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REDMOND, Wash. — Oct. 21, 2008 — Microsoft Corp. nowadays announced that catalyst Manufacturing capabilities, a contract electronics company with operations in North Carolina’s research Triangle, Endicott, long island, and Mexico, has chosen Microsoft Dynamics NAV 5.0 to control its advanced enterprise and gasoline future increase.
Microsoft Dynamics NAV, to breathe applied across Catalyst’s facilities with the aid of Microsoft Gold licensed associate Western computer, will substitute an current MAPICS enterprise aid planning (ERP) device that catalyst felt become turning out to breathe increasingly antiquated and fell in need of the performance the enterprise mandatory to grasp its company to the next degree, which includes projected double-digit earnings boom subsequent 12 months.
“Microsoft Dynamics NAV makes it possible for us to elope their operations with far improved precision and puts us in the driving seat to head after industry alternatives,” mentioned Mary Roberts, chief fiscal officer at Catalyst, which caters to groups within the militia, aerospace and medical markets. “Its capabilities will enable us to grasp catalyst to the next stage in its construction.”
Microsoft Dynamics NAV is an ERP solution that enables midsize groups to streamline their monetary, manufacturing and distribution operations to develop their company, boost productivity, enrich collaboration, work smarter, drive down prices and address specific industry needs.
Catalyst chose Microsoft Dynamics NAV over solutions from Oracle Corp., EPICOR utility Corp. and Made2Manage following a rigorous eight-month evaluation manner because, not like the competing options, it confirmed the skill to address the breadth of Catalyst’s wants out of the field, with out modification or the need to add third-birthday celebration functions.
Catalyst executives were moreover keen on the low discovering curve its employees, already fluent in Microsoft workplace, puss in getting up and working with Microsoft Dynamics NAV. The solution is seamlessly integrated with office and contours a nearly identical user interface, so finish clients can obtain up to speed with minimal working towards.
Catalyst expects Microsoft Dynamics NAV to generate assorted enterprise merits and deliver on its core strategic pursuits, enabling the industry to capitalize on alternatives and proceed its efficient growth trajectory:
Integration. catalyst is enforcing Microsoft Dynamics NAV because the cornerstone of a complete refresh of its IT infrastructure that contains deploying a current datacenter running Microsoft SQL Server 2008, with which Microsoft Dynamics NAV is natively built-in. The open requirements-based mostly reply is additionally absolutely interoperable with the Mechanical Execution apparatus (MES) catalyst is rolling out to desktop staff on the manufacturing facility ground to capture records at the factor of manufacture. This facts will breathe fed again into Microsoft Dynamics NAV to complement and inform choice-making.
business-particular necessities. Microsoft Dynamics NAV will permit catalyst to elope a decent ship, protecting a great-tuned operation with timely procurement and simply-in-time inventory to remain on top of customer orders. contract producers are commissioned with the aid of businesses to produce certain gadgets to order, for which they should supply certainly exact ingredients from officially accredited carriers. This makes it indispensable for catalyst to breathe able to vestige the origins of the components it makes expend of and song their individual serial numbers throughout its operations. Microsoft Dynamics NAV gives catalyst this all-important skill, which is incredibly prized by means of its client base.
information accuracy. The means to song constituents, revise each and every the way down to their individual serial quantity and supplier of starting place, across its operations will permit catalyst to compose certain its records integrity is of the optimum order. here's anything Catalyst’s existing reply could not accomplish and an integral for the firm’s drugs and aerospace customers, which gain strict necessities. Executives import on that the means will supply catalyst an impressive competitive differentiator and breathe chiefly useful in situations where individual accessories are region to recollects, permitting personnel to directly coincide to edicts from consumers and suppliers.
Efficiencies. Microsoft Dynamics NAV will give catalyst a tighter manipulate on its stock and logistics operations, permitting it to coordinate the allocation of substances throughout its operations and source devices from one site to top off stocks at an extra because the want arises.
can saturate discounts. Microsoft Dynamics NAV will supply catalyst a standardized company management platform with which to consolidate deciding to buy throughout its operations and generate economies of scale.
assist for increase. via wholly automating its processes and making information greater discoverable throughout its operation than it at present is, catalyst expects to breathe in a position to circle round costs for valued clientele more without delay, with the capability to transmit them electronically over the internet. The enterprise expects the increased consumer responsiveness and enterprise agility to result in further orders.
superior reporting. Microsoft Dynamics NAV will furnish catalyst executives and managers with a panoramic window into their operations, enabling them to song orders, stock degrees, creation reputation, labor utilization and other variables, and panoply screen how they're monitoring in opposition t efficiency goals. Officers should breathe in a position to export records into outdo with a single mouse-click on to drill down and function refined analytics to glean enterprise insights, establish industry opportunities and seize issues worrying remedial action at their earliest probability. Executives moreover expect that Microsoft Dynamics NAV will furnish them with richer facts about purchasers and their purchase histories, allowing them to precisely establish move-promoting and up-promoting alternatives.
give chain administration. Microsoft Dynamics NAV will permit catalyst to interact greater effectively with its suppliers than it's at present able to. a lot of its suppliers are moreover automating their operations and increasingly expect their trading partners to attain the same.
determination support. The company expects the enhanced visibility into its overall enterprise will pressure timelier, more suggested determination-making than is viable with its existing gadget, enabling it to establish prospective alternatives past, and obtain out ahead of talents issues.
decreased IT management overheads. a less complicated-to-administer ERP device will liberate Catalyst’s IT team of workers to pursue greater strategic work that without retard contributes to the company’s foundation line.
stronger potential to plan. The tighter grip on its operation that Microsoft Dynamics NAV affords will permit catalyst to breathe even more facts-driven in its inventory planning, construction scheduling and economic forecasting.
“Microsoft Dynamics NAV enables manufacturing corporations to shine a magnificent highlight across their operations and consequence determination-making on the rigorous, data-driven footing that their consumers demand,” spoke of Michael Park, corporate vp for the U.S. minuscule and Midmarket solutions & companions (U.S. SMS&P) community at Microsoft. “With Microsoft Dynamics NAV, they are in a position to pass the din and grasp can saturate of their operations to power future success.”
About catalyst Manufacturing functions
Catalyst Manufacturing features is a complete carrier contract manufacturing company with locations in Endicott, the tall apple, Raleigh, NC, and Tijuana, Mexico. Catalyst’s offerings include product design assistance, documentation building, PCB assembly and check, box build, order achievement/logistics, and depot restore features, each and every inside a standardized gadget and systems platform. For more assistance, quest counsel from www.catalystems.com.
About Western desktop
since 1987, Western computing device has been providing implementation, practising, consultation and structure for customers of every size with turnkey consulting, programming, setting up and training on custom-made applications for ERP, CRM, supply chain management and company intelligence. A Microsoft Gold certified accomplice, Western computing device is headquartered in Oxnard, California, with offices in Bellevue, Washington, tall apple, Pittsburgh, Atlanta, and Indianapolis.
About Microsoft Dynamics
Microsoft Dynamics is a line of financial, customer relationship and supply chain management options that helps groups work greater readily. Delivered via a community of channel partners proposing really safe capabilities, these integrated, adaptable company administration options work like and with common Microsoft application to streamline processes throughout a all business.
founded in 1975, Microsoft (Nasdaq “MSFT”) is the international leader in application, services and options that assist individuals and organizations recognize their complete competencies.
note to editors: in case you gain an interest in viewing additional info on Microsoft, gratify quest counsel from the Microsoft net page at http://www.microsoft.com/presspass on Microsoft’s corporate suggestions pages. internet hyperlinks, cell numbers and titles were suitable at time of book, however may additionally due to the fact gain modified. For further information, journalists and analysts may moreover contact Microsoft’s rapid Response team or other applicable contacts listed at http://www.microsoft.com/presspass/contactpr.mspx.
Vjekoslav Babić is an impartial Microsoft Dynamics NAV consultant, trainer, writer and blogger, with 10 years of undergo in NAV and sixteen years of adventure in IT.
As a solutions architect and a undertaking manager with a number one Microsoft Dynamics President's membership service issuer business, as a Microsoft Dynamics NAV consultant with Microsoft capabilities, and as an unbiased consultant, he has been engaged on Microsoft Dynamics NAV implementations ranging from tiny one-man-bands to international mega-organizations, providing features and trainings in each and every places the world.
In 2008, Vjekoslav co-authored the acclaimed ebook "implementing Microsoft Dynamics NAV 2009". Vjekoslav runs an energetic blog about NAV implementation, task management and progress most excellent practices, acts as a columnist and editorial advisory board member at MSDynamicsWorld.com, and as a columnist in a number of other net or printed periodicals in Croatia and international. Vjekoslav is additionally a habitual speaker at Microsoft or Microsoft Dynamics conferences.
because spring 2010, Vjekoslav has been awarded the distinguished Microsoft Most valuable skilled (MVP) award for Microsoft Dynamics NAV.
greater about Vjekoslav Babic
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(Sharecast News) - Analysts at Jefferies reiterated their 'underperform' rating on yardstick Chartered on Tuesday as it sounded a cautious note on the group's shares.
Jefferies pointed to the declining trend in consensus estimates for the lender and the multiple hurdles that it was facing in terms of growing its revenues, which they said may necessitate a downgrade of management's expectations.
The consensus forecast for the rate of growth in the lender's revenues for 2019-2021 was roughly 5.0%, which was already at the lower finish of management's expectations.
Nonetheless, among the risks that StanChart was facing were slower loan growth in Hong Kong and Singapore, a scant tailwind from rising interest rates and its net interest margins may gain peaked in the third quarter at 1.6%.
"Thus, consensus estimates view challenging and management's medium-term aspirations may need to breathe downgraded to reflect such considerations. They survey risk for further downgrades: their underlying pre-tax earnings forecasts for '19-21E are c15% below the Street," Jefferies added.
According to the investment bank, StanChart moreover needed to provide a convincing glide path as to how it was expecting to deliver returns greater than 10% within a reasonable time-frame.
"On newly established '21E forecasts, their models contemplate a ROTE of 5.6% on a CET1 ratio of 14.1%."
Analysts at Berenberg dropped their expense target on miner Petra Diamonds on Tuesday, stating that while the group's operations appeared to breathe performing "fairly well", debt was quiet an issue.
Berenberg notable that after a term of extended capital expenditure, the diamond miner's major capital projects were now broadly online and delivering tonnage as expected
However, analysts said middling realised prices at Petra's Cullinan mine, being a key value driver for the group, were underperforming and believes the miner was yet to survey any limpid signs of a turnaround.
"Therefore, while the operations themselves are performing fairly well, what cash stream Petra generates is predominantly consumed by its debt commitments, whether this breathe in the form of servicing its $650m bond or its BEE debt," said Berenberg.
"We find that on a NAV basis, while the company's assets gain significant value ($800m-plus), the amount of debt currently on the structure consumes much of this value and results in a impartial value of basically where the partake expense is today."
While dropping its expense target on Petra from 37p to 30p, Berenberg reiterated its 'hold' rating on the group.
Analysts at Shore Capital reiterated their 'hold' stance on Greggs on Tuesday, stating that the company continued to "materially outperform" their expectations.
"Stunning" like-for-like growth of 9.6% in company-managed shops led the analysts to admit underestimating Greggs.
Consequently, they upgraded their below-consensus full-year 2019 CPTP forecast by approximately 10% to £102m, earnings per partake of 79.0p.
Dividend per partake was now seen rising by 16% to 41.6p in 2019, before climbing by a further 7% to 44.4p in 2020.
The broker's analysts commented that the boost to the baker's already strong trading followed high levels of media interest and "extensive publicity" surrounding the launch of the group's 'vegan friendly' sausage roll at the start of the fiscal year, despite the derision directed at the pastry by one Piers Morgan.
"Customer transactions gain increased and with the volume growth evident across the savoury category the strong trading has also, they believe, generated considerable operational gearing benefits across both the store foundation and manufacturing infrastructure," they said in a research note sent to clients.
Whilst Greggs has stated that trading "eased slightly" through February, which analysts rate to affect a drop from approximately 11% growth in January to roughly 8% growth, trading is quiet on course to breathe ahead of market expectations, ShoreCap said.
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Low & Bonar PLC (LON:) announced a fully underwritten £54m placing and open offer (c £50m net) alongside FY18 results. The current equity funding goes a long way towards resolving equilibrium sheet net debt constraints and allows the relatively current management team to execute its updated strategic plan. Their revised estimates incorporate the funding effects, more gradual EBIT margin recovery and reset dividends in line with the stated policy.
Low And Bonar
FY18 results reflect a challenging year
FY18 results themselves were broadly in line with their estimates – albeit with a lower final dividend – as was year-end net debt. Input expense increases and production issues (in structure & Industrial and Coated Technical Textiles) were a drag on fiscal performance though the recrudesce to Civil Engineering profitability is a welcome progress ahead of the intended disposal of that division. The final dividend was below their expectations but understandable given the requirement to raise fresh equity funding to repair the company’s equilibrium sheet. For the record, net debt at the finish of FY18 was £128.5m, c £10m lower than a year earlier.
Busy agenda for the current management team
Management actions to change the group structure and reduce costs were barely visible in the FY18 results but they should further profit operating and fiscal performance. The re-financed equilibrium sheet will champion capex to upgrade core manufacturing operations and product innovation with the point of growing ahead of GDP in the regions served. With a complete agenda for the current senior management team, they gain further trimmed their divisional margin estimates for FY19 and FY20 giving ascend to 7–8% EBITDA reductions and adjusted for lower interest costs after the equity raise. Their estimates moreover reflect an increased number of shares in issue (+ c 360m to c 690m) and a re-set dividend cover policy of approximately 2.5x.
Valuation: Re-building earnings
The announcement to raise current equity has brought some relative stability to Low & Bonar’s partake price, which had tracked lower during 2018. On their revised estimates, which assume that the equity issue is approved by shareholders, the company’s EV remains below 0.5x revenue and sits at 5.5x FY19 EBITDA (adjusted for pensions cash); these multiples are comparable to the levels for FY18 in their December note. On a P/E basis, the FY19 multiple is 8.1x, and applying the restated dividend policy generates a 5.0% dividend defer at the current partake price. They project an NAV of 27p for the finish of FY19, with primary adjustments for the additional shares in issue and FY18 impairment charges compared to their final note.
Share expense Performance
FY18 results overview
On a like-for-like, constant currency basis, Low & Bonar increased revenue slightly in FY18, but a combination of market challenges and some internal process issues resulted in a significant drop in profitability. Despite this, improved working capital management enabled some reduction in net debt over the year. A post year finish £50m equity fund-raising eases equilibrium sheet constraints and should permit higher levels of investment in the core business. The dividend policy was moreover restated at this time; their revised estimates reflect this and a slower EBIT margin recovery than previously expected.
At the finish of 2018, Low & Bonar established the Colbond division through the merger of its structure & Industrial and Interiors & Transportation divisions, which partake common manufacturing processes. Aggregating the FY18 trading results for these businesses generates combined revenue and operating profit (before unallocated costs) of c £216m and £25.4m, respectively. The division is to breathe elope on a three-region basis (Americas, EMEA and Asia-Pacific), replacing the previous global industry unit (GBU) structure. The following sections discuss FY18 performance under the reported GBU structure.
Building & Industrial (B&I) – profit reduction due to markets and manufacturing
Technical textiles, mats, composites and systems for a purview of applications
In underlying terms (ie adjusting for exited agro-textiles activities and FX), the B&I division achieved marginally better sales than the prior year but a significant reduction in profitability. Two of the three industry segments in this GBU grew constant currency sales year-on-year – structure (+3.6%) and Industrial (+6.8%) – though they believe that the rate of progress was below that achieved in H1 in both cases. Nevertheless, this represented safe progress, which was largely offset by an 11.4% revenue decline at Enka. Following the transfer of this industry from the Civil Engineering industry at the beginning of the year, integration issues were flagged, contributing to a 6.8% sales reduction in H1; this and some production disruption at Asheville, NC, appears to gain coincided with a significant US customer completing an exclusivity agreement and may gain contributed to an implied larger year-on-year revenue douse in H2.
Despite the Enka situation, competitive European roofing markets and restricted polymer expense pass through success, B&I did deliver an improved operating margin in H2 (ie 8.1% versus 7.2% in H1), although it was 430bp lower for the year as a all at 7.7%. Investment at Enka to ameliorate plant and operational efficiency should ameliorate performance and industry merge as FY19 develops and a stable polymer pricing environment would facilitate better input cost recovery, they believe.
Interiors & Transportation (I&T) – market growth and investment
Leading provider of technical non-woven carpet-backing materials, branded as Colback
In underlying terms, with mid-single digit revenue growth and a broadly similar operating profit to the prior year, I&T was the best performing industry unit in the group in FY18. They note that the rate of progress was relatively slower in H2 however. Flooring is the largest segment addressed and with growth in each and every of the main regions served, underlying revenue rose by 8.7%. Increased capacity and volume from a current line in China was a significant contributor here, but there was moreover growth with key accounts elsewhere, notwithstanding competitive challenges. In contrast, in the automotive segment end-market exact merge in the US and cost pressures in Europe led to an underlying 5.7% revenue decline.
While the achieved FY18 operating margin did decline (by 120bp to 14.7%) they deem this to breathe a respectable performance in the light of polymer input cost pressures and adverse merge effects and quiet at a safe flush overall. Apart from the second Colback line at Changzhou they are not alert of any other structural industry changes during the year. That said, the US production facility at Asheville, NC, has been earmarked for a capex programme (c £10m over the next three years) to multiply operating efficiencies towards facilities with similar lines in Europe and China. While fragment of this relates to Enka (see B&I), other investment relates to carpet-backing products. Of course, I&T was combined with B&I to form Colbond at the beginning of FY19 and greater co-ordination between the regions in this way is a natural progression in their view. In outlook terms, management appears confident in growth prospects in I&T’s markets. The extent to which Low & Bonar can participate in this and moreover deliver increased profitability will partly depend upon improvements in production processes, they suspect.
Coated Technical Textiles (CTT) – addressing process challenges to ameliorate efficiency
Specialist coated woven carrier fabrics for a purview of primarily outdoor applications
CTT revenue was slightly higher in FY18 and, they believe, at a record flush despite fire-related disruption at the division’s coating facility at Lomnice during H2. Given that volume and merge were both adverse influences on revenue progress, they conclude that the sale profile was characterised by shorter runs of higher-value/higher-material content lines relative to the prior year. No sector-specific splits were provided but an increased warp towards tarpaulins and sports/leisure applications (and a lower harmony of tensile architectural membranes) is consistent with this profile. There may moreover gain been an factor of inventory reduction supporting divisional revenues.
However, achieved profitability remained under pressure with a 490bp EBIT margin reduction (to 1.8%). Deteriorating like-for-like profitability as the year progressed was partly influenced by the Lomnice fire referenced above. Production inefficiencies during line changeovers has been highlighted previously by management but a root and arm process review has been undertaken, highlighting a number of inter-related process challenges. Under-investment appears to gain been at the heart of these issues, which is being gradually rectified. Some product reformulation has been required and the associated re-certification process is expected to breathe complete by the finish of H119. The objective is to become a more agile and efficient organisation in each and every respects and ameliorate quality, reliability and service levels with customers. This will not breathe an overnight process but in setting a recrudesce to high-single-digit margins the direction of travel is clear. Reflecting recent performance, they note that the equilibrium sheet goodwill associated with this division was fully impaired in FY18.
Civil Engineering (CE) – improving profitability ahead of divestment
Geotextiles and construction fibres contributing to groundworks integrity in infrastructure projects
The closure of the loss-making Ivanka plant (as reported in H1) accounted for slightly more than the headline revenue reduction in this division but moreover had a favourable repercussion on merge and profitability. For the ongoing businesses, needle-punched non-woven fabric/barrier material sales increased by 3.8%, while construction fibre cement additives declined by 6.9%, and they assume other non-woven/woven lines were somewhere in-between though this was not specified. Given a number of structural changes within this division, it is difficult to appraise the extent to which its competitive position has altered. They would expect that the industry proposition is now a narrower, better-defined product offering backed by a more-focused salesforce and a more confiscate cost structure.
CE’s recrudesce to profitability in FY18 is a notable achievement; while complete year EBIT was just £0.1m this included a £1m profit in H2, reversing a similar loss in H1. While there is some favourable seasonality here, they note that underlying revenues in H2 were broadly the identical year-on-year but with a £1.3m improvement in H2 EBIT year-on-year giving a safe indication that cost reduction actions taken by the current management team gain been effective. They deem that the recrudesce to profitability together with reduced equilibrium sheet pressure following the group equity raise should breathe helpful to Low & Bonar as a vendor of this business. Attributable net assets were c £19m at the finish of FY18 and until any divestiture is announced, CE will continue to breathe included as a contributor to their group estimates.
Significant non-underlying items, mainly non-cash
For the FY18, Low & Bonar’s income statement included a £58.9m exceptional saturate before tax for non-underlying items1 relating to continuing operations. They rate that c £46m of the saturate was non-cash; approaching half of the c £13m cash saturate flowed out during FY18 and a further c £4m is included in their model for FY19.
The largest single item was the £39m complete impairment of CTT goodwill and, together with some smaller items, the total for this industry unit was £40.7m. Other charges were
£8.4m Central/unallocated, around half of which was restructuring and half for an additional pension funding liability.
£3.9m Civil engineering, mainly impairment of Hungarian plant and R&D costs
£1.7m structure & Industrial, largely relating to the agro textiles disposal
£1.1m Interiors & Transportation
Re-set capital structure following equity funding
At the finish of November, group net debt stood at £128.5m, a dwindle of c £10m y-o-y (after an adverse £1.1m FX translation effect).
Despite a c £16m y-o-y reduction in EBITDA, underlying operating cash stream – excluding pensions and exceptional cash movements - rose by over £20m to c £57m in FY18. This was driven by a significant vibrate in the net working capital (NWC) performance, generating an £18m inflow in the year (compared to a c £20m outflow in FY17). As previously noted, NWC absorption has been at relatively high levels in recent years – partly to champion the progress of current facilities – and management has acknowledged that it should breathe reduced. It is encouraging therefore that the complete year inflow was larger than that reported at the interim stage. For the record, each and every three WC line items were positive; they believe that inventory reduction and improved debtor collection achievements are sustainable with further progress targeted, though this is likely to breathe more than offset by unwinding payables positions in the coming year (see below). Their analysis moreover deducts pension cash contributions (£3.4m) and outflows related to exceptional items (c £6m) to arrive at headline operating cash stream of c £48m for FY18.
The other notable feature of FY18 cash stream was the year-on-year reduction in capex; completion of the Chinese start up and expansion angle during the year saw capacity-related disburse drop from c £23m in FY17 to c £8m in FY18. disburse on existing facilities was more stable at £7.1m (£6.5m in the prior year). The completion of Colbond’s ERP system progress and implementation required £3.4m cash investment (down from £5m in FY17) and was largely matched by unrelated asset disposal proceeds.
After factoring in cash outflows for interest tax and dividends (collectively c £20m), Low & Bonar’s cash inflow before financing was just above £11m for the year. Greater focus on working capital and controlled ongoing capex levels delivered this positive but necessary cash improvement in the year. In noting that middling net debt in FY18 was c £159m – versus c £138m at the beginning and c £128m at the finish – management acknowledged that creditor stretch at term ends was the intuition for this profile. Additionally, there has been under-investment in core industry areas. For the record, banking facilities in region are c £216m.2
Cash stream outlook: The £50m net equity fund-raising re-sets the group capital structure and should permit the current senior management team to ameliorate operational performance and pursue its growth target (ie delivering 1–2% above regionally weighted GDP). Several aspects including innovation and investment gain multi-year time horizons, so a sharp, immediate recovery is not anticipated. Adjusting finish FY18 net debt for the equity raise and a c £20m structural unwind of equilibrium sheet payables gives a pro forma position of c £98m. Hence, their end-FY19 projection of £94m implies a minuscule underlying net cash inflow for the company this year. Behind this there is an multiply in profitability but moreover cash disburse on exceptional items (c £4m) and a step up in capex (to c £21m), while the re-set dividend policy will reduce but not purge cash dividend payments. Beyond the current year, their estimates currently note a modest reduction in net debt, after factoring in sustained higher capex spending. At some point, CE disposal proceeds should contribute to lower debt levels also, but this is not currently in their forecasts. For future reference, the annual depreciation elope rate for the group as it is now stands at £16–17m (of which just over £1m relates to CE).
Margin expectations trimmed and dividend policy re-set
Our c 2–3% annual headline revenue growth is consistent with a modest out-performance of a relatively low and slowing macroeconomic growth environment in the western hemisphere and Low & Bonar’s Chinese exposure is helpful in this regard. At the EBIT level, while they expect some entangle up in passing through polymer input costs in FY19, rectifying some underperforming plants (particularly in B&I and CTT) occasions us to trim operating margin expectations by c 60–70bp for both FY19 and FY20 against their previous estimates. Lower interest costs following the equity fund-raising partially offset the above effects at the pre-tax level.
Group dividend policy has been re-set to a 40% payout flush of middling earnings (or EPS dividend cover of 2.5x).
It is a fragment of the Columbus IT strategy to develop a global Independent Software Vendor (ISV) company, which will function together with the company's core consulting business. Acquisition of To-Increase will compose Columbus IT the biggest progress house for Microsoft Dynamics worldwide providing customers with high attribute global industry solutions based on Microsoft Dynamics AX.
To-Increase is an international company focused on developing add-on solutions for Microsoft Dynamics AX and Microsoft Dynamics NAV (Axapta and Navision). It is based on a 100 percent circuitous sales model by distributing its solutions though more than 40 partners worldwide. To-Increase is a fragment of Microsoft Industry Builder Initiative and participates in Microsoft advisory boards for the next versions of Axapta 5.0 and Navision 5.0.
By this acquisition Columbus IT has bought a profitable software progress business. The buy includes the transfer to Columbus IT of IP rights for each and every To-Increase industry, add-on and other solutions, partners channel, customer foundation and professional team and expertise.
"This acquisition makes Columbus IT the largest global progress houses for Microsoft Dynamics AX and the only Microsoft partner in Europe accountable for two global industry solutions progress as a fragment of Microsoft Industry Builder Initiative: one for Retail and another for Industrial apparatus Manufacturing segments," said Vladislav Martynov, CEO Columbus IT partner A/S. "We expect a synergy consequence in better coordinated R and D, distribution and champion of add-on and industry solutions, as well as higher profitability for their consulting drill and faster profitable growth of their software division."
Columbus IT will insert a current central ISV division, based on To-Increase. This current division will breathe accountable for progress of each and every solutions, partner channel progress and support.
The Industry Builder initiative has been launched by Microsoft in May with the purpose of involving the most experienced partners in developing Global Industry Solutions based on Microsoft Dynamics. In July 2005, Columbus signed a first Industry builder agreement with Microsoft and became accountable for developing a global solution for the Retail trade in Microsoft Dynamics AX (Microsoft Axapta). To-Increase has a similar Industry Builder agreement with Microsoft for the Industrial apparatus and Manufacturing (IEM) market.
About Columbus IT partner A/S
Columbus IT is a global company specializing in implementing ERP, BI and CRM systems for single site companies as well as multi-site, multi-national corporations. Its industry specializations are retail, manufacturing, distribution, professional service, pharmaceuticals and government contracting. Columbus IT is the most experienced IT implementation company in the world for Microsoft Dynamics (formerly Microsoft industry Solutions Axapta and Navision ERP systems) and was recognized as global partner of the year by Microsoft in 2005.
To-Increase is an Independent Software Vendor specializing in providing efficient solutions and add-on tools that champion industry-specific industry objectives. As a Gold Certified Microsoft partner and an Industry Builder ISV for Microsoft in Industrial apparatus & Manufacturing, To-Increase is uniquely positioned to provide a portfolio of add-on solutions for Microsoft industry Solutions software like Microsoft Axapta and Microsoft Navision that ameliorate the manageability of industry objectives. In addition, To-Increase moreover supports the leading Sales & Product Configurator e-Con. Delivery of the products is made via a world-wide network of certified partners.
For more information, visit www.to-increase.com.
The names of actual companies and products mentioned herein may breathe the trademarks of their respective owners.
HTML: http://newsroom.eworldwire.com/wr/111005/13093.htmPDF: http://newsroom.eworldwire.com/pdf/111005/13093.pdfONLINE NEWSROOM: http://newsroom.eworldwire.com/307045.htmLOGO: http://newsroom.eworldwire.com/307045.htm
Columbus IT Partner
3151 Airway Ave
Costa Mesa, CA 92626
Columbus IT Partner
Kozhevnichesky proezd, 4, bld.8
Moscow, Russia 115114
PHONE. +7 095 363 55 80
http://www.columbusit.comRelated Thomas Industry Update
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