This the slide of tata steel pvt ltd and will be very useful for anybody who want to give a presentation on tata steel and at last thank you very much for read and use this .
Ujjawal Kothari
student of Phonix International Business School
This the slide of tata steel pvt ltd and will be very useful for anybody who want to give a presentation on tata steel and at last thank you very much for read and use this .
Ujjawal Kothari
student of Phonix International Business School
the traning report of bhilai steel plant about all department including..1. foundry and pattern shope 2. forge and steel shope. 3. plate mill 4. c.r.m. 5. mARS 1.
IN this report including all things about bsp plant...
The challenges that confront Steel industry in the age of globalization are complex in nature. The secret of sustainable turnaround lies in how steel industry faces the challenges and develops combative and anticipatory process. Most of the Problem can be solved by adopting and modifying their Operational Management strategy.
Ideation - How to design a business idea and prepare your pitch deckWeNova Consulting
Ideation - How to design a business idea. Follow some steps to prepare your pitch deck.
Start with a How Might We Question, Design your Business Model Canvas, Interview some potencial users, describe your Persona, Survey Again, Estimate your Total Ad. Market, Refine your Canvas and Value Proposition. Prototype your Product or Service. Prepare your Slide Deck! Pitch
8. Designed a marketing plan for “Apple Credit Card” to launch in the Irish market. Report
includes current analysis, PESTEL and SWOT, analysis of target audience, pricing and positioning strategy and marketing strategy of Apple.
the traning report of bhilai steel plant about all department including..1. foundry and pattern shope 2. forge and steel shope. 3. plate mill 4. c.r.m. 5. mARS 1.
IN this report including all things about bsp plant...
The challenges that confront Steel industry in the age of globalization are complex in nature. The secret of sustainable turnaround lies in how steel industry faces the challenges and develops combative and anticipatory process. Most of the Problem can be solved by adopting and modifying their Operational Management strategy.
Ideation - How to design a business idea and prepare your pitch deckWeNova Consulting
Ideation - How to design a business idea. Follow some steps to prepare your pitch deck.
Start with a How Might We Question, Design your Business Model Canvas, Interview some potencial users, describe your Persona, Survey Again, Estimate your Total Ad. Market, Refine your Canvas and Value Proposition. Prototype your Product or Service. Prepare your Slide Deck! Pitch
8. Designed a marketing plan for “Apple Credit Card” to launch in the Irish market. Report
includes current analysis, PESTEL and SWOT, analysis of target audience, pricing and positioning strategy and marketing strategy of Apple.
A presentation by Hemant Goswami on How tobacco industry have managed to manipulate the public health agenda over the years. Quoting from the tobacco industry documents itself, Hemant demonstrated the tactics the industry uses to plant tobacco control legislations themselves to prevent any effective and powerful legislation from coming into effect.
Example of how Indian Tobacco Control law has been weakened by the industry influence has also been given by Hemant in the presentation.
J&J’s European Distribution Network, Laurence Coudroy, EMEA Supply Chain Inte...eyefortransport
Presentations from eyefortransport’s 8th 3PL Summit & Chief Supply Chain Officer Forum in Brussels, November 2010. Visit www.3PLsummit.com/eu for further resources.
Introduction to Data Warehouse. Summarized from the first chapter of 'The Data Warehouse Lifecyle Toolkit : Expert Methods for Designing, Developing, and Deploying Data Warehouses' by Ralph Kimball
Merger & Acquisition of HDFC Bank with Centurian Bank of PunjabRohan Solanki
The slides show the details of the largest merger in Indian banking sector between HDFC Bank and CBoP.
The benifits and the side effects of the merger are also highlighted in the following presentation
It is a slide show about tobacco. It can be used for college seminars & other seminar related to cancer or tobacco......For description you can collect info's from internet of all slides.....A little editing is required as your need....
Warehouse Operations and Inventory Management Thomas Tanel
Companies that make the best use of the basic principles of planning and managing warehouse operations and inventory management have a competitive advantage. Organizations that lack warehouse strategic planning and inventory operational excellence lose profits, market share, cost advantages, and market leadership.
Traditional Supply Chain and Logistics channels are indeed changing. As organizations move from mass production and mass distribution to mass customization, creative approaches are needed in the management of warehousing and inventory. The challenge is always present, because different customers may demand different levels of service. Demand often cannot be forecasted, especially if one must deliver customized products or services exactly where the customer needs them.
Businesses today must understand that they are competing on the basis of time more than on any other factor. The rigors of supply chain management require that you take action to meet your customers’ demand for faster, more frequent, and more reliable deliveries. Your suppliers need to meet increasingly precise inbound schedules. Tomorrow’s customers are more likely to be in another country or continent than they are likely to be from across town, in another state, or in another province.
With a proven inventory management system and an A-B-C Analysis, you can transform your inventory into a proactive force that lowers your inventory investment, reduces carrying costs, boosts confidence in physical supply and distribution service levels, and increases customer and user satisfaction. From a storage and distribution perspective, you, as overseer of the supply management process, should also know how the warehousing layout design criteria and the space and storage schemes affect your material flow, service levels, computerization, and technology options.
Failure to achieve sustainable growth after mergers and acquisitions is due to the unpreparedness of organizational members and leaders when planning to merge and acquire.
The weakness of the organization is preparing, analyzing and implementing all of its resources to support mergers and acquisitions contained in finance, sales and marketing, production, supply chain, human resources and legal issues (governance risk and compliance)
APEI International LBO Challenge 2018 - Fujifilm LBODarren Cheng
Team: Phoenix Partners
Proposed leveraged buyout of Fujifilm. Unlocking value of the Japanese conglomerate through the trimming of declining businesses while focusing on the burgeoning Informations Solutions business. Our strategy will deliver our GPs a return of 32.4% IRR.
CAIA/APEI International LBO Case 2018 - Fujifilm LBOErnest Ong
Team: Phoenix Partners (1st runner up)
Proposed leveraged buyout of Fujifilm. Unlocking value of the Japanese conglomerate through the disposal of declining businesses while focusing on the burgeoning Information Solutions (pharmaceuticals) business. Our strategy will deliver our GPs a return of 32.4% IRR.
What are the main advantages and disadvantages of going publicS.pdfanaxeetech
What are the main advantages and disadvantages of going public?
Solution
There are many advantages for a company going public. The financial benefit in the form of
raising capital is the most distinct advantage. Capital can be used to fund research and
development, fund capital expenditure or even used to pay off existing debt. Another advantage
is an increased public awareness of the company because IPOs often generate publicity by
making their products known to a new group of potential customers.
Subsequently this may lead to an increase in market share for the company. An IPO also may be
used by founding individuals as an exit strategy. Many venture capitalists have used IPOs to cash
in on successful companies that they helped start-up.
One of the most important changes is the need for added disclosure for investors. Public
companies are regulated by the Securities Exchange Act of 1934 in regard to periodic financial
reporting, which may be difficult for newer public companies. They must also meet other rules
and regulations that are monitored by the Securities and Exchange Commission (SEC). More
importantly, especially for smaller companies, is the cost of complying with regulatory
requirements can be very high. These costs have only increased with the advent of the Sarbanes-
Oxley Act. Some of the additional costs include the generation of financial reporting documents,
audit fees, investor relation departments and accounting oversight committees.
Public companies also are faced with the added pressure of the market which may cause them to
focus more on short-term results rather than long-term growth. The actions of the company\'s
management also become increasingly scrutinized as investors constantly look for rising profits.
This may lead management to perform somewhat questionable practices in order to boost
earnings.
Before deciding whether or not to go public, companies must evaluate all of the potential
advantages and disadvantages that will arise. This usually will happen during the underwriting
process as the company works with an investment bank to weigh the pros and cons of a public
offering and determine if it is in the best interest of the company..
Case Study Analysis: Cineplex Entertainment: The Loyalty ProgramAkash Patil
65% Market share- Privacy, rental movies, etc.
Developing new markets: Live markets, wrestling matches, hockey games, etc.
Optimum Segmentation
Customer Relationship Management (CRM)
Profitable Segments: Teenagers, young adults, etc.
Safeguard Scientifics, Inc. (NYSE: SFE) has a distinguished track record of fostering innovation and building market leaders. For more than 60 years, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is focused specifically on healthcare and technology. Safeguard is a proven partner for entrepreneurs looking to accelerate growth and build long-term value in their businesses. Investors in SFE have a unique opportunity to tap into the high potential of Safeguard's early- and growth-stage partners companies.
Safeguard Scientifics, Inc. (NYSE: SFE) has a distinguished track record of fostering innovation and building market leaders. For more than 60 years, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is focused specifically on healthcare and technology. Safeguard is a proven partner for entrepreneurs looking to accelerate growth and build long-term value in their businesses. Investors in SFE have a unique opportunity to tap into the high potential of Safeguard's early- and growth-stage partners companies.
My Thesis on Supply chain Management In the Oil & Gas industrySarahRouguine
A thesis that examines the increasing importance of supply chain agility for oil and gas service companies , in the
highly volatile and complex oil and gas industry
Safeguard Scientifics, Inc. (NYSE: SFE) has a distinguished track record of fostering innovation and building market leaders. For more than 60 years, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is focused specifically on healthcare and technology. Safeguard is a proven partner for entrepreneurs looking to accelerate growth and build long-term value in their businesses. Investors in SFE have a unique opportunity to tap into the high potential of Safeguard's early- and growth-stage partners companies.
Similar to Merger acquisition sampoerna philip morris (20)
We can learn how the define our competitive market and the good point of putting the right positioning. Don't forget to spend time for analyze your competitor. Happy Learning!
An analysis for our famous local company "Cipaganti" Should Cipaganti focus on its strength (core business) or expanding its line businesses? find out more on this slides
Lets learn service recovery from Jet Blue Airline when they faced a problem in a nightmare Valetine"s day. Then, we try to help Lion Air which also has many problems within this company. Hopefully Lion can learn and improve their service recovery in order to leverage their quality as in revenue.
De Beers Consolidated Mines has successfully managed the global diamond industry for many decades, propping up prices at all stages of the value chain, reducing price volatility and increasing consumer demand. By the end of the 20th century, however, a series of forces threatened De Beer's role and profitability. New diamond mining firms were selling their production on the open market rather than through De Beers' Central Selling Organization. Can De Beers strategy beat their competitors and what was the competition situation? Find out, more in this presentation.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
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6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
1. Corporate Finance
MERGER and ACQUISITION
Case Study :
PHILIP MORRIS – SAMPOERNA
Jakarta, June 2013
Presented by Group 6
2. COMPANY PROFILE - SAMPOERNA
PT Hanjaya Mandala Sampoerna (IDX: HMSP)
• PT HM Sampoerna Tbk. formally established in 1963
• Sampoerna is the second-largest cigarette maker in Indonesia with 19.91%
of market share (year 2004)
• Popular product : A Mild, Dji Sam Soe
• During Q1 2004, Sampoerna booked Rp 568 billion of net income
• Implementation of sophisticated technology (fo daily operational activities,
testing product quality, blending machine)
• Brand Positioning: low nicotin and TAR
• Creativity on media advertising
3. COMPANY PROFILE – SAMPOERNA
Sampoerna Performance 2001-2004
RASIO LIKUIDITAS
Rasio Lancar 2.28
Rasio Hutang Terhadap Ekuitas 0.71
Rasio Jumlah Kewajiban Terhadap Jumlah Aset
RASIO OPERASI
Laba Kotor Dibagi Penjualan Bersih 32.90%
Laba Kotor Dibagi Penjualan (Rokok Domestik) 33.50%
Laba Operasi Dibagi Penjualan Bersih 18.00%
Laba Operasi Dibagi Penjualan (Rokok Domestik) 20.70%
Laba Bersih Dibagi Penjualan Bersih 11.30%
Laba Bersih Dibagi Penjualan (Rokok Domestik) 13.20%
4. COMPANY PROFILE – PHILIP MORRIS
Philip Morris International Inc
• Collect US$ 40 billion of earnings (40 times of Sampoerna’s)
• Owned 14.5% of World Cigarette Market Share
• Popular Products : Marlboro, L&M, Virginia Slim
5. THE ISSUE: ACQUISITION
Factors that lead acquisition
Global Factors:
• Philip Morris are expanding in countries such as China and Indonesia as rising taxes
and health concerns cut the number of smokers in the U.S. and Western Europe
• Less negative perception of cigarette in Indonesia than US/Europe
• Tobacco companies in US face increased litigation and a shrinking market
• More than 69 percent of Indonesian men older than 20 smoke regularly
Sampoerna Competitive Advantages:
• Cigarette brand as sponsor for many events
• IT system in Sampoerna (accounting, manufacturing, supply chain management,
others data management)
• Had their biggest one-day gain in more than six years
6. PROBLEMS IDENTIFICATION
1. What are the business goals to be achieved by Philip
Morris, take the strategic step to acquire Sampoerna?
2. Why do Philip Morris pick Sampoerna to be acquired,
not the other cigarette companies?
3. In terms of Sampoerna, what are the underlying
Sampoerna to take a policy decision to merge with
Philip Morris?
4. What are the impacts of this acquisition on the
performance of Sampoerna own?
7. THE THEORY
There are three basic legal procedures that one firm can use to acquire
another firm:
1) Merger or Consolidation
o Acquiring firm retains name and acquired firm ceases to exist
o Advantage : legally simple
o Disadvantage : must be approved by stockholders of both firms
2) Acquisition of Stock
o Entirely new firm is created from combination of existing firms
3) Acquisition of Assets
o One firm can acquire another by buying all of its assets
o Advantage : reduce problem caused by minority shareholders
o Disadvantage : transferring could be costly
10. THE THEORY
Why firms do acquisition?
a. A combined firm may generate greater revenues than two separate firms.
Increased revenues can come from marketing gains, strategic benefits, and
market power
b. Due to improved marketing, mergers and acquisitions can increase
operating revenues
c. Some acquisitions promise a strategic benefit
d. One firm may acquire another to reduce competition
e. To reach the economic of scale
f. Economies of Vertical Integration
g. Technology Transfer by a firm to another
h. Some firms acquire others to improve usage of existing resources
i. Elimination of Inefficient Management
j. Tax reduction may be a powerful incentive for some acquisitions
k. A merger leads to risk reduction, generating greater debt capacity and a
larger tax shield
l. Surplus Fund
11. THE THEORY
What are the side effects?
Earnings Growth
If there are no synergies or other benefits to the merger, then the growth in EPS
is just an artifact of a larger firm and is not true growth (i.e., an accounting
illusion).
Diversification
Shareholders who wish to diversify can accomplish this at much lower cost with
one phone call to their broker than can management with a takeover.
12. ANALYSIS
Acquisition Type Philip Morris – Sampoerna is ACQUISITION OF STOCK type, which
has the following characteristics:
a. Meeting with candidate investors and all shareholders is not held and there is no
voting mechanism to express the consent or not to takeover candidate investors.
b. Candidate investors can make an offer directly to shareholders. Directors and
Management data is not involved in the acquisition process.
c. If the board of directors and management companies in acquired side rejected,
then the cost of acquisition by prospective investors is higher than the merger
process.
d. Typically, the minority shareholders are not involved in the bidding process by
potential investors so that not all shares of the company can be held
e. The takover will end up with merger process
13. ANALYSIS
Type classification of the takeover process Philip Morris
International Inc. on HM Sampoerna Tbk. is following the
acquisition horizontal type, where the two sides, PMI and HMS is
engaged in the same industry.
Acquisition of Philip Morris International Inc. over 97% shares of PT
HM Sampoerna Tbk have a positive impact. The existence of
business support experts, and financial management of the parent
company Altria Group's Philip Morris Indonesia.
14. THE ACQUISITION
The Acquisition Process
Jan, 2005
Appoint Panamas as
exclusif distributor
Marlboro and L&M in
Indonesia
March 12, 2005
Acquisition of 42,09% Sampoerna Share, worth
Rp 18 trillion with price Rp 10.600 per share
(18% at premium price) consist of :
a. Shares owned by:
Dubuis Holding Limited (32.41%)
PT Lancar Sampoerna Bestari (7.73%)
Boedi Sampoerna (1.95%)
b. Shares owned by family (5%)
c. Shares owned by public (52.91%)
May 18, 2005
Philip Morris increase its holdings to 97%
stake in Sampoerna at US$ 4.9 billion or
Rp 45,066 trillion to buy 4.251.510.000
shares at price Rp 10,600 per share
August 28, 2009
Philip Morris Indonesia increased its
stake in PT Hanjaya Mandala
Sampoerna Tbk (HMSP), purchased 6.1
million shares at a price of Rp 8,575
per share. Ownership increases to
98.18%
15. Keterangan Setelah Sebelum
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
MARKET VALUE RATIOS
Price per Share
8,575 10,600
Earning per Share 1,465 1,161 889 827 805 544 454 321 374 208
Price-earning ratio (price per
share/earning per share) 7.39 19.49
Impacts of Acquisition for PT HM Sampoerna
THE ANALYSIS
16. Keterangan Setelah Sebelum
RASIO SOLVABILITAS
Total Kewajiban
Jangka Panjang
531 503 442 1,401 1,260 1,996 2,651 2,488 2,338 2,407
Total Equity
10,215 10,466 8,050 8,067 5,787 4,822 5,176 6,000 5,395 4,391
Rasio Hutang
Terhadap Ekuitas
(Debt Equiity Ratio)
0.01 0.09 0.27 0.28 0.28 0.68 0.71 0.4 0.43 0.78
Rasio Jumlah
Kewajiban Terhadap
Jumlah Aset (Total
Debt Ratio: HJP/TA)
0.5 0.41 0.5 0.49 0.54 0.6
0.35 0.18 0.23 0.29
Equity Multiplier
(Total Asset/Total
Equity)
2.01 1.69 2.00 1.94 2.19 2.48 2.26 1.70 1.82 2.16
PERTUMBUHAN PENJUALAN DAN RASIO UTILISASI (TURNOVER)
Penjualan Bersih 43,382 38,972
34,68
0
29,78
8 29,545 24,660
17,64
7
14,67
5
15,12
9 14,067
Pertumbuhan
Penjualan
0.11 0.12
0.16 0.01
0.20 0.40
0.20 (0.03) 0.08
Total Asset Turnover
(sales/total asset) 2.11 2.20 2.15 1.90 2.33 2.07 1.51 1.44 1.54 1.49
Impacts of Acquisition for PT HM Sampoerna
17. Keterangan Setelah Sebelum
RASIO PROFITABILITAS
Profit Margin (Net
Income/Sales) 0.15 0.13 0.11 0.12 0.12 0.10 0.11 0.10 0.11 0.07
ROA (Net
Income/Total Asset) 0.63 0.29 0.25 0.26 0.29 0.20 0.18 0.26 0.36 0.24
ROE (Net
Income/Total Equity) 0.31 0.49 0.48 0.53 0.69 0.51 0.38 0.14 0.17 0.11
MARKET VALUE RATIOS
Price per Share
8,575 10,600
Earning per Share 1,465 1,161 889 827 805 544 454 321 374 208
Price-earning ratio
(price per
share/earning per
share)
7.39 19.49
Impacts of Acquisition for PT HM Sampoerna
18. Impacts of Acquisition for Philip Morris
2012 2011 2010 2009 2008 2007
Asia
Net revenues ($ Millions) 11,198.00 10,705.00 7,324.00 6,528.00 12,222.00 11,097.00
Operating companies income
($ Millions) 5,197.00 4,836.00 2,707.00 2,436.00 2,057.00 1,803.00
Cigarette Shipment Volume
Asia (Billion Units) 326.60 313.30 282.30 226.00 224.00 212.00
Common dividends declared to
public shareholders as a % of
Diluted EPS
62.70% 58.10% 62.20% 69.10% 46.40% —
Basic earnings per share 5.17 4.85 3.93 3.25 3.33 2.86
EPS Growth 6.60% 23.41% 20.92% -2.40% 16.43%
19. Summary of Operations: (in
millions of dollars, except per
share data)
2008 2007 2006 2005 2004
Net revenues $63,640 $55,243 $48,302 $45,316 $39,637
Cost of sales 9,328 8,711 8,146 7,654 6,716
Excise taxes on products 37,935 32,433 27,533 25,299 22,032
Gross profit 16,377 14,099 12,623 12,363 10,889
Operating income 10,248 8,894 8,350 7,730 6,509
Interest expense, net 311 10 142 94 4
Earnings before income taxes
and minority interest
9,937 8,884 8,208 7,636 6,505
Pre-tax profit margin 15.60% 16.10% 17.00% 16.90% 16.40%
Provision for income taxes 2,787 2,570 1,825 1,833 1,762
Earnings before minority
interest
7,150 6,314 6,383 5,803 4,743
Minority interest in earnings,
net of income taxes
260 276 253 187 146
20. Summary of Operations: (in
millions of dollars, except per
share data)
2008 2007 2006 2005 2004
Net earnings 6,890 6,038 6,130 5,616 4,597
Basic earnings per share 3.33 2.86 2.91 2.66 2.18
Diluted earnings per share 3.32 2.86 2.91 2.66 2.18
Dividends declared per share to
public shareholders
1.54 — — — —
Weighted average shares
(millions)—Basic
2,068 2,109 2,109 2,109 2,109
Weighted average shares
(millions)—Diluted
2,078 2,109 2,109 2,109 2,109
Capital expenditures 1,099 1,072 886 736 711
Total assets 32,972 31,777 26,143 23,233 21,381
Total long-term debt 11,377 5,578 2,222 4,141 —
Total debt 11,961 6,069 2,773 4,921 807
Stockholders’ equity 7,500 15,595 14,449 10,505 13,231
21. Summary of Operations: (in
millions of dollars, except per
share data)
2008 2007 2006 2005 2004
Common dividends declared to
public shareholders as a % of
Diluted EPS
46.40% — — — —
Book value per common share
outstanding
3.74 7.39 6.85 4.98 6.27
Market price per common
share—high/low
56.26-33.30 — — — —
Closing price of common share
at year end
43.51 — — — —
Price/earnings ratio at year
end—Diluted
13 — — — —
Number of common shares
outstanding at year end
(millions)
2,007 2,109 2,109 2,109 2,109
Number of employees 75,600 75,500 74,200 94,700 45,500
Cigarette Shipment Volume Asia
(Billion Units) 224.00 212.00
22. THE ANALYSIS
Answering Problem Identifications: What are the business
goals to be achieved by Philip Morris, take the strategic
step to acquire Sampoerna?
Answer :
a. PMI has a strategic alliance with HMS
b. PMI to Expand Business “kretek” cigarette in Indonesia
c. Acquisition is a tool for companies to increase global
reach and competitiveness
23. THE ANALYSIS
Answering Problem Identifications: Why do Philip Morris
pick Sampoerna to be acquired, not the other cigarette
companies?
Answer :
a. Difficulty in orbiting new brand because increasing of market
segment
b. Acquisition assessed as a cheaper and effective way
c. HMS has had brand equity, financially healthy in the sense of not
being in debt, has a good corporate culture, employees are
competent, well-integrated information systems, and so forth
24. THE ANALYSIS
Answering Problem Identifications: In terms of Sampoerna,
what are the underlying Sampoerna to take a policy
decision to merge with Philip Morris?
Answer :
a. Putera sell HMS because the tobacco industry is predicted to begin
setting. In the last three years revenue growth of tobacco
companies in Jakarta Stock Exchange (JSE) under the 10% level
b. PMI offered shares at premium price. Logically it is so hard to resist
26. CONCLUSION
a. Local culture + international management team synergy
b. Acquisition is strategic business decision and appropriate for PMI +
HMSP deal at that time
c. Growth of sales, value of company, high ROE was achieved after
acquisition