This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.
This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.
This document contains certain forward-looking information that is subject
to a number of factors that may influence the accuracy of the statements
and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately
prove to be accurate; accordingly, the Company makes no representation or
warranty as to the accuracy of such information or the likelihood that the
Company will perform as projected.
This document contains certain forward-looking information that is subject
to a number of factors that may influence the accuracy of the statements
and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately
prove to be accurate; accordingly, the Company makes no representation or
warranty as to the accuracy of such information or the likelihood that the
Company will perform as projected.
Vattenfall’s interim report for third quarter 2015 (January-September): Lower costs and increased production.
Vattenfall’s third quarter earnings improved as a result of lower costs and increased production. Market conditions remain challenging, however, especially in the Nordics. New savings and efficiency measures are needed to further reduce costs, at the same time that Vattenfall is in the midst of a transformation to new long-term market conditions.
This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. There can be non assurance that the projections or forecasts will ultimately
prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.
ERG - italian investment conference 24-05-17ERG S.p.A.
This document contains certain forward-looking information that is subject
to a number of factors that may influence the accuracy of the statements
and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately
prove to be accurate; accordingly, the Company makes no representation or
warranty as to the accuracy of such information or the likelihood that the
Company will perform as projected.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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.
www.seribangash.com
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.
https://seribangash.com/promotors-is-person-conceived-formation-company/
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
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
2. 2
DISCLAIMER
This document contains certain forward-looking information that is subject
to a number of factors that may influence the accuracy of the statements
and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately
prove to be accurate; accordingly, the Company makes no representation or
warranty as to the accuracy of such information or the likelihood that the
Company will perform as projected.
3. 3
AGENDA
2Q 2015 Highlights
Acquisition of Hydro Business
Other Developments in 2Q 2015
Results Review
✓ Business Environment
✓ 2Q 2015 Group EBITDA
✓ Results by Segments
Key Financials
✓ Profit & Loss
✓ Investments
✓ Cash Flow Statement
2015 Guidance and Conclusions
Appendix
6. 6
ACQUISITION OF HYDRO BUSINESS - KEY FIGURES
• On August 6, 2015 ERG signed an agreeement with E.ON. Italia to
acquire through its subsidiary ERG Power Generation 100% of the
Hydro business of E.ON. Produzione
• Price on a debt/cash free basis of ca. €0.95bn
Key Transaction Terms
527MW Hydro capacity
• 16 Hydro generation plants, 7 dams, 3 reservoirs and 1 pumping
station for a total of 38 generation units, of which 21 reservoirs
• 2014 production: 1.8TWh
• Annual average production expected of 1.4TWh (based on last 30
years average)
• Repowering completed in 2013 for more than 70% of capacity for
an investment of ca. €200mn
• Ca. 40% with GCs, with average maturity in 2024
• End of concession: 2029
40%
60%
MARKET
GREEN CERTIFICATES
TOT = 527MW
53
474
0.2
11.2
0.5
50%
1.9
1.5
1.4
1.3
1.1
0.9
0.6
9%
7%
6%
6%
5%
4%
3%
2%
Source: last company available data as at April 2015.
Positioning
Installed hydro capacity in Italy (GW)
ERG 9th operator in Italy
Acquisition of Hydro Business
7. 7
ACQUISITION OF HYDRO BUSINESS - FINANCING
✓ €700mn corporate acquisition loan
✓ Pool of 7 international banks involved
✓ at very competitive cost conditions (leveraging on current financial markets)
Acquisition of Hydro Business
8. 8
ACQUISITION OF HYDRO BUSINESS - RATIONALE
Hydroelectric
plants
ERG Renew
wind farms
JAN FEB MAR APR MAY JUN JUL AUG SEPT OCTNOV DEC
WIND
HYDRO
•Complementary seasonality between
Hydro and Wind generation
Balancing of ERG Generation
Portfolio
High complementarity between Wind and Hydro generation
Asset Positioning and
Production Profile
Asset Diversification
Main European Players
total Renewables capacity breakdown
WIND HYDRO PHOTOVOLTAIC BIOGAS/OTHER
97.1%
19.5%
11.5%
48.6%
56.9%
99.4%
82.6% 84.9%
56.4%
100%
72%
2.2%
72.4% 84.9%
50.2% 30.2%
12% 1.7%
13.9%
28%
0.5%
7.6% 3.5%
1.2%
0.4%
2.9%
10.0%
0.6%
4.6%
0.9%
11.4%
1.9%
29.6%
Value Creation through
Energy Management
THERMAL
HYDRO
WIND
MW installed(2)
20%
23%
57%
Hydro
CCGT
Wind
Discontinous
- low
modulation
Flexible -
high
modulation
Flexible -
modulation
Solar
Partial
modulation
2.6
1.4
2.6
TWh Production(3)
ERG Group
•ERG reaches a more balanced generation portfolio
in line with other renewable players
•Adding value through enlargement of
electricity sources
?
(1) It includes ERG Renew wind capacity and E.ON. Produzione Hydro capacity (527MW)
(2) It refers to ERG Group installed capacity at the end of December 2014 plus E.ON. Produzione Hydro capacity
(3) It refers to ERG Group production at the end of 2014; production for E.ON. Produzione Hydro capacity is based on last 30 years average
(1)
Acquisition of Hydro Business
10. FURTHER CONSOLIDATION IN FRENCH WIND GENERATION
10
Plogastel
9.2MW
Le Carreau
9.2MW
Les Mardeaux
11.5MW La Bruyere
11.5MW
Hetomesnil
11.5MW
Lihus
11.5MW
Teterchen
9.0MW
St. Florentin
12.0MW
Montbéliard
10.0MW
Murat
11.7MW
Bois de l’Arche
11.5MW
Bois Bigot
9.2MW
Newly acquired Plants
ERG Renew existing Plants in France
• On June 17, 2015 ERG Renew signed an agreement to
acquire 6 wind farms in France for a total installed
capacity of 63.4MW
• EV of €72mn
• Parks in operation since 2005-2008
• Producibility: ca. 2,300 heq
• Closing on July 27, 2015
Deal description
• Further consolidation in France, doubling the installed
capacity from 64MW to 127MW
• Further step towards geographical diversification
Strategic rationale
Other Developments in 2Q 2015
GERMANY
FRANCE
ITALY
ROMANIA
BULGARIA
POLAND
ERG Renew - pro-forma(1) MW installed as of 30.6.15
75%
5%
2% 3%
9%
6%
1,087
77
27 42
127
86
(1) Capacity in France already includes newly acquired 63.4MW
11. 11
LUKERG ASSETS SPLIT
• Increase ERG Renew presence in Eastern Europe
• ERG Renew takes full control of 3 good quality assets
• More direct control on wind farms operations in
Eastern Europe
• Option to internalize O&M activities
• Possibility to pursue other growth opportunities in
those countries
Key figures of the deal
Strategic rationale of the deal
ROMANIA
BULGARIA
Before
Asset Split
After
Asset Split
DeltaDelta
Tcherga 20 40 20
Hrabrovo 7 14 7
Total MW in Bulgaria 27 54 27 +100%
Topolog 42 -42
Gebeleisis 35 70 35
Total MW in Romania 77 70 -7 -9%
Total MW 104 124 20 +19%
Direct control on good quality assets in Eastern Europe
Topolog
Gebeleisis
Hrabrovo
Tcherga
Other Developments in 2Q 2015
• On June 25, 2015 ERG and LUKOIL agreed to close
the JV LUKERG Renew and to break up the assets
• ERG Renew will takeTcherga wind farm (40MW) and
Hrabrovo (14MW) in Bulgaria, Gebeleisis (70MW) in
Romania
• LUKOIL will keepTopolog (84MW) in Romania
• EV of €27mn related to the additional 20MW
• Implied EV/MW is €1.3mn per MW
• Closing expected in 4Q 2015
20. 20
PRO-FORMA REPLACEMENT COST P&L
Note: figures based on NO GAAP measures
Key Financials
1H 2015
1H 2014
Pro-forma
Euro millions 2Q 2015
2Q 2014
Pro-forma
198 183 RC Adjusted EBITDA 86 75
(81) (80) Amortization and depreciation (41) (41)
116 102 RC Adjusted EBIT 46 34
(31) (26) Net financial income (expenses) (15) (15)
(1) (8) Net income (loss) from equity investments 2 0
84 68 RC Results before taxes 32 19
(24) (25) Income taxes (9) (8)
60 43 RC Results for the period 23 11
(3) (3) Minority interests (1) (1)
57 40 RC Net profit 23 10
21. 21
402
22%
16%
19%
Adj. Net Debt
31/03/2015
EBITDA
Working
Capital
CAPEX
Financial
Charges
Adj. Net
Debt
30/06/2015
NFP 50%
LUKERG
Renew
Net Debt
30/06/2015
reported
Leverage
2Q 2015 ADJUSTED CASH FLOW STATEMENT
(75)
Taxes
and Other(1)
(86)
477
Dividends
335
20
83
71
(1) It includes ca. €100mn of taxes mainly related to ISAB Energy disposal, which took place on June 30, 2014
Key Financials
39
15
23. 23
198
1H 2015
2015 GUIDANCE(1) AND CONCLUSIONS
2015 FCST
52
LIQUIDITY PF OTHER AT MLT
477
RENEWABLES CORPORATEPOWER
EBITDA:
CAPEX:
NFP:
✓Guidance updated from €120mn to €230mn to include wind
acquisiton in France and LUKERG asset split
≈350
2015 FCST
1H 2015
2015 FCST
New guidance revised upwards from €530mn to €600mn reflecting:
✓acquisition of French wind assets (+€72mn)
✓LUKERG Renew asset split (+€27mn)
✓Higher operating cash generation
1H 2015
(1) 2015 guidance does not yet include acquisition of Hydro business
Guidance revised upwards from €330mn to €350mn including:
✓French wind assets as of 2H 2015
✓Improvement in ERG Power figures
≈600
≈230
2015 Guidance and Conclusions
25. 25
1,292
1H 2014
Pro-forma
183 8
4 3
PowerRenewables Corporate 1H 2015
198
1H 2015 GROUP EBITDA
Growth driven by Renewables and Power
Appendix
26. 26
402
22%
19% 19%
Adj. Net Debt
31/12/2014
EBITDA
Working
Capital
CAPEX
Financial
Charges
Adj. Net
Debt
30/06/2015
NFP 50%
LUKERG
Renew
Net Debt
30/06/2015
reported
Leverage
1H 2015 ADJUSTED CASH FLOW STATEMENT
(75)
(198)
477
Dividends
409
20
84
71
(1) Equity consideration for two wind projects in Poland currently under construction
(2) It includes ca. €100mn of taxes mainly related to ISAB Energy disposal, which took place on June 30, 2014
52
31
Appendix
M&A(1)
7
Taxes
and Other(2)
27. 27
1H AND 2Q 2015 RESULTS
Appendix
(1) It includes a positive one-off of about €6mn related to the abolition of unbalance costs
1H 2015
1H 2014
Pro-forma
Euro millions 2Q 2015
2Q 2014
Pro-forma
497 529 Adjusted Revenues 222 249
198 183 RC EBITDA Adjusted 86 75
157 149 - Renewables 62 63
52 47 - Power 30 19
(11) (14) - Corporate (5) (6)
(1)
28. 28
1H 2015 1H 2014 2Q 2015 2Q 2014
1,383 1,341 Installed capacity (end-period, MW) 1,383 1,341
of which:
1,087 1,087 - Italy 1,087 1,087
86 86 - Germany 86 86
64 64 - France 64 64
27 27 - Bulgaria (1) 27 27
77 77 - Romania (1) 77 77
42 n.a - Poland (2) 42 n.a.
1,481 1,408 Electricity Production (GWh) 620 602
of which:
1,181 1,128 - Italy 501 491
82 77 - Germany 33 29
71 72 - France 27 25
45 32 - Bulgaria (1) 18 14
103 99 - Romania (1) 40 43
RENEWABLES: KEY FIGURES (1/2)
Appendix
(1) ERG ‘s stake = 50%
(2) Production in Poland started in July 2015
