Asset

exiles. * Asset holding. Asset holding involves utilizing a trust or a company, or a trust owning a company. The company or trust will be formed in one tax haven, and will usually be administered and resident in another. The function is to hold assets, which may consist of a portfolio of investments under management, trading companies or groups, physical assets such as real estate or valuable chattels. The essence of such arrangements is that by changing the ownership of the assets into an entity

owing mostly to the impact of higher raw materials prices. For 2011, we expect high sales growth (close to 10%), thanks to momentum in Conductix.  Target price & rating 60 45 30 2010 (th) 210 140 70 0 2010 2011 2011 Source: SG Cross Asset Research We have raised our target price to €80 (vs €73). It is the average of a DCF (€75 vs €73, with a lower WACC of 10% vs 10.2% owing to better visibility on Conductix, a more cyclical business than rail equipment, which had prompted us to adopt

villages due to open there during this period.” 1 1- BUSINESS AND FINANCIAL REVIEW Statement of income for the year ended 31 October 2009 In € millions (1) Revenue (2) Operating income – Villages Operating income/(loss) – Management of assets Other operating income & expense (1) Operating income Finance cost - net Share of income of associates Income tax expense Results from discontinued operations Net Income/(loss) before non-recurring items (3) Net income/(loss) Free cash flow Net debt

careers and also in order for them to advise me and make me aware of the field’s requirements. -How has this course and exercise clarified or changed your career perspectives? The Career Management course helped be more focus on my personal assets which I had difficulties to match with a career plan before. In fact, it gave me tools to both evaluate my personality, my capacities, it made me believe in myself and also clarified the career direction that I need to go through. We all have to believe

equity and the failure on the part of many private firm owners to diversify can create serious problems with estimating and using betas for these firms. Approaches to Estimating Market Betas The standard process of estimating the beta in the capital asset pricing model involves running a regression of stock returns against market returns. Multi-factor models use other statistical techniques, but they also require historical price information. In the absence of such information, as is the case with private

was a result of a simultaneous growth of both net foreign assets (+23.3%) and domestic assets (+2522.2). Net foreign 8 assets increase resulted from an increase of foreign disbursement as budgetary support and other foreign exchange revenues, while net domestic assets increase resulted from an increase in credit to the economy(+20.9%), net credit to government continued its downward trend started in 2004(16.6%). 40. Net foreign assets of the banking system rose from RWF 285.1 to 351.5 billion

que nous étudierons que les années 2004 et 2005, qui sont les plus récentes. Rappelons les formules: *ROS: Return on Sales; AT: Assets Turnover; ROA: Return on Assets; ROE: Return on Equity. Calcul ROS: Operating income / Net sales Calcul AT: Net sales / Net assets Calcul ROA: Operating income / Net assets Calcul ROE: Operating income / Equity Calcul DL: Net assets / Equity 2004 | Commercial performance | Economic performance | Debt leverage | Financial performance | | ROS | AT | ROA

actions. Indique les pays ayant déjà eu recours à la méthode d’indexation fondamentale Aujourd’hui, plusieurs sont les sociétés d’investissement qui lancent des gammes de produits basées sur cette nouvelle génération d’indices. En France, Lyxor Asset Management, classé parmi les leaders en Europe en matière de gestion indicielle, a lancé en Février 2007 quatre trackers sur ces indices pour investir différemment sur la zone euro, l’Europe, les Etats-Unis ou le Japon : le Lyxor ETF FTSE RAFI Euro-zone

000 2 943 000 -74 000 2 869 000 -859 000 2005 41 338 000 4 164 000 1 514 000 3 784 000 -331 000 3 453 000 -86 000 3 367 000 -661 000 BALANCE SHEET - ASSETS Cash & Short Term Investments Accounts Receivable Stocks Inventories Total Current Assets Net Property Plant & Equipment Goodwill & Intangibles Other Long Term Assets Total Assets 2009 8 810 000 1 097 000 3 932 000 33 913 000 12 294 000 3 893 000 768 000 63 978 000 2008 3 094 000 1 752 000 5 266 000 31 278 000 12 818 000 4 313

comptable: les firmes cèdent les passifs déconsolidés à des trusts afin de alléger leur coût de financement. * La titrisation des créances: comme phénomène dès les années 1970 cette procédure permettant de transformer des tangibles assets en asset-back-assets devient de plus en plus courante. Comme cela les firmes peuvent se dégager des capitaux propre ou réduire leur endettement. * En conclusion l’environnement est fortement complexe et évolutif et exige comme cela une grande faculté d’adaption