The document provides an overview of the 2012 Olympics and Paralympics held in London. It discusses what the Olympics and Paralympics are, who owns the rights to them, the key stakeholders involved in planning and delivering the events, and some of the major challenges faced such as security and transportation. LOCOG was the private organization responsible for organizing and delivering the Games, while the UK government provided funding and infrastructure support through the Olympic Delivery Agency. Planning began after London won the bid in 2005.
UKGBC London Olympics 2012 - Sustainability Lessons Learned GuideChristina Milovancev
This document provides an overview of a guide to achieving sustainability standards from experts on the London 2012 construction project. It includes key resources such as presentations, videos and case studies. The top five sustainability lessons learned are: 1) Strong leadership is needed from the client to ensure sustainability aims are met. 2) Collaboration between all project teams is essential. 3) Both operational and embodied carbon must be considered in material specifications. 4) Sustainability outcomes require commitment from the whole team. 5) Innovation is necessary to meet challenging targets within fixed timescales.
Leaving a Legacy for People with Disabilities: The 2014 World Cup, 2016 Olymp...Scott Rains
The document discusses creating an inclusive legacy for people with disabilities through hosting major sporting events like the 2014 World Cup and 2016 Olympics and developing inclusive tourism. It argues that Brazil and the state of Ceará should use these opportunities to implement universal design and accessibility standards that promote the rights of people with disabilities to participate fully in cultural, recreational, leisure and sporting activities as outlined in the UN Convention on the Rights of Persons with Disabilities. Specifically, it recommends that Ceará develop a strategic plan to attract tourists with disabilities by making infrastructure and tourism marketing fully inclusive, collecting data on current accessibility, and training industry professionals in inclusive tourism best practices to establish Ceará as a premier accessible destination.
The London Olympics 2012 project involved planning, constructing, and operating venues and facilities to host the 2012 Summer Olympics and Paralympics in London, United Kingdom. Key phases included planning from 2005-2007, construction from 2008-2011, and operations during the Olympics and Paralympics in 2012. The project aimed to deliver 29 venues on time and under budget, while leaving a sustainable legacy for the city. Risks such as potential delays and cost overruns were mitigated through contingency planning and bringing in additional resources when needed. Outsourcing certain functions like security proved challenging when the contractor was unable to fulfill its obligations. Overall, the project was completed on schedule and came in under the estimated budget through effective project management.
The document discusses the political economy factors that influence cities' decisions to bid for the Olympic Games, using Tokyo 2020 as a case study. It argues that while citizens recognize the Games will have a negative economic impact, special interest groups lobby for hosting. It analyzes stakeholders like the IOC and construction industry, and notes costs are consistently underestimated while economic benefits are overestimated. Public protests have emerged over budget overruns and environmental impacts of venues. Revenue projections depend on sponsorship deals and tourism, but large cost overruns or security issues pose risks.
- London won the bid to host the 2012 Olympics, beating Paris. Its bid emphasized youth engagement in sport, sustainability, and using the Olympics to regenerate deprived parts of London.
- The Olympic Park and facilities were located in Stratford, a relatively deprived area, allowing it to benefit from improvements to infrastructure like new transit links and housing.
- The Olympics cost around £10 billion but provided benefits like urban regeneration through converting facilities like pools for public use and planned development of the athletes' village into new homes and business space. However, the overall economic impact is debated as London spent over $18 billion for $14 billion in revenues.
ATHOC Official Olympic Games Report 2004 1- LicensingTraining4EU
The document provides details on the public financial report of ATHOC, the Athens 2004 Organizing Committee for the Olympic Games.
In 3 sentences:
1) ATHOC's total revenues were over €2 billion, exceeding projections, with the largest sources being broadcasting rights, sponsorships, and funding from the Greek government.
2) ATHOC's total expenditures were under €2 billion, resulting in a surplus of over €130 million, achieved through limiting costs, revenue over-performance, procurement discounts, and currency hedging.
3) ATHOC was also responsible for over €300 million in additional projects on behalf of the Greek government, with the surplus funds covering the remaining €
The document discusses current issues related to properties in the extractive industries in the Philippines. It outlines the Philippine Extractive Industry Transparency Initiative (PH-EITI) which aims to increase transparency of revenues from extractive industries. It also discusses the Philippine Valuation Standard's Guidance Note No. 14 which provides valuation guidance for properties in extractive industries, distinguishing between real property, personal property and business interests. Finally, it examines a local finance circular that prescribes guidelines for local taxes, fees and charges on mining companies.
UKGBC London Olympics 2012 - Sustainability Lessons Learned GuideChristina Milovancev
This document provides an overview of a guide to achieving sustainability standards from experts on the London 2012 construction project. It includes key resources such as presentations, videos and case studies. The top five sustainability lessons learned are: 1) Strong leadership is needed from the client to ensure sustainability aims are met. 2) Collaboration between all project teams is essential. 3) Both operational and embodied carbon must be considered in material specifications. 4) Sustainability outcomes require commitment from the whole team. 5) Innovation is necessary to meet challenging targets within fixed timescales.
Leaving a Legacy for People with Disabilities: The 2014 World Cup, 2016 Olymp...Scott Rains
The document discusses creating an inclusive legacy for people with disabilities through hosting major sporting events like the 2014 World Cup and 2016 Olympics and developing inclusive tourism. It argues that Brazil and the state of Ceará should use these opportunities to implement universal design and accessibility standards that promote the rights of people with disabilities to participate fully in cultural, recreational, leisure and sporting activities as outlined in the UN Convention on the Rights of Persons with Disabilities. Specifically, it recommends that Ceará develop a strategic plan to attract tourists with disabilities by making infrastructure and tourism marketing fully inclusive, collecting data on current accessibility, and training industry professionals in inclusive tourism best practices to establish Ceará as a premier accessible destination.
The London Olympics 2012 project involved planning, constructing, and operating venues and facilities to host the 2012 Summer Olympics and Paralympics in London, United Kingdom. Key phases included planning from 2005-2007, construction from 2008-2011, and operations during the Olympics and Paralympics in 2012. The project aimed to deliver 29 venues on time and under budget, while leaving a sustainable legacy for the city. Risks such as potential delays and cost overruns were mitigated through contingency planning and bringing in additional resources when needed. Outsourcing certain functions like security proved challenging when the contractor was unable to fulfill its obligations. Overall, the project was completed on schedule and came in under the estimated budget through effective project management.
The document discusses the political economy factors that influence cities' decisions to bid for the Olympic Games, using Tokyo 2020 as a case study. It argues that while citizens recognize the Games will have a negative economic impact, special interest groups lobby for hosting. It analyzes stakeholders like the IOC and construction industry, and notes costs are consistently underestimated while economic benefits are overestimated. Public protests have emerged over budget overruns and environmental impacts of venues. Revenue projections depend on sponsorship deals and tourism, but large cost overruns or security issues pose risks.
- London won the bid to host the 2012 Olympics, beating Paris. Its bid emphasized youth engagement in sport, sustainability, and using the Olympics to regenerate deprived parts of London.
- The Olympic Park and facilities were located in Stratford, a relatively deprived area, allowing it to benefit from improvements to infrastructure like new transit links and housing.
- The Olympics cost around £10 billion but provided benefits like urban regeneration through converting facilities like pools for public use and planned development of the athletes' village into new homes and business space. However, the overall economic impact is debated as London spent over $18 billion for $14 billion in revenues.
ATHOC Official Olympic Games Report 2004 1- LicensingTraining4EU
The document provides details on the public financial report of ATHOC, the Athens 2004 Organizing Committee for the Olympic Games.
In 3 sentences:
1) ATHOC's total revenues were over €2 billion, exceeding projections, with the largest sources being broadcasting rights, sponsorships, and funding from the Greek government.
2) ATHOC's total expenditures were under €2 billion, resulting in a surplus of over €130 million, achieved through limiting costs, revenue over-performance, procurement discounts, and currency hedging.
3) ATHOC was also responsible for over €300 million in additional projects on behalf of the Greek government, with the surplus funds covering the remaining €
The document discusses current issues related to properties in the extractive industries in the Philippines. It outlines the Philippine Extractive Industry Transparency Initiative (PH-EITI) which aims to increase transparency of revenues from extractive industries. It also discusses the Philippine Valuation Standard's Guidance Note No. 14 which provides valuation guidance for properties in extractive industries, distinguishing between real property, personal property and business interests. Finally, it examines a local finance circular that prescribes guidelines for local taxes, fees and charges on mining companies.
Cassa Depositi e Prestiti (CDP) is a joint-stock company under public control, with the Italian government holding 80.1% and a broad group of bank foundations holding 18.4%, the remaining 1.5% in treasury shares.
The London Olympics in 2012 will cost £9.2 billion, equivalent to around 1850 billion Sri Lankan rupees. This exceeds Sri Lanka's annual national budget of 1640 billion rupees. While supporters argue that it will boost the economy and British heritage, critics argue that the massive spending is unsustainable and benefits only large corporations, not citizens or taxpayers. Many host countries are left with "white elephants" like unused stadiums after the games end.
Hosting the Olympic Games provides both short-term and long-term economic and cultural benefits to a country. In the short-term, there are benefits from officials, athletes, training activities, media events, and cultural events around the Olympics. Long-term benefits include creating world-class infrastructure, receiving international attention and media coverage, jobs, community development programs, and tourism revenue from visitors attracted to the host country. For example, hosting the 2000 Sydney Olympics was projected to generate over $2.9 billion in additional tourism exports from 1.6 million extra international visitors over eight years. The Olympics can also inspire a country to improve infrastructure and cultural facilities, and promote interest in its culture.
The document provides an overview of Egypt's economy and investment opportunities. It notes that Egypt has a large population and market size, a strategic location, and a diversified economy. While it faces challenges like its budget deficit and energy crisis, the government is undertaking reforms and many countries and international organizations are investing in sectors like infrastructure, manufacturing, and renewable energy. Total Dutch investments and exports to Egypt remain significant. The conclusion is that with continued reforms and security improvements, investment and opportunities for Dutch businesses in Egypt will increase.
General International Trends and Efforts in Coping with Climate ChangeICF
The document summarizes a technical assistance project that aims to support China in designing and implementing emissions trading systems. It provides updates on project activities conducted over three years that have trained over 1,500 Chinese stakeholders. Key areas of support include cap setting, allocation, monitoring and reporting. The project also organizes expert exchanges, study tours and joint research to accelerate China's progress in establishing a national ETS.
Presentation by Jože Jenšterle, General manager of IASLIM
Moving Europe - Moving People conference in Ljubljana, 15.11.2016
More info: http://bit.ly/2gngYt0
2 davor kunc wbif presentation to undp editedUNDPhr
The document discusses sustainable energy and EU enlargement in Southeast Europe. It provides an overview of key energy policies and infrastructure projects in the region. The Western Balkans Investment Framework (WBIF) is highlighted as the main vehicle for channeling grants and loans to priority energy and infrastructure projects. The WBIF has supported over €3.6 billion in total estimated energy investments through grants of €71.8 million and loans of €270 million. Challenges to the region such as fiscal constraints and slowing economic growth are also summarized.
Nicky Roche, Chief Executive of the Tour de France Hub 2014 discusses the upcoming Tour de Yorkshire.
Presented at the Sport and Recreation Alliance's Sports Summit 2014.
Public sector sources are a major source of funding for transport infrastructure projects. The UN ESCAP estimates that 65% of infrastructure projects in developing countries are funded by government budgets, with the remainder coming from private sector, multilateral development banks, and official development assistance. Governments can fund projects through borrowing, bonds, or equity positions. Specific public funding sources include user fees, taxes, debt, and pension funds. Zimbabwe's dualization of the Beitbridge-Harare Road demonstrates successful public sector funding, with 132km completed using toll funds. Key lessons include the importance of economic stability for projects and utilizing local contractors and resources to save costs.
This document is an agreement between the British Secretary of State for Culture, Media and Sport and the British Broadcasting Corporation (BBC) that establishes the framework for the BBC's operations and obligations. Some key points:
- It defines the BBC's public purposes and outlines obligations around its UK public services, commercial services, funding, regulatory standards, and more.
- It requires the BBC to apply a "Public Value Test" when considering significant changes to its UK public services to assess public value and competitive impact.
- It addresses the BBC's role in supporting the UK's transition to digital television, referred to as "Digital Switchover," and related obligations.
- It outlines rules for the BBC around fair trading
Transport is responsible for 23% of global greenhouse gas emissions and investment in sustainable transport is needed to curb emissions growth. Trillions of dollars in investment are required by 2050 for mitigation. Climate finance from sources like climate funds, development banks, and green bonds can help bridge this investment gap, but domestic finance will remain core. Coordination between sources of climate finance and alignment with country sustainable transport plans can help direct funds most effectively.
The document discusses the independence of the Supreme Audit Office of Poland (NIK). It notes that NIK has a strong legal foundation in the Polish Constitution and acts independently from the executive. NIK has financial independence as its budget is approved by its own council, included without changes in the state budget, and can only be amended by parliament. NIK conducts audits of public bodies and funds in Poland and employs around 1,700 staff to do so.
Eversheds PPP in Africa Guide - Nov 2016Bukky Fatusin
Burkina Faso has a need for infrastructure projects such as energy and transportation. Public private partnerships (PPPs) are an attractive model being used for projects like solar plants and airports. The legal framework for PPPs includes a 2013 law and decrees that establish rules for selecting private partners through competitive bidding or direct negotiation in certain cases. Key government agencies oversee PPP projects and an annual program identifies priority projects. Several large solar and airport projects are currently underway through PPP agreements.
The UK government sold its 40% stake in Eurostar for £585.1 million in March 2015 to a consortium of Canadian and UK investors. Eurostar also redeemed the government's preference share for £172 million. While Eurostar has performed well financially since 2010, the total taxpayer investment in the Eurostar service and related High Speed 1 rail link is estimated at over £3 billion, significantly more than the proceeds from this sale. The government held Eurostar as a financial investment and its sale was not expected to improve the company's efficiency, but was aimed at maximizing the sale proceeds for taxpayers.
The UK government sold its 40% stake in Eurostar for £585.1 million in March 2015 to a Canadian-UK consortium. Eurostar also redeemed the government's preference share for £172 million. While Eurostar has been profitable since 2010, the total taxpayer investment in the Eurostar rail service and associated High Speed 1 project was over £8 billion, significantly more than the sale proceeds. The government achieved its objective of maximizing proceeds from the sale, but the financial returns for taxpayers remain negative overall given the magnitude of past losses and investment.
Comprehensive Spending Review & Levelling Up - LondonNoel Hatch
The session was focused on understanding the key priorities for Levelling Up and what could be the key challenges & opportunities for the Comprehensive Spending Review, with a London perspective from the GLA and the national perspective from the Institute for Government
With Graham Atkins, Associate Director, Institute for Government and Dr Michelle Reeves, Senior Manager - Policy and Programmes, Strategy Team, City Intelligence Unit, GLA.
The presentations were followed by a discussion on what key issues for councils and public services in London.
Marcos Dussoni, Regional CFO at Sodexo - Acquisitions in complex markets: tak...Global Business Events
The document discusses strategies for acquisitions in complex markets. It emphasizes that companies should select targets that provide both medium-term value and long-term strategic advantages. When pursuing deals in emerging markets, transaction structuring is difficult due to legal, political, and accounting risks. Due diligence is important to understand ownership structures, cultural differences, and develop an integration plan and business model resilient to volatility.
Cassa Depositi e Prestiti (CDP) is a joint-stock company under public control, with the Italian government holding 80.1% and a broad group of bank foundations holding 18.4%, the remaining 1.5% in treasury shares.
The London Olympics in 2012 will cost £9.2 billion, equivalent to around 1850 billion Sri Lankan rupees. This exceeds Sri Lanka's annual national budget of 1640 billion rupees. While supporters argue that it will boost the economy and British heritage, critics argue that the massive spending is unsustainable and benefits only large corporations, not citizens or taxpayers. Many host countries are left with "white elephants" like unused stadiums after the games end.
Hosting the Olympic Games provides both short-term and long-term economic and cultural benefits to a country. In the short-term, there are benefits from officials, athletes, training activities, media events, and cultural events around the Olympics. Long-term benefits include creating world-class infrastructure, receiving international attention and media coverage, jobs, community development programs, and tourism revenue from visitors attracted to the host country. For example, hosting the 2000 Sydney Olympics was projected to generate over $2.9 billion in additional tourism exports from 1.6 million extra international visitors over eight years. The Olympics can also inspire a country to improve infrastructure and cultural facilities, and promote interest in its culture.
The document provides an overview of Egypt's economy and investment opportunities. It notes that Egypt has a large population and market size, a strategic location, and a diversified economy. While it faces challenges like its budget deficit and energy crisis, the government is undertaking reforms and many countries and international organizations are investing in sectors like infrastructure, manufacturing, and renewable energy. Total Dutch investments and exports to Egypt remain significant. The conclusion is that with continued reforms and security improvements, investment and opportunities for Dutch businesses in Egypt will increase.
General International Trends and Efforts in Coping with Climate ChangeICF
The document summarizes a technical assistance project that aims to support China in designing and implementing emissions trading systems. It provides updates on project activities conducted over three years that have trained over 1,500 Chinese stakeholders. Key areas of support include cap setting, allocation, monitoring and reporting. The project also organizes expert exchanges, study tours and joint research to accelerate China's progress in establishing a national ETS.
Presentation by Jože Jenšterle, General manager of IASLIM
Moving Europe - Moving People conference in Ljubljana, 15.11.2016
More info: http://bit.ly/2gngYt0
2 davor kunc wbif presentation to undp editedUNDPhr
The document discusses sustainable energy and EU enlargement in Southeast Europe. It provides an overview of key energy policies and infrastructure projects in the region. The Western Balkans Investment Framework (WBIF) is highlighted as the main vehicle for channeling grants and loans to priority energy and infrastructure projects. The WBIF has supported over €3.6 billion in total estimated energy investments through grants of €71.8 million and loans of €270 million. Challenges to the region such as fiscal constraints and slowing economic growth are also summarized.
Nicky Roche, Chief Executive of the Tour de France Hub 2014 discusses the upcoming Tour de Yorkshire.
Presented at the Sport and Recreation Alliance's Sports Summit 2014.
Public sector sources are a major source of funding for transport infrastructure projects. The UN ESCAP estimates that 65% of infrastructure projects in developing countries are funded by government budgets, with the remainder coming from private sector, multilateral development banks, and official development assistance. Governments can fund projects through borrowing, bonds, or equity positions. Specific public funding sources include user fees, taxes, debt, and pension funds. Zimbabwe's dualization of the Beitbridge-Harare Road demonstrates successful public sector funding, with 132km completed using toll funds. Key lessons include the importance of economic stability for projects and utilizing local contractors and resources to save costs.
This document is an agreement between the British Secretary of State for Culture, Media and Sport and the British Broadcasting Corporation (BBC) that establishes the framework for the BBC's operations and obligations. Some key points:
- It defines the BBC's public purposes and outlines obligations around its UK public services, commercial services, funding, regulatory standards, and more.
- It requires the BBC to apply a "Public Value Test" when considering significant changes to its UK public services to assess public value and competitive impact.
- It addresses the BBC's role in supporting the UK's transition to digital television, referred to as "Digital Switchover," and related obligations.
- It outlines rules for the BBC around fair trading
Transport is responsible for 23% of global greenhouse gas emissions and investment in sustainable transport is needed to curb emissions growth. Trillions of dollars in investment are required by 2050 for mitigation. Climate finance from sources like climate funds, development banks, and green bonds can help bridge this investment gap, but domestic finance will remain core. Coordination between sources of climate finance and alignment with country sustainable transport plans can help direct funds most effectively.
The document discusses the independence of the Supreme Audit Office of Poland (NIK). It notes that NIK has a strong legal foundation in the Polish Constitution and acts independently from the executive. NIK has financial independence as its budget is approved by its own council, included without changes in the state budget, and can only be amended by parliament. NIK conducts audits of public bodies and funds in Poland and employs around 1,700 staff to do so.
Eversheds PPP in Africa Guide - Nov 2016Bukky Fatusin
Burkina Faso has a need for infrastructure projects such as energy and transportation. Public private partnerships (PPPs) are an attractive model being used for projects like solar plants and airports. The legal framework for PPPs includes a 2013 law and decrees that establish rules for selecting private partners through competitive bidding or direct negotiation in certain cases. Key government agencies oversee PPP projects and an annual program identifies priority projects. Several large solar and airport projects are currently underway through PPP agreements.
The UK government sold its 40% stake in Eurostar for £585.1 million in March 2015 to a consortium of Canadian and UK investors. Eurostar also redeemed the government's preference share for £172 million. While Eurostar has performed well financially since 2010, the total taxpayer investment in the Eurostar service and related High Speed 1 rail link is estimated at over £3 billion, significantly more than the proceeds from this sale. The government held Eurostar as a financial investment and its sale was not expected to improve the company's efficiency, but was aimed at maximizing the sale proceeds for taxpayers.
The UK government sold its 40% stake in Eurostar for £585.1 million in March 2015 to a Canadian-UK consortium. Eurostar also redeemed the government's preference share for £172 million. While Eurostar has been profitable since 2010, the total taxpayer investment in the Eurostar rail service and associated High Speed 1 project was over £8 billion, significantly more than the sale proceeds. The government achieved its objective of maximizing proceeds from the sale, but the financial returns for taxpayers remain negative overall given the magnitude of past losses and investment.
Comprehensive Spending Review & Levelling Up - LondonNoel Hatch
The session was focused on understanding the key priorities for Levelling Up and what could be the key challenges & opportunities for the Comprehensive Spending Review, with a London perspective from the GLA and the national perspective from the Institute for Government
With Graham Atkins, Associate Director, Institute for Government and Dr Michelle Reeves, Senior Manager - Policy and Programmes, Strategy Team, City Intelligence Unit, GLA.
The presentations were followed by a discussion on what key issues for councils and public services in London.
Similar to Jamie Magraw, Director of Financial Operations at LOCOG - Financing the London Olympic Games (20)
Marcos Dussoni, Regional CFO at Sodexo - Acquisitions in complex markets: tak...Global Business Events
The document discusses strategies for acquisitions in complex markets. It emphasizes that companies should select targets that provide both medium-term value and long-term strategic advantages. When pursuing deals in emerging markets, transaction structuring is difficult due to legal, political, and accounting risks. Due diligence is important to understand ownership structures, cultural differences, and develop an integration plan and business model resilient to volatility.
Walter Neuhauser, Director Finance and G&A at Thermo Fisher Scientific - How ...Global Business Events
This document discusses GE Gas Engines' experience expanding into difficult markets. It provides case studies on Bangladesh, Russia, and Indonesia. In Bangladesh, GE Gas Engines selected a new distributor to invest in local infrastructure and educated customers on high-speed engine technology. In Russia, they added distributors for better regional coverage and pursued flare gas opportunities. In Indonesia, they created demand through marketing and had their distributor invest in local service infrastructure given the developing gas distribution system. The major lessons learned were building local infrastructure with global operations, adapting products to local needs through innovation, and investing in technology leadership through core investments and new products.
Clemente De Lucia, Senior Economist at BNP Paribas - How should the ECB act t...Global Business Events
This document provides an analysis of low inflation levels in the Eurozone. It discusses several factors contributing to declining inflation, including lower commodity prices and import prices. Risks of prolonged low inflation are examined, including higher debt burdens and lower nominal interest rates. The European Central Bank's potential responses are considered, including conventional and unconventional monetary measures to help lift inflation closer to its target.
Eben Nelson, Project Manager at Honeywell - Happily ever after: The perfect r...Global Business Events
The document discusses the relationship between outsourcing partners and their clients from the perspective of the Chief Financial Officer (CFO). It addresses how outsourcing partners can meet client needs, the CFO's role in outsourcing decisions, how CFOs and Chief Information Officers can work together on outsourcing, and key decisions a CFO must make regarding outsourcing partnerships.
1) The document discusses lessons learned about digital analytics on a budget from a startup perspective.
2) It explains that technologies that used to be expensive, like extracting and analyzing user data, are now cheap and commonly available through open source and cloud-based solutions for under $10k per year.
3) It emphasizes the importance of using industry standard metrics that are recognized, rather than proprietary systems, and understanding how those standards are defined and measured.
Paolo Damiani, Global CFO Power BU at CG Global - The journey of the finance ...Global Business Events
The document discusses transforming the role of finance teams within corporations from subject matter experts focused solely on accounting, to true business partners and leaders. It outlines how finance is often perceived mainly as a compliance function rather than strategic partners. The presentation recommends that finance teams work to better understand the business by asking how they can add value and drive growth. It suggests creating empowered leadership teams within finance, defining the right organizational structure, and measuring progress both quantitatively and qualitatively over timeframes of 12-36 months as the team shifts from being self-centric to helping and eventually leading the broader business.
Jimmy E Dadrewalla, European Finance Director at United Phosphorus - Corporat...Global Business Events
This presentation discusses corporate acquisitions in developing countries and managing associated risks and cultural issues. It notes that foreign direct investment has increasingly focused on developing markets in recent decades as opportunities for growth. When acquiring companies in new markets like Ukraine and Brazil, chief financial officers must focus on risk mitigation strategies, such as ensuring credible local partners and structuring deals to allow resolution of disputes in international courts. The presentation also emphasizes the importance of understanding cultural differences between countries and integrating acquired company employees and leadership to avoid potential clashes. It provides a case study on the challenges of establishing a joint venture in Brazil, including differing growth aspirations of partners and approaches to debt levels.
Bjarte Bogsnes, Vice President Performance Management Development at Statoil ...Global Business Events
Bjarte Bogsnes, Vice President Performance Management Development at Statoil - Beyond Budgeting - A management model for new business and people realities; the Statoil implementation journey spoke at the CFO Event UK 2013
1) Finance transformation involves taking a holistic view of the finance function by expanding its traditional roles of reporting, control, and decision support to also include commercial skills, business strategy, governance, and performance management.
2) The goal of finance transformation is for the CFO to become both the Chief Financial Officer as well as the Chief Value Officer, focusing on how the company creates and captures value and translating all activities into clear and sustainable return on investment.
3) Turkcell Superonline's finance transformation involved managing their fiber broadband rollout through distinct phases driven by ROI, revenue, subscriber growth, and network expansion, tracking key performance indicators to achieve financial milestones and translate infrastructure investment into solid revenue growth and sustainable profit
Marianna Polykrati, Group Treasurer at Chipita International SA - Eurocrisis ...Global Business Events
Marianna Polykrati, Group Treasurer at Chipita International SA - Eurocrisis Greece, there is light at the end of the tunnel - an insider’s view spoke at the CFO Event UK 2013
Jan Christiaens, CFO Corporate Investments at Royal Philips Electronics - Val...Global Business Events
Jan Christiaens, CFO Corporate Investments at Royal Philips Electronics - Value creation by integrating in an effective way newly acquired companies spoke at the CFO Event UK 2013
The document discusses the global offshoring journey of Damco International B.V., a logistics company that is part of the Maersk Group. It describes how Damco has established shared service centers across Asia to perform finance, operations, and business support functions. The centers now employ over 10,000 people across five cities. The document outlines Damco's process for offshoring work, which involves evaluating opportunities, preparing, executing handovers, and continuous improvement. It notes that capturing the full benefits of offshoring is an ongoing journey that requires aligning processes, adding value through improvements, and engaging both onshore and offshore teams. Key lessons learned include the importance of strong leadership support, change management, and balancing
Dr. Christian Campagna, Managing Partner at Accenture - Integrated Business S...Global Business Events
Dr. Christian Campagna, Managing Partner at Accenture - Integrated Business Services - Benefits of a pioneering hybrid delivery model spoke at the CFO Event UK 2013
This document discusses ways for finance and HR departments to work more collaboratively. It provides examples of how finance can review HR activities like payroll and hiring to ensure proper controls. It also discusses how HR can support finance in areas like engaging with workers' representatives and developing talent management strategies. The document advocates for finance and HR to work together on initiatives like defining competency models and raising the financial literacy of non-financial managers.
Anne Frisch, CFO at Publicis Worldwide - Talent Management in FinanceGlobal Business Events
A talent management system must be integrated into a company's overall business strategy and implemented throughout daily operations. It cannot be solely the responsibility of the human resources department, but must involve line managers developing the skills of subordinates. Departments should share information to help employees understand organizational objectives. Retaining and developing talent is important because labor costs are high, performance differences between talented and lesser employees are significant, and employees are a key source of organizational strengths. Implementing talent management requires building a competency model, raising the financial culture of non-financial managers, and prioritizing talent retention as it reduces costs.
Jan Christiaens, CFO Corporate Investments at Philips - Value creation by int...Global Business Events
The document provides an overview of Philips' approach to acquisitions and post-merger integration. It discusses that 80% of M&A deals do not boost shareholder value due to poor integration. Integration is key to value creation by realizing synergies. The New Venture Integration team helps acquired companies integrate effectively by developing integration strategies and tracking integration metrics. Some lessons learned are that detailed planning before closing and retention of key talent are critical success factors.
2. What is the Olympics?
– The Olympics is the greatest sporting event by number of participants, Countries and TV audience.
– The Paralympics is the third with only the World Cup larger.
– The Olympics is equivalent to holding 26 World Championships (17 Paralympics).
– Occur every 4 years.
– Both last roughly 2 weeks in duration.
– The Olympics is first with the Paralympics staged 2 weeks after the completion of the Olympics.
– With the exception of Football, Tennis and Basketball it is the pinnacle of the other 23 sports.
– The Olympics had 10k athletes (the same number of officials) from 204 Countries.
– The Paralympics had 4k athletes from 164 Countries.
– It is the most watched public spectacle in the World. 4 billion watch the Games at some stage or other.
– The Opening Ceremony has the largest TV audience in the World.
•
3. Ownership
– The Olympic rights are owned by the IOC (International Olympic Organisation) and the Paralympics by the IPC
(International Paralympic Committee).
– Both are private organisations akin to a Club.
– The Host nation bids to hold the Games.
– The IOC only partly pays for the Games by way of a negotiated contribution to the costs.
– Income is generated by the IOC through the sale of TV and media rights and sponsorship income via the TOP scheme.
– UNLIKE MOST PROJECTS MOST STAKEHOLDERS ARE NOT MEETING ANY OF THE COSTS ALTHOUGH THEY CAN (OR
TRY) TO INFLUENCE SCOPE.
– TO BE ABLE TO BID EITHER THE HOST CITY OR THE GOVERNMENT EFFECTIVELY UNDERWRITE THE COSTS OF THE
GAMES.
– In the case of the London bid the underwriter was the UK Government.
4. Who are the stakeholders?
– The IOC and the IPC.
– The British Olympic Committee who are the party that won the bid.
– LOCOG (London Organising Committee of the Olympic Games) tasked with delivering the Games.
– The 26 Sporting Federations.
– The 204 National Associations.
– The Sponsors (both TOP and Local).
– The Government together with a miriad of Government departments, Agencies and Bodies.
– The Greater London Assembly (GLA) who are the host City – which comprises a number of local authorities.
5. Who Delivers the Games?
– The London Olympic Games was delivered by a number of parties but for the purposes of this presentation they can
be grouped into two:
– The UK Government – mainly through a created entity called the ODA (Olympic Delivery Agency) which can be seen
as redeveloping the physical area of the stadiums and their surround together with all the required infrastructure.
– LOCOG a private enterprise which organised the event, managed all the parties and ultimately delivered the Games.
6. Overall Financial Situation
Budget & Contingency in £m Actual in £m Under Spend in £b
Government Funding (PSFP) 9,300 8,900 400
LOCOG 2,100 2,100
Total 11,400 11,000 400
• Note that within the £8.9 billion Government spend was £0.9billion that was transferred to LOCOG.
• Government decided to transfer both project scope and budget to LOCOG to deliver:
– Security
– Park Operations
– Ceremonies, Village and Cultural Olympics
– Last Mile, Transport, Utilities & Scenario testing
• Government considered it more cost effective to have LOCOG deliver Government responsible scope than existing
Government departments.
7. Government Challenges
– How does LOCOG interact with all the Government Departments?
• Within central Government there were over 40 Government Departments and delivery bodies who were to provide important input
into the delivery of the Games
• It was decided to create the Government Olympic Executive (GOE) who would manage the interface
• With respect to financial matters this worked very well.
– How is the overall Government budget (the Public Sector Funding Package (PSFP) managed?
• Creation of the Cross Party Funding Group (CPFG) which managed all requests from any party on the PSFP.
• All agreements (with the exception of the second military contingency) were contractual between the relevant two parties.
• The body was established early, operated realistically and in a focused manner whilst also providing budget responsibility for each
independent party.
• Decisions were by majority and transparent to all.
– How is the unlimited liability of the Government managed?
• Made clear that there were no additional funds over and above the PSFP approved by Parliament.
• The risk register encompassed all entities responsible for the delivery of the Olympics and was wide ranging taking account of the
National Risk Register (with the exception of a few items categorised as National Security Issues dealt elsewhere).
• Any potential risk was reviewed on a monthly basis in light of full Government and delivery agencies information.
• Each risk was assigned a probability and likely cost together with an “owning entity”.
• The risk analysis was linked into the scenario planning performed by each delivery body (both independently and linked)
8. LOCOG
– Formed to deliver the Games .
– Established in 2005 (post bid) and will be disbanded in 2013
– At its peak employed 7,000 staff but managed 150,000 contractors and a volunteer force of 70,000.
– A private business answerable to its shareholders who are the BOA.
– It’s Board comprised representatives from other delivery bodies but independent of them for voting purposes. This
enabled full discussion and disclosure.
– Experts were invited onto subcommittees. Much of the detailed financial matters were dealt with under delegated
responsibility to the audit committee.
– Although Government had ultimately underwritten the Games financially they remained at arms length.
– Confidence was placed in the mechanisms created to manage risk through the CPFG.
– Funded privately with the exception of a grant towards 50% of the marginal costs of the Paralympics.
9. LOCOG Objectives
– To ramp up, deliver and disband in an 8 year period.
– Create a memorable Games. Do better than the Australians in Sydney?
– Attract sufficient funds to meet the costs as defined within the scope. In effect the income was known to be around
£2.1 billion and this became the costs that could be absorbed.
– Deliver on budget and in time.
– Meet all the stakeholder requirements and standards:
• IOC/IPC
• Sporting Federations
• Some National Federations (Security, food, Visa and funding issues)
• UK Government
• BOA
• GLA
• The Public
10. LOCOG Revenue
• Lifetime Project Revenue was £2.1billion.
• Still to be confirmed after finalisation of the audited accounts in second quarter 2013.
• 95% of revenue has been raised by private means and 5% was a Government grant.
• Breakdown of the revenue base:
– Sponsorship
– Ticketing
– Merchandising/licensing
– IOC contribution
– Grants
– Other income
• The IOC contribution is after negotiation with the IOC and comes out of the revenues they have raised
through the sale of the media rights and sponsorship.
• It should be noted that LOCOG and the IOC jointly raised £1.4billion of sponsorship revenue although the
IOC sponsorship spans 4 years and both winter and summer Games.
11. Specific Global Challenges - Security
• The day after London won the bid London was struck by a wave of terrorist bombings on buses and tubes killing 52 civilians
and 4 bombers with 700 injured.
• Since then there has been a heightened level of security threat.
• All responsible parties had a low tolerance to absorbing security risk.
• UK Government, IOC and National Governments had to be satisfied with the level of security both in venues and generally
within the UK.
• This Games had the most Security resources assigned to it.
• But it was important to balance the Security presents. We did not want an armed camp.
• LOCOG was responsible for the “airport level security” in 142 “venues”.
• This was the largest single cost category for LOCOG.
• Initial plans had this security provided by a mixture of contractor, military, volunteers and Government experts.
• This model required a huge investment in building a pipeline of security staff through educational courses, training
qualifications and recruitment.
• As we progressed towards the Games concern was raised around the ability for the contractor to deliver.
• A contingency plan had to be effected within 2 weeks to deploy additional military personal.
12. Specific Global Challenges - Transport
• London is a congested City with a mature infrastructure.
• The Games were performed in three London centres East, Central and North West with accommodation only in the East.
• London scored poorly in the bid with respect to Transport.
• Action was taken to extend tube/train lines, upgrade the railway, extra trains, longer operational times and a new high
speed line from central London to the Olympic Park.
• London businesses altered their working day and many employees took holiday in the period.
• All maintenance and improvement works stopped including the building of the trans London rail link.
• All spectators and Olympic family were encouraged to use public transport.
• 90% of all venues could be reached by 3 or more forms of public transport.
• 80% of the Games time family had less than a 20 minute travel time.
13. Specific Challenges - Venues
• 28 venues were used.
• 8 were permanent build.
• 7 Temporary build.
• 13 existing venues of which 7 were football stadia.
• Almost all required significant change to be “Olympic compliant”.
• All but 7 were owned by third parties other than an Olympic entity.
• Although including items not normally associated with a construction project these were managed by those from the
industry under standard construction contracts and controls.
• Build, takeover, reinstatement and hand back were often within a short time. (HGP was under LOCOG control for 35 days).
• Completion to time was the known risk and weather became an risk.
14. Methods - Budgets
• Effectively many projects varying in nature enclosed in one megaproject.
• Multi facetted with, in many cases, large numbers of stakeholders.
• Many stakeholders tried to influence scope.
• Design and change freeze was a challenge.
• All budgets were time bound.
• Finance was central to all budgets and managed/approved any change to them.
• Contingency was held centrally with the Finance function and not the Functional areas.
• Senior management (CEO, CFO, COO and all Functional Directors) were actively managed in weekly meetings.
• Anticipated Final Cost was used based upon continuous reforecasting.
• Contracts were tied into the budget structure.
• Discipline and consistency was crucial.
• Recognised that we should have used the more dynamic Earnt Value Analysis than the traditional milestone budgeting.
15. Methods – Risk management
• Extensive risk management was used to focus management resources into key areas.
• Although probability theory was used it soon became more hands on.
• Risk was generally seen in the following ways:
– How an event could impact the Games.
– What alternatives were available if plan A failed?
– How much time was required to effect any plan B?
– Supplier lead times were critical – as time progressed we had less and less slippage contingency. There is no Games time contingency whilst
other projects have the ability to slip.
– Costs could accelerate as the Games approached. Managing all suppliers to deadlines was critical and minimising the number of interfaces
key.
– The strength of contract terms and consistent compliance on the LOCOG side was essential.
16. Methods – Cost Control
• Design the cost base on the income you will receive.
• Ensure the form of contract is suitable and robust.
• All material supplier contracts were approved by senior management (CEO, CFO, Director of Commercial, Legal Council and
Procurement) prior to contract signing. Any change needed to return to them.
• All purchasing was done via Procurement.
• Rigid competitive tendering with “sponsorship deals” done after procurement contract.
• Tight Financial control of the purchase cycle (PO, GRN, invoice) for goods and services.
• Terms of trade controlled by Finance.
• Do not let the supplier manage you – some had done many Games.
• Manage your operational colleagues.
• Be consistent – any exception will become the norm.
• Control scope and variation. Any material change in both required financial approval.
• Keep all staff focused on cost before during and after the Games.
• Say no often and don’t reverse the decision.
• Don’t let go in the Games time. LOCOG operated a 24/7 control of all significant spend.
17. Methods – Contract Control
• The Games is effectively delivered by the contractor base.
• No organisation could be created from stratch to provide the large number of deliverables. You need to hire those who have the skills in their normal
work to deliver.
• But in many cases the deliverable is a hybrid of either their normal product or the size and intensity of how they meet demand.
• Many of the demands are industry sector changing and have a major impact on the competitiveness of the market before, during and more
importantly after the Games.
• Some suppliers had to be micromanaged in delivering to project others had to be focused on delivery.
• Many recognised the time risk in the contracts but thought they could resolve by throwing resources at the problem and transfer costs to the client.
• Through managing 700 contracts very closely, and having high internal management visibility, few contracts were allowed to slip.
• Any slippage resulted in a robust utilisation of the contract and use of step in rights. In many cases LOCOG and supplier resolved issues through
mutual assistance.
• LOCOG geared up to review all contracts on a monthly basis using risk analysis. As it was most moved out of “intensive care” quickly.
• Each contract was reviewed by a panel independent of the contract manager and weaknesses identified and resolved quickly.
• Only 5 contracts went to dispute and only 2 to any form of legal action.