Depreciation meaning

P&ID asks UK Supreme Court to convert £44m costs to naira At a hearing, Process & Industrial Developments Ltd (P&ID) pressed the UK Supreme Court to translate the £44m it has been ordered to pay Nigeria into naira, asserting that, because the currency has fallen sharply since 2023, Nigeria would otherwise gain an unwarranted windfall of about 70bn naira. The costs arise from Nigeria’s successful High Court challenge to the arbitral award made in 2017 in favour of P&ID, tied to a natural gas refinery and electricity generation project that unravelled. In October 2023, Judge Robin Knowles concluded that the award had been secured through fraud and bribery. Knowles J also held that the company’s legal team, including Trevor Burke KC and commercial solicitor Seamus Andrew, hid the fact they had obtained Nigeria’s privileged legal advice and other internal documents during the arbitration. Both men deny acting dishonestly...

Updated in December 2025 Introduction Germany stands as Europe’s strongest economy and ranks among the largest worldwide. Its central position across the continent underpins a tightly knit infrastructure network. The country presents excellent business conditions and enjoys strong regard from overseas investors. Far-reaching structural reforms, together with restrained growth in unit labour costs, have markedly enhanced the competitiveness of German enterprises. Outstanding infrastructure and a highly qualified workforce further underpin long-term commercial success. The Federal Government has recently expanded public spending to unprecedented levels, with a particular focus on infrastructure investment. In addition, the legislature has widened depreciation allowances and resolved to lower corporation taxes. There are numerous options for structuring a venture in Germany. The purpose of this Practice Note is to flag key issues a new business should address before commencing operations in Germany. This Practice Note is not intended to be a comprehensive manual, and tailored German legal advice should always be obtained before establishing and running a business in Germany. Finally, be aware...

Overview This Practice Note outlines key characteristics of covenant loose and covenant lite financings and considers certain risks that investors in these facilities may encounter. It assumes a degree of familiarity with leveraged finance terminology and documentation. For introductory material on leveraged finance financial covenants, see Practice Note: Leveraged finance—financial covenants. For an introductory guide to acquisition finance, see Practice Note: Introductory guide to acquisition finance. The Glossary of acquisition finance terms and jargon may also be helpful... Terminology Traditional ‘covenanted’ facility European leveraged facility agreements have traditionally included a package of financial covenants designed to monitor the borrower‑group’s financial performance against a base case financial model. The full suite typically comprises the following covenants: Leverage — this is the ratio of the group’s total [net] indebtedness to its earnings before interest, tax, depreciation and amortisation ( EBITDA ). The leverage ratio gauges the group’s indebtedness against its ordinary operating profit; the higher the ratio, the more indebted the group and the greater...

CASE HUB ARCHIVED -this archived case hub reflects the position as at the judgment date of 2 February 2023; it is no longer maintained. See the timeline for further details. Case facts Outline Appeal brought against the General Court’s judgment of 23 September 2020, which rejected an action for annulment of the Commission’s decision concerning Spanish aid for the purchase of ships (SA.21233). Latest developments On 2 February 2023, the Court of Justice delivered its decision, partially annulling the Commission’s decision. In particular, the Court of Justice held, amongst other things, that the General Court’s analysis rested on the mistaken assumption that only the investors-rather than the economic interest groups (EIGs)-could be treated as beneficiaries of the advantages arising from the tax measures at issue. Consequently, the General Court misjudged the question of selectivity. The ECJ sent the case back to the General Court. The General Court then dismissed the actions, and the parties all appealed to the Court of Justice. The Court of Justice...

Preparing a cash flow statement: Yes/No Do not rely on accruals accounting for the cash flow forecast Omit depreciation and any other non-cash charges from the cash flow forecast Be sure to include partner drawings, distributions and income tax payments Be realistic about the gap between completing work and collecting cash (lock-up) Build in a contingency to cover unexpected costs Include the interest and capital repayments due on the finance being raised Reflect on earlier cash flow forecasts and how accurately you predicted cash flows Consider whether partners must provide their share of the finance required Ensure the arithmetic in the forecast is correct Submit the forecast with a clear explanation of why the finance is needed and how it will generate cash flows to repay the requested funding...

This Precedent This Precedent is an illustrative bonus schedule for insertion as a schedule into an employment contract or a director’s service agreement. It grants entitlement to an annual bonus determined by reference to a company’s earnings before interest, tax, depreciation and amortisation (EBITDA). EBITDA is a benchmark used to assess a company’s overall performance...