Securing Your Present Global

8/14/2019 Securing Your Present Global

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Securing your presentOpportunities in adversity


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1Securing your present: Opportunities in adversity

Cash is still kingDespite signi cant efforts from governments around the world tostimulate the economy and loosen the ow of cash and credit,conditions in many major markets around the world remaintenuous. There are some recent indications that suggest the initialtightening in capital markets has given way to a resurgence inliquidity, primarily driven by government support and largecorporate bonds and rights issues. However, early hopes of arecovery are not strong and the trends point to a fragile anduncertain environment throughout 2009. Many companies are stillgrappling with how to secure their nances and operations andmonitor the security of their supply chains and customer bases.

In January 2009, we surveyed over 300 senior, C-level executivesglobally, and nearly three-quarters of respondents had increasedtheir focus on securing the survival of the present business.That percentage has decreased somewhat in a more recent pollconducted with 569 executives in June, with more companiesconsidering how to capitalize on new market opportunities.

However, the focus on cash is intensi ed in both these scenarios,and that is irrespective of a companys position on the stresspendulum (see right). Many discussions with clients in recentmonths have focused on cash as the pressure on managementhas intensi ed. Our respondents agree: the number reporting thatcash is not an issue has declined from 26% to 18%.

In the past six months, companies have moved swiftly to enactcost reduction and restructuring measures. In a separate surveyof European chief nancial of cers (CFOs), only 6% said thatsecuring the present will be of lesser importance in six monthstime. Cash preservation and generation issues continue to

dominate the time, focus and energies of CFOs and corporatemanagement teams.

The priorities remain the same a companys ability to accessliquidity, manage and release cash and maintain cost controls isessential to reducing overall risk from changes in market forces but the focus has become even more laser-like.

Overview

Taking advantage of thesituation to pursue newmarket opportunities

Securing the survivalof the present business

January 2009 June 2009

65%

30%

74%

19%

Changing focus on business activities

Source: Ernst & Young/EIU surveys conducted in January 2009 and June 2009Shown: percentage increase

A s s e t i m

p a i r m e n t

D i v e s t i t

u r e s

B u s i n e s s u n i t c l o s u r e

Cash ow Cash burn

W o r k i n g

c a p i t a l

M a r k e

t r e a

s s e s

s m e n

t

L i q u i d i t y

m a n a g e m e n t

C o s t r e d u c t i o n

C a p i t a l r e s t r u c t u r i n g

C o u r t s u p e r v i s i o n

S t a k e h o l d e r m

a n a g e m e n t

S u p p

l i e r s

t a b i l

i t y P o r

t f o l i o

o p t i m i

z a t i o nA c q u

i s i t i o n o p p

o r t u n i t i e s

S u

c c e

s s

D o w n t u r n S t r e s s

e d

D i s t

r e s s

e d

I n s o

l v e n

t

Stress pendulum


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2 Securing your present: Opportunities in adversity

Why forecast cash?In todays challenging times, effective cash ow forecasting canincrease a companys ability to survive. CFOs are increasinglyrelying on operating cash ow as a source of capital. In January,68% of respondents were undertaking top-down reviews of cashmanagement and cash ow. That percentage has increased to 73%in our June poll.

Cash ow forecasting provides real-time feedback on businessperformance and supports scenario planning. This allowsmanagement teams to make better informed decisions. Short-termcash ow forecasting provides management teams with visibilityon immediate cash needs and early warning of emerging issues.Cash ow forecasts are also used to proactively manage cashimprovements, enabling managements to identify appropriate cashlevers to pull.

Utilizing a robust forecasting process can create a cash culture ina business. De-centralizing ownership and responsibility for cash,and improving cash awareness through internal procedures andpolicies, drives an increase in internal accountability andresponsibility.

These actions can result in enhanced public perception. Targetingcash delivery ensures nancial commitments and investorexpectations are met. Shareholders are con dent in managementsability to manage and forecast cash. Analysts, who are increasinglyconsidering cash performance when setting valuation guidance,can more accurately evaluate the company.

Controlling cash

Is cash tracked and planned short-, mid- and long-term?Is there an emergency plan for additional cash release?

Has there been any increase in cash consumption bydivisions or subsidiaries?

Are the key performance indicators used to assessshort-term visibility in trading and cash ow performanceregularly monitored?

Does the company forecast cash on a rolling weeklybasis? What is its forecasting accuracy? Is there adetailed variance analysis?

Are management incentives linked to meeting cashforecasts/targets?

Key questions to consider

Improve operationalperformance. Strengthenbusiness management. Drivecultural change. Enhanceexternal perception.

Top-down review of current cashmanagement and of cash ows

73

68

Considering possible assets thatcan be turned into cash

32

36

Making an emergency planfor additional cash release

24

28Agreeing an approach for

investing excess cash(e.g., bonds, securities, etc.)

21

18

June 2009

January 2009

Which of the following cash management actions is yourcompany currently taking?

Source: Ernst & Young Opportunities in adversity, June 2009.Shown: percentage of respondents.


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Managing debtThere is no question that businesses needing to re nance debtfacilities in the next 18 months will face major challenges aslenders seek to reduce risk and improve margins. In our January2009 survey, 23% of respondents were considering options torenegotiate debt covenants. That percentage has crept up to 28%in our latest poll.

In the UK alone, loans raised by non- nancial businesses in the rsttwo months of 2009 fell 87% compared with the rst two monthsof 2008 1. Global capital markets lack liquidity and historic debt/leverage levels are no longer sustainable. Rapid falls in EBITDA(earnings before interest, taxes, depreciation and amortization)and working capital issues are leading to covenant breaches incredit agreements.

Consequently, companies are being forced to deleverage andrestructure. Businesses requiring nancial restructuring advice can

be at various stages in the underperformance curve, from stable,pro table and cash generative businesses requiring onlyre nancing advice, through to those more challenged businessesrequiring additional funding while a turnaround plan is put in place.For distressed businesses, it is imperative for management teamsto identify the cash needs of the business, identify and realize cashopportunities, drive short term costs out of the business anddevelop a longer-term turnaround plan.

Once stabilized, companies need to develop stakeholder proposals,including a robust business plan which is capable of standing up toindependent scrutiny and a credible nancial restructuring planwhich addresses the issues of both the company and its

stakeholders. Increasingly, companies are recognizing the need tocommunicate proactively with lenders, analysts and ratingagencies 35% of respondents in June, compared with 29% inJanuary.

Top-down review of current cashmanagement and of cash owsConsidering alternate sources

of liquidity (e. g. disposal of assets,shut down or sale ofsegments/revenue streams)

62

Not asked

Communicating with lenders, analystsand rating agencies proactively

35

43

Making an inventory of alldebt covenants and monitoring

covenant compliance

30

35

Obtaining access to short-termnance facilities/credit

29

33

Considering options torenegotiate debt covenants

25

23

26

16

34

None of the above,cash is not an issue

29

June 2009

January 2009

What step is your company taking to maintain liquidity?

Source: Ernst & Young/EIU surveys conducted in January 2009 and June 2009.Shown: percentage of respondents.

1. Source: Bank of England.


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Guarding against business disruptions knowyour suppliers and customersMore and more companies are focusing on the health of both theirsuppliers and customers. Unfortunately, the current levels of nancial turmoil are outside the parameters of most risk models.Coupled with the rise of complex, integrated supply chains andcustomer networks, the consequences of troubled suppliers andcustomers can be severe for a company.

Thirteen percent of the executives surveyed had lost key suppliersto bankruptcy, a 44% increase from January. Thirty- ve percentwere broadening their supplier base to reduce the impact of afailed supplier. The risk of these losses is more critical in somesectors than in others. Automotive (35%) and real estate andconstruction (25%) are hit hardest, with technology (6%) and nancial services (7%) relatively unscathed. Gaining anunderstanding of the stability of your supply chain will help youtake the appropriate actions for your company.

Three essential elements for supplier stability

A stable supply chain can mean a competitive advantage in avolatile economy. While historically, supply chain monitoringfocused on suppliers operations, in todays environment, beingable to identify suppliers experiencing nancial pressure has neverbeen more crucial. Financial dif culties can overwhelm suppliers inweeks or even days. Existing approaches to risk and contingencymay no longer be suf cient in the current environment. It is criticalthat companies take a fresh look at the nature of this risk withintheir business along with their ability to monitor and respond in a

pre-emptive fashion.Prudent executives have taken note of the rising number of failedsuppliers, and are initiating actions to assess and mitigate potentialnear-term supply risks. Leading practices in supply chain stabilityfocus on three phases.

First, an early warning screening system can help identify potentialrisks to the supply chain. These systems segment a companyssuppliers, identifying those most critical to success, and use acombination of nancial, commercial and operational metrics toidentify suppliers that pose a risk to operations. Teams establish

criteria to identify critical suppliers and tolerance levels indicatingthe need to ag troubled suppliers.

Next, companies need to respond to these troubled suppliersbefore the situation worsens. This means a more robust analysis.Companies need detailed risk assessments, risk mitigation andcontingency planning in this phase. Audit provisions in supply orpurchase contracts should be leveraged. If these dont exist,information can be requested from suppliers. Suppliers whichrefuse to provide insight into their companies can be seen as hidingsomething.

Finally, managing distressed suppliers takes even greater exibilityand creativity. Solutions are not always in line with conventionalthinking here and, for strategic suppliers or those with uniquegoods, supply chain expertise alone may not be suf cient. At thisstage of the game, advisors with restructuring, bankruptcy,acquisitions, integration and related transaction skills are neededto help develop creative strategies.

Customer focus

In January 2009, 24% of respondents had already seen keycustomers suffer bankruptcy, and the majority were experiencingcustomers in distress, with deteriorating creditworthiness anddelayed payment on their orders. While the percentage ofrespondents with key customers in bankruptcy has decreased,

companies are still concerned about the health of customers anddistribution networks. The nancial crisis has clearly affected howcompanies manage their approach to customers. Sixty-eightpercent of those surveyed had increased their focus on keyaccounts. Nearly one-third of respondents indicated that they werebroadening their customer base either by entering new marketsegments or new geographic markets.

We expect to see a continued tight focus on customers andsuppliers with more companies expecting to emerge from currenteconomic challenges to begin focusing on new marketopportunities.

Early warningscreening system

Troubled supplierrisk assessment

Distressedsupplier advisory

Three key elements for supplier stability


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Generating cash

Working your working capitalCompanies continue to view working capital as a signi cant sourceof untapped liquidity. Results from Ernst & Youngs annual workingcapital management report for 2009, All tied up 2, do show thatcompanies have been taking more rigorous steps to drive cash andcost out of working capital. More and more CFOs indicate that theircompanies are implementing working capital optimizationinitiatives. Forty-four percent of respondents to our survey hadbuilt working capital measures into the performance objectives ofmanagement. All of this signi es a mounting importance to thesuccess of effective working capital initiatives.

Yet, our annual working capital analysis has identi ed up toUS$1 trillion in working capital unnecessarily tied up in 2000leading companies in Europe and the US. This equates to 6% oftotal sales and an average of US$500million that can be potentiallyreleased 2. A disciplined approach to managing account receivables,inventory and account payables can free up much-needed cash.

Companies with a structured approach to working capital can oftenachieve liquidity of up to 5% of annual sales.

The biggest challenge to the success of working capital programs isimplementation. To help enable implementation, there are anumber of key factors. Changes to working capital and cashmanagement should be sustainable and not focused on short-term xes. Working capital needs to be important to management andthe bene ts communicated to the business as mentioned earlier,more executives recognize this and are building working capitalmeasures into the performance objectives of management. Cashand working capital objectives should also be integrated into other

priorities of the business, with early engagement of business unitsto help embed the changes. Finally, initiatives should be measuredand outcomes reported.

Companies can no longer afford to overlook working capitalmanagement. It is a relatively easy and cheap way to release cashthat can secure a companys current nancial health, and couldprovide the exibility needed to capture unexpected opportunities positioning the company for strength in the future.

An effective working capital management strategyfocuses on a set of actions that offer the bestopportunities:

1. Appropriately incent management to improve cash

performance2. Effectively manage payment terms for customers and

suppliers (with terms and conditions appropriate to thecurrent environment)

3. Improve speed and accuracy of billing and cashcollections and deal with disputes effectively

4. Use data captured for disputes to eradicate the rootcause

5. Increase billing frequency (noting, however, the extracosts associated with this) and use of e-billing

6. Develop an agile supply chain that can be moreresponsive to changing market conditions

7. Build greater linkage and closer collaboration among thevarious participants of the working capital value chaininternally and externally focused around sharing ofdemand signals and planned response down the chain

8. Maintain metrics that monitor the nancial health ofcustomers and suppliers

9. Identify the key drivers of working capital consumptionand focus on improving them (forecast error, lead-times,minimum lot sizes, supply variability, capacityconstraints, speed and accuracy of billing, customersegmentation and appropriate collection strategies)

10. Identify, understand and quantify the trade-offs that needto be made (e.g., order ll rates or inventory levels, earlypayment discounts or longer payment for payablesoptimization, larger batch sizes or inventory levels)

2. All tied up Working capital management report 2009, Ernst & Young LLP, June 2009.


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Uncovering cash in taxMany businesses are including a review of their tax strategies toreduce expenses and uncover cash. Cash savings may be achievedthrough planning. Pro t forecasts may be deteriorating and taxinstallments previously made may now be overstated. Changes inlocal, domestic and international tax policies can provideopportunities for savings as well.

Recent scal stimulus packages include signi cant tax measures in fact, tax measures comprise a larger share of the overallpackages compared with spending measures. According to a recentreport from the Organisation for Economic Co-operation andDevelopment 3, tax measures represent 56% of the net effect of scal stimulus as an average among OECD countries. A recentErnst & Young tax report, Worldwide scal stimulus tax policy

plays a major role, focuses on the tax-related scal stimulusmeasures in 24 jurisdictions where we are seeing particularlyrobust stimulus activity. The report identi es themes that areemerging as governments increasingly rely on their tax systems toadminister stimulus.

This tax-based approach to scal stimulus has included a widerange of measures in categories such as:

Accelerated depreciation programs

Carryforward and carryback provisions for net operating losses

Adjustments to corporate income tax rates

Enhancements to research and development tax credits

Indirect tax changes

Tax measures affecting individuals

Review the companys tax positionMore and more companies are quickly developing an intense focuson the part that tax can play in cost-reduction and how tax cangenerate cash savings for the enterprise. As one of the largestitems on income statements, an effective tax strategy can have adirect impact on EBITDA.

The range of cash tax savings that can be unlocked is extremelyvaried and spans domestic tax planning (capital asset reviews, forexample), indirect tax issues, international tax issues, such astransfer pricing, and many other areas of tax. Some of the guresassociated with these activities are signi cant hence the link withEBITDA. In some cases, companies can achieve cash ow savingsof anywhere between US$100 million and US$600 million fromactions such as xed asset reviews or look backs across local taxes.

An intense focus on cash taxes would be understandable duringany period of downturn in economic activity, but is even more

critical in the short term, because of the stimulus measures thatgovernments around the world are putting in place. Thesemeasures have a de ned timeline, though, with the majority ofmeasures designed to be temporary in nature.

Assessthreats andopportunities

Createadditionalcash ow

Reduce yourtax expenses

Protect yourtax assets

Cash tax

What are you doing to monetize tax losses, optimize taxcredits, accelerate tax refunds and defer tax payments?

What are you doing to manage your global tax liability andfacilitate cash repatriation to service your debt?

What reviews have you put in place to ensure you are properlycomputing your net operating loss utilization limitations?

What are you doing to assess the tax ef ciency of yoursupply chain?

What are you doing to address your corporate tax liability?Employee tax liabilities?

What type of strategies are you considering to reduce yourcash taxes in upcoming years?

What are you doing to take advantage of some of the

opportunities offered in stimulus packages?What are you doing to optimize the productivity of your taxdepartment?

What are you doing to prepare for future controversy andaudit management activities?

Key questions to consider

3. Economic Outlook report, Organisation for Economic Co-operation and Development,

31 March 2009.


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Divesting in turbulent times accelerateddivestmentsAs a result of the current economic crisis, many companies areconsidering divestments as a strategy to generate cash in the shortto medium term. In a global survey of 350 transaction leaders ondivestment strategy, preparation and execution, more than half ofthe respondents (53%) con rmed that recent economic eventsmake them more likely to consider divestments 4.

In order to secure their future or to take advantage of unexpectedopportunities, companies need to be prepared to divest non-coreor underperforming assets quickly. Managing a successfuldivestiture is demanding and complex. As companies move from astrong cash position to one of cash burn, the focus shifts fromvalue to speed, and sellers have fewer choices.

Accelerated disposals typically occur in situations where theunderlying business is fundamentally strong, but the company

needs to raise funds due to exceptional circumstances or to rapidlydispose of an underperforming asset.

How do you balance the need to sell quickly with the acceleratedtimeframes and multiple challenges of todays M&A market? Thescope of what gets addressed exes to suit the situation, but theareas that are imperative to cover are funding, robustness of nancials, the perimeter of the asset and structure of the deal,current trading levels, potential balance sheet exposures and theimpact of recent events on the business. The time available, accessto management and buyers needs will dictate how other areassuch as the business plan, a recession case assessment and

commercial and operational issues can be tackled.The need to move quickly does not change the basic principles ofdivesting. In an accelerated process, ultimately, the sellers focusmust remain on maximizing value, retaining control and mitigatingrisk.

10 golden rules for successful divestments in a downturn 4

1. Enable faster and more considered decision-making,through regular portfolio evaluation,

2. De ne the trade-off between time and deal value,

3. Customize the business case for each potential buyer,4. Consider the role you may need to play in the buyers

nancing,5. Pursue multiple divestment options in parallel,6. Be aware that traditional nancial due diligence may no

longer be suf cient,7. Assume that sale processes will no longer be structured,8. Deliver timely, regular communication to all stakeholders,9. Develop a detailed roadmap to guide operational

separation,10. Strive to prevent material value shifts occurring during

closing and post-closing.

Control Over the business

being sold The divestiture process

Reduce uncertainty Release of deal-sensitiveinformation

Value Identifying Preserving Communicating Maximizing

Mitigating risk Liquidity risk Business risk

Speed To market To close Reputation/credibility

Principles for divesting

4. Divesting in turbulent times: achieving value in a buyers market,Ernst & Young, March 2009.


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Continuing cost reduction and managementCompanies were quick to implement cost reduction initiatives whenthe downturn rst hit. Eighty-six per cent of respondents in Junehad accelerated cost reduction initiatives in the past 12 months.Most areas have been open for review with signi cantopportunities for cost reductions identi ed from supply chain tooperations to sustainability programs. That is still the case todaywith respondents to our June survey indicating that there were stillmany perceived opportunities for cost reduction (see chart 1).A majority indicated that real estate and IT were areas where costreduction targets had not been achieved effectively, highlightingadditional opportunity for rationalization in these areas (seechart 2).

A key challenge when signi cant cost cuts are needed is to ensurethat reductions are consistent with the strategic direction of thebusiness and will not cause further value erosion. Another is tomeasure effectiveness and ensure that the instituted programsdeliver the expected bene ts.

Previous Ernst & Young studies on cost reduction found that manycost reduction programs do not deliver stated bene ts, nor arethey able to sustain their bene ts primarily due to a lack ofeffective measurement.

Understanding what cost reductions need to be made, how quicklythey can be implemented, what the payback period is, and howlong they can be sustained are all part of a well-managed programthat can respond to changing conditions and accurately reportimprovements. Without this, stressed businesses could ndthemselves even more vulnerable to rapid market movements.

Operations59

56

Supply chain

48

58

Sales and marketing47

42

Information technology

34

27Sustainability programs

33

34Mergers and acquisitions

31

33

Not asked

Research and development

22

43

Real estate

42

June 2009

January 2009

Chart 1Perceived opportunities for cost reduction

Internal control rationalization

Supply chain effectiveness

IT rationalization

Real estate rationalization

Very effective Not at all effective

8% 25% 43% 16% 8%

8% 40% 40% 9% 3%

9% 41% 37% 9% 4%

9% 22% 44% 17% 8%

10% 37% 35% 13% 5%

17% 34% 35% 11% 3%

22% 45% 25% 7% 1%

Overall cost savings

Headcount change

Employee benets rationalization

Chart 2How effective have companies been in achieving cost reductiontargets?

Source: Ernst & Young Opportunities in adversity, June 2009.

Source: Ernst & Young Opportunities in adversity, June 2009.


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Accelerating the changeTodays ever-changing environment is not for the faint of heart. Tosecure the present, it is imperative to focus on cash managing ittightly and uncovering ways to release it. Accurate and robust cash ow forecasts, debt and nancial restructuring, supplier stabilityprocedures and customer reviews will keep cash under control.Pulling internal levers, such as working capital, accelerateddivestments and tax, can generate much-needed cash.

Act with speed, but proceed with caution. Rapid uctuations in themarket can mean adversity for many, but also opportunity forsome.


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How can Ernst & Young help?Ernst & Young helps businesses balance their short-term needswhile engaging with the future and focusing on taking advantage ofopportunities in the market.

1. Dedicated restructuring team which can protect valuefor stakeholders in a stressed situation. Our practicaladvice to stabilize and improve cash ow managementhelps delivers tangible results. Our experience working forbanks also provides insights on stakeholder positions andhow to negotiate to achieve the right solution.

2. Global expertise, depth of experience and hands-onapproach to provide results-driven working capitalmanagement. The proven market leader, our work withlarge multinational companies regularly identi es workingcapital improvement opportunities.

3. Strong relationships with a wide variety of banks,asset-based lenders, private equity investors and other

potential funders that enable us to help the businessdevelop an appropriate nancial platform meeting cashrequirements.

4. A team of experienced professionals delivering hands-on support , with insight into the range and structures offunding available to companies.

5. Well-established global procurement and restructuringteams that have been actively involved in advising ourclients on supplier stability .

6. Experienced due diligence and nancial valuationresources (including sell-side due diligence reporting andbuy-side diligence for private equity and corporateclients), to identify and address topics that may not beconsidered by management.

7. Integrated approaches drawing on a range of services including restructuring, M&A, tax, real estate, advisory,valuation and human capital services. Experienced inrunning a sale process alongside the contingencyplanning and cash management vital to enhancing value.

8. Signi cant experience in helping clients involved instrategic change to validate, select and implement theappropriate exit option for their non-core activities.

9. Proven credentials in assisting companies with strategicand accelerated divestments to protect and enhanceshareholder value .

10. Effective cash tax management strategies across theplanning, provision, compliance and controversy stages ofthe tax life cycle.


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12 Securing your present Opportunities in adversity

About this reportFor this study, the Economist Intelligence Unit surveyed 569 C-suite and board level executives.

Respondents were drawn from across the world and across industry sectors. Over half the executives polled workedfor companies with an annual global revenue in excess of US$1 billion. The research was carried out in June 2009.

Responses are rounded to the nearest percentage.

What is your primary industry?(number of respondents)

Manufacturing

Banking and capital markets

Technology

Consumer products

Power, utilities, oil and gas

Telecommunications

9%

9%

9%

8%

8%

7%

Asset management

Media and entertainment

Life sciences

Government and public sector

Mining and metals

Automotive

Real estate

Insurance

Retail and wholesale

Transportation

Agriculture and agribusiness

Professional services

Other

6%

5%

5%

5%

5%

5%

5%

4%

3%

3%

2%

1%

1%

What are your companys annual global revenues ?(number of respondents - in US dollars)

What is your job title?(number of respondents)

Senior manager

CFO/Treasurer/Controller

SVP/VP/Director

Head of department

CEO/President/Managing director

CIO/Technology director

Other C-level executiveHead of business unit

Board member

Chief sustainability of cer

Corporate development of cer

Other

22%

18%

16%

12%

7%

5%

5%

5%

5%

3%

1%

1%

Asia Paci c

Western Europe

North America

Middle East and Africa

Latin America

Eastern Europe

29%

27%

24%

11%

6%

3%

In which region are you personally located?(number of respondents)

$10bn or more

$5bn to $10bn

$1bn to $5bn

$500m to $1bn

$100m to $500m

27%

10%

21%

18%

24%


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Ernst & Young

Assurance | Tax | Transactions | Advisory

About Ernst & YoungErnst & Young is a global leader in assurance,tax, transaction and advisory services.Worldwide, our 135,000 people are unitedby our shared values and an unwavering

commitment to quality. We make a differenceby helping our people, our clients and ourwider communities achieve their potential.

For more information, please visit www.ey.com.

Ernst & Young refers to the global organizationof member firms of Ernst & Young GlobalLimited, each of which is a separate legal entity.Ernst & Young Global Limited, a UK companylimited by guarantee, does not provide servicesto clients.

www.ey.com/opportunities-in-adversity

2009 EYGM Limited.

All Rights Reserved.

EYG no. AU0297

In line with Ernst & Youngs commitment to minimizeits impact on the environment, this document has beenprinted on paper with a high recycled content.

This publication contains information in summary form and istherefore intended for general guidance only. It is not intendedto be a substitute for detailed research or the exercise ofprofessional judgment. Neither EYGM Limited nor any othermember of the global Ernst & Young organization can acceptany responsibility for loss occasioned to any person acting orrefraining from action as a result of any material in thispublication. On any specific matter, reference should bemade to the appropriate advisor.

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