Navitas reported revenue growth of 4% for the first half of FY13 with EBITDA up 5%. The company's core divisions performed well, with University Programs revenue up 8% and EBITDA up 7% for SAE. However, the Professional and Student Recruitment divisions experienced losses. Navitas completed a strategic review which identified growth opportunities and resulted in structural changes to create three new operating divisions.
1) SpareBank 1 Gruppen reported significantly improved profits for the first quarter of 2011, with pre-tax profits of NOK 162 million, up from NOK 131 million in the same period the previous year.
2) Good investment returns contributed to strong profits of NOK 129 million in SpareBank 1 Livsforsikring, up from NOK 92 million the previous year.
3) Fewer winter-related insurance claims led to an improved claims ratio for SpareBank 1 Skadeforsikring.
The document discusses Credit Suisse's business model and strategy. It contains:
1) A cautionary statement about forward-looking statements and non-GAAP financial information.
2) Key messages about accelerating Credit Suisse's strategic plan through continued commitment to its integrated business model, repositioning its Investment Banking business to reduce risk and volatility, and maintaining a strong capital position.
3) Details on adjusting headcount and costs, with a focus on reducing Investment Banking capacity, and opportunities for growth in Private Banking globally.
VF Corporation had a successful fiscal year 2006, with total revenues increasing to $6.2 billion, up 10% from 2005. Operating income grew 7.5% to $826 million. The company continued to innovate across its brands through new product introductions, expanded geographic reach, and enhanced marketing campaigns. Key initiatives included the Wrangler brand dominating the professional rodeo circuit, Kipling expanding its U.S. boutiques, innovative new products like The North Face athletes' summit of Mount Everest, and JanSport backpacks integrating Bluetooth and iPod technology.
In the second quarter of 2007, CSX reported strong financial results with record revenues of $2.53 billion, up 5% from the previous year. Comparable earnings per share increased 22% to $0.71 compared to $0.58 in the prior year. Surface transportation operating income was up 16% to $603 million, driven by pricing gains and productivity improvements that helped lower the operating ratio to 76.2%, a 2.4 point improvement over 2006. Revenues and operating income increased despite declines in certain markets, demonstrating the company's ability to leverage pricing strength and offset volume weakness.
- Granahan Investment Management offers a Small Cap Focused Growth product that invests in 30-40 small cap companies typically valued between $200 million and $2 billion.
- For the period ending September 30, 2012, the product has outperformed its benchmark, the Russell 2000 Growth Index, across all reported time periods since inception in August 2007.
- The portfolio manager focuses on technology, internet, consumer, and business services companies exhibiting strong earnings growth and management teams, seeking long-term capital appreciation.
This document contains the presentation from CSX's 2007 transportation conference. It summarizes CSX's record financial results in 2006, including a 26% increase in operating income and 31% increase in EPS. It outlines CSX's targets for 2010, including 10-12% CAGR for operating income and 12-14% CAGR for EPS. The presentation also discusses factors supporting continued growth in rail transportation demand and CSX's investments to capitalize on trends in industries like intermodal, ethanol and fertilizer. In conclusion, it expresses confidence that the rail renaissance environment remains strong and that CSX is well-positioned for ongoing momentum and record results.
Banco Indusval & Partners (BI&P) held a public meeting with analysts and investors on November 24, 2011 to discuss the bank's transformation into a new stage. BI&P outlined its 44-year history, new capital increase and partnerships with Warburg Pincus and Sertrading, and strengthened management team. The presentation highlighted BI&P's long-term vision over short-term results and comparisons to its peers in the national financial system.
1) SpareBank 1 Gruppen reported significantly improved profits for the first quarter of 2011, with pre-tax profits of NOK 162 million, up from NOK 131 million in the same period the previous year.
2) Good investment returns contributed to strong profits of NOK 129 million in SpareBank 1 Livsforsikring, up from NOK 92 million the previous year.
3) Fewer winter-related insurance claims led to an improved claims ratio for SpareBank 1 Skadeforsikring.
The document discusses Credit Suisse's business model and strategy. It contains:
1) A cautionary statement about forward-looking statements and non-GAAP financial information.
2) Key messages about accelerating Credit Suisse's strategic plan through continued commitment to its integrated business model, repositioning its Investment Banking business to reduce risk and volatility, and maintaining a strong capital position.
3) Details on adjusting headcount and costs, with a focus on reducing Investment Banking capacity, and opportunities for growth in Private Banking globally.
VF Corporation had a successful fiscal year 2006, with total revenues increasing to $6.2 billion, up 10% from 2005. Operating income grew 7.5% to $826 million. The company continued to innovate across its brands through new product introductions, expanded geographic reach, and enhanced marketing campaigns. Key initiatives included the Wrangler brand dominating the professional rodeo circuit, Kipling expanding its U.S. boutiques, innovative new products like The North Face athletes' summit of Mount Everest, and JanSport backpacks integrating Bluetooth and iPod technology.
In the second quarter of 2007, CSX reported strong financial results with record revenues of $2.53 billion, up 5% from the previous year. Comparable earnings per share increased 22% to $0.71 compared to $0.58 in the prior year. Surface transportation operating income was up 16% to $603 million, driven by pricing gains and productivity improvements that helped lower the operating ratio to 76.2%, a 2.4 point improvement over 2006. Revenues and operating income increased despite declines in certain markets, demonstrating the company's ability to leverage pricing strength and offset volume weakness.
- Granahan Investment Management offers a Small Cap Focused Growth product that invests in 30-40 small cap companies typically valued between $200 million and $2 billion.
- For the period ending September 30, 2012, the product has outperformed its benchmark, the Russell 2000 Growth Index, across all reported time periods since inception in August 2007.
- The portfolio manager focuses on technology, internet, consumer, and business services companies exhibiting strong earnings growth and management teams, seeking long-term capital appreciation.
This document contains the presentation from CSX's 2007 transportation conference. It summarizes CSX's record financial results in 2006, including a 26% increase in operating income and 31% increase in EPS. It outlines CSX's targets for 2010, including 10-12% CAGR for operating income and 12-14% CAGR for EPS. The presentation also discusses factors supporting continued growth in rail transportation demand and CSX's investments to capitalize on trends in industries like intermodal, ethanol and fertilizer. In conclusion, it expresses confidence that the rail renaissance environment remains strong and that CSX is well-positioned for ongoing momentum and record results.
Banco Indusval & Partners (BI&P) held a public meeting with analysts and investors on November 24, 2011 to discuss the bank's transformation into a new stage. BI&P outlined its 44-year history, new capital increase and partnerships with Warburg Pincus and Sertrading, and strengthened management team. The presentation highlighted BI&P's long-term vision over short-term results and comparisons to its peers in the national financial system.
The document provides an analysis and market update on Manappuram Finance. It summarizes that while Manappuram has underperformed recently due to regulatory issues and governance concerns, the worst may be priced in. The analyst believes the stock is attractive at its current discounted valuation relative to peers and upgrades their recommendation to Buy, seeing 25% upside potential. Key risks include further negative regulatory changes, but clarity is expected by year-end which could support improved growth and profitability.
A very good presentation by McKinsey on the US Stimmulus pla. It showes great opportunities for Mexican Companies in the US and gives a guideline on the sectors Mexico should focus on.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
This chapter discusses acquisition and restructuring strategies. It defines mergers, acquisitions, and takeovers and describes horizontal, vertical, and related acquisitions. Reasons for acquisitions include increasing market power, overcoming barriers to entry, and diversification. Problems with acquisitions include integration difficulties, overpayment, large debt loads, and failure to achieve synergies. The chapter also defines downsizing, downscoping, and leveraged buyouts as restructuring strategies and outlines their short-term impacts like reduced costs versus long-term impacts on performance and risk.
Here's a list of schemes that made it to Mint 50.
The returns are across three time periods and you would do well to first look at five- and 10-year performances and then look at the three-year return to see if the fund is still ahead. Value Research rating gives an indication of the risk-adjusted return.
The new legislation allows trustees of discretionary trusts to stream capital gains and franked dividends to specific beneficiaries. To access these provisions, the trustee must have the appropriate written records, such as resolutions, in place by June 30, 2011 for dividends and August 31, 2011 for capital gains. The changes provide benefits but also risks if the documentation is not completed properly. Trustees are advised to seek advice to ensure their distributions comply with the new rules.
CFO and Art Of Mergers and AcquisitionsSanjay Uppal
M&As as a corporate strategy
- M&A can be an effective corporate strategy for growth if aligned with corporate goals and the company has capabilities to extract value from acquisitions.
Prospecting targets
- Companies should have clear criteria for identifying targets that fit strategic objectives and are affordable. Financial discipline is important to set reasonable price limits.
Executing the transaction
- Successful execution requires assembling the right deal team and understanding transaction principles like valuation. Key steps include due diligence, negotiations, and communicating with stakeholders.
Realizing the vision
- After the deal, focus shifts to post-merger integration and delivering promised synergies through plans, communication and change management. Learning from
The document provides an introduction to continuous delivery presented by Damon Poole. It discusses reducing cycle times from months to weeks or days by optimizing for frequent delivery of value. Traditional functional silos are replaced by cross-functional teams organized around business outcomes and delivery of customer value. Kanban techniques like limiting work in progress and visualizing the flow of work help achieve continuous delivery.
PVR is expected to see strong performance in its exhibition business in the second and third quarters of FY2011, aided by a robust movie pipeline (both domestic and Hollywood films) and substantial screen additions over the last six months. Management expects 14-15 new 3D English movies to be released over the next 18-24 months. Additionally, PVR is looking to unlock value by selling and leasing back its Phoenix Mill property, which could generate around Rs. 80-100 crore in cash. PVR Pictures is also expected to see multi-fold revenue growth in FY2011 with more film productions lined up. Blu-O, PVR's bowling business, aims to have 150 lanes by FY2012 and
1. Corporate-level strategy concerns which businesses a firm should be in and how the corporate office should manage the different business units.
2. Firms vary in their degree of diversification from single-business strategies to unrelated diversified strategies. Reasons for diversification include enhancing competitiveness through economies of scope, market power, and financial economies, as well as managerial incentives like reducing risk.
3. There are four main diversification strategies: sharing activities, transferring core competencies, efficient internal capital market allocation, and restructuring. The performance effects of diversification depend on factors like the level of relatedness between business units.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
At SEB, sustainable development means building a sustainable business as a bank. In the Corporate Sustainability Report 2010 you can read more about what SEB has done and what priorities the bank has for the future. Sustainability is meant to become an integrated part of SEB business, a core competence by 2012. It is a very high ambition.
This document discusses cooperative strategies between firms. It defines a cooperative strategy as firms working together to achieve a shared objective. There are three main types of strategic alliances: joint ventures, equity strategic alliances, and non-equity strategic alliances. Cooperative strategies can be used at the business and corporate level between firms and allow firms to pursue mutual interests such as developing new products/services or entering new markets. However, cooperative strategies also carry risks such as partners failing to contribute as agreed or misunderstanding each other's intentions. These risks must be managed through detailed contracts, monitoring, and developing trusting relationships between partners.
SRF is a diversified Indian company with businesses in technical textiles, chemicals and polymers, and packaging films. It has a strong financial performance with sales and profits growing. The company is recommended as a buy due to its diversified business model and attractive valuation at 4.57x FY10E earnings which is below its peers. SRF has expanded through acquisitions and has projects underway to grow its packaging films business.
This document is an advertising feature from Energising WA 2010 that promotes various initiatives and accomplishments. It highlights key facts such as generating over 25% of the state's electricity from renewable sources and connecting over 30,000 solar systems. The feature emphasizes connecting communities through renewable energy projects and creating a sustainable energy future for Western Australia.
Westcore Funds is a mutual fund family with $3.1 billion in total assets under management. It is managed by Denver Investments, an employee-owned advisory firm. Westcore Funds offers growth equity, value equity, international equity, and fixed income strategies across various market capitalizations. Denver Investments employs a research-driven approach and has over 50 years of experience managing institutional portfolios.
The document shows exterior and interior views of several hospitals and assisted living facilities located across Colorado, Illinois, Kansas, and Missouri, including Southwest Memorial Hospital in Cortez, Colorado, Gateway Regional Medical Center in Edwardsville, Illinois, Genesis Assisted Care Center in Edwardsville, Illinois, Wamego City Hospital in Wamego, Kansas, and Lexington Regional Health Center in Lexington, Missouri. Photos depict entrances, facades, and interior spaces of the various medical and senior living centers.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Navitas Macquarie Australia Investor conferenceNavitas
1) Navitas is a leading global education provider with over 80,000 students across 111 colleges and schools in Australia, the UK, US, Canada, Singapore, Kenya and Sri Lanka.
2) In the first half of FY13, Navitas reported total group revenue growth of 4% to $355.4 million and EBITDA growth of 5% to $59.9 million.
3) Navitas' core University Programs and English Programs divisions performed well in the first half, with EBITDA growth of 5% and 24% respectively, however the SAE Creative Media division experienced lower than expected earnings growth.
Navitas is a leading global education provider with over 80,000 students across 111 colleges and schools. In the first half of FY13, Navitas' revenue was $355.4 million, EPS was 9.3 cents, and NPAT was $35.1 million. While University Programs and SAE Group saw earnings growth, Professional and English Programs recorded earnings losses. Navitas is implementing a strategic review to improve performance across its divisions.
This document discusses licensing options when managing both ESX 3.x/ESXi 3.5 hosts and vCenter Server 4.x. There are four options: use a single license server for both, use separate servers, use a server for vCenter and host-based licensing for ESX hosts, or upgrade all hosts to ESX 4.x which allows centralized management with vCenter. It also provides instructions for configuring the license server connection in vCenter and for ESX hosts. Troubleshooting steps are included to check the license server service, that it is listening, and its status.
This document provides instructions for a green group to work through iPad tutorials for lessons 17 and 18, unlocking all problems for lesson 17 and only problem A for lesson 18. It directs the group to have the elf assistant enter answers for hands-on equation problems on the teacher's blog without submitting until all are solved. Finally, it instructs the group to independently solve verbal problems for their assigned color as a formative assessment by writing answers on provided paper.
The document provides an analysis and market update on Manappuram Finance. It summarizes that while Manappuram has underperformed recently due to regulatory issues and governance concerns, the worst may be priced in. The analyst believes the stock is attractive at its current discounted valuation relative to peers and upgrades their recommendation to Buy, seeing 25% upside potential. Key risks include further negative regulatory changes, but clarity is expected by year-end which could support improved growth and profitability.
A very good presentation by McKinsey on the US Stimmulus pla. It showes great opportunities for Mexican Companies in the US and gives a guideline on the sectors Mexico should focus on.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
This chapter discusses acquisition and restructuring strategies. It defines mergers, acquisitions, and takeovers and describes horizontal, vertical, and related acquisitions. Reasons for acquisitions include increasing market power, overcoming barriers to entry, and diversification. Problems with acquisitions include integration difficulties, overpayment, large debt loads, and failure to achieve synergies. The chapter also defines downsizing, downscoping, and leveraged buyouts as restructuring strategies and outlines their short-term impacts like reduced costs versus long-term impacts on performance and risk.
Here's a list of schemes that made it to Mint 50.
The returns are across three time periods and you would do well to first look at five- and 10-year performances and then look at the three-year return to see if the fund is still ahead. Value Research rating gives an indication of the risk-adjusted return.
The new legislation allows trustees of discretionary trusts to stream capital gains and franked dividends to specific beneficiaries. To access these provisions, the trustee must have the appropriate written records, such as resolutions, in place by June 30, 2011 for dividends and August 31, 2011 for capital gains. The changes provide benefits but also risks if the documentation is not completed properly. Trustees are advised to seek advice to ensure their distributions comply with the new rules.
CFO and Art Of Mergers and AcquisitionsSanjay Uppal
M&As as a corporate strategy
- M&A can be an effective corporate strategy for growth if aligned with corporate goals and the company has capabilities to extract value from acquisitions.
Prospecting targets
- Companies should have clear criteria for identifying targets that fit strategic objectives and are affordable. Financial discipline is important to set reasonable price limits.
Executing the transaction
- Successful execution requires assembling the right deal team and understanding transaction principles like valuation. Key steps include due diligence, negotiations, and communicating with stakeholders.
Realizing the vision
- After the deal, focus shifts to post-merger integration and delivering promised synergies through plans, communication and change management. Learning from
The document provides an introduction to continuous delivery presented by Damon Poole. It discusses reducing cycle times from months to weeks or days by optimizing for frequent delivery of value. Traditional functional silos are replaced by cross-functional teams organized around business outcomes and delivery of customer value. Kanban techniques like limiting work in progress and visualizing the flow of work help achieve continuous delivery.
PVR is expected to see strong performance in its exhibition business in the second and third quarters of FY2011, aided by a robust movie pipeline (both domestic and Hollywood films) and substantial screen additions over the last six months. Management expects 14-15 new 3D English movies to be released over the next 18-24 months. Additionally, PVR is looking to unlock value by selling and leasing back its Phoenix Mill property, which could generate around Rs. 80-100 crore in cash. PVR Pictures is also expected to see multi-fold revenue growth in FY2011 with more film productions lined up. Blu-O, PVR's bowling business, aims to have 150 lanes by FY2012 and
1. Corporate-level strategy concerns which businesses a firm should be in and how the corporate office should manage the different business units.
2. Firms vary in their degree of diversification from single-business strategies to unrelated diversified strategies. Reasons for diversification include enhancing competitiveness through economies of scope, market power, and financial economies, as well as managerial incentives like reducing risk.
3. There are four main diversification strategies: sharing activities, transferring core competencies, efficient internal capital market allocation, and restructuring. The performance effects of diversification depend on factors like the level of relatedness between business units.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
At SEB, sustainable development means building a sustainable business as a bank. In the Corporate Sustainability Report 2010 you can read more about what SEB has done and what priorities the bank has for the future. Sustainability is meant to become an integrated part of SEB business, a core competence by 2012. It is a very high ambition.
This document discusses cooperative strategies between firms. It defines a cooperative strategy as firms working together to achieve a shared objective. There are three main types of strategic alliances: joint ventures, equity strategic alliances, and non-equity strategic alliances. Cooperative strategies can be used at the business and corporate level between firms and allow firms to pursue mutual interests such as developing new products/services or entering new markets. However, cooperative strategies also carry risks such as partners failing to contribute as agreed or misunderstanding each other's intentions. These risks must be managed through detailed contracts, monitoring, and developing trusting relationships between partners.
SRF is a diversified Indian company with businesses in technical textiles, chemicals and polymers, and packaging films. It has a strong financial performance with sales and profits growing. The company is recommended as a buy due to its diversified business model and attractive valuation at 4.57x FY10E earnings which is below its peers. SRF has expanded through acquisitions and has projects underway to grow its packaging films business.
This document is an advertising feature from Energising WA 2010 that promotes various initiatives and accomplishments. It highlights key facts such as generating over 25% of the state's electricity from renewable sources and connecting over 30,000 solar systems. The feature emphasizes connecting communities through renewable energy projects and creating a sustainable energy future for Western Australia.
Westcore Funds is a mutual fund family with $3.1 billion in total assets under management. It is managed by Denver Investments, an employee-owned advisory firm. Westcore Funds offers growth equity, value equity, international equity, and fixed income strategies across various market capitalizations. Denver Investments employs a research-driven approach and has over 50 years of experience managing institutional portfolios.
The document shows exterior and interior views of several hospitals and assisted living facilities located across Colorado, Illinois, Kansas, and Missouri, including Southwest Memorial Hospital in Cortez, Colorado, Gateway Regional Medical Center in Edwardsville, Illinois, Genesis Assisted Care Center in Edwardsville, Illinois, Wamego City Hospital in Wamego, Kansas, and Lexington Regional Health Center in Lexington, Missouri. Photos depict entrances, facades, and interior spaces of the various medical and senior living centers.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Navitas Macquarie Australia Investor conferenceNavitas
1) Navitas is a leading global education provider with over 80,000 students across 111 colleges and schools in Australia, the UK, US, Canada, Singapore, Kenya and Sri Lanka.
2) In the first half of FY13, Navitas reported total group revenue growth of 4% to $355.4 million and EBITDA growth of 5% to $59.9 million.
3) Navitas' core University Programs and English Programs divisions performed well in the first half, with EBITDA growth of 5% and 24% respectively, however the SAE Creative Media division experienced lower than expected earnings growth.
Navitas is a leading global education provider with over 80,000 students across 111 colleges and schools. In the first half of FY13, Navitas' revenue was $355.4 million, EPS was 9.3 cents, and NPAT was $35.1 million. While University Programs and SAE Group saw earnings growth, Professional and English Programs recorded earnings losses. Navitas is implementing a strategic review to improve performance across its divisions.
This document discusses licensing options when managing both ESX 3.x/ESXi 3.5 hosts and vCenter Server 4.x. There are four options: use a single license server for both, use separate servers, use a server for vCenter and host-based licensing for ESX hosts, or upgrade all hosts to ESX 4.x which allows centralized management with vCenter. It also provides instructions for configuring the license server connection in vCenter and for ESX hosts. Troubleshooting steps are included to check the license server service, that it is listening, and its status.
This document provides instructions for a green group to work through iPad tutorials for lessons 17 and 18, unlocking all problems for lesson 17 and only problem A for lesson 18. It directs the group to have the elf assistant enter answers for hands-on equation problems on the teacher's blog without submitting until all are solved. Finally, it instructs the group to independently solve verbal problems for their assigned color as a formative assessment by writing answers on provided paper.
- Navitas reported revenue growth of 19% for the first half of FY14 compared to the prior corresponding period, with revenue reaching $421.9 million. EBITDA increased 6% to $63.2 million.
- The University Programs division saw a 20% increase in revenue to $243.2 million and a 12% increase in EBITDA to $58.4 million, with enrolment growth across all key regions. Two new colleges were opened in the period.
- SAE revenue increased 22% to $68.1 million due to growth in the US and Germany, while EBITDA declined 29% to $9.0 million due to investments in US operations.
El documento describe la distorsión armónica en voltajes y corrientes industriales, causada por saturación magnética, conmutación o cargas no lineales. Explica que los armónicos son voltajes o corrientes con frecuencias múltiplos enteros de la frecuencia fundamental, y cómo se pueden representar ondas distorsionadas mediante diagramas fasoriales. También cubre formas de medir y reducir la distorsión armónica, incluidos filtros pasivos y activos.
Este documento presenta información sobre la medicina alternativa y complementaria. Brevemente describe que el interés en estas modalidades ha crecido considerablemente, que los pacientes las eligen debido a que sus principios son más congruentes con sus valores que la medicina convencional, y que pueden ofrecer esperanza adicional. Además, provee definiciones de términos como medicina alternativa, complementaria e integral; y categoriza las diferentes formas de medicina alternativa, incluyendo técnicas mente-cuerpo, sanación manual, dietas y nutrición, entre otras.
Nordion Third Quarter Fiscal 2012 Earnings Conference CallNordion
Nordion reported third quarter 2012 earnings. Revenue was $67.1 million. Targeted Therapies revenue grew 13% year-over-year due to new TheraSphere account growth. Sterilization Technologies revenue was flat as higher Co-60 shipments in Q3 offset lower volumes. Medical Isotopes revenue declined due to planned and unplanned shutdowns of the NRU reactor impacting volumes. Nordion remains focused on establishing a leadership position in interventional oncology and maintaining value in its sterilization and medical isotopes businesses.
UnumProvident Statistical Supplement Third Quarter 2005
- Provides financial highlights and statistics for UnumProvident for Q3 2005, the first three quarters of 2005, and full years 2004-2002.
- Premium income was $1.952 billion for Q3 2005. Net income was $52.6 million which included charges related to a settlement agreement and income tax benefits.
- Assets were $51.147 billion as of Q3 2005 and stockholders' equity was $7.238 billion.
- Sales of fully insured products in the U.S. Brokerage segment increased 4.3% in Q3 2005 compared to Q3 2004, while ASO products sales increased significantly.
The document is the Q4 2017 earnings conference call transcript for Manitowoc. It includes:
- Orders were up 78% year-over-year and backlog was up 87% year-over-year. Adjusted EBITDA was positive for the third consecutive quarter.
- 2018 guidance forecasts adjusted EBITDA of $96-116 million, depreciation of $39 million, and capital expenditures of $25-30 million.
- The company is focusing on product innovation, margin expansion through efficiency initiatives, and growth above the market rate.
- Net operating revenues increased 7% year-over-year to $10.4 billion in Q4 2006 and increased 7% to $41 billion for full-year 2006 compared to pro forma 2005.
- Adjusted OIBDA increased 13% to $3.2 billion in Q4 2006 and increased 12% to $12.7 billion for full-year 2006 compared to pro forma 2005.
- Diluted EPS from continuing operations was $0.09 in Q4 2006 compared to break-even in Q4 2005, and was $0.34 for full-year 2006 compared to $0.40 for full-year 2005.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and cut the target price to INR 3,200 due to macro concerns and muted guidance.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and the target price to Rs 3,200, maintaining an "Accumulate" rating given macro concerns.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5.0% qoq. Annual revenue growth guidance remained unchanged.
3) The brokerage firm revised down its target price for Infosys to INR 3,200 per share and recommended accumulating the stock.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst expects challenges in meeting the upper end of annual guidance given macro concerns and lowered 2Q guidance. Estimates were cut and the target price was revised downwards to Rs 3,200.
Axis Bank reported a 27.0% year-over-year increase in net profit to Rs. 942 crore for the first quarter of fiscal year 2012, in line with analyst estimates. Business growth momentum slowed as advances declined 7.4% quarter-over-quarter and deposits fell 3.0% quarter-over-quarter, moderating the bank's cash-deposit ratio to 40.5% from 41.1% last quarter. However, asset quality remained healthy with slippage ratio declining to 0.8% and gross and net NPA ratios stable.
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
- The framework focuses on transitioning businesses into strong brands in attractive, growing industries and leveraging the potential of the Textron enterprise through initiatives like supply chain management, e-business strategies, and shared services.
- Financial goals include achieving a ROIC at least 400 basis points above the weighted average cost of capital, 5% annual organic revenue growth, segment profit margins over 13%, and 10% annual earnings per share growth.
- A Transformation Leadership Team was established to lead
The document summarizes a plan to assist with restructuring the National Development Foundation of Jamaica (NDFJ). The plan involves 5 building blocks: identifying change drivers, developing change strategists and strategic decisions, installing individual implementers and change champions, creating action vehicles for change recipients, and disseminating the strategic plan locally. It also outlines 8 key elements for formalizing change, including developing standards and metrics to monitor progress. The basis for change will be using stakeholder input to improve information and encourage incremental experimentation. Control will be exercised through motivating staff and setting limits while encouraging learning.
The document is a statistical supplement from UnumProvident for the third quarter of 2006 that includes financial highlights and statistics for the company. Some key details from the financial highlights include:
- For the third quarter of 2006, UnumProvident reported a net loss of $63.7 million compared to net income of $52.6 million for the same quarter the previous year.
- For the first nine months of 2006, UnumProvident reported net income of $134.9 million compared to $376.1 million for the same period in 2005.
- Total assets for UnumProvident as of September 30, 2006 were $52.2 billion, up slightly from $51.1 billion at
direc tv group The DIRECTV Group, Inc. Investor Dayfinance15
The document summarizes an investor presentation given by DIRECTV executives. It provides an overview of DIRECTV's financial performance from 2005-2007, noting increasing revenue, operating profit, and subscriber growth over that period. It also reviews DIRECTV's space segment, including its young satellite fleet and plans to launch two new satellites to support further channel expansion, especially in high-definition programming. Finally, the presentation discusses DIRECTV's leadership in technology and plans to continue investing in its consumer premise equipment and use of home networks.
The document is a statistical supplement from UnumProvident providing financial highlights and results for the first quarter of 2006. Some key details include:
- Premium income for the quarter was $1.97 billion, up slightly from $1.935 billion in the first quarter of 2005.
- Net income for the quarter was $73.4 million, down from $152.2 million in the first quarter of 2005, due to a $86 million claim reassessment charge.
- Total assets as of March 31, 2006 were $50.471 billion, down slightly from $50.836 billion at March 31, 2005.
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2. Disclaimer
Important Notice and Disclaimer
This document has been prepared by Navitas Limited ABN 69 109 613 309 ("Navitas" or the "Company"). Information in this document
should be read in conjunction with other Navitas announcements made to ASX.
This document has been prepared for information purposes only and does not take into account your individual investment objectives,
including the merits and risks involved in an investment in Navitas shares, or your financial situation or particular needs, and is not
investment, financial product, legal, tax or accounting advice or opinion.
You must not act on the basis of any matter contained in this document, but must make your own independent investigation and
assessment of Navitas and its shares and obtain any professional advice you require before making any investment decision based on
your investment objectives and financial circumstances. An investment in Navitas shares is subject to investment and other known and
unknown risks, some of which are beyond the control of Navitas, including possible delays in repayment and loss of income and principal
invested. Navitas does not guarantee any particular rate of return or the performance of Navitas, nor does it guarantee the repayment of
capital from Navitas or any particular tax treatment.
All information in this document is believed to be reliable, but no representation, warranty or guarantee, express or implied, is made by
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NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 2
3. Company profile
Navitas (ASX: NVT) is a leading global education provider that offers
an extensive range of educational and training services for students
and professionals across Australia and around the world
Market cap Annual Staff Students Colleges/
revenue headcount schools
~$1.8b $702.1m ~5,000 > 80,000 111
University Programs - leading provider of pathway colleges and managed campuses
SAE Group - creative media education delivering qualifications in audio, film and multimedia
English - leading provider of migrant settlement services and English language programs
Professional (formerly Workforce) – providing quality vocational, higher education, employment
and placement services. Active in health, psychology, security, recruitment and workforce.
Student Recruitment – recruiting students to universities in Australia, UK, USA, Canada
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 3
4. H1 FY13 Group highlights
Revenue EPS Total Group revenue up 4% to $355.4m
$355.4m 9.3¢ EBITDA up 5% to $59.9m
Net profit after tax $35.1m
NPAT DPS Earnings per share 9.3¢
35.1m 9.3¢ Fully franked interim dividend of 9.3¢
Operational
Return to growth in University Programs
enrolments
SAE earnings growth below expectations
English earnings bounce back strongly
Professional and Student Recruitment record
earnings losses
Strategic and structural review of Navitas
completed and implementation underway
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 4
5. Strategic and structural review outcomes
• The Parthenon Group engaged to facilitate Navitas strategic and
structural review
• Findings affirm value of Navitas’ core business and identify growth
opportunities
• Key structural outcomes:
Merging of Navitas Professional and Navitas English to leverage strong similarities
and create efficiencies. Merged Division to be known as Professional and English
Programs (PEP)
Student Recruitment Division to be incorporated into University Programs Division
Appointment of Chief Strategy Officer and redefinition of other senior roles
• Changes create three significant operating Divisions
All future external reporting to reflect new structure (UPD, SAE and PEP) –
commencing from FY13 Full Year Results
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 5
7. Group performance summary
($m) H1 FY13 H1 FY12 Δ%
Revenue
Continuing business 347.9 339.3 3
New campuses* 7.5 2.5 200
Total 355.4 341.8 4
EBITDA
Continuing business 62.6 60.8 3
New campuses* (2.7) (3.7) (27)
Total 59.9 57.1 5
EBITDA Margin 16.9% 16.7%
NPAT ($m) 35.1 35.4 (1)
EPS (cents) 9.3 9.4 (1)
Full Year Dividend (cents) 9.3 9.4 (1)
*FY13: USA UP market expansion, ICRGU, EIC, NIC and SAE Chicago and Jakarta (FY12: USA UP market expansion, ICRGU, EIC, NIC and SAE Bochum,
Chicago and Jakarta)
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 7
8. Core Divisions perform well
EBITDA ($m) H1 FY13 H1 FY12 Δ%
University Programs 53.1 49.2 8
SAE Group 12.6 11.8 7
English 7.1 0.8 788
Professional (2.5) 2.9 n/a
Student Recruitment (0.8) 0.7 n/a
Divisional EBITDA 69.5 65.4 6
Corporate costs (9.6) (8.3) 16
Group EBITDA 59.9 57.1 5
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 8
11. Balance sheet remains conservatively geared
Net debt $m
1-Jul-12 117.0
Cash realisation ratio1 of 0.88x
Dividends 37.9 (H1 FY12: 0.46x)
Deferred revenue up 5% to
Capex 7.9
$165.0m
Other 1.6 Net debt represents only 0.98x
of rolling 12 months EBITDA
Operational cash flows (37.7) ($129.6m)
31-Dec-12
126.7 Debt constituents ($m)
Debt 178.8
Cash related to the (39.5)
Tuition Protection
Service
1Cash realisation ratio = Net Operating Cashflow Other Cash (12.7)
NPAT plus amtsn and depcn
31-Dec-12 126.7
NAVITAS – – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT
NAVITAS HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2011 – ASX: NVT 11
12. University Programs
Financial Performance Highlights
Revenue*
$196.0m 8% • Results still affected by policy changes
in Australia
EBITDA *
$53.1m 8% • Australian enrolments declined against
pcp in 201203 but new enrolments
grew by 7%
• UK performance improvement
• Continued strong performance in
Canada and Singapore
• Start up losses substantially reduced
in US
• Main US intake (Sept 2012) reported
103% increase in new enrolments
• Agreement for University of
Canterbury, NZ college announced
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT * Several adjunct English businesses reclassified from English to UP for reporting 12
13. SAE
Financial Performance Highlights
Revenue
$55.6m 3% • Australian earnings grew by 15%
EBITDA
$12.6m 7% • Impacted by sluggish results from
some European schools
• No one-off profits from Licensing (H1
FY12: $0.5m)
• Title IV access in the US improves new
student recruitment and halts decline
in enrolments
• Includes start up losses of $0.9m
Pre-Acquisition period
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 13
14. English
Financial Performance Highlights
Revenue
$64.1m 10% • Significant improvement in Government
EBITDA Programs
$7.1m 788% • pcp impacted by transition to new
contracts in July 2011 caused significant
disruption
EBITDA $m
• H1 FY13 returns to normal pattern
• ELICOS business now making small gains
off a low base
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 14
15. Professional (formerly Workforce)
Financial Performance Highlights
Revenue
$30.2m 10% • Strong performance in most education
programs (ACAP, HSA, NCPS)
EBITDA
($2.5m) 186% • Corporate training and Professional
Year main source of decline
• Training services significantly
restructured
Over exposed to Government funding
and b2c market
Issue with student progression
New focus on mining/resources and b2b
• Professional Year remains profitable
pcp experienced one-off spike due to
Government migration program changes
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 15
16. Student Recruitment
Financial Performance Highlights
Revenue
$7.5m 10% • SOL remains severely impacted by
cessation of the UK Post Study Work Visa
EBITDA
($0.8m) 214%
• EduGlobal impacted by foreign exchange
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 16
17. Corporate costs
Corporate Costs Highlights
Corporate costs $1.3m higher than pcp
(H1 FY12: $8.6m)
• Provision for anticipated increases in
FY13 EVA staff incentive payments
• Less favourable foreign currency
translation outcomes
• Less than 3% of Group revenues
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 17
19. Sem 1203 sees UP enrolments return to growth
Equivalent Full Time Students (EFTSU): Semester enrolments
20,000 40.00%
18,000 35.00%
Equivalent Full Time Students
30.00%
17,811
16,000
17,149
16,422
25.00%
% Enrolment growth
15,724
15,419
14,000
14,675
20.00%
14,601
14,529
14,306
14,097
13,602
13,320
12,000 15.00%
(EFTSU)
12,268
12,025
11,573
10,000 10.00%
5.00%
9,210
8,000
9,020
0.00%
6,000
-5.00%
4,000 -10.00%
2,000 -15.00%
0702
0703
0801
0802
0803
0901
0902
0903
1001
1002
1003
1101
1102
1103
1201
1202
1203
Semester
• 201203 EFTSU up 2% on pcp with trend set to continue:
Largely due to returning stability in Australia and UK following regulatory changes
• 201203 Australian new student recruitment up 7%
Growth in new student recruitment anticipated to continue
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 19
20. Global market conditions positive
World population by gender
90+ 2010:3.45bn 2010: 3.40bn
80-89 2025: 3.99bn 2025:3.95bn
Male Female
70-79
60-69
50-59
263
40-49
million by
2025
30-39
20-29
10-19
0-9
-1,000 -500 0 500 1,000
International student Millions International education market share (%)
enrolments (m) 8.2
4.1
3.7
3.5
2.8 3.0 3.1
2.1 2.4 2.6 3.2
2.1
2012
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2025
2011 to 2024
Source: , UNESCO Institute of Statistics, OECD Education at a Glance 2012
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 20
21. Outlook
University Programs
• Growth against pcp expected in H2 FY13
New student recruitment in 201203 and 201301 expected to arrest
earnings decline in Australia relative to pcp
UK and US results will continue to be strong compared to pcp
Growth in both Canada and Singapore moderating
Student Recruitment losses expected to continue in H2 FY13
SAE
• SAE’s modest earnings growth in H1 FY13 is expected to be
repeated in H2 FY13
Australia and US to provide earnings momentum
Weakness in parts of Europe anticipated to continue in H2 FY13
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 21
22. Outlook
Professional and English Programs
• Second half earnings projected to be greater than H1 FY13
Losses stemmed in Professional
English performance is not expected to be as strong as first half
Corporate costs
• Expected to rise in H2 FY13 and beyond partly due to restructure
• Efficiencies sought at divisional level
• Anticipated to remain steady at less than 3% of revenue
H2 FY13 tax and depreciation expense to be lower than H1 FY13
All factors should support some improvement in FY13 with more
significant growth from FY14
NAVITAS – HALF YEAR RESULTS PRESENTATION – 31 DECEMBER 2012 – ASX: NVT 22