Law Debenture reported its annual results for 2015. It increased its long-term gearing in September 2015 and repaid short-term borrowings. The independent fiduciary services business was fair valued as of December 31, 2015 with restated historical data. The net asset value per share was 513.54 pence as of December 31, 2015, down slightly from the prior year, with the share price at a 3% discount. Revenue per share increased 6.8% to 18.10 pence for the year. The company aims to grow its businesses safely while maintaining its tax efficiency to enhance shareholder returns.
CMW - June 2014 Annual Financial ReportBrad Sheahon
Cromwell Property Group delivered strong financial results in FY2014, with operating profit up 43% to a record $146.7 million. Statutory profit increased 295% to $182.5 million. Distributions were up 5% to 7.6 cents per security. Net tangible assets per security increased to $0.73. Gearing was reduced to 42%. The funds management business continued to grow strongly, with operating profit up 30% to $8.3 million. Cromwell remains focused on delivering predictable, growing distributions through active management of its property portfolio and funds management business. Guidance for FY2015 is for operating earnings of at least 8.3 cents per security and distributions of 7.85 cents per
The document summarizes the annual results of a financial services company. It reported record new business, higher operating profits, and increased assets under management in 2009 compared to 2008. Key highlights included a 26% increase in new business profits, a 12% rise in operating profits, and growth in assets under management of 31%. The company also increased its dividend and saw continued strong recruitment and retention of financial advisors.
This document contains an income statement and balance sheet for three years (2007-2009) for a company, as well as various financial ratios calculated from the data. The ratios show that in 2009, the company's current ratio declined, indicating potential problems paying bills on time. However, other liquidity and profitability ratios improved from 2008 to 2009, such as gross profit margin and operating profit margin, suggesting increased efficiency. Some ratios declined from 2008 to 2009, such as return on assets and equity, showing less efficient use of assets to generate profits.
- Aegon has a strong Solvency II capital position of around 160% and local units are well capitalized above target levels
- Aegon plans to return capital to shareholders through a dividend payout ratio of 50% of free cash flows and a EUR 400 million share buyback
- Aegon aims to achieve a return on equity of 10% through cost savings, profitable growth, and aligning accounting with how business is managed
Aegon's Q1 2016 results were impacted by challenging market conditions according to their CEO. Underlying earnings decreased from the previous quarter to EUR 432 million. Net income declined significantly to EUR 289 million compared to a net loss of EUR 580 million in the prior quarter, due to portfolio optimization efforts. Sales and gross deposits increased compared to the same quarter last year.
This annual report summarizes Raymond Group's performance in 2017-2018. Some key points:
- J.K. Investors (Bombay) Ltd. and J.K. Investo Trade (India) Ltd. are the major shareholders.
- Vijaypath Singhania is the chairman and promoter.
- Raymond declared a dividend of Rs. 3 per share in the past year.
- The company's net profit ratio increased to 3.12% in 2018 from 1.14% in 2017 while return on equity increased significantly to 159.39% from 54.60% driven by higher profit margins and asset turnover.
CMW - June 2014 Annual Financial ReportBrad Sheahon
Cromwell Property Group delivered strong financial results in FY2014, with operating profit up 43% to a record $146.7 million. Statutory profit increased 295% to $182.5 million. Distributions were up 5% to 7.6 cents per security. Net tangible assets per security increased to $0.73. Gearing was reduced to 42%. The funds management business continued to grow strongly, with operating profit up 30% to $8.3 million. Cromwell remains focused on delivering predictable, growing distributions through active management of its property portfolio and funds management business. Guidance for FY2015 is for operating earnings of at least 8.3 cents per security and distributions of 7.85 cents per
The document summarizes the annual results of a financial services company. It reported record new business, higher operating profits, and increased assets under management in 2009 compared to 2008. Key highlights included a 26% increase in new business profits, a 12% rise in operating profits, and growth in assets under management of 31%. The company also increased its dividend and saw continued strong recruitment and retention of financial advisors.
This document contains an income statement and balance sheet for three years (2007-2009) for a company, as well as various financial ratios calculated from the data. The ratios show that in 2009, the company's current ratio declined, indicating potential problems paying bills on time. However, other liquidity and profitability ratios improved from 2008 to 2009, such as gross profit margin and operating profit margin, suggesting increased efficiency. Some ratios declined from 2008 to 2009, such as return on assets and equity, showing less efficient use of assets to generate profits.
- Aegon has a strong Solvency II capital position of around 160% and local units are well capitalized above target levels
- Aegon plans to return capital to shareholders through a dividend payout ratio of 50% of free cash flows and a EUR 400 million share buyback
- Aegon aims to achieve a return on equity of 10% through cost savings, profitable growth, and aligning accounting with how business is managed
Aegon's Q1 2016 results were impacted by challenging market conditions according to their CEO. Underlying earnings decreased from the previous quarter to EUR 432 million. Net income declined significantly to EUR 289 million compared to a net loss of EUR 580 million in the prior quarter, due to portfolio optimization efforts. Sales and gross deposits increased compared to the same quarter last year.
This annual report summarizes Raymond Group's performance in 2017-2018. Some key points:
- J.K. Investors (Bombay) Ltd. and J.K. Investo Trade (India) Ltd. are the major shareholders.
- Vijaypath Singhania is the chairman and promoter.
- Raymond declared a dividend of Rs. 3 per share in the past year.
- The company's net profit ratio increased to 3.12% in 2018 from 1.14% in 2017 while return on equity increased significantly to 159.39% from 54.60% driven by higher profit margins and asset turnover.
- The presentation summarizes the performance of UK Commercial Property Trust (UKCPT) in 2014.
- UKCPT saw double digit growth in NAV and share price in 2014 due to positive sentiment in the UK commercial property market and asset management initiatives.
- Key financial highlights included the issuance of £81.6 million in new equity, £94 million invested in new acquisitions, and a dividend yield of 4.2%.
BofAML Financials CEO Conference: Alex Wynaendts presents update on Aegon's p...Aegon
- Alex Wynaendts, CEO of Aegon, outlines priorities for the company including accelerating the shift from spread-based to fee-based businesses, connecting digitally with customers, and expanding guidance and advice capabilities.
- Aegon has transformed its profile by focusing on fee businesses, reducing financial market risk, and maintaining a solid capital position. It aims to improve growth and returns by 2018 through various strategic initiatives.
The Group delivered solid financial results in the first half of 2018. Results from Operations (RFO) increased by 7% driven by growth across most operating segments. Adjusted Headline Earnings grew by 1% despite lower investment returns, offset by higher earnings from Nedbank. The balance sheet continues to be simplified with the Nedbank unbundling on track for completion in Q4 2018. Expense allocation had a negative impact on reported RFO growth for some segments but adjusted growth rates were higher.
Ryder System, Inc. held a conference call to discuss fourth quarter 2016 earnings and provide a 2017 forecast. Key points included:
- Fourth quarter 2016 earnings per share were $0.92 compared to $1.42 in the prior year, impacted by lower used vehicle sales and accelerated depreciation.
- The 2017 forecast expects total revenue growth of 4% and operating revenue growth of 3%, with moderate economic growth assumptions.
- Earnings per share are forecasted between $4.78-$5.08 for 2017, reflecting cost reductions but also lower used vehicle pricing and higher depreciation impacts.
- Business segments are expected to see revenue growth in 2017, with Fleet Management Solutions revenue up 2%
Aegon Group Treasurer, Karen Wright provides an investor update on capital, cash and capital deployment, assumptions and sensitivities. For further information visit http://www.aegon.com/investors
UBS Investment Banking Challenge - Campus Final Pitch Book 2018 Oscar Haman
Case study competition on the past M&A transaction between Tatts Group Ltd and Tabcorp
Completing this case involved:
- Advising Tatts on how to proceed against the Tabcorp offer
- Creating a competitive bidding environment to force Tabcorp to raise their offers
- Market analysis of the gambling sector
- Valuation of Tatts through a DCF
- Constructing a merger model between Tatts and Tabcorp
- Devising various defence strategies against unfavourable takeover proposals
- Write-up of an ASX notice to Tatts' shareholders
- Creation of a decision tree to guide Tatts throughout this defence
Aegon reports strong increase in net income in 1Q 2017. Highlights include: Underlying earnings up 6% driven by US expense reductions and higher fee income; continued strong sales and improved margins; solvency II ratio stable at 157%.
Ryder reported third quarter 2017 earnings results. Total revenue increased 7% compared to third quarter 2016, driven by higher operating revenue and subcontracted transportation. Earnings per share were $1.11, lower than last year's $1.59 due primarily to non-operating pension costs and other one-time expenses. Comparable earnings per share were $1.33 versus $1.67 in third quarter 2016. Fleet Management Solutions revenue grew 4% but earnings declined due to higher depreciation and maintenance costs. Dedicated Transportation Solutions and Supply Chain Solutions also saw revenue growth but earnings declined due to rising insurance costs and investments in IT. Year-to-date cash flow from operations was $1.166 billion
It is clear that among investors there is a widely-held aspiration for more ‘long-term’ investing: investing that is both rewarding and sustainable for the future.
Michiel van Katwijk, CFO of Transamerica, provides an update on how Aegon is delivering cash flows & returns in the US, at the December 2016 Aegon Analyst & Investors Conference in New York.
The document provides an overview of Momentum Metropolitan Holdings Limited's 2014 year-end results. It summarizes the challenging operating environment in South Africa and the insurance industry. Financially, the group achieved strong growth in profits, new business, dividends and return on embedded value. Each of its operating divisions, including Momentum Retail, Metropolitan Retail, Momentum Employee Benefits and Metropolitan Health delivered solid results. The group also outlined its capital management strategy and transition to a new client-centric operating model effective July 2014. Its strategic focus remains on enhancing client-centricity and financial wellness.
- Alex Wynaendts, CEO of Aegon, outlined the company's priorities to accelerate growth, connect with customers, and deliver value.
- Aegon has transformed its business profile through divesting legacy businesses and growing its fee-based and digital offerings. It aims to broaden customer relationships and expand in asset management.
- The company has a solid capital position and plans to improve growth, returns, and capital returns to shareholders through 2018.
Our growth strategy is on track.
"The fundamental strength of our business, which is underpinned by contracted revenues and geographical diversity, together with the proven industry experience of our management team and the expertise and commitment of our staff, have ensured that once again we have delivered a solid performance, despite the challenging conditions that we continue to experience in our European market. This illustrates the resilience of our business model.
Our growth strategy is on track. Organic growth will continue apace through the expansion of services and geographies and we have a clearly defined path to continue our acquisitive growth in a highly fragmented global business aviation services sector. Our strategic goal is to double the scale of the business over the next two years."
Marwan Khalek, Chief Executive.
- Net sales increased 7% and gross margin increased 5.5 percentage points to 23.9% in the second quarter of 2017.
- CDON Marketplace experienced strong growth with external merchant sales up 84% and total GMV up 18%. Nelly improved sales and earnings with EBIT up 279%.
- Qliro Financial Services continued growing with total operating income up 57% and business volume up 34%.
- The divestment of non-core business area Lekmer was completed at the end of the quarter.
Kossan's Financial Evaluation based on their annual financial statement from 2013 to 2015. We evaluate based on theory or formula from subject FIN745 (Financial Management). We also compare the result with Top Glove performance as Industry average.
Gama Aviation Plc, one of the world’s largest business aviation service providers is pleased to announce the results for the six months to 30 June 2017.
Infographic outlining Aviva's five carbon investment commitments responding to climate risk and the need to limit global temperature increases to within 2 degrees C
Aegon A&I Conference: Accelerating execution of strategyAegon
Mark Mullin, CEO of Aegon in the Americas provide an update on how Aegon is accelerating the execution of its strategy at the December 2016 Aegon Analyst & Investors Conference in New York.
Bisco Misr is an Egyptian food manufacturing company established in 1957. The audit report analyzes the company's performance over 2012-2013. It found that liquidity, profitability, and returns improved from 2012 to 2013. The current ratio and acid-test ratio increased, indicating better management of operating cycles. Operating income return on investment increased from 19.7% to 26.8%, showing more income generated from assets. Most ratios related to receivables, inventory, assets, and profits improved from 2012 to 2013, demonstrating more efficient use of resources and increased effectiveness of the company's management.
L E G A L A S P E C T S O F B U S I N E S S 2Bob Bin
This document discusses key concepts related to contracts under Indian law, including:
1) The distinction between an agreement and a contract, where an agreement requires an offer and acceptance but a contract also requires legal enforceability.
2) The capacity of parties to enter contracts, including requirements of being of age of majority, of sound mind, and not otherwise legally disqualified.
3) Essential elements for a valid contract such as offer, acceptance, consideration (something in return), and free consent without coercion, undue influence, fraud or mistake.
4) Various ways a contract can be discharged, including performance, mutual agreement, operation of law, impossibility, lapse of time, or breach.
The document discusses various topics related to debentures and directors under business law. It defines debentures and describes their key characteristics, types, and remedies available to debenture holders. It also covers topics like kinds of debentures, government securities, treasury bills, cash management bills, and the differences between debentures and shares. For directors, it discusses their roles, appointment process, remuneration, duties, and powers. It also defines managing directors and their appointment process.
- The presentation summarizes the performance of UK Commercial Property Trust (UKCPT) in 2014.
- UKCPT saw double digit growth in NAV and share price in 2014 due to positive sentiment in the UK commercial property market and asset management initiatives.
- Key financial highlights included the issuance of £81.6 million in new equity, £94 million invested in new acquisitions, and a dividend yield of 4.2%.
BofAML Financials CEO Conference: Alex Wynaendts presents update on Aegon's p...Aegon
- Alex Wynaendts, CEO of Aegon, outlines priorities for the company including accelerating the shift from spread-based to fee-based businesses, connecting digitally with customers, and expanding guidance and advice capabilities.
- Aegon has transformed its profile by focusing on fee businesses, reducing financial market risk, and maintaining a solid capital position. It aims to improve growth and returns by 2018 through various strategic initiatives.
The Group delivered solid financial results in the first half of 2018. Results from Operations (RFO) increased by 7% driven by growth across most operating segments. Adjusted Headline Earnings grew by 1% despite lower investment returns, offset by higher earnings from Nedbank. The balance sheet continues to be simplified with the Nedbank unbundling on track for completion in Q4 2018. Expense allocation had a negative impact on reported RFO growth for some segments but adjusted growth rates were higher.
Ryder System, Inc. held a conference call to discuss fourth quarter 2016 earnings and provide a 2017 forecast. Key points included:
- Fourth quarter 2016 earnings per share were $0.92 compared to $1.42 in the prior year, impacted by lower used vehicle sales and accelerated depreciation.
- The 2017 forecast expects total revenue growth of 4% and operating revenue growth of 3%, with moderate economic growth assumptions.
- Earnings per share are forecasted between $4.78-$5.08 for 2017, reflecting cost reductions but also lower used vehicle pricing and higher depreciation impacts.
- Business segments are expected to see revenue growth in 2017, with Fleet Management Solutions revenue up 2%
Aegon Group Treasurer, Karen Wright provides an investor update on capital, cash and capital deployment, assumptions and sensitivities. For further information visit http://www.aegon.com/investors
UBS Investment Banking Challenge - Campus Final Pitch Book 2018 Oscar Haman
Case study competition on the past M&A transaction between Tatts Group Ltd and Tabcorp
Completing this case involved:
- Advising Tatts on how to proceed against the Tabcorp offer
- Creating a competitive bidding environment to force Tabcorp to raise their offers
- Market analysis of the gambling sector
- Valuation of Tatts through a DCF
- Constructing a merger model between Tatts and Tabcorp
- Devising various defence strategies against unfavourable takeover proposals
- Write-up of an ASX notice to Tatts' shareholders
- Creation of a decision tree to guide Tatts throughout this defence
Aegon reports strong increase in net income in 1Q 2017. Highlights include: Underlying earnings up 6% driven by US expense reductions and higher fee income; continued strong sales and improved margins; solvency II ratio stable at 157%.
Ryder reported third quarter 2017 earnings results. Total revenue increased 7% compared to third quarter 2016, driven by higher operating revenue and subcontracted transportation. Earnings per share were $1.11, lower than last year's $1.59 due primarily to non-operating pension costs and other one-time expenses. Comparable earnings per share were $1.33 versus $1.67 in third quarter 2016. Fleet Management Solutions revenue grew 4% but earnings declined due to higher depreciation and maintenance costs. Dedicated Transportation Solutions and Supply Chain Solutions also saw revenue growth but earnings declined due to rising insurance costs and investments in IT. Year-to-date cash flow from operations was $1.166 billion
It is clear that among investors there is a widely-held aspiration for more ‘long-term’ investing: investing that is both rewarding and sustainable for the future.
Michiel van Katwijk, CFO of Transamerica, provides an update on how Aegon is delivering cash flows & returns in the US, at the December 2016 Aegon Analyst & Investors Conference in New York.
The document provides an overview of Momentum Metropolitan Holdings Limited's 2014 year-end results. It summarizes the challenging operating environment in South Africa and the insurance industry. Financially, the group achieved strong growth in profits, new business, dividends and return on embedded value. Each of its operating divisions, including Momentum Retail, Metropolitan Retail, Momentum Employee Benefits and Metropolitan Health delivered solid results. The group also outlined its capital management strategy and transition to a new client-centric operating model effective July 2014. Its strategic focus remains on enhancing client-centricity and financial wellness.
- Alex Wynaendts, CEO of Aegon, outlined the company's priorities to accelerate growth, connect with customers, and deliver value.
- Aegon has transformed its business profile through divesting legacy businesses and growing its fee-based and digital offerings. It aims to broaden customer relationships and expand in asset management.
- The company has a solid capital position and plans to improve growth, returns, and capital returns to shareholders through 2018.
Our growth strategy is on track.
"The fundamental strength of our business, which is underpinned by contracted revenues and geographical diversity, together with the proven industry experience of our management team and the expertise and commitment of our staff, have ensured that once again we have delivered a solid performance, despite the challenging conditions that we continue to experience in our European market. This illustrates the resilience of our business model.
Our growth strategy is on track. Organic growth will continue apace through the expansion of services and geographies and we have a clearly defined path to continue our acquisitive growth in a highly fragmented global business aviation services sector. Our strategic goal is to double the scale of the business over the next two years."
Marwan Khalek, Chief Executive.
- Net sales increased 7% and gross margin increased 5.5 percentage points to 23.9% in the second quarter of 2017.
- CDON Marketplace experienced strong growth with external merchant sales up 84% and total GMV up 18%. Nelly improved sales and earnings with EBIT up 279%.
- Qliro Financial Services continued growing with total operating income up 57% and business volume up 34%.
- The divestment of non-core business area Lekmer was completed at the end of the quarter.
Kossan's Financial Evaluation based on their annual financial statement from 2013 to 2015. We evaluate based on theory or formula from subject FIN745 (Financial Management). We also compare the result with Top Glove performance as Industry average.
Gama Aviation Plc, one of the world’s largest business aviation service providers is pleased to announce the results for the six months to 30 June 2017.
Infographic outlining Aviva's five carbon investment commitments responding to climate risk and the need to limit global temperature increases to within 2 degrees C
Aegon A&I Conference: Accelerating execution of strategyAegon
Mark Mullin, CEO of Aegon in the Americas provide an update on how Aegon is accelerating the execution of its strategy at the December 2016 Aegon Analyst & Investors Conference in New York.
Bisco Misr is an Egyptian food manufacturing company established in 1957. The audit report analyzes the company's performance over 2012-2013. It found that liquidity, profitability, and returns improved from 2012 to 2013. The current ratio and acid-test ratio increased, indicating better management of operating cycles. Operating income return on investment increased from 19.7% to 26.8%, showing more income generated from assets. Most ratios related to receivables, inventory, assets, and profits improved from 2012 to 2013, demonstrating more efficient use of resources and increased effectiveness of the company's management.
L E G A L A S P E C T S O F B U S I N E S S 2Bob Bin
This document discusses key concepts related to contracts under Indian law, including:
1) The distinction between an agreement and a contract, where an agreement requires an offer and acceptance but a contract also requires legal enforceability.
2) The capacity of parties to enter contracts, including requirements of being of age of majority, of sound mind, and not otherwise legally disqualified.
3) Essential elements for a valid contract such as offer, acceptance, consideration (something in return), and free consent without coercion, undue influence, fraud or mistake.
4) Various ways a contract can be discharged, including performance, mutual agreement, operation of law, impossibility, lapse of time, or breach.
The document discusses various topics related to debentures and directors under business law. It defines debentures and describes their key characteristics, types, and remedies available to debenture holders. It also covers topics like kinds of debentures, government securities, treasury bills, cash management bills, and the differences between debentures and shares. For directors, it discusses their roles, appointment process, remuneration, duties, and powers. It also defines managing directors and their appointment process.
This document discusses debentures as a form of long-term borrowed capital for companies. It defines debentures as certificates issued by a company to acknowledge its debt. Debenture holders are creditors and debentures provide them a fixed rate of interest. They do not hold voting rights. Debentures can be secured against company assets or unsecured. They may also be convertible to equity after a set time period. The document outlines key features and advantages and disadvantages of debenture financing for companies.
Debentures are a debt instrument which are issued by a Company. The main feature of debentures is that they are long-term securities yielding a fixed rate of interest against assets
L E G A L A S P E C T S O F B U S I N E S S 6Bob Bin
This document discusses key aspects of companies and corporate governance under the Indian Companies Act of 1956. It defines a company and its key characteristics such as separate legal entity, perpetual succession, transferable shares, and more. It also covers types of companies based on liability, number of members, and other criteria. Additionally, it explains the process of company formation including promotion, registration, raising capital, and commencement of business. Key documents like the memorandum, articles of association, and prospectus are also summarized.
Management of a Company,Company Law, Law of Business Associations 2Quincy Kiptoo
This document summarizes key aspects of company management and directors according to Kenyan law. It defines management and outlines the functions of directors in managing company affairs. It discusses the number and appointment of first and subsequent directors, as well as casual appointments. It covers restrictions on director appointments regarding qualifications, age limits, bankruptcy, and fraudulent persons. It also discusses defects in appointments, corporate directors, associate directors, nationality requirements, and grounds for disqualification and removal of directors.
The document discusses various topics related to companies including company members, company law, types of companies, shares, debentures, and meetings.
It defines a company as an association of individuals with a common purpose. It explains corporate law deals with how shareholders, directors, and other stakeholders interact. It distinguishes between public and private companies based on factors like minimum members, transferability of shares, and directors.
It describes shares, shareholders, and share certificates. It explains different types of shares including equity, preference, and their features. It also discusses debentures and their types based on record, security, redemption, and convertibility.
Finally, it provides an overview of different types of company meetings including
The document discusses pre-incorporation contracts under common law and the Malaysian Companies Act 1950. It defines a pre-incorporation contract as one made before a company is incorporated, and explains that the promoter may be personally liable until the company ratifies the contract after incorporation. Under common law, a company cannot ratify a pre-incorporation contract if it did not exist at the time. The Malaysian Act allows ratification, making the company bound as if it existed from the contract date. The duties of promoters and the meaning of a certificate of incorporation are also explained.
L E G A L A S P E C T S O F B U S I N E S S 4Bob Bin
The document discusses key concepts around promissory notes and negotiable instruments under Indian law. It defines a promissory note as a written unconditional undertaking signed by the maker to pay a certain sum of money. It outlines the essential features of a promissory note, including that it must be in writing, contain an express promise to pay a definite sum of money to a certain payee, and be signed by the maker. The document also discusses negotiable instruments more broadly and the roles of parties in a promissory note transaction.
This document provides an overview of shares and debentures under Indian company law. It defines various types of share capital such as authorized, issued, subscribed, and paid-up capital. It also discusses the classification of shares into equity and preference shares, and the classification of preference shares into cumulative, non-cumulative, redeemable, irredeemable, convertible and non-convertible shares. The document also covers topics such as voting rights of shareholders, issue of shares, share certificates, transfer and transmission of shares, debentures, types of debentures, and certificates of debenture.
Equity shares represent ownership in a company and provide shareholders voting rights and claim to residual assets. They are a permanent capital source as they have no maturity date. Preference shares have fixed dividends and preference over equity shares but do not provide voting rights or claim to residual assets. Debentures are a type of loan that pays fixed interest and must be repaid by a specified maturity date. Term loans are long-term loans directly from banks or financial institutions, often secured by company assets.
The document discusses debentures, which are debt instruments issued by companies to raise funds. It covers the meaning and types of debentures, the distinction between debentures and shares, and accounting entries for issuing debentures under different scenarios such as when issued at par, premium, or discount and redeemable at par, premium or discount. The key learning points are types of debentures, features of debentures, differences between debentures and shares, and journal entries for issuing debentures in various situations.
Debentures- For CA IPCC and CS ExecutiveMayank Mittal
This document discusses debentures under Indian law. It defines debentures as instruments acknowledging a company's debt. Debentures can be secured or unsecured, with secured debentures requiring the creation of charges over company assets. A debenture trustee must be appointed to protect debenture holders' interests by ensuring assets are sufficient to repay debts and terms are followed. Companies must create a debenture redemption reserve from profits to repay debentures.
This document discusses debentures and the role of debenture trustees. It defines a debenture as a debt instrument issued by a company to investors that must be repaid at a specified interest rate. When large numbers of debentures are issued, a debenture trustee acts as an intermediary between the company and debenture holders. The trustee holds any assets used as collateral, enforces the debenture agreement, and ensures interest payments are made. The document outlines the types of debentures a company can issue, requirements for appointing a trustee, and the trustee's responsibilities to protect debenture holders' interests.
The document discusses debentures, which are a type of creditor security issued by companies to borrow funds. Debentures acknowledge a debt and provide the holder with a fixed rate of interest. They are issued for purposes like setting up new projects, expansion, or mergers. There are various types of debentures, including secured/unsecured, redeemable/perpetual, and convertible/non-convertible debentures. Debenture holders are creditors and do not have ownership or voting rights in the company. While debentures provide benefits like a steady return, there are also risks if the company defaults on interest or principal payments.
The document discusses key concepts in business law related to companies and shares. It defines a company and share capital, and outlines the main types of shares like preference shares, equity shares, and deferred shares. It also covers related topics such as share certificates, share warrants, nomination of shares, and the process of transferring shares. The Companies Act of 1956 establishes the legal framework for forming companies and responsibilities of a company's directors in India.
Debentures are a type of loan taken by companies. They are secured by assets of the company and pay a fixed rate of interest. The key features of debentures are the maturity date when principal is repaid, security over company assets in default, and potential convertibility to equity. There are different types of debentures based on security, tenure, registration, coupon structure, and convertibility. The main advantages of debentures are a fixed source of funds for a period without shareholder control. The disadvantages include fixed repayment, limited funds raised, and risk of insolvency.
This document provides an overview of debentures, including:
- Debentures are long-term debt instruments similar to bonds that provide loan capital to a company.
- There are different types of debentures like non-convertible, partly convertible, and fully convertible debentures.
- Debentures can be secured, with company assets as collateral, or unsecured.
- Key features include the face value, interest rate, maturity date, and redemption value.
- The document provides preliminary financial results for FY 2015, including a 16% increase in adjusted operating profit to £225 million and a 19% rise in adjusted earnings per share to 120.5p.
- The banking division saw a 15% increase in adjusted operating profit to £208.7 million, with an 8.5% rise in its loan book. Securities delivered a resilient performance with adjusted operating profit of £24.6 million.
- Asset management continued its good progress with adjusted operating profit up 80% to £17.8 million, driven by higher investment management income.
David Paulsen, President Transamerica Distributors, talks Aegon’s strategy, the US insurance market, Transamerica’s products and services, and answers audience Q&As.
- The company reported strong interim results for H1 2015, with adjusted operating profit up 16% and adjusted earnings per share up 19%.
- Banking continued to perform well, with adjusted operating profit up 19% driven by loan book growth and lower bad debts.
- Securities adjusted operating profit was down 23% due to difficult market conditions and lower trading volumes.
- Asset Management saw steady progress with adjusted operating profit up 59% and assets under management growing 5%.
Boart Longyear reported financial results for fiscal year 2017 that showed improvements across key metrics. Revenue was up 15% to $739 million, driven by higher demand and volumes. Adjusted EBITDA increased 35% to $43 million due to flow through from increased volumes and ongoing productivity initiatives. The company also completed a recapitalization that reduced debt, improved liquidity, and extended debt maturities. Looking ahead, Boart Longyear's strategic objectives for 2018 focus on continued operational improvements, growing customer relationships, and delivering increased value through higher EBITDA.
Alex Wynaendts, Aegon’s CEO, provides an update at the Analysts & Investors conference in New York on the progress made executing the company’s strategy and delivering on financial targets.
WS Atkins plc reported financial results for the fiscal year ended March 31, 2015. Key highlights included organic revenue growth of 4.6%, underlying operating profit growth of 15.2%, and an improved operating margin of 7.6%. The company saw strong performance in the Middle East, Asia Pacific, and Energy sectors. The outlook for 2015/16 is for continued underlying growth and performance in line with expectations as the company focuses on its three pillar strategy of operational excellence, portfolio optimization, and sector/regional focus.
Aegon concluded 2017 with solid fourth quarter results. The company's Solvency II ratio improved significantly to 201% due to strong capital generation of EUR 2.1 billion in 2017. Aegon outsourced administration of its US life and annuity businesses to TCS, which is expected to generate annual expense savings of USD 70-100 million. The company exceeded its target to reduce capital allocated to run-off businesses by nearly USD 5 billion since 2009. Aegon continues its transformation with increased focus on digitization.
Aegon concluded 2017 with solid fourth quarter results. The company's Solvency II ratio improved significantly to 201% due to strong capital generation of EUR 2.1 billion in 2017. Aegon outsourced administration of its US life and annuity businesses to TCS, which is expected to generate annual expense savings of USD 70-100 million. The company exceeded its target to reduce capital allocated to run-off businesses by nearly USD 5 billion since 2009. Aegon continues its transformation with increased focus on digitization.
Bank of America Merrill Lynch Annual Financials CEO Conference presentation 2018Aegon
Aegon CEO Alex Wynaendts gives a presentation to the Bank of America Merrill Lynch Annual Financials CEO Conference in London on Tuesday, September 25, 2018.
This document summarizes the contents of a valuation training seminar. It includes an agenda that covers foundations of valuation, core valuation techniques, intrinsic value and the stock market, managing for value, and advanced valuation issues. It also provides examples of forecasting techniques used in valuation, such as forecasting a company's income statement, balance sheet, return on invested capital, and free cash flow over multiple years. Mechanics of building valuation models are discussed, including preparing historical financial statements, building revenue and cost forecasts, and estimating growth rates, margins and capital structure over time.
Aegon published its 1H 2019 financial results on August 15, 2019. In this presentation CEO Alex Wynaendts and CFO Matt Rider outline the key facts and figures for the review period and outline the company's strategy.
The document summarizes Enagás' 2015 results and outlook for 2016-2020. Key points include:
- Enagás met its targets for the ninth year in a row in 2015, with funds from operations growing 4% to €696.9M despite regulatory reforms.
- International acquisitions in 2015 like Swedegas and additional stakes in affiliates fit Enagás' investment criteria and will provide stable cash flows.
- The new Spanish regulatory framework provides revenue stability and predictability through 2020 while supporting elimination of tariff deficits.
- Credit ratings were upgraded in 2015 due to Enagás' diversification strategy and regulatory stability in Spain.
This document provides an overview of Aegon's strategic priorities and financial targets from 2016-2018. The key points are:
1) Aegon has transformed its business profile since 2010 by focusing on fee businesses, improving its balance sheet, doubling free cash flows, and returning over EUR 1.4 billion in capital to shareholders.
2) Going forward, priorities include broadening customer relationships across their financial lifecycles, expanding in asset management and advice, and improving performance through growth and expense reductions.
3) Financial targets for 2018 include 10% annual sales growth, reducing operating expenses by EUR 200 million, achieving a 10% return on equity, and maintaining a EUR 1-1
Bladex presentación de llamada en conferencia 1 trim15 (inglés)Bladex
This document contains the first quarter 2015 earnings presentation for a bank. Some key highlights from the presentation include:
- Net income for the quarter was $28.8 million, up 23% year-over-year but down 20% quarter-over-quarter.
- The net interest margin was 1.84%, up 5 basis points year-over-year due to higher loan balances and lower funding costs, but down 8 basis points quarter-over-quarter.
- The commercial loan portfolio balances eased 1% quarter-over-quarter but were up 7% year-over-year, as the bank repositions its portfolio in more volatile markets.
- Non-accrual loans rose as
This presentation summarizes the Bank's financial performance for the first quarter of 2015. Key highlights include:
- Net income of $28.8 million, up 23% year-over-year due to higher net interest income and lower operating expenses.
- Net interest margin of 1.84%, up 5 basis points year-over-year from higher loan balances and lower funding costs.
- Commercial portfolio balances of $7.1 billion, up 7% year-over-year, though down 1% quarter-over-quarter.
- Non-accrual portfolio increased to $20.8 million with additional specific reserves of $1.6 million.
- Operating expenses decreased 3% year-
- Suominen Corporation reported financial results for Q1 2016, with net sales of EUR 103.9 million, down 7.2% from Q1 2015. Operating profit was EUR 5.5 million, down 24% year-over-year.
- The proportion of higher value-added products in the sales mix grew compared to Q1 2015. Cash flow from operations doubled to EUR 9.1 million due to decreased financial expenses and positive working capital changes.
- For full-year 2016, Suominen expects net sales and operating profit excluding non-recurring items to improve over 2015 levels.
This document provides an overview of a bank's motor finance division and its strategy. The division focuses on providing point-of-sale financing for used vehicles through dealerships across the UK and Ireland, with a loan book of £1.6 billion. It has a local presence through 18 offices and relationships with 7,500 regional dealerships. The division emphasizes flexible underwriting that considers both credit scores and dealers' track records, with a typical loan size of £6,000 and term of 2-3 years.
Polaris Consulting reported financial results for the second quarter of FY 2015-16. Revenues grew 4% quarter-over-quarter to Rs. 517.68 crore, with the Americas contributing 52% of revenues. EBITDA grew 10% to Rs. 70 crore and profit after tax grew 24% to Rs. 47 crore. The CEO said strategic focus on digital is paying off with strong digital wins, and revenues and EBITDA are trending positively. The CFO said focused growth and cost plans led to 9% revenue growth and a PAT of Rs. 47 crore.
Presentation Clayton Valley, NevadaFrom Drilling to PEA in under 2 YearsCompany Spotlight
The document summarizes Cypress Development Corp's Clayton Valley lithium project in Nevada. Key points include:
- A Preliminary Economic Assessment shows promising economics including a 32.7% IRR and $1.45 billion NPV.
- Measured and indicated resources total 8.9 million tonnes LCE with additional inferred resources.
- The project has the potential for low-cost production due to favorable geology and metallurgy.
- Upcoming catalysts in 2019 include a metallurgical study and prefeasibility study to further de-risk the project.
Aben Resources has made a new high-grade gold discovery at its flagship Forrest Kerr project in BC's Golden Triangle region. The region is known for major gold deposits and saw $100 million in exploration spending in 2017. Recent improvements have made the Forrest Kerr project more accessible via new roads. Aben's technical team has reinterpreted historical data and identified additional exploration targets. The project covers over 23,000 hectares of prospective geology along the Forrest Kerr fault zone that is similar to other major deposits in the Golden Triangle.
Aben Resources has discovered high-grade gold zones at its Forrest Kerr project in British Columbia's Golden Triangle. The first hole of the 2018 drill program intersected four separate high-grade gold zones within 190 metres, including 331.0 g/t Au over 1.0 metre. Aben plans to expand drilling at the Boundary North Zone and test other gold anomalies identified through soil sampling. The company also holds the Justin project in Yukon and Chico project in Saskatchewan near recent discoveries.
Cypress Development Corp. owns lithium claims in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. A preliminary economic assessment found the project could have a 32.7% IRR and $1.45 billion NPV. The project would extract lithium from claystone using leaching and have average annual production of 24,042 tonnes of lithium carbonate over 40 years. Capital costs are estimated at $482 million to build a 15,000 tonne per day operation.
The document discusses Aben Resources Ltd., a gold exploration company with projects in British Columbia's Golden Triangle region and other areas of Western Canada. It provides an overview of Aben's management team and directors, flagship Forrest Kerr project, recent drilling results showing new high-grade gold discoveries, and its strategy to advance exploration through 2018. The document also briefly outlines Aben's other projects including the Chico gold project in Saskatchewan and Justin gold project in Yukon.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters thick. A maiden resource estimate calculated 3.287 million tonnes of lithium carbonate equivalent in the indicated category and 2.916 million tonnes LCE in inferred. Metallurgical tests show the claystone is acid leachable and able to recover over 80% of the lithium. Cypress plans additional drilling, engineering studies, and permitting to advance the project towards production.
- Aben Resources has three highly prospective gold projects in Western Canada including its flagship Forrest Kerr Project in BC's Golden Triangle region, which had recent drilling success expanding the Boundary North Zone.
- Management has over 100 years of combined experience in Western Canada and a proven track record of success.
- The projects have significant historic work identifying high-grade gold and robust discovery potential remains.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters. A maiden resource estimate classified over 1.3 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is leachable with over 80% lithium recovery. Cypress aims to advance the project with engineering studies and further drilling to define resources with the goal of becoming a domestic lithium producer for the growing battery market.
The document provides forward-looking statements and discusses risks associated with such statements. It notes that some statements may be deemed forward-looking and lists factors that could cause actual results to differ from forward-looking statements. The document also identifies the qualified person for the technical information as Cornell McDowell and provides Aben's trading symbols and recent share information.
The document provides an overview of Aben Resources Ltd., a mineral exploration company with gold projects in Western Canada. It summarizes Aben's three key projects - Forrest Kerr in BC's Golden Triangle region with recent drill results discovering the Boundary Zone, Chico in Saskatchewan near producing mines, and Justin in Yukon's White Gold district. It outlines the management team's expertise and provides company details like shares outstanding and trading symbols.
- Cypress Development Corp owns the Clayton Valley lithium project in Nevada located near Albemarle's Silver Peak lithium brine operation.
- Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes drilled.
- Metallurgical tests show the claystone is acid leachable with over 80% lithium extraction possible.
- Cypress aims to define a resource estimate in 2018 and advance the project with feasibility studies to develop a lithium operation.
The document discusses forward-looking statements and provides disclaimers about them. It introduces the qualified person for the technical information presented. It also lists Aben's trading symbols and recent share information including price and market capitalization.
1) Cypress Development Corp owns the Clayton Valley lithium project located next to Albemarle's Silver Peak mine in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging over 900 ppm Li to a depth of over 100 meters.
2) A maiden resource estimate classified over 1.5 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is acid leachable to extract over 80% of the lithium.
3) The project is located in a strategic location to supply the growing lithium-ion battery market in the US, with lithium demand accelerating due to the increased production of electric vehicles globally.
TerraX Minerals is a Canadian mineral exploration company focused on exploring and developing its 100% owned 772 square km Yellowknife City Gold project located adjacent to the city of Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts and has had multiple high-grade gold discoveries. TerraX has a strong management team with experience discovering and developing gold deposits and low exploration costs due to the project's excellent infrastructure and year-round access near Yellowknife.
This document discusses forward-looking statements and provides information about Aben Resources Ltd., including its stock symbols, shares outstanding, recent share price, market capitalization, and three gold exploration projects in Western Canada. It summarizes the management team's experience and the company's investment highlights. Specifically, it owns the Forrest Kerr gold project in British Columbia's Golden Triangle region, which saw successful drilling results in 2017 that led to a new discovery called the North Boundary zone.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, process engineering, and a preliminary economic assessment in 2018 to advance the project. The company sees potential for the project given growing lithium demand from electric vehicles and batteries.
TerraX Minerals is a Canadian mineral exploration company focused on exploring its 100% owned 772 square km Yellowknife City Gold project located near Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts with known deposits and past producers. TerraX has made multiple high-grade gold discoveries on the property and identified several high-priority targets for further exploration and drilling. The company has a strong management team with experience discovering and developing deposits in the region.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada that have the potential to be a significant lithium resource. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical testing shows the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to further define the resource potential.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to evaluate the project's potential.
Cypress Development Corp is exploring for lithium resources in Clayton Valley, Nevada. Recent drilling has encountered lithium-bearing claystone up to 112 meters below surface, with grades averaging over 800 ppm lithium. Metallurgical testing indicates 80% of the lithium can be extracted using a weak sulfuric acid solution. Cypress plans additional drilling in 2018 and expects to publish a initial lithium resource estimate in Q1 2018 to advance the project towards a preliminary economic assessment. The project is located near existing lithium production and infrastructure to be a potential new supply of lithium for the growing battery market.
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
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MUTUAL FUNDS (ICICI Prudential Mutual Fund) BY JAMES RODRIGUESWilliamRodrigues148
Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. They are managed by professional portfolio managers or investment companies who make investment decisions on behalf of the fund's investors.
3. • In September 2015 long term gearing was increased from £40 million to £115 million, following
issue of £75 million fixed rate 30 year notes at 3.77% per annum.
• Short term borrowings of £30 million repaid. Ongoing effective interest rate 4.589%, currently all
receiving tax relief against IFS business trading profits.
• IFS business fair valued at 31 December 2015. Historic financial and performance data restated
with assistance of AIC and Morningstar.
Introduction
2
4. • Board has concluded it will provide a better understanding of NAV/share price for individual
shareholders.
• Accounts not amended to incorporate fair value, however, methodology and value disclosed in
notes to the accounts. Based on EBITDA multiple of 8.4 (2014:8.9)
• Fair value does not take into account full value to shareholders, as guidelines and methodology
require standalone basis. Value of tax relief from investment trust is excluded. The tax charge in
2015 was reduced by £1,169,000.
IFS Fair value
3
5. Change
2015
Pence
2014
Pence
%
Investment trust 11.01 10.08 +9.2
Independent fiduciary services 7.09 6.87 +3.2
Total revenue earnings per share 18.10 16.95 +6.8
Dividends per share 16.20* 15.70 +3.2
Ongoing charges 0.46% 0.47%
* Subject to shareholder approval
Revenue and charges
4
6. 2015 2014 2013 2012 2011
Share price total return (1) (3.0) 3.1 28.3 32.0 (2.9)
NAV total return (2) (0.3) 2.8 29.4 15.6 (0.1)
FTSE Actuaries
All-Share Index total return
1.0 1.2 20.8 12.3 (3.5)
(1) Source AIC
(2) Calculated in accordance with AIC methodology based on NAV including fair value of IFS businesses and long term borrowings
Financial performance
5
7. Pence
NAV at 31 December 2014 at fair value after final dividend 531.35
Capital return
‒ Portfolio (17.47)
‒ IFS businesses (4.46)
‒ Long term borrowings 1.33
Revenue return 18.10
Dividends (16.20)
Foreign exchange, pension and movement in shares 0.89
NAV at 31 December 2015 513.54
Investment Trust 436.89
Independent fiduciary services 76.65
513.54
Retained revenue reserves 22.60
Net asset value and retained revenue reserves
6
8. 2015
Pence
2014
Pence
Share price 498.00 530.00
NAV per share after proposed final dividend at fair value (1) 513.54 531.35
% %
Discount (3.0) (0.2)
(1) At 31 December
NAV and discount
7
9. 5 years 10 years
% %
NAV total return (1) 53.2 124.0
FTSE Actuaries All-share index total return (2) 33.8 71.8
Share price total return (2) 64.4 146.1
Change in retail price index (2) 13.7 33.7
Investment trusts (Global) (3) 57.7 129.7
Unit trusts/OEICs (Global) (3) 32.8 69.3
Investment trusts (UK all companies) (3) 54.6 93.3
Unit trusts/OEICs (UK all companies) (3) 42.7 77.9
(1) Calculated in accordance with AIC methodology based on NAV including fair value of IFS businesses and long term borrowings
(2) Source AIC
(3) Source: IMA/Morningstar – produced by Canaccord Genuity
Long Term Performance
8
10. Investment
portfolio
£000
Independent
fiduciary services
£000
Total
£000
Income 19,030 30,555 49,585
Cost of sales - (3,461) (3,461)
Administration costs (2,926) (17,485) (20,441)
16,104 9,609 25,713
Interest (net) (3,117) (390) (3,507)
Return, before taxation 12,987 9,219 22,206
Taxation - (847) (847)
Return, after taxation 12,987 8,372 21,359
Standalone return per ordinary share 11.01 6.10 17.11
Tax benefit of structure* - 0.99 0.99
Revenue return per share 11.01 7.09 18.10
Retained revenue reserves 22.60
*Tax benefit enhanced group revenue by 5.8% in 2015
Summary of revenue returns 2015
9
12. • To grow the business safely. Management look for opportunities to stretch the brand, but are risk
averse.
• To help the investment trust grow earnings so that dividends to shareholders can increase.
• To maintain the tax efficiency of the group to enhance the returns to shareholders.
IFS Objectives
11
13. 2015
£000
2014
£000
Change
%
Revenue 30,555 32,526 (4.8)
Cost of sales (3,461) (5,291) (26.8)
Underlying income 27,094 27,235 (0.5)
Administration costs (17,485) (17,625) (0.8)
9,609 9,610
Interest (net) (390) (310)
Return, including profit on ordinary activities
before taxation
9,219 9,300 (0.9)
Taxation (847) (1,199) (29.3)
Return, including profit attributable to
shareholders
8,372 8,101 3.3
Return per ordinary share 7.09p 6.87p 3.2
Independent fiduciary services
12
14. • Underlying income flat relative to 2014.
• Costs remain stable and controlled.
• Overall profit before tax down 0.9% from 2014.
• Effective tax rate of 9.2%, benefitting from relief of investment trust costs and reduction in UK tax
rate.
• Revenue per share up 3.2% to 7.09p, which represents 39% of group revenue.
Independent fiduciary services summary
13
15. • Our income is generated by acceptance fees on new business, annual trustee fees and fees for
post-issuance work which may arise from restructurings, ratings down grades and other actions
required by the trust deed.
• New business in UK Corporate trust had a good 2015 including: new issuances for National Grid,
Vodafone and trustee for project finance for International Finance Corporation.
• Also involved in acting as security trustee on a number of aircraft financing structures for
Emirates, Iberia and Qatar Airways.
• Our recognised independence as an impartial third party continues to enable us to secure many
escrow agent appointments.
• Our role in the US, as separate trustee, continues to develop, however bankruptcy/successor
trustee market remains at historic low levels.
Corporate trust: UK, US, HK and Channel Islands
14
16. • Our pension trusteeship service had another good year in a market environment that continues to
change.
• An increased focus on defined contribution schemes and the continued refinement of the needs
of final salary schemes provided an increasing demand for our services, especially as chair of
trustees.
• The performance of our sole trusteeship services, where we act as the sole trustee of final salary
schemes and deliver one-stop governance cost effectively, continues to show progress.
• Our governance and board effectiveness business is still in demand in what has become a highly
competitive market.
Pensions trusts and Governance services: UK
15
17. • Our long established and highly regarded service of process business had another solid year.
• The corporate services business (provision of corporate directors, company secretary, accounting
and administration of special purpose vehicles) saw some gains, despite sluggish securitisation
markets.
• New appointments were secured for clients including Virgin Money and Blackrock.
• We continued to win new customers with company secretarial, M&A and corporate governance
appointments.
Corporate Services: including agent for service of process
UK, US, HK and Channel Islands.
16
18. • Our external whistleblowing service had another successful year with a considerable number of
new appointments.
• As pressure increases from regulators, both in the UK and around the world, more and more
organisations are looking to enhance their compliance programmes. This has been particularly
evident in the financial sector, with the FCA looking to promote a culture where individuals feel
able to raise concerns and challenge poor practice and behaviour and for well known brands
concerned with non compliance with their environmental and social responsibilities harming their
reputations.
• Notable appointments during 2015 included Clydesdale Bank, SSE, Paddy Power, UBM & Aer
Lingus.
Safecall
17
19. • We expect that 2016 will be another flat year. Wider uncertainties surrounding commodities and
the emerging markets are not good news for some of our businesses. Nor is the threat of a Brexit.
• We will continue to keep under review the range of services that we offer and remain open to any
prospect that might allow us safely to grow the IFS businesses.
• We remain committed to cost control and maintaining our professional standards.
Conclusion
18
20. • Aim to achieve a better return than the FTSE All Share.
• Value/contrarian approach based on fundamental analysis.
• Genuine diversity of holdings driven by sector and geography.
• Aiming to achieve good dividend growth over the long term.
• Gearing 12% at year end (2014: 5%).
Investment portfolio
19
21. Can this continue indefinitely?
Momentum has outperformed value since the
financial crisis
20
-100.0%
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
350.0%
400.0%
2003 2005 2007 2009 2011 2013 2015
Momentum Return (%)
Value Return (%)
22. Industrials (31% UK portfolio)
• Pockets of weakness (e.g. commodities)
as well as pockets of strength (e.g.
infrastructure, civil aerospace)
• Margins are resilient and cash generation
remains strong
• Balance sheets often net cash
Which sectors look interesting currently?
21
0
2
4
6
8
10
12
14
16
18
2007 2008 2009 2010 2011 2012 2013 2014 2015
Average%operatingmarginofUKindustrialssector
Industrial margins proving quite resilient
Source: Numis as at 8 March 2016
23. Oil and Gas (9% UK portfolio)
• Spend on new projects is being cut rapidly
and at the same time demand is proving
resilient
• Market should over time come back into
balance
• Opportunity to invest in the ‘survivors’
Which sectors look interesting currently?
22
Global Oil Demand/Supply and Oil Price
-4
-3
-2
-1
0
1
2
3
4
5
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
0
20
40
60
80
100
120
140
160
Fourquartermovingaverage(%y/y)
OilPrice$(RHS)
Brent oil price $ (LHS)
Demand (RHS)
Supply (RHS)
Source: Datastream as at 5 April 2016
24. • £45mn invested in the equity portfolio. Why is this attractive over the long term?
– Portfolio yield is above the cost of gearing
– Dividends from the portfolio have good scope for growth over the long term
– There are value opportunities within global equities – look for areas that are out of favour or
under-researched
Why the additional gearing?
23
25. Adding to positions at attractive valuations
New positions in:
• Ibstock
• Anglo American
• Standard Chartered
• Johnson & Johnson
• Apple
Added to positions in:
• Royal Dutch Shell
• Rolls-Royce
• Weir Group
• International Personal Finance
• Elementis
Investing the proceeds of the debenture
24
26. Size biases Law Debenture
% %
UK 72 Industrials 31
Europe 7 Financials 19
USA 10 Basic Materials 12
Japan 4 Consumer Services 11
Far East 6 Oil & Gas 9
Other 1 Consumer Goods 7
Total 100 Health Care 6
Utilities 3
Equity Gearing 16.4 Technology (including Herald) 1
Total Gearing 15.6 Telecommunications 1
Total 100
Investment equity portfolio
Asset breakdown at 31 March 2016
25
27. % %
1 Royal Dutch Shell 2.7 11 Relx 1.5
2 Senior 2.1 12 Anglo American 1.5
3 GKN 2.1 13 Glencore 1.5
4 BP 1.9 14 IP Group 1.5
5 Hill & Smith 1.9 15 Rolls Royce 1.5
6 Smith (DS) 1.8 16 BAE Systems 1.4
7 Marshalls 1.8 17 Hiscox 1.4
8 GlaxoSmithKline 1.7 18 Provident Financial 1.3
9 Rio Tinto 1.6 19 Becton Dickinson (USA) 1.3
10 HSBC 1.6 20 Johnson Service 1.2
UK portfolio (cont’d)
Twenty largest holdings at: 31 March 2016
26
28. This document is solely for the use of professionals and is not for general public distribution.
This document is solely for the use of professionals, defined as Eligible Counterparties or Professional Clients, and is not for general public
distribution.
Past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise and you may
not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change
if those circumstances or the law change.
If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may
differ materially.
Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any
investment. It does not form part of any contract for the sale or purchase of any investment.
Any investment application will be made solely on the basis of the information contained in the Prospectus (including all relevant covering
documents), which will contain investment restrictions. This document is intended as a summary only and potential investors must read the
Prospectus before investing.
Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited
(reg. no. 906355), Henderson Fund Management plc (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson
Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity
Partners Limited (reg. no. 2606646) (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London
EC2M 3AE and authorised and regulated by the Financial Services Authority) provide investment products and services.
Telephone calls may be recorded and monitored.
Important information
Henderson Global Investors
201 Bishopsgate, London EC2M 3AE
Tel: 020 7818 1818, Fax: 020 7818 1819
27