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Norsk Hydro ASA (NHY) Q1 2010 Earnings Call Transcript April 27, 2010 5:00 PM ET
Stefan Solberg – Head of IR
Svein Richard Brandtzaeg – President & CEO
Jorgen Rostrup – EVP and CFO
Pascal Salewyn – Exane
Tony Rizzuto – Dahlman Rose
Markus Almerud – Morgan Stanley
Tom Jandal – Carnegie
Jonathan Schroeder [ph] – UniCredit
Good day, and welcome to the Hydro Q1 conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Head of Investor Relations, Mr. Stefan Solberg. Please go ahead, sir.
Stefan Solberg
Good afternoon, ladies and gentlemen, and welcome to Hydro's earnings presentation and conference call for the first quarter of 2010. Our earnings was released today at 7.30 Central European Time.
And the presentation material we will use on this call and the first quarter report is available on our Website Hydro.com. Today's presentation will be given by President and CEO, Svein Richard Brandtzaeg; and Chief Financial Officer, Jorgen Rostrup.
As usual, after the presentation, there will be an opportunity to ask questions. Before we start, I would like to direct your attention to the cautionary notes in relation to forward-looking statements as we have provided in the presentation material.
And with this short introduction, I'm pleased to hand over to Svein Richard Brandtzaeg, who will take us through the first part of the presentation.
Svein Richard Brandtzaeg
Thank you very much, Stefan, and good afternoon to all of you. Demand has increased in the first quarter, as we indicated to you when we reported fourth quarter results. Overall, we are reporting a 11% increase in sales volume for our Upstream division in a normally, seasonally strong quarter, while Downstream saw an increase of 10%, excluding automotive structures, which was divested in the end of last year and which supported by restocking at our customers.
The result achieved in quarter one, 688 million Norwegian kroner is significantly improved compared to the fourth quarter results. Upstream, we see increased LME prices in addition to improved results from alumina in trading. The realized LEM price in US dollars has increased by almost $200 and approximately 1,100 Norwegian kroner.
Downstream, we see improved results due to increased volumes in all segments, except building systems. In addition, we see improved margins in our vol business and firm margins in excluded products. Our energy results increased due to both higher production and good spot prices in Norway.
Qatalum was officially opened the 12th of April is now on schedule to full output steel production in the fourth quarter this year. As said, we officially opened Qatalum on April 12th, and reinforced a strong partnership between Qatar Petroleum and Hydro. At the end of the quarter, we had 20% of the cells up and running, 137 out of 704 electrolysis cells. We have produced more than 14,000 tons of liquid metal and produced more than 12,000 tons and shipped to our customers of metal products.
The power plant is currently the main focus in the construction process and we have taken over the gas turbines 1 and 2 from the projected operational organization and we are expecting to take over gas turbines 3 and 4 in the second quarter. These steam turbines wanted to be taken over in the second half in this year.
The production ramp-up is in line with fuel production during the fourth quarter this year. Four cells are normally started at the day, but the ramp-up needs to be halted to complete the fuel treatment plan, treatment of emission gases and power plant, leading to a lower number of cells on average being started each year, which then will be about 2.5, bringing the smelter at 100% in the fourth quarter producing 585,000 tons a year.
The investment is $5.7 billion. There is still very high management focus on the project to be sure that we are able to finish loss percentages on time and bid out CapEx increases. When fully operational, this state-of-the-art smelter will produce 585,000 tons of primary aluminum a year, which will be shipped as value-added casthouse products, extrusion ingots and foundry alloys. We are on schedule for ramp-up by fourth quarter this year. And when in full production, the Qatalum smelter will be among the most cost-efficient smelters in the world in terms of operating cost and make a significant contribution to lowering the average cost of our smelter system.
In addition to prices, high and volatile, there are quite large differences between the different price areas in Norway in the fourth quarter looking at the energy situation. The energy business area delivered very strong results due to three factors, due to production with Suldal 1 power plant back in production in early January this year, good prices and also good performance on optimizing the production.
The differences between prices in areas in Norway is due to bottlenecks in transmission capacity and the planned (inaudible) connection will ease the tight power situation in Mid-Norway. As you can see from the graph at page 6, the NO3 in Mid-Norway experienced the highest prices going all the way to 1,400 Norwegian kroner per megawatt hour, while NO2 and NO3, NO5 had somewhat lower prices although still on a very high level.
Mid-Norway prices was lifted to Swedish price level due to transmission capacities to Sweden, but more limited within Norway. Mid-Norway was then also impacted by low utilization rate of Swedish nuclear power impacting water reservoirs in Mid-Norway. Swedish prices reflected an expensive reserve capacity needed to attract sufficient imports to Mid-Norway to avoid energy deficits before spring flood.
Swedish nuclear power production was reduced due to prolonged maintenance outages. It was running at 60% in the fourth quarter last year and this last quarter, in 2010, 70% of normal years. The price difference in Norwegian power areas could lead to increased cost for Hydro. We have most of our power production in the NO2 area that are sourcing some power to our Sunndal smelter in the NO3 area. In times when prices are higher in NO3 than in NO2, we will experience area, the costs related to being short in NO3 and long in NO2.
Nordic spot prices went record high in the first quarter in the Nordic and especially in the Mid-Norway area due to the low output from Swedish nuclear reactors, a negative development in the hydrological balance and high power demand due to cold weather on top of it. The cold and dry winter has left snow accumulations and water reservoirs low. It has been the 11th coldest winter in 110 years with 2.5 degree Celsius below normal temperature.
The normal precipitation, the precipitation of snow in the mountains is about 52% of normal, which again is the second driest in 110 years, and in the rest of Norway, we had 28% of precipitation which is the driest winter ever measured. The deficit in the Norwegian and Swedish hydrological balance was 33 kilowatt hour by the end of first quarter after a negative development in both the snow reservoirs and water reservoirs. The negative development in water reservoirs was partly due to the Swedish nuclear situation since the hydro power produces compensation for low production in Sweden and produced more than normal.
The spot prices were above alternative prices later this spring and next winter. And there was clear signal from the market to produce. The import of – from the continent to Nordic area has also been high this winter because of the high spot prices, which also has compensated for some of the Swedish nuclear situation. The hydrological balance is still close to record low, but nuclear separation has improved significantly and currently the nuclear power stations in Sweden are running at 74% output, and the rest of our situation seem to balance through the last few weeks before the spring flood.
The market are now focused on the situation next winter since a new tight situation can appear if the weather continues to dry. Speaking of the aluminum market, there has been a significant improvement in sales volumes in Downstream from fourth quarter to first quarter. Overall, shipments for Rolled Products has improved by 9% compared to fourth quarter. Shipments were substantially higher than expected, with seasonal improvements for Rolled Products segmented, supported by restocking effects and higher end user demand.
In the foil, litho, packaging and building, and auto, heat exchanger and general engineering, in all business segments, we are seeing significant improvements, mainly driven by improved situation in the can business, but also strong performance in the automotive business areas. Shipments for excluded products increased by 10%, and now we are excluding automotive structures. All segments showed improvements except for building system where first quarter is normally the seasonally weakest quarter.
Extrusion Eurasia had the largest increase at 60%, and Extrusion Americas 6% improvement and Precision Tubing, which goes mainly to the automotive is now 12% higher than the previous quarter. All in all, we are seeing now 20% improvement in Downstream sales since the first quarter of 2009. Due to consolidation in market and restructuring of the Hydro extrusion during the last year, Hydro is in the second position in the market since 2007. That's due to strong performance during the crisis in 2009, we are now back in the Number 1 position in extrusion in Europe going forward. We have 17% market share in the start of 2010.
In Rolled Products, we have seen a substantial improvement since the first quarter of 2009, with 21% volume increase. Due to the firm cost control, we have been able to keep 60% on volume gain on the bottom line. So, with shipments rising 21%, we have only seen that the cost has increased with 8.5%. That means include net margins in the Rolled Products business and it's probably one of the reason why we are delivering very strong results in the Rolled Products this quarter.
Looking at Upstream situation, we have 11% improvement last quarter, with a strong improvement in extrusion ingots, sheet ingots, and very strong improvement in foundry alloys which goes to the automotive. Since the first quarter in 2009, the improvement in Upstream sales has been 17%, but there is still long way to go before we are back to the pre-crisis volumes.
Looking at aluminum price, first of all, we achieved aluminum price during the quarter was $1,997 per ton. The quarter started with about $2,200 per ton and ended up with $2,320 per ton. We are pricing three months forward plus additional FX in the cost also, it's between three-and-a-half to four months total delay. So, the achieved aluminum price in the first quarter will give us additional FX in the second quarter.
If you look at the balance of supply and demand outside China, it is still overcapacity in the West, meaning about 1.7 million tons higher production than demand of consumption in the world outside China. This imbalance is expected to continue also through 2010. There is new capacity, Qatalum coming Onstream, that was additional capacity in the Middle East on top of some capacity coming Onstream also in India.
Looking at inventories, we see that it has been stabilized during the last quarters and we are now seeing that inventories at 6 million tons. A large portion of this is LME inventories held by financial investors and this metal is not accessible in the market due to commercial contracts. So, the time horizon for this volumes will depend on the difference between Contango and the price or the cost of financing, including warehousing cost. There are also unreported inventories which has increased during the first quarter and there are indications that this unreported inventories are leveling up to 2 million tons on top of the 6 million tons registered inventory.
If you take a look at ingot premiums, we see a steady increase in the European market, also increase in Japan and the US Mid-West markets. This also shows that even high inventories, this metal is not accessible, available in the market, and this strong development on premiums is then adding to the LME and to the bottom line of the primary smelters.
Looking at China, we see that there is a better balance in supply and demand in China in the beginning of this year. China imported about 1.3 million [ph] tons during the three first quarters in 2009 and 100,000 tons on top of that in the fourth quarter. We still see significant import of scrap from the West to China and there is not big changes on the export of semi fabricated product out of China. We expect that China will produce with a modest surplus of primary metal in 2010.
If you take a look at the market outlook for 2010, we see the main markets increasing at the level of about 12% this year. There is supply demand imbalance as mentioned and we expect that to continue through the year, and we don't expect that the main part of the curtailed capacity will be restarted this year. And there is also limited new capacity coming Onstream as I mentioned in Middle East and India. China, again expected to have a modest surplus during the year, and will be still a lot of scrap from the West going into the Chinese market and reducing the metal units available for the Western market.
If you take a look at Upstream position, it's very important for us to continue to repositioning the reduce in the cash cost. We demonstrated that we were able to reduce the cash cost in 2009. If you take a look at the situation today, the cash cost has increased through the first quarter of 2010, mainly due to increased raw material prices. For example, aluminum is part of the LME and linked to LME. It has increased in the first quarter and there are also other raw material costs that add to the picture. Of course, also there is the currency effect into this, especially with regard to the strong Norwegian kroner.
So, for us, it is very important to continue the efforts to reduce the cash cost of primary production and we have introduced as mentioned also this previous quarter the $100 program, which means that you are going to reduce the cost of primary production with $100 per ton. And part of that will be delivered in 2010 and the rest of that program will be delivered in 2011 next year.
So for Hydro, it has been important to position ourselves as we emerge from the crisis of our company and first of all, the volumes showing significant improvement versus first quarter 2009 at 18%. The increased premiums shows that there is a tight physical market, and it is important for us also to continue to strengthen our position in growing areas and Qatalum plays a very important role here with access to the Asian market. We are increasing our market share downstream and will continue to do so, and we also continued to produce the cost and focus still on the cost position primarily and also keep a strong cost focus along the whole value chain in Hydro.
So, then I will leave the work to CFO, Jorgen Rostrup to go through the numbers.
Jorgen Rostrup
Thank you, Svein Richard. Good afternoon everybody and good morning for you who follows us from the US and North American side, appreciate your attention. I will go briefly through the key financials and the variations in the earnings as we used to, and just looking at the underlying EBIT slide, the first one, you will see an improved performance quarter one over quarter four of more than 1.3 billion, almost 1.4 billion Norwegian kroner, and this is due to obviously the upstream in LME and downstream in energy performance.
If you look at the performance compared to first quarter of last year, it is an increased performance of 1.2 billion Norwegian kroner on the same US dollar LME, the Norwegian kroner was weak, the dollar was stronger. So, we had good, better earnings from that side, and then we had lower results on the downstream area.
And if we then look at all the business area, just briefly you will see improved financials from all areas as compared to fourth quarter, and for the other segment, which I will not address later on, we had a lower charge of 110 million Norwegian Kroner, and this is entirely due to lower pension charges in this quarter according to what we communicated around fourth quarter results. The charges and pensions this year will be significantly lower than it was last year. So, you will see that every quarter.
If you look at next page, we have produced a waterfall analysis for you and in billion Norwegian kroner, you will see that the effect of the LME price and currency due to LME earnings in the primary metal area, the effect of that is an improvement of 0.4 billion Norwegian kroner. The LME move from 1,800 to 1,997 in our books in the quarter. If you look at then at the volume part, which is the most significant element on this waterfall analysis, it is positive in all areas, totaling 0.6 billion where the improvement in the energy area is about half of that improvement, and the rest is distributed more or less evenly on the different business areas. So, a major impact from volume improvements this quarter. Some of them are sustainable to next quarter, some are not, and we will come back to that.
Margin has improved, some 0.2 billion Norwegian kroner associated with our lower charges on our Qatalum smelter in the ramp-up phase and also improved earnings in our Alunorte refinery in Brazil and Sunndal smelter in Norway is in total 0.1 billion and then there are some other elements to it. When it comes to key financials, we have a 10% improvement on the topline and that is reflecting the volume and price development in the quarter compared to fourth quarter. Obviously with our trading and commercial business on top, this is fluctuating a little bit also from quarter-to-quarter, but substantially it is reflecting the development we have seen in the volumes.
Now, we have reported EBIT of close to 1 billion Norwegian kroner, but we have taken out positive items excluded to derive at underlying EBIT. So, we have taken down the EBIT number and focusing performance-wise [ph] on an EBIT of 688 million Norwegian kroner. Items excluded that I will refer to shortly. When it comes to financial income, it is positive 545 million. On the financial income side, it is influenced by the final sale of some shares to Bilfinger, our power production partner system. And then somewhat lower interest income due to lower deposits on the bank account.
On the financial expenses side, they are actually positive this quarter. So, it is not expenses and income due to the company's internal loan arrangements and in Euros that we have and that is varying from quarter-to-quarter depending on the Euro development compared to Norwegian kroner. This has no cash effect as we had talked about earlier, because it has an opposite effect on the – when we convert the loans and accumulate the balance sheet.
Income from continuing operations is down 1.5 billion Norwegian Kroner positive and we have a tax rate of 40% approximately. Still a fairly high tax rate due to the high earnings in energy this quarter. If you look briefly at items excluded, these are obviously items and elements that we take out in order to have a better view and better presentation of underlying performance in the quarter. We do it the same way quarter and it is unrealized FX such as LME and currency effects, and then there is some one-time effects of special character in payment charges or restructuring costs are similar.
This time, as I said, we have excluded positive effects of 297 million in our underlying results versus negative effect of 288 million in the previous quarter. We have some mark-to-market derivative contracts on the power side. They have developed negatively in the quarter, simply due to the increasing LME and dollar rates. Coal is bringing it the opposite way, but the total effect is slightly negative development. This is derivative effects on this contracts that are moving from quarter-to-quarter and is fairly small part of our total power sourcing regime.
And then we have unrealized gains on LME contracts. It stems partly from Rolled Products and partly from the Upstream segment, in total, 230 million positive. As you know, we hedge our metal costs one year forward based on customer orders. And so that gives us a long position on the LME, and we have unrealized gains on these contracts, because they have been entered into lower, at lower LME than what we had seen previously.
In the Upstream segment, we routinely sell the metal three months forward as you know. The LME prices have been increasing over the last month, meaning on this short position, have unrealized losses in several quarters up till this first quarter. Some of these contracts have then been realized in this first quarter. So, it is kind of a reversion of previous unrealized losses, giving us unrealized gain in this quarter.
And we have the metal effect in Rolled Products where we essentially take out off the cost some elements to make the revenues which are based on market prices in Q1 comparable to the cost base. So, we have a gain of 314 million here, which means that we bring the cost up somewhat in order to reflect LME prices higher level in the revenues.
At the end, impairment charges 61 million is related to write-down of NorSun shares, the solar company and there we have a gain of divestment of 67 million, which is reduction in pension liabilities related to the divested company structures, Automotive Structures in the fourth quarter, so that's a gain.
Then, back to business again, and looking a little bit into our business area, I would start with Primary Metal which has a significant improvement of 670 million in the quarter. Much improved results in alumina area, and as you will see, we are bringing some more specification on the alumina area in this quarter, both here on the slide and also in our quarterly report, we bring some additional information.
Of the 670 million in change, 300 million of that related to alumina and 370 obviously related to our primary smelter system. We see both improved results from our Alunorte alumina commercial business, partly due to better performance in the businesses and also partly because of higher margins, both higher margins when it comes to sell sales to external cost customers and also when it comes to sales to internal customers.
In addition to that, we have positive effect from LME hedging related to this or LME forward contracts related to this alumina sales. We had quite significant unrealized losses in Q4 as you will remember. So, we have more or less reversed these effects from Q4. When we look at the smelter side and the improvement of 370 million, 350 million of that is related to the LME price development. So, more or less, the total change is due to the LME price development. We see $200 higher LME prices, and we see a fairly stable cost situation, which means somewhat higher alumina feeding cost to the smelters to the general LME development, but on the other hand, lower fixed cost according to the development in our fixed cost reduction program as Svein Richard just addressed, and in total a fairly stable cost situation.
If you look at Qatalum, we have a charge of 146 million in the quarter compared to 174 million in the fourth quarter and this is according to our guidance in the fourth quarter. Going forward, we should still, for the second quarter expect negative charges from Qatalum. It could be in the range of plus or minus 100 million kroner. And we have also sold in the normal we do it our primary production for the next few months forward. And you will see that we have sold it at $2,175 level, which is $180 on top of what we saw in this quarter. We will experience some increasing alumina cost against simply due to the LME development. We expect other costs to be more or less stable.
If you metal markets, you will see an improvement of 85 million kroner, up to 65 million kroner for the quarter. I think this quarter has been marked with very high activities in our production system which is then the remelter system in Europe, but also units in the US and in Asia. It has also – but that has given marginal effect on the EBIT line, simply because we have also higher input costs in the remelting system due to the tight metal situation and the fact that the Chinese are buying off scrap from Europe. So, we have to use coal metal in this system. So, it gives positive and good results, but it hasn't changed much this quarter compared to last quarter.
If we then look at the rest of the system, we have this quarter negative currency effects of 100 million due to the fact that Euro has depreciated 7% to the Dollar and we primarily sell in Euro and buy in Dollar in the units. So, we had neutral currency effects in fourth quarter, so if we had 100 million to the variation of 85, there is an underlying change quarter-on-quarter of approximately 180 million. This is due to two elements, and they are both in the metal sourcing and trading division. As you remember, in the fourth quarter, we had derivative loss and mark-to-market hedge on our ingot trading at that time. Our ingot trading is trading of physical metal and the hedge part of that, we had to take a mark-to-market loss on it in the fourth quarter, while the aluminum in inventory we cannot take a gain on that due to the increasing LME.
This quarter, we have realized the metal and we have sold the metal, and we have realized this gain. So, there is significant gain in this area in this quarter up to the same level as the loss in last quarter. And then the second part is also something that you probably will recognize from last quarter, but again with opposite development, on our LME trading, which is then the paper trading that we do, we have been having the right positions this quarter and we have secured a gain that is more or less compensating for the losses that we had in fourth quarter, and these two elements explain more or less the deviation of 180 million from fourth quarter to first quarter.
Going forward, high seasonal demand, we will run our system and at full speed as we do this quarter. We see continuous high remelt activity and we believe that Svein Richard had touched that we will see some increases in premiums and again we should be prepared to see volatile trading results in this area.
Rolled Products is probably the era where we have been, should I say, somewhat surprised even that's management of Hydro delivering what we consider as being strong results, market taken into consideration. Stronger-than-expected results due to seasonal effects, definitely a pickup in underlying demand, but also to some extent restocking.
We see a 9% improvement in the sales volumes fourth quarter till first quarter, and a 21% sales volume increase if you compare this quarter with first quarter 2009. After improvement of 166 million from fourth quarter till first quarter, 140 million of that is related to volumes, and then 40 million approximately is related to increased margins.
I think it is fair to say that we think this also will remain the picture in second quarter. We see stable markets and we see also good Hydro shipments and a good order situation. This also give us the impression that we should probably look at 2010 as being a more normalized year for our entire aluminum business where we have a more normal seasonality development throughout the year, which means that first and second quarter are the strongest quarters and most likely, we based on this expect third and fourth quarters to be somewhat weaker, which would be a typical development that we have seen over many, many years, and for 2009 due to the financial and industrial crisis developed very, very differently, but we might then be back in a more seasonally normal situation as we see it.
If you look at Extruded Products, there is some improvement in the numbers from 68 million fourth quarter till 117 million in the first quarter, which is an improvement of 49 million kroner, but I would like to draw your attention to what happened in fourth quarter. We sold as you know the Automotive Structure at the end of that quarter and that business alone gave a loss in fourth quarter of 67 million in fourth quarter. So, if we compare as the structure as it was excluding Automotive Structures in 2009 fourth quarter with first quarter 117 million, we have a negative development of 18 million in the quarter. This is entirely due to a lower performance by the Building Systems as Svein Richard said. Building Systems is atypical in our system because it is as the seasonality means that it normally improves the results over the year while as I just said the rest of the business would typically have the strongest performance early in the year.
We see however a 10% volume increase on the extrusion part, and we expect this market to remain, positive, strong and probably improve throughout the second quarter above normal seasonality.
Finally, if you look at Energy, I think it's fair to say that we have taken a good advantage of high energy prices, high power prices in the Nordic region in the quarter. We have had 45% higher production in the first quarter compared to the fourth quarter and also 12% higher production than in Q1 2009. So, we have had very high production and then the prices have been significantly higher as levels. We have all the assets in operation and thereby we have created an EBIT that is two times the level that we saw in fourth quarter. And then we are posting quite clear, should I say warnings or guidance for second quarter and for the remaining of the year. We are actually saying a low power production for the rest of the year. This is obviously based on the low reservoir situation in the Norwegian water reservoirs and in our system. And we should expect low production for several quarters to see more normalized reservoir levels.
Then I will wrap it up with a couple of slides on the financial side. As you remember last year, we released 5.8 billion Norwegian kroner from operating capital and that was instrumental in managing our cash flow last year. This year, we also have this first quarter positive cash flow with 186 million, so it's significantly lower, but we have a buildup of operating capital of 1.6 billion Norwegian kroner. This is mainly due to increased accounts receivables and that is based on both higher prices, but not at least higher sales volumes and is a natural part of how this will develop when markets are moving the way they are.
On the other hand, we are happy to see that we also manage this quarter to take inventory on the ton level down further and are fairly close to minimal inventory levels the way we see it. Qatalum investment, 1.1 billion equity. We will also see that kind of numbers, maybe a little bit lower for next quarter and also see some investments charges also for the remaining of the year on Qatalum. If you then look at the financial position, we were still at March 31 this year cash positive with 0.5 billion Norwegian kroner. So, we are getting very close to cash neutral on the balance sheet, and then we are actually used to showing just the net interest-bearing debt where we are adding our share of debt in the companies that we own less than 50% where we also add what we feel is the net pension liability based on the calculation that we do yearly, and there are also some other adjustments that we make and there you see an increase in this number from 15.5 billion to 16.9 billion Norwegian kroner in net interest-bearing debt adjusted, which is similar to the net cash – net operating capital development in the quarter. Svein Richard?
Svein Richard Brandtzaeg
Thank you, Jorgen. We have a delivered a strong improvement in the bottom line performance since last quarter, but we will still continue to keep the focus on the price and the performance. Our $100 program as mentioned and it's an important part of that in repositioning and Qatalum at full speed in the fourth quarter will add to the picture where Hydro will come down the curve. Important for us is to continue the financial flexibility, so we have firm cost control in the coming quarters, and finally it is important also to position Hydro as a leading supplier of value-added products in the market and capture the market opportunities that may arise.
Thank you all much.
Stefan Solberg
Thank you Svein Richard and let's open up for questions.
Question-and-Answer Session
(Operator instructions) And we have our first question from Mr. Pascal Salewyn from Exane. Please go ahead, sir.
Pascal Salewyn – Exane
Yes, good afternoon everyone. Could you please comment on a visual of marginal costs in industry? I think that on your slide, you're commenting on a cash cost for Q1 that would stand now at $1,800 per ton, so I guess marginal cost now clearly has been much higher than that. So, could you comment on this please?
Jorgen Rostrup
Pascal, it was a little bit hard, there was some noise on the line. Could you repeat, I am sorry; could you repeat your question?
Pascal Salewyn – Exane
Yes, so your cash cost for Q1 is $1,800 per ton. And I was just asking what is your estimate for the marginal running cost at the moment in the industry and what it could be – what could it be at the end of the this year, please?
Jorgen Rostrup
Let me start to address the issue and then Svein Richard and others might add to that, but as we have talked about earlier, the cash cost for the industry as well for the different players are a very, it is a number that is sensitive to several factors, and therefore it is not a static picture as you know. If you assume that we are on between 22 million tons and 24 million tons of demand right now, there is a cash cost situation probably in the range of $2,000 or even slightly higher, but we very much would like to warn on being too fixed on this number. And as you know, at the end of the cost curve, it's normally fairly steep straight upward. So, here it looks like at least technically like the smelters are stacked on top of each other at the end of the cost curve. So, what we are saying is that we see a cost picture in the range of $1,800 and that is kind of at the same level as we saw it in 2009 with a very important comment that Svein Richard gave that when LME is improving, then also we will see a higher cash cost simply due to the fact that alumina is increasing in costs.
Our main objective is obviously to bring down this cash cost on the elements that we can control and hence we have developed the $100 cost program as a measure to mitigate all these other factors.
Pascal Salewyn – Exane
Yes, thank you. And just a last question on your production capacity management, I think that on your release, you were mentioning potential definitive closures of some smelters. Could you just comment on what could basically push you to finally take the decision to close some idle capacity?
Svein Richard Brandtzaeg
With regard to the smelting capacity, we have curtailed capacity during the crisis year 2009. The sort of value line that was stopped early during the last year will not be restarted, but the rest of the capacity is available for restarting in principal. But in the market situation as we see now going forward even with the high, relatively high LMEs, we don't plan for restarting. There is overcapacity in the western world and there is also huge inventory. So, we would like to see more stable situation before we restarting capacity.
With regard to the Rheinwerk specifically, there is process ongoing that we are awaiting in Germany. Berlin is working with a CO2 compensation scheme for the energy-intensive industry in Germany. That has to be approved in Brussels. This process has not been finalized, and we are evaluating still the future of Rheinwerk. No decision has been taken yet. But of course, with the freight condition in Germany, it's very hard to continue operation long-term with energy price that we are seeing in this environment.
Pascal Salewyn – Exane
Thank you very much.
We have our next question from Mr. Tony Rizzuto from Dahlman Rose. Please go ahead, sir.
Tony Rizzuto – Dahlman Rose
Thank you very much. Hi gentlemen. I've got several questions. My first question is, with regard to your aluminum costs, what are your thoughts on alumina? Are you seeing pressure by the major producers to delink the raw material from the metal? And I'd be interested in any comments. I have a couple more questions, too.
Svein Richard Brandtzaeg
Okay. I may start with the first one. Of course, this is an issue we are focusing on. It has been an issue for a while and so far, we feel we have good short-term and mid-term situation that of course this is something we are going to follow up in the coming quarters.
Tony Rizzuto – Dahlman Rose
Just to refresh my memory, what is your current position on alumina right now? You are pretty much, you are a net buyer on balance, is that correct?
Jorgen Rostrup
Yes, that's correct. We have 60% – 60% to 65% equity position when it comes to alumina and then we have a coverage of mostly long-term contracts for the remaining. We are slightly less covered on the bauxite side, but also there we have done a fairly good longer-term contract coverage for the remaining part. So, we don't feel in any near horizon, any stress here at all, but obviously in order to develop the business coming from an upstream-oriented business, first quarter, our smelter capacity is what we are looking for, and there we have Qatalum 1, and then also you know, we would be oriented towards looking for opportunities to develop our bauxite and alumina business, but for the next actually, I think it's fair to say as long as 20 years, you have a sufficient coverage the way we are running and developing our business right now.
Tony Rizzuto – Dahlman Rose
All right, thank you. And the other question – the other two questions are really related and have to do with your Rolled Products segment. In your outlook, you referred to margin pressure and I'm wondering where you're seeing it most and is this somehow related to the Chinese? We're noticing from a US standpoint that exports are increasing of semis over here. Are you seeing more of that semi-finished product coming out of China and impacting your markets?
Svein Richard Brandtzaeg
With regard to Rolled Products, I would just comment in general that this has been an industry that for quite some years has not been able to deliver sufficient return above cost of capital. So, in general, there is always pressure on margins, but when you look at the first quarter results, we have been able to make improvements in margins in Rolled Products, partly due to the fact that there is an improvement in the market, but also with the internal efforts to reduce the cost. So, with regard to the situation forward, it depends very much on the market development of course. So, far it looks promising, but again this is an industry that has been struggling with the effects of water supply. With improved market, it will be a better balance and also I assume that our situation with regard to margins.
Tony Rizzuto – Dahlman Rose
The bev can market in Europe, has it experienced the same ending of the price caps that we're seeing in North America or is this more unique to this continent?
Svein Richard Brandtzaeg
In Europe, there has been very limited competition with Chinese producer of semi-fabricated products in general. The lead time is one issue of course. The cost of, in a way, the logistical issue is another way. But of course, we are monitoring this constantly and we see the North American market is more exposed.
Tony Rizzuto – Dahlman Rose
Thank you very much gentlemen.
Now, we have a question from Markus Almerud from Morgan Stanley. Please go ahead, sir.
Markus Almerud – Morgan Stanley
Yes, hello. Could you just help me to understand a little bit on what's included exactly in the alumina commercial businesses and the raw materials? Alunorte is part of that EBIT, but that's 47 million. What does the rest – what is the rest? And also in the slides where you have underlying EBITDA, is it the Alunorte part of that as well?
Jorgen Rostrup
Yes, Markus, thanks. It's a good question and I will address it. First of all, Alunorte numbers, yes, they are included, not with EBIT number itself, because it is included with the results of the taxes of financials. So, that is taken into the Hydro's EBIT numbers. In the commercial area in alumina, it is responsible for in-sourcing and outsourcing marketing of alumina in our business. So, they have both the external contracts, sourcing contracts. They have the alumina that we have on contract from Alunorte. And they turn around and they market this on contracts and also short-term towards our smelters internally in Hydro and also to external customers.
Markus Almerud – Morgan Stanley
So, how does it work? So, the profit you make there, is it a mixture of trading businesses and a margin that you have over the long-term business and then you sell it to these smelting businesses for market price?
Jorgen Rostrup
Yes, Markus, that is market.
Markus Almerud – Morgan Stanley
Okay, thank you.
(Operator instructions) And now we have a question from Tom Jandal from Carnegie. Please go ahead.
Tom Jandal – Carnegie
Hi, I just want to touch upon the downstream business which seemed to go very well in Q1. And I was thinking about getting such high margins so early in the cycle, given that the business activities is still quite poor. Is it the sustainable costs which are doing most of the work here, or is it more temporary volume effects due to the destocking?
Svein Richard Brandtzaeg
With regard to the effects we see especially in the Rolled Products, it is a result of the efforts we did during the crisis year last year, and of course, we have a strong focus to keep down the cost and not let the cost go away with increasing volumes. So, again we have several good examples with that as being, the underlying performance improving the net margins in the Rolled Products. In Extrusion, the situation is a bit different, but also there, we have flexibility on volumes. So, there will also be volumes affected, but to a lesser extent than what we have seen in Rolled Products. So, all in all, the margins have increased in Rolled Products, and we are keeping fair margins in Extrusion.
Tom Jandal – Carnegie
Thanks. If I can just follow-up on that, you just mentioned that the returns in the Rolled Products business haven't been really sufficient over the past cycle. So, if you would just be comparing with say, a previous cycle which had been quite poor, and that's one of the reasons that you could defend a higher margin in rest of the cycle? That's more to the Rolled Products business. And also when it comes to Extrusion, there has been some consolidation among the two largest competitors over the past years, and is that also building for a better margin picture in the industry and for you particularly going forward?
Svein Richard Brandtzaeg
Yes. With regard to the general comment on the Rolled Products market, there has been, I think an effort among all the players to include operational performance. The profitability of the Rolled Products business in general hasn't been good enough. If you get the report from older players, and I think that is now improving, but still there is some way to go before we are happy with the margins. So, we are continuing our efforts in strengthening that part of the business.
With regard to the Extrusion part, you are absolutely right. There has been an effect as a result of the consolidation in the industry. We have been through also some restructuring in our own Extrusion business, taking out capacity in UK and some other places, which means that the capacity utilization always is better in Hydro, but also the supply demand balance is also better in general in the Extrusion business and it seems that the margins in general has improved due to this industrial development in our markets.
Tom Jandal – Carnegie
Okay, thank you very much.
We will take our next question from Mr. Jonathan Schroeder [ph] from UniCredit. Please go ahead.
Jonathan Schroeder – UniCredit
Yes, hello. I have two questions. The first question is you say in your report for the first quarter that investments in Qatalum were around 1.1 billion kroner for the quarter, which comes to around $183 million. I understood that the investments were going to be about $200 for the first two quarters. And you also said in that report that you expect a little bit less in the coming quarter. Has your timing or guidance for the volume of that investment changed? And the second question is what – you have basically increased your guidance for volumes for the coming year to 12% from what was around 8% previously. What exactly has driven your confidence to make this move at this point? And how confident are you that you can realize that and that this is not basically driven by short-term inventory effects? Thanks.
Jorgen Rostrup
Okay, Jonathan, let me try to address the first question that you had, and you might help me out a little bit on the kind of detailing about the question, but then Svein Richard will try to address your second. I think the guidance and spending in the Qatalum this quarter is more or less in line with our expectations. Of course, when we are guiding on this in third and fourth quarter, there might always be a slight variation in how we conduct the final investment, the final program and also when we pay for it and we are actually injecting equity in the company, but as far as I am concerned, we are more or less in line with our expectations. So, I am sorry, if we have kind of created any misunderstanding there.
What we have in addition to the program that we have focused on and this we have also talked about is some injection due to working capital that comes throughout the year. So, that is the only thing as far as I know, that is an addition to it. And as we are reporting this quarter, the program is still according to plan. So, production is gradually ramping up the way we thought it would do and we should still be on full production during fourth quarter.
Svein Richard Brandtzaeg
With regard to the volumes, you are right, we are guiding towards 12% improvement, and of course, this is a combination of underlying demand and restocking among our customers. We have seen that the stocks went substantially down during last year and working releasing as Hydro also did and now to be operative in a better market situation, there is restocking obviously in the market, but again it is from the firm order situation we have going forward and the situation where we see that there is quite a good reason to believe that there will be 12% improvement in 2010.
Jonathan Schroeder – UniCredit
Okay, good. Thank you very much.
(Operator instructions) There are no further questions. I would like to turn the call back over to you gentlemen for any additional or closing remarks.
Svein Richard Brandtzaeg
Thank you everyone for joining us on this call and for all the good questions. We look forward to continuing the dialog with you and hopefully you will join us again on July 27th for our second quarter results. So, thank you very much and have a nice afternoon and evening. Thank you.
Thank you. That will conclude today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.
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text:
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Spiderman Pink Spidey Women's T-Shirt
Made from 100% cotton and jolly rays of sunshine and happiness is the Spiderman Pink Spidey Women's T-Shirt! Oh, how you ladies love Peter Parker! He is a bit of a hopeless romantic, isn't he? He had to give up his perfect marriage to Mary Jane in order to save lives. You know it is bad when a demon is jealous of your love and goes way out of his way to make your life miserable! I think part of that stipend was this Spiderman Pink Spidey Women's T-Shirt though. He can remember his endearing marriage to Mary Jane with this decidedly pink t-shirt. It has Spidey's symbol and an image of him hunched over! He's probably writing you a love letter.
More Details:
- - Rating: 4.7 out of 5 based on 3 reviews.
- - Color: Pink
- - Sleeve Type: Short sleeve
- - Licensor: Marvel
- - Style Attributes: Premium, Image
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I bought this for my wife who wanted to wear something pink to the hospital she volunteers at for breast cancer awareness. They run quite small so be very aware of that. My wife is a size "medium" but that one was returned because it was like a child's small to medium. We settled on an XL and it fits her well. The kids at the hospital all liked the shirt very much and my wife was very pleased with the it all. 4 stars.
Perfedct! No problems, great materiel, I've worn it a million times, washed it just the same and still has the picture and everything!!!!! :)
It's a great image, and I love that it's on a pink background

subset: commoncrawl


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Written on: 29/07/2007 by Harriet Klausner (18660 reviews written)
An Ice Cold Grave
Charlaine Harris
Berkley, Oct 2007, $23.95
The residents of Doraville, North Carolina fear the worst as the number of runaway boys seems improbable. The townsfolk believe a serial killer is living amidst them murdering their male offspring. Against the opinion of Sheriff Sandra Rockwell, psychic detective Harper Connelly and her manager stepbrother Tolliver Lang come to the town to find the missing boys. To the horror of both women and Tolliver, Harper… Read Full Review
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Big sixth inning propels CCHS to semis
By: CORWIN MURRAY
The third time was the charm for the Central Catholic Eagles Saturday in Amelia.
Sophomore pitcher Bryson Barbier tossed a five-hitter as CCHS stunned second-seeded Vermilion Catholic, 8-3, in the Class 1A quarterfinals to advance to the state semifinals at Louisiana Tech in Ruston this weekend. It's the first time since CCHS coach Tyler Jensen's senior year of high school in 2005, when CCHS won its last state title, that the squad has made it to Class 1A's final four.
The Eagles will face the winner of No. 14 Opelousas Catholic and No. 11 Metairie Park Country Day, who are scheduled to play today.
VC's Ryan David singled in the first inning and clean-up hitter Aaron David launched a two-out, two-run home run to left center field to give the visiting Eagles an early 2-0 lead.
"I was a little shaky in the beginning," Barbier said. "But I knew that if I threw strikes then my team would have my back. It has been that way all season, so I settled down and pitched my game."
In a complete game effort, Barbier surrendered three earned runs on six hits. He walked two, hit three batters and struck out two.
CCHS (19-10) answered VC's run with one of their own in the bottom of the frame when Josh Singleton reached second on one of four VC errors. Austin Autin followed with a bunt that VC (27-7) booted to give CCHS runners at the corners. Luke Landry then reached on a fielder's choice scoring Singleton to close at 2-1 after one inning of play.
VC's Ryan Domingue and CCHS' Barbier kept both team's offenses off balance for the next couple innings.
Central Catholic, the No. 10 seed, tied the game in the bottom of the fifth inning when designated hitter Barron Courtney smashed a curve ball over the left field fence to tie the game at 2.
After Landry and Dominick Guarisco reached base to give Eagles runners at first and third with two outs, Vermilion Catholic brought in staff ace Mark LaPorte. The all-state pitcher got out of the inning with one pitch.
Domingue went 42/3 innings and surrendered one earned run on five hits. He also struck out three.
CCHS was waiting on LaPorte in the sixth inning, however, as the home squad sent 10 players to the plate and scored six runs on seven hits to blow the game open, 8-2.
"I told the guys that they had beat us twice in district play and that didn't mean anything," Jensen said. "I used the LSU-Alabama football analogy to make them believe. I knew that if we kept putting pressure on them then we would break through."
Despite LaPorte's bad outing, Vermilion Catholic's coaches wouldn't change a thing.
"Ninety-nine times out of 100, LaPorte is going to get through two innings clean," VC head coach Danny McMurtry said. "Unfortunately this one time they were able to push the ball through."
VC (27-7) scored a run on a wild play in the seventh inning, which ended with a run down and a tag out.
"I didn't get rattled when they got some base runners in the final inning," Barbier said. "I just took it one pitch at a time."
Prior to Saturday's win, Vermilion Catholic had beaten Central Catholic five times in a row, including a 2-0 victory in Amelia and a 9-2 victory in Abbeville during District 8-1A play this year.
"We are not the same team," Jensen said. "We kept getting better as the year went on. There may be teams with better individual talent, but we are a better team, and we believe in each other."
Every CCHS starter recorded at least one hit in Saturday's victory.
Courtney led the squad with a 2-for-4 performance with a home run, two RBIs and a run, while Eriq Blanchard and Nick Case each finished 2-for-4 with two RBIs, with Case adding a double. Autin and Barbier each had a hit, while Singleton, Landry, Guarisco and Ridge Rousseau each finished 1-for-4, with Landry and Guarisco each adding an RBI.
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Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Paterno Public Viewing Comes to an End
UNIVERSITY PARK - The two days of public viewing for Joe Paterno has come to an end as Paterno's family prepares for his funeral today. An estimated 27,000 people stood in line at the Pasquerilla Spiritual Center at Penn State for a chance to pay their respects to the legendary coach. One-by-one, each walked past Paterno's casket and stopped to mourn the coach. The family funeral is private this afternoon, to be followed by a procession through campus this afternoon and the coach's burial later today.


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Pre-retirement event set for school personnel
All Webster County and surrounding area school employees are welcome to attend a pre-retirement planning workshop from 4:30 to 7 p.m. Dec. 3 at Tea Thyme, 2021 Sixth Ave. S. The workshop will be presented by the Webster County Retired School Personnel Association, IRSPA, AARP Iowa and IPERS.
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For 30 years couples have been choosing Romantic RiverSong Inn as their hideaway in the Colorado Rockies. The inn is secluded on 27 wooded acres with towering Blue Spruces and Ponderosa pines, quiet ponds, hiking trails and tree swings. With only ten guest rooms, the inn has achieved a marvelous balance with its luxurious rooms (radiant heated floors, jetted tubs for two by a crackling fire) and nature. These lovely rooms are merely background to the mountain melodies of songbirds and a rushing mountain stream. Mountain mornings start in the inn dining room by the warm fire, a cup of coffee and just out of the oven lemon blueberry muffins. A delicious full country breakfast follows to provide the energy for hiking in near-by Rocky Mountain National Park. You can actually see the Continental Divide from the large great room windows of the inn. Our winter guests enjoy the Park's quiet while hiking those same trails on snowshoes. The inn is open year round. So come visit this Estes Park, Colorado bed and breakfast where hospitality is this inn's 'Grand Award'.
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Tokai Rika to Pay $17.7 Million Fine for Price Fixing
Tokai Rika Co. (6995) will plead guilty to criminal charges and pay a $17.7 million fine for conspiring to fix prices of heater control panels installed in cars sold in the U.S. and elsewhere, the U.S. Justice Department said.
Tokai Rika, based in Nagoya, Japan, in a filing today in federal court in Detroit, was charged with one count of conspiracy to restrain trade and one count of obstruction of justice. Heater control panels are located in the center console of an automobile and regulate the temperature of the interior environment of a vehicle.
"They knew their actions would harm American consumers, and attempted to cover it up when caught. The division will continue to hold accountable companies who engage in anticompetitive conduct and who obstruct law enforcement," Scott D. Hammond, the head of criminal enforcement in the department's antitrust division, said in an e-mailed statement.
Tokai Rika is among nine companies that have pleaded guilty or agreed to plead guilty in the Obama administration's ongoing investigation into price fixing and bid rigging in the auto parts industry, according to the department. Eleven executives have also pleaded guilty and received prison sentences of one to two years. More than $790 million in fines have been imposed, according to the department.
A person who answered the phone at the company's Plymouth, Michigan, office said Tokai Rika will post a statement on the case on its website later today. She said she was instructed to not give her name.
Toyota Sales
Tokai Rika engaged in a conspiracy by agreeing during meetings and conversations to rig bids and fix prices for heater control panels sold to Toyota in the U.S. and elsewhere, on a model-by-model basis, according to the court filing. Tokai Rika and its co-conspirators carried out the scheme from at least as early as September 2003 until at least February 2010, according to the filing.
"The conspirators used code names and chose meeting places and times to avoid detection," Hammond said.
The case is U.S. v. Tokai Rika Co., 12-cr-20711, U.S. District Court, Eastern District of Michigan (Detroit).
To contact the reporters on this story: Tom Schoenberg in Washington at firstname.lastname@example.com
To contact the editor responsible for this story: Michael Hytha at firstname.lastname@example.com.


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Fun Park Damaged by Sandy Will Close
A Sea Isle City amusement park that was severely damaged by Superstorm Sandy has been shut down by its owner.
A Sea Isle City amusement park that was severely damaged by Superstorm Sandy has been shut down by its owner.
As brick and mortar repairs continue after Superstorm Sandy so too does the emotional recovery of those impacted.
New Jersey is giving applicants deemed ineligible for grants to help rebuild their homes after Superstorm Sandy another chance to appeal.
Housing and infrastructure will be the joint focus of the next round of Sandy relief money allocated to New Jersey.
Superstorm Sandy continues to take an emotional toll on Garden State residents well after its first anniversary.
Speaker John Boehner (R-Ohio) says the House won't take up legislation aimed at neutering a 2012 overhaul of the federal flood insurance program.
Gov. Chris Christie hugged a woman who lost her home before he spoke to Superstorm Sandy victims.
A federal audit of Sandy aid money used to produce "Stronger than the Storm" TV commercials was described as "routine and standard" by Gov. Christie's office Monday. The Democratic congressman who sought the audit says otherwise.
Nearly 15 months since Superstorm Sandy made landfall in New Jersey, and a year since Congress approved a multibillion dollar aid package, a number of Garden-Staters still have no real place to call home.
Coastal experts and town officials along the Jersey Shore do not expect major beach erosion to follow Thursday's nor'easter.
the Stronger New Jersey Business Grant program has been there to help provide a necessary cushion to those in need. The deadline to apply for one of them is today.
JCP&L customers should no longer experience protracted power outages similar to that which proceeded Superstorm Sandy.


text:
iHerb Customer Reviews
Savings of: $0.04 (1% off)
Crystal Body Deodorant, Travel Stick, Deodorant, 1.5 oz 40 g (CBD-00225)
Posted by 5509860160192437895 on Jan 27, 2013
компактный, удобный...
Posted by afrohair on Mar 25, 2014
Efectivo, duradero, me aguanta durante todo el día, de momento no me ha abandonado (mi trabajo es movidito). No huele a nada ni mancha la ropa. Su tamaño es perfecto para llevar de viaje o en el bolso.Repetiré en cuanto se me acabe (cunde mucho)
Great natural alternative
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I love how nice this deodorant feels. It dries quickly and is clear and odorless. First I was bit confused on how this product works because it is absolutely clear and has no scent. But it does very well. Using it every day now and prefer the natural ingredients to the harsh alternatives for daily use.
Great product
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Very good quality product at small price. Will definately buy again.
Esse daqui é meu querido - This here is my dear
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Excelente desodorante, um dos únicos recomendado pelo instituto anti câncer. Benefícios: não mancha a roupa, é incolor, não tem cheiro, não tem risco de câncer e o melhor, dura mais de um ano (muito econômico)!!!Recomendadíssimo!!! Excellent deodorant, recommended by one of the only anti cancer institute. Benefits: does not stain clothes, is colorless, no smell, no cancer risk and better, lasts longer than a year (very economical)!! Recommend too!!
crystal deo travel stick
Posted by Reviewer2732504 on Aug 04, 2008
its so cool I went to camp this past month and with it being so little it was easy to pack in my makeup bag. great item to keep handy
Good for travel
Posted by MOV181 on Jul 05, 2012
Handy package for trips
Cool deodorant
Posted by Reviewer2480392 on Aug 13, 2012
The main thing - the right to apply. You must either clean water to wet armpits, and then led him to this crystal, or a slightly wet deodorant under the trickle of water and apply (this is the way I like). Use not only the top of the deodorant, but also the side. The smell of sweat removes the morning. In the evening no unnecessary odors. Sweat does not eliminate - just from the smell!
I was skeptical but...
Posted by Reviewer2888395 on Nov 01, 2007
I bought this to try it out and yes it absolutely works, you must apply to clean skin with some water. I will definitely be using this product for deodorant from now on.
So far, so good
Posted by Reviewer1668689 on May 08, 2011
the only downside of this product that i can think of is the applying: you need to apply it to your wet armpit like for 1 min., it's not that quick "one-movement-applyment" as with other deodorants you can buy out there... but! the best thing about it is it REALLY prevents you from smelling


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A discussion about Mayday Parade's past, present, and future. Read More »
Home / Tag Archives: Mayday Parade
Music Review: Mayday Parade – Valdosta EP
Two brand new songs and four reworkings of older ones, all done acoustically. Read More »
Interview: Sam Pinkerton – An Emerging Singer-Songwriter
Acquaint yourself with this talented young musician - you're bound to hear more from her. Read More »
Music Review: Mayday Parade – Anywhere But Here
Will Mayday Parade's sophomore release be the same without main songwriter Jason Lancaster? Read More »
Reviews in Brief: The Academy Is – Lost in Pacific Time (AP/EP)
The Academy Is provides fans with a treat in the form of five new excellent songs. Read More »


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One day I realized Ted, my owner, was moving things out of our house one piece at a time. Slowly, things were put into boxes and taken away. Two people, who I did not know, came to our house one morning and looked at our big refrigerator. The next thing I knew, Ted was helping them carry the refrigerator out of the house. After the people left, Ted moved the small refrigerator that was upstairs down to the kitchen and placed it in the spot where the big one once sat.
Just when all of this moving was going on, Pat came into my life. Ted introduced us and told her my name was Solomon. My usual response to the girls that Ted brought home was to bite them on the ankle, just to let them know not to get too friendly with me. But Pat was different ─ she made me feel good. I liked her.
One evening Ted and Pat came in the house, each carrying a cat. When they put the cats on the floor, I immediately hissed at them. I was not happy with the idea of strange cats being in my territory. When Pat introduced me to Tiger and Precious, they sat still while looking at me. They didn't even try to fight with me. I was confused.


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Rated 4.8 out of 5 by 8 reviewers.
Rated 5 out of 5 by 9jababe I love the packaging, the quality and the freshness. Would definitely buy again. 16 October 2016
Rated 5 out of 5 by Bud7 brilliant quality I always make sure that I have some cajun spice in my cupboard it is so versatile. This size packet from holland and barrett is excellent value . 28 March 2016
Rated 5 out of 5 by flickeringfairylights Good Value Much better value than the little supermarket jars. 20 December 2015
Rated 5 out of 5 by DurBill No Problem! Its hard to find a good Cajun Spice mix but this is it! A Vital Ingredient no less. 06 November 2015
Rated 5 out of 5 by rumisgreat Cajun spice makes all things nice. This is great on chicken or salmon or a marinade on the BBQ and find it much tastier than supermarket bought alternatives. 20 June 2015
Rated 4 out of 5 by helene upgrade I have been upgrading all my spices and this is one of them.. I made some of this from scratch years ago in Canada.. it is so much cheaper to buy a quality brand especially if you do not use a lot.. cheers.. hmac.. 18 November 2013
Rated 5 out of 5 by frenchmaid Very Good I have always used Julian Graves spices and was upset when they closed down. So relieved that you still sell them at Holland and Barrett. 21 February 2013
Rated 4 out of 5 by laura90 very nice on chicken, give a good flavor and a bit on a kick to plain chicken portions 14 February 2013
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While editorials such as that presented in last week's Campus Times are opinions, as professional journalists I would have hoped you would have examined some of the facts before launching into your commentary on Leo Park.
Tag Archives | paul alvarez
University makes way for Leo Park
The University of La Verne plans to use what was formerly the site of the Education Management Building at the corner of D Street and Arrow Highway as a recreation space for students.
Smith and Alvarez analyze sports culture
Head softball coach Julie Smith and Paul Alvarez, director of the Athletic Training Education Program, spoke at the International Studies Institute's Hot Spots lecture Thursday about the affect of politics upon international sports.
University community looks ahead for an 'incandescent moment'
The University celebrated its 122nd convocation in the Sports Science and Athletics Pavilion on Aug. 29.
Faculty, staff honored for service
On May 10 members of the University community gathered in Sports Science and Athletic Pavilion for the annual Faculty and Staff Recognition Ceremony.
Professor travels west to educate
Brian Clocksin is the new chairman of the movement and sports science department at the University of La Verne.
Class takes close look at sports films
For three semesters Paul Alvarez, professor of movement and sports science, has been showcasing sports films for the students of La Verne in his class American Values in Sports Films.
Letters to the Editor
Letters to the editor for the week of March 2, 2012.
Sports complex faces rough road: Timing of construction projects puts the squeeze on athletes, MSS program
The University of La Verne plans to build new athletics facilities on its Campus West property, located south of Arrow Highway and west of Wheeler Avenue, no later than Dec. 31, 2013.
Letters to the Editor
Letters to the editor for the week of Nov. 19, 2010.


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Tradução Inglês-Português para "to wait"
"to wait" - tradução em português
to wait {verbo}
to wait [waited|waited] {v.} (também: to expect, to await, to wait for, to abide)
The European Union can wait. That will not be a problem for the European Union.
There are institutional reforms that cannot wait, enlargement or no enlargement.
We cannot wait for the new maritime code or turn a blind eye on this situation.
It simply is not the case that we wait for the result and then take the decision.
Why did we need to wait for all this to happen in order to introduce rules?
to wait [waited|waited] {v.} (também: to wait for, to expect, to abide, to hold on)
After being locked out, you must wait 15 minutes before trying to sign in again.
At the moment, we have to wait for the various Member States to send in their lists.
I think we must therefore wait for the results of the meetings of 30 October.
Otherwise we must wait for the Council to make a proposal to Parliament in due course.
Therefore, we still need to wait for the Commission's specific proposals.
wait {substantivo}
We are all very sorry that we have to wait for this agreement to come into force.
Will we have to wait for something serious to happen first before Europe wakes up?
And this was seen by a director in L.A. named James Frost who said, "Wait a minute.
It was time for me to go to Cleveland and to start the agonizing wait for a match.
He said, "Wait here. We'll be back; we won't be very long," and they went and left her.
Sinônimos (inglês) para "wait":
Traduções similares
Traduções similares para "to wait" em português
Exemplos de uso
Exemplos de uso para "to wait" em português
I only prepared 15. (Laughter) So if it's cool, I'd like to just wait for three.
"We wanted to wait until the technologies were mature enough," says Davidson.
Finally, we are still waiting for the reforms to the disastrous agricultural policy.
We must wait for the authorities of the developing countries to make the same effort.
Moreover, we are still waiting for a long-term vision for this programme.
A delay would be more costly than when you waited to evacuate the cities.
We are at the end of 2005, two more Presidencies have gone by and we are still waiting.
I believe that the current resolution is too vague, too 'wait and see ', too cautious.
I believe that the current resolution is too vague, too 'wait and see', too cautious.
Here again, I can hardly wait to see how your group will vote on our present application.
We need to remedy this situation now and not wait until the year 2000.
It is inhuman to make people wait more than five years in uncertainty.
And this is the difficulty, because the producers cannot wait that long.
14 million women across the EU are waiting for someone to take their suffering seriously.
You say there are too many risks and uncertainties, and you want to " wait and see '.
You say there are too many risks and uncertainties, and you want to "wait and see' .
There are other darker forces waiting in the wings of this conflict.
We talk about problems of inequality, waiting lists, and backward science and technology.
However, it is not enough to cross our fingers and wait for the outcome.
The decline of our coastal zones is often a result of this reprehensible wait-and-see policy.
Resultados no fórum
Tradução "to wait" - resultados no fórum
Sugerir uma nova tradução Inglês-Português
Existem palavras que são traduzidas de forma diferente dependendo se o idioma é português do Brasil ou português de Portugal? Ou talvez inglês americano ou inglês britânico? Se você sabe algumas traduções pode adicioná-las ao dicionário nos campos abaixo.
Sugestões de palavras mais recentes dos usuários: Presidente da Assembleia, Presidente da Assembleia, equitativamente, Percepção extrassensorial, pós-verdade
Palavras similares
wagtail · waif · wail · wailing · wainscoting · waist · waist-high · waistband · waistcoat · waistline · wait · waiter · waiting · waitress · waiver · wake · wakeboard · wakeful · wakefulness · waking · wale
Mais traduções no dicionário Português-Espanhol bab.la.


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P2P is proud to showcase employers in our region who have signed on to the Windsor Essex Living Wage campaign.
A living wage reflects what earners in a family need to bring home, based on the actual cost of living in a specific community, to live with dignity and participate as active citizens in our society.
It reflects the notion that every individual has the right to enjoy good health, recreation, culture and entertainment, to raise children, and to fully partake in social and civic activities, as opposed to minimally "surviving" in basic physiological terms.
Essentially, a living wage covers the basic living expenses that every human being is entitled to incur and allows earners to have a satisfactory quality of life.
A living wage allows individuals to:
- feed, clothe and provide shelter for their family;
- promote healthy child development;
- participate in activities that are an ordinary part of life in the community; and
- avoid the chronic stress of living in poverty.
In Windsor-Essex, 8.6% (17,580) of the working population are considered the working poor — families who are playing by the rules by working and contributing to the productivity and prosperity of our community — yet struggle day to day to meet their basic needs.
The working poor in Windsor-Essex primarily work in the sales and service industry. They are only slightly less educated than the working non-poor.
A living wage framework invites employers to re-examine compensation through the lens of what it actually costs to live and raise children here in Windsor-Essex, as opposed to accepting industry norms at face value.
Paying decent wages and treating employees properly makes better business sense and leads to higher profits.
Paying a living wage increases employee productivity, morale, and loyalty
When employees struggle financially, they will often take on several jobs in order to make ends meet.
This additional work strain often reduces worker productivity. Reducing work strain by compensating employees with a living wage can bolster worker loyalty and creativity, and improve workplace morale.
Paying a living wage increases employee retention
Employees paid less than the living wage will be constantly looking for another job with higher wages. The cost of replacing employees is significant in terms of administration and training, and could impose a much higher cost on employers than paying a living wage.
Paying a living wage reduces absenteeism and medical costs
Paying a living wage decreases employee stress, which is the most significant cause of employees being sick. 56% of employees stated that work-related stress was the top health concern.
This concern presents an opportunity for organizations to make a large impact on employee health with associated bottom line outcomes.
Stressed employees are more likely to:
- Spend more on prescription medications
- Elevate absence costs by up to 19%
- Elevate disability costs by up to 30%
- Elevate turnover costs by up to 40%
Paying a living wage increases positive brand association
70% of employers involved in the London, England Living Wage Program felt that being publicly recognized as paying a living wage had increased consumer awareness of their organization's commitment to being an ethical employer.
Most people want to work for a company whose values are consistent with their own.
The majority of young people believe in the power of responsible business practice to improve profitability.
Corporate responsibility is a key factor in attracting and retaining a talented and diverse workforce and reduces the cost associated with employee recruitment due to turnover.
Municipal governments should care about a living wage because they end up paying a large price for low wages. Families earning low wages have less money available for spending and circulating in the local economy, and parents (forced to take on more hours or a second job to make ends meet) have less time to spend with their children. Municipal governments and school boards consequently end up filling the gaps by paying for additional services and policing costs.
Improving the overall economy with greater consumer purchasing power
Raising wages is good for business and the overall economy. Why? Because when lower-income workers have more money to spend, they spend it — almost entirely in the local community — on basic necessities like housing, food, clothing and transportation. When consumer demand grows, businesses thrive, earn more profits, and create more jobs. Economists call this the "multiplier effect".
Place Order
Become a Living Wage Employer
To be considered a living wage Employer means that all employees (full-time, part-time and casual) must be paid the current living wage rate within Windsor-Essex. If you pay non-mandatory benefits to your employees, the living wage hourly rate will be reduced to take account of this. Employees paid by incentive-based pay (tips) or commission can be paid less than a living wage provided their total earnings (including incentive-based pay and/or commission) equal or exceed the living wage.
Based on the National Living Wage Framework, the current living wage for Windsor Essex (valid through July 2015) is $13.10/hr. with benefits (i.e., healthcare/medical, or transportation) and $14.15/hr. without.
Additional Information
- Each employer will receive a window decal, certificate and website graphic to promote that they are a Living Wage Employer.
- This application is considered confidential, and will only be shown to living wage team members. No copies will be made or distributed.
- Any questions regarding the certification process or criteria should be directed towards Adam Vasey by telephone 519-255-6545 ext. 6953 or email firstname.lastname@example.com


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Places to Visit Near Forcalquier
121 Kms from Forcalquier
Nice is a little mix of sugar, spice and everything 'nice'. It is appropriate for everyone - right from those looking to spend a few days in the lap of luxury to shoestring backpackers looking to explore the south of France. The pebble beaches look almost heavenly, if not entirely comfortable and the nightlife is fantastic. Right from open-air markets and musical performances to a promenade right out of your dreams, Nice is the ultimate getaway.
Hotels · Getaways · Places to Visit · Reviews
129 Kms from Forcalquier
Nestled between Nice and Monte Carlo, it is a small village with both a beach and a view from the hilltop.
81 Kms from Forcalquier
Marseille, the best of French coastal city surrounded by beautiful Mediterranean Sea. I had a great Sea food that included fried fish, Clams and French wine.
85 Kms from Forcalquier
We took a little weekend trip for our birthday in October, which was outside of tourist season and so a little cooler of course than it would have been, but Cassis stays top of the list as one our favourite parts of France. Exciting food, stunning walks and a lovely atmosphere make Cassis a highlight of our French year of adventure. In sunnier times I imagine it would be even better and we could have happily spent several more days here walking, eating and sunning ourselves in Cassis.
276 Kms from Forcalquier
On a personal note, the most intriguing characteristic of this lovely place was the total (well, almost) absence of cars and the absolute dependence on the oldest mode of transport - our feet. Although a handful of electronic taxis run across this tiny, linear town in order to cater to weary travellers with an alarming amount of luggage, Zermatt is one of the most eco-friendly places on this planet. I was convinced that Mother Nature would be kind to the locals once the world incurs the worst of her wrath and she finally decides to send doomsday upon us. Zermatt would then be the capital of a post-apocalyptic earth. Apart from being environmentally conscious, the residents are also a very warm and welcoming bunch of people, so much so that when I asked a friendly young girl for directions to a pizzeria called 'Grampi's', she played an elaborate session of dumb charades with me, our facial expressions emulating all the grumpy people we had known and then personally escorted me to the lane that housed the said restaurant.I must admit that luck has favoured me when it comes to certain aspects of my life, especially travel. I have had the chance of visiting Zermatt twice and while I was swooning the first time around, the second encounter was like meeting an old friend after a very long time,with all the memories fresh and the love intact. While I stayed in a lovely two-storied Swiss chalet during the latter visit, the former was in a Best Western property which was very homely despite the fact that it belonged to a hotel chain. On both occasions, the cheese was nutty and essentially perfect, the wine was fragrant and just the right amount of fruity, the amalgamation of Swiss, French and Italian cuisines was a delight to my taste buds and the rich hot chocolate was always plentiful.Zermatt is all about relaxing to your heart's content, visiting a museum or two and conversing with fellow travellers some of whom turn out to be tiny humans nestled in prams with their golden curls, hazel eyes and toothless grins being strongly reminiscent of Cupid. It is also about going as close as one can to the mammoth known as Matterhorn, admiring its magnificence while keeping a safe distance so as to avoid disturbing its composure. I did all of these things during both my trips and then so much more. I arrived for the first time with memories of one of the most magical train journeys I had ever taken aboard the Glacier Express replete with arresting views of green valleys dotted with cows and snow covered mountains with countless boulders. I left with love but not the DDLJ-esque love that most Indians look for. I did not find a Raj for myself but at the impressionable age of fifteen, I had discovered my love for travel and the fact that this little hamlet was where I wanted to live in the future. Nine years down the line and a second rendezvous later, the resolve remains.Getting There and Around:Hop on the marvellous Glacier Express that starts from St Moritz and gets you to Zermatt in roughly eight hours, providing you the most brilliant views of the mountains and the countryside. However, you can personalize your itinerary as per your convenience, for instance, I boarded the train from a relatively lesser known Swiss city called Chur and my journey was reduced by four hours. If in case you own the boon known as a Swiss Pass, your ticket prices will be covered, but remember to validate your pass before boarding by asking a railway personnel. For more information on the Glacier express and the Swiss Pass, visit www.glacierexpress.ch and www.swiss-pass.ch respectively.Zermatt, as mentioned before, is car free and everything is walking distance, however, there are a limited number of electro-taxis to take you to your hotel/apartment and are usually arranged by the staff themselves. The box-like vehicles can be found near the train station on the Bahnhofstrasse.
293 Kms from Forcalquier
Places to Visit · Getaways · Trips · Hotels
289 Kms from Forcalquier
251 Kms from Forcalquier
I am not a huge fan of one day trips, however, you make the best of what you get. Here's how I spent my last weekend, a full day taking in the beautiful sights of Geneva. Here is a Be For Beauty special on how to spend a day in gorgeous Geneva: things to do, lots of photos, places to see and of course, travel tips that'll help you.
0 Hotels found


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Obama Says Community Colleges Are `Unsung Heroes' of U.S. Education System
President Barack Obama said community colleges are the "unsung heroes" of the U.S. education system and play a crucial role in training American workers to compete in the global economy.
The U.S. is falling behind other nations in the number of college graduates, and bolstering education is key to assuring future prosperity, Obama said today at the first White House summit on community colleges.
"We are in a global competition to lead in the growth industries of the 21st century," he said. "And that leadership depends on a well-educated, highly skilled workforce."
The summit was the second event in two days at which the administration is focusing on community colleges a source for training the U.S. workforce and increasing the nation's education levels. Yesterday Obama announced an initiative that links companies including McDonald's Corp., Gap Inc., Pacific Gas & Electric, Accenture Plc and United Technologies Corp. with community colleges to develop programs.
The effort is getting a boost with a $35 million donation from the Bill and Melinda Gates Foundation, which will fund grants to groups of the colleges in nine states that develop plans to address the needs of low-income students.
The states, Arizona, California, Florida, Georgia, Ohio, New York, North Carolina, Texas and Washington, serve the biggest populations of low-income students, according to a White House fact sheet.
'Hidden Gems'
Melinda Gates, who spoke at the White House meeting, said community colleges are "hidden gems" and are key to create opportunities for low-income and non-traditional students.
Obama has set a goal of increasing the number of community college degrees and certificates by 5 million in the next decade.
As part of legislation Obama signed in March, the U.S. set aside $2 billion for competitive grants to community colleges over the next four years to augment skills-training focused on the needs of industry. The Labor and Education departments will award the first $500 million of the money over the course of the next year.
In addition, the $814 billion economic stimulus legislation signed by Obama last year included more than $3.5 billion in community college financial aid and $1 billion for community college worker training programs.
Partisan Differences
With elections to decide control of Congress a month away, Obama also used the summit to criticize Republicans, who he said have sharp policy differences with Democrats on education.
As he has at several recent events, the president again accused Republicans of planning to cut education funding in their election-year pledge to trim $100 billion from the $477 billion that lawmakers set for discretionary spending next year while supporting extending tax cuts for the wealthiest Americans.
He said the Republican plan would result in reducing the education budget by 20 percent and trim or eliminate financial aid for 8 million students.
Don Stewart, a spokesman for Senate Republican leader Mitch McConnell of Kentucky, called Obama's figure "a made-up number."
No Specific Cuts
Michael Steel, a spokesman for the House Republican leader, Representative John Boehner of Ohio, said the Republican plan, named the Pledge to America, doesn't include "any of the specific cuts" cited by Obama.
"The president's untrue talking points don't change the fact that the American people are asking, 'where are the jobs' and he has no new answers," Steel said in an e-mailed response.
In opening the summit, Jill Biden, the wife of Vice President Joe Biden, called community colleges "uniquely American" institutions that open the doors to the middle class for students that have few other opportunities.
"Today's summit is an important next step in our efforts to meet the president's goal of having the best educated most competitive workforce in the world by the end of this decade," Biden said. "Community colleges are at the center of America's effort to educate our way to a better economy."
The White House session included includes representatives of businesses, philanthropic groups and community colleges.
Community colleges get broad support from Americans, according to a recent survey.
In the poll, by The Associated Press and Stanford University and partially funded by the Gates Foundation, 71 percent of Americans said it's sometimes better for students to attend community colleges instead of four-year universities.
Community colleges were also rated almost as highly as four- year universities in their ability to prepare students for the workforce, according to the poll.
The survey interviewed 1,001 American adults Sept. 23-30 and has a margin of error of 3.9 percentage points.
To contact the reporters on this story: Roger Runningen in Washington at =624=1884 or email@example.com; Nicholas Johnston in Washington at firstname.lastname@example.com
To contact the editor responsible for this story: Mark Silva at email@example.com


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Cris Erin Hughes
Address: Department of Anthropology
607 S Mathews Ave.
Urbana, IL 61801
- Telephone: (217) 333-9694
- Email: firstname.lastname@example.com
I'm interested in how biological science informs social science issues in the medico-legal death investigation. My current research includes 1) the uses and limitations of forensic DNA phenotyping regarding race and hair/eye pigmentation 2) inferring trends in morphogenetic variation of Mexicans for improving identification of deceased undocumented border crossers.
- University of California at Santa Cruz, Anthropology, Ph.D., 2010
- University of California at Santa Cruz, Anthropology, M.A., 2007
- University of Florida, Anthropology, B.A., 2004
- 2013 Society of Forensic Anthropology ATLAS Research Grant ($1000): Web-Based Forensic Anthropology Case Database for Research Purposes
- 2012-4 UIUC Interdisciplinary Innovation Initiative Research Grant ($189,000): Uses and Limitations of Genomic Research in Forensic Science
- 2007 International Association for Identification Robert L. Johnson Grant ($2,000)
- 2005-7 National Science Foundation Graduate Research Fellow
Journal Articles
- Kistler, L, A Ratan, L R. Godfrey, B E. Crowley, C E. Hughes, R Lei, Y Cui, M L. Wood, K M. Muldoon, H Andriamialison, J J. McGraw, L P. Tomsho, S C. Schuster, W Miller, E E. Louis, A D. Yoder, R S. Malhi, and G H. Perry. "Comparative and population genomic analyses of Madagascar's extinct, giant 'subfossil' lemur." Journal of Human Evolution (2015):
- Verdu, Paul, Trevor J. Pemberton, Romain Laurent, Brian M. Kemp, Angelica Gonzalez-Oliver, Clara Gorodezky, CE Hughes, Milena R. Shattuck, Barbara Petzelt, Joycelynn Mitchell, Harold Harry, Theresa William, Rosita Worl, Jerome S. Cybulski, Noah A. Rosenberg, and Ripan S. Malhi. "Patterns of admixture and population structure in native populations of northwest North America." PloS Genetics DOI (2014): 10.1371/journal.pgen.1004530.
- Cui, Y, J Lindo, CE Hughes, J Johnson, A Hernandez, BM Kemp, J Ma, R Hernandez, B Petzelt, J Mitchell, D Archer, JS Cybulski, and RS Malhi. "Ancient DNA analysis reveals temporal continuity of complete mitochondrial genomes from the mid-Holocene to the present-day on the Northwest Coast of North America." PloS one (2013): 8.7:e66948.
- Hughes, CE, M Tise, L Trammell, and B Anderson. "Cranial Morphological Variation among Contemporary Mexicans: Regional Trends, Ancestral Affinities, and Genetic Comparisons." American Journal of Physical Anthropology 151.4 (2013): 506-517.
- Hughes, CE, C Juarez, L Zephro, G Fowler, and S Chacon. "Past or Present? Differentiating California Prehistoric Native American Remains from Forensic Cases: An Empirical Approach." International Journal of Osteoarchaeology 22 (2012): 110-118.
- Hughes, CE, C Juarez, T Hughes, A Galloway, and G Fowler. "A Simulation for Exploring the Effects of the "Trait List" Method's Subjectivity on Consistency and Accuracy of Ancestry Estimations." Journal of Forensic Sciences 56.5 (2011): 1094-1106.
- Hughes, CE, and C White. "Crack Propagation in Teeth: A Comparison of Perimortem and Postmortem Behavior of Dental Materials and Cracks." Journal of Forensic Sciences 54.2 (2009): 263-66.