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978-0470424650 Annual Report Henkel Henkel Case Part 1
Annual Report 2009 A global team – winning together UnternehmenThe Company Henkel at a glance Highlights of 2009 » Organic sales performance: –3.5 percent » Laundry & Home Care: +2.9 percent » Cosmetics/Toiletries: +3.5 percent » Adhesive Technologies: –10.2 percent […]
978-0470424650 Annual Report Henkel Henkel Case Part 2
17 Annual Report 2009 The Company » Shares and bonds stock exchanges in Germany. In the USA, investors are able to invest in Henkel preferred and ordinary shares by way of stock ownership certificates obtained through the Sponsored Level I […]
978-0470424650 Annual Report Henkel Henkel Case Part 3
37 Annual Report 2009 Group management report » Value-based management and control system Weighted average cost of capital (WACC) 2009 from 2010 Risk-free interest rate 4.8 % 4.3 % Market risk premium 4.5 % 4.5 % Beta factor 1.00 0.80 […]
978-0470424650 Annual Report Henkel Henkel Case Part 4
57 Annual Report 2009 Group management report » Sustainability / Corporate social responsibility corruption. Our understanding of socially responsible behav– ior has been specified and communicated to our employees throughout the entire Group through our Code of Corpo– rate Sustainability […]
978-0470424650 Annual Report Henkel Henkel Case Part 5
77 Annual Report 2009 Group management report » Forecast offer our customers added value. And we have a well filled pipeline of innovative products that we intend to launch onto the markets of all three business sectors this year. Further […]
978-0470424650 Annual Report Henkel Henkel Case Part 6
97 Annual Report 2009 Notes to the consolidated financial statements » Notes to the consolidated balance sheet Book value in million euros Dec. 31, 2008 Dec. 31, 2009 Cash-generating units Trademark rights and other rights with indefinite useful lives Goodwill […]
978-0470424650 Annual Report Henkel Henkel Case Part 7
117 Annual Report 2009 Notes to the consolidated financial statements » Notes to the consolidated balance sheet Cash flows from financial liabilities in million euros Residual term Dec. 31, 2009 Book value Up to 1 year Between 1 and 5 […]
978-0470424650 Annual Report Henkel Henkel Case Part 8
132 Annual Report 2009 We have audited the consolidated financial statements pre– pared by Henkel AG & Co. KGaA, comprising the consoli– dated balance sheet, the consolidated statement of income, the statement of comprehensive income, the statement of changes in […]
978-0470424650 Annual Report Reckitt Benckiser Henkel Case Part 1
Powering ahead Annual Report and Financial Statements 2009 Contents 1 Chairman’s Statement 2 Chief Executive’s Statement 4 Business Review 2009 11 Board of Directors and Executive Committee 12 Report of the Directors 19 Directors’ Remuneration Report 25 Independent auditors’ report […]
978-0470424650 Annual Report Reckitt Benckiser Henkel Case Part 2
Reckitt Benckiser 2009 19 Directors’ Remuneration Repo Remuneration Committee The Remuneration Committee of the Board (the “Committee”) is responsible for determining and reviewing the terms of employment and remuneration of the Executive Directors and Senior Executives. The remuneration principles established […]
978-0470424650 Annual Report Reckitt Benckiser Henkel Case Part 3
Reckitt Benckiser 2009 39 5 EMPLOYEES (CONTINUED) (c) Share based remuneration (continued) Table 3: Share awards expense 2008 Movement in number of options Total fair Options Options value of Fair value outstanding outstanding grant as at of one at 1 […]
978-0470424650 Annual Report Reckitt Benckiser Henkel Case Part 4
Reckitt Benckiser 2009 55 24 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED) Effective 1 January 2009, the Group adopted the amendment to IFRS 7 for financial instruments that are measured in the balance sheet at fair value, this requires disclosure […]
978-0470424650 Chapter 10 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 10 Solutions Estimating Continuing Value Version 1.0 April 1, 2010 Chapter 10 Question 1 Continuing Today Year 1 Year 2 Year 3 Year 4 Year 5 value Continuing value […]
978-0470424650 Chapter 11 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 11 Solutions Estimating the Cost of Capital Version 1.0 April 1, 2010 Chapter 11 Questions 1 & 2 Question 1 Market Cost of Tax After-tax Weighted Source of capital […]
978-0470424650 Chapter 12 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 12 Solutions Moving from Enterprise Value to Value per share Version 1.0 April 1, 2010 Chapter 12 Questions 1 & 2 Question 1 Question 2 Valuation Sale No sale […]
978-0470424650 Chapter 13 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 13 Solutions Calculating and Interpreting Results Version 1.0 April 1, 2010 Chapter 13 Question 1 Percent of sales Current Forecast Current Forecast year year year year Revenues 120.0 100.0 […]
978-0470424650 Chapter 14 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 14 Solutions Using Multiples to Triangulate Results Version 1.0 April 1, 2010 Chapter 14 Questions 1 & 2 $ million Company 1 Company 2 Company 3 Share price ($) […]
978-0470424650 Chapter 19 Solution Manual
17 Valuation: Measuring and Managing the Value of Companies, Fifth Edition Chapter 19 Solutions Corporate Portfolio Strategy 1. Different owners have different skills and goals. Thus, one owner may be able to innovate and to lead the company in a […]
978-0470424650 Chapter 20 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 20 Solutions Performance Management Chapter 20 Question 1 Commentary The value-driver approach establishes a set of short-term to long-term metrics, which is tailored to the industry and strategy. It […]
978-0470424650 Chapter 21 Solution Manual
20 Valuation: Measuring and Managing the Value of Companies, Fifth Edition Chapter 21 Solutions Mergers and Acquisitions 1. This result would be a case where the acquiring firm pays a premium higher than the value created from the acquisition. The […]
978-0470424650 Chapter 27 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 27 Solutions Leases, Pensions, and Other Obligations Version 1.0 April 1, 2010 Chapter 27 Questions 1 & 2 PV (leased assets) Correct Misestimation Rental expenses 25.0 25.0 Cost of […]
978-0470424650 Chapter 28 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 28 Solutions Capitalized Expenses Version 1.0 April 1, 2010 Chapter 28 Question 1 $ million Forecast Year 1 Year 2 Year 3 Year 4 Year 5 Ratio Revenues 100.0 […]
978-0470424650 Chapter 32 Solution Manual
32 Valuation: Measuring and Managing the Value of Companies, Fifth Edition Chapter 32 Solutions Valuing Flexibility 1. Standard NPV analysis considers one possible set of cash flows. Contingent NPV 2. Flexibility is the main driver of value in the real-option […]
978-0470424650 Chapter 34 Solution Manual
37 Valuation: Measuring and Managing the Value of Companies, Fifth Edition Chapter 34 Solutions Valuing High-Growth Companies 1. The DCF method is still preferred and the basic inputs are the same for a high-growth company as for an established company. […]
978-0470424650 Chapter 5 Solution Manual
6 Valuation: Measuring and Managing the Value of Companies, Fifth Edition Chapter 5 Solutions Growth 1. The three sources of growth are: (1) portfolio momentum (expanding the market), (2) market share performance, and (3) mergers and acquisitions. Based on a […]
978-0470424650 Chapter 6 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 6 Solutions Frameworks for Valuation Version 1.0 April 1, 2010 Chapter 6 Question 1 Income Statement Reorganized balance sheet Free cash flow Today Year 1 Today Year 1 Year […]
978-0470424650 Chapter 7 Solution Manual Part 1
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 7 Solutions Reorganizing the Financial Statements Version 1.0 April 1, 2010 Chapter 7 Questions 1-3 Ratio Company A Company B Company C Return on assets 14.3% 13.0% 11.4% Return […]
978-0470424650 Chapter 7 Solution Manual Part 2
978-0470424650 Chapter 7 Solution Manual Part 3
978-0470424650 Chapter 7 Solution Manual Part 4
978-0470424650 Chapter 7 Solution Manual Part 5
978-0470424650 Chapter 7 Solution Manual Part 6
978-0470424650 Chapter 7 Solution Manual Part 7
978-0470424650 Chapter 7 Solution Manual Part 8
978-0470424650 Chapter 7 Solution Manual Part 9
0.0 Exhibit 7.16 HealthCo: Income Statement and Balance Sheet $ million Prior Current Prior Current Income statement year year Balance sheet year year Revenues 605 665 Working cash 5 5 Cost of sales (200) (210) Accounts receivable 45 55 Selling […]
978-0470424650 Chapter 8 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 8 Solutions Analyzing Performance and Competitive Position Version 1.0 April 1, 2010 Chapter 8 Questions 1–3 JetCo Gulf Question 1 Revenues 600.0 800.0 The ROIC of Gulf Aviation is […]
978-0470424650 Chapter 9 Solution Manual
Valuation Measuring and Managing the Value of Companies 5th Edition Chapter 9 Solutions Forecasting Performance Version 1.0 April 1, 2010 Chapter 9 Question 1 Procter & Gamble Annual report, 2009 Note 3 Supplemental financial information Selected components of current and […]
978-0470424650 Henkel Benchmarking Henkel Case
Valuation Competitive Benchmarking: Henkel versus Reckitt Benckiser Support Documents Competitive Benchmarking: Henkel AG and Reckitt Benckiser plc Revenue growth 2005–2009 Henkel AG 2005 2006 2007 2008 2009 Organic growth 3.0% 4.6% 5.8% 3.0% –3.5% Currency fluctuation 1.0% –0.1% –2.7% –3.5% […]
978-0470424650 Henkel Benchmarking Powerpoint Henkel Case
Integrative Case: Henkel AG Competitive Benchmarking of Henkel AG Valuation Henkel AG versus Reckitt Benckiser plc Professor David Wessels © 2010 The Wharton School of the University of Pennsylvania 3620 Locust Walk, Philadelphia, PA 19104 Integrative Case: Henkel AG Competitive […]
978-0470424650 Henkel Case Henkel Cost of Capital
Henkel Integrative Case Year European Household and Personal Care, 2009 2009 Ticker Company FYE Currency Revenues (in euros) Revenues Cost of sales SG&A Amortization Operating profit (EBITA) Inventory Accounts receivable Accrued payroll Accounts payable PP&E BEI-FF Beiersdorf 12/31/09 EUR 5,748.0 […]
978-0470424650 Henkel Case Henkel Cost of Capital Powerpoint
Integrative Case: Henkel AG Cost of Capital Valuation The Cost of Capital at Henkel AG Professor David Wessels © 2010 The Wharton School of the University of Pennsylvania 3620 Locust Walk, Philadelphia, PA 19104 Integrative Case: Henkel AG Cost of […]
978-0470424650 Henkel Case Intro Henkel Case
Henkel Integrative Case By Professor David Wessels, the Wharton School of the University of Pennsylvania This is a comprehensive case that analyzes and values Henkel AG, a $13 billion German consumer products company. The case builds upon material in Chapters […]
978-0470424650 Henkel Case Who is Henkel
Henkel Integrative Case: Part I Who Is Henkel? Company Introduction Founded in 1876, Henkel AG & Co. KgaA is a €13.6 billion German-based consumer products company. The company is comprised of three primary businesses. The Laundry and Home Care segment […]
978-0470424650 Henkel Competitive Benchmarking Henkel Case
Henkel AG FInancial Statements Henkel AG Henkel AG Income statement Balance sheet EUR million 2005 2006 2007 2008 2009 Assets 2005 2006 2007 2008 2009 Net revenues 11,974 12,740 13,074 14,131 13,573 Liquid funds/marketable securities 1,212 929 1,440 338 1,110 […]
978-0470424650 Henkel Financial Statements Henkel Case
Henkel AG Henkel AG Income statement Balance sheet EUR million 2005 2006 2007 2008 2009 Assets 2005 2006 2007 2008 2009 Net revenues 11,974 12,740 13,074 14,131 13,573 Liquid funds/marketable securities 1,212 929 1,440 338 1,110 Cost of sales (6,533) […]
978-0470424650 Henkel Overview Henkel Case
Henkel Integrative Case Who is Henkel? Axis Value Axis Value 2005 11,974 2005 1,162 2006 12,740 2006 1,296 2007 13,074 2007 1,344 2008 14,131 2008 779 2009 13,573 2009 1,080 CAGR 3.2% CAGR –1.8% Sales Operating profit 11,974 12,740 13,074 […]
978-0470424650 Henkel Overview Powerpoint Henkel Case
Integrative Case: Henkel AG Corporate Overview of Henkel AG Valuation Corporate Overview of Henkel AG Professor David Wessels © 2010 The Wharton School of the University of Pennsylvania 3620 Locust Walk, Philadelphia, PA 19104 Integrative Case: Henkel AG Corporate Overview […]
978-0470424650 Reckitt Competitive Benchmarking Henkel Case
Reckitt Benckiser Reckitt Benckiser Income statement Balance sheet GBP million 2005 2006 2007 2008 2009 Assets 2005 2006 2007 2008 2009 Net revenues 4,179 4,922 5,269 6,563 7,753 Inventories 270 322 382 556 486 Cost of sales (1,886) (2,133) (2,197) […]