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Brookfield Asset Management Inc.

A GLOBAL ASSET MANAGEMENT COMPANY

Focused on Property, Renewable Power and Infrastructure Assets

Corporate Profile

January 2011 January 2011

(2)

Cautionary

 

Note

 

Concerning

 

Forward

Looking

 

Statements

 

Note: This Corporate Profile contains forward-looking information within the meaning of Canadian provincial securities laws and other “forward-looking statements”, within the meaning of certain securities laws including Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. We may make such statements in this profile, in other filings with Canadian regulators or the Securities Exchange Commission (SEC) or in other communications. These forward-looking statements include, among others, statements with respect to our financial and operating objectives and strategies to achieve those objectives, capital committed to our funds, our liquidity and ability to access and raise capital, our ability to capitalize on investment opportunities, the potential growth of our asset management business and the related revenue streams there from, the prospects for increasing our cash flow from or continued achievement of targeted returns on our investments, as well as the outlook for the Company’s businesses and other statements with respect to our beliefs, outlooks, plans, expectations, and intentions.

Although Brookfield Asset Management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-oo g state e ts a d o at o a e based upo easo ab e assu pt o s a d e pectat o s, t e eade s ou d ot p ace u due e a ce o o a d looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: economic and financial conditions in the countries in which we do business; the behavior of financial markets including fluctuations in interest and exchange rates; availability of equity and debt financing; strategic actions including dispositions; the ability to effectively integrate acquisitions into existing operations availability of equity and debt financing; strategic actions including dispositions; the ability to effectively integrate acquisitions into existing operations and the ability to attain expected benefits; adverse hydrology conditions; regulatory and political factors within the countries in which the company operates; acts of God, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the company’s form 40-F filed with the Securities and Exchange Commission as well as other documents filed by the company with the securities regulators in Canada and the United States including in the Annual Information Form under the heading “Business Environment and Risks.”

W ti th t th f i li t f i t t f t th t ff t f t lt i t h ti Wh l i f d l ki t t t t

We caution that the forgoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Brookfield Asset Management, investors and others should carefully consider the forgoing factors and other uncertainties and potential events. The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

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Brookfield

 

Investment

 

Highlights

Over

 

100

 

years

 

of

 

experience

 

investing,

 

operating

 

and

 

managing

 

high

 

quality

 

“real

 

 

assets

 

– property,

 

renewable

 

power

 

and

 

infrastructure

• World class operating platforms: focused on owning and managing high quality “real” assets – Generate stable growing cash flows and provide capital protection

– Operating expertise optimizes profitability and asset values – Unique and diversified deal flow

• Strong investment execution capabilities and restructuring expertise: enables us to acquire assets at  meaningful discounts to value

– Able to react quickly to opportunities and invest  – Willing to work through complex restructurings • Leading asset management franchise:

– Provides enhanced growth and additional capital to pursue acquisitions on an accretive basis – Asset management income adds to cash flow per share

• Alignment of interests: through significant (17%) ownership of common stock by management and directors

S lid it li ti b t ti l li idit d d t i k t id t d t bilit t

• Solid capitalization, substantial liquidity and prudent risk management: provide support  and stability to  existing businesses and enable continued growth through acquisitions and development activities

• Record of long‐term value creation: through share price and dividends (20‐year total return: 14.4% per  annum; 10‐year total return:  20.8%)

• Shares currently trading around tangible net asset value: But this attributes minimal value to our asset • Shares currently trading around tangible net asset value:  But this attributes minimal value to our asset 

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In

 

Profile

Our primary objective is to generate attractive long‐term returns on a per share basis from high quality  assets that produce sustainable cash flows

STOCK INFORMATION Stock Exchange Listings: Dividend Rate/Yield: Q3 2010 Avg Daily Volume: CAPITALIZATION Credit Ratings: NYSE, TSX, Euronext $0.52 per share /1.7%* 2 million shares

DBRS – A(low)   Moody’s – Baa2 Fitch – BBB        S&P – A‐

COMMON SHARE PERFORMANCE*

Q g y Shares Outstanding: Stock Market Cap: Leverage: 2 million shares 616 million (diluted) $20 billion (31/12/10) Corporate – 14% LTV Group proportionate – 41% LTV SHARE VALUES

* Based on December 2010 average share price

COMMON SHARE PERFORMANCE SHARE VALUES

BAM Share Price:  (52 Week Range ending 31/12/10) High:   US$33.29 

Low: US$20.09

20‐Year 10‐Year 5‐Year 1‐Year BAM (CDN$) 18.0% 25.8% 10.9% 53.0% NET TANGIBLE ASSET VALUE:

Per Share: $30.99 (31/12/10)

SHARE OWNERSHIP

S&P 500 (US$) 9.1% 1.4% 2.3% 15.1%

*  As of December 31, 2010, inclusive of dividends

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Our

 

Business

 

Strategy

Achieve 12% + annualized total return while minimizing risk

• Build and maintain “best in class” operatingp g p platforms to manageg  “real assets” that generateg  highg  

levels of growing sustainable cash flows and increases in per share value

• Expand funds under management and foster strong client relationships

– Provides growth capital

E h h fl i h f

– Enhances cash flows with asset management fees

• Maintain high level of financial liquidity, execution capability and operational flexibility to capitalize on 

growth opportunities 

Fi i l b i f d id i h h i l

• Finance assets on a conservative, long‐term basis for downside protection through economic cycles

• Reinvest cash flow and monetization proceeds directly and alongside clients to increase returns and 

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Unique

 

Attractiveness

 

of

 

“Real

 

Assets”

Real Return.  Yield Enhanced.  Fixed Income Alternative

• Favourable long term risk adjusted returns generating both cash and capital returns

• Favourable long‐term, risk adjusted returns generating both cash and capital returns

– Long‐term, predictable and sustainable cash flows

• Allows for a stable financing profile

– Tangible, long‐duration assets provide visibility and lower volatility to investors 

– Inflation hedge attributes

– Growth opportunities through operating enhancements and capital expansion

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Focused

 

Global

 

Reach

100 ffi l ti GBP Other 3% 5% Geographic Currency Di t ib ti • 100 offices or locations • 400 investment professionals

• 15,000 operating employees  USD

BRL CAD 39% 19% 19% 5% Distribution AUD 15% Canada/U.S. UK/Europe Asia/Middle East Brazil/Chile Australia/New Zealand

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Operating

 

Platforms

 

– Emphasis

 

on

 

“Real”

 

Assets

Platform AUM(1) Over $100B Invested  Capital – $22B Description Renewable Power ±$16 • 167 hydroelectric power plants with  ~4 000 MW capacity • Hydroelectric • Wind energy ±$16 billion $7.5 billion 4,000 MW capacity • Two wind farms with combined 240 MW of  capacity Commercial Properties • Office, retail l l ±$34 billion $5.2 billion • ~125 million sq. ft. of commercial space  globally

• Development pipeline billion globally 

Infrastructure • Utilities • Transport & Energy ±$17 billion $1.6 billion • 8,800 km of transmission in Canada, Chile • Natural gas transmission and distribution in  Australia, New Zealand, U.S. and UK • Operator of 17 ports in UK and Europe p gy • Timberlands p p p • ~2.6 million acres of timberlands in North  America and Brazil Residential and  Agriculture Development ±$9 billion $2.3 billion • 83 million sq. ft. of residential condos • 122,000 lots for residential land 3 0 000 f i l l l d Development 370,000 acres of agricultural land Private Equity and 

Finance ±$8 billion $1.8 billion

• Bridge lending, real estate finance and 

restructuring

Advisory Services ±$23  $  • Fixed income, real estate and infrastructure Advisory Services 

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Investing

 

and

 

Restructuring

  

Capabilities

 

Our real asset platforms benefit from more than 35 years experience in restructuring, transaction  execution and operating capabilities across industry sectors

Real Estate Industrial & Natural

Resources Resources

Risk Management

Private Equity and

Structuring Expertise Deal

Sourcing

Private Equity and

Finance

Operating Experience Market Intelligence Access to C it l Capital Markets Infrastructure Capital Capital Markets Infrastructure
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Financial

 

Profile

• We are differentiated as an asset manager by the significant capital we invest alongside our clients 

and co‐investors, and our diversified sources of capital

• Brookfield has invested $22 billion of capital alongside co‐investors

ASSETS UNDER MANAGEMENT SOURCES OF CAPITAL BROOKFIELD’S INVESTED CAPITAL

Brookfield’s Listed Issuers $8 billion Unlisted Funds $16 billion* Commercial Properties $34 billion Renewable Power $16 billion Infrastructure $17 billion Total-$113 billion Development Commercial Properties $5 billion Renewable Power Infrastructure $2 billion Total - $22 billion Brookfield s Invested Capital $22 billion Public Securities $23 billion Cash, Financial

Assets & Other $6 billion Private Equity & Finance $8 billion Development Activities $9 billion Public Securities $23 billion $16 billion Private Equity & Finance $2 billion Development Activities $2 billion Cash, Financial Assets & Other $3 billion Power

$8 billion

* I l d $7 4 billi f i t d thi d t it l * Includes $7.4 billion of un-invested third-party capital

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Recent

 

Initiatives

• Acquired remaining 60% of Australian infrastructure company to create a leading, diversified global 

infrastructure platform which: 

– Significantly expands our international infrastructure franchise, positioning Brookfield 

Infrastructure with increased scale and growth opportunities

– Substantially enhances the trading liquidity of Brookfield Infrastructure in a combined entity 

with a market capitalization of more than $3 billion

– Simplifies the ownership structure of our infrastructure business

• Cornerstone investor in the $8 billion recapitalization of General Growth Properties

– Brookfield, together with clients, committed $2.5 billion for ~27% of the company and ~14% 

of Howard Hughes Corporation, on a fully diluted basis

• Completed reorganization of global office business with sale of portfolio of 16 Australian office 

properties to Brookfield Office Properties (BPO):

– Established BPO as a pure‐play global listed office business

– Rationalized and strengthen our global office platform under one entity – creates efficiencies

– Properties are 99% leased with a seven year average lease term and 2% growth in rental 

(13)

Recent

 

Initiatives

 

Cont’d

• Completed $2.2 billion of new financings at attractive rates:

Type  Entity Amount (millions) Coupon

Property Mortgage Brookfield Office Properties $    800 3.89%

Perpetual Preferred 

Shares Brookfield Asset Management 250 4.50%

Perpetual Preferred

B kfi ld Offi P i 300 5 15%

Perpetual Preferred 

Shares Brookfield Office Properties 300 5.15%

10‐year Corporate Bond Brookfield Renewable Power 450 5.14%

10‐year Corporate Bond Brookfield Asset Management 350 5.30%

• Closed $2.7 billion Infrastructure Fund

— Focused on high quality infrastructure assets in the Americas Fund is nearly double the original target of US$1 5 billion — Fund is nearly double the original target of US$1.5 billion

— BAM has committed 25% alongside premier global institutional investors — 20% invested to date

(14)

Tangible

 

Value

 

– Downside

 

Protection

 

with

 

Upside

 

Potential

IFRS “book” values based on recent valuations of most physical assets on the balance sheet; excludes  inventories and certain cost accounted investments:

As at September 30, 2010 

(millions, except per share amounts) Total Per Share

Pre‐tax common equity, IFRS basis $ 14,982 $ 25.63

Unrecognized values under IFRS(1) 3,300 5.36

Net asset value(2) $ 18,282 $ 30.99

(1) Management estimates of fair value increment attributable to assets that are not re‐valued under IFRS such as residential 

d l d i d i l b i

development assets and industrial businesses (2) Presented on a pre‐tax basis

• Tangible value provides downside protection

• Significant upside potential as net asset value does not reflect any value for asset management and 

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Drivers

 

of

 

Intrinsic

 

Value

 

Growth

Continue growth of asset  management franchise

E h h fl

Reallocate capital and  compound cash flows at  higher returns

Enhance cash flow

and values of existing assets

The tangible value of our assets ‐$30.99 per share (Sept. 30, 2010)

(16)

Significant

 

Growth

 

Opportunities

Acquisitions

 Additional assets in core platforms  Complementary platforms

Internal Growth

 Locked‐in contracts and regulated rate base businesses  Rollover of existing leases/contracts at higher market rates  New geographic markets

Internal

 

Growth

 Increased contribution as economy recovers from “short‐term”  businesses  Growing institutional base of clients

 Global team of 25 professionals

Asset

 

Management

Global team of 25 professionalsStrong governance and transparency

 Wide range of product offerings attractive to investors

 Power:  Nearly 400 MW of hydro & wind under or near construction

Development

 Property:  1.8 M sq. ft. of active developments; 61% leased

 Infrastructure:  Upgrades, expansions and new large scale 

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Flagship

 

Assets

 

– Property,

 

Power,

 

Infrastructure

Renewable Power

Lièvre Operations, Quebec

Located in western Quebec along the Lièvre Property

World Financial Center, New York

Located at the forefront of Lower Manhattan

Infrastructure

Dalrymple Bay Coal Terminal ("DBCT"), Australia

Located in western Quebec, along the Lièvre 

River, a tributary of the Ottawa River. The 

facilities include: 

• 4 hydroelectric generating stations with 

an installed capacity of 263 MW, 

producing on average 1,520 GWh of 

Located at the forefront of Lower Manhattan 

with over eight million square feet within the 

four unique copper‐crowned granite and 

glass office towers.

As one of the city's premier business 

addresses featuring extensive public spaces

A port facility which exports metallurgical 

and thermal coal mined in the Bowen Basin 

region of Queensland, Australia, a region 

with one of the lowest cost and most prolific 

series of coal deposits in the world. 

electricity annually. 

• 50 kilometres of transmission lines 

interconnected to the New York, New 

England and Ontario power grids.

• Watershed area covering approximately 

addresses featuring extensive public spaces, 

dozens of shops and restaurants, and a 

stunning outdoor waterfront esplanade along 

the Hudson River. 

The tenant roster includes some of the most 

i i i i l fi

One of the largest coal terminals, accounting 

for 8% of the total global seaborne coal 

exports and 21% of global metallurgical 

seaborne coal exports.

g pp y

9,560 square kilometres with water 

(19)

Flagship

 

Assets

 

– Property,

 

Power,

 

Infrastructure

Renewable Power

Brazil

Property

Southern Cross East, Australia

Infrastructure

Transelec, Chile

The power generation facilities are located on  22 different river systems, which include 34  hydroelectric generating stations with

an installed capacity of 596 MW, producing on  average 3,277 GWh of electricity annually.  Located across seven states in Brazil and Southern Cross East Tower is a landmark A‐

grade office building located in Melbourne,  with premium grade services. 

The building comprises a ground level foyer  and retail tenancies, 36 upper levels of office

The largest electricity transmission system in  Chile, with approximately 8,200 kilometres  of transmission lines. 

Transelec’s system includes 100% of Chile’s  500 kv transmission lines, the highest Located across seven states in Brazil and 

remotely operated from a control centre located  in the State of Parana. 

All power produced by the facilities is sold under  power purchase agreements to end‐use 

customers or local distribution companies with and retail tenancies, 36 upper levels of office 

accommodation and basement parking for  950 vehicles.

500 kv transmission lines, the highest  voltage lines in the country, and 

approximately 45% and 95% of the 200 kv  and 154 kv lines in Chile, respectively.

customers or local distribution companies with  the average term of power purchase 

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Financial

 

Strength,

 

Liquidity

 

and

 

Flexibility

 ~$4 billion of core liquidity to fund growth

 Access to additional $8 billion of capital from institutional partners

Significant

 

Liquidity

 ~ $1.5 billion annually / $3 billion total group cash flow

Free Cash Flow

$ y / $ g p

 $30 billion of permanent equity capitalization 

 Conservative debt levels

Free

 

Cash

 

Flow

Strong and Flexible

Conservative debt levels

 Long‐term financing

 Strong investment grade ratings

 Continued favorable access to market with lower reference rates 

Strong

 

and

 

Flexible

Capitalization

mitigating higher spreads

 Ability to raise third party capital through publicly listed and 

private funds

(22)

Conservative

 

Capitalization

 

Structured to enhance returns while minimizing risk

• 14% (corporate) and 41% (group proportionate) • Investment grade strategy – Over 80% of group debt has no recourse to 

Brookfield

• Readily manageable maturity profile – No corporate maturities until 2012

– Finance primarily at asset level and on non‐ recourse basis

– Maintain substantial liquidity

– Extend maturity profile by refinancing assets with  long‐dated debt

– Project‐specific and subsidiary maturities modest in  next two years

– Investment grade credit ratings

g

– Maturities diversified over long period

Borrowings 14% Accounts Payable d Oth 6% Borrowings 41% Shareholders’ Equity 40% Borrowings 38% Shareholders’ Equity 45%

DECONSOLIDATED PROPORTIONATE CONSOLIDATION FULL CONSOLIDATION

and Other 6% Capital Securities 3% Shareholders’ Equity 77% A t P bl Capital Securities 2% Accounts Payable Capital

(23)
(24)

Compelling

 

Private

 

Fund

 

Offerings

 

Broad product mix with substantial institutional investor backing

– A series of differentiated private funds and investment programs

– Over $22$  billion of institutional capitalp  commitments,, includingg more than $6$  billion from  

Brookfield 

– Over 80 institutional fund clients, diversified by type and geography

Compellingp g investment strategiesg

– Wide range of product offerings along the risk‐return spectrum

– Focus on core competencies of the broader platform

Attractive platform for investorsAttractive platform for investors

– Well capitalized

– Leading owner‐operator

– Integrated with operating platforms to leverage in‐house expertise, deal flow, resources and

market intelligence

market intelligence

– Strong governance and transparency

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Diversity

 

of

 

Global

 

Institutional

 

Investors

 

in

 

Private

 

Funds

Third-Party Capital by Geography (1)

Third-Party Capital by Investor Type (1)

Family Office & Other

7% Corporate Pension North Australia & Asia 63% 27% 6% 49% 4%

Banks/ Investment & Financial Public Consultant 5% North America 3% S h 7% 63% Europe Sovereign Insurance 8% 49% Pension South America & Other

(26)

Established

 

Funds

Strong track record of creating value through core, value add and opportunistic strategies 

Core and Value Add Year Formed Opportunity and Private Equity Year Formed

Core and Value Add Year Formed

U.S. Office 2006

Canadian Office 2005

West Coast Timberlands 2005

Global Timber Fund 2008

B il Ti b 2008

Opportunity and Private Equity Year  Formed

Real Estate Opportunity 2006

Real Estate Opportunity II 2007

Brazil Retail Property 2006

Special Situations I 2001 S i l Sit ti II 2006 Brazil Timber 2008 Transmission 2006 Colombia Infrastructure 2009 Americas Infrastructure 2009 Bridge LendingI 2003 Special Situations II 2006

Real Estate Turnaround Program 2009

Listed Managed Entities Year  Formed

Brazil Agrilands 2011

Peru Infrastructure 2010

Bridge Lending I 2003

Bridge Lending II 2007

Bridge Lending III 2009

Real Estate Finance I 2004

Real Estate Finance II 2007

Brookfield Infrastructure Partners 2008 Brookfield Office PropertiesCanada 1995

Brookfield Renewable Power Fund 1999

Acadian Timber 2006

(27)
(28)

In

 

Summary

Brookfield is very well positioned in this environment

• Substantial liquidity and consistent access to capital

• Wide array of attractive investment opportunities

• World class operating platforms with dedicated professional operating and investment teams

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Investment

 

Principles

BUSINESS PHILOSOPHY

• Build the business and all the relationships based on integrity

• Attract and retain high calibre individuals who will grow with us over the long termAttract and retain high calibre individuals who will grow with us over the long term

• Ensure our people think and act like owners in all their decisions

• Treat our clients’ money like it is our own

INVESTMENT GUIDELINES INVESTMENT GUIDELINES

• Invest, as lead investor, where we possess competitive advantages and are in a position to actively manage our 

assets and create value through operational or other improvements

• Acquire assets on a value basis to maximize long‐term, risk‐adjusted return on capital

• Build sustainable cash flows to provide certainty reduce risk and lower the cost of capitalBuild sustainable cash flows to provide certainty, reduce risk and lower the cost of capital

• Recognize that superior returns often require contrarian thinking

MEASUREMENT OF OUR CORPORATE SUCCESS

• Measure success based on total return on capital over the long term • Measure success based on total return on capital over the long term • Encourage calculated risks, but compare returns with risk

• Sacrifice short‐term profit, if necessary, to achieve long‐term capital appreciation • Seek profitability rather than growth, because size does not necessarily add value

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Major

 

Shareholders

Management and directors own/control 17% of Brookfield, alongside other major institutional  investors

Major institutional investors owning over 5 million Brookfield common shares:

RBC Asset Management

TD Asset Management/TD Securities

Third Avenue Management

Davis Selected Advisers

McLean Budden

Pyramis Global Advisors Major institutional investors, owning over 5 million Brookfield common shares:

g

Bank of Nova Scotia

Invesco Trimark Ltd./Van Kampen

BlackRock Asset Management

Select Equity Group

Pyramis Global Advisors

Morgan Stanley Investment Management

William Blair & Company

IronBridge Capital Management

Franklin Templeton Investments

BMO Capital Markets

Horizon Capital Markets

First Manhattan

Franklin Templeton Investments

GWL Investment Management

CI Investment

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Committed

 

to

 

Sustainable

 

Development

 

Environmental

 

Leadership:

One of the world’s leading asset managers, with a unique focus on renewable power assets, world‐class  commercial properties and a strong involvement in the community, as well as a demonstrated commitment  to sustainable development

Sustainability Recognition

• Meritas Jantzi Social Index

• KLD Global Climate 100 Index (GC 100)

• Desjardins Environment Fund

• S&P/TSX Clean Technology Index (BRC.UN)

Focus on Renewable Energy

• Hydro and wind

• Brookfield is among the pioneers in the evolving carbon credit market in Brazil, engaging in emissions trading with 

European and other companies through the World Bank

Propertiesp

• Features, systems and programs that foster energy efficiency

• LEED (Leadership in Energy and Environmental Design) standards for many existing and all new developments

Timberlands

• Sustainable forestry practices that meet and exceed federal state and provincial standards

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Investor

 

Relations

 

Contacts

Contact Title E-Mail Address Phone Number

Bruce Flatt Chief Executive Officer flatt@brookfield.com (416) 363-9491

(212) 417-7000

Brian Lawson Chief Financial Officer brian.lawson@brookfield.com (416) 363-9491

Sachin Shah Managing Partner, Finance sachin.shah@brookfield.com (416) 363-9491

Katherine Vyse Senior Vice President, Investor katherine.vyse@brookfield.com (416) 369-8246

Katherine Vyse Senior Vice President, Investor

Relations and Communications

References

Related documents

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