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The sTrengTh To persisT. The TenaciTy To prevail.
The sTrengTh To persisT. The TenaciTy To prevail.

... MSC – a global integrated tin mining and The MSC Group is currently one of the world’s leading integrated producers of tin metal and tin based products and a global leader in custom tin smelting since 1887. In 2012, the Group produced 39,693 tonnes of tin metal maintaining its position as the second ...
Base prospectus - €2,000,000,000 Debt Issuance Programme
Base prospectus - €2,000,000,000 Debt Issuance Programme

... Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Notes shall in any circumstances imply that the information contained herein concerning the Issuer is correct at any time subsequent to the date hereof or that any other information supplied in connection with th ...
BFC FINANCIAL CORP (Form: 10-K, Received: 04
BFC FINANCIAL CORP (Form: 10-K, Received: 04

... originating commercial real estate and business loans, and consumer and small business loans, (iii) purchasing wholesale residential loans from third parties, and (iv) making other investments in mortgage-backed securities, tax certificates and other securities. BankAtlantic is regulated and examine ...
FLOWERS FOODS INC (Form: 10-K, Received: 02
FLOWERS FOODS INC (Form: 10-K, Received: 02

... to differ materially from those projected. Certain factors that may cause actual results, performance, liquidity, and achievements to differ materially from those projected are discussed in this report and may include, but are not limited to: • unexpected changes in any of the following: (i) general ...
The Gains from Resolving Debt Overhang: Evidence from a
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... that is no greater than one year from the sale date. When providing extended payment terms, Sotheby’s attempts to match the timing of receipt from the buyer with payment to the consignor, but is not always successful in doing so. Under the standard terms and conditions of its auction sales, Sotheby’ ...
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2012 SNI Annual Report - Investor Relations Solutions

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... principles generally accepted in the United States (“GAAP”), and in conformity with the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, these financial statements contain all adjustments necessary for a fair statement of the results of the i ...
Form 10-Q - Lionsgate
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... “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current ex ...
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Returning Cash to the Owners: Dividend Policy
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... Invest in projects that yield a return greater than the minimum acceptable hurdle rate. • The hurdle rate should be higher for riskier projects and reflect the financing mix used - owners’ funds (equity) or borrowed money (debt) • Returns on projects should be measured based on cash flows generated ...
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structured life insurance and investment products for retail investors
structured life insurance and investment products for retail investors

... time to maturity is T = 10 and the risk aversion is set to γ = 2. The other parameters are given as in Table 4.1. . . . . . . . . . . . . . . . . . . . . . . . . . Loss rate lTrider for varying levels of risk aversion γ. The horizontal dashed line depicts the maximal loss rate l.¯ The vertical black ...
Cabot Corporation - Investor Relations Solutions
Cabot Corporation - Investor Relations Solutions

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Present value

In economics, present value, also known as present discounted value, is the value of an expected income stream determined as of the date of valuation. The present value is always less than or equal to the future value because money has interest-earning potential, a characteristic referred to as the time value of money, except during times of negative interest rates, when the present value will be greater than the future value. Time value can be described with the simplified phrase, “A dollar today is worth more than a dollar tomorrow”. Here, 'worth more' means that its value is greater. A dollar today is worth more than a dollar tomorrow because the dollar can be invested and earn a day's worth of interest, making the total accumulate to a value more than a dollar by tomorrow. Interest can be compared to rent. Just as rent is paid to a landlord by a tenant, without the ownership of the asset being transferred, interest is paid to a lender by a borrower who gains access to the money for a time before paying it back. By letting the borrower have access to the money, the lender has sacrificed the exchange value of this money, and is compensated for it in the form of interest. The initial amount of the borrowed funds (the present value) is less than the total amount of money paid to the lender.Present value calculations, and similarly future value calculations, are used to value loans, mortgages, annuities, sinking funds, perpetuities, bonds, and more. These calculations are used to make comparisons between cash flows that don’t occur at simultaneous times. The idea is much like algebra, where variable units must be consistent in order to compare or carry out addition and subtraction; time dates must be consistent in order to make comparisons between values or carry out simple calculations. When deciding between projects in which to invest, the choice can be made by comparing respective present values of such projects by means of discounting the expected income streams at the corresponding project interest rate, or rate of return. The project with the highest present value, i.e. that is most valuable today, should be chosen.
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