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2011 ANNUAL RESULTS Paris Wednesday 29 February 2012

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This document was prepared by Norbert Dentressangle for the sole purpose of presenting its annual results on 29 February 2012.

This document may not be copied or distributed, in whole or in part, without prior agreement from the company. Norbert Dentressangle assumes no responsibility for the use of this document by any person outside the company.

This document contains no earnings forecast data.

The company makes no commitment and provides no guarantee concerning the realisation of any targets or aims that may be expressed within its business plans. While the company believes its targets are reasonable, readers are reminded that said targets are subject to risks and uncertainties, notably as described in the "Risk factors" section of the annual "Document de Référence" registration document.

Disclaimer

(3)

1. Norbert Dentressangle – François Bertreau, Chief Executive Officer

2. Transport – Hervé Montjotin, Managing Director

3. Logistics – François Bertreau

4. Freight Forwarding – François Bertreau

5. Consolidated Financial Statements – Patrick Bataillard, Chief Financial Officer

6. Outlook – François Bertreau

7. Appendices

(4)

Norbert Dentressangle

Introduction

(5)

2011: a transformative year for

Norbert Dentressangle

Sustained growth in Transport and

Logistics and significant expansion in

the Freight Forwarding business

International expansion thanks to the

consolidation of TDG and APC Beijing

International

(6)

In €m 31/12/11 31/12/11 Historical Scope 31/12/10 Overall % change % Change at constant scope Revenue 3,576 3,002 2,839 +26.0% +5.7%

Operating profit before goodwill and goodwill

impairment (EBITA) 130.4 124.9 106.3 +22.6% +17.8%

EBITA margin 3.6% 4.2% 3.7%

Net income 63.3 - 57.2 +10.7% -

Very solid performance in 2011

(7)

Italy 4% UK 28% France 45% Spain 11% Netherlands 3% Other 9%

€3.6 billion in revenue

Operates in 23 countries

on 3 continents

33,000 employees

European leader International company

Norbert Dentressangle, an increasingly

(8)

8

Norbert Dentressangle, a responsible player

with actual commitments

Road Safety

• Safe Driving Programme • Drivers travel 655,000 kms

on average in 2011 without causing accidents: up 11% vs. 2010

Efforts to reduce CO² emissions

Europe’s cleanest vehicle fleet: 93% EURO IV & V.

– Rollout of the first Euro VI tractor earlier this month, 2 years ahead

of legal regulations

Testing new diesel-alternative technologies:

– Norbert Dentressangle was the first transporter to begin using 3

diesel-electric hybrids in 2011

55 g CO2 / Tonnes x kms emitted in 2011: down 3% vs. 2010

(9)

• ISO 14001 Certification

– 42% of platforms certified

– 51% of revenue certified

• Environmental site management

– Waste management:

→ Sorting recyclables

→ Reusing recyclable waste (packaging, etc.)

• Energy efficiency

– Optimised lighting systems

(10)

10

Human Resources: the core of Norbert

Dentressangle’s growth

• Significant hiring capacity

– Accumulated experience through its

acquisitions

– 6,000 employees added following TDG

consolidation

– 270 employees added following APC Beijing

International acquisition

• Hands-on employee support

– Training: Red Management launched in

2010, 432 managers trained in Europe in 2011

– Internal promotion: 60% of managers are

(11)

Transport

(12)

€1,966 M (1) Diesel fuel effect +2.1% Volume and price effect +4.7% +20.2% Calendar and forex effect - 0.5% Consolidation effect +14%

(1) Before elimination of “inter-division” revenue

€1,636 M (1)

31/12/10 31/12/11

Change in revenue

(13)

Norbert Dentressangle has improved its

position in the market

• +20.2% growth (up 6% on a comparable basis), linear over

the fiscal year

• Growth driven by the momentum of our services:

– Pallet distribution service:

→Domestic up 8%

→Red Europe up 15%

– Transport organisation (Key PL) up 120%

– Dedicated Fleet (Red Inside) up 6%

• Consolidation of TDG’s businesses profoundly transformed

Norbert Dentressangle’s Transport profile in the UK, in terms of both its services and its scope

(14)

In €m Transport at 31/12/11 Historical Transport activities at 31/12/11 Transport at 31/12/10 Overall % change % Change at constant scope Revenue* 1,966 1,734 1,636 +20.2 % +6.0%

Operating profit before

goodwill (EBITA) 47.4 50.0 44.1 +7.5% +13.4%

As % of revenue 2.5% 2.9% 2.7%

Transport operating income

14

(15)

Improvement of the Transport margin

at historical consolidation scope

Historical operating profitability up 13.4% vs. 2010

– “General Cargo” business recovery

– Solid performance in “Pallet distribution” service

→This business now contributes to profit in the UK

Former TDG businesses a slight drag on financials

– Major restructuring in Spain (completed 2011)

– Improving operating efficiency a challenge in the UK

(16)

International FTL & Cross-Channel 500 M€* Domestic Pallet Distribution 450 M€* International Groupage & Pallet Distribution 150 M€* Domestic FTL 450 M€* Dedicated Fleet 350 M€* CO2 emissions declaration**

* FY 2011 ** Carbon calculator attested by Bureau Veritas

Always striving to improve our services

16

Norbert Dentressangle model 3PL, LLP and 4PL: Key PL®

(17)

• Raw numbers:

– 5,000 orders / year

– 28,000 pallets delivered / year (i.e., equal to 1,000 lorries)

– Delivered to 26 European countries

• Advantages to the customer:

– A sole contact from 1 pallet to a full lorry

– Deliveries collected daily

• Our contractual commitments:

– Delivery times

– Online order tracking and delivery confirmation

– Per-pallet pricing

Red Europe veterinary product export

services both reliable and flexible

(18)

Transport at the end of 2011

18

€1,966 M in revenue

• 40% outside France

15,000 employees

• At 160 sites in 14 countries

Vehicles

• No. 1 vehicle fleet in

Europe with 7,800 motorised vehicles

(19)

Logistics

(20)

€1,589 m (1) Volume and price effect +3.9% +28.2% Consolidation scope effect +24.3%

(1) Before elimination of “inter-division” revenue

€1,240 m (1)

31/12/10 31/12/11

Change in revenue

(21)

Logistics has leveraged TDG to strengthen

its European scope

Satisfactory growth momentum,

particularly in the UK, Italy and Spain

The UK became the leader in logistics

with 41% of the revenue

Slower growth in Q4 2011 reflecting

consumer trends in Europe for this same

period

(22)

In €m Logistics at 31/12/11 Historical logistics activities at 31/12/11 Logistics at 31/12/10 Overall % change % Change at a constant scope Revenue* 1,589 1,294 1,240 +28.1% +4.4%

Operating profit before

goodwill (EBITA) 80.4 75.8 63.0 +27.6% +20.3%

As % of revenue 5.1% 5.9% 5.1%

* Before elimination of “inter-division” revenue

Logistics operating income

(23)

Logistics operating margin remains high

High profitability throughout Europe

– The two logistics leaders, the UK and France, have

performed particularly well

Contribution from former TDG businesses is

(24)

Warehousing and inventory management €445 M Upstream transport management €397 M Order preparation €572 M Value-added services €175 M

A mastery of key logistics skills

24

Ambient and temperature-controlled logistics Global and industry solutions

The highest safety and quality standards

Service: ISO 9001 (71%*) – Food safety: ISO 22000 (16 warehouses) & HACCP (24 warehouses) Staff safety: ISO 18001 (35 warehouses) – Medical facility safety: ISO 13845 (1 warehouse)

(25)

Storage and distribution of fresh products

(between 2

°

C and 6

°

C)

4,000 m² warehouse in Bucharest and 1,000 m²

in Cluj. / New 10,000 m² warehouse in

Bucharest in 2012

19-platform distribution network

Daily delivery to 15,000 retailers

80,000 T of Danone products handled annually

8,000 T of dairy products, deli meats and

prepared foods for other customers

Cluj

Bucharest

NDL Frigo Logistics: JV with Danone in

Romania for fresh product logistics

(26)

€1,589 M in revenue

• 68% outside France

17,200 employees

• At 257 sites in 13 countries

Total warehouse

surface area: 6.6 M m²

Negative cold volume:

3.5 M m

3

Logistics at the end of 2011

(27)

Freight

Forwarding

(28)

28 Dublin Bradford Manchester London Bilbao Madrid Budapest Nijmegen Barcelona Paris Lyon Le Havre Lille

Europe

China

Ningbo Shenzhen Hong Kong

Tianjin Shanghai Nanjing Beijing Urumqi Chengdu Chongqing Xiamen Qingdao Dalian Xi’an Suzhou Shaoxing Ningbo Shenzhen Hong Kong

Tianjin

Shanghai Ningbo Shenzhen Hong Kong

Tianjin Shanghai Nanjing Beijing Urumqi Chengdu Chongqing Xiamen Qingdao Dalian Xi’an Suzhou Shaoxing Beijing San Francisco San Diego Los Angeles Atlanta Chicago New York Miami

United States

Chile

Brazil

Santiago Sao Paulo • 39 offices • 10 countries • 3 continents • 500 employees

Norbert Dentressangle, a major freight

forwarding player

(29)

Ningbo Tianjin Shanghai Nanjing Beijing (2) Urumqi Chengdu Chongqing Xiamen Qingdao Dalian Xi’an Suzhou Shaoxing

Head offices in Beijing

€50 M in revenue

• 75% in air freight

Coverage of key

geographical regions in

China

• 16 offices

270 employees

Acquisition of APC Beijing International,

1 December 2011

(30)

€86 M (1) APC €6 M Internal growth €8 M x 7 Schneider & TDG consolidation effect €60 M

(1) Before elimination of “inter-division” revenue

€12 M (1)

31/12/10 31/12/11

30

(31)

Freight forwarding continues to expand

• Freight Forwarding grew sharply and reached a significant

size in the market with €86 M in revenue in 2011

• TDG businesses successfully incorporated

• Acquisition of APC Beijing International strengthened Asian

presence and air freight services

(32)

In €m Freight Forwarding at 31/12/11 Freight Forwarding at 31/12/10 Overall % Change Revenue* 86 12 x 7 Gross Margin 17.1% 16.0%

Operating profit before

goodwill (EBITA) 0.3 -0.8 N/A

As % of revenue 0.3% -7%

Freight Forwarding Operating Income

32

(33)

Break-even achieved by the end of 2011

– 2 years following launch

– With 3 acquisitions

– And a presence on 3 continents

Improved performance for former Schneider

businesses

TDG posted positive contribution starting in the first

year and APC in the first month of consolidation

Profitability in line with

(34)

34

Intercontinental transport services:

– Air freight – Sea freight

– Management of customs operations

Personalised industry solutions:

– High-tech products

– Perishable goods: fruit, vegetables, flowers, etc. – Wine and spirits

Global development of a specific range of

services

(35)

LAX, Los Angeles

JFK, New York

SCL, Santiago GRU, Sau Paulo

MAD, Madrid PEK, Beijing HKG, Hong Kong BUD, Budapest DUB, Dublin CDG, Paris LHR , London AMS, Amsterdam MIA Miami SFO San Francisco CHI Chicago

ATL Atlanta

Europe

USA

PVG, Shanghai

China

Door-to-door air freight service launch:

Red Sky Connect

• An integrated air freight solution between Norbert Dentressangle

consolidated hubs guarantees customers:

– Flexible deadlines

(36)

Consolidated financial statements

Part 5

(37)

In €m Cons. 31/12/11 Historical scope 31/12/11 Cons. 31/12/10 Revenue 3,576 3,002 2,839 EBITDA As % of revenue 252.3 7.1% NA 216.3 7.6%

Operating profit before goodwill (EBITA)

As % of revenue 130.4 3.6% 124.9 4.2% 106.3 3.7%

Impairment test / Goodwill Impairment of the “customer relationship”

-

- 5.8 - - 3.8 -

(38)

In €m

Cons.

31/12/11 31/12/10 Cons.

Restructuring costs -9.1 -9.1

Non-operating capital gains (losses) on disposals +3.1 +0.9

Reversal of provisions 0 +1.2

Other non-recurring income and expenses -3.4 -2.4

Subtotal -9.4 -9.4

Breakdown of non-recurring income and

expenses

(39)

In €m Transport 31/12/11 31/12/11 Logistics Freight forwarding 31/12/11 Cons. Total 31/12/11 Revenue Inter-group invoices 1,966 (64) 1,589 (7) (1) 86

Revenue, net of interco revenue 1,901 1,582 85 3,576 *

Operating profit before goodwill (EBITA)

As % of revenue

47.4

2.5% 5.1% 80.4 0.3% 0.3 130.4** 3.6%

(40)

In €m

Cons.

31/12/11 31/12/10 Cons.

Amortisation of commissions for arranging syndicated

loans -0.7 -1.4

Transaction fees (acquisitions) -1.3 -2.0

Forex gains (losses) -2.2 -0.8

Actuarial (losses) and income (IDR, pension) Miscellaneous

+3.0

-0.2 -2.5 0

Net financial expense -24.0 -20.1

Total financial expense -25.4 -26.8

Net financial expense as % of revenue -0.67% -0.71%

Net financial expense

(41)

COUNTRY

Net income before CIT

in €m

Theoretical CIT at local rate €m % Actual CIT** at 31/12/11 In €m FRANCE 39.7* (14.3) 36.1 (12.3) UK 23.1 (6.5) 28 (4.0)

Rest of the world 23.2 (6.1) 26 (6.0)

TOTAL 86 (26.9) (22.2)

Corporate income tax

(42)

42 In €m Cons. 31/12/11 31/12/10 Cons. Revenue 3,576 2,839 EBITDA 252.3 216.3

Operating profit before goodwill (EBITA) 130.4 3.6% 106.3 3.7%

EBIT 124.6 3.5% 102.5 3.6%

Net financial expense

Income before taxes and associates Corporate income tax

CVAE Associates Minority share (25.4) 99.1 (22.2) (13.1) 0.2 0.7 (26.8) 75.8 (7.2) (11.9) 0.5 -

Group net income 1.8% 63.3 2.0% 57.2

+ 26%

+23%

+11%

Consolidated income statement

(43)

In €m

Cons.

31/12/11 31/12/10 Cons. Cash flow

Change in operating WCR UK pension fund financing

223 (28) (13) 198 (7) (8)

Net cash flow from operations 182 183

CAPEX (net of disposals) Sales of warehouses and sites

Acquisition of securities less acquired cash

(122) 30 (288) (86) 6 (6)

Net cash flow from investment transactions (380) (86)

Dividends

Remaining amount of financing operations

(11)

170 (34) (9)

Net cash from financing transactions 159 (43)

Forex impact (0.1) 1

Change in cash (39) 55

(44)

In €m

Cons.

31/12/11 31/12/10 Cons.

Goodwill 552 366

Intangible fixed assets (incl. customer relationship) 115 63

Tangible fixed assets 644 551

Other fixed and non-current assets 95 81

Total non-current and financial assets 1,406 1,061

WCR (21) (25)

TOTAL ASSETS (NET) 1,385 1,036

Equity 512 458

Provisions and deferred tax liabilities 228 182 Fair market value of hedging instruments 21 13

Net debt 624 382

TOTAL LIABILITIES (NET) 1,385 1,036

Balance sheet structure

(45)

In €m 31/12/11 31/12/10

Acquisition debt 277 197

Revolving facility 95* 0

Asset financing 401** 373

Employee profit-sharing 9 9

TOTAL GROSS DEBT 781 579

Cash and cash equivalents, net of bank

overdrafts 157 196

NET FINANCIAL DEBT 624 382

(46)

9 8 9 10 10 401 302 203 123 67 0 242 284 325 372 0 100 200 300 400 500 600 700 800 900 Crédit Syndiqué Financement d'actifs Autres dettes et participations 31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 Outstanding debt in €m

Theoretical amortisation of net financial debt

46

Syndicated Loan

Asset financing

Other debt and participating interests

(47)

31/12/11 31/12/10 covenants on Bank 31/12/11

Gearing

(Net Financial Debt/ Equity) 114% 83% < 200% Leverage

(Net Financial Debt/ EBITDA) 2.47 x 1.8 x < 3.5 Interest cover

(EBITA / Net Interest Expense) 5.3 x 5.2 x > 2.5 ROCE

(EBITDA / average capital employed) 12.6% 12%

(48)

Dividend to be proposed for approval at the 24 May

2012 Annual General Meeting:

– €1.25 / per share, up 14% over €1.10 in 2010

48

Shareholders Meeting scheduled

for 24 May 2012

(49)

Outlook

(50)

• Macroeconomic outlook flat in Europe at around 0%

• Visible signs of slowing since the end of 2011 from our industrial

and major distributor customers

• Very little transparency on the level of our clients’ business

• Low level of inventories

Priority to reactiveness

An uncertain environment for 2012

(51)

• Diversified portfolio of customers from all economic sectors • Size, strong financial situation and durability

• Decentralised organisation with self-sufficient and responsible

managers leading economic and social units (460)

(52)

Cost synergies following the acquisition of TDG

Year of consolidation in Freight Forwarding

Rigorous management of costs and balance sheet items

2012 Outlook

(53)

Appendices

(54)

A balanced customer portfolio

54 Food 17% Automotive 10% Chemical & Petrochemical 9% Distribution 22% Specialised distribution 4% Household supplies 2% FMCG 5% High tech 3% Industry 17% Luxury 2% Brown & white 2%
(55)

Main transport expense items

2011

Vehicles 22.4% (incl. fuel 13.8%) Other overhead costs 5.9% Operating profit before goodwill (EBITA) 2.8% Staff costs 29.4%
(56)

56

Main logistics expense items

2011

As % of revenue Premises 21.4% Subcontracting & transport 17.1% Overhead costs 6.1% Operating profit before goodwill (EBITA) 5.1% Staff costs 50.4%
(57)

In €m

Land and

buildings Transport vehicles Machinery and equipment Other & IT TOTAL

31/12/2009 118 349 61 33 561

31/12/2010 110 355 53 34 551

31/12/2011 150 379 74 42 644

(58)

In €m 31/12/10 Cash flow for the period Newly consolidated Change and other non-cash flows 31/12/11 WCR (25) 20 (15) (1) (21) Of which: - Operating WCR 127 - - - 197 - Non-operating WCR (126) - - - (184) - Fixed asset WCR (25) - - - (34)

Change in working capital requirement

(59)

Financial Statements

BILAN CONSOLIDE (en M€) 31/12/2011 31/12/2010 31/12/2009

ECARTS D'ACQUISITION 551,9 366,2 358,6

AUTRES IMMOBILISATIONS INCORPORELLES 114,6 63,1 68,7

IMMOBILISATIONS CORPORELLES 644,0 551,0 560,6

IMMOBILISATIONS FINANCIERES 48,9 32,2 30,6

IMPOTS DIFFERES ACTIFS 46,4 48,8 48,1

TOTAL ACTIF IMMOBILISE 1 405,8 1 061,3 1 066,5

Stocks 15,8 12,7 14,4

Clients et comptes rattachés 653,8 495,2 452,0 Autres créances et autres actifs courants 168,0 142,9 152,0 Disponibilités et Valeurs Mobilières de Placement 245,3 213,9 168,0

TOTAL ACTIF CIRCULANT 1 083,0 864,6 786,3

Actifs non courants detenus en vue de la vente

TOTAL DE L’ACTIF 2 489 1 926 1 853

Capital social 19,7 19,7 19,7

Primes et Réserves 451,6 407,7 325,6 Ecarts de Conversion -25,2 -26,5 -30,6 Résultat de l’exercice 63,3 57,2 85,7

CAPITAUX PROPRES PART DU GROUPE 509,5 458,0 400,4

Intérêts Minoritaires 2,9

CAPITAUX PROPRES 512,3

PROVISIONS POUR RISQUES ET CHARGES (+ 1an / -1 an) 144,5 112,5 114,6

IMPOTS DIFFERES PASSIFS 82,4 70,2 73,3

EMPRUNTS A LONG TERME 640,2 453,4 406,7

Dettes financières Court Terme 141,5 125,2 180,1 Fournisseurs et effets à payer 523,6 405,0 368,7

(60)

60

COMPTE DE RESULTAT CONSOLIDE (en M€) 31/12/2011 31/12/2010 31/12/2009

CHIFFRE D’AFFAIRES 3 576,2 2 838,7 2 719,4

Achats et charges externes -2 173,9 -1 665,6 -1 541,6

Charges de personnel -1 102,6 -917,7 -925,7

Impôts, Taxes et versements assimilés -42,5 -34,0 -49,6

Dotation / reprise aux amortissements et provisions -120,7 -109,6 -115,1

Autres produits et charges opérationnelles -3,2 2,8 2,3

Résultat sur cession d'actifs d'exploitation 2,9 -0,1 -0,2

Coûts de restructuration -9,1 -9,1 -12,7

Plus et moins-values immobilières 3,1 0,9 3,6

_________ _________ _________

RESULTAT OPERATIONNEL avant écarts d'acquisition (EBITA)

130,4 106,3 80,4

Dépréciation Goodwill 0,0 0,0 0,0

Amortissements de la Relation Client acquise -5,8 -3,8 -3,7

Badwill _________ _________ _________ E.B.I.T. 124,6 102,5 76,7 Résultat Financier -25,4 -26,8 -25,8 Cessation d'Activités _________ _________ _________

RESULTAT AVANT I/MPOT 99,1 75,8 50,9

Impôt sur les sociétés -22,2 -7,2 36,2

Impôt sur les résultats : CVAE / IRAP -13,1 -11,9

Quote-part des résultats des sociétés mises en équivalence 0,2 0,5 -1,4 _________ _________ _________

RESULTAT NET DU GROUPE 64,0 57,2 85,7

Part des intérêts minoritaires 0,6

BENEFICE NET REVENANT

AU GROUPE NORBERT DENTRESSANGLE

63,3 57,2 85,7

ETAT DU RESULTAT GLOBAL (en M€) 31/12/2011 31/12/2010 31/12/2009

RESULTAT NET PART DU GROUPE 64,0 57,2 85,7

Ecart de conversion 1,1 3,8 7,1

Gains et pertes liés aux réévaluations des instruments financiers -7,8 2,8 -2,2 Effet d'impôt sur instruments financiers et écarts de conversion 5,6 -0,5 5,1

Divers -0,3 0,2 -0,2

_________ _________ _________

PRODUITS ET CHARGES COMPTABILISES EN CAPITAUX PROPRES

-1,5 6,2 9,8

_________ _________ _________

RESULTAT NET DU GROUPE 62,5 63,4 95,5

(61)

TABLEAU DES FLUX DE TRESORERIE (en M€) 31/12/2011 31/12/2010 31/12/2009

BENEFICE NET PART DU GROUPE 63,3 57,2 85,7

Elimination des charges et produits sans incidence sur la trésorerie

165,3 141,7 137,6

Plus ou moins values sur cessions d'actifs immobilisés -5,2 -0,6 -2,9

MARGE BRUTE D'AUTOFINANCEMENT 223,4 198,3 220,4

Variation des actifs et passifs d’exploitation hors acquis. et immob. -28,6 -7,5 -3,9

Variation Pension Fund U.K. -12,9 -7,6 -11,3

_______ _______ _______

FLUX DE TRESORERIE D’EXPLOITATION 181,9 183,2 205,3

Acquisitions - cessions d'immobilisations corporelles et financières -91,8 -80,0 -64,4 Acquisitions et cessions de sociétés nettes de la

trésorerie acquise

-288,5

-6,0

_______ _______ _______

FLUX DE TRESORERIE D’INVESTISSEMENT -380,4 -85,9 -64,4

Nouveaux emprunts - remboursement d'emprunts existants 198,2 -12,9 -9,2

Dividendes versés aux actionnaires de la société mère -10,7 -8,6 -6,7

Achat de titres en autocontrole / variation stock actions propres 0,1 0,8

Augmentation de capital 0,4

Charges financières nettes liées au opérations de financement -28,4 -22,6 -22,6

_______ _______ _______

FLUX DE TRESORERIE DE FINANCEMENT 159,6 -43,3 -38,4

Effets de change sur la trésorerie -0,1 0,7 1,7

(62)

ANNUAL RESULTS FOR 2011

References

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