DOCSLIB.ORG

Private Wealth in Germany- Introduction Compiled and Ordered Notes from Interviews Including Cross-Checks with Publicly Accessible Material, Prepared for Future Use

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Private Wealth in Germany- Introduction Compiled and Ordered Notes from Interviews Including Cross-Checks with Publicly Accessible Material, Prepared for Future Use Jörg Alt SJ Private Wealth in Germany- Introduction Compiled and ordered notes from interviews including cross-checks with publicly accessible material, prepared for future use. Language check and German quotes translated into English thanks to Dr. Sue Berning. Joerg 16.11.2016 2 Table of Content Table of Content ......................................................................................................................... 2 1 Why focussing on private, not corporate, wealth? ............................................................. 5 2 Introduction ........................................................................................................................ 6 3 Sources ............................................................................................................................... 7 3.1 Deficits in standard surveys and samples .................................................................... 7 3.2 Insights based on tax data ............................................................................................ 8 3.3 Macroeconomical & statistical data bases ................................................................... 9 3.4 SOEP ......................................................................................................................... 10 3.5 HFCS & PHF ............................................................................................................. 11 3.6 Scholarly sociological studies ................................................................................... 13 3.7 Journalistic sources, Wealth Rankings ...................................................................... 13 3.8 Public statements by wealthy persons ....................................................................... 14 3.9 Private Banking institutions, Bank advisors, Wealth Manager ................................. 14 3.9.1 Databases underlying wealth reports .................................................................. 16 3.10 Own contacts to top wealth holder ......................................................................... 17 3.11 Other sources of information ................................................................................. 17 3.12 Conclusion ............................................................................................................. 17 4 Classic categorization of the wealthy ............................................................................... 18 4.1 Old money – new money ........................................................................................... 18 4.2 Self-made – inherited; earned – unearned wealth (married) ..................................... 19 4.3 Chance and self-branded wealth ................................................................................ 19 4.4 Illicit or criminal wealth ............................................................................................ 19 4.5 Conclusion ................................................................................................................. 20 5 Context for large fortunes in Germany & Bavaria ........................................................... 20 5.1 Historically ................................................................................................................ 20 5.2 More recently ............................................................................................................. 23 5.3 The churches .............................................................................................................. 24 5.4 Conclusion ................................................................................................................. 26 6 Categorizing wealth, wealthiness & wealthability ........................................................... 27 7 Portfolio Composition ...................................................................................................... 29 7.1 Changes over time ..................................................................................................... 29 7.2 Portfolio compositions ............................................................................................... 30 7.2.1 Bach/Corneo/Steiner 2011 ................................................................................. 30 7.2.2 Schratzenstaller 2011 ......................................................................................... 30 7.2.3 PHF 2010/2011 & 2014 ..................................................................................... 31 7.2.4 Credit Suisse 2015 .............................................................................................. 36 7.2.5 Conclusion .......................................................................................................... 37 3 8 Quantifying wealth concentration among Germany’s top 1% ......................................... 38 8.1 Germany’s top 1% ..................................................................................................... 38 8.1.1 Income ................................................................................................................ 38 8.1.2 Wealth ................................................................................................................ 39 8.2 Valuation problems & wealth development .............................................................. 40 8.3 Studies regarding wealth concentration ..................................................................... 42 8.3.1 Tax data based analysis by Bach, Corneo Steiner 2011a ................................... 42 8.3.2 SOEP & Wealth Lists ......................................................................................... 48 8.3.2.1 Grabka/Westermeier 2015 ........................................................................................ 48 8.3.2.2 Bach, Thiemann, Zucco 2015 ..................................................................................... 50 8.3.2.3 Credit Suisse 2015 ..................................................................................................... 52 8.3.2.4 Bach, Beznoska, Thiemann 2016 ............................................................................... 52 8.3.3 The question of inheritance regarding wealth concentration ............................. 54 8.3.3.1 Credit Suisse, Wealth-X, UBS… .................................................................................. 54 8.3.3.2 Braun and colleagues ................................................................................................ 55 8.3.3.3 Bönke, Corneo, Westermeier 2015 ........................................................................... 55 8.3.3.4 Ströing, Lauterbach, Grabka ...................................................................................... 56 8.3.3.5 Piketty, Stiglitz, Hecker… ........................................................................................... 57 8.3.3.6 Discussion .................................................................................................................. 58 8.4 Rise and falls ............................................................................................................. 59 8.5 Conclusion ................................................................................................................. 60 9 German wealth holder in international comparison ......................................................... 61 9.1 Diverging numbers for HNWIs ................................................................................. 61 9.2 Wealth-X/UBS 2014 on UHNWIs ............................................................................ 62 9.3 Manager Magazin ...................................................................................................... 63 9.4 Other international rankings ...................................................................................... 64 9.5 Family businesses and entrepreneurial families ........................................................ 65 9.5.1 Context ............................................................................................................... 65 9.5.2 Family businesses (Familienunternehmen) ........................................................ 65 9.5.3 The entrepreneurial family (Unternehmerfamilien) ........................................... 66 9.5.4 A German strength vs. France and the US ......................................................... 67 9.5.5 Tax injustice regarding SMEs vs. MNEs ........................................................... 68 10 The wealthy person .......................................................................................................... 69 10.1 2007 Sinus Study ................................................................................................... 69 10.2 Wealth-X, UBS, PwC… ........................................................................................ 71 10.3 The Big Five Personality Traits of Lauterbach ...................................................... 71 10.4 The eight personality types of Druyen and El-Sehity ............................................ 72 4 10.5 Stifterstudie 2005 & 2015 ...................................................................................... 74 10.6 Conclusion ............................................................................................................. 77 11 The wealthy “class” .........................................................................................................
Load more

Recommended publications
  • Arcandors Absturz
    Arcandors Absturz Wie man einen Milliardenkonzern ruiniert: Madeleine Schickedanz, Thomas Middelhoff, Sal. Oppenheim und KarstadtQuelle von Seidel 1. Auflage Arcandors Absturz – Seidel schnell und portofrei erhältlich bei beck-shop.de DIE FACHBUCHHANDLUNG Thematische Gliederung: Wirtschaft – Allgemeines – Betriebswirtschaft – Volkswirtschaft Campus Frankfurt 2010 Verlag C.H. Beck im Internet: www.beck.de ISBN 978 3 593 39249 3 Inhaltsverzeichnis: Arcandors Absturz – Seidel Ein Dienstag im Juni 2009 1 2 3 4 5 6 7 8 Die Nacht war wieder einmal kurz gewesen. Bis in die frühen Morgen- 9 stunden hatten sie in der Arcandor-Zentrale in Essen-Bredeney ver- 10 sucht, das Unausweichliche zu verhindern. Doch eine echte Chance hat- 11 ten die Vorstandsmitglieder von Arcandor und ihre Berater nicht mehr. 12 Nur der Mut der Verzweiflung hatte sie noch so lange in den Büros ge- 13 halten und in immer neue Konferenzen getrieben. 14 Nach wenigen Stunden Schlaf waren sie jetzt, am frühen Dienstag- 15 morgen, wieder da und versuchten, sich mithilfe des Kaffees im Papp- 16 becher aus der Starbucks-Filiale im Erdgeschoss auf Betriebstemperatur 17 zu bringen. Doch die Luft war raus, die Stimmung im Siebziger-Jahre- 18 Bau an der Autobahn 52 war noch gedrückter als in den Tagen zuvor. 19 Nicht einmal die Politiker wollten ihnen mehr helfen, trotz des Wahl- 20 kampfes. Erst hatte Berlin am Montag die staatliche Bürgschaft für Ar- 21 candor, später auch den Rettungskredit abgelehnt. Aber ohne Sicherung 22 durch die Bundesregierung wollten die Banken die Kredite nicht verlän- 23 gern. Vorstandschef Karl-Gerhard Eick, der noch kurz zuvor, auf einer 24 knallroten Leiter stehend, seine Mitarbeiter per Megafon zum Durch- 25 halten aufgefordert hatte, sah den Überlebenskampf als verloren an.
    [Show full text]
  • Curriculum Vitae Claus Hecking
    Curriculum Vitae Claus Hecking Personal Profile • Dedicated journalist with a nose for exclusive news and a passion for op-eds and non-mainstream feature stories. • Eleven years experience as a staff writer and author for leading print and digital media such as Die Zeit, Spiegel Online and Financial Times Germany. Main topics: EU politics and policy, international finance and global economics. • Experience as a Brussels correspondent and as a Frankfurt correspondent who knows how to explain complex topics to a broad audience and who speaks several languages fluently. • Multimedia storyteller who writes stories, takes pictures, videos and audios. Experience Economics Correspondent , Die Zeit / Zeit.de, Hamburg (January 2015 to present) • Covering European and global economy, EU, finance, energy, environment, aviation. • Created “Countdown für das Klima” (“countdown for the climate”), a 13 week-long series of articles about the UN climate conference in Paris. Contracted Author , Spiegel Online, Hamburg & Freelancer, Die Zeit (2013 to 2014) • Covering European and global economy, EU, finance, energy, environment, creation of multimedia features (video, photo, audio, infographics, text) , • Created “Was wurde aus=?6 (3What happened to=?61, a series of articles about persons/events/places/topics that once made headline news and have disappeared from the public radar in the last years. • 2.14: 8omination for the German- rench ,ournalist Prize and one shortlist nomination for the German ,ournalist Prize. Blogger , Total Global, www.total-global.info (2.14 to present1 • Private blog about international economy, globalization and the EU. International Correspondent , 2apital, Berlin (2.12 to 2.141 • 2overing European : global economy, EU, energy, finance, aviation.
    [Show full text]
  • Drucksache 19/22675 19
    Deutscher Bundestag Drucksache 19/22675 19. Wahlperiode 18.09.2020 Schriftliche Fragen mit den in der Woche vom 14. September 2020 eingegangenen Antworten der Bundesregierung Verzeichnis der Fragenden Abgeordnete Nummer Abgeordnete Nummer der Frage der Frage Achelwilm, Doris (DIE LINKE.) ...................1 Fricke, Otto (FDP) ............................47, 97 Akbulut, Gökay (DIE LINKE.) .................. 31 Gastel, Matthias Alt, Renata (FDP) ............................... 111 (BÜNDNIS 90/DIE GRÜNEN) .................. 98 Amtsberg, Luise Göring-Eckardt, Katrin (BÜNDNIS 90/DIE GRÜNEN) .................. 16 (BÜNDNIS 90/DIE GRÜNEN) .................. 65 Bartsch, Dietmar, Dr. (DIE LINKE.) ............. 82 Gohlke, Nicole (DIE LINKE.) .............. 18, 113 Bauer, Nicole (FDP) ..........................76, 77 Hahn, André, Dr. (DIE LINKE.) ................. 71 Bause, Margarete Hanke, Reginald (FDP) .......................54, 83 (BÜNDNIS 90/DIE GRÜNEN) .................. 32 Held, Marcus (SPD) ........................ 99, 100 Bayaz, Danyal, Dr. Helling-Plahr, Katrin (FDP) ...................... 55 (BÜNDNIS 90/DIE GRÜNEN) .................2, 3 Hemmelgarn, Udo Theodor (AfD) .......... 66, 101 Bayram, Canan Herbrand, Markus (FDP) ........................7, 8 (BÜNDNIS 90/DIE GRÜNEN) ...............53, 80 Hess, Martin (AfD) ...................19, 20, 21, 56 Brantner, Franziska, Dr. (BÜNDNIS 90/DIE GRÜNEN) ...........17, 33, 34 Hessel, Katja (FDP) ................................9 Buchholz, Christine (DIE LINKE.) ............35, 36 Höchst, Nicole
    [Show full text]
  • Pictures and Stories Since 1957 from Our Lives 12.2018 Since 1847
    PICTURES AND STORIES SINCE 1957 FROM OUR LIVES 12.2018 SINCE 1847 Our brand is growing AWARD FOR EDITORIAL BEST BRAND The seventh coup in 2018: LIQUI MOLY voted Dear LIQUI MOLY Friends, the best lubricant brand by sporty drivers, too SUPERLIQUI? WONDERMOLY? ... What name would you give to our heroic unit right now? What our LIQUI MOLY family worldwide is currently accomplishing as we move into the finishing straight of 2018 is nothing short of superhuman. Yet it is precisely the human component that sets us apart from the rest and makes us The readers of "sport auto" capable of such an impressive final sprint. We stick together, we fight together and we have voted: for some 75 % win together! Our sales of EUR 53.8 million in the month of October – an absolute record of survey participants in the history of the company, the outstanding online campaign with more than 1.6 billion we are once again adverts worldwide and being voted Best Brand by readers of the magazine “sport auto” – the best oil brand! an amazing seventh award this year: these are just three examples of how our unique Many thanks for this winner mentality has borne fruit. impressive result! But don’t forget to take a closer look: it’s not just the big numbers and awards that regularly catapult us up front in terms of consumer preference. There are also lots of ways in which we collect bonus points on a small scale all round the globe. A blue, white and red garage sign on a busy road, a useful piece of advice given on our friendly Technical Hotline, a container delivery organized in the face of a mountain of difficulties – there are more than enough opportunities to demonstrate our superhuman powers.
    [Show full text]
  • Zeitschriftenmarkt: WAZ- Derzeit Bilden 1 536 Periodika Das Sortiment Der Weniger IVW- Publikumspresse (Stand: Ende März 2010; Vgl
    media perspektiven 6/2010 x296 ................................................................................................................................................................ wie vor gilt: Publikumszeitschriften müssen zuerst Daten zum Markt und zur Konzentration der und aus sich heraus ihre Leser überzeugen. Darauf Publikumspresse in Deutschland im I. Quartal 2010 sind ihre Konzepte auszurichten. U Zeitschriftenmarkt: WAZ- Derzeit bilden 1 536 Periodika das Sortiment der Weniger IVW- Publikumspresse (Stand: Ende März 2010; vgl. Ta- gemeldete Titel, mehr Gruppe schließt zu dominie- belle 2). Titel, die mindestens 14-täglich erscheinen, Sonderpublikationen haben hierunter einen Anteil von knapp 9 Prozent. und Extra-Reihen renden Konzernen auf Diese Zeitschriften sind zu rund 78 Prozent der Von Andreas Vogel* IVW-Auflagenkontrolle gemeldet. Die Zahl der sel- tener erscheinenden Hefte nahm auch in den letz- Publikumspresse Auch im Jahr 16 des öffentlichen WWW zeigt sich ten beiden Jahren weiter zu. Weil aber die Zahl der nach wie vor die deutsche Publikumspresse quicklebendig. Weder IVW-gemeldeten Titel erstmals im Zweijahresver- mit breitem gab es im Sortiment das prognostizierte Massen- gleich stagniert, sinkt ihre Meldequote auf knapp Titelsortiment sterben der Titel – selbst von Bereinigungen im 32 Prozent. Die deutschen Verlage experimentieren Markt kann man nicht ernsthaft sprechen – noch verstärkt mit Sonderheften und Extra-Reihen rund bleiben die Neugründungen aus. Im Gegenteil: Der um ihre Stammobjekte. Die Verkaufsauflagen die- Trend zum immer breiteren Angebot hält unver- ser Publikationen können durch die IVW generell mindert an. Einige Fachbeobachter sehen 2010 gar nicht erfasst werden. Insofern leidet die Transpa- eine Renaissance der Zeitschriftengründungen. Doch renz des Gesamtmarktes im Jahr 2010 doppelt: das trifft nicht zu – seit 1990 finden jedes Jahr unter der rückläufigen Bereitschaft zur IVW-An- durchschnittlich 130 neue Periodika den Weg an meldung und unter der Flut von nichtperiodischen die Kioske.
    [Show full text]
  • Verblasster Glanz – Das Ende Der Warenhausherrlichkeit
    SÜDWESTRUNDFUNK SWR2 Wissen – Manuskriptdienst Verblasster Glanz – das Ende der Warenhausherrlichkeit Autor: Helmut Frei Regie: Günter Maurer Redaktion: Udo Zindel Sendung: Dienstag, 27. Oktober, 8.30 Uhr, SWR2 Wissen ____________________________________________________________ Bitte beachten Sie: Das Manuskript ist ausschließlich zum persönlichen, privaten Gebrauch bestimmt. Jede weitere Vervielfältigung und Verbreitung bedarf der ausdrücklichen Genehmigung des Urhebers bzw. des SWR. Mitschnitte auf CD von allen Sendungen der Redaktion SWR2 Wissen/Aula (Montag bis Sonntag 8.30 bis 9.00 Uhr) sind beim SWR Mitschnittdienst in Baden-Baden für 12,50 € erhältlich. Bestellmöglichkeiten: 07221/929-6030 _________________________________________________________________ SWR 2 Wissen können Sie ab sofort auch als Live-Stream hören im SWR2 Webradio unter www.swr2.de __________________________________________________________________ Seite 1 von 11 ATMO: Hertie-Song Ansage: Verblasster Glanz – das Ende der Warenhausherrlichkeit. Eine Sendung von Helmut Frei. Sprecherin: 15. August 2009. An diesem Samstag schlossen die letzten Hertie-Warenhäuser in Deutschland. Der Hertie-Song, der die Beschäftigten zu Höchstleistungen an der Verkaufsfront anstacheln sollte, hatte ausgedient. Sprecher: Das Ende kam nicht überraschend. Das Angebot der Warenhauskette wirkte nach Ansicht vieler Konsumenten genauso altbacken wie die Einrichtung. Junge Leute fanden kaum noch den Weg zu Hertie. Die Insolvenz des Unternehmens war nicht abzuwenden. Bereits in den Jahren davor hatte das Unternehmen Standorte aufgegeben. Anfang 2009 waren noch 63 Hertie-Filialen übrig. Dass auch kleine, familiengeführte Warenhaus-Firmen kapitulieren müssen, ist oft nur eine Randnotiz in einer Regionalzeitung wert. Im Brennpunkt stehen die Großen der Branche wie Karstadt. Nun steht auch der einst führende Warenhaus-Konzern Europas unter dem Regiment eines Insolvenzverwalters. Nach dessen Auffassung sind derzeit 19 von insgesamt 90 Karstadt-Filialen in ihrer Existenz bedroht.
    [Show full text]
  • B E RT E LS MA N N Media Worldwide
    Information Memorandum Borsenzulassungsprospekt (gemal3 0 44 BorsZulV) B E RT E LS MA N N media worldwide Bertelsmann AG (Gutersloh, Federal Republic of Germany) as Issuer and, in respect of Notes issued by Bertelsmann Capital Corporation N.V. or Bertelsmann U. S. Finance, Inc., as Guarantor Bertelsmann Capital Corporation N. V. (Amsterdam, The Netherlands) as Issuer Bertelsmann U. S. Finance, Inc. (Wilmington, Delaware,U. SA.) as Issuer Euro 3,000,000,000 Debt lssua nce Programme The notes (the "Notes") to be issued under the Euro 3,000,000,000 Debt Issuance Programme (the "Programme") are admitted for official quotation on the Frankfurt Stock Exchange and application has been made to list Notes issued under the Programme on the Luxembourg Stock Exchange. Notes issued under the Programme may also be listed on an alternative stock exchange or may not be listed at all. The payments of all amounts due in respect of Notes issued by Bertelsmann Capital Corporation N.V. and Bertelsmann U. S. Finance, Inc. will be unconditionally and irrevocably guaranteed by Bertels- mann AG. Arranger Deutsche Bank Dealers ABN AMRO Commerzbank Securities Credit Suisse First Boston Deutsche Bank Dresdner Kleinwort Wasserstein JPMorgan Merrill Lynch International Schroder Salomon Smith Barney UBS Warburg The date of this Information Memorandum (which for purposes of a listing of Notes on the Frankfurt Stock Exchange serves as "Borsenzulassungsprospekt") is 6 June 2002. The Information Memoran- dum is valid for one year from such date. Bertelsmann AG ("Bertelsmann" and together with all of its affiliated companies within the meaning of the German Stock Corporation Act (Aktiengeserz), the "Bertelsmann Group"), Bertelsmann Capital Corporation N.V.
    [Show full text]
  • Digitale Verarbeitungslizenzen Für MMO
    Digitale Verarbeitungslizenzen für MMO - Verfügbare Quellen - QUELLEN- ## QUELLENNAME GATTUNG VERLAG / LIEFERANT KÜRZEL 1 ELFR 11 Freunde Zeitschrift/Magazin Gruner + Jahr GmbH 2 ELFS 11 Freunde Spezial Zeitschrift/Magazin Gruner + Jahr GmbH 3 ZMB 20 Minuten Basel Tageszeitung Tamedia Publikationen Deutschschweiz AG 4 ZMBE 20 Minuten Bern Tageszeitung Tamedia Publikationen Deutschschweiz AG 5 ZML 20 Minuten Luzern Tageszeitung Tamedia Publikationen Deutschschweiz AG 6 ZMS 20 Minuten St. Gallen Tageszeitung Tamedia Publikationen Deutschschweiz AG 7 ZMZ 20 Minuten Zürich Tageszeitung Tamedia Publikationen Deutschschweiz AG 8 ZMG 20 minutes Genève Tageszeitung Tamedia Publikationen Deutschschweiz AG 9 ZMLA 20 minutes Lausanne Tageszeitung Tamedia Publikationen Deutschschweiz AG 10 VENIN 20 minuti Tageszeitung Tamedia Publikationen Deutschschweiz AG 11 ZWANO 20min.ch (20 Minuten) Online News Tamedia Publikationen Deutschschweiz AG 12 TFHL 24 heures Lausanne Tageszeitung Tamedia Publikationen Deutschschweiz AG 13 TFHR 24 heures Régions Tageszeitung Tamedia Publikationen Deutschschweiz AG 14 TFHO 24heures.ch Online News Tamedia Publikationen Deutschschweiz AG 15 WLRZ 24vest.de Online News Medienhaus Bauer GmbH & Co. KG 16 INVE 4investors.de Online News Stoffels & Barck GbR 17 AANRN Aachener Nachrichten Nord Tageszeitung Medienhaus Aachen GmbH 18 AANRS Aachener Nachrichten Stadt Tageszeitung Medienhaus Aachen GmbH 19 AAZGN Aachener Zeitung Nord Tageszeitung Medienhaus Aachen GmbH 20 AAZGS Aachener Zeitung Stadt Tageszeitung Medienhaus Aachen
    [Show full text]
  • The German Supervisory Board
    The German Supervisory Board: A Practical Introduction for US Public Company Directors The German Supervisory Board: | A Practical Introduction for US Public Company Directors The German Supervisory Board: | A Practical Introduction for US Public Company Directors Contents Foreword Foreword 03 As the world’s economy globalizes, there is often an expectation that business practices will Executive Summary 04 harmonize along with it. This is an expectation The German Supervisory Board: Characteristics and Context 05 that we will see a kind of convergence of corporate The German Supervisory Board in Action: Regular Order, M&A, Crisis 14 governance forms and practices, where boards the world over resemble each other, perhaps Conclusion 15 with a large majority of independent directors, an Endnotes 17 audit committee, a separate chair and CEO, and so on. A lot of this reflects a certain familiarity Claus Buhleier with the Anglo-Saxon board model among Partner, Center for Corporate institutional investors in London and New York. Governance Deloitte Germany [email protected] The reality, however, is quite different. Despite real advances in globalization in other areas, differences in what boards look like and how they work in practice persist across countries. This publication brings to light the differences between the predominant Anglo Saxon, one-tier corporate governance model on the one hand, and the still influential Germanic two-tier-model on the other. The authors, Yvonne Schlaeppi and Michael Marquardt, both experienced corporate directors Kai Bruehl who have served on European company boards, Director, Risk Advisory Deloitte highlight the main characteristics of the German Germany [email protected] supervisory board model and how it demands accountability from its members, despite looking rather different than the combined board model.
    [Show full text]
  • Doing Business in China Key Success Factors for Building a Sustainable Presence in the Chinese Market
    STOCKHOLM SCHOOL OF ECONOMICS BUSINESS AND ECONOMICS - SPECIALIZATION IN MANAGEMENT MASTER THESIS MAY 2011 Doing Business in China Key Success Factors for Building a Sustainable Presence in the Chinese Market Abstract International expansion has become more and more important for companies in search of growth. China, especially, as a large and fast growing country, has become an increasingly popular target for such expansion. Sweden and its companies, being export dependent and with an ever increasing volume of exports to China, have a strong interest in understanding the question ‘What are the key success factors for a Swedish MNE for building a sustainable market presence in China?’ A single in-depth case study has been chosen to analyze such a complex question. The internationalization process can be broken down into four phases - exporting, licensing, JV and WOFE - and seen as a longitudinal process. For each phase, this thesis examines various factors and breaks them down into three categories believed to be important for the internationalization process: (i) Partner Interaction; (ii) Control and Protection and (iii) Product and Management. The literature identifies success factors for each phase and our findings support this. Overall five overarching success factors could be observed within the phases and categories. In line with the theory of internationalization, experiential learning plays an important role and is seen as vital to succeed in the Chinese market. The study also provides evidence to support and add to the network theory arguing that, rather than having a strong and extensive network, having the right network and listening to the network contacts are of utmost importance.
    [Show full text]
  • Fresh Start and New Departure Annual Report 2004 A
    At a glance 2004 2003 * Change in % Sales Over-the-counter retail mill. p 5,699.4 6,130.5 -7.0 Mail order mill. p 7,474.0 8,022.3 -6.8 Services mill. p 1,239.7 1,431.9 -13.4 Real estate mill. p 570.1 586.6 -2.8 Reconciliation account mill. p -1,536.0 -1,743.3 - Group sales mill. p 13,447.2 14,428.0 -6.8 Earnings EBITDA mill. p -428.4 972.1 -144.1 EBITDA (adjusted/not including special factors) mill. p 372.9 711.1 -47.6 EBITDA margin (adjusted/not including special factors) in % 2.8 4.9 - Annual Report 2004 EBTA mill. p -1,269.0 274.1 - EBTA (adjusted/not including special factors) mill. p -146.4 60.1 - EBTA margin (adjusted/not including special factors) in % -1.1 0.4 - Loss/Profit from continuing operations mill. p -1,250.7 157.7 - Loss from discontinued operations mill. p -370.5 -44.5 - Net loss/Profit 2004 – Fresh start and new departure after minority interests mill. p -1,631.2 107.6 - Invested capital mill. p 3,666.7 6,079.3 -39.7 Return on invested capital (ROIC)1) in % 1.1 4.3 - Financial situation Gross cash flow mill. p 497.4 695.0 -28.4 and dividends Cash and cash equivalents mill. p 496.5 156.7 216.9 Depreciation and amortization (not including goodwill) mill. p -424.4 -387.5 -9.5 Dividends mill. p - 75.5 - Structure of the Balance sheet total mill.
    [Show full text]
  • Rate Card No. 47 (Valid from 01.01.2021) RATES and 1 FORMATS
    Rate Card No. 47 (valid from 01.01.2021) RATES AND 1 FORMATS Formats on single pages Format Format additions Ad placement Bleed format Mono/Multi colour (width x height in mm) 1/1 normal inner 200 x 264 33,500 1/1 normal inside front cover 200 x 264 40,200 1/1 normal outside back cover 200 x 264 41,200 1/1 normal rechte Seite neben Inhalt 200 x 264 38,900 1/1 normal 1st left-hand ad page after 200 x 264 38,900 OpenSpread 1/1 normal 1st right-hand page in Name 200 x 264 38,900 and News 1/1 normal left next to Contents 200 x 264 38,900 2/3 vertical inner 128 x 264 24,300 1/3 vertical inner 71 x 264 14,500 1/3 vertical next to Editorial 71 x 264 17,100 1/3 horizontal inner 200 x 86 14,500 1/4 horizontal inner 200 x 71 12,100 3/6 vertical Junior Page 128 x 169 24,800 Formats on double pages Format Format additions Ad placement Bleed format Mono/Multi colour (width x height in mm) 2/1 normal inner 400 x 264 67,000 2/1 normal inside front cover + page 3 400 x 264 97,300 2/1 normal double page before Contents 400 x 264 77,700 2/1 normal double page before Names and 400 x 264 73,700 News Orders received from more than one advertiser are subject to a surcharge on the basic rate. Double page (inside front cover + page 3): Please note that differing paper qualities and sheet allocation can lead to differences in tone and register which will not be recognized for complaints.
    [Show full text]