...This Analysis provides a discussion of the factors underpinning the credit rating/s and should be read in conjunction with our Credit Opinion. The most recent ratings, opinion, and other research specific to this issuer are provided on Moodys.com. Click here to link. Contact London Analysis July 2004 Phone 44.20.7772.5454 Janne Thomsen Anne Caris Samuel S. Theodore Jyske Bank A/S Market Position and Management Strategy STRONG FRANCHISE IN JUTLAND SUPPORTED BY A NATIONWIDE PRESENCE Jyske Bank (rated A1/P-1/B-) is the third-largest banking group in Denmark (after Danske Bank and Nordea Bank Denmark) with total assets of DKK116 billion (€15.4 billion) at the end of 2003. It focuses on servicing private individuals and small- and medium-sized enterprises (SMEs), offering them both its own and third-party products. The bank has domestic market shares of 6% in retail and 8% in the corporate segment. Jyske Bank has a nationwide presence, but its franchise is strongest in Jutland, where the majority of its 119 branches and its headquarters are located. CONSISTENT STRATEGY THAT FOCUSES ON THE DOMESTIC MARKET… Even though there is potential for an increase in market shares, Jyske Bank’s strategy is more focused on profitability than growth. Particular effort goes into generating fee and commission income. We take a positive view on income diversification because it minimises the effect of margin pressure and brings some stability to earnings – specifically in the case of Jyske Bank...
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...Ratio-Analysis-of-Jamuna-Bank Report On Ratio Analysis of Jamuna Bank Submitted To: Mr.K.M.Zahidul Islam Senior Lecturer Faculty of Business and Economics Daffodil International University Submitted by: MD. Jilllur Rahman Khan ID. No: 041-18-243 Program: B.Com (Hon’s) Batch: 3rd Daffodil International University 102, Sukrabad, Mirpur Road Dhanmondi, Dhaka-1207 Submission Date: September 19, 2006 September 19, 2006 Mr. K.M. Zahidul Islam SeniorLecturer Department of Business and Economics Daffodil International University Shukrabad, Dhanmondi Dhaka-1205 Subject: Prayer for submission of Ratio Analysis on Jamuna Bank Limited. Dear Sir: I beg to state that I am a regular student of B.com (hon’s) of Daffodil International University. I am submitting this report on Jamuna Bank Limited as you give me a great chance to prepare a report on this prestigious bank. It can be said that by doing this kind of assignment I have learned a lot of excellent information about banking sector. To prepare this report I have shared my views and ideas with the executive of this bank. Now, I have a nice experience...
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...STOCKHOLM SCHOOL OF ECONOMICS Master thesis within Finance Evaluating the Performance of Socially Responsible Investment Funds: A Holding Data Analysis H. Camilla Stenström* Jessica J. Thorell** Abstract: This paper investigates the performance of regular mutual funds compared to Socially Responsible Investment (SRI) mutual funds, over the time period of January 2001 to September 2007. The paper extends the research on the performance of SRI funds by using holding data of regular funds to create replicating portfolios. In the replicating portfolios, unethical investments are excluded according to a norm-based screening list, hence creating artificial SRI funds. The replicating portfolio returns are then used as a benchmark to compare against the SRI funds’ and regular funds’ returns. Results from the study indicate that an exclusion of companies according to norm-based screening can improve a fund’s performance. However, when looking specifically at the fund management of SRI funds, the results point towards inferior performance compared to regular funds. Key Words: Socially Responsible Investment (SRI) funds, ethical investments, holding data analysis, norm-based screening PhD Stefan Engström 13:15-15:00, December 14, 2007 Room 349, Stockholm School of Economics Tutor: Presentation: Venue: * 19873@student.hhs.se ** 19924@student.hhs.se H.C. Stenström and J.J. Thorell ACKNOWLEDGEMENTS Special thanks to tutor PhD Stefan Engström for all support and guidance...
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...World retail Banking report 2012 Contents 3 4 7 Preface Key Findings Chapter 1: 8 12 21 Unlocking Pathways to Greater Customer Loyalty Customers Express Conflicting Sentiments toward Banks The Need for a Customer Experience Index The Growth of Mobile Banking 25 Chapter 2: At a Crossroads, Retail Banks Must Identify and Prioritize Core Strengths The Ground Beneath Banks Is Shifting Traditional Tactics Are Less Effective in the Current Environment The Way Forward: Extreme Measures for Extreme Times 26 28 32 40 41 Methodology About Us Preface Capgemini and Efma are pleased to present the 2012 World Retail Banking Report. Retail banks around the world are struggling to maintain their competitiveness in the face of severe external challenges. Massive debt loads are threatening the global economy, while stringent regulations put in place as a result of the financial crisis of 2008 are staunching traditional revenue streams. Customers, still distrustful of the industry, have become increasingly accepting of nonbank alternatives, and social media is giving them an opportunity to publicly explore them. More than ever, retail banks must strive to create stronger bonds with their customers. The 2012 World Retail Banking Report addresses this imperative by establishing a new framework for identifying and measuring success in retail banking. Specifically, our Customer Experience Index (CEI) offers a mechanism for accurately taking stock of the critical...
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...Introduction Introduction: A Bank is a financial institution and a financial intermediaries that accepts deposit and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank is the connection between customers that have capital deficits and customers with capital surpluses. Due to their influence within a financial system and an economy, banks are generally highly regulated in most countries. Most banks operate under a system known as fractional reserve banking where they hold only a small reserve of the funds deposited and lend out the rest for profit. They are generally subject to minimum capital requirements which are based on an international set of capital standards, known as the Basel Accord. Banking Banking in the modern sense of the word can be traced to medieval and early Renaissance Italy, to the rich cities in the north like Florence Lucca, Siena, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th century Florence, establishing branches in many other parts of Europe. One of the most famous Italian banks was the Medici Bank, set up by Giovanni di Bicci de' Medici in 1397. The earliest known state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy. Origin of the word “bank” The word bank was borrowed in Middle English from Middle French banque, from Old Italian banca, from Old High German banc, bank "bench, counter". Benches were used...
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...facilitate research on BSC, we discuss some of the contingencies that may limit or support the usefulness of the causeand-effect concept. These include strategy, organization, environment and communication related issues. Key Words: Balanced scorecard, cause-and-effect, non-financial measurement, performance management, strategy, strategy map. * We wish to thank the editors, Sten Jönsson and Jan Mouritsen, for their guidance in the process of writing the paper. Further, we thank Fredrik Nilsson and Nils-Göran Olve for their encouraging and helpful comments. All remaining errors are of course the responsibility of the authors. The authors are listed in alphabetic order. 1 Introduction Since the mid 1980’s accounting has attempted to turn strategic. In the area of strategically oriented performance measurement Balanced Scorecard (BSC) has been one of the most debated...
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...! ! ! ! ! ! ! ! ! ! ! ! The LEGO Case Study 2014 ! ! ! ! ! ! ! ! ! ! The A CONTENTS ! ! ! 1! ! 2! ! Introduction! ! ! ! ! 3! ! 4! ! 5! ! 6! ! 7! ! 8! ! Difficult start to the decade 2001.! Signs of Recovery 2002.! Hopes dashed - 2003.! LEGOLAND parks.! LEGO Brand Stores.! The Knudstorp Review.! Financial Focus - the ! Oveson addition. ! Back to basics and the limit to adjacencies. ! ! ! ! 9! ! 10 ! Developing the strategy ! why do we exist? ! 11 ! First the action plan - first ! things first. ! ! 12 ! Summary and Conclusions! ! 13 !Appendices ! ! 13.1 Knudstorp on! ! communication ! ! 13.2 References and slides The A 1 Introduction ! In 2014, LEGO® announced record results. In the financial year 2013, revenues had increased by 10% to 25.4 billion danish krona. Profits before tax were 8.2 billion DKK. The company had once again delivered an impressive operating margin of 33% before tax.! ! In US dollars, the company had achieved $4.5 billion of revenues and profits of $1.5 billion. Revenues had increased from just over $1 billion some seven years earlier. LEGO® had replaced Hasbro to become the largest toy company in the world second only to Mattel. ! ! In just eight years, revenues at the Danish toy manufacturer had tripled. The company had turned around a loss of 2.5 billion krona in the financial years 2003 and 2004 to an operating margin the envy of high tech stocks around the world.! ! ! ! ! The...
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...! ! ! ! ! ! ! ! ! ! ! ! The LEGO Case Study 2014 ! ! ! ! ! ! ! ! ! ! The A CONTENTS ! ! ! 1! ! 2! ! ! 3! ! 4! ! 5! ! 6! ! 7! ! Introduction! ! ! ! Difficult start to the decade 2001.! Signs of Recovery 2002.! Hopes dashed - 2003.! LEGOLAND parks.! LEGO Brand Stores.! The Knudstorp Review.! 8! ! Financial Focus - the ! Oveson addition. ! 9! ! Back to basics and the limit to adjacencies. ! ! ! 10 ! Developing the strategy ! why do we exist? ! ! 11 ! First the action plan - first ! things first. ! ! 12 ! Summary and Conclusions! ! 13 !Appendices ! ! 13.1 Knudstorp on! ! communication ! ! 13.2 References and slides The A 1 Introduction ! In 2014, LEGO® announced record results. In the financial year 2013, revenues had increased by 10% to 25.4 billion danish krona. Profits before tax were 8.2 billion DKK. The company had once again delivered an impressive operating margin of 33% before tax.! ! In US dollars, the company had achieved $4.5 billion of revenues and profits of $1.5 billion. Revenues had increased from just over $1 billion some seven years earlier. LEGO® had replaced Hasbro to become the largest toy company in the world second only to Mattel. ! ! In just eight years, revenues at the Danish toy manufacturer had tripled. The company had turned around a loss of 2.5 billion krona in the financial years 2003 and 2004 to an...
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...Chapter- 1 Introduction 1. Introduction to the Report: Bank is defined as a financial institution that collects deposits from various individual and organizations and provides loans to those who need it. But modern banks do not mean only the means of collecting and disbursing money to various entities. Rather it provides various services to deferent entities which facilitate their business operations. A foreign exchange operation of banks is one of those services that not only facilitates the business of businessmen but also contributes to the development of the economy as a whole. Foreign exchange is defined as the mechanisms by which the currency of one country is converted into the currency of another country. Foreign exchange is the means and methods by which rights to wealth in a country's currency are converted into rights to wealth in another country's currency. Foreign exchange department of banks plays significant roles through providing different services for the customers. 1.2 Scope of the Report: As internship is only at the Mercantile Bank Limited, Main Branch, the scope of the study is only limited to this branch. The report covers its overall foreign exchange function. The report covers import, export and remittance activities about MBL. Besides it covers topic such as evolution of banking business, evolution banking business in BD, world economic scenario and Bangladesh economy scenario, background of MBL has also been discussed. 1.3 Methodology...
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...4.1 Excerpt Executive Summary Framework COBIT 4.1 The IT Governance Institute® The IT Governance Institute (ITGITM) (www.itgi.org) was established in 1998 to advance international thinking and standards in directing and controlling an enterprise’s information technology. Effective IT governance helps ensure that IT supports business goals, optimises business investment in IT, and appropriately manages IT-related risks and opportunities. ITGI offers original research, electronic resources and case studies to assist enterprise leaders and boards of directors in their IT governance responsibilities. Disclaimer ITGI (the “Owner”) has designed and created this publication, titled COBIT® 4.1 (the “Work”), primarily as an educational resource for chief information officers (CIOs), senior management, IT management and control professionals. The Owner makes no claim that use of any of the Work will assure a successful outcome. The Work should not be considered inclusive of any proper information, procedures and tests or exclusive of other information, procedures and tests that are reasonably directed to obtaining the same results. In determining the propriety of any specific information, procedure or test, CIOs, senior management, IT management and control professionals should apply their own professional judgement to the specific circumstances presented by the particular systems or IT environment. Disclosure © 1996-2007 IT Governance Institute. All rights reserved. No part of...
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...SIXTH EDITION STRATEGIC MANAGEMENT IN ACTION Mary Coulter Missouri State University Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montréal Toronto Delhi Mexico City São Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editor in Chief: Stephanie Wall Senior Acquisitions Editor: April Cole Editorial Project Manager: Claudia Fernandes Director of Marketing: Maggie Moylan Senior Marketing Manager: Nikki Ayana Jones Marketing Assistant: Gianna Sandri Senior Managing Editor: Judy Leale Production Project Manager: Kelly Warsak Senior Operations Supervisor: Arnold Vila Operations Specialist: Cathleen Petersen Creative Director: Blair Brown Senior Art Director: Kenny Beck Text Designer: LCI Design Cover Designer: LCI Design Cover Art: Svetoslav Iliev/Shutterstock.com Permission Specialist: Brooks Hill-Whilton Media Project Manager, Production: Lisa Rinaldi Senior Media Project Manager, Editorial: Denise Vaughn Full-Service Project Management and Composition: Integra Printer/Binder: RRD/Willard Cover Printer: Lehigh-Phoenix Color Text Font: 10/12, Times LT Std Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Copyright © 2013, 2010, 2008 Pearson Education, Inc., publishing as Prentice Hall, One Lake Street, Upper Saddle River, New Jersey 07458. All rights...
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...Niels Laasholdt Steen Sloth Gitte Størup Marianne Poulsen BUSINESS ECONOMICS – AN INTRODUCTORY CASEBOOK FOR THE COMMERCIAL UPPER-SECONDARY COURSE (HHX) 1 BUSINESS ECONOMICS – an introductory casebook for the commercial upper-secondary course (HHX) © 2005 the authors and Systime A/S Copying from this book is only permitted subject to agreement between Copy-Dan and the Danish Ministry of Education. External editing: Knud Erik Bang Cover: Valentin Design Typeface: Adobe Garamond Pro 11/14 Graphical layout and production: Valentin Design 1st edition, 1st impression ISBN 87-616-1304-5 Skt. Pauls Gade 25 DK-8000 Århus C Tlf. (+45) 70 12 11 00 www.systime.dk Table of contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1. Companies and their context . . . . . . . . . . . . . . . 1.1 Introduction . . . . . . . . . . . . . . . . . . . . . 1.1.1 The national economy . . . . . . . . . . . . . 1.1.2 Business economics. . . . . . . . . . . . . . . 1.1.3 Private finances . . . . . . . . . . . . . . . . . 1.1.4 The content of this textbook . . . . . . . . . . 1.2 What is a company? . . . . . . . . . . . . . . . . . 1.3 Types of company. . . . . . . . . . . . . . . . . . . 1.3.1 Production companies . . . . . . . . . . . . . 1.3.2 Trading companies . . . . . . . . . . . . . . . 1.3.3 Service companies . . . . . . . . . . . . . . . 1.4 Company functions. . . . . . . . . . . . . . . . . . 1.4.1 Functions in a trading company . ....
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...Annual Report 2008/09 Bang & Olufsen Group CVR no. 41257911 Annual Report 2008/09 Bang & Olufsen Group If you wish to skip directly to a specific page, click on the page number from CONTENTS on page 3. You will then go directly to that page. CONTENTS - click right HERE. CVR no. 41257911 contents 5 Dear Bang & Olufsen shareholder 7 Corporate information etc. 8 Bang & Olufsen - a brief history 15 Five-year summary, main and key figures 18 Statement by the Management on the annual report 19 Independent auditor’s report 20 Structure, management and directorships 25 Directors’ report, Bang & Olufsen a/s Group 31 Branded business 33 Business-to-business areas 35 Expectations for the 2009/10 financial year 37 Knowledge resources 43 Environment 47 Corporate Governance 49 Shareholder information 53 Statements sent to NASDAQ OMX Copenhagen A/S 55 Capital structure 57 Commercial risks 61 Financial report and notes Back to CONTENTS 3 4 Back to CONTENTS Dear Bang & Olufsen shareholder, The 2008/09 financial year was extremely tough for Bang & Olufsen, not only for the company and its employees, but also for you, our shareholders. It was gratifying to see the support demonstrated by our shareholders by them subscribing fully to the rights issue that was required to consolidate...
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...4.1 Framework Control Objectives Management Guidelines Maturity Models COBIT 4.1 The IT Governance Institute® The IT Governance Institute (ITGITM) (www.itgi.org) was established in 1998 to advance international thinking and standards in directing and controlling an enterprise’s information technology. Effective IT governance helps ensure that IT supports business goals, optimises business investment in IT, and appropriately manages IT-related risks and opportunities. ITGI offers original research, electronic resources and case studies to assist enterprise leaders and boards of directors in their IT governance responsibilities. Disclaimer ITGI (the “Owner”) has designed and created this publication, titled COBIT® 4.1 (the “Work”), primarily as an educational resource for chief information officers (CIOs), senior management, IT management and control professionals. The Owner makes no claim that use of any of the Work will assure a successful outcome. The Work should not be considered inclusive of any proper information, procedures and tests or exclusive of other information, procedures and tests that are reasonably directed to obtaining the same results. In determining the propriety of any specific information, procedure or test, CIOs, senior management, IT management and control professionals should apply their own professional judgement to the specific circumstances presented by the particular systems or IT environment. Disclosure Copyright © 2007 by the IT Governance...
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...Denm mark followin the ng appoi intment of An nders Fogh R Rasmussen, p prime ministe since 2001, as secretary general of N er NATO. Thoug not related Lars Løkke had worked in Anders Fo gh d, e ogh’s governm ment, first as interior and h health minis ster and then as minister of finance. A he formed a new gove As d ernment, Lars Løkke soug to s ght develop a set of long-term economic and social plans that would keep Denma internatio l ark onally competitive, despite its large pu ublic sector an costly welf nd fare spending However, s g. short-term rea action to the worldwide economic do e ownturn dom minated policy discussions. A long-stan y . nding debate about joinin the Eurozo was given new saliency when the European Ce ng one n entral Bank lowered its ra on ate “refin nancing opera ations,” which provided liq h quidity to the Eurozone, ju days befor Lars Løkke took e ust re e office. Denmark was a member of the Europ w r pean Union but had retain its own cu ned urrency, the k krone. Likew wise, plans for rmulated a year ago to ex xpand the Dan nish workforc by looseni labor rule and ce ing es reduc cing welfare benefits had b b become unpop pular as unem mployment in ncreased. An nders Fogh Rasmussen had left a mixed legacy. Denm d d mark benefite from a balanced govern ed nment budge little publi debt, and lo unemploy et, ic ow yment. But its internationa reputation had suffered from s al d contro oversies over immigration. As the lo r ongest ruling Liberal Part (Venstre)...
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