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  • News - EY - Venture capital activity at 13-year high - EY - Global
    development stages and there were also more mega investments of over US 50m than at any point since 2000 according to data released by EY today With the macroeconomic situation improving and an active exit environment in which VC backed IPOs both increased in number and out performed other IPOs the prospects for 2015 look strong Global venture capital VC funding in 2014 back to levels last seen in 2000 More mega investments US 50m across all development stages than in any year since 2000 VC backed IPOs outperform the market with 25 2 first day pop Bryan Pearce EY s Global VC Leader says VC investors have been putting more capital to work than at any time since 2000 and are benefiting from this with stellar returns when these companies exit via IPO Confidence is riding high and this is feeding a growing appetite for fundraising and the placing of more and bigger bets which is great news for entrepreneurs By the end of 2014 global funding which stood at a total investment of US 86 7b had surpassed the annual totals for the last 13 years The strong trend was evident in all three key VC markets the US Europe and China Compared with 2013 median deal sizes increased significantly particularly in the US Europe and China and there was a marked increase in mega investments of over US 50m Three hundred and seventeen 317 companies received this level of investment in 2014 raising a total of US 39 4b compared to 141 deals raising US 13b in 2013 reflecting a level of confidence and appetite not seen since 2000 Pearce says The significant increase in deal sizes across the board and in particular the rise of the mega investment shows how effective VCs have been at moving up the entrepreneurial life cycle VCs are increasingly investing in companies closer to exit so they are prepared to put more money in This can be a new investment in a fast growing high value high potential company or increasing capital in an existing investment to help it over the line Angel investors are filling the gap left by VCs in the early stages Although VCs haven t and won t leave this stage completely the landscape continues to change fundamentally Positive exit and fundraising environments driving activity Improving macroeconomic conditions have underpinned investor confidence and fueled the development of an active exit and positive fundraising environment With a first day average increase of 25 2 VC backed IPOs globally delivered particularly well for investors with the overall IPO market delivering an average first day increase of 12 9 Consumer services and business and financial investments lead the field Consumer services companies were recipients of the most investment in 2014 with US 29b invested in 1 690 deals up 130 by deal value on 2013 Business and financial services also proved attractive to VC investment with US 20 2b raised in 1 682 deals Outlook positive but global economy at

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-venture-capital-activity-at-13-year-high (2016-02-10)
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  • EY news – Growth in omni channel risks diluting consumer products and retail sector profit - EY - Global
    fit for purpose for omni channel Annual global online growth is set to soar to 15 between 2014 and 2019 while bricks and mortar will account for just 5 of growth In a drive to meet this new demand many companies have simply annexed e commerce systems rather than developing integrated processes To succeed firms will need to redesign the supply chain to address increasing complexities Andrew Caveney EY s Global Supply Chain and Operations Leader says Reengineering the omni channel supply chain must be a priority for consumer goods companies and retailers if they are going to remain relevant to both the consumer and their shareholders A consumer centric approach The report recommends placing omni channel at the center of operations to understand how to meet consumers ever changing needs and expectations This will require achieving end to end visibility across the supply chain by adopting new technologies and analyzing where companies can add value The US accounted for the largest number of downstream transactions approximately 56 while Asia including Australia and Europe accounted for about 16 and 18 of total share respectively While European activity fell 30 in the wake of continued economic uncertainty and supply demand imbalances in 2014 the downstream segment shows no signs of slowing Firms need to tread a delicate balance between efficiency and agility embedding flexible systems that respond to customers priorities is essential Notably only 24 of respondents believe they have a strategy to achieve this David Jones Co Chair of The Consumer Goods Forum Supply Chain Committee says Getting to know your consumer and striking the right balance between agility and efficiency is at the heart of omni channel This is not an overnight process and could require an overhaul of everything from corporate structures to IT systems Bold and committed leadership To manage the transition leadership must commit to change by rebuilding organizational structures from the ground up and resolving conflict among the workforce Indeed 37 of respondents identified lack of leadership support as a key barrier to success Caveney says It rests with leadership to create the impetus for change and cultural shifts We advise companies to create teams that mix people with more disruptive capabilities and those who are more aligned with the existing model ends About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to deliver on our promises to all of our stakeholders In so doing we play a critical role in building a better working world for our people for our clients and for our communities EY refers to the global organization and may refer to one or more of the member firms of Ernst Young Global Limited each of which is a separate legal entity Ernst Young Global Limited a UK company limited by guarantee does not provide services to clients

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-growth-in-omni-channel-risks-diluting-consumer-products-and-retail-sector-profit (2016-02-10)
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  • News - EY - IFRS improves cross border financial communication--consistency is key - EY - Global
    PR activities Analyst relations Fact and figures Share With debate around the rationale for global accounting standards continuing throughout 2014 there is still concern expressed about the use of International Financial Reporting Standards IFRS with some policymakers around the world preferring a less committal form of global accounting standards in which there is more room for countries to set their own standards Yet the use of IFRS as a common financial reporting language has markedly improved the quality of cross border financial communication among international companies investors auditors and regulators A move away from IFRS as a common financial reporting language would therefore be a step backward EY s International GAAP 2015 is published Growing adoption of IFRS continues Over the past year the use of IFRS has continued to increase The International Accounting Standards Board IASB reported in 2014 that 114 of the 138 jurisdictions it had researched required the use of IFRS for all or most listed companies and financial institutions while a further 12 permitted the use of IFRS in their jurisdiction During this time the IASB has enhanced its legitimacy as a global standard setter with its increasing commitments to public authorities while being structured as a private sector body Great strides made yet still more to do The completion in 2014 of IFRS projects on revenue recognition and financial instruments shows that modern international accounting standard setting is a collaborative effort that involves lengthy gestation periods and extensive due process The remaining major projects of the IASB insurance contracts and leases each have a similarly complex history and still require a determined effort from the IASB before they can be completed International GAAP 2015 published EY s International Financial Reporting Group has published its annual comprehensive update International GAAP 2015 The 10th edition includes new chapters on the new revenue recognition standard IFRS 15 Revenue from Contracts with Customers and on the IFRS 9 Financial Instruments expected credit loss impairment model It also examines the practical issues arising from the adoption of IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities IFRS 13 Fair Value Measurement and IAS 19 Revised Employee Benefits The publication also explains the many initiatives that are currently being discussed by the IASB and by the IFRS Interpretations Committee and the potential consequential changes to current accounting requirements Leo van der Tas EY s Global IFRS Leader says Over the past decade the use of IFRS as a common financial reporting language has been able to bring a degree of consistency and comparability that is now expected from a single set of global standards As more and more countries with different traditions of financial reporting and enforcement join the IFRS fold the challenge of consistent application of IFRS essential for its credibility increases International GAAP 2015 will support preparers in understanding the clarity of standards and help them apply IFRS more consistently To order a copy of International GAAP 2015 please visit ey

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-ifrs-improves-cross-border-financial-communication-consistency-is-key (2016-02-10)
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  • EY news – Oil and gas mergers and acquisitions to remain resilient despite 2014 downturn - EY - Global
    21 downstream by 88 midstream by 115 and oilfield services by an overwhelming 242 Meanwhile deal volume fell for each segment except downstream Andy Brogan EY s Global Oil Gas Transaction Advisory Services Leader says A number of transaction trends were evident in 2014 including bigger deals less acquisition spend by national oil companies NOCs continued interest in US unconventional assets and expansion of private equity interest Looking ahead we expect to see some disruption from recent oil price volatility but for strength to return to the oil and gas M A market as the year goes on and companies grapple with increased cost and margin pressures Upstream activity Upstream transactions continued to dominate the global transaction landscape accounting for almost three quarters of the total global deal volume despite a 22 decline year over year Meanwhile upstream share of total deal value dropped below 50 for the first time in 2014 following a surge in non upstream deal activity Deal value did however grow by 21 Activity in the sector was driven largely by US consolidation and global megadeals Sixty five percent of the total value of global upstream transactions US 120b was attributable to 50 deals greater than US 1b in value Brogan says Companies are increasingly selective when it comes to transactions Right now the focus is on portfolio optimization rather than just acquiring reserves or production NOC acquisitions in particular dropped to a five year low as companies focused on projects secured in previous years Upstream transactions will center more around companies with strong balance sheets pursuing assets from those adjusting their portfolio to take account of new price levels Downstream activity Downstream transaction activity recorded its strongest deal volumes and aggregate volume in two years with a 16 increase over 2013 It is the only oil and gas segment to record deal volume growth in 2014 Total disclosed deal value also grew by 88 year over year to US 25 1b The US accounted for the largest number of downstream transactions approximately 56 while Asia including Australia and Europe accounted for about 16 and 18 of total share respectively While European activity fell 30 in the wake of continued economic uncertainty and supply demand imbalances in 2014 the downstream segment shows no signs of slowing Brogan says Over 70 of downstream transactions in 2014 involved storage terminals in the US and that figure could be on the rise if the country begins exporting crude oil Given current oil price dynamics we expect to see competition between oil and gas companies independent storage operators oil traders and infrastructure funds increase in the hunt for the right asset Midstream activity The number of midstream transactions dropped off in 2014 but disclosed value was up sharply With 102 announced deals in 2014 activity was down by more than 23 Deal value however more than doubled to US 161b as a result of several large transactions The US and Canada dominated the playing field for both value and volume

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-oil-and-gas-mergers-and-acquisitions-to-remain-resilient-despite-2014-downturn (2016-02-10)
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  • News - EY - CFOs under investor pressure globally to provide better information - EY - Global
    requirements This is according to a new report by EY s Financial Accounting and Advisory Services FAAS which found that 70 of CFOs found balancing the needs between external stakeholders and corporate reporting challenging The report also found that 74 of respondents said their company reporting needs to move beyond compliance and provide information that is useful to current and potential investors on areas such as strategy and forecasting 70 of CFOs say it is challenging to satisfy external stakeholder needs with corporate reporting 97 of CFOs recognize need to adapt but cite internal challenges preventing change Connected reporting is seen by CFOs as a way to meet internal and external demands Connected Reporting responding to complexity and rising stakeholder demands a survey of 500 CFOs or heads of reporting of organizations with greater than US 1b in revenue saw that there is a greater focus by CFOs on how company reporting is being used by investors to gain a strategic understanding of the vision of the company with just 20 of all respondents thinking that their current corporate reporting is highly effective in meeting external stakeholder needs Peter Wollmert EY s Global and EMEIA FAAS Leader says Regulatory compliance is the cornerstone of providing confidence to the capital markets yet it is clear that CFOs are increasingly aware of the need to move beyond this and provide information that will give them an edge over their competitors when attracting investors At the same time they have to improve the range of data they provide internally to satisfy management board and audit committee demands Overwhelmingly 97 of respondents face challenges to improve reporting including time to produce reports and the cost However in response to changing stakeholder demands 78 believe they can introduce efficiencies into their reporting process and believe that reporting will become more wide ranging in the near term Within three years 90 of respondents are expecting to report on forecasting sustainability reporting integrated reporting and CSR reporting Other changes are likely to be a shortening of the reporting cycle and the introduction of more real time reporting as well as a greater focus on non financial reporting around strategy sustainability and how risk is managed When broken down by county and sector the survey found that companies across the board are facing similar challenges Survey results showed that 93 of respondents based in China felt that they must do more about improving the information provided to stakeholders followed by respondents in the UK US and Brazil which were all at 80 By sector respondents from technology and telecommunications were most concerned about the need to improve the information provided Survey findings also found that 86 of UK respondents were most concerned about balancing stakeholder needs with corporate reporting requirements Wollmert says The changes to corporate reporting CFOs are likely to face are not without challenge a diversified investor base and increasing demands for information internally already make it increasingly difficult to satisfy everyone and firms need to

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-cfos-under-investor-pressure-globally-to-provide-better-information (2016-02-10)
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  • News - EY - integration planning helps drive value in financial services mergers and acquisitions - EY - Global
    M A integration in financial services 29 of financial services companies with a pre signing plan realized a 40 reduction in the target s cost base through synergies Only 12 of respondents without a pre signing plan achieved that same scale of cost synergy 70 of companies had an integration plan in place before deal signing According to the survey of 200 asset management bank and insurance executives 70 of financial services organizations had a synergy and integration plan in place prior to signing a number that rose to 93 with deals of US 1b or more in value More than two thirds 69 of acquirers included resources from the target company as part of the integration program and slightly more than half 52 of all companies said more resources could improve future integrations This survey was conducted by Remark the market research division of The Mergermarket Group on behalf of EY Michael Wada Associate Partner London EY EMEIA Financial Services and Transaction Advisory Services says Coming out of the financial crisis we now see strategic M A returning to the agenda of financial services companies But increasing scrutiny from shareholders investors and regulators mean that organizations will have to plan integrations carefully to ensure deals create value The survey outlines five key practices that financial services companies should follow to achieve success Have a synergy and integration plan before signing Organizations are no longer waiting to complete due diligence before thinking about how the deal will create value The survey found that 29 of respondents that had a pre signing plan realized a 40 reduction in the target s cost base through synergies while only 12 of respondents without a pre signing plan achieved that scale of cost synergy In addition regulators are beginning to ask to review plans as part of their approval process Ensure the right resources are in place Companies need to secure retain and motivate the right number and quality of resources from across both organizations to successfully plan and deliver integration According to the survey 59 of respondents who concluded deals of more than US 1b had dedicated integration teams of more than 50 people An integration director with a wide range of skills and experience should lead the effort though there tend to be few qualified candidates freely available Clearly define and track deal value drivers Well planned synergies influence the purchase price and help focus post deal investment in the right areas More than half 55 of companies say that funding capital or tax efficiencies are the most important factors in creating value Prioritize and measure integration progress Organizations need to set clear deal specific priorities to shape the focus of integration activities before closing and then during the first 100 days after signing Close to a quarter 24 of respondents identified operations as the most important area to consider in Day One and 100 day planning phases while 22 identified legal risk and compliance and 17 identified finance treasury and tax

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-integration-planning-helps-drive-value-in-financial-services-mergers-and-acquisitions (2016-02-10)
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  • News - EY to work with global business school network to promote education in emerging markets - EY - Global
    SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom EY to work with Global Business School Network to promote education in emerging markets EY to work with Global Business School Network to promote education in emerging markets London 29 January 2015 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY Partner and former EMEIA Tax Leader Stephan Kuhn has been appointed board member of the Global Business School Network s GBSN Corporate Leadership Council The two organizations will work together to promote education and workforce development in emerging markets with particular focus on Africa GBSN s goal to improve the quality of education in the developing world is allied to EY s Building a better working world initiatives which include teaming with higher education organizations to promote entrepreneurship through the Institute for Emerging Market Studies IEMS IEMS is a global network of academic institutions based in emerging markets dedicated to the study of the impact of macroeconomics in their respective markets One of EY s pioneering programs is with the Moscow School of Management SKOLKOVO Kuhn says With Africa and India projected to have the only surplus of workers globally in the next two decades this partnership will place EY at the heart of the debate around the biggest problems facing the working world today EY will work with GBSN s 70 strong business school network to address the skills gap in emerging markets and cultivate the next generation of business leaders Kuhn adds Businesses must act now to best leverage that talent as a part of broader commitment to building a more globalized and nimble workforce Supporting robust knowledge in business education is a key component of that strategy and one small part of how EY is helping to build a better working world Guy Pfeffermann CEO and founder of GBSN says Throughout the developing world companies are facing severe shortages of skilled local managers By building solid bridges between local universities and EY our partnership will help to grow local managerial talent pools and stimulate long term economic development ends About EY EY is a global leader in assurance tax transaction and advisory services The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over We develop outstanding leaders who team to deliver on our promises to all of our stakeholders In so doing we play a critical role in building a better

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/news-ey-to-work-with-global-business-school-network-to-promote-education-in-emerging-markets (2016-02-10)
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  • News - EY - 2014 mining and metals deal volume and value lowest in 10 years - EY - Global
    analysis released today shows it was the fourth consecutive year of declining M A activity in the sector with deal volumes down 23 year on year from 703 in 2013 to 544 in 2014 the lowest volume of deals since 2003 Overall deal value was down 49 year on year from US 87 3b in 2013 excluding the Glencore Xstrata merger to US 44 6b in 2014 the lowest since 2004 2015 M A outlook subdued Lee Downham EY Global Mining Metals Transactions Leader says the market outlook for 2015 varies from commodity to commodity Downham says While there is a sense that the mining and metals M A market has hit its trough deal activity is likely to remain subdued in the face of ongoing price volatility and capital discipline across the industry Shareholders continue to cast a watchful eye over management s investment activities with many pushing for more cash to be returned via buybacks and progressive dividends The pace of private capital investment has been considered and this has proven to be the right approach as share valuations continue to slide on the back of softening metal prices This investment should pick up once the price outlook stabilizes and that will most likely trigger broader transaction activity Distressed situations may drive opportunistic buying in certain commodities but most industry acquisitions will be mergers between equals that provide synergies for both parties or consolidation opportunities says Downham EY expects to see more joint ventures emerge in 2015 as a way of sharing the costs and risk associated with accessing new markets realize synergies and among Asian acquirers looking to secure low cost supply 2014 deal numbers The number of megadeals more than US 1b dropped nearly 40 from 18 in 2013 to just 11 in 2014 Further highlighting the risk averse nature of deals in 2014 60 of deal volume and 51 of deal value targeted assets in developed regions up from 54 and 42 respectively in 2013 excluding the Glencore Xstrata merger A larger number of sub US 10m deals indicates distress among juniors and opportunistic buyers entering the market with 65 of deals below US 10m Buyers came largely from within the sector during 2014 with 82 of deal value and 71 of deal volumes undertaken industry acquirers There was a slight drop in the volume of acquisitions by financial investors down from 23 in 2013 to 17 in 2014 Downham says There has been some criticism of private capital for not deploying capital in the early and middle parts of last year but with the benefit of hindsight the patience in their deployment should pay off the market softened a further 20 over the past year Little fresh capital investment for growth Total proceeds from capital raising across the sector in 2014 were down 15 on 2013 falling from US 272 0b to US 230 8b However the headline number is misleading as most debt raised went into refinancing with little new equity coming into

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News-EY-2014-mining-and-metals-deal-volume-and-value-lowest-in-10-years (2016-02-10)
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