DOCSLIB.ORG

Korea Convenience Store Sector

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Korea Convenience Store Sector Korea Consumer Discretionary / Consumer Staples 13 April 2016 Korea Convenience Store Sector Initiation: the most convenient way to play Korea retail Convenience stores meet the demand from the over-65s/single-or- dual households for nearby stores that sell small portions Korea’s demographic changes and economic slowdown offer limited room for other retail segments to expand Iris Park Initiating on BGF Retail with an Outperform (2) and GS Retail with a (82) 2787 9165 Hold (3); we forecast double-digit EPS growth for both over 2016-18 [email protected] Investment case: After our first-hand look at the Japanese convenience New Prev. store (CVS) market, we believe Korea’s CVS market is in the early growth BGF Retail (027410 KS) phase, about 10-15 years behind Japan. We see the Korean retail market Rating Outperform developing in the same way as Japan’s, where the CVS format has Target 194,000 gradually taken over as the prominent retail form. From 2005-15, Japan’s Upside 8.7% retail revenue saw a CAGR of 0.4%, yet the CAGR for its CVS segment GS Retail (007070 KS) was 4.1%. In our view, this growth was driven by the CVS segment’s Rating Hold stronger fresh-food and private-brand businesses capitalising on the Target 49,500 Upside 4.3% growing number of people over 65 and small-sized households. We see a similar trend unfolding in Korea, with the CVS operators starting to Source: Daiwa forecasts outperform other retailers on the back of their better product mixes. Korea’s CVS industry is still feeling the positive top-line impact of an 80% rise in the price of tobacco in early-2015, with franchisees keen to take on CVS stores to benefit in 2016 (both mom-and-pop revamps [c.35,000] and newly developed locations). As the effect wears off, we expect CVS revenue growth to slow to 7-8% YoY for 2017 and 6% for 2018 (from c.10% for 2016, c.30% for 2015 and 3-4% for 2013-14), with growth being supported by increasing demand for private-label and fresh-food products attracting new customers (as has been the trend in Japan). Catalysts: We believe the recent implementation in Korea of a tax-refund system for tourists who spend KRW30,000-200,000 (USD25-165) will be a short-term catalyst. When the same system was implemented in Japan, Seven Eleven Japan’s SSS spiked by up to 10% YoY during the first year. We expect the Korean CVS industry to see a similar acceleration in SSSG once stores are equipped with the system. Valuation: Within the CVS subsector, we see the top players BGF Retail (027410 KS, KRW178,500, Outperform [2]) and GS Retail (007070 KS, KRW47,450, Hold [3]) benefiting the most from the trends outlined above and initiate coverage of the sector with a Positive rating. We have a 12-month TP for BGF Retail of KRW194,000 and value it at a target PER of 25.8x, applying the average global CVS peer PER. For GS Retail, we have a 12-month TP of KRW49,500, for which we apply the global peer 2016E PER to each business segment: 25.8x to the CVS business, 17.9x to the supermarket business and 22.3x to the hotel operation, but see its uncompetitive supermarket business dragging down overall earnings over the next 2 years. Risks: We believe an expanding fresh-food business could be a drawback for companies, as it could trigger extra costs for the companies if the franchisees fail to meet the right order amount. Also, unfavourable weather conditions could drag down the sales of these off-line retailers. See important disclosures, including any required research certifications, beginning on page 40 Korea Convenience Store Sector: 13 April 2016 How do we justify our view? Growth outlook Valuation Earnings revisions Growth outlook Revenue trend for BGF Retail and GS Retail We forecast the top-2 CVS operators, GS Retail and BGF (KRW bn) 9,000 8,377 Retail, to record an aggregate revenue CAGR of 9.4% from 7,790 2016-18, and expect each company to add 700-900 new 8,000 7,122 7,000 6,273 6,257 stores this year alone. In addition, with better product 5,835 6,000 4,962 5,131 offerings, we forecast sales per CVS store to increase by 5,000 4,334 6.2% YoY for BGF Retail and 5.9% YoY for GS Retail in 4,000 3,368 2016, with their improved product line-ups contributing to 3,000 better margins for both companies. Excluding one-off 2,000 factors, we forecast 2016E EPS growth of 20.4% YoY for 1,000 BGF Retail and 18.2% YoY for GS Retail, higher than the 0 2014 2015 2016E 2017E 2018E global peer average of 7.6% (Bloomberg forecast, BGF Retail GS Retail excluding Family Mart Japan, which saw unusual EPS Source: Company, Daiwa forecasts growth for 2016 due to extraordinary losses from asset disposal and impairment write-downs). Peer valuation Valuation PER (x) PBR (x) EPS growth (%) ROE (%) We initiate coverage of BGF Retail with an Outperform (2) Company rating and 12-month TP of KRW194,000. We apply the FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 BGF Retail* 23.7 20.2 5.3 4.3 20.4 17.4 22.3 21.5 global peer average PER to BGF Retail’s 2016E EPS to GS Retail* 20.6 18.3 1.7 1.5 18.2 12.0 9.9 10.8 derive our TP, as we see the company only starting to post Seven & I Holdings 21.1 18.7 1.7 1.6 24.1 12.6 8.7 9.2 strong EPS growth from 2017 (the high base from 2015 Lawson 22.1 20.0 3.1 2.9 26.3 10.7 15.3 15.5 FamilyMart-JP 24.3 21.5 1.9 1.8 13.4 13.0 6.3 5.8 distorted the 2016 growth number). Meanwhile, we apply a FamilyMart-TW 31.5 25.2 9.1 8.3 18.4 24.8 28.5 32.4 Hold (3) rating to GS Retail and 12-month TP of President Chain Store 26.5 24.2 8.3 7.6 11.1 9.3 31.9 32.3 KRW49,500 based on SOTP methodology given its Global average 25.8 22.4 5.5 5.0 18.0 14.6 20.2 21.3 different retail formats (CVS, supermarkets, hotels). Our TP Source: Bloomberg, Daiwa forecasts Note: * are Daiwa forecasts/ 2016E EPS growth for BGF Retail and GS Retail excludes 2015’s implies a 2016E PER of 21.4x, which is below the peer one-off gain. Our global peer group multiple is the average of the Japan- and Taiwan-listed average, as we expect its supermarket operation to peer group averages. continue to drag down its overall business. Earnings revisions Korea CVS sector: Bloomberg consensus 2016E EPS revisions The Bloomberg-consensus earnings forecasts for BGF (KRW) Retail have been on the rise since last year, due we 8,000 7,000 believe to market expectations of better margins after the 6,000 company improved its product offerings. As for GS Retail, 5,000 4Q15 earnings were a trigger for EPS downward revisions, 4,000 with the company recognising more losses in the 3,000 supermarket division than expected. 2,000 1,000 Our 2016 EPS forecast for BGF Retail is 9% higher than 0 (1,000) consensus as we are more bullish on the company’s fresh Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 food business. For GS Retail, our 2016E EPS is 3% lower BGF Retail GS Retail than consensus as we are more conservative on the Source: Bloomberg outlook for the company’s supermarket business. 2 Korea Convenience Store Sector: 13 April 2016 Sector stocks: key indicators EPS (local curr.) Share Rating Target price (local curr.) FY1 FY2 Company Name Stock code Price New Prev. New Prev. % chg New Prev. % chg New Prev. % chg BGF Retail 027410 KS 178,500 Outperform 194,000 7,517 8,827 GS Retail 007070 KS 47,450 Hold 49,500 2,308 2,586 Source: Bloomberg, Daiwa forecasts CVS sector: peer valuations PER (x) PBR (x) EPS Growth(%) ROE (%) Company FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 BGF Retail* 23.7 20.2 5.3 4.3 20.4 17.4 22.3 21.5 GS Retail* 20.6 18.3 1.7 1.5 18.2 12.0 9.9 10.8 Seven & I Holdings 21.1 18.7 1.7 1.6 24.1 12.6 8.7 9.2 Lawson 22.1 20.0 3.1 2.9 26.3 10.7 15.3 15.5 FamilyMart-JP 24.3 21.5 1.9 1.8 13.4 13.0 6.3 5.8 FamilyMart-TW 31.5 25.2 9.1 8.3 18.4 24.8 28.5 32.4 President Chain Store 26.5 24.2 8.3 7.6 11.1 9.3 31.9 32.3 Global average 25.8 22.4 5.5 5.0 18.0 14.6 20.2 21.3 Source: Bloomberg, Daiwa forecasts (*) 2016E EPS growth for BGF Retail and GS Retail excludes 2015’s one-off gain. Our global peer group multiple is the average of the Japan- and Taiwan-listed peer group averages Korea CVS sector: key assumptions Revenue (KRWbn) 2014 2015 2016E 2017E 2018E BGF Retail 3,368.0 4,334.2 5,130.5 5,834.9 6,257.3 CVS 3,303.1 4,257.6 5,043.2 5,728.5 6,148.0 YoY 7.4% 28.9% 18.5% 13.6% 7.3% Golf course 8 16 16.8 YoY 100.0% 5.0% Others 64.9 76.7 79.3 90.4 92.5 YoY 20.2% 18.2% 3.4% 2.5% 2.2% GS Retail 4,962.4 6,273.2 7,121.6 7,790.4 8,377.5 CVS 3,502.0 4,652.5 5,298.1 5,897.3 6,422.9 YoY 8.8% 32.9% 13.9% 11.3% 8.9% Supermarket 1,331.3 1,389.3 1,450.0 1,494.7 1,533.9 YoY -2.9% 4.4% 4.4% 3.1% 2.6% Hotel 66.4 212.0 229.0 242.7 YoY 219.3% 8.0% 6.0% Others 129.1 165.0 161.5 169.5 178.0 YoY 8.9% 27.9% -2.2% 5.0% 5.0% Source: Companies, Daiwa forecasts 3 Korea Convenience Store Sector: 13 April 2016 Table of contents CVS likely to outperform other retail formats .......................................................
Load more

Recommended publications
  • LG CNS Co., Ltd. 23 June 2014
    Corporate Analysis Rating Date: LG CNS Co., Ltd. 23 June 2014 Analysts Rating Overview Rating History Lee Yong Hoon +822 368 5431 5th and 6th unsecured [email protected] bond AA-/Stable Jeong Sang Hun, Team Head정 Rating Type Periodic Rating +822 368 5676 [email protected] Sub. Bond NR CP A1 Financial Highlights (Unit:KRW100mn, x, %) 2010(12) 2011(12) 2012(12) 2013(12) 2014(03) Revenue 28,067 31,912 31,372 31,967 5,378 EBIT 1,437 1,201 1,355 1,479 -52 EBITDA 1,920 1,780 1,959 2,195 154 Total assets 14,373 16,852 19,546 20,639 18,152 Net borrowings -58 395 2,962 3,571 4,162 EBIT/Revenue 5.1 3.8 4.3 4.6 -1.0 EBITDA margin 6.8 5.6 6.3 6.9 2.9 EBITDA/Financia l expense 25.0 15.3 13.2 11.4 3.0 Net borrowings/OCF 0.0 0.3 1.7 1.6 6.5 Debt ratio 134.6 168.7 183.0 170.0 144.9 Total borrowings/Total 8.1 10.2 20.9 25.6 29.5 assets F/S Consolidated Consolidated Consolidated Consolidated Consolidated Accounting IFRS IFRS IFRS IFRS IFRS Notestandard 1: Figures have been adjusted and reclassified in accordance with K-IFRS. Note 2: 2012 F/S is the comparative financial statement presented with 2013 consolidated audit report. Rating Rationale Korea Ratings Corporation(KR) has assigned a rating of ‘AA-‘ to the 5th and 6th unsecured bond issued by LG CNS Co., Ltd.(the Company).
    [Show full text]
  • 2007 IMRF Addendum to the Comprehensive Annual Financial
    Illinois Municipal Retirement Fund Addendum to the 2007 Comprehensive Annual Financial Report For the year ending December 31, 2007 Illinois Municipal Retirement Fund Investment Portfolio as of December 31, 2007 Interest Asset Description Rate Maturity Date Par Value Cost Value Market Value FIXED INCOME U.S. Securities Corporate Bonds 1st Mass Bk Na Sub 7.625% 06/15/2011 $ 110,000 $ 119,491 $ 122,813 1st Un Corp Sub Nt 6.550% 10/15/2035 2,175,000 2,277,421 2,130,602 6 Flags Inc Sr Nt 8.875% 02/01/2010 750,000 617,055 615,000 6 Flags Inc Sr Nt 9.750% 04/15/2013 1,740,000 1,650,300 1,305,000 AAC Group Hldg Corp Sr Disc Nt 0.000% 10/01/2012 80,000 56,800 68,800 Acco Brands Corp Sr Sub Nt 7.625% 08/15/2015 1,320,000 1,284,438 1,178,100 Ace Cash Express Inc Sr 10.250% 10/01/2014 330,000 330,000 318,450 Ace Secs Corp Home Equity Ln Tr 2006 3.456% 02/25/2036 132,635 132,651 132,095 Ace Secs Corp Home Equity Ln Tr 2006 4.945% 02/25/2036 912,841 912,950 909,123 Advanstar Inc Term Ln 0.000% 11/30/2014 90,000 90,000 81,900 AEP Inds Inc Sr Nt 7.875% 03/15/2013 180,000 180,000 171,450 AES Corp 7.750% 03/01/2014 1,464,000 1,564,337 1,474,980 AES Corp Sr Nt 9.375% 09/15/2010 215,000 209,088 225,750 AES Corp Sr Nt 9.500% 06/01/2009 586,000 555,664 606,510 AES Eastn Energy L P 9.670% 01/02/2029 2,910,000 2,898,857 3,462,900 Affinia Group Inc Sr Sub 9.000% 11/30/2014 720,000 668,494 648,000 Affinion Group Holdco Term Ln 11.660% 03/01/2012 940,000 930,600 920,251 Affinion Group Inc Sr Sub Nt 11.500% 10/15/2015 740,000 742,120 726,125 Ak Airls Inc 9.500%
    [Show full text]
  • How to Win a Seat
    Cisco Distribution Champions Club FY21 – How to Win a Seat SERVICES • Distributors with the highest growth 10%+ YoY over 4 Quarters in FY21 • A total of 6 seats will be available in total - Seats will be allocated via 3 country groups (see country grouping below): • 3 seats for Large • 2 seats for Medium • 1 seat for Small • The highest growth over last year (FY20) will win a seat PRODUCTS AND RECURRING SOFTWARE • Targets are on 2T Bookings stages 1 to 5 and for the selected Product family list • A total of 92 seats will be available across all country groups • Distributors with biggest overachievement will be eligible for a seat up to the maximum allocated to their country (see initial seat allocation, below) • Spare or additional seats in country may be allocated IF: • the country has achieved their country target, we allocate to the same country, among Distributors that have overachieved their target • the country hasn't achieved their country target, seats go to a "pool" and will be re- distributed amongst over-achieving countries • Additional seats will be allocated in order of priority and over achievement of target by: • 1. Distis with no seats • 2. Distribution target contribution COUNTRY TARGET BANDS SEATS UK More than $100M 9 GERMANY 6 FRANCE More than $50M 6 ITALY 4 NETHERLANDS 4 UAE & AFGHANISTAN 4 RUSSIA More than $30M 4 SAUDI ARABIA 3 BELUX 3 SPAIN More than $20M 3 SWITZERLAND 2 SWEDEN 2 TURKEY 2 CZECH REPUBLIC 2 POLAND More than $15M 2 COUNTRY TARGET BANDS SEATS SOUTH AFRICA 1 NORWAY 1 BKQ 1 DENMARK Less than $15M 1 EGYPT 1 ISRAEL 1 ROMANIA 1 AUSTRIA 1 UKRAINE 1 ATKUT + BMAG 1 NIGERIA 1 PORTUGAL 1 HUNGARY 1 FINLAND 1 GREECE 1 ESA2 1 IRELAND 1 EA2 1 LEVANT 1 SLOVAKIA 1 YOP 1 BALTICS 1 CROATIA 1 KAZAKHSTAN Less than $15M 1 MOROCCO 1 SLOVENIA 1 BULGARIA 1 SERBIA AND MONTENEGRO 1 BMAK 1 CYPRUS & MALTA 1 WCA 1 ALGERIA 1 ATKUT 1 LIBYA 1 BMAG 1 TUNISIA 1 MARKETING • For marketing, there are 6 places available in FY21.
    [Show full text]
  • Annual Report
    Top Ranking Report Annual Report Architectural Record ENR VMSD Top 300 Architecture Top 150 Global Top Retail Design Firms: Design Firms: Firms of 2014: # #1 Firm Overall #1 Architecture Firm #1 Firm Overall Building Design ENR Interior Design Message from the Board of Directors 2014 World Top 500 Design Firms: Top 100 Giants: Architecture 100 Most #1 Architecture Firm #1 Architecture Firm Admired Firms: Gensler is1 a leader among the #1 in Corporate Office As we celebrate our 50th anniversary, we world’s architecture and design #1 US Firm #1 in Retail #4 Global Firm #1 in Transportation firms. Here’s how we ranked in #1 in Government look forward to more record-setting years, our industry in 2014. #1 in Cultural thanks to our great client relationships and extraordinary people around the world. Financial Report Our financial performance and recognition throughout the We’re entering our 50th year stronger than ever. Financially strong and debt-free, we contributed industry are indications of the breadth of our practice, our global In 2014, our global growth continued apace $38.5 million in deferred compensation to our reach, and the long-standing trust of our clients. with our clients as they entrusted us with new employees through our ESOP, profit-sharing, and challenges and led us to new locations. Our international retirement plans. We made strategic expanded Gensler team of 4,700+ professionals investments in our research and professional We’ve broadened our services to 27 now work from 46 different offices. With their development programs, along with upgrades to practice areas, with total revenues help, we completed projects in 72 countries and our design-and-delivery platform and the tools for the year setting a new record $ increased our revenues to $915 million—a record and technology to support it.
    [Show full text]
  • Saudi Aramco's Global Expansion Strategy
    Young-Eun PARK / Journal of Distribution Science 18-5 (2020) 71-81 71 Print ISSN: 1738-3110 / Online ISSN 2093-7717 http://dx.doi.org/10.15722/jds.18.5.202005.71 Saudi Aramco’s Global Expansion Strategy: Evidence from Korea Young-Eun PARK1 Received: April 04, 2020. Revised: April 26, 2020. Accepted: May 04 , 2020. Abstract Purpose: This case study illustrates the successful entry of Saudi Aramco in the Korean market and how it grows to become one of the world‟s largest integrated energy enterprises. Research design, data and methodology: This case investigates diverse secondary sources to examine the entry strategy of Aramco in Korea, such as several interviews including public and anonymous dialogues, periodicals, dispatches (i.e. news articles and magazines), annual reports, industrial reports, and others. Results: The main concern for the international strategic approaching of Saudi Aramco is to enter into Korean market by joint venture with SsangYong Oil (today‟s S-Oil Corporation) in 1991 and finally, ending by Acquisition of S-Oil in 2015. This acquisition of local No.3 company, S-Oil, in Korea is the successful case in Asian Markets overcoming liability of foreignness. Moreover, Saudi Aramco‟s global distribution strategy through localization in the Korean market is appropriate given the market conditions, timing, effectiveness, and efficiency by sharing their resources and collaborating. Conclusions: It would be valuable, unique, and real story to analyze global leading company‟s entry and globalization strategy in overseas market. In addition, this study provides decision-makers with a significant and more strategic implication for the overseas expansion of businesses.
    [Show full text]
  • GS E&C Presentation
    GS E&C Presentation May 2018 www.gsenc.com CONTENTS Trend of New Orders & Sales Revenues Order Backlogs Results & Guidance Housing Business Liquidity Appendix - Global Networks and Major Projects - Ownership Structure - Dividends - IS/BS This material contains forward-looking statements that include our current beliefs and expectations on market factors and information obtained outside GS E&C, which are subject to uncertainties. Due to the volatility of these factors, actual results may differ from those set forth in the presented statements. Information found here should not be solely relied upon for making any investment decision, this material is provided as a reference purpose only for the investors. GS E&C shall not be responsible for any trading or investment decisions made based on this information. INVESTOR RELATIONS Trend of New Orders & Sales Revenues New Orders Sales Revenues by Portfolio Etc. Etc. 16.0 14.1 1% 1% 12.9 13.3 13.4 14.0 12.2 11.2 11.5 11.2 11.5 12.0 10.6 Infra Infra 9.1 9.0 New Orders 10.0 11% 9% 6.5 6.4 6.9 8.0 5.9 Overseas 5.0 4.6 5.1 Building Plant Building 6.0 New Orders Plant 3.1 3.0 3.1 57% 25% 54% 4.0 2.1 2.5 32% (Housing 40%) (Housing 38%) 2.0 - Power Power 07 08 09 10 11 12 13 14 15 16 17 18(P) 6% 4% Sales Revenues 1Q17 Revenues 1Q18 Revenues 14.0 11.7 12.0 Power 12.0 10.6 11.0 2% Power 9.6 9.6 9.5 Building 3% Building Infra 10.0 9.2 Infra 8.4 Revenues 12% 13% 14% 7.4 23% 8.0 6.9 6.0 6.0 5.5 6.0 4.7 5.0 5.0 Overseas Revenues 3.8 3.7 4.0 Plant Plant 2.4 4.5 Overseas 63% 70% 1.6 1.7 3.5 3.8 2.0 1.0
    [Show full text]
  • Klaytn Pte. Ltd
    Report Date 2020-06-04 Published for t*@coinone.com Singapore CrossAngle Pte. Ltd. EN Due Diligence Report Klaytn Pte. Ltd. Singapore 201835270G (Country or jurisdiction of incorporation) (Entity Registration Number) 71 Robinson road #14-01 Singapore (068895) (Address, including zip code, including area code, of principal executive offices) TABLE OF CONTENTS I. Corporate Profile II. Business Information III. Financial Information IV. Tokens V. Compliance WHERE YOU CAN FIND MORE INFORMATION Readers and others should note that the company announces material information to the public using the company website, press releases, public conference calls, and webcasts. They may also use the following social media channels as a means of disclosing information about the company, products, planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters. Channels Address Company Website https://www.klaytn.com/ Main communication channel Twitter https://twitter.com/klaytn_official Company Blog https://medium.com/klaytn Facebook https://www.facebook.com/klaytn.official/ Linkedin https://www.linkedin.com/company/klaytn Github https://github.com/klaytn Reddit https://www.reddit.com/r/klaytn/ Telegram https://t.me/Klaytn WeChat KaKaoTalk Custom Link The information posted through these social media channels may be deemed valid. Accordingly, the public should monitor these accounts and the blog, in addition to following company press releases, conference calls, and webcasts. This list may be updated from time to time and these channels may be updated without notice. Company Representative (Report Data Submitter) / Name Position Office Phone Number Telegram ID Klaytn / PART I. Corporate Profile ITEM 1. Basic Corporate Profile Official Company Name Klaytn Pte.
    [Show full text]
  • Netherlands Scientific Council for Government Policy
    Netherlands Scientific Council for Government Policy W 62 Input and Output Coefficients of Various Cropping and Livestock Systems in the European Communities GHJ. de Koning, H. Janssen and H. van Keulen Centre for Agrobiological Research (CABO-DLO), Wageningen Centrum voor Agrobiologisch Onderzoek (CABO-DLO), Wageningen The Hague, January 1992 The results of this study can also be obtained from disquette. Those who are interested are requested to contact the Centre for Agrobiological Research in Wageningen. De resultaten van deze studie zijn ook verkrijgbaar op diskette. GeXnte- resseerden kunnen daarvoor contact opnemen met het Centrum voor Agrobio- logisch Onderzoek te Wageningen. Exemplaren van deze uitgave zijn te bestellen bij het NV Sdu DOP, Postbus 11594, 2502 AN 's-Gravenhage, door overmaking van f lo,-- op giro 425300 dan we1 schriftelijk of telefonisch (071-352500) onder vermelding van titel en ISBN-nummer en het aantal gewenste exemplaren. This Working Document can be ordered at 'NV Sdu DOP', P.O. Box 11594, 2502 AN The Hague, by paying f lo,-- on giro 425300 or by letter or telephone (071-352500) in mentioning title and ISBN-number and the number of copies you want to have. ISBN 90 346 2760 8 Publikatie van de Wetenschappelijke Raad voor het Regeringsbeleid (WRR), Postbus 20004, 2500 EA 's-Gravenhage (tel. 070-3564600). (Publication of the Scientific Council for Government Policy). CONTENTS Preface Summary Glossary 1 Introduction . 2 Description of cropping systems of grass and arable crops 2.1 Introduction 2.2 Production situations
    [Show full text]
  • Gs E&C Integrated Report 2014
    GS E&C INTEGRATED www.gsconst.co.kr REPORT 2014 GS E&C INTEGRATED REPORT This report aims to incorporate our strategies and financial/non-financial achievements and to share information with INTRO CEO’s Message 02 stakeholders. Company Profile 04 Management Philosophy & Vision 06 Our Business 08 Value Creation Process 10 Integrated Reporting Map Stakeholder Participation 12 GREAT Episode 01. Strengthening the Strategic ELEMENTS FOR INTEGRATED REPORTING Business Competitiveness CHALLENGE Strengthening Global Business Competitiveness 17 •Business Models of GS E&C •Crises and Opportunities of the Construction Industry •Sound Corporate Governance Business Portfolio Optimization 18 •Concerns of Stakeholders •Our Promise for A Better Future Reinforcing the Primary Competitiveness 20 Value Created Activity 21 GREAT Episode 02. Response to Climate Change INNOVATION Climate Change Response Activities 25 Corporation Strategy Value Adding Activities Company-wide Energy Saving Activities 26 •Mission Statement, Core values •Creating Financial Results and Episode 03. Eco-Friendly Technical Capability Economic Values •Sustainable Management Development of Eco-Friendly R&D 28 •Enhancement of Cost Competitiveness •Strengthening Competitiveness INTEGRATED FINANCIAL Eco-Friendly R&D Infrastructure 29 in Global Business •Improving of Business Efficiency STRATEGY PERFORMANCE Development of Eco-Friendly Technology 30 •Business Portfolio Optimization •Our Business Eco-Friendly Resource 32 •Reinforcing the primary competitiveness INTEGRATED THINKING GREAT Episode
    [Show full text]
  • International Finance and Tax Avoidance Via Dutch Special Purpose Entities
    International finance and tax avoidance via Dutch Special Purpose Entities Francis Weyzig ([email protected]) Paper for presentation at research , seminar Radboud University Nijmegen, 21 October 2013 Abstract Many large firms use Dutch Special Purpose Entities (SPEs) to avoid corporate taxes. This paper shows that Dutch SPEs mainly pass on equity and loans to foreign affiliates, sometimes combined with debt issuance. These structures facilitate avoidance of withholding taxes, particularly in specific developing and EU countries, including Indonesia, the Philippines, Ghana, Mongolia, Portugal, and Spain. Dutch SPEs also facilitate profit shifting through royalty payments. Tax avoidance via SPE structures has major implications for international tax policy. Countries could respond by adjusting withholding taxes unilaterally, improving anti-avoidance measures, or renegotiating certain tax treaties. Introduction Developing countries require sustainable sources of finance for development. Most countries will need to increase domestic tax revenues to gradually replace aid and debt as sources of finance for public goods and services (OECD & AfDB, 2010; UNCTAD, 2010). For low income countries, this need is often reinforced by the loss of tariff revenues due to trade liberalisation (Braunsgaard & Keen, 2005; Khattry & Mohan Rao, 2002). In the EU, raising tax revenues is a priority as well, but for different reasons. Various EU countries are faced with unsustainable fiscal deficits, because their public debt and borrowing costs increased sharply as a consequence of the financial crisis. In developing countries, donor support to strengthen tax systems mainly addresses domestic constraints, such as administrative capacity (OECD, 2012b). However, international constraints are important as well. These include illicit capital flight and evasion of personal income tax on assets held offshore (Ndikumana & Boyce, 2008; UNCTAD, 2010) and transfer pricing abuses and international tax arbitrage by multinationals (Lesage et al., 2010; OECD & AfDB, 2010).
    [Show full text]
  • Vocational Training of Young Migrants in the United Kingdom
    T RESUME 376702 CE 054 345 AUTHOR Cross, Malcolm, Vocational Training of Young Migrants in the United Kingdom. INSTITUTION Europaan Centre for the Development of Vocational Training, Berlin (West Germany). REPORT NO ISBN-92-825-6126-7 PUB DATE 86 NOTE 158p.; For related documents, see CE 054 340-344. AVAILABLE FROM UN/PUB, 4661-F Assembly Drive, Lanham, MD 20706-4391 (Catalogue No. M-45-85-050-EN-C, $4.00). PUB TYPE Reports - Research/Technical (143) -- Reference Materials - Bibliographies (131) EDRS PRICE MF01/PC07 Plus Postage. DESCRIPTORS Access to Education; Dropout Characteristics; Dropouts; *Education Work Relationship; Elementary Secondary Education; *Employment Problems; Family Influence; Family Status; *Job Training; Migrant Children; Migrant Employment; Migrants; *Migrant Youth; Minority Groups; Multicultural Education; Second Language Instruction; Student Mobility; *Vocational Education IDENTIFIERS *United Kingdom ABSTRACT This study looked at the Jverall situation of the immigrant populationand young immigrants in particular, and analyzed such problem areas ae. thn transition from school to working life and the inadequacies of initial training with relation to the situation in the United Kingdom. The study identified the following problem areas: (1) problems relating to the education of children of migrant workers and, (2) problems concerning access to vocational 44 training and the links between success at school, success in vocational training, success in employment, and access to the labor market. Analysis of the data suggested
    [Show full text]
  • UCLA Electronic Theses and Dissertations
    UCLA UCLA Electronic Theses and Dissertations Title African Francophone Bandes Dessinées: Graphic Autobiographies and Illustrated Testimonies Permalink https://escholarship.org/uc/item/27t2j8mq Author Bumatay, Michelle Publication Date 2013 Peer reviewed|Thesis/dissertation eScholarship.org Powered by the California Digital Library University of California UNIVERSITY OF CALIFORNIA Los Angeles African Francophone Bandes Dessinées: Graphic Autobiographies and Illustrated Testimonies A dissertation submitted in partial satisfaction of the requirements for the degree Doctor of Philosophy in French and Francophone Studies by Michelle Lynn Bumatay 2013 © Copyright by Michelle Lynn Bumatay 2013 ABSTRACT OF THE DISSERTATION African Francophone Bandes Dessinées: Graphic Autobiographies and Illustrated Testimonies by Michelle Lynn Bumatay Doctor of Philosophy in French and Francophone Studies University of California, Los Angeles, 2013 Professor Dominic Thomas, Chair Former French President Charles de Gaulle’s famous claim that Belgian bande dessinée character Tintin was his only international rival speaks to the ubiquity of bandes dessinées in the francophone world while underlining their participation in imperial cultural hegemony. Similarly, in Peau noire, Masques blancs, Frantz Fanon also highlights the popularity of European bandes dessinées in the francophone world and observes the negative psychological impact of such texts on non-European readers who identify with Western explorer characters rather than with the racialized stereotypical images of non-European characters. One major factor for this is that the emergence and development of French and Belgian bandes dessinées took place during the height of European colonialism; bandes dessinées subsequently drew from and participated in a visual culture—such as travel postcards, brochures and keepsakes from colonial expositions, and in particular advertisements for exotic goods such as Banania—that ii helped construct the European imaginary of Africa.
    [Show full text]