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Bayer Aktienges Ads (OTCPK:BAYRY) Q1 2011 Earnings Call April 28, 2011 8:00 AM ET
Alexander Rosar - Head of IR
Marijn Dekkers - CEO
Werner Baumann - CFO
Jorg Reinhardt - HealthCare Subgroup
Sandra Peterson - CropScience Subgroup
Patrick Thomas - MaterialScience Subgroup
Sachin Jain - Merrill Lynch
Michael Leuchten - Barclays Capital
Tim Jones - Deutsche Bank
Richard Vosser - JPMorgan
Karen Jay - JPMorgan
Jeremy Redenius - Sanford Bernstein
Christian Faitz - Macquarie
Andreas Heine - UniCredit
Jo Walton - Credit Suisse
Florent Cespedes - Exane BNP Paribas
Martin Flueckiger - Helvea
Peter Spengler - DZ Bank
Ronald Kohler - MainFirst
Alexander Rosar
Ladies and gentlemen, thank you for joining our first quarter conference call. I would like to welcome you also on behalf of my colleagues.
With me today on our call are Marijn Dekkers, our CEO; Werner Baumann, our CFO; and from our subgroups, HealthCare is represented by Jorg Reinhardt; CropScience by Sandra Peterson; and MaterialScience by Patrick Thomas.
Marijn will start off our conference call with a brief summary of the developments in the first quarter. We assume you have all received and reviewed our first quarter newsletter, the briefing document, and the slides so we'll just run you through the main points.
Before handing over to Marijn, I'd also like to draw your attention to the Safe Harbor wording statement. Thank you. Marijn?
Marijn Dekkers
Thank you, Alexander. Ladies and gentlemen, good afternoon. Bayer had a successful start to 2011. We achieved 13% reported sales growth in the first quarter, and net income was up 8% after special charges of EUR0.4 billion. All the subgroups contributed to a 22% improvement in adjusted EBITDA for the Group. The increase was primarily driven by a strong start to the 2011 season in CropScience, by the significant business expansion at MaterialScience, and by a solid performance of HealthCare.
Earnings per share came in at EUR0.83, up 9%. Core EPS increased by 28% to EUR1.45. We are raising our full year 2011 sales and earnings guidance for the Bayer Group due to the successful start of CropScience to the 2011 season. We confirm our HealthCare outlook and are updating our forecast for MaterialScience to reflect the impact of selling price increases induced by higher raw material costs.
So let's now take a brief look at the key data for the first quarter. In my comments I will concentrate on the sales data adjusted for portfolio and currency effects. Group sales in the quarter grew by 10% driven primarily by higher volumes.
Overall, volume growth contributed nearly 8% to the increase and higher selling price is almost 3%. Business expansion was also reflected in the bottom line and in cash flow. Adjusted EBITDA rose by 22% and core earnings per share climbed by 28% to EUR1.45. Net cash flow advanced by 9%.
Reported EBIT of the Bayer Group rose by only 4% to EUR1.1 billion despite the positive business trends. Earnings were diminished by special charges of EUR442 million. This figure included EUR248 million for the already announced restructuring in HealthCare and CropScience, and EUR194 million for legal and defense costs and an intended settlement program in connection with litigations concerning genetically modified rice, the so-called LL RICE.
Important to note here that we hope that with this further provision, the LL RICE subject is now dealt with to a large extent. After a non-operating result of minus EUR213 million, pre-tax income came in at EUR935 million and net income at EUR684 million. This corresponds to earnings per share of EUR0.83, up 9% versus the prior year quarter as already mentioned.
From a regional perspective, we again achieved our strongest growth in the emerging economies. In Western Europe, business gained 9% and in the United States sales were up by 6%. The emerging markets accounted for 33% of Group sale, and in these countries we expanded sales by 16% recording our strongest growth in Eastern Europe, the emerging Asian markets, and in Latin America. These figures clearly demonstrate that we are well positioned in the emerging markets and that our significant investments there are really paying up.
Gross cash flow in the first quarter moved forward by 11% to EUR1.3 billion as a result of the improved operating performance. Cash tied up in working capital increased significantly due to the expansion of business, but overall working capital management continues to be very good.
Net cash flow rose by 9% to EUR800 million. Net financial debt receded by a further EUR800 million compared to the end of last year to now EUR7.1 billion. During the same period, the net pension liability fell from EUR7.2 billion to EUR6.6 billion due especially to higher long-term interest rates on the capital markets.
The significant progress we achieved in deleveraging our balance sheet was also acknowledged by the rating agency, Standard & Poor's. Just last week S&P revised the outlook of our corporate credit rating to 'stable' from 'negative'. At the same time, the 'A long-term' and 'A2 short-term' credit ratings were affirmed; so the 'A- long-term' and 'A-2 short-term' credit ratings were affirmed.
Let's now move on to the performance of our subgroups. Sales of the HealthCare subgroup rose by 4% to EUR4.2 billion in the quarter. The improvement was mainly driven by the positive development of the Consumer Health segment.
Sales in the Pharmaceutical segment improved by 1% in the first quarter with particularly good gains in China and Japan. Business in China expanded by nearly 40% against the weak prior year levels. However, the generalization of YAZ in the United States had a negative impact on growth in Pharmaceuticals. Sales in the Pharmaceutical segment were also held back by adverse effects of the health system reforms in various countries.
The development of our key pharma products was mixed in the quarter. Kogenate and Aspirin Cardio both advanced strongly, up 13% and 19% respectively. Nexavar gained 7%. Betaferon sales declined by 5% and YAZ sales were down 18% due to generic competition in the United States as I already mentioned. Excluding United States, the YAZ family of products advanced by 6%.
Consumer Health reported a strong first quarter with sales up 10% over the prior year period. Sales in the Consumer Care division grew by 13%, driven by the strong performance of our key brands. Sales of the Medical Care segment rose 4% driven by the positive development of our Diabetes Care business. This was mainly due to higher volumes for our Contour glucose meter system.
Sales of the Animal Health Division advanced by almost 9% supported by our Advantage product lines, which grew especially in the United States.
The adjusted EBITDA of HealthCare increased by 11%. This was largely attributable to the favorable development of Consumer Health and to positive currency effects, which more than offset an increase in selling expenses.
CropScience continued its strong performance of the previous quarter and raised sales by 14% mainly as a result of higher volumes. Selling prices contributed 1% to the increase. An early and particularly strong start to the season in the northern hemisphere and high prices for agricultural commodities provided a favorable market environment compared with a very weak market environment in prior year quarter. In addition, we pressed ahead with the expansion of our BioScience business.
In the Crop Protection segment, sales in the first quarter came in 12% above the prior year period at EUR1.7 billion, with significant sales gains in all regions. Good increases were recorded for our herbicides, fungicides, and seed treatment division. However, insecticide sales declined slightly.
Sales in the Environmental Science/BioScience segments climbed by 18% due to the strong business expansion at BioScience, which posted a 27% increase. This positive development in our BioScience division was largely attributable to significantly higher sales of our canola and rapeseed business in Canada and the United States, which were due to expanded acreages and higher commodity prices. Adjusted EBITDA of CropScience was up 40% driven by the business expansion of Crop Protection and BioScience.
MaterialScience continued its positive developments in the first quarter. With sales of EUR2.7 billion, we exceeded the prior year quarter, which was still significantly hampered by the global economic price, and we exceeded the prior year quarter by 19%. The expansion of business was due to a considerable increase in demand from our key customer industries, especially construction and automotive. This enabled us to significantly raise volumes in all regions and for all products and to increase selling prices overall. The improved business situation was also reflected in the earnings.
Adjusted EBITDA rose markedly by 24%. The adjusted EBITDA margin of 12.8% in the quarter was virtually unchanged versus the prior year, as higher selling prices for our products enables us to just offset the much higher raw material and energy costs.
Following our successful start in 2011, we are raising our sales and earnings forecast for the full year mainly in light of the good start to the season at CropScience. For the full year 2011, we are now targeting a currency-and portfolio-adjusted sales increase for the Bayer Group of between 5% and 7% compared to our previous guidance of a 4% to 6% increase. This corresponds to Group sales of between EUR36 billion and EUR37 billion.
We now aim to increase EBITDA before special items to more than EUR7.5 billion, rather than just toward EUR7.5 billion as we said before. Core earnings per share are expected to improve by about 15% against our previous guidance of about 10%.
So now let's come to the outlook by subgroup. First for HealthCare, as already mentioned, we confirmed our outlook for 2011. HealthCare plans to increase sales by a low to mid single-digit percentage after adjusting for currency and portfolio effects, and to achieve a small improvement in EBITDA before special items.
In the Pharmaceuticals segment, we do not expect sales to resume growing with the market in 2011. We plan to increase sales by a low to mid single-digit percentage after adjusting for currency and portfolio effect and to raise the EBITDA margin before special items.
In the Consumer Health segment, we anticipate above market sales growth in sales - sorry, sales growth after adjusting for currency and portfolio effects. We expect sales and EBITDA before special items to increase by mid single-digit percentages.
On CropScience following the dynamic start of 2011 and our expectations for the remainder of the year, we are raising our guidance for CropScience. We now expect to improve sales in both segments on a currency- and portfolio-adjusted basis, and to grow overall by a high single-digit percentage compared to our previous guidance of a mid single-digit percentage.
We intend to further strengthen our market position in the Environmental Science/BioScience segment and to at least maintain our existing position in Crop Protection. We now plan to expand EBITDA before special items by about 20% compared to the weak prior year.
The good business situation at MaterialScience in the first quarter of 2011 was in line with our expectations. We expect that the economy will continue to recover. We are adjusting our sales forecast for 2011, as we expect to be able to pass on the raw material cost increases in higher prices one-for-one to our customers.
We now plan to raise sales by a high single-digit percentage on a currency- and portfolio-adjusted basis and continue to expect that EBITDA before special items will increase at a higher rate than sales. So, just to be very clear, as the result of these adjustments in MaterialScience, we expect higher sales but not a higher EBITDA number versus our previous guidance.
For MaterialScience in the second quarter of 2011, we anticipate further growth in sales and an improvement in EBITDA before special items compared with the first quarter of the year.
So, ladies and gentlemen, I am sure you will agree that our operating performance remained on track in the first quarter of 2011 and that we got off to a successful start. Very good news is that all the subgroups contributed to the sales and earnings growth. We are raising our full year 2011 sales and earnings guidance for the Bayer Group, particularly due to the expected improvement at CropScience.
That concludes my remarks. We will now be happy to answer your questions.
Question-and-Answer Session
(Operator Instructions) The first question comes from Mr. Jain. Please state your company name followed by your question.
Sachin Jain - Merrill Lynch
It's Sachin Jain from Merrill Lynch. Just two quick questions, firstly, I think in the introductory comments, you said that the RICE litigation was behind you with the provision taken in the quarter. Can you just clarify that comment as my understanding was there were a several number of court cases outstanding? And then secondly just very quickly on Xarelto, do you have any visibility on the timing of the ROCKET AF journal publication?
Marijn Dekkers
I will have the RICE litigation question, I'll ask Werner Baumann, our CFO to answer that.
Werner Baumann
Just to clarify that, first of all we had little bit more than 400 cases representing almost 12,000 plaintiffs, 11,800 plaintiffs, altogether. What we have done with the provision which covers both an increase when it comes to the settlement mandate we had given that we expect and secondly one settlement with one of the plaintiffs already. We assume that the amount we have provided for now takes largely care of this entire complex. That's I think the best I can answer the question with. Since the settlement is not finally in, there is not much more I can say.
Jorg Reinhardt
Regarding Xarelto, I'm afraid I don't have real news. The expectation is still that the publication is going to be out soon, but I can't give you any more precise date than that.
The next question comes from Michael Leuchten from Barclays Capital.
Michael Leuchten - Barclays Capital
Three HealthCare questions please. One, clearly very strong margin performance in the first quarter both in Pharmaceuticals and Consumer Health, but you are not changing your outlook for the full year. Can you just run me through what your thinking is for the rest of the year, and how the margin will progress, and what the major factors are?
Secondly, you alluded to the FX impact on EBITDA, in your remarks, also in your quarterly report, can you just give me more details what really was impacted here and how is it going to look going forward at current rates? Then thirdly on YAZ, there are again publications on thrombosis risk, how do you think about the risk to the franchise, and also the more recently launched products that incorporate the same active ingredients?
Jorg Reinhardt
Let me start with the margins. Yes indeed we had a strong first quarter, which was mainly driven by a strong performance in Consumer Health. I mean, Pharma was doing well as well, but certainly Consumer Health was the main driving factor, together with strong FX impact, as we've stated before.
Now for the rest of the year, there are two aspects that one needs to consider. One is of course the fact that the R&D costs tend to be a little bit higher in the second part of the year than in the first part; and second, we're getting closer to launch of Xarelto and (YAZ), which will also have a consequence that our efforts will be intensified there which will drive a little bit higher costs.
The third factor and maybe Werner wants to comment on that is Fx, which is obviously very favorable in the first quarter, but our projection at the movement show after that the extend of favorability is not going to be expected for the full year. Werner, do you want to comment?
Werner Baumann
Michael, on that point, as we have reported overall for the group, we had roughly EUR 75 million positive FX. Most out of that happens to be in Healthcare and inside of healthcare most in actually in pharmaceuticals. If you look at our currency baskets quarter one versus quarter one a year ago, you can say that we have the positive sequential of roughly 5% on average for that basket. But that was only true for the first quarter.
As we move into quarter two, three, and four that advantage is going to fade completely and we will not have any favorability based on the assumptions we have taken with our forecasted rates. So, there will not be any further support on the earning side from currency as the way we have seen in quarter one.
Jorg Reinhardt
Regarding YAZ, yes, there are new studies out there that eventually don't bring any new aspects into the discussion. When you look a little bit more closely at what the studies actually say, then you see immediately that they are flawed by the same kind of shortcomings that we have criticized and others have criticized before, which is that they are not taking into account risk factors like, for example, smoking, weight or age, and they are not, for example, corrected for duration of treatment where we know that that has a significant impact on the thromboembolic event rate as well.
There are also a number of third party comments to do BMJ articles in the meantime that have been published on the BMJ website that shared its perspective and actually go in even more detail why these data should actually not change our perspective on the product. So, given that situation, we don't think that there is a significant impact of these data, neither on our business in the U.S., nor overseas. Of course, we will have to follow further development diligently here, but what I can say is that after the first few days of discussion there is actually nothing that would change my perspective on this data not adding new insights into the situation.
Next question comes from Tim Jones from Deutsche Bank.
Tim Jones - Deutsche Bank
My question is regarding VEGF Trap and just wanted to know if you could talk about the timing or your expected timing of a potential filing and launches using the EU and various international markets for that product. Then just a question on the in terms of the safety profile, obviously we're going to get the CATT study data very, very soon in terms of Lucentis and Avastin.
But I'm just wondering about the read-through on the safety wise, given that VEGF Trap contains actually a portion of the antibody, and how you may be able to distance yourself from any potential sort of systemic side effects that I imagine the makers of other products may sort of highlight?
Jorg Reinhardt
Yeah, regarding filing, I mean, we have been indicating all along that we would be filing in the first half of 2011, and that's still our intention. Regarding safety, of course, it is very speculative, and I've also seen some let's say comments based on claims databases on potentially safety differences between Lucentis and Avastin. It will be interesting to see whether the upcoming CATT study has any new insights into that, but to now speculate how our product would compare to these from a safety perspective would probably be premature and would not be the right thing to do.
I mean all I can say is that from an overall safety profile we are very happy with the profile we have seen so far. There is rare incidence of inflammatory events like for all of these products, but beyond that, we are quite confident that the safety profile is at least competitive, but obviously we'll follow and very closely watch further developments in that area.
The next question is from Vosser.
Richard Vosser - JPMorgan
Three questions please. First two on Pharma. I am just wondering what sort of impact you're seeing on Betaseron? Clearly we saw a decline this quarter, but if you could should we be thinking of that decline accelerating or are other interferon's more likely to suffer from Gilenya competition than Betaseron in your view. Any thoughts there will be excellent.
Then on Pharma, just following up in terms of the EBITDA margin progression in the Pharma business, have we seen any benefits from restructuring in Q1? Probably too early, but should this help in the second half despite the Xarelto investments or how should we think about that development, a little bit more color there will be great?
And then the third question is on CropScience. I noticed that and you said on the call there was a 1% benefit from price in Q1 '11. Just wondering your views on with the continued positive demand drivers, whether we should see any price benefits adding to the strong volume demand through Q2, any help there will be great?
Marijn Dekkers
Okay. We'll start with the Pharma question, so Jorg.
Jorg Reinhardt
Regarding Betaseron, actually bit too early to comment on impact of Gilenya, so far that impact has been minimal. What we see of course is an impact from Extavia, which hits us in quite a number of important markets, which is not unexpected, but not nice to have. So we'll have to see also how to focus of Novartis for Extavia versus Gilenya is going to impact on that development.
But overall I would think that we can state that the high single digit decline that we projected in the number of years now for Betaseron is going to continue, anything else but that would be optimistic. Regarding the margins, yes, of course, I mean, restructuring you do in order to be more efficient and more productive, and you would hope that you have an impact of that.
On the other hand, I mean, we - when we made this announcement on restructuring, we also indicated that significant part of the savings would be reinvested, and especially in Pharma where we have the intention to add significant to our sales force capacity in China, we do anticipate to reinvest 150% of the savings that we are going to make again in our business, which will obviously limit the impact you see, but it should nevertheless net-net help us a little bit to get to the slight margin improvement that we have in our guidance.
Marijn Dekkers
Good, and then pricing in CropScience?
Sandra Peterson
So as you saw we were able once again in the quarter to maintain prices and in some cases take prices up in certain markets on certain products, and based on where we sit today our expectation is that we should be able to sustain it through the rest of the year, that our pricing should be able to hold and in selected cases we were able to actually take up pricing because of the value of the product is worth in the marketplace.
So, as we said today, it looks like we're doing alright on pricing in the market.
The next question is from Ms. Jay. Please state your name, company name, followed by your question.
Karen Jay - JPMorgan
This is Karen Jay. I'm actually in for Cory Kasimov also from JPMorgan. I had a question on the mix of our sales for the quarter. I was wondering if you could provide a regional breakdown in absolute euro amounts.
Marijn Dekkers
Okay. We can. We have to look it up though.
Werner Baumann
Just a second to find the mix of our numbers. I mean the situation is not unchanged as compared to former quarters, where we see more or less flat business in the United States, but strong growth is still in Japan where obviously the hepatocellular indication helps us a lot and its adding strong patient numbers, but we also see significant growth on a low basis in China.
So, for example, in Japan we show close to 35% growth, whereas as I stated in the United States it's more or less flat. In China, we have close to 50% growth.
Karen Jay - JPMorgan
I'm sorry to interrupt. Do you have the actual euro amounts?
Werner Baumann
Yes. I do. We have in the first quarter in the United States EUR39 million, in Japan EUR31 million, and for example in China where the product is still new to us and I believe these are the most meaningful numbers I can share.
Karen Jay - JPMorgan
The European number?
Werner Baumann
I can give you the two larger markets in Europe, which is Germany and France. In Germany it's also EUR12 million and in France it's EUR11 million.
The next question comes from Mr. Redenius. Please state your name, company name followed by your question.
Jeremy Redenius - Sanford Bernstein
This is Jeremy Redenius from Sanford Bernstein. I have a question for each business unit please. First on CropScience, we noticed you started using tiered rebates on some of the fungicides in the U.S. I am wondering if you are doing this more broadly in other regions with other products too.
Could you also describe how that fits into your pricing strategy and are you getting the results you are expecting so far with this strategy? Second, in MaterialScience, I'm wondering if you can comment on some of the recent developments in polycarbonates. I see you've listed your force majeure in U.S., you have announced big price increases, but you have the Saudi Kayan plant starting up, and so is the balance of these effects positive or negative in your view?
Also kind of a hypothetical question for MaterialScience, if I were to assume that benzene prices peaked this month hypothetically, how long would it take until you started seeing lower input costs? And finally on HealthCare, what implications do you read from the recent FDA warning about the handling of Boehringer Ingelheim's Pradaxa tablets?
My understanding is now that there is a warning that they can be stored basically outside their bottle. Is that something that they can - can they fix easily, does that really affect how elderly patients won't be able to take these pills?
Marijn Dekkers
Okay, we start with pricing strength on fungicides (planning).
Jeremy Redenius - Sanford Bernstein
I think in general what I would say is every market we actually end up having slightly different pricing strategy depending upon the competitive situation and channel dynamics. So I don't think you could say that we are going to use this strategy broadly across the whole portfolio, but it seems to be the right approach for us in the U.S. and it seems to be the approach that we actually (inaudible) and it's helping us with our existing portfolio and the new products that we're launching in the U.S.
Marijn Dekkers
Okay, then Patrick on the polycarbonates supply and pricing equilibrium?
Patrick Thomas
Yeah, thank you for this question, Jeremy, you've watched the polycarbonate story unfold so far this year. At the moment we're probably at around 90% plus of capacity, and to be honest, the first two lines is Saudi Kayan, which are published to come online in the middle of this year, are really quite necessary to supply the market, which is still growing.
Market grew or we expect market to grow at about 6% during this year and certainly in first quarter we saw 7% growth, so I think that's probably a fair explanation of our supply/demand.
Your question on benzene of course is an interesting one. The peak on benzene margins over naphtha occurred in February and probably the peak pricing around about March and you've seen the forward prices in April coming down.
It takes around about six weeks for that effect to come through into the business, and so we would expect to see still some peak benzene being consumed during second quarter, but as I think we've said in the introduction, our intention is to continue to push price movements as we've identified in polycarbonate.
We certainly made a pretty good job of that during the first quarter and caught up with a significant amount of the price input increase, and now we continue to do that through the rest of the year.
Marijn Dekkers
Good, and then (BI)?
Jorg Reinhardt
So I probably shouldn't comment on a warning that a competitive product got from the FDA, but I mean, what I can say is that in most of the European markets, any product or tablet based product normally comes in blisters, which means that these tablets are individually packed, which would not be impacted by a concern like that. And in the U.S., it's a different situation, that the tablets come in boxes, and I am sure that Werner is working on a solution for that.
Your next comes from Mr. Christian Faitz from Macquarie.
Christian Faitz - Macquarie
I have three questions, if I may. First of all, when the recent early draught in Europe has had any impact on your CropScience business, and can you update us on your view how U.S. farmer so far have dealt with the cold conditions at least in patches of (inaudible) crop areas?
Marijn Dekkers
Excuse me, can you speak a little slower, because we have trouble with understanding your question, a little slower?
Christian Faitz - Macquarie
All right. So first, recent weather conditions, the draught in Europe, and at least cold patches in parts of U.S., has that impacted any of you business, any or few? And then the second CropScience question is I am missing the information about the top 10 CropScience product sales in the quarterly report, can you update us on that, and any reason for taking that out?
In MaterialScience, how likely do you believe it is that some of your key customer groups for example typically automotive supplier will easily accept further price hikes or they're not being able to pass this on to their own customers?
And then third, a Group question, your reported EBIT in North America, I assume, is light simply because of the provisions for the litigation charges, could you share with us an adjusted EBIT figure for the regions particularly for North America?
Marijn Dekkers
Okay. So, we start with our weather expert, Sandy talk about the influence of droughts and flooding.
Sandy Peterson
So, thanks very much for asking me a weather related question. To simply answer the question regarding Europe and early droughts in the first quarter, we did not see any impact as it was much too early in the season. At the moment, the business in Europe is still doing well, but this is one of these cases that if doesn't start raining soon, it probably will start impacting some of the markets in Western Europe, but at the moment we haven't seen any substantive impact in Europe.
As it relate to the U.S., it's actually kind of a mixed bag. We know the northern part of the U.S. everything is still under snow and so the northern plains in Canada, wheat and canola has not been planted yet, and in the Midwest belt they have huge issues of flooding. And obviously in the Texas region, there's a drought.
So it's a wonderful time to be in the United States at the moment. But I think the relevant point is at the moment you've seen this data that normally at this point in time across these crops usually have about 30% planted, and right now on average it's about 9%. So, it's early in the season to know what the impact of all of this is, but if doesn't fundamentally change in the next six weeks, it will have an impact on the United States in terms of the market.
So, that's a little bit about how the weather is progressing. I don't think there's any reason to be concerned at this moment, but I think it is something we just have to watch, particularly the U.S. situation.
So that's the weather report. The rest of the world is basically doing as it normally would be. The other question you asked about product details. We continue to provide details as it relates to segments, fungicides, insecticides, and we can periodically give highlights on how new products are potentially doing once we've they've been in the market long enough, but for competitive reasons we made the decision not to provide that level of detail any longer on a very specific product basis.
Marijn Dekkers
Okay, and then MaterialScience, automotive customers testing our price increases.
Patrick Thomas
Yes, Christian, the bottom line is the answer is yes. But I should explain a little bit why and probably if we think about polyurethanes first of all TDI prices have actually been higher than this and there is no big drama in terms of automotive seating, when TDI prices move around neither in the furniture market. On the insulation front, the prices are being passed through to the construction industry at the movement, and the price increase we are putting through on MDI next month has already been announced in the market for rigid foam insulation in Europe for example.
So there is a pass-on effect there which is easily accommodated within the market from what we can see. As far as automotive is concerned typically we are beyond the seating and comfort components, we are supplying new materials substituting old materials, and perhaps the best example is the new Mercedes SLK, where both the hardtop that is retractable and the transparent panoramic hardtop are made using our polycarbonate, where actually the pricing is similar to laminated glass, but of course the benefit is significant in terms of weight reduction, design freedom, and functionality.
Marijn Dekkers
Okay. We all go buy one, Patrick.
Patrick Thomas
Marijn Dekkers
The question; sorry, about the EBITDA-EBIT developments in the United States?
Werner Baumann
Yes, Christian, first of all, when it comes to special charges I want to tell you that we do book those regularly at the level of the entities which are concerned. So that was true actually in all regions. When it comes to the operational results on an adjusted basis, I have the understanding that we do not disclose those because they are actually fairly meaningless. There are, of course, elements such as special charges but all the regional results and the local results are typically affected by trends of price changes and the likes, so it wouldn't give you any further insight when it comes to probability of these markets, very difficult to disclose.
Christian Faitz - Macquarie
But it would be fair to assume that the fall of nearly 50% in EBIT in North America could be mostly explained by (exceptional) charges?
Werner Baumann
It is a mixed bag of different things. If you look at the EBIT, which is reported it is EUR123 million in quarter one 2010. It is EUR83 million in quarter one 2011. We reported at the same time if you just look at the special charges for our LL RICE litigation, the charge of EUR194 million and that means we can't make that conclusion that it's driven by other things which weigh in there as well. It's an element but there are other things in there as well.
The next question comes from Mr. Heine.
Andreas Heine - UniCredit
(inaudible) in all of the segments but there was a big difference in the insecticide…
Marijn Dekkers
Most likely we didn't get the beginning of your would you mind repeating it?
Andreas Heine - UniCredit
I will do so. In the CropProtection business, in insecticides you had a decline in sales whereas the competition had strongest increase in their segments in insecticide. Do you have any explanation for this huge difference? Then secondly in the BioScience business you were able to improve the margin considerably.
Is it just the sales growth or has it also to do with the higher importance of the (Genentech) trade royalties and your own trade penetration? Last but not least in the pricing, the price increase of 0.7% for CropScience, is it fair to assume that the price increase has come more from the BioScience business and that in Crop Protection the prices are still below last year?
Sandra Peterson
Let me take each of your questions in turn. As it relates to insecticides, the reason for the year-over-year decline is a portfolio effect. We divested two products and as you know we also made the decision earlier this year to discontinue the production and sale of Temik, and all three of those are insecticides and so they had a first quarter impact and we weren't able to completely make up for those in the first quarter.
If those three products had been in our portfolio in the first quarter, we would have actually seen a slightly more than 5% increase year-over-year on revenue line. So, as the year progressed and we have others products in our portfolio, we should be able to make up for that, but we didn't in the first quarter.
So, that's the explanation as it relates to insecticides. As it relates to the BioScience business, there are more a multiple effects. There really are three and one of them has to do with your third question. Clearly, with higher sales there is a margin impact on some of the business.
There also is we saw positive pricing impact on our broad-acre crops as well as some of our vegetable crops. Then obviously some of the trade income it has an impact also on the BioScience business in the first quarter. So, there are three positive things that impacted the business.
As it relates to pricing overall, we actually do not see a decline in CP pricing in the first quarter. We were actually flat year-over-year. So, as I said earlier, we've been able to maintain pricing on average and in some cases we've actually and in some markets been able to take price up in CP, but in the first quarter, we saw a larger improvement in our pricing in our BioScience portfolio.
Your next question is form Ms. Walton.
Jo Walton - Credit Suisse
Can you hear me now? In the Consumer Health business, you had a strong improvement in Contour and generally your Consumer business was very good. Is this an element of stocking or do you think this is a more reasonable base, and it was just the growth was from a particularly weak period last year. I apologize I missed perhaps the beginning of the call for this. Can you give us the foreign exchange impact on the group EBITDA please?
Marijn Dekkers
Okay, Jorg.
Jorg Reinhardt
Yes, you are right with regard to (ContourMD), very low base that we had last year. 2010, the first quarter was particularly weak. We had nevertheless a good first quarter this year especially in U.S. where we seemed to gain back market share from our competitors, which is actually a good sign and makes me confident that we will see similar performance for the rest of the year in diabetes care. I mean, Consumer Health overall had a strong quarter.
We had a strong cough cold season in the U.S., but it's actually gone beyond cough cold, actually all products, all major brands including Bepanthen and Canesten did very well in the first quarter. We'll have to see whether we can maintain that trend, but so far we are certainly very pleased with the progress we are making in that area in 2011. Now regarding currency?
Marijn Dekkers
Yes, FX impact on the Group EBITDA, Werner?
Werner Baumann
Yes, for the first quarter, we had a positive effect amounting to a total of EUR75 million, bottom line including EBITDA. Top line it was little bit more that EUR220 million.
Jo Walton - Credit Suisse
You did say just trying to get this right, that based on your planning assumptions, there wouldn't be an FX effect for the full year, but I know that your planning assumptions don't take account of the foreign exchange that it is today, so if foreign exchange were to be as it was today for the rest of the year, would there still be a foreign exchange benefit for you for the full year?
Werner Baumann
Well, I can't answer it exactly for the rate as of today, but let me bring you back to our basic assumptions, which are as of the end of last quarter, and you're allowed to take the rate as of the end of last quarter, and simply project them off for the remainder of the year, our full year earnings would be essentially foreign exchange neutral, slightly negative, minus EUR20 million compared to the EUR75 million plus we have had in the first quarter, and our top line would be impacted negatively as well.
So we see some distinctively different movement between quarter one, which has been positive on both sides, and then the remainder of the year, this will turn it into a net negative on the top line, the ROCKET EUR0.75 billion, and then just about even, slightly negative bottom line.
The next question is form Mr Florent Cespedes with Exane BNP Paribas.
Florent Cespedes - Exane BNP Paribas
On HealthCare first on M&A, Glaxo has released a list of the OTC brands that will be divested, knowing that they are mainly in Europe and the U.S., would you look at this opportunity, do you believe it is attractive enough compared to your portfolio, or would you prefer emerging market brands?
Another question on M&A on the Animal Health side, do you still see some external growth opportunities in Animal Health following the termination of the agreement between sanofi and Merck and knowing that they want to have divisions to be divested there, or in other words, are you happy with the size of your Animal Health division in absence of potential targets?
Marijn Dekkers
Okay. I will answer this question. I'm Marijn Dekkers. We don't want to comment on specific acquisition opportunities businesses that are for sale, obviously for competitive reasons, but let me just answer it more in general, also from an Animal Health point of view.
We are interested in doing acquisitions in HealthCare, and our major focus across the Company is organic growth, but if we can strengthen our businesses with acquisitions, we will do so, but particularly in HealthCare and also in the BioScience's part of CropScience is our areas where we would have the major focus.
On Consumer Care, I don't want to comment as I've said on particulars, and on Animal Health we are not aware of any businesses for sale there at the moment.
The next question is from Flueckiger from Helvea.
Martin Flueckiger - Helvea
First three questions please, short ones I promise. First question is a clarification question regarding pricing in CropScience again I'm afraid. The acoustics weren't very good, so I couldn't hear everything you said, just coming back to that, as far as I understood you were calling for relatively flat or stable pricing going forward for CropScience, now my understanding is that the second quarter was particularly in 2010 was particularly impacted by the competitive price pressure particularly in North America.
Assuming that you will seek overall flat prices sequentially or going forward, shouldn't that mean that your pricing contribution in Q2 but also in the subsequent quarters should be larger than what we have seen in the first quarter?
That's my first question on CropScience. Second question is on CropScience. Second question is on Crop Protection and there I was wondering whether you could give us your insights on how you see the channel inventory situation at the beginning of the second quarter, i.e. in April so far?
And then the third question would be a very short one for MaterialScience. I was wondering whether you could indicate to us what the raw material price and energy hit was on EBIT quarter-on-quarter.
Marijn Dekkers
Short easy questions, but the answers may not be so short. Okay so, Sandy is starting with pricing in CropSciences and then inventory levels and Crop Protection price?
Sandra Peterson
Okay. So, let me try to clarify the pricing comments that I made. What I said is that in total for the business we saw a 1% improvement in pricing. In the first quarter, in Crop Protection net-net it was a zero increase in pricing relative to first quarter of last year and our BioScience business saw an increase in our ability to take price in the first quarter.
Our expectation through the rest of the year is that we should be able to see a positive impact from the marketplace, the higher demand, and high commodity prices, and we should be able to take to see the impact of some of our pricing actions in the marketplace in Crop Protection and if not at a minimum able to sustain where we are to actually improve our pricing slightly through back half of three quarters of the year. Quite honestly, that's consistent with what we were able to do in the third and fourth quarter last year in CP.
You asked a question about the second quarter of last year. That was, as you know, in the United States a quarter where glyphosate pricing went down dramatically and then we ended up because of that having to not match it, but everybody in the marketplace actually ended up taking down pricing in the herbicide part of the category, and there was a lot of competitiveness in fungicides particularly in North America in the second quarter of last year.
Our expectation is that we should be though that has moderated and it looks like as we go into the second and third quarter that the industry and pricing is much more stable. So that's why I am saying that I think we are felling relatively positive about our ability to sustain and slightly increase our pricing in Crop Protection through the end of the year.
The question around channel inventories, because of the it looks like given the slight delay in North America because of the weather situation and the fact that planting has been slightly delayed and also that it had some impact in some European markets the channels in April are I would say they are significantly high, but they are relatively high, but I don't think anybody in the industry believes that's an issue, because everybody is putting (product) as close to the market as possible and staging it, and so it's really now a question about the weather breaking and planting starting and getting these things on the field.
So, channel inventories are slightly higher at this moment in time than they were at the beginning of March. That's normal for this time of the year given the weather.
Marijn Dekkers
Okay, and then Patrick Thomas from MaterialScience, the effect of raw material and energy increase.
Patrick Thomas
Yes, Martin, if you look at it sequentially quarter, quarter, quarter one, then that raw material and energy price impact is round about EUR120 million.
The next question comes from Peter Spengler from DZ Bank.
Peter Spengler - DZ Bank
This is Peter Spengler with DZ Bank. Three questions actually. First is on MaterialScience, your guidance that Q2 will be better than Q1, so it seems to me that there is no major effect from Japan visible at the moment. Then second question on restructuring, HealthCare, and CropScience, could you tell us a bit about the status in both segments like plants already identified to be closed down.
Are they already closed down, are the people already relocated, so what's the status on that? Do you think you are more advanced than expected or behind schedule? And the last question on your impairment of EUR92 million, so it's broadly connected to CropScience, maybe you can give us an idea what it is about?
Patrick Thomas
Yes, Peter, on Japan, I guess as you've seen there, a very many mixed opinions about what's happening in Japan. There are certainly a lot of logistics difficulties and there are certainly car companies that are having problems getting some components through to their production line. Primarily, I see this as a supply issue and not really a demand issue and there are certainly customers who are now having to accept delays on cars that have already been ordered, but I honestly think although there is some phasing effect, it's not a huge effect as far as we can see so far.
Marijn Dekkers
I will answer the question. Marijn Dekkers here, about the restructuring, and the progress we are making in HealthCare and in CropSciences. This is basically a program that we are implementing over the next two years with the expectation that by the end of those two years, so beginning 2013 we will have in total EUR800 million of annual savings, and that we will be reinvesting EUR400 million of these savings back into the growth of the business.
And there are a number of projects, some of them have been announced and are beginning to be implemented, others are not announced yet, are not completely defined, or are still being discussed with the representatives of the employees. So it's hard to generalize, so two specific examples I can mention of where we have already made announcements is the recent announcement by HealthCare that we will consolidated a number of sites in HealthCare in the eastern part of the United States into one larger facility in New Jersey, so that's an announcement that was recently made.
And secondly in CropScience in West Virginia, we have announced a rationalization of the production capacity that is being implemented as we speak. So my suggestion would be to sort of follow-up on certain news bites as the year goes by, and then you get a good overview of where we are and what exactly we are doing. But it is a little bit of a (inaudible) in terms of activity.
Peter Spengler - DZ Bank
Third question?
Werner Baumann
Yes. You asked on the EUR92 million impairments, you can take it actually into two buckets. One, and that's actually the lion's share of EUR76 million related to an impairment charge for the discontinuation of our activities at the Institute plans in CropScience, and then the remainder which is EUR16 million is not a specialized part of our let's say longer of those charges that we have taken in HealthCare for a number of smaller key adjustments on actually three products, total of EUR16 million.
The next question comes from Ronald Kohler from MainFirst.
Ronald Kohler - MainFirst
It's Ronald Kohler from MainFirst. Also three questions if I may. The first question is on Kogenate, obviously very strong development. As far as I remember you have a guidance of a mid single digit growth for the full year after 13% in the first quarter. Is there any update on the guidance or is it an unusual high quarter in your view?
The second question also product specific, Mirena, you already had taken I guess a year ago or even a little bit longer a big price increases especially in the U.S., and since then obviously volume lagging significantly. What it your strategy actually to resume the growth path again in Mirena and kind of a little bit just elaborate on that?
And a third question actually on CropScience, you highlighted the phase out of Temik, obviously you do it first in U.S. and I believe you will follow in the rest of the world until 2014. Can you give us actually your sales in Temik and are you, let's say, do you sell more modern products here now in the insecticide or what's the strategy to get let's say these changes into your portfolio instead of giving it up to competitors?
Marijn Dekkers
Okay, we'll start with healthcare. Jorg, Kogenate and Mirena?
Jorg Reinhardt
So, Kogenate, yes, you are right had a strong quarter. Based on one quarter I think it's a little bit premature to really change the guidance. Nevertheless, Kogenate did well in most countries, did well in the U.S., did well in Latam and Middle East.
So I am looking forward to continuously well performing Kogenate brand, but I'm not feeling comfortable yet after one quarter to change the guidance. Regarding Mirena, these numbers that you saw for this first quarter are a little bit misleading, because we had a very, very strong first quarter last year in the U.S., which was mainly driven by the price increase which happened in the second quarter.
So we had strong sales in the first quarter, which provided very high basis for Mirena for this year. The first quarter performance this year is absolutely in line with our expectations, and we do expect for the rest of the year to show growth according to the guidance also for Mirena. We do see volume coming back also in the U.S. and we think that volume-wise especially in U.S. we should be at the same level we have been before the increase at least by the end of this year.
Ronald Kohler - MainFirst
That means the prices increases then should feed through to real growth then in sales here?
Jorg Reinhardt
Yes, with the price increase you need to be a little bit careful. As you know in the U.S. it's a pretty mixed bag depending on what customers you've got and right now we see a shift to managed care customers. There are obviously some rebates that play a significant role as well. So you cannot just take the price increase and take the volume and do a simple price up.
That's not going to work. As I said before, you will see growth mainly now for the rest of the year, but it will not totally reflect the price increase that we took last year.
Ronald Kohler - MainFirst
Thank you, and suddenly on the phase out of Temik.
Sandra Peterson
Yes, so let me clarify on the phase out of Temik. Last year we had originally announced that we were going to phase out Temik over a period of a couple of years to give our customers the (inaudible) an opportunity to transition to other products. And that was in part because it's consistent with our sustainability policy of not wanting to have (top-line) products in our portfolio anymore.
We ultimately made a decision earlier this year to not restart production and that is part of the divestiture and the shutdown of some of the lines that Marijn Dekkers earlier spoke about regarding West Virginia. So we are no longer selling Temik in the marketplace and we think it's the right thing to do, although it's a transition issue for some of our customers.
There are alternatives that we are working on with our customers that have a better profile environmentally around using some seed treatment products and then working on some things in our labs to actually come up with a better profile product that actually can do have the same impact on insecticide but without the environmental profile. So it's going to take us a couple years to work through that, but we are no longer selling Temik at all and actually it's globally. It wasn't a decision for the U.S., it was a global decision to stop selling it.
Ronald Kohler - MainFirst
Just to get a little bit of feeling, should we expect a similar effect on the next quarter. Is Temik a very let's say first quarter product from a seasonal point?
Sandra Peterson
There will be a similar impact for Temik itself in terms of it not being in our portfolio in the second quarter. However, we believe that we can work to mitigate some of the impact because of some of the other products, insecticide products in our portfolio.
Mr. Rosar, there are no further questions at this time. Please continue with any other points you wish to raise?
Alexander Rosar
Thank you, ladies and gentlemen. Also on behalf of my colleagues, I'd like to say thank you for being with us on the call and thank you for your questions. Now we'd like to say good bye and we hope to meeting you soon all again.
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subset: commoncrawl


text:
12 Nov 2005
Raphaela Papadakis seems to like 'playing with fire'. After her acclaimed performance as the put-upon maid, Anna, in Independent Opera's production of Šimon Voseček's Beidermann and the Arsonists at Sadler's Wells last year, she is currently rehearsing for the premiere this week of And London Burned, a new opera by Matt Rogers which has been commissioned by Temple Music Foundation to commemorate the 350th anniversary of The Great Fire of London.
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Sales Admin Associate | Bonifacio Global City
Focus Global Inc.Is a verified Kalibrr employer
- Job Level
- Associate / Supervisor
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text:
Amazon.com's (AMZN) "Buy" Rating Reaffirmed at Cantor Fitzgerald
Cantor Fitzgerald reissued their buy rating on shares of Amazon.com Inc. (NASDAQ:AMZN) in a research note released on Wednesday.
A number of other equities analysts have also recently weighed in on AMZN. Zacks Investment Research raised shares of Amazon.com from a hold rating to a strong-buy rating and set a $968.00 price objective for the company in a research report on Friday, October 7th. Vetr raised shares of Amazon.com from a hold rating to a buy rating and set a $880.16 price objective for the company in a research report on Thursday, October 6th. SunTrust Banks Inc. upped their price objective on shares of Amazon.com from $800.00 to $850.00 and gave the company a neutral rating in a research report on Wednesday, October 5th. Morgan Stanley upped their price objective on shares of Amazon.com from $800.00 to $950.00 and gave the company an overweight rating in a research report on Wednesday, October 5th. Finally, Canaccord Genuity reissued a buy rating and issued a $825.00 price objective on shares of Amazon.com in a research report on Tuesday, October 4th. Five research analysts have rated the stock with a hold rating, forty-six have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and an average target price of $891.31.
Shares of Amazon.com (NASDAQ:AMZN) traded down 1.10% during trading on Wednesday, reaching $824.95. The company had a trading volume of 1,556,293 shares. The stock has a market capitalization of $391.09 billion, a price-to-earnings ratio of 205.16 and a beta of 1.20. The stock has a 50 day moving average of $796.14 and a 200 day moving average of $723.94. Amazon.com has a 52-week low of $474.00 and a 52-week high of $847.21.
Amazon.com (NASDAQ:AMZN) last announced its quarterly earnings results on Thursday, July 28th. The e-commerce giant reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.67. Amazon.com had a return on equity of 13.52% and a net margin of 1.60%. The firm earned $30.40 billion during the quarter, compared to the consensus estimate of $29.54 billion. During the same period in the prior year, the firm earned $0.19 EPS. The firm's quarterly revenue was up 31.1% compared to the same quarter last year. Equities research analysts forecast that Amazon.com will post $5.85 EPS for the current year.
In other Amazon.com news, insider Jeffrey M. Blackburn sold 10,000 shares of the company's stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $760.98, for a total transaction of $7,609,800.00. Following the sale, the insider now directly owns 55,887 shares of the company's stock, valued at $42,528,889.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jeffrey P. Bezos sold 1,000,000 shares of the company's stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $756.74, for a total transaction of $756,740,000.00. Following the sale, the chief executive officer now directly owns 81,871,067 shares in the company, valued at $61,955,111,241.58. The disclosure for this sale can be found here. 17.70% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in AMZN. Pathstone Family Office LLC increased its stake in Amazon.com by 92.1% in the second quarter. Pathstone Family Office LLC now owns 146 shares of the e-commerce giant's stock valued at $105,000 after buying an additional 70 shares during the period. Kistler Tiffany Companies LLC increased its stake in Amazon.com by 906.7% in the second quarter. Kistler Tiffany Companies LLC now owns 151 shares of the e-commerce giant's stock valued at $108,000 after buying an additional 136 shares during the period. Kings Point Capital Management acquired a new stake in Amazon.com during the second quarter valued at approximately $109,000. Krilogy Financial LLC increased its stake in Amazon.com by 157.1% in the second quarter. Krilogy Financial LLC now owns 198 shares of the e-commerce giant's stock valued at $142,000 after buying an additional 121 shares during the period. Finally, West Oak Capital LLC increased its stake in Amazon.com by 105.7% in the second quarter. West Oak Capital LLC now owns 216 shares of the e-commerce giant's stock valued at $155,000 after buying an additional 111 shares during the period. 65.44% of the stock is currently owned by institutional investors and hedge funds.
About Amazon.com
Amazon.com, Inc offers a range of products and services through its Websites. The Company's products include merchandise and content that it purchases for resale from vendors and those offered by third-party sellers. The Company has three segments: North America, International and Amazon Web Services (AWS).
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text: I would like to get this finished tonight... So, i'm jailbreaking a friend's ipod touch for him. I would like to extract/backup the music on it befoe i jailbreak it because it will wipe everything off. What do I do? How? Total Commander isn't able to ssh into it, is that becuase it must be jailbroken first? IS THERE A WAY TO EXCTRACT FILES OF THE IPOD BEFOR EIT IS JAILBROKEN?!


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text:
Use GoogleCL to Upload Photos to Picasa Web Album
Productivity Sauce
If you are using Google's Picasa Web Album photo sharing service and you want to automate the process of uploading photos, the GoogleCL command-line toolset can come in rather handy. Once installed on your machine, you can use it to perform several tasks such as creating albums, uploading and tagging photos, downloading photos, etc. directly from the command-line. Better yet, GoogleCL is pretty straightforward in use. For example, you can upload all photos in a directory to a specific album using the following command:
google picasa post --title "Travel Photos" /home/user/photos/*.jpg
If the specified album doesn't exist, GoogleCL automatically creates it for you. When you run GoogleCL for the run, you have to authorize it for use with the Picasa Web Album service.
To automate the uploading process you can write a simple Bash script and create a cron job to run it on a regular basis. The script below uploads all photos in the /home/user/photos directory to the Travel Photos album and then empties the directory:
#!bin/bash google picasa post --title "Travel Photos" /home/user/photos/* echo "Photos have been uploaded." rm /home/user/photos/*.jpg
If you want to tag the photos during upload, then the command should look something like this:
google picasa post --title "Travel Photos" --tags berlin /home/user/photos/*
To run the script on a regular basis, you need to set up a cron job. Run the crontab -e command, specify the following cron job (replace the sample path with the actual path to the upload script) and save the modified crontab file:
@hourly /home/user/picasaupload.sh >> /home/user/picasaupload.log
This cron job will run the script every hour and log the result in the picasaupload.log file.
Synchronizing rather than uploadingI think what most people want is actually to synchronize (without deletion) a local folder with picasa, and that's something you can not do with googlecl....
I wrote a small jar to solve this problem. It is available here: http://vincesoft.blogspot.c...automatically-synchronize.html
No error checkingand all files will be lost if the server did not accept them
for example, when an error:
"Loading file /home/user/photos/1.jpg to album Travel Photos
Failed to upload /home/user/photos/1.jpg. (400: Bad Request)
1 photos failed to upload"
Issue 194/2017
Buy this issue as a PDF
openSUSE Rolls Out 42.2 Leap
New release targets Linux professionals.
Cutting-Edge Fedora 25 Released
The Fedora project adds Wayland and Gnome 3.22
CeBIT 2017: The Open Source Forum
CeBIT 2017: Open Source Forum Call for Papers
Say it Ain't So! Microsoft Joins the Linux Foundation
Long-time Linux antagonist joins the revolution.
How to Bypass Authentication on a Linux System
Major bug affects Debian/Ubuntu distributions.
Ubuntu Core 16
Canonical releases the minimal edition for embedded devices, Internet of Things, and cloud deployments.
Red Hat Releases Red Hat Enterprise Linux 7.3
The new release features improvements across the board, from performance to security.
The Linux Foundation Announces a New Board of Directors
Two out of three of the new members are women.
OpenStack Summit in Barcelona
More than 5,000 people attended the event.
Linux Voice Joins the Linux New Media Family
Linux Magazine will include the best of both magazines.


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Backyard Decks
Herb garden at front idea Google Image Result for…
hardwood-deck-with-railway-sleepr-raised-bed-and-steps-london-decking-installation.jpg 1,024×768 pixels
Night London Garden - Western Red Cedar Slatted Screens
Here is an urban Mini Manhattan garden. Even in small city spaces you can have a delightful garden! #nycfitnessfamilyfinds.net
for a modern look, incorporate some builtin seating for a clean look and to separate your garden into zones
Garden inspiration...I'm thinking some fake stuff and some real stuff??
The garden was designed by the famous garden designer Joe Swift, who also presents the BBC programme Gardener's World. This landscape design also features in his book The Plant Room.
Next to kitchen/diner, the garden sloped from left to right. The design exploits…
Private Small Garden Design
I like this clean look of the split level deck. Modern split level


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Peak foliage season nearsOctober 04,2012U.S. Forest Service employees of Vermonts Green Mountain National Forest are gearing up for what is expected to be peak foliage in many parts of the state.
Green Mountain National Forest Supervisor Colleen Madrid said its a special time for Vermont residents, visitors and the 400,000 acre forest.
Madrid says she expects there will be an influx of local and visitor traffic in the coming weeks and is encouraging motorists to be mindful of where they park and to use extra caution when driving in the forest.
The Green Mountain National Forest serves between 3 million and 4 million visitors a year.MORE IN Vermont News
- Most Popular
- Most Emailed


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Kiss Shot - Blog Tour and Giveaway
Final Target (Dublin Mafia: A Triskelion Team #1)
Kiss Shot (Dublin Mafia: A Triskelion Team #2)
Author: Zara Keane
Genre: Mafia Romance
As a final job for his mob boss uncle, Lar Delaney agrees to eliminate one last target. Through the crosshairs of his sniper rifle, he realizes that his target is a former girlfriend—a woman who supposedly died five years previously.
Moira Collins is an intelligence agent whose cover has been shot to smithereens. When she finds herself on the wrong side of an assassin's rifle, she's appalled to recognize the only mark she ever let herself fall in love with.
Final Target Trailer from Zara Keane on Vimeo.
When Ruthie Reynolds is offered the chance to repay her brother's debt to a notorious Dublin crime lord, she doesn't envisage spying on her ex-boyfriend's family being part of the deal.
Shane Delaney never balks at getting the job done, no matter how unpleasant. But when his latest assignment involves roughing up the only woman he's ever loved, he finds his resolve and loyalties tested, as well as his heart.
USA Today bestselling author Zara Keane grew up in Dublin, Ireland, but spent her summers in a small town very similar to the fictional Ballybeg.
She currently lives in Switzerland with her family. When she's not writing or wrestling small people, she drinks far too much coffee, and tries – with occasional success – to resist the siren call of Swiss chocolate.
Leave a Reply.
Books are my consuming obsession and giveaways are my everlasting passion! Join me for my bookish journey as I discover new reads and who knows.... you might win something along the way! If you're an author and would like a personal book tour, please e-mail me! I'm extremely PR-friendly!
November 2016


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LeBron James is one of the most beloved, yet reviled athletes in sports history. No one will ever forget "The Decision." The only way that broadcast will ever take a back seat within his legacy is if he wins an NBA Championship. Real talk.
James and his reps are obviously aware of the stain on his reputation. Who isn't?
Enter SapientNitro, a company speacializing in digital brand marketing. While James is quite active already on Facebook and Twitter, he was savvy enough to hire them to increase and improve his social media and web presence.
I'm blessed with the best fans on the planet and love engaging with them directly," Mr. James said in a statement. "Every day, new technologies come out that allow me to take that fan connection to another level. In SapientNitro, I found a partner that has the brand thinking, creative ideas, digital expertise and global delivery scale to support my expanding ambitions.
Kudos, LBJ.


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Remember all the royal wedding cupcakes we posted in 2011, including the infamous Wir Machen Cupcakes Princess Beatrice hat cupcake? Well, now it's time for royal baby cupcakes! Now through when Kate Middleton gives birth, Sprinkles Cupcakes is selling gender reveal cupcakes, where you bite in and get pink or blue frosting. From the blow Chow Bella:
Every Monday through Saturday in July from 9 a.m. to 9 p.m. and Sundays from 10 a.m. to 8 p.m. guests can pick up their choice of gender reveal cupcakes.
The cupcakes are either chocolate or vanilla and each treat is topped with a tiara or a baby bottle.
Find out the latest on Sprinkles at sprinkles.com and their target="new"Facebook page.
Is anyone else making royal baby cupcakes? If so email us at cupcakestakethecake at gmail.com with "Royal baby" in the subject line and photos/details.


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Having unwanted fat in different areas of your body can have a significant influence on your health and self-esteem. While traditional weight loss through workout and diet is an excellent way to reduce weight overall, even the best exercises cannot target issue locations like the stomach, inner thighs, arms, and butts. Liposuction is a time checked treatment that is used to get rid of excess fat from specific areas of the body, allowing a specific to shape and contour their body to their preference. Is liposuction right for you? Discover now.
Pros of Liposuction
There are lots of advantages to this cosmetic procedure, consisting of:
• Right away visible modifications. Unlike traditional weight loss, liposuction develops changes that are immediately visible in the body. Some difference is visible immediately, and the preferred outcomes are typically accomplished in simply a few days.
• Proven and safe. This cosmetic procedure has actually been performed by skilled surgeons all over the world for many years and the technique has been refined over and once again to be safe and effective.
• Healing time is typically quick. The downtime required after having this kind of treatment is normally much less than what is required for other types of cosmetic treatments, including tummy tucks, breast reduction, and more. People who have had the procedure can often return to work much more quickly than they expected and can return to living a healthy, active lifestyle.
• Weight loss can be long-term. With the best upkeep techniques, the fat that was gotten rid of throughout the liposuction procedure will not return.
• Complete control over your physique. With liposuction, a person can have complete control over how they want to look, beyond exactly what standard diet plan and exercise can supply. Giving people this power over their bodies increases self-esteem and assistance people feel their very best.
While there are numerous benefits to liposuction, there are obviously a few caveats that must be considered before making the final decision to progress with the procedure.
Cons of Liposuction
Prior to having liposuction done, it's important to examine the prospective drawbacks of the treatment and determine if the benefits surpass the risks in your specific case. Your specialist can assist you learn more about the threats connected with the treatment and can help you choose if moving forward is the ideal thing for you.
• Problems with basic anesthesia. Because liposuction is carried out under basic anesthesia, the procedure carries the same risks as other type of surgical treatment where basic anesthesia is utilized. Underlying medical conditions may increase these dangers.
• Unfavorable responses. Bruising, bleeding, and discomfort are all to be expected, nevertheless, in uncommon cases can cause more significant problems.
• The prospective to get the weight back. After having actually liposuction done, it is crucial to keep a healthy diet plan and exercise appropriately as suggested by your doctor. Failure to do so could lead to acquiring back the weight that was lost or perhaps a lot more.
There are threats associated with liposuction, for numerous individuals, the benefits far exceed them. Educate yourself about the treatment by having in-depth discussions with your surgeon and think about how liposuction has the possible to affect you as a distinct individual. Only you and your specialist can figure out if liposuction will supply you with the results you are searching for within your expectations.
Laser Liposuction procedure is a new non invasive procedure to loose unwanted bodyfat in Wheatland Indiana
Laser liposuction is a more recent, minimally invasive procedure that involves heating the fat cells to melting point and removing the melted fat through a little cannula. The procedure is normally done right in your physician's office and is an exceptional option for individuals who have less than 500 ml of fat to remove from any one area. Laser liposuction can be a safe, complementary procedure to weight-loss in order to shape the body you have actually always desired.
Contact a Cosmetic surgeon in your Wheatland Indiana today.
If you're considering liposuction as a weight loss option, it is necessary that you discuss your desires with a qualified plastic surgeon in your area. Your specialist will carry out a total examination and health history questionnaire to figure out if liposuction can benefit you and assist you reach your physical and psychological objectives. Call today for an examination and learn more about how liposuction can assist you achieve the body of your dreams.


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Create a free account to check out faster, store multiple shipping addresses, view and track your orders in your account, and much more.
Please enter your password to continue.
I havenever been a big fan of cremes but my skin feels so great every time I use this! Yes, it is way too expensive but my skin feels amazing so it is worth it. My skin is fairly oily so in the afternoon it does get a bit greasier than usual when I use the creme but not too much to make me not love this. I will be saving up to buy it again because I am going through this jar, quickly!5
I had heard this face cream was amazing, so I coughed up the bucks and bought it. While I can't say anything negative about it, I also can't say it's done anything great for me either. I've used cheaper drugstore creams that leave my skin looking much brighter and healthier than this one.3


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Defense Acquisitions:
Assessments of Selected Major Weapon Programs
GAO-06-391: Published: Mar 31, 2006. Publicly Released: Mar 31, 2006.
Additional Materials:
- Highlights Page:
- Full Report:
- Accessible Text:
(202) 512-2811
Office of Public Affairs
(202) 512-4800
In the last 5 years, the Department of Defense (DOD) has doubled its planned investments in new weapon systems from about $700 billion in 2001 to nearly $1.4 trillion in 2006. While the weapons that DOD develops have no rival in superiority, weapon systems acquisition remains a long-standing high risk area. GAO's reviews over the past 30 years have found consistent problems with weapon acquisitions such as cost increases, schedule delays, and performance shortfalls. In addition, DOD faces several budgetary challenges that underscore the need to deliver its new weapon programs within estimated costs and to obtain the most from these investments. This report provides congressional and DOD decision makers with an independent, knowledge-based assessment of selected defense programs that identifies potential risks and needed actions when a program's projected attainment of knowledge diverges from the best practices. Programs for the assessments were selected based on several factors including, (1) high dollar value, (2) stage in acquisition, and (3) congressional interest. The majority of the 52 programs covered in this report are considered major defense acquisition programs by DOD. This report also highlights higher level issues raised by the cumulative experiences of individual programs. GAO updates this report annually under the Comptroller General's authority.
GAO assessed 52 systems that represent an investment of over $850 billion, ranging from the Missile Defense Agency's Airborne Laser to the Army's Warfighter Information Network-Tactical. DOD often exceeds development cost estimates by approximately 30 to 40 percent and experiences cuts in planned quantities, missed deadlines, and performance shortfalls. Such difficulties, absent definitive and effective reform outcomes, are likely to cause great turmoil in a budget environment in which there are growing fiscal imbalances as well as increasing conflict over increasingly limited resources. While these problems are in themselves complex, they are heightened by the fact that this current level of investment is by no means final and unchangeable. A large number of the technologies under development in these systems are sufficiently new and immature that it is uncertain how long it will take or how much it will cost to make them operational. Most of the 52 programs GAO reviewed have proceeded with lower levels of knowledge than suggested by best practices. Programs that start with mature technologies do better. As shown in the figure below, programs that began with immature technologies have experienced average research and development cost growth of 34.9 percent; programs that began with mature technologies have only experienced cost growth of 4.8 percent. If DOD continues to move programs through development without requisite technology, design, and production knowledge, costs and schedules will increase, which will reduce the quantity delivered to the warfighter. This practice will also continue to reduce DOD's buying power, as less capability will be provided for the money invested. In the larger context, DOD needs to make changes in its requirements and budgeting processes that are consistent with getting the desired outcomes from the acquisition process.
Dec 1, 2016
Enterprise Risk Management:Selected Agencies' Experiences Illustrate Good Practices in Managing RiskGAO-17-63: Published: Dec 1, 2016. Publicly Released: Dec 1, 2016.
Nov 28, 2016
Whistleblower Protection:Additional Actions Would Improve Recording and Reporting of Appeals DataGAO-17-110: Published: Nov 28, 2016. Publicly Released: Nov 28, 2016.
Oct 31, 2016
- Reported Inventory, Use, and Cost of Federally Owned AircraftGAO-17-73R: Published: Oct 31, 2016. Publicly Released: Oct 31, 2016.
Oct 26, 2016
Federal Procurement:Smarter Buying Initiatives Can Achieve Additional Savings, but Improved Oversight and Accountability NeededGAO-17-164: Published: Oct 26, 2016. Publicly Released: Oct 26, 2016.
Oct 13, 2016
Open Innovation:Practices to Engage Citizens and Effectively Implement Federal InitiativesGAO-17-14: Published: Oct 13, 2016. Publicly Released: Oct 13, 2016.
Oct 12, 2016
U.S. Postal Service:Information on How Broadband Affects Postal Use and the Communications Options for Rural ResidentsGAO-16-811: Published: Sep 12, 2016. Publicly Released: Oct 12, 2016.
Sep 30, 2016
Office of Personnel Management:Actions Are Needed to Help Ensure the Completeness of Political Conversion Data and Adherence to PolicyGAO-16-859: Published: Sep 30, 2016. Publicly Released: Sep 30, 2016.
Sep 29, 2016
Federal Research Grants:Opportunities Remain for Agencies to Streamline Administrative RequirementsGAO-16-890T: Published: Sep 29, 2016. Publicly Released: Sep 29, 2016.
Federal Workforce:Lessons Learned for Engaging Millennials and Other Age GroupsGAO-16-880T: Published: Sep 29, 2016. Publicly Released: Sep 29, 2016.
Sep 27, 2016
Delegated Leasing Authority:Review of Selected Leases and Information on GSA's Changes to Delegation ProceduresGAO-16-716R: Published: Sep 27, 2016. Publicly Released: Sep 27, 2016.
Looking for more? Browse all our products here


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Live updates
Boris Johnson joins commuters on the tube
ITV London correspondent Simon Harris has tweeted this picture of London Mayor Boris Johnson joining commuters on the tube as London Underground strike action continues.
Boris Johnson takes the tube. @itvlondon http://t.co/ppXKuDFy2i
Commuter strife as London Tube chaos continues
Many commuters are experiencing severe travel disruption this morning as a 48 hour London Underground tube strike continues.
Members of the RMT and TSSA unions will end their walkout at 9pm.
With the tube strike on I don't think I'll be queuing for the bus today... http://t.co/vWAHpBSd6M
How do I get from Waterloo to bank with no northern or Waterloo & city line? #tfl http://t.co/TYvfYAVKer
My walk is a little busier and slower due to the 3688437854 extra people walking because of #tubestrike #swarm http://t.co/VtoeHSBwFb
Commuters look on the 'plus' side of the tube strike
Some commuters forced to walk this morning as a result of the ongoing London Underground strike looked on the positive of their journeys.
On the plus side, beautiful views of parliament as I walked in via Whitehall! #tubestrike http://t.co/rHgoYngV1U
Morning canal walk. #tubestrike http://t.co/SoDABK5Yq5
Commuter woes on arrival at Finsbury Park station
Commuters at Finsbury Park station this morning were greeted by closed gates at 7am.
True definition of insanity. Going to #FinsburyPark at 7am again & expecting it be open. #tubestrike http://t.co/r41b2noNgP
Current London Underground station strike closures
London Underground have listed stations that are currently closed due to today's strike action on their website.
Many London Underground lines still affected by strike
Several London Underground lines are currently closed and others are operating a reduced services as a 48 hour tube strike continues.
Early morning buses too full to pick up more passengers
ITV London correspondent Simon Harris has tweeted this picture of a crowded bus in London as a 48 hour tube strike continues to cause transport problems for commuters.
By 6.30am some buses in the suburbs were too full to pick up more passengers. @itvlondon http://t.co/rcFaGP6p4g
Tube strike causes road gridlock
Yesterday's industrial action had a knock-on effect on the roads. The Metropolitan Police Service Helicopter released this picture of gridlock in Trafalgar Square last night.
Commuter misery on final day of London Tube strike
Commuters in the capital are facing more disruption as a strike on London Underground enters its final day this week. The RMT and TSSA unions are to take part in talks on Friday, with the aim of reaching an agreement to end the dispute.
The first of two 48-hour strikes began on Tuesday night.
Bob Crow: 950 jobs will be lost if TfL go ahead
Union chief Bob Crow insisted 950 jobs would be lost if Transport for London went ahead with plans to close ticket offices and disputed suggestions 200 new jobs would be created in the new year.
He also denied going ahead with the strike when only 30% of the Rail, Maritime and Transport Workers (RMT) union had voted for it was undemocratic.
"Look at all these MPs in Parliament. How many people voted for them, but they are going along carrying out austerity!"


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Saturday, September 20, 2014
FREE SEMINAR! Mike's Music and The Southgate House Revival are teaming up to offer a FREE SEMINAR with guitarist Jd Simo on Saturday, September 20th at 5:00 PM at the Southgate House Revival. SIMO is a killer Power Trio forged by blues and rock, and will be playing SGH the same night! More details to come - you won't want to miss this - JD Simo is a MONSTER!!!
Venue Information
The Southgate House Revival (The Revival Room) 111 E 6th St. Newport, KY 41071View Larger Map and Get Directions


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NAME Adrian K - TAT IT UP
ARTIST Adrian K
TYPE Art SIZE 12x12"
Canvas piece by Adrian K.
This piece is a part of TAT IT UP. An art show where both tattoo and street artists create their interpretation of tattoo art on Boundless Brooklyn kits and canvas.
***If purchased, this piece will ship shortly after the duration of the art show, early February***


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My aunt wants me to Ship her some cupcakes but i have never shipped them before, can anyone give me some tips. how should i package them? should i overnight them? do i need dry ice? any input will be greatly appreciated, TIA
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Author Topic: Do solid state solar cells convert multi-directional light less efficiently? (Read 1550 times)
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Melbourne Dance Theatre School of ExcellencePerforming Arts Ballet Dancing Classes & Lessons
25 Brougham St, Eltham, VIC 3095
From 01-01-2015 To 31-12-2016
We are very proud to present to our audiences in the North Eastern suburbs the timeless classic SWAN LAKE. Bring family and friends along to experience the sheer delight and beauty of Classical Ballet. ...


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Les Muppets dans l'espace
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Les Muppets dans l'espace is the French dub of Muppets from Space. It was originally released to theaters in France on December 22, 1999. It was released on home video (VHS and DVD) in 2000 and reissued on DVD in 2010.
- Jean-Claude Donda as Gonzo, Dr. Bunsen Honeydew (Walbec Bunsen)
- Edgar Givry as Kermit the Frog
- Éric Métayer as Miss Piggy and Rizzo
- Dominique Paturel as K. Edgar Singer
- Patrick Guillemin as Pepe
- Pascal Renwick as Animal
- Jean-Pierre Denys as Statler
- Gérard Hernandez as Waldorf
- Lionel Henry as Clifford
- Jacques Dynam as General Luft
- Rafaèle Moutier as Shelley Snipes
- Alexandre Gillet as Pacey and others
Additional Voices
- Arnaud Arbessier, Véronique Alycia, Alexandra Garijo, Henri Guybet, Pierre Baton, Marc Alfos


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- Here's a quick 5 minute teaser video we through together from the show. Watch this space for more as the week... http://fb.me/zQvVyNLj #
Eastwood Chatter
Eastwood Daily News
Eastwood Daily News
- Double your pleasure turbos! http://fb.me/1498E21ew #
- I posted a new photo to Facebook http://fb.me/ROxL6Xkp #
- I posted a new photo to Facebook http://fb.me/12CVFy5mI #
- I posted a new photo to Facebook http://fb.me/13p9mxWgp #
- That engine almost fits! :p http://fb.me/JMi0yQtE #
- The lot is filling up, where are we gonna put all of these sweet rides?!!! http://fb.me/11BfITAOJ #
- Street Rodder Mag car made it and the cars are rolling in quickly! http://fb.me/wSXlScxV #
- http://www.eastwood.com/blog/eastwood-chatter/eastwood-summer-classic-jerrys-pick-trophy-arrived/ http://fb.me/ZSyrtEkf #
Eastwood Daily News
- Today is Collector Car Appreciation Day! Make sure you celebrate the hobby by taking in spin or working on your ride! #
- We are busy setting up for the show tomorrow. Make sure you attend the tech demos later in the afternoon! -Matt/EW http://fb.me/ZiSQVq14 #
Eastwood Summer Classic "Jerry's Pick" Trophy Arrived!
Eastwood Crew Sets up for Tech Demos at the Summer Classic!
Eastwood is buzzing today with anticipation for the Eastwood Summer classic Show and Shine tomorrow! We have a lot of stuff planned for the show, one of which is a chance to learn some tech tips with our R&D guys during out tech demos. We threw together a quick video while they were putting things together for the tech demos, check it out!