...IAG INTERNATIONAL AIRLINES GROUP Corporate finance 2013 ------------------------------------------------- Index 1. Company profile 1. Core activities 2. Competitors 3. External finance 1. Corporate governance 4. Corporate governance 5. Compensation of member of the Board of Directors 6. Investor relation section 2. Stock price data and analysis 7. Daily stock prices 8. Comparison with market and sector indexes 9. Dividends policy 10. Investment magazines reports 11. Five selected new facts 3. Financial information 12. Capital structure 13. Liquidity and solvency analysis 14. Beta coefficient and cost of equity 15. Discounted cash flow analysis and implication of fundings 4. Recommendation ------------------------------------------------- 1. COMPANY PROFILE 1.1 Core activities MISSION: "To be the leading international airlines group in future industry consolidation on a regional and a global scale" International Airlines Group (IAG) is one of the world's largest airline groups: with 377 aircraft and an average of 69 million passengers each year flying to 230 different destinations, IAG is the third- largest based in Europe and the sixth in the world. Formed in January 2011 as a result of the merger between British Airways and Iberia, it is a Spanish registered company whose shares are traded on the London and Spanish Stock...
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...harán una valoración de toda la cartera crediticia. Estos expertos deben contar con prestigio internacional, tener capacidad para acometer una tarea tan amplia en un plazo breve y no tener conflictos de interés. Con la creación de los “Bancos Malos” todos los bancos se verán obligados a traspasar todos sus activos inmobiliarios y también inversiones. El ministro de economía ha insistido que estas medidas no supondrán ningún coste contra los contribuyentes y se realizara en forma de préstamo. En principio solo Santander y BBVA no tendrán ningún problema para cumplir estos requisitos. En el caso de Santander las provisiones alcanzan un 15% de su beneficio antes de provisiones y en el caso de BBVA alcanzaría un 40%. Mas difícil lo tendrá Bankia ya que a los 4.100 millones de euros que le pide este nuevo decreto ley hay que añadirle los 2.257 millones euros de las...
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...IBEX 35 The IBEX 35 in July of 2012 was composed by: ABE, Abertis ([pic] Barcelona) is a conglomerate corporation founded in 1967. Its origins came from the merger of “Acesa Infraestructuras” and “Aurea Concesiones de Infraestructura”. The company runs about 6,713 kilometers of motorways. Abertis manages toll roads and parking garages, is owner of various television and radio transmission networks as well as the concessionaire of London Luton Airport. Abertis is divided in: parkings (administrating about 100,000 parking spaces), telecommunications infrastructures (they own Retevision), logistics spaces and airports (administrating partially o totally airports in England, Stockholm, Orlando and Belfast. Its president of the board, Salvador Alemany i Mas, was licensed in the University of Barcelona and coursed a MBA in the IESE. Before being de president of Abertis he was adviser in Aucat and vicepresident of Iberpistas (both of them filials of Abertis). He also was the president of Cruz Roja Barcelona and vicepresident of Cruz Roja Cataluña. He turned down being adviser of Economy of la Generalitat de Catalunya ABG, Abengoa ([pic] Sevilla). It is multinational corporation, which includes companies in the domains of telecommunications, transportation, but mainly the environment and the energy. It was created the 4th of January of 1941 by Javier Benjumea Puigcerver y José Manuel Abaurre Fernández-Pasalagua. Its objective firstly was make electricity...
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...Name of the University Master Thesis Banking system reforms after the subprime crises Study case: Spain Author: | Supervisor: | | | Department of …………………………… January 2014 Abstract How did the Subprime Crisis, a small problem of U.S. financial markets, affect the entire global banking system? The aim of this paper is to analyze the effect of the subprime crisis on the banking sector in Europe, with a close attention on the case of Spain. Spain is currently facing the worst crisis ever experienced in its financial history, so it would be interesting to analyze what is the real situation of the banking sector and what will be the reforms that could lead to a consolidation of the financial systems. The strengths and weaknesses of the financial sector will be analyzed in order to see the changes needed to maintain its competitive position. The first part of the paper will briefly explain the subprime crisis, origins and impact on the financial world as new form of contagion. In the second chapter the consequences of the subprime crisis in the Spanish banking sector will be described. The last chapter of the thesis will present an analysis of the reforms made, using legal intervention. It will be concluded with a general point of view regarding the present situation of the Spanish banking system, the potential results of the current measures and the perspectives of new reforms. Contents 1 | Introduction | | 2 | Introducing the Subprime Crisis...
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...Accounting scandals The dozy watchdogs Some 13 years after Enron, auditors still can’t stop managers cooking the books. Time for some serious reforms Dec 13th 2014 | NEW YORK | From the print edition NO ENDORSEMENT carries more weight than an investment by Warren Buffett. He became the world’s second-richest man by buying safe, reliable businesses and holding them for ever. So when his company increased its stake in Tesco to 5% in 2012, it sent a strong message that the giant British grocer would rebound from its disastrous attempt to compete in America. But it turned out that even the Oracle of Omaha can fall victim to dodgy accounting. On September 22nd Tesco announced that its profit guidance for the first half of 2014 was £250m ($408m) too high, because it had overstated the rebate income it would receive from suppliers. Britain’s Serious Fraud Office has begun a criminal investigation into the errors. The company’s fortunes have worsened since then: on December 9th it cut its profit forecast by 30%, partly because its new boss said it would stop “artificially” improving results by reducing service near the end of a quarter. Mr Buffett, whose firm has lost $750m on Tesco, now calls the trade a “huge mistake”. No sooner did the news break than the spotlight fell on PricewaterhouseCoopers (PwC), one of the “Big Four” global accounting networks (the others are Deloitte, Ernst & Young (EY) and KPMG). Tesco had paid the firm £10.4m to sign off on its 2013...
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...Spain Spain and its brief History Spain was first called as Iberia, name give by its inhabitants from North Africa. The name was given after the river Iber. When the Greeks arrived on the Spanish soil they called it Hesperia meaning ‘land of setting sun’ and when the Carthaginians took over the land they named it Ispana meaning ‘land of rabbits’. When the Romans arrived they named the land as Hispania and later on this became the present day Spanish name Espana. Spain was initially controlled and ruled by the Roman Empire for three hundred years. Later on a group of people called Visigoths fought with the Romans, defeated them and ruled over Spain for more than two hundred years. Spain, officially known as Kingdom of Spain is a sovereign state and a member of the European Union. Spain is located in the Iberian peninsula in Southwestern part of Europe. Spain has an area of 505992 sq kilometers, making it the 2nd largest country in Western Europe and the 5th largest in Europe. Spain is a democratic country with a parliamentary government under constitutional monarchy. It is the 13th largest economy in the world in terms of nominal GDP. According to a survey in 2012, total population in Spain is 47.27 million and its official language is Castilian Spanish (spoken by 75% of the population). Spain is located in Southwestern Europe bordering Mediterrainian Sea, North Atlantic Mountains, Southwest of France, Pyrenees Mountains and Bay of Biscay. ‘La Tomatina’...
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...The Eurozone crisis (often referred to as the Euro crisis) is an ongoing crisis that has been affecting the countries of the Eurozone since late 2009. It is a combined sovereign debt crisis, a banking crisis and a growth and competitiveness crisis.[8] The crisis made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. Moreover, banks in the Eurozone are undercapitalized and have faced liquidity problems. Additionally, economic growth is slow in the whole of the Eurozone and is unequally distributed across the member states.[8] In 1992, members of the European Union signed the Maastricht Treaty, under which they pledged to limit their deficit spending and debt levels. However, in the early 2000s, a number of EU member states were failing to stay within the confines of the Maastricht criteria and turned to securitising future government revenues to reduce their debts and/or deficits. Sovereigns sold rights to receive future cash flows, allowing governments to raise funds without violating debt and deficit targets, but sidestepping best practice and ignoring internationally agreed standards.[9] This allowed the sovereigns to mask (or "Enronize") their deficit and debt levels through a combination of techniques, including inconsistent accounting, off-balance-sheet transactions as well as the use of complex currency and credit derivatives structures.[9] From late 2009, fears of...
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...BRAND AUDIT REPORT 2012 Brand Managemenet Brand Managemenet Submitted To: Sir Goher Raza Submitted by:Sagar Paryani and Sarah khan Chandio Dated: 15-12-2012 By BBA-7 TABLE OF CONTENTS PAGE # TABLE OF CONTENTS.................................................................................................... 2 CHAPTER 1 BRAND INVENTORY 1.1 INTRODUCTION ........................................................................................................... ...3 1.2 BRAND ELEMENTS ......................................................................................................... 4 1.3 MARKET SEGMENTATION...........................................................................................5 1.4 SUPPORTED MARKET PROGRAMS..........................................................................5-6 1.5 POPS AND PODS.................................................................................................................7 1.6 BRAND MANTRA......................................................................................................... …..7 1.7 BRAND PORTFOLIO..........................................................................................................7 1.8: Organizational culture and people development.................................................... 8 CHAPTER 2 BRAND EXPLORATORY 2.1: Brand Attributes..........................................................
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...9-711-015 REV: DECEMBER 13, 2010 GUNNAR TRUMBULL ELENA CORSI ANDREW BARRON Santander Consumer Finance Centralization only makes sense if the final result is better than the simple sum of the parts. — Magda Salarich, CEO, Santander Consumer Finance Introduction On March 25, 2008, Magda Salarich Fernández de Valderrama, the Chief Executive Officer (CEO) of Santander Consumer Finance (SCF), a division of Grupo Santander, looked out across the bank’s shining new campus, the Ciudad Financiera, just south of Madrid. Salarich had been appointed CEO in January 2008 after working for 28 years for the French car producer Citroën, where she had risen through the ranks to the position of international marketing and sales manager for Europe and CEO for Spain. SCF had grown rapidly in the past five years under its former CEO, Juan Rodríguez Inciarte. Salarich’s job would be to chart the way forward for the next ten years. While the United States remained the largest market in the world for consumer finance, the sector had also been growing in the last 20 years within Europe. Inciarte had captured this trend. Under his helm (2002-2008) SCF had grown from a small group of units operating in Spain, Germany and Italy, into one of the largest consumer finance companies. Also, since 2006, Inciarte had invested outside the EU: in the United States, Latin America and Eastern Europe. In four months, Salarich would have to present a new strategy and direction for SCF to Santander’s Chairman...
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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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