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Deficient management leads INDITEX on the verge of fail
BUCHAREST,
ROMANIA - Zara wants to cover losses from theft with employees’
money.
The management, theft and losses give headaches to the Spanish
group INDITEX, the owner of the ZARA chain. Only 10 months before, on
July 25th, 2011, the publication Ziarul Financiar
announced the fact that “INDITEX takes the manager from the
Douglas perfumeries” pointing at Paul Cuza, who previously had
the function of General Manager for Parfumerie Douglas SRL.
Currently, the Romanian INDITEX group performs salary and structural
changes without precedent, which the management team from Bucharest doesn’t want to explain.
The problem of the clothes theft is a known phenomenon, especially
when it comes to expensive brands such as ZARA or Massimo Dutti. The
phenomenon was publicly recognized even by the management of the
INDITEX Group Romania, two years before. Probably worried by this
fact, Mihai Cioltea, the development manager of the INDITEX Group
from Romania, also named by the press as “the Zara man”,
stated in 2010 for the economic website InCont the following: “They
steal a lot. Only for the stores in Bucharest we have 10 cases of
stealing per day, which we discover and, depending on the severity,
we call the police”.[...]
Read the rest of the article...
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ANCHOR
CAPITAL
ACCUMULATION
TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1997
(UNAUDITED)
ANCHOR CAPITAL ACCUMULATION TRUST
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1997
(Unaudited)
Assets:
Investments at quoted market value (cost $8,177,575;
see Schedule of Investments, Notes 1, 2, & 5)....... $12,890,472
Cash ................................................ 54,490
Dividends and interest receivable.................... 5,525
Other assets......................................... 176,069
-----------
Total assets..................................... 13,126,556
-----------
Liabilities:
Payable for capital shares redeemed.................. 181,710
Accrued expenses and other liabilities (Note 3 )..... 26,079
-----------
Total liabilities................................ 207,789
-----------
Net Assets:
Capital stock (unlimited shares authorized at $1.00 par
value, amount paid in on 451,634 shares
outstanding) (Note 1)............................... 7,175,947
Accumulated undistributed net investment income..... 1,048,359
Accumulated realized loss from security transactions,
net................................................. (18,436)
Net unrealized appreciation in value of investments 4,712,897
(Note 2)............................................. -----------
Net assets (equivalent to $28.60 per share, based
on 451,634 capital shares outstanding)............. $12,918,767
===========
|
ANCHOR CAPITAL ACCUMULATION TRUST
STATEMENT OF OPERATIONS
JUNE 30, 1997
(Unaudited)
Income:
Dividends........................................... $ 47,084
Interest............................................ 41,924
-----------
Total income..................................... 89,008
-----------
Expenses:
Management fees, net (Note 3)....................... 46,250
Pricing and bookkeeping fees (Note 4)............... 7,415
Legal fees.......................................... 4,103
Audit and accounting fees........................... 3,155
Custodian fees...................................... 3,093
Transfer fees (Note 4).............................. 1,811
Trustees' fees and expenses......................... 1,488
Other expenses...................................... 2,379
-----------
Total expenses................................... 69,694
Fees paid indirectly (Note 4)............... (2,101)
-----------
Net expenses................................ 67,593
-----------
Net investment income................................ 21,415
-----------
Realized and unrealized gain on investments:
Realized gain on investments-net................... 352,025
Increase in net unrealized appreciation in investments 687,985
-----------
Net gain on investments.......................... 1,040,010
===========
Net increase in net assets resulting from operations. $1,061,425
===========
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ANCHOR CAPITAL ACCUMULATION TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Six Months
Ended Year Ended
June 30, December 31,
1997 1996
(Unaudited)
----------------------------
From operations:
Net investment income................... $ 21,415 $ 59,527
Realized gain on investments, net....... 352,025 302,080
Increase in net unrealized
appreciation in investments............ 687,985 1,322,968
------------ -----------
Net increase in net assets resulting
from operations..................... 1,061,425 1,684,575
------------ -----------
Distributions to shareholders:
From net investment income
($0.13 per share in 1996)........... -- (59,676)
From net realized gain on investments
($0.09 per share in 1996)............ -- (42,766)
------------ -----------
Total distributions to shareholders.. -- (102,442)
------------ -----------
From capital share transactions:
Number of Shares
1997 1996
--------- ---------
Proceeds from sale of
shares.............. 6,019 14,010 174,800 337,104
Shares issued to
share-holders in
distributions
reinvested.......... -- 3,844 -- 101,117
Cost of shares
redeemed.............. (24,088) (87,492) (670,774) (2,099,429)
========= ========= --------- ------------
Increase (decrease)
in net asset
resulting from
capital share
transactions........ (18,069) (69,638) (495,974) (1,661,208)
========= ========= ------------ -----------
Net increase (decrease) in net assets.... 565,451 (79,075)
Net assets:
Beginning of period.................... 12,353,316 12,432,391
============= ============
End of period (including undistributed
net investment income of $1,048,359
and $1,026,944, respectively).......... $12,918,767 $12,353,316
============= ============
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ANCHOR CAPITAL ACCUMULATION TRUST
SELECTED PER SHARE DATA AND RATIOS
(for a share outstanding throughout each period)
Six
Months
Ended
June 30,
1997 Year Ended December 31,
(Unaudited) 1996 1995 1994 1993
-----------------------------------------------
Investment income.... $ 0.56 $ 1.33 $ (1.17) $ 3.49 $ 0.05
Expenses, net........ 0.43 0.92 (0.64) 2.10 0.03
----------------------------------------------
Net investment income
(loss)............... 0.13 0.41 (0.53) 1.39 0.02
Net realized and
unrealized gain (loss)
on investments...... 2.17 3.06 4.32 (1.72) (0.47)
Distributions to
shareholders:
From net investment
income............. -- (0.13) (0.19) (0.23) (0.17)
From net realized
gain on investments.. -- (0.09) (0.62) (0.04) (2.11)
----- ------- -------- --------- -------
Net increase
(decrease)in net
asset value......... 2.30 3.25 2.98 (0.60) (2.73)
Net asset value:
Beginning of period. 26.30 23.05 20.07 20.67 23.40
==============================================
End of period....... $28.60 $26.30 $23.05 $20.07 $20.67
==============================================
Ratio of expenses to
average net assets.. 1.12% 1.10% 1.11% 1.10% 1.10%
Ratio of net
investment income
to average net assets.. 0.34% 0.49% 0.92% 0.73% 0.65%
Portfolio turnover... 0.00 0.21 0.40 0.63 0.84
Number of shares out-
standing at end of
period.............. 451,634 469,703 539,341 392,246 702,040
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ANCHOR CAPITAL ACCUMULATION TRUST
SCHEDULE OF INVESTMENTS
JUNE 30, 1997
(Unaudited)
(Continued)
Value
Quantity (Note 1)
COMMON STOCKS -- 84.49%
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Advertising Industry -- 2.82%
6,000 The Interpublic Group of Companies Incorporated $ 364,500
Canadian Energy Industry -- 6.44%
15,000 Renaissance Energy Limited..................... 410,700
15,000 Talisman Energy Limited....................... 421,050
----------
831,750
----------
Chemicals, Diversified -- 4.52%
25,000 Pall Corporation............................... 584,367
----------
Computer Industry -- 3.38%
8,000 Hewlett-Packard Company........................ 437,000
----------
Coal/Alternate Energy Industry -- 4.62%
15,000 CalEnergy Company Incorporated................. 596,250
----------
Diversified Company Industry -- 4.13%
16,000 Service Corporation International.............. 533,008
----------
Drug Industry -- 7.63%
11,000 Amgen Incorporated............................. 629,068
16,000 Biochem Pharma, Incorporated................... 357,008
----------
986,076
----------
Electrical Equipment Industry -- 5.18%
12,000 Emerson Electric Company....................... 669,756
----------
Food and Beverage Industry -- 5.36%
11,500 J.M. Smucker Company Class A................... 253,000
9,936 Tootsie Roll Industries, Incorporated.......... 439,686
----------
692,686
----------
Food Wholesalers Industry -- 2.29%
8,000 Sysco Corporation.............................. 295,504
---------
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Value
Quantity (Note 1)
Industrial Services Industry -- 5.51%
20,000 Equifax, Incorporated.......................... 712,500
----------
Insurance (Diversified) Industry -- 6.89%
6,000 American International Group Incorporated...... 889,878
----------
Life Insurance Industry -- 5.96%
15,375 AFLAC, Incorporated............................ 769,719
----------
Medical Supplies Industry -- 14.51%
12,000 Abbott Laboratories............................ 796,500
12,000 Fresenius Medical Care Incorporated, ADR....... 352,500
20,000 Stryker Corporation............................ 725,000
----------
1 ,874,000
----------
Office Equipment & Supplies Industry -- 2.34%
10,000 Wallace Computer Services Incorporated......... 302,500
----------
Oilfield Services/Equipment Industry -- 2.91%
3,000 Schlumberger Limited........................... 376,125
----------
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Total common stocks (cost $6,202,722).......... 10,915,619
U.S. TREASURY BILLS -- 15.29%.
$2,000,00Treasury Bill, 4.920% yield, maturing 9/18/97
(at cost)...................................... 1,974,853
----------
Total investments (cost $8,177,575)............ 12,890,472
----------
CASH & OTHER ASSETS, LESS LIABILITIES -- 0.22%.......... 28,295
-----------
Total Net Assets............................... $12,918,767
==========
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ANCHOR CAPITAL ACCUMULATION TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 1997
1. Significant accounting policies:
Anchor Capital Accumulation Trust, a Massachusetts business trust (the "Trust"),
is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end investment management company. The following is a
summary of significant accounting policies followed by the Trust which are in
conformity with those generally accepted in the investment company industry.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. A. Investment securities--
Security transactions are recorded
on the date the investments are purchased or sold. Each day, at noon,
securities traded on national security exchanges are valued at the last sale
price on the primary exchange on which they are listed, or if there has been
no sale by noon, at the current bid price. Other securities for which market
quotations are readily available are valued at the last known sales price,
or, if unavailable, the known current bid price which most nearly represents
current market value. Temporary cash investments are stated at cost, which
approximates market value. Dividend income is recorded on the ex-dividend
date and interest income is recorded on the accrual basis. Gains and losses
from sales of investments are calculated using the "identified cost" method
for both financial reporting and federal income tax purposes.
B. Income Taxes-- The Trust has elected to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and
to distribute each year all of its taxable income to its shareholders. No
provision for federal income taxes is necessary since the Trust intends to
qualify for and elect the special tax treatment afforded a "regulated
investment company" under subchapter M of the Internal Revenue Code.
C. Capital Stock-- The Trust records the sales and redemptions
of its capital stock on trade date.
2. Tax basis of investments:
At June 30, 1997, the total cost of investments for federal income tax
purposes was identical to the total cost on a financial reporting basis.
Aggregate gross unrealized appreciation in investments in which there was an
excess of market value over tax cost was $4,722,934. Aggregate gross
unrealized depreciation in investments in which there was an excess of tax
cost over market value was $10,037. Net unrealized appreciation in
investments at June 30, 1997 was $4,712,897.
3. Investment advisory service agreements:
The investment advisory contract with Anchor Investment Management
Corporation (the "investment adviser") provides that the Trust will pay the
adviser a fee for investment advice based on 3/4 of 1% per annum of average
daily net assets. At June 30, 1997, investment advisory fees of $8,210 were
due which were included in "Accrued expenses and other liabilities" in the
accompanying Statement of Assets and Liabilities. David Y. Williams, a
Trustee of the Trust, is President and a Director of the Investment Adviser.
ANCHOR CAPITAL ACCUMULATION TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
(Unaudited)
(Continued)
4. Certain transactions:
Anchor Investment Management Corporation provides transfer agent services for
the Trust. Fees earned by Anchor Investment Management Corporation for
transfer agent services for the six months ended June 30, 1997 were $1,811.
Certain officers and trustees of the Trust are directors and/or officers of
the investment adviser and distributor. Meeschaert & Co., Inc. the Trust's
distributor, received $720 in brokerage commissions during the six months
ended June 30, 1997. Fees earned by Anchor Investment Management Corporation
for expenses related to daily pricing of the Trust shares and for bookkeeping
services for the six months ended June 30, 1997 were $7,415. For the six
months ended June 30, 1997 the total expense increase, as shown in the
statement of operations, is $2,101 as a result of an expense offset
arrangement with its custodian, Investors Bank & Trust Company. The Trust
could have invested the assets used by the custodian in an income producing
asset if it had not agreed to a reduction in fees under the expense offset
arrangement. In addition, the expense ratios in the Selected Per Share Data
and ratios are based on the total expenses, which include amounts that would
have been paid in lieu of an expense offset arrangement.
5. Purchases and sales:
Aggregate cost of purchases and the proceeds from sales and maturities on
investments for the six months ended June 30, 1997 were:
Cost of securities acquired:
U.S. Government and investments backed by
such securities........................... $ 4,048,102
Other investments....................... --
=============
$ 4,048,102
=============
Proceeds from sales and maturities:
U.S. Government and investments backed by
such securities........................... $ 3,552,853
Other investments....................... 484,138
=============
$ 4,036,991
=============
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ANCHOR CAPITAL ACCUMULATION TRUST
OFFICERS AND TRUSTEES
DAVID W.C. PUTNAM Chairman
Chairman, Board of Directors, F.L. Putnam and Trustee
Investment Management Corporation
President and Director, F.L. Putnam
Securities Company Incorporated
J. STEPHEN PUTNAM Vice President and
President, Robert Thomas Securities Treasurer
SPENCER H. LE MENAGER Secretary
President, Equity Inc. and Trustee
MAURICE A. DONAHUE Trustee
Director and Professor, Institute for
Governmental Services and
Walsh-Saltonstall Professor of Practical
Politics, University of Massachusetts
DAVID Y. WILLIAMS President
President and Director, Meeschaert & Co., and Trustee
Inc.,President and Director, Anchor
Investment Management Corporation
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ANCHOR CAPITAL ACCUMULATION TRUST
INVESTMENT ADVISER AND TRANSFER AGENT
Anchor Investment Management Corporation
2717 Furlong Rd., Doylestown, Pennsylvania 18901
(215) 794-2980
DISTRIBUTOR
Meeschaert & Co., Inc.
2717 Furlong Rd., Doylestown, Pennsylvania 18901
CUSTODIAN
Investors Bank & Trust Company
89 South Street, Boston, Massachusetts 02111
INDEPENDENT PUBLIC ACCOUNTANT
Livingston & Haynes, P.C.
40 Grove St., Wellesley, Massachusetts 02181
LEGAL COUNSEL
Yukevich, Blume, Marchetti & Zangrilli
One Gateway Center, Pittsburgh, Pennsylvania 15222
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