Embraer has a diverse shareholder base with its shares traded on the Bovespa and NYSE. It aims to have good corporate governance with transparency, accountability and responsibility. Its board of directors has 11 members including government and employee representatives. It has overhauled its capital structure and accounting practices to increase flexibility and comply with new standards. It provides regular financial reports and forecasts continued growth in jet deliveries and revenues.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors such as lower concentrations of loans with FICO scores < 620, interest-only loans, and loans in California and Florida.
- Genworth's delinquency and default rates are lower than industry rates across vintages from 2004 to 2007, with the exception of some higher default rates in the 2007 policy year, which is still early.
- Within Genworth's portfolio, delinquency and default rates increase as FICO scores decrease, and are higher for adjustable rate mortgages, loans with loan-to-value ratios over 95%, and Alt-A loans.
The document discusses the problems facing equity compensation plans in volatile market conditions. It notes that options, RSUs, and performance plans have all gone "underwater" as stock prices have declined significantly. This has led to shareholder value losses, revenue reductions, and widespread layoffs. Questions are raised about restoring equity value through actions like option exchanges that may raise governance concerns. The status of various equity award types is assessed, and the need to redefine the purpose and effectiveness of equity compensation is discussed.
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
OPEB Investments: The Danger in Playing it SafeMWSchulte
The document discusses investing Other Post-Employment Benefit (OPEB) funds and the implications for school boards. It notes that playing it too safe with OPEB investments, such as keeping funds in low-return savings accounts, poses dangers as the funds may deplete before obligations are met. Diversifying investments and allowing access to higher-returning asset classes like equities can help funds last longer. School boards have a fiduciary duty to ensure investment policies and expertise are in place to prudently manage OPEB investments for the long run. Actuarial analyses are an important starting point but assumptions will change over time.
Credit Suisse held a financial services forum on February 4, 2009 to discuss Sallie Mae's business fundamentals, financial outlook, and liquidity position. Key points included:
1) Sallie Mae has a strong franchise in student lending with competitive scale and assured FFELP profitability through 2010.
2) Liquidity is improving through various government funding programs and expanding deposit funding.
3) The outlook forecasts $5-6 billion in new private loan originations, $21-23 billion in FFELP loans, earnings per share of $1.45-$1.65, and continued management of credit quality and provision expenses.
InKnowVision October 2012 HNW Technical Webinar w/ Guest Presenter Bob ScarlataInKnowVision
As an investment banker for some 26 years who has sold dozens of middle market privately held companies to private equity groups throughout the U.S. and Canada, Bob Scarlata will describe for us how private equity groups make their money and how private business owners can benefit and profit from their professional management strategies.
Progressive Corporation reported its May 2008 results. Net premiums written decreased 1% to $1.049 billion compared to May 2007. Net income decreased 3% to $79.3 million compared to May 2007. The combined ratio improved to 92.4% from 93.3% in May 2007 due to a decrease in losses and loss adjustment expenses. Total personal auto policies in force increased 1% to over 7.1 million policies compared to May 2007.
June 2011 newsletter of Steve Stanganelli, CFP(R) Professional and principal of Clear View Wealth Advisors, a fee only financial planning firm serving individuals in Massachusetts. In this issue, Steve discusses how to manage retirement income distributions, the role of dividend paying stocks in a balanced portfolio, college planning tools for late starters and tax tips for those who are getting divorced.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors such as lower concentrations of loans with FICO scores < 620, interest-only loans, and loans in California and Florida.
- Genworth's delinquency and default rates are lower than industry rates across vintages from 2004 to 2007, with the exception of some higher default rates in the 2007 policy year, which is still early.
- Within Genworth's portfolio, delinquency and default rates increase as FICO scores decrease, and are higher for adjustable rate mortgages, loans with loan-to-value ratios over 95%, and Alt-A loans.
The document discusses the problems facing equity compensation plans in volatile market conditions. It notes that options, RSUs, and performance plans have all gone "underwater" as stock prices have declined significantly. This has led to shareholder value losses, revenue reductions, and widespread layoffs. Questions are raised about restoring equity value through actions like option exchanges that may raise governance concerns. The status of various equity award types is assessed, and the need to redefine the purpose and effectiveness of equity compensation is discussed.
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
OPEB Investments: The Danger in Playing it SafeMWSchulte
The document discusses investing Other Post-Employment Benefit (OPEB) funds and the implications for school boards. It notes that playing it too safe with OPEB investments, such as keeping funds in low-return savings accounts, poses dangers as the funds may deplete before obligations are met. Diversifying investments and allowing access to higher-returning asset classes like equities can help funds last longer. School boards have a fiduciary duty to ensure investment policies and expertise are in place to prudently manage OPEB investments for the long run. Actuarial analyses are an important starting point but assumptions will change over time.
Credit Suisse held a financial services forum on February 4, 2009 to discuss Sallie Mae's business fundamentals, financial outlook, and liquidity position. Key points included:
1) Sallie Mae has a strong franchise in student lending with competitive scale and assured FFELP profitability through 2010.
2) Liquidity is improving through various government funding programs and expanding deposit funding.
3) The outlook forecasts $5-6 billion in new private loan originations, $21-23 billion in FFELP loans, earnings per share of $1.45-$1.65, and continued management of credit quality and provision expenses.
InKnowVision October 2012 HNW Technical Webinar w/ Guest Presenter Bob ScarlataInKnowVision
As an investment banker for some 26 years who has sold dozens of middle market privately held companies to private equity groups throughout the U.S. and Canada, Bob Scarlata will describe for us how private equity groups make their money and how private business owners can benefit and profit from their professional management strategies.
Progressive Corporation reported its May 2008 results. Net premiums written decreased 1% to $1.049 billion compared to May 2007. Net income decreased 3% to $79.3 million compared to May 2007. The combined ratio improved to 92.4% from 93.3% in May 2007 due to a decrease in losses and loss adjustment expenses. Total personal auto policies in force increased 1% to over 7.1 million policies compared to May 2007.
June 2011 newsletter of Steve Stanganelli, CFP(R) Professional and principal of Clear View Wealth Advisors, a fee only financial planning firm serving individuals in Massachusetts. In this issue, Steve discusses how to manage retirement income distributions, the role of dividend paying stocks in a balanced portfolio, college planning tools for late starters and tax tips for those who are getting divorced.
Fifth Third Bancorp reported third quarter 2007 earnings of $376 million, or $0.71 per diluted share. Net interest income increased 2% sequentially and 6% year-over-year. Average loans grew 2% sequentially and 6% year-over-year. Noninterest income grew 2% sequentially and 9% year-over-year, driven by increases in electronic payment processing, service charges on deposits, and corporate banking revenue. Credit quality remained challenging with provision for loan and lease losses up 14% sequentially.
Winfield Refuse Management is considering financing options to acquire Mott-Pliese Integrated Solutions for $125 million. The options considered are: debt with fixed principal repayments, debt, equity, and a combination of debt and equity.
Debt with fixed principal repayments of $6.25 million annually over 15 years has the lowest net present value of financing costs. It also provides the highest expected earnings per share and return on equity under likely earnings scenarios. Monte Carlo simulations show Winfield can meet debt obligations and maintain strong interest, debt, and dividend coverage ratios under varying earnings outcomes.
Therefore, the recommendation is for Winfield to finance the acquisition through the issuance of bonds with no principal repayments
Winfield Refuse Management Inc.Raising Debt vs. Equitysubhash kalal
Winfield Refuse Management is considering financing options for a $125M acquisition of Mott-Pliese Integrated Solutions. The options considered are: 1) Debt with fixed principal repayments, 2) Debt only, 3) Equity, 4) Debt and equity. Debt only has the lowest NPV cost of financing, while equity has the highest. Debt options provide the highest expected earnings per share and return on equity under likely earnings scenarios. Monte Carlo simulations show Winfield can meet debt obligations and dividend payments under varying earnings outcomes for all financing alternatives. Winfield should finance through issuing bonds with no principal repayments.
Exhibit h.4d atrs 1302 investment - franklin park internationalFPLLC
The document is an investor presentation for Franklin Park International Fund 2010 from April 2010. It provides an executive summary that the fund is targeting $100 million with a maximum of $200 million to build a diversified portfolio of private equity funds investing in emerging markets like Africa, India, Central and Eastern Europe, and Latin America. The strategy is to offer Franklin Park's retainer advisory clients allocation to the fund-of-funds with no management fees or carry, and partnership expenses to be paid pro rata by limited partners.
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
The document summarizes a GMAC Fixed Income Investor Presentation from April 2006. A consortium led by Cerberus Capital will acquire a 51% controlling stake in GMAC from GM. Cerberus will invest $500 million in preferred stock and help arrange $25 billion in credit facilities to improve GMAC's liquidity and credit ratings. The transaction aims to strengthen GMAC's capital base, reduce its credit exposure to GM, and allow it to expand as an independent finance company. GM will retain a 49% stake and certain lease assets, and sign long-term services agreements to preserve its relationship with GMAC.
public serviceenterprise group analystday pres0307finance20
PSEG presented an overview of its strategic positioning and outlook for 2007 and beyond. Key points include:
- PSEG's businesses of PSE&G, PSEG Power, and PSEG Energy Holdings provide opportunities for growth in their respective markets through operational excellence and financial discipline.
- PSE&G is positioned for growth through its strong operational performance, constructive regulatory environment, and opportunities from New Jersey's energy policy initiatives.
- PSEG Power is well positioned to provide strong growth through its nuclear and fossil fleet performance and growth opportunities in tight capacity markets and from environmental policies.
- PSEG Energy Holdings aims to improve returns and reduce risk through its diverse international and Texas assets while creating opportunities to
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.
Yield vs. Liquidity in Income Producing InvestmentsDavid Wrubel
This document discusses the balancing act between investing for yield and liquidity in income-producing investments. It notes that traditional fixed income investments like treasuries, corporate bonds, and dividends currently offer very low yields. As an alternative, it proposes net lease real estate funds that invest in properties leased to investment-grade companies. These funds aim to provide higher, predictable yields while taking on bond-like risk due to the quality of the tenants and long-term leases. The document argues this can offer superior risk-adjusted returns compared to more liquid but lower-yielding options.
Fifth Third Bancorp reported 2007 earnings of $1.1 billion, or $2.03 per diluted share, compared to $1.2 billion, or $2.13 per diluted share in 2006. Fourth quarter 2007 earnings were $38 million, or $0.07 per diluted share, compared to $325 million, or $0.61 per diluted share in the third quarter of 2007. Results were impacted by non-cash charges including lowering the value of a Bank-Owned Life Insurance policy and reserves related to potential Visa litigation settlements. Excluding these items, operating earnings were lower due to deterioration in credit performance and increased loan loss reserves in response to challenging credit conditions expected to continue in the near
The document provides information on ACE Investments Strategists, LLC, a commodity trading advisor that employs an aggressive option writing strategy on stock indices to generate returns. The strategy aims to collect premiums by selling puts and calls on the S&P 500 futures at opportune times when volatility is higher. The minimum investment is $100,000 and the CTA has approximately $3.8 million in assets under management.
This document discusses strategies for controlling escalating medical insurance costs through greater employer control and participation in alternative insurance models like captives. It outlines how traditional insurance results in annual double-digit cost increases and minimal transparency or control. A captive insurance program places employers in a group that shares risks and returns, gaining stability, transparency and the ability to retain underwriting profits and investment returns to offset premiums. The document provides an overview of captive definitions, design considerations, and underwriting guidelines to establish a captive program.
Presentation slides for the SMSF Tax Planning webinar presented by Aaron Dunn of the SMSF Academy on 24 April 2013.
With the growing number of self-managed super funds, the need to appropriately plan and take advantage of the various contribution, pension, investment strategy and tax issues all lead to the value of discussing some key tax planning strategies with SMSF trustees.
If you wish to view the webinar recording, this can be purchased for $99 (incl. GST). You can visit the SMSF Academy online store to purchase this recording, https://nq129.infusionsoft.com/app/storeFront/showCategoryPage?categoryId=9
The Sensex, a key Indian stock market index, lost 253 points (1.84%) and closed at 13,504 points on July 10, 2009. Heavyweights like Reliance Industries fell sharply, down over 4%. Most sectoral indices declined, with energy, power and capital goods losing the most. Foreign funds were net sellers, shedding $59.6 million. Other Asian and European markets also closed lower.
Embraer achieved record production of regional jets, delivering 34 models in the quarter. This led to gross sales of over R$1 billion and net income growth over 500%. Key contracts with American and European airlines expanded orders for Embraer's regional jet models. Research and development made progress on new aircraft, while market share and profitability grew substantially in the commercial aviation and defense sectors.
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
This document provides highlights about an aircraft manufacturing company. It was established in 1969 and privatized in 1994, listing on the USA stock exchange in 2000. It has a global footprint with operations across Brazil, USA, Europe and Asia. It has a diversified customer base across commercial, executive and defense aviation segments. In 2009, it delivered 244 aircraft with net revenue of $5.47 billion and a firm order backlog of $3.8 billion. It has a portfolio of commercial and executive jet aircraft with seating capacities ranging from 37 to 122 seats.
Embraer released its third quarter 2009 results reported under US GAAP. Net sales were $1.246 billion, a 19.4% decrease from the prior year, due to lower revenues from commercial aircraft deliveries. Net income was $57.7 million, stable compared to the prior year. Embraer delivered 57 jets in total during the quarter, including 29 commercial jets, 27 executive jets, and one defense jet. The order backlog remained strong at $18.6 billion.
Embraer announced its second quarter 2005 results reported under US GAAP. Net sales were $812.4 million, down 12% from the prior year due to fewer aircraft deliveries. However, net income increased to $83 million compared to $80.2 million in the prior year. Embraer's order backlog grew to $10.9 billion. While gross margins declined slightly to 31.4% due to currency impacts, net margins improved to 10.2% compared to 8.7% in the prior year.
This document provides a summary of Embraer's corporate and business strategy, product strategy, financial performance, and market outlook. The key points are:
1) Embraer's strategy focuses on organic growth, margin enhancement, business diversification, and establishing itself as Brazil's defense leader.
2) In 2015, Embraer's order backlog was $22.5 billion, with 95-100 E-Jet deliveries expected.
3) Embraer forecasts 6,350 new 70-130 seat jet deliveries globally between 2015-2034 worth $300 billion.
Fifth Third Bancorp reported third quarter 2007 earnings of $376 million, or $0.71 per diluted share. Net interest income increased 2% sequentially and 6% year-over-year. Average loans grew 2% sequentially and 6% year-over-year. Noninterest income grew 2% sequentially and 9% year-over-year, driven by increases in electronic payment processing, service charges on deposits, and corporate banking revenue. Credit quality remained challenging with provision for loan and lease losses up 14% sequentially.
Winfield Refuse Management is considering financing options to acquire Mott-Pliese Integrated Solutions for $125 million. The options considered are: debt with fixed principal repayments, debt, equity, and a combination of debt and equity.
Debt with fixed principal repayments of $6.25 million annually over 15 years has the lowest net present value of financing costs. It also provides the highest expected earnings per share and return on equity under likely earnings scenarios. Monte Carlo simulations show Winfield can meet debt obligations and maintain strong interest, debt, and dividend coverage ratios under varying earnings outcomes.
Therefore, the recommendation is for Winfield to finance the acquisition through the issuance of bonds with no principal repayments
Winfield Refuse Management Inc.Raising Debt vs. Equitysubhash kalal
Winfield Refuse Management is considering financing options for a $125M acquisition of Mott-Pliese Integrated Solutions. The options considered are: 1) Debt with fixed principal repayments, 2) Debt only, 3) Equity, 4) Debt and equity. Debt only has the lowest NPV cost of financing, while equity has the highest. Debt options provide the highest expected earnings per share and return on equity under likely earnings scenarios. Monte Carlo simulations show Winfield can meet debt obligations and dividend payments under varying earnings outcomes for all financing alternatives. Winfield should finance through issuing bonds with no principal repayments.
Exhibit h.4d atrs 1302 investment - franklin park internationalFPLLC
The document is an investor presentation for Franklin Park International Fund 2010 from April 2010. It provides an executive summary that the fund is targeting $100 million with a maximum of $200 million to build a diversified portfolio of private equity funds investing in emerging markets like Africa, India, Central and Eastern Europe, and Latin America. The strategy is to offer Franklin Park's retainer advisory clients allocation to the fund-of-funds with no management fees or carry, and partnership expenses to be paid pro rata by limited partners.
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
The document summarizes a GMAC Fixed Income Investor Presentation from April 2006. A consortium led by Cerberus Capital will acquire a 51% controlling stake in GMAC from GM. Cerberus will invest $500 million in preferred stock and help arrange $25 billion in credit facilities to improve GMAC's liquidity and credit ratings. The transaction aims to strengthen GMAC's capital base, reduce its credit exposure to GM, and allow it to expand as an independent finance company. GM will retain a 49% stake and certain lease assets, and sign long-term services agreements to preserve its relationship with GMAC.
public serviceenterprise group analystday pres0307finance20
PSEG presented an overview of its strategic positioning and outlook for 2007 and beyond. Key points include:
- PSEG's businesses of PSE&G, PSEG Power, and PSEG Energy Holdings provide opportunities for growth in their respective markets through operational excellence and financial discipline.
- PSE&G is positioned for growth through its strong operational performance, constructive regulatory environment, and opportunities from New Jersey's energy policy initiatives.
- PSEG Power is well positioned to provide strong growth through its nuclear and fossil fleet performance and growth opportunities in tight capacity markets and from environmental policies.
- PSEG Energy Holdings aims to improve returns and reduce risk through its diverse international and Texas assets while creating opportunities to
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.
Yield vs. Liquidity in Income Producing InvestmentsDavid Wrubel
This document discusses the balancing act between investing for yield and liquidity in income-producing investments. It notes that traditional fixed income investments like treasuries, corporate bonds, and dividends currently offer very low yields. As an alternative, it proposes net lease real estate funds that invest in properties leased to investment-grade companies. These funds aim to provide higher, predictable yields while taking on bond-like risk due to the quality of the tenants and long-term leases. The document argues this can offer superior risk-adjusted returns compared to more liquid but lower-yielding options.
Fifth Third Bancorp reported 2007 earnings of $1.1 billion, or $2.03 per diluted share, compared to $1.2 billion, or $2.13 per diluted share in 2006. Fourth quarter 2007 earnings were $38 million, or $0.07 per diluted share, compared to $325 million, or $0.61 per diluted share in the third quarter of 2007. Results were impacted by non-cash charges including lowering the value of a Bank-Owned Life Insurance policy and reserves related to potential Visa litigation settlements. Excluding these items, operating earnings were lower due to deterioration in credit performance and increased loan loss reserves in response to challenging credit conditions expected to continue in the near
The document provides information on ACE Investments Strategists, LLC, a commodity trading advisor that employs an aggressive option writing strategy on stock indices to generate returns. The strategy aims to collect premiums by selling puts and calls on the S&P 500 futures at opportune times when volatility is higher. The minimum investment is $100,000 and the CTA has approximately $3.8 million in assets under management.
This document discusses strategies for controlling escalating medical insurance costs through greater employer control and participation in alternative insurance models like captives. It outlines how traditional insurance results in annual double-digit cost increases and minimal transparency or control. A captive insurance program places employers in a group that shares risks and returns, gaining stability, transparency and the ability to retain underwriting profits and investment returns to offset premiums. The document provides an overview of captive definitions, design considerations, and underwriting guidelines to establish a captive program.
Presentation slides for the SMSF Tax Planning webinar presented by Aaron Dunn of the SMSF Academy on 24 April 2013.
With the growing number of self-managed super funds, the need to appropriately plan and take advantage of the various contribution, pension, investment strategy and tax issues all lead to the value of discussing some key tax planning strategies with SMSF trustees.
If you wish to view the webinar recording, this can be purchased for $99 (incl. GST). You can visit the SMSF Academy online store to purchase this recording, https://nq129.infusionsoft.com/app/storeFront/showCategoryPage?categoryId=9
The Sensex, a key Indian stock market index, lost 253 points (1.84%) and closed at 13,504 points on July 10, 2009. Heavyweights like Reliance Industries fell sharply, down over 4%. Most sectoral indices declined, with energy, power and capital goods losing the most. Foreign funds were net sellers, shedding $59.6 million. Other Asian and European markets also closed lower.
Embraer achieved record production of regional jets, delivering 34 models in the quarter. This led to gross sales of over R$1 billion and net income growth over 500%. Key contracts with American and European airlines expanded orders for Embraer's regional jet models. Research and development made progress on new aircraft, while market share and profitability grew substantially in the commercial aviation and defense sectors.
2006* ApresentaçãO Sobre AviaçãO Executiva Em Ny Somente Em InglesEmbraer RI
The document discusses the opening bell ceremony at the New York Stock Exchange on September 5th, 2006, where Luis Carlos Affonso, Executive Vice President of Executive Jets, was a guest. It then provides forward-looking statements and associated risks, an overview of the size and growth projections of the business aviation market, key demand drivers for that market, how "premium" customers remain underserved, issues with delays in airline travel, and how the industry is evolving business models to address these issues.
This document provides highlights about an aircraft manufacturing company. It was established in 1969 and privatized in 1994, listing on the USA stock exchange in 2000. It has a global footprint with operations across Brazil, USA, Europe and Asia. It has a diversified customer base across commercial, executive and defense aviation segments. In 2009, it delivered 244 aircraft with net revenue of $5.47 billion and a firm order backlog of $3.8 billion. It has a portfolio of commercial and executive jet aircraft with seating capacities ranging from 37 to 122 seats.
Embraer released its third quarter 2009 results reported under US GAAP. Net sales were $1.246 billion, a 19.4% decrease from the prior year, due to lower revenues from commercial aircraft deliveries. Net income was $57.7 million, stable compared to the prior year. Embraer delivered 57 jets in total during the quarter, including 29 commercial jets, 27 executive jets, and one defense jet. The order backlog remained strong at $18.6 billion.
Embraer announced its second quarter 2005 results reported under US GAAP. Net sales were $812.4 million, down 12% from the prior year due to fewer aircraft deliveries. However, net income increased to $83 million compared to $80.2 million in the prior year. Embraer's order backlog grew to $10.9 billion. While gross margins declined slightly to 31.4% due to currency impacts, net margins improved to 10.2% compared to 8.7% in the prior year.
This document provides a summary of Embraer's corporate and business strategy, product strategy, financial performance, and market outlook. The key points are:
1) Embraer's strategy focuses on organic growth, margin enhancement, business diversification, and establishing itself as Brazil's defense leader.
2) In 2015, Embraer's order backlog was $22.5 billion, with 95-100 E-Jet deliveries expected.
3) Embraer forecasts 6,350 new 70-130 seat jet deliveries globally between 2015-2034 worth $300 billion.
2006* Financial And Corporate Governance Embraer Day 2006Embraer RI
Embraer undertook a capital reorganization to finance expansion programs through equity markets, create acquisition currency, and improve market perception, governance, and transparency. The reorganization increased Embraer's share liquidity and listing on the Novo Mercado exchange. Embraer manages off-balance sheet exposure through residual value guarantees and trade-in options, and remarkets pre-owned aircraft through its asset management division to support new sales. Risk management includes policies on trading, disclosure, and compliance with Sarbanes-Oxley requirements.
Carfinco Financial Group Inc. is a uniquely positioned auto finance company that has delivered consistent 20% annual growth. It provides financing to "non-prime" credit customers through over 1,600 dealer partnerships across Canada. Carfinco has refined credit risk management practices and vertically integrated operations that have supported strong and growing financial returns, including impressive annual returns on equity of over 50%. The leadership team emphasizes continued growth and maintaining dividend payments.
Reliance Industries Limited (RIL) is an Indian conglomerate company headquartered in Mumbai. It is one of the largest publicly traded companies in India by market capitalization and revenue. RIL received high ratings from ICRA and GMI for its board accountability, financial disclosure and controls, shareholder rights, and executive compensation. However, its corporate behavior and CSR received lower ratings due to a lack of clarity and separate reporting around its CSR activities and spending. Overall, RIL was given ratings between 7.5-8.5 by GMI, indicating above average performance in corporate governance.
Basel iii impacts on ifsi and role of the ifsb by abdullah haronUmer Ahmed, CIFP
The document discusses the Islamic Financial Services Board (IFSB) and Basel III. The IFSB is an international standard-setting body that serves Islamic financial regulatory and supervisory agencies. It complements standard-setting bodies like the Basel Committee. The document provides an overview of the IFSB, including its objectives, membership details, and the development of its standards. It then discusses Basel III and its potential impacts on Islamic financial institutions, given differences in their risk profiles and balance sheets compared to conventional banks. The role of the IFSB in addressing these differences is also mentioned.
For more information contact: emailus@marcusevans.com
A presentation by Antje Biber, the Managing Partner at Feri Trust GmbH who presented on selection requirements for hedge funds at the Investment Consultant Summit, September 2012.
Join the 2014 Investments Summit along with leading regional investors in an intimate environment for a highly focused discussion on the latest investment strategies in the market.
For more information contact: emailus@marcusevans.com
This document discusses opportunities for growth at Bank of America. It outlines four key areas or "I's" to increase shareholder value: information, integration, innovation, and investment. The presentation highlights Bank of America's strong brand and franchise, focus on risk management and process improvement, consistent earnings growth, attractive returns for shareholders, and emphasis on organic growth and strategic execution to drive future performance.
Dennis Ooi Kok Peow proposed several investor relations initiatives to ABC (M) Berhad's board. The initiatives included enhancing the shareholder mix to target more institutional investors, emphasizing ABC's success with asset liability management, enhancing the content on the investor relations website, and better listening to shareholders. The proposals aimed to improve ABC's relationships with current and potential investors.
AGF Management Limited is a Canadian investment management company established in 1957 with $31.1 billion in total assets under management as of August 31, 2004. The company has four main business segments: investment management, AGF Trust, fund administration, and Unisen. AGF aims to reinforce investment management excellence, build a client-centric organization focused on multi-channel distribution, pursue strategic acquisitions, and undertake disciplined review of support entities. Recent financial results show revenue up 13.4% and net income up 55.5% year-to-date in 2004.
Benchmarks in Thought Leader ManagementRobert Nauman
The document summarizes the results of a survey of pharmaceutical and biotech companies regarding their management and compensation practices for contracted thought leaders. The survey aimed to provide a competitive benchmark for companies and identify industry trends and best practices. It collected data on topics like common terms and payment increments for thought leader compensation, whether companies pay for travel time, and if compensation limits exist for individual thought leaders serving as advisors. The document also outlines the objectives, background, methodology and key findings of the manufacturer survey conducted from July to December 2007.
New Oak Creating An Effective Risk Modeling Framework (Pensions Risk Manage...Ron D'Vari
The document discusses various approaches to liability driven investing (LDI), including:
1) Different styles of LDI ranging from basic cash-flow matching to more sophisticated asset allocation strategies. Effective LDI also requires ongoing risk management and reporting.
2) Modern portfolio theory that ignores liability risks, while LDI focuses on optimizing relative to liability benchmarks and measuring inter-temporal risk relative to liabilities.
3) The impact of market conditions on LDI, as liability benchmarks outperform in down markets but market benchmarks work better in up markets, influencing sponsor preferences and contributions.
An overview of managerial finance-IBF-CH#1Junaid hancock
This document provides an overview of managerial finance. It discusses what finance entails, the general areas of finance, and how finance fits within the organizational structure of a firm. It also covers alternative forms of business organization like proprietorships, partnerships, and corporations. The document discusses how corporations aim to maximize shareholder wealth through capital structure, capital budgeting, and dividend policy decisions. It addresses agency relationships between shareholders and managers and factors that can influence stock price. The document concludes with brief discussions of business ethics and reasons why firms operate internationally.
Cal pers emerging manager program 022613Chand Sooran
CalPERS outlined plans to increase investments with emerging and diverse managers over the next five years. The plan focuses on six work streams around portfolio management and four around external outreach. Currently, CalPERS has $10 billion invested with over 300 emerging managers, representing 12% of externally managed assets. Another $3 billion is invested with over 80 diverse managers. The plan aims to improve performance tracking, increase commitments to emerging manager programs, and strengthen relationships with stakeholder organizations.
Directors are responsible for establishing the company's mission, vision and values to guide its strategic direction. They decide on strategies and structures to ensure the company's survival and prosperity. Directors delegate implementation to management while exercising responsibility to shareholders and other stakeholders to promote their interests. Effective boards establish clear policies and provide oversight, accountability and strategic guidance.
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4.0 embraer day br 2016 commercial aviation rev7Embraer RI
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5 embraer day 2015 vae bf-final_v2_sc_siteEmbraer RI
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2. Embraer Capital Structure
Ordinary Shares: 740,317,965
Bovespa Other
17,0%
União
0,3%
BNDESPAR
5,0%
NYSE Other
49,9% Grupo Bozano
8,7%
Previ
13,9%
Janus Capital
Sharholders with more than 5% participation 5,2%
October, 2007
3. Basic Principles
PRESTAÇÃO DE Corporate
RESPONSABILIDADE
TRANSPARÊNCIA
Transparency EQÜIDADE
Equity Accountability
Responsibility
CONTAS CORPORATIVA
Flexibility Business Value Added to
Perpetuation Shareholders
4. Governance Guideline
• 100% of free float shares in single class with 100% of Tag-Along
• Sarbanes-Oxley Certification
• Negotiation Policy
• Dividend Policy
• Board of Directors with independent members
• Fiscal Board / Audit Committee
• Facts Communication and Publishing Policy
• Periodic issuance of Results in US GAAP and BR GAAP
5. Board of Directors Composition
BOARD OF DIRECTORS
11 MEMBERS
1 GOVERNMENT REPRESENTATIVE
2 REPRESENTATIVES INDICATED BY THE EMPLOYEES
Human
Executive Audit
Resources
Committee Committee
Committee
6. Fiscal Board
FISCAL BOARD
5 MEMBERS
1 ESPECIALIST MEMBER
• Audit Committee Function
• Monthly Ordinary Meetings
• Independent Auditors Assessment and Supervision
• Board Members and Administration Independency
7. Capital Reorganization
Bovespa’s
Board of Directors Shareholders
100% Approval Jan/06 Mar/06 Novo Mercado
Approval
Jun/06
• First large Brazilian Company with pulverized control
• Shareholders vote limited on 5% of total Company’s capital
• 100% Tag-Along
• More flexibility to get Capital Market financing to new projects and
growing programs
• Golden Share rights preserved
• Foreign capital vote limited to 40% on each subject
8. General Meeting 2007
• Announcement issued with an anticipation of 30 days
including the notice call and the instructions to vote with
the PROXY card for the foreign Shareholders with enough
time to analyze an issue and answer
• Shareholders’ participation of 75.3%
• Approval for almost all the proposal subjects
9. Implementation Status SOX # 404
Annual Cycle
Scope Risk Internal Testing External
Remediation 20F
and Identification Control Internal Auditors
Plan Report
Planning & Objectives Document. Controls Assessment
CEO / CFO
Audit Committee
Controller
Risk & Internal Control
Control Responsible
Independent Audit
10. SOX 2007 – Auditing Standard 5
Proposed Auditing Standard (AS 5) – PCAOB release No. 2006-007
PCAOB had already approved
Date: July 2007 went approved for SEC
Main Issues:
• External Auditor do not need to evaluate “management assessment”
• Accept more third parties work (ex: SAS70)
• Review and clarify Materiality Criteria (Qualitative and Quantitative)
• Possibility in using historical information
• Multi-localization: Focalization on “Risk” instead of “Materiality”
• “Risk Assessment”
11. Changing Mindset
2006 – Description of Process
(AS2)
Materiality Levels ($$)
2007 – Control Environment
(AS5)
Materiality Risks
12. Investment Grade
MOODY’S Since Dec/05 Baa3
STANDARD
& POOR’S
Since Jan/06 BBB-
13. Risk Management
RAW MATERIAL - COMMODITIES
Strategic Risks CERTIFICATIONS
SARBANES-OXLEY
Financial
Statements COMPLIANCE
Risks INDEPENDENT AUDIT
Economic and NATURAL HEDGE
Financial Risks ASSETS X LIABILITIES
PROPERTIES
INSURANCES ASSETS
Operational
RESPONSABILITIES
Risks OPERATION CONTINUITY
PEOPLE
BY LAW
Legal Risks LEGISLATION
CODE OF ETHICS
14. Corporate Governance Actions
CODE OF
TRADING DISCLOSURE RISK DISCLOSURE
ETHICS
POLICY POLICY MANAGEMENT COMMITTEE
& CONDUCT
TRANSPARENCY
VALUE CREATION
15. Dividends Policy
• The mandatory distribution of the Brazilian Corporate Law
is based on a percentage of adjusted net income, not
lower than 25%, rather than a mixed monetary amount
per share
• The Company’s consolidated net profits is around 40 to
50% of net income
16. Dividends
US$ Million
54%
45%
42%
39%
204
187
152
129
R$ Million
62.7%
52.6%
54.7%
45.6%
2004 2005 2006 9M 2007
585
Dividends Pay-Out Ratio
445
327
243
2004 2005 2006 9M 2007
Dividends Pay-out Ratio
17. Market Communication
• Issuance of Quarters Releases (BR e US GAAP)
• Conference call to announce the results
• Issuance of Quarters delivered aircraft and backlog
• Analysts meeting held each Quarter in Brazil, USA and Europe
• Embraer Day
• Analysts and investors meeting
• Road shows and banks conference participation
• Investor Relations website
20. New Accounting Practices
The Company has concluded that its sales activities for aircraft consists of four
distinct deliverables:
• (a) The Aircraft.
• (b) Training Services – The Company provides initial training services for its customers for
the operation of purchased aircraft. This training is part of the aircraft purchase price and
can be sold separately. Therefore, the Company knows the fair value of training at the time
an aircraft is delivered.
• (c) Spare Parts Concession – The Company regularly sells spare parts to its customers
for the maintenance of their aircraft. In accordance with industry practices, the Company
provides its customers with spare parts concession for a specified period for the aircraft that
was sold. Such concession amount is included in the aircraft purchase price and
specifically negotiated with its customers. The individual price of each spare parts is
referred in its list price. Therefore, the Company knows the fair value of each spare part at
the time an aircraft is delivered.
• (d) Technical Representative Assistance – The Company provides its customers with
technical representative assistance services for operational support and include such
services in the aircraft purchase price. These services can be sold separately and,
therefore, the Company knows the fair value of such service at the time an aircraft is
delivered.
21. New Accounting Practices
• Considering that each deliverable has a stand-alone value to the customer and its fair value
is known, the Company has concluded, that each such deliverable should have been
accounted for separately- in accordance with EITF 00-21 (“Revenue arrangements with
multiple deliverables”).
• As a result the Company deferred revenue recognition of the separate deliverables
discussed from b to c above. The Company also restated (i) the balances of its trade
accounts receivable, net, (ii) other assets (iii) other payables and accrued liabilities (iv)
unearned income. These corrections also resulted in the restatement of certain line items of
its statement of cash flows to reflect the corresponding changes in the variation of the
balances of affected operating assets and liabilities.
• The Company will recognize the deferred revenue of separate deliverables when the service
or product is provided to the customer.
22. New Accounting Practices
• Commercial Concessions - The Company offers contractual concessions that provide its
customers with a reduction in the amount paid its aircraft. The contractual concessions granted by
us to its customers may be partially or fully recovered through an export incentive program of the
Brazilian Government. The Company previously recorded these contractual concessions as
“Selling Expenses” because the Company believed that the contractual concessions were part of
the sales efforts for its aircraft. The amount of contractual concessions recovered by us through
the export incentive program was previously recorded as financial income, because the Company
received the incentive through the issuance of Brazilian treasury bonds under the program.
However, the Brazilian Government is not one of its supplier and does not participate in the sale
process of the aircraft, and accordingly, EITF 02-16 (“Accounting by a Customer (including a
reseller) for Certain Consideration Received from vendors as revenue”) does not apply.
• In its reassessment of its accounting practices, the Company has concluded that such concessions
should have been recorded as “Sales Deduction” in accordance with EITF 01-9 “Accounting for
Consideration Given by a Vendor to a Customer” because the concessions represented a
reduction of sales price. In addition, the recovery of the concessions through the export incentive
program should be recognized as revenue associated with the sale and export of the aircraft, and,
therefore, should be recorded as Net Sales (“Revenue”). The Company reflected these
modifications in its restated financial statements for the years 2004, 2005 and 2006.
• As a consequence the Company decided to proceed a restatement of its annual report 20F-A
24. Net Revenue by Segment
3Q06 3Q07
Serviços Serviços Outros
Clientes Outros 4.3% Clientes 1.6%
9.8% 10.9%
Aviação
Executiva
14.7%
Aviação
Executiva
21.2% Defesa e
Aviação Governo
4.1%
Comercial Aviação
Defesa e 63.2% Comercial
68.7%
Governo
1.5%
33. Net Cash (Debt) Position
US$ Million
507
450
416
217
128
3Q06 4Q06 1Q07 2Q07 3Q07
R$ Million
1,102
877
810
432
228
3T06 4T06 1T07 2T07 3T07
34. Loans
Total Debt of US$ 1,803.2 Million
Foreign
Brazilian
Currency
Short Currency
54%
Term 46%
39%
Long
Term
61%
• Average cost in R$ = 7.9 % p/a
Loans Average Maturity: 3 year and 8 months
• Average cost in US$ = Libor + 1.63% p/a
37. Research & Development Forecast
US$ Million
R&D Previous New
2007 2008 2007 2008 2009
Commercial Aviation 51 22 45 48 55
Executive Aviation 127 90 129 123 127
Technology Development 59 61 59 72 70
TOTAL 237 173 233 243 252
Defense & Government 32 48 21 54 102
Defense & Government R&D are funded by their contracts and are included as Cost of sales and services
38. PP&E
US$ Million
PP&E Previous New
2007 2008 2007 2008 2009
TOTAL 194 117 113 250 190
* Total includes Productivity, Customer Support, Training Centers and
Flight Simulators, Executive Aviation Service Centers and Embraer
170/190 and Phenom 100/300 Rump Up
39. Contributions from Risk Sharing Partners
US$ Million
246 14
1
108
-
55
42
17
20
Total
2001
2002
2003
2004
2005
2006E
2007E
2008/2010E