The document provides information about two sessions on finance for entrepreneurs with a technological background. The sessions introduce key financial concepts needed for starting a business, including indicators, financial projections, and tools for business plans. It also discusses topics like time value of money, diversification, price of risk, financial statements, and cash flow. Graphs and examples are used to illustrate various financial principles and how different types of investors evaluate opportunities.
Supplementary Investor Information Y13880_Edgar_992_0333_finance18
The document provides supplementary investor information for The Chubb Corporation for the third quarter of 2005, including:
1) Consolidated balance sheet highlights and summaries of invested assets for both corporate and property/casualty segments.
2) Property/casualty underwriting results for the first nine months of 2005, showing a statutory underwriting income of $293.6 million.
3) Details of changes in net unpaid losses and the estimated impact of catastrophes including Hurricane Katrina of $511 million pre-tax cost.
This document provides supplementary financial information for The Chubb Corporation for the quarter ending March 31, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $31.9 billion.
- Summaries of invested assets by corporate and property/casualty segments.
- Investment income after taxes for corporate and property/casualty segments.
- Property/casualty insurance group statutory surplus of $8.25 billion.
- Changes in net unpaid losses for various lines of business.
- Worldwide underwriting results by line of business, showing a total statutory underwriting income of $134.4 million.
The document provides supplementary investor information from The Chubb Corporation as of June 30, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $32.9 billion including fixed maturities and equity securities.
- Summaries of invested assets for Chubb's Corporate and Property & Casualty segments totaling over $31 billion.
- Investment income after taxes for the second quarter and first half of 2005, with Property & Casualty investment income of $261 million and $513 million respectively.
- Property & Casualty underwriting results for the second quarter and first half of 2005, including a $4.3 billion statutory policyholders' surplus for the P
This document provides a disclaimer and forward-looking statements from Banesto and Santander regarding the presentation. It cautions that the presentation contains forward-looking statements that are based on knowledge at the time and may change. It also notes several risk factors that could adversely affect business performance. The remainder of the presentation summarizes Banesto's management priorities in response to the financial crisis, including strengthening its balance sheet by maintaining liquidity and capital ratios, reducing real estate risk, and maximizing profitability through margin and cost control. It provides data on the bank's liquidity, capital, asset quality, profitability, market share, and customer service ratings. The outlook section establishes profitability, asset quality, capital and liquid
This document discusses mergers and acquisitions. It provides definitions of key terms like hostile and friendly mergers. It also outlines valid and questionable economic justifications for mergers. The document then discusses leveraged buyouts (LBOs), divestitures, and holding companies. It provides an example of an APV valuation of a target company, calculating the unlevered value, tax shield value, and overall value to an acquirer. It also discusses setting an appropriate bid price based on synergies between the acquirer and target.
The newsletter provides information on estate and legacy planning activities for clients this quarter. It discusses reviewing beneficiary designations and implementing family meetings. The next quarter's topic will be on insurance and protection. It also summarizes the market performance, noting disappointing economic recovery and flight to quality in fixed income markets. Upcoming regulations on fee disclosure for corporate retirement plans are discussed.
This document discusses capital structure and related concepts. It begins with definitions of key terms like capital structure, optimal capital structure, and target capital structure. It then covers several factors that influence a firm's capital structure decisions, such as business risk, tax position, financial flexibility, and managerial attitude. Several theories of capital structure are also summarized, including Modigliani-Miller propositions about capital structure irrelevance with and without taxes, as well as pecking order theory. Empirical evidence related to capital structure choices is also briefly mentioned.
Supplementary Investor Information Y13880_Edgar_992_0333_finance18
The document provides supplementary investor information for The Chubb Corporation for the third quarter of 2005, including:
1) Consolidated balance sheet highlights and summaries of invested assets for both corporate and property/casualty segments.
2) Property/casualty underwriting results for the first nine months of 2005, showing a statutory underwriting income of $293.6 million.
3) Details of changes in net unpaid losses and the estimated impact of catastrophes including Hurricane Katrina of $511 million pre-tax cost.
This document provides supplementary financial information for The Chubb Corporation for the quarter ending March 31, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $31.9 billion.
- Summaries of invested assets by corporate and property/casualty segments.
- Investment income after taxes for corporate and property/casualty segments.
- Property/casualty insurance group statutory surplus of $8.25 billion.
- Changes in net unpaid losses for various lines of business.
- Worldwide underwriting results by line of business, showing a total statutory underwriting income of $134.4 million.
The document provides supplementary investor information from The Chubb Corporation as of June 30, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $32.9 billion including fixed maturities and equity securities.
- Summaries of invested assets for Chubb's Corporate and Property & Casualty segments totaling over $31 billion.
- Investment income after taxes for the second quarter and first half of 2005, with Property & Casualty investment income of $261 million and $513 million respectively.
- Property & Casualty underwriting results for the second quarter and first half of 2005, including a $4.3 billion statutory policyholders' surplus for the P
This document provides a disclaimer and forward-looking statements from Banesto and Santander regarding the presentation. It cautions that the presentation contains forward-looking statements that are based on knowledge at the time and may change. It also notes several risk factors that could adversely affect business performance. The remainder of the presentation summarizes Banesto's management priorities in response to the financial crisis, including strengthening its balance sheet by maintaining liquidity and capital ratios, reducing real estate risk, and maximizing profitability through margin and cost control. It provides data on the bank's liquidity, capital, asset quality, profitability, market share, and customer service ratings. The outlook section establishes profitability, asset quality, capital and liquid
This document discusses mergers and acquisitions. It provides definitions of key terms like hostile and friendly mergers. It also outlines valid and questionable economic justifications for mergers. The document then discusses leveraged buyouts (LBOs), divestitures, and holding companies. It provides an example of an APV valuation of a target company, calculating the unlevered value, tax shield value, and overall value to an acquirer. It also discusses setting an appropriate bid price based on synergies between the acquirer and target.
The newsletter provides information on estate and legacy planning activities for clients this quarter. It discusses reviewing beneficiary designations and implementing family meetings. The next quarter's topic will be on insurance and protection. It also summarizes the market performance, noting disappointing economic recovery and flight to quality in fixed income markets. Upcoming regulations on fee disclosure for corporate retirement plans are discussed.
This document discusses capital structure and related concepts. It begins with definitions of key terms like capital structure, optimal capital structure, and target capital structure. It then covers several factors that influence a firm's capital structure decisions, such as business risk, tax position, financial flexibility, and managerial attitude. Several theories of capital structure are also summarized, including Modigliani-Miller propositions about capital structure irrelevance with and without taxes, as well as pecking order theory. Empirical evidence related to capital structure choices is also briefly mentioned.
Stuart Hicks is a director at Dunlop Heywood and is recognized as a leading advisor on business rates in the UK. He specializes in rating for various property types and empty rates liability. The document is an agenda for a presentation on business rates that includes: an overview of what business rates are and how they are collected; an explanation of rateable value; controversy around the 2008 valuation date amidst an economic downturn; mitigation strategies around empty property rates; and potential impacts of postponing the next revaluation from 2015 to 2017.
This document provides information about options for a 401(k) account when leaving a job or retiring. The main options are leaving the money in the current 401(k), rolling it over to an IRA, transferring to a new employer's 401(k), or withdrawing the funds. Rolling over to a Homestead Funds IRA is presented as one choice that provides investment options and control over access to funds. Key details are provided about rolling over to a Roth IRA and the tax implications. Overall the document aims to help readers understand their choices for managing 401(k) savings after leaving a job.
HLB Schippers is a regional audit and tax advisory firm in the Netherlands with five offices and approximately 240 employees. It is a member of the HLB International network of accounting firms with a presence in over 100 countries. This document provides an agenda and summaries for a meeting covering recent tax developments in the Netherlands, accounting updates, and audit updates. Key points discussed include recent changes to the Dutch corporate income tax act, consolidation exemptions, IFRS and IFRS for SME updates, and upcoming changes to IFRS standards.
The document discusses the statement of cash flows, including:
1) It identifies the purposes of the statement of cash flows as providing information about a company's cash receipts and cash payments during an accounting period.
2) It distinguishes among operating, investing, and financing cash flows, with operating cash flows coming from core business activities, investing cash flows from long-term asset and investment activities, and financing cash flows from raising and repaying capital.
3) It explains how to prepare a statement of cash flows using both the indirect and direct methods, including computing amounts for various cash flow activities and reconciling items between the statement of cash flows, income statement, and balance sheet.
This document discusses mergers and acquisitions (M&A). It defines key terms related to corporate control and structure. It provides examples of recent large mergers across various industries. It outlines both sensible and dubious rationales for mergers, including economies of scale, filling complementary needs, surplus funds, diversification, and earnings per share manipulation. The document discusses estimating potential economic gains from mergers using discounted cash flow models. It also covers leveraged buyouts, takeover defenses, and methods of acquiring companies like tender offers and proxy contests.
Morsetone: LBO & Strategic DevelopmentChappy_02
Telcoware is a Korean telecommunications company that provides network solutions and services. It offers two main products: VoIP core network solutions and wireless data core network solutions based on CDMA2000 and WCDMA standards. As a technological leader in signaling and database management, Telcoware is well positioned in the growing Asian telecom market. The document proposes acquiring Telcoware through a leveraged buyout to establish it as the foundation for creating a new Asian settlement and clearinghouse business.
This document discusses accounting for short-term investments and receivables. It defines short-term investments as assets that can be easily converted into cash within one year. There are different categories of short-term investments including trading securities. The document also discusses receivables, which are amounts owed to a company from customers or others. It describes the allowance method for estimating uncollectible receivables. Finally, it introduces the acid-test ratio and days' sales in receivables ratio as tools for evaluating business performance related to managing cash flows from short-term investments and receivables.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2008. It includes highlights of the consolidated balance sheet, share repurchase activity, summaries of invested assets for the Corporate and Property and Casualty segments, and investment income. It also contains information on statutory policyholders' surplus, changes in unpaid losses, and underwriting results for year-to-date and quarterly periods for the Property and Casualty Insurance Group. Key terms are defined at the end.
On Top of Tax - preparing for the upturn: debt restructuring, anti-avoidance ...BDO
The document summarizes strategies for companies and individuals to mitigate the impact of the upcoming increase in the UK tax rate to 50% for those earning over £150,000.
It discusses advancing salary and bonus payments before April 2010 to avoid the higher tax rate. It also covers salary sacrifice arrangements, emigration, expatriate assignments, bonus deferral with loans, clawing back bonuses, accelerating share option vesting, approved share option plans, partly paid shares, growth shares, and growth shares in a subsidiary. Key issues addressed include employment law, cash flow, accounting impacts, and tax authority approval for some strategies.
Energias do Brasil reported its results for the first semester of 2005. It completed a restructuring process that simplified its corporate structure and established a long-term partnership with capital markets. This included an IPO on the Bovespa stock exchange that raised over $1 billion and attracted over 1,000 investors. Energias do Brasil operates power generation, distribution, and commercialization across four Brazilian states with 530MW of installed capacity. It achieved a 24% EBITDA margin in the first semester of 2005.
This document is the 2005 annual report summary for The Allstate Corporation. It discusses how in 2005 Allstate incurred $5.7 billion in losses from the three devastating hurricanes but still generated $1.8 billion in net income. It also discusses how Allstate is focusing on managing catastrophic risks, growing profitably, and rewarding shareholders through stock buybacks and dividends. The summary highlights Allstate's key financial results for 2005 and discusses the company's strategies around innovation, value creation, and investing in employees.
The BalancedAllocation Annuity would have protected investors' principal and earned higher returns than the S&P 500 during a period of market decline from 2001-2010. It uses a strategy that locks in gains at the end of each two-year term, so declines cannot erase appreciation. Even during market downturns, the annuity would not have lost value like the S&P 500, guaranteeing a minimum value of $1 million over the period compared to the index value of $952,556. The annuity provides protection from losses with opportunity for gains, making it suitable for retirement planning during volatile markets.
This document provides an overview of basic financial concepts for members of the armed forces, including saving, using credit wisely, checking your credit report, insurance, avoiding inappropriate deals, budgeting, cash equivalent investments, creating an emergency fund, investing basics, asset classes like stocks and bonds, active and passive investment strategies, and basic investment products like stocks, bonds, mutual funds, and US savings bonds. The goal is to help service members take control of their finances and plan for both short- and long-term financial goals.
This document provides a 3 paragraph summary of ratio analysis. It defines ratio analysis as a tool used by lenders to evaluate the liquidity, profitability, solvency, financial stability, and management quality of a business. 20 specific financial ratios are then defined that are commonly used in ratio analysis, including current ratio, debt-to-equity ratio, gross profit ratio, return on assets, and debt service coverage ratio. Finally, ratios are categorized as belonging to balance sheet ratios, income statement ratios, or composite ratios that use figures from both statements.
iLOOKABOUT Corp's major deployment of its iClarify assessment data solution across Ontario is transforming the company. The Insurance Brokers Association of Ontario announced in May 2010 that iClarify would be rolled out to over 700 broker offices across Ontario after a successful trial. Three major insurance companies have agreed to fund province-wide broker usage of iClarify, ensuring contracted revenue streams. The analyst estimates iLOOKABOUT will generate $1-4 per query, and forecasts a step-function increase in revenue and earnings beginning in Q3 2010 as iClarify rolls out in Ontario. Based on the earnings potential of iClarify and backlog, the analyst initiates coverage with a Buy rating and 12-month target price
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.
This document provides supplementary investor information from The Chubb Corporation for the quarter ending September 30, 2008. It includes a consolidated balance sheet, share repurchase activity, summaries of invested assets for corporate and property & casualty divisions, and investment income and underwriting results. Beginning in Q3 2008, foreign currency fluctuations will impact property & casualty loss reporting differently than in the past.
The document summarizes a presentation given by David Brauer and Kevin Kaiser on equity compensation in pass-through entities like LLCs and partnerships. It discusses how partnerships and corporations differ in their treatment of equity compensation. Specifically, it covers issues around profits interests versus capital interests in partnerships and the challenges of valuing partnership interests granted for services. Current IRS guidance through Revenue Procedures 93-27 and 2001-43 is also summarized, which provides that receipt of a profits interest for services is generally not taxable but conflicts with Section 83 of the tax code.
- AES Corporation reported financial results for the first quarter of 2005 with revenues of $2.6 billion, a 17% increase from the first quarter of 2004. Income before taxes was $350 million, up 74% from the prior year.
- Key drivers of financial performance included revenue growth from new projects and higher prices/demand across several business segments, as well as favorable currency effects. However, gross margin declined slightly due to higher fuel costs.
- Cash flow from operations was $520 million for the quarter. The company distributed $195 million in subsidiary dividends to the parent company during the period.
Tetuan Valley Startup School VI (Session 4)TetuanValley
Tetuan Valley is the first non-for-profit pre-accelerator program in Europe. Our goal is to promote local Entrepreneurship and regional development towards technology.
Twice a year we host a 6 week startup school, with focus on training and working on the implementation of a business idea. We have a portfolio of more than 70 top-notch mentors, participating to give the students a unique and valuable experience. All graduates of the startup school get exclusive access to the Tetuan Valley Alumni Network.
For further info please check tetuanvalley.com
Curso Okuri Finanzas Para EmprendedoresLuis Rivera
The document summarizes key points from a session on finance for entrepreneurs. It covers:
1. Concepts such as revenues, expenses, margins, balance sheets and income statements.
2. Principles like compound interest, diversification, and the relationship between risk and return.
3. Financial equations like CAPM, WACC, and free cash flow.
4. An overview of different types of professional investors like venture capital funds and their objectives.
5. Takeaways for entrepreneurs on understanding investor needs and priorities when determining company valuation.
The session aims to introduce technical students to core financial concepts for starting a business and presenting financial projections to investors.
Stuart Hicks is a director at Dunlop Heywood and is recognized as a leading advisor on business rates in the UK. He specializes in rating for various property types and empty rates liability. The document is an agenda for a presentation on business rates that includes: an overview of what business rates are and how they are collected; an explanation of rateable value; controversy around the 2008 valuation date amidst an economic downturn; mitigation strategies around empty property rates; and potential impacts of postponing the next revaluation from 2015 to 2017.
This document provides information about options for a 401(k) account when leaving a job or retiring. The main options are leaving the money in the current 401(k), rolling it over to an IRA, transferring to a new employer's 401(k), or withdrawing the funds. Rolling over to a Homestead Funds IRA is presented as one choice that provides investment options and control over access to funds. Key details are provided about rolling over to a Roth IRA and the tax implications. Overall the document aims to help readers understand their choices for managing 401(k) savings after leaving a job.
HLB Schippers is a regional audit and tax advisory firm in the Netherlands with five offices and approximately 240 employees. It is a member of the HLB International network of accounting firms with a presence in over 100 countries. This document provides an agenda and summaries for a meeting covering recent tax developments in the Netherlands, accounting updates, and audit updates. Key points discussed include recent changes to the Dutch corporate income tax act, consolidation exemptions, IFRS and IFRS for SME updates, and upcoming changes to IFRS standards.
The document discusses the statement of cash flows, including:
1) It identifies the purposes of the statement of cash flows as providing information about a company's cash receipts and cash payments during an accounting period.
2) It distinguishes among operating, investing, and financing cash flows, with operating cash flows coming from core business activities, investing cash flows from long-term asset and investment activities, and financing cash flows from raising and repaying capital.
3) It explains how to prepare a statement of cash flows using both the indirect and direct methods, including computing amounts for various cash flow activities and reconciling items between the statement of cash flows, income statement, and balance sheet.
This document discusses mergers and acquisitions (M&A). It defines key terms related to corporate control and structure. It provides examples of recent large mergers across various industries. It outlines both sensible and dubious rationales for mergers, including economies of scale, filling complementary needs, surplus funds, diversification, and earnings per share manipulation. The document discusses estimating potential economic gains from mergers using discounted cash flow models. It also covers leveraged buyouts, takeover defenses, and methods of acquiring companies like tender offers and proxy contests.
Morsetone: LBO & Strategic DevelopmentChappy_02
Telcoware is a Korean telecommunications company that provides network solutions and services. It offers two main products: VoIP core network solutions and wireless data core network solutions based on CDMA2000 and WCDMA standards. As a technological leader in signaling and database management, Telcoware is well positioned in the growing Asian telecom market. The document proposes acquiring Telcoware through a leveraged buyout to establish it as the foundation for creating a new Asian settlement and clearinghouse business.
This document discusses accounting for short-term investments and receivables. It defines short-term investments as assets that can be easily converted into cash within one year. There are different categories of short-term investments including trading securities. The document also discusses receivables, which are amounts owed to a company from customers or others. It describes the allowance method for estimating uncollectible receivables. Finally, it introduces the acid-test ratio and days' sales in receivables ratio as tools for evaluating business performance related to managing cash flows from short-term investments and receivables.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2008. It includes highlights of the consolidated balance sheet, share repurchase activity, summaries of invested assets for the Corporate and Property and Casualty segments, and investment income. It also contains information on statutory policyholders' surplus, changes in unpaid losses, and underwriting results for year-to-date and quarterly periods for the Property and Casualty Insurance Group. Key terms are defined at the end.
On Top of Tax - preparing for the upturn: debt restructuring, anti-avoidance ...BDO
The document summarizes strategies for companies and individuals to mitigate the impact of the upcoming increase in the UK tax rate to 50% for those earning over £150,000.
It discusses advancing salary and bonus payments before April 2010 to avoid the higher tax rate. It also covers salary sacrifice arrangements, emigration, expatriate assignments, bonus deferral with loans, clawing back bonuses, accelerating share option vesting, approved share option plans, partly paid shares, growth shares, and growth shares in a subsidiary. Key issues addressed include employment law, cash flow, accounting impacts, and tax authority approval for some strategies.
Energias do Brasil reported its results for the first semester of 2005. It completed a restructuring process that simplified its corporate structure and established a long-term partnership with capital markets. This included an IPO on the Bovespa stock exchange that raised over $1 billion and attracted over 1,000 investors. Energias do Brasil operates power generation, distribution, and commercialization across four Brazilian states with 530MW of installed capacity. It achieved a 24% EBITDA margin in the first semester of 2005.
This document is the 2005 annual report summary for The Allstate Corporation. It discusses how in 2005 Allstate incurred $5.7 billion in losses from the three devastating hurricanes but still generated $1.8 billion in net income. It also discusses how Allstate is focusing on managing catastrophic risks, growing profitably, and rewarding shareholders through stock buybacks and dividends. The summary highlights Allstate's key financial results for 2005 and discusses the company's strategies around innovation, value creation, and investing in employees.
The BalancedAllocation Annuity would have protected investors' principal and earned higher returns than the S&P 500 during a period of market decline from 2001-2010. It uses a strategy that locks in gains at the end of each two-year term, so declines cannot erase appreciation. Even during market downturns, the annuity would not have lost value like the S&P 500, guaranteeing a minimum value of $1 million over the period compared to the index value of $952,556. The annuity provides protection from losses with opportunity for gains, making it suitable for retirement planning during volatile markets.
This document provides an overview of basic financial concepts for members of the armed forces, including saving, using credit wisely, checking your credit report, insurance, avoiding inappropriate deals, budgeting, cash equivalent investments, creating an emergency fund, investing basics, asset classes like stocks and bonds, active and passive investment strategies, and basic investment products like stocks, bonds, mutual funds, and US savings bonds. The goal is to help service members take control of their finances and plan for both short- and long-term financial goals.
This document provides a 3 paragraph summary of ratio analysis. It defines ratio analysis as a tool used by lenders to evaluate the liquidity, profitability, solvency, financial stability, and management quality of a business. 20 specific financial ratios are then defined that are commonly used in ratio analysis, including current ratio, debt-to-equity ratio, gross profit ratio, return on assets, and debt service coverage ratio. Finally, ratios are categorized as belonging to balance sheet ratios, income statement ratios, or composite ratios that use figures from both statements.
iLOOKABOUT Corp's major deployment of its iClarify assessment data solution across Ontario is transforming the company. The Insurance Brokers Association of Ontario announced in May 2010 that iClarify would be rolled out to over 700 broker offices across Ontario after a successful trial. Three major insurance companies have agreed to fund province-wide broker usage of iClarify, ensuring contracted revenue streams. The analyst estimates iLOOKABOUT will generate $1-4 per query, and forecasts a step-function increase in revenue and earnings beginning in Q3 2010 as iClarify rolls out in Ontario. Based on the earnings potential of iClarify and backlog, the analyst initiates coverage with a Buy rating and 12-month target price
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.
This document provides supplementary investor information from The Chubb Corporation for the quarter ending September 30, 2008. It includes a consolidated balance sheet, share repurchase activity, summaries of invested assets for corporate and property & casualty divisions, and investment income and underwriting results. Beginning in Q3 2008, foreign currency fluctuations will impact property & casualty loss reporting differently than in the past.
The document summarizes a presentation given by David Brauer and Kevin Kaiser on equity compensation in pass-through entities like LLCs and partnerships. It discusses how partnerships and corporations differ in their treatment of equity compensation. Specifically, it covers issues around profits interests versus capital interests in partnerships and the challenges of valuing partnership interests granted for services. Current IRS guidance through Revenue Procedures 93-27 and 2001-43 is also summarized, which provides that receipt of a profits interest for services is generally not taxable but conflicts with Section 83 of the tax code.
- AES Corporation reported financial results for the first quarter of 2005 with revenues of $2.6 billion, a 17% increase from the first quarter of 2004. Income before taxes was $350 million, up 74% from the prior year.
- Key drivers of financial performance included revenue growth from new projects and higher prices/demand across several business segments, as well as favorable currency effects. However, gross margin declined slightly due to higher fuel costs.
- Cash flow from operations was $520 million for the quarter. The company distributed $195 million in subsidiary dividends to the parent company during the period.
Tetuan Valley Startup School VI (Session 4)TetuanValley
Tetuan Valley is the first non-for-profit pre-accelerator program in Europe. Our goal is to promote local Entrepreneurship and regional development towards technology.
Twice a year we host a 6 week startup school, with focus on training and working on the implementation of a business idea. We have a portfolio of more than 70 top-notch mentors, participating to give the students a unique and valuable experience. All graduates of the startup school get exclusive access to the Tetuan Valley Alumni Network.
For further info please check tetuanvalley.com
Curso Okuri Finanzas Para EmprendedoresLuis Rivera
The document summarizes key points from a session on finance for entrepreneurs. It covers:
1. Concepts such as revenues, expenses, margins, balance sheets and income statements.
2. Principles like compound interest, diversification, and the relationship between risk and return.
3. Financial equations like CAPM, WACC, and free cash flow.
4. An overview of different types of professional investors like venture capital funds and their objectives.
5. Takeaways for entrepreneurs on understanding investor needs and priorities when determining company valuation.
The session aims to introduce technical students to core financial concepts for starting a business and presenting financial projections to investors.
The document provides information on starting and financing a business, including how to write a business plan and profit and loss statement. It discusses balance sheets, cash flow statements, and how to finance a start-up through sources like suppliers, banks, shareholders, and public funding. It also covers topics like business plan content, presenting to investors, market analysis, competition, marketing, and operations.
Tetuan Valley Startup School V (Session 3)TetuanValley
Tetuan Valley is the first non-for-profit pre-accelerator program in Europe. Our goal is to promote local Entrepreneurship and regional development towards technology
Twice a year we host a 6 week startup school, with focus on training and working on the implementation of a business idea. We have a portfolio of more than 70 top-notch mentors, participating to give the students a unique and valuable experience. All graduates of the startup school get exclusive access to the Tetuan Valley Alumni Network.
For further info please check tetuanvalley.com
Tetuan Valley Startup School 6 w4 - Spring 2012Luis Rivera
This document provides an overview of a startup school program held in Tetuan Valley, Morocco in March 2012. It includes the schedule for the program's sessions on startup finance topics like key financial concepts, business models, and projections. Session materials cover financial indicators, business plan tools, and models for statements like balance sheets, cash flows, and profits and losses. The document aims to introduce technological entrepreneurs to essential financial knowledge for evaluating and pitching new businesses to investors.
The document discusses the question of what to do with wealth. It suggests that the only real question around wealth is how it is used. The summary conveys the core idea in the document in a concise manner in 3 sentences.
Ante5 Oil & Gas Research Report (8/9/2011)The WSR Group
Ante5, Inc. is an oil and gas exploration and production company based in Minnetonka, Minnesota. Ante5’s focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana. Ante5 controls over 10,000 net mineral acres in North Dakota.
The document provides guidance on how to present a company to acquire an outside investor. It emphasizes that investors seek high returns and low risk. Companies should demonstrate strong growth potential through metrics like turnover and net cash flow. An effective presentation will show the company is profitable, scalable, and sellable (PSS). It will provide financial projections, explain risks and risk mitigation, clarify the management structure and investment thesis, and establish realistic return assumptions and use of funds. The goal is to convince investors the company warrants investment and has potential for high returns.
International Paper reported solid financial results for the first quarter of 2009 despite weak economic conditions. They achieved $96 million in synergies from the Industrial Packaging integration and $30 million from reduced overhead expenses. Operations performed excellently with 1.1 million tons of production without order downtime. The company also benefited from $124 million in lower input and freight costs compared to the previous quarter.
Delaney Corporate Finance provides corporate finance and business support services to small and medium enterprises. They offer principal services including restructuring, corporate finance, and management support. Quality financial information is important for performance management, restructuring, investment decisions, and communicating with stakeholders. Accurate information allows for informed decisions, effective restructuring strategies, and credibility with lenders. Separating personal and business finances clearly through separate accounts and proper accounting coding is crucial. Understanding fixed, variable, and sunk costs as well as cash versus accounting costs is also important for decision making.
The document provides an overview of Macquarie Infrastructure Company's fourth quarter and full year 2011 earnings conference call. It discusses positive cash generation trends, with proportionately combined free cash flow of $145.1 million for 2011. Segment performance is reviewed for IMTT, The Gas Company, District Energy, and Atlantic Aviation. Guidance is also provided for expected 2012 performance at each business. Debt profiles and compliance with debt covenants are summarized.
This document provides an overview of investment and portfolio management. It defines investment as putting money toward something with the expectation of gain over time, provided there is security of principal and return. Savings that are invested can increase over time through financial markets and institutions that allow for the transfer of funds from those with surplus to those with deficits. The three main topics covered in the course are stock market operations, portfolio management, and mutual funds. Forms of business in Pakistan include sole proprietorships, partnerships, private and public companies, as well as definitions of trading, services and manufacturing businesses.
Abengoa presented its 2011 earnings and provided an outlook for 2012. Key highlights included:
- Revenues increased 46% to 7,089 million euros and EBITDA grew 36% to 1,103 million euros in 2011.
- The company's backlog remained strong at 7.5 billion euros at the end of 2011.
- Abengoa is diversifying its business across regions and sectors through new projects in the solar, transmission, and water industries.
- The company aims to further reduce debt and continue growing through international expansion in 2012.
The document provides an overview of SBI Mutual Fund and its joint venture with Société Genéralé Asset Management. It discusses the benefits of cross-selling mutual funds to bank customers, including generating additional income, customer retention, and providing financial services under one roof. It then provides information on what mutual funds are, how they work, their tax benefits, and the types of mutual fund products and schemes available.
The valuation of banks poses particular challenges due to the nature of their businesses. Specifically, it can be difficult to define debt and reinvestment needs, making the estimation of cash flows more complex. Banks are also heavily regulated, and the effects of regulatory requirements must be considered in valuation. Common valuation methods for banks include the dividend discount model, Gordon growth model, free cash flow method, and enterprise value method. Relative valuation using price-to-earnings and price-to-book value ratios is also employed. Asset-based valuation and excess return models provide alternatives. Regulatory capital ratios must also be incorporated into any bank valuation.
Week 1 business entities & financial statementscevrentas
This document provides an introduction to accounting and finance concepts over the first week. It defines the key roles of accounting and finance, common business entities like sole proprietorships and corporations, and the three main financial statements - the balance sheet, income statement, and cash flow statement. Accounting captures financial value through rules while finance uses this to maximize shareholder value. The financial statements communicate the operational, investing, and financing activities of a business.
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.
The document is a sample cash flow statement for a company for the year ending March 31, 2012. It shows cash inflows and outflows from operating, investing, and financing activities. The net cash from operating activities was Rs. 19,887.87 crores. Net cash used in investing activities was Rs. 109.4 crores. Net cash used in financing activities was Rs. 7,382.13 crores. Overall, there was a net increase in cash and cash equivalents of Rs. 12,396.34 crores for the year.
This chapter discusses short-term financial planning. It covers key concepts like developing a financial plan using the percentage of sales approach and preparing a cash budget. The chapter outlines the financial planning process, including making assumptions for scenarios. It provides examples of how to create pro forma financial statements, determine external financing needs, and construct a cash budget with collections and disbursement schedules. The cash budget helps the company plan for cash surpluses and shortfalls over the planning period.
The document proposes a new mathematical model for musyarakah (joint venture) contracts in Islamic banking. The model allows for two different profit sharing rates between the bank and customer. This addresses limitations in previous models that used a single rate, which could be unfair to one party. The document applies the new model to a sample musyarakah product over 6 months with changing profit rates. The results show the new model distributing profits fairly between the bank and customer compared to previous models. This could encourage banks to offer more musyarakah products and promote equity-based contracts in Islamic finance.
3. Finance for Entrepreneurs
Objective Session 1
• Concepts
Introduce students with tehcnological • Principals
backgrounds to key financial concepts • Equations
that are esential at the hour of starting a
business • Investors; Objectives and restrictions, stages, “Venture Capital” and
Value Levers
• Conclusions for the entpreneur
Result
•Comprehension of key financial
indicators Session 2
•Ability to parameterize the models • Business Plan
given the face value of a startup and to • Price
make financial projections to investors • Business Model
• Other tools
Duration
2 sessions, 4hr
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4. TIME VALUE OF MONEY
Effect of compound interest
“A bird in the hand is worth two in the bush”
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= 4
5. DIVERSIFICATION
Market vs. Company Risk
“Don´t put all your eggs in one basket”
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6. PRICE OF RISK
Correlation of Risk & Return
“There´s no such thing as a free lunch”
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7. IN GRAPHS
Effect of compound
Time value of money interest
“A bird in the hand is worth
two in the bush”
Market vs. Company Risk
Diversification
“Don´t put all your eggs in one
basket”
Correlation of risk & return
Price of risk “There´s no such thing as a free
(Sharpe ratio) lunch”
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11. But if the same company sells with a difference of payments above 5 months
the company can go bankrupt
700
600
500
400 Margin
Margen
300 Collections
Cobros
200 Pagos
Payments
Caja
Cash balance
100
0
-100
Year 1 Year 2 Year 3 Year 4
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12. PROFIT AND LOSS
Earnings
- COGS
Contribution Margin
- Overhead Expenses
EBITDA
- Depreciations and amortizations
EBIT
+ Financial result
EBT
- Taxes
Net Result
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13. CASH FLOW STATEMENT
Collectibles
- Payments (Direct / Overhead)
Operating Cash
Capital Subscriptions
+ New Debt
- Principal of debt
- Dividends
Financial Cash
- Investments
+ Temporary financial earnings
Investment Cash
Annual Cash Balance
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14. BALANCE SHEET
Active where is my money Passive where does it come from
Long-Term Assets Tangible Equity
Social Capital
Investments
Net Results
Depreciations
Earnings
Long-Term Outside
Capital
Banks
Short-Term Assets Working Capital
Debt
Treasury Short-Term Outside
Inventory Capital
Creditors
Short-term bank
VAT
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15. 1 M Tshirt+
94 M EUR 1st liga
VS
Price is what you pay. Value is what you get
Warren Buffett
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16. FCF: what is it?
CAPM: r% = α + βp = Rf +(β*MRP)
WACC= Ke * (E / (D+E)) + Kd (D / (D+E))
FCF = Net income + depreciation – changes in working capital
– Capital expenditures
Earnings Expenses EBITDA Amort. EBIT T in EBIT Amort. NOPLAT Variation CAPEX FCF
WC
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17. WHO IS WHO
SICAVs Family offices
Insurance &
Brokers Pension
Funds
Endowments
¿?
Private
Banking
Hedge Funds
Grants and
Subsidies
Angel Funds
CVC
Funds of Comercial
Funds Banks
Investment
Banking
Sovereign
Funds
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18. HOW PLAYERS INVEST
Friends
and Venture Funds Origin
family 3
1 Family Office Capital
Involvement Own Money
Others Money
Business Angels
Industrialists
2 Financial Purity
Source: Perennius
21. INVESTMENT CRITERIA
Why they Invest What they Measure Decision Time
Family, Friends and Personal
Confidence Fast
Fools Commitment
Subsidies and Policy Compliance
Slow
Public Assistence alignments merits
Business Angels Personal affinity Profitability Fast
Investment
Venture Capitalists Profitability Slow
criteria
Contribution to
Industrial Partners Strategic criteria Slow
business
Source: HighGrowth; Elaboración Okuri Ventures
22. DESIRED RETURN
Target yearly Holding period Investment Entry/exit
return (years) death rate multiplier
PE 25%+ 3-5 <20% x3,5
VC 25%+ 3-5 >60% x10+
BA 15%+ 4-7 >80% x20+
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23. ORIGIN OF MULTIPLIERS-LEVERS
Shareholder Return
PE
25
Investment
Multiplier 20
15
VC 10
5
0
Source: Cifras orientativas Sales Margin Debt Arbitration Total
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