...Business Ethics Assignment Cover Page Title: | Ahold case | Assignment Number: | Group assignment #1 | Week Number: | 3 | Date: | 28.11.12 | Group Number & Class | | Student number | Name Group member | Contribution in Percentage to the assignment: (total of 100%) | Mark (by lecturer) | 1626680 | Shcherbakova Ekaterina | 25 | | 1624172 | Papashenko Andrey | 25 | | 1624018 | Ekaterina Petrenko | 25 | | | | | | | | | | Marking | | | Presentation | Grammar, visuals, structure | | Research | Sources, verification, attachments | | Opinion | Personal point of view, group attitude towards the case | | Theory | Literature, theoretical references | | Discussion | Different perspectives, alternatives, advice or solutions | | Total: | | | 1) Ahold N.V. started in 1887 as a small family business that further became a management-control firm with aggressive growth goals. The CEO, Pierre Everaert, launched the aggressive acquisition strategy that actually accelerated the corruptive situation. When in the 2003 the first announcement of accounting irregularities appeared, it disclosed the frauds of previous years. That made a hint to so many lawsuits and litigations that even after establishing “Road to Recovery” strategy, company remains to be not trust worthy. The most important ethical issue that can be seen during the whole processes of litigations, that no one connected with irregular accounting admitted his...
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...12/18/2015 12/18/2015 Project International Business IBMS-1 Final Report Project International Business IBMS-1 Final Report Ahnaíssa Christiaans Esmay Zoontjes Jost Pannhausen Thomas Kodden Ahnaíssa Christiaans Esmay Zoontjes Jost Pannhausen Thomas Kodden || Project International Business IBMS-1 || Final Report Ahnaíssa Christiaans Esmay Zoontjes Jost Pannhausen Thomas Kodden Magdalena Sztych - de Vries Saxion University of Applied Sciences Enschede, The Netherlands 18 December 2015 Preface This assignment is written by four first year students of the IBMS course at Saxion Enschede. This final assignment will cover the overall recommendations and evaluation for the export plan of Albert Heijn supermarket stores to Austria. For this assessment we have overviewed the internal analysis and external analysis, the external analysis being the macro environment and meso environment. There was also the SWOT analysis with the confrontation-matrix. This all has been used to conclude the entry strategy and introduction plan. Ahnaíssa Christiaans, Esmay Zoontjes, Jost Pannhausen & Thomas Kodden December, 2015 Table of Contents Preface 1 ...
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...Commission today announced the filing of enforcement actions alleging fraud and other violations against Royal Ahold (Koninklijke Ahold N.V.) (Ahold) and three former top executives: Cees van der Hoeven, former CEO and chairman of executive board; A. Michiel Meurs, former CFO and executive board member; and Jan Andreae, former executive vice president and executive board member. The Commission also charged Roland Fahlin, former member of Ahold's supervisory board and audit committee, with causing violations of the reporting, books and records, and internal controls provisions of the securities laws. The SEC's complaints, filed in the United States District Court for the District of Columbia, allege that, as a result of the fraudulent inflation of promotional allowances at U.S. Foodservice, Ahold's wholly-owned subsidiary, the improper consolidation of joint ventures through fraudulent side letters, and other accounting errors and irregularities, Ahold's original SEC filings for at least fiscal years 2000 through 2002 were materially false and misleading. For fiscal years 2000 through 2002, Ahold overstated net sales by approximately EUR 33 billion ($30 billion). For fiscal years 2000 and 2001 and the first three quarters of 2002, Ahold overstated operating income by approximately EUR 3.6 billion ($3.3 billion) and net income by approximately EUR 900 million ($829 million). Ahold has agreed to settle the Commission's action, without admitting or denying the allegations in the complaint...
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...Corporate Finance Investment report Ahold 1. Select a stock-listed company and describe its core business, production location, number of employees and markets. Koninklijke Ahold N.V., Ahold for short, is an international retailing group based in the Netherlands. Ahold is one of the global market leaders in the food retail and wholesale business and retails food through supermarkets, convenience stores and online food retail businesses in the United States and Europe. The company started in 1887 with the founding of a small grocery store in Oostzaan, the Netherlands. In the first decades of the twentieth century, Albert Heijn exploited 25 grocery stores, began producing food products and owned production facilities for products like coffee, chocolate and meat. In 1955 the company shifted their format to become a supermarket chain. In the sixties Albert Heijn became the number one company in the Netherlands in this branch. Ahold holding itself was formed in 1973. The aim of the formation of the holding company was for it to become a stock listed company which gave the opportunity to raise extra capital by issuing shares and to start its international expansion. Ahold developed itself into one of the most important food retailers in the world, through a string of acquisitions. Ahold still is among of the market leaders, along with Wal-Mart (USA) and Carrefour (France). Ahold’s core business is retail (particularly supermarkets) and they operate in the food retail...
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...This report provides an analysis and comparison of Tesco Inc. and Ahold N.V, paying close attention to form an investment decision for shareholders. The ratios have been chosen to show profitability and liquidity (risk). Methods of analysis include Porter’s Five Forces analysis, trend and ratios such as ROA, Current and D/E ratios. Results of information and data analyzed show that Ahold has a higher liquidity level and a slightly better return on assets than Tesco. In addition, Tesco has a higher credit risk level and is facing a dangerous situation with current ratio of less than 1 in 2011. The report finds that Ahold is a better investment choice for shareholders than Tesco. Tesco should do a better asset management to improve its liquidity as well as boost its efficiency compared to Ahold. Comparison and recommendations include: 1. Tesco should control its increasing accounts payable and increasing accrued expenses or its liquidity would be worse. Ahold kept a constant amount on those two accounts and thus it is safer to invest Ahold. 2. Ahold’s asset turnover ratio is higher than Tesco, indicating that Ahold has a higher efficiency that allows it to maintain a lower profit margin. And Ahold has a slightly higher ROA. 3. The overall performance of Ahold is better than Tesco. But Ahold’s future prediction may not be accurate as it changes its business strategy in 2011. Some of the limitations include: 1. Information and data are from 2008 to 2011, which might...
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...Hogeschool van Arnhem en Nijmegen | Bedrijfsanalyse Albert Heijn van Barneveld bv. | een analyse van de Albert Heijn binnen de van Barneveld groep te Ede | Inhoudsopgave Inleiding 5 Plan van aanpak 6 Visie en Missie 7 Visie 7 Missie 7 Financiële doelstellingen 10 Maatschappelijk verantwoord ondernemen: 10 Albert Heijn en gezondheid 10 Albert Heijn en duurzame handel 10 Albert Heijn en klimaat 10 Albert Heijn en lokale betrokkenheid 10 Albert Heijn en medewerkers 10 DESTEP factoren 11 Demografisch 11 Economisch 11 Sociaal-maatschappelijke factoren 11 Ecologisch 11 Gemakkelijk boodschappen doen met de fiets 12 Reststoffen verwerkt tot warmte en stroom 12 Afbreekbare verpakkingen 12 Politiek 12 Structuur 13 Toelichting: 13 Arbeidsindeling 14 Theorie Mintzberg 14 Coördinatiemechanismen 15 Beoordeling structuur 15 Arbeidsvoorwaarden 16 Primaire voorwaarden: 16 Secundaire voorwaarden: 16 Tertiaire voorwaarden: 16 Quartaire voorwaarden: 16 Beloningsvormen 16 Beoordeling belonen 16 Arbeidsinhoud 17 Functiebeschrijving Supermarkt manager Albert Heijn 17 Functievormingsoverwegingen 17 Lacunes 17 Doublures 18 Kwetsbaar 18 Coördinatie 18 Punt 6 18 Flexibel 18 Arbeidsvoldoening. 18 Ontwikkelingsmogelijkheden. 18 Bemannen 18 Arbeidsverhoudingen 19 Collectief: 20 Individueel: 20 Analyse 20 Ondernemingsrecht 21 Arbeidsomstandighedenrecht: 22 Bestuursrecht 22 Huurrecht 23 ...
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...the Netherlands, Royal Ahold is one of the world’s largest international retail grocery and food service companies. At its peak in 2001, Ahold’s reported sales and profits were €66.6 billion and €1.1 billion and it operated 5,155 stores in 27 countries with nearly a quarter of a million employees. Ahold was started as a family firm in 1887 by the Heijn family. It was a family-controlled business, operating primarily in the Netherlands for over 100 years. The company went public in 1948. In 1989, Ahold underwent a major transition from a family-controlled to a management controlled firm. This transition resulted in a phenomenal period of success for the firm. It generated over a 1,000% return for its shareholders and had a market capitalization of €30.6 billion by November 2001. In February 2003, Ahold witnessed a reversal of fortunes and suffered a complete meltdown. The firm was in a complete disastrous state with nothing going in their favour: a failed strategy, an accounting scandal, the firing of professional management, and litigation filings from all parts of the world. Shareholders lost most of their returns generated since 1989. Ahold scandal gave Europe a reason to believe that corporate governance and accounting problems were not restricted U.S. only. Ahold became “Europe’s Enron” (The Economist, March 1, 2003). It caused Dutch and European policymakers to rethink their approach to corporate governance and accounting policy. The Royal Ahold...
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...CALL FOR APPLICANTS The International Youth Council Kenya Chapter is looking for the right youth delegates to participate in an important Nairobi County gathering of conscientious youth and key electoral stakeholders under the theme “Empowering Kenya County Youth for Peaceful General Elections and A Prosperous Kenya” to be convened on May 30-31, 2012. The Nairobi County Youth Peace Forum (NCYPF) will double as the launch of a series of Kenya County Youth Peace Forums across the 47 counties in Kenya before the next general elections. The Forum will bring together over 1200 youth delegates; representatives from each ward in Nairobi, empowering them to be “Ambassadors for Peace”. This call for application seeks to identify three hundred (300) duly qualified youth and youth leaders to participate in the Nairobi County Youth Peace Forum (NCYPF). Please refer to this concept note for more information on the Nationwide County Peace campaign and the Peace caravan. There will be plenary sessions in which respected key national and global leaders will examine the role of young people in promoting integrity and good governance in Kenya, address pressing issues of unemployment, conflict, and underdevelopment and, critically analyse the prospects and challenges facing Nairobi County youth today. Additionally, the Forum will establish the nexus between peace realization and its socio-economic and political dimensions. Youth Delegates will have an opportunity to network with key National...
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...Executive summary This report provides an analysis and evaluation of the profitability and liquidity of Ahold and Tesco. Methods of analysis include using Porter’s five forces to identify economic characteristics of retail industry, identifying strategies of two companies, assessing the quality of the balance sheets and income statements and analyzing profitability and risk ratios. Results of data analyzed show that the ROA, ROCE, asset turnover, current ratio, liabilities to shareholder’s equity ratio and inventory turnover of Ahold performed better than those of Tesco during 2009 to 2011. The report finds that compared to Tesco, Ahold has a better ability to earn profits and a lower probability to face risk with a stronger solvency both in short term and long term. So Ahold would have a better condition in future to attract investors. Some of the limitations include: when comparing the performance of the two companies, further reasons why Ahold was performing better and details about the variation trend were not discussed as not enough information was provided. Financial Statement Analysis--Ahold versus Tesco 1) Identify economic characteristics and competitive dynamics in the industry. Use Porter’s five forces to analyze the retail industry. * Rivalry among existing firms Competition is very high in the grocery retail industry with many competitors like Asda, Sainsbury’s, Morrisons and Waitrose. They compete with one another through price, product and...
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...Europe’s Enron: Royal Ahold, N.V. 1. As shown in Exhibit 3, Royal Ahold decided to fully consolidate the company’s financial data into their financial statements. The problem was that they only held 50 percent ownership in these companies. Under Dutch GAAP, they were only supposed to consolidate the amounts equivalent to their ownership in those companies. They were able to include the entire amount of their partnership companies by persuading their auditors to allow them to do so. Instead of using the fully consolidated figures, Royal Ahold should have taken half of what they originally included. By incorporating these new figures using US GAAP, Royal Ahold’s net income decreases drastically. In 2001, net income drops from 1,113,521,000 Euros to 119,808,000 Euros, and in 2000, from 1,115,991,000 Euros down to 793,609,000 Euros. Royal Ahold, would have lost millions of dollars no whether it decided to use Dutch or US based GAAP. They chose to follow neither countries accounting rules when creating their financials. Although they succeeded for the time being, they were eventually caught, and much work has been done to try to turn around their tarnished reputation. 2. Earnings quality refers to the overall reasonableness of reported earnings. It is an assessment criterion for how repeatable, controllable and bankable a firm's earnings are. It recognizes the fact that the economic impact of a given transaction will vary across firms as a function of their...
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...Plunder of India India now is witnessing not mere corruption, but national plunder. --Brahma Challeny, The Hindu, Dec 6, 2010 ESTIMATE OF DEPOSITS IN SAFE HAVENS Top 5 in the world India - $1456 billion (1.4 Trillion dollars) Russia - $470 billion UK $390 billion Ukraine - $100 billion China $96 billion Note: While these numbers are not substantiated because of secrecy, it does reflect the magnitude. Conservative Estimate by Global Financial Integrity India’s standing per Transparency International India’s Corruption Perception Index: 3.3 Scale of 0 to10 10 (highly clean), 0 (highly corrupt) India The Republic of Scams India, Republic of Scams 2G Spectrum Allocation Fraud, 1.76 lakh crores (40 billion dollars) Classic example of collusion between politicians, industrialists and media with high powered brokers. Indian Government refuses to constitute a joint parliamentary committee of all parties to investigate the scam (that resulted in total deadlock in entire last parliamentary session). India, Republic of Scams 2G Spectrum Allocation Fraud(2010) India Today Jan 3, 2010 No tolerance for corruption or deception? Govt refused Joint Parliamentary committee because based on proportion of MPs there will be majority representatives from other parties who will be able expose those who actually received money and deposited in swiss and other safe havens? Who are they protecting? According to Dr. Swamy, Sonia has taken a big share of...
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...THE STATE UNIVERSITY OF NEW YORK At NEW PALTZ “Great Food. Low Prices. Friendly Service.” STRATEGIC MARKETING PLAN GROUP 5: DUYGU KAYACIOGLU JENNIFER CASTILLO ANNA TRUONG-CHAU SCARLETT PANEPINTO ABDON WADE DR. RUSSELL ZWANKA BUS 429-01 Marketing Strategy Monday, November 16, 2015 Table of Contents ● Executive Summary………………………………………………………… 2 ● Stop & Shop Description…………………………………………………… 3 ○ Overview, History and Successes of Company ● Stop & Shop Strategic Plan and Focus………………………………….. 4 ○ Mission/Vision ○ Financial and Nonfinancial Goals ○ Core Competencies and Sustainable Competitive Advantage ● Situational Analysis………………………………………………………….. 6 ○ Microenvironment ○ Macroenvironment ○ SWOT Analysis (Macro and Microenvironment Factors).... ● Market-Product Focus……………………………………………………… 10 ○ Growth Strategies ○ Target Markets ● Marketing Program Strategy and Tactics……………………………….. 12 ○ 4 Elements of Marketing Mix Strategy...
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...the Inc. 500 list of fastest growing privately held US companies. Peapod was associated with Jewel until 1999 when it opened a facility in Niles, Illinois, and started picking orders from there. Using their own picking center helped them control inventory and product quality. (“Our company”) In 2000, Peapod became a wholly-owned subsidiary of Royal Ahold, the international food provider based in The Netherlands, and pursued exclusive relationships with Ahold USA grocers, Stop & Shop and Giant Foods. Peapod was grown slowly and wisely by leveraging partnerships with other established companies. In mid-2001, when competitors like Webvan were going out of business, Royal Ahold purchased the remaining outstanding shares of Peapod, making Peapod the leader in the online grocery space. Since Peapod joined forces with Ahold they now serve more than 355,000 customers each year. (“Our company”) Peapod operates under a centralized distribution model with two formats: warehouses and warerooms (room where goods are kept or displayed for sale). Both provide next-day delivery, but warerooms, which are dedicated areas attached to Ahold USA stores, are primarily used in new markets so as to leverage the stores’ infrastructures. Unlike Safeway and Albertson’s, who operate under an “in-store pick” model, centralized distribution allows Peapod to design...
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...A.F. Velthoen Klas: 6vB Vak: Management & Organisatie Docent: Mr. Zwarteveen Datum: 7-3-2013 Inhoudsopgave Inleiding3 Deelvraag 1: Wat is ‘duurzaam ondernemen’?4 Deelvraag 2: Is er voldoende draagvlak vanuit politiek en pbuliek voor een duurzaam beleid? 21 Deelvraag 3: Wat zijn de effecten van de veranderingen en vernieuwingen in duurzaam ondernemen in vergelijking tot ‘gewoon’ ondernemen?30 Hoofdvraag: Leidt duurzaam ondernemen bij Unilever, Procter & Gamble en Ahold tot hogere rendementen?38 Evaluatie40 Bronnen41 Logboek42 Inleiding Deelvraag 1: Wat is ‘duurzaam ondernemen’? Deelvraag 2: : Is er voldoende draagvlak vanuit politiek en publiek voor een duurzaam beleid? Deelvraag 3: Wat zijn de effecten van de veranderingen en vernieuwingen in duurzaam ondernemen in vergelijking tot 'gewoon' ondernemen? Hoofdvraag: Leidt duurzaam ondernemen bij Unilever, Procter & Gamble en Ahold tot hogere rendementen? We horen de afgelopen jaren steeds meer over duurzaamheid. We kopen steeds vaker duurzame producten, we gebruiken groene stroom. Maar wat is duurzaamheid in het bedrijfsleven? Kan ieder bedrijf net zoals Unilever, een groot deel van de bedrijfsvoering en productie van haar producten duurzaam uitvoeren? En de hamvraag: Wordt een bedrijf winstgevender door het bedrijf te verduurzamen? Dit zijn vragen die ik wil gaan behandelen in mijn PWS. Duurzaamheid is de toekomst, dat is wat er geroepen...
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...Table of Contents 1. Introduction & Methodology Tasked to determine if Treats Inc. is correctly priced, the team first determines the intrinsic value using the Corporate Valuation Model and compares it with the current price. Next, financial ratios of Treats are compared across its peer groups to determine its relative performance in the industry. Lastly, a Sensitivity Analysis is conducted to understand the impact of deviations of assumptions made in the model. 2. Assumptions On top of the given assumptions found in Appendix 1, we assume (1) Depreciation expense each year is calculated by straight-line method with reference to previous year’s Fixed Asset book cost. (2) Treats Inc. is a company engaged in business retailing of food, general merchandise and it operates a series of hypermarkets and supermarkets around the world. (3) The return of the MSCI ACWI is taken as the market benchmark return. 3. Deriving the Intrinsic Value per Share (i) Using SLOPE function in EXCEL, β=0.55943882 (ii) WACC=rD*1-TC*DV+rE*EV rE=rf+βrM-rf=0.072466329 WACC=0.06632138 (iii) CFFA=OCF-NCS-ΔNOWC Year | 2014 | 2015 | 2016 | 2017 | 2018 | CFFA ($, In 000s) | 1,099,500 | 1,052,438 | 996,743 | 931,457 | 855,517 | (iv) Terminal value represents value of firm at the point that growth becomes constant. TV=CFFA2019WACC-gCFFA=855,5171.0150.06632-0.015=$16,919,842,000 (v) Discounting Treats’ CFFA and TV by WACC, PV of Treats’ future operating cash flows=$16...
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