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SEC Hot Topics Seminar. State of the Capital Markets September 14, 2010. Economic outlook. Downturn to end within 12 months. 40%. 64%. 61%. Of companies believe the global downturn will end within the next 12 months compared with 30% in 2009.

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sec hot topics seminar

SEC Hot Topics Seminar

State of the Capital Markets

September 14, 2010

slide2

Economic outlook

Downturn to end within 12 months

40%

64%

61%

Of companies believe the global downturn will end within the next 12 months compared with 30% in 2009

Of companies feel more confident about the prospects for their local economy than six months ago, the most optimistic being Australia

Of respondents expect the downturn in their own industries to end within 12 months, compared to just 49% six months ago

April 2010

Confidence in local economy

November 2009

Downturn in industries to end within 12 months

April 2010

November 2009

*Data presented in slides 2-10 is based on an April 2010 survey of 817 executives by Ernst & Young LLP.

capital related issues are top of mind in boardrooms and c suites
Capital-related issues are top-of-mind in boardrooms and C-suites

Operational efficiencies/cost reduction

Customer segmentation and profitability

Performance monitoring of subsidiary businesses

Supply chain risks/

performance

Balance between fixed and variable costs

Integrating previously acquired business

preserving capital
Preserving capital

Companies are operationally restructuring to focus on performance improvement

Wave of refinancing expected

When restructuring what will be your priority?

How soon are you likely to refinance loans or other debt obligations?

November 2009

28%

Within 6 months

6 - 12 months

35%

April 2010

Other

7%

1-2 years

26%

Liquidity and working capital management

13%

Performance improvement

42%

11%

3-4 years

Other

Capital/debt structure 14%

0

5

10

15

20

25

30

35

40

20%

Operational restructuring

24%

Performance

improvement

50%

Liquidity and

working capital

management

30%

raising capital
Raising capital

Those with access to funding will be well placed to take advantage of opportunities

As a result of the downturn, deal processes continue to evolve

For companies that need access to funding for capital projects, when do you think this will become available?

How likely is your company to execute divestments in the following time periods?

0-6 months

6 -12 months

1-2 years

1%

1%

6%

25%

Within 6 months

6

12 months

1

2 years

30%

3

5 years

Not in the foreseeable future

More than 5 years

37%

capital markets
Capital markets

61%

Of companies say that credit and capital conditions have improved in the last six months

26% of all respondents stated that access to funding is not a problem for their company

Wave of refinancing is expected with 58% of companies needing to refinance loans or other debt within the next four years

Driving operational fitness and working capital management remains critical – 35% still need to restructure core business

62% expect financing to fund major projects available in the next 12 months

focusing on growth
Focusing on growth

76%

Of companies are focusing on growth, up 56% compared to six months ago

April 2010

slide9

Optimistic deal market

Likelihood of acquisitions

57%

47%

Expect to make an acquisition in the next 12 months, up from 33%

Expect to do so in the next 6 months, up from 25%

6-12 months

0-6 months

ipo and follow on post deal performance
IPO and Follow-On Post Deal Performance
  • New tech stocks have delivered on average 7.2% gain on their first day as public companies, compared to an average around 6% from all IPOs in the U.S., according to data from Ipreo.
follow on case study
Follow-On Case Study

Kid Brands Subsidiaries

in conclusion
In conclusion

Confidence returning to the markets

Funding becoming more available

Heightened uncertainty continues

Investor focus on capital allocation

Pent-up demand/supply in M&A markets

Industries bifurcating: consolidators and consolidatees

Deal processes continue to evolve