Divesting for value. Asean hub
|
|
- Clementine Farmer
- 6 years ago
- Views:
Transcription
1 Divesting for value Asean hub
2 Pruning non-core units on a regular basis allows companies to reduce complexity and free up capital for growth businesses. For the divested units, they may be a better fit with other firms that are able to help them achieve their full potential. Vikram Chakravarty Asia-Pacific Capital Transformation Leader Contents 1 Why companies divest 2 How to be 3 EY s approach 4 Why EY successful to divestments
3 1Why companies divest Divestment is a natural progression, as companies get more focused and push for growth It creates value and is a growing trend in Asia-Pacific Divestments can create value and other benefits Strategic Non-core business Weak competitive position Unattactiveness of market Fund future growth 86% used funds to invest in future growth Reasons to divest Financial Conglomerate discount unlocking value Distress situation pay down debt Opportunistic sale For 31% companies financial triggers drove divestment Focusing management attention currently spread thin Operational simplicity Operational Limited synergies EY Global Corporate Divestment Study ,600 divestments in Asia-Pacific over the last five years Examples of companies divesting to unlock value China India Malaysia Singapore Property, aviation, beverages, marine services, trading and industrial conglomerate spun off property business Consumer products business spun off of their skincare solution company Conglomerate with interest in plantation, property, pharmaceutical, etc. spun off their pharma business Food and beverage, publishing and printing conglomerate spun off real estate business As the global economy settles into its new growth pattern, companies in Asia-Pacific will need to make informed decisions tied to portfolio rebalancing. Abhay Bangi Operational Transaction Services South Korea Leading consumer electronics company spun off a developer and supplier of inorganic materials for electronics, energy, and environment fields Source : Capital IQ, EY analysis Divesting for value 1
4 2How to be successful Two-thirds of Asia-Pacific sellers enjoyed positive valuation uptick Wide gap between leaders and laggards A complex journey that requires thorough planning and astute decision making Potential value erosion in a divestiture Value Management unprepared for data demand Poorly organized, incomplete or inconsistent dataroom, resulting in excessive buyer demands Price talked-up Actual results below expectations Deal rushed without considering ways to enhance value One-off stranded and stand-alone costs inaccurate Change management not effective IM fails to make strategic case Support for growth drivers insufficient TSAs not well negotiated Historical track record unclear Management presentations off message or not tuned to specific buyer Stand-alone operating model not well defined Appoint M&A advisors IM issued Initial offers Management presentation Dataroom access SPA released Final offer Exclusivity Completion IM: Information Memorandum SPA: Sale and Purchase Agreement TSA: Transitional Service Agreement 2 Divesting for value
5 Divestiture, a primary means of optimizing the portfolio and preserving and raising capital value, deserves greater attention. Joongshik Wang Asean Corporate Finance Strategy Leader Sellers need to tell a strong, credible value story and weigh the opportunity costs of waiting too long for the right price. Luke Pais Asean Mergers & Acquisitions Leader Big divergence between the best and worst performers Change in seller s valuation 1-44% Bottom quartile Mean 14% Top quartile 38% Top quartile performers are 60% more likely to use strong analytical tools than lowerperforming companies EY Global Corporate Divestment Study Art of divestment 1 Informed decision what to sell and how to sell (TSAs etc.) 2 Critical to follow through once intent to sell is announced 3 Understand trade-offs between value, speed and risk 4 Have a dedicated team to manage divestment 1. For divestments in Asia-Pacific Based on % change in valuation (EV/EBITDA) from -3 months from announcement date to +3 months Source: Capital IQ, EY Analysis Divesting for value 3
6 3EY s approach to divestments Comprehensive approach to complex journey covering the entire lifecycle of the transaction Project start Kick-off workshop Separation scoping workshop Separation planning workshop End of preparation 1. Portfolio review 2. Strategy and concept 3. Planning and preparation Identify non-core business Strategy Options Strategy Define long-term high level goals Financial Commercial Ethical Operating Model Benchmarking Complete picture Standalone Synergies Operating Model Outcomes Identify deal perimeter Decide on deal structure (Trade sale vs. Carve-out vs. Spin-off) Review of key separation dimensions Governance Model Robustness of value story Asset allocation (including. IP or shared technology) Deal structure and timelines Clarity & transparency of financial info Standalone BU capabilities and business services Inter-BU compensation model Plan for standalone operations Entanglement analysis Standalone operating model Financial bridges Business: sales, marketing, customer contracts or channels Operational: manufacturing, supply chain Functional: finance, HR, IT, legal Replicate Optimize TSA Shared corporate costs Standalone costs One-off separation costs Stranded costs Outcomes Core or Non-Core Performing well vs. At risk Options Invest to maintain or grow Divest to realize (outside) value Optimize (within existing model) Restructure (to design new model) IT platform and set up FTE allocation and divisibility of teams Material contracts agreement Operational bridges (Draft TSA) Activities Service levels Duration Fees Deliverable Strategic review Separation scope and concept Separation plan BAU: Business As Usual 4 Divesting for value
7 Proactively establishing a heightened state of readiness to divest is a best practice. Karambir Anand Operational Transaction Services Go public, point of no return Signing Closing Q&A sessions with investors Separation execution kick-off workshop Follow-up workshop Day 1 readiness workshop 4. Investor reporting 5. Separation execution Post-closing phase Detailed view of business for buyers Seller s M&A team BU management The financial Vendor Due Diligence (VDD) is: Factual description of the business Pro-forma separation financials Separation management office (SMO) set-up for business transfer 3 Steering committee Decision making Separation management office Weekly update Separation plan Risks & issues Milestone tracking 1 Deliver transitional services and roll-off TSAs Finance Local BU or country or site management Seller Information Documents (SIDs) for: Tax IT Workstream Business Operations Functional 2 IT HR EY team Operations Finalize TSA to ensure BAU for BU being separated Execution of separation implementation plan Ensuring day 1 readiness and prepare for post-closing support Operations Pro-forma financials VDD, SIDs Business transfer Closing accounts Exit TSAs Divesting for value 5
8 Successful sellers use a combination of data and project management tools 2 EY proprietary divestment tools helping create value for sellers Data management Managing and manipulating large quantities of data Project management Effective project management framework Data room management Design and management Gather and checking Preparation (gap filling) Q&A eplaybook Dynamic project management Real time management Custom to-do lists Alerts and status reports CARVEx CARVEx Carve-out financial statements Scenario planning in offline environment Unlimited data capacity Bridge regulatory and deal financials DivestPro DivestPro Step-by-step divestment guide Issue identification Templates Tips and tricks Financial modelling Business planning Synergy modelling Pro forma adjustments Closing accounts or mechanisms Separation planning and implementation Detailed separation plan Issue or resolution log Project management tools TSA and SLA templates Q&A 2 EY Global Corporate Divstment Study 2015 Leading companies view divestments as a fundamental part of their capital strategy, especially to fund growth. Paul Hammes EY Global Divestiture Advisory Services Leader 6 Divesting for value
9 Paying close attention to tax implications is essential, as they are complex and can add considerable value to a transaction. Russell Aubrey Asean Transaction Tax Leader Case Study: How EY helped a Big Pharma client maximize value through divestment Portfolio review Strategy and concept Portfolio was reviewed carefully in order to maximize the valuation of SpinCo while maintaining RemainCo s strategic focus Decisions related to planning, operational & strategic value drivers were made well in advance of the IPO date Market Cap change for Big Pharma (USD Bn) % 224 Planning and preparation Enhanced go-to-market strategies in 60+ countries with no impact to pricing Investor reporting Accurate estimation of one-time, stranded and standalone costing 3 months pre divestment (Seller) 3 months post divestment (Seller + SpinCo) Tax Separation execution There was simultaneous implementation of customized tax structure into the business unit Company within a company created 3 months prior to IPO The de-layering of the organization reduced G&A by 20% from allocated basis The spin-off leaves us better positioned to focus on our core business by unlocking the value in SpinCo RemainCo CEO Source: Capital IQ, EY Analysis We will continue serving our customers in ways that make a meaningful difference to their businesses and strengthen our position as the world leader in animal health SpinCo CEO Divesting for value 7
10 4Why EY Our sector-focused divestiture advisory services (DAS) professionals have served on many carve-out sales, spin-offs to existing shareholders, IPOs and contributions to joint ventures for domestic and global clients, including Fortune 500, private equity portfolio companies and privately held businesses. EY divestment value proposition Functional specialists Business Operational Supply chain Manufacturing Functional HR IT Finance Integrated service offering across transaction lifecycle #1 in divestiture advisory globally* Dedicated team globally including ASEAN Industry specialists Financial services Oil and gas Resources Consumer goods Life sciences and healthcare Outcomes focused jump-start approach *Source: Blueframe 2014 Our divestiture related thought leaderships Global Corporate Divestment Study 2015 A survey with 800 executives on questions relating to portfolio review and divestment strategies and provides insights on how to maximize divestment success Capital Confidence Barometer Provides a view of executives confidence on real and sustained economic recovery and how it impacts their growth strategy Roadmap to carve-out sale success Illustrates the critical steps to getting a deal signed in six months Exit Readiness Workshop Illustrates the importance of exit readiness workshops, workshops purpose, agenda and its outputs from each workshops 8 Divesting for value
11 EY has buy- and sell-side experience. We carry dedicated divestiture teams who understand the needs of potential buyers (private equity, strategic - public and private). Purandar Rao Singapore Leader Select EY global divestment advisory credentials Transaction type Countries by region Workstreams Sample engagements Carve-out & sale Carve-out & tax free spin # of countries impacted North America Central and South America Europe, Middle East, India and Africa Asia-Pacific Carve-out financial statements preparation Stand Alone one-time/tsa costs Operational separation and stand-up of NewCo PMO Big Pharma spin off and IPO of its animal health unit Multinational consumer goods company spin off of its pharmaceutical unit Leading BioPharma s partial IPO of its Nutrition unit Leading BioPharma s sale of its medical supplies unit Leading FMCG company s carve-out and sale of its pharmaceuticals business Imaging tech company carve out and sale of its healthcare IT platform German car manufacturer s carve-out and sale of its American business Divestiture of logistics BU from a Fortune 500 company Heavy equipment manufacturer carve-out of USD1.2 billion logistics business Global healthcare company s carve-out and tax-free spin of specialty pharma Specialty chemicals sale of its coating business to a PE buyer Fortune 500 company carve-out and sale of a BU American producer of technology-based performance materials - carve-out and sale of 4 BUs, pharma, fine chemicals, plastics and polymers Leading oil company carve-outs and sales of numerous BUs TSA: Transitional Service Agreement PMO: Program Management Office Divesting for value 9
12 Contacts Portfolio and strategy review Vikram Chakravarty Asia-Pacific Capital Transformation Leader Joongshik Wang Asean Corporate Finance Strategy Leader Operational separation Karambir Anand Operational Transaction Services Abhay Bangi Operational Transaction Services Tax Russell Aubrey Asean Transaction Tax Leader Financial VDD Purandar Rao Singapore Leader Advisory (sell-side) Luke Pais Asean Mergers & Acquisitions Leader Valuation and business modelling Andre Toh Asean Valuation & Business Modelling Leader Singapore Swee Cher Choo Indonesia David Rimbo Malaysia George Koshy Thailand Piyanuch Nitikasetrsoonthorn Philippines Renato Galve Myanmar Andre Toh Vietnam Jason Doan EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com EYGM Limited. All Rights Reserved. APAC no ED None. In line with EY s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com
Working better by working together
Working better by working together Deal Advisory / Germany We can help you Partner. / 1 A pragmatic approach to enhancing value through partnerships. Your vision. Our proven capabilities. Businesses thrive
More informationLatin America Mergers & Acquisitions Study Integration and divestiture best practices throughout the region
Latin America Mergers & Acquisitions Study Integration and divestiture best practices throughout the region The evolving M&A market of Latin America The last few years have been exciting times across Latin
More informationMERGER & ACQUISITION INTEGRATION SERVICES EXPERTS WITH IMPACT
MERGER & ACQUISITION INTEGRATION SERVICES EXPERTS WITH IMPACT Table of Contents 2 DEFINITIVE EXPERTISE: ACROSS THE DEAL LIFECYCLE 4 POINT OF VIEW MERGER INTEGRATION FAILURES 6 MERGER & ACQUISITION INTEGRATION
More informationMake the complex manageable
Make the complex manageable Deal Advisory / Global We help create clear Solvency Strategies. Realizing value through insolvency. / 1 Your vision. Our proven capabilities. Insolvencies can test the limits
More informationCFO meets M&A: Value creation in the digital age The Dbriefs Driving Enterprise Value series
CFO meets M&A: Value creation in the digital age The Dbriefs Driving Enterprise Value series Lukas Hoebarth, Principal, Deloitte Consulting LLP Nnamdi Lowrie, Principal, Deloitte Consulting LLP Carina
More informationWhen one just isn t enough: ways to master serial 5divestitures
When one just isn t enough: ways to master serial 5divestitures Abstract Market conditions are at a tipping point for sellers. Corporate cash reserves remain at all-time highs while un-invested private
More informationSession 4C: Model Governance: What Could Possibly Go Wrong? (Part I) Moderator: Dwayne Allen Husbands, FSA, MAAA
Session 4C: Model Governance: What Could Possibly Go Wrong? (Part I) Moderator: Dwayne Allen Husbands, FSA, MAAA Presenters: James Russell Collingwood, ASA, MAAA David Paul, FCAS, MAAA Chad R. Runchey,
More informationTake a bold, new path
Take a bold, new path Deal Advisory / South Africa We can help guide you through a successful Buy Side transaction. Supporting your growth agenda by helping you buy the right assets at the right price.
More informationWho Does What, When, and How for a Divestiture?
Who Does What, When, and How for a Divestiture? Anil Kukreja Chief Operating Officer, eprentise PVT Ihtesham Uddin Sr. Director, Product Development, eprentise Webinar Mechanics Submit text questions.
More informationTurnaround & Restructuring
Turnaround & Restructuring Turnaround & Restructuring MCA Financial Group s experienced professionals work closely with various stakeholders throughout the reorganization process, focusing on the areas
More informationInfrastructure and Capital Projects
Infrastructure and Capital Projects Contents Deloitte s Capabilities in Infrastructure and Capital Projects 1 Strategy and Planning 3 Financing and Procurement 4 Project Organisation, Execution and Construction
More informationCapital Markets: IPO Advisory
Capital Markets: IPO Advisory KPMG.com/in Are you considering going public? Embarking on an initial public offering (IPO) journey and completing it successfully calls for strategic planning, sound advice,
More informationBest practice workshop. Training course outline
Best practice workshop Training course outline Overview This course aims to provide participants with a thorough understanding of how to construct a financial model using leading approaches towards model
More informationrepresents a likely source of cost savings, improved business performance and stronger customer-facing capabilities.
Achieving operational excellence with EY and Guidewire EY Insurance Nexus EY Insurance Nexus The complete strategic offering for cloud-based modernization of core insurance technology for P&C carriers
More informationNavigating change. KPMG Sustainability Services. kpmg.com/cn
Navigating change KPMG Services kpmg.com/cn Contents 1 Do you see how environmental and social changes are altering the business landscape? 2 How are you adapting to the fast-changing business landscape?
More informationThe 3rd Annual New York M&A Integration Forum. April 21 st, 2016 / Georg-Michael Siedlaczek, VP Global Post Merger Integration, Bayer
The 3rd Annual New York M&A Integration Forum April 21 st, 2016 / Georg-Michael Siedlaczek, VP Global Post Merger Integration, Bayer Our Mission Bayer: Science For A Better Life The steadily growing and
More informationDeveloping high performance teams. 2 3 October 2017
Developing high performance teams 2 3 October 2017 Contents Introduction 04 Registration form 06 Introduction Program overview Every individual wants to form part of a winning team, however when dealing
More informationThe Mystery of Integration by Al Ansari, M&A Alliance, Inc.
The Mystery of Integration by Al Ansari, M&A Alliance, Inc. Copyright M&A Alliance, Inc What is Integration, and how can we unravel its mystery? Integration is both art and science. In order to understand
More informationCreating a Leading Bank in Poland
Creating a Leading Bank in Poland Update on Integration Program for Investors Warsaw, February 21, 2007 1 AGENDA 1 Pekao-BPH: unique integration process 2 Progress update on integration Effective management
More informationEnterprise intelligence in modern shipping
Enterprise intelligence in modern shipping Leveraging commercial and cost performance with data analytics 7th Capital Link Greek Shipping Forum 16 February 2016 Agenda I. What is Enterprise Intelligence?
More informationConsumer Lifestyle today. Andrea Ragnetti CEO Philips Consumer Lifestyle
Consumer Lifestyle today Andrea Ragnetti CEO Philips Consumer Lifestyle Agenda of today 11:00 12:00 Consumer Lifestyle Today Andrea Ragnetti CEO Philips Consumer Lifestyle 12:00 12:45 Financial Strategy
More informationInternational Financial Reporting Standards (IFRS) Seminar. IFRS in practice the global experience Tehran, April 2017
International Financial Reporting Standards (IFRS) Seminar IFRS in practice the global experience Tehran, 24 25 April 2017 Sponsor Securities & Exchange Organization 2 Introduction The harmonization of
More informationStandardize, streamline, simplify: Applications rationalization during M&A Part of the Wired for Winning series on M&A technology topics
Deloitte M&A Institute Standardize, streamline, simplify: Applications rationalization during M&A Part of the Wired for Winning series on M&A technology topics Most companies tend to accumulate a large
More informationGlobal Workforce Analytics: The Next Big Thing? Featuring: Linda E. Amuso Radford Dan Weber Radford
Global Workforce Analytics: The Next Big Thing? Featuring: Linda E. Amuso Radford Dan Weber Radford Session Agenda Creating a Foundation for Analytics People & Spend Analytics Performance & Spend Analytics
More informationLeveraging IT in Mergers, Acquisitions and Divestitures. Capturing Expected Value Today and Transforming the Organization for the Future
Leveraging IT in Mergers, Acquisitions and Divestitures Capturing Expected Value Today and Transforming the Organization for the Future According to Accenture research, one important characteristic of
More informationSPERRY VAN NESS VALUE PROPOSITION
SPERRY VAN NESS VALUE PROPOSITION All of the tools, materials, and systems you need to grow your business. Why Franchise with Sperry Van Ness? With our advanced commercial real estate technology and systems,
More informationPeter Fuss Senior Advisory Partner Automotive Ernst & Young
Peter Fuss Senior Advisory Partner Automotive Ernst & Young Shifting from transactional to customercentric Automotive retail in the future Evolving from bricks-and-mortar to an omni-channel strategy Shifting
More informationRisk Advisory Services Developing your organisation s governance for competitive advantage
Advisory Services Developing your organisation s governance for competitive advantage The Deloitte Advisory Platform of Services can help you to govern your strategic plan to guide your operations measure
More informationProduct Stewardship Due Diligence
Product Stewardship Due Diligence Best Practice for Product & Chemical Compliance Due Diligence in Mergers and Acquisitions Wayne Bergin, CPEA Principal Consultant Product Stewardship, North America January
More informationBack to School for Business Services how to get it right?
Back to School for Business Services how to get it right? CORE conference November 8, 2016 1 Shared Services and Outsourcing Advisory WHO WE ARE KPMG s Shared Services and Outsourcing Advisory practice
More informationAcquiring innovation Strategic deal-making to create value through M&A
Acquiring innovation Strategic deal-making to create value through M&A March 2014 At a glance 39 percent of US CEOs are planning on an acquisition in 2014 according to PwC s Global CEO Survey. A PwC survey
More information2016 BENEFITS UNDER THE LENS: IDENTIFYING THE MISSING LINK
2016 BENEFITS UNDER THE LENS: IDENTIFYING THE MISSING LINK DECEMBER 7, 2016 Liana Attard Principal, Asia, Middle East and Africa Consulting Leader Heena Sethi Senior Associate, Asia Pacific, Regional Consulting
More informationPillars of Success for Your Family Business
Helping family businesses grow Pillars of Success for Your Family Business Family businesses are unique. At the centre of this difference is the family dynamic, which can play a significant role in decision
More informationDIGITAL TRANSFORMATION (DX)
An IDC InfoBrief THE PROMISE OF DIGITAL TRANSFORMATION (DX) IN ASIAPACIFIC S LEADING INSTITUTIONS IDC PREDICTION: BY 2018 1/3 OF THE TOP 20 MARKET SHARE LEADERS IN VARIOUS INDUSTRIES WORLDWIDE WILL BE
More informationPlanning to win. Deal Advisory / Australia. Driving value growth through competitive, flexible funding and supportive financing relationships.
Planning to win Deal Advisory / Australia Driving value growth through competitive, flexible funding and supportive financing relationships. Enhancing value through capital structuring and financing. /
More informationTHE M&A TOOLKIT: PEOPLE STRATEGY FOR BUSINESS SUCCESS. Keeley Mooneyhan, SPHR Managing Director HR Matters, Inc. NHRMA Conference 2012
THE M&A TOOLKIT: PEOPLE STRATEGY FOR BUSINESS SUCCESS Keeley Mooneyhan, SPHR Managing Director HR Matters, Inc. NHRMA Conference 2012 85% of Failed Acquisitions are Attributable to HR Issues. 2 Today s
More informationDemystifying family boards. Strong governance builds a legacy for generations to come
Demystifying family boards Strong governance builds a legacy for generations to come Families need to decide on the right governing body for the size and stage of their business, as well as help their
More informationThe M&A Process and It s Alligators
www.corporatefinanceassociates.com The M&A Process and It s Alligators The M&A Process and It s Alligators Introduction This paper will describe the Merger and Acquisition (M&A) process for small to medium
More informationPublic Private Partnerships in Ports:
Port Financing and Investment Sopot, 10-11 May 2012 Public Private Partnerships in Ports: Pitfalls and Challenges maritime & transport business solutions Content introduction pitfalls-challenges lessons
More informationPost-Merger Integration Realising the value of a deal
Post-Merger Integration Realising the value of a deal Effective post-merger integration to unlock the value of a deal In the competitive telecom industry, communication service providers are looking at
More informationCBRE INDUSTRIAL & LOGISTICS ADVISORY & TRANSACTION SERVICES
CBRE INDUSTRIAL & LOGISTICS ADVISORY & TRANSACTION SERVICES CBRE Industrial & Logistics Services represents the largest industrial services platform in the world, offering an integrated suite of advisory,
More informationSurveillance Program Design and Behavioral Analytics Implementation
Surveillance Program Design and Behavioral Analytics Implementation Scott Jarrell Senior Manager EY #AnalyticsX C o p y r ig ht 201 6, SAS In sti tute In c. Al l r ig hts r ese rve d. EY Fraud Investigation
More informationGain leaders trust to sharpen the human capital agenda. Navigate across contexts to create tangible impact
Gain leaders trust to sharpen the human capital agenda Navigate across contexts to create tangible impact Understand business imperatives, connect people initiatives Alumni refer someone for an AHLC course
More informationSELL-SIDE INVESTMENT BANKING INVESTMENT BANKING VALUATION ADVISORY FORENSIC ACCOUNTING
SELL-SIDE INVESTMENT BANKING INVESTMENT BANKING VALUATION ADVISORY FORENSIC ACCOUNTING AL LIED Connected or related by similitude, resemblance, or friendship. 3 Helping you maximize the return on your
More informationMergers & Acquisitions with SOV by. Strategic planning and realization Of M&A as optimizing factor of Value based management
Mergers & Acquisitions with SOV by Strategic planning and realization Of M&A as optimizing factor of Value based management 1 1 M&A: The Next Step in Your Strategic Planning 3 Predictions 9 Company Structure
More informationPharmaceutical Product Development NASDAQ: PPDI. Dan Darazsdi Chief Financial Officer. Credit Suisse Healthcare Conference November 2009
Pharmaceutical Product Development NASDAQ: PPDI Dan Darazsdi Chief Financial Officer Credit Suisse Healthcare Conference 2009 12 November 2009 Safe Harbor Except for historical information, all of the
More informationMemorandum Issue Date September 2012
Memorandum Issue Date September 2012 Project Topic Revenue from Contracts with Customers Summary of user outreach The following summarizes user outreach conducted with analysts and investors that cover
More informationWIPRO HCM APPLICATION SERVICES ENGINEERING A COMPLETE ORACLE SOLUTION DO BUSINESS BETTER
www.wipro.com WIPRO HCM APPLICATION SERVICES ENGINEERING A COMPLETE ORACLE SOLUTION DO BUSINESS BETTER Overview Today, historical sources of advantage have diminished in value to the point where they are
More informationCASE STUDIES: TECHNOLOGY IN MOBILITY APRIL, MADRID
CASE STUDIES: TECHNOLOGY IN MOBILITY 23 24 APRIL, MADRID AGENDA Introduction. Before. Now. The Future. 2 NXP SECURE CONNECTIONS FOR A SMARTER WORLD MAKE TOMORROW, TODAY 3 NXP SEMICONDUCTORS Established
More informationReducing risk in crossborder Global
M&A Risk Reducing risk in crossborder transactions Global A guide to navigating the M&A process November 2017 Understanding the transaction landscape Cross-border merger and acquisition opportunities are
More informationCorporate Legal Audit Program
Corporate Legal Audit Program Important commercial transactions that lay a foundation for future success share a common characteristic: They have benefitted from advance preparation, scrupulous review,
More informationPayments solutions for the innovation era: A renewed commitment to our cooperative system
Payments solutions for the innovation era: A renewed commitment to our cooperative system We are pleased, after extensive research and consultation with members and stakeholders, to share our path forward
More informationProject: Aluminum Plate & Sheet. Prepared by: Reciprocus International Date: December 2016
Project: Aluminum Plate & Sheet Prepared by: Reciprocus International Date: December 2016 Table of Contents Executive Summary 2 Macroeconomic Outlook of the Industry 3 Industry Outlook and Analysis 4 Regional
More informationPortfolio Marketing. Research and Advisory Service
Portfolio Marketing Research and Advisory Service SiriusDecisions Team Jeff Lash VP and Group Director, Go-to-Market Christina McKeon Service Director, Portfolio Marketing Tyler Anderson Team Leader, Account
More informationThe future of the deal
The future of the deal Total M&A Solution Discover the future of the deal For clients at key stages of the transaction lifecycle, Total M&A Solution illuminates information related to an M&A deal and helps
More informationPage 4. Page 10. Page 6. Page 14. Page 8. About KPMG. Advisory. Audit. Our value. Tax. KPMG Mongolia 3
KPMG Mongolia 1 Contents Page 4 About KPMG Page 10 Advisory Page 6 Audit Page 14 Our value Page 8 Tax KPMG Mongolia 3 About KPMG KPMG is a global network of professional firms providing audit, tax and
More informationSupreme Audit Institutions Performance Measurement Framework
Supreme Audit Institutions Performance Measurement Framework Implementation Strategy 2017-19 October 2016 Table of Contents 1. Introduction 2 1.1. What is the SAI PMF? 2 1.2. Why is SAI PMF of such strategic
More informationHOW CAN YOU ENSURE SUCCESSFUL BUSINESS TRANSFORMATION? By Suzanne Costella
HOW CAN YOU ENSURE SUCCESSFUL BUSINESS TRANSFORMATION? T H E I M P O R T A N C E O F B R I D G I N G T H E S T R A T E G Y T O D E L I V E R Y G A P By Suzanne Costella L A U D A L E T H O U G H T S HOW
More informationLNG market transformation
LNG market transformation How the next 5 years will change the rules December 2017 www.timera-energy.com 1 Contents Section Contents Summary 5 key takeaways 3 Asian portfolio positions Top 5 Asian buyer
More informationAutomotive Industry. Capability Statement
Automotive Industry Capability Statement 2016 A Contents Pitcher Partners and the automotive industry 1 Our specialist services 2 Making informed strategic decisions 4 Dealership Systems and Controls Review:
More informationreport that their financial impact of all fraud, corruption and/or money laundering incidents is over per incident
Week of Integrity 2017 1 9 December 2017 Results Integrity Management survey 90% of respondents consider the risk of bribery/corruption and fraud applicable to their business 73% of respondents report
More informationClimate Finance: Overview and Strategic Considerations
Climate Finance: Overview and Strategic Considerations 2nd National Workshop on Innovative Climate Finance Mechanisms for Financial Institutions in the Philippines, Manila, 8 December 2017 www.thegreenwerk.net
More informationSession 8 Balanced Scorecard and Communication Protocol
Session 8 Balanced Scorecard and Communication Protocol How to Create a Successful Balanced Scorecard What is a Balanced Scorecard The balanced scorecard is a concept and tool first conceived by by Robert
More informationSTRATEGY BASECAMP Technology Consulting Services
STRATEGY BASECAMP Technology Consulting Services Get Results Strategy Basecamp is a consulting firm focused exclusively in the financial services industry. We partner with executives and managers to facilitate
More informationMake the complex manageable
Make the complex manageable Deal Advisory / ASPAC We help create clear Solvency Strategies. Realizing value through insolvency. / 1 Your vision. Our proven capabilities. Insolvencies can test the limits
More informationPROGRESSIVE MINDS APPLY
PROGRESSIVE MINDS APPLY Global student and graduate programmes 2017 / 2018 hsbc.com/careers CONTENTS 04 The start of an exciting journey 06 Who we are and what we do 08 12 Career development HSBC_brochure_Global_16-08-2017-210x210
More informationMERCER WEBCAST THE WELL-PREPARED DEAL MAKER The importance of metrics for successful M&A transactions
MERCER WEBCAST THE WELL-PREPARED DEAL MAKER The importance of metrics for successful M&A transactions Adam Rosenberg Partner and M&A Leader for the UK London / Manchester Alexandra Hadley Principal London
More informationOur Business Is Knowing Your Business
OUR BUSINESS IS KNOWING YOUR BUSINESS Moser Taboada provides high quality IP and commercial legal services custom-tailored to each client s unique business needs and goals From the onset of our representation,
More informationSynergies between Risk Modeling and Customer Analytics
Synergies between Risk Modeling and Customer Analytics EY SAS Forum, Stockholm 18 September 2014 Lena Mörk and Ramona Klein Agenda 1 2 Introduction Modeling in the financial sector 3 4 5 Consequences from
More informationEMEA TMC client conference Developing a tax technology architecture. The Crystal, London 9-10 June 2015
EMEA TMC client conference Developing a tax technology architecture The Crystal, London 9-10 June 2015 1 Agenda Background - Why look at your tax technology architecture? Reasons for initiating Market-specific
More information2017 Oracle EBS Cloud Roadmap
2017 Oracle EBS Cloud Roadmap Velocity Technology Solutions This EBS Cloud Roadmap will: Suggest the right time to move EBS to the cloud Walk you through the steps and projected timeline. Provide reasons
More informationPrudential s Agency Model Overview. Dan Bardin Prudential Corporation Asia November 2004
Prudential s Agency Model Overview Dan Bardin Prudential Corporation Asia November 2004 4 Importance of agency Agency is Asia s largest distribution channel Customer preference for face to face Importance
More informationYour unique family, our unique approach.
Your unique family, our unique approach. Because KPMG knows every family is different, we provide bespoke advice to establish and operate your family office and grow and preserve your legacy. KPMG Enterprise
More informationInvestment Management Financial Planning Client Education
Investment Management Financial Planning Client Education A PARTNER IN REALIZING YOUR VISION Providing Peace of Mind Wealth can open up exciting new opportunities. It can also be a source of complexity
More informationValue Creation through Outsourced Investment Research Services. Capgemini s buy-side, sell-side and independant research provider services
Business Process Outsourcing the way we do it Value Creation through Outsourced Investment Research Services Capgemini s buy-side, sell-side and independant research provider services Value Creation through
More informationTrusted Advisors to Financial Institutions
Trusted Advisors to Financial Institutions About Our Firm 1 Investment Banking 2 Strategic Consulting 3 ALM/IRR Management 4 Profitability Analysis 5 5 Loan Pricing Analytics 6 Technology Solutions 7 The
More informationThink logically about logical separation
Part of the #Tech @the heart of M&A series on M&A technology topics 11 11 During a carve-out, asset sale, or spin-off, there is often insufficient time or readiness to fully separate the Information Technology
More informationFoundations and Endowments Specialty Practice
Foundations and Endowments Specialty Practice Seeking Investment Advisory Services: 10 Steps for Managing the RFP Process Selecting an investment advisor is a crucial fiduciary responsibility for Board
More informationWHO WE ARE. Development / Build-to-Suit. Acquisitions. Sale-Leaseback Program
WHO WE ARE Paragon is an experienced commercial real estate firm that actively develops, acquires and manages retail, industrial and healthcare properties nationwide. As a well-capitalized, privately held
More informationAdvisory & Client Services
Advisory & Client Services BlackRock was founded by eight entrepreneurs who wanted to start a very different company. One that combined the best of a financial leader and a technology pioneer. And one
More informationThe General Data Protection Regulation (GDPR): Getting in good shape for the deadline Copenhagen, 19 September 2017 Janus Friis Bindslev Partner,
The General Data Protection Regulation (GDPR): Getting in good shape for the deadline Copenhagen, 19 September 2017 Janus Friis Bindslev Partner, Deloitte, Cyber Advisory Table of Contents Introduction
More informationPROTECT & UNLOCK YOUR VALUE THROUGH SUCCESSION PLANNING
PROTECT & UNLOCK YOUR VALUE THROUGH SUCCESSION PLANNING INSIDE How succession planning can help increase your practice value Avoiding the top transition pitfalls Timing your exit to maximize value Simplified
More informationThe future enterprise. A transformation road map for the automotive organization
The future enterprise A transformation road map for the automotive organization The view The Fourth Industrial Revolution represents an existential threat to companies in every industry. Automotive incumbents
More informationSAI Performance Measurement Framework Implementation strategy
SAI Performance Measurement Framework Implementation strategy 2017-19 24 September 2016 Draft SAI PMF strategy, 2017-19 Page 1 SAI PMF Strategy 2017-2019 1. Introduction 1.1 What is the SAI PMF? The SAI
More information2015 THROUGH RESULTS INTEGRATED THINKING THE BENEFITS OF INTEGRATED REPORTING <IR>
IFAC CREATING GLOBAL VALUE SMP FOR SURVEY: SMEs 2015 THROUGH RESULTS INTEGRATED THINKING THE BENEFITS OF INTEGRATED REPORTING Exposure Drafts, Consultation Papers, and other IFAC publications are
More informationFINANCIAL MARKETS. Loan Solutions. IHS Markit s comprehensive solutions in syndicated and leveraged loans
FINANCIAL MARKETS Loan Solutions IHS Markit s comprehensive solutions in syndicated and leveraged loans IHS Markit is the provider of choice to the loan market. With our long experience in the asset class
More informationASIA 2020 PROGRESSING, PREPARED OR PESSIMISTIC?
ASIA 2020 PROGRESSING, PREPARED OR PESSIMISTIC? Regan Leggett 9 March 2016 1 TODAY S PRESENTER Regan James Leggett Regan.leggett@nielsen.com Executive Director, Thought Leadership & Foresight Nielsen 2
More informationSuccess peak performance and personal branding December 2017
Success peak performance and personal branding 10 11 December 2017 Day 1 The psychology of success and peak performance The definition of success The barriers to success Harnessing your inner most power
More informationEnterprise Transformation Methodology Strategic Roadmap Development
Enterprise Transformation Methodology Strategic Roadmap Development White Paper Contents Think Big, Start Small, Deliver Quickly... 3 Transformation Roadmap... 3 Fundamental Business Drivers... 4 Enterprise
More information2. 2. Business areas Banking activity in Spain
BBVA IN 2016 2.Performance P.15 2. 2. Business areas 2. 2. 1. Banking activity in Spain Management priorities Development of the strategic roadmap for the area Decline in lending, but good performance
More informationRisk culture. Building great organisations and growing your foundation for success CAPABILITY STATEMENT 2016
Risk culture Building great organisations and growing your foundation for success CAPABILITY STATEMENT 2016 What the regulators are saying about risk culture 2 3 An effective risk culture guides and facilitates
More informationTHE MMC ADVANTAGE: DELIVERING VALUE FOR THE ENERGY SECTOR. Strategic Solutions Group
THE MMC ADVANTAGE: DELIVERING VALUE FOR THE ENERGY SECTOR Strategic Solutions Group delivers advice and solutions that help clients protect and enhance shareholder value. We provide the advantage of four
More informationFull year results Amsterdam, 5 February 2015
Full year results 2014 Amsterdam, 5 February 2015 Disclaimer The information contained herein shall not constitute or form any part of any offer or invitation to subscribe for, underwrite or otherwise
More informationHFSF Operational Strategy
HFSF Operational Strategy Mission / Purpose of the HFSF As per L. 3864/2010 the HFSF s primary mission is to contribute to the maintenance of the stability of the Greek banking system, for the sake of
More information189,000. Operates in. countries. Europe, Middle East and Asia (EMA) is KPMG s fastestgrowing. Global Green Initiative. KPMG was founded.
Graduate careers We want to work with graduates who share our sense of purpose; graduates who want to contribute positively to society and are driven to make a difference in the world. KPMG in Bahrain
More informationEY Advisory: Driving business performance
EY Advisory: Driving business performance Advisory EY s consulting practice Helping clients grow, protect and optimize their businesses Page 1 EY Advisory by the numbers 15,000+ Americas 20,000+ EMEIA
More informationCritical Steps to Prepare Your Business for Sale
12 Critical Steps to Prepare Your Business for Sale The value of 12 Critical Steps The DAK Group has prepared a superb, quick read on the 12 Critical Steps to Prepare Your Business For Sale. As a business
More informationMaximizing Shareholder Value Checklist for Service Based Businesses
for Service Based Businesses ABSTRACT: Service businesses are complex and difficult to manage due to their labor intensive nature and the codependent relationship between sales and the delivery of service,
More informationPaper 8: IATI Governing Board paper on Long-term Institutional Arrangements
Members Assembly Meeting 03-05 October 2017 IFAD HQ, Via Paolo di Dono, 44, 00142 Roma RM, Italy Paper 8: IATI Governing Board paper on Long-term Institutional Arrangements 1. INTRODUCTION The current
More informationDISRUPTIVE OPPORTUNITIES
CHALLENGING TIMES, DISRUPTIVE OPPORTUNITIES The Indian logistics industry is rife with fragmentation, inefficiencies and hence, the opportunities for disruption. Inferior management practices, a high level
More information