...| Pan-Europa Foods Corporate Strategy Analysis Prathibha Vemulapalli Cleary University 1. Pan-Europa should not cut the dividends as it might signal a lack of faith in future to its investors and shareholders. Selling new stocks at the current low price to raise the capital is also a bad idea that can potentially put the shareholders in dilemma. They must improve the performance to make the investors come forward to invest in the business. They should concentrate in decreasing the capital spending and increasing the stock price and should decrease their debt by avoiding over spending. They should not increase their assets by debt financing as their debt –to-equity ratio is extremely high after the price war thus making them highly leveraged. Fabienne Morin and Nigel Humbolt should be leading these strategic improvement projects since they encouraged growth and increased market share. 2. While we have three different ways to calculate NPV from the exhibit, NPV at the minimum accepted Rate of Return includes a risk premium so it stays constant even with varying project durations. WACC on the other hand has difficulties in maintaining the capital structure therefore Equivalent Annuity should be used in this case. The order of the projects would be 1. Strategic Acquisition 2. Eastward Expansion 3. Snack Foods 4. Southward Expansion 5. Inventory Control System 6. Artificial Sweeteners 7. New Plant 8. Expanded Plant 9. Automation and Conveyor System 10...
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...Pan-Europa Foods Case Analysis Executive Summary Pan Europa foods is a European producer of yogurt, ice cream, bottled water, and fruit juice. With stagnant gross sales and decreasing stock value, the company needs to increase its net income and increase confidence in its shareholders to avoid a takeover. With this in mind, the company decides to allocate $80 million Euros out of its $656 million asset base to capital spending in investment projects. There are currently 11 proposals on the table totaling $208 million from which the Senior Management Committee must choose from. Currently the company has two financial measures to determine if projects are economically sufficient for the firm, minimum acceptable IRR and maximum acceptable payback years. Considering these and other non-quantitative tools, the management committee will decide between these 11 projects proposed by various upper level managers within the firm. 1.) Strategically, in order for Pan Europa foods to not become victim of a hostile takeover, it must take steps to increase their stock price. In order to do so, they have to focus on becoming more profitable, which would mean increasing their sales and gaining more market share. Critically Important Categories in Exhibit 2: * Net Income * Earnings per Share * Market Value of Shareholder’s Equity After winning the price war, Pan Europa foods made serious gains in their market share. After doing so, it should now be time...
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... 2 2. Issue Identification 3 3. Environmental and Root Case Analysis 4 4. Alternatives and Options 6 5. Recommendations 10 6. Implementation 11 7. Monitor and Control 14 8. Appendix 17 1. Executive Summary This report provides an analysis on the company Pan Europa Foods and gives insight into the strategies and projects that the company should complete to get out of the current situation it faces. Pan Europa Foods is facing financial trouble because a long use of debt financing, product issues when faced with outdated production lines and factories as well as failed new products. Their business environment isn’t helping either with sales becoming saturated and population growth slowing down. When looking at alternatives Pan Europa Foods uses two financial tests IRR and payback period to decide on projects. The company is also unsure about high risk projects and usually turns them down. When looking at the...
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...Question 1: Pan-Europa must strengthen the right hand side of the balance sheet now that the price war is over. Summary of the financial figures in Table Exhibit 2 show that the gross sales are almost stagnant over the 3-year period, earnings per share have steadily declined during the same time period, and the market value of shareholder’s equity is at the moment lower than its actual book value. Furthermore, the net income is also down over this 3-year period, and this is where Pan-Europa needs to focus its efforts (capital projects should assist in this effort). Earnings per share, dividends, and shareholders’ equity all fuelled by increase in net income will become critically important to the company and its shareholders in this coming year. Increase in net income would in turn strengthen the shareholders’ equity, earnings per share and dividends, and this would discourage buying shares by those considering a hostile takeover. Trudi Lauf as a proponent of reducing leverage on the balance sheet and understanding the shareholders anxiety should lead the way of Pan-Europa. ___________________________________________________________________________ Question 2: There are three NPV – NPV at Corp WACC (10,5%), NPV at minimum ROR and equivalent annuity. Ranking all projects against each of this category provides slightly different results. However, I used NPV at Corp WACC (10,5%) as this includes the most recent estimated weighted-average cost of capital for Pan-Europa. The results...
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...Strategically, what must Pan-Europa do to keep from becoming the victim of a hostile takeover? What rows/categories in Exhibit 2 will become critically important in 1993? What should Pan-Europa do now that they have won the price war? Who should lead the way for Pan-Europa? Pan-Europa’s ball and chain is its debt. With a debt-to-equity ratio of 125%, the company is leveraged more than its competitors. Pan-Europa’s bankers have become unwilling to provide additional credit, which is unfavorable if conditions call for the purchase of a large block of common stock to prevent a hostile takeover. As a preventative measure, Pan-Europa must bolster shareholder confidence by continuing to pay the dividend and driving up earnings, which should drive stock price up. Showing annual revenue growth through wise capital investment is crucial in 1993. Exhibit 2 below shows the company’s flat trend in gross sales, declining net income and earnings per share. Clearly these are signs of an overleveraged organization. Investment firms are already recommending selling Pan-Europa stock, driving the market price down. Fiscal Year Ending December 31 | | 1990 | 1991 | 1992 | Gross sales | 1,076 | 1,072 | 1,074 | Net income | 51 | 49 | 37 | Earnings per share | 0.75 | 0.72 | 0.54 | Dividends | 20 | 20 | 20 | Total assets | 477 | 580 | 656 | Shareholders' equity (book value) | 182 | 206 | 235 | Shareholders' equity (market value) | 453 | 400 | 229 | To remedy this situation, Pan-Europa must leverage...
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...IS 7060: PROJECT MANAGEMENT Assignment 2 Pan-Europa Case Bharath Sivaraman Noel Anson Rohit Sivadas Sriram Ravisankar Considering the market foothold of PanEuropa Foods, a multinational producer of high-quality ice cream, yogurt, bottled water, and fruit juices, compelling projects had to be chosen from a range of project proposals to help the firm reach its capital budget for the new year. The budget available for investing was limited to ECU80 million but the 11 major projects up for consideration totaled over (European Currency Unit) ECU208 million. Out of the 11 proposals, we decided to go consider only 10, excluding the Effluent Treatment Program, an environmentally oriented project with no returns and addition to the existing plant. But, if the budget permits, after considering the other projects, we could include it later after weighing its merits. Firstly, we identified some projects, which strategically seem like a good fit for the company’s goals: a. Market expansion towards eastward Sales b. Strategic acquisition Strategic Planning c. Inventory control Distribution d. Snack foods Marketing e. Artificial sweetener Marketing f. Automation and conveyor system Production The idea behind the selection of these projects was the diversity of the fields they cover. For example, even if the distribution does not produce the desired results, the sales and marketing might still improve and compensate. Market expansion towards eastward- The eastern market has a great appetite...
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...A PROJECT REPORT ONSUBMITTED BY: Name: Taniya Jain Enroll No.: 12BSPHH011119 Course: Marketing Manegement Seat No.: 76 Sec: F Acknowledgements “Thanks giving seem to be the most Pleasant of all jobs, but it is difficult when one tries to put into words.” I owe a great many thanks to a great many people who helped and supported me during my research for the project. My deep sense of gratitude, to Prof. K.C. Prakash for his continued support and guidance. He has always lent a helping hand and been there when needed. I also appreciate and would like to thank the helpful people at IBS Hyderabad who helped me knowingly and unknowingly in one way or the other. At the end I would also like to thank ICFAI BUSINESS SCHOOL and my friends without whom this Project would have been a distant reality. INDEX S.NO. | TOPIC | PAGE NO. | 1 | Introduction | 4 | 2 | Major Competitors | 5 | 3 | Market Share | 6 | 44.14.24.3 | Comparative Study ON SCALE OF 7 P’sPVRBig CinemasINOX | 71113 | 55.15.25.3 | Competitive AdvantagePVRBig CinemasINOX | 141515 | 6 | Recommendations | 15 | 1. INTORODUCTION Priya Exhibitors Pvt. Ltd is a part of the diversified Bijli Group, which has interests in transport, finance and construction sectors all over India. After a downturn in the industry in late 80s when the onslaught of video wars as at its peak cinema rejuvenated with the latest international trends in cinema exhibition reached India’s shores swiftly with the arrival...
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...Lahore University of Management Sciences DISC-331 – Project Management Fall 2013 Instructor Room No. Office Hours Email Telephone Secretary/TA TA Office Hours Course URL (if any) Zehra Waheed 214 SDSB Building By appointment zehra.waheed@lums.edu.pk 8426 Course Basics Credit Hours Lecture(s) Recitation/Lab (per week) Tutorial (per week) Course Distribution Core Elective Open for Student Category Close for Student Category 3 Nbr of Lec(s) Per Week Nbr of Lec(s) Per Week Nbr of Lec(s) Per Week 2 3 lab sessions as per schedule N/A Duration Duration Duration 75 minutes N/A N/A Yes Sophomores, juniors, seniors None COURSE DESCRIPTION Project management is increasingly used both in public sector and the private sector organizations worldwide. They are undertaken in a variety of industries, some of which, for example, software development and construction, relying almost entirely on projects. Examples of projects include the installation of new IT systems, introducing new internal processes or procedures, managing organizational wider change or innovation, orchestrating office moves, opening new branches, disaster management, launching a new product or service, launching of an advertising campaign, or bidding for a major customer contract. Consultancy sometimes also takes the project form. Given the nature of the corporate world these days, students undertaking this course can be expected to be involved in projects during some part of their careers. The course...
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...INTRODUCTION The EU is one of the most unusual and widest-ranging political actors in the international system and has gradually expanded to encompass foreign policy initiatives towards nearly every corner of the globe, using a full range of foreign policy tools: diplomatic, economic, and now limited military operations related to peacekeeping and peace enforcement. Foreign policy of the European Union has a history of about two decades during which the EU has managed to overcome the characterization of “political dwarf” and became one of the key centers of global politics. In this dynamic world where everything is changing so fast, the development of foreign policy of the European Union acquires excessive actuality. While talking about the EU, it is necessary to mention the fact that in the relations between different countries the it always tends to be in the dominant position and is trying to be one of the global political actors. That is why this topic is very actual. I am focusing on my paper from the analytical point of view. My research paper consists of three parts. The first part is dedicated to the formation of the EU. I’ll speak about the enlargement processes, especially the fifth enlargement identifying its positive and negative aspects. In the second part the main stress is placed on the development of the EU. Here is going to be examined the candidate countries, Turkey’s integration perspectives. The third part...
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...Omgevingsanalyse digitale (online) distributiemodellen in de filmindustrie (in opdracht van BAM) Sophie De Vinck (FWO, IBBT-SMIT) 1 juli 2009 1 1 1 2 3 4 Inhoud Inhoud ................................................................................................................................ 2 Lijst van Afbeeldingen ........................................................................................................... 4 Inleiding .............................................................................................................................. 5 Kansen en uitdagingen voor de (Europese) filmdistributie ten gevolge van digitalisering: een 4.1 4.2 Impact van digitalisering op de filmsector: van waardeketen tot waardenetwerk ...................... 7 Online on demand distributie van film: cruciale issues .......................................................... 9 De long tail revisited ................................................................................................ 10 Rechten beschermen versus piraterij .......................................................................... 12 De chronologie van de verschillende media ................................................................. 13 Specifieke struikelblokken voor het online aanbieden van Europese films......................... 14 De problematiek van de multi-territoriale licenties .................................................. 15 Culturele diversiteit...
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...CLASS 1.1 Important concepts Entities – tax versus legal • Tax entities o People, partnerships, joint venture, companies … are considered to be entities for the purposes of calculating income tax. • Legal entities o Companies, which have separate legal personalities, are legal entities. Income flows • Income should be considered as a cash flow stream, where timing is important. • The question is, when the income recognised as earned or deducted (because tax delayed is tax denied)? CLASS 1.2 Patterns of taxation Income tax • Income tax is a progressive system. • Income tax is mainly a rich person’s tax once franking credits are taken into account to produce an “effective tax rate”. • Wealthy people pay less tax overall by reducing their tax burden through using the lower rate paid on capital gains and other tax minimisation schemes. • Total tax as a percentage of GDP is lower in Australia compared to many other countries across the world. However, these results must be considered in light of the high level of income (where it may not be as much of a burden to pay high taxes where there is high income) and quality of public goods provided in counties such as Sweden (which has the highest total tax rate as a percentage of GDP). Justifications for taxation Why do we need taxes? • Public goods argument: the government can provide some benefits to society better than anyone else. Examples include defence, and law and order. • Market failure...
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...For other meanings, see Perseus (disambiguation). Perseus | | Abode | Argos | Symbol | Medusa's head | Consort | Andromeda | Parents | Zeus and Danae | Children | Perses, Heleus | Mount | Pegasus | Topics in Greek mythology | Gods * Primordial gods and Titans * Zeus and the Olympians * Pan and the nymphs * Apollo and Dionysus * Sea-gods and Earth-gods | Heroes * Heracles and his Labors * Achilles and the Trojan War * Odysseus and the Odyssey * Jason and the Argonauts * Perseus and Medusa/Gorgon * Pirithous and the Centauromachy * Oedipus and Thebes * Orpheus and the Orphic Mysteries * Theseus and the Minotaur * Triptolemus and the Eleusinian Mysteries | Related * Satyrs, centaurs and dragons * Religion in Ancient Greece | Greek mythology portal | Perseus (Greek: Περσεύς), the legendary founder of Mycenae and of the Perseid dynastyof Danaans there, was the first of the heroes of Greek mythology whose exploits in defeating various archaic monsters provided the founding myths of the Twelve Olympians. Perseus was the Greek hero who killed the Gorgon Medusa, and claimed Andromeda, having rescued her from a sea monster sent by Poseidon in retribution for QueenCassiopeia declaring that her daughter, Andromeda, was more beautiful than the Nereids. Contents [hide] * 1 Etymology * 2 Origin at Argos * 3 Overcoming the Gorgon * 4 Marriage to Andromeda * 5 The oracle fulfilled * 6 King of Mycenae * 7 Descendants...
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...La rebelión de las masas José Ortega y Gasset PRÓLOGO PARA FRANCESES Este libro -suponiendo que sea un libro- data... Comenzó a publicarse en un diario madrileño en 1926, y el asunto de que trata es demasiado humano para que no le afecte demasiado el tiempo. Hay, sobre todo, épocas en que la realidad humana, siempre móvil, se acelera, se embala en velocidades vertiginosas. Nuestra época es de esta clase porque es de descensos y caídas. De aquí que los hechos hayan dejado atrás el libro. Mucho de lo que en él se anuncia fue pronto un presente y es ya un pasado. Además, como este libro ha circulado mucho durante estos años fuera de Francia, no pocas de sus fórmulas han llegado ya al lector francés por vías anónimas y son puro lugar común. Hubiera sido, pues, excelente ocasión para practicar la obra de caridad más propia de nuestro tiempo: no publicar libros superfluos. Yo he hecho todo lo posible en este sentido -va para cinco años que la casa Stock me propuso su versión-; pero se me ha hecho ver que el organismo de ideas enunciadas en estas páginas no consta al lector francés y que, acertado o erróneo, fuera útil someterlo a su meditación y a su crítica. No estoy muy convencido de ello, pero no es cosa de formalizarse. Me importa, sin embargo, que no entre en su lectura con ilusiones injustificadas. Conste, pues, que se trata simplemente de una serie de artículos publicados en un diario madrileño de gran circulación. Como casi todo lo que he escrito, fueron escritas estas...
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...Universitatea din Bucureşti Facultatea de Jurnalism şi Ştiinţele Comunicării Învăţământ la Distanţă Probleme ale comunicării interculturale Conf. univ. dr. Viorica Păuş Probleme ale comunicării interculturale Tutorat 1 Concepte fundamentale Civilizaţie: ansamblu de caractere proprii vieţii intelectuale, artistice, morale şi materiale ale unei ţări sau unei societăţi. (Dicţionar enciclopedic “ Petit Larousse”) Cultură: ansamblul structurilor sociale, religioase,etc…, ale manifestărilor intelectuale, artistice, etc…, ce caracterizează o societate. ( Dicţionarul enciclopedic “Petit Larousse”) La sfârşitul sec. XI: pământ cultivat= agricultură; spre mijlocul sec. XVI, în sens figurat= cultura spiritului (Renaştere); sec. XVIII: simbol al filosofiei Luminilor (Hobbes: acţiunea de a cultiva spiritul); sec. XIX: cultură= civilizaţie (germ. Kultur), termen ce va fi prefeerat de francezi. (după Dicţionar de sociologie Larousse) Valorile şi sistemele comportamentale ce permit unor grupuri de persoane de a da un sens lumii care îi înconjoară.Câteva aspecte ale culturii: • Ce poate fi definit drept “bun” sau “rău”? • Cum se structurează familia? • Care sunt relaţiile dintre bărbaţi şi femei? • Cum este perceput timpul? • Care sunt tradiţiile importante? • Care sunt limbile vorbite? • Care sunt regulile de alimentaţie şi băutură? • Cum sunt difuzate informaţiile...
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...Index: |Sr. No. |Topics |Page No.s | | |CRM and CRM in Service Industry |02 | |McDonald’s: | | |Introduction |03 | | |Mcdonald’s in India |04 | | |Values and Principles |05 | | |History |06 | | |Products |09 | | |Background – The McDonald’s Story |11 | | |Organizational structures ...
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