...Petrolera Royal Dutch Shell: * Historial de ventas: Ganancias totales por año. 2007: $27.6 billones. 2008: $31.4 billones un crecimiento del 16% por acción comparado con el 2007. 2009: $9.8 billones un decrecimiento del 69% por acción vs. El 2008. 2010: $18.6 billones un crecimiento del 90% por acción comparado con el año anterior. 2011: $28.6 billones. 2012: $27 billones. 2013 (Segundo cuarto): 12.4 billones. * Innovación: Shell ha sido pionero en tecnología durante más de 100 años. Los más de 45,000 ingenieros y técnicos impulsan la innovación que se necesita para alcanzar los desafíos energéticos del futuro. Geólogos, ingenieros y geofísicos se pueden conectar a través de sistemas 3D de realidad virtual, para trabajar simultáneamente sobre los mejores planes de desarrollo para los yacimientos petrolíferos alrededor del mundo. Shell es miembro también del consorcio que dirije el Centro Tecnológico Mongstad, Noruega, la instalación más grande del mundo para probar la tecnología de captura de dióxido de carbono CO2. Shell ha sido el mayor inversor en investigación y desarrollo entre las empresas petroleras durante los últimos cinco años. En 2011 dedicaron 1,1 mil millones de dólares a la investigación y desarrollo de tecnologías que se necesitan para producir una mayor cantidad de energía de una manera más limpia, así como combustibles y productos más eficientes para sus clientes. El programa GameChanger de Shell, invita a pensadores creativos para que compartan...
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...interest 18 Ad. 2: Discriminatory measures 19 Ad. 3:In accordance with the law (Due process) 20 Ad. 4: Adequate compensation 20 Conclusion 23 Bibliography 24 Introduction On the 16th April 2012 Argentine president Cristina Fernandez de Kirchner stated that her government was going to renationalize 51 per cent of the 58 per cent share of Yacimientos Petrolíferos Fiscales (YPF) owned by Repsol. YPF is the biggest Argentine oil company, since 1999 partly owned by the Spanish multinational Repsol. After months of negotiations the Argentine government accused Repsol of not investing sufficiently in YPF to maintain or recover reserves. Due to Repsol’s alleged neglect towards YPF the country was no longer self-sufficient in fuel. As result Argentina had to import fuel, at a huge expenditure each year, approximately 9 billion US$. On the 3rd of December 2012 Repsol filed a complaint against the Argentine government at the International Centre for the Settlement of Investment Disputes (ICSID). Argentina has many outstanding debts, even if Repsol would win the case with the...
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...Deutsche Brauerie A director of small German brewery must prepare to vote on three issues: 1. approval of financial plan for 1993, 2. quarterly dividend declaration, 3. incentive compensation plan. 1. What accounts for Deutsche’s rapid growth in recent years? What policy choices account for this success? 2. What is Deutsche’s credit policy toward its distributors in Ukraine? Why is it different from the policy toward its other distributors? Is the company’s credit policy appropriate? Is it profitable? If not, how to change it? 3. Why does this firm need increasing amounts of bank debt? 4. As a member of BoD, how would you vote on: o The proposed raise for Oleg Pinchuk o The quarterly dividend declaration of €698,000. o Adoption of the financial plan for 2001? Spreadsheet file: Available Donaldson, Lufkin & Jenrette 1995 (Abridged) 1. Why is Equitable considering selling an interest in DLJ? 2. What are the relative advantages and disadvantages of carve-outs, spin-offs and divestiture through cash sale? 3. What is your estimate of DLJ's fair value per share? In answering this question, please draw upon as many valuation approaches as you can. Give special attention to the valuation multiples of DLJ’s peers. Who are these peers? Why do they qualify as peers? 4. At what price should DLJ be offered? Think carefully about your answer here. The offering price need not be identical to your answer to question 3. If answers to 3 and 4 differ, please prepare...
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...Medición de la Responsabilidad Social Empresaria Lic. Cecilia Mosto Durante el año 2002 las acciones de comunicación en medios masivos vinculadas a la RSE crecieron al igual que en el resto del mundo. ¿Se debe a que las empresas argentinas se encuentran en una misma etapa de maduración que las de Europa y Estados Unidos? Algunas diferencias En Argentina la peor crisis económica y social impulsó un crecimiento ascelerado de los programas de RSE. Crisis económica que también padecían las empresas En Europa o Estados Unidos se desarrollan estos progarmas desde una etapa de madurez de las empresas Acciones orientadas a necesidades básicas Acciones orientadas a medio ambiente o cultura Entre otras cosas esto queda reflejado en: Aquello que la gente espera de las empresas El contenido de los programas El significado y planteo de la teoría RSE En Argentina de acuerdo a una encuesta realizada por Ipsos Mora y Araujo la población espera de estos programas Asistencia Social y alimentaria 48% Educación Salud Cuidado de Medio Ambiente 23% 18% 4% De acuerdo a una encusta mundial de Environics International, las principales expectativas, en torno a estos programas queda relacionada a: Colaborar en torno a la construcción de una sociedad mejor 34% Limitarse a generar beneficios y pagar impuestos 33% Ambas 33% La efectividad de la comunicación de acciones que posicionan a las empresas como socialmente responsables dependerá del equilibrio que haya logrado no...
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...Se teme lo que no se conoce Producción, transporte y exportación de Metanol Por Javier Fanuel y María Fernanda Salgado, Repsol YPF Repsol YPF puso en marcha su planta de producción de Metanol en diciembre de 2001 y hoy ya está exportando gran parte de su producción a los Estados Unidos, además de abastecer al mercado argentino, que hasta esta fecha estaba obligado a importar el producto. La planta de Metanol está ubicada en Plaza Huincul, Neuquén, tiene una capacidad de producción de 400.000 toneladas al año y significó una inversión de 160 millones de dólares. epsol YPF puso en marcha su planta de producción de Metanol en diciembre de 2001 y hoy ya está exportando gran parte de su producción a los Estados Unidos, además de abastecer al mercado argentino, que hasta esta fecha estaba obligado a importar el producto. Este emprendimiento, que significó una inversión de 160 millones de dólares, fue desarrollado por el consorcio Lurgi-Techint a través de la modalidad llave en mano y tiene una capacidad de producción de 400.000 toneladas al año. La planta se originó a partir de la disponibilidad de la compañía de gas natural –materia prima del Metanol– R en la provincia del Neuquén, con el objetivo de abastecer el mercado local, el consumo interno de Repsol YPF y exportar los excedentes que representan más del 80% de la capacidad nominal. La logística original del Metanol planificaba el traslado del producto en ferrocarril desde la planta ubicada en el complejo industrial...
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...Introduction The Apache Corporation is an independent oil a gas exploration production company. Towards the late nineteen nineties and early twenty first century, Apache had completed several acquisitions. They included the following: Repsol which is in Egypt’s Western desert, Shell Overseas Holdings a partner of Repsol and Fletcher Challenge Energy. They combined for a total cost of $1billion. In an effort to minimize the volatility of the price of gas, Apache began a limited hedging program. The management team was aware of the underlying risks associated with hedging and they ultimately had to determine if they should continue hedging long term. If so, should they extend their current program beyond hedging the revenues from acquisitions. Within this case study, we will discuss major risks, how Apache Corporation is managing risks and whether or not they should be. We will also discuss how Apache could manage their risk as well as define what is the goal of hedging. Major Risks The biggest risk within this industry is the price of oil and gas. History has proven how volatile prices can be. Exhibit 9 indicated approximately a 70% range of price fluctuation between 1996 and 2000. The equation is relatively straight forward. When the prices are up, the industry is making money and is traditionally eager to hire new employees. When the prices are down, the industry is losing money and there is a strong likelihood that layoffs will follow. Apache, along...
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...1.0 Environmental and Social Issues in Oil and Gas Industry 2.1 Safety Safety is one of the biggest concerns in every manufacturing industry, especially in petroleum industry. Petroleum industry easily identified as very dangerous industry especially those working at a oil rig. Petroleum companies are drilling oil in the mid desert, shores, and even at Artic seas. The condition of the sea bed is a huge concern on safety as well as the ice on the Artic region which can melt at any time causing death and injuries to thousands of workers. Its dangerous level is best represented by the wages in Petroleum Industrial which is soaring high tremendously. High wages paid to compensate the dangerous activities the workers involved in this Oil and Gas industry. Besides that, human errors such as carelessness or recklessness, delays in equipment maintenance or repair, failure to give proper training, failure to properly communicate, and incompetent safety procedures are also main reason of safety concerns in petroleum sector. Meanwhile, the nature of industry itself might cause the accidents involving explosions, mishaps while raising pipeline, oil rig, salt dome accidents, and contamination in storage and derrick safety violations. The safety in oil and gas industry is growing but at the same time increases in oil and gas activity correlate with an increase in the rate of fatal occupational injuries, particularly when inexperienced workers are not sufficiently trained in...
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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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...worldLogos of the 100 Largest Companies in the World by Jeremia in UNCATEGORIZED * * * * The largest 100 companies in the world possess some of the most recognizable and distinctive logos around. These companies have built some of the foundations around which we live our lives: retail, automotive, financial services, telecommunications and energy, the staples of our daily lives. They employ millions of people around the globe and are used by millions every day. Whether we consciously acknowledge it or not, they continually build their brand through their advertisements and campaigns and reinforce the power of their logo on us as consumers. Gathered here are the logos of the top 100 largest companies and corporations in the world (using Fortune Magazine’s annual 500 ranking as a guideline). From the plain and simple logos like Berkshire Hathaway, Panasonic, and Sony, to the more colorful and playful logos of ArcelorMittal and Suez, they represent billions of dollars in annual revenues. You will notice the dominant use of reds, blues and oranges throughout their designs, aimed at reinforcing trust, excitement and energy in the minds of consumers. Since many of these companies are huge conglomerates with many subsidiaries in different industries, you may also notice that many have a more generic or broad appeal and are somewhat ambiguous in their nature. When dealing with multiple products that you wish to brand under one name, it allows flexibility and freedom...
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...ASIGNATURA: Análisis de los Estados Financieros MIEMBROS GRUPO: Yaiza Benítez GRUPO: 21 FECHA ENTREGA: 20/02/2014 Cristina Calvo Marta Berzosa Camilo Feijoo CASO SACYR VALLEHERMOSO La presente práctica se basa en tres estudios fundamentales: Análisis horizontal Análisis vertical Ratios y márgenes En cada uno de ellos, llevaremos a cabo un desarrollo de las cuentas anuales de la empresa Sacyr evaluando la trayectoria de las distintas partidas en las que se dividen el balance y la cuenta de pérdidas y ganancias de cualquier compañía, finalizando cada estudio con su correspondiente conclusión. Es preciso señalar que Sacyr es un grupo internacional y diversificado en las actividades de construcción, concesiones de infraestructuras, servicios de agua y energía, etc. En primer lugar, antes de adentrarnos en cualquier estudio, hemos considerado necesario comprobar que los valores exportados de la base de datos Osiris, los cuales recogen las cuentas anuales de Sacyr con las que trabajaremos durante todo el análisis, se corresponden con los datos que proporciona la empresa a través de su página web oficial1. Ante cualquier variación, tomaremos como referencia los datos de la página web. Una vez corregidas las desviaciones encontradas, procedemos a llevar a cabo el estudio: ANÁLISIS HORIZONTAL En el cálculo del Análisis Horizontal se hace uso de los Estados Financieros de los diferentes periodos, es decir, examina la tendencia que tienen las cuentas en el transcurso del tiempo...
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...Flash back ten years, and Argentina enjoyed an average annual growth of 9%, was the strongest economy in Latin America and considered an impending rival to the up-and-coming BRIC countries. Over the ensuing years, as employment increased and incomes rose, government revenues and spending also increased. Today, economic turbulence, accelerating inflation, and ad hoc economic interventions characterize Argentina. Since January 2013, the value of the U.S. dollar has skyrocketed 29% and the unofficial exchange rate is almost double the official rate. Double-digit inflation is estimated at about two and a half times the official rate, and the prices of Argentine products have nearly tripled. Argentina faces a 2.4% annual growth rate, restrained economic capacity, a censure from the IMF, challenges to recent trade measures in the World Trade Organization (WTO), and social unrest at levels similar to the aftermath of the 2001 economic crisis. To strengthen government coffers, foreign and domestic enterprises have been nationalized. As a country with so much potential, so rich in natural resources, culture and history, one can't help but ask: what is happening today in Argentina, what's next, and will Argentina change course? The current administration, under President Cristina Fernandez de Kirchner, has intervened in the economy to stem capital flight and protect depleting foreign exchange reserves in ways that are unpredictable and inconsistent. Measures include a series of strict...
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...Strategic Management External and Internal Assessments 1 External Strategic Assessment “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” – Charles Darwin “Nothing focuses the mind better than the constant sight of a competitor who wants to wipe you off the map.” – Wayne Calloway, Former CEO, PepsiCo 2 1 External Audit – Sources of Information •Internet •Libraries •Suppliers •Distributors •Salespersons •Customers •Competition 3 External Strategic Management Audit - The macro environment Scanning (PESTEL analyses, Scenarios) - Industry or Sector Analysis (5 forces, industry/product life cycle) - Competitors scanning (Strategic Group Map, CPM) - The Organization responses (EFEM) 4 2 Layers of the business environment 5 Key Aspects of PESTEL Analysis • Not just a list of influences • Need to understand key drivers of change • Drivers of change have differential impact on industries, markets, and organisations • Focus is on future impact of environmental factors • Combined effect of some of the factors likely to be most important 6 3 Macroenvironment – PESTEL (1) 7 Microenvironment – PEST(EL) Political Economic • Government stability (+) • Taxation policy (+) • Foreign trade regulations (+) • Social welfare policies (-) • Business cycles (-) • GNP trends (-) • Interest rates (--) • Inflation (+) • Unemployment...
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...Mergers and acquisitions – Amoco Highlights Transaction summary Merger of Amoco into a newly formed BP first-tier US subsidiary Amoco shareholders receive BP plc ordinary shares as ADRs Unified global management team US and UK GAAP results presented using merger accounting or on a "pooling of interest" basis US$-denominated group financials and dividends Transaction recommended by both Boards Effective: December 31, 1998 Transaction overview Transaction description UK Holding Company Structure Amoco shareholders exchanged their shares in Amoco for ADRs representing shares in BP Accounting/reporting Accounted for as a merger under UK GAAP (or "pooling" under US GAAP) BP to report in US dollars, under UK GAAP with supplementary US GAAP information provided Dividends Dividends to be declared in dollars, with a sterling alternative to be offered to all UK shareholders of BP who require Sterling Listing/index BP Amoco remains in the FTSE 100 index FTSE weighting increased The following material contains statements, particularly those regarding capital employed, capital expenditure, cashflows, costs, savings, debt, demand, disposals, dividends, earnings, efficiency, gearing, growth, margins, performance, prices, production, productivity, profits, reserves, returns, sales, strategy, synergies, tax rates, trends, value, volumes, and the effects of BP merger and acquisition activity, which are or may be forward looking statements that involve risk and uncertainty...
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...Test ------------------------------------------------- Fuerza Latina ------------------------------------------------- Clase 1 ------------------------------------------------- Preparación previa Raul Rivera – America Latina condenada al éxito AL no es tan fea: tiene muchas ventajas. Latinoamericanos tienen un punto de visto sobre su región bastante pesimista. Es un error. Las barreras son dentro de sus cabezas. AL es una región de clase media, pobreza es en África y Asia. * Ejemplo de Chile que se ha abierto al comercio con reformas * Los países aprendieron que reducir el déficit era importante para reducir la inflación Una cuestión primordial es la del papel de México: asumir su papel y asociarse con el sur del continente o dar este papal al Brasil. En los 60s, México estaba solo, porque era la década perdida de AL. México ha elegido asociarse con los EEUU, pero hoy es EEUU-dependiente. Es grave dar la espalda a EEUU y al Tratado De Libre Comercio De America Del Norte, pero es aun mas grave no asociarse con los que compartan tu cultura. Si no lo hace, Brasil tendrá que hacerlo. México es visto como un país indeciso: soña de una mexamerica donde es México y EEUU son solos. Con 100m de personas, México no puede ser un país vasallo de otro. Debe aprovechar de la remisas de los mexicanos en EEUU + asociase con este modelo de desarrollo y de libre empresa de Chile, Columbia y Perú. Necesidad de instituciones para la defensa y abordar el narcotráfico...
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...A REPORT ON OIL AND NATURAL GAS CORP (ONGC) By: SUBHROJIT MALLICK (1092) SONIA KALE (1090) SNEHA ROY (1086) PALLAV HATIMURIA (1061) INTRODUCTION ONGC (Oil and Natural Gas Corporation Limited), the Indian multinational oil and gas company headquartered in Dehradun is India’s largest oil and gas exploration and production company. It is a Public Sector Undertaking (PSU) of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. ONGC produces around 69% of India's crude oil. On 31 March 2013, its market capitalisation was INR 2.6 trillion (US$ 48.98 billion), making it India's second largest publicly traded company. In a government survey for FY 2011-12, it was ranked as the largest profit making PSU in India. ONGC has been ranked 357th in the Fortune Global 500 list of the world's biggest corporations for the year 2012. It is ranked 22nd among the Top 250 Global Energy Companies by Platts. ONGC was founded on 14 August 1956 by Government of India, which currently holds a 69.23% equity stake. It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India, and owns and operates over 11,000 kilometers of pipelines in the country. Its international subsidiary ONGC Videsh currently has projects in 15 countries. ONGC has discovered 6 of the 7 commercially-producing Indian Basins, in the last 50 years, adding over 7.1 billion tonnes of In-place Oil & Gas volume of hydrocarbons in Indian basins...
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