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Brookfield Infrastructure Partners LP (BIP.N)2 16 June 2017
16 June 2017 Americas/Canada Equity Research Infrastructure Brookfield Infrastructure Partners LP (BIP.N) Rating (from NEUTRAL) OUTPERFORM Price (14-Jun-17, US$) 39.43 UPGRADE RATING Target price (US$) (from 40.00) 44.00 52-week price range (US$) 40.91 - 27.91 Market cap (US$ m) 9,606.72 A Tactical Trade; Upgrade to Outperform on Target price is for 12 months. Index Inclusion Potential and Organic Re-Rate Research Analysts Andrew M. Kuske ■ A Timing Trade: We upgrade Brookfield Infrastructure Partners, LP (BIP) to 416 352 4561 [email protected] Outperform from the previous Neutral and increase our target price to US$44 Paul Tan from the prior US$40 in light of some tactical issues. In addition, we believe a 416 352 4593 solid fundamental organic growth story is underappreciated which is poised [email protected] to deliver value. Simply, the near-term issues revolve around two factors: (a) potential index inclusion; and, (b) NTS economics. We do not believe the full extent of these issues is appreciated by the market (albeit index potential may be creeping in). Longer-term, we continue to believe the fundamental organic growth story is not appreciated versus BIP's historical M&A bias. ■ Index inclusion: With the S&P/TSX undergoing a consultation process for selected index criteria, the potential inclusion of BIP in the Composite is likely to have a meaningful impact on unit demand around the Q3 index revision. At that time, BIP would look to join the other Brookfield siblings (namely Brookfield Renewable and Brookfield Properties) in the Composite as a top 40 float weighted name which creates a tactical trade. -
PB 20-02 -- Leasing the Turnpike.Pub
Commonwealth Vol. 20, No. 02 POLICY BRIEF May 2008 Leasing the Pennsylvania Turnpike Frequently Asked Questions & Answers COMMONWEALTH FOUNDATION & REASON FOUNDATION 1. Does Pennsylvania need more money for its roads, highways, bridges and mass transit systems? The Pennsylvania Transportation Funding and Reform Commission (November 2006 report) identified the need for an increase of $1.7 billion in annual funding simply to maintain the state’s current transportation infrastructure. The bi-partisan commission recommended an increase of: $965 million for roads, highways, and bridges. $760 million for mass transit. 2. Didn’t Act 44 of 2007—which will impose new tolls on the currently free Interstate-80—solve our transportation funding problem? Act 44 provides less than half the funding needed for roads, highways, and bridges, according to the Penn- sylvania Transportation Funding and Reform Commission report. $450 million for roads, highways, and bridges in FY 2007-08. $300 million for mass transit in FY 2007-08. Act 44 provides an average of only $946 million over the next 10 years and does not reach $1.7 billion un- til 2036. Furthermore, Act 44 funding increases are also unlikely to keep pace with inflation and are depend- ent on federal approval for tolling I-80, which has not been granted by the Federal Highway Administration. 3. What if the Federal Highway Administration rejects Pennsylvania’s application to toll I-80? Act 44 will generate only $450 million annually if the Federal Highway Administration does not approve the tolling of I-80. $200 million for roads, highways, and bridges—only one-fifth the identified need of $965 million. -
2019 Consolidated Management Report 2
ABERTIS INFRAESTRUCTURAS, S.A. AND SUBSIDIARIES CONSOLIDATED MANAGEMENT REPORT FOR THE YEAR 2019 2019 CONSOLIDATED MANAGEMENT REPORT 2 Contents 1. Letter to the Shareholders and Stakeholders ............................................................................................................ 3 2. Summary of the year's performance ....................................................................................................................... 5 2.1 Abertis in 2019 ............................................................................................................................................... 5 2.2. 2019 Milestones............................................................................................................................................. 6 3. Strategy .............................................................................................................................................................. 8 3.1 Business model .............................................................................................................................................. 8 3.2 Strategic approach ......................................................................................................................................... 10 4. Corporate Governance .......................................................................................................................................... 12 4.1 Board of Directors ......................................................................................................................................... -
Season 2008 / 9 - Post the Copa Libertadores & Nationality Adjectives (Part 1)
languagecaster.com learn English through football – the world’s most popular game Season 2008 / 9 - Post The Copa Libertadores & Nationality Adjectives (Part 1) Vocabulary CONMEBOL Venezuela Look at the countries on the map. What are the World Cup nationality adjectives. Two have been done for you. Colombia Qualifiers Country (noun) Nationality (adjective) Ecuador Brazil - Brazilian Argentina - Argentinian (or Argentine) Peru Peru - Bolivia Brazil Columbia - Gremio / Cruzeiro Ecuador - Bolivia - Paraguay Chile - Uruguay - Paraguay - Uruguay Venezuela - Nacional de Montevideo Chile Argentina Estudiantes de la Plata Reading Fill in the passage below with words from the box. Last week we looked at South Africa, this week we visit South America and the continent's biggest club competition the Copa Libertadore. The semi-final places were decided this week, and it's an all __________________ semi final on one side with Gremio taking on Cruzeiro. the other semi sees __________________'s Estudiantes take on Nacional from __________________. It's the first time for twenty years since a __________________ team has been in the semi-finals of the Copa, but it will be difficult for them to beat the __________________ team Estudiantes, who haven't conceded a goal since the knockout stage began. As for the teams from __________________, Gremio qualified for the knockout rounds as top seeds and will be quietly confident of beating Cruzeiro, who are struggling in the domestic league, and perhaps lifting the trophy for the third time in their history. Uruguay Brazilian Argentina Brazil Argentinian Uruguayan Created by languagecaster.com 2009 languagecaster.com learn English through football – the world’s most popular game Season 2008 / 9 - Post (ANSWERS) The Copa Libertadores & Nationality Adjectives (Part 1) Vocabulary CONMEBOL Venezuela Look at the countries on the map. -
DATE .Ljp..Vfj\{F:) F 1.. 2 20 J.2 DOUGLAS C
DSS:EMN/AH/DAL/SPN/MKM/PT/KDE/ TH/BDM F.#2015R00747 UNITED STATES DISTRICT COURT ZOI5tmV 25 Pl1 3:26 EASTERN DISTRICT OF NEW YORK - - - - - - - - - - - - - - - -X Ll . ~ . [ll 'I ' I ':~)li~{_T -r ...... .. · '1 ·-·1 w· ':. -r ~ ~ :: .r ·~. -· . UNITED STATES OF AMERICA S U P E R S E D I N G I N D I C T M E N T - against - ALFREDO HAWIT, Cr . No . 15 - 2 52 ( S -1) ( RJD) ARIEL ALVARADO , (T . 8, u .s.c., § 1451 (e); RAFAEL CALLEJAS, T. 18, U. S.C., §§ BRAYAN JIMENEZ , 981 (a ) (1) (C) , 982 (a) (1 ) , EDUARDO LI, 982 (a ) (6) 1 982 (b) I 1343, JULIO ROCHA, 1 349, 1425(a), 1512(c)(2), RAFAEL SALGUERO, 1512 (k) , 1956 (a) (2) (A) , COSTAS TAKKAS, 1 956 (a) (2) (B) (l) 1 1956 (h) 1 HE CTOR TRUJILLO, 1 957 (a) I 1 957 (b) 1 REYNALDO VASQUEZ, 1957 (d) (1 ) 1 1962 (d) 1 1 963, JACK WARNER, 1963 (a), 1963(m), 2, and J UAN ANGEL NAPOUT, 3551 e t seq.; T. 21, MANUEL BURGA, U. S . C., § 853(p) ; T. 26, CARLOS CHAVEZ, u.s.c. I § 7206 (2) i T. 28, LUIS CHI RIBOGA, u . s . c . , § 2461 (c)) MARCO POLO DEL NERO, EDUARDO DELUCA, RAFAEL ESQUIVEL, EUGENIO FIGUEREDO, NICOLAS LEOZ, JOSE MARIA MARIN, JOSE LUIS MEISZNER, ROMER OSUNA, RICARDO TEIXEI RA, AARON DAVIDSON, HUGO JINKIS, and MARIANO JINKIS, Defendants. - - - - - - - - - - - - - - - - - -X ~-- A TRUE COPY DATE .lJP..vfJ\{f:)_f 1.. 2_ 20 J.2_ DOUGLAS C. PALMER ·---------··-· .....- CONTENTS INTRODUCTION TO ALL COUNTS .................................... -
Comision Nacional Del Mercado De Valores (Cnmv)
Relevant Fact Investor Relations Inst. Investors & Research Tel. +34 91 595 10 00 Shareholder’s Office Tel. +34 902 30 10 15 [email protected] COMISION NACIONAL DEL MERCADO DE VALORES (CNMV) In compliance with article 228 of the Consolidated Text of the Spanish Securities Market Law, ABERTIS INFRAESTRUCTURAS, S.A. ("Abertis" or the “Company”), hereby notifies the Spanish National Securities Market Commission of the following RELEVANT FACT The company sends the report from the Board of Directors of Abertis Infraestructuras, S.A. in relation to the Tender Offer made by Hochtief AG. Madrid, 17 April 2018 abertis.com / [email protected] REPORT BY THE BOARD OF DIRECTORS OF ABERTIS INFRAESTRUCTURAS, S.A. ON THE TAKEOVER BID BY HOCHTIEF AKTIENGESELLSCHAFT AUTHORISED BY THE NATIONAL SECURITIES MARKET COMMISSION (CNMV) ON 12 APRIL 2018 The present report has been drawn up by the Board of Directors of Abertis Infraestructuras, S.A. (hereinafter “Abertis” or the “Company”) in relation to the voluntary takeover bid made by Hochtief Aktiengesellschaft (hereinafter, “Hochtief” or the “Bidder”), on 18 October 2017, to acquire all of the shares that make up the share capital of Abertis, as amended on 23 March 2018 (hereinafter the bid and its amendment are referred to as the “Takeover Bid” or the “Bid”). The present report has been approved by the Abertis Board of Directors at its meeting of 16 April 2018, in compliance with the provisions of article 134.4 of the Redrafted Text of the Securities Market Law, approved by Royal Legislative Decree No. 4/2015, of 23 October (hereinafter the “LMV”, for its Spanish initials), and article 24 of Royal Decree No. -
What States Should Know When Considering Public-Private Partnerships to Fund Transportation
Driven by Dollars What States Should Know When Considering Public-Private Partnerships to Fund Transportation MARCH 2009 The Pew Charitable Trusts applies the power of knowledge to solve today’s most challenging problems. Our Pew Center on the States identifies and advances effective policy approaches to critical issues facing states. PEW CENTER ON THE STATES Susan Urahn, managing director Research Team Design and Publications Team Michele Mariani Vaughn Carla Uriona Lori Grange Alyson Freedman Melissa Maynard Communications Team Kil Huh Andrew McDonald Jane Breakell Janet Lane Ann Cloke Jessica Riordan Research Consultants G. Edward DeSeve, Chairman, Strategy and Solution Partners Timothy James, Professor, W.P. Carey School of Business, Arizona State University Donald F. Kettl, Robert A. Fox Leadership Professor, University of Pennsylvania Katherine Barrett and Richard Greene, Barrett and Greene, Inc. Will Wilson ACKNOWLEDGMENTS LEARN MORE The following three experts served as external reviewers for this report. While these experts have screened the report for accuracy, For more information from the Pew Center on neither they nor their organizations necessarily endorse its findings the States about economic competitiveness or conclusions. We thank them for their assistance. and government efficiency and effectiveness, please see: Jennifer L. Dorn, President and Chief Executive Officer, National Academy of Public Administration • Grading the States 2008, assessing all 50 states on how well they manage their infrastructure Mortimer Downey, -
Grupo ACS Key Operating & Financial Figures
Works on the construction of Lima’s Metro Line 2 (Peru) WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 INDEX 1 Executive Summary 3 Main figures 3 Relevant facts 5 2 Consolidated Financial Statements 6 2.1 Income Statement 6 2.1.1 Sales and Backlog 7 2.1.2 Operating Results 9 2.1.3 Financial Results 9 2.1.4 Results from Associates 10 2.1.5 Net Profit Attributable to the Parent Company 10 2.2 Consolidated Balance Sheet 11 2.2.1 Non-Current Assets 12 2.2.2 Working Capital 12 2.2.3 Net Worth 12 2.2.4 Net Debt 12 2.3 Net Cash Flows 13 2.3.1 Operating Activities 13 2.3.2 Investments 14 2.3.3 Other Cash Flows 14 3 Evolution per Areas of Activity 15 3.1 Infrastructures 15 3.1.1. Construction 15 3.1.2 Abertis 17 3.2 Industrial Services 18 3.3 Services 20 4 Annex 21 4.1 Main figures per area of activity 21 4.2 Share data 22 4.3 Exchange Rate Effect 23 4.4 Main Awards 24 4.4.1 Infrastructure 24 4.4.2 Industrial Services 24 4.4.3 Services 24 5 ACS Group organizational structure 25 6 Glossary 26 2 WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 1 Executive Summary Main figures Grupo ACS Key operating & financial figures Euro Million 3M18 3M19 Var. Turnover 8,671 9,263 +6.8% Backlog 66,677 75,399 +13.1% Months 22 23 EBITDA (1) 686 761 +10.9% Margin 7.9% 8.2% EBIT (1) 482 501 +3.9% Margin 5.6% 5.4% Attributable Net Profit 249 282 +12.9% EPS 0.80 € 0.91 € +14.3% Net Investments 161 544 n.s Investments 183 571 Disposals 21 27 Total Net (Debt)/Cash (359) (897) +149.8% Businesses' Net (Debt)/Cash (158) (778) Project Financing (201) (119) Data presented according to ACS Group management criteria. -
Ranking De Clubes CONMEBOL 2021
RANKING DE CLUBES DE LA CONMEBOL 2021 RANKING ACUMULADO (LIBERTADORES + SUDAMERICANA) DETALLE PUNTOS PUNTOS PUESTO EQUIPO PAÍS PUNTOS TOTALES LIBERTADORES SUDAMERICANA 1 River Plate Argentina 10652 9704 948 2 Boca Juniors Argentina 8731,1 8298,5 432,6 3 Grêmio Brasil 6950,8 6886 64,8 4 Palmeiras Brasil 6629,9 6560 69,9 5 Nacional Uruguay 5444,5 5198,5 246 6 Flamengo Brasil 5140,6 4423 717,6 7 Atlético Nacional Colombia 4833,3 3768 1065,3 8 Peñarol Uruguay 4632,3 4485 147,3 9 Santos Brasil 4443,9 4416 27,9 10 Independiente Argentina 4210 2434 1776 11 Cerro Porteño Paraguay 3865,1 3275 590,1 12 Olimpia Paraguay 3674,4 3610,5 63,9 13 São Paulo Brasil 3622,4 2910,5 711,9 14 Libertad Paraguay 3584,5 2927,5 657 15 San Lorenzo Argentina 3305,2 2759,5 545,7 16 Cruzeiro Brasil 3286,3 3271 15,3 17 Lanús Argentina 3219,3 1842 1377,3 18 Internacional Brasil 3208,8 3042 166,8 19 Atlético Mineiro Brasil 3197,7 2622 575,7 20 Independiente del Valle Ecuador 3004,5 1914 1090,5 21 Independiente Santa Fe Colombia 3004 1876 1128 22 Racing Club Argentina 2887,2 2685 202,2 23 Corinthians Brasil 2845,3 2282,5 562,8 24 Athletico Paranaense Brasil 2791,1 1604 1187,1 25 Emelec Ecuador 2751,8 2531 220,8 26 LDU Quito Ecuador 2715,1 2237,5 477,6 27 Junior Colombia 2683,6 1130,5 1553,1 28 Colo-Colo Chile 2567,5 2465,5 102 29 Bolívar Bolivia 2479,1 2232,5 246,6 30 Universidad Católica Chile 2475,4 1987 488,4 31 Barcelona de Guayaquil Ecuador 2400 2356,5 43,5 32 Estudiantes de La Plata Argentina 2343,7 2128 215,7 33 Vélez Sarsfield Argentina 2066,3 1377,5 688,8 34 Club -
The ACS Group Earns € 574 Million in 2020, Affected by Abertis' Reduction
2020 RESULTS The ACS Group earns € 574 million in 2020, affected by Abertis’ reduction of € 280 million Sales stood at € 34,937 million, a reduction of 10.5% that was mainly due to the impact of COVID-19. EBITDA stood at € 2,397 million, a reduction of -14.2% without considering Abertis, whose average traffic dropped 21% as a result of COVID-19. The adjusted net profit, excluding non-recurrent impacts, amounted to € 602 million, down € 360 million from 2019, € 280 million due to Abertis. Not considering Abertis, the decrease was 11.2%. Backlog stood at € 69,226 million, down 11% due mainly to the depreciation of the US dollar. In comparable terms, the decrease was 3.7% Grupo ACS Key operating & financial figures Euro Million 2019 2020 Var. Var ex-ABE* Turnover 39,049 34,937 -10.5% -10.5% EBITDA 3,148 2,397 -23.9% -14.2% EBIT 2,126 1,433 -32.6% -18.9% Attributable Net Income 962 574 -40.3% -15.1% Adjusted Net Income ** 962 602 -37.4% -11.2% Backlog 77,756 69,226 -11.0% -11.0% Total Net Debt (54) (1,820) n.a. n.a. * Without considering the contribution of Abertis, whose traffic figures have been strongly affected by the COVID-19 pandemic. ** Excluding non-recurring impacts (the sale of Thiess, reversal of provisions and financial derivative results). 1 2020 RESULTS 1. Consolidated Results The Group’s 2020 ordinary net profit accounted for € 602 million, € 360 million less than the previous year. This decline is mainly due to the evolution of Abertis, whose traffic was heavily affected by the lockdown measures related to COVID- 19, reducing its contribution by € 280 million. -
Origén E Influencia De La Figura De Simón Bolívar En Los Escritores Modernistas Hispanoamericanos
City University of New York (CUNY) CUNY Academic Works All Dissertations, Theses, and Capstone Projects Dissertations, Theses, and Capstone Projects 6-2016 Origén e influencia de la figura de Simón Bolívar en los escritores modernistas hispanoamericanos Wilson Anaya Graduate Center, City University of New York How does access to this work benefit ou?y Let us know! More information about this work at: https://academicworks.cuny.edu/gc_etds/1246 Discover additional works at: https://academicworks.cuny.edu This work is made publicly available by the City University of New York (CUNY). Contact: [email protected] ORIGEN E INFLUENCIA DE LA FIGURA DE SIMÓN BOLÍVAR EN LOS ESCRITORES MODERNISTAS HISPANOAMERICANOS by Wilson Anaya A dissertation submitted to the Graduate Faculty in Hispanic and Luso-Brazilian Literatures and Languages in partial fulfillment of the requirements for the degree of Doctor of Philosophy, The City University of New York 2016 © 2016 Wilson Anaya All Rights Reserved ii This manuscript has been read and accepted for the Graduate Faculty in Hispanic and Luso- Brazilian Literatures and Languages in satisfaction of the dissertation requirement for the degree of Doctor of Philosophy. Malva Filer Date Chair of the Examining Committee José del Valle Date Executive Officer Juan Carlos Mercado Oswaldo Zavala Supervisory Committee THE CITY UNIVERSITY OF NEW YORK iii Abstract ORIGEN E INFLUENCIA DE LA FIGURA DE SIMÓN BOLÍVAR EN LOS ESCRITORES MODERNISTAS HISPANOAMERICANOS by Wilson Anaya Adviser: Prof. Malva Filer The purpose of my thesis is to examine the various ways in which the writers of Latin America’s Modernist movement were influenced by Simon Bolivar’s ideology. -
Second-Leg Home Advantage in the Copa Libertadores Da América (2005-2015)
1 Motriz, Rio Claro, v.23, n.3, 2017, e101720 DOI: http://dx.doi.org/10.1590/S1980-6574201700030008 Original Article (short paper) Second-leg home advantage in the Copa Libertadores da América (2005-2015) Cesar Cavinato Cal Abad Centro Universitário SENAC, Santo Amaro, SP, Brazil Bruno Portella Terra Maurício Donizete de Toledo Ananias Rafael Alves da Silva Centro Universitário Anhanguera, Osasco, SP, Brazil Marcio Alves Diniz Universidade Federal de São Carlos, São Carlos, SP, Brazil Abstract — Aims: To investigate the home advantage (HA) in the Copa Libertadores da América (CLA) from 2005 to 2015. Methods: A naive analysis was applied considering how many times a team that played the second leg at home qualified for the next round. To verify differences between home, away and draw results, the Chi-square χ( 2) and the Full Bayesian Significance Test were applied. For the binomial variables (“Home” or “Away”), the probability of second- leg knockout occurrence was calculated. Results: The probability of second-leg HA varied from 27.27% to 63.64% suggesting fluctuations of second-leg HA during competitive phases (round of 16, quarterfinals, semi-finals and final matches) and decision forms (full time, goals away rule or penalty-shoots). Conclusion: The results counteract the common belief that there is a large advantage to playing the second match of a two-leg tie at home during all competition phases. Penalty-shots seemed to affect positively the second-leg HA. Despite the causes of second leg HA in CLA need to be better investigated, soccer coaches could to use these results to think better strategies to win your knockout matches.