Asset

d’une autolaveuse nécessite des joints soudés. • JONTEC ASSET (JOHNSON DIVERSEY) • TENSOL (TASKI) • LINAX PLUS (TANA PROFESSIONAL) • DYNATECH CLEAN FORCE (TANA PROFESSIONAL) • TORVAN CONCENTRE (KIEHL) • RESAL (WETROK) 3/07/07 1. Lavage à plat avec une frange coton. 16:44 Etape n° 4 1. Après séchage lustrage avec monobrosse. 2. Monobrosse (≤ 450 tours/mn) + disque beige ou blanc pour lustrer. Page 9 ou + • JONTEC ASSET (JOHNSON DIVERSEY) • TENSOL (TASKI) • TAWIP (TANA PROFESSIONAL)

million bottles in the USA. In 2009 the Return On Equity ratio for the group was 11%, which reveals to the investor that this group uses the resources invested by the shareholders effectively. Their Return On Total Assets was 5% in 2009, which shows that the group also uses its assets well. The liquidity of the group is a good ratio to show how well the company can meet its financial commitments. The current ratio is 312% (587994000/188711000= 3.12), revealing great liquidity status. The long-term

de publication: June 1997 Résumé: The Capital Asset Pricing Model (CAPM) is one of the most valuable models of the theory of finance. Its initial development is based on the hypothesis that investors have "mean-variance" preferences. In this context, a separation theorem is demonstrated implying that all investors hold at equilibrium the same risky portfolio combined with the risk-free asset in different proportions according to their preferences. This separation is

(MT/KB) (Team approval: 24.03.2009) .............................................. 101 6.7.1 GL based closing Activities (Team approval: 24.03.2009) .................................... 102 6.7.2 Asset depreciation (Team approval: 24.03.2009) ................................................. 103 6.7.3 Asset history sheet (Team approval: 24.03.2009)................................................. 103 6.7.4 Allocations and Settlements (Team approval: 24.03.2009) .................................. 103

international trade in goods and services 4 THE USE OF THE EURO IN COUNTRIES OUTSIDE THE EURO AREA 4.1 Official use: the euro as anchor and reserve currency 4.2 Private use: the euro as a parallel currency 5 SPECIAL FEATURES 5.1 Excess returns on net foreign assets and international currencies 5.2 Constructing a summary indicator of the international role of the euro 5.3 How international is the euro? A brief reassessment of its role in global financial markets REFERENCES STATISTICAL ANNEX DOCUMENTS ON THE INTERNATIONAL

(Andrew Sheng, 1991). The financial services industry is transforming unpredictably. NationsBank Corporation has broadened its product line considerably; State Street Bank & Trust Company narrowed its focus preliminarily to servicing financial assets as an investment manager. Increased competition from non-traditional institutions, new information technologies and declining processing costs, erosion of product and geographic boundaries, and less restrictive governmental regulations etc - all played

872 | 2 572 | 2 215 | 4 074 | 2 672 | | | | | | | | Equity (excluding minority interests) | 8 139 | 11 286 | 11 059 | 4 739 | 9 004 | -1 294 | Financial liabilities | 14 443 | 12 200 | 10 727 | 9 538 | 8 217 | 7 512 | Total = Economic assets | 22 582 | 23 486 | 21 786 | 14 277 | 17 221 | 6 218 | | | | | | | | cash flow generated by the activity | 2 776 | 3 504 | 7 000 | 7499 | 9584 | -401 | | | | | | | | | | | | | | | Growth and margins | | | | | |

one) on a joint venture = jointed asset , risks … The US/UK business models SOLE PROPRIETORSHIP = start a business with your own It’s when a person owns all the assets and all the liabilities Limited (=Ltd sarl) Partnership entities are 2 persons or in a company, the entity is a business structure, so less risk. The limit in determined by the amount of money invested in the company. Unlimited P or C, there is no limit on assets and liabilities. Exercice :

CONTENTS Page 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Introduction Ownership of a business Bases of valuation The valuation requirement Required return on investment Valuation methods Market based methods Asset based methodologies The DCF technique Trading companies: the choices Asset based approaches The use of DCF Financing considerations More complex methods Industry ‘rules of thumb’ Shareholder value analysis techniques Information about the business Required market information Applying

Mots clés 1. Assets Nom : Actif du bilan (toujours au pluriel) Sens plus général : un bien. Expressions : “The corporation owns $500,000 of realizable assets” • « La société possède pour 500 000 dollars d’actifs réalisables » “Accounts receivable are entered on current assets” • « Les effets à encaisser sont rentrés dans l’actif disponible » “Under the circumstances, his assets could be frozen” • « Dans ces conditions, ses biens pourraient être gelés » Noms composés : Fixed assets: les immobilisations