Cyclon Hellas Sa In The Industrial Production Of Lubricants Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1887 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? PART 1 Cyclon Hellas is a company that operates in Greece in the industrial production of lubricants and the production and trade of packaged lubricants as also at the distribution of liquid fuels. Cyclon Hellas main target, is to provide quality products and services that respect both the needs of consumers and the environment. Since the beginning of the company which is estimated around 1981, through research and technological performance the company archived a high quality and ecological dimension of the products it developed.   Even the high competition not only in Greece but also in rest of Europe and Middle East, Cyclon Hellas has achieved to expand and play a great role among these markets only by maintaining the same philosophy, which springs not only from its consumers liability and satisfaction but also their partners collaboration.. Don’t waste time! Our writers will create an original "Cyclon Hellas Sa In The Industrial Production Of Lubricants Finance Essay" essay for you Create order PART 2             INCOME STATEMENT (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)                   YEAR YEAR          2009 2008 Turnover 372.651 403.615 Cost of Sales 349.536 377.393 Gross Profit/Loss 23.115 26.222       Selling Expenses 15.891 16.669 Administrative Expenses 4.725 4.529 Plus/ Minus Other Operating Income/Expenses 3.778 3.362       Profits before Interest/Depreciation 6.277 8.386 And Taxes/EBITDA          Plus/Investments income/Profits 3.78 591 From Associate Companies          Minus Financial Expenses 2.084 2.976 Profit before Depreciation and Taxes 4.571 6.001 Minus Total Depreciation 2.697 2.409       Net Profit before Tax 1.874 3.592 Minus Taxes 820 1.436       Profit after Tax 1.054 2.156       ATTRIBUTABLE TO:    Equity Shareholders 1.060 2.147 Minority Interest (6) 9 Net profit/(loss) after tax 1.054 2.156       Basic earnings/(losses) per Share EPS (in euro) 0,0397 0,0807 Diluted earnings/(losses) per share (in euro)          Other State revenue    Foreign Currency Translation (8) 1 TOTAL       1.046 2.157                ANNUAL BALANCE SHEET (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)       YEAR YEAR    2009 2008 ASSETS    Non-Current Assets    Tangible Assets 33.090 32.752 Investments in Real Estate 2.007 2.015 Intangible Assets 603 844 Participation in Subsidiaries and Affiliated Companies 33 33 Goodwill 467 467 Other Long Term Receivables 4.288 4.792 Total non-Current Assets 40.488 40.903 Current Assets    Investments    Inventories 8.510 9.295 Trade and Other Receivables 49.028 57.538 Cash and Cash Equivalents 4.243 6.034 Total Current Assets 61.781 72.867 TOTAL ASSETS 102.269 113.770       SHAREHOLDERS EQUITY AND LIABILITIES    SHAREHOLDERS EQUITY    Share Capital 12.532 12.532 Reserves 2.105 2.113 Retained earnings 14.705 13.645 Total Shareholders equity attributed to shareholders of the parent 29.342 28.290 Minority Interest 18 24 Total Equity 29.360 28.314 Long Term Liabilities    Long Term loans /(Leasing Liabilities) 373 16.745 Deferred Tax Liabilities 3.740 3.510 Employee Benefits 3.735 3.750 Grants 92 310 Trade and Other Long Terms Paybles 85 74 Total Long Term Liabilities 8.025 24.389 Short Term Liabilities    Trade and Other Sort Terms Paybles 35.686 33.906 Short Term Loans 29.198 29.198 Long Term Liabilities (payable next year) 0 4.000 Other payables and Accrued Expenses    Total Short Term Liabilities 64.884 61.067       TOTAL LIABILITIES 72.909 85.456 TOTAL LIABILITIES AND EQUITY       102.269 113.770 CASH FLOW (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)             YEAR YEAR    2009 2008 Profit/(losses) before Taxes and Minority Interest 1.874 3.592 Plus / (minus) adjustments for    Depreciation 2.697 2.409 Forecasts 142 (678) Grants Depreciation (165) (147) Transaction Changes (235) (6) (Profit)/loss from sale of fixed assets (268) (52) Interest charges 2.024 2.590 Operating Profit before adjustments in Working Capital    (Increase)/decrease in receivables 9.016 (14.268) Decrease/ (Increase) in Inventories 736 (1.164) Increase/(decrease) in liabilities 1.616 381 Interest Paid (2.024) (2.454) Income Tax Paid (335) (394) Cash flows from operating activities 15.078 (10.953)       Investing Activities    Receipts from sales of Tangible and Intangible Assets 2.919 4.422 Interest received 262 158 Receipts from sale of Subsidiaries 0 83 Cash flow from Investing Activities 2.534 3.981       Financing activities    Proceeds from loans 0 16.919 Payment of Liabilities from Financial Leasing 238 131 Receipt from fixed assets grants 0 91 Repayment of Loans 14.097 0 Cash flow from financing activities 14.335 16.839       Net increase in Cash and Cash Equivalents (1.791) 1.905 Cash and Cash Equivalents at 1st of January 6.034 4.129             Cash and Cash Equivalents at the end of December    4.243 6.034 PART 3 Group Ratios for Years 2009-2008 YEAR 2009 2008 RETURN ON CAPITAL EMPLOYED       27,8 21,5 RETURN ON EQUITY       12,8 24,5 RETURN OF SHAREHOLDERS CAPITAL (CAPITAL AFTER TAX)    7,2 14,7 RETURN ON ASSETS       1,83 3,15 GROSS PROFIT MARGIN       6,2 6,5 CURRENT RATIO       0,95 1,19 QUICK RATIO       0,48 0,58 DEBT / EQUITY RATIO       0,03 1,34 STOCK TURNOVER PERIOD       9,3 8,6 DEBTORS TURNOVER       26,2 26,7 CREDITORS TURNOVER       37,2 32,8   PART 4    STOCK MARKET RATIOS          CAPITALAIZATION          12.532.474,80 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ PRISE PER SHARE (price taken from Athens Stock Market DD 20/01/2010) 0.72 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ TOTAL SHARE AMOUNT          17.406.215,00 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬       EARNINGS PER SHARE    0.04 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬          P/E RATIO    18.0             DIVIDENTS IN YEAR 2009 1.060.000,00 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬    DIVIDENTS PER SHARE 0.017 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬    DIVIDEND YIELD 2.36%                      PART 5                  INCOME STATEMENT (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)   (FORECAST FOR 1 YEAR)             YEAR YEAR YEAR YEAR    forecast % change       2010 2009-2010 2009 2008 Turnover 354.018 -5,0% 372.651 403.615 Cost of Sales 333.000 -6,0% 349.536 377.393 Gross Profit/Loss 21.018 -9,0% 23.115 26.222          Selling Expenses 15.500 -2,5% 15.891 16.669 Administrative Expenses 4.900 3,7% 4.725 4.529 Plus/ Minus Other Operating Income/Expenses 3.900 3,2% 3.778 3.362          Profits before Interest/Depreciation 4.518 -28,0% 6.277 8.386 And Taxes/EBITDA                Plus/Investments income/Profits 700 85,0% 378 591 From Associate Companies                Minus Financial Expenses 1.530 -26,5% 2.084 2.976 Profit before Depreciation and Taxes 3.688 -19,3% 4.571 6.001 Minus Total Depreciation 2.750 5,7% 2.697 2.409          Net Profit before Tax 938 -50,0% 1.874 3.592 Minus Taxes 430 -52,0% 820 1.436          Profit after Tax 508 -52,4% 1.054 2.156 It is expected a decrease of 5.0% concerning the Turnover of year 2010 due to the global financial crisis and the inflation change (plus the huge economical crisis in the Greek Markets) The Sales are also decreased since the increase of the gasoline, lubricants and fuel prise. The group has no problems with exchanges differences, due to the physical hedging policy. Selling Expenses will continue to grow (-2.5%). Administrative Expenses are also growing(3.7%) Longterm Loan on a euribor rate and fixed spread Financial Expenses are Decreasing (26.5%)payment for Leasing Taxation Rate is 25% for Years 2008-2009-2010 PART 6 ANNUAL BALANCE SHEET (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)          (FORECAST FOR 1 YEAR) YEAR YEAR YEAR    2010 2009 2008 ASSETS       Non-Current Assets       Tangible Assets 32.000 33.090 32.752 Investments in Real Estate 2.000 2.007 2.015 Intangible Assets 580 603 844 Participation in Subsidiaries and Affiliated Companies 33 33 33 Goodwill 467 467 467 Other Long Term Receivables 4.100 4.288 4.792 Total non-Current Assets 39.180 40.488 40.903 Current Assets       Investments       Inventories 8.7460 8.510 9.295 Trade and Other Receivables 47.672 49.028 57.538 Cash and Cash Equivalents 3.700 4.243 6.034 Total Current Assets 59.832 61.781 72.867 TOTAL ASSETS 99.012 102.269 113.770 SHAREHOLDERS EQUITY AND LIABILITIES       SHAREHOLDERS EQUITY       Share Capital 12.532 12.532 12.532 Reserves 2090 2.105 2.113 Retained earnings 14.200 14.705 13.645 Total Shareholders equity attributed to shareholders of the parnt 29.500 29.342 28.290 Minority Interest 17 18 24 Total Equity 29.939 29.360 28.314 Long Term Liabilities       Long Term loans /(Leasing Liabilities) 150 373 16.745 Deferred Tax Liabilities 3.900 3.740 3.510 Employee Benefits 3.700 3.735 3.750 Grants 70 92 310 Trade and Other Long Terms Paybles 100 85 74 Total Long Term Liabilities 7.920 8.025 24.389 Short Term Liabilities       Trade and Other Sort Terms Paybles 33.939 35.686 33.906 Short Term Loans 27.214 29.198 29.198 Long Term Liabilities (payable next year)    0 4.000 Other payables and Accrued Expenses       Total Short Term Liabilities 61,153 64.884 61.067          TOTAL LIABILITIES 69.073 72.909 85.456 TOTAL LIABILITIES AND EQUITY    99012 102.269 113.770 Creditors Turnover will remain the same as 2009 (37.2) Inventories Turnover will remain the same as 2009 (9.3) Debtors Turnover will also remain the same as 2009 (26.2) Tangible Assets Will decrease equal to the annual depreciation PART 7 ANALYSIS OF Cyclon Hellas SA (GROUP) The year of 2009 was marked from : a) the impact of the global financial crisis (reducing demand, reducing prices, foreign exchange and credit risks, given the uncertainty of the market). b) The reduction of prices of petroleum products (fuels, base oils) as a result of falling international prices of crude. c) The Reduction on the demand for lubricants. Profitability (all amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬000) The Groups turnover CYCLON Hellas SA in that year amounted to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 372.651 against ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 403.615 in the corresponding period of 2008, a decrease of 7.98%.The decrease was primarily due to lower prices of petroleum products (fuel) of the parent company and the fall in sales of other activities and in particular lubricants. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) In a group operating profit before tax, depreciation and amortization (EBITDA) decreased by 25% and determined the amount of ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 6.277 compared to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 8.386 in fiscal year 2008.This decrease is the result of lower sales of lubricants and the profits. Net Earnings The net results of the Group, after taxes, profits amounted to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 1.054 thousand compared to profits ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 2.156 in the corresponding last year 2008. Net profit after tax The net profit after tax were detrimental to this use at ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 244 compared profit ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 106 for the corresponding last year. The Probability Ratios Reveal: Roce: We have an increase on the level of profits in relation to overall capital employed to produce the profits (27.8 / 21.5). So the performance of the group is increasing. Roe: The decrease (almost 50%) of the efficiency of shareholders value. Roa: Since the great amount of decrease in Profit before Taxes from 3.592 to .1874 and the small deference between Total Assets of the 2 years we see that the ratio has decreased from 3.15 to 1.83 so the Group has not achieved its objective, which is the increase in sales volume and increase market share. Return of Shareholders Capital : We see , the great decrease of the Net Profit after Tax form 2.156ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ to 1.054ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ got us to the result of the simultaneously decrease of the Return of Shareholders Capital ratio from 14.7 to 7.2 (over 50%) Liquidity (all amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬000) The company achieves effective management of liquidity risk primarily through the equation to credit period, and secondly by providing sufficient reserves (cash and bank) as well as a rapid means of securing bank financing in the event of an unforeseen emergency. The Liquidity Ratios reveal: Current Ratio: Due to the fact that the change of the rate is small (1.19 to 0.95) we assume that the Group will not have any problem to cover all its Short Term Liabilities as its Short Term Assets remain in a great level. Quick Ratio: Even though we see a low rate in both years 0.48 0.58 and the Inventories (8.510ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 9.295ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬) are not in a level that in an emergency case should be easily converted into cash in order to cover the Liabilities, the Marketable securities (16.490ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 21.812ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬) and the debtors receivables (26.768ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 29.582ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ ) could help the Group to solve an unexpected Liquidity problem. Capital Structure (all amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬000) The Group manages its capital to ensure that Group companies will continue to be viable maximizing return to shareholders by optimizing the ratio debt to equity. The Groups capital structure consists of debt , cash and cash equivalents and shareholders equity of the parent company include share capital, reserves and retained earnings. The capital structure of the Group is monitored on an ongoing basis. Part of this monitoring is the review of capital costs and risks. Debt/Equity Ratio: We see the great deviation between the two periods ratio 0.03 1.34 t inflects to the repayment of the loan(16.000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬) in year 2008 and that has helped the Group to come in such a position that can have a health operating function and also a good finance growth. Working Capital (all amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬000) Working capital is the amount of capital which is readily available to an organization. That is, working capital is the difference between resources in cash or readily convertible into cash (Current Assets), and cash requirements (Current Liabilities). As a result, the decisions relating to working capital are always current, i.e. short term, decisions. n addition to time horizon, working capital decisions differ from capital investment decisions in terms of discounting and profitability considerations. They are also reversible to some extent. (Considerations as to Risk appetite and return targets remain identical, although some constraints such as those imposed by loan covenants may be more relevant here). Current Assets 61.781ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬-85.456ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬=-11.128ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ (year 2009) As we have a negative number we assume that the Group will not be able to operate, and that it has no sufficient cash flow to service long term debt, and to satisfy both maturing short-term debt and upcoming operational expenses. Current Assets 72.867ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬-85.456ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬=-12.589ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬(year 2008) As we have a negative number also in year 2008 , we assume that the Group will not be able to operate, and that it has no sufficient cash flow to service long term debt, and to satisfy both maturing short-term debt and upcoming operational expenses. Next we will use the measure of cash flow within the operating cycle. This represents the time difference between cash payment for raw materials and cash collection for sales. The cash conversion cycle indicates the firms ability to convert its resources into cash We use the Ratio from: Years 2009 2008 Stock Turn Over Period 9.3 8.6 days Debtors Turnover 26.2 26.7 days Creditors Turnover 37.2 32.8 days Operating Cycle 2008 = 8.6+26.7-32.8 = 2.5 Operating Cycle 2009 = 9.3+26.2-37.2= -1.7 Best Inventory managerial at year 2009 which helps the Group for uninterrupted production although it reduces the investment in raw materials , it minimizes reordering costs and hence increases cash flow. The Operating Cycle has a 4.2 difference between the two operating years , the funding of the Working Capital is inevitable.(Bank loan Factoring) The cash balance in year 2008 allows the Group to meet day to day expenses, but reduces cash holding costs. In year 2009 credit terms may l attract customers, such that any impact on cash flows and the cash conversion cycle will be offset by increased revenue and hence Return on Capital

Genetically Modified Foods And Their Labels - 1447 Words

Genetically Modified Foods Genetically modified foods are products that contain genetically modified organisms. There has been some controversy that customers should be aware on the nutrient labels if the product contains genetically modified ingredients. Researching this topic is very important for everyone to understand and this topic came to mind while finding a page online called Consumer Reports, which is base from, a magazine. This page explains to people why they need to know about GMO foods and their labels. The goal of this research paper is to let customers know that using genetically modified organisms can harm the body to some extent; it could possibly harm the environment, and it could drive up the cost of grocery prices.†¦show more content†¦Many people say that foods that are modified can be bad for the health. Americans have been eating GMO foods for many years now and they didn’t know till researchers found them in different types of foods. We actually know that GMO foods are actually dangerous to some extent, but if people say that it is not harmful it actually doesn’t means it is safe and healthy for humans. Scientist did research on genetically modified foods and found out that it could damage some parts of our bodies when eat foods that have growth hormones in it. They used animals on their studies to see if GMO foods are harmful. They found out that it could damage the immune system, liver, and kidneys. So it is important for stores to tell the people if it is safe to buy and eat and they will be aware of it. Every food store should have labels that say that is has been genetically modified with organisms and by this people will decide if they want to buy the product and it will help people with health issues in the future. This point is agreeable because GMO food products can influence people’s health outcome. These products can influence how people think about certain types of foods that have some type of artificial growth hormones inside the foods. People that know that it is bad for them can stop by eating more of this foods that are naturally made. Non-modified foods are healthier for our bodies because it is naturally produced without any type of technology. GMOs foods can have side effects

The Telephone Free Essays

The Telephone â€Å"Before the telephone came to Magdaluna, Im Kaleem’s house was bustling at just about any time of day, especially at night, when its windows were brightly lit with three large oil lamps, and the loud voices of the men talking, laughing, and arguing could be heard in the street below—a reassuring, homey sound† Anwar F. Accawi (p. 46). We will write a custom essay sample on The Telephone or any similar topic only for you Order Now It’s hard to imagine that a single device such as the telephone, albeit a breakthrough in technology, could change not only a person’s day to day life, but an entire village. These men in the village experienced all of the luxuries the village had to offer at no cost, Im Kaleem provided the men with a place to gather for conversation, games, drinks and sexual services. The children used to hang around Ima Kaleem’s courtyard playing games waiting for a call down from some of the men requesting errands in exchange for money. But that all changed once the telephone was installed, most of the men would now sit at Abu Raja’s store, â€Å"they were always looking up from their games and drinks and talk to glance at the phone in the corner, as if expecting it to ring any minute and bring news that would change their lives and deliver them from their aimless existence†. (p. 46) Exposure to the telephone not only affected the men in the village, but it also affected the women, children and their entire way of life. I get very excited to hear about, read about or experience new technology, and I grew up surrounded by a constant emergence of technology, from pagers and cell phones to the home pc. I remember when we bought our first computer, they were just becoming a common household device, my dad came home from the store and asked me to hold the door open while he trucked in these huge boxes, I had never seen my dad so excited about struggling and sweating while moving things in the house. I had no idea what was in those boxes, but I became curious and excited as my dad opened the boxes and removed all the packaging, taking everything out piece by piece. Watching my dad fumble around with the instructions and all the wires in anticipation of something big happening made me super excited and I had no idea what this even was. â€Å"You can do almost anything you can imagine with this thing† he said to me in a very animated voice. To me it just looked like a television sitting on a desk, I started to become bored of watching this spaghetti of wires get connected one at a time at a very agonizing pace. My dad was determined and after what seemed like hours of running back and forth between the wires and the instructions, he looked over at me with a huge smile on his face as he powered the computer on. â€Å"I’m finished† he exclaimed, â€Å"now let’s see with this thing can do† he said. He wasn’t kidding, this was amazing, you could send electronic mail that could be opened by the other person instantly, you could listen to music, instant message, play games with someone from another country, it seemed that there was nothing this device could not do. It was limitless with opportunity and could take you anywhere your imagination would allow. So I am not surprised that when this tiny village, that did not have the simple things in life such as a calendars, clocks or even running water, were so influenced by the arrival of the telephone. This gave the people new hopes and dreams, it gave them an opportunity to experience new things and find out what the outside world was doing and could offer. â€Å"Within a year, only the sick, the old, and the maimed were left in the village. Magdaluna became a skeleton of its former self, desolate and forsaken, like the tombs, a place to get away from†. Anwar F. Accawi(p. 7) The calls eventually came in as expected and people started leaving the village for new opportunities, some went into the army while others went to explore new jobs. All of them left looking for a better life than the one they had in the village. With new technology comes new opportunity, I’m not saying that newer is always better, but it can open you up to things you never thought possible. It can pro vide you with choices that you never had before. I believe in the end Accawi was happy with the way his life turned out but reminisced of how he loved his life as a young boy in the village. How to cite The Telephone, Essay examples

The Cold War Essays (1531 words) - , Term Papers

The Cold War The irrational fear of Soviet invasion gripped our country for over 35 years. That fear led to the upper echelons of authority making decisions, which would create a feeling of near hysteria throughout the public. Americans feared that the Soviets were planning some nuclear attacks on the States, and were frightened by the thought that the Soviets might have a lead in the arms race. The words ?race? and ?gap? came to be used everyday when referring to anything the Soviets created, and Americans felt that the ?gap? which kept America on top of the arms ?race? needed to remain a ?gap?. With our submarines constantly finding new ways to tap into Soviet intelligence, it seemed that America did, in fact, have the upper hand. This could have cause some to feel confidence instead of fear; however, this did not come to be so. The whole nation, from the very head of government to the bottom rungs of society, feared the Soviets. Was this fear justified? What caused such intense fear? This is w hat this paper will explore. We will use the movie Dr. Strangelove and the book Blind Man's Bluff to look at why it could have been justified and also at the reasons for why such fear came into being. We begin by analyzing why the irrational fear was justified. The movie Dr. Strangelove shows almost every aspect of Cold War mentality in the United States during that period. What amazes me is that the film was shown at all during that time, what with all the blacklisting and censoring that was happening. Newspapers, film, and books were being censored left and right; however, Dr. Strangelove tapped into society's fear of our printed material being used against us. The Russian ambassador in the film claims that they learned of America's development of a doomsday machine in the New York Times. Although this would seem highly unlikely, in Blind Man's Bluff, there are references to stories, which were in fact leaked out to the Times. The first reference is on page 194: ?On October 9, 1969, the New York Times ran a front-page story headlined ?New Soviet Subs Noisier Than Expected.'? The second reference is on page 273, when the NYT ran a five-column, three line headline: ?CIA Salvage Sh ip Brought up Part of Soviet Sub Lost in 1968, Failed to Raise Atom Missiles.? These newspaper headlines were what Americans were reading everyday, leading to the fear that Soviets might have the one-up on warfare vehicles, or that they would salvage those missiles and use them against America. Also, if Americans could read so freely about what was happening with the military, the Russians could very easily be reading the same thing. Once again, the fear that Russians would use this knowledge against us was widespread. There were reports that the Soviet Union was racing to build its own atomic bombs, and there seemed no doubt that the Soviets were ?out to make a grab for world dominance.? (Sontag, 5) ?This was the atmosphere of mistrust that gave birth to the Central Intelligence Agency and plunged its agents into an immediate duel with Soviet spies. This was the era of fear that inspired the West to once again join forces, now as the North Atlantic Treaty Organization. And all of this was the inspiration for the blind man's challenge, the call for submariners in windowless cylinders to dive deep into a new role that would help the nation fend off this menace.? (Sontag, 6) So we see that the fear was not only ever present, but justified. Sherry Sontag's book is a goldmine when it comes to understanding why the U.S. felt so afraid of the Soviets. ?The Soviets had been developing missiles at a phenomenal rate ever since they were forced to back down during the Cuban Missile Crisis.? (Sontag, 93) This was common knowledge throughout the world. However, the U.S. was coming up with questions in their minds about what the possibilities were if the Soviets were in fact advancing in their technology. ?Was it possible that, just six years after the Cuban Missile Crisis, the Soviets were positioned to launch a first strike with little or no

Budget Planning and Control Tootsie Roll Industries

Budget Planning and Control Tootsie Roll Industries About the company Tootsie Roll Industries is based in the United States and it deals with the production of food items that have high levels of Carbohydrates and sugar. The company was established in 1896 and it operates in the confectionery industry. Currently, it is a public company that trades on the New York Stock Exchange with the ticker symbol TR.Advertising We will write a custom research paper sample on Budget Planning and Control: Tootsie Roll Industries specifically for you for only $16.05 $11/page Learn More Currently, the shares of the company are trading at $31.86 per share. Further, the company has a market capitalization of 2.0 billion. At the end of the year 2014, the total revenue of the company amounted to $544 million while the operating income totaled to $84 million, an equivalent of 15.4% of sales. The net income for the year amounted to $63 million. The total assets at the end of the year 2014 amounted to $910 million, while liabilities and equity amounted to $220 million and $691 million. A review of the balance sheet shows that the company has more equity than debt in the capital structure. A review of the trend of the performance of the company over the years shows that the performance of the company has improved. Finally, the company has engaged more than 2000 employees. The paper seeks to analyze various aspects of budgeting for Tootsie Roll Industries. Reasons for budgeting There are a number of reasons why companies need to prepare and manage budgets on a period basis. The first reason is that budgets enable the management to plan for the future (Brigham Michael, 2009). In this case, the budget aids the management in developing a direction for the entity. It also facilitates the development of future policies for the organization. Also under planning, budgets aid management in planning for problems that might arise in the future. Finally, as a way of planning for the organization, budgets helps the managem ent in setting standards that can control the use of available resources (Collier, 2010). The second reason why companies need to prepare budget is that it aids in delivering important information on matters that deal with the capabilities of resources. An example is that a cash budget gives information on the ability of the company to generate revenue and pay for expenses. Further, a budget encourages coordination across various departments and units because the plan for a specific period is communicated to various employees (Brigham Michael, 2009). This contributes to the achievement of the overall objective of the entity. Thus, if the company carries out proper budgeting, then it serves as an effective tool for planning and controlling (Brigham Michael, 2009). Positive outcome The positive outcomes that are likely to be reported when budgets are carried out effectively are reduced costs and improved profits. This is based on the fact that budgets aids in effective management of costs and this has a positive impact on the performance of the company. As a result, the elements in the budget will be equivocal to achievement of the intentions of a company. Besides, the company will be able to track different budget performance matrices over a specified period of time.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Negative outcome The negative outcomes that are likely to be reported when budgets are carried out effectively are resource misuse and inability to track different parameters of performance of a specified period in a company. If budgeting is not done effectively, then there is likely to be misuse of resources since budget controls resource allocation and use in a company (Graham, Smart, Meggison, 2010). This will lead to poor working capital management and low level of sales. This may translate into poor performance since misusing resour ces cannot translate into efficiency. Therefore, it is important for the company to carry out planning for all financial years. Budget plan The company needs to come up with a comprehensive budget plan because it is involved in the production and sale of its products. Therefore, the high-level budget will capture the two aspects of the business and it gives strict control on spending (Brigham Michael, 2009). Thus, the high-level budget plan for the company is summarized in the table below. The plan above brings together all the aspects of the organization in one budget. It ensures that several employees are involved in planning and control of resources. Budgeting phases Budget preparation goes through four distinct phases. The first phase is budget preparation. This stage is quite critical because the resources available in the organization are reviewed to ascertain whether they can enable the company to achieve the desired goals and objectives (Brigham Michael, 2009). The phase is the approval of the budget while the third phase is executing the budget. The final stage is evaluating the budget. This stage ensures that resources are spent in accordance with the budget (Atrill, 2009). All these phases are critical because they ensure that the budgeting process is successful.Advertising We will write a custom research paper sample on Budget Planning and Control: Tootsie Roll Industries specifically for you for only $16.05 $11/page Learn More Methods and techniques of managing budgets Methods managing budgets The first technique of managing budgets is by preparing flexible budgets. These are budget relationships that can be adjusted to various levels of activities. This technique is suitable for performance management (Atrill, 2009). The second technique is by managing variances by exception. These variances can cause significant variations on the results. Managing variances is a technique that ensures that the company stays within th e budget (Hansen, Mowen, Guan, 2009). Techniques of managing budgets The first method of managing budget is drawing parallel budgets from which the most effective budget is picked. This method is necessary in minimize possible risks as a result of dynamics that might affect projections in a single fixed budget (Graham, Smart, Meggison, 2010). The second method of managing budgets is creating a matrix for balancing the actual and projected figures to ensure that the funds allocated for each function are spent within the acceptable degree of variation (Atrill, 2009). Action plan to resolve budget misalignment Flexibility is often compromised in companies facing uncertainty. In real sense, there should be a balancing system that is critical in improving leadership skills, evaluation skills, promoting creativity, and tracking goals (Graham, Smart, Meggison, 2010). Therefore, the basis for flexibility implementation should function on a comprehensive analysis of how budget monitors an y change in variance from expected outcome to facilitate work-life balance in a project (Brigham Michael, 2009). The concept should remain relevant even during economic downturn since an ideal tracker has a moderator within Pareto efficiency matrix (Arnold, 2008). Recommendations for resolving budget misalignments Managing variances by exception This is achieved through variance analysis to resolve budget misalignment. Variance analysis focuses on the difference between the actual and budgeted amounts. It analyzes the total variance between standard and actual result (Graham, Smart, Meggison, 2010). Variances can either be favorable or unfavorable. Variance analysis has a number of advantages. First, it helps in performance management. This is because the management uses results of variance analysis to measure performance against expected results. Secondly, variance analysis improves responsible accounting. Finally, variance analysis encourages management by exemption, that is, ma nagement puts a lot of emphasis on areas with adverse variances (Atrill, 2009). The rationale for this technique is the ability to track the variances that might be detected in budget implementation to ensure that these variations do not affect the overall outcome (Brigham Michael, 2009).Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Preparing flexible budgets In line with the main objective to determine the forecast density closest to actual value, it is of essence to resonate upon the principles of relative performance of different competing forecast densities as part of the cost reduction system. In computing this, higher scores are given more priority since they are prone to give positive values. Besides, this model distributes higher probability to values observed (Graham, Smart, Meggison, 2010). From the different densities realized and those forecasted, the sequences of observed results on densities of return are compared from the base line of an average score. Subsequently, in line with the accuracy of equal forecast, the loss differential is expected to be minimal (Brigham Michael, 2009). The rationale for this technique is that the parameters and variables used are aligned to ensure that threshold on model-independent is achieved within competing parameters (Graham, Smart, Meggison, 2010). Thus, thi s is the most appropriate benchmarking for managing a budget. References Arnold, G. (2008). Corporate financial management. New York, NY: Pearson Publishers. Atrill, P. (2009). Financial management for decision makers. New York, NY: Pearson Publishers. Brigham, E., Michael, J. (2009). Financial management theory and practice. New York, NY: South-Western Cengage Learning. Collier, P. (2010). Accounting for managers. New York, NY: John Wiley Sons. Graham, J., Smart, S., Meggison, W. (2010). Corporate finance: linking theory to what companies do. New York, NY: Cengage Learning. Hansen, R., Mowen, M., Guan, L. (2009). Cost management: accounting control. New York, NY: South Western Cengage Learning.

Back Up Your Writing

Back Up Your Writing Back Up Your Writing Back Up Your Writing By Simon Kewin John Steinbecks dog ate an early draft of Of Mice and Men. Ernest Hemingway famously lost an entire suitcase of his early writings a suitcase that contained his originals and all his copies. The only copy of Thomas Carlyles The History of the French Revolution was destroyed when it was used to light a fire. It took him six months to recreate it. Dylan Thomas managed to lose the script for Under Milk Wood three times. These days, if youre using a computer to create and store your work, none of this should ever happen. While computer hard disks can fail and laptops can be lost or stolen, you should always have your precious work safely backed up. Making copies of computer files is a trivial matter and if disaster strikes, restoring your magnum opus to working order should be a simple matter of a few clicks. Many writers have some informal system for backing up what they create. Perhaps they copy everything to a CD or USB drive from time to time, or email a copy to someone else. These approaches are a good start, but theres no substitute for an automated mechanism. Its all-too easy to forget to carry out a back up. Whole weeks can go by without one being made and that means whole weeks of work can be lost. Computers are good at mundane, repetitive tasks like this whereas people often arent. Ideally, you should make (at least) two backups of everything you write : one local and one off-site or remote. The local one can be used to quickly recover an accidentally-deleted file, or to revert to an earlier version of a manuscript if something has been lost. A USB drive is ideal for this : they are cheap and portable. A 2GB (2 gigabyte) model can hold the manuscript of a 100,000 word novel a couple of thousand times over. You’ll also need some software to automatically perform the back up. There’s lots available, some of it free. The remote backup is vital if disaster really strikes and both computer and local backup are lost (because of, say, theft or fire-damage). There are numerous services available on the internet that will use your broadband connection to back up your files in a safe, remote location. If the worst happens, you can just download them all and carry on working. If you dont have a backup scheme in place, set one up now before its too late. Footnote : Backup and back up are often used interchangeably. The best approach is to treat backup as a noun : the name given to the copy of some data and to use back up as a verb : what you do to create a backup. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Freelance Writing category, check our popular posts, or choose a related post below:20 Words with More Than One SpellingDisappointed + PrepositionHow to Punctuate Introductory Phrases

Legal Technique and Reasoning Moot Case Study Example | Topics and Well Written Essays - 1500 words

Legal Technique and Reasoning Moot - Case Study Example When Barry asked Graham to unlock the door Graham refused and said that he would be released only after Barry finished cleaning the windows. This resulted in confinement of Barry for a considerable period of time2. My Lord false imprisonment is committed when an employee is deliberately and lawlessly held against his or her will not allowing him or her to leave the room. This could be done either by locking the person in a room or closing all the path through which he or she could go out. The most common way of retaining an employee by an employer is, when he refuses to allow the person to leave the room. The employer may do this by locking him or her in a room, or by putting someone at the door to the room to avoid the person from leaving. Nevertheless, movement of the person so imprisoned, must be entirely restricted so that the employer's action qualifies as false imprisonment. Thus in the case on hand Barry was locked on the scaffolding thereby completely restricting his movements. To be completely confined physically, the plaintiff must not be able to move from the place of confinement. A plaintiff, thus cannot be said to be totally confined, if a means of breaking out is available to the restricted person. Nevertheless, such means of escape must be fair and reasonable4. It was, for instance, a fair way of escape in (Wright v Wright) 5 where the escape required a nominal encroachment on the land of a third party. Thus for Barry v. Graham, Barry was physically restricted from moving out of the place.. ---------------------------------------- 4Burton v Davies [1953] St R Qd 26. 5Wright v Wright (1699) 1 Ld Raym 739. False imprisonment requires the captivity of another person or the control of their movement. To set up false imprisonment a plaintiff has to institute at least 3 elements, and perhaps a fourth also as is discussed below: (1) The plaintiff is restrained (that is he is, sort of imprisoned). (2) The defendant restrained the plaintiff and held captive. (3) The plaintiff has the suitable mental state, which is deliberate, almost certainly carelessness and maybe negligence. (4) Even though arguable, but extremely litigious contentious is the fourth element, and that is that the plaintiff must know of the imprisonment. If the supra mentioned elements are fulfilled then it is false imprisonment. Nevertheless sometimes it may so happen that the imprisonment which does not fulfil all these requirements may still be unjust in one of the two following ways: (1) It may be unjust in negligence6 (This case is for unintentional imprisonment). (2) It may be unjust due to an action as in the case (Williams v Hursey and Wright v Wilson)7, both the cases were for partial imprisonment. In case of (De Freville v Dill)8