Copperbelt Energy Corporation Plc 2011 Annual Report

first_imgCopperbelt Energy Corporation Plc (CEC.zm) listed on the Lusaka Securities Exchange under the Energy sector has released it’s 2011 annual report.For more information about Copperbelt Energy Corporation Plc (CEC.zm) reports, abridged reports, interim earnings results and earnings presentations, visit the Copperbelt Energy Corporation Plc (CEC.zm) company page on AfricanFinancials.Document: Copperbelt Energy Corporation Plc (CEC.zm)  2011 annual report.Company ProfileThe Copperbelt Energy Corporation Plc (CEC), a member of the SAPP and listed on the Lusaka Securities Exchange, is a Zambian incorporated power transmission, generation, distribution and supply company and a major developer of energy infrastructure in Africa, respected for its skills in designing and operating transmission systems. CEC owns, operates and maintains power transmission, generation and distribution assets servicing customers in Zambia and the DRC, and is one of the largest international power traders in the region.last_img read more

Toulouse – A Perfect 10 – with video of last year’s final

first_imgThey recovered to go on to beat Stade Français Paris in the final at Parc des Princes and then added five straight Pool wins the next season before losing to Llanelli at Stradey Park. That defeat didn’t affect their march to another final and on their return to Wales for the Heineken Cup final at the Millennium Stadium they became the first team to successfully defend the title.Now Toulouse, who won the Heineken Cup for the fourth time at Stade de France in May, are almost half-way to matching that achievement after their fourth successive victory this season in Pool 6 with their 36-10 triumph over Glasgow Warriors.That made it 10 wins on the trot, a French record overtaking Brive’s nine wins in 1996/97 and 1997/98, and they now have 17 points from four wins this season – one of only two unbeaten records to date with Northampton Saints. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Guy Noves – Toulouse’s Head CoachGuy Noves has seen and done almost everything possible in the Heineken Cup, but even he and his four-times champion club Toulouse are within striking distance of a new landmark after making it 10 wins in a row.Only two teams in the 16-year history of the tournament have reached double figures in terms of successive victories – Munster with 13 and Leicester Tigers with 11.Munster’s record breaking run came over the 2005/06 and 2006/07 seasons and included their first title triumph at the Millennium Stadium in 2006. After losing to Sale Sharks in their opening Pool match of the 2005/06 campaign they then won eight straight games.They then won five straight Pool matches before losing their only game to date at Thomond Park in Round 6 of the 2006/07 season against Leicester Tigers.That 13-match winning streak overtook the 11 game run that saw the Tigers crowned champions in Paris in 2001. Their sequence began in Round 4 of the 2000/01 season after their defeat at Pontypridd.center_img Can they go past Munster by reaching the semi-finals this season? And can they match Leicester’s back-to-back titles?Watch this space …last_img read more

Los obispos adoptan un pacto comprometiéndose a trabajar por la…

first_img Priest-in-Charge Lebanon, OH Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Submit an Event Listing Director of Administration & Finance Atlanta, GA Rector/Priest in Charge (PT) Lisbon, ME Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Los obispos adoptan un pacto comprometiéndose a trabajar por la equidad y la justicia New Berrigan Book With Episcopal Roots Cascade Books House of Bishops Assistant/Associate Priest Scottsdale, AZ Youth Minister Lorton, VA An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Tags Rector Pittsburgh, PA Por Melodie WoermanPosted Jul 11, 2018 Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Submit a Press Release Rector Hopkinsville, KY Priest Associate or Director of Adult Ministries Greenville, SC Family Ministry Coordinator Baton Rouge, LA Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Press Release Service Curate (Associate & Priest-in-Charge) Traverse City, MI Rector Albany, NY Curate Diocese of Nebraska Submit a Job Listing Rector Shreveport, LA Rector Martinsville, VA Director of Music Morristown, NJ Rector Knoxville, TN Cathedral Dean Boise, ID Associate Rector for Family Ministries Anchorage, AK Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Advocacy Peace & Justice, Rector Collierville, TN Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Featured Events Associate Rector Columbus, GA Rector Belleville, IL Assistant/Associate Rector Washington, DC Rector Tampa, FL Rector Bath, NC Associate Priest for Pastoral Care New York, NY Featured Jobs & Calls Bishop Diocesan Springfield, IL Missioner for Disaster Resilience Sacramento, CA This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Rector Smithfield, NC Miembros de la Cámara de Obispos dedican tiempo en la mesa de conversaciones el 8 de Julio antes del debate sobre la adopción de un pacto para combatir el abuso, el acoso y la explotación. Foto Melodie Woerman/ENS.[Episcopal News Service – Austin, Texas] La Cámara de Obispos adoptó el 8 de julio un pacto que compromete a sus miembros a procurar cambios en sus diócesis para combatir el abuso, el acoso y la explotación.“La Iglesia, ya sea como comunidad de fe o como centro laboral, no es inmune al abuso, el acoso y la explotación de personas de diferentes identidades sexuales, raciales y culturales”, dijeron los obispos en un documento , que sólo concierne a los obispos, titulado: “Un pacto laboral para la práctica de la equidad y la justicia para todos en la Iglesia Episcopal”.El texto del documento.Si bien llaman la atención de las estructuras que laboran contra personas de todas las identidades sexuales, raciales y culturales, la idea de un pacto partió de los testimonios compartidos en una Liturgia de Escucha, durante la Convención General, el 4 de julio. En ese oficio, los obispos hicieron lamentos y confesiones sobre el papel de la Iglesia en el sexismo y la misoginia.Toda la cobertura de ENS de la 79ª. reunión de la Convención General se encuentra aquí.La obispa Mary Gray-Reeves de la Diócesis de El Camino Real dijo que después de la Liturgia de Escucha resultó claro que “no hay manera de que podamos hacer esto y nada más”.“El abuso, el acoso y la explotación son parte del sistema”, afirmó ella. “Esto tiene que ver con reconocer y aceptar eso”.El documento dice en parte: “ Como líderes pastorales y proféticos de la Iglesia, tenemos la responsabilidad de continuar la labor de recuperación y transformación que aún debe ser completamente realizada”. Los obispos también se comprometieron “a luchar diariamente, transformando la cultura de nuestra Iglesia en un lugar más justo, seguro, solidario y profético para todos”.Gray-Reeves dijo que ella sabe que los obispos tienen buena voluntad y buenas intenciones, pero eso sólo no los ayudará a cambiar problemas culturales sistémicos dentro de la Iglesia. “Necesitamos ayudarnos mutuamente para llevar a cabo eso como organización denominacional”, afirmó. El pacto se propone hacerlo.El pacto detalla las formas en que los obispos pueden comenzar:Reconociendo el poder de su oficio y usándolo con humildad en servicio de otros.Participando en autoexámenes y haciendo cambios en la manera en que usan su poder.Siendo conscientes de las personas afectadas por los prejuicios y escuchando las historias.Dando lugar a un liderazgo basado en la equidad.Dando lugar a una variedad de modos de dirigirá a partir de la cultura y el género.Apoyando una gama de modelos de liderazgo.Eliminando desigualdades de salarios y beneficios.Creando e imponiendo normas equitativas de licencia parental.Ayudando a que los comités de búsquedas parroquiales examinen sus prejuicios al hacer opciones en sus llamados a clérigos.Durante el debate para adoptar el pacto, Dede Duncan-Probe, obispa de Nueva York Central, dijo que ella había crecido en la Iglesia Episcopal, y que “el abuso y el acoso sexuales han sido parte de mi vida como el estudio bíblico y la comunión”. Los elementos del pacto les ofrecen a los obispos “algo que todos somos llamados a hacer como parte del Movimiento de Jesús”.El obispo Greg Brewer, de Florida Central, dijo que él espera llevarles el documento a las clérigas de su diócesis y decirles: “Hablemos, ¿Qué les parece?Gayle Harris, obispa sufragánea de Massachusetts dijo que el pacto “levanta lo que ha sido una aspiración de esta cámara”. Como mujer de color, ella instó a los obispos a defender diferencias de todos los que han sido creados a imagen de Dios y a esforzarse en ponerle fin a la discriminación.Después de que el pacto fuera adoptado, Cate Waynick, obispa provisional de Michigan Oriental, le dijo a Episcopal News Service que era la primera vez en sus más de treinta años en el ministerio ordenado que la Cámara de Obispos “había decidido de verdad examinar atentamente la manera en que han tratado a las mujeres”. Ella dijo que sus compañeros obispos estaban despertando ahora al dolor y las consecuencias de cómo han sido tratadas las mujeres. Waynick se siente agradecida de que los obispos hayan acordado continuar el diálogo y hacerse mutuamente responsables, y como resultado “quizá nuestras hijas y nietas no tendrán que tener estas experiencias”.El obispo Brian Thom, de Idaho, dijo que el pacto invita a “un serio autoexamen” y le pide a los obispos que tomen medidas para cambiar ellos mismos personalmente. Él añadió que a los hombres de la generación de muchos obispos, él mismo incluido, les resulta difícil cambiar porque “estamos seguros de que no somos responsables” de ese dolor y experiencias. “Pero yo he sido convicto de sexismo”, le dijo él a ENS.Marian Budde, obispa de Washington, también conversó con ENS, y dijo que a lo largo de su vida en la Iglesia, las mujeres habían dado por sentado “que nos tratarían mal. Teníamos que pasarlo por alto”. Pero, agregó, “ese no es el camino de Jesús. Ese no es el camino del amor”.Varios obispos dijeron que querían cerciorarse de que el pacto estaba en la agenda de todas las reuniones de la Cámara de Obispos de ahora en adelante. La obispa Bishop Audrey Scanlan de Pensilvania Central, dijo durante el debate que existen planes de crear un instrumento para ayudar a las diócesis a crear sus propias sesiones de escucha para comenzar la ardua labor que se necesita. “La violencia, la agresión, la explotación y el acoso sexuales existen en nuestra Iglesia. No podemos dejar que eso tenga la última palabra”.— Melodie Woerman es directora de comunicaciones de la Diócesis de Kansas y miembro del equipo de información de ENS en la Convención General. Traducción de Vicente Echerri. Rector and Chaplain Eugene, OR Course Director Jerusalem, Israel Assistant/Associate Rector Morristown, NJ Gender Justice, General Convention, Rector Washington, DC Rector (FT or PT) Indian River, MI General Convention 2018, AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Canon for Family Ministry Jackson, MS Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT last_img read more

Charities guilty of list abuse

first_img The charity sector is one of the worst offenders at misusing and abusing marketing lists according to a new study.The annual survey by data value management specialists DQM Group says that the charity sector last year was one of the most compliant sectors when it came to list licence adherence. A year on, the sector now features among the top five worst offenders.The study says that third sector organisations have sophisticated direct marketing activities which gives them no excuse for citing naivety or inexperience as contributing factors. It says that if the sector continues to abuse list licences it could lead to an official enquiry. Advertisement About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Howard Lake | 28 June 2007 | News  29 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Charities guilty of list abusecenter_img Tagged with: Individual giving AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Data abuse is a growing problem in the UK, but misuse of lists reduces response rates and increases consumer dissatisfaction of dm from ‘overmarketing’ and use of out-of-date data. Adrian Gregory, managing director of DQM Group, said the problems could largely be attributed to two factors. Lists are ‘seeded’ with names and addresses which are ‘tracked’ so that list owners can see when and where they have been used. Gregory said some list owners could be more rigorous in how they manage their data, making better use of the tracking available. He said there are still some list owners who do not use any tracking devices.Sometimes misuse of data is down to the end user not realising when a licence has ended or including the data in its own database and being unable to identify the licensed names.This is the second year DQM has produced the survey, which will now be an annual undertaking.last_img read more

Authorities harass a blogger

first_imgNews News News RSF_en to go further Reporters Without Borders has condemned a bid to intimidate a blogger after the minister of internal security threatened to imprison Jeff Ooi, who runs the weblog Screenshots at the beginning of October 2004. Ooi is accused of allowing an Internet-user to post a message insulting Islam Hadhari, a religious practice promoted by the government. Organisation Malaysian cartoonist Zunar facing possible sedition charge again New Malaysian ordinance threatens very concept of truth Help by sharing this information Record fine for Malaysian news site over readers’ comments February 22, 2021 Find out more October 6, 2004 – Updated on January 20, 2016 Authorities harass a blogger MalaysiaAsia – Pacific March 17, 2021 Find out more News Follow the news on Malaysia Reporters Without Borders has condemned a bid to intimidate a blogger after the minister of internal security threatened to imprison Jeff Ooi, who runs the weblog Screenshots (www.jeffooi.com) at the beginning of October 2004.Ooi is accused of allowing an Internet-user to post a message insulting Islam Hadhari, a religious practice promoted by the government.The international press freedom organisation called on Malaysian Prime Minister Abdullah Badawi to see that no legal action was taken against Ooi. “A blogger cannot be responsible for a message posted by an anonymous contributor,” it said. “The statement by the internal security minister is serious because it will force those running weblogs to use excessive censorship.”Jeff Ooi on 30 September 2004 posted an article on Screenshots discussing the contradiction between the values of Islam Hadhari and the corruption of the ruling United Malays National Organisation (UMNO). A contentious comment was posted a few hours later by someone calling himself Anwar. It said, “Islam Hadhari and corruption are like shit and urine”. Ooi reacted quickly to this statement and replied online, “What you said affects and hurts me because you have twisted and hijacked my blog topic.”To date, the person who posted the comment has not been identified. In fact on most weblogs contributors can post responses to an article without going through whoever runs the publication.A few days later the internal security minister told the press that Jeff Ooi “must stop playing with fire or we will use the ISA”. The Internal Security Act is a law that allows imprisonment without trial for two years for reasons such as harming state security.The row has been stoked up by pro-government newspapers, in particular the daily Berita Harian, which strongly criticised the blogger.Jeff Ooi told Reporters Without Borders that he had “never wanted to insult Islam” and that “the pro-government media have presented this case in a completely biased way”. I simply wanted “to condemn corruption and in that I am singing the same tune as the prime minister himself,” he added.The Malaysian authorities have previously acted against online publications. The webmaster and journalist of Malaysiakini, Hishamuddin Rais, was arrested on 10 April 2001 under the ISA and was only released two years later. Receive email alerts January 29, 2021 Find out more MalaysiaAsia – Pacific last_img read more

Pasadena City College Foundation Announces $1.5 Million Gift

first_img STAFF REPORT First Heatwave Expected Next Week STAFF REPORT Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Business News faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Pulse PollVirtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyCitizen Service CenterPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Make a comment Top of the News The Pasadena City College Foundation has received $1.5 million from the estate of Adelaide Finkbine Hixon.Hixon was an enthusiastic supporter of PCC and a proud advocate for education.In 2000, she gave a gift of $1 million to the College, which was used to establish the Hixon Teacher Preparation Program. On November 10 the Foundation received an additional $1.5 million from her will.Hixon was a longtime leader in organizations supporting art and education, including the Pasadena Art Alliance, the Conservatory of Music, Southern California Public Radio, the Pasadena Art Museum, the ArtCenter College of Design, Polytechnic School, and the California Institute of Technology.At PCC, however, Hixon wanted to do something that would make a significant impact not just on the College but on the community. That was when, in 2000, the decision was made to invest in a program at PCC that would foster future teachers.Of the $1.5 million gift, $1 million will go toward the continued support of the Hixon Teacher Preparation Program, which aims to increase career opportunities for PCC students who want to teach K-12. The additional $500,000 will go toward students who plan to teach in the Visual and Performing Arts.Currently 450 students are enrolled in the program. Students have access to academic counseling and enrichment activities, internships, mentorships, tutoring opportunities, scholarship opportunities, and experiences working as teacher aids.Additionally, because of this bequest, a hybrid program in tandem with the visual and performing arts, will be established to assist students who are majoring in the arts with scholarships and provide them an opportunity to also pursue their teaching credential.“The program supports PCC students who are interested in teaching as a profession,” said Leticia Rojas, Faculty Lead for the Hixon Teacher Preparation Program. “The community college level is a great space to get more diverse teacher pathways. With the additional funds, we can better support the program and expand it, which will allow students from different backgrounds, different interests, and different art forms to bring what they have to the table.”It’s a natural pairing, the Hixon Teacher Prep Program with the Visual and Performing Arts,” said Rojas. “We have an opportunity to explore the interdisciplinary parts of education. The arts, we know, is one of the under-supported subjects in many schools because of the huge push for STEM.But we also know that the arts are alive and well in our communities. Here, we’re offering an opportunity to get support for art back in the K-12 classrooms. Helping students who want to go into teaching, whether it’s in the STEM field or the arts, is so important. And we can see that PCC students are excited for these opportunities. Our numbers are growing in the program. Our goal last year was to increase our students by 150, and we did that. If every year we can increase by 150, this program is going to be a real trailblazer.”“We are so grateful for the profound generosity of the Hixons,” added PCC Foundation President Gloria Pitzer. “These endowment gifts will provide funding in perpetuity for education and the arts, areas in which the Hixons have exhibited generous and longstanding support during their lifetimes.This legacy of support to PCC will enable and equip our students, many of whom might not otherwise have the opportunity, to become educators, with additional emphasis on training teachers in the arts.”The Pasadena City College Foundation is a nonprofit, charitable, public-benefit corporation that develops funding and community support for the enhancement of teaching and learning at Pasadena City College. More Cool Stuff Subscribe Name (required)  Mail (required) (not be published)  Website center_img EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS CITY NEWS SERVICE/STAFF REPORT Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Non-Profits News Pasadena City College Foundation Announces $1.5 Million Gift Funds will go towards teacher preparation program STAFF REPORT Published on Monday, November 23, 2020 | 4:33 pm Herbeauty10 Brutally Honest Reasons Why You’re Still SingleHerbeautyHerbeautyHerbeautyThese Are 15 Great Style Tips From Asian WomenHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeautyHerbeautyShort On Time? 10-Minute Workouts Are Just What You NeedHerbeautyHerbeautyHerbeauty10 Most Influential Women In HistoryHerbeautyHerbeautyHerbeauty’First Daughters’: From Cute Little Kids To Beautiful Young WomenHerbeautyHerbeauty Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Community News Your email address will not be published. Required fields are marked * Community News 41 recommended0 commentsShareShareTweetSharePin it last_img read more

Gardai continue to question man about shooting in Churchill area

first_img 75 positive cases of Covid confirmed in North Gardai continue to question man about shooting in Churchill area Twitter Previous articleCo Tyrone woman shot and injured in the Democratic of CongoNext articleRoad Safety Group PARC has first formal meeting with Transport Minister News Highland 365 additional cases of Covid-19 in Republic Pinterest WhatsApp Homepage BannerNews Google+ Facebook RELATED ARTICLESMORE FROM AUTHOR Gardai continue to investigate Kilmacrennan firecenter_img Facebook WhatsApp Twitter By News Highland – January 6, 2015 Main Evening News, Sport and Obituaries Tuesday May 25th Google+ Gardai in Co Donegal will resume questioning a man this morning about a shooting last weekend.It happened at Churchill last Saturday morning and a 42 year old man sustained minor injuries.He was taken to Galway University Hospital for treatment.A 46 year old man is being held at Milford Garda Station. Further drop in people receiving PUP in Donegal Pinterest Man arrested on suspicion of drugs and criminal property offences in Derry last_img read more

‘Homeless’ rate in Derry City hits a record high

first_img The number of people presenting themselves as homeless in Derry City stands at 2,200 – the highest rate in 20 years.In total, there are 3,311 people on the waiting list for Social Housing in the City.Sinn Féin Housing spokesperson Councillor Tony Hassan has said the current figures are concerning and show an upward trend which needs to be tackled.Councillor Hasson says significant additional funding is required to address the crisis:[podcast]http://www.highlandradio.com/wp-content/uploads/2013/07/tony1pmHOMELESS.mp3[/podcast] News Man arrested on suspicion of drugs and criminal property offences in Derry Facebook Twitter Google+ Pinterest WhatsApp Google+ ‘Homeless’ rate in Derry City hits a record high Twitter Main Evening News, Sport and Obituaries Tuesday May 25th center_img RELATED ARTICLESMORE FROM AUTHOR 365 additional cases of Covid-19 in Republic By News Highland – July 1, 2013 Pinterest Further drop in people receiving PUP in Donegal WhatsApp Previous articleRoaming mobile phone charges capped from todayNext articleNorthwest MEP predicts complete ban on roaming charges next year News Highland Facebook 75 positive cases of Covid confirmed in North Gardai continue to investigate Kilmacrennan firelast_img read more

global perks

first_img Comments are closed. global perksOn 1 May 2002 in Personnel Today 51 North America Top performers call the shotsHigh-profile organisations search for top performers with key interpersonal skills to lead them into the future52 Latin America Hanging on to the high impactersAfter 10 years of growth, Latin American multinationals face the problem of retaining and motivating key performers53 Western Europe & CEE Sweeping changeToday’s graduates are not just looking for an attractive salary. Personal development is high on their wish list57 Asia pacific & Australasia Well-padded expatsWith larger housing and paid school fees par for the course for married expats, single men and women should drive a hard bargain for equal benefits58 Africa & the Middle easT Good incentives must be offeredCompanies must offer a range of attractive benefits to prompt highly skilled staff to move to the Middle East or Africa60 South Asia Keeping employees happyIndian companies ply staff with steam baths and Jacuzzis in a bid to retain key talent Previous Article Next Article Related posts:No related photos.last_img read more

Inside Compass’ S-1: How it measures the upside of its tech

first_img Full Name* Email Address* Tags Compass CEO Robert Reffkin (Instagram, Compass, iStock/Photo illustration by Kevin Rebong for The Real Deal)Compass’ pitch to investors is all about its agents.The company’s S-1 — a prospectus that details its financial performance and business strategy filed ahead of an IPO — kicks off with a founder’s letter from CEO Robert Reffkin, who said he started Compass to build better tools for real estate agents like his mom.“The brokerage model was originally designed to be a one-stop shop for everything an agent needed,” he wrote. But the business hasn’t progressed past the pre-internet era, something Compass is trying to change.“We are replacing today’s complex, paper-driven home-buying and selling process with an all-digital, end-to-end platform that empowers real estate agents,” Reffkin wrote.Although Compass has touted its technology as a key differentiator from other residential brokerages, the prospectus describes the agent as remaining central to buying and selling real estate.“Despite various ‘agentless’ models such as iBuying and for-sale-by-owner, nearly 90 percent of sellers and buyers in the U.S. work with real estate agents,” Reffkin wrote. Last year, more than 5.6 million homes were sold in the U.S., representing $1.9 trillion in value. “We believe that real estate agents are an underserved group of business owners,” he said.Sticking with the empowerment theme, Reffkin said Compass aims to provide its agents with tools to serve clients and grow their businesses. “At Compass, we are agent-obsessed,” he wrote. “When agents succeed, Compass succeeds.”The filing also shows where Compass believes it can make its profits, much of which it accredits to its software platform.Here are six key financial takeaways from the prospectus.Ramping up revenueCompass’ revenue more than doubled between 2018 and 2019, as the firm broke into new markets and expanded through acquisitions of other brokerages. The firm generated $884.7 million in 2018 and $2.4 billion in 2019. Bolstered by the hot U.S. housing market in 2020, Compass’ revenue hit $3.7 billion in 2020, up 56 percent year-over-year.Deals, deals, dealsCompass’ gross transaction valueCompass’ sales volume jumped 55 percent last year to $151.7 billion, up from $97.5 billion in 2019. (In 2018, sales volume was $33.7 billion.) The number of transactions rose 66 percent between 2019 and 2020 to 144,784.How many agents?Of its 19,385 agents, Compass considered about 9,368 “principal agents” — meaning they are team leaders or work independently — as of Dec. 31, 2020. Compass said it has retained 90 percent of principal agents over the last three years; 30 percent of them are enrolled in “Compass Anywhere,” meaning they’re fully mobile and don’t have a designated desk.The bottom line: 88 percent of agents use the Compass platform at least once a week and 66 percent use it daily.Internal measuresCompass’ S-1 also disclosed an internal metric called “net platform contribution retention,” which measures its platform’s ability to make the company money year-over-year. “Platform contribution” is defined as revenue after expenses — in other words, how much money Compass keeps after paying agent commissions. The contribution grows as a result of increased commission dollars, “enhanced economics” with agents, and when agents and clients pay for additional services like title and escrow.The Compass PlatformPer the filing, Compass’ “net platform contribution retention” was 105 percent in both 2018 and 2019. It jumped to 118 percent in 2020, due to agents who joined in 2018 and were counted for the first time. (A key caveat is the calculation includes only principal agents who have been using its platform for at least five quarters.)About the lossesIn the S-1, Compass disclosed $1.1 billion in cumulative losses as of Dec. 31, 2020. But on an annual basis, the losses narrowed last year. Compass lost $223.8 million in 2018, $388 million in 2019 and $270.2 million in 2020. It cut at least $10.3 million in costs due to the Covid-19 pandemic, including slashing 15 percent of its staff.Where’s the spend?Sales and marketing was the big-ticket item in 2020, accounting for $407.9 million worth of expenses, up from $382.8 million in 2019 and $174.3 million in 2018. That bucket includes advertising, employee compensation, agent acquisition incentives and costs associated with programs like Compass Concierge, where the brokerage fronts sellers money for home repairs. Its R&D spend in 2020 was $146.3 million, up from $56.7 million in 2018. Its lease costs were $110.2 million last year.Read moreCompass lost $270M in 2020, revenue up 56% : IPO filing When Compass comes clawing Inside Compass’ C-suite Contact E.B. Solomont Contact Erin Hudson Message* Email Address* Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Message* Share via Shortlink compassIPOResidential BrokerageRobert Reffkinlast_img read more