Survival analysis of international joint venture relationships,edinburgh university medical sciences degree,2012 ford edge kelley blue book motorcycle,rules for writers 6th edition diana hacker - Easy Way

Defence Land Systems India – a Mahindra- BAE Systems joint venture supplied its first Mine Protected Vehicle to the Jharkhand Police. Built with technology and product capability transfer from BAE Systems in South Africa, world leader in this technology, the MPV-I, Brig. Speaking on the occasion, Brig Hai said, “This is a proud moment for DLSI as this is the first such vehicle of its kind indigenously manufactured by the private sector industry being delivered to the Police Forces in the country. In order to ensure smooth induction of these vehicles, into the force, DLSI is also training a fleet of drivers and mechanics of the Jharkhand Police force to ensure optimum use of the vehicle. DLSI is a 74% - 26% joint venture between Mahindra & Mahindra Ltd, India and BAE Systems plc. In 2012 Alitalia lost EUR280 million, bringing its cumulative net loss to EUR843 million since the ‘new Alitalia’ was created in 2009. Since 2009, there have been operational improvements, leading to rising load factors and much improved on-time performance, and a major fleet replacement and renovation programme. Alitalia’s losses widened in 2012, with the operating loss growing to EUR119 million from EUR6 million in 2011 and the net loss reaching EUR280 million (EUR69 million loss in 2011). Alitalia has not made a profit since the new company came into existence in 2009, when a consortium of Italian industrial and financial investors acquired the main flying-related assets of the ‘old Alitalia’ out of bankruptcy.
Air France-KLM then bought a 25% stake in the new entity from the consortium and was given pre-emption rights to buy shares from the other shareholders from 2013. One detail Alitalia has revealed is that international passenger revenues have grown to represent 64% of total passenger revenues, up from 62% in 2011. Perhaps not surprisingly, given the ongoing losses, Alitalia’s net debt has grown steadily from 2009 to 2012, when it reached more than EUR1.0 billion (growing by EUR174 million through 2012). Worryingly, Alitalia’s liquidity position deteriorated to only EUR75 million at the end of 2012 (from EUR326 million at the end of 2011).
Recognising the perilous nature of its finances, Alitalia proposed in Feb-2013 that its shareholders subscribe to a loan of up to EUR150 million, in proportion to their shareholdings.
Alitalia has seen passenger numbers grow by only 11% from 2009 to 2012, with a fall of 1.3% in 2012. The Alitalia Group had a fleet of 140 aircraft at 01-Mar-2013, including 10 Airbus A320s of Air One, with an average age of 6.5 years. Alitalia remains the largest airline in Italy by seat capacity, according to the Innovata database for 04-Mar-2013 to 10-Mar-2013, with a 24% share.
Focusing on the domestic Italian market, the Alitalia Group is still clinging onto a seat capacity share of just over 50%, but this has fallen from more than 52% in 2009 and is likely to be well under 50% now in passenger terms.
Rome Fiumicino is Alitalia’s main hub, although Milan Linate remains an important base in northern Italy’s principal business market. Alitalia’s joint venture with Air France and membership of SkyTeam’s North Atlantic JV with Air France, KLM and Delta mean that it is very much a junior partner when it comes to direct long-haul services. Alitalia is Fiumicino’s biggest airline, with 46% of seat capacity, rising to 49% for the Alitalia Group when Air One Smart Carrier is included.
Other important intercontinental routes include Latin American destinations Rome to Buenos Aires, Sao Paulo, Rio de Janeiro and Caracas. Apart from the Rome to Milan Linate route, the latter base does not feature in Alitalia’s biggest domestic routes and only Milan-Paris CDG and Milan-London Heathrow feature in its top 10 international routes. At its Milan Linate base, Alitalia has a seat capacity share of 39%, rising to 48% with Alitalia Express, and LCCs are largely excluded from the airport.
If Bergamo is also included, now referred to as Milan Bergamo, where Ryanair’s seat capacity is larger than that of the Alitalia Group at the other two Milan airports combined, then its share of the three airport system is only 18%. Due to a lack of published data, it is not possible to calculate CASK and RASK data, but the chart below shows the development of cost per passenger and revenues per passenger form 2009 to 2012. As noted earlier, it is not possible to calculate CASK, which, together with a comparison of average sector lengths is the usual measure for comparing unit costs among airlines.
Having said that, its average sector length is much closer to the LCCs, but its cost per passenger is significantly higher than theirs are. Alitalia plans nine new international routes this summer in its medium-haul network and, on the long-haul, it is increasing frequencies on its New York service and evaluating possible new routes to South Africa and Latin America.
Alitalia’s ‘caught-in-the-middle’ strategic positioning, coupled with weak finances, will present an enormous challenge to its next CEO, when he or she arrives. Since Etihad's Dec-2014 investment in a 49% stake in Alitalia the Italian airline has enjoyed much positive change. Air Serbia's transformation from the loss-making carrier Jat Airways in 2013 to one with the possibility of sustainable levels of profitability took another step forward in 2015, with another positive result. In 2015 Air Serbia again increased its net profit, although this remained slim at only 1% of revenue. Its unit cost is efficient versus legacy airlines and not very much higher than LCCs such as easyJet. For all-purpose banking, as we know it in Continental Europe, further diversification will involve the development of all round financial business with the addition of insurance and savings accounts, leasing, factoring, electronic banking products and management consulting. The all purpose banks may come to abandon certain market segments for profitability reasons; because a profit centre approach service units will be turned into subsidiary companies with resulting specialisation.
Credit institutions which operate internationally generally pursue a two fold aim of consolidating their domestic market position and achieving further growth on major foreign markets.
Further expansion abroad often suffers from a lack of access to customers deposits implying a dependence on expensive money to develop.



The production and the selling of banking services are traditionally one operation but cost reasons have lead to a rethinking of this. A market position at home and abroad can be strengthened by the development of banks own branches or subsidiaries, the acquisition of holdings, mergers with banks joint venture agreements between domestic and foreign banks or co-operation agreements on strategic alliances between banks. Major companies find themselves obliged to review their organisational structures and ensure the necessary flexibility and national adaptation to the needs of customers. The unit has been commissioned at Parli Thermal Power Station (TPS), located in Beed district in the Marathwada region of Maharashtra, Bharat Heavy Electricals Limited (BHEL) said in a BSE filing. BHEL has been a major partner in the power development programme of the state and has commissioned 16,000 mw of power generation capacity in Maharashtra, its highest in any single state.
The 200-270 MW rating class sets supplied by BHEL form the backbone of the Indian power sector and have been performing much above the national as well as international benchmarks. Katrina, Kareena, Priyanka: Actors these 3 haven't been paired with for a long time now! Brig Khutub Hai, MD & CEO, Defence Land Systems India (DLSI), handed over the keys of the Company’s first Mine Protected Vehicle India (MPV-I) to Mr. Moreover, DLSI will also provide complete life cycle support to the Police for these vehicles. DLSI is headquartered in New Delhi with manufacturing based at a purpose-built plant in Prithla located near Faridabad, just outside of Delhi. In Feb-2013, with its cash reserves almost evaporated, it had to ask its shareholders for a EUR150 million loan to fund its operations.
Unfortunately, these positive developments have not set Alitalia on the path to financial health. Alitalia is a privately owned company and does not provide detailed accounts and operating data, but the table below summarises the available data.
It was expected at the time that the Franco-Dutch group would eventually take control of its Italian partner, but Air France-KLM has recently indicated that it does not intend to exercise these rights since it has its own problems to face. This probably reflects growing competition from LCCs on domestic routes as much as Alitalia’s growth on international routes.
This has happened in spite of aircraft-related debt falling over the period 2009 to 2012, suggesting that increased borrowing has been in order to fund working capital. This is defined as cash, cash equivalents and unused credit lines and the figure was equivalent to only just over a week of revenues, a very inadequate cushion. The loan is convertible into shares after one year and up to 2015 (when the loan will automatically convert into shares). Its load factors have risen strongly over the period, reaching 74.6% in 2012, up from 65% in 2009. This may reflect Alitalia’s higher proportion of capacity on domestic routes (18% of ASKs vs 6% average for AEA member airlines), where load factors tend to be lower, but also points to further potential for improvement. Primarily a domestic carrier (83% of its seat capacity), it also operates to destinations in central Europe and north Africa. The fleet renovation plan, started in 2009 when the average age was 9.3 years, was completed by the end of 2012. This rises to 29% for the group (including Air One and Alitalia Express), ahead of Ryanair on 19% and easyJet on 11%. LCCs Ryanair and easyJet have both seen their share increase since 2009, with Ryanair in particular benefiting from the demise of Wind Jet in 2012. The Rome hub gathers domestic traffic for Alitalia’s long-haul network, which focuses mainly on North America, Japan and Latin America, in addition to links to major European cities. Its other key routes from Rome Fiumicino are domestic links to its bases at Catania, Turin and Venice and also to Palermo. However, LCCs have a strong share at Milan Malpensa, where the Alitalia Group’s share of seat capacity is just 9%, giving it a 23% share of the two Milan airports combined seats.
After managing cost per passenger downwards from 2009 to 2010, Alitalia has seen this measure of unit cost increase in 2012.
The trend in revenues per passenger has remained positive throughout the period, but this has not been sufficient to restore profitability and unit costs will need to be an area of focus in 2013. Nevertheless, an analysis of Alitalia’s cost per passenger and average sector length against those of other European carriers shows that its cost base is quite competitive against other full service carriers (see chart below).
This shows it to be somewhat stuck in a strategic no-man’s land: neither truly a network carrier with a significant long-haul operation, nor truly short-haul point-to-point with a competitive cost base. However, with a widebody fleet of only 22 aircraft, it will continue to rely on alliance and codeshare partners to reach a large part of the globe. CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.Find out more and take a free trial.
It has worked to move its brand and product more upmarket to differentiate itself from fierce LCC competition in Italy, where Ryanair is the biggest airline by seats.
This has mainly been due to codeshare access to a much wider range of destinations in the Middle East and Asia Pacific. After receiving investment from Etihad and the Serbian government in 2H2013, it had recovered from heavy losses to a small profit in 2014. Buoyed by its success in establishing a track record of positive results, Air Serbia is growing its European network.
It has the good fortune to face only a relatively small amount of competition from LCCs (it only has competition from any other airline on a minority of its routes).


If, for reasons of profitability, a choice has to be made, priority will be given to home market through widening the product range and rationalising the branch network. So banks tend essentially to concentrate on corporate finance business for the subsidiary companies of their customers, investment banking and asset management activities. When a bank has a dense distribution network, it is in the bank’s interest to place more products with their customers against commission payments this is why they conclude co-operation agreements. Niche operators offering a special high quality range of products and pertinent advice have proved extremely profitable. B B Pradhan, Additional Director General of Police, Jharkhand Police, commencing fulfillment of the State’s order of six MPVIs.
Built on Ural Chassis it incorporates a 'V' shaped mono hull chassis which directs the force of the blast away from the occupants, has been tested to withstand the highest level of protection available in the country. The joint venture company will create indigenous capability for R&D and manufacture of defence land systems products. Following the 2012 results announcement, CEO Andrea Ragnetti resigned his position after only a year with the company. Moreover, while its cost base is fairly competitive against full service network carriers, it remains very high cost compared with the short-haul point-to-point LCCs with whom it increasingly competes. The deal also involved leaving a substantial portion of the debt with the government (although EUR652 million of debt was transferred to the new owners) and the merging of domestic competitor Air One into the new concern. Alitalia has been through a significant fleet replacement programme since 2009, but, since its fleet is largely leased, its worsening liquidity is mainly due to poor operating cash flow.
Shareholders representing 12% of the total voted against the proposal, suggesting that a maximum of EUR132 million was raised. This reflects much better matching of supply to demand, both in terms of routes and also the size of the fleet. Alitalia has also seen a positive trend in on-time performance since 2009, when its record of punctuality was one of the worst in Europe, and it aims to rank first on this measure in 2013. The project saw Alitalia take delivery of 55 new aircraft (of which 21 in 2012) and phase out 67 aircraft (of which 41 in 2012). Given the superior load factors of the latter two, the market share gap between them and Alitalia is likely to be less in passenger terms. Its most important international route is to the Paris CDG hub of SkyTeam partner and 25% Alitalia shareholder Air France-KLM, followed by Rome to London Heathrow. Given an average sector length at the low end of the scale for FSCs, its cost per passenger is also at the low end of the scale and actually below the line of best fit for FSCs. Moving in either direction presents significant hurdles: up the average sector length curve and making use of a lower cost base, or down the curve into short-haul.
As for a more short-haul strategy, its cost base still has a lot of trimming to be done and it has been gradually losing market share over time. However, this summer's launch of a Rome-Beijing service indicates growing self-confidence too. This was based on an impressive reduction in unit cost, with a realignment of the network and its commercial positioning. Perhaps more significantly, it is also launching its first long haul route, Belgrade-New York, this summer. However, the ultra-LCC Wizz Air, which has a much lower unit cost than Air Serbia, is its leading LCC competitor and could provide a greater threat over time. When a new product has to be introduced, the bank has to find the best solution between Making and buying from a cost and marketing point of view. In addition to the enhanced protection, the 6x6 vehicle has a powerful engine that ensures high mobility and can carry an entire operational team making it ideally suited for anti-terrorist and anti-Naxal operations.
A permanent replacement is being sought while chairman Roberto Colaninno takes the controls on an interim basis. Alitalia looks strategically isolated between these two sets of competitors and it now seems unlikely that Air France-KLM will throw it the once anticipated life vest.
Whether this sum will be sufficient remains to be seen, but, given the EUR174 million cash burn through 2012 and the very low level of liquidity before the loan, the carrier will remain financially on tenterhooks. Older types such as the MD80 and the Boeing 767 have been replaced by A320 family aircraft and A330s. Outside Europe, its most important route by seats is Rome to New York JFK, followed by Rome to Tokyo Narita.
Alitalia has also shown renewed confidence by growing its small niche to Latin America, the main region where it takes the lead over Etihad. Brig Hai also informed that DLSI has commenced serial production of its Mine Protected Vehicle (MPV-I) at its state-of-the-art factory at Prithla, near Faridabad which has a present installed capacity of 100 MPV-I per annum.
Loss-making, bleeding cash and currently leaderless, Alitalia faces a battle for survival in 2013.



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