The document provides a summary of SKF Group's year-end results for 2009. Key points include a strong cash flow but a dramatic 24.3% drop in sales volume year-over-year. Positive price/mix effects and cost reduction efforts helped profits. The outlook for Q1 2010 sales is slightly higher than Q4 2009 and Q1 2009, with higher expected growth in Asia and Latin America.
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
E-Updates_Apr12—Indian & Global Economic IndicatorsEcofin Surge
Monthly statistical e-bulletin comprising about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global.
Sample Copy of monthly statistical e-bulletin comprising about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global. It reaches the subscribers’ inbox on the 9th of each month.
E-Updates_Apr12—Indian & Global Economic IndicatorsEcofin Surge
Monthly statistical e-bulletin comprising about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global.
Sample Copy of monthly statistical e-bulletin comprising about 30 tables and some charts with the latest available economic/financial market indicators, both Indian and Global. It reaches the subscribers’ inbox on the 9th of each month.
Proyecto que se ha continuado desde el año anterior y se ha ido trabajando buscando mejorar cada día, para que los estudiantes que así lo desean quieren aprender más.
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
Santander Consumer Finance se mueve en niveles récord de beneficios en 2011 y continuará haciéndolo en 2012 y 2013. Presentación Magda Salarich. Santander Investor Day 2011
1H 2010 Consolidated Results:
Flavio Cattaneo, l’AD di Terna commenta i risultati di Terna al 30 giugno: crescita a due cifre, volano gli investimenti. “Un 2010 superiore alle attese” .
Crescita a doppia cifra degli indicatori economici con i ricavi a quota 761 milioni di euro, in crescita di circa il 14% rispetto al primo semestre del 2009, il Margine Operativo Lordo a 569 milioni con un incremento del 12% e l’Utile Netto a 234 milioni, in aumento del 27%
Sono numeri importanti, approvati nel CDA sui conti semestrali di Terna, commentati così da Flavio Cattaneo “I risultati del primo semestre sono molto positivi. Stimiamo un 2010 superiore alle attese.”
Terna annuncia anche che, grazie alla maggiore efficienza nell’approvvigionamento delle risorse dei servizi di dispacciamento, con una riduzione del 50%, la Società riceverà un incentivo di 38,5 milioni di euro e un risparmio per il sistema elettrico di 15 volte superiore.
Ecco il link per scaricare la presentazione
1H 2010 Consolidated Results (26 Luglio 2010)
(Fonte: Terna WebMagazine)
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Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
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:
Contents of Memorandum of Association:
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.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
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.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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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.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
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India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
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3. Key points, full-year report 2
• Strong cash flow
Q4: SEK 1,445 m Full year: SEK 5,752 m
• Dramatic volume drop year over year
Improving trend sequentially during second half
Q4: -14.1% Full year: -24.3%
• Positive price/mix
Q4: 0.3% Full year: 4.3%
• Capacity adjustments and cost reduction efforts giving results
- significant short-time working being utilized, December 13,000 people
- reduction of 4,900 people since Q3 2008 (whereof 3,800 in 2009)
- annualised savings from all programmes, around SEK 1,050 million
• Demand outlook for Q1
- year over year: slightly higher
- sequentially: slightly higher
28 January 2010
4. New businesses, some examples 3
• A Memorandum of Understanding for strategic partnership
signed with Sinovel Wind Co. Ltd.
• A five year condition based maintenance contract with Total
E&P UK for providing condition based maintenance services.
• A service contract with Transocean that covers asset
reliability services for 59 of Transocean's drilling rigs.
• A long-term contract for the supply of bearings to Hero
Honda of India.
• An order for axleboxes and drive system bearings
to CSR Zhuzhou Electric Locomotive Co., Ltd. ZELC.
28 January 2010
5. Investing in knowledge 2009 4
• Agreement with Ricardo to develop energy-efficient solutions.
• Contract signed with Cambridge University to set up a SKF
University Technology Centre (UTC) on steels and also with
Imperial College London to set up a SKF UTC on tribology.
• Seven new SKF Solution Factories opened around the world.
• A SKF Global Testing Centre inaugurated in Bengaluru, India.
• Expanded range of sealed spherical roller bearings.
• More than 20 new market offers.
28 January 2010
7. Sales in local currencies (excl. structural changes) 6
% change y-o-y
15
10
5
0
-5
-10
-15
-20
-25
-30
2007 2008 2009
28 January 2010
8. Growth in local currency 7
(Organic growth + acquisition/divestments)
Long-term target level: 6-8% per annum
% y-o-y
15 13.2%
10 7.1%
5 -19.0%
0
-5
-10
-15
-20
-25
2007 2008 2009
Organic growth
Acquisitions/Divestments
28 January 2010
9. Growth development by geography 8
Local currency 2009 vs 2008
Eastern Europe
-20%
Western Europe
-26%
North America
-18%
Asia/Pacific -6%
Latin America
-2%
Middle East
& Africa +3%
28 January 2010
15. Activities to adapt to lower demand 14
• Cost and restructuring programmes
People Costs charged to
operating profit
Q4 2008 2,500 SEK 340 m
Q1 2009 500 SEK 175 m
Q2 2009 900 SEK 500 m
Q3 2009 70 SEK 200 m
Q4 2009 450 SEK 400 m
4,420 SEK 1,615 m
December 2009, around 4,900 people had left the Group since the third
quarter 2008, of which around 2,800 people under the programmes.
When fully, implemented total savings from these activities will be
around SEK 1,050 m.
• Around 13,000 people in short-time working December 2009.
28 January 2010
16. Fourth quarter 2009 15
SEKm 2009 2008
Net sales 13,887 16,307
Operating profit 1,004* 1,450
Operating margin, % 7.2% 8.9%
Operating margin excl. restructuring, % 10.1% 11.0%
Profit before taxes 765 1,107
Net profit 505 819
Basic earnings per share, SEK 1.05 1.75
Cash flow after investments before 1,445 -150
financial items
* Q4 restructuring around SEK 400 m
Operating profit excl. restructuring activities SEK 1,404 m
28 January 2010
17. Full year 2009 16
SEKm 2009 2008
Net sales 56,227 63,361
Operating profit 3,203* 7,710
Operating margin, % 5.7% 12.2%
Operating margin excl. restructuring, % 8.0% 12.7%
Profit before taxes 2,297 6,868
Net profit 1,705 4,741
Basic earnings per share, SEK 3.61 10.14
Cash flow after investments before 5,752 65
financial items
* 2009 restructuring around SEK 1,275 m
Operating profit excl. restructuring activities SEK 4,478 m
28 January 2010
18. Inventories as % of annual sales 17
% Long-term target level: 18%
25
24
23
22
21
20
19
18
2007 2008 2009
28 January 2010
19. Cash flow, after investments before financial items 18
SEKm
2 500
Cash out from
2 000 acquisitions* (SEKm):
1 500 2007 1,209
2008 1,284
1 000
2009 241
500
0
-500
-1 000
2007 2008 2009
* including non-controlling interests.
28 January 2010
20. Return on capital employed 19
Long-term target level: 24%
%
30
24.9 24.0
25
20
15
9.1
10
5
0
2007 2008 2009
ROCE: Operating profit plus interest income, as a percentage of
twelve months average of total assets less the average of non-
interest bearing liabilities.
28 January 2010
22. Debt structure 21
Amount in million Maturity
Euro Bond EUR 132 2010-06
*)
SEK Bond SEK 556 2011-06
Term loan in euro EUR 150 2013-06
**)
Euro Bond EUR 400 2013-12
Euro loans EUR 130 2014-03
Euro loan EUR 100 2016-06
After early repurchase in Q4 2009 of:
*) SEK 944 million
**) EUR 100 million
28 January 2010
23. Key focus areas ahead 2009 22
• Profit and cash flow
- maintain positive price/mix
- drive operational efficiency and cost reduction
- reduce working capital and investments
• Adjustment of manufacturing output to new demand levels
- restructuring
- short-time working
• Growing segments and geographies
• Strengthening the platform/segment approach
• Competence development
SKF Care and Six Sigma as guiding lights
28 January 2010
24. Key focus areas ahead 2009 23
• Profit and cash flow
- maintain positive price/mix
- drive operational efficiency and cost reduction
- reduce working capital and investments
• Adjustment of manufacturing output to new demand levels
- restructuring
- short-time working
• Growing segments and geographies
• Strengthening the platform/segment approach
• Competence development
SKF Care and Six Sigma as guiding lights
28 January 2010
25. SKF capital structure 24
The AB SKF Board proposes the Annual General Meeting
to decide on:
• a dividend of SEK 3.50 per share
• a mandate to the Board to repurchase
a maximum of 5% of the company's own shares
28 January 2010
26. Volume trends 25
(based on current assumptions)
Net sales Daily volume trends for: Outlook Q1
2009 Q4 2009 Q1 2010 2010 vs 2009
Europe 51% -
North America 17% -
Asia Pacific 23% +++
Latin America 6% +++
Total +
28 January 2010
27. Sequential volume trend main segments Q1 2010 26
(based on current assumptions)
Net sales 2009
7% Aerospace
14% Cars
11% Industrial OEM, Heavy+Off-highway
7% Energy
5% Railway
22% Industrial distribution
16% Industrial OEM, General+Special
12% Vehicle Service Market
3% Trucks
3% Electrical and two-wheeler
28 January 2010
28. Volume trends, Divisions 27
(based on current assumptions)
Net sales Daily volume trends Outlook Q1
2009 for Q1 2010 2010 vs 2009
Industrial 34% ---
Service 35% +
Automotive 29% +++
Total +
28 January 2010
29. December 2009: Outlook for the first quarter 201028
Sales development compared to first quarter last year
The demand for SKF products and services is expected to be slightly higher for
the Group in total. In Europe and North America it is expected to be slightly
lower and in Asia and Latin America significantly higher. It is expected to be
significantly lower for the Industrial Division, slightly higher for the Service
Division and significantly higher for the Automotive Division.
Sales development compared to the fourth quarter 2009
The demand is expected to be slightly higher for the SKF Group in total. It is
expected to be slightly higher in Europe, Asia and Latin America and relatively
unchanged in North America. For the Industrial Division it is expected to be
relatively unchanged, and slightly higher for both the Service Division and
Automotive Division.
Manufacturing level
The manufacturing level will be higher year on year and slightly higher compared
to the fourth quarter 2009.
28 January 2010
30. Guidance for the first quarter 2010 29
• Tax level: around 30%
• Financial net for the first quarter:
Around SEK -175 million
• Exchange rates on operating profit versus 2009
Q1: SEK -175 million
Full year: SEK -400 million
• Additions to PPE: Around SEK 1.5 billion for 2010
Guidance is approximate and based on current assumptions and exchange rates.
28 January 2010
31. Key focus areas ahead 2010 30
• Profit and cash flow
• Adjustment of manufacturing output to new
demand levels
• Growing segments and geographies
• Strengthening the platform/segment approach
• Competence development
SKF Care and Six Sigma as guiding lights
28 January 2010
32. SKF Care 31
Business Care Employee Care
14
12
10
8
6
4
2
0
2003 2004 2005 2006 2007 2008 2009
Operating margin
BeyondZeroTM SKF Care
Environmental Care Community Care
28 January 2010
33. SKF Group Vision 32
To equip the world
with SKF knowledge
28 January 2010
34. Cautionary statement 33
This presentation contains forward-looking statements that are based on the
current expectations of the management of SKF.
Although management believes that the expectations reflected in such forward-
looking statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. Accordingly, results could differ
materially from those implied in the forward-looking statements as a result of,
among other factors, changes in economic, market and competitive conditions,
changes in the regulatory environment and other government actions, fluctuations
in exchange rates and other factors mentioned in SKF's latest annual report
(available on www.skf.com) under the Administration Report; “Important factors
influencing the financial results", "Financial risks" and "Sensitivity analysis”.
28 January 2010