Atonement film essay

In the film, the perspective someone has on various events are shown to greatly contrast. An example of this Is an argument between two of the film's key characters, Cecilia and Robbie, at the beginning of the film. This argument is in fact shown twice in a row, once through the perspective of Celeriac's younger sister Bryony, and again close to the action. In Britons view, she observes through an upstairs window of their manor house an argument that she perceives to be full of sexual tension. She can hear none of what is being said, apart from Robbie sharply shouting â€Å"wait! â€Å".Her Inability to fully understand the argument meant that the little she could see, led to her making lady inaccurate conclusions as to what the argument was about. She assumes Robbie shouting is out of anger, and that the tension between Robbie and Cecilia is solely imposed by him. This is shown to be wrong when the scene is shown a second time, with this time showing that the argument was over som ething trivial, and the sexual tension was triggered by both Cecilia and Robbie. Because she had a skewed perspective, Bryony gets an Idea that causes many problems later In the film.By using these differing perspectives, Wright therefore forces us to consider what we are and rent shown in other films of the same genre. In most love stories, conflicts arise (and are resolved) in the course of the film. In his film, however, Wright shows how inaccurate having a single perspective on a conflict can be, making us doubt the truth in other stories. It is also a reflection on the real world application of perspective. Wright literally shows us that â€Å"there are two sides to every story†, and how the differences between them can define not only a film, but a life.Wright also uses time to expand on what is shown In his film. Unlike typical love stones In which a happily ever after is reached in not only the two hours of the film, but the limited amount of time the characters in th e film experience, Wright makes his characters live out their whole lives before the camera. The film begins in 1935 when Bryony is 13. She is shown at two other ages, at both 18 and 77, meaning the story we are told is 64 years long. This means that the characters' whole lives pass, and through this we can see their relationships develop and change over a large amount of time.As a result of a lie she told at age 13, Bryony spends her whole life trying to atone for the damage it as done, and by being able to see how she is still trying to atone for her actions 64 years after the fact means that we can truly understand the consequences of even small actions. This time-twist on the traditional â€Å"butterfly effect† mean that we see exactly what effects her actions have not only on herself, but on the people around her. Two such people are Robbie and Cecilia. The theme of love between them Is years long like Britons is.This is because one of the effects of her lie was their de aths, only months apart from each other, 5 years after the lie was told. However, ring these 5 years we are able to see the ups, downs, twists and turns of their aging love. In doing so, Wright makes their relationship more realistic than what is typical in romantic films. The usual structure involves one, maybe two obstacles to be overcome before reaching resolution and a happy ending. Robbie and Cecilia, however, are faced with unending hardship and a lot of time apart.The increased length of relationship time we are shown results in the audience being more able to compare the film to their own lives. Real relationships are never finished. They intention, whether interrupted or not, until one or both parties are no longer committed. Robbie and Cecilia remained committed to each other up to their deaths, and by showing how they stood the test of time despite adversities, Wright reflects on the need for commitment and patience in relation to the constant growth of real relationships .This truthfulness in Wright's portrayal of relationships is extended by the lack of a true happy ending in the film. Love stories are watched because a happy ending is guaranteed. The lack of such assurance in real life means people crave some sort of promise that true happiness is a real possibility. By watching characters on a screen have (or earn) their happy ending we allow ourselves to doubt the possible disappointment and cruelty life could offer. In Wright's film, however, he plays with this idea.The film's two lovers, Cecilia and Robbie, are not allowed a happy ending. They die apart and alone before they can have their happiness, denied the happy ending we have learnt to expect. This is initially shocking to the audience, with Wright delivering their endings abruptly, and without apology. But it is this very shock factor that sets this film apart. If the film were to have a happy ending, t would have nowhere near the same effect on the audience.Instead of being content and satisfied, we are shocked, saddened, and, ultimately, challenged by Wright to not rely on a happy ending falling into place, but to make our own happiness. The film Atonement directed by Joe Wright refreshes a traditional love story with interesting twists and conventions. By playing around with perspective, time and the idea of happy endings, Wright not only made an interesting and challenging film, but also challenges traditional genre conventions. In doing so, his film is new and refreshing, despite being a typical love story at heart.

Solution of Case YSL Marketing Research

YSL Marketing Research is a small firm conducts focus group meetings and mail opinion surveys. The YSL’s partner Connie Bachmann has been asked to conduct a survey for Surenex that has the potential to be a valued long-run client. And the firm willing to pay YSL’s normally billing rates.2.0 Answer the question (a)The full cost of the Surenex engagement including indirect costs and direct costs. Direct costs consist of travel cost and cost of conducting surveys. In the case, direct cost means direct charge is about $3,000. The professional compensation charges include partner $4,800 and professional staff $4,000. Each of engagement receives an allocation of overhead based on professional compensation charges. The data of estimated total professional compensation and overhead respectively are $1,600,000 and $496,000.　 According to OAR= total estimated OH cost/ total estimated professional compensation charges.Overhead calculationEstimated overhead $496,000 Estimate d professional compensation $1,600,000 Overhead rate 0.31 Job cost summary of Surenex engagement $ $ Direct charges 3,000 Professional compensation charges Partner salary(40 hoursÃâ€"$120) 4,800 Staff salary(100 hoursÃâ€"$40) 4,000 8,800 Overhead(0.31Ãâ€"$8,800) 2,728 Full cost 14,528Based on above calculate OAR is about 0.31. The full cost includes profession charges, direct charges and overhead cost. The expected full cost of the Surenex engagement is about $14,528 ($3,000+$8,800+$2,728).3.0 Answer the question (b)Every research company wants to conduct research at higher prices than the cost of research. The company profit equals to the sales revenue minus the  costs. YSL marketing research is a small firm that bidding on a job and is considering various costs. The question requires calculate the lowest prices that Connie can bill on this engagement without hurting company profit means that what is the lowest charge of YSL.From the question (a) the full cost $14,528 is not t he lowest amount that Connie pay and also is not the variable cost of the job. There are three types of costs. The mixed cost is a cost that carries both the elements of the fixed and variable costs such as utilities. Fixed costs usually include rent and lease payments. Variable costs change in relation to a company’s activities.YSL marketing research is a service company not a manufacture company. From the case it is not clearly told which costs are fixed and which costs are variable. So we assume the variable costs are employees’ salaries, direct charges and administrative expense. According to Sales – VC – FC = Profit and calculate the company profit.Based on the fact, we must consider opportunity cost. Opportunity cost means that in order to get some things have to give up the greatest value of some other things. When YSL face Surenex engagement and other jobs, then YSL make decision to undertake one job among these, the highest value of the abandoned option is the opportunity cost of this decision.In this case, on most jobs, YSL’s fee is 1.5 times professional compensation. In addition, the company is reimbursed for all out-of-pocket costs ($3,000). If company undertakes the Surenex job, it will miss out on billing $13,200(1.5 x $8,800) some other job and will have to turn down another potential client.If YSL reject Surenex it can charged 1.5times professional compensation plus out-of-pocket costs of other jobs. In order to avoid hurting profit, the company must cover out of pocket costs ($3,000). Thus, the lowest amount that Connie can bill is $16200 ($13,200+$3,000). The lowest amount that Connie can bill calculationDirect charge 3,000 Partner salary 4,800 Staff salary 4,000 1.5 times professional compensation 8,800 (1.5 x 8,800) 13,200 Total 16,2004.0 Answer the question (c)This question requires we find out some aspects that we did not consider in previous analysis. Surenex is a new high-tech company that may end up being a large hot company with premium billing opportunities in three to five years. To build cooperation relationship with Surenex is good for YSL long-term development, but also the company need to take a certain risks.From the case, we know on the most jobs, the normal rate is 1.5 times of YSL’s fee. But Connie wants to quote a low fee since Surenex has cash-flow problems. In other words, the company may give a discount for example 1.4 times fee or lower charge for Surenex. There are two aspects to analysis.In short-term, YSL may loss profit to undertake this engagement and give up bid 1.5 times compensation on other jobs. And YSL need reject other potential clients that may reduce the goodwill of the company. YSL is in high demand; it may miss some good opportunities.But YSL may be better off in the long-run, even it setting a relatively low price on the current job. If this engagement success, YSL can get a long-term and fixed income from establish cooperation relationsh ip with Surenex. According to the forecast, Surenex may become a big hot company, there are many advantages for the development of YSL, such as improve company visibility. Therefore, even a price that does not cover salaries and direct charges could be warranted if the prospect for future profit, from working for Surenex, is very high.With a low price to receive the task also has a certain risk such as contract problems. Research agencies often take into consideration a customer’s financial capacity when they are establishing a price. In the future, when Surenex become a large hot company but YSL not allowed to increases the price because they are already sign the contract the price is fixed. At that time some problems will arise and indeed break the contract.On the other hand, YSL undertake this engagement with a low price may have effect on the service quality. In order to ensure the benefit of the company and base on the establish price, the company may reduce expense or c osts necessary. So the service quality of the company may decrease to a certain extent.

Andrew jacks and William Henry Harrison Essay Example | Topics and Well Written Essays - 500 words

Andrew jacks and William Henry Harrison - Essay Example Apparently, the circumstances surrounding the United States during that period were similar. Both of these presidents were born during a time when the United States was under the British colonial rulership. This translates to the fact that both Jackson and Harrison were aware of the struggle towards independence, which was of critical importance to the kind of leadership they exercised. Before rising to the presidential positions, both Jackson and Harrison had held numerous positions in the government that served to prepare them for presidency. Jackson was the seventh president of the United States, and took office in 1829. He set the record for being the first democrat to occupy the white house, making him a pace setter for the democratic affiliation that has become stronger over the years. He remained in office for two terms. During his terms, he redefined the executive powers accorded to the president (Brands 14). The previous presidents had operated much like chief administrators, but he expanded such mandate to the level of the popular tribune. He participated in the revolutionary war, a factor that helped him to understand the type of freedom that American needed. He ascended to office during a time when America was struggling to register economic growth, but taxation on the roads and high import taxes were major setbacks. His introduction of subsidies in the transportation process, and importation protective tariffs defined his initial policies in presidency (Gunderson 34). Jackson also contributed to the ‘bank war’ policies that surrounded the charter accorded to the Second Bank of the United States. He extended the charter past the preset expiry date, and transferred the federal state’s deposits to a bank chartered by the state a year later. This action triggered a financial crisis that culminated into a full-blown depression in the years that followed

Follow the instruction to Find an example of art or architecture from Essay

Follow the instruction to Find an example of art or architecture from American history since 1877 - Essay Example Many houses were huge with many rooms, but the floor and walls were full of dirt. Despite the fact that sod houses were full of dirt and mud falling from the ceiling, the society was proud of them. Some people were much comfortable, and they lived even for decades. It indicates that the society had limited resources, and many lived in poverty. In addition, the sod houses were used to keep away dangerous animals, insects, and snakes that outline that people used to live in the forest or bushy grassland. The preparation of sods and construction of houses involved much tedious work which required a lot of efforts. During this time, people worked together as a community in order to combine the effort. It clearly indicates that it was the culture for the people to live in unity. The smoothening of the inner walls by plastering and the use of cooking ports in cooking also shows that the people did craft work (Barns, 1970). Additionally, the use of agricultural equipments in cutting the rod evidenced that the ancient American society relied on agriculture for

Computer Essay Example | Topics and Well Written Essays - 250 words

Computer - Essay Example nel feature is also available in Ubuntu as â€Å"System settings† which can be accessed directly from the system tray by clicking the icon similar to wheel. Within this panel the hardware, software and other personal preferences are listed and can be set. 2. Searching Files, Folders and Applications: The search provided by Ubuntu is comparable to that in Vista. From within this search panel, applications as well as files and folders can be searched within the system by setting various refining filters within the audio, video, pictures and other categories. The element of categories and subcategories is not available in Vistas default search. 3. Software Install/Uninstall: Like the Program install/uninstall feature in Vista, â€Å"Ubuntu Software Center† is present in Ubuntu which manages all the software programs in the system. It lists the software available for installation and also the installed programs. Option to remove the software is available, next to every installed program as in Windows. 4. Data Organization: Like in Windows, data is organized into logical partitions. Files and folders can be created, edited, deleted. The drives can be accessed by the â€Å"Home folder† icon on desktop. 5. Creating Documents: As an alternate to Office, LibreOffice is provided in Ubuntu. LibreOffice provides interfaces similar to that of Office and opens the documents with the office document formats such as .doc, docx, ppt, pptx, xls, xlsx, etc. Ubuntu was found to provide all the basic functionalities that are normally used in Windows. The interface for Ubuntu is although different from Windows Vista yet it is equally simple to use for even a person new to using computers. Similar to Windows Vistas, no advanced technical knowledge is necessary on part of user to learn to use Ubuntu 11.10. To summarize, Ubuntu 11.10 offers an equally sound alternative to Windows

Diversity in the Workplace Essay Example | Topics and Well Written Essays - 500 words

Diversity in the Workplace - Essay Example Circumstances sometimes create peculiar conditions which bring to the fore the inherent weaknesses prevalent in our society. There are rules and regulations which provide broad guidelines for keeping a delicate balance in dealing with such matters so that mutual harmony is maintained amongst the workforce. The guiding principle behind this thought is that the world is a rich and diverse place, full of interesting cultures and people who should be treated with respect. Skirmishes arising out of 'discriminatory' behavior often result in tensions amongst colleagues. Though there are federal laws in place, it is the human character and nature which has to do the implementation part. One such incident recently took place in the corporate office of a multinational company located on the 4th floor of a multistory office complex. Since the complex more than one office, so there are many employees working for different companies. On a Friday afternoon, when a young executive of one such company was working her way to get into her car, she had a peculiar experience, which highlighted the inherent fear is us. As she swiped her car card inside the garage, she found a tall guy speedily approaching her from behind. When she noticed him, she was scared and hurriedly sat into the car and started the car. But thereafter the lady gathered some courage and as she passed the tall man, she asked him the reason for his being at the place and asked him to furnish his id proof. The incident would appear to be a trivial one, but it became a big issue, hotly discussed in the corridors of the office complex and the media. The reason, the lady happened to be a 'white' lady while the g entleman was a 'black' American. The incident took racial overtones and the black gentleman complained in his office about the ill-treatment meted out to him. He questioned the very motive for being asked for the id proof. His contention - he was being insulted and discriminated against for his being 'black'. This incident highlights two basic issues; One, howsoever hard we may try to appear as liberal; there remains an element of presumption in most of us. In this incident, perhaps the lady got scared more because she noticed the tall 'black' man running towards her. And just to show that she is not scared, she asked for the identity proof from the gentleman. Similarly, the 'black' gentleman too lodged a formal complaint, perhaps only because he encountered the 'white' lady, and took it as a discriminatory policy, when the lady asked for his identity card.  Secondly, the media might not have taken any note of it, had it not been a case of 'black' Vs 'white'. Even for that matter, we might not be discussing it, had it been an all-white affair. Organizations need to handle such issues with the utmost caution, without allowing them to flare up in big controversies. Diversity consists of visible as well as non-visible factors, which require to be handled with care.  

Management of Massey Energy Company Case Study Example | Topics and Well Written Essays - 250 words

Management of Massey Energy Company - Case Study Example From this paper it is clear that Mine Safety and Health Administration (MSHA) claimed that the company had violated safety standards more than 50 times. This proves that the 29 workers died because of poor safety standards in the mine. Instead of improving the quality of the mine’s safety, the company was always challenging the accusations of the safety agency. Another factor that proves the company should be held responsible is the unethical acts of Don Blankenship. After receiving complaints about the safety conditions in the company, the CEO ignored the complaints and instead sent a memo to the management team, asking them to focus on the firm’s production rather than improving the safety standards. It was a moral responsibility for Don to instruct the management team to shift their focus from the profitability of the company to safety. Such move would have prevented the accident from occurring. Conclusively, the mining firm is morally responsible for the deaths of i ts employees. If the company had implemented safety measures as required by MSHA, the accident would not have taken place.  

Social Welfare Essay Example | Topics and Well Written Essays - 250 words

Social Welfare - Essay Example This situation is especially terrifying because social service is supposed to help people who get into troubles, but when social workers dont trust you it feels like the whole world is against you and you have no support of society. The most surprising thing in this entire situation is that Barbara Ann got support where it wasnt expected at all - from homeless people. It turns out that those who are already living in difficult conditions of constant surviving are more likely to be helpful and supportive than those who are supposed to provide you with help, according to their civil responsibilities. Actually, the fact that representatives of the societys so-called misfits are more humane than the societys supporting service makes me suspicious about my safety. The life circumstances of Barbara Ann are totally complicated and tragic, but as far as there happened to appear the people who believed in her story and helped her, there is a chance for her to improve her life some

An Analytical Report of Tesco PLC Essay Example | Topics and Well Written Essays - 2750 words

An Analytical Report of Tesco PLC - Essay Example .................................................14 Introduction This paper is an analytical report of the strategic structures and marketing systems of a given organisation. The paper therefore focuses on Tesco PLC, a UK based international grocery company. The paper examines some important components of Tesco's business structures and leadership structures. In analysing the components of Tesco, the following objectives will be sought to be attained in the study: 1. The core vision, mission and strategic systems of Tesco PLC 2. The marketing and operational systems for the realization of Tesco's strategic plans. 3. An examination of the human resource, and supply chain systems that link Tesco PLC to its external environment The paper will involve a careful analysis of information taken from various sources that are relevant to Tesco's activities and expansion over the past nine decades that it has existed. The research will focus on some primary sources like the Tesco Annual Report of 2011. The paper also draws insights from the Tesco Website about various elements of the organisation. Additionally, secondary sources like books and journals are used to provide a deep insight into the company. The primary focus of the paper is on the UK operations of Tesco. However, where necessary, the research will cover aspects of Tesco's international operations to give a better insight into trends and ideas of the company. 1.0 Elements of Tesco PLC's Strategic Background Strategy is defined by Johnson, Scholes & Whittington as the â€Å"long-term organisationwide plan for a corporate entity that is set by the top level management† (2005). In this context, organisational strategy is a body of plans that are made by an organisation to meet the fundamental objectives of the... The primary focus of the paper is on the UK operations of Tesco. However, where necessary, the research will cover aspects of Tesco's international operations to give a better insight into trends and ideas of the company. This paper makes a conclusion that Tesco is a leading chain of retail shops that has its headquarters in the UK and branches around the world. Tesco has a vision of providing grocery and every day products and services to consumers and households. Tesco began modestly in 1919 as a sole proprietorship but evolved to become a private company and a UK public company. In the 1990s, Tesco embarked on an internationalisation strategy and utilised e-commerce. Tesco is now a multi-billion pound global business that has outlets around the globe. Tesco is run by a board of directors and supported by the CEO who has other officers under him. The CEO and officers' structure is duplicated in regions around the world. Tesco's marketing systems are based on the use of convenient outlets to sell high quality products at low costs to consumers. It has an enhanced brand image. Tesco maintains a personalised recruitment and selection process as well as an intensive training system. The supply chain man agement ensures that there are strategic distribution centres around the country and these centres use real-time communication tools and systems to ensure that stock levels are monitored and replenished on time.

Corporate Social Responsibility for Multi-national Organizations Essay

Corporate Social Responsibility for Multi-national Organizations - Essay Example Companies like GE, BP, Starbucks, Dell, Pfizer, and Apple are loved and hated by many people for many different reasons (Colvin, 2006). However, none of these companies can afford their brand name and image to be tarnished in any way. Undoubtedly, we are living in the information age and even rumors about a company’s suppliers maltreating employees in China, or the company’s employees facing racial as well as gender based discrimination can have real effects on the bottom line of the company. Even though it is possible for a company to be appreciated based on its financial performance alone (Forbes, 2005), greater appreciation comes with social responsibility along with financial performance (Natural Health, 2005). The combination of these two forces means that a company has to be extremely careful in maintaining its image as well as its profits. Social responsibility is not merely an idea for exceeding the ethical responsibility of a company; it is the chance to seek out an image that has remained exclusively in the domain of NGOs and social organizations i.e. being a ‘green’ company. While this implies being environmentally friendly, the environment includes a lot more than making sure that the smokestacks of the industry do not create more than an acceptable level of pollution. In the context of social responsibility, the environment also includes the business environment of the company including who supplies material to the firm and who buys its products. Strangely enough, GE has been rated as the most admired company in America (Fisher, 2006) as well as the world (Demos, 2006) yet it has only published two corporate responsibility reports in all its existence. The first one was published in 2005 and the second one was published this year (GE, 2006). Considering that several other companies have been publishing such reports since 1995,

Curleys Wife Essay Example for Free

Curleys Wife Essay What methods does Steinbeck use to present Curley’s wife and the attitudes of other to her? And How Does Steinbeck present attitudes to women in the society in which the novel is set? The novel ‘Of Mice and Men’ is set in a very patriarchal society, a society in which men dominate women and use them for their own needs. Women, who lived within this society, were not seen equal to men. Steinbeck uses many different language techniques to describe Curley’s wife. She plays a complex and misfit character in the novel and is made to sound like a ‘tart’ as mentioned by George himself. Curley uses her for his own needs and controls her. As Curley’s wife walks through the bunk house, ‘the rectangle of sunshine in the doorway was cut off’, describing the fact that it goes dark, a sign of evil and danger. A very strong sense of foreboding is given and this continues throughout the text yet, getting stronger. Curley’s wife is kept away from the men. ‘A girl was standing Looking in’. Curley’s wife is standing at the doorway like there’s an invisible barrier, preventing her from entering the men’s dorm. This is because the men don’t want her mixing in with them. They are afraid to talk to her as it would result in losing their jobs. She is ostracised and excluded from the male fraternity. She knows her beauty is her power, and she uses it to flirt with the ranch hands and make her husband jealous. She is utterly alone on the ranch, and her husband has seen to it that no one will talk to her without fearing a beating. For this specific reason, Curley’s wife uses ‘I’m lookin’ for Curley’ as a pick up line to get through to the other men even if it means getting a hello. She mentions this twice throughout the text. Once when she’s talking to George and another when she’s talking to Slim however, the men still keep their distance in fear of Curley. Because of her beauty, ‘Lennie’s eyes move down over her body’. Lennie finds her attractive and wants to touch her like he did to the girl in the red dress. As mentioned in the beginning of the novel, the ‘girl in the red dress’ was trouble for George and Lennie. This is creates an atmosphere of foreboding. Curley and his wife’s relationship isn’t very tight so for this reason, Curley’s wife tries to seek companionship but goes about it the wrong by openly flirting and dressing to impress. She had full rouged lips and wide spaced eyes. Heavily made up’. She covers her face in make-up and puts on an innocent look however it creates the thought she’s seducing in the readers head. As well as this, she uses a flirtatious but coy voice,’ her voice has a nasal, brittle quality’. Brittle meaning fragile, proves that she talk the way she does for friendly attention. Not just to gain sexual attention. As I have previously mentioned, Curley’s wife has a very complex character in which she is, at some points, made to sound naive and at some points very seducing. To back up my point, during mid text, Curley’s wife ‘puts her hands behind her back and leaned against the door frame so that her body was thrown forward’. At this point, Curley’s wife starts to seduce. She does this because, her pick up line didn’t gain much attention from George as he simply replied, ‘he was in here a minute ago, but he went’. Curley’s wife does so much for someone to talk to her but doesn’t go about it the right way. On the other hand, Curley’s wife has a lot of importance in the novel. At the beginning of the text, Steinbeck uses the colour ‘red’ many times. In this particular piece of text, ‘red’ isn’t just an ordinary colour but has much more depth to. It’s repeated in the first paragraph thrice. ‘Her finger nails were red†¦and red mules†¦red ostrich feathers’. ‘Red’ is mainly associated with Curley’s wife who is symbolic to Eve- the female character who, in the biblical story ( the garden of Even) bring sin and death to the society. However, ‘red’ also represents the anger of a bull, which, relating back to the novel, attracts Lennie similar to ‘the girl in the red dress’. It also signifies love, impurity and desire, the type of attention Curley’s wife is looking for. Yet, also, ‘red’ in a traffic light, stop and look. As I previously mentioned, the novel was set in a patriarchal society. The women had no dignity and no rights to speak up for themselves or make their own decisions. Similarly, Curley’s wife is treated with a very low level of respect and is isolated from the male society. She has no possession of her own name and is classified as a ‘tart’. The men don’t try to talk to her because of the fear of Curley and the consequences they would face after. Finally, Curley’s wife gets worried when she finds out that Curley went back to their house. She was suddenly apprehensive†¦ and she scurried away’. Curley likes to fight with big men, so if he finds out that his wife was in the bunk house with the big man, he’ll be sure to pick out a fight once he finds her. To conclude my essay, Curley’s wife is treated like a no ‘one and has no importance in the eyes of the men . She is treated similar to Candy and Crooks like she’s good for nothing and only good to be used as a toy. Steinbeck indirectly mentioned the rights of women and discrimination in this novel through the way Curley treats his wife and the way the men are scared to talk to her.

Soft bass Essay Example for Free

Soft bass Essay It starts with a deep, soft bass. I was wondering if it was going to start really slow. I was very surprised when the lead violinist starts so strong. Her solo was very powerful. But at the same time very stressful to me. I imagined a scene where someone was dying and people were fighting. And this feeling was amplified even more when the rest of the orchestra joined in. After the third minute though, it started to get softer and slower. This time it sounded peaceful and serene. This goes on until the build up of the fifth minute. But it goes back to being soft. I got a little confused as to why it sounded like a rollercoaster going up and down. The best part of the first movement for me would be the last two minutes – when the wind instruments could be heard and not part of the background. Its playful tune balanced out the powerful violin solo. Overall, I think the first movement was very powerful and emotional. The second movement was very lovely. I felt very at home. Hearing the soft strings and grace notes brought back memories of good times with my family. Like a Christmas gathering with a warm fire inside and a beautiful landscape of snow outside. The echoing of the soloist and the other strings, I found very amusing. And if I am allowed, cute. The whole movement was just very lovely. The wind instruments gave it a lot more happiness with its staccatos – very much like bunnies hopping around in the spring. I think this movement would be absolutely beautiful to play at a wedding. The third movement starts with the soloist. Its feel was very much like the first movement with its powerful notes. I like how the orchestra comes out softly then builds up to a strong note. It reminded me a little of Lord of the Rings when the Wraiths were after the Hobbits. The third movement wasn’t stressful though unlike the first. It was very powerful but it was a happy aura. Like dogs having a tug of war with a blanket and rolling over each other. The last part becomes really soft and slow; just the solo violinist and the winds. I liked it very much.

Corporate Social Responsibility In Smrt Corporation Management Essay

Corporate Social Responsibility In Smrt Corporation Management Essay This report is written and compound to discuss Corporate Social Responsibility in the worldwide international company. Corporate Social Responsibility is the adoption by a business of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic responsibilities expected of it by its stakeholders (Thorne, Ferrell, Ferrell, 2008, p. 5). The key stakeholders of an organization consist of employees, customers, investors, suppliers, stockholders, governments, as well as communities. SMRT Corporation Ltd (SMRT) is one of the company that implements Corporate Social Responsibility in their company. SMRT is Singapores premier multi-modal public transport service provider which established in 1987. Corporate governance is one of the most important aspect in Corporate Social Responsibility. The Board and Management of SMRT are fully committed to continually raising the standard of corporate governance and to build a respected, trusted and transparent organisation which is essential to sustainability of the companys business and performance. Some of the sustained programme that has been made by SMRT to enhance and improve the lives and welfare of the community are corporate philanthropy, environment, community outreach, as well as safety and security. 2. Introduction Corporate Social Responsibility is the adoption by a business of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic responsibilities expected of it by its stakeholders (Thorne, Ferrell, Ferrell, 2008, p. 5). The key stakeholders of an organization consist of employees, customers, investors, suppliers, stockholders, governments, as well as communities. Nowadays, the awareness and implementation of Corporate Social Responsibility in Singapore has been increased since the establishment of Singapore Compact in January 2005. Singapore Compact is a national society that functions as multi-stakeholder platform in recognising the role and contributions of all Corporate Social Responsibility stakeholders. SMRT Corporation Ltd (SMRT) is one of the company that implements Corporate Social Responsibility in their company. SMRT is Singapores premier multi-modal public transport service provider which established in 1987. This report is written and compound based on the company background of SMRT, corporate social responsibility by SMRT which includes corporate philanthropy, environment, community outreach, safety and security, as well as current issue in market and media. 3. Company Background SMRT Corporation Ltd (SMRT) is Singapores premier multi-modal public transport service provider offering integrated transport services island-wide. Established in 1987, SMRT provides Mass Rapid Transit (MRT), Light Rail Transit (LRT), bus services, as well as rental of taxis. In addition, SMRT leases the commercial spaces and provides advertising buying service within their network. Singapore MRT Ltd started operating the North-South and East-West lines (NSEWL) of Singapores first Mass Rapid Transit System in the 1987. Singapore LRT Pte Ltd was set up in 1997 and two years later, became the first operator for Singapores pioneer Light Rapid Transit System in Bukit Panjang (BPLRT). SMRT Corporation Ltd has been listed on the mainboard of the Singapore Exchange Securities Trading Limited (SGX) since 26 July 2000. As a holding company, it wholly owns SMRT Trains Ltd (SMRT Trains), formerly known as Singapore MRT Ltd, and SMRT Light Rail Pte Ltd (SMRT Light Rail), formerly known as Singapore LRT Pte Ltd. SMRT Trains has commenced operations of Circle Line Stage 3 in May 2009 and Stages 1 and 2 in April 2010. In December 2001, SMRT Corporation Ltd acquired SMRT Road Holdings Ltd (formerly known as TIBS Holdings Ltd) for $198.6 million and became Singapores first multi-modal land transport operator, providing bus and taxi services in addition to its MRT and LRT services. SMRT Buses Ltd (SMRT Buses) and SMRT Taxis Pte Ltd (SMRT Taxis) are wholly-owned subsidiaries of SMRT Road Holdings Ltd. 4. Corporate Governance Corporate governance is the formal system of oversight, accountability, and control for organizational decisions and resources. Oversight relates to a system of checks and balances that limits employees and managers opportunities to deviate from policies and codes of conduct. Accountability relates to how well the content of workplace decisions is aligned with a firms stated strategic direction. Control involves the process of auditing and improving organizational decisions and actions (Thorne, Ferrell, Ferrell, 2008, p. 75). Corporate governance is one of the most important aspect in Corporate Social Responsibility. The Board and Management of SMRT are fully committed to continually raising the standard of corporate governance and to build a respected, trusted and transparent organisation which is essential to sustainability of the companys business and performance. For its efforts to achieve the excellent corporate governance, SMRT received some of the corporate awards such as Best Investor Relations (Silver) and Best Annual Report 2009 (Bronze) at Singapore Corporate Awards 2010, second place in Business Times Governance and Transparency Index 2010, Best Managed Board (Gold) and Best Annual Report 2008 (Bronze) at Singapore Corporate Awards 2009, Board Diversity Award (Co-Winner) at Securities Investors Association of Singapore (SIAS) Investors Choice Awards 2009, first place in Corporate Governance Award in the Mainboard category at Securities Investors Association of Singapore (SIAS) Investors Choice Awards 2008, and more. 5. Corporate Social Responsibility by SMRT Corporate Social Responsibility (CSR) means that a corporation should be held accountable for any of its actions that affect people, their communities, and the environment. It implies that harm to people and society should be acknowledged and corrected if at all possible. It may require a company to forgo some profits if its social impacts seriously hurt some of its stakeholders or if its funds can be used to have a positive social impact (Post, Lawrence, Weber, 2001, p. 58). SMRT believes that their success has to be channeled towards the greater good of the community. SMRT Corporate Social Responsibility programme sets out to make a positive impact on the economic, social and environmental well being of the communities that they serve. Some of the sustained programme that has been made by SMRT to enhance and improve the lives and welfare of the community are: 5.1 Corporate Philanthropy Corporate philanthropy has become important as companies are expected to do more than just give back to the community. SMRT corporate philanthropy programme is directed at voluntary welfare organisations, national events, education, sports, arts and the environment. In Financial Year 2006, SMRT made community contributions totalling S$3.18 million in cash contributions and sponsorships such as media space and corporate gifts. Some others of the philanthropic contributions that have done by SMRT are: SMRT Silver Tribute Fund The SMRT Silver Tribute Fund (Fund) is SMRTs biggest corporate social responsibility initiative to-date. SMRT Silver Tribute Fund was launched in December 2006 as a holistic corporate philanthropy and community outreach effort. All money raised by SMRT Silver Tribute Fund will go towards the six beneficiaries such as: Alzheimers Disease Association   Specialised Caregiver Support Service (Dementia), Ang Mo Kio Family Service Centers -Ang Mo Kio Yio Chu Kang Community Carers Scheme, Asian Womens Welfare Association AWWA READYCARE Centre, Geylang East Home for the Aged (GEHA), Singapore Leprosy Relief Association Home, and Tan Tock Seng Hospital Community Charity Fund   Helping Elderly Patients Programme.   Donations and media support for National Day Parade and support of the birthday celebrations in various ways including provision of a SMRT Train for Singapore Express, a community project which brought together 12,000 Primary Five students from 42 schools island-wide to design National Day decorations for public transport and bus stop shelters. Train ride for 200 disabled persons to promote community awareness of the unique needs of the disabled. Sponsorship of three SMRT buses as exhibition space for exhibits on environmental care for the Marine Parade Town Councils Clean, Green and Hygiene Carnival. Donation of a de-registered SMRT taxi to Alexandra Hospital for its Car Transfer Rehabilitation Programme. Partnership with the National Council of Social Services for the Disability Awareness Public Education Campaign. 5.2 Environment SMRT is committed to be an industry leader in environmental stewardship. SMRT prioritize and responsible to contribute to create a cleaner and greener environment. To embrace environmentally-friendly policies and practices in their business, operations and infrastructure, SMRT launched SMRT is Green in April 2008. SMRT make a conscious effort to adopt green practices in their operations in terms of energy, water, air and waste management. With all their concern and hard work to preserve the environment, SMRT received some awards for their contribution such as Most Energy Efficient Metro award at The Metros Award 2010, Top Achiever, Singapore Environmental Achievement Award 08/09 from the Singapore Environmental Council, two awards at the Land Transport Excellence Awards (LTEA) 2010 as the Most Eco-Friendly Transport Partner and the Most Creative Promotion/Campaign, and many others. 5.3 Community Outreach SMRT is active in outreach programmes that add colour and vibrancy to community while promoting the SMRT brand name. These programmes have been done to entertain, educate and inform to the public through their transport network. Some of the programmes are: SMRT Courtesy and Safety Programme This annual programme serves to remind commuters to adopt safe and well-mannered behaviour while in transit. The highlight of the programme is the SMRT Challenge. Courtesy and safety messages were also publicised via action packed road shows at our train stations, publicity posters, as well as through an art competition for children. SMRT and National Library Board (NLB) Read and Ride Programme The magic of books come alive for children of the Internet generation on MRT train. This partnership with NLB is complemented by the annual SMRT Tales on the Trains. These are story-telling sessions on board SMRT trains and are held during the school holidays. Hui Chun at SMRT MRT Stations SMRT transform one of their stations into a place of celebration to spread festive cheer among their commuters every year. SMRT are always joined by calligraphers and artists from the Life Art Society who will give out auspicious couplets and brush paintings, all of which are completed on the spot. 5.4 Safety and Security Safety and security is the top priority and the forefront of SMRT business and operations. To encourage and train the community to play a more active and effective role in enhancing safety and security in the public transport system, SMRT make a programme which is called by SMRT Community Emergency Preparedness (SCEP). The SCEP is the first integrated transport security training programme by a public transport service provider and is develop as a Public-Private-People (3P) partnership, in collaboration with the Land Transport Authority (LTA) and Ministry of Home Affairs Home Team departments. The registration to join the SCEP programme is free and all the participants will undergo three hours of theory and four hours of practical lessons. 5.5 Current Issue in Market and Media In order to celebrate World Environment Day, SMRT launched its third Go Green with SMRT public transport education campaign on 5 June 2010. The campaign, which runs till 30 September 2010, highlights the benefits of taking the train and bus better air quality, reduction in carbon emissions and lower carbon footprint per passenger kilometre. The campaign which promotes public transport for cleaner air and better health launched with giveaway of 300 limited edition travel passes to commuters who wear special badges and pledge to add public transport into their travel mix. The 300 limited edition travel passes are on top of the monthly draw (3-month free rides for 1 on SMRT trains and buses) and grand draw prizes (1-year free rides for 4 on SMRT trains and buses). 6. Conclusion Nowadays, majority companies implement Corporate Social Responsibility (CSR) as a form of their commitment to take care of the community and environment. SMRT Corporation Ltd is one of the company which implements CSR programme. With the implementation of CSR in their company means that SMRT is the company which is responsible for the welfare of the community and environment. One of the CSR programme that has been done by SMRT is committed to a clean and green environment by using environmental friendly fuel. Other CSR programmes are including corporate philanthropy, community outreach, as well as safety and security.

Analyzing Love in Ovids Metamorphoses :: Ovid Metamorphoses Essays

Analyzing Love in Ovid's Metamorphoses There are many differences in the behavior of the lover and the rapist characters of the Metamorphoses. " The standard markers of a love relationship include the initial 'love at first sight' scene, often followed by a personal elegy of the loved one's heightened qualities." (Chen) When one falls in love, everything about that person is wonderful and beautiful, including their inner being as well. The admirer uses frequent and excessive metaphors and compliments to describe the favorite: " He looks at Daphne's hair as,unadorned, it hangs down her fair neck, and says: "Just think,if she should comb her locks!" He sees her lips and never tries of them; her fingers' hands' and wrists are unsurpassed; her arms-more than half-bare- cannot be matched; whatever he can't see he can imagine." (Ovid p.900) Daphnes 'unadorned' hair already enchants Apollo, and dreaming it all made up would simply be breathtaking. " Certainly, the next detail, that Daphne's eyes sparkle like stars,clues us into the fact that Apollo is in love. The difference between love and lust, however, is that to the one in love, that person is truly beautiful both physically and on the inside, but the to the one that is lustful, that person is just a mere sex object. For example, in the myth of Io and Jove, Jupiter never comments about Io's beauty, but only that she would make some lucky male happy in bed. " Another defining attribute among many of Ovid's love-struck protagonists is their loss of rational control,as believably characteristic of a person in the heights of love." (Chen) For example, while Dapne is fleeing from him, Apollo asks her to slow down before she hurts herself. He even suggest that he will slow down too, so that she doesn't need to go so fast. But when she doesn't, all he does is speed up. In trying to talked to the loved one, the shunned lover uses any rhetoric available, whether rational or irrational, because often the lover is so overtaked by love that reason fails him. "Such irrationalities in thought lead to special pleading, inconsistency in bargaining, and ultimately failure to convince the adored one. Analyzing Love in Ovid's Metamorphoses :: Ovid Metamorphoses Essays Analyzing Love in Ovid's Metamorphoses There are many differences in the behavior of the lover and the rapist characters of the Metamorphoses. " The standard markers of a love relationship include the initial 'love at first sight' scene, often followed by a personal elegy of the loved one's heightened qualities." (Chen) When one falls in love, everything about that person is wonderful and beautiful, including their inner being as well. The admirer uses frequent and excessive metaphors and compliments to describe the favorite: " He looks at Daphne's hair as,unadorned, it hangs down her fair neck, and says: "Just think,if she should comb her locks!" He sees her lips and never tries of them; her fingers' hands' and wrists are unsurpassed; her arms-more than half-bare- cannot be matched; whatever he can't see he can imagine." (Ovid p.900) Daphnes 'unadorned' hair already enchants Apollo, and dreaming it all made up would simply be breathtaking. " Certainly, the next detail, that Daphne's eyes sparkle like stars,clues us into the fact that Apollo is in love. The difference between love and lust, however, is that to the one in love, that person is truly beautiful both physically and on the inside, but the to the one that is lustful, that person is just a mere sex object. For example, in the myth of Io and Jove, Jupiter never comments about Io's beauty, but only that she would make some lucky male happy in bed. " Another defining attribute among many of Ovid's love-struck protagonists is their loss of rational control,as believably characteristic of a person in the heights of love." (Chen) For example, while Dapne is fleeing from him, Apollo asks her to slow down before she hurts herself. He even suggest that he will slow down too, so that she doesn't need to go so fast. But when she doesn't, all he does is speed up. In trying to talked to the loved one, the shunned lover uses any rhetoric available, whether rational or irrational, because often the lover is so overtaked by love that reason fails him. "Such irrationalities in thought lead to special pleading, inconsistency in bargaining, and ultimately failure to convince the adored one.

Oedipus the King: Oedipus And The Gods :: essays research papers fc

In Ancient Greece the existence of gods and fate prevailed. In the Greek tragedy King Oedipus by the playwright Sophocles these topics are heavily involved. We receive a clear insight into their roles in the play such as they both control man's actions and that challenging their authority leads to a fall. The concepts of the gods and fate were created to explain things. In Ancient Greece there was a lot that was not understood; science was in its infancy and everything that happened could be explained by the will of the gods or fate. The gods were the height of power; they supposedly existed since the beginning of time. They were immortal, omnipresent and omnipotent. However, the different gods had different personalities. In this sense they were anthropomorphic. Having such mastery of the world would enable them to control man's behavior, as is shown in King Oedipus. The idea of fate has existed for a long time and exists even today. Fate revolves around the idea that people's lives are predetermined and that no matter what is done it cannot be changed. With the gods it was used to explain events that seemed strange. Sophocles expands on this idea by introducing Oedipus' fate. The thought of fate is strong considering no matter how hard he struggles he still receives what was predetermined. As a baby he survived the elements on Mount Cithaeron. As Oedipus was destined to live, it shows the dominance of fate. Having fate play such a large part of the play is certainly an insight into the Greek's idea that fate controls us no matter how hard we struggle against it. In the play the dominance of the gods is shown again and again. In the second stasimon after Tiresias leaves the chorus chants "Zeus and Apollo know, they know, the great masters of all the dark and depth of human life", reasserting the belief in the god's power. At the very opening of the play, the priest who converses with Oedipus says ". . . You cannot equal the gods, your children know that. . . ", proving again the Greek belief that the gods are the height of power. However, it is not only the people that revere the gods. After Oedipus blinds himself, Creon takes control of Thebes. When Oedipus asks to be banished, Creon replies "Not I. Only the gods can give you that", again acknowledging the higher authority of the gods.

The Eightfold Path is a treatment :: essays research papers

The Eightfold Path is a treatment, a treatment by training (smith 104). Buddha taught that man is a slave to his ego (smith 108). That man wishes happiness, security, success, long life, and many other things for himself and his loved ones. However, pain, frustration, sickness and death are all impossible to avoid and the only way to eliminate these evils is to overcome desire. In Buddhism, the Eightfold Path is meant as a guideline, to be considered, to be contemplated, and to be taken on when, and only when each step is fully accepted as part of the life you seek. Buddhism never asks for blind faith, it seeks to promote learning and a process of self-discovery. The First step of the Eightfold Path is Right View. This is a significant step on the path as it relates to seeing the world and everything in it as it really is, not as we believe it to be or want it to be. Knowing reality is of very little value if we don’t put it to personal use in our lives. The second step on th e Eightfold Path is Right Intent. This is the step where you become committed to the path. Right Views shows us what life really is and what life’s problems are composed of. Right Intent must come from the heart and involves recognizing the equality of all life and compassion for all that life, beginning with you. Right Speech is the next step of the Path. Our speech reflects our character. We must avoid speaking falsely, obscene, slanderous, and belittling words. Right Conduct recognizes the need to take the ethical approach in life, to consider others and the world we live in. This includes not taking what is not given to us, and having respect for the agreements we make both in our private and business lives. Right Conduct also encompasses the five precepts, which were given by the Buddha, not to kill, steal, and lie, to avoid sexual misconduct, and not to take drugs or other intoxicants (smith 107-108). The next on the Eightfold Path follows on from Right Conduct, and thi s is Right Livelihood. If your work has a lack of respect for life, then it will be a barrier to progress on the spiritual path. Buddhism promotes the principle of equality of all living beings and respect for all life. Certain types of work were discouraged by the Buddha, in particular those where you deal in harmful drugs and intoxicants, those dealing in weapons, and those harmful to animal or human life.

Financial Analysis Decision Making

FACS Page 1 If you require a receipt for the post module work please complete the form below and clip it to the outside front of your assignment, together with a stamped pre-addressed envelope. * To be completed by the student * * * * NAME: MODULE: CHUTSANA NA NAGARA FINANCIAL ANALYSIS & CONTROL SYSTEMS MODULE DATE: 3rd, 4th, 7th December 2007 DUE DATE FOR POST MODULE WORK: January 28, 2008 I confirm the post-module work relating to the above module was received on †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Signature †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Warwick Manufacturing Group N. B. Post Module Work received by WMG after 16. 0 (Monday- Friday) will be stamped as having arrived on the next working day. Chutsana Na Nagara (0654258) FACS Page 2 I declare that the work contained in this assignment is my own, unless otherwise stated. Signed: Chutsana Na Nagara (for on-line submission it is only necessary to type your name in this space) MODULE TITLE: MODULE DATE: GROUP: NAME: FINANCIAL ANALYSIS & CONTROL SYSTEMS 3rd, 4th, 7th December 2007 B CHUTSANA NA NAGARA (0654258) Chutsana Na Nagara (0654258) FACS Page 3 TABLE OF CONTENTS Page Question 1 : Analysis of the Financial Reports : Electrocomponents plc. Brief Description of Electrocomponents Plc. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 Evaluation of Company Performance †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 Group Income Statement and Profitability Ratios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 Group Balance Sheet†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 9 Efficiency Ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 Liquidity Ratios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 Investment Ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 14 Group Cash Flow Statement †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦ 16 Conclusion †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 16 Corporate Governance †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 17 Ethical Concerns †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 8 Suggestions †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 18 Question 2 : Management Accounting Part A : Cash Management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 21 Part B (1) Budgeting †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 23 Part B (2) Marginal Costing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 24 Appendix †¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 34 Chutsana Na Nagara (0654258) FACS Page 4 FINANCIAL ANALYSIS AND CONTROL SYSTEMS Question 1 : Analysis of the Financial Reports Brief description of the company Electrocomponents Public Company Limited is a high service distributor of electronic, electromechanical and wider industrial products. They supply products to worldwide engineering customers. The group operates in 27 countries, covering 82% of global GDP, and supplies to most of the remaining countries worldwide via third party distributors.Chutsana Na Naga ra (0654258) FACS Page 5 Group Strategy—a three year-plan commencing from May 2005; ? Focus separately on two distinct customer groups, Electronic and Electromechanical (EEM) and Maintenance and Repair and Operations (MRO): by extending products ranges and availability to build on the enthusiastic response and meet customer expectations. ? ? Implement the integrated system, Enterprise Business System (EBS) Create a lower cost infrastructure: moving to new head offices, tighter control of costs, supply chain management, for instances Main Products: Nearly 350,000 products around the world.The main product ranges are; ? ? ? ? Electrical, automation and cables Electronic components, power and connectors Mechanical products and tools IT, test and safety equipment Main Customer Groups Total around 1. 5 million customers from all industrial sectors are typically research and development (R&D) or maintenance engineers in business. They also sell products to end customers. Currently they are focusing on 2 main customer groups refer to product groups. 1. Electronic and Electromechanical or EEM Primary customers are electronics design and pre and low volume electronics production.This has been seen as an attractive and growing segment because of strong electronics market growth, technology proliferation and R&D investment. Chutsana Na Nagara (0654258) FACS Page 6 2. Maintenance, Repair and Operations or MRO Within MRO, their important customer is involved in factory automation that primarily uses process control and automation products (PCA). Main Markets are divided into 4 geographical areas: UK, continental Europe, North America and Asia Pacific. below. UK 40% Current market size (in sales) is shown Continental Europe 33% Asia Pacific 9% North America 18% Chutsana Na Nagara (0654258)FACS Page 7 Channels ? Catalogue: a traditional channel ? e-Commerce: total around 25% of group’s sales ? Trade counters/Sales Offices: operating globally Evaluation of Compa ny Performance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Four techniques are selected (horizontal analysis, trend analysis, vertical analysis, and ratio analysis) to interpret and illustrate business performance during year 2007 comparing to 2006 and 2005. For trend analysis, Y2005 is assumed to be a base year (=100%) as it was the last year before massive investments and reorganization projects took place as well as implementation of maintaining dividend paid/share.Ratios will be divided into four groups to evaluate company performance in separate areas. Group Income Statement and Profitability Ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. (Calculations in Appendix1-2) Trend analysis shows sales have increased by 13% from Y2005 as international sales increased (Business Review) due to a combination of strong revenue growth in continental Europe, North America (joint promotions programs), and Asia Pa cific especially a successful customer acquisition program and contribution from new Thailand sales office.However, cost of sales has increased by greater amount (by 20%). Generally speaking, cost of sales should not increase much more than increase in sales because this shows that all produced goods might not be sold (stolen, defected, etc. ) or raw Chutsana Na Nagara (0654258) FACS Page 8 material cost greatly rose due to inefficient procurement. Also, normally when sales increases, business will receive discounts from big batch purchases and even reduces cost of sales. By comparing cost of sales with sales: Y2005 was accounted for 47% but Y2006-7 was the same at 49% of sales.So the problem for Electrocomponents might be, (Chief Executive’s and Business Review), that their strategy to expand product ranges, availability, and promotions to better satisfy and attracts customers in highly competitive markets. These led to increase in inventory holding and cost of sales. As a r esult, gross profit increased by only 4% from Y2006 or 8% from Y2005 (lesser amount than sales growth). directly affected. Gross profit and mark-up ratios are Gross Profit Ratio Gross Profit x 100 Sales Y2007 443. 5 x 100 = 50. 5 % 877. 5 Y2006 426. 4 x 100 = 51. 5 % 828. 5 Gross profit ratio shows every ? sales; business earned 50. 5pence and cost of sales took 49. 5p from it because of increase in cost of sales as mentioned earlier. To illustrate, sales increased by 5. 9% (877. 5 -828. 5? m) but cost of sales increased by 7. 9% (434 – 402. 1? m). Mark-up Ratio Gross Profit x 100 Cost of Sales Y2007 443. 5 x 100 = 102. 2 % 434 Y2006 426. 4 x 100 = 106% 402. 1 Mark-up ratio shows the profit business added up to cost of sales has decreased. Gross profit derived from sales deducted by cost of sales. They normally change adversely; the more cost of sales, the less gross profit.Ratio also illustrates market situation; UK is their biggest but highest competitive market (Business R eview) so increasing price to raise profit is prohibited. That is why business earned only 2. 2pence profit after deducting all cost of sales. Chutsana Na Nagara (0654258) FACS Page 9 For internal comparison, Gross profit ratio is compared with net margin ratio: Net Margin Ratio Operating Profit x 100 Sales Y2007 91. 1 x 100 = 10. 4 % 877. 5 Y2006 68. 5 x 100 = 8. 3 % 828. 5 They are measuring profitability at different levels. Although gross profit ratio decreased, net margin ratio increased.This supports that business better managed operating expenses through achieving in Enterprise Business Systems or EBS and reorganization projects. In other words, It is justified that (13%increase) distribution and marketing expenses which seems to be variable costs (especially sales commissions) for Y2007 has changed in relation to sales (14%increase)—comparing to Y2006; these expenses increased 15% while sales only increased 7%. This was because strong field sales team in North America , EBS, and Japan’s e-commerce increased to 57% of its sales, (Business Review).Moreover, administrative expenses (fixed costs) greatly decreased (78%) because reorganization project led to low infrastructure cost especially the removal of around 110 roles including the closure of the telemarketing department in the UK (Webpage1). So, total operating expenses decreased to 40% as a percentage of sales and led to increase in operating profit by 32% from Y2006. Regarding profitability, the business is doing well in terms of generating profits from worldwide sales growth which is supported by effective marketing activities, product strategies, and investment projects.Group Balance Sheet†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. (Also refer to Appendix3-4) Overall picture, Y2007 total assets were about the same as Y2005, despite a slight increase in Y2006â €™s. On the other side (assets = liabilities + equity), while fixed liabilities and equity decreased, current liabilities was the Chutsana Na Nagara (0654258) FACS Page 10 only one area that greatly increased especially loans and borrowings that increased by ? m56 and also with increases in trade and other payables by ? m9. 4. For further analysis, we shall look at detailed performance from ratios.Efficiency ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Inventory Turnover Ratio (times) Cost of Sales (Ending) Inventory Y2007 434 160. 6 Y2007 434 159. 6 = 2. 7 = 2. 7 402. 1 158. 6 Y2006 402. 1 150. 45 Y2006 = 2. 5 Cost of Sales (Average) Inventory = 2. 7 Inventory turnover ratio: If average inventory is used to calculate ratio, business remains efficiency of purchasing and selling goods at the same level of 2. 7times. A high relative volume of 2. 7times turnover means business had only 4 months of sales in stock.However, it is acceptable to use â€Å"ending† inventory as it was the most current inventory level business held and it shows that supply chain management truly helped improve stock turn from 2. 5 to 2. 7times (Business Review). Notes17 illustrates that business tended to increase raw materials while decrease finished goods. In general, when sales increase, business should stock finished goods for availability to customers—not raw materials as they are not immediately ready for sale. However, ratio can mislead if business stocks too much and cost of sales are not well-managed, the ratio still increases and problems are hidden.Debtor Collection Period (days) Receivables x 365 (Average) Trade Debtors Y2007 150. 5 x 365 = 62. 6 877. 5 Y2006 138. 2 x 365 = 60. 9 828. 5 Debtor collection period: Gross trade debtors (from Notes18) comparing to sales shows business has begun to weaken than Y2006 and industry figure because median period for UK is about only 50 days, Dyson1 Chutsana Na Nagara (0654258) FACS Page 11 (2007). Also, if comparing it with inventory turnover ratio, company sold products quicker but collected money slower. The possible reason might be current global expansions, for example, new trades in Thailand.Payment transactions are neither yet well-settled nor flowing smoothly; therefore, increase leadtime. Also, it is possible that customers buy more because attractive credits terms are offered especially high competitive and mature market like UK (Notes2 and Business review). This is meaningless because sales—not cash inflow increases. Moreover, business must ensure the collection period is shorter than credit sales otherwise business can go bankruptcy. Net Assets Turnover (times) Sales Capital Employed Y2007 877. 5 450. 4 = 1. 9 828. 5 543. 5 Y2006 = 1. 5Net asset turnover shows the improvements in efficient utilization of capital employed to genera te sales. Every ? 1invested in assets, business earned nearly ? 2sales. Sales increased (as earlier mentioned) while capital employed greatly decreased mainly because of increase in current liabilities especially unsecured bank facilities and loans, Notes20. Fixed Assets Turnover Ratio (times) Sales Fixed Assets @ NBV (NBV = Net Book Value) Y2007 877. 5 95. 3 = 9. 2 828. 5 96. 3 Y2006 = 8. 6 Fixed asset turnover ratio: Business had better utilized fixed assets to generate sales or they began to pay off.In other words, every ? 1fixed assets invested can generate sales ? 9. 2. Main effects were from decrease in net book value of intangible assets (Notes12) and slightly increase in property, plant and equipment (Notes13). However, sales increased in greater amount; hence, satisfied ratio. It is wise to compare net book value with other businesses (on like-for-like basis) or industrial ratio for comparisons of performance and position. Chutsana Na Nagara (0654258) FACS Page 12 Similarly , fixed assets can be compared with operating profit to show its ability to generate profit—not just sales.Operating Profit Fixed Assets @ NBV Y2007 91. 1 95. 3 = 1. 0 times 68. 5 96. 3 Y2006 = 0. 7 times Ability to generate profit has also improved; therefore, business well utilized fixed assets to generate both sales and profit. In similar fashion, we can see how well business utilized total assets as below. Return on Total Assets Operating Profit x 100 Total Assets Y2007 91. 1 x 100 = 13. 5 % 676. 8 Y2006 68. 5 x 100 = 9. 7 % 703. 3 Return on total asset ratio shows that company has improved on utilizing each ? 1total assets invested to generate profit.Ratio is higher due to decrease in intangible assets (Notes12), cash and cash equivalents (Notes28), while increase in operating profit. Regarding efficiency in using assets, business is also doing well in this area accept for debtor collection period that has slightly gone up two more days and is still much longer than the average UK’s, Dyson1 (2007). This suggests business closely control international sales and payments along with its expansions. Chutsana Na Nagara (0654258) FACS Page 13 Liquidity ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. (Also refer to Appendix3-4)Current Ratio Inventory + Debtors + Cash + Short term investments Creditors + Short term loans + Overdrafts Y2007 350. 7 211. 9 = 1. 7 360. 3 146. 5 Y2006 = 2. 5 This measures how well business can immediately pay debt from sufficient liquid resources when it falls due. It shows their ability to use any ? 1current assets to pay current debts was weaker because creditors and enormous current borrowings/loans increased (Notes19-20) while decreased in cash and cash equivalents especially call deposits and investments (Notes28). We further look at acid test.Acid Test Debtors + Cash + Short term investments Creditors + Short term loans + Overdrafts Y2007 190. 1 211. 9 = 0. 9 201. 7 146. 5 Y2006 = 1. 4 Normally, inventory cannot immediately turn to cash. Acid test which excludes inventory shows real business ability to meet its obligations. Acid test declines to even lower than 1 showing a worrying sign. Business invested in too much inventory such as product ranges which affected their liquidity. Although, some liabilities may not be due in some months, business cannot neglect the situation.Their liquidity seems very stretch at the moment as the two ratios shows a warning sign that business did not maintain proper level of liquidity and can expose to more severe financial risk unless they make soonest improvement. Chutsana Na Nagara (0654258) FACS Page 14 Investment ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ (Also refe r to Appendix3-4) Gearing Ratio (Fixed loans and borrowings + Current loans and borrowings – Cash and cash equivalents) x 100 Equity Y2007 (76. 3 + 79 -19. 1) x 100 304. 6 = 44. 7 % Y2006 (137. 2 + 23 – 39. 4) x 100 336. 4 = 35. 9 % Interest Cover (times)Operating Profit Interest Charges Y2007 91. 1 5. 9 = 15. 4 68. 5 3. 4 Y2006 = 20. 1 Operating Profit (%Change Y2006-7) (91. 1 – 68. 5) x 100 68. 5 = 33 % Interest Charges (%Change Y2006-7) (5. 9 – 3. 4) x 100 3. 4 = 74 % Gearing ratio increased from Y2006: This illustrates business depends more on borrowed funds rather than shareholder funds. It seems that business borrowed short term loans for (main consumption) development of new warehouse and office in North America (Business Review, Notes2). At the same time, shareholder funds decreased due to decrease in other reserves, Notes26; hence higher ratio.Regarding shareholders’ view, they may be in high financial risk as borrowing interests must be p aid before distributing dividend and, in liquidation; lenders will be repaid before shareholders receive any repayments, FACS1. The gearing ratio itself does not mean very much because it depends on type of business and investment stage. We compare it with interest cover Chutsana Na Nagara (0654258) FACS Page 15 which decreased due to interest charges increased by greater amount (74%) than profit (33%). It shows that operating profit can only cover interest charges 15. times so again this is because interests paid for current borrowings/loans as mentioned earlier. Dividends = 18. 4p per share for three years Refer to Chairman Statement; the Board announced in Y2005 that business would maintain dividend paid at 18. 4p per share for the following three years. This is good for shareholders as they know exactly what they will receive, however, it is very risky for business as they must ensure to earn sufficient profit to meet what they said or, if not, business must seek new funding sou rces to finance such commitment. Return on Shareholder FundProfit after Tax & Interest x 100 Shareholders Funds Y2007 56. 2 x 100 = 18. 5 % 304. 6 Y2006 43. 6 x 100 = 13 % 336. 4 Return on shareholder funds increased because of increase in profit after tax and interest which is mainly due to no provisions for Y2007 RoHS cost (Notes3, 11), profit on sale of former head office (Notes5, 11), and decrease in other reserves in shareholder funds (Notes26). This gives confidence to shareholders that every ? 1invested can generate profit 5. 5% higher than Y2006. Chutsana Na Nagara (0654258) FACS Page 16 Group Cash Flow Statement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦The statement illustrates profits earned each year is totally different from cash they hold. It serves as a tool for management control that allows business monitor their cash flows especially the cash outflows. The first major cash outflow was capital expenditure and financial investment which might be due to infrastructure projects business is implementing especially new warehouse in North America, (Notes2, Business Review). Moreover, Income Statement for year ended 2005-7 shows profits after tax and interests attributable to equity shareholders (? m67. 6, 43. , and 56. 2 for Y2005-7 respectively) are less than total dividends paid of ? m80 (18. 4p/share). This is probably the reason that business had new bank loans during these three consecutive years (Cash Flow Statement). Although loans might also be distributed to other activities, it seems that they were partially paid as dividends as announcement in Y2005. Consequently, this is why Y2007 profit (? m85. 2) which increased from Y2006 (? m65. 1), was actually left at the end of the trading year as â€Å"real† cash and cash equivalents at only ? m17. 2 decreased from ? m38.Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ In conclusion, since the business has been established in 1928, they are growing and expanding internationally rapidly (Webpage2 and Webpage3). At present, they are doing well in term of profitability, efficiency, and investment areas, or to say, they are succeeding in sustaining global sales growth across the group, grow margin stabilization and tight control of costs. ROCE ratio also illustrates overall success. Chutsana Na Nagara (0654258) FACS Page 17 Return on Capital Employed (ROCE) Operating Profit x 100 Capital Employed Y2007 91. 1 x 100 = 20. 2 % 450. Y2006 68. 5 x 100 = 12. 6 % 543. 5 ROCE is the combination of Net Margin and Net Assets Turnover. As earlier mentioned both ratios increase and led to significantly increased ROCE. It suggests that overall performance is satisfied due to effective pricing and cost management as well as asset management were im proved comparing to Y2006. This also illustrates overall success in EBS, product strategy, new technology launches, supplier relationships and low costs projects that are paying off. The number of times (1. 9) that net assets can generate sales is very important as one turn equals to 10. % that sales can generate profit. That is why ROCE = 20. 2% as it equals two turns. This suggests that it may greatly increases sales very soon because business recently plans to accelerate sales growth in China which is a big potential market and if business can manage to utilize assets well, there will be increase in profit on capital employed even more. Furthermore, it is better if the ROCE rate of 20. 2% is less than the rate of cost (interest rate) that business pays for money borrowed to invest in these assets because it means assets are used for generating profit that can cover cost of acquiring them.Regarding Corporate Governance (Webpage4), the business is subject to the provisions of the C ombined Code on Corporate Governance published in July 2003 and appended to the Listing Rules of the UK Listing Authority. There are many practices company must follow. For example, the Audit Committee shall consist of not less than three members and be independent non-executive directors. Also, it is authorized by the Board and able to investigate any activity within its Terms of Reference which allows for full access to Company information and can seek that information from any employee of the business.Employees are directed to co-operate with any request made by the Committee. If, at all time, company strictly follows the set rules, they can ensure operating properly. Chutsana Na Nagara (0654258) FACS Page 18 Moreover, regarding Ethical concerns (Business Review), they are focusing on many areas of responsibilities such as ethical trading and sets of KPI for environmental concerns. Along with their profitability, business is considered be on track of long term prosperous. However , there is one important area that needs to be immediately improved. This is liquidity. From the logic below;Total assets = Fixed Liabilities + Current Liabilities + 676. 8 100% = = 145. 8 21. 54% + + 226. 4 33. 45% + + Equity 304. 6 ? m 45. 01% or; Sources of asset investments are from three parts. Business acquires funds from borrowings/loans 54. 99% (21. 54% + 33. 45%) which exceeds equity (45. 01%). The proportion shows business is considered at high risk. This evidence is also strongly supported by earlier ratios and cash flow analysis. Suggestions†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Suggestions aim to point out at major areas. Most of them involve the concern on liquidity which has been mentioned earlier. . Recently, there are many business activities going on to support their expansions that involve mostly in long term investments. However, it seems t hat business finance their activities with short term liabilities as they increased significantly, Notes20. This is not a proper means of investment because, normally, short term liabilities are at higher interest rate and the payment due is sooner (amounts falling due less than a year is as high as 79? m from 23? m, Notes20), but business uses them for long term investments which take time to generate cash back.Business may soon suffer from low liquidity and inability to pay day-to-day expenses and interests as business pays back the cost of using money even before they make profit from the money borrowed. Chutsana Na Nagara (0654258) FACS Page 19 The evidence was supported by increased in Gearing ratio; while, Current ratio, Acid test and Interest Cover ratio have significantly decreased. Although, interest expenses from borrowings reduce tax payable, business must ensure they have ability to pay interests and it is worth to do so.Unless they restructure funding sources, they can go bankruptcy very soon because many long term projects will be implement next year. By doing so, business surely improves their liquidity and reduces financial risk for business itself as well as shareholders’. 2. It was very risky that the Board has announced to maintain the same amount of dividend paid for three years while business is under investments/expansions and these two activities consume huge amount of money. Dividend amount is greater than profits after tax and interests; business seemed to borrow current liabilities for cash dividend paid.This could be a good strategic idea to retain shareholders’ confidence on the successful implementation of EBS, execution of the strategy and cost reduction initiatives will significantly improve financial performance over the next three years. However, it could turn to be the worst idea especially when liquidity is now in concern. The alternative solutions can be that business issues more shares so they use cash receive d to pay dividend or pay shareholders with stock dividends (dividend reinvestment plan) so they still retain cash in the business.These two alternatives will increase number of shares so, refer to Gearing ratio, financial risks can be reduced. Point 1&2 above suggest that business rearrange sources of funding by seeking for long term sources and bewares of â€Å"overtrading†. They are expanding, stocking more inventories, having more debtors but lack of cash to pay for creditors—not only from normal trading but also interests from borrowing/loans. Although the Board seems to be sure that after all these investments come alive under well-managed plan for implementations they will urely benefit and guarantee long term prosperous to business, business may go bankruptcy even before reaching the goal. Chutsana Na Nagara (0654258) FACS Page 20 3. Business’s strategy to satisfy customers with around 350,000 products stocked globally, this can hardly do so efficiently. Although inventory turnover seems satisfied, acid test shows inventory greatly affects business’s liquidity. Business is suggested reconsider inventory policy to rearrange classes and only stock fast moving, high volume but low value items.For slow moving, low volume but high value items, business may decide to use pooled strategy by stocking them in one warehouse in location that can easily transport products to anywhere needed, Chopra and Sodhi (2004). 4. Business is expanding very much. Their performance on receivables collection period is slightly weaker because trading worldwide interfaces with many parties and increases procedures complexity. Business must ensure activities are in control and they have sufficient cash to pay creditors. 5. Regarding risks assessment (Business Review); it is wise to include isks from suppliers into consideration as they are trading in competitive markets with enormous competitors and high penalties. Satisfying customers is vitally importa nt; therefore, this requires reliable suppliers as well as effective supply chain management for inventory management and reduce cost of sales. 6. It is suggested business focus on international markets especially North America and Asia which have higher revenue growth. Currently, North American’s e-commerce is account for only 10% of total sales. This is elatively low comparing to other regions. This may be a great opportunity to increase profits because sales can be increased through e-commerce; while, costs are reduced from, for example, reduction in sales teams. (3,824 Words) Chutsana Na Nagara (0654258) FACS Page 21 Question 2 Part A : Cash Management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. – The significance of cash management in managing a business. Cash is one of the most important resources in running a business as Pizzey (199 8) put that it is the life-blood of the business.However, cash is not profit. Highly profitable businesses cease to exist just simply because they do not maintain sufficient cash to allow proper level of liquidity; for example, paying for routine business’ expenses. While too much idle cash means inefficiency as it does not generate any added value to business. To avoid falling into either ends, business needs cash management. This can be done through preparing cash flow statement to examine past performance and include corrective actions/improvements in cash budget for future directions/guidelines.To illustrate, business can recognize transaction flows with initial factors; identify risk because it allows for regular monitoring and control; plan their money ahead such as acquiring funds from proper sources at reasonable price rather than rushing into lenders when problems surprisingly happen, etc. We can; therefore, say that ultimate significances of cash management are that business runs smoothly, stably; is safe from insolvency and increases confidences for shareholders. – Impact of Production Manager’s role on the cash position of the business game.Refer to Year2 Cash Flow Statement (Appendix5) Major decisions that affected (negative) cash position were; Machine choice & bottle neck : Machine Mark-I has longest leadtime. Work-in-process are slowly produced. Finished goods tie up waiting for workin-process before consolidating into batch delivery. The longer leadtime, the longer business gets paid from customers and it is even longer from foreign markets. So it keeps borrowing more money to run business and paying interests. Chutsana Na Nagara (0654258) FACS Page 22Routing : At fist stage, Wolfs were produced from Mark-I which had most expensive unit cost of $m(5). This increased cost of sales and while price was fixed, business received less profit. Capacity : Business has already invested in Engineering&Quality and bought new factory. However, using Mark-I led to insufficient capacity; decreased opportunity to win big contracts; and limited sales volume. Business ended up with insufficient products to generates enough sales to cover all costs especially capital expenditure. Three issues above affected cash out-flows which led to extremely high negative cash position.One possible solution is to replace Mark-I with Mark-III to efficiently increase capacity. So leadtime is decreased; stocks are reduced; business tends to decrease debtors, increase profit, reduce loans and interest paid; hence, cash position gets better. – Comment on the impact of Production Manager’s role in managing the cash in a real business. Managing real business will involve more complex issues—unlike the game. The role affects managing cash in numbers of ways: – Control on scrap/defect rates to reduce cost of sales. – Methods to manage defected products to minimise all costs related. Sequencing rule when th ousands different product groups are produced/day, good sequencing is required to avoid delay, quality problems and unnecessary costs. The more costs increase, the less profit business gains—especially in competitive markets where prices can hardly be increased, business suffer more severely. It is worth remembering some points : decisions cannot be made in isolation as one’s decisions affect others’. All functions’ commitment is vitally important. Also, final decisions must be considered regarding company’s For example, purchasing function cuts cost by enefits not a function’s. ordering low quality materials. Additional costs pass on to inspection and production functions. Also, if customers reject products, there will be claiming Chutsana Na Nagara (0654258) FACS Page 23 process, reverse logistic, and product replacement. All these increase costs for whole business no matter in which functions they occur. (541 Words) Part B (1) : Budgeting †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Budgeting Budgeting comprises of two important parts, preparation and budgetary control, which will be described referring to FACS2.Preparation: Business critically analyses internal and external environments/factors to formulate strategic plans that must be in line with business objectives. Business then sets up operational plans with properly identifying resource requirements to support strategies. This resource plans are finally translated into financial plans to complete a budget preparation. Budgetary control: Budget is compared with actual figures. If variances occur, timely corrective actions are required; involving sending feedbacks back for reviews and formulated plans and/or forecasts may be revised. These re continuous processes and required management contributions/commitments at all time so that intended benefits are surely achieve d. The technique can apply to WinningMarginTM. Our objective is to lead Wolf markets and strategy is ensuring products are adequate for sales. We prepare production and sales budgets (Appendix6-7) showing maximum productions are 14 Terriers and 8 Wolfs with total sales $116. 6. From this point, purchasing manager knows how many exactly materials to order and when to prevent material shortage. Production manager can effectively manage shift allocations.Financial manager can see how much money to borrow more as we plan to invest in engineering and quality next year. Moreover, commercial manager can evaluate market share correctly. All Chutsana Na Nagara (0654258) FACS Page 24 functions know their responsibilities and control areas which help achieve the objective. In real business, all processes are much more complex and involve enormous factors such as competitors, substitute products, technologies, government legislations, as well as funding/borrowings which are not easy or fast as in the game. Also, business is legally committed to pay tax and interests which can be very high.More importantly, suppliers and customers are not always reliable. Late payments from customers or late delivers from suppliers can severely interrupt whole business plan/process. (298 Words) Part B (2) : Marginal Costing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Marginal Costing Marginal costing is a costing technique that helps business making decisions. We must understand cost behaviors to properly classify and, more importantly, control them. Total costs roughly comprised of variable costs, which changes with activity Dyson3 (2007) and fixed or â€Å"time-based† costs, which remain unchanged within a period of time regardless of how many products produced.The difference between price and variable cost can be used to cover fixed costs and this is known as â€Å"contribution†. Business makes prof it from any contribution amount exceeds fixed costs; or loss, if insufficient contribution. Regarding WinningMarginTM, this technique would have helped our decision in choosing market. Appendix8 suggests we produce Tiger because of highest contribution in both situations. However, we actually chose Wolf. To make profit from Wolfs; we must produce 11 Wolfs (best case) or 76 Wolfs (worst case). However, our capacity is very limited due to machine constrains (Appendix6).This suggests we have adequate investments in engineering Chutsana Na Nagara (0654258) FACS Page 25 quality and market development to get best available prices as well as enough contracts so that all products will be sold. Alternatively, we may replace MarkI with Mark-III to increase capacity; hence, increase contribution and profit. In real business, marginal costing is more widely used for strategic decisions, for example; â€Å"Make or buy†: Normally making products in-house required more fixed costs. Business buy-in if increase in variable costs is less than fixed costs. â€Å"Price incentives†: Reducing price can increase sales.Business reduce price if contribution from additional sales can cover total price reduction. Or increase price if contribution covers total sales lost. Comparing to real world, a number of costs are associated. To get best from the technique, business ensures they carefully distribute all costs to the right groups otherwise results can mislead decision-making and greatly affects business. (296 Words) Chutsana Na Nagara (0654258) FACS Page 26 Appendix Appendix 1 : Trend Analysis of Group Income Statement 2007 (? m) SALES REVENUE 877. 5 877. 5 x 100 773. 9 2006 (? m) 828. 5 2005 (? m) 773. 9 113% 828. 5 x 100 773. 9 = 107% 100% (Cost of sales) 434 434 x 100 361. 8 402. 1 = 120% 402. 1 x 100 361. 8 361. 8 = 111% 100% GROSS PROFIT 443. 5 426. 4 = 103. 5% 412. 1 443. 5 x 100 412. 1 = 108% 426. 4 x 100 412. 1 100% (Distribution & marketing expenses) 346. 2 346. 2 x 100 303. 3 348. 9 = 114% 348. 9 x 100 303. 3 303. 3 = 115% 100% (Administrative expenses) 6. 2 6. 2 x 100 8 9 = 78% 9 x 100 8 8 = 113% 100% (Total operating expenses) 352. 4 357. 9 311. 3 OPERATING PROFIT 91. 1 91. 1 x 100 100. 8 68. 5 = 90% 68. 5 x 100 100. 8 100. 8 = 68% 100% Chutsana Na Nagara (0654258) FACS Page 27Appendix 2 : Vertical Analysis of Group Income Statement 2007 (? m) SALES REVENUE 877. 5 = 100% 828. 5 2006 (? m) = 100% 773. 9 2005 (? m) = 100% (Cost of sales) 434 434 x 100 877. 5 402. 1 = 49% 402. 1 x 100 828. 5 361. 8 = 49% 361. 8 x 100 773. 9 = 47% GROSS PROFIT 443. 5 426. 4 412. 1 (Distribution & marketing expenses) 346. 2 348. 9 303. 3 346. 2 x 100 877. 5 = 39% 348. 9 x 100 828. 5 = 42% 303. 3 x 100 773. 9 = 39% (Administrative expenses) 6. 2 6. 2 x 100 877. 5 9 = 0. 7% 9 x 100 828. 5 8 = 1% 8 x 100 773. 9 = 1% (Total operating expenses) 352. 4 352. 4 x 100 877. 5 357. 9 = 40% 357. x 100 828. 5 311. 3 = 43% 311. 3 x 100 773. 9 = 40% OPERATING PROFIT 91. 1 68. 5 100. 8 Chutsana Na Nagara (0654258) FACS Page 28 Appendix 3 : Trend Analysis of Group Balance Sheet 2007 (? m) FIXED ASSETS Intangible Assets 2006 (? m) 2005 (? m) 196. 7 196. 7 x 100 191. 9 208. 2 = 102. 5% 208. 2 x 100 191. 9 191. 9 = 108. 5% 100% Property, plant, and equipment 111. 1 111. 1 x 100 110. 9 112. 8 = 100% 112. 8 x 100 110. 9 110. 9 = 102% 100% Investments Other receivables Deferred tax assets Total fixed assets 0. 3 2. 7 14. 2 325 325 x 100 323. 2 0. 3 3. 2 17. 5 342 = 101% 342 x 100 323. 2 0. 2 2. 17. 4 323. 2 100% = 106% CURRENT ASSETS Inventories 160. 6 160. 6 x 100 142. 3 158. 6 = 113% 158. 6 x 100 142. 3 142. 3 = 111. 5% 100% Trade and other receivables 171 171 x 100 145. 1 162. 3 = 118% 162. 3 x 100 145. 1 145. 1 = 112% 100% Income tax receivable Cash & cash equivalents 1. 1 19. 1 19. 1 x 100 64. 8 1 39. 4 = 29. 5% 39. 4 x 100 64. 8 2. 2 64. 8 = 61% 100% Total current assets 351. 8 351. 8 x 100 354. 4 361. 3 = 99% 361. 3 x 100 354. 4 354. 4 = 102% 100% Tot al assets 676. 8 676. 8 x 100 677. 6 703. 3 = 100% 703. 3 x 100 677. 6 677. 6 = 104% 100% Chutsana Na Nagara (0654258) FACS Page 29Appendix 3 : Trend Analysis of Group Balance Sheet (Continued) 2007 (? m) CURRENT LIABILITIES Trade and other payables 2006 (? m) 2005 (? m) 132. 9 132. 9 x 100 109. 5 123. 5 = 121% 123. 5 x 100 109. 5 109. 5 = 113% 100% Loans and borrowings 79 79 x 100 27. 7 23 = 285% 23 x 100 27. 7 = 83% 27. 7 100% Tax liabilities Total current liabilities 14. 5 226. 4 226. 4 x 100 155. 9 13. 3 159. 8 = 145% 159. 8 x 100 155. 9 18. 7 155. 9 = 103% 100% Net current assets 125. 4 125. 4 x 100 198. 5 201. 5 = 63% 201. 5 x 100 198. 5 = 102% 198. 5 100% 521. 7 100% Capital employed 450. 4 450. 4 x 100 521. 7 543. 5 = 86% 43. 5 x 100 521. 7 = 104% FIXED LIABILITIES Other payables Retirement benefits obligations Loans and borrowings 7. 9 38. 7 7. 8 41. 8 7. 6 47 76. 3 76. 3 x 100 92. 5 137. 2 = 82% 137. 2 x 100 92. 5 = 148% 92. 5 100% Deferred tax liabilities Total fixed liab ilities 22. 9 145. 8 145. 8 x 100 166 20. 3 207. 1 = 88% 207. 1 x 100 166 18. 9 166 100% = 125% EQUITY Called-up share capital Share premium account Other reserves Total equity 43. 5 38. 7 222. 4 304. 6 43. 5 38. 4 254. 5 336. 4 43. 5 38. 4 273. 8 355. 7 Chutsana Na Nagara (0654258) FACS Page 30 Appendix 4 : Vertical Analysis of Group Balance Sheet 007 (? m) FIXED ASSETS Intangible Assets 2006 (? m) 2005 (? m) 196. 7 196. 7 x 100 325 208. 2 = 60. 5% 208. 2 x 100 342 191. 9 = 60. 9% Property, plant, and equipment 111. 1 111. 1 x 100 325 112. 8 = 34% 112. 8 x 100 342 110. 9 = 33% Investments Other receivables Deferred tax assets Total fixed assets 0. 3 2. 7 14. 2 325 = 100% 0. 3 3. 2 17. 5 342 = 100% 0. 2 2. 8 17. 4 323. 2 CURRENT ASSETS Inventories 160. 6 160. 6 x 100 351. 8 158. 6 = 45. 7% 158. 6 x 100 361. 3 142. 3 = 44% Trade and other receivables 171 171 x 100 351. 8 162. 3 = 48. 6% 162. 3 x 100 361. 3 145. 1 = 45%Income tax receivables Cash & cash equivalents 1. 1 1 2. 2 19. 1 1 9. 1 x 100 351. 8 39. 4 = 5. 4% 39. 4 x 100 361. 3 64. 8 = 11% Total current assets 351. 8 = 100% 361. 3 = 100% 354. 4 Total assets 676. 8 703. 3 677. 6 Chutsana Na Nagara (0654258) FACS Page 31 Appendix 4 : Vertical Analysis of Group Balance Sheet (Continued) 2007 (? m) CURRENT LIABILITIES Trade and other payables 2006 (? m) 2005 (? m) 132. 9 132. 9 x 100 226. 4 123. 5 = 59% 123. 5 x 100 159. 8 109. 5 = 77. 3% 109. 5 x 100 155. 9 = 70% Loans and borrowings 79 79 x 100 226. 4 23 = 35% 23 x 100 159. 8 27. 7 = 14. 4% 27. 7 x 100 155. 9 = 18%Tax liabilities Total current liabilities Net current assets Capital employed FIXED LIABILITIES Other payables Retirement benefits obligations Loans and borrowings 14. 5 226. 4 = 100% 13. 3 159. 8 = 100% 18. 7 155. 9 = 100% 125. 4 450. 4 201. 5 543. 5 198. 5 521. 7 7. 9 38. 7 7. 8 41. 8 7. 6 47 76. 3 76. 3 x 100 145. 8 137. 2 = 52% 137. 2 x 100 207. 1 92. 5 = 66% 92. 5 x 100 166 = 56% Deferred tax liabilities Total fixed liabilities EQUITY Called-u p share capital Share premium account Other reserves Total equity 22. 9 145. 8 = 100% 20. 3 207. 1 = 100% 18. 9 166 = 100% 43. 5 38. 7 222. 4 304. 6 43. 5 38. 4 254. 5 336. 4 43. 5 38. 273. 8 355. 7 Chutsana Na Nagara (0654258) FACS Page 32 Appendix 5 : Year 2 Cash Flow Statement of Simulation Game (Reconciling profit to cash) Year 2 Cash Flow Statement Profit before interest Add: Depreciation Movements in working capital: (Increase)/Derease in stock (Increase)/Derease in debtors Increase/(Derease) in debtors Financing costs and taxation: Interest paid Dividends paid Tax paid Investing activities: Capital expenditure Disposal of assets Cash generated/(consumed) in year Financing activities: Loans raised/(repaid) Other Increase/(Decrease) in cash in year $m (14) 6 (8) (13) (24) 0 (45) (10) 0 0 (55) (34) 0 (89) 0 0 (19) Appendix 6 : Production Budget Factory 1 Machine Mark-I Mark-I Mark-I Mark-II Mark-III Mark-III Mark-III Mark-III Q1 Te Te Te Te Wo Te Wo Te Te Te Wo Te Wo Total (22) Q2 Te Q3 Q4 Total units Terrier Wolf 1 1 2 2 4 4 4 4 14 8 Tiger 2 Te Wo Te Wo Te Wo Te Wo 3 Chutsana Na Nagara (0654258) FACS Page 33 Appendix 7 : Sales Budget Terrier Opening finished stock (Q1) Production (from Production Budget) Available for sales Forecast unsold finished stock (Q4) Sales Direct costs $s Sales value $s 0 14 14 0 14 14Ãâ€"2 = 28 14Ãâ€"4. = 63 Units Wolf 0 8 8 0 8 8Ãâ€"4 = 32 8Ãâ€"6. 7 = 53. 6 Tiger Total 60 116. 6 Appendix 8 : Optimizing Contribution Terrier Best Worst 5 3 2 2 3 1 13 38 Wolf Best Worst 7. 5 5. 5 4 5 3. 5 0. 5 11 76 Tiger Best Worst 10. 5 8. 5 6 7 4. 5 1. 5 9 26 Sales value Variable cost Unit contribution Break-even volume (Fixed cost of ? 38) Chutsana Na Nagara (0654258) FACS Page 34 References Business Review : Electrocomponents plc’s annual report and accounts 2007, p. 8-13 Chairman Statement : Electrocomponents plc’s annual report and accounts 2007, p. Chief Executive’s Review : Electrocomponents plc’s annual re port and accounts 2007, p. 7 Chopra and Sodhi (2004): Managing risk to avoid supply-chain breakdown, MIT Sloan Management Review, Fall 2004, p. 53-61 Dyson1 J R (2007) : Profitability Ratios, Accounting for Non-Accounting Students, Pearson Education Limited, England, 7th Edition, p. 230 Dyson2 J R (2007) : Profitability Ratios, Accounting for Non-Accounting Students, Pearson Education Limited, England, 7th Edition, p. 230Dyson3 (2007) : Direct costs, Accounting for Non-Accounting Students, Pearson Education Limited, England, 7th Edition, p. 293 FACS1 : Financial Analysis and control systems module pack, WMG, Winning MarginTM, p. 14 (2007) FACS2 : Financial Analysis and control systems module pack, WMG, Budget and Budgetary Control, 2007 FACS3 : Financial Analysis and control systems module pack, WMG, Marginal Costing, 2007 Group Balance Sheet : Electrocomponents plc’s annual report and accounts 2007, p. 25 Chutsana Na Nagara (0654258) FACS Page 35Group Cash Flow Statement : E lectrocomponents plc’s annual report and accounts 2007, p. 26 Group Income Statement : Electrocomponents plc’s annual report and accounts 2007, p. 24 Notes 1 – 30 : Please refer to Notes to the Group Accounts, Electrocomponents plc’s annual report and accounts 2007, p. 29-45 Pizzey A (1998) : Cash: the life-blood of the business, Finance and Accounting for Non-Specialist Students, Financial Times, Pitman Publishing, England, p. 83 Webpage1 : About Us, Low Cost Infrastructure, Electrocomponents plc webpage, [online], http://www. lectrocomponents. com/ecm/about/strategy/infrastructure/ Webpage2 : About Us, Our History, Electrocomponents plc webpage, [online], http://www. electrocomponents. com/ecm/about/history/ Webpage3 : Investor Center, Historic Trends, Electrocomponents plc webpage, [online], http://www. electrocomponents. com/ecm/ir/finperformance/trends Webpage4 : Our Responsibilities, Corporate Governance, Electrocomponents plc webpage, [online], htt p://www. electrocomponents. com/ecm/responsibilities/corpgov/ Chutsana Na Nagara (0654258)