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  • Short-term "fast cash” more of a priority for sellers than longer term strategic priorities - EY - Global
    short term tool to raise cash or pay down debt That s not surprising given the difficulties many businesses have faced in terms of cash and credit over the past five years However some companies are now taking a more strategic and structured approach viewing a divestment as strategically important as an acquisition Those that divest strategically tend to exceed their value goals The fact that 73 of companies that divest leave money on the buyer s table will increasingly highlight the benefits of a more strategic approach In this prolonged period of low or even zero growth divestments will likely play a more important role in how companies navigate uncertainty meet their strategic corporate objectives and create value for their stakeholders Are businesses telling the full value story Fewer than 50 of businesses say that they are carrying out all of the key steps required to enhance the value story of their divestments Forty six percent of global corporations are in the process of or are planning to divest in the next two years and nearly 77 plan to accelerate their divestment plan over the same period However more than half of those selling assets are not presenting their divestment as attractively as they could to the broadest range of potential buyers As a result they are not maximising the value of their divestment Essential steps such as validating the market product growth story with independent review 50 respondents developing an M A plan for potential investors 45 and providing their own view of synergy opportunities in the information provided to buyers 43 are being carried out by a minority of those businesses divesting McCrostie adds Corporate sellers benefit by enhancing the value story of their divestments and tailoring them to the full range of potential acquirers Today buyers are more astute than ever so sellers need to present their case in the most appealing way possible A wait and see approach could prove costly More than half of respondents said they would ramp up their divestment activities if economic growth improved but there are differences between regions 65 of respondents from Asia Pacific say that they would increase their divestment activity but are holding back due to economic conditions compared with 60 from the Americas and 51 from the EMEA region Overall many companies have chosen to prioritize operational improvements cutting costs and increasing efficiency over divestments in recent years waiting for the economy to recover However the regional disparities may indicate that western developed market companies have become better accustomed to macro economic growth challenges having managed uncertainty for longer and are now more willing to divest despite the economic environment McCrostie says The challenging business environment is with us for the foreseeable future In that context a wait and see approach to conducting any transaction is understandable However our research provides strong evidence that companies may be missing out by delaying divestments due to weak economic conditions Supporting this view 40 said a high degree of

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Short-term-fast-cash-more-of-a-priority-for-sellers-than-longer-term-strategic-priorities (2016-02-10)
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  • New Year boost for Europe's real estate markets - EY - Global
    2012 agreed that transaction volumes look set to rise this year thanks to increased cross border transactions and ongoing inflationary pressures However there are mixed fortunes by country for M A in the sector Hartmut Fründ Global Transaction Real Estate Leader comments Global capital markets are yet to regain pre crisis levels of liquidity but there are suggestions that the economic climate is looking more favorable for real estate investments Both volumes and transaction size in 2013 are likely to exceed levels seen in 2012 The report also highlights that while some new regulations are likely to make traditional sources of financing harder to access for real estate investors alternative sources of debt funding could become more plentiful Reversal of fortunes Almost three quarters of investors surveyed say that the continued weakness in the Eurozone economy will strengthen European investors activity in the real estate markets This highlights the ongoing flight into real estate assets by investors around Europe This is a reversal from a year ago when the appetite for such transactions was limited as investors waited to see how the crisis would develop However the picture varies across the continent Certain non Eurozone countries such as the UK are currently comparatively more attractive for real estate investments than certain Eurozone countries Similarly the southern and some peripheral European real estate markets are viewed with relatively more caution than central or Northern European markets Respondents from 13 of the 15 countries also believe that inflationary pressures will propel investors toward real estate assets which are traditionally seen as a natural hedge against inflation in the medium term More than 80 of investors in Germany France and Switzerland agree that inflationary fears will underpin real estate investment in contrast to just 20 in Italy Impact of new regulation Investors remain concerned about the impact of a more stringent regulatory environment on the availability of debt financing particularly Basel III All those surveyed expect Basel III to make loans less appealing for banks and lead to further restraint in the mortgage business Austria Sweden and the UK were among the strongest proponents of this view with 85 83 and 81 of respondents respectively saying that they were in agreement At the same time other recent directives could create new funding resources In the case of Solvency II regulation a majority of respondents from most European countries see potential for insurance companies and pension funds to act as debt providers for real estate investments in the future with only Italian respondents disagreeing Fründ comments Real estate financing has been changing and will continue to do so affecting the financial power of potential buyers Nevertheless market participants expect new ways of financing to be found since most investors anticipate a rise in transaction volumes despite new regulation Growth potential for office and retail property According to the majority of respondents the price of both office and retail property across Europe is expected to rise or at least remain stable Office prices in peripheral

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_New-Year-boost-for-Europe-real-estate-markets (2016-02-10)
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  • EY launches Africa Global Tax Desk in Beijing - EY - Global
    Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY 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 launches Africa Global Tax Desk Network in Beijing Press release EY launches Africa Global Tax Desk Network in Beijing London 14 January 2013 Newsroom News releases PR contacts PR activities Analyst relations Fact and figures Share EY today announced the launch of its Africa Global Tax Desk Network in Beijing This initiative will be lead by Rendani Neluvhalani International Tax Services ITS Partner who has been with the organization for over 15 years and brings extensive Pan African tax experience to the role With Chinese investment in Africa increasing the Africa Global Tax Desk Network will provide Chinese companies with real time advice on investing in Africa Gerrit Groen EY s Global Tax Desk Network Leader comments As companies focus on growth opportunities in emerging and developed markets the need for cost effective and efficient solutions to simplify global tax complexity has gained greater importance in the executive boardroom Rendani joins China s Africa Global Tax Desk Network from her current position as EY s Pan African ITS Partner based in South Africa Rendani and the EY Africa tax network will serve the China market as well as countries in the Asia Pacific region and Japan She brings a broad understanding of many African tax systems to her new role as well as a well established African network Rendani s experience spans across various industries with a focus on the financial services and telecommunication industries She spent over two years with the international and structured finance team in EY s London office where she spent a significant portion of time on tax effective supply chain and transfer pricing engagements Rendani also led the ITS practice in South Africa for four years as well as the Africa region for two years Walter Tong EY s Greater China Tax Leader says Demand for tax advice on Chinese investments into Africa is increasing and we are committed to helping our clients as they expand their operations in this region Ends About EY EY is a global leader in assurance tax transaction and advisory services Worldwide our 167 000 people are united by our shared values and an unwavering commitment to quality We make a difference by helping our people our clients and our wider

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_EY-launches-Africa-Global-Tax-Desk-in-Beijing (2016-02-10)
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  • Big pharma under pressure for M&A to close US$100b growth gap - EY - Global
    on acquisitions more divestitures and more offshore and emerging market deals Glen Giovannetti EY s Global Life Sciences Leader says While the dynamics of the pharma industry remain fluid the deal environment in 2013 and beyond will be more complex and competitive Life sciences companies that are positioned appropriately should benefit from increased competition and see higher premiums However the finite resources of many big pharma companies and the need to make prudent acquisitions to address the immediate growth gap mean they will likely be even more selective about the targets they pursue Big pharma s growth and firepower gaps With continued flat sales in mature markets big pharma defined as the 16 largest US European and Japanese pharma companies measured by revenue has increasingly looked to emerging markets to drive overall revenue growth However a slowdown in these markets has widened the growth gap facing the industry Thanks to a flat outlook in developed markets in part a result of stagnation in the Eurozone and a slowdown in emerging markets sources of organic growth are under pressure As a result many big pharma companies are likely to accelerate their search for inorganic growth through M A in 2013 However the capacity of big pharma to conduct such deals has diminished in recent years This is due to less available operating cash resulting from slower revenue growth due partly from continued pressure on drug pricing and increased borrowing to fund higher dividends stock repurchases and previous transactions In the report EY introduces the concept of a Firepower Index that measures life sciences companies capacity to fund transactions based on the strength of their balance sheets According to EY the financial capacity or firepower of big pharma to conduct deals has declined by 23 between 2006 and 2012 Big pharma s new competition for assets Even as big pharma s deal making ability has shrunk the firepower of big biotech and specialty pharma including generics companies has increased According to the Index between 2006 and 2012 the firepower of big biotech increased by 61 while specialty pharma s firepower also rose by 20 As a result big pharma s share of the combined acquisition capacity of these three segments has fallen from 85 in 2006 to 75 in 2012 Implications for 2013 and beyond In addition to a more competitive and complex deal environment the report identifies several key trends for transactions in the coming months and years More bolt on acquisitions Only a handful of big pharma companies now have the firepower to pursue M A targets above US 60b However with big biotechs and specialty pharma companies having joined big pharma in their capacity to engage in smaller deals more bolt on acquisitions are anticipated More divestitures As pharma companies look to boost firepower and sharpen their strategic focus it is likely they will consider more divestures of non strategic assets Both corporate investors and private equity are seen as likely acquirers More offshore deals and emerging markets deals

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Big-pharma-under-pressure-for-M-and-A-to-close-US-100b-dollars-growth-gap (2016-02-10)
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  • Bad loans and regulation will squeeze Eurozone banks in 2013 - EY - Global
    in the process of trying to deleverage for regulatory reasons which is made harder by the prolonged period of slow growth While larger banks have benefitted from policy interventions smaller and regional banks are still finding access to credit both difficult and expensive As a result the outlook for new lending to consumers and many corporates in 2013 is pretty dire Forecast for lending to business shows that the north south divide is entrenched Banks are just two thirds through the process of deleveraging with 132b of further loan book shrinkage expected in 2013 Average loan to deposit levels will have fallen from a pre crisis peak of 124 in 2006 to an estimated 111 at the end of 2012 and this process has further to go with the ratio likely to fall to 104 in 2016 As a consequence loan books remain under pressure After significant decreases in 2011 and 2012 consumer credit is forecast to decrease again slightly across the Eurozone by 1 2 while the Consumer Price Index is expected to increase by 1 9 However consumer lending is expected to pick up in 2014 when it is forecast to increase by 1 5 as the economy returns to slow growth Marie Diron Senior Economic Adviser to EEFSF says The price of goods and services across the Eurozone has been steadily rising while lending to consumers has shrunk for two consecutive years hitting households hard However the consumer squeeze should start to ease later this year The outlook for lending to businesses paints a more complicated picture and indicates that the divide in fortunes for the northern and southern Eurozone nations is now becoming entrenched The outlook for lending to business in 2013 shows lending is to increase in France Germany and the Netherlands by 1 2 5 and decrease in Italy by 0 5 and Spain by 4 However when comparing the figures over a two year period 2011 figures against the outlook for 2013 shows that the north south divide is becoming entrenched Lending in France Germany and the Netherlands has increased by 18b 72b and 28b respectively over two years whereas lending in Italy will have fallen by 43b and in Spain by 100b over the same time period Marie adds The cumulative effect of a lack of funding for business in the southern economies will exacerbate and prolong the recession in these countries Growth in some markets is not foreseen until 2015 at the earliest as a result Insurance profits are expected to have fallen by 5 in 2012 Poor investment returns combined with business growth being hampered by the recession means that profit for insurers is expected to be down again in 2012 The forecast is for profits to fall by 5 a cumulative fall of 12 over two years Andy says Insurers cannot rely on investment returns in the short term The forecast is for interest rates to be pegged at c 0 75 until at least 2017 and the Eurozone

    Original URL path: http://www.ey.com/GL/en/Newsroom/News-releases/News_Bad-loans-and-regulation-will-squeeze-Eurozone-banks-in-2013 (2016-02-10)
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  • Global review 2014: Q&A with Mark Weinberger - EY - Global
    why we do it Building a better working world is the meaning behind the daily activities of our 190 000 people in member firms in more than 150 countries The second thing that sets us apart is how globally integrated we are Most professional services organizations are a loose collection of national practices But today that s outdated and not in keeping with what clients need At EY we understand that And over the years we ve realigned our organization into a more integrated global one with global leadership and a global strategy rooted in our multidisciplinary model The third thing is our culture We know that in a competitive environment models and services can be replicated but culture is unique At the heart of Vision 2020 is a culture of high performance teaming That means having the very best people and then having them team across the world better than anyone else to deliver exceptional client service And that team has to be diverse and it has to be inclusive That starts by setting the right tone from the top We ve added several new individuals to our Global Executive in recent months and these appointments have increased the number of women and have added individuals from the emerging markets It is important to note that underpinning all that we do is our values we are people who demonstrate integrity respect and teaming people with energy enthusiasm and the courage to lead people who build relationships based on doing the right thing 4 You ve spoken in the past about the investments EY is making in the business Where will you invest in the coming years We ve been focused on realizing operational efficiencies to help member firms generate earnings and investment capacity This is allowing us to invest in the areas that are fundamental to EY and that will drive growth Clearly technology is an important growth driver and we re making a number of significant investments here We re spending US 1 2b in technology to improve our IT infrastructure and to introduce technology designed to transform the way we do business with our clients Our priority has been on stabilizing and scaling our infrastructure through foundational improvements These improvements have resulted in a network that is faster and more secure and stable We are also increasing investment in service line tools and core business systems We re investing US 500m in our analytics expertise recognizing the increasing value our clients place on data as a business asset This investment includes deploying technologies systems and processes acquiring talent to complement EY s existing 3 500 analytics professionals expanding EY s analytics solution and IP development team and building on 14 prior acquisitions in the analytics space with additional acquisitions and alliances We re continuing to invest in the emerging markets despite some recent volatility because they are an important and increasing component of our business Each of our service lines Assurance Tax Advisory and Transaction Advisory Services

    Original URL path: http://www.ey.com/GL/en/About-us/Our-global-approach/Global-review/global-review-2014-questions-and-answers?utm_source=gr-home&utm_medium=web&utm_campaign=eycom (2016-02-10)
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  • Global review 2014: Assurance - EY - Global
    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 About us Our global approach Global review Global review 2014 Assurance Contents Welcome Our services Delivering quality services Developing talent Engaging with the world Facts and figures Share Our services Assurance Our Assurance practices serve the public interest by providing assurance to investors and others regarding companies financial statements and by providing robust and clear perspectives to audit committees as well as through forensic sustainability and financial accounting advisory services that provide information for stakeholders In the process we help promote greater trust and confidence in businesses capital markets and economies Central to everything we do in Assurance is our focus on sustainable audit quality and professional skepticism One of the ways we seek to continue to achieve and improve both is through the increased understanding of complex challenges that comes from our integrated multi service line approach Working with EY colleagues from Tax Advisory and TAS provides important knowledge and experience to our audit teams Sub service lines Climate Change and Sustainability Services Financial Accounting Advisory Services Financial Statement Audit Fraud Investigation Dispute Services Our multi million dollar multi year Audit Transformation program is a key initiative to help us deliver against our primary aim of providing the highest quality audits in the profession As part

    Original URL path: http://www.ey.com/GL/en/About-us/Our-global-approach/Global-review/global-review-2014-assurance?utm_source=gr-home&utm_medium=web&utm_campaign=eycom (2016-02-10)
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  • Global review 2014: Tax - EY - Global
    Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY 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 About us Our global approach Global review Global review 2014 Tax Contents Welcome Our services Delivering quality services Developing talent Engaging with the world Facts and figures Share Our services Tax In Tax we help build a better working world by advising our clients on meeting their tax obligations and resolving tax controversy We also foster open dialogue with tax administrators government officials and other stakeholders about tax issues the impact of policy decisions and the contributions that companies and individuals make to society by paying the correct amount of a variety of taxes Significant regulatory developments such as the Organisation for Economic Co operation and Development s OECD Action Plan on Base Erosion and Profit Shifting BEPS and wider scrutiny of tax planning mean that clients increasingly want end to end tax and reporting services that drive quality manage risk and improve efficiency and value To meet that need this year we combined our Global Compliance and Reporting service with Accounting Compliance and Reporting Uniting these offerings better enables us to serve clients across their entire life cycle from record to report helping them to fulfil their compliance and reporting requirements in an increasingly complex environment for tax regulation and accounting standards We also evolved existing joint service offerings to reflect the changing needs of our clients Globalization of business is transforming company supply chains so we teamed with Advisory to bring together our supply chain and tax competencies By working across service lines we help to improve companies operating model effectiveness Sub service lines Business Tax Services Global Compliance and Reporting Human Capital Indirect Tax International Tax Services Transaction Tax This emphasis on greater teaming is reflected in the Global Tax Executive Committee which is made up of our leaders from around the world executing one strategy in support of Vision 2020 We continue to invest in being the world s most globally integrated tax business For example we have increased the mobility of our tax professionals into our emerging market practices We have also grown the resources in our Global Tax Desks our international network of experienced tax professionals who provide real time on the ground advice A key focus this year has been on developing new services to meet changing market demands Our Tax Performance Advisory

    Original URL path: http://www.ey.com/GL/en/About-us/Our-global-approach/Global-review/global-review-2014-tax?utm_source=gr-home&utm_medium=web&utm_campaign=eycom (2016-02-10)
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