The document discusses Petrobras' refining, transportation, and petrochemicals business segments. It notes that Petrobras has rapidly grown its proved oil reserves through deepwater discoveries. It also discusses how the growing Brazilian domestic market provides an attractive opportunity to monetize some of Petrobras' reserves due to Brazil's low per capita oil consumption and projected consumption growth. Additionally, it mentions that new refineries planned by Petrobras will produce higher value-added oil products and that both existing and new refineries are expected to become more productive over time.
- AMD performed relatively well in 2001 despite a difficult market, with annual sales declining only 16% compared to a 32% decline for the overall semiconductor industry.
- AMD gained over 4 percentage points of market share for PC processors despite a 6% decline in overall PC unit sales for the industry.
- AMD plans to introduce new processors using 130nm and smaller process technologies, transition production to 300mm wafers, and challenge Intel's leadership in both PC processors and flash memory.
The document summarizes a meeting between TIM Brasil and investors in September 2012.
1) TIM Brasil's mobile business revenue grew 11% while Brazilian GDP grew only 1.9%, showing that mobile is driving economic growth.
2) Fixed to mobile substitution continues to impact fixed line incumbents, benefiting the mobile segment. TIM's mobile revenue grew 7.9% in 2Q12 while fixed revenue declined for competitors.
3) TIM's 2Q12 results met guidance, with total revenue up 7% and EBITDA up 6%. Revenue was impacted by MTR cuts but growth was driven by prepaid and data. Fiber deployment
Westfield Real Estate Market Report May 2012Lesley Lambert
This document provides property information for 20 homes in Westfield, Massachusetts that have had price changes in the last 3 months. It lists details like address, property type, number of beds and baths, original list price, new price, and percent change. The largest price drop was 16% for a mobile home listed at $49,900. The highest priced home was a single family listed at $485,000 that saw an 8% reduction. Overall the properties saw price changes ranging from increases of 0.01% to decreases of up to 16%.
Facebook Third Quarter Revenue Report for 2012Social Samosa
Facebook's Third Quarter Revenue Report for 2012.
The slides belong to Facebook Inc and can be originallly downloaded from: http://investor.fb.com/eventdetail.cfm?eventid=119191
1) AES Tietê reported strong financial results in 1Q12, with net revenue increasing 30% and EBITDA margin reaching 78%. Investments during the quarter focused on modernizing power plants.
2) Energy generation was 30% higher than the physical guarantee due to high reservoir levels and operational availability.
3) The company paid out dividends of R$264 million related to 1Q12 results and continues to pursue growth opportunities and expand its client portfolio.
Dividend idea Philip Morris (PM) By http://long-term-investments.blogspot.comDividend Yield
Philip Morris International Inc. is a holding company that manufactures and sells cigarettes and other tobacco products in markets outside of the United States. Some key details from the document include that the company has seen steady growth in revenue, earnings per share, and dividends paid over the past decade. The company also maintains strong profit margins between 30-40% and has increased its dividend for the past 5 years at a rate of 13-39% annually. The balance sheet indicates the company has more long-term debt than cash but maintains a high level of retained earnings.
Fundamental Equity Analysis - STOXX Europe Small 200 Index ComponentsBCV
This document provides a fundamental analysis and analyst recommendations for Aalberts Industries NV. It includes key financial data such as market capitalization, enterprise value, revenue, EBITDA, net income, ratios such as P/E and margins. Analyst recommendations and ratings are also presented. Charts of stock price and trading volume are shown.
The document discusses Petrobras' refining, transportation, and petrochemicals business segments. It notes that Petrobras has rapidly grown its proved oil reserves through deepwater discoveries. It also discusses how the growing Brazilian domestic market provides an attractive opportunity to monetize some of Petrobras' reserves due to Brazil's low per capita oil consumption and projected consumption growth. Additionally, it mentions that new refineries planned by Petrobras will produce higher value-added oil products and that both existing and new refineries are expected to become more productive over time.
- AMD performed relatively well in 2001 despite a difficult market, with annual sales declining only 16% compared to a 32% decline for the overall semiconductor industry.
- AMD gained over 4 percentage points of market share for PC processors despite a 6% decline in overall PC unit sales for the industry.
- AMD plans to introduce new processors using 130nm and smaller process technologies, transition production to 300mm wafers, and challenge Intel's leadership in both PC processors and flash memory.
The document summarizes a meeting between TIM Brasil and investors in September 2012.
1) TIM Brasil's mobile business revenue grew 11% while Brazilian GDP grew only 1.9%, showing that mobile is driving economic growth.
2) Fixed to mobile substitution continues to impact fixed line incumbents, benefiting the mobile segment. TIM's mobile revenue grew 7.9% in 2Q12 while fixed revenue declined for competitors.
3) TIM's 2Q12 results met guidance, with total revenue up 7% and EBITDA up 6%. Revenue was impacted by MTR cuts but growth was driven by prepaid and data. Fiber deployment
Westfield Real Estate Market Report May 2012Lesley Lambert
This document provides property information for 20 homes in Westfield, Massachusetts that have had price changes in the last 3 months. It lists details like address, property type, number of beds and baths, original list price, new price, and percent change. The largest price drop was 16% for a mobile home listed at $49,900. The highest priced home was a single family listed at $485,000 that saw an 8% reduction. Overall the properties saw price changes ranging from increases of 0.01% to decreases of up to 16%.
Facebook Third Quarter Revenue Report for 2012Social Samosa
Facebook's Third Quarter Revenue Report for 2012.
The slides belong to Facebook Inc and can be originallly downloaded from: http://investor.fb.com/eventdetail.cfm?eventid=119191
1) AES Tietê reported strong financial results in 1Q12, with net revenue increasing 30% and EBITDA margin reaching 78%. Investments during the quarter focused on modernizing power plants.
2) Energy generation was 30% higher than the physical guarantee due to high reservoir levels and operational availability.
3) The company paid out dividends of R$264 million related to 1Q12 results and continues to pursue growth opportunities and expand its client portfolio.
Dividend idea Philip Morris (PM) By http://long-term-investments.blogspot.comDividend Yield
Philip Morris International Inc. is a holding company that manufactures and sells cigarettes and other tobacco products in markets outside of the United States. Some key details from the document include that the company has seen steady growth in revenue, earnings per share, and dividends paid over the past decade. The company also maintains strong profit margins between 30-40% and has increased its dividend for the past 5 years at a rate of 13-39% annually. The balance sheet indicates the company has more long-term debt than cash but maintains a high level of retained earnings.
Fundamental Equity Analysis - STOXX Europe Small 200 Index ComponentsBCV
This document provides a fundamental analysis and analyst recommendations for Aalberts Industries NV. It includes key financial data such as market capitalization, enterprise value, revenue, EBITDA, net income, ratios such as P/E and margins. Analyst recommendations and ratings are also presented. Charts of stock price and trading volume are shown.
World Economic Situation And Prospects 2009 2010icgfmconference
The document discusses the state of the global economy in 2009-2010. It finds that the world is experiencing the worst financial crisis since WWII, with a synchronized global recession, rising unemployment, and setbacks to progress on poverty reduction. There are downside risks of a prolonged recession. Key policy challenges include taking further decisive action to restore bank health, better coordinating fiscal stimulus, and urgently reforming the international financial system and frameworks for global economic governance.
Kuzbasskaya Toplivnaya Company achieved record growth in operating results in 2011. Coal production grew by 28.5% to 8.74 million tonnes, making the company Russia's seventh largest coal producer. Exports surged 76% to over 1 million tonnes, allowing the company to break into the top five coal exporters in Russia. The company invested heavily in expanding production capacity, including the construction of new washing facilities. The general director highlighted the company's strong financial results and progress towards its strategic goals of increasing production capacity and expanding its resource base.
- Total revenue for the company increased 47% in the first half of the fiscal year compared to the same period last year, driven by growth in the customer services and Indonet business units.
- Profit before tax was up 36% for the half year despite pressure on margins in tough market conditions.
- The company focused on improving productivity and manpower utilization, increasing net value added per employee by 5% and profit per employee by 28%.
The document contains a safe harbor statement for Salesforce.com regarding forward-looking statements. It notes that actual results could differ from forward-looking statements if risks and uncertainties materialize or assumptions prove incorrect. It lists risks including those associated with new products/services, growth strategies, intellectual property litigation, mergers and acquisitions, and reliance on cloud computing. The safe harbor statement concludes that investors should make purchase decisions based on currently available features.
- Quarterly earnings slides for Q4 2012 were presented, including key metrics such as monthly active users (MAUs), daily active users (DAUs), and mobile users over time which showed continued growth in all regions.
- Total revenue for Q4 2012 reached $1.585 billion, an increase from $1.26 billion in Q4 2011. Advertising revenue continued to be the largest contributor.
- Average revenue per user (ARPU) also increased in most regions from the prior year.
- Expenses related to share-based compensation remained the largest cost as a percentage of revenue, though this decreased slightly from the previous quarter.
The document provides financial results for Petrobras' 2nd quarter of 2007. Key points include:
- Stable oil production despite natural decline offset by new production. Some scheduled and unscheduled stoppages impacted production.
- Oil prices increased in line with international benchmarks. Higher average sales prices increased revenues.
- Increased oil product sales and production in Brazil due to market seasonality and economic growth.
- Net income increased 64.6% from higher prices, volumes, absence of prior extraordinary expenses, and tax benefits. Operational expenses were managed well.
Prysmian SpA develops, designs, produces, supplies and installs cables for the energy and telecommunications industries. It has 21,764 employees and generated €7.6 billion in revenue in 2012. The company operates through two business segments - Electrical Wire Contractor and Communications Lines Contractor - with its largest markets being Europe & Africa and Asia & Oceania. Institutional investors own 49.9% of shares outstanding, with the largest shareholders being ClubeTre Srl with 6.2% and Franklin Resources with 3.8%.
The document discusses fuel cells and their history and development. It provides information on different types of fuel cells such as proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells (PAFC), molten carbonate fuel cells (MCFC), solid oxide fuel cells (SOFC), alkaline fuel cells (AFC), and direct methanol fuel cells (DMFC). It also discusses the cost reduction targets and efficiency improvements for fuel cells over time, as well as their uses for transportation, stationary, and portable power applications. Furthermore, it outlines some of the key companies and research organizations involved in fuel cell technology.
2007* Airline Marketing Embraer Day 2007Embraer RI
This document summarizes an Embraer Day 2007 presentation on the airline market and Embraer programs for aircraft in the 30-120 seat segment. It includes the following key points:
1) The air transport industry has seen strong demand growth in recent years and is projected to continue growing. However, airlines have had to work hard to reduce costs to offset rising fuel prices.
2) The regional jet market served by Embraer's ERJ145 family and the 70-120 seat market served by Embraer's E-Jets have both evolved in recent years.
3) Projections show the airline industry as a whole and most regions are expected to have positive net results in 2007 and 2008
The document discusses the role of genetic evaluation technology in enhancing global competitiveness from an AI company perspective. It provides statistics on beef cow numbers and AI use in several major beef producing countries, including the US, Canada, Australia, Argentina, and Brazil. Brazil has the largest beef cow population of over 53 million head and is also the largest exporter of beef. The use of AI and genetic evaluations is widespread globally and important for international genetic exchange and cooperation between countries.
Cyclones and anticyclones are areas of low and high atmospheric pressure respectively. Air flows cyclonically (counterclockwise in northern hemisphere) around low pressure systems and anticyclonically (clockwise) around high pressure systems. Cyclones are associated with rising air and rain while anticyclones see sinking air and fair weather. Irregularities in jet streams can contribute to the formation and movement of cyclonic and anticyclonic weather systems.
A cyclone is a low pressure system surrounded by high pressure with winds spiraling inward toward the center. There are two main types: temperate and tropical cyclones. Characteristics of tropical cyclones include inward spiraling surface winds, tight elliptical isobar patterns, minimal surface temperature drop near the center, heavy spiral cloud bands including the distinctive eye, and central pressures well below average. Tropical cyclones are classified based on sustained wind speeds and can cause heavy rain, strong winds, storm surges, flooding, infrastructure damage, and loss of life both at sea and on land when making landfall.
Cyclones form due to rising warm air that cools and condenses to form clouds. If the air starts spinning horizontally over tropical oceans, it can develop into a tropical depression, storm, and eventually a hurricane or typhoon depending on location and wind speeds. Cyclones cause heavy rainfall, landslides, damage to infrastructure and homes, disruption to ecosystems and agriculture, and harm to human and animal life. Coastal areas need to prepare shelters and strengthen infrastructure to mitigate cyclonic damage.
1) Cyclones form due to low atmospheric pressure and spiral inward in a counterclockwise direction in the Northern Hemisphere. They are known as hurricanes, typhoons, or cyclones depending on the region.
2) Cyclones form from either cold or warm cores and consist of a northern and southern hemisphere surrounding a low pressure center.
3) Major factors for cyclone disasters include human-caused climate change, destruction of coastal barriers, and poverty exacerbating storm impacts.
1. Air pressure is caused by the weight of the atmosphere and is exerted in all directions. It is measured using a barometer.
2. Wind is caused by differences in air pressure and is affected by pressure gradients, the Coriolis effect, and friction. Unequal heating of the Earth's surface creates pressure differences.
3. The atmosphere circulates in cells with air rising at the equator and sinking at the poles, driven by pressure and temperature differences. This circulation creates global wind patterns like the trade winds and westerlies.
Weather refers to current atmospheric conditions like temperature, wind, and precipitation, while climate describes average weather conditions over a long period of time. India's climate is influenced by its location near the equator, the Himalayan mountains, ocean currents, and the seasonal southwest monsoon winds which bring heavy rainfall during summer. The four main seasons in India are the dry, cool winter; hot, dry summer; wet, rainy monsoon season; and the transition retreating monsoon period in fall.
CEO of Nutreco looks into the future for the feed company Nutreco and the salmon feed business in general. Is there a new competitive climate within the salmon feed business?
World Economic Situation And Prospects 2009 2010icgfmconference
The document discusses the state of the global economy in 2009-2010. It finds that the world is experiencing the worst financial crisis since WWII, with a synchronized global recession, rising unemployment, and setbacks to progress on poverty reduction. There are downside risks of a prolonged recession. Key policy challenges include taking further decisive action to restore bank health, better coordinating fiscal stimulus, and urgently reforming the international financial system and frameworks for global economic governance.
Kuzbasskaya Toplivnaya Company achieved record growth in operating results in 2011. Coal production grew by 28.5% to 8.74 million tonnes, making the company Russia's seventh largest coal producer. Exports surged 76% to over 1 million tonnes, allowing the company to break into the top five coal exporters in Russia. The company invested heavily in expanding production capacity, including the construction of new washing facilities. The general director highlighted the company's strong financial results and progress towards its strategic goals of increasing production capacity and expanding its resource base.
- Total revenue for the company increased 47% in the first half of the fiscal year compared to the same period last year, driven by growth in the customer services and Indonet business units.
- Profit before tax was up 36% for the half year despite pressure on margins in tough market conditions.
- The company focused on improving productivity and manpower utilization, increasing net value added per employee by 5% and profit per employee by 28%.
The document contains a safe harbor statement for Salesforce.com regarding forward-looking statements. It notes that actual results could differ from forward-looking statements if risks and uncertainties materialize or assumptions prove incorrect. It lists risks including those associated with new products/services, growth strategies, intellectual property litigation, mergers and acquisitions, and reliance on cloud computing. The safe harbor statement concludes that investors should make purchase decisions based on currently available features.
- Quarterly earnings slides for Q4 2012 were presented, including key metrics such as monthly active users (MAUs), daily active users (DAUs), and mobile users over time which showed continued growth in all regions.
- Total revenue for Q4 2012 reached $1.585 billion, an increase from $1.26 billion in Q4 2011. Advertising revenue continued to be the largest contributor.
- Average revenue per user (ARPU) also increased in most regions from the prior year.
- Expenses related to share-based compensation remained the largest cost as a percentage of revenue, though this decreased slightly from the previous quarter.
The document provides financial results for Petrobras' 2nd quarter of 2007. Key points include:
- Stable oil production despite natural decline offset by new production. Some scheduled and unscheduled stoppages impacted production.
- Oil prices increased in line with international benchmarks. Higher average sales prices increased revenues.
- Increased oil product sales and production in Brazil due to market seasonality and economic growth.
- Net income increased 64.6% from higher prices, volumes, absence of prior extraordinary expenses, and tax benefits. Operational expenses were managed well.
Prysmian SpA develops, designs, produces, supplies and installs cables for the energy and telecommunications industries. It has 21,764 employees and generated €7.6 billion in revenue in 2012. The company operates through two business segments - Electrical Wire Contractor and Communications Lines Contractor - with its largest markets being Europe & Africa and Asia & Oceania. Institutional investors own 49.9% of shares outstanding, with the largest shareholders being ClubeTre Srl with 6.2% and Franklin Resources with 3.8%.
The document discusses fuel cells and their history and development. It provides information on different types of fuel cells such as proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells (PAFC), molten carbonate fuel cells (MCFC), solid oxide fuel cells (SOFC), alkaline fuel cells (AFC), and direct methanol fuel cells (DMFC). It also discusses the cost reduction targets and efficiency improvements for fuel cells over time, as well as their uses for transportation, stationary, and portable power applications. Furthermore, it outlines some of the key companies and research organizations involved in fuel cell technology.
2007* Airline Marketing Embraer Day 2007Embraer RI
This document summarizes an Embraer Day 2007 presentation on the airline market and Embraer programs for aircraft in the 30-120 seat segment. It includes the following key points:
1) The air transport industry has seen strong demand growth in recent years and is projected to continue growing. However, airlines have had to work hard to reduce costs to offset rising fuel prices.
2) The regional jet market served by Embraer's ERJ145 family and the 70-120 seat market served by Embraer's E-Jets have both evolved in recent years.
3) Projections show the airline industry as a whole and most regions are expected to have positive net results in 2007 and 2008
The document discusses the role of genetic evaluation technology in enhancing global competitiveness from an AI company perspective. It provides statistics on beef cow numbers and AI use in several major beef producing countries, including the US, Canada, Australia, Argentina, and Brazil. Brazil has the largest beef cow population of over 53 million head and is also the largest exporter of beef. The use of AI and genetic evaluations is widespread globally and important for international genetic exchange and cooperation between countries.
Cyclones and anticyclones are areas of low and high atmospheric pressure respectively. Air flows cyclonically (counterclockwise in northern hemisphere) around low pressure systems and anticyclonically (clockwise) around high pressure systems. Cyclones are associated with rising air and rain while anticyclones see sinking air and fair weather. Irregularities in jet streams can contribute to the formation and movement of cyclonic and anticyclonic weather systems.
A cyclone is a low pressure system surrounded by high pressure with winds spiraling inward toward the center. There are two main types: temperate and tropical cyclones. Characteristics of tropical cyclones include inward spiraling surface winds, tight elliptical isobar patterns, minimal surface temperature drop near the center, heavy spiral cloud bands including the distinctive eye, and central pressures well below average. Tropical cyclones are classified based on sustained wind speeds and can cause heavy rain, strong winds, storm surges, flooding, infrastructure damage, and loss of life both at sea and on land when making landfall.
Cyclones form due to rising warm air that cools and condenses to form clouds. If the air starts spinning horizontally over tropical oceans, it can develop into a tropical depression, storm, and eventually a hurricane or typhoon depending on location and wind speeds. Cyclones cause heavy rainfall, landslides, damage to infrastructure and homes, disruption to ecosystems and agriculture, and harm to human and animal life. Coastal areas need to prepare shelters and strengthen infrastructure to mitigate cyclonic damage.
1) Cyclones form due to low atmospheric pressure and spiral inward in a counterclockwise direction in the Northern Hemisphere. They are known as hurricanes, typhoons, or cyclones depending on the region.
2) Cyclones form from either cold or warm cores and consist of a northern and southern hemisphere surrounding a low pressure center.
3) Major factors for cyclone disasters include human-caused climate change, destruction of coastal barriers, and poverty exacerbating storm impacts.
1. Air pressure is caused by the weight of the atmosphere and is exerted in all directions. It is measured using a barometer.
2. Wind is caused by differences in air pressure and is affected by pressure gradients, the Coriolis effect, and friction. Unequal heating of the Earth's surface creates pressure differences.
3. The atmosphere circulates in cells with air rising at the equator and sinking at the poles, driven by pressure and temperature differences. This circulation creates global wind patterns like the trade winds and westerlies.
Weather refers to current atmospheric conditions like temperature, wind, and precipitation, while climate describes average weather conditions over a long period of time. India's climate is influenced by its location near the equator, the Himalayan mountains, ocean currents, and the seasonal southwest monsoon winds which bring heavy rainfall during summer. The four main seasons in India are the dry, cool winter; hot, dry summer; wet, rainy monsoon season; and the transition retreating monsoon period in fall.
CEO of Nutreco looks into the future for the feed company Nutreco and the salmon feed business in general. Is there a new competitive climate within the salmon feed business?
Jon Arne Grøttum fra FHL sitt foredrag på Havbrukskonferansen 2013. Temaet er produksjonsestimater for 2014 og Grøttum svarer på spørsmålet om det blir vekst i mengden slaktet laks i 2014.
Er laks sunt? Professor Edel Elvevoll ved Universitetet i Tromsø sitt foredrag fra Havbrukskonferansen 2013. Her forteller hun om hva forskningen sier om helse og sjømatkonsum og hvor mye laks man kan spise ut fra den siste forskningen rundt fremmedstoffer.
Otto Andreassen fra NOFIMA sin presentasjon fra Havbrukskonferansen 2013. Tema er hva som må til for å kunne øke produksjonen av norsk laks frem mot 2030.
Norway manages its fisheries and aquaculture through an extensive legislative, regulatory, research, and control framework. Key aspects include:
1) Laws passed by Parliament governing marine resources, fishery participation, and aquaculture.
2) The Ministry of Fisheries oversees policy and management with advice from research institutions and the Directorate of Fisheries.
3) The Directorate of Fisheries regulates fisheries through quotas, licenses, and controls compliance through inspections and sales organizations.
The document discusses China's seafood industry and consumption trends. It notes that China imports large quantities of whitefish like pollock and cod from exporting countries like Norway and processes it into frozen fillets. However, the processing industry earns only small profits due to increasing labor costs and dependence on imported raw fish. Rising domestic consumption, urbanization, and popularity of restaurants like KFC are increasing demand for imported high-quality seafood products in China. Only high-value added processing will remain profitable in China in the long run.
Discovering Egypt A Step-by-Step Guide to Planning Your Trip.pptImperial Egypt
Travelling to Egypt is like stepping into a time capsule where the past and present coexist, offering a unique blend of history, culture, and stunning landscapes.
See more: https://imperialegypt.com/tour-packages/
How do I plan a Kilimanjaro Climb?
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Ibiza, situated in the Balearic Islands, stands out as a destination that encompasses everything: stunning landscapes, hidden gems to explore, a vibrant social scene, rich cultural life, and exceptional gastronomy. Opting for ‘Ibiza Rent A Boat’ to experience an unforgettable vacation on the White Island is certainly worthwhile, prompting a deeper exploration of the unique and fascinating aspects of Ibiza.
How To Change Your Name On American Airlines Aadvantage.pptxedqour001namechange
American Airlines permits passengers to change/correct names on their AAdvantage account. Also, you can request a name change both online via a web portal and offline over the phone. For further information on how to change your name on American Airlines Advantage, get in touch with the airline’s customer service. Also, you can reach out to a consolidation desk at +1-866-738-0741 for quick assistance.
bangalore metro routes, stations, timingsnarinav14
Bangalore Metro, also known as Namma Metro, is a rapid transit system serving the city of Bangalore, Karnataka, India. It is the second longest operational metro network in India after the Delhi Metro.
Beyond the mountains, a tour in Nepal reveals a vibrant tapestry of cultural heritage. The Kathmandu Valley, a UNESCO World Heritage Site, boasts an array of ancient temples, stupas, and palaces. Durbar Squares in Kathmandu, Bhaktapur, and Patan are treasure troves of medieval art and architecture.
Edutour" is your premier choice for educational travel experiences, offering specialized tours for schools, colleges, universities, and enthusiasts alike. As a comprehensive educational tour operator, we cater to a diverse range of interests and destinations, ensuring unforgettable experiences that combine learning, exploration, and cultural immersion.
Prepare for cold weather rafting with proper gear: layering for warmth, insulated headgear, gloves, waterproof footwear, and essential accessories like sunglasses and sunscreen. Prioritize safety with a life jacket and maintain gear for optimal performance. Stay warm, dry, and ready for adventure on the rapids!
Explore Architectural Wonders and Vibrant Culture With Naples ToursNaples Tours
Discover the historical gems and vivid culture of Naples with our guided tours. From the vivid narrow streets of Spaccanapoli to the ancient ruins of Pompeii, the city offers a mixed bag of adventurous experiences. Book your tickets today https://www.naples.tours/ and experience the best of Naples!
The Ultimate Travel Guide to Hawaii Island Hopping in 2024adventuressabifn
island hopping in Hawaii. This magical place offers a number of experiences, as each island has its own charm. Do you love adventure? Then, hike through volcanoes or kayak along an amazing coastline. If you want relaxation, then Hawaii is perfect because it has the most amazing beaches. In this blog, I will help you make an itinerary for your Hawaii Island Hopping. Every island offers something special. The Big Island offers some of the most perfect volcanoes as well as stargazing. Maui will pamper you with beaches and luxury. Kauai has some of the most lush rainforests with dramatic cliffs, and Oahu can offer a taste of city life and historical significance.
You can easily change/correct a name on your flight ticket under the American Airlines name change policy. The airline provides multiple online and offline modes to place a name change request. To learn more about how to change a name on American Airlines ticket, you can directly approach the airline’s customer support. Moreover, you can connect with a flight expert at +1-866-738-0741 for quick assistance.
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Discover the exhilarating world of snowshoeing through our presentation, highlighting the challenges faced by beginners. From physical exertion to technical finesse and braving harsh winter conditions, each step in the snow brings new obstacles and unforgettable adventures. Embrace the challenge and conquer the winter wonderland with confidence!
Our excursions in tahiti offer stunning lagoon tours, vibrant marine life encounters, and cultural experiences. We ensure unforgettable adventures amidst breathtaking landscapes and serene waters. For more information, mail us at tracey@uniquetahiti.com.
Un viaje a Buenos Aires y sus alrededoresJudy Hochberg
A travelogue of my recent trip to Argentina, most to Buenos Aires, but including excursion to Iguazú waterfalls, Tigre, and Colonia del Sacramento in Uruguay
Yngve Myhre - CEO SalMar ASA - How to deliver margins trough low cost production in salmon farming and value added production in Norway
1. SalMar ASA
How to deliver margins trough low cost production in salmon
farming and value added production in Norway
CEO Yngve Myhre
22 November 2011
www.salmar.no
3. SalMar ASA
Northern Norway :13 licenses / 18 000 tgw SalMar Japan KK – sales
Central Norway : 58 licenses / 77 100 tgw including Segment Rauma
50% of Scottish Sea Farms Ltd. And 24,8% of P/f Bakkafrost
www.salmar.no
• Founded in 1991, Frøya, Norway, listed on Oslo Stock Exchange May 8th 2007
• Revenues 2010: NOK 3,4 billion EBIT: NOK 973 million 600 employees
• 71 wholly owned farming licenses in Norway. 80 including all partnerships
• One of the largest and most cost effective salmon farming companies in the world
3
5. …to become an integrated salmon farmer
www.salmar.no
• Brood stock • Hatch, vaccination • 71 wholly owned • InnovaMar facility • SalMar Sales AS
and smoltification licenses
• Roe • Vikenco • SalMar Japan KK
• 7 production
• 80 including all
facilities
partnerships
• Genetics • Harvesting • SalMar Korea
• Essential for the
• High quality sites
• “Raumastammen” performance in the • VAP • Long time partners
entire value chain
• Fish health
• Scale, quality and • Global reach
cost
5
6. Content
About SalMar
Q3 – YTD 2011
www.salmar.no
Delivering margins:
– Farming
– Processing and VAP
6
7. Short summary of Q3/YTD 2011
Central Norway 3Q 11 YTD 11 FY 2010
Phasing in of InnovaMar in 2011
Operating income (NOK mill) 1 001,9 2 551,5 3 137,2
EBIT bef. value adj. biomass 127,1 379,8 733,6 Room for improvement. especially in VAP
Relatively low contract coverage (20%)
Harvest volume (1,000 tgw) 23,1 42,5 47,2
EBIT/ kg gw (NOK) 5,51 8,9 15,55 Strong growth, some biological challenges
Northern Norway 3Q 11 YTD 11 FY 2010
Operating income (NOK mill) 147,8 409,1 506,0
EBIT bef. value adj. biomass 10,0 121,0 211,2 All sales done in spot market
Harvest volume (1,000 tgw) 5,8 12,4 13,6 Steady cost levels
EBIT/ kg gw (NOK) 1,73 9,7 15,55
www.salmar.no
Segment Rauma 3Q 11 YTD 11 FY 2010
Operating income (NOK mill) 139,2 415,9 257,2 Most sales done in spot market
EBIT bef. value adj. biomass 9,2 70,7 66,8
Increased production costs in 2H 2011
Harvest volume (1,000 tgw) 3,0 6,9 4,2
EBIT/ kg gw (NOK) 3,06 10,3 15,92 Contributions from harvesting and VAP
Norskott / SSF 3Q 11 YTD 11 FY 2010
Operating income (NOK mill) 154,6 549,9 1 026,8
EBIT bef. value adj. biomass 20,9 130,9 279,4 Higher cost level than in Norway
Harvest volume (1,000 tgw) 4,5 14,3 27,1 High contract coverage
EBIT/ kg gw (NOK) 4,67 9,1 10,31
7
8. Group profit and loss – 3Q/YTD
NOK million 3Q 11 3Q 10 YTD 11 YTD 10 Op. income in line with Q3 2010
– Higher volumes
Operating income 1 077,2 1 002,3 2 763,6 2 279,8 – Lower salmon prices
Cost of goods sold 665,1 477,3 1 571,5 1 106,5
Payroll expenses 114,7 83,1 270,0 204,6
EBIT NOK 134 mill
Other operating expenses 128,9 114,3 299,8 275,8
EBITDA 168,5 327,6 622,4 692,8
Depreciations 34,5 26,9 94,5 66,0 Negative value adjustment of
biomass
EBIT before biomass adj. 134,0 300,7 528,0 626,8
www.salmar.no
Value adjustment biomass -71,0 -48,9 -385,3 171,1
Income from associated companies
EBIT after biomass adj. 63,1 251,8 142,7 797,9 mainly 50% of Scottish Sea Farms
and 24,8 % of Bakkafrost after tax
Income from ass. comp. 30,8 13,2 81,8 81,5 results.
Other financial items -49,4 -22,4 -74,6 -54,1 – Share of EBIT SSF: -8,9 mill
Earnings before tax 44,5 242,6 149,9 825,2 – Share of EBIT Bakka: 38,9 mill
Tax 3,8 64,2 19,1 208,2
Result for the period 40,7 178,4 130,8 617,0
Other financial items include both
Earnings per share (NOK) 0,38 1,73 1,16 5,99 interest and currency effects
8
9. Content
About SalMar
Q3 – YTD 2011
www.salmar.no
Delivering margins:
– Farming
– Processing and VAP
9
10. SalMar has over time delivered “best in class”
www.salmar.no
Source: Pareto Securities 10
11. SalMar has over time delivered “best in class”
- 2011 more challenging with start up cost, and low contract share
EBIT/kg
18
16
SALM
14
12
10
www.salmar.no
8
6
4
2
0
4q06 1q07 2q07 3q07 4q07 1q08 2q08 3q08 4q08 1q09 2q09 3q09 4q09 1q10 2q10 3q10 4q10 1q11 2q11 3q11
-2
Source: Company financial reports 11
12. Best performing SalMar site 2005G
Production cost (live fish) pr. kg:
– Well below 11.00 (10,55)
– Equal to 15,38 gutted in box
Feed costs NOK 6,47 average pr. kg
www.salmar.no
Salary costs NOK 0,63 pr. kg
Administration costs NOK 0,35 pr. kg
Other operating costs NOK 0,28 pr. kg
Health & veterinarian cost NOK 0,06 pr. kg
Source: SalMar 12
13. Marked difference from best performing 2005G
to 2010 production cost levels
NOS Price 2010 : NOK 37,45
Estimated average production cost best performing listed
companies 2010:
– NOK 22,00 per kg gutted weight
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– Average Norway above NOK 24 per kg (SalMar estimate)
Comparison
Top performer 2005 G Sample 2010 harvest Delta
Cost live weight 10,55 15,94 -5,39
Cost gutted in sea 12,71 19,20 -6,49
Harvest & well boat 2,67 2,80 -0,13
Cost gutted weight 15,38 22,00 -6,62
Source: SalMar estimates 13
14. Illustration of developments in key cost
components
Cost component Cost development Comment
(approximation)
Feed Costs + NOK 3 – 4 A product of price of feed and feed
conversion ratio
Health & veterinarian + NOK 0,5 – 1,5 Sea lice treatments, medicine &
vaccines, veterinary costs
Administration + NOK 0,2 – 0,4 Corporate HQ, listing costs, IT &
www.salmar.no
telecom, business support etc.
Smolt + NOK 0,2 – 0,5 Price, mortality rate
Harvesting + NOK 0,1 – 0,3 Charter costs, fuel, salary,
packaging, utilization
Other operating costs + NOK 0,5 – 1,0 Depreciation, insurance,
maintenance, salary , rent
Total + NOK 4,5 – 7,7
Source: SalMar estimates of development for the industry in general 14
15. What can be done to counteract this development?
Cost component Focus areas and actions to mitigate cost increase (examples)
Feed Costs Feed conversion ratio, selection of feed (feed composition),
commodity prices
Health & veterinarian Sea lice treatment: Wrasse, mechanical, less use of chemicals
Administration “Rightsizing” the organization, streamline IT & communications
platforms, effective business support
Smolt Size, timing, mortality rate, vaccines
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Harvesting Volume, high capacity utilization, automation, flexibility
Reduce production time Feeding strategies, size of smolt, use of lights, fewer and
in sea effective treatments of sea lice
Other operating costs Centralized purchasing arrangements, efficient working
practices, high utilization of fixed assets
How much of the cost increase can be addressed?
NOK 2,50 – 3,50
15
16. Content
About SalMar
Q3 – YTD 2011
www.salmar.no
Delivering margins:
– Farming
– Processing and VAP
16
17. InnovaMar – a strategic and value creating
investment
Harvest and processing capacity The InnovaMar facility
Economies of scale
Optimize biological production
− Flexibility
−
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Fish welfare
− Product quality
− Optimal use of raw material
Reduced need for transportation
Investment of EUR 70 million
- 10 000 tons GW in august 2011 17 500 square meters
Capacity >70 000 tons GW per shift
- Pre rigor processing online
Capacity > 25 000 tons GW to filet
Handling of waste & byproducts per shift
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18. InnovaMar 2012 – Harvest / HOG
Key Innovations
Automatic stunning
Automatic in feed, gutting and cleaning
Capacity of 120 fish/minute
Direct flow to pre rigor lines
Automation and improved working conditions
Hygienic design of plant and machinery
www.salmar.no
Expected quality and cost improvements
Reduced handling and improved shelf life
Flexibility in use of raw material (fresh/frozen/fillet)
Capacity and economies of scale
Reduced use of man hour
Flexibility in selection of sizes to customers needs
Estimated cost saving of 10-20% compared to
industry average in Norway
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19. InnomvaMar 2012 – VAP
Key Innovations
Direct flow of pre – rigor raw material
Flexibility to produce pre – rigor and post rigor
volumes in three separate lines (50/50 share)
Total capacity of 50-60 fish/minute. >15 tons/hour
Traceability (organic salmon 2x125 grams)
Moving down the value chain
Product flexibility, with potential to sell volumes to a
www.salmar.no
less price sensitive market segment
Expected quality and cost improvements
Improved shelf life
Meeting to strict quality standards
Improved yield
Reduced need for transport (lower CO2 emissions)
Target of 100+ tones raw material per shift/day
Improve efficiency of 10-20% versus old plant
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20. Thank you for your attention
See www.salmar.no for more information
www.salmar.no
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