资源描述：
《国际会计分析案例集锦》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、Chapter1Case1.1E-CENTIVES,INC.---RAISINGCAPITALINSWITZERLANDOnOctober3,2000,E-Centives,incorporatedintheUnitedStatesmadeaninitialpublicofferingontheSwissStockExchange’sNewMarket.ThecompanyraisedapproximatelyUS$40million.E-Centives’sofferingcircularstatedthatnooffersorsalesofthecompany’
2、scommonstockwouldbemadeintheUnitedStates,andthattherewouldbenopublicmarketforthecommonstockintheUnitedStatesaftertheoffering.THESMISSEXCHANGE’SNEWMARKETTheSwissExchangelaunchedtheNewMarketin1999.TheNewMarketisdesignedtommetthefinancingneedsofrapidlygrowingcompaniesfromSwitzerlandandabr
3、oad.ItprovidesfirmswithsimplifiedmeansofentrytotheSwisscapitalmarkets.ListingrequirementsfortheNewMarketaresimple.Forexample,companiesmusthaveanoperatingtrackrecordof12months,theinitialpubliclistingmustinvolveacapitalincrease,andtoensuremarketliquidity,abankmustagreetomakeamarketinthes
4、ecurities.E-CentivesE-Centives,Inc,isaleadingonlinedirectmarketinginfrastructurecompany.Thecompanyofferssystemsandtechnologiesthatenablebusinessestobuildlarge,richdatabasesofconsumerprofilesandinterests.Inreturn,consumersreceiveafreepromotionaloffersbasedontheirinterests.Atthetimeofthe
5、publicoffering,E-Centivesmaintainedover4.4millionE-Centivesonlineaccountsformembers.Thecompanydoesnotchargemembersafeeforitsservice.Instead,thatcompanygeneratesrevenueprimarilyfrommarketerswhosemarketingmatterisdeliveredtotargetedgroupsofE-Centivesmembers.E-Centivescurrentlyemploysmore
6、than100peopleinitsBethesda,Marylandheadquarters,anditsofficesinRedwoodCity,NewYorkandLosAngeles.Asoftheofferingdate,thecompanyhadlittlerevenueandhadnotbeenprofitable.RevenuefortheyearendedDecember31,1999,was$740000,withanetlossaboutUS$16million.AsofJune30,2000,aboutUS$39million.E-Centi
7、ves‘growthstrategyistoexpandinternationally.Todate,thecompanyhasfocusedonpursuingopportunitiesintheUnitedStates.E-CentivesintendstoexpandintoEuropeandothercountries.ThecompanyiscurrentlyconsideringexpandingintoSwitzerland,theUnitedKingdom,andGermany.REQUIRED:1.Whichfactorsrelevantfor
