New Flyer Industries TSX: NFI TSX: NFI.DB.U
|
|
- Howard Booth
- 6 years ago
- Views:
Transcription
1 New Flyer Industries TSX: NFI TSX: NFI.DB.U North America s #1 Heavy-Duty Transit Bus Manufacturer and Parts Supplier Forward Looking Statements: Our remarks and answers to your questions today may contain forward-looking statements relating to New Flyer Industries Inc. and related companies or to the environment in which they operate, which are based on their operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond New Flyer s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in New Flyer s Annual Information Form. New Flyer assumes no obligation to update or revise any forward-looking statements to reflect new events or circumstances, except as required by applicable securities laws. All figures discussed today are in U.S. dollars unless otherwise noted.
2 2 Long standing tradition as the #1 Heavy-Duty Transit Bus manufacturer in Canada & US Founded in Winnipeg in Market Leader in Technology and Innovation Bus manufacturing plants in Manitoba and Minnesota and a Part Fabrication plant in Elkhart. 2,200 employees Parts Distribution Centers in Manitoba, Ontario, Kentucky and California Service Center in Arnprior with another being established in LA New Product Development Center in Winnipeg. Over 32,500 buses delivered, with 24,000 still in operation Offer heavy-duty buses from 35, 40, to 60 articulating buses. Commence 30 and 35 medium-duty (MiDi) bus manufacturing in 2014 NFI s next generation Transit Bus with advanced styling that is lighter, quieter and more fuel efficient. First delivery was in Targeting >90% of bus production for 2103
3 3 Industry Leading Market Share in both Bus & Parts 32% Transit Bus Market Share ~25% Pro Forma Parts Market Share Other 4% 10% 18% 7% 29% 32% Neopart 3% MCI 4% Suppliers Direct 4% Truck 5% Nova 6% Muncie 6% Other 14% Locals 7% EngDealers 8% New Flyer 18% Gillig 9% Orion 7% NABI 9% April 2012 Daimler announced Orion to close by YE2012. NYCT & Seattle bus contracts assigned to NFI. March 2013 NFI announces the acquisition of Orion Parts Business from Daimler Bus Source: New Flyer Database & Management Estimates based on EUs delivered
4 4 NFI backlog provides visibility of Near-to-Medium term sales Backlog has now started to recover Backlog proved crucial in period of low Industry activity Firm Deferred Order Firm Option Deferred Order Options NFI plan maintains a Line Entry production rate of 36 EUs/Production week
5 5 NFI Financial Performance (US$) Adversely impacted by Volume & Price during economic crisis Sales Adjusted EBITDA $1,200 $120 $1,000 $ $100 $ $600 $ $60 $ $200 $ $ Q1 LTM $ Q1 LTM Parts Bus
6 Public Private 6 New Flyer Strategy: a diversified Full-Service Bus Manufacturer 1. Focus on Core Market/Business/Operations LEAN & Quality roadmap Increase Strategic and In-Sourcing Cost reduction and competiveness 2. Seek Diversification & Growth Full scope offering: Bus, Parts & Services Increase % of aftermarket Migrate to new Xcelsior platform & launch MiDi Expand beyond HD Transit and compete in more than one market (product and/or geography) Bus OEM, Parts & Services Canada/US International 3. Investment/Acquisition Criteria Current or potential for leading market share Opportunity for cost synergy based on scale (OpEx, purchasing, and overhead) plus ability to leverage R&D, technology and platforms Vertical integration potential for key or strategic value-added operations
7 7 Committed to propulsion options & technology leadership Focused on optimizing New Flyer s next-gen Xcelsior platform NF CNG Propulsion First delivered in 1994 Natural Gas NF Hydrogen FC Fleet Delivered fleet to BC Transit Jan 2010 Fuel Cells eaccessories All-Electric NF ebus Maiden Voyage: Apr 20-12, 1:05 pm Hybrid Diesel Trolley NF eaccesory Bus Delivered to MN Metro July 2012 Gas NF etrolley Bus First delivered in 1993 NF Hybrid Bus First delivered in 2000
8 8 NFI transformed to Common Share Structure Reducing Leverage and Interest Costs $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 Total Debt (US $million) Q1 IDS Debt Bachelor Bonds Senior Term Loan Revolver Convertible Debenture Total leverage ratio $65M Convertible Debenture issued in Jun- 12. Proceeds used to redeem Bach Bonds/IDS Debt in August Convert price $10/share. $90M Revolver facility used to manage working capital fluctuations ($49M outstanding) $122M Senior term rate of LIBOR plus applicable margin. Expires in Apr-14. Interest on Bach Bonds/IDS Debt = 14% vs Converts = 6.25% 49.3M shares outstanding. 6.2 M shares to be added from Treasury once full Marcopolo investment complete. NFI Board/Management currently owns 1.1M Shares (or 2.3%).
9 9 Significant improvements made in Operations Focused management on both cultural and physical change CME Annual LEAN Assessment (out of 5) Substantially reduced Bus WIP (EUs)
10 % Change vs Same Last Year 10 Macro-economic Fundamentals continue to Improve Which bodes well for investment in public transit US Qtrly State Tax Revenue [YOY % Change] USA Quarterly State Tax Revenue YOY % Change Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4E Personal Income Tax Corporate Income Tax General Sales Tax Source: The Nelson A. Rockefeller Institute State Revenue Reports 2010 Average Age of Bus [Yrs] Source: Fact-Book-Appendix-A.pdf Annual Avg Crude Oil Price - [US$] Crude Oil Price - Annual Average $ $ $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $ Source: Monthly Unemployment Rate US CA J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F Source: US Bureau of Labor Statistics (US) ; Stats Canada (CAD) Annual Transit Ridership % Chg YOY Annual Ridership % Chg YOY 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% -6.00% US Bus Total US Total All Modes CDN Total All Modes Source:
11 12-Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr The NFI Bid Universe has shown Significant Recovery 5 year total >15,200 EUs. Active Opportunities >7,300 EUs Units forecasted to come out for Competition 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - EUs for Bids Submitted EUs Bids in Progress Federal Stimulus investments contributed to surge in 2010 Reflects increased competitions in process Ongoing Bids Submitted Bids Forecast
12 12 NFI Book-to-Bill Ratio (Intake/Deliveries) has rebounded Now back to >100% of LTM deliveries 6, % 5, % 4, % 3, % 2, % 1,000 50% - 0% LTM New Orders (EUs) LTM Deliveries (EUs) LTM Order Intake / Deliveries
13 13 Launched a JV with Alexander Dennis Limited in 2012 A medium-duty (MiDi) Bus for North America North America s largest Heavy Duty Transit Bus and Parts company + UK s largest Bus & Coach builder and world leader in midi-bus Strategic Rationale 10 Year Bus targeted at both Public & Private applications Lighter and quieter than Heavy-Duty buses with materially different operating economics Enhanced styling and passenger comfort Prototypes are currently being manufactured with testing in Q2-Q Production build to commence in Dec-13
14
15 Marcopolo S.A. strategic Investment in NFI - February 2013 Launches a strategic relationship and provides growth capital to NFI North America s largest Heavy Duty Transit Bus and Parts company + The world s 2 nd largest Bus builder delivering over 35,000 buses annually Strategic Rationale Provides significant equity capital to NFI at an attractive price (Approx 26% premium to 60-day VWAP) Enhances NFI s financial flexibility to further pursue growth and diversification opportunities Strategic value of knowledgeable, sophisticated, like-minded investor Opportunity to strengthen North American market position and competitiveness through commercial agreements with a leading global bus manufacturer Access to MP products, know-how, relationships and technology sharing to enhance NFI s product offerings and profitability Opportunity to seek markets outside North America where NFI intellectual property may be exported 15
16 NFI Strategic Investment in expanding Aftermarket - March 2013 acquisition of Orion s Parts business from Daimler Bus North America s #1 Bus Aftermarket Parts Business + North Strategic Rationale America s #4 Bus Aftermarket Parts Business Strengthens NFI leadership position as the largest provider of aftermarket parts in the North American transit bus industry. Pro-forma 25% bus parts market share. Broadens exposure to large transit agencies, and further enhances NFI s relationship with various transit authorities Highly attractive revenue stream from the proprietary parts business serving over 10,000 Orion buses currently in service Immediately accretive to earnings and cash flow with added value through combined scale, footprint and overhead utilization Significant potential for incremental growth by leveraging scale and broader product offering to increase penetration into North America s installed fleet of all OEM makes and models 16
17 17 NFI Investment Thesis #1 Manufacturer of Heavy Duty Transit Bus Manufacturer in North America #1 Market Share of delivered buses and #1 Market Share of aftermarket bus part sales Market Innovation leader with the broadest green product offering High quality diversified customer base generating repeat business in replacement industry Experienced Executive team with a track record and significant OpEx and LEAN experience Conversion to Common Share Structure complete. Lower leverage & Interest Cost Predictable cash flow business model, conservative financing structure, relatively low CAPEX needs Income instrument with Yield currently at approx 6.0% (annual dividend at C$0.585/share. Distributions have been paid for 91 consecutive months (since IPO). Management believes dividend is sustainable. Prospects for Growth Transit is an essential service with an aging US fleet (avg age >7.8 yrs vs. avg target life of 12 yrs) After three years of a very difficult market, now experiencing record bid activity (Active bids >7,300 EUs, Bid Universe >15,200 EUs) with loss of one competitor (Orion). NFI backlog has returned to growth ($3.3B and 7,527 EUs) Book-to-Bill Ratio is recovering (LTM is 211% vs 31% for 2012 Q1 LTM) JV launched with Alexander Dennis to introduce MiDi bus in North America. Marcopolo 19.99% Strategic Investment in NFI with operational MOU. Parts and service offering business continues to grow through acquisition of Orion Bus Parts Distribution business.
North America s #1 Transit Bus Manufacturer and Parts Supplier
New Flyer Industries TSX: NFI TSX: NFI.DB.U North America s #1 Transit Bus Manufacturer and Parts Supplier Forward Looking Statements: May contain forward-looking statements relating to New Flyer Industries
More informationNorth America s #1 Transit Bus Manufacturer and Parts Supplier
North America s #1 Transit Bus Manufacturer and Parts Supplier Forward Looking Statements: May contain forward-looking statements relating to New Flyer Industries Inc. and related companies or to the environment
More informationNFI Investor Update. March 23, 2016 (TSX: NFI, TSX: NFI.DB.U) North America s leading Motor Coach Manufacturer and Parts Supplier
0 NFI Investor Update (TSX: NFI, TSX: NFI.DB.U) North America s leading Transit Bus Manufacturer and Parts Supplier North America s leading Motor Coach Manufacturer and Parts Supplier March 23, 2016 Forward
More informationNFI Investor Update Q2-2016
0 NFI Investor Update Q2-2016 North America s leading Transit Bus and Motor Coach Manufacturer and Parts Distributor August 11, 2016 Forward Looking Statements and Non-GAAP Measures are defined in APPENDIX
More informationNew Flyer Industries (NFI) acquisition of Motor Coach Industries (MCI)
0 New Flyer Industries (NFI) acquisition of Motor Coach Industries (MCI) + North America s leading Transit Bus Manufacturer and Parts Supplier North America s leading Motor Coach Manufacturer and Parts
More informationMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED DECEMBER 30, 2012
March 20, 2013 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED DECEMBER 30, 2012 Information in this Management s Discussion and
More informationMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS ENDED APRIL 1, 2012
May 9, 2012 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS ENDED APRIL 1, 2012 Information in this Management s Discussion and Analysis ( MD&A )
More informationMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED DECEMBER 29, 2013
March 19, 2014 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED DECEMBER 29, 2013 Information in this Management s Discussion and
More informationMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 39-WEEKS ENDED SEPTEMBER 30, 2012
November 12, 2012 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 39-WEEKS ENDED SEPTEMBER 30, 2012 Information in this Management s Discussion
More informationMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED DECEMBER 28, 2014
March 18, 2015 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED DECEMBER 28, 2014 Information in this Management s Discussion and
More informationNFI:TSX Q3-17 Investor Update. November 8, 2017
0 NFI:TSX Q3-17 Investor Update November 8, 2017 1 NFI Group Q3-17 Highlights Forward Looking Statements and Non-GAAP Measures are defined in APPENDIX B. LTM Performance: Revenue: US $2.35B Adjusted EBITDA:
More informationMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED JANUARY 1, 2012
March 21, 2012 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED JANUARY 1, 2012 Information in this Management s Discussion and
More informationNFI Investor Update. as at May 10, North America s leading Transit Bus & Motor Coach Manufacturer and Parts Distributor
NFI Investor Update as at May 10, 2017 0 North America s leading Transit Bus & Motor Coach Manufacturer and Parts Distributor 1 Company Highlights Fiscal 2017 Q1 LTM Performance: Revenue: US $2.3B Adj
More informationNEW FLYER INDUSTRIES INC. Annual Information Form
NEW FLYER INDUSTRIES INC. Annual Information Form March 23, 2015 TABLE OF CONTENTS GENERAL... 1 CORPORATE STRUCTURE... 3 The Issuer... 3 Ownership Structure... 3 GENERAL DEVELOPMENT OF THE BUSINESS...
More informationMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED DECEMBER 31, 2017
March 21, 2018 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE 13-WEEKS AND 52-WEEKS ENDED DECEMBER 31, 2017 Information in this Management s Discussion and
More informationNFI:TSX INVESTOR PRESENTATION August 2018
NFI:TSX INVESTOR PRESENTATION August 2018 Leader in Transit Buses, Motor Coach & Aftermarket Target deliveries (EU)* 2,774 1,076 500 $378M** Market Founded in 1930 Market Leader in heavy duty (HD) transit
More informationNEW FLYER INDUSTRIES INC. Annual Information Form
NEW FLYER INDUSTRIES INC. Annual Information Form March 24, 2017 TABLE OF CONTENTS GENERAL... 1 CORPORATE STRUCTURE... 3 GENERAL DEVELOPMENT OF THE BUSINESS... 4 Recent Developments... 4 DESCRIPTION OF
More informationNEW FLYER INDUSTRIES INC. Annual Information Form
NEW FLYER INDUSTRIES INC. Annual Information Form March 23, 2018 TABLE OF CONTENTS GENERAL... 1 CORPORATE STRUCTURE... 2 GENERAL DEVELOPMENT OF THE BUSINESS... 3 Recent Developments... 3 DESCRIPTION OF
More informationIt s made for Sleep. It s a Sealy.
TM It s made for Sleep. It s a Sealy. Forward-Looking Statements This document contains forward-looking statements within the meaning of the safe harbor provisions of the Securities Litigation Reform Act
More informationTD Securities 2011 Calgary Unconventional Energy Conference July 7, Dawn Farrell Chief Operating Officer
TD Securities 2011 Calgary Unconventional Energy Conference July 7, 2011 Dawn Farrell Chief Operating Officer 1 Forward looking statements This presentation may contain forward looking statements, including
More informationFiscal 2014 Q3 Results
Stephen MacPhail, President & CEO Doug Jamieson, Executive Vice-President & CFO Derek Green, President, CI Investments Steven Donald, President, Assante Wealth Management November 6, 2014 Important Information
More informationADMIE (IPTO) Holding S.A. 1H 17 earnings presentation September 2017
ADMIE (IPTO) Holding S.A. 1H 17 earnings presentation September 2017 Disclaimer This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but
More informationIntelsat JPM HY Conference February 27, Launch of Intelsat 37e September 29, 2017
1 Intelsat JPM HY Conference February 27, 2018 Launch of Intelsat 37e September 29, 2017 2 Intelsat Full Year 2017: In-line Performance $2,500 2016/2017 Revenue and AEBITDA (in millions) $2,188 $2,149
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationAvailability, Reliability, Ease. 11 December 2018
Availability, Reliability, Ease 11 December 2018 LEGAL NOTICE This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not constitute
More informationCharles Mickey Flood. Joe Quarin. Investor Presentation May Executive Vice President, BFI Canada, CEO IESI. Chief Financial Officer BFI Canada
Charles Mickey Flood Executive Vice President, BFI Canada, CEO IESI Joe Quarin Chief Financial Officer BFI Canada Investor Presentation May 2005 Safe Harbor Statement Our remarks and answers to your questions
More informationUBS Global Financial Services Conference May 14, Joseph Saunders, Chief Executive Officer. Byron Pollitt, Chief Financial Officer
UBS Global Financial Services Conference May 14, 2008 Joseph Saunders, Chief Executive Officer Byron Pollitt, Chief Financial Officer Safe Harbor Reminder The following materials and management s discussion
More informationIndustry Trends Watch
Costing Trends - Alberta Asphalt Cement (Edmonton Rack $C/t) The Edmonton rack price for asphalt cement surged to $730 per tonne in early May. The rack price index averaged $655 per tonne in April and
More informationFirst Quarter Strategic Update & Financial Results MAY 10, 2018
First Quarter 2018 Strategic Update & Financial Results MAY 10, 2018 Disclaimer Certain information in this presentation is forward-looking and related to anticipated financial performance, events and
More informationJerry Sheridan. October 17,
Jerry Sheridan October 17, 2012 1 History of AmeriGas Started in 1959 165 acquisitions since 1982 Cal Gas acquisition in 1987 Petrolane acquisition in 1993 IPO as an MLP in 1995 Columbia acquisition in
More informationInvestor Presentation
Investor Presentation November, 2016 *Rig 580, Oklahoma SCOOP 1 Forward-looking statements Certain statements contained in this presentation, including statements that contain words such as "could", "should",
More information2014 Fixed Income Investor Update
2014 Fixed Income Investor Update Toronto April 23, 2014 Montreal April 24, 2014 Winnipeg April 28, 2014 Disclaimer Certain information included in this presentation or incorporated by reference herein
More informationIndustry Trends Watch
Costing Trends - Alberta Asphalt Cement (Edmonton Rack $C/t) The Edmonton rack price for asphalt cement averaged $730 per tonne in May, compared with $655 in April. In May of last year, the rack price
More informationBlue Bird Corporation
Blue Bird Corporation (Nasdaq: BLBD) Stifel Industrials Conference Key Biscayne, FL February 14-15, 2017 Agenda Industry Overview Blue Bird Overview Product Focus Financials Summary Q&A This presentation
More informationQ EARNINGS PRESENTATION. May 12, 2017
Q1 2017 EARNINGS PRESENTATION May 12, 2017 1 Safe Harbor Statement Certain statements in the Business Update and Order Backlog sections contain forward-looking statements within the meaning of the safe
More informationBuilding the Future D A.. DAVIDSON DA CONFERENCE SEPTEMBER 11, 2012
Building the Future D A DAVIDSON CONFERENCE D.A. DAVIDSON CONFERENCE SEPTEMBER 11, 2012 SAFE HARBOR STATEMENT The matters discussed in this presentation may make projections and other forward-looking statements
More informationConference Call Second Quarter 2013 Financial Results. Presentation3
Conference Call Second Quarter 2013 Financial Results Presentation3 August 2, 2013 Agenda 1 Agenda 1 2 Opening Remarks 2Q13 Highlights 3 Operating and Financial Review 4 Closing Remarks 5 Q&A 2 1 Alicorp
More information2017 MLPA Investor Conference. May 31, 2017
2017 MLPA Investor Conference May 31, 2017 Jerry Peters Chief Financial Officer Green Plains Inc. NASDAQ: GPRE www.gpreinc.com Green Plains Partners LP NASDAQ: GPP www.greenplainspartners.com Forward-Looking
More informationMarch 8 & 12 MORTGAGE LENDING IN MEXICO. Asociación de Bancos de México
March 8 & 12 MORTGAGE LENDING IN MEXICO Asociación de Bancos de México Index 1.The Mexican Banking Sector 2. Mortgage Market in Mexico 3. Outlook and Conclusions 3 Introduction 1. The Mexican economy has
More informationCIBC Annual Whistler Institutional Investor Conference January 25-28, 2017 Whistler, BC. parkland.ca
CIBC Annual Whistler Institutional Investor Conference January 25-28, 2017 Whistler, BC parkland.ca FORWARD LOOKING STATEMENT DISCLAIMER & NOTE ON NON-GAAP MEASURES 2 Certain information included herein
More information2018 Q1 results. Millicom International Cellular S.A. Kicking off 2018 with accelerating momentum
2018 Q1 results Kicking off 2018 with accelerating momentum Mauricio Ramos, CEO Tim Pennington, CFO April 25 th, 2018 Millicom International Cellular S.A. Disclaimer This presentation may contain certain
More informationConsolidated Financial Results for the 1 st Half of FYE 2019
Consolidated Financial Results for the 1 st Half of SUBARU CORPORATION Toshiaki Okada Corporate Executive Vice President & CFO November 5 th, 2018 1 Summary Consolidated Financial Results for the 1 st
More information$31,038. $8,500 June 18. June 12
HISTORIC RETURNS* Growth of $10,000 since July 2003 $35,000 $30,000 $25,000 $31,038 Fund Performance Series C (PERCENT RETURN) SINCE 1YR 3YRS 5YRS 10YRS INCEPTION 6.78% 6.73% 6.77% 8.10% Target Asset Allocation
More informationSustainable Performance in Global On-Highway Markets
Sustainable Performance in Global On-Highway Markets Tina Vujovich, VP Marketing & Environmental Policy Credit Suisse s 5 th Annual Truck Builders Conference March 1, 2007 Disclosure Regarding Forward-Looking
More informationGabelli Pump, Valve and Water Systems Symposium
Advanced Flow Solutions Energy Pumping Technologies Gabelli Pump, Valve and Water Systems Symposium Scott Buckhout President & CEO 1 February 22, 2018 1 Safe Harbor This presentation contains forward-looking
More informationQ4 Preview & Transfer of Coverage: Growth Potential and Attractive Valuation Supports Strong Buy
23-Apr-14 14-May-14 4-Jun-14 25-Jun-14 16-Jul-14 6-Aug-14 27-Aug-14 17-Sep-14 8-Oct-14 29-Oct-14 19-Nov-14 10-Dec-14 31-Dec-14 21-Jan-15 11-Feb-15 4-Mar-15 25-Mar-15 15-Apr-15 Daily Volume ('000) Share
More informationResults presentation. Highlights. For the year-ended 31 March A distinctive specialist banking group
Results presentation For the year-ended 31 March 26 A distinctive specialist banking group Highlights Constant pursuit of a sustainable, distinctive growth strategy Strong results 25 Investec plc relative
More informationYear-end results. 18 May
Year-end results 18 May Highlights for the year Strong operational performance Good performance across all areas of activity Deepened our core franchise Sound levels of corporate client and private client
More informationPHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018
Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714
More informationCash & Liquidity The chart below highlights CTA s cash position at June 2018 compared to June 2017.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for June 2018 Date: August 15, 2018 I. Summary CTA s financial results are unfavorable to budget for
More informationForward-Looking Statements
William Blair & Company 27 th Annual Growth Stock Conference June 20, 2007 0 Forward-Looking Statements This presentation contains forward-looking statements that are subject to a number of risks and uncertainties,
More informationSIGNS. MICHAEL FERREIRA URBAN ANALYTICS INC. October 24, 2014
SIGNS MICHAEL FERREIRA URBAN ANALYTICS INC. October 24, 2014 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0-1.0 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12
More informationSemi-annual Return of Capital Payments. Alternative to investing in bond ETFs, mutual funds or holding the Underlying Bonds.
January 24, 2014 DEBT LINKED DEBT SECURITIES I RBC Non-Protected Bond RoC Securities, Series 1F 3- Term Semi-annual Return of Capital Payments INVESTMENT HIGHLIGHTS Variable Return linked to a Notional
More informationHürriyet Investor Presentation. July 2007
Hürriyet Investor Presentation July 2007 1 Notice This presentation does not constitute an offer or invitation to purchase or subscription for any securities and no part of it shall form the basis of or
More informationCurrent State of the Leveraged Loan Market
Current State of the Leveraged Loan Market Ted Basta, LSTA William Lemberg, Alcentra Michael Schechter, CITI Gil Tollinchi, Crescent Capital Brian Yorke, Halcyon May 3, 2016 Presentation Overview 1. Macro
More informationRobbins & Myers, Inc. and T-3 Energy Services, Inc. Investor Presentation
Robbins & Myers, Inc. and T-3 Energy Services, Inc. Investor Presentation October 06, 20 Pete Wallace, CEO Robbins & Myers Steve Krablin, CEO T-3 Chris Hix, CFO Robbins & Myers Saeid Rahimian, President
More informationEarnings Call. December 19, 2017
Earnings Call December 19, Safe Harbor This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including forward-looking
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More information/// The New Wabtec. February 25, 2019
The New Wabtec February 25, 2019 DISCLAIMER / FORWARD-LOOKING STATEMENTS Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements as that term is defined in Section
More informationOperating Budget. Third Quarter Financial Report (July 2005 March 2006)
Third Quarter Financial Report (July 2005 March 2006) INDEX A. Executive Summary...page 2 B. Revenue and Expense Analysis...page 3 C. Budget Variance Reports...page 14 D. Ridership and Performance Measures...page
More informationNYSE EURONEXT FIRST QUARTER 2013 EARNINGS PRESENTATION. April 30, 2013
NYSE EURONEXT FIRST QUARTER 2013 EARNINGS PRESENTATION April 30, 2013 LEGAL DISCLAIMERS Non-GAAP Financial Measures To supplement NYSE Euronext s consolidated financial statements prepared in accordance
More informationLOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC GLOBAL LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC Secondary Market Bid Levels: Europe Slide 2 European CLO New Issue Volume Monthly Slide
More informationCST Brands, Inc. Investor Update. September 2015
CST Brands, Inc. Investor Update September 2015 1 Safe Harbor Statements Forward-Looking Statements Statements contained in this presentation that state the Company s or management s expectations or predictions
More informationCash & Liquidity The chart below highlights CTA s cash position at January 2018 compared to January 2017.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for January 2018 Date: March 14, 2018 I. Summary CTA s financial results are $1.7 million unfavorable
More informationFULL YEAR REPORT, 2017 TELEPHONE/AUDIO CONFERENCE 8 FEBRUARY 2018, AT CET TOMMY ANDERSSON, PRESIDENT AND CEO HELENA WENNERSTRÖM, EVP AND CFO
TELEPHONE/AUDIO CONFERENCE 8 FEBRUARY 2018, AT 15.30 CET TOMMY ANDERSSON, PRESIDENT AND CEO HELENA WENNERSTRÖM, EVP AND CFO DIRECT LINK AUDIOCAST: HTTPS://TV.STREAMFABRIKEN.COM/BULTEN Q4 2017 TELECONFERENCE:
More informationForward-Looking Statements
March 2006 0 Forward-Looking Statements This presentation contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are outside our control. These forward-looking
More informationDean Foods Third Quarter 2008 Earnings Report. November 4, 2008
Dean Foods Third Quarter 2008 Earnings Report November 4, 2008 Forward Looking Statements The following statements made in this presentation are forward looking and are made pursuant to the safe harbor
More informationRaymond James 37 th Annual Institutional Investors Conference. March 8, 2016
Raymond James 37 th Annual Institutional Investors Conference March 8, 2016 Forward-looking statements and Non-GAAP financial measures Forward-looking statements Certain statements included in this presentation,
More informationSnaitech Group Financial Results as of 31 March May 2018
Snaitech Group Financial Results as of 31 March 2018 15 May 2018 1 Disclaimer This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current
More informationREV GROUP, INC. S e p te m b e r I nv e s t o r P re s e nt a t i o n N Y S E : R E V G September 2018
REV GROUP, INC. September Investor Presentation N Y S E : R E V G September 2018 Cautionary Statements & Non GAAP Measures Disclaimers Note Regarding Non-GAAP Measures REV Group reports its financial results
More information5th Annual Shipping, Logistics & Offshore Services Conference
5th Annual Shipping, Logistics & Offshore Services Conference New York City, September 16, 2008 Disclosures Statements in this presentation which are not statements of historical fact are forward-looking
More informationCME Group 2Q 2009 Earnings Conference Call. July 23, 2009
CME Group 2Q 2009 Earnings Conference Call July 23, 2009 Forward-Looking Statements Statements in this press release that are not historical facts are forward-looking statements. These statements are not
More informationGIMA Pulse Date of Report: 04/12/2017 a monthly snapshot of the UK Economy from
GIMA Pulse Date of Report: 04/12/2017 a monthly snapshot of the UK Economy from www.barometeroftrade.com Summary Inflation has slowed after reaching a 5-year-high last month, largely due to the weak performance
More informationNavios Partners Ownership Structure
First Quarter 2010 Earnings Presentation April 28, 2010 Agenda Company Overview Company Developments Review of Q1 2010 Financial Results Quarterly Cash Distribution Fleet and Operations Overview Industry
More informationDaseke, Inc. Consolidating North America s Flatbed & Specialized Logistics Market
Daseke, Inc. Consolidating North America s Flatbed & Specialized Logistics Market Investor Presentation September 2017 Important Disclaimers Non-GAAP Financial Measures This presentation includes non-gaap
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: December 20, 2017 Prepared by the UNL College of Business Administration, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationColliers International Group Inc. Investor Presentation
Colliers International Group Inc. Investor Presentation March 2018 Basis of Presentation All amounts in millions of US Dollars unless otherwise noted. Adjusted EBITDA ( AEBITDA ) and Adjusted EPS ( AEPS
More informationCash & Liquidity The chart below highlights CTA s cash position at December 2017 compared to December 2016.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for December 2017 Date: February 14, 2018 I. Summary CTA s financial results are $4.7 million favorable
More informationCash & Liquidity The chart below highlights CTA s cash position at March 2017 compared to March 2016.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for March 2017 Date: May 10, 2017 I. Summary CTA s financial results are $0.6 million favorable to budget
More informationBusiness Cycle Index July 2010
Business Cycle Index July 2010 Bureau of Trade and Economic Indices, Ministry of Commerce, Tel. 0 2507 5805, Fax. 0 2507 5806, www.price.moc.go.th Thailand economic still expansion. Medium-run Leading
More informationFinancial Markets Fall 2008 Economic Update
Financial Markets Fall 28 Economic Update October 7, 28 Jeff Rubin Chief Economist, Chief Strategist Avery Shenfeld Managing Director, Senior Economist Crash in Commodity Prices Exaggerates Growth Slowdown
More informationCorral Q May 2017
Corral Q1 2017 May 2017 Disclaimer This presentation has been prepared by Corral Petroleum Holdings AB (publ) and/or its subsidiaries and affiliates ( Corral ). The information contained in this presentation
More informationCash & Liquidity The chart below highlights CTA s cash position at August 2018 compared to August 2017.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for August 2018 Date: October 10, 2018 I. Summary CTA s financial results are favorable to budget for
More informationFBM 4Q17 Earnings Presentation
FBM 4Q7 Earnings Presentation February 27, 208 DISCLOSURES Forward-Looking Statements This presentation contains forward-looking statements as that term is defined in the Private Securities Litigation
More informationFinancial Report - FY 2017 Year to Date May 31, 2017
Financial Report - FY 2017 Year to Date July 19, 2017 1 Major Highlights Revenue Sales tax remittances received through YTD April 2017 are 4.2% higher than YTD April 2016 Plaza Saltillo lease income budgeted
More informationFinancial Industry Solutions. Second Quarter Financial Results AUGUST 9, 2018
Financial Industry Solutions Second Quarter Financial Results AUGUST 9, Disclaimer Certain information in this presentation is forward-looking and related to anticipated financial performance, events and
More informationAmsterdam - May 17 th, Philippe Camus CEO - Rainer Hertrich CEO
AGENDA Acceptance and approval of the Report of the Board of Directors Adoption of the accounts for the financial year 2001 Approval of the result allocation, distribution and payment date of dividends
More informationQ Transformation Update & Financial Results May 26, 2016
Q1 2016 Transformation Update & Financial Results May 26, 2016 a Cautionary Statement Regarding Forward-Looking Information This presentation contains forward-looking statements, including statements about
More informationCash & Liquidity The chart below highlights CTA s cash position at September 2017 compared to September 2016.
To: Chicago Transit Authority Board From: Jeremy Fine, Chief Financial Officer Re: Financial Results for September 2017 Date: November 15, 2017 I. Summary CTA s financial results are $7.7 million favorable
More informationBANK OF AMERICA MERRILL LYNCH 2017 LEVERAGED FINANCE CONFERENCE
THE NEW NAVISTAR November 29, 2017 BANK OF AMERICA MERRILL LYNCH 2017 LEVERAGED FINANCE CONFERENCE International is a registered trademark of, Inc. NYSE: NAV1 Safe Harbor Statement and Other Cautionary
More informationResults 2Q18. August 2, 2018
Results August 2, 2018 Highlights Indicators Var. x 2Q17 Operating Income (R$ MM) 42.8 +92.7% Operating Margin 1.8% +0.8 p.p. Net operating revenues: R$2.4 billion (+9.0% vs. 2Q17) ASK (BN) 10.7 +2.2%
More informationThird Quarter 2008 Earnings Teleconference. October 31, 2008
Third Quarter 2008 Earnings Teleconference October 31, 2008 Participants Tim Solso Chairman and Chief Executive Officer Joe Loughrey Vice Chairman Pat Ward Chief Financial Officer Tom Linebarger President
More informationLoop Capital Metals & Mining Conference. March 2017
Loop Capital Metals & Mining Conference March 2017 1 IMPORTANT INFORMATION ABOUT RYERSON HOLDING CORPORATION These materials do not constitute an offer or solicitation to purchase or sell securities of
More informationFourth Quarter 2016 Performance Summary
Fourth Quarter 2016 Performance Summary Operational and Financial Highlights - 2016 Net profit rises by +2.5% to Euros 545.5 million Recurring sales (excluding Raw Materials and Others) rise by +4.5% (+4.6%
More informationJune Woongjin Coway
June 2006 Woongjin Coway 0 Disclaimer This presentation contains historical information of the Company which should not be regarded as an indication of future performance or results. This presentation
More informationSCHMOLZ + BICKENBACH Q Results Investors & Analysts Conference Call Lucerne, August 11, 2017
SCHMOLZ + BICKENBACH Q2 2017 Results Investors & Analysts Conference Call Lucerne, August 11, 2017 Disclaimer Forward-looking statements This presentation contains forward-looking statements about developments,
More informationBudget Process Overview and Cost Allocation Methodology
Budget Process Overview and Cost Allocation Methodology 1 Cost Allocation Agreement Guiding Principles Operate a consolidated regional public transportation system within and between the Participating
More informationFuji Heavy Industries Ltd.
President & CEO, Yasuyuki Yoshinaga Fuji Heavy Industries Ltd. May 9, 2014 0 Business Results for the FYE2014 ( 100M) Consolidated automobile sales FYE2013 FYE2014 YoY 724,000 825,000 High +13.9 % Net
More informationLooking to the medium term
Looking to the medium term Issued: 4 September 2013 Legal notice This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not
More information