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  • Global cleantech industry grows by value and size, despite challenging market conditions - EY - Global
    and consolidation Market capitalization bounces back boosted by energy efficiency companies and renewables Asia Pacific region emerges as the growth driver with China leading headcount growth Commenting on the activity in the sector Gil Forer EY s Global Cleantech Leader says We ve seen a notable upturn in the performance of the 424 public pure play cleantech companies globally Despite a challenging period of consolidation in certain cleantech segments fiscal issues in some countries and the continuing impact of the financial crisis we ve seen an annual gain of 18 in market capitalization US 170b and 12 increase in headcount 512 500 Growth in the Asia Pacific region was a major factor in these increases Asia Pacific increases company count lead Globally the cleantech sector saw the creation of 68 new PPP companies and lost 63 companies in 2012 The Asia Pacific region was the main winner increasing 16 to 177 companies while the company population in Europe Middle East and Africa EMEA contracted by 8 to 135 companies The US and China remain the leading countries in terms of PPP companies with 70 and 64 respectively Energy efficiency surge renewables recover The corporate focus on energy efficiency continues to boost the segment with the number of energy efficiency products companies jumping 14 to 50 and market capitalization increasing 25 to US34 6 b The renewable energy sector showed important signs of recovery as generation companies showed across the board gains benefitting from lower equipment costs The number of companies increased 14 to 32 market capitalization increased 8 to US 25 5b and revenues increased 23 to US 11 1b While the number of wind equipment companies fell by 2 to 53 market capitalization increased by 2 to US 30 8b and revenues increased 14 to US 35 3b The picture for solar is more mixed with the number of solar equipment companies falling by 2 but market capitalization up 14 to US 28 8b however solar revenues declined by 16 to US 42 5b Biofuels also experienced significant growth in 2012 as the number of companies in the segment increased 8 to 41 market capitalization shot up 25 to US 13 1b and revenues grew 14 to US 26 0b Growing number of jobs in cleantech The global headcount of public cleantech companies stands at 512 500 up 12 from last year China with over half the global headcount was the source of this growth led by additions in the solar and wind segments globally Forer concludes The cleantech sector globally has shifted to growth Resource scarcity energy security concerns population growth and increasing consumption by expanding middle classes in emerging markets will continue to drive this cleantech market growth China is consolidating its position as the most important cleantech market and is poised to overtake the US as the number one center for public cleantech companies Ends Notes to editors Methodology The PPP universe comprises the public companies in the Bloomberg New Energy Finance BNEF database classified as

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Global-cleantech-industry-grows-by-value-and-size (2016-02-10)
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  • Mega-deals boost power and utilities Q2 global deal value by 30% - EY - Global
    quarterly Power transactions and trends report released today Asia Pacific M A value increases 71 on Q1 2013 US utilities continue to expand domestic presence through M A UK water sector continues to prove attractive destination for financial investors Asia Pacific M A value rose 71 in Q2 2013 on Q1 2013 with Chinese inbound M A activity contributing 81 to the region s deal value Restrictions on ownerships of power assets in Japan and low domestic profit margins in China means this is likely to increase further in the coming months as utilities are pushed to explore foreign acquisitions Joseph Fontana EY Global Transactions Power Utilities Leader says Outbound Chinese investment continued in Q2 2013 with two key deals featuring China s state owned grid operator moving into the Australian power sector Lower profit margins in the domestic market are prompting the Chinese utility to explore developed markets which offer a stable regulatory environment and relatively higher returns US utilities focus on local growth While US P U utility stocks continue to trade well above 10 year historical averages the recent market correction reflects the shifting market conditions in the sector During Q2 2013 US utilities continued the tough search for growth through M A activity with some sizable acquisitions taking place Joseph Rodriquez EY Global Power Utilities Sector Senior Manager comments A key development we saw in the US market in Q2 2013 was the creation and subsequent IPO spin off of NRG Yield a unit to operate and acquire contracted generation assets NRG Energy Given US investors desire for stocks providing above average yield supported by low risk cash flows we expect other utilities may follow this lead However recent news that the Federal Reserve will likely taper its bond buying program may temper this European activity falls with absence of large European divestments While volume remains flat an absence of large European divestments meant there was a 46 decline in deal value from Q1 2013 However large transmission and distribution deals are anticipated later this year and so a bounce back is expected There is also continued uncertainty on renewable energy regulation in Spain as the government s plan to cut subsidies and cap profitability is expected to push developers toward emerging markets with more favorable regulation Further afield regulatory reform has continued to boost investor confidence in India A revised pricing mechanism for domestically produced natural gas is expected to double natural gas wellhead prices from March 2014 incentivizing domestic exploration and production UK water sector stable returns may face regulatory challenges The UK water sector has proven an attractive destination providing stable returns for financial investors 2013 has already witnessed five deals worth a total of US 660m dwarfing the US 300m total deal value in 2011 UK water company share prices have risen by an average of 15 this year and there s risk that the high valuations levels of dividend and other distributions will trigger a regulatory response Regulator OFWAT will already

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Mega-deals-boost-power-and-utilities-Q2-global-deal-value-by-30-percent (2016-02-10)
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  • Opportunity knocks for first-movers as real estate executives sense more stable foundation for deal making - EY - Global
    Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom Opportunity knocks for first movers as real estate executives sense more stable foundation for deal making Press release Opportunity knocks for first movers as real estate executives sense more stable foundation for deal making New York 1 August 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share Real estate executives are far more confident about the global economy than they were just six months ago according to EY s Global Capital Confidence Barometer for Real Estate Hospitality and Construction The report which surveyed 117 senior executives from real estate hospitality and construction RHC companies around the world found there is increased optimism about the global economy Eight five percent of those surveyed said the global economy is improving or stable a 20 increase in the six months between October 2012 and April 2013 EY s global survey shows vast majority of senior real estate hospitality and construction executives see global economy on the upswing positioning industry for growth Respondents were also more positive about economic growth 57 vs 26 in October 2012 employment growth 48 vs 28 corporate earnings 49 vs 22 and most dramatically credit availability 51 vs 18 This last fundamental is typically critical to real estate because of the industry s dependence on financing EY Global Hospitality Leader Michael Fishbin says The greater sense of optimism evident in our survey though still somewhat cautious strongly suggests a more stable foundation for deal making in which there are likely to be attractive opportunities for first movers in most sectors This optimism is buoyed in part by a consensus that global economic fundamentals are improving Valuations are expected to rise The survey indicates that the valuation gap between real estate buyers and sellers has narrowed quite dramatically and it is expected to shrink further in the next 12 months suggesting greater deal velocity is possible later this year Expectations for higher deal valuations are at the highest level they have been in recent years Michael Fishbin continues Forty six percent of respondents expect prices to rise in the next year compared to 37 in April 2012 With pricing clearly believed to be on an upward path buyers might have a limited amount of time to lock in the best deals Smaller deals to dominate Despite the optimistic outlook smaller deals are expected to dominate real estate transactions over the next 12 months Sixty four percent of those responding expect the most common deal size over the next year to be in the US 51m to US 500m range which looks to continue an ongoing trend Between January and April this year 97 of all single asset deals completed in the commercial real estate sector and 100 of the single asset deals completed in the hotel sector were under US 500m Emerging markets prominent Investment destinations continue to evolve as companies challenge

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Opportunity-knocks-for-first-movers-as-real-estate-executives-sense-more-stable-foundation-for-deal-making (2016-02-10)
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  • Commodity price rise needed to trigger mining & metals deal flow - EY - Global
    The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Newsroom Commodity price rise needed to trigger mining metals deal flow Press release Commodity price rise needed to trigger mining metals deal flow London 29 July 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share M A and capital raising activity by mining and metals companies globally during January June 2013 1H remained very subdued pointing to the third consecutive year of declining deal volumes for the sector During the first half of 2013 there were 350 deals worth US 78 6b with deal volume down 30 compared to the same period in 2012 according to EY s Mergers acquisitions and capital raising in mining and metals 1H 2013 report released today While deal value was up 41 this was primarily due to the US 37 8b Glencore International Xstrata merger and the US 5 1b acquisition of Inmet Mining Corporation by First Quantum Minerals For 1H 2013 10 mega deals accounted for 80 of overall deal value In contrast in 1H 2012 12 mega deals accounted for just 30 of overall deal value for the period EY Global Mining Metals Transactions Leader Lee Downham says Low valuations divestitures and cash strapped juniors have set the stage for a buyers market However mining and metals companies remain cautious about investing capital A sign of sustained improvement in commodity prices may be needed to trigger an increase in competitive buying activity of the many divested assets coming to market We are hopeful that this is the bottom of the cycle for capital raising There is a sense that companies are beginning to think about going back to equity markets and we are beginning to see companies preparing for IPO when the market returns Overall capital raising for the sector in 1H 2013 was 157b from 1191 issues M A outlook Downham says non traditional investors primarily state backed investors and financial investors including private capital and investment funds are increasingly targeting the resources sector as valuations have plummeted in an attempt to capture upside once confidence returns to the sector Those funds that can afford to hold an asset until the cycle returns can see real value in the market right now But if your investment horizon is short as many public shareholders are then the decision to invest the capital is not straight forward says Downham Additionally Asian state owned enterprises SOEs are expected to remain strong contenders for mining and metals assets of strategic interest 1H 2013 global mining and metals M A and capital raising summary 350 deals worth US 78 6b with volume down 30 compared to 1H 2012 but value up 41 due primarily to the US 37 8b Glencore International Xstrata merger 10 mega deals more than US 1b accounted for 80 of deal value for 1H 2013 compared to 12 mega deals accounting for 30 of deal value in 1H 2012 Gold was the

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Commodity-price-rise-needed-to-trigger-mining-and-metals-deal-flow (2016-02-10)
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  • Increased focus on risk management and improving transfer pricing skills in emerging markets - EY - Global
    report indicates Press release Increased focus on risk management and improving transfer pricing skills in emerging markets are top priorities new report indicates London 24 July 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share According to EY s 2013 global transfer pricing survey Navigating the choppy waters of international tax 66 of companies identified risk management as their highest priority for transfer pricing up 32 from the same survey conducted in 2010 The report was compiled based on interviews with transfer pricing and tax professionals at 878 corporations in 26 countries including 637 parent companies The report also finds that companies are experiencing a significant increase in unresolved transfer pricing examinations and facing increased penalties and interest when tax authorities formulate assessments Managing transfer pricing in emerging markets is a rising priority for multinational companies even though 74 of those surveyed said they have no full time transfer pricing personnel in those countries Our survey indicates a clear shift towards prioritizing risk management in transfer pricing which is hardly surprising given the current environment around tax controversy says John Hobster EY s Global Head of Accounts for Transfer Pricing We believe the environment will remain difficult for the next several years and companies should prepare by making sure they have the right people and the right systems in the right places to properly manage the new sources of risk Controversy on the rise Nearly half of the survey respondents 47 reported experiencing double taxation as a result of a transfer pricing audit Twenty four percent of parent companies reported being subject to tax penalties in the past three years in comparison with 19 in the 2010 survey and 15 in a 2007 edition of the survey Sixty percent of parent companies are also paying interest charges as a result of transfer pricing adjustments More than one in four 28 said they had sought assistance from their own government to mitigate a dispute with another country s tax authority which is double the amount when compared to the 2010 survey The survey found evidence that companies are struggling to align their resources with sources of controversy particularly in emerging markets Companies are also reporting a 15 increase in litigation up from just 4 in 2007 Limited skills in emerging markets Among companies with operations in Brazil Russia India China or countries in Africa 30 identified those areas as their number one or number two priorities in terms of managing transfer pricing matters At the same time 74 of respondents surveyed said they had no full time transfer pricing personnel in those countries Efforts to comply on the rise At the same time companies say they are strengthening efforts to comply Of all respondents surveyed 70 indicated that they are fully compliant with transfer pricing requirements and regulations Yet fewer than 20 of companies say they monitor their financial results for compliance with their transfer pricing policies in real time or on a monthly basis which

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/Increased-focus-on-risk-management-and-improving-transfer-pricing-skills-in-emerging-markets (2016-02-10)
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  • Felice Persico appointed EY's Global Assurance Leader - EY - Global
    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 Felice Persico appointed EY s Global Assurance Leader Press release Felice Persico appointed EY s Global Assurance Leader London 22 July 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY announced today that Felice Persico has become its Global Vice Chair for Assurance Felice will lead a business of over 65 000 professionals worldwide providing services that include financial statement audit fraud investigation and dispute services financial accounting advisory services and climate change and sustainability services Felice was previously the Assurance Leader for EY s Europe Middle East India and Africa EMEIA business He joined EY in 1986 and has served as Assurance COO for EMEIA as well as Assurance Leader for Italy and Continental Western Europe Felice is the global lead audit Partner for several global Fortune 100 companies and also has extensive experience in assisting companies with capital market transactions as well as in financial due diligence and valuation services Felice says The dynamic global business landscape is reshaping the financial and reporting environment resulting in significant challenges for management boards audit committees and auditors EY s Global Assurance network enables our clients to provide accurate and consistent financial disclosure across international borders as well as meeting expectations from those who use and rely on our services As EY launches a new brand under a new CEO I look forward to driving EY s new global strategy for Assurance and supporting EY s commitment to delivering uncompromising quality Mark Weinberger Global Chairman and CEO of EY says I am delighted to offer my congratulations to Felice on his appointment to his new critically important role Our Assurance practice remains the bedrock of what we do as an organization and underpins our duty to the public trust and the capital markets I would also like to take this opportunity to thank our outgoing Global Vice Chair for Assurance Christian Mouillon for all his hard work for our global Assurance service line over the last few years Christian has been appointed as EY s Global Risk Management Leader Ends Notes to Editors EY s new logo is attached Felice Persico s photo is available If you would like an interview please contact Daniel Cusworth in the EY Global Media Relations team on daniel cusworth uk ey com Felice will now sit on EY s Global Executive the organization s highest management body focused on strategy execution and operations

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Felice-Persico-appointed-EY-Global-Assurance-Leader (2016-02-10)
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  • From Compliance Specialists to Strategic Advisors: EY/Forbes Insights Survey Finds Internal Audit Role Undergoing Sweeping Change - EY - Global
    Analyst relations Fact and figures Share A new EY Forbes Insights survey of more than 500 chief audit executives CAEs and audit committee members underscored the need for the internal audit IA function to adopt a more prominent role within organizations While only 28 of survey respondents said that IA currently plays a truly strategic role 54 indicated that being a strategic advisor will become their primary mandate signalling a radical shift in focus The study Global Internal Audit Survey Matching Internal Audit talent to business needs cited market volatility financial instability and rapid technological change coupled with consumer and regulatory demand for increased visibility of a company s operations are factors putting pressure on internal audit to broaden its scope and move beyond its traditional compliance focus The clear message from the survey is that internal audit functions need to stop thinking about themselves as compliance specialists and start taking on a much larger more strategic role within the organization said Brian Schwartz principal Internal Audit leader Ernst Young LLP IA is increasingly being asked by senior management and the board to provide broader business insights and better anticipate traditional and emerging risks even as they maintain their focus on non negotiable compliance activities This shift may also necessitate that companies rebalance their assurance and advisory audits Ninety six percent of survey respondents said that advisory comprises at least some portion of their audit plan Finding the right balance between the assurance and advisory audits will be critically important as organizations risk tolerances and strategic goals change Other key findings from the survey Skills shortage The shift toward a more strategic IA focus will require new skills and competencies but many organizations may not be ready The top five skills most often found to be lacking are data analytics business strategy deep industry experience risk management and fraud prevention and detection Emerging markets With an increasing portion of revenue originating from emerging markets new regulatory cultural tax and talent risks are emerging Companies will need to deploy additional resources to address these evolving risks Training gaps Soft skills such as critical thinking application of business knowledge and the ability to articulate business insights are becoming as important as purely technical auditing skills But only 51 of respondents indicated that they have well defined competency and training requirements for their auditors by level Growing IA budgets CAEs need additional budget and resources In the last year only 28 of respondents have seen their budgets increase but nearly 39 expect to see an increase in the next 24 months Moreover while 30 of respondents have seen the size of their audit functions increase in the last year 37 expect to see an increase in the next 24 months Quality of talent For those who have had budget increases it is becoming easier to recruit more experienced candidates 45 of respondents indicated that they require candidates to have more than two years of experience at another organization within the same industry Top

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/From-Compliance-Specialists-to-Strategic-Advisors--EY-Forbes-Insights-Survey-Finds-Internal-Audit-Role-Undergoing-Sweeping-Changes-Copy- (2016-02-10)
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  • Investors retreat from rapid-growth markets but medium-term outlook is positive - EY - Global
    hit hard by the recession across the Eurozone Rajiv Memani Chair of the Emerging Markets Committee at EY comments Despite a period of increasing confidence in the prospects for the global economy it seems that this era of turbulence and unpredictability is not yet behind us In the short term we believe growth prospects for the rapid growth markets will be subdued however there is better news for the medium term where growth will be driven by expanding middle classes and further development of trade flows between RGMs Rain Newton Smith senior economic adviser to the EY Rapid Growth Markets Forecast says Perhaps the biggest surprise of the first half of 2013 has been the weaker than expected recovery in trade and investment and its impact across the RGMs Caution is the watchword Growth this year will be disappointing and we think the real uptick will be deferred until 2014 Weak currencies lead to increasing competitiveness Newton Smith comments Sustained currency weakness may indicate higher inflation from higher import prices as in the case of India which could hold back activity But it also makes exports more competitive and could act as a spur to world trade growth Brazil s manufacturing sector for example has been struggling for several years with competitiveness issues caused in part by an overvalued exchange rate However the recent rapid depreciation of the Brazilian real could help to make the country more competitive and spur innovation in its manufacturing sector The manufacturing sector in Mexico on the other hand is much more competitive As a result it has rapidly expanded its exports of higher value added goods such as cars Nonetheless having weathered the global downturn well in 2011 and 2012 more recently Mexico has been affected by the more subdued world trade flows The Indian economy remains subdued and the fragile performance from the manufacturing sector looks set to continue in the coming months However the cut in rates that has happened recently should help activity to build more momentum in H2 2013 enabling a strong recovery with the economy set to grow by around 7 5 in 2015 16 Slower than expected growth in China impacts Asian RGMs Investment orders indicators in the major economies in recent months have been relatively soft and world trade growth has been subdued While demand in some of the advanced economies has held up reasonably well domestic demand in some of the key RGMs has faltered Trade flows particularly in Asia have been weaker than expected in Q2 2013 If the slowdown in China in particular were to be more severe than is currently expected it would have significant implications for other countries in Asia and worldwide including countries sensitive to commodity prices that Chinese demand has supported RGMF has lowered its GDP growth forecast for China to 7 5 this year down from the 8 expected in the previous forecast However the pattern of growth is more balanced with consumption contributing over half of the overall

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Investors-retreat-from-rapid-growth-markets-but-medium-term-outlook-is-positive (2016-02-10)
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