...ARYZTA AG Strategic Investment in Picard 31 March 2015 Forward Looking Statement This document contains forward looking statements which reflect management’s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments. 2 © ARYZTA, March 2015 Investment Transaction – ARYZTA in exclusive negotiations to invest in Picard (www.picard.fr), acquiring a 49% stake from Lion Capital, subject to regulatory approvals – Picard to consult with its works council in connection with the investment – Picard Financials: > March Financial Year-end > Revenue of €1.37bn > EBITDA of €192m (March 2015 run-rate) – Transaction Summary: > Enterprise Value of €2,250m > Net Debt of €1,341m1 (Gross Debt of €1,420m, Net Debt to EBITDA of 7.0x, Weighted average cost of interest 6.3%) > Equity of €909m – Base consideration of €446.6m – Largely funded through the disposal of non-core assets, primarily net proceeds from the Origin placement of c. €400m (net of fees and taxes) – Call option to acquire the remaining 51% in FY 2019 - FY 2021 – Picard debt non-recourse to ARYZTA – Net Underlying EPS benefit in...
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...Company Perspectives: Picard is unique on the French frozen food market because it is both a distribution label and a brand name. The strength of this innovativ e concept enables us to offer our customers the double guarantee of a well-known brand and our own distribution network that now comprises more than 600 points of sale and 23 home delivery bases. For 30 year s Picard has selected and created the best products and perfected the best recipes in order to enable our customers to enjoy the pleasure of eating well every day. History of Picard Surgeles Ads by Google VMware® Virtual Servers Get the Reliability of VMware® with a Cost-Effective Package for SMBs. www.VMware.com/vSphere Business Opportunity Connect with suppliers & exporters from China & Asia. Free Service. www.hktdc.com Invest in Land in Brazil Double your investment in a short period, with a low risk investment www.landcorpnews.com FundCount Software Private Equity Accounting Software for Professionals www.fundcount.com Picard Surgeles is France's leading frozen foods specialist. The Font ainebleau-based company operates as both a manufacturer and a distrib utor, with a network of more than 500 retail stores throughout most o f France. The company also operates an e-commerce capable web site an d offers home delivery services. Picard's revenues of more than EUR 7 85 million ($890 million) gives it a market share of more than 12 percent of the total French frozen food market, as...
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...that Maddox holds the view of dualism, while Picard holds a more materialistic view on the mind/body problem. Maddox goes back to the point that Data is not actually a human, thus does not have rights. It does not have an additional element besides that which is physical in its makeup, which makes it nothing more than property. Even though Data looks and acts like a human, Maddox holds that it still is not human, but rather property. Maddox offers this definition of a sentient being: “Intelligence, self-awareness and consciousness.” These elements require something outside of what is purely physical – indicating that he holds a dualism view. He contends that Data does not meet all three of these criteria, so it cannot be said to have rights. Unless there is something that operates outside of the realm of the physical – the mind – then Data does not have rights like a human has, because a human has that nonphysical property. I think that Picard holds a materialism view because he knows that Data is technically property, but still contends that he has rights. He compares Data to humans, saying that “We too are machines, just machines of a different type.” Even though Data was created differently than we are, he can still think, reason, is self-aware, etc, giving him just as many rights as any other person. The way his intelligence system operates is what makes him capable of the same type of reasoning we are capable of. Because Picard supports Data’s rights, even though Data could...
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...Bernie Madoff: The Makings of a Ponzi Scheme Brent Casebolt Keller Graduate School of Management Abstract This paper explores seven published articles that report on the story of Bernard Madoff. These articles were the results of research conducted on the internet and include well known publications and authors throughout the United States. Some articles paint a picture of the timeline that brought Bernie Madoff to his ultimate demise. From humble beginnings to Federal prisoner in North Carolina, the story is full of interesting facts and unbelievable occurrences. Other articles bring to life the sad story of other players involved in the Ponzi scheme. While others lay out in great detail the failings of our own government to put Bernie Madoff away much sooner than he was. Finally, this paper will explore the role of digital evidence in this Ponzi scheme and the simplicity of computer hardware and software involved. Bernie Madoff: The Makings of a Ponzi Scheme Bernie Madoff has been one of the most interesting and controversial figures in all of American financial industry history. In this paper, I will take you on a journey from his early childhood to his current status as a Federal prisoner in North Carolina. I will discuss all of the major players involved in the Ponzi scheme, the SEC’s failure to catch him on numerous occasions, and the digital evidence that he did or did not leave behind during his life of crime. After examining all of the above, I...
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...24/2/2014 Picard International Expansion CONTENTS PAGE 1. EXECUTIVE SUMMARY 2 2. INTRODUCTION 2 2.1 Picard overview 4 2.2 Picard´s corporate strategy 5 2.3 SWOT analysis 6 3. PEST ANALYSIS 6 4. PORTER´S FIVE FORCES Analysis of entering the UK Market 7 5. CONCLUSION 11 6. BIBLIOGRAPHY 12 7. APPENDICES 13 1. EXECUTIVE SUMMARY The aim of this report is to analyse Picard´s market performance as well as challenges in its operating market using the PEST analysis tool, in order to identify if the company has prospects of entering and succeeding in the UK based on Porter´s five forces model. Picard is a French frozen food retailer focusing exclusively on its own brand product lines. The company has grown to be France´s leading frozen food specialist capturing 20% market share with a network of over 800 stores, and it is also the largest specialised network of frozen food in Italy. Picard also offers a leading home delivery service from internet and telephone orders, including in other countries such as Spain, Luxemburg and Belgium. The retailer´s overall strategy is characterised as a premium proposition with a vision of convenience, quality and innovation, firmly positioning itself on the high end of the market. Picard currently aims to continue opening approximately 50 new stores per year given its successful and consistent performance, allowing the company to potentially expand further overseas. Using the PEST analysis tool it was identified that Picard´s major challenges in...
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...EXECUTIVE SUMMARY 2 2. INTRODUCTION 2 2.1 Picard overview 4 2.2 Picard´s corporate strategy 5 2.3 SWOT analysis 6 3. PEST ANALYSIS 6 4. PORTER´S FIVE FORCES Analysis of entering the UK Market 7 5. CONCLUSION 11 6. BIBLIOGRAPHY 12 7. APPENDICES 13 1. EXECUTIVE SUMMARY The aim of this report is to analyse Picard´s market performance as well as challenges in its operating market using the PEST analysis tool, in order to identify if the company has prospects of entering and succeeding in the UK based on Porter´s five forces model. Picard is a French frozen food retailer focusing exclusively on its own brand product lines. The company has grown to be France´s leading frozen food specialist capturing 20% market share with a network of over 800 stores, and it is also the largest specialised network of frozen food in Italy. Picard also offers a leading home delivery service from internet and telephone orders, including in other countries such as Spain, Luxemburg and Belgium. The retailer´s overall strategy is characterised as a premium proposition with a vision of convenience, quality and innovation, firmly positioning itself on the high end of the market. Picard currently aims to continue opening approximately 50 new stores per year given its successful and consistent performance, allowing the company to potentially expand further overseas. Using the PEST analysis tool it was identified that Picard´s major challenges in its operating market...
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...B. PESTEL analysis The political factor: There is a new government policy called “manger-bouger” which aims at prompting the youth to have a healthier way of life doing sports and having a balanced diet. The economical factor: The economic crisis has affected almost every industry in the world. Consumers find themselves with less money in their pocket. But the frozen food market is based on quite low and affordable products for all consumers so the risk that consumers find cheaper alternatives to eat is not that high. The levels in the industry sales should keep steady. Nevertheless, the aspects of the economy that is most affecting the frozen food industry is the huge price increase of raw material since 2010. Distributors will have to reflect on their price this rise in order to keep their margin. The social factor: The “traditional” family scheme with the wife cooking for her husband and kids is disappearing because women are most of the time working as well. Women have therefore less time to cook but more and more men are cooking for the whole family. But more generally, people don’t spend so much time on preparing the food anymore. Yet, French hedonism on food is still a custom. Indeed, French consumers are very demanding for quality and diversity even if they do not have time to cook. Besides, because of a lower budget and of a need to eat fast working people tend to eat at the office where kitchen are provided. Technological factor: There is...
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...could formulate relationships and make free choices. In this episode, Commander Bruce Maddox, a member of the scientific research division of Starfleet, arrives on board the Enterprise with orders for Data to be transferred to him for the purpose of being disassembled with the goal of learning more about “it” (Maddox refers to Data as “it”, not “him”, throughout the entire episode). His ultimate goal is to create an army of androids like Data which can serve the needs of Starfleet in space exploration. When Data learns that Maddox may not be able to reassemble him, he refuses to submit to the orders and is supported by Captain Picard, captain of the Enterprise and Data’s commanding officer. Picard argues that, as an officer on the Enterprise, Data has rights—among them the right to refuse to undergo an experimental procedure such as this. However, Picard is unsuccessful in getting the transfer orders rescinded and so Data resigns from Starfleet. Maddox takes legal action with the local JAG (Judge Advocate General) officer challenging Data’s resignation and arguing that Data is not a person with a right to resign, but, being a machine, “it” is the...
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...Androids and the Mind/Body Problem In a Star Trek, episode of The Next Generation, Captain Picard of the enterprise is left with the job of defending an android by the name of Data, whom believes he has the right to say no to a direct order for him to be disassembly by the Commander Bruce Maddox. Although Data is an Androids which basically is a machine, Picard defends him using the dualism theory. Picard shows that Data has two aspects, he is a machine but like humans Data processes a body and mind, which are not identical even though his mind is program he is able to make decisions on his own. I think Data is a perfect example of the dualism theory; he has the elements which are mention above, so many philosophers have debated whether there is such a thing as a soul with Data Picard did not need to establish that. Data is the perfect display of the Mind/Body problem, the issue between mind and matter, whether he is a person or property. Picard saw an entity that had a body and mind, an entity with the dualism theory; having both a body and mind wouldn’t that make you a person? I would think a body and a mind that can function on its own would be considered a person. Commander Bruce Maddox saw Data as machine, he saw him for what he was built to be, and to do serve mankind. To the Commander Data was an object. I see the Mind /Body problem Commander Bruce Maddox was having; in fact some of those problems would have worked in his...
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...however Mr Picard's practical decision to take a technical staff member to their meeting may have been inappropriate given Mr Durand's premier position within the company. - The way in which Mrs Dubois accepted Mr Durand's compliment of her French language skills may have been perceived as immodest. In French society, compliments are generally downplayed by the recipient as a sign of humility. Also, to a native French speaker, her exposure to the language over five years could be considered as nominal. - Mr Picard's surprise at their two hour long lunch suggests that he was very much uninformed of French custom and thus unprepared with appropriate topics of conversation to reflect his appreciation of the French culture. - Mr Picard shed his business jacket when they...
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...The Elizabethan Era was a time in history from 1558 to 1603. During this time period the throne was held by Queen Elizabeth I (“Elizabethan Era”). The Elizabethan Era was also a time where crime was scarce, punishment was harsh, and the well respected people who committed these crimes became even more famous. One very common crime was cutting somebody's purse (“Crime”). A thief would slice open the bottom of the bag so the coins would fall out without being easily detected (Picard). Stealing was so popular due to the amount of people who were poor and could not find well paying jobs (Picard). Begging people for money, if one was poor, was considered a crime. Even though it was a small offense, one would still be punished ("Crime"). Adultery was also considered a smaller crime during the Elizabethan Era (Picard). Adultery was taken more seriously if a woman was the one to cheat on her husband ("Crime"). Other minor crimes included fornification and incest (Picard). Sadly, murder was a common crime among the poor during the Elizabethan Era because it was easy to conceal and hide. The reason was there were no laws protecting the poor and the lack of law enforcement in some places ("Crime")....
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...The view presented by Picard is Materialism. Picard acknowledges Data as a machine, but then compares human beings as being machines. He argues Data as being created by a human, as so are we, “Children are created from their parents DNA.” Picard argues that the mind and body of Data are the same. Hasker raises the issue of consciousness existing only in biological systems or whether it is constructed through an assembly of microchips and integrated circuits. (Hasker,70). Picard emphasizes on Data’s use of the word “my” putting the focus on his rights, choices, and freedoms. The argument is Data has a brain and a body that both works together to form human emotions and ideas. Picard is able to remove the idea that a mind even exists, and an argument is made because the mind cannot be seen. Maddow argument is that of Dualism. Although Maddox acknowledges that Data can mimic human emotions and actions, he argues that he was made by man’s specifications. Maddox explains that human beings have mental properties; thinks, perceives, and imagines but Data’s actions are mapped out and predictable. Maddox purpose of disassembling Data’ shows his personal views of Data as being a physical object only. According to Hasker, dualism gives a clear straightforward explanation of the existence of the two types of properties: physical (of the body), and mental (of the mind). The three criteria listed by Maddox for being sentient are adequate, but difficult to explain. Other characteristics...
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...unintentional continuously. (Hasker, 1983) Hasker discusses several mind/body solutions such as idealism, materialism, behaviorism, dualism, and emergentism. Data is an android that was assembled to resemble a human being. In this episode Commander Maddox has orders for Data to transfer to his unit for disassemble with a goal to learn more about him or as Maddox referred to him as “it”, so an arm of androids can serve the Starfleet. Data refuses and has his Captain Picard supporting him. Maddox’s stand is Data has no rights and his characteristics were developed by man to resemble humans so we can direct him. Hasker talks about Behaviorism which states mental properties are special categories of physical properties. (Hasker, 1983) The mind/body solution could be used due to Maddox’ thinking that Data is a physical representation of a dream, conceived in the mind of man. Man collected neural nets and heuristic algorithms to develop the software to complete the android and that man controls it, thus behavior. Captain Picard is Data’s commanding officer and supports his refusal because he feels he has rights. The Mind/Body solution presented is idealism. Idealism states that physical properties are really properties of ideas, thoughts or sense...
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...1. I feel the view that Commander Picard took on the disputes over the mind/body problem was emergentism. Commander Picard is fully aware that Data is simply just a machine, but he is also fully aware that Data is capable of having desires, interests, and inclinations. Data has proved these capabilities to Commander Picard over and over again by formulating relationships and making free choices. While proving these capabilities to Commander Picard it shows that Data has both mental and physical properties. When having mental properties it permits Data to have human capabilities like feeling, wanting, and needing. When having physical properties it permits Data to have human capabilities like color, size, and shape without actually being human. Data is a machine, but like a human, he is aware of his existence and actions. I feel the view that Commander Maddox took on the dispute over the mind/body problem was materialism. Commander Maddox is also well aware that Data is simply just a machine, but that is all he feels Data is. Data is an idea conceived of by the mind of man. Software written by man. Hardware built by man. Data is a physical organism functioning according to natural laws. Data lacks the crucial aspects of human existence-morality, rationality, aesthetic experience. and religion. Maddox feels that just because Data looks like a human does not give him any human characteristics. Data was made by man and will be the property of man. 2. I feel that the three...
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...From your reading of Hasker, and using the categories he uses, what view of the mind/body problem do you think is exhibited by Picard? By Maddox? Support your answer. Upon completion of the readings, and having watched the episode “The Measure of a Man” from Star Trek: New Generations I have come to the conclusion that Picard has a very materialistic view of the mind/body problem stating that “Man is a wholly material being” (Hasker, 69). Meanwhile Maddox holds a very dualistic view of the problem, in which he believes “physical properties…are properties of the body, while mental properties are properties of the mind” (Hasker, 65). Picard sees Data, his android officer, as being able to make the same kinds of decision and having the same kinds of feelings any other human being is able to have. This leads me to believe that Picard’s view is that the mind is not separate from the body, thus he has a very materialistic view of the mind/body problem. While Maddox on the other hand believes a very different way. This of course causes much tension between the two. Maddox apparently believes that there is a mind and a body completely separate, and for a Being to be human and sentient it must be able to be intelligent, self-aware, and conscious. He believes that Data does indeed have a brain, but cannot possibly have a mind, since the mind is separate from the brain. Maddox’s main claim is that Data, like a computer, has no feelings, basically has no soul or mind with which he could...
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