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Passeig de Lluís Companys, Barcelona Passeig de Lluís Companys (Catalan pronunciation: [pəˈsɛdʒ də ʎuˈis kumˈpaɲs]) is a promenade in the Ciutat Vella and Eixample districts of Barcelona, Catalonia, Spain, and can be seen as an extension of Passeig de Sant Joan. It was named after President Lluís Companys, who was executed in 1940.
Estadi Olímpic Lluís Companys Estadi Olímpic Lluís Companys (Catalan pronunciation: [əsˈtaði uˈlimpiɡ ʎuˈis kumˈpaɲs], formerly known as the Estadi Olímpic de Montjuïc and Estadio de Montjuic) is a stadium in Barcelona, Catalonia, Spain. Originally built in 1927 for the 1929 International Exposition in the city (and Barcelona's bid for the 1936 Summer Olympics, which were awarded to Berlin), it was renovated in 1989 to be the main stadium for the 1992 Summer Olympics and 1992 Summer Paralympics.
Company A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals.
Conxita Julià Conxita Julià i Farrés (Catalan pronunciation: [kuɲˈʃitə ʒuliˈa j fəˈres]; 11 June 1920 – 9 January 2019), also known as Conxita de Carrasco, was a Catalan woman noted for her dealings with Lluís Companys, President of Catalonia, in the 1930s, and for her poetry. Julià died in January 2019 at the age of 98.
Amazon (company) Amazon.com, Inc. ( AM-ə-zon) is an American multinational technology company which focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence.
Valuation using discounted cash flows Valuation using discounted cash flows (DCF valuation) is a method of estimating the current value of a company based on projected future cash flows adjusted for the time value of money.\nThe cash flows are made up of those within the “explicit” forecast period, together with a continuing or terminal value that represents the cash flow stream after the forecast period.
Cash-flow diagram A cash-flow diagram is a financial tool used to represent the cashflows associated with a security, "project", or business.\nAs per the graphics, cash flow diagrams are widely used in structuring and analyzing securities, particularly swaps.
Business Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit."Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business.
Small business Small businesses are corporations, partnerships, or sole proprietorships which have fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy varies depending on the country and industry.
Family business A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, related by blood or marriage or adoption, who has both the ability to influence the vision of the business and the willingness to use this ability to pursue distinctive goals. They are closely identified with the firm through leadership or ownership.
Business intelligence Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis and management of business information. Common functions of business intelligence technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics.
East India Company The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600. It was formed to trade in the Indian Ocean region, initially with the East Indies (the Indian subcontinent and Southeast Asia), and later with East Asia.
The Walt Disney Company The Walt Disney Company, commonly known as Disney (), is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California.\nDisney was originally founded on October 16, 1923, by brothers Walt and Roy O. Disney as the Disney Brothers Cartoon Studio; it also operated under the names the Walt Disney Studio and Walt Disney Productions before changing its name to the Walt Disney Company in 1986.
Material Material is a substance or mixture of substances that constitutes an object. Materials can be pure or impure, living or non-living matter.
Raw material A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products.
Recycling Recycling is the process of converting waste materials into new materials and objects. The recovery of energy from waste materials is often included in this concept.
Bill of materials A bill of materials or product structure (sometimes bill of material, BOM or associated list) is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product. A BOM may be used for communication between manufacturing partners or confined to a single manufacturing plant.
The Weather Company The Weather Company is a weather forecasting and information technology company that owns and operates weather.com and Weather Underground. The Weather Company has been a subsidiary of the Watson & Cloud Platform business unit of IBM since 2016.
The Honest Company The Honest Company, Inc. is an American consumer goods company, founded by actress Jessica Alba.
The Initiative (company) The Initiative is an American video game development company based in Santa Monica, California. As a division of Xbox Game Studios, the company was founded in 2018 to build AAA games for the Xbox consoles and Windows.
The Longaberger Company The Longaberger Company is an American manufacturer and distributor of handcrafted maple wood baskets and other home and lifestyle products. The company opened in 1973, was acquired in 2013 by CVSL, Inc., and closed in 2018.
Suicide legislation Suicide is a crime in some parts of the world. However, while suicide has been decriminalized in many western countries, the act is stigmatized and discouraged.
Magnitsky legislation Magnitsky legislation refers to laws providing for governmental sanctions against foreign individuals who have committed human rights abuses or been involved in significant corruption. They originated with the United States which passed the first Magnitsky legislation in 2012, following the execution of Sergei Magnitsky in Russia in 2009.
Rider (legislation) In legislative procedure, a rider is an additional provision added to a bill or other measure under the consideration by a legislature, having little connection with the subject matter of the bill.Some scholars identify riders as a specific form of logrolling, or as implicit logrolling. Others distinguish riders from logrolling.
Cyberstalking legislation Cyberstalking and cyberbullying are relatively new phenomena, but that does not mean that crimes committed through the network are not punishable under legislation drafted for that purpose. Although there are often existing laws that prohibit stalking or harassment in a general sense, legislators sometimes believe that such laws are inadequate or do not go far enough, and thus bring forward new legislation to address this perceived shortcoming.
Special legislation Special legislation is a legal term of art used in the United States to refer to legislation that targets an individual or a small, identifiable group for treatment that does not apply to all the members of a given class. A statute is often called special legislation when it targets a named person, but the term can also be applied to legislation that singles out an association or corporation.
Price-to-cash flow ratio The price/cash flow ratio (also called price-to-cash flow ratio or P/CF), is a ratio used to compare a company's market value to its cash flow. It is calculated by dividing the company's market cap by the company's operating cash flow in the most recent fiscal year (or the most recent four fiscal quarters); or, equivalently, divide the per-share stock price by the per-share operating cash flow.
Cash and cash equivalents Cash and cash equivalents (CCE) are the most liquid current assets found on a business's balance sheet. Cash equivalents are short-term commitments "with temporarily idle cash and easily convertible into a known cash amount".
Competition Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc.
Competitor backlinking Competitor backlinking is a search engine optimization strategy that involves analyzing the backlinks of competing websites within a vertical search. The outcome of this activity is designed to increase organic search engine rankings and to gain an understanding of the link building strategies used by business competitors.By analyzing the backlinks to competitor websites, it is possible to gain a benchmark on the number of links and the quality of links that is required for high search engine rankings.
List of Dancing with the Stars (American TV series) competitors Dancing with the Stars is an American reality television show in which celebrity contestants and professional dance partners compete to be the best dancers, as determined by the show's judges and public voting. The series first broadcast in 2005, and thirty complete seasons have aired on ABC. During each season, competitors are progressively eliminated on the basis of public voting and scores received from the judges until only a few contestants remain.
Competitor Group Competitor Group, Inc. (CGI) is a privately held, for-profit, sports marketing and management company based in Mira Mesa, San Diego, California.
Risk Factors
Investors should carefully evaluate these risks including the factors discussed below before deciding to invest in our securities
Octane Additives Business The predicted remaining business of the Octane Additives business is concentrated in a relatively small number of customers
Should one or more of these customers choose for economic, environmental, political or other reasons to stop using TEL as an octane enhancer earlier than has been anticipated then the Company’s future operating income and cash flow from operations would be negatively impacted and there could also be a write-off of TEL business goodwill as the forecast discounted cash flow from that business would be reduced
Financial Risks The Company’s existing credit facilities contain restrictive covenants that limit its ability, among other things, to: • borrow moneyuse assets as security in other transactions • make investments • make acquisitionspay dividends or buy back shares Current credit facilities require the Company to meet certain financial ratios including net debt to EBITDA (as defined in the credit facility) and net interest expense to EBITA (as defined in the credit facility)
The ability to meet these financial covenants depends upon the future operating performance of the businesses
If the Company failed to meet target covenants then it would be in technical default on the borrowing facility and the maturity of the outstanding debt could be accelerated unless it were able to obtain waivers from the lenders
10 ______________________________________________________________________ [37]Table of Contents The Company expects to need to refinance some of the existing debt at the end of the current three and a half year term of the current borrowing facility
Should the Company not be able to secure refinancing on satisfactory terms at that point this would have implications for the continuing operations of the Company
Cost of Raw Materials and Energy The Company buys large quantities of various raw materials and energy for use in the business
Many of the raw materials that we use are derived from petrochemical-based feedstocks which can be subject to periods of rapid and significant price instability
These fluctuations in price can be caused by political instability in oil producing nations, and elsewhere or other factors influencing supply and demand globally
Innospec does not typically enter into hedging arrangements with respect to energy costs or raw materials
Should costs of raw materials or energy increase and should Innospec’s businesses not be able to pass on these cost increases to their customers then operating margins and cash flow from operating activities could be negatively impacted
Should raw material prices increase significantly then the Company’s need for working capital could increase which would negatively impact cash flows from operations
Environmental Risks The Company is subject to extensive federal, state, local and foreign environmental, health and safety laws and regulations concerning emissions to the air, discharges to land and water and the generation, handling, treatment and disposal of hazardous waste and other materials
The Company is also required to obtain various environmental permits and licenses many of which require periodic notification and renewal
The Company operates on a number of manufacturing sites
The Company’s historic operations, and the historic operations of companies who have previously operated on sites that the Company has acquired, entail the risk of environmental contamination of the properties that it owns or has owned
This may result in fines or criminal sanctions against the Company or may entail the Company in material costs to remediate historic contamination
The Company further anticipates that certain production facilities may cease production in the medium to long term
On closure of some of these production operations in the future the Company expects to be subject to environmental laws that will require production facilities to be safely decommissioned and a degree of environmental remediation to be undertaken
The degree of environmental remediation will depend upon the plans for the future use of the operating sites that are affected and the environmental legislation in force at the time
The Company has currently made a decommissioning and remediation provision based on the Company’s current obligations, the current plans for those sites and current environmental legislation
Should the Company’s future plans for the sites change or should environmental legislation change then these provisions may prove inadequate and this will have a negative impact on future operating income and cash flows from operations
11 ______________________________________________________________________ [38]Table of Contents Competition and Market Conditions Certain of the Company’s businesses are subject to intense competition
The Company competes on the basis of a number of factors including product quality and properties, customer relationships and service and regulatory and toxocological expertise
For some products the competitors are larger than the Company’s businesses and may have greater access to financial resources
As a result these competitors may be able to better withstand a change in conditions within the industries in which the Company operates, a change in the prices of raw materials or a change in global economic conditions
Competitors may be able to introduce new products with enhanced features that may cause a decline in the sales of the Company’s products
Consolidation of customers or competitors in the market areas in which the Company operates may cause a loss of market share for the Company’s products or place downward pressure on prices
All of these risks could negatively impact future revenues, gross margins and operating cash flows
Regulatory Risk The Company is currently the subject of an investigation by the SEC into potential violations of federal securities law as a result of transactions conducted by the Company’s wholly owned indirect subsidiary, Alcor Chemie Vertriebs GmbH, under the United Nations Oil For Food Program
The Company has also made a voluntary disclosure to US Office of Foreign Assets Control (“OFAC”) regarding dealings with Cuba by certain of the Company’s current and former subsidiaries
The Company has made provision for legal expenses and potential penalties in respect of these matters where this is feasible
However should the Company’s estimates prove to be inadequate then this could have a material impact upon the Company’s operating income and cash flows from operations
Currency Risk The Company generates revenues and incurs operating costs in currencies other then the US dollar
As a result currency fluctuations between the US dollar and other currencies, predominantly the euro and sterling will continue to have an impact upon the Company’s future financial performance
The Company cannot accurately predict the nature or extent of future exchange rate variability
While the Company takes steps to manage currency exposure by entering into hedging transactions this cannot eliminate all exposure to future exchange rate variability and this could materially impact future operating income and cash flows from operations
Pensions Risk The Company operates a defined benefit scheme in the UK although this scheme is now closed to new entrants without trustee discretion
This scheme has a large number of deferred and current pensioners
Should future investment returns prove insufficient to meet future obligations or should future obligations increase due to actuarial factors or changes in pension legislation then the Company may be required to inject additional funds into this scheme
This could have a material impact on future operating income and cash flows from operations
12 ______________________________________________________________________ [39]Table of Contents Product Risk Many of the Company’s products are required to be registered with the US Environmental Protection Agency (“EPA”) and with comparable governmental agencies elsewhere
Such registration is subject to periodic review and is subject to the requirement to produce product data
The European Union is currently considering additional legislation known as the Registration, Evaluation and Authorization of Chemical substances regulation (“REACH”) which would require most of the Company’s products to be registered with EU Authorities
Under this legislation the Company must demonstrate the continuing safety of its products
This registration will require the Company to incur expense to test and register its products
While the Company expects that its products will be approved for re-registration after testing it is possible that certain products may not be reregistered if the test data proves unsatisfactory
In such an outcome some of the Company’s products may be restricted or banned in the EU Item B Unresolved Staff Comments Not applicable