...Bristol- Myers- Squibb Jessica Dodd Mr. David J. Lampi Principles of Management BUS-125 June 30, 2015 Bristol-Myers-Squibb Company Bristol-Myers-Squibb is located at headcourters is located at 345 Park Avenue, New York City, New York 10010. Their Chief executive officer is Mr. Lamberto Andreotti. The approximate number of employees are 25,000. Bristol-Myers-Squibb mission is to be the preeminent global diversified health and personal care Company. Bristol-Myers seeks to achieve success in the global marketplace. Bristol-Myers Squibb Company is in one of the most competitive industries in the world. In the last ten years pharmaceutical products have become increasingly important. With such diseases such as Aids and Cancer plaguing our society, companies such as Bristol-Myers have to take a lead role in fighting these deadly diseases. The Bristol-Myers-Squibb was formed in 1989, following the merger of its predecessors Bristol-Myers and the Squibb corperation. Bristol-Myers was founded in 1887 by William McLaren Bristol and John Ripley Myerts in Clinton, New York both men were graduates from Hamilton College. That would make Bristol-Myers-Squibb 113 year old company. In 1999, President Clinton awarded Bristol-Myers-Squibb the National Medal of Technolgy, the nation’s highest recognition for technological achievement,” for extending and enhancing human life through innovative pharmaceutical research and development and for redefining the science of clinical...
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...Annual Report 2013 Delighting and inspiring our customers Our five-point plan underpins the business to ensure sustainability. We are also adapting the business to meet current challenges, and with an eye to the future we are embracing innovation and engaging with our customers in new and exciting ways. Annual General Meeting The fourth Annual General Meeting of Myer Holdings Limited will be held on Wednesday 20 November 2013 at 11.00am (Melbourne time) in Mural Hall. Mural Hall Level 6, Myer Melbourne Store Bourke Street Mall Melbourne VIC 3000 Myer Holdings Limited ABN 14 119 085 602 Front cover image: JAG Handbags – Melbourne City Store Right: MAC Cosmetics – Melbourne City Store Improve customer service Enhance our merchandise offer PA G E 0 8 PA G E 1 1 Strengthen our loyalty offer PA G E 1 3 Build a leading omni-channel offer Optimise our store network PA G E 1 6 PA G E 1 4 Contents 02 About Myer 04 Report by Chairman Joint and Chief Executive Officer 06 Operating and Financial Review 18 Sustainability 24 26 28 40 47 Board of Directors Management Team Corporate Governance Statement Directors’ Report Remuneration Report 66 Financial Report 112 Auditor’s Independence Declaration 113 Independent Auditor’s Report 115 Shareholder Information IBC Corporate Directory 02 MYER Annual Report 2013 66 brands which are owned or licensed and distributed exclusively by Myer...
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...Annual Report 2014 Our customers are at the core of our business Myer strives to be customers’ number one destination when it comes to fashion, cosmetics, and the home. Our strategy provides a clear direction for us to continually delight our customers when they engage with us, whether it is in a store or online. Contents Chairman and CEO Report Page 04 Directors’ Report Page 42 Operating and Financial Review Page 06 Remuneration Report Page 47 Sustainability Page 22 Financial Report Page 68 Board of Directors Page 26 Auditor’s Independence Declaration Page 114 Management Team Page 28 Independent Auditor’s Report Page 115 Corporate Governance Statement Page 30 Shareholder Information Page 117 Corporate Directory IBC Annual General Meeting The fifth Annual General Meeting of Myer Holdings Limited will be held on Friday 21 November 2014 at 11.00am (Melbourne time). Mural Hall Level 6, Myer Melbourne Store Bourke Street Mall, Melbourne VIC 3000 Myer Holdings Limited ABN 14 119 085 602 Front cover image: Myer Adelaide Left page top to bottom: Team member and customer; Homewares, Myer Adelaide; Childrenswear, Myer, Emporium Melbourne. CHAIRMAN AND CEO REPORT Paul McClintock AO and Bernie Brookes was able to maintain total sales of $3,143 million. On a comparable store sales basis, sales increased by 1.2 percent. It is encouraging that comparable store sales have now grown in eight of the last nine quarters, which points to our...
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...in different age groups. Myer is belong traditional department store group. In that, they merchandise quality range from average to quite good. Pricing is moderate to above average. Customer service ranges from medium levels of sales help, credit, delivery, and so forth to high levels of each. Therefore, their target market tends to middle-class shoppers. (Berman and Evans 2010, 138)Myer is one of Australian department store group which stayed at the top in customer satisfaction for department stores. According to the Roy Morgan Retail Satisfaction Report for September 2011, Myer remained top in customer satisfaction for Department stores with 89% of their customers either ‘very’ or ‘fairly satisfied’. (David Jones and Myer narrowly lead Department and Discount stores in satisfaction, 2011) At present, Myer have been issued different types of Myer cards as their customer loyalty programs. For example, Myer Visa Card is a part of customer loyalty program. The features are people can reward yourself with Myer Visa Card by spending on the things you need. People can earn Myer one Shopping Credits when they fill up their cars, buy groceries or pay bills. Shopping Credits can then be turned into Myer one Gift Cards for use at any Myer store. (Myer Visa Card Contract Documents and Credit Guide, 2011) Earn 3 Myer one shopping Credits for every dollar spent at Myer and up to 3 MYER one Shopping Credits with Myer one affiliates. And when people use your Myer Visa Card for their everyday...
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...Executive Summary David Jones is an iconic Australian retailer, opened in Sydney 1838. This report considers the 2013 Annual Report and the financial performance for 2012 and 2013. The company operates in the retail trade sector with operations focussing on Department Stores (representing approximately 65% of earnings) and the associated Financial Services (representing approximately 35% of earnings). The department store sector is slowly declining as consumers move a larger portion of their household spending into online sales. Additionally, the incumbent stores (David Jones and Myer particularly) are being challenged by the arrival of well financed international competitors to the Australian market. The company has taken some strong leaps to maintain market share including building an Omni Channel capability, improvement in inventory management, reduction of its already low debt and working with suppliers to harmonising pricing. The report considers the financial performance of the company through the evaluation of financial ratios for profitability, efficiency, productivity, solvency and market performance. Overall the company currently is a profitable business with low gearing, high (but declining) sales and productive workforce. The Return on Equity improved from 37.5% in 2012 to 37.8% in 2013, positively confirming that many of the changes implemented by management during this period have been successful. During this same period revenues declined from $1.867bn...
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...1. Introduction In this essay, we make forecasting introduction of the prospective analysis method and the market valuation model to discuss the firm value. For financial market and the firm value analysis, valuation is the estimate process to the business and stock values. Considering the normal financial statement and accounting strategies of the assignment firm, the valuation is necessary to support the shareholders and investors in their buy and sell decisions. 2. Prospective Analysis From the financial report of the firm, we could make a respective method to analysis the firm value to the shareholder and the investors. Based on the historical accounting data, we can forecast some main quotas of the firm value as following charts. The forecast of the major incomes and ratio could be described in the 2-1-1 forecast analysis chart. 2-1 Forecast Analysis We can adopt the residual income valuation model to easily reflect the stock price and prospective firm earning as the following equation: St=BSt+(NIt+1-(k*BSt))/(1+k)+ (NIt+2-(k*BSt+1))/(1+k)2+…. Whereas variable St is the book value of this firm in period time t, variable NIt+n is the firm net income value in the period time t+n, the cost of capital variable factor is k, and the residual in the time t refers to the difference of the comprehensive net income and the beginning book value, which could be described as RIt =NIt -(k*BSt-1). The detailed residual income model could be described in chart 2-2. 2-1-2 residual...
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...Introduction An analyst must have a clear understanding of the firm’s objectives to effectively measure its business performance and management. In most financial textbooks, the objective of a company is maximizing the value of the owner’s interest in the firm. For the investor-oriented firm (IOF), the firm’s value depends on earnings used to reward investors and to reinvest in productive assets that will generate future earnings. The interdependence of a firm’s value and its earnings has led to the theory of profit maximization (Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzy Byrne, Judy Oliver, 2012). The firm seeks optimum current and future earnings. This ensures that the long-run return for investors is maximized through increased returns and the firm’s appreciating stock value. To further illustrate the different functions between the cooperative and IOF, consider this example of a simplified income statement: Sales Less Cost of goods sold Less Operating expenses — — — — — — — — — —— — — — — — — — — Equals Gross Margin Equals Profits Another concern facing cooperatives is the treatment of equity. Under most circumstances, equity is risk capital and usually considered permanent in IOFs. On the other hand, Cobia and Brewer claim that much of cooperative equity is temporary because cooperatives have an implied obligation to redeem it. However, the equity is not temporary but dynamic. Boards generally try to maintain an equity base, but those who use the...
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...REPORT OF INVESTIGATION BY THE SPECIAL INVESTIGATIVE COMMITTEE OF THE BOARD OF DIRECTORS OF WORLDCOM, INC. Dennis R. Beresford Nicholas deB. Katzenbach C.B. Rogers, Jr. Counsel Wilmer, Cutler & Pickering Accounting Advisors PricewaterhouseCoopers LLP March 31, 2003 I. SUMMARY AND CONCLUSIONS ................................................................................. 1 A. The Nature of the Accounting Fraud....................................................................... 9 1. 2. B. C. D. E. Reduction of Reported Line Costs .............................................................. 9 Exaggeration of Reported Revenues ......................................................... 13 WorldCom’s Culture ............................................................................................. 18 Compromising Financial Arrangements ............................................................... 24 Why WorldCom’s Auditors Did Not Discover the Fraud..................................... 25 WorldCom’s Governance...................................................................................... 29 1. 2. 3. 4. Board’s Lack of Awareness of Accounting Fraud .................................... 29 Adequacy of Board’s Oversight of Company ........................................... 30 Stock Sales ................................................................................................ 33 Lease of Airplane to Chairman of Compensation Committee ......
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...which worked together to create a culture in which few persons took responsibility until it was too late . — Richard Thornburgh, former U.S. attorney general1 On July 21, 2002, WorldCom Group, a telecommunications company with more than $30 billion in revenues, $104 billion in assets, and 60,000 employees, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Between 1999 and 2002, WorldCom had overstated its pretax income by at least $7 billion; a deliberate miscalculation that was, at the time, the largest in history. The company subsequently wrote down about $82 billion (more than 75%) of its reported assets.2 WorldCom’s stock, once valued at $180 billion, became nearly worthless. Seventeen thousand employees lost their jobs; many left the company with worthless retirement accounts. The company’s bankruptcy also jeopardized service to WorldCom’s 20 million retail customers and on government contracts affecting 80 million Social Security beneficiaries, air traffic control for the Federal Aviation Association, network management for the Department of Defense and long-distance services for both houses of Congress and the General Accounting Office. Background WorldCom’s origins can be traced to the 1983 break-up of AT&T. Small, regional companies could now gain access to AT&T’s long-distance phone lines at deeply discounted rates.3 LDDS (an acronym for Long Distance Discount Services) began operations in 1984, offering services to local retail and commercial...
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...directors of retailer David Jones – Leigh Clapham and Steve Vamos. The two directors made the decision to purchase shares in the company during a delicate period for the company and while decisions were being made about it’s future. Discussion on the damage this decision caused to David Jones and the ensuing fallout, whereby the two directors and the chairman of the board were put in a position where they had no choice but to resign. This essay will address the role of a board within a company and the value-add component, as well as addressing the requirements for a company under the Corporations Act 2001. We will also examine the issue of insider trading and whether the actions of these board members could amount to a breach of the law, as well as speaking about ASIC and their investigation into the men. ASIC conducted a thorough, two month long investigation, only to find themselves no choice but to declare no further action could be taken. The area of risk management frameworks and whether the David Jones board members even followed their own stated frameworks, as set out in their constitution and printed yearly in their annual report were followed to the best of their ability. Finally, continual disclosure as a provision of the Corporations Act and the issue of David Jones’ board decision not to disclose the merger offer with Myer constitutes a breach of the act. David Jones’ board were clear in their explanation that the merger offer was incomplete and still...
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...worked together to create a culture in which few persons took responsibility until it was too late. — Richard Thornburgh, former U.S. attorney general1 On July 21, 2002, WorldCom Group, a telecommunications company with more than $30 billion in revenues, $104 billion in assets, and 60,000 employees, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Between 1999 and 2002, WorldCom had overstated its pretax income by at least $7 billion, a deliberate miscalculation that was, at the time, the largest in history. The company subsequently wrote down about $82 billion (more than 75%) of its reported assets.2 WorldCom’s stock, once valued at $180 billion, became nearly worthless. Seventeen thousand employees lost their jobs; many left the company with worthless retirement accounts. The company’s bankruptcy also jeopardized service to WorldCom’s 20 million retail customers and on government contracts affecting 80 million Social Security beneficiaries, air traffic control for the Federal Aviation Association, network management for the Department of Defense, and long-distance services for both houses of Congress and the General Accounting Office. Background WorldCom’s origins can be traced to the 1983 breakup of AT&T. Small, regional companies could now gain access to AT&T’s long-distance phone lines at deeply discounted rates.3 LDDS (an acronym for Long Distance Discount Services) began operations in 1984, offering services to local retail and...
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... and personality types. Through the use of assessment tools like the Common Core Measures of Academic Progress (Common Core MAP), The State of Texas Assessments of Academic Readiness (STAAR), The Student Interest Survey for Career Clusters, The Brigance Early Childhood Screens III, The Millon Adolescent Personality Inventory, and The Myers Briggs Type Indicator (MBTI) Personality Indicator. Interests 1. The Student Interest Survey for Career Clusters assesses scholars interest through the use of a survey where scholars are expected to circle up to seven activities in each of sixteen boxes that describe what they like to do. This is an extensive survey that asks the same three questions in each of the sixteen boxes, however the list of answer choices provided varies each time. This survey takes around fifteen minutes to complete via paper and pencil. This survey is available in both English and Spanish and can be viewed and printed online. The Student Interest Survey for Career Clusters can be administered individually and/or given to a group. The survey can be scored by the scholar or teacher, it does not have to be submitted to the company for scoring. After scoring, the results of the survey will tell the scholars which of the sixteen career clusters, such as Agriculture & Nature, Architecture & Construction, Education...
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...------------------------------------------------- bs:327 Financial STATEMENT Valuatioin & analysis Stage I: Industry and Media Analysis August 21, 2014 MONTY hICKS 20110738 August 21, 2014 MONTY hICKS 20110738 Introduction The Australia retail sector is under huge pressures from many different forces. In the recent Lander & Rogers Briefing, Myer CEO Bernie Brooks referred to the current environment as ‘the third big revolution of the past 100 years’ for retail. This analysis will look at recent opinions and commentary on the Australian retail sector, with a focus on the potential consequences for the economic future for Myer. These commentaries will assist in highlighting the forces that are in play within the sector and elucidate the position of Myer within the current industry. The analysis will finish with a brief discussion of the key issues that face Myers level of profitability going into the future Media Analysis Australian Retailers Get Serious About Online Shopping The Sydney Morning Herald, March 22 2014 This article colossally brings to light the biggest single force that faces retail in today’s technology driven environment. It starts by bringing the reality of the effects of online shopping on retail in a very revealing manner. It tells the story of a member of the audience looking over a model ridden catwalk at the Melbourne Fashion Show, while witnessing the latest fashions being introduced into the market. The normal sequence of events for...
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...Omni-channel shopping coming to SA. http://www.bizcommunity.com/Article/196/182/93333.html Viewed at: 11th Oct 2015 Kamel, J.P. & Kay, M. 2011. Opening the door to Omni-channel retailing. Apparel Magazine, 53(2): 1-4. Viewed at: 11th Oct 2015 Kwon, D. 2013, “The MAGIC of Macy’s Customers Satisfaction” http://www.polarismr.com/POV/bid/99952/The-MAGIC-of-Macy-s-Customer-Satisfaction Viewed at: 9th Oct 2015 Muran, S. 2013, "Shifting Your Brand to an Omni channel Perspective", Chief Marketer, http://search.proquest.com.ezproxy.utas.edu.au/docview/1287040546/954340A8AB144272PQ/2?accountid=14245 Viewed at: 11th Oct 2015 Myer Group Finance Ltd - Annual Report, 2013 2013, Acquisdata Pty Ltd, Kuching. Viewed at: 7th Oct 2015 Myer Group Finance Ltd - Annual Report, 2011 2011, Acquisdata Pty Ltd, Kuching. Viewed at: 7th Oct 2015 Myer Holdings Limited: Retailing - Company Profile, SWOT & Financial Report2014, Progressive Digital Media, Basingstoke. Viewed at: 7th Oct 2015 Singh, J. 2014, "A REVIEW OF IMPACT OF INFORMATION TECHNOLOGY IN RETAIL SECTOR", International Journal of Management Research and Reviews, vol. 4, no. 11, pp. 1047-1055. Viewed at: 11th Oct 2015 Tierney, J. 2013, “Macy’s confident in my macy magic selling customer engagement strategies”...
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...Company Overview Company Overview Bristol Myers Squibb (BMS) is a world-wide Bio-Pharmaceutical company which focuses on “discovering, developing, and delivering innovative medicines that helps patients prevail over serious diseases” (BMS 1). In 1887, John Ripley Myers and William McLaren Bristol bought a near-bankrupt pharmaceuticals company centered in Clinton, New Jersey. Today, the company as a whole focuses primarily on developing medicines to fight cancer, hepatitis, HIV/AIDS, and diabetes, but the beginnings years of the company had an extremely different outlook. It took nearly fifteen years before the company started turning a profit, but ever since the turn of the century in 1900, BMS has been able to stay in the black. The company’s first two successful products was the first toothpaste to include a disinfectant called Ipana, and a laxative mineral salt called Sal Hepatica. By 1924, the company had gone international and profited a million dollars for the first time. Bristol Myers Squibb was also able to issue stock for the first time in 1929, as it was traded on the New York Stock Exchange. Throughout the 1960’s and 1970’s, the company was able to expand into the baby formula and antibiotics market, as well as creating the first electronic toothbrush. In 2001, the company was voted the “Most Admired Pharmaceutical Company” by Fortune Magazine, and today the company has continued its progression into the fields of oncology and antibiotics. Bristol Myers Squibb...
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