archive-com.com » COM » E » EY.COM

Total: 2294

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • EY Opportunities to enhance capital productivity - EY - Global
    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 Industries Mining Metals Opportunities to enhance capital productivity Opportunities to enhance capital productivity Mining and metals megaprojects Share The productivity of invested capital is a key issue for CEOs across the global mining sector This focus reflects the significance and challenge of achieving predictable return on investment when delivering complex multibillion dollar asset developments New data captured through a recent global study by EY has revealed that overruns to the sanctioned budget and schedule commitments are the norm with our global megaproject sample group showing an average budget overrun of a staggering 62 With projects of this scale every overrun impacts Total shareholder return ROCE Capital productivity Corporate performance Strategic outcomes Overrun risks are driving an unprecedented level of scrutiny on the project program and portfolio disciplines of cost and schedule control Based on our study results EY has developed a root cause model to analyze the drivers of overruns and capital productivity impacts Some of the findings are surprising Overruns occur despite large investments by mining and metals companies to enhance up front engineering practices and increase delivery maturity We believe that there are overlooked opportunities to significantly enhance delivery control and have identified three critical enablers for preventing cost and schedule overruns that are often de

    Original URL path: http://www.ey.com/GL/en/Industries/Mining---Metals/EY-opportunities-to-enhance-capital-productivity (2016-02-10)
    Open archived version from archive

  • EY Productivity in labor: it is only a ceasefire - EY - Global
    and headline revenue during an unprecedented boom in commodity prices As a result of this choice many miners adopted a hire at any cost approach The end of the boom has reversed this trend with many feeling this has led to a victory in the war for talent But is it as simple as a supply demand equation If the sector singularly focuses on responding to the impacts across the economic cycle and loses its focus on the war for and supply of talent it will expose itself to the risks presented by more enduring trends In our Business risks ranking the skills shortage risk has moved from number one business risk in mining and metals in 2008 to ninth place in 2014 However the risk is still substantial and now more complex and we believe the loss of focus on talent poses two significant risks to the sector Shortages of the wise senior and experienced people critical to delivering the productivity and efficiency improvements that are essential in a downturn A significant skills shortage when the next economic upcycle inevitably begins Retaining the wise senior and experienced talent for the challenges of today Retaining the right people will be a key competitive advantage While emerging talent and new ways of thinking will continue to be critical to a sector which is adapting to the productivity imperative this will not be a substitute for the deep experience of those that have traversed the sector over many years It is these senior professionals who are best positioned to provide the skills knowledge and safe pair of hands to lead the sector through this period of turbulence because they have The right skills required to realize productivity and efficiency gains including project management change management and process improvement Deep knowledge of the mine and the sector and are comfortable switching between strategic and operational thinking Seen it all before and have the experience of a leaner more efficient operational model culture and mind set While demand for this subset of the labor market is increasing supply is decreasing as many seasoned operators reach retirement age take early retirement or make a career change to another sector Once lost to the sector it is very hard to attract them back What can be done There are two responses available to a mining organization to ensure the organization has the talent needed to remain profitable and both need to occur simultaneously 1 Win the existing talent war for the wise senior talent To retain the right people miners need to be able to clearly identify the wise senior talent with the capability to navigate the down cycle and put in place clear strategies to ensure these people remain at the organization Retention strategies might include offering Secure flexible working arrangements e g part time job sharing Productivity based performance incentives Leveraging technology to minimize the need for FIFO Mentoring or coaching roles Personalized support to transition to retirement Tailored rewards programs to meet personal

    Original URL path: http://www.ey.com/GL/en/Industries/Mining---Metals/EY-productivity-in-labor-it-is-only-a-ceasefire (2016-02-10)
    Open archived version from archive

  • EY - Productivity in mining - EY - Global
    Are you improving or transforming Are your initiatives adding to the long term bottom line or just moving the problem Are you thinking about the problem conventionally or with a value chain view If you are considering achieving higher productivity with lower input don t forget to consider the impact on cash flow and profit Reducing output may boost certain productivity measures but may negatively impact e g ROCE Share Productivity on both a volume and cost basis has been declining significantly in the mining industry since 2000 This has been a conscious choice by industry participants to pursue production growth and headline revenue during an unprecedented boom in commodity prices Many companies have been dealing with this substantial drop off in productivity through a series of cost cutting exercises or point solutions However the size of the problem is too large for point solutions to solve on their own and often they have the effect of simply moving the problem further down the supply chain Real and sustainable productivity gains will only come from broad business transformation Why the need to boost productivity To regain ground lost over the super cycle In collaboration with the University of Queensland in Australia we have undertaken over 30 hours of in depth interviews with senior mining executives All of them recognize that the focus on volume at any cost has led to inefficient practices in terms of productivity Behavioral change is critical given that many mine managers front line engineers and operations supervisors appointed to these positions during the super cycle have never operated under a marginal environment To continue to innovate to recover lost competitive advantage Many mining economies have relied on currency movements to retain comparative advantage as exchange rates have generally been positively correlated to metals and mineral prices With lower prices and sticky exchange rates producers in these countries need to innovate to become more competitive and to reach new levels of productivity The sector spends very little on research and development for innovation compared to other industries especially on mining and processing methods Given the right levels of investment there should be significant gains possible through innovating mining and processing methods perhaps in conjunction with OEMs original equipment manufacturers To counteract rising real wages For many developing economies low cost labor was used as a means of comparative advantage However many of these economies have been so successful in generating increases in growth that this has fed into increases in real wages significantly above the rate of inflation Without commensurate increases in productivity mine plans of many of these operations in these countries will not be sustainable Ultimately more automation will be required but this will create its own set of political challenges Labor productivity a major contributor to the decline Mining labor productivity in Australia has declined by about 50 since 2001 by nearly 30 from 2009 to 2012 in the US coal sector and by an estimated 35 since 2007 in the South African gold

    Original URL path: http://www.ey.com/GL/en/Industries/Mining---Metals/Productivity-in-mining (2016-02-10)
    Open archived version from archive

  • EY - Global steel 2014: planning to profit from opportunity - EY - Global
    operators acquire their weaker competitors with the aim of rationalizing the sector Early refinancing as steel companies seek to take advantage of low interest rates ahead of potential rate rises Portfolio optimization as steelmakers assess their assets for value creation The complex dilemma of where to allocate capital whether capital should be invested upstream for raw material security or downstream to capture a greater share of the value chain Preparing for demands of the future The speed and degree of changes in the global economy and the increasingly complex interplay of factors influencing a more globally integrated steel business make horizon watching essential To succeed steelmakers must determine how to optimize and create a new product mix and decide whether they are prepared to take the plunge to invest in new geographic markets As demand continues to shift to developing nations the steel sector is directed toward China with some focus on Brazil Russia and India As Africa becomes increasingly urbanized it may be that the future scramble for African demand could completely shift the landscape in years to come Is 2014 the turning point for steel With a slightly stronger outlook for 2014 compared with 2013 and the promise of further progress in 2015 and beyond the steel sector is focusing ahead to plan and profit from the opportunities and prepare for demands of the future This change will not be immediate and the centers of demand will vary Nevertheless the steel sector is expected to gradually gain momentum as the decade unfolds with optimism about what lies ahead Planning to profit from opportunity Succeeding in the face of ongoing myriad challenges requires effective strategies and efficient execution Capital dilemma A return to positive cash flows is encouraging for the sector particularly with reference to its ability to service and refinance existing debt facilities However with higher interest rates mooted tightening credit conditions remains a risk for those that haven t yet refinanced their balance sheets Lee Downham Global Mining Metals Transactions Leader EY Access to capital limited funding options Gearing in the steel sector is high particularly compared with other sectors and tight margins have reduced serviceability A shift in the interest rate cycle is also expected in 2014 and with it higher funding costs for issuers How the markets deal with the timetable for the tapering of quantitative easing is critical The impact will likely be felt beyond the US markets with emerging markets having already seen significant outflows in 2013 and Asian investors fearing tighter borrowing conditions As a result there is a risk that access to funding for steelmakers will be difficult particularly for those either in developed markets with high gearing or with a high exposure to volatile emerging markets In the first half of 2014 we may see early refinancing as steelmakers attempt to take advantage of low interest rates ahead of potential rate rises Continued market volatility may limit the scope of steelmakers to issue bonds on the favorable terms of recent

    Original URL path: http://www.ey.com/GL/en/Industries/Mining---Metals/EY---Global-steel-2014 (2016-02-10)
    Open archived version from archive

  • EY Amendments to IFRS 11 Joint Arrangements - EY - Global
    Home Industries Mining Metals Amendments to IFRS 11 Joint Arrangements Amendments to IFRS 11 Joint Arrangements Potential implications Joint arrangements are common in the mining and metals sector therefore any changes in the accounting for them can have wide ranging implications Share We summarise the amendments to IFRS 11 Joint Arrangements and explore some of the potential implications for mining and metals entities In May 2011 the International Accounting Standards Board IASB issued a new standard IFRS 11 Joint Arrangements which became effective from 1 January 2013 Two of the primary changes were There are now only two types of joint arrangements joint ventures and joint operations the latter likely to be more common in the mining and metals sector Proportionate consolidation is no longer permitted for arrangements classified as joint ventures instead equity accounting has to be applied IFRS 11 provides guidance on most of the accounting for joint operations but there are certain issues it does not address One such issue is how a joint operator one of the parties with joint control over a joint operation should account for the acquisition of an interest in a joint operation that constitutes a business The predecessor to IFRS 11 IAS 31 Interests in Joint Ventures was also silent on this issue leading to diversity in practice We believe most mining and metals entities applied full business combinations accounting to acquisitions of interests in joint operations However a sizeable minority applied the relative fair value approach as they considered the business combination principles only applied where control was obtained not joint control A smaller group only applied business combinations accounting to those issues not covered in other standards The matter was referred to the IFRS Interpretations Committee and then to the IASB and as a result the amendments to IFRS 11 were issued by the IASB in May 2014 An overview of the amendments The amendments state that Where a joint operator acquires an interest in a joint operation in which the activity of the joint operation constitutes a business it must apply all of the principles on business combinations accounting as set out in IFRS 3 Business Combinations and other standards In addition the joint operator must disclose the information required by IFRS 3 and other IFRSs for business combinations The amendments clarify that all the principles on business combinations accounting in IFRS 3 and other IFRSs that do not conflict with the guidance in IFRS 11 are to be applied The principles of business combinations accounting that do not conflict with the guidance in IFRS 11 include but are not limited to Measuring identifiable assets acquired and liabilities assumed at their acquisition date fair values unless an exception is given in IFRS 3 or other standards Recognising acquisition related costs as expenses in the period in which the costs are incurred and the services are received unless they represent equity or debt raising costs Recognising deferred tax assets and liabilities that arise from the initial recognition of assets

    Original URL path: http://www.ey.com/GL/en/Industries/Mining---Metals/EY-Amendment-to-IFRS-11-joint-arrangements (2016-02-10)
    Open archived version from archive

  • Refining IFRS Mining & Metals EY - EY - Global
    and Sustainability Services Financial Accounting Advisory Services Financial Statement Audit Fraud Investigation Dispute Services Tax About Our Global Tax Services Country Tax Advisory Cross Border Tax Advisory Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax 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 Industries Mining Metals IFRS updates IFRS updates Share Our IFRS publications examine the complex but unique issues faced by mining and metals companies applying IFRS These issues are considered in the context of recent and current developments in the global mining and metals market place as well as the constantly changing world of IFRS IFRS 15 the new revenue recognition standard Mining and metals entities may need to change certain revenue recognition practices as a result of IFRS 15 Revenue from Contracts with Customers We look at the key issues for the sector Amendment to IFRS 11 Joint Arrangements We analyse the potential business and accounting implications of the amendment to IFRS 11 Joint Arrangements on mining and metals companies Proposed amendments to IFRS 11 Joint Arrangements IFRS 11 Joint Arrangements became effective

    Original URL path: http://www.ey.com/GL/en/Industries/Mining---Metals/Mining---Metals_Refining-IFRS (2016-02-10)
    Open archived version from archive

  • EY Webcast | Managing mining risk in an era of transparency - EY - Global
    Banking Capital Markets Insurance Government Public Sector Health Life Sciences Media Entertainment Mining Metals Oil Gas Power Utilities Private Equity Real Estate Hospitality Construction Technology Telecommunications Services Advisory Actuarial Customer Cybersecurity Finance Financial Services Risk Management Internal Audit People Advisory Services Program Management Risk Assurance Risk Transformation Strategy Supply Chain and Operations Technology Assurance About Assurance Services Accounting Compliance and Reporting Climate Change and Sustainability Services Financial Accounting Advisory Services Financial Statement Audit Fraud Investigation Dispute Services Tax About Our Global Tax Services Country Tax Advisory Cross Border Tax Advisory Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax 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 Insights EY Webcast Managing mining risk in an era of transparency EY Mining Metals webcast Managing mining risk in an era of transparency Options Overview General FAQ CPE FAQ Thought Center home Share Register Watch Live Watch On Demand Are you up to date with new rules being imposed on the mining and metals sector requiring much broader disclosure of tax and other payments Staying abreast of recent and pending

    Original URL path: http://www.ey.com/GL/en/Issues/webcast_2015-06-09-1400_managing-mining-risk-in-an-era-of-transparency (2016-02-10)
    Open archived version from archive

  • EY - Mining Eye Q3 2015 - EY - Global
    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 Industries Mining Metals Mining Eye Q3 2015 Mining Eye Q3 2015 Inside Overview Fundraisings Joiners and leavers Index constituents Index data Share Junior miners continue to struggle during Q3 A quarter to forget for AIM miners The Mining Eye lost 15 during Q3 reflecting wider equity market turbulence during this period although it is 1 higher than in January 2015 owing to gains made in Q2 The UK Mining Eye performed marginally better than the Canadian Mining Eye which was down 17 15 down YTD and the FTSE Miners Index which fell 32 during Q3 Key commodities like copper gold and iron ore fell by 10 5 and 5 respectively Within our mining top 20 Sirius Minerals PLC recorded a 27 gain following updates on its planning process and off take arrangement Mining Eye performance relative to peers last 12 months Source EY Thomson Datastream Net performance of key commodities and equities over Q3 2015 Source EY Thomson Datastream Fundraising on AIM was limited Only 41m was raised through equity placements from miners during Q3 representing only 3 of total funds raised from AIM during the quarter Firms persevered in seeking to raise funding albeit limited sums to sustain project development or support corporate expenses There were no new listings with two mining de listings

    Original URL path: http://www.ey.com/GL/en/Industries/Mining---Metals/EY-mining-eye (2016-02-10)
    Open archived version from archive



  •