Предприниматель | Информационно-аналитический журнал - Part 57

How to Write a Business Plan: The main sections, rules and principles

Properly preparing a business plan has three important tasks. First, it means managers share common goals. Second, when thoughts put down on paper, it is possible to look closely and reflect on the feasibility of the project. “The business plan – a kind of rehearsal, a chance to realize the potential problems, not losing money,” – said Mike McKeever, author of “How to write a business plan.” Finally, the business plan needs to attract professional investors who only have time to skim their proposed projects.

Creating a clear business plan requires thought, time and money. You can order it from a third party (in Ukraine firms specializing in business plans, ask for 1 000$). Most often, entrepreneurs are consultants to the document on pages 30-40, which does not disclose even the most basic questions: What does business and where does the profit.

Investors of such business plan is unlikely to please. “If after reading the first few lines the essence of the business plan remains unclear, it is a bad sign,” – says Jim Caspari, CEO of The Venture Alliance, which advises start-ups wishing to attract the attention of venture capital funds. It is not only a coherent concept. “You have a few sentences, explain what competitive advantages in their field has this project because I need to know exactly how you’re going to succeed. Most business plans do not do “- continues Caspari.
The effective business plan must be said, what is the value of the project, why people would want to pay for that product or service, how much money will it take to start, what are the opportunities for growth, what are the risks and how the entrepreneur plans to deal with them, who are competitors who are partners who the team members. Must include a detailed description and all sources of income and expenses. An important question: how much profit it will bring? And more importantly: when the company begins to generate revenue? Therefore, in the business plan needs a section containing the latest financial figures (if the company is active) or predictions.

For start-up companies with limited resources are critical statements of cash flows, which reflect the accounts receivable and payable for each quarter. “People misunderstand the movement of funds”, – says Tim Berry, president of Palo Alto Software, which develops software for business planning. “They think that if the company is profitable, then they will come money. But most companies are killed, while remaining profitable, because the profit – it’s not cash. ”

Grind your plan to perfection, do not send it gather dust on a long box. “The business plan – this is only the beginning of the process – Berry warns. – Plan activities that the company will still keep a ship at sea: you have to constantly adjust the exchange rate. The plan itself is of little value. It is important to go back to him and see where you were wrong, and what it cost you. ”

title page and contents

Start with the essential: the company name, address, telephone number and contact information of all the founders, as well as the contents of the document. The volume of the business plan should not exceed 30-40 pages with all the necessary applications.

Introduction

No more than two pages list all of the most important. First, tell us what is the value of the project: what will the your company, how much profit have and why people would want to pay for your product or service. If you send your plan to investors, report the capital, you’ll need and how you plan to use it. To highlight the essence, we must imagine the whole picture, so this part is better to start after the completion of the entire plan.

Market Opportunity

Market opportunities

Market opportunities

Explain who you will sell your product or service and why this group of customers for you attractive. Need to answer several key questions. How big is the market? How fast it grows? What are the growth opportunities and potential threats? How will you deal with them?

Most of this information can be found through industry websites and the media, the official statistics, analyst reports and even other businesses. Be sure to include the source of information – in case you are asked to confirm your statements or to update your information.

Market Overview

Market Overview

Market Overview

Make no mistake, your business is not unique. Try to look sober view and assess the contenders. Who are they? What sells? Which part of the market is occupied? Why buyers choose your product or service and not them? What obstacles can arise when entering this market? Do not forget the indirect competitors that are still working on another segment, but have similar capabilities and can make you compete later.

Team

Team

Team

Performance almost as important as the idea itself. Therefore, investors are interested in who you are as a team. Attach a summary of all the founders, partners and managers: what are their skills and achievements. If the firm a few shareholders, explain why you chose these partners (all resumes should be attached).

Business Model

Business Model

Business Model

This section includes a detailed description of all sources of income (sale of products or services) and cost structure of the company (payroll, rent, operating costs). Make sure that you have mentioned and justified all the possible revenues and costs. Also include the names of the major suppliers and customers. In fact this section – the production plan for the future of the company.

Financial performance and forecasts

Financial performance and forecasts

Financial performance and forecasts

If you operate a business, attach a statement of profit and loss account, balance sheet and statement of cash flows for the year. Then make a prediction for all three parameters for at least three years ahead. Also provide an analysis that shows how to quickly pay off the starting investment.

Risks

Risks

Risks

Do not wait for trouble to find out how to cope with it your business. Work through the possible scenarios: worst, best and average. Make sure you have enough money to survive any storm.

Sources of funds and their use

Sources of funds and their use

Sources of funds and their use

If you are trying to get money from investors, they will want to know how you plan to dispose of the capital. In this section, you must specify the projected cost of the launch: building, buying new equipment, design, logo, etc. Most entrepreneurs underestimate the cost of starting a new business. So spend a study in advance of treatment to the investors.

Applications

Applications

Applications

A good business plan only briefly describes the foundations of the enterprise, so in the end to make all the necessary documents. This may include summary information about the creditworthiness, market survey, scheme, plan promotion, copies of contracts, including leases, letters from prospective clients, the certificate of registration of patent and trademark, the partnership agreement, certificate of registration of a company.

20 of the most important issues for business

Entrepreneurs can not fully protect your business from the vagaries of the market. What can they do, it is to deal with fundamental issues that determine the fate of any business. Seek answers to these questions – a tedious task, requiring intellectual and, and emotional honesty. Well, if you start to think about them long before the money is spent, goods are released, and customers are lost. But the real work – not stop to answer these questions. As the business grew, new opportunities and threats, and yesterday’s answers may already be enough. Ceaseless pondering weighty issues – that helps Microsoft, Wal-Mart, Hewlett-Packard and Google to keep on top. Taking into account the need for this fight, we represent the 20 most important questions that must answer an entrepreneur, and continue to respond over and over again to build a thriving business.

What is the value of your proposal?

If you can not explain in simple words in three sentences, why people need your product, you have no value proposition and, consequently, you have no business. Point.

Will the demand for your product?

Character series “Seinfeld” was convinced that his key to riches – creating a bra. He did not conduct any research to prove that his goods are in demand. Do not think that you will be able to create demand where it did not exist. Do not sell the regular men’s bra.

What distinguishes your product from your competitors?

Starbucks made people believe that they need the caffeine brew for $ 4, and Louis Vuitton persuaded them to lay out $ 1,500 for denim handbags. But it’s not just marketing. If you want to succeed in business, you need to offer tangible value, which others do not. For example, the lowest possible price (Wal-Mart), the original design (Apple), exceptional ease (FedEx). Find out why your product, and beat at this point.

your business scalable?

The difference between the conservative state, and obscene wealth lies in the scale. Well, when the release of each subsequent product you have spent less and less cost. Take, for example, software. After Microsoft paid for development of the code, the marginal cost of production of each additional copy of Windows is negligible. And some models do not scale. For example, in the service sector, where, together with revenues growing need for personnel.

How do you personally committed to their cause?

Do you have a family with two children. Are you ready to work 100 hours a week over the next two years to promote your startup? If you want to control everything, be prepared to sacrifice everything – at least to begin with.

What is your strength?

Google is powerful search algorithms, Steinway works wonders with wood, Cisco sniffing and buys a promising new technology. Understand what you do well, and do just that. The obvious point, but a lot of passionate entrepreneurs in this burned. In a world of many possibilities.

What is your weakness?

Know what you do well and what is bad. For example, Apple does not make the camera to the iPhone, and buy them on the side. Countless online stores bought third-party developers to Web sites and payment systems. Spend resources to get mediocre results – suicide. Do what you know how, and find reliable partners to manage the rest.

How many will pay your customers?

Why do people pay for Vanish twice more than the generic bleach? Determine the upper limit of the price the buyer is willing to pay for the goods, whether it be an iPhone or a bottle of bleach – then get one of the most powerful levers for profits. Consultants get paid big money for help in determining the correct price.

what authority have your customers?

What happens if I sell rubber scrapers the only company in town, washing windows? If buyer require large discount for your business come to an end. It is better to advance to expand its customer base.

what authority have your suppliers?

The less you have suppliers, the greater their power. Manufacture of watches antique knotty pine from it may seem a good idea, but what if you have only one source of knotty wood? Answer: you have to pay. On the other hand, beware of hungry vendors willing to work very cheap – they often do not monitor the quality.

How to sell products?

Dell Computer sells its computers directly. General Motors and Coca-Cola relied on distributors. Clothing company, such as Ralph Lauren, using both internal and external distribution channels. And Apple provides branded stores. Whatever sales method you choose, make sure it is consistent with the overall strategy for your business.

How should promote your product?

Tell everyone about your company and not go broke – not an easy task. In the mid-1990s, America Online spent so much money to distribute demo versions of its software, which then had to hide these costs in the balance sheet. Later this accounting method was banned, and millions of your profits are gone.

Is the threat of new entrants?

If your market sector can make money, the competition will be like. If not a direct competitor (recall that Microsoft did with Netscape), the other technology can knock out your rug from under their feet (look at what has made with Kodak digital photo). Long before this happens, build barriers to new entrants – make patent, achieve long-term lease, create a loyal customer base.

How do you protect your intellectual property?

A small addition to the previous item. Let’s say you invented a machine that can reach speeds of up to 240 km / h in only one of solar energy. After a few months, five quick-witted competitors dismantled your model, and now brings to market their own versions. Before showing examples of the public, arrange temporary patent. It will protect your idea for a year, until you finalize the details.

What do you need initial capital?

Any investor who invests in companies at early stages, and any small business consultant will tell you that most startups fails due to insufficient capital. While there are no hard rules, “double its initial estimate of required capital”, – said Jim Peck, the head developer of software for dentists Curve Dental.

How will you finance your business?

You have a choice: a rich aunt, credit cards (dangerous), a business angel, venture capital (if you have a serious matter), a bank loan (good luck in the search) and the most expensive way – the issue of shares. Be careful: the sale of shares leads to an erosion of capital, loss of control and difficulties in management. In general, improve your business if you can. And finally, do not forget to match money from the timing of your assets and liabilities in terms of payment. The discrepancy may be painful.

How much money do you need to survive the first few years?

For those who slept the previous item: Follow the money. A lot of entrepreneurs boasts the financial projections of growth, but their pockets are emptied before, as the good times on the horizon zabrezzhat. (Remember the bankrupt dot-com?) Bear Aeron chairs and the Mac, until you are getting more than you spend.

What are your financial projections?

Movement is impossible if you do not have a destination. Two important milestones: 1) operating return – when your business gets more money than it spends over a certain period, and 2) investment payback, when you finally beat off his initial investment (including adjustment for inflation). Financial projections should be justified. Draw too optimistic a picture – and experienced investors will flee from you. Have you run out of money.

How happy your assistants?

What kind of American Idol without Simon Cowell? Soon we all know, but many think that the show would no longer what it used to. If you happen to find great talent, try to restrain him. Salary – just part of the equation.

What is your ultimate goal?

Want to lose your business to the first comer man with the money? So did the owners of MySpace, but not Facebook. Different objectives require different strategies. Always remember, what you want.

Who hunts for the Korban, and Axelrod, suffered from an explosion in Dnepropetrovsk

Learned the details of the events that preceded the assassination attempt on the life of Dnepropetrovsk businessmen Gennady Korban, Gennady Axelrod and Oleg Levin. The newspaper does not bind together the following facts and attack, but did not rule out that the information is made public today, will be important to analyze the causes of the incident.

Recall, last Friday, all three suffered from the explosion of homemade bomb placed under a sofa in Dnepropetrovsk cafe Pepperonni, where businessmen dined. It turns out two of the businessmen – Gennady Axelrod and Oleg Levin – except close to the structures of the group “Privat”, brings together more and that they were co-founders of OOO “industrial and financial group” Sparta “.

The firm owed a large sum of money and, apparently, is not going to return. This is evidenced by several documents that became available publications, as well as official statements of the company’s creditors.

According to them, “Sparta” in July 2010 filed on itself in court, where required to recognize it bankrupt because unable to pay accumulated debts amounting to a total of 668.7 mln. The court opened proceedings in bankruptcy, appointed executor of the estate trustee and set the last day for which the register of creditors’ claims – September 22, 2010.

As explained by the expert from the law firm ILF Elena Khitrova, bankruptcy will allow indebted firm to avoid the return of the debt. The fact is that since the commencement of bankruptcy proceedings to impose a moratorium on satisfaction of creditors’ claims, penalties shall be suspended pursuant to court orders, says the lawyer. Thus, creditors can not collect debts from the debtor, even on a court decision and must stand in line, wait in the liquidation procedure the receipt of money from the sale of the property and they might quench some of the debt. If the money from the sale of the property will not be enough to repay all the debts, the court simply to write off the lender and left with nothing.

More than others because of bankruptcy, “Sparta” may suffer the bank “Forum”. Half of the debt of the company Dnepropetrovsk (362 mln.) – Is a loan that she took the “Forum” in May of 2006, as well as unpaid interest thereon and penalties.

Resonant attempt to Dnepropetrovsk business acquires more details. As it became known, they are hunted not only killers but also numerous lenders.

Schindler Lifts in Dnepropetrovsk hotel Axelhof Boutique Hotel

Schindler Lifts in Dnepropetrovsk hotel Axelhof Boutique Hotel

Bank “Forum” gave money to “Sparta” for construction of luxury hotel in Dnepropetrovsk “Axelhof Boutique Hotel” (commissioned in September this year), as well as retail and office center “Kudashevsky” (delivery scheduled for early 2011). Both objects through the company “Akselhoff” belong Gennady Axelrod and his associates. The firm “Axelhof” 50% of the share capital of which is the property of “Sparta”, engaged as a third party to the proceedings with the bank “Forum”.

According to the press service of the bank “Forum”, repayment of loans was shopping center “Europa” on the street in Central, 10 in Dnepropetrovsk. Its market price, according to the latest assessment on January 27, 2009, amounted to 318 million UAH. “According to currently available information from the bank, shopping center” Europa “was sold by the borrower to bypass all the registers of the prohibitions, and then resold several times,” – reported in the financial institution. In addition, according to the press service of the “Forum”, the former owners of the borrower’s bank to secure repayment of the loan were laid 50% of property rights to share in the authorized capital of LLC “Axelhof.” The hotel itself “Axelhof” never give a mortgage to the bank so the bank has no knowledge of what the market price of the hotel and whether it is the property of “Axelhof.” What assets are available today from OOO “Axelhof”, the bank is also unknown.

How to avoid debt

The fact that “Sparta” she appealed to the court of bankruptcy, the debtor’s good for the fact that he alone is in charge of the bankruptcy at an early stage. As explained by attorney Helen Khitrova, in which case the company itself initiates the assignment manager of the property, clearly planning to date, when opened bankruptcy proceedings and has the ability to carry out all necessary operations to withdraw the assets until it is opened.

In its petition for bankruptcy, filed in July of this year, lawyers ‘Sparta’ indicated that the company has no property assets sufficient to meet the full demands of all creditors. “Calculation of some creditors, the debt to which there will lead to inability to meet its obligations to the debtor’s other creditors, which violates the rights of the past” – said in the lawsuit document. Immediately indicate the total amount of monetary liabilities – 668.7 mln. – And given the amount of assets of the business today – 356.8 mln.
As stated in court documents, the chances of returning the loan to the bank “Forum” reduces the spring ruling by the International Court of Arbitration International Arbitrage Company Ltd. As stated in court documents, in March this year ownership of the securities, which should serve as collateral for the loan was in favor of otsuzheno offshore company “Fanfard Trade and Investment Corp.” (Virgin Islands).
Borrowers

Throw up

Gennady Korban, crisis management, the group Privat

Gennady Korban, crisis management, the group Privat

It should be noted that in March, just days before a court decision Gennady Axelrod, Oleg Levin and Myron Sosnowski left the founders of the “Sparta”, keep in touch with the company only through its associated company, including the company “Axelhof.” Instead, the owner of the firm hundreds of millions of indebted, was the ex-predpravleniya of “Private-Intertrading” Vitaly Timshin. This may indicate that despite the change of ownership, the company remained in the interests of “Private”. “Neither the new owner of the borrower, it – the general director or former owners, Oleg Levin, Gennady Axelrod and Myron Sosnowski, who are guarantors of the borrower, and, besides, they are also indebted to the bank more than $ 3 million each, in their unwillingness to with the bank any negotiations (hangs up phone) – According to the press service of the bank “Forum”. – In parallel, through the decisions of the courts themselves arranging sham marriages to the civil purpose of breeding with bank mortgages of personal property. ”

It is also worth noting that “Sparta” filed a counterclaim against the bank “Forum”, which requires breaking the General Loan Agreement with the bank and pay damages from underfunding of $ 52 million

List of victims

In addition to the bank “Forum” financial-industrial group “Sparta” is a debtor has about a dozen companies. For example, 50 million USD. PFG is debt “Sparta” handball club “Motor” from Zaporozhye. Among the creditors are also Fantan trading limited (Nicosia, Cyprus), “Forstoun Networks LLP” (Wales, UK), Ltd. “Yukun” (Kiev), Inc. “Slavutich-Leasing” PE “Akvitens” PE “Rent- Service Plus. ”

Get comment from representatives of industrial and financial group “Sparta” failed. In the Main Directorate of Ministry of Internal Affairs of Dnepropetrovsk region also does not comment on the possible versions of an explosion in a cafe Pepperonni, including a possible link between debt, “Sparta” and the attempt on the life of her former owners. “The criminal case was filed, the investigation continues,” – said the Department of Public Relations of Ministry of Internal Affairs of Dnepropetrovsk region.

Comments

Debtors do not go to the contact

Press office of the bank “Forum»: In this connection arose in mid-2009 to financial difficulties of the LLC PFG “Sparta” Bank “Forum” offered to the borrower for debt restructuring is quite acceptable to itself. Bank attracted a consulting company Roland Berger Strategy Consultants, which in the fall of 2009, has developed a program of restructuring. It was this: in the amplification of the borrower collateral mortgage TC “Atrium” banks to offer installment loans with repayment of the body and reducing the fees for the loan to a symbolic one per cent. This program was approved by shareholders, but incomprehensible to the bank at that time because (December 2009) was not accepted by the owners of the borrower.

Later, in August of 2010, the bank became aware that the borrower in order to disguise the sale changed mailing address is in the bank’s mortgage shopping center “Europa” and sold it to an offshore company. All that the bank “Forum” in late 2009 – early 2010, it was not known, and in every way he tried to persuade a borrower to go for restructuring.

Only in April 2010, the bank learned about a complete change of ownership of borrower (Oleg I. Levin, Axelrod Gennadiy Ilich and Sosnowski Myron Jaroslavovich surrendering their shares in the authorized capital of a certain Timshinu Vitalii Ivanovich, who became 100% owner of the borrower), realized the futility of further negotiations, and April 27, 2010 filed a lawsuit to recover the debt from the borrower.

PFG Ltd “Sparta”, in order to delay the trial, the bank filed a counterclaim alleging the bank causing losses to society in an amount much greater than the size of the loan.

According to our forecasts, taking into account the existence of a counterclaim against the bank and the borrower’s bankruptcy case the borrower, the review of the dispute between the parties will take at least one year, but realistically 2-3 years.

Steve Jobs Right

In an email that Steve Jobs sent to employees, said little: Jobs wrote that goes on indefinite leave for health reasons, has promised to keep abreast of the strategic decisions of the company and someday return, and also asked to respect his privacy. Everything. Apple’s stock immediately collapsed to 5% until the end of the week and could not return to its previous level even compared to the fantastic quarterly report the company showed record revenues in its history, and net income.

Shareholders enough to know that Steve Jobs wants to return to the operational management as soon as possible – they want to look into his medical record and on this basis to make decisions. How sick Apple CEO this time? How serious it is, how it’s going to be treated, whether the probability is high that he did not return to the management company?

Problems of Jobs health have long been known, but information about them never differed immediacy and candor. In 2003 he was diagnosed with pancreatic cancer, but the diagnosis of shareholders learned only six months later – the day after a successful operation. A few years later it became known that defeat the disease initially tried Jobs with complicated diet. In 2009, history repeated itself: the head of Apple, said to be suffering from hormonal imbalance and it needs to go through a simple course of treatment, and then suddenly it became clear that the transplanted liver Jobs.

Shrouding the health of its CEO a veil of secrecy, Apple is in right field. Commission on the U.S. Securities and Exchange (SEC) requires companies to disclose to shareholders material information that may influence their decisions, but information about the health of top management such right does not apply. However, this week revived the debate in the U.S., which began two years ago, after surgery of Steve Jobs: silence if Apple and the letter of the law, does not this mean that the law is time to change?

Investors are accustomed to see a direct correlation between prosperity and the availability of Apple’s Steve Jobs in an armchair CEO. He controls every aspect of Apple, is the driving force behind the company. Jobs spent all important presentation and personally chose the chef for the cafeteria, his name is worth hundreds of patents for the company – from the box for the iPod to the design of stairs in the Apple Store in San Francisco.

Two years ago, in the midst of uncertainty with hospital Jobs completed as a liver transplant, worried investors, experts and journalists began to attack the SEC with a request that the issue of health CEO of Apple some clarity. And soon, Bloomberg reported citing an anonymous source that the Commission had begun an investigation to find out whether manipulating its shareholders, Apple, withholding important information. Many now urge SEC to reflect on recognition data on the health of top management as “essential» and require public companies to disclose them to its investors. Opinions, however, expressed very different.

Risks associated with hypertrophied significance of Jobs to Apple, already included in the price of the company, says former SEC head Arthur Levitt, who left office in 2001. “You have to be deaf, dumb or blind not to know about the problems of Jobs’ health – he said recently the agency Bloomberg. – Jobs takes the hospital and sends a message to the market, a wise investor is enough. I do not think that the Apple board of directors should be accountable for his disease more specifically. ”

But most experts think the opposite. “The right CEO to privacy outweighed the significance of this information to the market. If Apple wants the loyalty of thinking rather than emotional investment, it should tell you about the status of their CEO – that would be fair. Everyone wants to Jobs for a speedy recovery. But given that he leads the second-largest U.S. company, we need to know from what illness he has to get better, “- said the former vice-president of General Electric on the legal issues Ben Younger Hanimen. Calls for Jobs and Apple to tell the truth, and the SEC – to oblige them to do it, sounds from the pages of The New York Times and The Slate.
SEC’s dilemma is easy to understand. Force a person to tell the world his diagnosis and see how the markets are quoted duration of his life, is unethical. “But in some degree of top managers can be compared with high-ranking officials and athletes. When you occupy such a post and is responsible for such sums of money, you can not live a private life, like everybody else “, – said Alex Perryman, a professor of Texas School of Business. In the journal Business Horizons published its article on health CEO.

If the SEC decides to listen to public opinion, it would act as a pioneer: equity and corporate legislation of European countries do not provide a precedent. Might look like a new measure?

“If you are exporting coffee from Papua – New Guinea and you get information about what the next ten years, there is established atrocious weather and harvest coffee go bad, you must notify the shareholders. Jobs disease – a similar case, “- says CEO of British law firm Gololobov and Co. Russian advisors Dmitry Gololobov. But he believes that bind to report an accurate diagnosis is not: it violates human rights: “It is enough to reveal how severe the disease, as doctors evaluate the chances of cure, as well as call return possible – six months a year.”

“Probably should be required to disclose such information if a person combines several important functions. Like Jobs, who is also the founder and major shareholder, and has served as executive director “- the director of the Legal Consulting Group” ASPECT “and adviser prezdidenta” Business Russia “under the law of Alexander Molotnikov. Technical problems in adopting such legislative measures Molotnikov not see: it is possible to adopt a common law for all, or require the company to the relevant paragraph in the statute. The former Yukos lawyer Svetlana Bakhmina considered it inappropriate to publicly display an excerpt from a medical card, “can probably be grouped according to their degree of disease risk and require CEO just tell the group number.”

In the meantime, some companies disclose such information on their own initiative, for example, McDonalds in 2004, after learning of his terminal illness CEO Charlie Bell, immediately issued a press release.

Apple has announced record sales in its quarterly report

Recently, the press center of Apple published a fin. report for the first quarter of 2011 FY. year. Revenue was a record amount of $ 26.74 billion, a record quarterly profit of $ 6 billion ($ 6.43 per share). During the same quarter the previous year, Apple generated $ 15.68 billion, and profit then is $ 3.38 ($ 3.67 per share). International share of sales accounted for 62% of total revenue in the quarter.

Also during the quarter, Apple has made the sale of 4.13 million personal computers iMac, it’s 23% more than in the same quarter of 2010. Smartphone sales growth in the iPhone reached 86% over the previous year. Avot iPod sales fell to $ 19.45 million devaysov is 7% lower than in 2010. With sales of iPad during the quarter amounted to 7.33 million

“We had a fantastic record quarter, we sold a record number of Mac, iPhone and iPad» – said Steve Jobs, head of Apple.

“We are delighted with the success of our business, which provided a cashflow of $ 9.8 billion this year” – said Peter Oppenheimer, CFO of Apple.

Sales are good, even better predictions, the results of the second quarter of 2011, Apple plans to help out for about $ 22 billion, while earnings per share is 4.9 $.

The unaudited consolidated statements of operations

The unaudited consolidated statements of operations

Unaudited Consolidated Balance Sheet

Unaudited Consolidated Balance Sheet

The unaudited consolidated statements of cash flows

The unaudited consolidated statements of cash flows

 

How to do business on-line games

Today CEO “Innova” said Gevorg Sargsyan on the market structure of online games and products on it, the legalization of digital content on the pitfalls in the localization of online gaming, working with publishers MMOG and why personal motivation employees is more important than financial. The complete audio version you can listen to the interview on the program website, “Runetologiya.”

Maxim Spiridonov : Since ancient times, one of the most vivid illustrations of the needs and desires of man is the ancient Roman concept of “bread and circuses.” And the “spectacle” can be interpreted in a broader sense – as a general “entertainment.” Whether we like it or not, but after eating and sex entertainment – this is probably the main thing that worries the average consumer of any race or nationality. Therefore, the entertainment industry is a long and versatile working fine business. On the Internet one of the most notable are its offshoots games: Casual, browser, games, social networks and the like. Globally, it is now billions of dollars in annual turnover. Today, if I remember correctly the first time in “Runetologii” we’re talking about business in online games. Our guest Gevorg Sargsyan, General Director of game company “Innova”. Kevork, how and why you went into business for online gaming?

Gevorg Sargsyan: Any business needs to create interest. This industry is in a period when we first started dealing with it, was not investigated. We were among the first to provide users with a licensed content. Then the entire Russian market is a fragmented community of pirates, who were engaged only known at the time the game – Lineage II. Obviously, any pirate market should be as transparent and convert it into legal. This idea, we lit up, and we realize it, but since then has undergone many changes. Today, we understand that what we have learned and what we have today can compete with European and Asian publishers even.

– Today, you only localizers?

– Yes, but the localization process – a very delicate and complicated business. At first it may seem that everything is simple: you can easily translate the game, run it and make money. Many companies rushed into this market, trying to get some food and something to implement. The principle of our company, which has never changed – we are doing our best to provide the user with the highest quality product. We have never chased a quantity. This led to the fact that we are not only in runet, but throughout the industry among the first to have one personal account for all games, a single system to run the game, made a custom script most simple, one-password login for all games.

– According to the press, your turnover last year amounted to about $ 20 million is so?

– No, it’s understated figure. I do not know where it came from, because we have not officially announced.

– In fact, your turnover more?

– Yes.

– In your biography are intertwined in the office of public bodies and the transition to the game startup. How did it happen? You are in the Ministry of Taxation of Internet preparing to become an entrepreneur?

– I think that the human skills to make to do something, and are applicable in the civil service, and business. I can not say that his philosophy and character when I was a classic bureaucrat, but always felt that I could be a businessman. Even in the civil service I have found solutions that do not lie on the surface and it is often difficult realizable. I can say that people who can work effectively in business and in government service, there is, but they are few.

– It’s just a different mental entity. The usual official does not think “business».

– I do not agree with you, because I thought “entrepreneurial” and always put yourself in the shoes of the entrepreneurs with whom he worked. We can say that our office has been built on this model: we have done everything as efficiently as possible, do not build dead-ends, tried to overcome all obstacles and achieve maximum results. It is not necessary to exhaust all within the framework of the perception of officials, need to think like an entrepreneur thinks. I want my leaders were able to instill.

– It’s great, but when I hear about the clerk with an entrepreneurial mindset to me (and not just for me) comes entirely nepozitivny image. Officer – servant of the people, speaking high style. At least, it should be them. When he thinks like a businessman, surely he sees its benefits. Then, the situation, described in the blog Navalny …

– We probably have different understandings of the meaning of “Corporate Business” thinking. The point is not to make money. I have this problem never happened, because I come from affluent family and I have not had the need to earn big money. Corporate Business (entrepreneurial) thinking is that when you see any obstacles and barriers that are objectively impossible to overcome, you are looking for ways to overcome them. Cool Project Manager, ideally, should outsource all of its tasks within the company and outside it. When he realizes that a service which he provides the company of poor quality, it looks for solutions, it is necessary to solve this problem the best way for themselves. This Corporate Business method of thinking. When you do not stop and is not limited to management, when you realize that you have unlimited resources, you are looking for ways to maximize [effectively] the resources to distribute and get the result. It makes no sense to link it with money.

– How many “behind the border” people with an entrepreneurial mindset with the ability to flexibly navigate the circumstances, the ability of unconventional approach to the problem?

– There are not many. On many key positions such people, but the problem is that if these people are turned into the bad side of what you said recently, then worse. On the other side there are very strong people who do not act in the interests of the people.

– Why do you still have moved from the Ministry of Finance in the gaming business? Why not do social networks began, talking about the Internet? Why not become engaged in oil industry?

– It was one of the ideas. It is quite a long time been discussed with my colleagues and we decided that we would do for her.

– That is a group of like-minded people who have had the opportunity to invest in the project and the desire to start this project?

– Yes.

Often these projects have a very short lifetime. When going to a group of people, quite intelligent, enthusiastic and willing for any reason to be on the Internet, with the money, this is often not very well finished. Your example – one of the few exceptions when added to money management expertise, willingness and understanding of the market and we got a game startup, which as you say, now has more than $ 20 million turnover. By the standards of Runet is a very solid money. Do you think it possible to do this? That allowed us not to relax?

– To begin with, that to me all the companies differ in a single component – people. Investment can be identical, and differ only in men. Our success – the team that has never before anything is not shy and has contempt for the impossible.

As the team assembled?

– He collected himself at first, but then our “eychary» (HR), who think the same paradigm that I am. I still personally interviewed nearly everyone. I interviewed a lot of “eycharov” and only some time later found a man who thinks in the same plane with me. Once I found him I began to work closely with us to equally represent what people have to work as they should think and what they should aspire to.

One can formulate the paradigm that you carry with HR?

– We create an opportunity for people to find their place in the company and give them an opportunity to improve every day, we try to link the purpose of their lives with our goal. I should explain to staff what his purpose in the context of 15-20 years, because our success depends on how long we plan our lives. If you work in this company, this environment allows him to achieve this goal, he needs to explain to me the path that he has to go through. Work with us to fit into the framework of this path. If it does not fit, then it makes me wonder why a man with a love and passion to do what he does. I need to know that he will want to improve every day. When people realize that they have the opportunity to achieve what they want, they have a strong coach who will always keep them in suspense.

Coach – are you?

– I, or their immediate supervisor. In this case, strong – an important clause! – People are just happy. Strong players have always kept strong coaches, they set themselves high goals, but the coach puts even more stringent targets and are constantly doing everything to ensure that their coach, train and ask, respectively. Such people we are looking for, find and nurture in our company.

possible?

– The specific examples I can say absolutely that it is possible, but quite a lot and Feil. I agree that it is impossible to relax. A startup has no right to have enough money. If you have a lot of money, then you relax. “In order to run ahead of the pack, you need to always be hungry.” Relaxation comes in when you are not hungry. Then you stop and run ahead of the pack.

How do you keep yourself hungry?

– I am alone a man. Every day I tune myself to this wave. Our people are the same work.

According to some stories, motivational circuits in the “Innova” built on the principle of no-stick, but carrots. Bonuses and premiums are not paid – is it true?

– So.

Why?

– You can make an analogy. Do you have friends that are with you in a good relationship when you are provided? I think most people will answer no. None of the key people in the company should not be financially motivated. If key people in the company financially motivated, it means that you have friends who are friends with you only because you are in good condition and at a time when your condition is bad, these friends did not immediately become.

That is the motivation has to be personal?

– Motivation to be in achieving the goals that the person poses to himself. I strive to ensure that our employees were paid above the market and are able to afford many things: go to a nice restaurant for a good concert, and so on. Why is it important for me? Because I want to give employees a sense of taste was so they could see a lot and many have tried, and that they have developed emotional intelligence.

Now people from developing emotional intelligence you have about 150 if I remember correctly.

– I can not say that all are, but we strive to do so. The fact is that in a good company usually 20% of people who carry it forward, the rest is slower than the company. For example, Dell. The people who created the company, left, left two or three people, because the company is developing rapidly. Vector of the company faster than that of all people. My problem is that an array of such people was not 20, and 30-40%.

That is, you divide people into passionaries and staff?

– No, we do not have passionaries. We give everyone the opportunity to grow, from the Junior or professional competence of a particular, then to lida-specific competence, then to the PM, which may lead to different lidami competencies and so on. If a person has the potential (we take only people with potential), it can achieve great results in our company.

your flagship product to date – Lineage II?

– No. I was recently at a conference in Germany, many German companies CEO said that the game companies usually have one or two flagship products, and all other products – an appendage.

Usually this happens.

– We do not have. To date, we have a couple of products that we are not very happy. They are not as good as we wanted, and our expectations when we launched, differ from the current state. But all our other products occupy an important place in the structure of revenues and our users. For example, Point Blank – a shooter, which we launched last year, the number of users is now on a par with Lineage II.

With what intensity you start new projects?

– We do not focus on how to run a lot of projects, we focus on how to improve our services and make our overall service Game 4 is better. By September, he will undergo so many changes that it’s hard to imagine.

You 12 projects. How do you prioritize, how to manage such a set of different toys? How do you decide which projects to add to the pool, which closed?

– We have a flat structure in the company. Each project has a Project Manager, he is actually the CEO of his project, entitled to take all decisions from beginning to end within it. He is the manager of the project, it has the resources to ensure your project so that it is necessary, in the form of internal outsourcing translation department, design department and so on. Also, it has its own staff, who work exclusively on his project.

How many employees are usually on a project?

– At Point Blank – five people in Lineage – twelve. It depends on the formation of work to be done.

As projects come into the company? As I understand it’s localized Korean and Japanese products?

– All Korean. Now we have a priority – to work with American products. I think next year will be a couple of American ones.

How do you choose products?

– We have the estimation-command, which deals with estimates, intelligence, looks all game. It has its own rating system, which analyzes in detail the game, and the information comes to Project Managers, me, the team of international business (people who interact with the environment), and we decide which project to us is the most important and how we will fight for you to represent him in Russia.

How to build relationships with publisher-owner? It’s always a different model or is there some kind of typical?

– It’s always different models, which depend on the owner, how do you want to represent this game in Russia, as far as he wants her to trust you, and many other factors.

Affordable Europe

Investors European funds over the past three months received two serious blow: the capitalization of European companies fell by a decline in government expenditures, and debt crisis unleashed in Greece, the euro by almost 20%. At the same time, emerging market funds have shown themselves much better, falling by an average of 5% against 15% fall in Europe.

Fall has convinced some managers of international funds to pay attention to European equities, particularly for long-term investment. In fact, after shares of oil giant BP fell by 40% as a result of oil spills in the Gulf of Mexico, came a rare moment when the more profitable it became to invest in actively managed funds or individual stocks rather than indexes, like the index of SP’s Euro 350 ( BP takes it about 3%).

“We think that the European market meet the most undervalued assets that have excellent potential for global growth” – explains Cindy Sweeting, a portfolio manager Templeton Growth Fund (assets of $ 16.5 billion). – “While the mood in the markets of weaker countries of Europe such as Greece, obviously, is deteriorating, key performance indicators across the region – economic indicators and corporate profits – show an increase.”

Part of the optimism of investors due to the fact that many in Europe are based multinationals such as Unilever and Diageo, earning mostly in the U.S. and in developing countries. For example, shares Diageo, which owns alcohol brands Johnnie Walker, Smirnoff and Jose Cuervo, fell 3% in three months and only 10% with respect to its annual maximum.

Shares in global European companies – a strategic interest in Chad Dickens, manager of RidgeWorth International Equity fund, invested another $ 235 million in undervalued, according to the company’s assets. “Everything fascinated debt crisis, which we think will be – he says. – This moment we invest in company affected than they deserve ».

In Dickens’ portfolio consists mainly of multinational companies like Nestle and SABMiller (Miller and brewer Grolsch): «SABMiller has plants in almost all continents, so the company benefits from growth in both Europe and in emerging markets such as Brazil and some African countries “.

Investors rejoice in the fall euro like the American tourists, who for their dollars can now buy more European currency than a year ago. “Before the crisis, it was hard to find assets for successful investment. Now, after the market correction, many risks have disappeared, “- says David Samra, head of Artisan International Value Fund, which manages assets of $ 2.3 billion to change its strategy to convince this fall of the euro. Now, Samra invested in companies that benefit from European growth. For example, the airline-loukoster Ryanair. “Budget deficits in the eurozone, of course, hinder the development of the economy, but it is not only a European problem,” – he concludes.

Large Moscow real estate development collapse

In an era of high oil prices and rapidly rising in price of real estate money flowed to the river to developers. In autumn 2008 the story was over. It is best to have survived the crisis big companies with access to government contracts. Owners of DSC-1, SU-155, a group of LSR or, for example, the company “Inteko” keep your business. Owners of Capital Group and head of Mirax Group Sergei Polonsky, parted with some of the real estate, but the company maintained. But the four companies whose owners were forced to give up control over the business.

Sistema Hals

Revenue in 2007 – $ 452.2 million revenue in 2009 – $ 64 million

Two unfinished towers on Leningrad Prospekt (Moscow)

Two unfinished towers on Leningrad Prospekt (Moscow)

Before the crisis:

The owner of the company was AFK “Sistema” Vladimir Yevtushenko. The most famous sites – two unfinished towers on Leningrad Prospekt (Moscow), headquartered AFK “System” on Moss Street, cottage settlement “Gorki-8.”

After the crisis:

From the sale of apartments in the company last year received just over $ 24 million, the rest – the sale of land and development projects. Last year the company completed a loss of $ 555.4 million in April 2009, VTB acquired a controlling stake in the developer for a symbolic 60 rubles in exchange for debt restructuring of $ 700 million

PIK Group

Revenue in 2007 – $ 2.7 billion in revenue in 2009 – $ 1.3 billion

Flats economy class Kerimov

Flats economy class Kerimov

Before the crisis:

The company specializes in large-scale construction of housing economy class. PIC has built more than 1 million square feet. m per year. Controlling shareholders are the founders Kirill Pisarev and Yuri Zhukov.

After the crisis:

In April 2009 the debt peak reaches 44 billion rubles, and surpassed the annual revenue loss for the year – $ 360 million, billionaire Suleiman Kerimov has received from the founders of the PIC a 25% stake in exchange for assistance in restructuring of debt owed to banks (the largest creditor – the Savings Bank). Now the share structure of PIK Karimov, according to various estimates, from 35% to 45%, it became the largest shareholder.

DON-Story

Revenue in 2007 – $ 1.3 billion in revenue in 2009 – N / A *.

(* According to “SPARK-Interfax” – $ 10.5 million in 2008)

Company DON-Story is cut two major lender VTB and Sberbank

Company DON-Story is cut two major lender VTB and Sberbank

Before the crisis:

Strong position in the company of Maxim Blazhko and Dmitry Zelenova someone connected with the patronage of Deputy Mayor Vladimir Resin, someone – that is one of its owners in 1990 was listed wife of another officer of the Moscow construction of Alexander Matrosov. Under their residential complex “Scarlet sails”, “Sparrow Hills”, “New Ostozhenka”, “Izmailovo” “DON-Story” received the best areas.

After the crisis:

Residential real estate business class in the crisis was the worst selling, sales rose in residential complexes. Because of the reduction in revenue the company lost the opportunity to service debt. The company’s assets divided among its largest lenders – Sberbank and VTB.

Russian Land

value of the portfolio in 2007 – $ 10 billion cost of the portfolio now – estimated $ 124 million

The crisis destroyed all prospects of Shalva Chigirinsky

The crisis destroyed all prospects of Shalva Chigirinsky

Before the crisis:

Shalva Chigirinsky company owned rights to the building site at the site was demolished hotel “Russia” in front of the Kremlin, under the section of the highest skyscraper in Europe, “Moscow City” development rights of the island “New Holland” in St. Petersburg, and dozens of major projects.

After the crisis:

Banks willing to lend a businessman, but a crisis of access to money was gone. Moscow authorities have taken away the right to build on the site of “Russia”, and the government of St. Petersburg – the “New Holland”, instead of a skyscraper in the “City” city officials now promise to parking. The authorities in Moscow, the structure of the Chechen businessman Ruslan Baisarov and holding “Adamant” Igor Leytis received for the debts of the hotel “Soviet” and 160 hectares of land in the Klin district.

Overview of commercial real estate market: rent went up by 13% per year

At the end of 2010 the average rental rates for retail section 100-300 m in the successful commercial and shopping centers (shopping center / mall) in Kiev has increased by about 13% to $ 85 per sqm

If we compare with previous periods, the current level of rental rates in this segment is close to the level of 2007. The average vacancy rate in the market of Kiev has decreased from 5 to 3.5%. In the successful shopping center / mall vacant premises are virtually absent.

In 2010, the new offering retail space in Kiev was limited to commissioning the second phase of the regional mall Sky Mall of the total lease area of ​​45 500 square meters. m, which is the lowest rate in four years, said market experts.

In total, as of January 1, 2011 in Kiev, operates about 600 thousand square meters. m of retail space in the shopping center / mall.

Commissioning of the many applications for 2010 TC / SC has been postponed due to delays in construction financing. Thus, the majority of owners continues to build its own expense, resulting in the construction schedule directly depends on the rate at which they are received.

Saturation of retail space in Kiev, according to analysts Colliers International, is very small in comparison with other capitals of Central and Eastern Europe. The indicator of market saturation with high-quality shopping center / mall is even lower. As a consequence, new shopping centers with a professional concept and a good location at the end of 2010 have almost zero vacancy.

For 2011-2012 announced by the commissioning of nine new shopping center / mall with a total rental area of ​​about 330 thousand square meters. m. It should be noted that a significant number of quality projects TC / SC, whose construction could begin in 2011-2013.

Based on past practice, the most likely situation where the commissioning of projects already under construction is carried by more than two years. Given this trend, the future of realistic proposal 2011/2012 period may be less than half of the claimed, stressed professionals.

Due to the expected growth of competition, a number of owners of the shopping center / mall, a concept that is outdated or ineffective, considering various options reconception or reconstruction and / or change the format of its commercial properties.

At the moment, as noted in Colliers International, Commercial segment is the only segment of the commercial real estate, to which large quantities of practical interest exhibit foreign and local players.

Contrary to the negative forecasts of some experts in 2008 and in 2009-2010 left the market just a few tenants. In 2009, most retailers optimize their business processes to changing conditions by cutting and / or reorient the other price segments.

In this case since the beginning of 2010 the market started to get new brands. Due to a shortage of professional retail space in the Ukraine, in 2010, demand for some exceeded the supply. In fact, all that came on the market of Kiev for the past 3 years, new shopping center / mall with a professional concept and a good location to the present day are filled with tenants at 95-100%.

Significant changes in the structure of actively developing the tenants in comparison to the year 2009 has not occurred, told the experts. The main consumers of retail space continues to be:

  • grocery stores (hypermarkets, supermarkets, convenience stores, discounters, etc.);
  • shops of home appliances and electronics;
  • specialty stores (baby products, sporting goods, furniture, etc.);
  • clothing, footwear and accessories designed for the mass market (price segment of the “average” and “medium minus “).

It is also worth noting that retailers segment “average plus” fixed small but steady growth in sales in 2011 may increase their development plans.

Based on conservative projections of growth of retail trade and personal income, most likely in 2011, the consumer market in its structure and size will be comparable with rates in 2010, according to Colliers International.

forecasts of experts in 2011:

  • Start of large-scale projects shopping / shopping center in Kyiv and the regions.
  • Ready developers to reconstruction / reconception TC / SC, dubious concept of professionalism and competitiveness.
  • Increased demand for retail space in shopping center successful / TRC, the main shopping streets of Kiev and major regional cities.
  • moderate rental growth with preservation of the existing low level of vacancy in a successful shopping center / mall.
  • Saving rate of most commercial operators to develop stores in Kiev and cities with populations over 500 thousand people.
  • further increase in interest in the commercial segment of the Ukrainian part of international investors, developers and retailers. Some of them may enter the Ukrainian market in 2011.

What are the advantages of a diesel engine?

Rising fuel prices, especially for diesel fuel, has attracted worldwide attention, and around the diesel technology is not subsiding controversy. At the same time, proponents of the “Diesel” result in a number of arguments in its favor.

1. Diesel engines continue to consume less fuel than gasoline

Despite the fact that modern technology – such as gasoline direct injection and the concept of minimizing – to help further improve the gasoline engines, reducing fuel consumption, “Diesel” is still superior to them in this regard.

Modern “diesels,” spend about 30% less fuel than gasoline engines with direct injection of the same generation. Diesel car of the compact class for the previous generation consumed 31% less fuel than a gasoline engine with injection through the intake manifold. The latest generation of diesel engines by 29% more economical than petrol engines with direct injection, turbocharger on exhaust gases and a reduced displacement.

2. Diesel engines are more economical in terms of overall operating costs

In many classes of cars “diesel” is still the leader in terms of total annual operating costs. In addition, long known that the benefit depends on the annual mileage cars: the higher it is, the greater the effect of low fuel consumption.

This is confirmed by several studies, for example, according to the German automobile association ADAC, with an annual mileage of 20 thousand kilometers, “89% of diesel cars are more efficient than their gasoline counterparts.”

3. Distribution of “diesel engine” helps implement a program to reduce the emission of CO2

Thanks to lower fuel consumption diesel engines emit about 25% less CO2, than conventional gasoline engines.

The tendency to buy large cars can have a positive impact on the balance of CO2 – many of them are equipped with diesel engines.

Automakers will be able to reach EU targets on emissions CO2 (120 g / km) only if the diesel models will retain or increase their current share of all new cars in the EU – around 50%.

4. A tax on CO2 – another economic argument in favor of “diesel engine”

A tax on CO2 emissions, diesel cars will make even more advantageous, as they emit about 25% less carbon dioxide than gasoline. Consequently, owners of diesel cars will pay less tax.

5. Diesel engines continue to improve

A number of solutions will soon allow to further reduce fuel consumption and CO2 emissions of diesel engines: the projected engineers “Bosch” – 10% by 2012.

Today offers a variety of technologies for gasoline and diesel engines. For example, the concept of minimization will reduce the displacement without loss of power, reducing fuel consumption and emissions in the engines of both types. The same results and helps to make technology “start-stop”.

In other words, engineers strive to realize the potential of further reducing fuel consumption and harmful emissions – as a diesel and gasoline in cars. Both technologies are developed in parallel to this direction.

6. Diesel cars are gaining ground in world markets

The share of diesels among new cars in Western Europe remains unchanged compared with 2006 and 2007, and in the UK is gradually increasing. The sharp rise in demand for diesel cars has recently seen in France, where in 2008 introduced a system of “bonus-malus,” in which buyers of cars with low CO2 emissions will receive discounts.

From the beginning, the share of diesels among new cars registered in France, has grown by about 6 percentage points – from 74% in 2007 to almost 80%.

The growth in popularity of gasoline direct injection has no effect on the distribution of diesel, but leads to the exclusion of injection through the intake manifold.

Non-European countries are also seeking to reduce vehicle emissions and fuel consumption by introducing appropriate legislative measures. American buyers, for example, are increasingly interested in cost-effective and environmentally friendly engines.

In addition, the U.S. seeks to reduce its dependence on imported crude oil, and diesel engines, with their lower fuel consumption can play a key role in solving this problem. Experts expect that by 2015 diesel engines will be fitted with 15% of all new cars and light trucks in the U.S..

7. New emissions standards will not necessarily lead to higher prices of diesel vehicles

Reduction of nitrogen oxide emissions in compliance with “Euro 5”, which enter into force in Ukraine in 2014, does not require the use of expensive technologies. In many cases – depending on the car – Modern diesel injection technology in combination with the optimization of combustion will fulfill even the norm “Euro 6”, without the high cost of processing the exhaust gases and other additional costs. Now engineers are working on creation of the necessary equipment for this.