huntsman Corporation on July 12, 2007 to create one of the world's largest chemical companies, pending regulatory and shareholder approval.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
Hexion provided a presentation at the Credit Suisse Chemical Conference on September 27, 2007. The presentation included forward-looking statements and non-GAAP financial measures with reconciliations provided. Hexion discussed its strong first half 2007 results, including a 13% increase in revenue and 45% increase in operating income compared to first half 2006. Hexion also summarized its history, diversified business segments, experienced management team, and financial highlights including free cash flow generation and debt maturity profile.
The document provides an investor presentation by Cummins Inc. for the third quarter of 2007. It discusses Cummins' focus on profitable growth and creating shareholder value. Cummins aims to grow consolidated sales to $20 billion by 2011 through disciplined growth in emerging markets like China and India, new technology, and strategic acquisitions. Key targets include sales growth of 12% and EBIT growth of 10% for Cummins overall.
Hexion Specialty Chemicals reported financial results for the fourth quarter and fiscal year 2007. Revenue increased 13% in the fourth quarter and 12% for the fiscal year. Operating income was $21 million for the quarter, impacted by $40 million of asset impairments and manufacturing issues, and $302 million for the fiscal year, up 22% excluding gains. Segment EBITDA increased 2% for the quarter to $125 million and 17% for the fiscal year to $611 million. Hexion remains on track to achieve $175 million in targeted synergies and had a strong liquidity position at year-end.
Masco Corporation's 2001 annual report summarizes the company's financial results and business operations for the year. Key points include:
- Net sales reached a record $8.3 billion, up 15% from 2000, though net income declined to $199 million due to a $344 million non-cash investment write-down. Excluding special items, net income declined 21% to $543 million.
- The company achieved record operating profit exceeding $1 billion despite economic challenges. Capital expenditures totaled $274 million.
- Sales growth was driven by acquisitions expanding the cabinets/related products and installation/services segments, though plumbing product sales declined 5%.
- Most of Masco's
Stryker Corporation is a global leader in orthopaedics and other medical specialties. The 2004 annual report discusses Stryker's financial results and divisions. It achieved $4.26 billion in net sales in 2004, an 18% increase over 2003. The report highlights Stryker's orthopaedic implants, medical equipment, rehabilitation services, and international operations divisions. Stryker partners with medical professionals around the world to develop innovative solutions and help people lead more active lives.
This document summarizes Hexion's second quarter 2007 earnings conference call. The summary includes:
- Hexion delivered strong revenue and EBITDA growth compared to the prior year period due to global diversification offsetting weakness in North American markets.
- Synergies from acquisitions are on track to achieve $175 million target.
- Hexion entered into a definitive merger agreement with Huntsman Corporation on July 12, 2007 to create one of the world's largest chemical companies, pending regulatory and shareholder approval.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
Eaton Corporation's 2002 Annual Report summarizes the company's performance in 2002 and initiatives to transform Eaton into a premier diversified industrial company. Despite challenging market conditions, Eaton outgrew its end markets by $300 million, increased operating earnings per share by 33%, generated a record $900 million in cash flow from operations, and reduced debt by $352 million. The company achieved this performance through implementing a less capital-intensive business model and realizing $130 million in savings from restructuring. The Eaton Business System is driving improvements across the company to capture benefits of scale and efficiency.
Hexion provided a presentation at the Credit Suisse Chemical Conference on September 27, 2007. The presentation included forward-looking statements and non-GAAP financial measures with reconciliations provided. Hexion discussed its strong first half 2007 results, including a 13% increase in revenue and 45% increase in operating income compared to first half 2006. Hexion also summarized its history, diversified business segments, experienced management team, and financial highlights including free cash flow generation and debt maturity profile.
The document provides an investor presentation by Cummins Inc. for the third quarter of 2007. It discusses Cummins' focus on profitable growth and creating shareholder value. Cummins aims to grow consolidated sales to $20 billion by 2011 through disciplined growth in emerging markets like China and India, new technology, and strategic acquisitions. Key targets include sales growth of 12% and EBIT growth of 10% for Cummins overall.
Hexion Specialty Chemicals reported financial results for the fourth quarter and fiscal year 2007. Revenue increased 13% in the fourth quarter and 12% for the fiscal year. Operating income was $21 million for the quarter, impacted by $40 million of asset impairments and manufacturing issues, and $302 million for the fiscal year, up 22% excluding gains. Segment EBITDA increased 2% for the quarter to $125 million and 17% for the fiscal year to $611 million. Hexion remains on track to achieve $175 million in targeted synergies and had a strong liquidity position at year-end.
The Limited, Inc. is a $9.2 billion specialty retailer with 5,640 stores. In recent years, it has undergone significant changes including eliminating underperforming stores and businesses, selling assets, and strengthening core brands. The chairman's letter discusses the company's focus on a few key priorities like top stores, categories, and initiatives to drive the best performance and unlock shareholder value. Key financial data and operating results are presented.
Hexion reported financial results for Q4 2008 and fiscal year 2008. Q4 revenue declined 20% year-over-year to $1.18 billion due to weak market conditions and inventory destocking by customers amid the global recession. The company reported an operating loss of $876 million for Q4, which included $800 million in costs related to the terminated Huntsman merger. For the full year, revenues increased 5% to $6.09 billion but the company reported an operating loss of $893 million. Hexion is taking aggressive actions to reduce costs and enhance liquidity to address challenges in this difficult market environment.
Banco ABC Brasil is a leading credit provider focused on mid-sized and large companies in Brazil. It offers a wide range of credit products with a high level of customization. Banco ABC Brasil has a winning combination of a strong controlling shareholder and an independent local management team, allowing for agile decision making and access to attractive funding sources. The bank has demonstrated strong growth and profitability over the past years.
United Health Group [PDF Document] Results of Operationsfinance3
Record revenues and earnings for UnitedHealth Group in 1999. Revenues increased 13% to $19.6 billion due to growth across all business segments. Earnings from operations were $943 million, up 10% from 1998. The Health Care Services segment saw a 13% revenue increase to $17.6 billion and a 15% earnings increase to $578 million, driven by premium yield increases and acquisitions. Uniprise revenues grew 15% to $1.9 billion with a 38% earnings increase to $222 million due to business growth. Overall, strong financial performance resulted from continued business growth and productivity improvements.
Adolph Coors Company celebrated its 125th anniversary in 1998. As the third largest brewer in the US, it saw solid financial results in 1998 including record sales volume and earnings growth. Looking ahead, Coors will focus on continuing to invest in its core brands to capitalize on momentum, managing pricing pressures prudently, growing its international business selectively, reducing costs through productivity gains, and assessing industry consolidation. Building on its strengths of quality, heritage, brands and employees, Coors aims to strengthen its position and remain a strong, growing company for generations to come.
This document summarizes Hexion's first quarter 2007 earnings conference call. Key points include:
- Revenues increased 17% over the prior year to $1.438 billion, driven by price increases and acquisitions.
- Segment EBITDA increased 29% to $170 million compared to the prior year.
- Raw material costs increased but pricing initiatives helped offset this.
- $11 million in synergies were achieved in Q1 2007, putting Hexion on track to achieve $175 million in targeted synergies.
- The integration of the Orica acquisition is proceeding as planned.
Hexion Chemicals held a conference on March 25, 2008 to discuss its financial results and outlook. The presentation contained forward-looking statements and non-GAAP financial measures with reconciliations provided. Hexion achieved strong revenue and earnings growth in 2007 driven by diversification across segments, geographies, and end markets. Management expects volatility in raw material costs to continue into 2008 and remains focused on productivity initiatives, synergies, and strategic acquisitions to fuel further growth.
The document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2005. Some key details include:
- Total revenue for 2005 was $10.4 billion compared to $10.5 billion in 2004.
- Net income for 2005 was $513.6 million compared to a net loss of $253 million in 2004.
- Total assets increased to $51.9 billion in 2005 from $50.8 billion in 2004, with most of the increase occurring in fixed maturity securities.
- Premium income for 2005 was $7.8 billion, consistent with the prior year.
This document provides a statistical supplement for UnumProvident Corporation's second quarter 2005 financial results, adjusted to reflect new segment reporting implemented in the third quarter of 2005. It includes key financial highlights such as total premium income of $1.94 billion for the quarter. The supplement presents financial data and statistics for the quarter and year to date by business segment, including income statements, balance sheets, investment portfolios, and statutory capital. Notes are provided to give additional context to the financial information presented.
This document discusses Anheuser-Busch's operating results for 2007, 2006, and 2005. It provides comparisons of key metrics like gross sales, net sales, income before taxes, equity income, net income, and earnings per share for each year. Worldwide beer volume and sales are also summarized. In 2007, Anheuser-Busch achieved sales and earnings growth due to increases in revenue per barrel and volume in the U.S. and higher profits internationally and in other segments.
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
The document is Comba Telecom Systems Holdings Limited's annual report for 2008. It discusses the company's solid growth in 2008 across its three business lines. Export markets witnessed another year of remarkable growth. The company is actively expanding its international presence and participating in international exhibitions to increase its global recognition. In preparation for anticipated future growth, the company has implemented new ERP systems and completed construction of a new headquarters. Overall, the company is well positioned for continued growth opportunities in the mobile communications industry.
Bus 605 project team #9 - presentation revisedellis136
Team 9 presented on current social media efforts regarding energy issues. They discussed how both pro-fossil fuel and pro-green organizations use social media platforms like Facebook and Twitter to rally supporters and spread messages. They also summarized how social media has been used to influence legislation and public opinion related to energy and alternative energy initiatives. Major players in the nuclear power debate were also outlined and how they have employed varying social media strategies.
The document summarizes the findings of a survey conducted by Mimecast of 600 IT security decision makers across four countries regarding email security. Some key findings include:
- 83% see email as a major source of attacks, but 65% do not feel fully equipped to prevent email threats.
- Those with experience of an email hack/breach are more likely to feel their organization is more vulnerable now than a year ago.
- Over a third of respondents reported an email hack that cost over $1 million total.
- Based on confidence and experience, Mimecast identified five personas that describe where IT security managers are currently: The Apprehensive, The Nervous, The Battle-Scarred, The Vig
TRIBUNAL SUPERIOR DE BOGOTÁ SALA DE JUSTICIA Y PAZ: Sentencia Herbert Veloza...Poder Ciudadano
Este documento presenta el caso de Hébert Veloza García, un excomandante paramilitar del Bloque Bananero de las Autodefensas Unidas de Colombia (AUC) que se sometió a la justicia de paz. Detalla su identidad, su ingreso al grupo paramilitar en 1994 y su rol como comandante urbano en Urabá. Actualmente Veloza García se encuentra extraditado a Estados Unidos para enfrentar cargos por narcotráfico. El documento también resume los procesos penales en su contra en Colombia.
- Community Bank System reported net income of $10.5 million for the first quarter of 2009, a 4.0% decrease from the first quarter of 2008. Earnings per share were $0.32, down 11.1% from $0.36 in the first quarter of 2008.
- Net interest income grew 12.9% to $40.2 million due to loan and deposit growth from acquisitions and organic growth. However, additional operating costs from acquisitions and higher FDIC insurance assessments reduced earnings.
- Asset quality remained stable with nonperforming loans at 0.49% of total loans and net charge-offs of 0.30%, reflecting the bank's disciplined underwriting
Pivotal CRM - Opportunity in 22c-2 Compliance Pivotal CRM
This document on Rule 22c-2 provides an overview of the regulation, what it means for your firm, and its costs and risks. But it also delves further, revealing ways mutual fund companies can leverage client relationship management (CRM) systems to facilitate compliance and uncovering an overlooked upside to 22c-2 compliance: unprecedented insight into sources of profitability.
Rendicion de cuentas 2012 san juan de urabajotapauth
El documento presenta el informe de gestión del año 2012 del municipio de San Juan de Urabá. Incluye información sobre la planta de personal, dependencias como la Secretaría de Gobierno y Servicios Administrativos, educación, inspección de policía y tránsito, entre otros. Se describen logros como operativos de seguridad, mejoras a instituciones educativas, conciliaciones, y cumplimiento de compromisos y denuncias realizadas por la inspección de policía durante el año.
This document summarizes an interview with Ron Cordes, the co-founder and executive co-chairman of AssetMark. It discusses Cordes' journey to impact investing and how he transitioned his family foundation's portfolio to be 100% invested for impact and ESG goals. Cordes describes how his initial 20% allocation to impact investing outperformed during the 2008 financial crisis because it was invested in uncorrelated assets in developing markets. He discusses how he helped grow the impact investing field through organizations like ImpactAssets by educating financial advisors and connecting them to impact fund managers. Cordes' theory of change is that impact investing can help solve big social and environmental problems by mobilizing more capital from financial markets beyond just phil
Chiquita Brands International is a leading marketer and producer of bananas and other fresh produce. In 2004, the company achieved several financial and operational goals including 18% sales growth to $3.1 billion, a 23% increase in operating cash flow to $92 million, and an 11% reduction in total debt. The CEO discusses the company's strategy to strengthen its core banana business, pursue profitable growth through new acquisitions and segments, build a high-performance organization, and improve profitability in North America. Key goals for 2005 include completing the acquisition of Fresh Express to diversify product offerings and integrating the new leadership team to execute the long-term strategy.
The Limited, Inc. is a $9.2 billion specialty retailer with 5,640 stores. In recent years, it has undergone significant changes including eliminating underperforming stores and businesses, selling assets, and strengthening core brands. The chairman's letter discusses the company's focus on a few key priorities like top stores, categories, and initiatives to drive the best performance and unlock shareholder value. Key financial data and operating results are presented.
Hexion reported financial results for Q4 2008 and fiscal year 2008. Q4 revenue declined 20% year-over-year to $1.18 billion due to weak market conditions and inventory destocking by customers amid the global recession. The company reported an operating loss of $876 million for Q4, which included $800 million in costs related to the terminated Huntsman merger. For the full year, revenues increased 5% to $6.09 billion but the company reported an operating loss of $893 million. Hexion is taking aggressive actions to reduce costs and enhance liquidity to address challenges in this difficult market environment.
Banco ABC Brasil is a leading credit provider focused on mid-sized and large companies in Brazil. It offers a wide range of credit products with a high level of customization. Banco ABC Brasil has a winning combination of a strong controlling shareholder and an independent local management team, allowing for agile decision making and access to attractive funding sources. The bank has demonstrated strong growth and profitability over the past years.
United Health Group [PDF Document] Results of Operationsfinance3
Record revenues and earnings for UnitedHealth Group in 1999. Revenues increased 13% to $19.6 billion due to growth across all business segments. Earnings from operations were $943 million, up 10% from 1998. The Health Care Services segment saw a 13% revenue increase to $17.6 billion and a 15% earnings increase to $578 million, driven by premium yield increases and acquisitions. Uniprise revenues grew 15% to $1.9 billion with a 38% earnings increase to $222 million due to business growth. Overall, strong financial performance resulted from continued business growth and productivity improvements.
Adolph Coors Company celebrated its 125th anniversary in 1998. As the third largest brewer in the US, it saw solid financial results in 1998 including record sales volume and earnings growth. Looking ahead, Coors will focus on continuing to invest in its core brands to capitalize on momentum, managing pricing pressures prudently, growing its international business selectively, reducing costs through productivity gains, and assessing industry consolidation. Building on its strengths of quality, heritage, brands and employees, Coors aims to strengthen its position and remain a strong, growing company for generations to come.
This document summarizes Hexion's first quarter 2007 earnings conference call. Key points include:
- Revenues increased 17% over the prior year to $1.438 billion, driven by price increases and acquisitions.
- Segment EBITDA increased 29% to $170 million compared to the prior year.
- Raw material costs increased but pricing initiatives helped offset this.
- $11 million in synergies were achieved in Q1 2007, putting Hexion on track to achieve $175 million in targeted synergies.
- The integration of the Orica acquisition is proceeding as planned.
Hexion Chemicals held a conference on March 25, 2008 to discuss its financial results and outlook. The presentation contained forward-looking statements and non-GAAP financial measures with reconciliations provided. Hexion achieved strong revenue and earnings growth in 2007 driven by diversification across segments, geographies, and end markets. Management expects volatility in raw material costs to continue into 2008 and remains focused on productivity initiatives, synergies, and strategic acquisitions to fuel further growth.
The document provides financial highlights and statistical data for UnumProvident Corporation for the fourth quarter and full year of 2005. Some key details include:
- Total revenue for 2005 was $10.4 billion compared to $10.5 billion in 2004.
- Net income for 2005 was $513.6 million compared to a net loss of $253 million in 2004.
- Total assets increased to $51.9 billion in 2005 from $50.8 billion in 2004, with most of the increase occurring in fixed maturity securities.
- Premium income for 2005 was $7.8 billion, consistent with the prior year.
This document provides a statistical supplement for UnumProvident Corporation's second quarter 2005 financial results, adjusted to reflect new segment reporting implemented in the third quarter of 2005. It includes key financial highlights such as total premium income of $1.94 billion for the quarter. The supplement presents financial data and statistics for the quarter and year to date by business segment, including income statements, balance sheets, investment portfolios, and statutory capital. Notes are provided to give additional context to the financial information presented.
This document discusses Anheuser-Busch's operating results for 2007, 2006, and 2005. It provides comparisons of key metrics like gross sales, net sales, income before taxes, equity income, net income, and earnings per share for each year. Worldwide beer volume and sales are also summarized. In 2007, Anheuser-Busch achieved sales and earnings growth due to increases in revenue per barrel and volume in the U.S. and higher profits internationally and in other segments.
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
The document is Comba Telecom Systems Holdings Limited's annual report for 2008. It discusses the company's solid growth in 2008 across its three business lines. Export markets witnessed another year of remarkable growth. The company is actively expanding its international presence and participating in international exhibitions to increase its global recognition. In preparation for anticipated future growth, the company has implemented new ERP systems and completed construction of a new headquarters. Overall, the company is well positioned for continued growth opportunities in the mobile communications industry.
Bus 605 project team #9 - presentation revisedellis136
Team 9 presented on current social media efforts regarding energy issues. They discussed how both pro-fossil fuel and pro-green organizations use social media platforms like Facebook and Twitter to rally supporters and spread messages. They also summarized how social media has been used to influence legislation and public opinion related to energy and alternative energy initiatives. Major players in the nuclear power debate were also outlined and how they have employed varying social media strategies.
The document summarizes the findings of a survey conducted by Mimecast of 600 IT security decision makers across four countries regarding email security. Some key findings include:
- 83% see email as a major source of attacks, but 65% do not feel fully equipped to prevent email threats.
- Those with experience of an email hack/breach are more likely to feel their organization is more vulnerable now than a year ago.
- Over a third of respondents reported an email hack that cost over $1 million total.
- Based on confidence and experience, Mimecast identified five personas that describe where IT security managers are currently: The Apprehensive, The Nervous, The Battle-Scarred, The Vig
TRIBUNAL SUPERIOR DE BOGOTÁ SALA DE JUSTICIA Y PAZ: Sentencia Herbert Veloza...Poder Ciudadano
Este documento presenta el caso de Hébert Veloza García, un excomandante paramilitar del Bloque Bananero de las Autodefensas Unidas de Colombia (AUC) que se sometió a la justicia de paz. Detalla su identidad, su ingreso al grupo paramilitar en 1994 y su rol como comandante urbano en Urabá. Actualmente Veloza García se encuentra extraditado a Estados Unidos para enfrentar cargos por narcotráfico. El documento también resume los procesos penales en su contra en Colombia.
- Community Bank System reported net income of $10.5 million for the first quarter of 2009, a 4.0% decrease from the first quarter of 2008. Earnings per share were $0.32, down 11.1% from $0.36 in the first quarter of 2008.
- Net interest income grew 12.9% to $40.2 million due to loan and deposit growth from acquisitions and organic growth. However, additional operating costs from acquisitions and higher FDIC insurance assessments reduced earnings.
- Asset quality remained stable with nonperforming loans at 0.49% of total loans and net charge-offs of 0.30%, reflecting the bank's disciplined underwriting
Pivotal CRM - Opportunity in 22c-2 Compliance Pivotal CRM
This document on Rule 22c-2 provides an overview of the regulation, what it means for your firm, and its costs and risks. But it also delves further, revealing ways mutual fund companies can leverage client relationship management (CRM) systems to facilitate compliance and uncovering an overlooked upside to 22c-2 compliance: unprecedented insight into sources of profitability.
Rendicion de cuentas 2012 san juan de urabajotapauth
El documento presenta el informe de gestión del año 2012 del municipio de San Juan de Urabá. Incluye información sobre la planta de personal, dependencias como la Secretaría de Gobierno y Servicios Administrativos, educación, inspección de policía y tránsito, entre otros. Se describen logros como operativos de seguridad, mejoras a instituciones educativas, conciliaciones, y cumplimiento de compromisos y denuncias realizadas por la inspección de policía durante el año.
This document summarizes an interview with Ron Cordes, the co-founder and executive co-chairman of AssetMark. It discusses Cordes' journey to impact investing and how he transitioned his family foundation's portfolio to be 100% invested for impact and ESG goals. Cordes describes how his initial 20% allocation to impact investing outperformed during the 2008 financial crisis because it was invested in uncorrelated assets in developing markets. He discusses how he helped grow the impact investing field through organizations like ImpactAssets by educating financial advisors and connecting them to impact fund managers. Cordes' theory of change is that impact investing can help solve big social and environmental problems by mobilizing more capital from financial markets beyond just phil
Chiquita Brands International is a leading marketer and producer of bananas and other fresh produce. In 2004, the company achieved several financial and operational goals including 18% sales growth to $3.1 billion, a 23% increase in operating cash flow to $92 million, and an 11% reduction in total debt. The CEO discusses the company's strategy to strengthen its core banana business, pursue profitable growth through new acquisitions and segments, build a high-performance organization, and improve profitability in North America. Key goals for 2005 include completing the acquisition of Fresh Express to diversify product offerings and integrating the new leadership team to execute the long-term strategy.
The document summarizes the origins of the current refugee crisis, arguing that it was engineered by the US starting in 2007 to destabilize the Middle East and North Africa region. It claims the US planned and funded uprisings in the region, known as the Arab Spring, and supported rebel groups like Al Qaeda and ISIS to overthrow governments. This led to ongoing violence and destruction in places like Libya and Syria, intentionally creating a wave of refugees. Turkey has played a key role by hosting over 2 million refugees and maintaining an open border policy, allowing refugees to flood into Europe on cue to further political goals like pressuring EU support for regime change in Syria.
South Nassau Communities Hospital has been recognized for providing quality care to heart failure patients. The hospital received the Get With The Guidelines–Heart Failure Silver-Plus Quality Achievement Award from the American Heart Association/American College of Cardiology Foundation for meeting specific measures related to heart failure treatment. These measures included evaluating patients, using appropriate medications, and providing education to reduce readmissions. South Nassau was also named to the Target: Heart Failure Honor Roll for efforts to improve medication adherence and provide follow-up care for heart failure patients.
H Bancorp was formed as a new multibank holding company by executives of the former Hovde Private Equity Advisors to hold ownership interests in Sunwest Bancorp, Bay Bancorp, and FirstAtlantic Financial Holdings. The restructuring was completed on June 30, 2014. H Bancorp will provide industry and financial expertise to ensure strong governance and strategic direction for its subsidiary bank holding companies. H Bancorp is a multibank holding company with $1.5 billion in assets, $200 million in common equity, 375 employees and 25 branches across its subsidiary banks.
Mercer Capital's Value Focus: Auto Dealer Industry | Year-End 2014Mercer Capital
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes a macroeconomic trends, industry trends, and guideline public company metrics.
An assistant commissioner and drug inspector with the Food and Drugs Control Administration were arrested for accepting a bribe. A pharmaceutical wholesaler had filed a complaint accusing the two of demanding Rs. 8,000 to issue a medical shop license. The Anti-Corruption Bureau set a trap using the wholesaler as bait, arresting the officials when they accepted the bribe money from the complainant.
This document is Chiquita Brands International's 2006 Annual Report. It summarizes the company's financial highlights for 2006, including a net loss of $96 million compared to a net income of $131 million in 2005. It also discusses challenges the company faced in 2006, such as higher EU tariffs on banana imports and an E. coli outbreak affecting the fresh-cut industry. The letter from the Chairman and CEO provides additional context on the company's operational and strategic progress in 2006 despite facing difficulties that impacted financial performance.
Ppt for vc sir climate change dr. ashok patelJaspreet Aulakh
This document discusses strategies to address challenges from climate change and water resource management. It suggests more efficient water utilization through expanded micro-irrigation, like drip irrigation, to reduce water usage. It also recommends creating awareness about micro-irrigation through farmer training programs. The document emphasizes appropriate land use planning and only granting new tube wells with permission to better manage water resources under climate change impacts.
El documento presenta información sobre el nuevo servicio SCORE PROCRÉDITO desarrollado por FENALCO ANTIOQUIA y LiSim para ayudar a los comerciantes a evaluar el riesgo crediticio de los clientes. El servicio ofrece calificaciones de 1 a 1000 para determinar si el riesgo de un cliente es alto, medio o bajo. También se menciona que FENALCO ANTIOQUIA ofrece programas técnicos laborales gratuitos en asociación con el SENA para capacitar a jóvenes.
Raúl Hazbún fue el jefe del Bloque Bananero de las AUC en el Urabá durante más de 10 años, cometiendo miles de crímenes. Sin embargo, no fue incluido en la lista de postulados a la ley 975, por lo que no enfrentará juicio y quedará en libertad e impune. Esto deja sin justicia a las víctimas y muestra fallas en el proceso de desmovilización paramilitar.
The 2001 annual report discusses Group 1 Automotive's record financial and operational results for the year. Revenues increased 11% to over $3.9 billion while earnings per share grew 38% to $2.59. The company benefited from a diversified revenue mix, with 40% of revenues and 85% of profits coming from areas other than new vehicle sales. Going forward, Group 1 plans to pursue additional acquisitions to take advantage of opportunities in the automotive retailing industry.
The Sherwin-Williams Company reported another successful year in 2003. Net sales increased 4.3% to $5.41 billion and income increased 6.9% to $332.1 million. Diluted earnings per share reached a new record high of $2.26, a 10.8% increase over 2002. Cash flow exceeded $550 million for the third consecutive year, allowing investments in capital expenditures, acquisitions, dividend payments, and share repurchases. All operating segments increased sales except Automotive Finishes. The Company added new stores and products, increased market share, and benefited from operational excellence initiatives.
The Sherwin-Williams Company reported another successful year in 2003 with net sales increasing 4.3% to $5.41 billion. Income before the cumulative effect of change in accounting principle grew 6.9% to $332.1 million. Diluted earnings per share set a new record high of $2.26, up 10.8% from the prior year. Cash flow from operations exceeded $550 million for the third consecutive year. The company strengthened its balance sheet, invested in capital expenditures and acquisitions, paid dividends, and repurchased shares. All operating segments increased sales with the exception of the Automotive Finishes segment, which saw a 0.6% increase. The company expects continued growth through
This document provides an overview of Lear Corporation's fourth quarter and full year 2006 financial results and 2007 financial guidance. Some key highlights from 2006 include improved overall financial results and liquidity, comprehensive restructuring actions, expanded infrastructure in Asia and growing Asian sales, continued diversification of sales across regions and customers, and maintaining strong market positions in core products like seating systems. The interior business was also repositioned for future success through equity investments in separate interior-focused companies.
VF Corporation posted record sales and earnings in 2005 and is strongly positioned for another outstanding year in 2006. The company achieved growth across most of its businesses, including its Mass Market, Specialty, Latin America, Mexico and Canada jeanswear divisions. One area of challenge was the Lee® brand in the U.S. The company is taking steps to restore growth to its North American jeans business through innovative new products and leveraging the strength of flagship brands in new categories and markets.
Q4 2007 Motorola, Inc. Earnings Conference Call Presentationfinance7
This document summarizes Motorola's Q4 2007 earnings conference call. It provides financial results for Q4 2007, including a net loss of $19 million compared to a profit of $753 million in Q4 2006. It also discusses performance and highlights for each business segment. Mobile Devices saw an operating loss due to market share declines and pricing pressures. Home and Networks Mobility and Enterprise Mobility Solutions saw continued strong demand. The presentation includes Q&A participants and provides standard safe harbor statements.
Group 1 Automotive had another successful year in 2003. Revenues grew 7.2% to $4.5 billion despite challenging economic conditions. Net income grew 13.4% to $76.1 million and earnings per share grew 16.4% to a record $3.26. The company benefited from growth in higher-margin parts, service, and finance/insurance businesses. Acquisitions added $333 million in annual revenues. The company continues to seek acquisitions to diversify its brands, geographies, and revenue streams for stability in changing markets. Group 1 is well-positioned for continued growth with opportunities in the large automotive industry and a strong balance sheet.
Group 1 Automotive had another successful year in 2003. Revenues grew 7.2% to $4.5 billion despite challenging economic conditions. Net income grew 13.4% to $76.1 million and earnings per share grew 16.4% to a record $3.26. The company benefited from growth in higher-margin parts, service, and finance/insurance businesses. Acquisitions added $333 million in annual revenues. The company continues to seek acquisitions to diversify its brands, geographies, and revenue streams for stability in changing markets. Group 1 is well-positioned for continued growth with opportunities in the large automotive industry and a strong balance sheet.
The document is P&G's 2000 annual report which summarizes the company's financial and operating performance for the fiscal year.
1) Net sales grew 5% to $39.9 billion while net earnings fell 6% to $3.5 billion due to higher costs from organizational changes and new investments. Core earnings excluding restructuring costs grew 2% to a record $4.2 billion.
2) The CEO acknowledges the year's challenges but expresses confidence that by focusing on big brands, innovation, customer partnerships, and cost control, P&G can restore balanced growth in sales and profits.
3) Looking forward, the new organizational structure aims to leverage P&G's strengths in understanding consumer needs
This document provides a summary of Procter & Gamble's (P&G's) 2003 annual report. It discusses P&G's strong financial performance in fiscal year 2003, with 8% sales growth, 19% earnings growth, and market share gains across most major brands. It highlights the completion of P&G's restructuring program ahead of schedule. The summary also outlines P&G's strategic focus on growing existing core businesses, leading customers, large countries, and health/beauty categories. It emphasizes P&G's continued focus on productivity, cost reduction, cash management, and leveraging its strengths in branding, innovation, and global scale.
This document is AutoZone's 2003 annual report which provides financial highlights and discusses priorities and growth areas. Some key points:
- In fiscal year 2003, AutoZone achieved record sales of $5.5 billion, operating profit of $918 million, earnings per share of $5.34, and after-tax return on invested capital of 23.4%.
- The three growth priorities are the U.S. retail business, AZ Commercial business, and expanding into Mexico.
- The CEO highlights accomplishments in fiscal 2003 and discusses opportunities for continued growth in the industry, focusing on increasing market share and capturing unperformed maintenance.
- AutoZone aims to be the most exciting zone for vehicle solutions through innovation
- Goodrich Corporation reported second quarter 2006 results, with sales growing 10% year-over-year and income from continuing operations increasing 30% to $81 million compared to second quarter 2005.
- The company raised its 2006 sales outlook to $5.75-5.85 billion and adjusted net income per diluted share outlook to $3.40-3.55 due to improved operational performance.
- All business segments saw sales and operating income increases compared to second quarter 2005, driven by higher commercial airplane original equipment and aftermarket sales as well as cost improvements.
- Goodrich Corporation reported second quarter 2006 results, with sales growing 10% year-over-year and income from continuing operations increasing 30% to $81 million.
- The company raised its 2006 sales outlook to $5.75-5.85 billion and adjusted net income per diluted share outlook to $3.40-3.55 due to improved operational performance.
- Segment operating margins improved across all segments (Engine Systems, Airframe Systems, Electronic Systems), driven by higher commercial airplane original equipment and aftermarket sales as well as cost reductions.
This document provides a statistical supplement with pro forma financial information for UnumProvident Corporation for the second quarter and first half of 2005, reflecting a new segment reporting structure implemented in the third quarter of 2005. It includes highlights of financial results, statements of operations, sales data, balance sheets, and results by business segment. Key figures presented are premium income, operating revenue, net income, assets, stockholders' equity, earnings per share, dividends paid, and book value.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
Goodrich Corporation reported fourth quarter and full year 2006 results on February 1, 2007. Some key highlights include:
- Fourth quarter 2006 sales grew 10% year-over-year with growth in all segments and major market channels. Segment operating margin increased from 11.2% to 12.5%.
- Net income per diluted share was $0.78, reflecting 39% growth over fourth quarter 2005.
- For the full year 2006, sales grew 9% year-over-year. Segment operating income increased 22% and margin increased 1.5% to 13.0%. Net income increased 83%.
- The company cautions that any forward-looking statements are subject to risks and uncertainties that could cause
PACCAR is a global technology company that manufactures heavy-duty trucks under the Kenworth, Peterbilt and DAF brands. In 2006, PACCAR achieved record revenues and net income, with profits driven by strong truck and parts sales. PACCAR has manufacturing facilities around the world and competes in both North American and European truck markets. The company also has a financial services division that facilitates truck sales and leasing.
The document is Allstate Corporation's 2002 Annual Report. It discusses Allstate's financial results for 2002 which were positive, with operating income increasing 39.1% and total return for shareholders increasing 12.3%. It also outlines Allstate's strategy of focusing on meeting customer needs through a variety of insurance and financial services products, deepening customer relationships, and improving business efficiency. Allstate's execution of this strategy positions it well for future growth and profitability.
The 2001 annual report summarizes Kelly Services' performance for the year. It saw a decline in sales and earnings due to a recession and the tragic events of 9/11. Specifically, sales were down 5% to $4.3 billion and net earnings were down 81% to $16.5 million. The report discusses how Kelly responded by focusing on relationships, controlling expenses, and strengthening its financial position. It also notes leadership changes and looks ahead to an eventual economic recovery.
The Progressive Corporation reported its October 2005 results. Net premiums written increased 4% to $1.328 billion compared to October 2004. Net income decreased 46% to $75.4 million compared to the same period last year. The combined ratio was 94.2, a deterioration of 7.2 points from October 2004, due to $84.4 million in losses from Hurricanes Wilma and Katrina. Progressive provides auto insurance to personal and commercial drivers throughout the US.
Avery Dennison reported a loss per share of $0.07 for Q4 2005 compared to a profit of $0.83 per share in Q4 2004. The loss was due to restructuring charges and divestitures. Excluding these, earnings per share were $0.92. For the full year, earnings per share were $2.25 compared to $2.78 in 2004. The company expects 2006 earnings per share between $3.45-$3.80.
This document provides an overview of a presentation given by Cynthia S. Guenther, Vice President of Investor Relations at Lehman Brothers Industrial Select Conference on February 14, 2006. The presentation discusses Avery Dennison's business segments, including pressure-sensitive materials, office and consumer products, and retail information services. It provides data on organic sales growth and operating margins for each segment in 2005 and 2004. The presentation establishes that Avery Dennison is a market leader in all of its key businesses, including being the number one provider of paper and film roll materials for labels.
Dean Scarborough provided an overview of Avery Dennison Corporation's performance in 2005 and outlook. Key points:
1) The company improved underlying profitability in 2005 despite weaker sales, through price increases, cost cuts, and actions to drive future margin expansion.
2) Scarborough's assessment found the company has the right portfolio and strategies to deliver long-term value, with a goal to outperform shareholders' returns.
3) Over the next 3-5 years, the company aims to make its portfolio more profitable by reallocating resources and exiting underperforming businesses, while investing in growth initiatives like RFID and expanding in emerging markets.
This document provides a financial review and analysis of the company's first quarter 2006 results. It discusses key factors such as sales trends, margin analysis, raw material costs, restructuring efforts, and segment performance. The company reported a modest sales decline due to currency translation, but higher volume, gross profit margin, and operating expense ratio led to a 19% increase in GAAP EPS. Raw material inflation exceeded price increases. Restructuring is expected to yield $80-90 million in annual savings.
Avery Dennison reported its first quarter 2006 results, with net sales of $1.34 billion, approximately even with the first quarter of 2005. Net income was $68.9 million, up 19% from the previous year. Organic sales growth was 3% and earnings per share before restructuring charges was $0.75, up 21% year-over-year. The company is on track to achieve $80-90 million in annualized savings from restructuring by the end of 2006. Price increases were implemented to offset rising raw material costs.
This document provides a summary of Daniel O'Bryant's presentation at the Bank of America Basic Industries Conference on May 4, 2006 on behalf of Avery Dennison. The summary highlights Avery Dennison's financial performance in 2005 and Q1 2006, including improved profitability and restructuring actions. Medium-term sales growth targets and margin expansion opportunities are also discussed.
The document provides a summary of the company's financial results for the second quarter of 2006. Key points include:
- Earnings per share increased 8% driven by productivity improvements that expanded operating margins.
- Net sales were even with the prior year due to divestitures and currency impacts, but organic sales grew 2%.
- Margins improved due to productivity gains, though this was partially offset by transition costs and inflation.
- The company is realizing annual savings from restructuring of $85-100 million and raising its cost reduction target.
Avery Dennison reported their second quarter earnings for 2006. Earnings per share from continuing operations increased 8% to $0.96 compared to the previous year. Excluding restructuring charges, earnings per share increased 9% to $0.99. Net sales were approximately even with the previous year at $1.41 billion, with organic sales growth of 2%. The company raised their estimated annual savings from restructuring efforts to between $85-100 million. Segment highlights included a 1% sales increase for Pressure-sensitive Materials and a 6% sales increase for Retail Information Services.
1) Avery Dennison presented preliminary financial results for the first half of 2006, showing earnings per share up 14% due to improved margins.
2) Key priorities include maintaining pricing discipline, achieving $85-100 million in annual savings from restructuring, and accelerating organic sales growth to a target range of 4-6% over the medium term.
3) Emerging markets are seen as a major growth driver, expected to increase their contribution to overall growth and profitability significantly by 2010.
- Net sales increased 5% year-over-year driven by higher unit volume and positive pricing and mix changes. Emerging markets saw 15% growth while US growth slowed.
- Gross margins increased 120 bps to 27.6% due to productivity gains offsetting transition costs. Operating margins improved 20 bps before environmental and restructuring charges.
- The company remains on track to achieve $90-100M in annual savings from restructuring with $45-50M expected to benefit 2006 results. Reported EPS was $0.85 including environmental and restructuring charges.
This document summarizes Avery Dennison's RFID strategy and investments. It discusses their commitment to RFID leadership, including their investment of $12-20 million per year. It outlines their position in the RFID value chain and describes their RFID label construction, inlay assembly options, and acquisition of RF IDentics. It discusses their technology transfer plans and competitive advantages in RFID, as well as providing an overview of their RFID business status and expansion plans.
Avery Dennison reported third quarter earnings. Net sales increased 5% to $1.42 billion with organic sales growth of 4%. Earnings per share were $0.85 which included costs from an environmental remediation reserve and restructuring charges. Operating margins expanded in the two largest business segments. The company is on track to achieve annual savings of $90-100 million from restructuring by the end of the year.
- Sales increased 3.5% in Q4 2006 driven by higher volume and price increases offsetting material inflation. However, operating margin declined due to changes in LIFO reserves and higher marketing costs.
- Full year sales grew modestly on an adjusted organic basis while gross and operating margins increased, helped by restructuring savings. However, higher expenses including stock options weighed on margins.
- The company completed $90-100M in restructuring actions in 2006 and expects $45M in annual savings in 2007, with $11-13M more from new 2007 actions.
The document is the transcript from a presentation given by Dean Scarborough, President and CEO of Avery Dennison, at a tech conference on February 7, 2007. It provides an overview of Avery Dennison's business segments and their performance in 2006, highlights growth opportunities, and discusses priorities like margin expansion and increasing participation in emerging markets. Key risks like economic conditions and legal proceedings are also addressed. Financial terms are defined in an appendix with adjustments made for items like restructuring charges and currency impacts.
The document provides an overview of Lehman Brothers' Industrial Select Conference on February 6, 2007. It includes forward-looking statements and discusses key risks and uncertainties. Dean Scarborough, President and CEO of Avery Dennison, then discusses Avery Dennison's balanced strategy for growth and productivity improvement. Key highlights include modest sales growth, margin expansion, investments in emerging markets and RFID, and 2007 earnings guidance of $4.00-$4.35 per share.
Avery Dennison held an investor meeting on March 6, 2007 to discuss the company's business segments and growth strategies. The meeting focused on Pressure sensitive materials, Office and Consumer Products, and Retail Information Services. For pressure sensitive materials, growth opportunities included emerging markets, new applications in beverage labeling, and increased penetration in durable goods labeling driven by RFID adoption. For office products, the strategy centered around growing branded printable media through new product features, marketing programs, and category expansion. Overall, Avery Dennison aims to deliver above-average returns through attractive end markets, innovation, and strategic advantage in key regions.
The document is an investor presentation for Avery Dennison's proposed acquisition of Paxar. The key points are:
1) Avery Dennison will acquire Paxar for $30.50 per share, valuing Paxar at $1.34 billion including debt. This represents a 27% premium to Paxar's stock price.
2) The acquisition will enhance Avery Dennison's revenue growth potential by expanding into the $15 billion retail identification market and better serving global supply chains.
3) Annual cost synergies of $90-100 million are estimated by combining infrastructure and achieving scale. This is expected to make the acquisition accretive to earnings within 12
Avery Dennison Corporation announced plans to acquire Paxar Corporation for $1.3 billion or $30.50 per share. The acquisition is expected to enhance Avery Dennison's ability to compete and grow in the global retail information and brand identification market. Projected annual cost synergies are $90-100 million and the acquisition is expected to be accretive to EPS within 12 months. The acquisition combines Avery Dennison's retail information services business with Paxar's complementary capabilities and geographic footprint to better serve customers globally.
The document provides a financial review and analysis of Avery Dennison's first quarter 2007 results. Key points include:
- Net sales increased 3.9% year-over-year to $860 million, with adjusted organic sales growth of approximately 3%.
- Operating margin increased slightly by 10 basis points to 8.4% despite negative impacts from segment mix and transition costs.
- Reported EPS was $0.80 including $0.02 in restructuring charges.
- Guidance for 2007 remains unchanged, with reported revenue growth expected between 2-5% and operating margin in the range of 9.5-10.5%.
Avery Dennison reported its first quarter 2007 results, with net sales up 3.9% to $1.39 billion and earnings per share of $0.80, including restructuring charges of $0.02 per share. The company reached an agreement to acquire Paxar for $1.3 billion. Segment results were mixed, with pressure sensitive materials up 9.2% but office and consumer products down 10.6%. For the full year, the company expects earnings per share of $3.95 to $4.25 including restructuring charges, or $4.05 to $4.30 excluding charges.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
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University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
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The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
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.
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?
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. (NYSE: GPI)
Table of Contents:
1 12
Financial Highlights Regional Vice Presidents/Locations
2 14
Letter to Stockholders Board of Directors/Management Team
4 15
2005 Hurricane Season Form 10-K
6 IBC
Operations Corporate Information
➟
Group 1 Automotive, Inc. 2005 AR
Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 500 company, Group 1 owns 95 dealerships comprised of 139 franchises,
is a leading operator in the $1 trillion automotive retailing 31 brands and 30 collision service centers in California,
industry. Since its initial public offering in October 1997, Colorado, Florida, Georgia, Louisiana, Massachusetts, New
Group 1 has increased annual revenues sixfold and become Hampshire, New Jersey, New Mexico, New York, Oklahoma and
one of the top five dealership groups in the United States. Texas. T hrough its dealerships, the company sells new and
The company has achieved this success through a strategy that used cars and light trucks; arranges related financing, vehicle
leverages management experience and emphasizes geographic service and insurance contracts; provides maintenance and
and brand diversity, interrelated revenue streams, opera- repair services; and sells replacement parts. In 2005, the
tional efficiencies and the prudent deployment of capital. company sold nearly 195,000 retail new and used vehicles.
3. Revenues Operating Income
Financial Highlights
in millions of dollars in millions of dollars
2001
2001 $132.8
$3,996.4
2002
2002 $138.8
$4,214.4
2003
2003 $4,518.6 $149.8
2004
2004 $5,435.0 $99.0
2005
2005 $5,969.6 $164.4
Diluted Earnings Per Share(1)
in dollars
2001 $2.59
2002 $2.80
2003 $3.26
2004 $1.18
2005 $2.90
World Toyota Miller Honda —
Culver City
Financial Highlights
2004 2003 2002 2001
2005
(dollars and shares in thousands, except per share amounts)
Revenues $ 5,435,033 $ 4,518,560 $ 4,214,364 $ 3,996,374
$ 5,969,590
Revenues
Operating Income $ 99,009 $ 149,823 $ 138,822 $ 132,779
$ 164,401
in millions of dollars
Income before cumulative effect of a change
in accounting principle $ 27,781 $ 76,126 $ 67,065 $ 55,442
$ 70,269
Diluted Earnings Per Share (1) $ 1.18 $ 3.26 $ 2.80 $ 2.59
$ 2.90
Shares Outstanding (diluted) 23,494 23,346 23,968 21,415
24,229
0 1000 2000 3000 4000 5000 6000
Operating income
2001 $3,586
Gross Margin 15.3% 16.0% 15.5% 15.2%
15.6% in millions of dollars
2002 $3,996
Operating Margin 1.8% 3.3% 3.3% 3.3%
2.8%
2003 $4,214
Pretax Margin 0.9% 2.5% 2.5% 2.2%
1.8%
2004 $4,518
2005 $5,435
Return on Equity(1) 5.1% 15.8% 15.8% 19.3%
11.5%
Diluted earnings per share
Operating Cash Flow $ 27,253 $ 313,009 150 $ (62,645) $ 153,064
$ 365,379 0 50 100 200
in dollars
Working Capital $ 155,453 $ 275,582 $ 95,704 $ 154,361
$ 137,196
2001 $119
Inventories $ 877,575 $ 671,279 $ 622,205 $ 454,961
$ 756,838
2002 $133
Total Assets $ 1,947,220 $ 1,502,445 $139$ 1,437,590 $ 1,052,823
$ 1,833,618
2003
Stockholders’ 1.0
Equity $ 567,174 $ $149
518,109 $ 443,417 $ 392,243
$ 626,793
2004
0.0 0.5 1.5 2.0 2.5 3.0 3.5
2005 $199
2001 $1.88
(1) Income before cumulative effect of a change in accounting principle
2002 $2.59
Notice: The 2005 Form 10-K report filed with the Securities and Exchange Commission includes financial data that supplements the material
2003 $2.80
included in these highlights and is part of this annual report.
2004 $3.26
2005 $3.86
4. Dear
Stockholders:
“ Our new operating structure will provide impetus to
our cost reduction efforts, while also maintaining key
decision making close to the marketplace.”
2
➟
Group 1 Automotive, Inc. 2005 AR
3
I’m delighted to be writing my first letter to you as president and chief executive officer of Group 1
Automotive. I joined Group 1 in April 2005 because I was convinced that the company had the right
people and the right dealerships to capitalize on the tremendous opportunities presented by the $1 tril-
lion automotive retailing industry. After a year of visiting our dealerships and meeting our people, I
know that my initial assessment was correct.
Your management team has begun developing a long-term strategy to take full advantage
of our scale to deliver consistent growth and results for stockholders. I will outline those steps in this
letter. But first, a quick recap of our 2005 results.
We reported income before cumulative effect of a change in accounting principle of $70.3
million, or $2.90 per diluted share, on record revenues of $6.0 billion. Our top-selling brands were
Toyota, Ford and Nissan. We acquired seven franchises with $118.4 million in estimated annual reve-
nues. Notable among our acquisitions was BMW of Stratham in New Hampshire in May, which we
expect to generate $53.0 million in annual revenues.
Your company is at a critical transitional point. In the eight years since our inception as a
public company, Group 1 has grown from 29 franchises and $902.3 million in annual revenues to
139 franchises and $6.0 billion in annual revenues. We must begin to reap the full benefits of our scale
and fully leverage the talent of our people. We have initiated a series of strategic initiatives that will
allow us to do just that.
The first initiative is the consolidation of our 13 platforms into five geographic regions, each
led by a regional vice president who reports to me. These five industry veterans have more than 150
years of combined automotive retailing experience. This streamlined structure, which became effective
Jan. 1, is the key first step in allowing us to standardize processes and realize synergies afforded by our
size, while keeping operational decision making close to the market.
Another initiative is the implementation of a standard chart of accounts, which will enable
us to bring more efficiency to our accounting processes. This is another important step in standardizing
processes across the regions and will also make integrating future acquisitions much easier.
5. ➟ Earl J. Hesterberg
President and Chief Executive Officer
Stockholder Letter
Acquisitions remain an important component demand and enables our dealerships to see and sell from the inventory of
of your company’s growth strategy. We intend to quicken other dealerships in their geographic region. The results we’ve seen so
the pace this year, targeting acquisitions of at least $300 far have been impressive.
million in annual revenues for 2006. In December, we The automotive retailing business is, above all, about people
completed a new five-year, $950 million revolving and relationships. Group 1’s outstanding employees give us a distinct
credit facility — 25 percent of which is available for competitive advantage in this people-centric business. In the last half
working capital, including acquisitions — which will of 2005, our employees faced enormous challenges in the wake of three
give us long-term access to reasonably priced capital hurricanes. One only has to look at our company’s response to these
to help accomplish our goals. Our acquisitions will disasters to realize that, from senior management to sales associates
continue to focus on import and luxury brands and to service technicians, Group 1 Automotive employees are able to rise
seek to grow our footprint in attractive markets outside to any challenge. A brief summary of our team’s outstanding response
of our concentration in Texas and Oklahoma. A good can be found on page 4 of this annual report.
example of this strategy is the January 2006 acquisition On the subject of outstanding people, I am pleased that John
of Lexus and Toyota/Scion franchises in Manchester, Rickel joined Group 1 as chief financial officer in December. With
N.H., that are expected to generate $127.1 million in extensive corporate finance experience, as well as experience with
annual revenues. In addition to acquiring top franchises automotive dealerships, he is a perfect fit for Group 1.
in attractive markets, we will also continue to dispose Although we are in the early stages of implementing our
of underperforming operations. strategic initiatives, they are already beginning to show results with
Growth through acquisition is just one part increased profits and decreased selling, general and administrative
of our strategy. We’re equally committed to same-store expenses. Additionally, our used vehicle business is beginning to show
growth primarily through initiatives that focus on the rewards of the inventory control processes we have put into place.
our higher-margin parts and service and used vehicle I fully expect that in next year’s annual report, I will be able to report
businesses. continued progress.
Expansion of our parts and service business We are confident that through the operating and acquisition
is well under way; in 2005, we added service bays in our initiatives outlined above, we can achieve earnings-per-share growth
Honda, BMW, Infiniti and Toyota franchises. Additionally, of at least 15 percent over the next three to five years. We will continue
one major Mercedes-Benz service expansion is under to look for additional ways to reward our stockholders, as evidenced
way and another is in the planning stages. We will con- by our 2006 first-quarter announcements of the initiation of a quarterly
tinue to invest a good portion of our capital expenditures dividend and a $42 million share repurchase program.
into growing this high-margin business. Thank you for your support. I look forward to updating you
Better use of technology is an important com- on our progress.
ponent of our plan to grow our same-store used vehicle Sincerely,
business. For example, late last year we began a roll-out
of American Auto Exchange, Inc.’s pre-owned inventory
management software in all of our dealerships to improve
used vehicle operations. This state-of-the-art software
Earl J. Hesterberg
provides daily used vehicle inventory monitoring, pro-
President and Chief Executive Officer
vides inventory stocking guides based on local market Group 1 Automotive, Inc.
6. 2005 Hurricane Season
Task Force and Relief Efforts
Joseph C. Herman
Southeast Regional Vice President
“Task Force Leader”
New Orleans, Louisiana credit: uscg/illinoisphoto.com
4
➟
Group 1 Automotive, Inc. 2005 AR
5
Katrina, Rita, Wilma…
and the damage they caused
Hurricanes
The resolve of Group 1 employees was tested — on both personal and
professional levels — by three major hurricanes in the latter half of 2005.
Their extraordinary response is a testament to how Group 1 employees,
in ways both small and large, go above and beyond the call of duty
every day.
First, Katrina pummeled New Orleans in late August, causing
the levees to fail and plunging 80 percent of the Crescent City under
water. Two weeks later, four of Group 1’s six area dealerships were up
and running, and 300-plus employees had begun returning to work.
This was due in large part to support from Group 1’s employees and
business partners — who contributed approximately $600,000 to help
those employees affected by the hurricane — as well as a coordinated
effort by corporate and regional leaders to provide the affected locations
with generators, fuel, temporary housing, food and other necessities.
T he clean-up is officially under
way at the Bohn Zone!
7. Recovery Efforts
Don Bohn Ford, New Orleans, Louisiana
Less than one month later, Hurricane Rita slammed
ashore near the Louisiana-Texas border, causing major damage
and power outages in much of the “Golden Triangle” area of
Texas. The company’s response to Hurricane Rita was equally
as impressive. As soon as clean-up crews were allowed into
the Beaumont area, Group 1 managers from Houston joined
Beaumont employees to provide relief for affected employees
and get the company’s two dealerships there up and running.
Generators, freezers, cooking gear and other equipment that
Mike Smith Autoplex, Beaumont, Texas
had been used in New Orleans was sent to Beaumont to
provide for Rita’s victims. The company’s Beaumont stores
were among the first businesses to reopen in the city.
Finally, Hurricane Wilma, at one time the most
intense storm ever recorded in the Atlantic Basin, made
landfall near Cape Romano, Fla., as a powerful category 3
storm on Oct. 24. Wilma impacted the company’s World
Ford stores in Pembroke Pines and Kendall as it made its World Ford, Pembroke Pines, Florida
way across the state. Group 1’s Florida dealerships experienced
a number of storms since September 2004, beginning with
“T hese events demonstrated
Ivan, and consistently have been the only dealerships in
the true character of our
their areas that reopened immediately after each storm. This
associates and our company
amazing performance is due to the outstanding teamwork
by the manner in which we
of Group 1’s employees, both in the impacted areas and
reopened and rebuilt our
throughout the organization, and the company’s valued
businesses, as well as the
business partners.
way we supported our fellow
colleagues.”
9. New & Used Vehicles
New and Used Vehicles
New vehicle sales — Group 1’s largest revenue source — grew to a record $3.67 billion in 2005 and
accounted for 28.0 percent of the company’s gross profit. Unit sales increased almost 7 percent to
126,108 automobiles.
We continue to offer our customers one of the best brand mixes in the industry, with no
one brand accounting for more than one-third of total new vehicle unit sales. Toyota/Scion/Lexus
accounted for slightly more than 29 percent of our new vehicle unit sales, up from 27.7 percent in 2004.
This ref lects our continued trend of shifting our mix to higher-margin luxury and import offerings.
Imports accounted for 46.1 percent of 2005 new vehicle unit sales, and luxury vehicles accounted for
16.3 percent of sales — both increases over 2004.
Total used vehicle revenues grew 8.3 percent to $1.46 billion from 2004. Retail used vehicle
sales grew 8.8 percent and wholesale used vehicle sales grew 6.9 percent. Unit sales grew 2.9 percent
and 2.3 percent, respectively. Used vehicle sales accounted for 14.2 percent of the company’s 2005
gross profit.
Group 1 believes that used vehicle sales, already a significant source of profit for the company,
can become even more profitable through the better use of technology. In 2005, Group 1 began a
companywide roll-out of American Auto Exchange’s pre-owned inventory management software to
improve used vehicle operations, augmenting the old management “tools” Diversityin stock, instinct
Brand of days
and experience with daily inventory monitoring, inventory stocking New Vehicle Unit Sales local market
guides based on
demand and viewing of inventory from other dealerships in the same geographic region. Group 1 has
also expanded its used vehicle inventory target from 30 days to 37 days, which ref lects its increased
Toyota/Scion/Lexus 29%
7%
Ford 18%
mix of luxury used vehicles and supports higher levels of retail sales. 10% 29%
DaimlerChrysler 15%
10%
Nissan/Infiniti 11%
GM 10% 11%
18%
Honda/Acura 10%
Brand Diversity 15%
Other 7%
New Vehicle Unit Sales
Toyota/Scion/Lexus 29%
7%
Ford 18%
10% 29%
DaimlerChrysler 15%
10%
Nissan/Infiniti 11%
GM 10% 11%
18%
Honda/Acura 10% 15%
Other 7%
Maxwell Dodge
Brand Mix
New Vehicle Unit Sales
Import 46%
“We are using technology to stan- Luxury 16%
Domestic 38%
dardize our processes and 38%
46%
to leverage higher levels of Brand Mix 16%
performance from our key New Vehicle Unit Sales
operational people.”
Import 46%
Luxury 16%
Domestic 38%
10. “ We continue to focus on expanding this high-margin business
to enhance profitability and stimulate internal growth.”
8
➟
Group 1 Automotive, Inc. 2005 AR
9
the drive for perfection
parts & service
Parts and Service
The high-margin parts and service business is Group 1’s largest gross profit contributor, accounting
for 37.8 percent of gross profit in 2005. This recurring revenue stream grew almost 15 percent in 2005,
from $565.2 million to $649.2 million. We continued to expand our service operations to accommo-
date our customers’ growing desire to service their cars where they buy them. Since 2001, Group 1
has nearly doubled its number of service stalls through both acquisitions and construction and plans
to continue to aggressively add service bays. For example, one major Mercedes-Benz service expansion
is under way and another is in the planning stages.
Group 1 is also implementing new technology to grow its parts and service business. The
company has begun using a sophisticated customer relationship management software program to
market its service offerings more efficiently and maximize shop capacity utilization. Customers who
register for the service receive notices when it’s time for factory-scheduled maintenance, as well as
customized offers for other products and services. In addition to offering more targeted marketing
capabilities, this service is expected to save the company more than $1 million in annual postage and
fulfillment costs and provide a response rate that is four to five times greater than traditional direct
mail service marketing.
11. Hassel BMW of Freeport
Parts & Service
Parts & Service Actions
Productive Stalls
0 500 1000 1500 2000 2500
Parts and Service
Gross Profit Breakdown
Productive Stalls
Parts & Service 38%
New Vehicles 28% 2001 1,147
14%
Finance & Insurance 20% 2002 1,481
38%
Used Vehicles 14% 2003 1,751
20%
2004 2,101
2005 2,106
28%
Acquired/Constructed
Existing
Revenue Breakdown
New Vehicles 62%
3%
Used Vehicles 24% 11%
Parts & Service 11%
Finance & Insurance 3% 24%
62%
12. Finance and Insurance
Group 1’s finance and insurance (F&I) business, always a strong contributor
to the company’s bottom line, experienced solid 7.6 percent revenue growth
in 2005, to a record $186.0 million. F&I contributed 20 percent of the
company’s gross profit, and F&I revenues per retail unit sold increased
2 percent to $957.
Group 1 employs sophisticated technology to grow sales and
facilitate smooth transactions. One example is DealerTrack, which uses
the Internet to link dealerships with banks, finance companies, credit
unions and other financing sources.
10
“Our F&I employees are
➟
Group 1 Automotive, Inc. 2005 AR
11
extensively trained in the
products they sell, which
improves sales penetration
and 50
provides our customers
0 10 20 30 40 60
with an informed, quality
shopping experience.”
Gross Margin Breakdown
Ira Nissan of Woburn
New Vehicles 7%
New with Finance & Insurance 10%
Retail Used Vehicles (1) 12%
Used with Finance & Insurance 17%
Parts & Service 54%
(1)Total used vehicle profit, including net wholesale profit or loss, divided by used retail revenues
14. 31 brands, 139 franchises in 12 states.
Geographic Diversity
New Vehicle Unit Sales
South Central 39%
Northeast 19% 9%
California 17%
16%
Southeast 16% 39%
West Central 9%
17%
19%
12
➟
Group 1 Automotive, Inc. 2005 AR
13
Left: Frank Grese, Jr.,
South Central Regional Vice President
Right: John C. Rickel,
Senior Vice President and
Chief Financial Officer
pursuing a distinctive course.
Leadership
David L. Hutton Gregory W. Wessels Frank Grese, Jr.
California Regional Vice President West Central Regional Vice President South Central Regional Vice President
Industry experience: 41 years Industry experience: 28 years Industry experience: 32 years
Joined GPI: 2002 Joined GPI: 1999 Joined GPI: 2004
The California Region includes the The West Central Region includes The South Central Region includes
company’s 10 dealerships in the company’s 12 dealerships the company’s 36 dealerships
California. in Colorado, New Mexico and in Oklahoma, and Central and
West Texas. East Texas.
15. Dealership Locations
Existing Group 1 Locations
2005 Acquisitions
Regions
Tuck-in Acquisitions
2006 Acquisitions
Tuck-in Acquisitions
California Region
Northeast Region
West Central Region
South Central Region
Southeast Region
“I have great confidence
in these five highly
experienced automotive
executives to lead the
company’s efforts to
increase operational
Joseph C. Herman David S. Rosenberg
Southeast Regional Vice President Northeast Regional Vice President
efficiency.”
Industry experience: 41 years Industry experience: 22 years
Joined GPI: 2004 Joined GPI: 2000
The Northeast Region includes the
The Southeast Region includes the
company’s 21 dealerships in
company’s 16 dealerships in
Massachusetts, New Hampshire,
Florida, Georgia and Louisiana.
New Jersey and New York.
16. John L. Adams1,2,3,4 Earl J. Hesterberg 3 Robert E. Howard II 3 Louis E. Lataif 1,2,4*
Chairman President and Retired President, Dean,
Vice Chairman, Trinity Industries, Inc. Chief Executive Officer School of Management,
Bob Howard Auto Group
Boston University
Board of Directors
Stephen D. Quinn1,3*,4 J. Terry Strange1F*,2 Max P. Watson, Jr. 2 *,3,4
Retired General Partner Retired Vice Chairman, Retired Chairman, President and Chief
and Managing Director, Executive Officer,
KPMG, LLP
Goldman, Sachs & Co. BMC Software, Inc.
1 Audit Committee
F Financial Expert
2 Compensation Committee
3 Finance/Risk Management Committee
4 Nominating/Governance Committee
*Committee Chairman
14
➟
Group 1 Automotive, Inc. 2005 AR
15
Management Team
Sitting left to right:
Jeffrey M. Cameron, Vice President, Legal Counsel and Corporate Secretary; John T. Turner, Executive Vice
President; Peter C. DeLongchamps, Vice President, Manufacturer Relations and Public Affairs; Randy L. Callison,
Vice President, Corporate Development and Operational Support
Standing left to right:
G. Wade Stubblefield, Vice President and Corporate Controller; John C. Rickel, Senior Vice President and
Chief Financial Officer; J. Brooks O’Hara, Vice President, Human Resources
19. UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2005
Commission file number: 1-13461
Group 1 Automotive, Inc.
(Exact name of Registrant as specified in its charter)
DELAWARE 76-0506313
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
950 Echo Lane, Suite 100 (713) 647-5700
Houston, Texas 77024 (Registrant's telephone
number including area code)
(Address of principal executive
offices, including zip code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of exchange on which Registered
Common stock, par value $.01 per share New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None.
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act. Yes n No ¥
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act. Yes n No ¥
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¥ No n
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained
herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¥
Indicate by check mark whether the Registrant is a large accelerated filer, accelerated filer, or a non-accelerated
filer. See definition of quot;large accelerated filer and accelerated filer' in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer n Accelerated Filer ¥ Non-accelerated Filer n
Indicate by check mark whether the Registrant is a shell company ( as defined in Rule 12b-2 of the Exchange Act)
Yes n No ¥
The aggregate market value of common stock held by non-affiliates of the Registrant was approximately
$523.1 million based on the reported last sale price of common stock on June 30, 2005, which is the last business day of
the Registrant's most recently completed second quarter.
As of January 31, 2006, there were 24,041,433 shares of our common stock, par value $.01 per share, outstanding.
Documents incorporated by reference: Proxy Statement of Group 1 Automotive, Inc. for the Annual Meeting of
Stockholders to be held on May 25, 2006, which is incorporated into Part III of this Form 10-K.
20. TABLE OF CONTENTS
PART I ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1
Item 1. Business ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1
Item 1B. Unresolved Staff CommentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24
Item 2. Properties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24
Item 3. Legal Proceedings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24
Item 4. Submission of Matters to a Vote of Security HoldersÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 25
PART II ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 26
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters ÏÏÏÏÏÏÏÏÏÏ 26
Item 6. Selected Financial Data ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28
Item 7. Management's Discussion and Analysis of Financial Condition and Results of
OperationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 30
Item 7A. Quantitative and Qualitative Disclosures about Market RiskÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 56
Item 8. Financial Statements and Supplementary Data ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 56
Item 9. Changes in and Disagreements on Accounting and Financial Disclosure ÏÏÏÏÏÏÏÏÏÏÏÏÏ 57
Item 9A. Controls and Procedures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 57
PART IIIÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 60
Item 10. Directors and Executive Officers of the Registrant ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 60
Item 11. Executive CompensationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 60
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 60
Item 13. Certain Relationships and Related Transactions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 60
Item 14. Principal Accountant Fees and Services ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 60
PART IV ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 60
Item 15. ExhibitsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 60
i
21. Cautionary Statement About Forward-Looking Statements
This annual report includes certain quot;quot;forward-looking statements'' within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include
statements regarding our plans, goals or current expectations with respect to, among other things:
‚ our future operating performance;
‚ our ability to improve our margins;
‚ operating cash flows and availability of capital;
‚ the completion of future acquisitions;
‚ the future revenues of acquired dealerships;
‚ future stock repurchases and dividends;
‚ capital expenditures;
‚ changes in sales volumes in the new and used vehicle and parts and service markets;
‚ business trends in the retail automotive industry, including the level of manufacturer incentives, new
and used vehicle retail sales volume, customer demand, interest rates and changes in industrywide
inventory levels; and
‚ availability of financing for inventory and working capital.
Any such forward-looking statements are not assurances of future performance and involve risks and
uncertainties. Actual results may differ materially from anticipated results in the forward-looking statements
for a number of reasons, including:
‚ the future economic environment, including consumer confidence, interest rates, the price of gasoline,
the level of manufacturer incentives and the availability of consumer credit may affect the demand for
new and used vehicles, replacement parts, maintenance and repair services and finance and insurance
products;
‚ adverse international developments such as war, terrorism, political conflicts or other hostilities may
adversely affect the demand for our products and services;
‚ the future regulatory environment, unexpected litigation or adverse legislation, including changes in
state franchise laws, may impose additional costs on us or otherwise adversely affect us;
‚ our principal automobile manufacturers, especially Toyota/Lexus, Ford, DaimlerChrysler, General
Motors, Honda/Acura and Nissan/Infiniti, because of financial distress or other reasons, may not
continue to produce or make available to us vehicles that are in high demand by our customers or
provide financing, advertising or other assistance to us;
‚ requirements imposed on us by our manufacturers may limit our acquisitions and require us to increase
the level of capital expenditures related to our dealership facilities;
‚ our dealership operations may not perform at expected levels or achieve expected improvements;
‚ our failure to achieve expected future cost savings or future costs being higher than we expect;
‚ available capital resources and various debt agreements may limit our ability to complete acquisitions,
complete construction of new or expanded facilities and repurchase shares;
‚ our cost of financing could increase significantly;
‚ new accounting standards could materially impact our reported earnings per share;
‚ our inability to complete additional acquisitions or changes in the pace of acquisitions;
ii
22. ‚ the inability to adjust our cost structure to offset any reduction in the demand for our products and
services;
‚ our loss of key personnel;
‚ competition in our industry may impact our operations or our ability to complete acquisitions;
‚ the failure to achieve expected sales volumes from our new franchises;
‚ insurance costs could increase significantly and all of our losses may not be covered by insurance; and
‚ our inability to obtain inventory of new and used vehicles and parts, including imported inventory, at
the cost, or in the volume, we expect.
The information contained in this annual report, including the information set forth under the headings
quot;quot;Business Ì Risk Factors'' and quot;quot;Management's Discussion and Analysis of Financial Condition and Results
of Operations,'' identifies factors that could affect our operating results and performance. We urge you to
carefully consider those factors.
All forward-looking statements attributable to us are qualified in their entirety by this cautionary
statement. We undertake no responsibility to update our forward-looking statements.
iii
23. PART I
Item 1. Business
General
Group 1 Automotive, Inc. is a leading operator in the $1.0 trillion automotive retailing industry. We own
and operate 139 franchises at 95 dealership locations and 30 collision centers as of February 28, 2006. We
market and sell an extensive range of automotive products and services including new and used vehicles and
related financing, vehicle maintenance and repair services, replacement parts, and warranty, insurance and
extended service contracts. Our operations are primarily located in major metropolitan areas in California,
Colorado, Florida, Georgia, Louisiana, Massachusetts, New Hampshire, New Jersey, New Mexico, New
York, Oklahoma and Texas.
Prior to January 1, 2006, our retail network was organized into 13 regional dealership groups, or
quot;quot;platforms''. Effective January 1, 2006, we reorganized into five regions: (i) the Northeast (comprising 21
dealerships in Massachusetts, New Hampshire, New Jersey and New York), (ii) the Southeast (comprising
16 dealerships in Florida, Georgia and Louisiana), (iii) the South Central (comprising 36 dealerships in
Oklahoma and Central and Southeast Texas), (iv) the West Central (comprising 12 dealerships in Colorado,
New Mexico and West Texas) and (v) the California (comprising 10 dealerships in California). Each region
is managed by a regional vice president reporting directly to our chief executive officer.
Business Strategy
Our business strategy is to leverage one of our key strengths, the considerable talent of our people, to sell
new and used vehicles; arrange related financing, vehicle service and insurance contracts; provide maintenance
and repair services; and sell replacement parts via an expanding network of franchised dealerships located in
growing regions of the United States. We believe we have one of the strongest management teams in the
industry Ì starting with our five regional vice presidents, with over 150 years of combined automotive
retailing experience, down through the operators of our individual store locations.
With this level of talent, we plan to continue empowering our operators to make appropriate decisions as
close to our customers as possible. We believe this approach allows us to continue to attract and retain talented
employees, as well as provide the best possible service to our customers. At the same time, however, we also
recognize that the six-fold growth in revenues we have experienced since our inception in 1997 has brought us
to a transition point.
To fully leverage our scale, reduce costs, enhance internal controls and enable further growth, we are
taking steps to standardize key operating processes. First, we effected the above discussed management
consolidation. This move will support more rapid decision making and speed the roll-out of new processes.
Additionally, in November 2005, we announced our plan to reduce the number of dealer management system
suppliers and implement a standard general ledger layout throughout our dealerships. These actions represent
key building blocks that will not only enable us to bring more efficiency to our accounting and information
technology processes, but will also support further standardization of critical processes and more rapid
integration of acquired operations going forward.
We continue to believe that substantial opportunities for growth through acquisition remain in our
industry. The top ten automotive retailers represent approximately 8% of the market. We intend to continue to
focus on growing our portfolio of import and luxury brands, as well as targeting that growth to provide
geographic diversity in areas with bright economic outlooks over the longer-term. We will continue to seek
appropriate returns on all investments and intend to dispose of operations that do not deliver those returns over
time. We are targeting acquisitions of at least $300 million in aggregated annualized revenues for 2006.
We also believe further growth is available in our existing stores and plan to utilize technology to help our
people deliver that growth. In particular, we are focused on growing our higher margin used vehicle and parts
and service businesses, which support growth even in the absence of an expanding market for new vehicles.
We are in the process of rolling out to all of our stores a software product to improve our used vehicle
1
24. inventory selection and management. We expect this tool to help our people improve sales and margins in our
used vehicle operations. We are also driving improved service revenue by further capital investment in
facilities. We have also begun the use of customer interface software to increase sales in our service operations.
We believe the combination of these actions should allow us to grow profitability over the next five years.
Dealership Operations
Our operations are located in geographically diverse markets from New Hampshire to California. The
following table sets forth our regions and the geographic market in which we operate, the percentage of new
vehicle retail units sold in each region in 2005, and the number of dealerships and franchises in each region as
of December 31, 2005:
Percentage of Our
New Vehicle
Retail Units Sold
As of December 31, 2005
During the Twelve
Months Ended Number of Number of
Region Geographic Market December 31, 2005 Dealerships Franchises
NortheastÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Massachusetts 13.0% 11 14
New Hampshire 0.3 1 1
New Jersey 2.9 3 3
New York 2.3 4 4
18.5 19 22
SoutheastÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Florida 5.9 4 4
Georgia 4.8 6 8
Louisiana 5.8 6 9
16.5 16 21
South Central ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Oklahoma 11.5 13 21
Central Texas 12.1 12 20
Southeast Texas 15.4 11 18
39.0 36 59
West CentralÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Colorado 0.8 1 1
New Mexico 2.6 3 7
West Texas 5.6 8 15
9.0 12 23
CaliforniaÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ California 17.0 11 16
TotalÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100.0% 94 141
Each of our local operations has a management structure that promotes and rewards entrepreneurial spirit
and the achievement of team goals. The general manager of each dealership, with assistance from his
managers of new vehicle sales, used vehicle sales, parts and service, and finance and insurance, is ultimately
responsible for the operation, personnel and financial performance of the dealership. Our dealerships are
operated as distinct profit centers, and our general managers have a high degree of autonomy within our
organization. Our regional vice presidents are responsible for the overall performance of their regions and for
overseeing the dealership general managers.
New Vehicle Sales
In 2005, we sold or leased 126,108 new vehicles representing 33 brands in retail transactions at our
dealerships. Our retail sales of new vehicles accounted for approximately 28.0% of our gross profit in 2005. A
typical new vehicle sale or lease transaction creates the following profit opportunities for a dealership:
‚ from the retail transaction;
‚ from the resale of any trade-in purchased by the dealership;
2
25. ‚ from the sale of third-party finance, vehicle service and insurance contracts in connection with the
retail sale; and
‚ from the service and repair of the vehicle both during and after the warranty period.
Brand diversity is one of our strengths. The following table sets forth new vehicle sales revenue by brand
and the number of new vehicle retail units sold in the year ended, and the number of franchises we owned as
of, December 31, 2005:
Franchises Owned
New Vehicle New Vehicle As of
Revenues Unit Sales December 31, 2005
(In thousands)
ToyotaÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 718,377 28,849 11
FordÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 560,778 19,398 14
Nissan ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 312,855 12,107 9
Lexus ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 252,790 5,726 2
Chevrolet ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 232,706 8,210 7
Honda ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 231,408 10,035 6
Dodge ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 219,384 7,832 11
Mercedes-Benz ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 195,223 3,474 3
BMW ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 183,716 3,840 5
Chrysler ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 111,157 4,190 11
JeepÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 84,860 3,178 10
GMC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 80,777 2,395 5
Acura ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 68,694 2,034 2
InfinitiÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 65,334 1,696 1
VolvoÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 42,478 1,177 2
Lincoln ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 40,136 922 5
N/A(1)
Scion ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 35,722 2,267
Audi ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 29,079 671 1
MitsubishiÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24,769 1,061 4
Subaru ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23,196 902 2
Mercury ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23,136 873 6
MazdaÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20,608 958 2
Pontiac ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19,595 865 5
VolkswagenÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18,413 765 2
Kia ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12,528 592 3
CadillacÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12,380 272 2
BuickÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11,860 441 4
Hyundai ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11,559 604 2
Porsche ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,872 150 1
Mini ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,089 424 1
Hummer ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,137 152 1
MaybachÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,482 7 1
Isuzu ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 782 41 Ì
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $3,674,880 126,108 141
(1) The Scion brand is not considered a separate franchise, but rather is governed by our Toyota franchise
agreements. We sell the Scion brand at 10 of our Toyota franchised locations.
3
26. Our mix of domestic, import and luxury franchises is also critical to our success. Our mix as of
December 31, 2005, is set forth below:
Franchises Owned
New Vehicle New Vehicle As of
Revenues Unit Sales December 31, 2005
(In thousands)
ImportÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,410,217 58,181 41
DomesticÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,344,253 47,382 73
Luxury ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 920,410 20,545 27
$3,674,880 126,108 141
Some new vehicles we sell are purchased by customers under lease or lease-type financing arrangements
with third-party lenders. These transactions are typically favorable from a dealership's perspective. New
vehicle leases generally have shorter terms, bringing the customer back to the market, and our dealerships
specifically, sooner than if the purchase was debt financed. In addition, leasing provides our dealerships with a
steady supply of late-model, off-lease vehicles to be inventoried as pre-owned vehicles. Generally, these
vehicles remain under factory warranty, allowing the dealerships to provide repair services, for the contract
term. We typically do not guarantee residual values on lease transactions.
Used Vehicle Sales
We sell used vehicles at each of our franchised dealerships. In 2005, we sold or leased 68,286 used
vehicles at our dealerships, and sold 50,489 used vehicles in wholesale markets. Our retail sales of used
vehicles accounted for approximately 14.6% of our gross profit in 2005, while losses from the sale of vehicles
on wholesale markets reduced our gross profit by approximately 0.4%. Used vehicles sold at retail typically
generate higher gross margins on a percentage basis than new vehicles because of our ability to acquire these
vehicles at favorable prices due to their limited comparability and the subjective nature of their valuation,
which is dependent on a vehicle's age, mileage and condition, among other things. Valuations also vary based
on supply and demand factors, the level of new vehicle incentives, the availability of retail financing, and
general economic conditions.
Profit from the sale of used vehicles depends primarily on a dealership's ability to obtain a high-quality
supply of used vehicles at reasonable prices and to effectively manage that inventory. Our new vehicle
operations provide our used vehicle operations with a large supply of generally high-quality trade-ins and off-
lease vehicles, the best sources of high-quality used vehicles. Our dealerships supplement their used vehicle
inventory from purchases at auctions, including manufacturer-sponsored auctions available only to franchised
dealers, and from wholesalers. We have recently begun the installation of American Auto Exchange's used
vehicle management software in all of our dealerships. This tool enables our managers to make used vehicle
inventory decisions with real-time, local market information on the demand for vehicle brands and models. It
also allows us to leverage our size and local market presence by enabling the sale of used vehicles at a given
dealership from our other dealerships in a local market, effectively broadening the demand for our used
vehicle inventory. In addition, this software also supports increased oversight of our assets in inventory,
allowing us to better control our exposure to used vehicles, the values of which typically decline over time.
Each of our dealerships attempts to maintain no more than a 37 days' supply of used vehicles.
In addition to active management of the quality and age of our used vehicle inventory, we have attempted
to increase the profitability of our used vehicle operations by participating in manufacturer certification
programs where available. Manufacturer certified pre-owned vehicles typically sell at a premium compared to
other used vehicles and are available only from franchised new vehicle dealerships. Certified pre-owned
vehicles are eligible for new vehicle benefits such as new vehicle finance rates and, in some cases, extension of
the manufacturer warranty.
4
27. Parts and Service Sales
We sell replacement parts and provide maintenance and repair services at each of our franchised
dealerships and provide collision repair services at the 30 collision centers we own. Our parts and service
business accounted for approximately 37.8% of our gross profit in 2005. We perform both warranty and non-
warranty service work at our dealerships, primarily for the vehicle brand(s) sold at a particular dealership. We
realize a slightly higher gross margin on warranty repairs than on customer-paid repairs. Warranty work
accounted for approximately 20.8% of the revenues from our parts and service business in 2005. Our parts and
service departments also perform used vehicle reconditioning and new vehicle preparation services for which
they realize a profit when a vehicle is sold to a third party.
The automotive repair industry is highly fragmented, with a significant number of independent
maintenance and repair facilities in addition to those of the franchised dealerships. We believe, however, that
the increasing complexity of new vehicles has made it difficult for many independent repair shops to retain the
expertise necessary to perform major or technical repairs. We have made investments in obtaining and training
qualified technicians to work in our service and repair facilities. Additionally, manufacturers permit warranty
work to be performed only at franchised dealerships, and there is a trend in the automobile industry towards
longer new vehicle warranty periods. As a result, we believe an increasing percentage of all repair work will be
performed at franchised dealerships that have the sophisticated equipment and skilled personnel necessary to
perform repairs and warranty work on today's complex vehicles.
Our strategy to capture an increasing share of the parts and service work performed by franchised
dealerships includes the following elements:
‚ Focus on Customer Relationships; Emphasize Preventative Maintenance. Our dealerships seek to
retain new and used vehicle customers as customers of our parts and service departments. To
accomplish this goal, we use systems that track customers' maintenance records and notify owners of
vehicles purchased or serviced at our dealerships when their vehicles are due for periodic service. Our
use of computer-based customer relationship management tools increases the reach and effectiveness
of our marketing efforts, allowing us to target our promotional offerings to areas in which service
capacity is under-utilized or profit margins are greatest. Vehicle service contracts sold by our finance
and insurance personnel also assist us in the retention of customers after the manufacturer's warranty
expires. We believe our parts and service activities are an integral part of the customer service
experience, allowing us to create ongoing relationships with our dealerships' customers thereby
deepening customer loyalty to the dealership as a whole.
‚ Efficient Management of Parts Inventory. Our dealerships' parts departments support their sales and
service departments, selling factory-approved parts for the vehicle makes and models sold by a
particular dealership. Parts are either used in repairs made in the service department, sold at retail to
customers, or sold at wholesale to independent repair shops and other franchised dealerships. Our
dealerships employ parts managers who oversee parts inventories and sales. Our dealerships also
frequently share parts with each other.
Finance and Insurance Sales
Revenues from our finance and insurance operations consist primarily of fees for arranging financing,
vehicle service and insurance contracts in connection with the retail purchase of a new or used vehicle. Our
finance and insurance business accounted for approximately 20.0% of our gross profit in 2005. We offer a wide
variety of third-party finance and insurance products in a convenient manner and at competitive prices. To
increase transparency to our customers, we offer all of our products on menus that display pricing and other
information, allowing customers to choose the products that suit their needs.
Financing. We arrange third-party purchase and lease financing for our customers. In return, we receive
a fee from the third-party finance company upon completion of the financing. These third-party finance
companies include manufacturers' captive finance companies, selected commercial banks and a variety of
other third-parties, including credit unions and regional auto finance companies. The fees we receive are
5
28. subject to chargeback, or repayment to the finance company, if a customer defaults or prepays the retail
installment contract, typically during some limited time period at the beginning of the contract term. We have
negotiated incentive programs with some finance companies pursuant to which we receive additional fees upon
reaching a certain volume of business. We do not own a finance company, and, generally, do not retain
substantial credit risk after a customer has received financing, though we do retain limited credit risk in some
circumstances.
Extended Warranty, Vehicle Service and Insurance Products. We offer our customers a variety of
vehicle warranty and extended protection products in connection with purchases of new and used vehicles,
including:
‚ extended warranties;
‚ maintenance, or vehicle service, products and programs;
‚ guaranteed asset protection, or quot;quot;GAP,'' insurance, which covers the shortfall between a customer's
contract balance and insurance payoff in the event of a total vehicle loss;
‚ credit life and accident and disability insurance;
‚ lease quot;quot;wear and tear'' insurance; and
‚ theft protection.
The products our dealerships currently offer are generally underwritten and administered by independent
third parties, including the vehicle manufacturers' captive finance subsidiaries. Under our arrangements with
the providers of these products, we either sell these products on a straight commission basis, or we sell the
product, recognize commission and participate in future underwriting profit, if any, pursuant to a retrospective
commission arrangement. These commissions may be subject to chargeback, in full or in part, if the contract is
terminated prior to its scheduled maturity. We own a company that reinsures the third-party credit life and
accident and disability insurance policies we sell.
New and Used Vehicle Inventory Financing
Our dealerships finance their inventory purchases through the floorplan portion of our revolving credit
facility and separate floorplan arrangements with Ford Motor Credit Company and DaimlerChrysler Services
North America. We renewed our revolving credit facility in December 2005 for a five-year term. The facility
provides $712.5 million in floorplan financing capacity that we use to finance our used vehicle inventory and
all new vehicle inventory other than new vehicles produced by Ford, DaimlerChrysler and their affiliates. Our
separate floorplan arrangements with Ford Motor Credit Company and DaimlerChrysler Services North
America each provide $300 million of floorplan financing capacity and were entered into in December 2005
for one-year terms. We use the funds available under these arrangements exclusively to finance our inventories
of new vehicles produced by the lenders' respective manufacturer affiliates. Most manufacturers also offer
interest assistance to offset floorplan interest charges incurred in connection with inventory purchases.
Acquisition Program
We pursue an acquisition program focused on the following objectives:
‚ enhancing brand and geographic diversity with a focus on import and luxury brands;
‚ creating economies of scale; and
‚ delivering a targeted return on investment.
We have grown our business primarily through acquisitions. From January 1, 2001, through Decem-
ber 31, 2005, we:
‚ purchased 57 franchises with expected annual revenues, estimated at the time of acquisition, of
approximately $2.4 billion;
6
29. ‚ disposed of 23 franchises with annual revenues of approximately $297.2 million; and
‚ were granted 8 new franchises by vehicle manufacturers.
Acquisition strategy. We acquire large, profitable, well-established megadealers that are leaders in their
regional markets to expand into geographic areas we do not currently serve. We typically pursue megadealers
with superior operational and financial management personnel whom we seek to retain. By retaining existing
management personnel who have experience and in-depth knowledge of their local market, we seek to avoid
the risks involved with employing and training new and untested personnel.
We also make tuck-in acquisitions to expand our brand, product and service offerings and to capitalize on
economies of scale by acquiring key single-point dealerships in our existing market areas. Tuck-in acquisitions
allow us to increase operating efficiency and cost savings on a regional and/or national level in areas such as
advertising, purchasing, data processing, personnel utilization, and the cost of floorplan financing.
We continue to focus on the acquisition of dealerships or groups of dealerships that offer opportunities for
higher returns, particularly import and luxury brands, and will enhance the geographic diversity of our
operations in regions with attractive long-term economic prospects. In 2005, we began disposing of under-
performing dealerships and expect this process to continue as we rationalize our dealership portfolio to
increase the overall profitability of our operations.
Recent Acquisitions and Dispositions. In 2005, we acquired seven franchises with expected annual
revenues of approximately $118.4 million. These franchises were tuck-in acquisitions added to our existing
groups in the Northeast and South Central regions. We paid approximately $20.6 million in cash, net of cash
received and incurred approximately $15.2 million of inventory financing in completing our 2005 acquisition
program. We sold three franchises in 2005 with annual revenues of approximately $56.8 million, in exchange
for approximately $5.2 million in cash and the payment by the purchasers of approximately $5.7 million of
inventory financing. Finally, during 2005 we terminated four franchise agreements.
Outlook. Our acquisition target for 2006 is to complete acquisitions of dealerships that have at least
$300 million in estimated aggregated annual revenues. In this regard, during January 2006, we acquired
dealerships with total expected annual revenues of $127.1 million. Also in early 2006, we disposed of four
franchises in separate transactions, one of which involved three franchises and a dealership facility and the
other of which involved a single franchise. These franchises had combined annual revenues of $35.0 million.
Based on market conditions, franchise performance and our overall strategy, we anticipate disposing of
franchises and/or underlying dealerships from time to time.
Competition
We operate in a highly competitive industry. In each of our markets, consumers have a number of choices
in deciding where to purchase a new or used vehicle or where to have a vehicle serviced. According to industry
sources, there are approximately 19,000 franchised automobile dealerships and approximately 45,000 indepen-
dent used vehicle dealers in the retail automotive industry.
Our competitive success depends, in part, on national and regional automobile-buying trends, local and
regional economic factors and other regional competitive pressures. Conditions and competitive pressures
affecting the markets in which we operate, or in any new markets we enter, could adversely affect us, although
the retail automobile industry as a whole might not be affected. Some of our competitors may have greater
financial, marketing and personnel resources, and lower overhead and sales costs than we do. We cannot
guarantee that our strategy will be more effective than the strategies of our competitors.
New and Used Vehicles. In the new vehicle market, our dealerships compete with other franchised
dealerships in their market areas, as well as auto brokers, leasing companies, and Internet companies that
provide referrals to, or broker vehicle sales with, other dealerships or customers. We are subject to competition
from dealers that sell the same brands of new vehicles that we sell and from dealers that sell other brands of
new vehicles that we do not sell in a particular market. Our new vehicle dealer competitors also have franchise
agreements with the various vehicle manufacturers and, as such, generally have access to new vehicles on the
7