...British Airways Plc Annual Report and Accounts Year ended 31 December 2011 Company registration number: 1777777 Contents Officers and professional advisers 1 Directors’ report and business review Business review Management review Financial review Internal controls and risk management Directors’ report 2 4 6 9 Directors’ responsibilities statement in relation to the financial statements 12 Independent auditors’ report 13 Group financial statements Group consolidated income statement Statement of other comprehensive Income Balance sheets Cash flow statements Statement of changes in equity Notes to the accounts Operating and financial statistics Fleet table Principal investments Glossary Subsidiary undertakings 14 15 16 17 18 19 75 77 78 79 80 British Airways Plc Officers and professional advisers Directors Sir Martin Broughton (Chairman) Alison Reed (Deputy Chairman) Keith Williams (Chief Executive Officer) Nick Swift (Chief Financial Officer) Andrew Crawley Frank van der Post Rafael Sánchez-Lozano Turmo Enrique Dupuy de Lôme Ken Smart Gavin Patterson Secretary Alan Buchanan Registered office Waterside PO Box 365 Harmondsworth UB7 0GB Parent company International Consolidated Airlines Group S.A. Calle Velazquez 130 Madrid, 28006 Spain Independent auditors Ernst & Young LLP 1 More London Place London SE1 2AF 1 British Airways Plc Directors’ report and business review The Directors present their annual report and the audited...
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...British Airways Plc Annual Report and Accounts Year ended 31 December 2012 Company registration number: 1777777 This page has been intentionally left blank Contents Officers and professional advisers 1 Business review and Directors’ report Business review Management review Financial review Internal controls and risk management Directors’ report 2 5 8 12 Directors’ responsibilities statement in relation to the financial statements 14 Independent auditors’ report 15 Group financial statements Group consolidated income statement Group statement of other comprehensive income Balance sheets Cash flow statements Statements of changes in equity Notes to the accounts Operating and financial statistics Fleet table Principal investments Glossary Subsidiary undertakings 16 17 18 19 20 21 79 80 81 82 83 British Airways Plc Officers and professional advisers Directors Sir Martin Broughton Alison Reed Keith Williams Nick Swift Andrew Crawley Frank van der Post Enrique Dupuy de Lôme Ken Smart Gavin Patterson Garrett Copeland Julia Simpson Secretary Kulbinder Dosanjh (Chairman) (Deputy Chairman) (Chief Executive Officer) (Chief Financial Officer) Registered office Waterside PO Box 365 Harmondsworth UB7 0GB Parent company International Consolidated Airlines Group S.A. Calle Velázquez 130 Madrid, 28006 Spain Independent auditors Ernst & Young LLP 1 More London Place London SE1 2AF 1 British Airways Plc Business review and Directors’ report ...
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...PROD 2100 - 2110 Production and Operations Management 2004-2005 Pierre Semal Prod 2100/2110 Introduction 0 Rules of the Game Tutorials Readings • • • Morgan, “Mechanization Takes Command” in “Images of Organizations”, Sage Press, 1986. Meal, “Putting production decisions where they belong”, HBR, 1984. Zeithaml, Berry, Parasuraman, “Communication and control processes in the delivery of service quality”, Journal of marketing, 1988. Working Sessions: • Individual • Computerized • Classical Manuals: • commented transparencies (Culb IAG, web) • exercise manual (Culb IAG, web) • readings (Culb IAG) • personal notes • Chase and Aquilano, Production and Operations Management, Irwin (Edt). • McLain, Thomas and Mazzola, Operations Management: Production of goods and services, Prentice Hall (Edt). Objectives / Exam ... Winnie the Pooh spent the rest of the day by walking and happily humming a new hum, all about the common sense approach and what The Stranger has been teaching them and the hum went like this: Select the problem of the day Finding one that’s right to do, You can choose it either way, You pick it ot it picks you. Observe it very carefully, “Where do I start? Where am I going?” And don’t forget about the bee, “What’s in the way of doing or knowing?” Prod 2100/2110 Introduction 1 Introduction What is POM ? What kind of problems are studied in POM ? 1. DEFINITIONS...............................................................
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...1666 K Street, NW Washington, D.C. 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org ) CONCEPT RELEASE ON AUDITOR ) INDEPENDENCE AND AUDIT FIRM ) ROTATION; ) ) NOTICE OF ROUNDTABLE ) ) PCAOB Release No. 2011-006 August 16, 2011 PCAOB Rulemaking Docket Matter No. 37 Summary: The Public Company Accounting Oversight Board ("PCAOB" or "Board") is issuing a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism could be enhanced. One possible approach on which the Board is seeking comment is mandatory audit firm rotation, which is explored in detail in this release. However, the Board seeks advice and comment on other approaches as well. The Board will also convene a public roundtable meeting in March 2012, at which interested persons will present their views. Additional details about the roundtable will be announced at a later date. Public Comment: Interested persons may submit written comments to the Board. Such comments should be sent to the Office of the Secretary, PCAOB, 1666 K Street, N.W., Washington, D.C. 20006-2803. Comments also may be submitted by e-mail to comments@pcaobus.org or through the Board's Web site at www.pcaobus.org. All comments should refer to PCAOB Rulemaking Docket Matter No. 37 in the subject or reference line. Comments should be received by the Board no later than 5:00 PM EST on December 14, 2011. Board Contacts: Martin F. Baumann, Chief Auditor...
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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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...Journal of Banking & Finance 27 (2003) 1297–1321 www.elsevier.com/locate/econbase Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment Klaus Gugler * Department of Economics, University of Vienna, WP No. 9803, Br€nnerstrasse 72, 1210 Vienna, Austria u Received 12 October 2000; accepted 5 November 2001 Abstract This paper investigates the relationship between dividends and the ownership and control structure of the firm. For a panel of Austrian firms over the 1991/99 period, we find that statecontrolled firms engage in dividend smoothing, while family-controlled firms do not. The latter choose significantly lower target payout levels. Consistently, state-controlled firms are most reluctant and family-controlled firms are least reluctant to cut dividends when cuts are warranted. The dividend behavior of bank- and foreign-controlled firms lies in between stateand family-controlled firms. This is consistent with the expected ‘‘ranking’’ of information asymmetries and managerial agency costs. The above results hold for firms with good investment opportunities. We find that firms with low growth opportunities optimally disgorge cash irrespective of who controls the firm. Ó 2002 Elsevier Science B.V. All rights reserved. JEL classification: G3; L2; D9 Keywords: Corporate governance; Dividend policy; Simultaneous equations 1. Introduction In March 1999, Richard Schenz, the CEO of OMV AG, the largest Austrian corporation, announced...
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...HR and Business Acronyms AA 1.) Affirmative Action 2.) Adverse Action AACU American Association of Colleges and Universities AAO Affirmative Action Office AAP Affirmative Action Plan AAR Average Annual Return AARP American Association of Retired Persons ABF Asset Based Financing ABM Activity Based Management ABMS Activities Based Management System ABS Asset Backed Security ACH Automated Clearing House AD & D Accidental Death and Dismemberment ADA Americans with Disabilities Act ADEA Age Discrimination and Employment Act ADL Activities of Daily Living ADP Automatic Data Processing ADR Alternative Dispute Resolution AE Account Executive AED United Arab Emirates AFL-CIO American Federation of Labor and Congress of Industrial Organizations AFSCME American Federation of State, County and Municipal Employers AJB Americas Job Bank ALC Alien Labor Certification ALEX Automated Labor Exchange ALJ Administrative Law Judge ALM Asset Liability Management AM Asset Management AMA 1.) American Management Association 2.) American Medical Association AMPS Auction Market Preferred Stock ANSI American National Standards Institute AP Accounts Payable AR Accounts Receivable APB Accounting Principles Board APR Annual Percentage Rate APV Adjusted Present Value APY Annual Percentage Yield ASAE American Society of Association Executives ASB Accounting Standards Board ASHHRA American Society for Healthcare Human Resources Administration ...
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...“WHAT IS THE RELATIONSHIP BETWEEN DIVERSIFICATION AND PERFORMANCE, PARTICULARLY IN EMERGING ECONOMIES? WHAT ARE THE FACTORS WHICH ARE RELEVANT FOR SETTING THE CONTENTS OF THAT RELATIONSHIP?” By João de Almeida Frazão Caro de Sousa Master Thesis Submitted to ESADE Business School in fulfilment of the requirements for the Degree of Master of Science in International Management ESADE Business School May 2012 Master of Science in International Management – ESADE Business School i Master of Science in International Management – ESADE Business School Table of Contents Introduction ..................................................................................................................................... 1 Theoretical Background 1. Diversification ......................................................................................................................... 5 1.1 General Observations ........................................................................................................ 6 1.2 Different types of diversification strategies....................................................................... 7 1.3 The costs and benefits of diversification ........................................................................... 8 1.4 Diversification Trends ....................................................................................................... 9 A. The Lack of Significant Relationship ................................
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...THE EFFECT OF INTERNAL CONTROL ON ORGANIZATIONAL PERFORMANCE (A CASE STUDY OF ECOBANK NIGERIA PLC) BY AMOO TEMITOPE GRACE ACT/2009/0036 ADEYIGA ADEBAYO ECN/2009/0005 BEING A RESEARCH PROJECT CARRIED OUT AND SUBMITTED TO THE DEPARTMENT OF ACCOUNTING, FACULTY OF MANAGEMENT SCIENCES OSUN STATE UNIVERSITY, OSOGBO NIGERIA IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF BACHELOR OF SCIENCES (B.Sc) DEGREE IN ACCOUNTING JULY 2013 1 CERTIFICATION It is certified that this research project, written by Amoo Temitope Grace with matriculation number ACT/2009/0036 was supervised by me and submitted to the Department of Accounting, Faculty of management sciences. Osun State University Osogbo, Okuku Campus. Mr J.O Oyewole Project supervisor Date PROF. Temi Ologunorisa Head of Department Date 2 DEDICATION This research work is specially dedicated to Almighty God in Heaven, the one who loves me dearly, unconditionally and eternally, the source and the strength with which I have been able to pull through the challenges that came with this work, for his protection and guidance over my life right from the inception and towards successful completion of this academic programme. Also, to my beloved parents; Mr and Mrs AMOO for their supports both financially and morally to accomplish the great task of passing through this practical project. My prayer to you is that you will eat the fruits of your labor in Jesus name (Amen). 3 ACKNOWLEDGEMENT Nothing...
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...QANTAS ANNUAL REPORT 2012 Broadening our horizons Qantas Annual Report 006 008 010 012 018 028 037 065 138 153 CHAIRMAN’S REPORT CEO’S REPORT FINANCIAL PERFORMANCE BOARD OF DIRECTORS REVIEW OF OPERATIONS CORPORATE GOVERNANCE STATEMENT DIRECTORS’ REPORT FINANCIAL REPORT SUSTAINABILITY REPORT FINANCIAL CALENDAR AND ADDITIONAL INFORMATION Broadening our horizons 002 QANTAS ANNUAL REPORT 2012 Broadening our horizons Building on unique Australian qualities – and the skills of its 33,600 people – the Qantas Group is broadening its horizons to secure a successful and profitable future. 003 004 QANTAS ANNUAL REPORT 2012 Heading For the Qantas Group, 2011/2012 was a year of transformation. We recorded an Underlying Profit Before Tax* despite significant challenges. We continued to build Qantas’ strong domestic network, Jetstar and Qantas Frequent Flyer. And we launched a five-year plan to turn around Qantas’ international network. FOR THE YEAR ENDED 30 JUNE 2012 *For explanations of non-statutory measures see the Review of Operations. 005 Building a stronger Qantas for our people, our customers, our shareholders and Australia The Qantas Group has a broad portfolio and a clearly defined strategy, with the following core goals: — Build on the Group’s strong domestic businesses through a clear focus on the customer. — Turn around Qantas International through the “four pillars” of targeting global gateways, growing with Asia, improving...
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...Building a stronger Qantas Annual Report 2011 4 6 8 10 14 16 22 31 49 110 120 Chairman’s Report CEO’s Report Financial Performance Board of Directors Information on Qantas Review of Operations Corporate Governance Statement Directors’ Report Financial Report Sustainability Report Financial Calendar A STRONG PERFORMANCE IN CHALLENGING CONDITIONS THE QANTAS GROUP IN 2011 In 2010/2011 the Qantas Group reported a strong result in a complex and challenging global operating environment, with increased revenue across all business segments. The result was achieved while overcoming a series of natural disasters and operational disruptions, and despite the underperformance of Qantas’ international business. THE AVIATION INDUSTRY IS CHANGING THE QANTAS GROUP IN 2011 The Qantas Group faces a unique range of challenges and opportunities. We are in a strong position to address the challenges and realise the opportunities – but we must take decisive action, as we have throughout our history. SAFETY IS ALWAYS THE QANTAS GROUP’S FIRST PRIORITY WE INVEST $1.5 BILLION IN AIRCRAFT MAINTENANCE EACH YEAR SAFETY FIRST From our response to the QF32 incident to the risks posed by volcanic ash disruptions, we never compromise on the highest standards of safety. A safety-first culture across the Group ensures that risks are identified and addressed swiftly and decisively. We invest hundreds of millions of dollars in training to ensure that when incidents do occur our people react...
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...Annual Report and Financial Statements 2012 Tesco at a glance 2011/12 We are one of the world’s largest retailers with operations * in 14 countries, employing almost 520,000 people and serving millions of customers every week. £72.0bn +7.4% Group sales Group sales growth £3.8bn Group profit before tax +5.3% Group profit before tax growth +1.6% Underlying profit before tax** +2.1% Underlying diluted earnings per share**† 14.76p Full year dividend per share UK Revenue± Trading profit Asia Revenue± Trading profit Europe Revenue± £42.8bn 66% of Group £2,480m 66% of Group £10.8bn 17% of Group £737m 20% of Group £9.9bn 15% of Group Revenue growth± Trading profit growth Revenue growth± Trading profit growth Revenue growth± +5.0% Employees (1.0)% Stores +10.5% +21.8% Employees Stores +7.3% Employees 300,373 2,979 Market position Multiple formats include Loyalty scheme dotcom 1st Hypermarkets, superstores, supermarkets, convenience Clubcard – around 16 million active members First grocery home shopping service 1997 117,015 Market position Multiple formats include Loyalty scheme 1,719 94,409 Market position Multiple formats include Loyalty scheme dotcom dotcom 1st or 2nd in all except China Hypermarkets, supermarkets, convenience Clubcard in Malaysia and Thailand, Family Card in South Korea, Legou Tesco Membercard in China – over 20 million active members across Asia South Korea...
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...Assessment 1 Develop workplace sustainability Questions What are the sustainability issues? Unsustainable activities have led to changes in our environment, or have been identified as having the potential to lead to future changes. The types of changes that are occurring or are predicted to occur form the key issues for sustainability. The following Table 1 provides a summary of the key issues. They are related to changes to the physical and cultural (being the way we live) environments, which in turn relate to the economic environment. What does sustainability mean? Every day we hear the term ‘sustainable’ or ‘sustainability’ being used to describe a large number of issues and news items. There is the ‘sustainable economy’, ‘sustainable agriculture’, ‘economically sustainable’, ‘the need to be sustainable’, ‘sustainable work practices’ and ‘sustainable water supply’ to name a few. The Brundtland Report, Our Common Future, is seen by many as one of the first global reports to address sustainable development. This report defined sustainable development as: “…development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” Brundtland (1987) National strategy for ecologically sustainable development Sustainable Development is defined by the Australian Government’s National Strategy for Ecologically Sustainable Development as: “…using, conserving and enhancing the community’s resources...
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...oVeRVieW tesco around the world Creating value for customers across all our businesses UK Revenue* £40,766m Number of stores Us Revenue* 2,715 Employees £495m Number of stores 293,676 Selling space (sq ft, % of Group) 164 Employees 4,134 Selling space (sq ft, % of Group) 36.7m sq ft 35.4% 1.7m sq ft 1.6% tesco Bank Revenue* £919m Employee figures represent the average number of employees during the year ± 230 employees across asia and Europe work in locations other than those listed Employees * Revenues are sales excluding vaT and exclude the impact of iFRiC 13 (customer loyalty schemes) † Revenue for Europe includes France; revenue for asia includes india 1,274 GDP growth: Economist intelligence unit europe Revenue*† Revenue* (£m) Stores GDP growth Employees (% real change pa) £9,192m Number of stores 1,082 Employees± Republic of ireland Poland Hungary Czech Republic slovakia turkey 2,332 2,156 1,649 1,355 996 700 130 371 205 158 97 121 13,344 24,932 21,157 12,812 9,105 8,038 -0.8 3.8 1.2 2.3 4.0 8.1 89,559 Selling space (sq ft, % of Group) 30.2m sq ft 29.2% asia Revenue*† £10,278m Number of stores 1,419 Employees± india in india, we have an exclusive franchise agreement with Trent, the retail arm of the Tata Group. we are supporting the development of their Star Bazaar format. 104,071 Selling space (sq ft, % of Group) 35.0m sq ft 33.8% Revenue*...
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...Better energy MERIDIAN ENERGY LIMITED ANNUAL REPORT 2014 for the year ended 30 June 2014 02 ny C omp a e r v iew ov 04 from Re p o r t ir an d o u r C h a ut ive E xe c C hie f The nu 50 mbers 6.7 % 13.01 Total dividend in FY2014 EBITDAF 1 ahead of prospectus CENTS PER SHARE $ 24 . 3% higher than forecast in the prospectus, including a 2 .00cps special dividend. Invested in communities and environmental projects 3.5M 2 New wind farms generating electricity Delivering on our commitment to shareholders In our first full-year results after partially listing on the New Zealand and Australian stock exchanges in October 2013, we have achieved solid results for shareholders. EBITDAF 1 , a key indicator of profitability, has exceeded the prospectus forecast by $36.9 million (6.7%). We have also delivered a higher-thanforecast full-year cash dividend for our shareholders, resulting in a 21.8% total shareholder return 2 to 30 June 2014 . 2014 highlights FRONT COVER Jeremy Takao, Russell School, Porirua, helping to celebrate first power at Meridian’s new Mill Creek wind farm near Wellington in May 2014. Meridian Energy Limited Annual Report for the year ended 30 June 2014 IN THIS REPORT 2 4 8 10 12 18 22 26 Company overview Report from our Chair and Chief Executive Our Board Our executive team Customers Generation Environment Community 30 People 34 Summary of Group performance 40 Directors’ statement 35.3 % Average...
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