The growth performance of China Essay Example | Topics and Well Written Essays - 1000 words

The growth performance of China - Essay Example Although, Globalization and liberalization policies were the brain child of the capitalist countries like U.S and UK, China seems to be the number one exploiter of globalization which helped them immensely in achieving tremendous economic growth. This paper analyses the economic growth performances of China. â€Å"During 1997–2005, the PRC’s average annual growth rate in real GDP was 8.9%. During the forecast period of 2005–2010, it was assumed that the PRC continued its historical growth trend of 8.9% per year† (Mai et al, 2010, p.5) (See appendix for more details). China is able to continue or sustain their economic growth even with the help of some unbelievable polices. In fact China has rewritten some of the established economic principles. For example, BACK,(2010) mentioned that â€Å"in any other major economy where growth had accelerated as quickly as China's, higher interest rates would seem inevitable. But in China, authorities have been reluctan t to raise rates† (Back, 2010). In other words, according to traditional economic principles, a country should increase the interest rates when they feel that that their economy is overheated because of over economic exercises. But China did nothing to cool down the over activities in economic sector and kept the interest rates at a lower level until now. Even though economists have some concerns about the over activities in Chinese economic sector and the low interest rates, no big problems were reported so far from China. â€Å"Still, the government isn't dramatically cutting state-supplied credit. This year's loan target, although down considerably from last year, is still more than 50% higher than that of 2008† (Roberts, 2010). Another interesting tactics which helped the economic progress of China is the mass production of consumer goods. When most of the other nations tried to increase the profit by increasing the prices of their products, China did entirely the o pposite thing. They reduced the prices of their commodities and succeeded in selling more goods in international markets than any other countries. Thus they were able to counter the negative effects of price reduction with the help of bulk production and selling. Mai et al (2010) have pointed out that â€Å"the PRC’s exports increase by about 46%and imports by about 45% relative to their respective baseline levels in 2010. Imports and exports of all commodities and services rise relative to their baseline levels† (Mai et al, 2010, p.7) Another important step taken by China for boosting their economic progress was the welcoming of FDI. Even though China is communist country, they have realized that without private capital it is impossible for them to advance further. Foreign investment helped China to polish their production technologies and management skills further. â€Å"The key benefit of foreign investment is improvement in productivity as other players in the hos t industry catch up with the performance standards set by foreign investors† (Mai et al, 2010, p.14) The economic reformation processes undertaken by China under the leadership of Deng in the 80’s and 90’s helped them to speed up their economic progress. Deng succeeded in relieving the industry sector from the complete dominance of the government and lot of small scale industries

My Career Goal Essay Example for Free

My Career Goal Essay I always ask myself a question of what I want to be and what goals I am going to achieve four years later. Four years later, it is hoped that I can get the most out of my education, becoming more independent and mature. Four years later, it is hoped that I can be a journalist who contribute as much value as I can to my city. My first career goal is to be a journalist who writes for newspaper. A journalist who sees and tells the truth with honesty. Reporting the news completely. Presenting all sides of viewpoints unbiasedly. Seeking more sources when writing a news so as to be sure of multiple sides are presented. Secondly, helping the public society but the government will become one of my main concern. It is hoped that I can be independent from the government. Keeping a watchful eye on the government and making representation to the government about the unjust policy or measure. Therefore, I can supervise the government as to be sure that they do their work properly. Moreover, bridge the gap between society and real life is also my concern. Passionate on providing the information of the causes of the accident so as to raise the public awareness of the things going on the social issues. Finally, sincerely hope that I can hold on the mission which inspired by principle of freedom, of information, of expression in my career life with all attempt, determination and faith in justice. I always ask myself a question of what I want to be and what goals I am going to achieve four years later. Four years later, it is hoped that I can get the most out of my education, becoming more independent and mature. Four years later, it is hoped that I can be a journalist who contribute as much value as I can to my city. My first career goal is to be a journalist who writes for newspaper. A journalist who sees and tells the truth with honesty. Reporting the news  completely. Presenting all sides of viewpoints unbiasedly. Seeking more sources when writing a news so as to be sure of multiple sides are presented. Secondly, helping the public society but the government will become one of my main concern. It is hoped that I can be independent from the government. Keeping a watchful eye on the government and making representation to the government about the unjust policy or measure. Therefore, I can supervise the government as to be sure that they do their work properly. Moreover, bridge the gap between society and real life is also my concern. Passionate on providing the information of the causes of the accident so as to raise the public awareness of the things going on the social issues. Finally, sincerely hope that I can hold on the mission which inspired by principle of freedom, of information, of expression in my career life with all attempt, determination and faith in justice.

A New Sense Of Life :: essays research papers

A New Sense of Life   Ã‚  Ã‚  Ã‚  Ã‚  In Baldwin’s Discovery of What it Means to Be an American, it was said that to be an American was a truly free feeling. The fact is you could change yourself mid-life and still hold worth and prowess. The idea of being considered a great author, and also as being a great actor, holds different places here in America then in Europe, or even Canada. Most places would hold the profession of an author to have more of an elegance then an actor. The author holds more intellectual ground, then that of one who can act out a part and memorize lines. (Not so much as the idea of being a writer, then an actor, but how you present yourself.)   Ã‚  Ã‚  Ã‚  Ã‚  If someone asks you, â€Å"Who are you?†, you might simply answer, â€Å"I am a carpenter.† or â€Å"I am a congressman.† Say you have a job that would not be as high on the social ladder as these. For example, use the profession of a garbage man. He gets paid as much as the carpenter, but in society, that profession isn’t looked upon like a carpenter, or a congressman. Along the same lines, a congressman, or even a carpenter, can turn around at the pinnacle of his career, and choose to be a garbage man, if that’s what his heart seeks. America has a view unlike any other nation, in which you can start over at any time. You can take control of your life by going back to school, learning what you want to, thus becoming something completely different at the age of 50.   Ã‚  Ã‚  Ã‚  Ã‚  Unlike many eastern nations, where you are dedicated to that one job concept, (IE. If you’re an incredible trumpet player, you will be that for the rest of your life, and that’s that), in America you have the option to move about in the job market, to try out different professions, and feel your way through life. You can see evidence of that by the fact junior colleges are very popular among older people. In America, you are allowed to go to school for the rest of your life if you want to, and the school will work around your current employment schedule. The meaning of life in America is different than that of any other country. You can go where you want and be whomever you want. A New Sense Of Life :: essays research papers A New Sense of Life   Ã‚  Ã‚  Ã‚  Ã‚  In Baldwin’s Discovery of What it Means to Be an American, it was said that to be an American was a truly free feeling. The fact is you could change yourself mid-life and still hold worth and prowess. The idea of being considered a great author, and also as being a great actor, holds different places here in America then in Europe, or even Canada. Most places would hold the profession of an author to have more of an elegance then an actor. The author holds more intellectual ground, then that of one who can act out a part and memorize lines. (Not so much as the idea of being a writer, then an actor, but how you present yourself.)   Ã‚  Ã‚  Ã‚  Ã‚  If someone asks you, â€Å"Who are you?†, you might simply answer, â€Å"I am a carpenter.† or â€Å"I am a congressman.† Say you have a job that would not be as high on the social ladder as these. For example, use the profession of a garbage man. He gets paid as much as the carpenter, but in society, that profession isn’t looked upon like a carpenter, or a congressman. Along the same lines, a congressman, or even a carpenter, can turn around at the pinnacle of his career, and choose to be a garbage man, if that’s what his heart seeks. America has a view unlike any other nation, in which you can start over at any time. You can take control of your life by going back to school, learning what you want to, thus becoming something completely different at the age of 50.   Ã‚  Ã‚  Ã‚  Ã‚  Unlike many eastern nations, where you are dedicated to that one job concept, (IE. If you’re an incredible trumpet player, you will be that for the rest of your life, and that’s that), in America you have the option to move about in the job market, to try out different professions, and feel your way through life. You can see evidence of that by the fact junior colleges are very popular among older people. In America, you are allowed to go to school for the rest of your life if you want to, and the school will work around your current employment schedule. The meaning of life in America is different than that of any other country. You can go where you want and be whomever you want.

Puritanism and Transcendentalism Essay

American literature is characterized by several genres of literature which represent many different phases in American history and culture.   Among these are Puritanism and Transcendentalism.   These two movements share certain characteristics while they oppose each other for other reasons. The Puritans were a group of individuals that were very strict, radical Protestants that gathered as a type of religion after the Reformation in England.   They came to American for the freedom to practice this type of religion.   Writers of the Puritan era served to glorify God and teach people how to live a godly life.  Ã‚   These ideals are reflected in Anne Bradstreet’s, â€Å"Upon the Burning of our House† in which the narrator still praises God even after a devastating tragedy.   In addition, Jonathan Edwards, a Puritan minister, notes the angry nature of God to his congregation who he feels is straying in â€Å"Sinners in the Hands of an Angry God.† Even Nathaniel Hawthorne, a writer from the 1800s, and Arthur Miller, a writer from the 1900s, focus on this period of time in their works, The Scarlet Letter, and The Crucible, respectively.   These works point out need to strictly adhere to the groups principles and to live under its scrutiny, or bear the bitter consequences.   Hester Prynne must wear a large, red letter ‘A’ on her chest to show her sin of adultery in the first novel while innocent townspeople are accused of witchcraft on the testimony of a jealous teenage girl in The Crucible.   Obedience and humility were definitely characteristics of this type of literature. The Transcendentalist writers of the next century also believed in the importance of a higher power.   However, unlike the Puritans, the higher power was not a rote belief in the doctrines of God.   The rise of Transcendentalism came from the church, the Unitarian church, but not from an angry god but a quieter, kinder â€Å"indwelling God and the significance of intuitive thought† (Campbell). This higher power was a more ambiguous higher reality than one could find in simple experience.   It was a heightened level of knowledge and philosophical understanding than could be achieved by reason alone.   The Transcendentalists sought to go beyond simple, everyday experience to find a higher level of truth.   Whereas the Puritans would dictate what that truth were to be, according to the Bible, the Transcendentalists were willing to accept several interpretations of this truth. Some noted writers of the American Transcendentalist period of literature were Ralph Waldo Emerson and Henry David Thoreau.   Emerson’s essay on â€Å"Nature† showed the reverence for the natural world and its importance.   Thoreau’s â€Å"Civil Disobedience† stressed the importance of being true to oneself and beliefs and not being bullied by the established institutions or church. Puritanism and Transcendentalism are both belief systems which arise from a spiritual background.   The writers of these groups mirror their beliefs.   While Puritanism focuses on dogmatic adherence to the orthodox religion of the times, Transcendentalism is a kindler, gentler philosophy that focuses on the elevating of the individual to the soul and spirit of a greater truth. Campbell, Donna M. â€Å"American Transcendentalism.† Literary Movements. May 21, 2007   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   December 13, 2007 .

Reading through “Winter in a Warehouse” Essay

â€Å"Winter in a Warehouse,† is about a group of warehouse women on their way to and from the washroom of the milling company. The washroom is in the office building which is a considerable distance from the women’s workplace, the warehouse. As it is winter, the trek from one building to the other becomes a tedious and an unwished-for errand. The atmosphere is cold and hostile as the people they come across with. The short journey evokes in the narrator’s mind several issues – gender, class and social status – between the warehouse women and the rest of the characters in the poem. In â€Å"Winter in a Warehouse,† Anne Spillard speaks about the condition of the lower- class working women in the latter-day industrial society. The poem started with the narrator’s voice fondly recalling the image of his grandfather, â€Å"Grandad ‘goes for a loo */Behind the old chimbly† (lines 1-2), from a long time ago. The tone here is friendly, the language is colloquial and the mood is gay. Grandad, being old, â€Å"Dragging his feet in carpet slippers† (3), is also probably retired from his work in the mill. The use of grandfather in the poem suggests time difference. The corrugated iron â€Å"Where the wind flaps rusty limbs/ Of corrugated iron† (7-8), denotes a time long gone by. It is probably 40 to 50 years ago since grandfather worked in that company when manufacturing firms employed mostly men in its workforce. Noting the narrator’s familiarity with the setting, it is likely that he or she is a third generation worker employed in the same mill or factory that his grandparent worked for. Grandfather finds the long walk to the office tiresome, â€Å"†¦ ‘It’s too far to trail/ ‘T ‘ the bloody office’ (4-5), so he simply decides to pee against the chimney by the bank. The narrator seems to perceive this as an unusual gesture, â€Å"And pees against the great black chimney† (9). The chimney, great and black, is a thing of significance and not to be trifled with. Grandfather’s peeing where he pleased perhaps constitutes defiance of the convention on peeing and of what the chimney signifies. On the other hand, the narrator’s voice registers a suspicion about grandad’s account, â€Å"Or so he tells us† (10). It implies that grandfather could be lying, that perhaps it is not that easy to break the company regulation as well as the convention. It is only at the 10th line, with the use of â€Å"us† that the narrator is revealed. They are women workers stationed in the warehouse gone for a walk to the office building within the company compound to wash their empty coffee cups and to pee. Upon arriving there, they see the millpond nearby, â€Å"Down to the office/ Where the mill manager used to sit† (12-13). The mill manager, like the grandfather, is a representation of an era gone by. In the early stage of industrialization, it was the manager, who was usually also the owner of the business, who conducted his businesses in an office with the help of a staff or two. He was also visible in the company premises. In more recent times, with further division of labor and the expansion of industrialization, the manager has normally taken to holding his office in an inner chamber within the office building. He is scarcely visible to the workers and as such, there is usually a layer of office staffs that deals with the rank and file or the ordinary workers of the company. It is these office girls that the warehouse women came across with when they went to the office premises to have use of the washroom. The office girls act and speak superior to the warehouse women. They address the women collectively, in a cold and impersonal manner. The washroom is in a state of disrepair, â€Å"Melted snow drips through the washroom ceiling† (18). The water at the mains must be turned on first before the women could flush the toilet. The male washroom, â€Å"†¦ it’s leaking. † (23). These little details describe the ambience of the washroom area – old, ill-kept and deteriorating. And yet, the office girls almost begrudge them for using it. â€Å"‘You warehouse people always arrive/ ‘Just when we’ve boiled the kettle/ ‘for elevenses,’ the office girls rebuke us. † (15-17). The warehouse women do not have a washroom in their workplace. In the period described in this poem, even answering the call of nature, presents a problem. Unlike men, women cannot urinate anywhere. Furthermore, in most manufacturing companies, peeing is only allowed during designated breaks. One girl even goes so far as to point to out to the women that the male washroom must not be used, â€Å"Don’t use the Gents, †¦Ã¢â‚¬  (21). Perhaps, the reminder is unnecessary, as the women have been coming there on the same errand for years and are aware of the fact. It is also not far to suppose that the Gents has not been working for decades. Thus, the part about the male toilet leaking is a take on the grandfather’s story. Perhaps, the male workers in the mill were not subjected to strict regulation on peeing only because the male toilet was leaking. Throughout the poem, the voice constantly changes: from the third person singular (lines 1-10), to first person plural (11-14), to second person plural (15-17), to third person plural(18), back to first person plural (19-20), to third person singular (21-23), and lastly, to third person plural (24-31), making it vibrant and giving the reader the feeling that the characters are performing before him. It also shows the individuality or lack of, the characters within the poem. Nina, one of the office girls, has a distinct voice and she has a name. In contrast, the warehouse women are only referred to as â€Å"us,† â€Å"we† and â€Å"warehouse women. † The warehouse women have only one voice: the voice of a group. The office girls have their voice as a group and their individual voices as persons apart. Despite the office being heated, perfumed and powdered, the narrator notices that â€Å"the office girls sit shivering† (24), a hint that their thinner clothing cause them discomfort during winter. On the other hand, the warehouse women have become indifferent to the coldness. Why? It is because winter is the all-year season inside the warehouse. What is not mentioned here but is implied is the suffering of the warehouse women doing hard, manual and routine labor, whose enclosed workplace is perhaps unheated, full of fumes and dust, and dark as one could imagine. Towards the end of the poem, the engaging voice at the beginning seems to have become somebody else, an alienated figure viewing a scene that he is not part of, But the warehouse women, Shapeless in heavy sweaters and wooly longjohns, Trudge back through the snow, No longer noticing this winter Which may last forever Inside the blankness of their warehouse. The poem begins on a cheerful note, in an informal way and in a youthful voice, with a fond recollection of one’s grandfather and his days. It ends on a cheerless, aged and serious tone about a group of women trudging their way back to the warehouse across the snow, oblivious of the season and what it might bring to them.

Air Asia vs. Qantas Essay Essays

Air Asia vs. Qantas Essay Essays Air Asia vs. Qantas Essay Essay Air Asia vs. Qantas Essay Essay 1. Overview1. 1 Qantas-Main concern and schemesThe chief concern of Qantas air passages limited is the transit of riders. Their core scheme of Qantas is productively grows and the longer-term scheme of Qantas is to reorganise its concern construction in order to extinguish climb losingss. The scheme that implement by company is to cut down the capital strength of the concern by hammering partnerships with bearers in certain sectors that are wasteful. ( Qantas. 2012 ) Such as cooperate with British Air passages. Qantas use two complementary air hose trade names ; these two trade names are used to touch different clients. Two trade names runing together has occupied 65 % market portion in Australia. ( Qantas. 2012 ) because. two trade names provide flexibleness in changing market conditions. Qantas. ( 2011 pp. 4 )On the other manus. these two trade names pattern some sub-strategies to back up its chief scheme. These appropriate sub-strategies are the cardinal success for point that lead to Qantas continually enlargement in the universe. | Qantas| Jetstar| Sub-Strategy| * Premium full service * Maximized profitability| * Cost leading * Low menu airline| Operational improvement| * Enhanced client service focus| * Expand locally and into international leisure markets | In statistics of 2012. Qantas has full-employees for 33. 584. Flights over 550 airdromes and riders carried are 44. 456. 000. which increase the 5. 06 % base on the twelvemonth 2011. ( Qantas. 2012 ) 1. 2 Air Asia-Main concern and schemesAir Asia is the largest low-priced circular bearer in the universe. It is set uping with the dream of doing winging possible for everyone. On the other manus. it is non merely concentrating on the cost factor. but besides safety foremost. The Air Asia has operated around 11 old ages. but it’s still maintain highgrow rate. The Air Asia is the regional bearer with the largest finish web. highest flight frequences and high aircraft use. ( Air Asia. 2012 ) Air Asia was named the 2012 World’s Best Low Cost Airline in the one-year World Airline Survey by Skytrax for three back-to-back old ages. There are some actions that support its chief scheme in order to do it success. Such as the doomed cost theoretical account is based on: ( Hill. C. W. 1988 ) . * Single rider category * Flying to cheaper. less engorged secondary airdromes* A individual type of aeroplane in order to cut downing preparation and serving cost * Point to indicate flights with no transportationsIn statistics. Air Asia has full –employees for 4346. Passengers carried are around 22. 474. 620 in 2012. which addition more than 10 % base on the twelvemonth 2011. Services web over 216 paths covering finishs in and around universe. The below image has shown that air Asia are seeking to acquire more market portion in the sou-west of Asia. there are more than 143 paths in sou-west of Asia out of 216. This is the developing way of the Air Asia in recent old ages. ( Air Asia. 2012 ) 2. Industry analysis 2. 1 Overview Goble air hoses markets A ; PESTLE manner analysis The Lift side is show that. the air travel remains a growing market. This prognosis references that air traffic will duplicate in the following 15 old ages. which means. the external environment still maintain optimistic. Both of Qantas and Air Asia have same chance. ( Airbus. 2012 ) The PESTLE theoretical account lists the factors or driver for growing. external environment can be moderately expected as optimistic. but this chart showed that existent GDP 2011-2031 by part. the economic growing is a cardinal driver for air traffic growing. increasing urbanisation will besides drive economic growing and the leaning to wing. ( Airbus. 2012 ) PESTLE theoretical accountPESTLE model|Political * Stable political environment * Deregulation| Economic * Global fiscal crisis * Rising currency * Rising fuel cost| Social* Changing consumer demographics * Increasing travel life style * Changing consumer preferences| Technology * Internet * Surface conveyance investings * Efficient aircrafts| Legal * Legislation conformity demands * Allegations of misdirecting advertising| Environmental * Greenhouse and C emanations * Tourism impregnation * Shortage of substructure capacity| 2. 2 Overview Australia air hose marketsQantas is the biggest air hose operator in Australia. which represent as 75. 6 % for domestic market. but Qantas still has some rivals in Australia. such as Virgin blue ( 14. 4 % ) . Skywest ( 1. 3 % ) . Tiger ( 1. 0 % ) and others ( 6. 3 % ) . We should understand it run environment before we traveling to depth analysis. because the every company is restricted by external environment. PESTLE model clearly show Qantas runing external environment Harmonizing to this chart. we can reason that the overall environment is good and stable. but overall industry still confronting some job. the biggest issues has shown at lift image. which is purchases. purchases of fuel. ( Australia authorities 2013 ) 2. 3 Qantas SWOT analysisStrength:1. As one of the biggest Airline in the universe. QAN has big measure of flight clients and concern relationships. Large graduated table could convey more benefits. 2. Qantas operates in a sea of concern activities in different sectors. But all of them the support activities of the air power industry. such as catering. technology and luggage handling. Thus operation contributes to assisting command provider and aircraft care costs. 3. Qantas Airways. Canada airlines. United Kingdom air hose. United States air hoses and Cathay Pacific founded a direction company called One universe Alliance. This centrally is to assist each other in non-core concern activities. such as selling and online ticketing. in intent of cut downing costs and thereby cutting ticket monetary values. Members of the Union may besides reassign riders for linking flights. 4. As monopolizing in Australian Market. Qantas has a place advantage. Thus its subsidies couldsupply better res ources for its concern. Failing: Without the mandate of the trade brotherhood functionaries. workers in Qantas took an action called Wild Cat Strikes. Qantas was damaged by that action in detaining flights. researching its issues between employees and the company. Besides. QAN Company is excessively concentrated on Australia side. Opportunities: As publication of Open sky constabulary. such as Pricing determined by market forces. Fair and equal chance to finish. Concerted selling agreements. QAN could be good from international air power liberalisation and retrenchment in authorities intercession. In add-on. more international finishs particularly in Asia are developing. Due to Australia Market is less tapped so far. QAN could acquire a better opportunity to derive a major market portions than other air hose companies. Furthermore. QAN found a new chance of new market and created Jetstar enchantress is a low budget air hose to pull possible big measures of clients. Menace: With the consequence of unifying between n United Airlines and Continental. Qantas is under menace because United Airlines- Continental is be aftering to perforate into Australian market. One of Qantas most of import international modus operandi. between Australia and USA. will be affected. Unfortunately. big fluctuation in oil monetary values. together with planetary fiscal crisis. large air hose companies was affected earnestly due to lifting operation and labour costs. Increasing Australia Airline market completion besides will be a menace for QAN developing. 2. 4 Overview Southwest of Asia marketsThe chief rivals of Air Asia are Thai air passages. Nok air. One Two GO Airline. and Singapore air hoses. among of them SIG is the chief rival with Air Aira. in order to vie with Air Asia. SIG introduced 2 budget air hoses ; Valu Air and Tiger Airways. both of them are pattern as the low-priced place. AIRASIA SWOT Analysis: Strength:AIRASIA has a well-known name and it is celebrated for its low cost operation. inconformity with the 2011-2012 twelvemonth fiscal study. the company’s non-fuel costs fell 3 % . proposing that companies continue to implement cost control ; in 2011-2012. the company plans to non-fuel unit costs to fall by 5 % . While accessory gross rose 23 % . which helps companies to accomplish one-year gross growing marks Furthermore. it has the first-mover advantage of first low cost air hose company in Asia. After that. AirAisa has strong promotional schemes for general publicity and media advertisement. In add-on. they companioning with other service suppliers. such as hotel ) and recognition cards create a alone image among clients. Because of its punctual public presentation. AirAsia was offered award of five-star service and flashes. AIRASIA has developed a well-established distribution channel in its merchandises and services. Furthermore. it is ever utilizing individual type of aeroplane. therefore minimising care fees. Failings Due to the study. Aircraft renting costs increased by 8 % since the figure of aircraft increased by 8 per cent while renting costs and depreciation of the dollar. leting the company to salvage rental costs. Airport and operating costs increased by 12 % . reached 444. 34 million dollars. Other disbursals have increased by 14 % . As the economic status recovery. how to command the lifting costs becomes o one of the most serious challenges faced by AIRASIA. Because of the lower cost. AIRASIA has limited service resources. Thus besides is related to being deficiency of ability of managing irregular state of affairs. Government intervention regulates airdromes. In add-on. AIRASIA receives a batch of ailments from clients such flight holds and non able to alter flight. When competition is acquiring intense. good client service and direction is particularly of import. Opportunity With holding first-move advantages. AIRASIA could be more possible to last and win under the large intense environment such as lifting oil monetary value and authorities ordinance. There is another chance for AIRASIA is collaborating with other low cost air hoses such as Jetstar. The important action could assist tap into their strength and resources. Besides. larger population of clients is willing to take cheaper flight. Menace In presents. tonss of low cost air hose companies are appeared such as Jetstar.Virgin. and Southwest. These companies improve that AIRASIA’s low cost scheme could non be a strong competitory advantage in the industry. It could be copied easy. Many sorts of disbursals such as security fees and landing fees are out of control. Furthermore. unstable economic conditions in the universe have impacted on air hose industry. Thus dainty is same with inquiries confronting by Qantas. 3. Accounting policies analysis3. 1 Footing of readying of the fiscal statementsThe accounting policies are the processs that used by a company to fix its fiscal statements. Qantas’ studies fundamentally are prepared in conformity with AASBs. but besides following the IFRS ( Qantas. 2012 pp. 78 ) . Air Asia prepared their studies following the MASBs and besides in conformance with IFRS. IFRS is the general usher for these two companies when they prepared their study. It means non merely significantly enhance comparison of fiscal coverage between these two companies. but besides diminish our uncertainness. increase the dependability and accurately of analysis. ( Burgstahler. D. C. . Hail. L. . A ; Leuz. C. 2006 ) These two companies are running same concern industry and prepare study in conformity with IFRS. so there are some accounting policies are similar. the undermentioned lists show the similarities of accounting policies practiced as these two companies 3. 2 Similarities of accounting policies ( Qantas. 2012 pp. 80. Air Asia. 2012 pp. 73 ) * Reports on the footing of historical costs except in conformity with relevant accounting policies where assets and liabilities are stated at their just values * Main gross recognition-The value of seats sold for which services have non been rendered is included in current liabilities as gross revenues in progress * Other revenue-such as fuel surcharge. insurance surcharge. administrative fees. extra luggage and luggage handling fees. are recognized upon the completion of services rendered. * Residual value-the changing estimations are based on historical experience and assorted other factors that are believed to be sensible under the fortunes * PPE-Depreciation is used the straight-line method * Inventory-The values of stock lists are reported as weight norm cost. * Repair and care outgo. fix dainty as cost. deduct in the same period. Maintenance. if it changes in the utilizing life of equipment. it will be treat as capitalisation. Even these policies are similar. but they still have some flexibleness. such as the study can be influenced by altering accounting estimations. The following tabular array has been showed that there are wholly different usage for life and residuary values between these two companies’ assets. These two factors are depended on the judgement and estimation of direction. Matsumoto. D. A. ( 2002 ) references that management’s estimations and judgements involved in the accounting policies which have important possible impact on their fiscal statements. because these affairs are truly uncertainness. Finally. this uncertainness will reflect on the ROA. ROE. even if these two ratios addition or lessening. it does non needfully because of altering in the company’s profitableness. ( Lev. B. . Li. S. . A ; Sougiannis. T. 2010 ) . | Qantas| As Asia|| Use for life ( Years ) | Residual values| Use for life ( Years ) | Residual values| Buildings| 10-40| 0 % | 28. 75-50| 0 % |Passenger aircraft and engines| 2. 5-20| Up limited 10 % | 7-25| Adjusting harmonizing to a prospective footing ( note1 ) | Air trim parts| 15-20| Up limited 20 % | 10| Adjusting harmonizing to a prospective footing ( note1 ) | Note1:Estimates and judgements are continually evaluated by the Directors and are based on historical experience and other factors. including outlooks of future events that are believed to be sensible under the fortunes. ( Air Asia. 2012 pp. 77 ) 3. 3 Main different accounting policies3. 3. 1 ReceivableQantas and Air Asia receivables contain of trade debitors. other debitors and loans owing from related parties. Normally. the net receivable is recognized as its original sum less a proviso for bad debts. Qantas make an estimation for dubious debts when aggregation of the full sum is nolonger likely. The appraisal of proviso of dubious debt relation to receivable is on a regular basis reviewed. Bad debts are written off as incurred ( Qantas. 2012 pp. 101 ) . As consequence. it is a hazardous manner for the company non to delegate proviso of bad debts harmonizing to the per centum of recognition gross revenues. In Air Asia. they assign proviso of bad debts harmonizing to the per centum of recognition sale. ( Air Asia. 2012 pp. 98 ) company will run more stable. less hazard so Qantas. but allowance will diminish its operating plus. reflect on the ATO. as consequence influence ROE. ( Davidson A ; Thompson 1962 ) 3. 3. 2 Discount RateDiscount rate is the involvement rate that used in discounted hard currency flow analysis to find the present value of future hard currency flows. ( Qantas. 2012 pp. 101 ) Changing price reduction rate will act upon the company’s pension program. Normally. pension is company’s liability ; it is measured by three factors. PBO. ABO and VBO. Either PBO. ABO. should be discounted before reported. Due to peculiar class of pension program. company merely reports the different between the pension benefits and pension duty on the fiscal study. if the benefits are greater than duties it will be reported on the assets side. on the antonym. it will be reported on the liabilities side. ( Wiener 1995 ) So the consequence will straight reflect on its ROA and ROE. Discount rate of Qantas is based on the riskless rate for the ten-year Australian Government Bonds adjusted for a hazard premium that represented as 10. 5 % per centum per annum ( Qantas. 2012 pp. 103 ) . Air Asia usage weight mean effectual involvement rate that represent as 10 % per annum. The alterations in price reduction rates of Qantas in 2011 to 2012 that lead to diminish in the Workers ’ Compensation proviso of $ 15 million and an addition in the long service leave proviso of $ 45 million. The net consequence of these alterations was a $ 30 million addition in commissariats as at 30 June 2012. ( Qantas. 2012 pp. 103 ) as consequences. the changing of proviso will reflect on the ROE of Qantas. because proviso is comprised of liability. Finally. the ratio analysis will miss of comparison. 4. Ratio analysis:4. 1 Return on equity analysis: The ROE altering line of Qantas Airline limited ( QAN ) has a crisp fluctuation during twelvemonth 2009. which has reached the top point of about 60 % . Then ROE index declined until 16. 89 % after the top and maintained about the flat figure of 20 % from twelvemonth 2010. Compared with QAN. Aireys Berhad ( AIRASIA ) has a comparative complicated ROE line. AIRASIA started from -50 % from terminal of twelvemonth 2008. afterwards got to the first top of 35. 37 % in 2010. After that the concave curve reached the underside of 14. 28 % . and was back to the top at point of 37. 39 % . As personal sentiment. AIRASIA has a brighter hereafter than QAN on ROE side due to its turning tendency ROE ratio from twelvemonth 2011 though it had a negative figure from the beginning point. In add-on. with the research of 5 twelvemonth mean ROE rate. the entire air hose industry index is 26. 9 % . which is higher than QAN and lower than AIRAISA ( StockCentral. 2013 ) . AIRAISA is making a better occupati on in utilizing investors’ money and pulling more investing capital. 4. 2 Leverage affectFrom above two graphs. different index reflect different relationships. On QAN side. ROE rates altering are chiefly due to altering in return of plus rate. It is bespeaking that QAN achieved a better consequence of plus use by increasing gross and salvaging plus financess to raise ROE ratio up. Different with QAN. AIRAISA’s ROE rate is chiefly rely on fiscal purchase. which is equal to net fiscal liabilities / equity. Overwhelming other related facts. higher fiscal purchase rates mean stronger power of utilizing liabilities to make net income. From this facet. it is non difficult to unwrap different net income channels between two companies. 4. 3 Borrowing cost drivers:Retrenchment of borrowing cost rate gives chances to raise ROE ratio. In QAN. from twelvemonth 2011 the adoption rates have been continuously worsening which gave parts to gain gaining. From AIRASIA side. borrowing cost rate kept on degree of 3 % -4 % in recent two old ages. which may weaken ROE public presentation viing with QAN. 4. 4 Operating net income drivers Tax return on plus ratio. which could be divided in plus turnover and net income border straight. affects the public presentation of ROE. Compared with twocompanies. ATO ratio gave more impacts on ROA in past five old ages in QAN. Relatively much higher ATO ratio of QAN reflects that concern higher velocity of plus use from input to end product for the period. better enterprise’s assets direction quality and efficiency. Downsizing in ATO rate will straight act upon ROA rate. evidently between twelvemonth 2008 and 2009. In AIRASIA side. ROA ratio fluctuation chiefly affect by PM ration. On whole. PM ratio curve indicates increasing tendency in the 5-year period. though a little bead in twelvemonth 2011. Higher PM ratio compared with QAN could give groundss that AIRASIA has better ability to retrieve sorts of outgos and cost of goods sold. profiting from the low cost scheme. Low costs give parts to deriving higher ROA ratio of AIRASIA than QAN in recent twelvemonth. 4. 5 Cost constructionThese two graphs are drawn on the base of gross as 100 % . Harmonizing to two artworks. we can easy see that After deduct COGS. Air Asia reported Gross net income about 50 % over 5 old ages. but Qantas merely has less than 20 % for Gross net income. Air Asia patterns cost-lead ship scheme. so COGS and its merchandising A ; disposal disbursal is significantly lower than Qantas. So the Air Asia command its COGS are better than Qantas. But nevertheless. the merchandising A ; disposal disbursal of Qantas ( around 11 % of 100 % gross ) less so Air Asia ( around 26 % of 100 % gross ) . which average Qantas. is good at direction. Thus tendency indicates that low-costs of air hose industry would be bewilderment for increasing net income. Compared with two companies’ gross net income and gross border ratio curve. Qantas has been suffered drop tendency in five-year gross net income due to its retrenchment gross and high cost of goods sold. AIRASIA has optimistic tendencies both in gross net income and gross border. The company was engaged in spread outing gross revenues and gross. bettering cost direction degree and seeking appreciate company scheme at the same clip. Higher gross net income and gross border indicate company could hold higher possibilities to derive net income. 4. 6 Average industry analysis The first graph shows the ROE of Air Asia in the Malaysia air hose industry. after 2009. the ROE of Air Asia is significantly higher than norm. The 2nd procure compare the Qantas with Australia air hose industry. if wecipher the mean ROE of Qantas. the consequence is a small spot lower than norm. The last graph we put two-airline companies in the Asia- Pacific part. the graph has shown that Qantas’ operating is lower than the norm. after 2009. Air Asia is maintaining upward. 5. DecisionAfter our analysis. due to using different policies and schemes. two air hose companies did different public presentation in deriving net incomes. we think that even though Air Asia merely put up around 11years. and its size of the company is rather less than Qantas. But they have been adapted to the turbulent planetary environment. Its scheme has fitted with external environment. the advantage of little company is easy to alter its direction control system to response with the turbulent environment and better to maintain consistent with its scheme. Finally. the whole company will be easier to accomplish the end. As consequence. AIRASIA seems to be better in rise ROE ratios. profiting from its increasing gross revenues and costs commanding. So we can concluded that AIRASIA’s public presentation is better than Qantas. Mention:Qantas. ( 2012 ) â€Å"Qantas Annual Report 2012† Qantas Airways Limited lt ; World Wide Web. qantas. com gt ; Qantas. ( 2011 ) â€Å"Qantas Group presentation December 2011† Qantas Group World Wide Web. qantas. com. Air Asia. ( 2012 ) â€Å"Air Asia Annual Report 2012† Air Asia Airways Limited World Wide Web. airaisa. com Airbus. ( 2012 ) â€Å"Navigating the future† Global Market Forecast 2012-2031 World Wide Web. airbus. com â€Å"Domestic air hose activity. Department of Infrastructure and Transport† . Australia authorities. update 19 August. 2013 World Wide Web. bitre. gov. gold Qantas Customers 2012. by Segment 2012. Statistic. viewed 8 May 2012. Qantas’Situation: Yesterday. Today and Tomorrow 2011. The Age. viewed 8 May 2013. Stockcentral ( 2013 ) . industry norms. Available from: hypertext transfer protocol: //www. stockcentral. com/ ? utm_source=iclubindustryaverages A ; utm_mdium=link [ Accessed: August 17. 2013 ] . Burgstahler. D. C. . Hail. L. . A ; Leuz. C. ( 2006 ) . The importance of describing inducements: net incomes direction in European private and public houses. The accounting reappraisal. 81 ( 5 ) . 983-1016. Lev. B. . Li. S. . A ; Sougiannis. T. ( 2010 ) . The utility of accounting estimations for foretelling hard currency flows and net incomes. Review of Accounting Studies. 15 ( 4 ) . 779-807. Kotlikoff. L. J. . A ; Wise. D. A. ( 1989 ) . Employee retirement and a firm’s pension program. Hill. C. W. ( 1988 ) . Differentiation versus low cost or distinction and low cost: a eventuality model. Academy of Management Review. 13 ( 3 ) . 401-412. Matsumoto. D. A. ( 2002 ) . Management’s incentives to avoid negative net incomes surprises. The Accounting Review. 77 ( 3 ) . 483-514. Cyert. R. M. . Davidson. H. J. . A ; Thompson. G. L. ( 1962 ) . Appraisal of the allowance for dubious histories by Markov ironss. Management Science. 8 ( 3 ) . 287-303. Scott. T. W. ( 1994 ) . Incentives and deterrences for fiscal revelation: Voluntary revelation of defined benefit pension program information by Canadian houses. Accounting Review. 26-43. Wiener. H. J. ( 1995 ) . †Pension Plan Strategy† A Comprehensive Guide to Retirement Planning for doctors and Other Professionals 7 ( 2 ) . 101-212. AppendixAir Asia ANALYSIS| | | | | | |REFORMULATED BALANCE SHEET| | 12/31/2012USD| 12/31/2011USD| 12/31/2010USD| 12/31/2009USD| 12/31/2008USD|Operating Assets| | | | | | |Net Receivables| | 315. 898. 627| 176. 713. 880| 158. 421. 275| 170. 371. 203| 262. 514. 740| Entire Inventories| | 7. 758. 339| 6. 223. 975| 5. 692. 557| 6. 093. 458| 5. 978. 035| Prepaid Expenses| | 240. 199. 477| 149. 035. 647| 105. 739. 906| 73. 305. 199| 32. 597. 110| Other Current Assets| | 0| 198. 398. 423| 174. 299. 659| 180. 913. 551| 212. 788. 150| Net Property. Plant A ; Equip. | | 3. 200. 140. 615| 2. 744. 062. 776| 3. 021. 904. 005| 2. 319. 564. 252| 1. 905. 866. 763| Other Assets| | 863. 519. 621| 282. 959. 621| 106. 643. 425| 141. 351. 051| 40. 122. 254| | | 4. 627. 516. 678| 3. 557. 394. 322| 3. 572. 700. 827| 2. 891. 598. 715| 2. 459. 867. 052| Operating Liabilities| | | | | | | Histories Payable| | 21. 299. 542| 25. 636. 593| 17. 245. 987| 26. 411. 507| 31. 597. 399| Accrued Payroll| | 0| 0| 0| 0| 0|Income Taxes Payable| | 1. 674. 951| 0| 529. 269| 2. 869. 159| 0| Dividends Payable| | 0| 0| 0| 0| 0|Other Current Liabilities| | 606. 007. 521| 479. 045. 110| 400. 453. 705| 312. 255. 549| 322. 342. 775| Provisions for Risks A ; Charges| | 0| 0| 0| 0| 0| Deferred Income| | 0| 0| 0| 0| 0| Deferred Taxes| | -118. 180. 510| -162. 807. 571| -233. 260. 905| -219. 414. 136| -247. 430. 347| Other Liabilities| | 166. 843. 689| 154. 044. 479| 146. 867. 196| 0| 0| | | 677. 645. 193| 495. 918. 612| 331. 835. 252| 122. 122. 079| 106. 509. 827| Net Operating Assets| | 3. 949. 871. 485| 3. 061. 475. 710| 3. 240. 865. 575| 2. 769. 476. 636| 2. 353. 357. 225| | | | | | | | Fiscal Assets| | | | | | |Cash A ; Short Term Inv. | | 730. 127. 861| 666. 457. 098| 487. 957. 516| 217. 964. 953| 44. 439. 884| | | 730. 127. 861| 666. 457. 098| 487. 957. 516| 217. 964. 953| 44. 439. 884| Financial Liabilities| | | | | | | Short Term Debt and Current LTD| | 368. 264. 879| 187. 454. 574| 179. 660. 126| 157. 788. 551| 157. 243. 353| Long Term Debt| | 2. 381. 682. 472| 2. 267. 166. 877| 2. 368. 374. 899| 2. 064. 168. 224| 1. 776. 526. 012| | | 2. 749. 947. 351| 2. 454. 621. 451| 2. 548. 035. 025| 2. 221. 956. 776| 1. 933. 769. 364| Net Financial Liabilities ( Assets ) | | 2. 019. 819. 490| 1. 788. 164. 353| 2. 060. 077. 509| 2. 003. 991. 822| 1. 889. 329. 480| Shareholders’ Equity| | 1. 930. 051. 995| 1. 273. 311. 356| 1. 180. 788. 066| 765. 484. 813| 464. 027. 746| check| | 0| 0| 0| 0| 0| REFORMULATED INCOME STATEMENT| | | | | | |Sales| | 1. 617. 426. 750| 1. 418. 025. 552| 1. 280. 394. 033| 914. 982. 769| 761. 470. 520| Entire Costs| | 864. 089. 928| 1. 074. 545. 110| 934. 371. 331| 648. 407. 418| 932. 758. 092| Net incomes before Interest and Taxation ( EBIT ) | 753. 336. 821| 343. 480. 442| 346. 022. 701| 266. 575. 350| -171. 287. 572| Tax| | 56. 556. 246| 69. 934. 700| 12. 143. 668| 33. 884. 638| -107. 697. 977| Income after Taxation| | 696. 780. 576| 273. 545. 741| 333. 879. 034| 232. 690. 713| -63. 589. 595| Net Interest| | 97. 912. 688| 98. 364. 669| -10. 343. 765| 84. 832. 360| 79. 925. 723| Net Income ( before Pref Dividends A ; Minority Interests ) | 598. 867. 888| 175. 181. 073| 344. 222. 799| 147. 858. 353| -143. 515. 318| TAX-SHIELD| | | | | | | Effective Tax Rate| | 7. 5 % | 20. 4 % | 3. 5 % | 12. 7 % | 62. 9 % | Net Interest| | 97. 912. 688| 98. 364. 669| -10. 343. 765| 84. 832. 360| 79. 925. 723| Tax Shield| | 7. 350. 728| 20. 027. 643| -363. 014| 10. 783. 119| 50. 253. 725| TAX-ADJUSTED OPERATING INCOME| | | | | | | Operating Income ( with revenue enhancement shield ) | | 689. 429. 848| 253. 518. 098| 334. 242. 048| 221. 907. 593| -113. 843. 321| Net Financing Costs| | 90. 561. 960| 78. 337. 026| -9. 980. 751| 74. 049. 241| 29. 671. 997| Net Income| | 598. 867. 888| 175. 181. 073| 344. 222. 799| 147. 858. 353|-143. 515. 318| AVERAGED BALANCE SHEEETS| | | | | | | Operating Assets| OA| 4. 092. 455. 500| 3. 565. 047. 574| 3. 232. 149. 771| 2. 675. 732. 883| 1. 298. 921. 526| Operating Liabilities| OL| 586. 781. 902| 413. 876. 932| 226. 978. 666| 114. 315. 953| 65. 446. 413| Net Operating Assets| NOA| 3. 505. 673. 597| 3. 151. 170. 642| 3. 005. 171. 105| 2. 561. 416. 930| 1. 233. 475. 113| Financial Assets| FA| 698. 292. 480| 577. 207. 307| 352. 961. 235| 131. 202. 419| 26. 432. 942| Financial Liabilities| FL| 2. 602. 284. 401| 2. 501. 328. 238| 2. 384. 995. 900| 2. 077. 863. 070| 991. 642. 182| Net Financial Liabilities ( Assets ) | NFL ( NFA ) | 1. 903. 991. 922| 1. 924. 120. 931| 2. 032. 034. 666| 1. 946. 660. 651| 965. 209. 240| Shareholders’ Equity| SE| 1. 601. 681. 676| 1. 227. 049. 711| 973. 136. 439| 614. 756. 279| 268. 265. 873| check| | 0| 0| 0| 0| 0| Sales| SA| 1. 617. 426. 750| 1. 418. 025. 552| 1. 280. 394. 033| 914. 982. 769| 761. 470. 520| Operating Income ( with revenue enhancement shield ) | OI| 689. 429. 848| 253. 518. 098| 334. 242. 048| 221. 907. 593| -113. 843. 321| Net Financing Costs| NFC| 90. 561. 960| 78. 337. 026| -9. 980. 751| 74. 049. 241| 29. 671. 997| Net Income| NI| 598. 867. 888| 175. 181. 073| 344. 222. 799| 147. 858. 353| -143. 515. 318| ROE DECOMPOSITION| | | | | | BASIC ANALYSIS| | | | | | |ATO ( gross revenues / net runing assets ) | | 0. 46| 0. 45| 0. 43| 0. 36| 0. 62| PM ( runing income / gross revenues ) | | 42. 63 % | 17. 88 % | 26. 10 % | 24. 25 % | -14. 95 % | ROA ( runing income / cyberspace runing assets ) | 19. 67 % | 8. 05 % | 11. 12 % | 8. 66 % | -9. 23 % | check| | 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| CLEV ( net runing assets / equity ) | | 2. 19| 2. 57| 3. 09| 4. 17| 4. 60| ILEV ( runing income / net income ) | | 1. 15| 1. 45| 0. 97| 1. 50| 0. 79| ROE ( net income / equity ) | | 37. 39 % | 14. 28 % | 35. 37 % | 24. 05 % | -53. 50 % | check| | 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| SPREAD ANALYSIS| | | | | | |ROA| | 19. 67 % | 8. 05 % | 11. 12 % | 8. 66 % | -9. 23 % |Borrowing Rate ( net funding costs / net fiscal liabilities ) | 4. 76 % |4. 07 % | -0. 49 % | 3. 80 % | 3. 07 % | Spread ( ROA – funding costs ) | | 14. 91 % | 3. 97 % | 11. 61 % | 4. 86 % | -12. 30 % | FLEV ( net fiscal liabilities / equity ) | | 1. 19| 1. 57| 2. 09| 3. 17| 3. 60| Leveraged Spread| | 17. 72 % | 6. 23 % | 24. 25 % | 15. 39 % | -44. 27 % | ROE| | 37. 39 % | 14. 28 % | 35. 37 % | 24. 05 % | -53. 50 % | check| | 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| Qantas ANALYSIS| | | | | | |REFORMULATED BALANCE SHEET| | 06/30/2012NZDpreliminary| 06/30/2011NZD| 06/30/2010NZDrestated| 06/30/2009NZD| 06/30/2008NZD|Operating Assets| | | | | | |Net Receivables| | 1. 138. 830. 550| 1. 099. 506. 200| 918. 979. 200| 914. 755. 950| 955. 587. 900| Entire Inventories| | 385. 418. 800| 398. 263. 200| 269. 443. 350| 269. 443. 350| 202. 112. 500| Prepaid Expenses| | 410. 020. 000| 434. 663. 600| 326. 034. 900| 326. 034. 900| 0| Other Current Assets| | 89. 179. 350| 23. 553. 200| 86. 154. 300| 90. 377. 550| 287. 808. 200| Net Property. Plant A ; Equip. | | 14. 493. 181. 950| 14. 615. 831. 200| 10. 571. 639. 400| 10. 571. 639. 400| 9. 826. 709. 750| Other Assets| | 1. 618. 553. 950| 1. 675. 489. 000| 1. 319. 343. 300| 1. 319. 343. 300| 1. 558. 691. 600| | | 18. 135. 184. 600| 18. 247. 306. 400| 13. 491. 594. 450| 13. 491. 594. 450| 12. 830. 909. 950| Operating Liabilities| | | | | | | Histories Payable| | 661. 157. 250| 639. 148. 200| 506. 790. 000| 506. 790. 000| 482. 644. 650| Accrued Payroll| | 0| 0| 0| 0| 337. 932. 100|Income Taxes Payable| | 0| 0| 0| 0| 0|Dividends Payable| | 0| 0| 0| 0| 4. 042. 250|Other Current Liabilities| | 5. 488. 117. 700| 5. 418. 306. 600|4. 232. 541. 150| 4. 241. 832. 300| 4. 111. 776. 700| Provisions for Risks A ; Charges| | 755. 461. 850| 692. 678. 200| 473. 004. 000| 473. 004. 000| 430. 903. 850| Deferred Income| | 1. 164. 456. 800| 1. 189. 436. 600| 901. 241. 550| 914. 755. 950| 1. 024. 306. 150| Deferred Taxes| | 660. 132. 200| 821. 150. 200| 603. 924. 750| 603. 924. 750| 490. 729. 150| Other Liabilities| | 229. 611. 200| 527. 805. 800| 195. 114. 150| 195. 114. 150| 216. 664. 600| | | 8. 958. 937. 000| 9. 288. 525. 600| 6. 912. 615. 600| 6. 935. 421. 150| 7. 098. 999. 450| Net Operating Assets| | 9. 176. 247. 600| 8. 958. 780. 800| 6. 578. 978. 850| 6. 556. 173. 300| 5. 731. 910. 500| | | | | | | | Fiscal Assets| | | | | | |Cash A ; Short Term Inv. | | 3. 573. 324. 300| 4. 083. 268. 400| 3. 325. 387. 050| 3. 325. 387. 050| 3. 377. 704. 100| | | 3. 573. 324. 300| 4. 083. 268. 400| 3. 325. 387. 050| 3. 325. 387. 050| 3. 377. 704. 100| Financial Liabilities| | | | | | | Short Term Debt and Current LTD| | 1. 147. 030. 950| 617. 736. 200| 532. 129. 500| 522. 838. 350| 491. 537. 600| Long Term Debt| | 5. 566. 021. 500| 5. 839. 052. 400| 4. 320. 384. 750| 4. 306. 870. 350| 3. 957. 362. 750| | | 6. 713. 052. 450| 6. 456. 788. 600| 4. 852. 514. 250| 4. 829. 708. 700| 4. 448. 900. 350| Net Financial Liabilities ( Assets ) | | 3. 139. 728. 150| 2. 373. 520. 200| 1. 527. 127. 200| 1. 504. 321. 650| 1. 071. 196. 250| Shareholders’ Equity| | 6. 036. 519. 450| 6. 585. 260. 600| 5. 051. 851. 650| 5. 051. 851. 650| 4. 660. 714. 250| check| | 0| 0| 0| 0| 0| REFORMULATED INCOME STATEMENT| | | | | | |Sales| | 16. 117. 886. 200| 15. 945. 516. 400| 11. 632. 519. 800| 11. 632. 519. 800| 11. 764. 564. 400| Entire Costs| | 16. 221. 416. 250| 15. 412. 357. 600| 11. 379. 969. 450| 11. 379. 969. 450| 11. 506. 668. 850| Net incomes before Interest and Taxation ( EBIT ) | -103. 530. 050| 533. 158. 800| 252. 550. 350| 252. 550. 350| 257. 895. 550| Tax| | -107. 630. 250| 79. 224. 400| 52. 368. 300| 52. 368. 300| 46. 890. 100| Income after Taxation| | 4. 100. 200| 453. 934. 400| 200. 182. 050| 200. 182. 050| 211. 005. 450| InternetInterest| | 254. 212. 400| 187. 355. 000| 102. 202. 650| 102. 202. 650| 111. 566. 100| Net Income ( before Pref Dividends A ; Minority Interests ) | -250. 112. 200| 266. 579. 400| 97. 979. 400| 97. 979. 400| 99. 439. 350| TAX-SHIELD| | | | | | | Effective Tax Rate| | 104. 0 % | 14. 9 % | 20. 7 % | 20. 7 % | 18. 2 % | Net Interest| | 254. 212. 400| 187. 355. 000| 102. 202. 650| 102. 202. 650| 111. 566. 100| Tax Shield| | 264. 280. 218| 27. 839. 900| 21. 192. 523| 21. 192. 523| 20. 284. 745| TAX-ADJUSTED OPERATING INCOME| | | | | | | Operating Income ( with revenue enhancement shield ) | | -260. 180. 018| 426. 094. 500| 178. 989. 527| 178. 989. 527| 190. 720. 705| Net Financing Costs| | -10. 067. 818| 159. 515. 100| 81. 010. 127| 81. 010. 127| 91. 281. 355| Net Income| | -250. 112. 200| 266. 579. 400| 97. 979. 400| 97. 979. 400| 99. 439. 350| AVERAGED BALANCE SHEEETS| | | | | | | Operating Assets| OA| 18. 191. 245. 500| 15. 869. 450. 425| 13. 491. 594. 450| 13. 161. 252. 200| 6. 415. 454. 975| Operating Liabilities| OL| 9. 123. 731. 300| 8. 100. 570. 600| 6. 924. 018. 375| 7. 017. 210. 300| 3. 549. 499. 725| Net Operating Assets| NOA| 9. 067. 514. 200| 7. 768. 879. 825| 6. 567. 576. 075| 6. 144. 041. 900| 2. 865. 955. 250| Financial Assets| FA| 3. 828. 296. 350| 3. 704. 327. 725| 3. 325. 387. 050| 3. 351. 545. 575| 1. 688. 852. 050| Financial Liabilities| FL| 6. 584. 920. 525| 5. 654. 651. 425| 4. 841. 111. 475| 4. 639. 304. 525| 2. 224. 450. 175| Net Financial Liabilities ( Assets ) | NFL ( NFA ) | 2. 756. 624. 175| 1. 950. 323. 700| 1. 515. 724. 425| 1. 287. 758. 950| 535. 598. 125| Shareholders’ Equity| SE| 6. 310. 890. 025| 5. 818. 556. 125| 5. 051. 851. 650| 4. 856. 282. 950| 2. 330. 357. 125| check| | 0| 0| 0| 0| 0| Sales| SA| 16. 117. 886. 200| 15. 945. 516. 400| 11. 632. 519. 800| 11. 632. 519. 800| 11. 764. 564. 400| Operating Income ( with revenue enhancement shield ) | OI| -260. 180. 018| 426. 094. 500| 178. 989. 527| 178. 989. 527| 190. 720. 705| Net Financing Costs| NFC| -10. 067. 818| 159. 515. 100| 81. 010. 127| 81. 010. 127| 91. 281. 355| Net Income| NI| -250. 112. 200| 266. 579. 400|97. 979. 400| 97. 979. 400| 99. 439. 350| ROE DECOMPOSITION| | | | | | BASIC ANALYSIS| | | | | | |ATO ( gross revenues / net runing assets ) | | 1. 78| 2. 05| 1. 77| 1. 89| 4. 10| PM ( runing income / gross revenues ) | | -1. 61 % | 2. 67 % | 1. 54 % | 1. 54 % | 1. 62 % | ROA ( runing income / cyberspace runing assets ) | -2. 87 % | 5. 48 % | 2. 73 % | 2. 91 % | 6. 65 % | check| | 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| CLEV ( net runing assets / equity ) | | 1. 44| 1. 34| 1. 30| 1. 27| 1. 23| ILEV ( runing income / net income ) | | 1. 04| 1. 60| 1. 83| 1. 83| 1. 92| ROE ( net income / equity ) | | -3. 96 % | 4. 58 % | 1. 94 % | 2. 02 % | 4. 27 % | check| | 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| SPREAD ANALYSIS| | | | | | |ROA| | -2. 87 % | 5. 48 % | 2. 73 % | 2. 91 % | 6. 65 % |Borrowing Rate ( net funding costs / net fiscal liabilities ) | -0. 37 % | 8. 18 % | 5. 34 % | 6. 29 % | 17. 04 % | Spread ( ROA – funding costs ) | | -2. 50 % | -2. 69 % | -2. 62 % | -3. 38 % | -10. 39 % | FLEV ( net fiscal liabilities / equity ) | | 0. 44| 0. 34| 0. 30| 0. 27| 0. 23| Leveraged Spread| | -1. 09 % | -0. 90 % | -0. 79 % | -0. 90 % | -2. 39 % | ROE| | -3. 96 % | 4. 58 % | 1. 94 % | 2. 02 % | 4. 27 % | check| | 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| Company | Return On Equity Per Share [ Y2008 ] | Return On Equity Per Share [ Y2009 ] | Return On Equity Per Share [ Y2010 ] | Return On Equity Per Share [ Y2011 ] | Return On Equity Per Share [ Y2012 ] | 1| | | | | | 2| -27. 03| 25. 33| 33. 93| 14. 46| 36. 86|3| 6. 1| 20. 38| 10. 32| -18. 51| -27. 24|| | | | -16. 22| 6. 01|Malaysia industry average| -10. 47 % | 22. 86 % | 22. 13 % | -6. 76 % | 4. 81 % | | | | | | |1| 17. 02| 2| 1. 89| 4. 09| -4. 07|2| 22. 45| 19. 73| 18. 2| 11. 46| 15. 25|3| 11. 61| -21. 09| 2. 26| -7. 32| 2. 36|Austrilia industry average| 17. 03 % | 0. 21 % | 7. 45 % | 2. 74 % | 4. 51 % | | | | | | || | | | | || Return On Equity Per Share [ Y2008 ] | Return On Equity Per Share [ Y2009 ] | Return On Equity Per Share [ Y2010 ] | Return On Equity Per Share [ Y2011 ] | Return On Equity Per Share [ Y2012 ] | 1| -37. 81| 22. 91| 39. 91| 17. 15| 10. 29| 2| 14. 73| 1. 33| 5. 13| 5. 29| 4. 46|3| -27. 03| 25. 33| 33. 93| 14. 46| 36. 86|4| 15. 02| -1. 08| -13. 73| 4. 69| 5. 27|5| -19. 27| 11. 89| 29. 11| 9. 99| 1. 62|6| -76. 38| 57. 88| 57. 42| 19. 5| 17. 28|7| -70. 4| -11. 18| 23. 64| -4. 06| 0. 1|8| -51. 42| 4. 23| 34. 87| 17. 31| 8. 15|9| -27. 96| -10. 48| 33. 11| 0. 5| 1. 31|10| 19. 69| 39. 08| 9. 61| 13. 94| 10. 66|11| -20. 6| 5. 01| 30. 35| 19. 6| 10. 79|12| -20. 47| -30. 29| -21. 4| -5. 16| -14. 43|13| -26. 05| -3. 37| 14. 11| -9. 31| 9. 83|14| 6. 1| 20. 38| 10. 32| -110. 51| -27. 24|15| -0. 11| -13. 94| 9. 05| 85. 17| -13. 52|16| 17. 02| 2| 1. 89| 4. 09| -4. 07|17| 22. 45| 19. 73| 18. 2| 11. 46| 15. 25|17| 16. 21| 43. 36| 56. 31| 44. 68| 25. 97|18| 13. 1| 7. 31| 1. 58| 7. 88| 2. 48|19| -37. 71| 14. 89| 24. 31| -14. 64| 9. 45|20| -14. 02| 0. 34| 17. 5| 10. 69| 1. 37|21| 11. 61| -21. 09| 2. 26| -7. 32| 2. 36|Asia A ; Pacific Region industry average| -13. 33 % | 8. 37 % | 18. 98 % | 6. 15 % | 5. 19 % |

Romanticism and Transcendentalism essays

Romanticism and Transcendentalism essays Nature, as William Cullen Bryant pointed out, speaks a various language in its many changes and so serves the imagination as an expression of our own inner changes. (p. 123-124) Nature is a part of each and every single one of us. Especially for the Romantics and Transcendentalists. They had their own theories on life and how everything works around it. The Romantics and Transcendentalists believed in the strength of the individual and through that learned the true meaning of life. The same theories where brought upon us in the movie Phenomenon. The Romantics believed that people found truth from within their own senses and everything happens for a certain reason. He who, from zone to zone, guides through the boundless sky thy certain flight, in the long way that I must tread alone, will lead my steps aright. (p. 151) George also believed that the light shinned upon him because the world was trying to tell him something he never knew before. He believed that it didn't matter if a person was lost in their thoughts or did not know what to do with life, because there was always an answer and the one above will always guide everyone. Both the Romantics and the Transcendentalists believed in the strength of the individual or in other words, non conformity. That is basically one of the reasons why George did not fit into the town when he went through the changes. Society does not like changes, it likes to stay normal and constant with minimum changes. Transcendentalists believed that everything and everyone is made up of the earth. They believe that one is not 16 or 17 years old, but one is as old as this universe. Transcendentalists also believed in the over soul and finding truth from spiritual aspects. That spirit is one and not compound; that spirit does not act upon us from without, that is, in space and time, but spiritual ...

Example Sentences of the Verb Come

Example Sentences of the Verb Come The irregular verb come is one of the most common in English. Come is usually used when returning to a place one is at such as in come home, or when speaking about a person going from one place to another to see another person as in the phrase come over here.   Come is also used in many phrasal verbs such as, come up, come through, come over, come to. For example: Tom came up with a solution.  Could you come over tonight? Here are two example sentences with the verb come in each of the tenses. There are also examples in the  passive voice,  modal forms, and  conditional forms.   Example Sentences Using 'Come' in Each Form Base Form​ come / Past Simple came / Past Participle come / Gerund coming Present Simple I often come to this supermarket.Alan comes up with great ideas. Present Continuous Look! he is coming up the street.Jennifer is coming over this evening. Present Perfect Mary has come to this school for the past four years.MY friend Peter has come through for me many times. Present Perfect Continuous Mary has been coming to this school for the past four years.The students have been coming to the grammar class for two weeks. Past Simple We came here yesterday.What did the teacher come up with on Monday? Past Continuous We were coming home when we got the telephone call on our cell phone.She was coming to my help as the police arrived on the scene.   Past Perfect We had just come home when he arrived.Alessandra had come up with a solution before they suggested the change. Past Perfect Continuous John had been coming to their house for years when he decided not to visit anymore.Id been coming to this class for two weeks when I met Alan. Future (will) Peter will come next week.When will you come over for dinner? Future (going to) Mary is going to come to the party next week.I think hes going to come up with an idea. Future Continuous This time next week I will be coming home.Will you be coming over for dinner at eight? Future Perfect Many people will have come by the end of the party.This meeting will have come to an end by six oclock. Future Possibility She might come tomorrow.Peter should come to this class. I think youll enjoy it. Real Conditional If he comes, we will have lunch at a good restaurant.Unless he shows up soon, shell have to come over and give us a hand. Unreal Conditional If I came to the party, I wouldnt enjoy myself.I would come over tonight if I had the time. Past Unreal Conditional If he had come, he would have resolved all the problems.Tom would have done his homework if he had come home on time. Present Modal You really should come to the show.The children can come with you this evening. Past Modal They must have come! Im sure I saw them.He could always come home on the weekend.   Quiz: Conjugate With Come Use the verb to come to conjugate the following sentences. Quiz answers are below. In some cases, more than one answer may be correct. We ____ here yesterday.Peter _____ next week.Mary ____ to the party next week.Mary _____ to this school for the past four years.We _____ home when we got the telephone call on our cell phone.I often _____ to this supermarket.This time next week I _____ home.If he _____, we will have lunch at a good restaurant.We _____ just _____ home when he arrived.Many people ____ by the end of the party. Quiz Answers camewill comeis going to comehas comewere comingcomewill be comingcomeshad comewill have come

Are Genetic Explanations of ADHD faulty Essay Example | Topics and Well Written Essays - 1750 words

Are Genetic Explanations of ADHD faulty - Essay Example tatistical Manual of Mental Disorders -IV-TR defines ADHD as a developmental disorder that occurs in childhood, invariably prior to the age of seven, and is characterized by â€Å"developmentally inappropriate levels of inattention and/or hyperactive-impulsive behavior†, which causes impairment to one or more than one of major life activities, like family, peer, educational, occupational, social or adpative funtioning. This lack of a single acceptable definition provides indication of the division of the interpretation of the evidence available on ADHD, and is acceptable as knowledge. Children with ADHD display inattentiveness, impulsive behavior, and restlessness. They find it difficult to maintain attention in particular to activities that do not appeal to them or is non-rewarding. This behavior is often combined with the problem of responding to distractions that make it difficult to focus on tasks at hand. Adults with ADHD often have difficulty with time management, procrastination, organization, risk taking, careless behavior, and distractible and impulsive behavior, which leads to poor structuring of their lives, and inability to plan and execute complex daily tasks. (Attention-deficit hyperactivity disorder). The original manner in which children with ADHD was looked at was to treat them as children with learning difficulties, and that provide them with special education as a means to make them all right. Thus making it essentially an issue of nurture. Present day psychologists tend to question this understanding of ADHD, and have brought a new perspective of ADHD from the nature angle, in the form of a biological or neurochemical problem, as an explanation for ADHD. Support for this comes from psychologists, who believe that the mind and body are more closely intertwined than was earlier believed, and that the body could cause problems of the mind. These beliefs are founded or the findings that Downs syndrome and cancer could have a genetic basis.

The Secret Loin and The Rocking Horse Winner Essay

The Secret Loin and The Rocking Horse Winner - Essay Example This paper talkst he first story told about the importance and need to represent myself and my thoughts. Importantly, the second story, guided to avoid being too much greedy because it thrills but it kills in the long run. The second story also guided to think money as a tool of living. The objective of one’s existence should be to enjoy the life because believe it or not humans get only one go around in this world and therefore, it is people’s duty and responsibility to stop worrying about the future and initiate to live in the present. The present moment is what we all got and we can either enjoy it or waste it. In the paper we can find out the description of the first story. The story entitled â€Å"The Secret Loin† discussed two characters, whom were bored with exactitude of the routine. They were basically studying at Junior High School and there they were not permitted to have a conversation with anyone. They were expected to take classes and go home without thinking for a moment during the entire day. The thinking is the process that is the most difficult act for human beings. Most of the humanity wants to execute predetermined stigmata and manage the old routine The story at hand depicted a human urge and need to say what they want to say. This paper says that the second story with the title of â€Å"The Rocking Horse Winner† is written to tell people that unjustified greed and longing for the money is going to kill. The story attributes an anxious mother who wants to make money all the time. Furthermore, she is always worried and has a habit of blaming others for her own troubles. Paul is the name of the abovementioned mother’s son and he is told by her that she is miserable because of his father’s unluckiness. She also told him that luck is important, due to its ability to attract money. Paul in the vague of making a lot of money starts betting on horse races. Finally, with the help of Bassit and Uncle Oscar, Paul initiated to make money big time. But, one day while riding his rocking horse he fell and contracted an incurable brain disease and

Mutually Assured Destruction Research Paper Example | Topics and Well Written Essays - 3000 words

Mutually Assured Destruction - Research Paper Example Their own children fought the first man versus man battle with Abel as the first human casualty. From then onwards, from the Book of Genesis to the Book of Revelation, every chapter exposes the wars human beings have had to win. On the other hand, the theory of evolution paints an even more difficult birth for the human kind. It is survival of the fittest. Perhaps the Homo sapiens specie is indeed the fittest because it had survived the tests of time and nature. Sadly though, we did survive millions of years of evolution only to stand at the brink of total annihilation on our own hands. Apparently, Armageddon would come not through the Beast of the Book of Revelation or through a colliding giant asteroid. Contrary to the prophecies of prophets and filmmakers, the end of days would be brought by the beast of man called nuclear weapon when the interests of the world’s powers collide. Worse, there is no need for a world war three in order for the world to be in chaos. All it need s is a war between two nuclear superpowers and the earth will stand still, or whatever is left of it. War in this day and age is unthinkable but we need to think about it. War in the twenty first century is simply mad. Well, as a matter of fact, it is MAD. This paper shall look into the theory of war called Mutually Assured Destruction (MAD) and its role in the World War I, World War II and the Cold War. Moreover, this paper shall explore into the future of weapons and war in light of the technological advancements of our time. The MAD Theory When John F. Kennedy took over the reins on January 20, 1961, he declared in his inaugural address: "Let every nation know, whether it wishes us well or ill, that we will pay any price, bear any burden, meet any hardship, support any friend, oppose any foe, to assure the survival and the success of liberty.† Essentially, this was a confirmation that from then onwards, the USSR will never catch up on the mighty USA. The government will do everything in its power and utilize all available resources to ensure that the USA shall remain the world’s guardian of democracy and anyone who chose to disagree and oppose shall feel its power. True to his words, the President brought in Robert McNamara from the business sector to help him pound the competition and ensure its monopoly on world power. And McNamara managed the Department of Defense like he would a multinational company – always with a sharp eye on profit and always calculating the odds with the aid of cost-benefit analysis. The US developed more products that would be a big hit in the world market (read: weapons that would destroy the world). And the business of war was indeed good. President John F. Kennedy’s Secretary of Defense Robert McNamara introduced the world to the concept of Mutually Assured Destruction otherwise known as simply MAD. In his own words: â€Å"Mutual Assured Destruction is the foundation of deterrence†¦ If you want a stable nuclear world†¦ it requires that each side be confident that it can deter the other. And that requires that there be a balance and the balance is the understanding that if either side initiates the use of nuclear weapons, the other side will respond with sufficient power to inflict unacceptable damage. Mutual Assured Destruction. So Mutual Assured Destruction is the foundation of stable deterrence in a nuclear world. It's not mad, it's logical.† (Interview) Robert McNamara is credited with the doctrine of Mutually Assur

Five Advertisements Essay Example | Topics and Well Written Essays - 500 words

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Analytical Paper Essay Example | Topics and Well Written Essays - 1000 words

Analytical Paper - Essay Example 56). The question that we need to ask ourselves is, what then is the relationship between the employee and this pathological entity as depicted by Balkan? To answer this question the paper will look at the responsibilities of employees to the corporation and vice versa, how the corporation shapes identity of an employee, the ethical relationships to another and how creativity is managed. The employee and the corporation are often assumed to have a psychological contract that governs the behavior of employees and the employer. In this contract, the employee has a responsibility to the corporation in terms of what/she puts in and in return expects compensation from the employer (Bakan, 59). The employee thus gives the corporation his/her expertise, experience, education, efforts and skills and expects to receive a fair remuneration for the efforts from the employer. The corporation on the other hand, expects outcome from employee in terms of loyalty, engagement, improved performance (i.e. increased revenues and profits). A breach of contract on either side may lead to detrimental consequences such as reduced productivity or high turnover rate. This was especially so in traditional organizations where loyalty to the employer was key. What happens today where organizations have become networked and operate in different geographical areas, where there is no direct contac t between employee and employer? For today’s employees’ loyalty is of little importance as they move more towards independence and do not expect to work for one company for a long time. The employees give value to the corporation in terms of improved performance and productivity but if their efforts are not rewarded adequately, they move on to other corporations. In the other hand, the corporations have the responsibility to take care of their assets who are the employees. Today, due to increased tendency towards cost-benefit analysis corporations expect the highest

Corporate Social Responsibility Master Case Study

Corporate Social Responsibility Master - Case Study Example It states the obligations of the company towards the process of making the profit and the obligation that it has towards those who are involved in the process and the impact on the environment. There has been more emphases on the need of the companies consider ethical practices in their business which has been driven by the increasing consumer awareness for the obligations that corporations have towards them and towards the environment. The new market trade has been dictated by the demands of the consumers to have eco-friendly process and goods which has been seen as one of the most important way in which companies can integrate ethical practices in their business processes. Therefore we can say the term corporate social responsibility has its roots on the moral obligation that companies have towards its workers, the shareholders, its customers, and toward the environment. It is a broad term that is supported by ethical theories of deontological theories and teleological theories that defines not only the moral obligations that we have in terms of the result of the process but also the moral obligating that we have in terms of all the factors that are involved in the production process. Most compan... en it as their sole responsibility to ensure that they integrate ethical practices in the production process and also in the all other areas pertaining to their operations. Most companies therefore look forward toward the release of their CRS end year report which has become one of the most anticipated even in the company's calendar. CRS activities have not only been serving as important process in the working of the company but they have also been an important way in which companies have been marketing themselves and identifying themselves with the surrounding communities. The concept has helped most company to play the moral obligation by caring out CRS programs that are aimed at raising the welfare of its workers, consumers and the environment. Sainsbury PLC. J. Sainsbury plc is one of the leading food retail in the UK and has been able to establish interest in non-food and financial services. The group is made up of server chains supermarket called Sainsbury's supermarket, Bells stores, Jacksons Stores, and Sainsbury Banks. The corporation employs more the 145,000 people in all its operations. The company has been in the market for along time and has built a business empire based on its principal of ensuring that they give their customers the best butter in the world and at the affordable price. It has aimed at cutting in niche in the market by becoming the leading consumer first choice for food, delivering of outstanding quality products at the most competitive price in the market. The company has been taking various steps towards ensuring that it satisfies its customers in terms of meeting their demands through delivery of high quality goods and through ensuring that it pays attention to the matters of the environment. Let us look at the CSR activities

Analytical Paper Essay Example | Topics and Well Written Essays - 1000 words

Analytical Paper - Essay Example 56). The question that we need to ask ourselves is, what then is the relationship between the employee and this pathological entity as depicted by Balkan? To answer this question the paper will look at the responsibilities of employees to the corporation and vice versa, how the corporation shapes identity of an employee, the ethical relationships to another and how creativity is managed. The employee and the corporation are often assumed to have a psychological contract that governs the behavior of employees and the employer. In this contract, the employee has a responsibility to the corporation in terms of what/she puts in and in return expects compensation from the employer (Bakan, 59). The employee thus gives the corporation his/her expertise, experience, education, efforts and skills and expects to receive a fair remuneration for the efforts from the employer. The corporation on the other hand, expects outcome from employee in terms of loyalty, engagement, improved performance (i.e. increased revenues and profits). A breach of contract on either side may lead to detrimental consequences such as reduced productivity or high turnover rate. This was especially so in traditional organizations where loyalty to the employer was key. What happens today where organizations have become networked and operate in different geographical areas, where there is no direct contac t between employee and employer? For today’s employees’ loyalty is of little importance as they move more towards independence and do not expect to work for one company for a long time. The employees give value to the corporation in terms of improved performance and productivity but if their efforts are not rewarded adequately, they move on to other corporations. In the other hand, the corporations have the responsibility to take care of their assets who are the employees. Today, due to increased tendency towards cost-benefit analysis corporations expect the highest

Cultural Gap Essay Example | Topics and Well Written Essays - 500 words

Cultural Gap - Essay Example Raised in a Christian family. My parents lived by the church doctrines. Something to do with the relationship was out of the question, especially at our tender age. Going to LGBT meeting was a big decision I made. Many of the online discussions about the meeting seemed appealing. The encouragement I received from online friends gave me hope; I had to find out what I did not know. I focused on finding self-fulfillment. At first, I was nervous and at the same time excited. I never knew what was in place for me. It was like going to another planet. It seemed something intimidating and a scary one to walk into a room and be sincere over something I could barely admit. The truth looked fantastic, but from hiding in it, it ended up being the scariest thing. As I joined college, I sent an email to the LGBT coordinator concerning where and when the meeting could occur. Unfortunately, at that time, I failed to turn up for the meeting due to some reasons I could not avoid. On this occasion, I was confident and focused on attending it, though felt scary than before. On the initial day of the meeting, I walked to the building and found the room number. My nerves took held of me. How I wished, I knew it was okay to be who I am and to feel the way I felt. I had spent years denying who I was. It is so ridiculous to feel so at the place where I should have called home. I had no idea of having people around me who cared and who could understand me. I took a friend to the meeting with me. I was too nervous to go alone. The environment inside was nothing I expected. At first, I felt it would not work. In some few minutes, the room was with young men who were open, smart, fantastic, and very welcoming. The room was so welcoming and open. Afer introducing myself, I talked about how I felt. I had to accept myself and come out. With time, I am glad to have learnt a lot about LGBT people and myself. I wished I had involved myself

The Education of Henry Adams Essay Example for Free

The Education of Henry Adams Essay Henry Adams wrote a short preface to his landmark autobiography The Education of Henry Adams, which provides crucial clues at to what the book aims at. The first question mark is concerning whether it is an autobiography at all, and according to the admission of the author it is not so in the conventional sense. He tells us that the theme is education, and specifically it searches for a new mode of education that is appropriate to the age of science and mechanization. If he is telling the story of his life, it is as if he is putting himself forward as a manikin in order to expose the misfit of a garment, which here denotes traditional education. Adams wants to demonstrate to us that conventional education has not prepared him for the modern world, and this is the first aim we identify in the preface. The second, and related, aim is to show that such education did not â€Å"educate† his fathers either, despite their smug assurances that it did. The third aim is to demonstrate that all education is self-education. A student cannot ask of his teacher to provide him with an â€Å"education†, but only a mastery of the tools of education. A young man with a keen mind is described as a bundle of energy, but which is liable to go to waste without economical application. The teacher shows him how to use the tools, and thereby how to economize his force. Once the tools have served their purpose they must be discarded, and to demonstrate why this is so is the fourthly stated aim. If the student does not discard the baggage of his education he is liable to be burdened with â€Å"inert facts†, which becomes deadweight to him (Adams 379). The fifth and final aim concerns the vitality of the manikin. To introduce the analogy of the manikin in the first place may suggest that the subject of the autobiography is not really a person at all. Whether he is or not, the manikin must be treated as a real person, for if this is not done the garment of education cannot be tested on the manikin at all. What Adams is really saying is that, although we should distrust the â€Å"I† of the autobiography, because it is a pretentious and largely fictional being, we should empathize to an extent, because autobiography is bound to contain a measure of truth Because he distrusted the autobiographical â€Å"I†, Adams finds an alternative use of the subject of his autobiography, which is as a manikin doll to test suitably of conventional education, and whether it has prepared him for the world. He states that this act of self effacement is a trend started by Jean Jacques Rousseau, whose semi-autobiographical Emile is really an educational tract. Adams is suggesting that autobiography is automatically a narrative of one’s education, and the narrator is simply the means by which this is accomplished. If this is the case, he prefers to do the deed expressly, calling the described character of Henry Adams a manikin doll, and education being the real subject matter. This does not mean that he becomes detached from the character, but he does avoid the â€Å"I† throughout, and narrates the story of Henry Adams strictly in the third person. The central concern of Adams is that conventional education is completely out of touch with the real world. There is no doubt that he gets the best available education for his age, attending the prestigious Harvard College. But his complaint is a fundamental one. Regarding his Harvard education he says: It taught little, and that little ill, but it left the mind open, free from bias, ignorant of facts, but docile. The graduate had few strong prejudices. He knew little, but his mind remained supple, ready to receive knowledge. (Ibid 55) In spite of being fiercely critical of Harvard at all time, what he describes of it, as evidenced in the above passage, is exactly what he states elsewhere that education should be. It is to have mastery of the tools and a remnant of an open mind, so that self education can proceed from thence onwards. Therefore, the point of his attack is not entirely clear. We can understand the criticism, though, from the point of view of the education being anarchic and nihilistic, but this was an indictment against the American educational system as a whole, and not just Harvard. For this he puts science on the dock, saying that if it does not promote a unity in vision. The modern search for scientific truth he relates to the worship of the dynamo, and he contrasts this to the worship of the Virgin, the iconic goddess of traditional Christianity. The worship of the Virgin promoted unity, and for which reason the Catholic Church was able to hold European civilization together in the Middle Ages. Science challenged this vision and overcame it in the end. Science also promised unity. When Francis Bacon propounds the experimental method of observation and induction in the 17th century, his hope was that scientific knowledge may arrive at unity, and one superior to the religious vision of unity because it eliminates mystery, and brings all knowledge into the clear light of day. But the promise of science has been proved to be erroneous, and after 300 years of unfettered science, multiplicity has come to be established as the regular mode of scientific knowledge. Adams maintains that such a situation cannot be dismissed lightly, and the American establishment certainly seems to do so. This is a failure of education, says Adams. Bacon had a clearly set goal of unity before him. But the typical American, confronted with multiplicity, failed to even recognize that there was a problem and â€Å"an elderly American in 1900 knew neither the formula nor the forces† (Ibid 379). The education system is to blame, he says, because it has turned learning into a merely mechanical process, and the learner is not even aware of the underlying purpose anymore. This purpose must be unity, for chaos is never a goal. The modern educated happily tread the path of anarchy and nihilism in learning, not even aware of the paradox that they create for themselves. The implication of Adams is that modern education must teach how to deal with multiplicity. But Adams fails to recognize that the seemingly indifferent American may indeed be well-adapted. He even admits this much when he describes the typical educated American as a â€Å"Christian anarchist†, and says that this faith is â€Å"national, racial, geographic† (Ibid 408). Such a Christian is different from the traditional one in that his belief in Christ does not lead to a unified communal vision, but rather to a personal one, and therefore one tending towards anarchy. Regarding such an American he says: He never had known a complete union either in Church or State or thought, and had never seen any need for it. The freedom gave him courage to meet any contradiction, and intelligence enough to ignore it. (Ibid) This describes someone well adapted to multiplicity. This faith may be fundamentally American, but it cannot be maintained without the complicity of the educational system. The American adopts diversity and multiplicity as a God-given right, but the faith itself unifies the American nation. If the nation is unified, then the goal is none other than unity. In this sense the American educational system offers the best preparation to deal with multiplicity. If Adams feels helpless before multiplicity, it is only because he has not sufficiently imbibed the American faith. And if this is so then we can only say that the American educational system has failed in his instance. Contemplating the theme of unity, Adams judges that history has a direction. If this were not so, and multiplicity was an end in itself, the chaos is the only result. This is a prelude to his â€Å"dynamic theory of history† which he develops later on in the Education. According to this theory, all life is motion, and this motion can either be chaotic or purposeful. Science describes only the chance collision of atoms and molecules, which is but one more way to describe chaos. The historian tries to be scientific in his approach, but fails to notice that the philosophy of science is not conducive to his practice. â€Å"Historians undertake to arrange sequences, called stories, or histories assuming in silence a relation of cause and effect,† he says (Ibid 382). Without realizing it the historian is telling a story that has a moral lesson attached to the end of it, and he does so because he realizes subconsciously that history is dynamic and has a direction. It is Adams purpose is to reform the practice of history, so that the historian becomes conscious of the unity that he is striving for, and does not just blindly tag along with science. But Adams fails to realize that this is exactly how the philosophy of history has progressed along with the advance of science, and found culmination of a sort with the German philosophers and historians, especially through Kant, Hegel and Marx. At one stage he dismisses German philosophy as primitive and faddish, without realizing that his own goals coincide with theirs, and that in relation to them he is far lagging behind. Because dynamism is the lifeblood of history, inertia is the one and only barrier to it. Adams sees America at the forefront of the thrust of history, but he also notices huge swathes of inertia around the world, and he draws attention to the enormous body of China as clinging on to the past. Surveying the political situation, he soon gives up hope that China will ever overcome its political inertia, and shifts his hope towards Russia, which is undulating between the East and West. Russia is also a body enormous inertia, but Adams pins hope on it eventually overcoming this barrier and joining the march of progress. But if history is all encompassing as Adams makes it out to be, then it cannot exclude inertia either. History has a place for both liberalism and reaction. Hegel’s â€Å"grand synthesis† is able to deal with this, whereas Adams’ one dimensional theory of dynamism cannot. A bigger threat than political inertia is sexual inertia. Reproduction and homemaking lies at the root of human existence, and is the perpetual domain of the female. But the new dynamism ushered in by science wants to mechanize all tasks, and to collectivize all people. And to do this he leaves the home and denies sexual identity. Adams describes the plight of the modern man thus: He could not run his machine and a woman too; he must leave her; even though his wife, to find her own way, and all the world saw her trying to find her way by imitating him. (Ibid 445) One could overcome political inertia with difficulty, but overcoming sexual inertia entails the extinction of the race. â€Å"[Y]et an immense force, doubling every few years, was working irresistibly to overcome it,† he says (Ibid 448). In response to this enormous onslaught against her, the woman fights back, for the sake of her own survival and that of the race, by coming out into the man’s world and matching him in deed. This is no doubt a profound and accurate appraisal of woman’s emancipation. But it is also a serious indictment of his own dynamic theory of history, because it then seems to run counter to the female instinct. It also seems to imply that human history is suicidal. In conclusion, Adams proposes a reform of education so that it teaches how to cope with multiplicity, which is the inevitable consequence of the advance of science. Such an education must be based on the dynamic theory of history, which posits that history has a purpose and direction even amidst multiplicity. According to the theory, the only barrier to dynamism is inertia, which may be either political or sexual. This essay has dealt with the ramifications of Adams’ ideas. Works Cited Adams, Henry. The Education of Henry Adams: An Autobiography. Contributor Donald Hall. Boston: Houghton Mifflin Books, 2000.

Bakery Business Plan Jollys Java And Bakery

Bakery Business Plan Jollys Java And Bakery Jollys Java and Bakery (JJB) is a start-up coffee and bakery retail establishment located in southwest Washington. JJB expects to catch the interest of a regular loyal customer base with its broad variety of coffee and pastry products. The company plans to build a strong market position in the town, due to the partners industry experience and mild competitive climate in the area. JJB aims to offer its products at a competitive price to meet the demand of the middle-to higher-income local market area residents and tourists. The Company JJB is incorporated in the state of Washington. It is equally owned and managed by its two partners. Mr. Austin Patterson has extensive experience in sales, marketing, and management, and was vice president of marketing with both Jansonne Jansonne and Burper Foods. Mr. David Fields brings experience in the area of finance and administration, including a stint as chief financial officer with both Flaxfield Roasters and the national coffee store chain, BuzzCups. The company intends to hire two full-time pastry bakers and six part-time baristas to handle customer service and day to day operations. Products and Services JJB offers a broad range of coffee and espresso products, all from high quality Columbian grown imported coffee beans. JJB caters to all of its customers by providing each customer coffee and espresso products made to suit the customer, down to the smallest detail. The bakery provides freshly prepared bakery and pastry products at all times during business operations. Six to eight moderate batches of bakery and pastry products are prepared during the day to assure fresh baked goods are always available. The Market The retail coffee industry in the U.S. has recently experienced rapid growth. The cool marine climate in southwest Washington stimulates consumption of hot beverages throughout the year. JJB wants to establish a large regular customer base, and will therefore concentrate its business and marketing on local residents, which will be the dominant target market. This will establish a healthy, consistent revenue base to ensure stability of the business. In addition, tourist traffic is expected to comprise approximately 35% of the revenues. High visibility and competitive products and service are critical to capture this segment of the market. Financial Considerations JJB expects to raise $110,000 of its own capital, and to borrow $100,000 guaranteed by the SBA as a ten-year loan. This provides the bulk of the current financing required. JJB anticipates sales of about $491,000 in the first year, $567,000 in the second year, and $655,000 in the third year of the plan. JJB should break even by the fourth month of its operation as it steadily increases its sales. Profits for this time period are expected to be approximately $13,000 in year 1, $36,000 by year 2, and $46,000 by year 3. The company does not anticipate any cash flow problems. Company Summary JJB is a bakery and coffee shop managed by two partners. These partners represent sales/management and finance/administration areas, respectively. The partners will provide funding from their own savings, which will cover start-up expenses and provide a financial cushion for the first months of operation. A ten-year Small Business Administration (SBA) loan will cover the rest of the required financing. The company plans to build a strong market position in the town, due to the partners industry experience and mild competitive climate in the area. 2.1 Company Ownership JJB is incorporated in the state of Washington. It is equally owned by its two partners. 2.2 Company History JJB is a start-up company. Financing will come from the partners capital and a ten-year SBA loan. The following chart and table illustrate the companys projected initial start-up costs. Products JJB offers a broad range of coffee and espresso products, all from high quality Columbian grown imported coffee beans. JJB caters to all of its customers by providing each customer coffee and espresso products made to suit the customer, down to the smallest detail. The bakery provides freshly prepared bakery and pastry products at all times during business operations. Six to eight moderate batches of bakery and pastry products are prepared during the day to assure fresh baked goods are always available. Market Analysis Summary JJBs focus is on meeting the demand of a regular local resident customer base, as well as a significant level of tourist traffic from nearby highways. 4.1 Market Segmentation JJB focuses on the middle- and upper-income markets. These market segments consume the majority of coffee and espresso products. Local Residents JJB wants to establish a large regular customer base. This will establish a healthy, consistent revenue base to ensure stability of the business. Tourists Tourist traffic comprises approximately 35% of the revenues. High visibility and competitive products and service are critical to capture this segment of the market. 4.1.1 Market Analysis The chart and table below outline the total market potential of the above described customer segments. 4.2 Target Market Segment Strategy The dominant target market for JJB is a regular stream of local residents. Personal and expedient customer service at a competitive price is key to maintaining the local market share of this target market. 4.2.1 Market Needs Because Washington has a cool climate for eight months out of the year, hot coffee products are very much in demand. During the remaining warmer four months of the year, iced coffee products are in significantly high demand, along with a slower but consistent demand for hot coffee products. Much of the days activity occurs in the morning hours before ten a.m., with a relatively steady flow for the remainder of the day. 4.3 Service Business Analysis The retail coffee industry in the U.S. has recently experienced rapid growth. The cool marine climate in southwest Washington stimulates consumption of hot beverages throughout the year. Coffee drinkers in the Pacific Northwest are finicky about the quality of beverages offered at the numerous coffee bars across the region. Despite low competition in the immediate area, JJB will position itself as a place where customers can enjoy a cup of delicious coffee with a fresh pastry in a relaxing environment. 4.3.1 Competition and Buying Patterns Competition in the local area is somewhat sparse and does not provide nearly the level of product quality and customer service as JJB. Local customers are looking for a high quality product in a relaxing atmosphere. They desire a unique, classy experience. Leading competitors purchase and roast high quality, whole-bean coffees and, along with Italian-style espresso beverages, cold-blended beverages, a variety of pastries and confections, coffee-related accessories and equipment, and a line of premium teas, sell these items primarily through company-operated retail stores. In addition to sales through company-operated retail stores, leading competitors sell coffee and tea products through other channels of distribution (specialty operations). Larger chains vary their product mix depending upon the size of each store and its location. Larger stores carry a broad selection of whole bean coffees in various sizes and types of packaging, as well as an assortment of coffee- and espresso-making equipment and accessories such as coffee grinders, coffee makers, espresso machines, coffee filters, storage containers, travel tumblers and mugs. Smaller stores and kiosks typically sell a full line of coffee beverages, a more limited selection of whole-bean coffees, and a few accessories such as travel tumblers and logo mugs. During fiscal year 2000, industry retail sales mix by product type was approximately 73% beverages, 14% food items, eight percent whole-bean coffees, and five percent coffee-making equipment and accessories. Technologically savvy competitors make fresh coffee and coffee-related products conveniently available via mail order and online. Additionally, mail order catalogs offering coffees, certain food items, and select coffee-making equipment and accessories, have been made available by a few larger competitors. Websites offering online stores that allow customers to browse for and purchase coffee, gifts, and other items via the Internet have become more commonplace as well. Strategy and Implementation Summary JJB will succeed by offering consumers high quality coffee, espresso, and bakery products with personal service at a competitive price. 5.1 Competitive Edge JJBs competitive edge is the relatively low level of competition in the local area in this particular niche. 5.2 Sales Strategy As the chart and table show, JJB anticipates sales of about $491,000 in the first year, $567,000 in the second year, and $655,000 in the third year of the plan. Sales Forecast 2001 2002 2003 Unit Sales Espresso Drinks 135,000 148,500 163,350 Pastry Items 86,000 94,600 104,060 Other 0 0 0 Total Unit Sales 221,000 243,100 267,410 Unit Prices 2001 2002 2003 Espresso Drinks $3.00 $3.15 $3.31 Pastry Items $1.00 $1.05 $1.10 Other $0.00 $0.00 $0.00 Sales Espresso Drinks $405,000 $467,775 $540,280 Pastry Items $86,000 $99,330 $114,726 Other $0 $0 $0 Total Sales $491,000 $567,105 $655,006 Direct Unit Costs 2001 2002 2003 Espresso Drinks $0.25 $0.26 $0.28 Pastry Items $0.50 $0.53 $0.55 Other $0.00 $0.00 $0.00 Direct Cost of Sales Espresso Drinks $33,750 $38,981 $45,023 Pastry Items $43,000 $49,665 $57,363 Other $0 $0 $0 Subtotal Direct Cost of Sales $76,750 $88,646 $102,386 Management Summary Austin Patterson has extensive experience in sales, marketing, and management, and was vice president of marketing with both Jansonne Jansonne and Burper Foods. David Fields brings experience in the area of finance and administration, including a stint as chief financial officer with both Flaxfield Roasters and the national coffee store chain, BuzzCups. 6.1 Personnel Plan As the personnel plan shows, JJB expects to make significant investments in sales, sales support, and product development personnel. Personnel Plan 2001 2002 2003 Managers $100,000 $105,000 $110,250 Pastry Bakers $40,800 $42,840 $44,982 Baristas $120,000 $126,000 $132,300 Other $0 $0 $0 Total People 10 10 10 Total Payroll $260,800 $273,840 $287,532 Financial Plan JJB expects to raise $110,000 of its own capital, and to borrow $100,000 guaranteed by the SBA as a ten-year loan. This provides the bulk of the current financing required. 7.1 Break-even Analysis JJBs Break-even Analysis is based on the average of the first-year figures for total sales by units, and by operating expenses. These are presented as per-unit revenue, per-unit cost, and fixed costs. These conservative assumptions make for a more accurate estimate of real risk. JJB should break even by the fourth month of its operation as it steadily increases its sales. Break-even Analysis Monthly Units Break-even 17,255 Monthly Revenue Break-even $38,336 Assumptions: Average Per-Unit Revenue $2.22 Average Per-Unit Variable Cost $0.35 Estimated Monthly Fixed Cost $32,343 7.2 Projected Profit and Loss As the Profit and Loss table shows, JJB expects to continue its steady growth in profitability over the next three years of operations. Pro Forma Profit and Loss 2001 2002 2003 Sales $491,000 $567,105 $655,006 Direct Cost of Sales $76,750 $88,646 $102,386 Other $0 $0 $0 Total Cost of Sales $76,750 $88,646 $102,386 Gross Margin $414,250 $478,459 $552,620 Gross Margin % 84.37% 84.37% 84.37% Expenses Payroll $260,800 $273,840 $287,532 Sales and Marketing and Other Expenses $27,000 $35,200 $71,460 Depreciation $60,000 $69,000 $79,350 Utilities $1,200 $1,260 $1,323 Payroll Taxes $39,120 $41,076 $43,130 Other $0 $0 $0 Total Operating Expenses $388,120 $420,376 $482,795 Profit Before Interest and Taxes $26,130 $58,083 $69,825 EBITDA $86,130 $127,083 $149,175 Interest Expense $10,000 $9,500 $8,250 Taxes Incurred $3,111 $12,146 $15,650 Net Profit $13,019 $36,437 $45,925 Net Profit/Sales 2.65% 6.43% 7.01% 7.3 Projected Cash Flow The cash flow projection shows that provisions for ongoing expenses are adequate to meet JJBs needs as the business generates cash flow sufficient to support operations. Pro Forma Cash Flow 2001 2002 2003 Cash Received Cash from Operations Cash Sales $491,000 $567,105 $655,006 Subtotal Cash from Operations $491,000 $567,105 $655,006 Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $0 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $491,000 $567,105 $655,006 Expenditures 2001 2002 2003 Expenditures from Operations Cash Spending $260,800 $273,840 $287,532 Bill Payments $143,607 $186,964 $237,731 Subtotal Spent on Operations $404,407 $460,804 $525,263 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 Principal Repayment of Current Borrowing $0 $0 $0 Other Liabilities Principal Repayment $0 $0 $0 Long-term Liabilities Principal Repayment $0 $10,000 $15,000 Purchase Other Current Assets $0 $0 $0 Purchase Long-term Assets $0 $20,000 $20,000 Dividends $0 $0 $0 Subtotal Cash Spent $404,407 $490,804 $560,263 Net Cash Flow $86,593 $76,301 $94,744 Cash Balance $156,593 $232,894 $327,637 7.4 Balance Sheet The following is a projected Balance Sheet for JJB. Pro Forma Balance Sheet 2001 2002 2003 Assets Current Assets Cash $156,593 $232,894 $327,637 Other Current Assets $12,000 $12,000 $12,000 Total Current Assets $168,593 $244,894 $339,637 Long-term Assets Long-term Assets $65,000 $85,000 $105,000 Accumulated Depreciation $60,000 $129,000 $208,350 Total Long-term Assets $5,000 ($44,000) ($103,350) Total Assets $173,593 $200,894 $236,287 Liabilities and Capital 2001 2002 2003 Current Liabilities Accounts Payable $14,574 $15,438 $19,907 Current Borrowing $0 $0 $0 Other Current Liabilities $0 $0 $0 Subtotal Current Liabilities $14,574 $15,438 $19,907 Long-term Liabilities $100,000 $90,000 $75,000 Total Liabilities $114,574 $105,438 $94,907 Paid-in Capital $110,000 $110,000 $110,000 Retained Earnings ($64,000) ($50,981) ($14,544) Earnings $13,019 $36,437 $45,925 Total Capital $59,019 $95,456 $141,381 Total Liabilities and Capital $173,593 $200,894 $236,287 Net Worth $59,019 $95,456 $141,381 7.5 Business Ratios The following table represents key ratios for the retail bakery and coffee shop industry. These ratios are determined by the Standard Industry Classification (SIC) Index code 5812, Eating Places. Ratio Analysis 2001 2002 2003 Industry Profile Sales Growth 0.00% 15.50% 15.50% 7.60% Percent of Total Assets Other Current Assets 6.91% 5.97% 5.08% 35.60% Total Current Assets 97.12% 121.90% 143.74% 43.70% Long-term Assets 2.88% -21.90% -43.74% 56.30% Total Assets 100.00% 100.00% 100.00% 100.00% Current Liabilities 8.40% 7.68% 8.42% 32.70% Long-term Liabilities 57.61% 44.80% 31.74% 28.50% Total Liabilities 66.00% 52.48% 40.17% 61.20% Net Worth 34.00% 47.52% 59.83% 38.80% Percent of Sales Sales 100.00% 100.00% 100.00% 100.00% Gross Margin 84.37% 84.37% 84.37% 60.50% Selling, General Administrative Expenses 74.74% 71.43% 71.39% 39.80% Advertising Expenses 0.49% 1.76% 6.87% 3.20% Profit Before Interest and Taxes 5.32% 10.24% 10.66% 0.70% Main Ratios Current 11.57 15.86 17.06 0.98 Quick 11.57 15.86 17.06 0.65 Total Debt to Total Assets 66.00% 52.48% 40.17% 61.20% Pre-tax Return on Net Worth 27.33% 50.90% 43.55% 1.70% Pre-tax Return on Assets 9.29% 24.18% 26.06% 4.30% Additional Ratios 2001 2002 2003 Net Profit Margin 2.65% 6.43% 7.01% n.a Return on Equity 22.06% 38.17% 32.48% n.a Activity Ratios Accounts Payable Turnover 10.79 12.17 12.17 n.a Payment Days 27 29 27 n.a Total Asset Turnover 2.83 2.82 2.77 n.a Debt Ratios Debt to Net Worth 1.94 1.10 0.67 n.a Current Liab. to Liab. 0.13 0.15 0.21 n.a Liquidity Ratios Net Working Capital $154,019 $229,456 $319,731 n.a Interest Coverage 2.61 6.11 8.46 n.a Additional Ratios Assets to Sales 0.35 0.35 0.36 n.a Current Debt/Total Assets 8% 8% 8% n.a Acid Test 11.57 15.86 17.06 n.a Sales/Net Worth 8.32 5.94 4.63 n.a Dividend Payout 0.00 0.00 0.00 n.a