Investment

not import a lot of fossil energy. In the European Union as a whole, nuclear energy provides 30% of the electricity. To compare to other source of energy, the nuclear energy asks for huge investment at the beginning but after all it benefits from operating cost less important per kilowatt product. The investment in the nuclear energy is only taking place for a long term politic. This kind of operation keeps going for more than ten years periods and the cost of this energy depends a lot on the time

excellent execution of our proven strategies in all parts of the world, covering the full range from premium brands to value-priced offerings, combined with the ongoing successful implementation of Nestlé Continuous Excellence. We have increased investment in our brands, people and capabilities and have prepared the Company for a more challenging second half, which allows us to reconfirm our earlier full-year guidance for Food and Beverages: organic growth of around 5% combined with an increase in

|Shareholders’ equity : capitaux propres | P9 : Les projets d’une entreprise sont du côté ACTIFS. On investit dans des immobilisations. What long term investments should the firm engage in? In FIXED ASSETS. P10 : How can the firm raise money for the required investments ? With Current liabilities, Long-term debt, shareholders’ equity. Besoin en fonds de roulement = current assets – current liabilities Valeur d’une entreprise = valeur de ses actifs.

money for responsible steps. The SME are more and more interested in CSR but many of them miss time, experience and money so its don’t really considerate the CSR as a strategy. In general, a CRS step needs tangible and intangible investments. But, the return of investment could be profitable for companies and principally for SME. That can also be good for the competition and permit the fidelity of clients. Moreover, to focus on employees satisfaction permits to improve their productivity. The beneficial

competition law) 3. Personal opinion/analysis I. International contracts Why create a company in a foreign country? * Costs (labour is cheaper) * New market (different demand) * Reciprocal agreements (bilateral for foreign investment) * Proximity * Taxation * Corporate law issues The first step is to study the market to make sure that you’ve got some demand… Then you need to do financial analysis (costs, installation, materials…). Next you have to pay attention

Silicon Valley: A Small Business Perspective Welcome Fred Slone San Mateo County Workforce Investment Board A Small Business Perspective Project Introduction Larry Sanguinetti NOVA A Small Business Perspective Project Introduction Background • • • History of labor market reporting Focus on stakeholders Study methodology A Small Business Perspective Project Introduction Stakeholders • • • Business Workforce Development Economic Development A Small

12. 13. 14. Revenue Segment reporting Employee benefits Share-based payment Taxation Earnings per share 23 26 27 30 32 34 Balance sheet and related notes 15. 16. 17. 18. 19. 20. 21. 22. 23. Intangible fixed assets Property, plant and equipment Investment property Impairment of assets Lease accounting Inventories Provisions and contingences Post-balance-sheet events and financial statements Share capital and reserves 35 37 39 40 42 43 44 47 48 i IFRS pocket guide 2009 Contents Consolidated

retains its crown L’Oréal España SA kept its leading position in the Spanish beauty and personal care market in 2009. However, the growing importance of private label resulted in the company losing some ground on the previous year. Its substantial investment in TV advertising campaigns, along with new product launches ranging from hair care to men’s grooming products prevented the company losing more share. Procter & Gamble España SA remained second in the ranking. Spanish shopping habits Traditionally

typologiques et structure du capital GROUPE 1 GROUPE 2 GROUPE 3 GROUPE 4 Concentration du capital Concentration -64% 3% 56% 32% Détenteurs institutionnels du capital Non-financial Company Banking Institution Investment Advisory Firm et Pension Fund Investment Company Fund -29% -1% 76% 22% 19% -25% -21% -35% 24% -44% 88% -38% -42% -41% 4% -19% 81% -20% -25% 32% Nationalité des détenteurs du capital France Anglo-Saxon Nordique Germany -57% 63% 47% 18% -16% -20% -20% 10% 65% -39%

assets including machinery, furniture and find short terms working capital to run their activities. Availability of finance is thus essential to the daily activities as well as for investment in durable assets. Yet, the importance of the finance does not end with the launching of the business. Additional investments are needed to proceed to expansion, modernization and increasing competition. Adoption of new methods of production or distribution or plant and machinery to be modernized, or new products