Pirelli Presentation of 1H 2009 Group Results.
Pirelli & C. Group Revenues: 2,137.6 Million Euros (2,454.8 Million Euros As Of 30 June 2008). Ebit 101.1 Million Euros (180.9 Million Euros As Of 30 June 2008) After Restructuring Charges Of 21.2 Million Euros; Incidence On Revenues Of 4.7% In Line With Industrial Plan Targets. Attributable Consolidated Net Result: 6.3 Million Euros (-36.2 Million Euros As Of 30 June 2008; Total Consolidated Net Result Negative For 12.4 Million Euros (-9.5 Million Euros As Of 30 June 2008), Positive Net Of Further 19.8 Million Euro Writedown Of Telecom Italia Stake. Net Financial Position Negative For 1,107.6 Million Euros, from 1,278.9 Million Euros As Of 31 March 2009.
Pirelli Tyre Revenues 1,915.9 Million Euros (-9.3% On A Like-For-Like Basis, Net Of Exchange Rate Effects, Compared With First Half 2008); Ebit Before Restructuring Costs: 146.5 Million Euros, Or 7.6% Of Revenues. Second Quarter Revenues Up 6.7% Compared With The First Quarter Of 2009; Second Quarter Ebit Margin Before Restructuring Charges Rose To 8.6% From 8.1% In The Second Quarter Of 2008.
More on: http://www.pirelli.com/web/investors/presentation/archive_pres/default.page
Pirelli Presentation of 1H 2009 Group Results.
Pirelli & C. Group Revenues: 2,137.6 Million Euros (2,454.8 Million Euros As Of 30 June 2008). Ebit 101.1 Million Euros (180.9 Million Euros As Of 30 June 2008) After Restructuring Charges Of 21.2 Million Euros; Incidence On Revenues Of 4.7% In Line With Industrial Plan Targets. Attributable Consolidated Net Result: 6.3 Million Euros (-36.2 Million Euros As Of 30 June 2008; Total Consolidated Net Result Negative For 12.4 Million Euros (-9.5 Million Euros As Of 30 June 2008), Positive Net Of Further 19.8 Million Euro Writedown Of Telecom Italia Stake. Net Financial Position Negative For 1,107.6 Million Euros, from 1,278.9 Million Euros As Of 31 March 2009.
Pirelli Tyre Revenues 1,915.9 Million Euros (-9.3% On A Like-For-Like Basis, Net Of Exchange Rate Effects, Compared With First Half 2008); Ebit Before Restructuring Costs: 146.5 Million Euros, Or 7.6% Of Revenues. Second Quarter Revenues Up 6.7% Compared With The First Quarter Of 2009; Second Quarter Ebit Margin Before Restructuring Charges Rose To 8.6% From 8.1% In The Second Quarter Of 2008.
More on: http://www.pirelli.com/web/investors/presentation/archive_pres/default.page
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
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2. New pro-forma financials posted to website
2008 revised proforma quarterly income statement, including revenue by division
Safe Harbor Statement
Certain statements contained in this presentations are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995, and Life Technologies intend that such forward-looking statements be subject to the safe harbor created
thereby. Forward-looking statements may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “will,” or words of similar meaning and include, but are not limited to, statements about the expected future business and
financial performance of the company. Such forward-looking statements include, but are not limited to, statements relating to financial
projections, including revenue and pro forma EPS projections; success of acquired businesses, including cost and revenue synergies;
development and increased flow of new products; leveraging technology and personnel; advanced opportunities and efficiencies;
opportunities for growth; and expectations of prospective new standards, new delivery platforms, and new selling specialization and
effectiveness. A number of the matters discussed in this presentation that are not historical or current facts deal with potential future
circumstances and developments, in particular, information regarding the new company, including expected synergies resulting from
the merger of Invitrogen and Applied Biosystems, combined operating and financial data, future research and development plans. The
discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally and other
factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
Such risks and uncertainties include, but are not limited to: the failure to realize capital and operating expense synergies; volatility of
the financial markets; and the risks that are described from time to time in Life Technologies’ reports filed with the SEC. This
presentation speaks only as of its date, and the company disclaims any duty to update the information herein.
Non-GAAP Measurements
This presentation and discussion includes certain financial information which constitute “non-GAAP financial measures” as defined by
the SEC. The GAAP measures which are most directly comparable to these measures, as well as a reconciliation of these measures
with the most directly comparable GAAP measures, can be found at on the Investor Relations portion of the company’s website at
www.lifetechnologies.com.
2
3. Agenda
Greg Lucier, Chairman & CEO
Mark Stevenson, President & COO
Bernd Brust, Chief Commercial Officer
David Hoffmeister, Chief Financial Officer
3
4. Q1 2009 Non-GAAP Financial Results
Q1 2009 Q1 2008 Change
Change
($ millions)
Actuals2
Actuals Excl. CX
$7851
Revenue $775 1% 5%
Gross Margin % 66.7% 66.4% 30 bps 60 bps
Operating Income $206 $188 9% 17%
Operating Margin % 26.2% 24.3% 190 bps 270 bps
Notes: 1) excludes revenue from mass spec joint venture, 2) 2008 financials are consistent with proforma
statement published on website that combines ABI and IVGN for all of 2008
4
5. Strategic Imperatives
1 Focus on the Core
2 Integrate Flawlessly
3 Invest for Growth
5
6. Agenda
Greg Lucier, Chairman & CEO
Mark Stevenson, President & COO
Bernd Brust, Chief Commercial Officer
David Hoffmeister, Chief Financial Officer
6
7. Revenue Growth by Division
% Growth
Q1 2009 % Growth
($ millions)
Excl. CX
Molecular Biology Systems $367 0% 4%
Cell Systems $192 2% 7%
$219 3% 6%
Genetic Systems
Mass Spec Systems1 $123 (5%) (1%)
Notes: 1) Mass Spec JV accounted for using equity accounting, therefore no revenue is recorded in total
company revenue 2) Q109 Mass Spec income not included in JV accounting is $7M
7
8. Integration Dashboard: Q1 2009
Integration progress on track
G Team Status
Sales G
Marketing G
Service/Support G
R&D G
Q1 2009 Key Accomplishments: Distribution G
Y
Manufacturing G
·Global distribution strategy completed Facilities G
Procurement G
·Pricing optimization plans in place for Human Resources G
AB consumable products Finance G
Legal G
·Go-to-market strategy completed IT G
Americas G
·75% of 2009 synergy target locked in APAC G
EMEA G
Japan G
Molecular Biology G
Cell Systems G
Genetic Systems G
Behind Target At On Track
Complete
Target risk for Target
8
9. On Track to Deliver Full Year Synergy Target
2009 Synergies
Key Action Plans
$80M
• General & Administrative
– Elimination of duplicate corporate overhead;
Additional
$20M
vendor consolidation initiatives
in 2009
• R&D
– Program overlaps
• Operations
– Procurement and sourcing efficiencies
Already
– Manufacturing / distribution site rationalization Delivered:
$60M
Results of
• Commercial Facilities actions
– Sales office rationalization taken
through Q1
• Revenue Synergies
75% of synergy target achieved through actions to date
9
10. Agenda
Greg Lucier, Chairman & CEO
Mark Stevenson, President & COO
Bernd Brust, Chief Commercial Officer
David Hoffmeister, Chief Financial Officer
10
11. First Quarter Accomplishments
• Strong first quarter performance
• Go-to-market initiatives underway
• Pricing optimization in place
• Record level of traffic on invitrogen.com
• Partnering with customers on optimizing
NIH stimulus funds
11
12. Agenda
Greg Lucier, Chairman & CEO
Mark Stevenson, President & COO
Bernd Brust, Chief Commercial Officer
David Hoffmeister, Chief Financial Officer
12
13. Year-Over-Year Non-GAAP Financial Comparisons
Q1 20081
Q1 2009 Change
($ millions, except EPS)
Revenue $785 $775 1%
Gross profit $524 $515 2%
% of sales 66.7% 66.4% 30 bps
SG&A $239 $248 (4%)
% of sales 30.4% 32.0% (160 bps)
R&D $80 $78 1%
% of sales 10.1% 10.1% 0 bps
Operating income $206 $188 9%
% of sales 26.2% 24.3% 190 bps
Net income $126 N/A N/A
EPS $0.72 N/A N/A
GAAP EPS $0.09 $0.53 (83%)
Note: 1) 2008 financials are consistent with proforma statement published on website that combines ABI and
IVGN for all of 2008
13
15. 2009 Full Year Expectations
Organic Revenue1 Low single digits
Non-GAAP EPS $2.40 - $2.55
Free Cash Flow2 $450M
Note: 1) Mass Spec JV accounted for using equity accounting, therefore organic revenue growth does not
include impact of Mass Spec JV. 2) includes $175M of one-time integration related expenses
15
16. Q&A
Additional Q1 2009 Financial Details
• Interest Income $1.4M
• Interest Expense $37.7M
• Mass Spec JV other income including currency $10.3M
• Non-GAAP Effective Tax Rate 29.5%
16