...Sri Lanka | Diversified Holdings Initiation of coverage EQUITY RESEARCH 5 September 2013 CT Holdings PLC (CTHR) Cashing in on consumption growth CT Holdings (CTHR) is the fourth-largest Sri Lankan diversified company by market capitalization. The company holds controlling interests in Cargills (CSE ticker: CARG, CTHR’s 70%-owned food retail company), the country’s largest chain of supermarkets, as well as in several companies in the food processing, restaurant, real estate, entertainment and financial services sectors. We expect CTHR’s revenues from continuing operations to post an 11.1% CAGR over FY14E-FY16E and net margin to expand 40bps to 2.3% by FY16E. Rising disposable income should continue to boost consumer demand and benefit Sri Lanka’s modern food retail market, driving CTHR’s retail and wholesale distribution segment (84% of revenue in FY13) at an 8.8% CAGR over FY14EFY16E. We expect margins to benefit from higher food sales and economies of scale in food processing. However, high finance costs resulting from CTHR’s recent spate of acquisitions may pressure earnings. We arrive at a valuation range of LKR126-153 for CTHR, compared with the current share price of LKR140, as at 4 September 2013. Sri Lanka’s organized food retail penetration grew to 15% in 2012 from 10% in 2004. This growth was supported by rising disposable income (12.6% CAGR over 2010-2012) and a slowly increasing preference for shopping at modern retail outlets. However, penetration remains lower...
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...Sri Lanka | Beverage, Food & Tobacco Initiation of coverage EQUITY RESEARCH 19 December 2013 Cargills (Ceylon) PLC (CARG.N0000) A consumption play Cargills (Ceylon) PLC (CARG) is the largest organized food retailer by market capitalization listed on the Colombo Stock Exchange (CSE), and also manufactures a range of fast-moving consumer goods (FMCG) and operates a fast-food chain. The company is majority owned by its parent company CT Holdings PLC (CTHR), itself one of the largest traded conglomerates on the CSE. We expect the typical signs of consumption growth, such as rising GDP and private consumption expenditure, to support CARG’s revenue growth, at an 11.3% CAGR over FY14E-FY16E. We also forecast CARG’s EBIT margin to expand to 4.3% in FY16E from 4.1% in FY13. Margin development across all segments is likely to be tempered by persisting high operating costs, particularly electricity and fuel expenses, as well as currently underwhelming results from the brewery and biscuits businesses. CARG’s debt and gearing levels in the past three years have risen due to a string of acquisitions and investments to expand capacity of several product lines. Our SOTP and P/E analyses yield a valuation range of LKR110-149, compared with the share price of LKR149 as of 18 December 2013. We forecast revenue to post an 11.3% CAGR over FY14E-FY16E as consumption levels are set to improve. CARG’s revenue is likely to be driven by its retail segment, which we forecast to also grow at an 11.2% CAGR...
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...HISTORY: PACKAGES Ltd is the among the most prestigious, versatile and advanced companies of Pakistan. It is surely the market leader when it comes to providing packaging solutions. With the best business practices and most modern systems deployed, Packages Ltd is on top of the market. Packages Ltd. is an industrial organization manufacturing packaging material which provides services for other industries. Its business is to provide packaging materials for the products of different industries. It also produces all types of tissues available in the local market as well as for export purposes. There are more than 3000 employees working in the company. Packages Limited has had a joint venture with Tetra Pak International in Tetra Pak Pakistan Limited to manufacture paperboard for liquid food packaging and to market Tetra Pak packaging equipment. Packages commissioned its own paper mill with a production capacity of 24,000 tonnes in 1968. The mill produces paper and paperboard based on waste paper and agricultural by-products like wheat straw and river grass. With growing demand the capacity was increased periodically and in 2003 was nearly 100,000 tonnes per year. In the beginning 22 Swedish Experts came to Pakistan to run the factory and to train the Pakistani staff. Packages Limited was established in 1957 as a joint venture between the Ali Group of Pakistan and Akerlund & Rausing of Sweden, to convert paper and Paperboard into packaging for consumer industry in 1958...
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..., What is CSV How we implement CSV Nutrition Water Rural development Responsible sourcing Environmental sustainability Human rights and compliance Our people Nestlé in society Creating Shared Value and meeting our commitments 2012 Full report Nestlé in society | Creating Shared Value and meeting our commitments 2012 | Full report 1 What is CSV How we implement CSV Nutrition Water Rural development Responsible sourcing Environmental sustainability sustainability Human rights and compliance Our people Nestlé in Society: Creating Shared Value A message from our Chairman and our CEO About this report Nestlé in Society: Creating Shared Value Creating Shared Value explained Nestlé Corporate Business Principles Our Commitments Materiality Key Performance Indicators Summary Consolidated environmental performance indicators Nestlé in society | Creating Shared Value and meeting our commitments 2012 | Full report 3 6 8 9 10 11 15 18 20 2 What is CSV How we implement CSV Nutrition Water Rural development Responsible sourcing Environmental sustainability Human rights and compliance Our people A message from our Chairman and our CEO We have always believed that in order to prosper we need the communities we serve and in which we operate to prosper as well: and that over the long term, healthy populations, healthy economies and healthy business performance are mutually reinforcing. We recognise...
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...and Accounts 2007 is an exact copy of the document provided to Unilever’s shareholders. Certain sections of the Unilever Annual Report and Accounts 2007 have been audited. Sections that have been audited are set out on pages 69 to 121, 125 to 126, 128 to 130 and 133 to 135. The auditable part of the report of the Remuneration Committee as set out on page 49 has also been audited. The maintenance and integrity of the Unilever website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters. Accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially placed on the website. Legislation in the United Kingdom and the Netherlands governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclaimer Except where you are a shareholder, this material is provided for information purposes only and is not, in particular, intended to confer any legal rights on you. This Annual Report and Accounts does not constitute an invitation to invest in Unilever shares. Any decisions you make in reliance on this information are solely your responsibility. The information is given as of the dates specified, is not updated, and any forward-looking statements are made subject to the reservations specified on the final page of the Report. Unilever accepts no responsibility for any information on...
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...Chapter- One Introduction 1.1 Introduction Unilever is a multi-national corporation, formed of Anglo-Dutch parentage that owns many of the world's consumer product brands in foods, beverages, cleaning agents and personal care products. Unilever employs nearly 180,000 people and had worldwide revenue of almost €40 billion in 2005. Unilever is a dual-listed company consisting of Unilever NV in Rotterdam, Netherlands and Unilever PLC in London, England. This arrangement is similar to that of Reed Elsevier and that of Royal Dutch Shell prior to their unified structure. Both Unilever companies have the same directors and effectively operate as a single business. The current non-executive Chairman of Unilever N.V. and PLC is Michael Treschow while Patrick Cescau is Group Chief Executive, who will retire at the end of 2014. Mr Paul Polman will succeed Patrick Cescau as Group Chief Executive. The company is widely listed on the world's stock exchanges. 1.2 Origin of report Since practical orientation is an integral part of the MBA program, I tried to expose real life performance of Unilever by preparing this report. To prepare this report I have come across with different information of the Unilever. From the collected information I understand the company’s activities in the market as Unilever as in their internal preparation for marketing and others activities. I expect that this report will fulfill the requirement of MBA program...
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...Introduction Unilever is a multi-national corporation, formed of Anglo-Dutch parentage that owns many of the world’s consumer product brands in foods, beverages, cleaning agents and personal care products. Unilever employs nearly 180,000 people and had worldwide revenue of almost €40 billion in 2005. Unilever is a dual-listed company consisting of UnileverNV in Rotterdam, Netherlands and Unilever PLC in London, England. This arrangement is similar to that of Reed Elsevier and that of Royal Dutch Shell prior to their unified structure. Both Unilever companies have the same directors and effectively operate as a single business. The current non-executive Chairman of Unilever N.V. and PLC is Michael Treschow while Patrick Cescau is Group Chief Executive, who will retire at the end of 2008. Mr Paul Polman will succeed Patrick Cescau as Group Chief Executive. The company is widely listed on the world’s stock exchanges. 1.2 Origin of report Since practical orientation is an integral part of the BBA program, I tried to expose real life performance of Uniliver by preparing this report. To prepare this report I have come across with different information of the Uniliver. From the collected information I understand the company’s activities in the market as Uniliverll as in their internal preparation for marketing and others activities. I expect that this report will fulfill the requirement of BBA program and provide a clear idea about the Uniliver activities and other multi-national...
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...Jahangir’s tomb Afshan Ijaz, n.d. a masterpiece inspired by created by in Lahore. of Arts. Ottoman Majesty The strikingly intricate beauty of a 16th century ceiling artwork. the mausoleum of Shah Rukn-e-Alam in Multan. A spectacularly intricate painting depicting Created 2 by Sadia Jamil, 2012 Annual Report of Packages Limited 2012 Contents 04 Company Profile 06 Company Information 08 Organogram 10 Business Divisions 21 Entity Rating Governance 22 24 26 30 31 Board of Directors Management Committees Vision, Mission and Policies Core Values Code of Conduct Stakeholders’ Information 32 34 38 39 40 42 Decade at a Glance Horizontal and Vertical Analysis Value Added and its Distribution Sources and Application of Funds Corporate Calendar Corporate Social Responsibility Shareholders’ Information 46 48 58 Notice of Annual General Meeting Directors’...
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...anticipating and satisfying customer requirements profitably. The importance of marketing is, * Since competition is high in the market place, employers need to find a good marketing ability to be successful. * As consumer demands are increasing day by day, by marketing it would persuade as well as force the customer to purchase the product and be successful among its rivals * By having a good marketing ability it would ensure high profits since the financial success depends on good marketing. In today’s dynamic environment, different firms markets different products in order to remain in the market place. Some of the products marketed are as follows. * Goods – Pens, Vehicles * Services – Tourism, Banking, Insurance * Experiences – Disney World, Leisure World * Events – IPL, IIFA * Persons – Shahruk Khan, Michael Jackson * Property – Stocks * Places – Malaysia Saudi Arabia * Organizations – Red Cross, UN * Information – AMBA research, WNS * Ideas – Gossip Lanka , 5S Core Marketing Concepts * Needs, Wants and Demands Need is the BASIC HUMAN REQUIREMENT such as food, air, water, education and shelter. Needs becomes wants when they are directed to specific objects to satisfy their need. Demands are the wants for specific products which are backed by an ability to pay. * Exchange Exchange is the process of obtaining a product from someone by offering something in return. There are 5 conditions that are needed...
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...Stock Report | November 2, 2013 | NYS Symbol: KO | KO is in the S&P 500 Coca-Cola Co (The) S&P Recommendation STRONG BUY GICS Sector Consumer Staples Sub-Industry Soft Drinks Key Stock Statistics (Source S&P, Vickers, company reports) 52-Wk Range $43.43– 35.58 Trailing 12-Month EPS $1.93 Trailing 12-Month P/E 20.5 $10K Invested 5 Yrs Ago $20,900 Price Performance 30-Week Mov. Avg. 12-Mo. Target Price 45 40 35 30 55555 Price $39.61 (as of Nov 1, 2013) 12-Mo. Target Price $44.00 Investment Style Large-Cap Growth Summary The world's largest soft drink company, KO also has a sizable fruit juice business. S&P Oper. EPS 2013E S&P Oper. EPS 2014E P/E on S&P Oper. EPS 2013E Common Shares Outstg. (M) 2.09 2.27 19.0 4,433.2 Market Capitalization(B) Yield (%) Dividend Rate/Share Institutional Ownership (%) $175.597 2.83 $1.12 61 Beta S&P 3-Yr. Proj. EPS CAGR(%) 0.52 9 Qualitative Risk Assessment 10-Week Mov. Avg. Relative Strength GAAP Earnings vs. Previous Year Up Down No Change Volume Above Avg. Below Avg. STARS LOW MEDIUM HIGH Our risk assessment for Coca-Cola Company reflects the relatively stable nature of the company's end markets, its dominant market share positions around the world, and our view of its strong balance sheet and cash flow. 2-for-1 25 Quantitative Evaluations S&P Quality Ranking D C BB B+ AA A+ A+ Vol. Mil. 120 80 40 0 5 1 J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S...
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...Sixth Edition INTERNATIONAL FINANCIAL MANAGEMENT Cheol S. Eun Bruce G. Resnick International Financial Management Sixth Edition The McGraw-Hill/Irwin Series in Finance, Insurance, and Real Estate Stephen A. Ross Franco Modigliani Professor of Finance and Economics Sloan School of Management Massachusetts Institute of Technology Consulting Editor FINANCIAL MANAGEMENT Adair Excel Applications for Corporate Finance First Edition Block, Hirt, and Danielsen Foundations of Financial Management Fourteenth Edition Brealey, Myers, and Allen Principles of Corporate Finance Tenth Edition Brealey, Myers, and Allen Principles of Corporate Finance, Concise Second Edition Brealey, Myers, and Marcus Fundamentals of Corporate Finance Sixth Edition Brooks FinGame Online 5.0 Bruner Case Studies in Finance: Managing for Corporate Value Creation Sixth Edition Chew The New Corporate Finance: Where Theory Meets Practice Third Edition Cornett, Adair, and Nofsinger Finance: Applications and Theory First Edition Cornett, Adair, and Nofsinger Finance: M Book First Edition DeMello Cases in Finance Second Edition Grinblatt (editor) Stephen A. Ross, Mentor: Influence through Generations Grinblatt and Titman Financial Markets and Corporate Strategy Second Edition Higgins Analysis for Financial Management Ninth Edition Kellison Theory of Interest Third Edition Kester, Ruback, and Tufano Case Problems in Finance Twelfth Edition Ross, Westerfield, and Jaffe Corporate Finance Ninth Edition...
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...U N I T E D N AT I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T WORLD INVESTMENT REPORT 2013 GLOBAL VALUE CHAINS: INVESTMENT AND TRADE FOR DEVELOPMENT New York and Geneva, 2013 ii World Investment Report 2013: Global Value Chains: Investment and Trade for Development NOTE The Division on Investment and Enterprise of UNCTAD is a global centre of excellence, dealing with issues related to investment and enterprise development in the United Nations System. It builds on four decades of experience and international expertise in research and policy analysis, intergovernmental consensusbuilding, and provides technical assistance to over 150 countries. The terms country/economy as used in this Report also refer, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgment about the stage of development reached by a particular country or area in the development process. The major country groupings used in this Report follow the classification of the United Nations Statistical Office. These are:...
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...U N I T E D N AT I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T WORLD INVESTMENT REPORT 2013 GLOBAL VALUE CHAINS: INVESTMENT AND TRADE FOR DEVELOPMENT New York and Geneva, 2013 ii World Investment Report 2013: Global Value Chains: Investment and Trade for Development NOTE The Division on Investment and Enterprise of UNCTAD is a global centre of excellence, dealing with issues related to investment and enterprise development in the United Nations System. It builds on four decades of experience and international expertise in research and policy analysis, intergovernmental consensusbuilding, and provides technical assistance to over 150 countries. The terms country/economy as used in this Report also refer, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgment about the stage of development reached by a particular country or area in the development process. The major country groupings used in this Report follow the classification of the United Nations Statistical Office. These are:...
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...E A N D D E V E L O P M E N T WORLD INVESTMENT REPORT 2011 NON-EQUITY MODES OF INTERNATIONAL PRODUCTION AND DEVELOPMENT U N I T E D N AT I O N S C O N F E R E N C E O N T R A D E A N D D E V E L O P M E N T WORLD INVESTMENT REPORT 2011 NON-EQUITY MODES OF INTERNATIONAL PRODUCTION AND DEVELOPMENT New York and Geneva, 2011 ii World Investment Report 2011: Non-Equity Modes of International Production and Development NOTE The Division on Investment and Enterprise of UNCTAD is a global centre of excellence, dealing with issues related to investment and enterprise development in the United Nations System. It builds on three and a half decades of experience and international expertise in research and policy analysis, intergovernmental consensus-building, and provides technical assistance to developing countries. The terms country/economy as used in this Report also refer, as appropriate, to territories or areas; the designations employed and the presentation of the material do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. In addition, the designations of country groups are intended solely for statistical or analytical convenience and do not necessarily express a judgment about the stage of development reached by a particular country or area...
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...1.0. INTRODUCTION A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement. Contract have a history that where or when established. Contract law is based on the principle expressed in the Latin phrase “pacta sunt servanda”, (“agreements must be kept"). The common law of contract originated with the now-defunct writ of assumpsit, which was originally a tort action based on reliance. Contract law falls within the general law of obligations, along with tort, unjust enrichment, and restitution. Jurisdictions vary in their principles of freedom of contract. In common law jurisdictions such as England and the United States, a high degree of freedom is the norm. For example, in American law, it was determined in the 1901 case of Hurley v. Eddingfield that a physician was permitted to deny treatment to a patient despite the lack of other available medical assistance and the patient's subsequent death. This is in contrast to the civil law, which typically applies certain overarching principles to disputes arising out of contract, as in the French Civil Code. Other legal systems such as Islamic law, socialist legal systems, and customary law have their own variations. In contemporary times, each case requires an agreement between each other. It is intended that the contract is important in an agreement to prove that the two sides can conduct issues in a more prudent and responsible. Contract means the law that regulates...
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