行業(yè)分析-retailco-資料下載頁
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【正文】 Rea list i cUp s id e96 97 98050100150200250300M i l l i o n sofD o l l a r sC onser vati ve*Rea li sti cUpside8 .8%9 .4%12 .0%11 .5%13 .4%19 .2%11 .2%14 .9%21 .6%1 9 9 6 9 8C A G R%19 . 5%30 . 8% 96 97 98050100150200250300R O E 27% 25% 24%1 9 9 6 9 8C A G R12 .8%North New Retail Co *From Monte Carlo analysis Note: Earnings equals ine after taxes and interest Conclusion bc Retail Co Corporate Strategy Toolkit 26 RetailCo2 Ta r getSBP1996 1997 1998$0$75$150$225$300Net Earnings (Millions of Dollars)Rea li sti cTa r get1996 1997 1998$0$75$150$225$300Net Earnings (Millions of Dollars)*With $300MM share repurchase Gap vs. SBP Projections Gap vs. Realistic ROE target: ROE*: (Gap)/surplus: % % $ % % $ % % $ % % ($) % % ($) % % ($) Conclusion Gap Analysis bc Retail Co Corporate Strategy Toolkit 27 RetailCo2 Agenda ?Background ?Approach ?Conclusion ?Implementation ?Results bc Retail Co Corporate Strategy Toolkit 28 RetailCo2 Corporate Governance ?The decisions of the Board will be evaluated under the traditional business judgement rule standard ?The distribution of North should not require shareholder approval –the distribution is a dividend which requires only board approval –ATamp。T precedent ?The potential divestitures should not be considered a sale of substantially all of Retail Co remaining assets –New Retail Co will be a substantial entity with estimated sales of $, ine of approximately $119, and assets of $ Implementation bc Retail Co Corporate Strategy Toolkit 29 RetailCo2 Note: Distribute North stock dividend at appropriate time 3Q95 4Q95 1Q96 2Q96 3Q96 4Q96 1997 ? Approve all ponents of Strategic Review ? Close France transaction ? Close Spain transaction ? Close Sweden transaction ? Reanize Corporate office ? Close loss stores ? Close North IPO ? Complete merger of Ireland/Hong Kong ? Complete MIS and telemunications outsourcing projects ? Pilot centralization of Accounts Payable, General Accounting, and Sales Audit Spinoff North ? Initiate merger of Ireland and Hong Kong Implementation Timing bc Retail Co Corporate Strategy Toolkit 30 RetailCo2 Strategy ?Corporate management ?Corporate employees ?Division presidents ?Division employees ?Media ?Financial munity ?Retail industry consultants ?Individual shareholders ?Landlords ?Vendors/factors ?Local officials ?Initiate all munications from Retail Co headquarters in order to maintain controlled, consistent messages ?Fully explain the rationale of the plan and how it will enable Retail Co to take advantage of its unique strengths, skills, and opportunities over the long term ?Define a clear strategy and vision for Classic Retail Co going forward ?Explain how the plan is expected to enhance shareholder value ?Assure employees in divisions slated to be spun off or sold that Retail Co will do everything possible to ensure an orderly transition and municate potential benefits of the plan for these divisions ?Initiate direct contact with all landlords who will be affected by store closings on announcement day Target Audiences Implementation Communications Plan bc Retail Co Corporate Strategy Toolkit 31 RetailCo2 Agenda ?Background ?Approach ?Conclusion ?Implementation ?Results bc Retail Co Corporate Strategy Toolkit 32 RetailCo2 Increase in Shareholder Value ItalyHon g Kon g,Ire land amp。 Holl andN ort hR eta il Co Com bined En titi es$3, 370 M$5, 540 M$0M$2 ,000 M$4 ,000 M$6 ,000 MMarket Capitalisation, ($M)Results Market capitalisation has increased by 60% upon the implementation of the remended strategy Note: Excludes over $1 per share (105 MM shares) in dividend payment over the perio
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