Strong performance from Travel Retail division drives H1 growth at Autogrill

Published: 31/07/12

Source: ©The Moodie Report

By Dermot Davitt

INTERNATIONAL. A strong performance from the Travel Retail division, allied to growth in food beverage in North America, buoyed Autogrill Group’s results in H1 2012.

Consolidated revenues hit €2,763.9 million, up +0.4% on the first half of 2011 (up 4.1% at current exchange rates) while consolidated Ebitda was €217.5 million, down -16.8% (-13.3% at current exchange rates) on last year.

Travel Retail continued to see sustained growth, with revenues up +7.7%, driven by a higher average receipt value and outperforming traffic levels, above all in the UK, Latin America and the Middle East. Travel Retail Ebitda grew by +14.3%, a higher rate than the increase in revenues in the sector.

Food Beverage revenues in North America continued the positive trend seen in the first quarter, in both the airport (+0.9%) and motorway (+11.9%) channels. The airport business result was achieved despite the temporary suspension of business in over 150 points of sale for renovation work following contract renewals in the last two years. Along with persisting inflation of costs, such closures had a negative impact on Ebitda in the period.

Sales on American motorways outperformed growth in traffic as a result of better weather than in 2011 and the reduction in fuel prices in the 2nd quarter. On Italian motorways, however, which account for nearly 80% of the business, the economic crisis and restrictive measures by government and record oil prices caused a significant contraction in mobility compounded by a further reduction in propensity to spend.

The impact of the crisis on business in other European countries was limited by greater diversification across channels other than motorways, the group said.

There was strong growth in cash generation, from €26.6 million to €49.8 million despite the doubling of investments.

“Being an international group enables us to continue growing: excellent results by Travel Retail and solid performance in North America are offsetting the negative situation in Europe, mainly in Italy,” said Autogrill CEO Gianmario Tondato Da Ruos. “In Europe, structural changes must now be made to recover satisfactory levels of productivity.”

Revenues
Consolidated revenues in the first half 2012 reached €2,763.9 million, up +0.4% (up 4.1% at current exchange rates) on the same period in 2011. Sales in the airport channel followed the positive trend seen in the first months of the year, being up +4.4% to offset the contraction on motorways (down -7%).

Consolidated Ebitda amounted to €217.5 million, down -16.8% (down -13.3% at current exchange rates) on H1 2011, which included €10.4 million of non-recurring income. Net of such income and reorganization costs, Ebitda would have been down -12.2% (down -8.4% at current exchange rates). The Ebitda margin moved from 9.4% to 7.9%.

Autogrill said: “The double-digit growth in Travel Retail margins reflects a favourable mix of products and passenger destinations. Food Beverage margins, on

Article source: http://www.moodiereport.com/document.php?c_id=6&doc_id=31850

RCBryan Announces New Online Marketing Services After Reports Reveal … – Virtual

Summary: After reports revealed Olympic sponsors would be spending more than ever on social media marketing for the 2012 Olympics, RCBryan and Associates announced a new offer on their online marketing services to help smaller companies utilize social media tactics for their own marketing campaigns.

Cleveland, OH (PRWEB) July 29, 2012

After it was revealed that Olympic marketers would be spending more than ever on social media marketing to promote their brands, business and online marketing consulting company RCBryan and Associates announced a new offer to help businesses us social media marketing to their advantage. A variety of different sponsors of the 2012 London Olympics will be spending millions of undisclosed dollars to use the 2012 London Olympics to promote their brands on social media sites like Facebook. The numbers mark the biggest amount Olympic sponsors have ever spent on this type of online marketing.

Many companies have revealed that they are using Facebook and Twitter to promote their brands in accordance with the Olympic events as nearly 90% of adults use social media, and this type of online marketing has been shown to have a better return than television marketing. With so much emphasis placed on these Olympic sponsors utilizing social media to further grow their own brands, RCBryan and Associates is announcing a new offer on their online marketing services for companies looking to follow suit.

The company’s new online marketing campaign includes in depth consultations with one of the company’s professional business coaches and marketing experts as well as free access to the new RCBryan Ultimate Business Plan Guide. This ebook covers building a strong company brand name and shows how online marketing strategies such as social media marketing can help any company, even big brands such as Olympic sponsors Panasonic, Go Daddy and Coca Cola, build their company name with online marketing.

About RC Bryan and Associates:

RC Bryan and Associates offers business coaching, mentoring, consulting and online marketing coaching services to companies and startup in all different niches. RC Bryan and Associates, headed by acclaimed entrepreneur, Roger Bryan, staffs a team of the industry’s most successful business coaches and mentors dedicated to helping their clients take their company to the next level.

For more information on RC Bryan and Associates and the new online marketing offer visit http://www.rcbryan.com.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/7/prweb9744740.htm

Article source: http://www.virtual-strategy.com/2012/07/29/rcbryan-announces-new-online-marketing-services-after-reports-reveal-increase-olympic-soc

Zurvita Hits Record Monthly Revenues of Over $1000000 With 6 Consecutive …

HOUSTON, TX, Jul 31, 2012 (MARKETWIRE via COMTEX) –
Zurvita Holdings, Inc. (otcqb:ZRVT)

/quotes/zigman/3385968/quotes/nls/zrvt ZRVT
0.00%

(“Zurvita” or
the “Company”), a dynamic direct-to-consumer network marketing
company, announced today it has reached over $1,000,000 in revenues
for the month ended June 30, 2012. Since December of 2011, the
Company has experienced six consecutive months of revenue growth.
Growth was driven by sales of Zurvita’s health and wellness
consumable products, including dietary supplements. The primary
geographic markets contributing to the Company’s growth were
Oklahoma, Texas, and California.

“Our new ‘Zeal for Life Challenge’ marketing concept is getting
traction in small town USA, as well in metropolitan markets. The
country is becoming more aware than ever of the need to get control
of our health through HBO specials like ‘The Weight of the Nation’
and other glaring obesity statistics we are facing in America today.
This new awareness, along with an aggressive car allowance incentive
program for our Consultants, has been a big contribution to the
success we have experienced this year,” stated Zurvita Co-CEO Mark
Jarvis.

“We reached a milestone in June by recruiting over 1,100 new
Consultants and doing over a million dollars in revenue in one month
for the first time in our Company’s history. We are very excited to
see six consecutive months of growth trends. We believe that the new
programs introduced at our Leadership Conference this month will
enhance the ability for our Consultants to grow their customer base,”
stated Zurvita Co-CEO Jay Shafer.

As reported in Zurvita’s most recent Quarterly Report on Form 10-Q,
filed with the SEC on June 14, 2012, the Company reported revenues of
$2,002,697 for the three months ended April 30, 2012, an increase of
$788,056 over revenues of $1,214,641 for the quarter ended April 30,
2011.

To receive additional information about Zurvita and the Zurvita
“Champions Weekend” National Conference, please visit

www.zurvita.com , or call 713.464.5002.

About Zurvita, Inc.

Zurvita is a dynamic direct-to-consumer marketing company offering
high-quality wellness and weight management products. The Company’s
highly differentiated product consists of an “all in one” wellness
product that eliminates the need for an individual to consume 40-60Article source: http://www.marketwatch.com/story/zurvita-hits-record-monthly-revenues-of-over-1000000-with-6-consecutive-months-of-growth-2012-07-31

Sorouh Real Estate announces second quarter and half year results 2012

- Sorouh continued its strong performance in Q2. Net profit was up 33% year-on-year, reflecting continued strengthening of sustainable recurring income streams from Sorouh’s investment portfolio, as well as revenues from its National Housing projects, subsidiaries and the release of contingencies and provisions.

- Revenues from National Housing projects increased significantly, generating nearly Dhs1.2bn of revenue for the half year, representing an increase of 247% year-on-year

- 250 parking spaces in Sun Sky Towers were sold, resulting in Dhs28m of revenue.

- Dhs82m of other income derived principally from the release of contingencies and provisions that are no longer required on completed projects.

- Exceptional performance for leasing activity during the quarter: 91 new leases signed in Sun/Sky, and 56 in al Murjan. 800 units were signed in Q2 for bulk corporate leasing of units in al rayyana. Strong overall leasing demand has led to a rise in revenues from investment properties of 22% quarter-on-quarter to almost Dhs50m in Q2, and reaching Dhs100m for the half year, an increase of 18 % year-on-year. The Company is well on track to reach its target of Dhs500m of annualised recurring income by 2014.

- Robust financial position, with cash collections of approximately Dhs1n in H1. Dhs1.1bn of cash on balance sheet with low gearing of 41%.

- Net asset value increased from Dhs2.37 per share to Dhs2.47 per share

Abubaker Seddiq Al Khouri, Managing Director, Sorouh, commented, “We are very pleased to be able to report a continued strengthening of profitability in the second quarter and for the first half of the year, as the business continues on its path to maturity. The quality of earnings continues to improve through the diversification and strengthening of revenue streams. National Housing is now an important contributor to the quarterly revenue mix along with the increased amount of leasing income. At the same time, we are continuing to invest across our development portfolio to ensure that we meet the demand for high quality product with a pipeline of some 7,000 units.”

Q2 2012 Development Portfolio Update

Master-Planned Communities:

Shams Abu Dhabi

- Sun Sky Towers are now an established community with approximately 1,000 families living at the development along with key commercial tenants.

- BOUTIK Shams Mall has now commenced operations with anchor tenant Waitrose supermarket together with numerous other retail operators including Italianissimo, La Brioche, Yogen Fruz and Macondo, among others. Commercial tenants at Sun Sky Towers include the Austrian Embassy, Agthia Group, Al Ramz Financial Services, Advanced Integrated Systems and Arabian Construction Company.

- The Gate Towers are over 80% complete and advancing rapidly. At present, all sections of the penthouse bridge structure have been raised and locked in place. This will house the unique penthouses at the Gate Towers.

- Sorouh has completed the infrastructure on Shams Abu Dhabi and continues its de-risking programme by handing over key utilities to the relevant authorities. In H1 2012, 12 sub-developer plots were under construction, one sub-developer property has obtained its Building Completion Certificate and two more sub-developer properties are expected to be completed in 2012.

Alghadeer

- The

Article source: http://www.ameinfo.com/sorouh-real-estate-announces-quarter-half-307793

Brewin Dolphin IMS

Swimming hard in adverse currents
All the significant trends from the first half have continued into Q3. Re-structuring of pricing has seen good growth in recurring income while non-recurring trading commissions are under pressure. Total income grew 4.4% on the same period last year and nine-month income growth (1.4%) is in line with our 2012 estimate. The re-pricing-related outflow of funds accelerated in this quarter but remains well within management expectations and funds under management (FuM) of £25bn compared with our previous year end estimate of £25.7bn (now £25.5bn). We do not expect consensus numbers to change materially.

Structure of pricing changed
The pricing model for the wealth management industry is changing with both Retail Distribution Review regulatory pressure and customer behaviour. Brewin Dolphin (BRW) introduced its new pricing earlier in the year, which has seen a shift from non-recurring income to recurring, a trend compounded by falling trading volumes reducing commissions. Overall, recurring revenue is up 20% April to June 2012 (FYQ3) on April to June 2011, and non-recurring income down 17.9% with total income up 4.4% on the same period last year. This is better than the small decline reported at the interim stage and in line with our full year forecast. We do not expect consensus numbers to change.

Funds flow distorted by re-pricing
Funds were always at risk from a major re-pricing and management indicated that the changes would be neutral to total funds if there was a loss of 7.5% advisory funds and 5% discretionary fund income. The first quarter of the change (reported at the interims) showed a loss of income of 1.9% and 0.5% respectively. This was early in the re-pricing cycle and as more clients were affected and had time to think, greater losses were anticipated. In Q3 management has indicated that around half its outflows (ie £0.6bn) were due to re-pricing, which if evenly spread would represent c 4% advisory and 2% discretionary funds. The cumulative loss of income is thus likely to be well within the tolerance levels.

Valuation: c 30% upside
Our approaches indicate a value of c 190p unchanged from previous analyses. There has been an immaterial change in the sum of the parts as we now assume a slightly higher proportion of higher-rated discretionary funds.

To Read the Entire Report Please Click on the pdf File Below.

Article source: http://www.forexpros.com/analysis/brewin-dolphin-ims-131407

AFH sees recurring revenue grow as profits dip ahead of expansion

Plus-listed IFA firm AFH Independent Financial Group has seen recurring income increase by 29% over the first six month of 2012.

The company’s profits before tax fell from £329,813 for the six months ending 30 April 2011 to £193, 397 for 2011, with turnover up at £3.1 million compared to £2.5 million the year before.

Recurring income accounted for 50% of all revenue, and Alan Hudson, chairman and chief executive of AFH Financial Group, said dip in profits was down to increased overheads including administrative and IT costs in anticipation of the firm’s expansion.

Adviser numbers at the firm rose to 88 from 53 since its floatation last June. The firm had also completed five acquisitions during the interim period, including Nottingham-based IFA The Arden Court Group in April in a deal worth up to £900,000, and a total of eight since floatation.

Hudson (pictured), said the company was in line with its aims to become a national firm.

‘The company now has 88 financial advisers and has extended its geographical reach, which is in line with

‘We expect to report stronger second half performance and improving results as new advisers and recent acquisitions start to contribute. We will continue to develop the business in line with the strategy set out oat the time of our listing both organic and acquisitive growth.’

Article source: http://citywire.co.uk/new-model-adviser/afh-sees-recurring-revenue-grow-as-profits-dip-ahead-of-expansion/a608021

Getting Paid from China – Procedural and Tax Implications

Op-Ed Commentary: Chris Devonshire-Ellis

Aug. 31 – As increasing numbers of international businesses are now looking to sell products and services to the emerging China consumer market, in this article we examine the procedures for getting paid. It is not as simple as sending an invoice and expecting a wire transfer; China employs currency controls and this makes the procedural aspect a vital component when evaluating the administration aspect of payment. Additionally, even though an international business may not be extant in China, there may well be China tax implications to consider that may be required to be deducted from your invoice before payment can be made. On top of this, mitigation against such taxes may be obtained in part through the use of applicable double tax treaties (DTAs). International businesses should be aware of all these issues prior to committing to selling goods and services to China and expecting payment.

The basic check-list to follow when understanding the payment procedures is as follows:

What is the payment administration process in China?
Are withholding taxes applicable to my invoice? If so, how much are these?
If withholding tax deductions apply, what relief can I claim through the use of DTA?

We can answer these issues as follows:

Payment Administration Processes in China
As mentioned, China has currency controls in place and the RMB is not fully convertible. This means that upon receiving an invoice from an overseas supplier of goods and services, the Chinese company must go through several approval processes in order to effect payment to you. Because of this, delays can occur in getting payment made, however it is also useful to know exactly what the procedures are in order to minimize the receivables impact. In short, if your Chinese customer knows that you know the Chinese system – he’s more likely to remit on time.

Step One – Invoice Assessment
The simple matter here is distinguishing between goods and services. Non-resident enterprises sourcing goods from China do not need to be concerned with paying taxes in China. The various taxes (e.g. value-added tax, stamp duty, consumption tax and customs duty) that apply to the Chinese party importing the goods are borne and paid directly by the importer in China, which means that non-resident companies exporting the goods are not liable for these taxes.

On the other hand, non-resident companies providing services to clients in China are subject to various taxes (discussed in Step Two below).

Accordingly, if delivering both goods and services to a client in China, e.g. when selling equipment and at the same time providing after-sale services such as installation and supervision in China, it is important to clearly separate revenue received from each category. If the service fee is not specified in the sales contract or the fee is not deemed to be reasonable, Chinese tax authorities will refer to the pricing standard in same or similar service and adjust the fee. Where such a reference is not available, the tax authorities may deem the service income to be no less

Article source: http://www.china-briefing.com/news/2012/07/31/getting-paid-from-china-procedural-and-tax-implications.html

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Monthly Archives: July 2012

Strong performance from Travel Retail division drives H1 growth at Autogrill