Fusioni
VALUTAZIONI LE OPERAZIONI DI FINANZA STRAORDINARIA FUSIONE PURA -costituzione di una nuova societa FUSIONE PER INCORPORAZIONE -incorporazione di una o piu societa in un altra RAPPORTO DI CAMBIO -esprime il numero di azioni della societa incorporante che devono essere assegnate ai soci dell incorporata, o delle societa partecipanti alla fusione in cambio delle azioni da questi possedute in tali societa e annullate x effetto dell operazione - soc A=incorporante , soc B=incorporata: rapporto di cambio=prezzo azione B/ prezzo azione A FUSIONE TRA SOGGETTI INDIPENDENTI -le parti hanno autonomia di giudizio -fusione=acquisizione regolata carta contro carta, cioe nn denaro ma partecipazioni(tranne nel caso delle c.d. merger of equals) -il concambio ha significato di vero e proprio prezzo negoziato -concambio e influenzato, in misura rilevante, dalle potenzialita che le aziende partecipanti alla fusione sono in grado di generare e apportare FUSIONI IN CONDIZIONI DI SUBALTERNITA -una delle parti nn ha autonomia di giudizio -fusione=operazione di riorganizzazione/ristrutturazione -concambio nn deve tener conto dei diversi interessi delle parti in causa ne delle loro forze contrattuali(tutela di azionisti di minoranza estranei al gruppo di controllo) -tipico delle fusioni orizzontali tra soc controllate dallo stesso soggetto o delle fusioni verticali tra
Executive Summary - Nestl
Executive Summary Nestlé is the largest food and drinks manufacturer based in Switzerland. It has 479 factories operating in 81 different countries. The year 2000 displayed Nestlé's best sales figures at 81.4 billion, which was an increase of 9.1%. The profit was at 5763 million being an increase of 22% compared to previous years. Nescafe holds a majority market share of 56% in the instant coffee market. This share has continued to rise over the years. Even though overproduction of coffee beans has led to a fall in prices, consumption of instant coffee has not fallen so much as price. Nescafe faces immense competition from rival coffee, tea and hot chocolate manufacturers. It has also had to compete with the soft drinks market in attracting younger consumers. It has continued to target health conscious people with its decaffeinated and organic products. The sector finds it difficult to attract younger consumers markets 15-24 years old. It has therefore carried out continuous innovations concentrating around the idea of immediate consumption this has led to the developments of the self-heating can of coffee 'Hot When You Want' and also Nescafe Ice coffee. The largest consumers of instant coffee is the age group 35-54 year olds. An ageing trend in the population shows that the instant coffee market will continue to benefit as it can be seen that the older the
Should Wal-mart increase their prices consumer spending would decrease in demand for their products
Wal-Mart Consumption Wal-Mart the world's largest company continues to dramatically convert the retail setting by exploring new growth avenues, selling new categories of merchandise, operating in new geographies and business sectors, and appealing to new customers. Wal-Mart along with other U.S.-based retailers continues to dominate the Food, drug, mass (FDM). Mainly, because of the strength among regional retailers, home-good retailers and by weaknesses among companies that operate in the soft goods sector. Wal-Mart was at the top of the list of retailers that benefited from the surge last year in retail spending, which also helped insulated them from the impact of a weak dollar. Soft goods struggled while homegoods led the way. Sales weakened by apparel deflation, the soft goods sector also posted much slower growth than the food, drug, mass sector and homegoods retailers which benefited from strong housing markets around the world. BEA (Bureau of Economic Analysis U.S. Department of Commerce), released a report that the major contributor to increase in real GDP in the third quarter) were personal consumption expenditures (PCE). Non durable goods purchases increased 2.6 percent, compared with an increase of 3.6 percent. This report did not list retailers, but I would imagine that Wal-Mart remains to be the leading retailer. Should Wal-mart increase their prices
Analisi fondamentale
ANALISI FONDAMENTALE e il processo che organizza tutte le info raccolte nella base informativa e nel piano, le seleziona, le controlla, le elabora e interpreta, le corregge e le traduce in strumenti idonei x una previsione efficiente. ANALISI FONDAMENTALE X VAL ASSOLUTE A)ANALISI CORRETTIVA DEI DATI CONTABILI I) NORMALIZZAZIONE DEI RISULTATI STORICI -redistribuzione nel tempo di proventi e costi straordinari -eliminazione ricavi e costi estranei alla gestione -aggiunta di ricavi e costi latenti -neutralizzazione politiche di bilancio distorsive -correzione di convenzioni contabili nn coerenti con la finalita di analisi fondamnetale -correzione incidenza fiscale sul bilancio Il fine e ricondurre i componenti di reddito a rapporto di effettiva causaliita con attivita dell azienda e periodo di riferimento I)ALLINEAMENTO DEI PRINCIPI CONTABILI allineamento ad una serie unica di principi(principi contabili internazionali).in assenza di cio sussiste il rischio di sommare grandezze nn omogenee. I)NEUTRALIZZAZIONE EFFETTI DISTORSIVI INFLAZIONE quando quest ultima puo provocare utili o perdite fittizie. nn va trascurato in presenza di forti tassi di inflazione I)INTEGRAZIONE ECONOMICA DEI RISULTATI CONTABILI L'opportunità di procedere all'integrazione economica dei risultati contabili nasce dal fatto che questi ultimi non rilevano o rilevano in misura parziale (e
Bush advisor turns optimistic on USeconomy
Economic Journal Macroeconomics (MANG0079) Bruce Rayton 3/3/02 "Bush advisor turns optimistic on US economy" Larry Lindsay, who is president Bush's economic advisor has stated that he is currently optimistic regarding the situation of the American economy. He believes that the possibility of the economy facing a "double-dip" recession, whereby the economy appears to be recovering after a period of recession yet growth falls again, is unlikely. The economic stimulus has been generated from a recent tax cut which in turn has triggered investment. This fiscal policy seeks to influence the level of economic activity in the economy through the control of taxation and government expenditure. Lindsay believes that there is incentive for new investment due to the effects of the tax cut feeding through into the economy having a positive effect on consumption within the economy. This concept relates to the Keynes theory which rejects the assumption that all markets would clear. A fall in aggregate demand would not simply lead to a fall in wages and prices and a restoration of the full-employment equilibrium. Instead there would be demand-deficient unemployment: as demand fell, there would be less demand for labour. <Slowman, Economics:460> However the multiplier effect denotes the trend where there is an increase in the rate of spending there will be a proportionate
Managerial Accounting Andres Hair Styling Assignment. Find the contribution margin per haircut. Assume that the barbers' compensation is a fixed cost. Show calculations to support your answer.
Managerial Accounting : Andre's Hair Styling Assignment. Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number of haircuts. Rent and other fixed expenses are $1,750 per month. Hair shampoo used on all clients is .40 per client. Assume that the only service performed is the giving of haircuts (including shampoo), the unit price of which is $12. Andre has asked you to find the following information. * Find the contribution margin per haircut. Assume that the barbers' compensation is a fixed cost. Show calculations to support your answer. (Contribution margin = Revenue - Variable Costs) = $12 - $0.40 = $11.60 per haircut. * Determine the annual break-even point, in number of haircuts. Support your answer with an appropriate explanation. Show calculations to support your answer. (Compensation of staff) 5 x $9.90 x 40 hours x 50 weeks = $99,000 a year (Fixed expenses) $1750 per month x 12 months = 21,000 a year $99,000 + $21,000 = $120,000 total cost $120,000 divided by $11.60 = 10,344.83 cuts (rounded up to) 10,345 cuts in order to meet break-even point. * What will be the operating income if 20,000 haircuts are performed? Show calculations to support your answer. 20,000 x $11.40 =
Walkers Quality Assurance
WALKERS QUALITY ASSURANCE Tayto has always been a quality conscious company and in 1990 was awarded the Q Mark. The overall objective of the Quality System is to ensure that Tayto produces quality products and services and that each member of staff has an individual commitment to this quality. The Quality System encompasses all aspects of the business from the purchasing of raw materials through to the transportation and selling of products. Quality control checks are in place, prior to production, during production and post production as follows: Each delivery of potatoes is checked for size, variety, dry matter, sugar, clay or other defects. The sugar content is critical for crisp production and must be within parameters agreed by the company and the potato grower. The dry matter is also important as it determines the texture of the crisp. Prior to unloading the sunflower oil, a sample is taken and four different chemical tests are carried out to ensure that the oil is of good quality and suitable for the production of crisps. Thereafter the oil in the tanks is tested on a daily basis to ensure there is no deterioration. Flavours are checked for salt and moisture and must be within agreed microbiological standards. The oil is checked at regular intervals to ensure that its quality is being maintained. There is an automatic moisture system whereby the crisp moisture
What is the likely magnitude of the The "balanced budget multiplier"?
What is the likely magnitude of the The "balanced budget multiplier"? The magnitude of either the multiplier or the balanced budget multiplier for the UK will depend on the accuracy of the statistics that are referred to. Moreover, the multiplier for the UK has to account for expenditure increases which are at market prices. As a result, these include import and fact costs which are not part of domestic product.. Thus rise in GDP will have to be calculated at factor cost, and should be related to the domestic-output content of expenditure. The MPC has been estimated at 0.9, and MPZ is 0.32, giving an import-adjusted MPC of 0.58. The multiplier would be thus: /(1-(MPC-MPZ) = 1/(1-0.58)=1/0.42=2.4. This, though, takes no account of tax, which is necessary to find the balanced budget multiplier. In 1996, there were three marginal rates of taxation, 20%, 24%, and 40%, but it is likely that the average was 24%. National Insurance is another leakage and thus a form of taxation that also has to be taken account of, and in 1996 it was 9%. This gives a figure of 33% for overall taxation. The balanced budget multiplier will therefore be: /{1-[(MPC*0.77)-0.32]} = 1/[1-(0.693-0.32)] = 1/(1-0.373) = 1/0.627 =1.59 .59 is likely to be the magnitude for the balanced budget multiplier. Unfortunately, it is only an estimate. It ignores the effects of firms selling or keeping
The role of Marketing as being an 'Initiator' in identifying, evaluating, recommending and implementing overall retailing strategy.
The role of Marketing as being an 'Initiator' in identifying, evaluating, recommending and implementing overall retailing strategy. We suggest that marketing, along with Finance, Operation, Human Resource management, Property and System are functions that all contribute to the overall retail strategy. We would develop a strategic marketing plan that will identify customer's based opportunities. The central thrust is to positioning of the company in term of its Merchandise, Services and trading environment offer such that it is clearly recognizable by the customer group to which it is directed/targeted. At the same time, the fundamental requirements of the company can be identified and established as a performance requirements which need to be meet and the critical success factor can then form a planning structure for the company strategy decision. CRITICAL SUCCESS FACTORS . Increase sales revenue in real terms. 2. Increase gross profit in real term 3. Containing operation costs throughout the business 4. Increase the productivity of physical & human assets 5. Adding value to the customer offer 6. KEY VARIABLES. Key Variables. . Merchandise selection reflects customer requirement for choice, quality, exclusivity etc. 2. Co-ordinate merchandise ranges. Merchandise availability in stores and distribution centers. 3. Merchandise reorder/replenishment 4. Pricing/price
If Marks and Spencer grow in size and open new stores, then they will need more people to carry out jobs. These can be existing jobs which Marks and Spencer know how to recruit for
The Recruitment and selection When doing the recruitment process it can be very costly it also takes a lot of time to set up effectively. It is important for Marks and Spencer to recruit the right person for the job, for if they end up choosing the wrong candidates the company may suffer from having a unmotivated employee, who may make cause mischief within the company before walking out on the job leaving Marks and Spencer having to go through the process yet again. If Marks and Spencer grow in size and open new stores, then they will need more people to carry out jobs. These can be existing jobs which Marks and Spencer know how to recruit for but new jobs are opened if Marks and Spencer were to expand into Europe because different languages are spoken. When existing practice are being expanded, human resources simply need to copy existing practice on larger scale. Marks and Spencer have changed their jobs structure. In particular there has been a decline in many routine, standardised jobs. Increasingly, Marks and Spencer have sought to develop new jobs involving information and communication technology. Within many businesses people are always moving on. They get older, they hand in their notice or they get dismissed. In most cases it is necessary to replace the employee. However, the manager responsible for recruitment has decide whether Marks and Spencer want carbon
