The Psychology of Inspiration in Prose Poems by Lynn Emanuel Essay

Portraits in Pain: The Psychology of Inspiration in Prose Poems by Lynn Emanuel Reconstructing notions such as potentiality and inspiration, Emanuel’s prose poems, whose thematic range spans from involvement with the paintings of her renowned father Akiba Emanuel (a model and ‘pupil’ of Matisse) to the ‘portraits’ of Gertrude Stein, illuminate the interrelationship between language and world, and the psychology of inhabiting both through inspiration. This paper will address the question of what fuels creativity when it is put to work through the involvement of other voices which are represented (in Emanuel’s case) as suffering from having their genius interrupted either by death, by lack of recognition, or by amnesia. In all Emanuel’s three collections of poems, and a couple of other chap books, inspiration plays an important role, yet Emanuel is not interested in inspiration in the traditional sense to mean divine connection with a higher power or a muse, and romantic transcendence. Inspiration for Emanuel is always triggered by an attempt at understanding what pain is. The pain of creation and composition, and the pain of reading and writing promote two different types of understanding: first, that there is something to create out of nothing, and second, that ‘nothing’ is always a beginning. Inspiration for Emanuel is therefore the beginning of nothing. But how does one begin nothing, a created nothing, that is, a nothing which can be rendered and read and which can explain both the pain of understanding such relations and the inspiration that befalls them? One of Emanuel’s answers seems to be given through her use of amnesia. It is through the theme of forgetfulness that a connection between the writer an... ... . Pittsburgh: University of Pittsburgh Press, 1999 Lethem, Jonathan, ed. â€Å"Introduction†. The Vintage Book of Amnesia: an anthology of Writing on the Subject of Memory Loss. New York: Vintage Books, 2000 Suà ¡rez Araà ºz, Nicomedes. â€Å"The Amnesis Manifesto†, 1984 [http://www.- smith.edu/calc/amnesia/manifesto.html] Zawinski, Andrena. â€Å"Poetry in Review†. In Posse Review. Osiduy. Issue 9. Vol. 1, year undisclosed [http://webdelsol.com/InPosse/zawinski9.htm] 9 1 Joyce 1992, 854 2 Domangue 1997, no pagination 3 Berman 1993, no pagination 4 Emanuel 1995, 42 5 Suà ¡rez-Araà ºz, 1984, no pagination 6 Joyce 1992, 854 7 Emanuel 1995, 57 8 Emanuel 1999, 7 9 Zawinski, no year; no pagination 10 Emanuel 1999, 27 11 Emanuel 1999, 28 12 Clark 1997, 10 13 Clark 1997, 119 14 Emanuel 1999, 29 15 Emanuel 1999, 30 16 Emanuel 1999, 34 17 Emanuel 1999, 34 18 Lethem 2000, xv

BILABONG Australia †financial statement analysis assignment Essay

BILABONG Australia – financial statement analysis assignment ACCT 5910-Business Analysis and Valuation Contents Executive summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦3 Executive summary The purpose of report is to provide a comprehensive analysis of Billabong International Limited. This report is primarily based on a trend analysis of Billabong’s financial performance ratios from 2009 to 2011, common size table of the balance sheet and income statement and analysis of Billabong’s cash flows. Expect to provide a basis understanding of the company’s recent situation and future valuation. The company we compared, as a part of the surfwear industry is Quiksilver. Billabong is a multi-brand Australian company that was established by Gordon and Rena in 1973 in Gold Coast. After decades of expansion and restructuration of capitalization, Billabong’s shares have publicly listed on the ASX. Using four-step to analysis Billabong which including business strategy analysis, accounting analysis, financial ratio analysis and prospective analysis that would help a great deal in valuation of Billabong based on its current market situation. Business strategy includes continuous acquisitions and emerges like taking over strong brand and the products in the same sales area and expansion internationally by reaching more than 100 countries around the world. Billabong’s multicultural design of products featured new and fashion captures customer loyalty among targeted youth group. In order to ensure the company’s accounting information reflects its business reality. Three steps of accounting adjustments are taken in preparation for financial analysis, forecasts and valuation. First is to recast financial statements. This contains re-classifying accounts and preparing standardized balance sheet and income statement, using both reported statements and information from footnotes. After that is to identify accounts that should be adjusted. By analyzing notes and reports, three accounts are likely to contain  distortion information: provision for doubtful debts, leased assets and liabilities and goodwill. Last step is to make adjustments with accounting equation using more appropriate estimations and assumptions for the fiscal year from 2009 to 2011. The profitability of Billabong is unstable from financial analysis. However, compare with the other competing company, Billabong has higher ROE and ROA. The ability of Billabong sale its inventories decreased as its inventory turnover ratio decreased. It had a good control in liquidity with relative constant current ratio and quick ratio. However, it had decreased ability on unitize long-term asset and control its debt structure. Lacking of good control on debts structure and may face burden on debt expense, which may result a high financial risk and weak solvency. From prospective analysis, Billabong may be more profitable in the future after the reorganization, the decreasing sales growth may be appeared at first few year and then increase again. The ROE of the company will be higher than last year; the company may have better performance in the future. And the company may borrow or finance the equity for the operation or paying the dividend. 1. Introduction 1.1 Background Billabong is a famous Australian company with many brands, such as Element, Kustom and Xcel. Their main products are including clothing, watches and boardsports hardware. As surfing became more popular, the company constantly expanded its scale and exported its goods to Japan, USA and Europe during the 1980s, after that Billabong achieve leader in surfing area. In the recent ten years, Billabong had restructured its capitalization with growing global opportunities in the boardsports sector. 1.2 Business Strategy Analysis The business analysis through three aspects: industry analysis, competitive analysis and corporate strategy analysis. a. Industry Analysis With the expansion of world economy, surfing is not only a sport but also a life style and that leads to high demand of surfing products. The number of  firms enters that industry keep increasing as its attractive potential profits and less barrier to enter into that industry. Both companies have more bargaining power compared with their supplier and customer as their famous brand and diversified products could encourage suppliers to have long term business relationship with the company and satisfy the unique needs of customers. Overall, the prospects of this industry are optimistic; it did not shock too much under the downturn of economy. Surfing is an increasingly popular and well-known culture; companies need to continuing innovation in order to satisfy customer’s needs. b. Competitive Analysis As number of firms in the industry keeps increasing, greater competition force firms to earn more market share, innovate substitutes, produce differentiate products and be cost leadership to keep or improve their position in the industry. For example, some of the products of Billabong and Quiksilver are similar, consumer will choose to buy the one with lower price if they have similar function, or buy the one with higher price if the product is different from others. Thus, a firm could run well if it has different products and lower cost compared with rivals. c. Corporate Strategy Analysis Billabong hires different design teams for each different region to satisfy with customers from different cultural with different traditions and tastes. Billabong is expansion through strategic takeovers during last 10 years looking increase profitability through business synergies. Currently the group has direct company on operations and more than 50 countries. Sales are more than 100 countries under 13 different brands. The strategies expansion has been changing along with company’s growth. Billabong started with exportation of products to the USA and also licensed follow by relocated production off shore; FDI is the current global expansion strategy. Billabong buys bank licenses to take control of global operations and requires the existing business. 2. Accounting analysis Billabong’s performance from 2009 to 2011 shown downward trends in  profitability and market performance, therefore, it is possible that manipulation exists. In order to compare Billabong with other companies, standardized format and accounting equation-based adjustments are required. 2.1. Recast financial statements Because of the differences in the format of Billabong’s financial statements over years and that with other organizations, standardized financial statements should be made in preparation for accounting analysis, financial analysis and prospective analysis. 2.2 Accounting adjustments 2.2.1 Adjustments of revenues and provision for doubtful debts As can be seen in appendix, PDD (6.4%) has declined since 2007. Therefore PDD should be adjusted to 6.4% for the years 2008-2011. At the end of the fiscal year, the adjustments should be made to recognize PDD according to the adjustment calculation (Appendix A table (1)). 2.2.2 Adjustments of leased assets and liabilities As disclosed in Billabong’s financial report, it leases plant, machinery and warehouses of large dollar amount in order to maintain normal operation. Most of the leases are classified as operating lease. Thus, we need to record leases as assets and liabilities on balance sheet to make comparison with other companies (Appendix A table (2, 3, and 4)). 2.2.3 Adjustments of goodwill By calculating the proportion of goodwill in total non-current asset from 2007 to 2011, it can be seen that instead of being impaired, goodwill increased substantially from 12.94% to 42.13%. Set 12.94% as the standard level and overvalued goodwill could be recognized (Appendix A table (5)). 3. Financial Analysis Ratio analysis include time series and cross sectional analysis has been performed in this case to give investor’s direct understanding of the company’s historical and recent performance. 3.1 Dupont Analysis Exhibits 1: Dupont (Billabong) 2009 2010 2011 NOPAT/Sales 0.1141 0.1211 0.0989 Ãâ€" AT 1.4837 1.2428 1.4528 = ROA 0.1692 0.1504 0.1437 Spread 0.0597 0.0936 0.0945 Ãâ€" NFL 0.1993 0.1811 0.4031 = Financial Leverage Gain 0.0119 0.0169 0.0381 NI Margin 0.0994 0.1128 0.0853 ROE ( ROA + Spread * NFL) 0.1811 0.1674 0.1818 The Dupont approach can be decomposed into items as ROA, AT and net profit marginï ¼Å'which exists downward in 2011 compared with 2009. However, Billabong makes the new borrowings in its balance sheet and increases its financial leverage in 2011. Moreover, ROE is affected by ROA and financial leverage gain. As financial leverage increases and financial leverage gain increase, then ROE is back up to 0.1818 (almost similar to 2009) in 2011. Moreover, the enhancement in AT and leverage ratio also strengthened the ROE. The greater AT can increase company’s revenue. The higher leverage ratio reflected the lower capital cost. Consequently, high ROE of the company is represented the strong profitability in the same industry comparison, and company can increase ROE through changing the leverage by borrowing. 3.2 Operating Management Analysis Exhibits 2 Profitability (Billabong) 2009 2010 2011 Pre-Tax Income Margin 13.25% 15.23% 9.11% NI Margin 9.94% 11.28% 8.53% EBIT Margin 15.23% 16.39% 10.58% EBITDA Margin 17.51% 18.78% 13.06% NOPAT Margin 11.41% 12.11% 9.89% From exhibit 2, these margin ratios has increased from 2009 to 2010, and declined between 2010 and 2011. Pre-tax income margin is unstable; especially dramatically decrease from 15.23% to 9.11% in 2010 and 2011 due to revenue decreasing and expenses increasing. NI margin has been low, it had been increase from 9.94% to 11.28% between 2009 and 2010, but it again fell to 8.53% in 2011. Billabong should reduce its operating and interest expenses to increase the margin of net income, EBIT and EBITDA. NOPAT margin clearly shows the operating performance of Billabong is unstable. Therefore, Billabong should reduce expenses to increase revenue. Exhibits 3 Profitability (Quiksilver) 2009 2010 2011 Pre-Tax Income Margin -0.33% 0.65% -1.82% NI Margin -3.70% -0.44% -0.91% EBIT Margin -0.33% 7.03% 2.13% EBITDA Margin 2.45% 9.78% 4.79% NOPAT Margin -9.70% -0.34% -0.92% From comparison, Quiksilver has lower performance than Billabong just simply from profitability analysis. Because pre-tax income margin, NI margin and NOPAT margin have shown negative value from 2009 to 2011, only EBIT margin and EBITD margin are displayed positive value for these three periods. That indicates Quiksilver has higher expenses on interest, tax, depreciation and amortization than revenues. Exhibits 4 From exhibits 4, Billabong has higher ROA and ROE than Quiksilver for the last three years. It must be pointed out that ROA of Quiksilver has decreased to -65.33% in 2009. Higher sales and expenses of the company can lead to lower ROE and ROA. In terms of ROA and ROE which might attributed to  lower net profit margin. Moreover, compared to Quiksilver, Billabong has a relatively stable ROE and ROA from 2009 to 2011. Overall, Billabong has better performance than Quiksilver from probability ratio analysis. 3.3 Investment Management Analysis 3.3.1 Working Capital Management a. Inventory Turnover Exhibits 5 Billabong’s inventory ratio decreased from 3.08 in 2009 to 2.23 in 2011, it’s indicates that the ability of Billabong sale its inventories are decreasing. In contrast, Quicksilver also has decreased ratio but with higher overall level than Billabong. It implies that Quiksilver may face a problem of getting sufficient inventory to meet sales demand. Exhibits 6 b. Receivable Turnover Ratio Exhibits 6 indicates that Billabong operate on a credit basis. As Billabong increase receivables with store benefit card, with low account receivable turnover ratio. This low ratio implies that Billabong might need to re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for the firm. c. Payable turnover ratio Payable ratio decreased from 2.32 in 2009 to 1.77 in 2011. It’s indicates that Billabong is taking longer time to pay its suppliers than before. d. Operating Working capital turnover ratio Exhibits 7 The working capital ratio of Billabong keeps increase from 5.17 in 2009 to 6.00 in 2011 (5.59 on average). It’s indicates that the effectiveness of Billabong using working capital to obtain revenue increase. However, the average ratio of Quiksilver (3.84) is quite lower. 3.3.2 Long-Term Asset Management Exhibits 8 The net long-term AT ratio of Billabong decreased from 1.63 in 2009 to 1.25 in 2011. It implies that there is a decline trend of Billabong’s long-term asset utilization. Compared with Billabong, Quiksilver have quite stable net long-term asset turnover (2.30,2.21,2.37 respectively), which indicate that Quiksilver could utilizing its resources to increase its production more efficiently. b. PP&E Turnover Exhibits 9 From exhibits 9, there is a significant increase of Billabong’s PP&E turnover ratio from 4.60 in 2009 to 6.41 in 2010. It implies that BBG use its PP&E efficiently during that period, however it following a critical decrease from 6.41 to 4.34 in 2011. As the sales increased by $13299 from 2009 to 2011, too much investment in plant and equipment may be the reason of decreased PP&E turnover ratio. We can conclude that Billabong has been utilizing its fixed asset from 2009 to 2010 better than from 2010 to 2011. 3.4Financial Management Analysis 3.4.1Short-Term Liquidity Exhibits 10 Billabong 2009 2010 2011 Average Quiksilver Current Ratio 2.76 2.10 1.85 2.24 2.06 Quick Ratio 1.99 1.44 1.04 1.49 1.33 Cash Ratio 0.91 0.51 0.30 0.57 0.46 Overall, exhibits 10 illustrate the liquidity ratios of Billabong did not change much from 2009 to 2011 and Billabong had a good control in liquidity. From the analysis of the past three years, it’s indicated that the consistently falling of Billabong’s current ratio is due to a higher level of liabilities relative to assets. Current ratio produces a value that’s large than one means the current assets are greater than the current liabilities. Quick ratio also produces a value that’s large than one implies that Billabong has very less â€Å"dependency† on inventory or other â€Å"less† current assets to liquidate short-term debt. 3.4.2Debt and Long-Term Solvency a. Debt Ratios Exhibits 11 The value of Billabong’s D/E decreased from 0.49 in 2009 to 0.36 in 2010 and  then increase to 0.53 in 2011. The reason for this change is that debt structure and policies of Billabong was changed during the three years. Similarly, as total debts change from 2009 to 2011, L/E and Net debt to equity had the same trend to D/E. a. Coverage Ratios Billabong 2009 2010 2011 Average Quiksilver Financial leverage ratio 0.49 0.36 0.53 0.46 0.45 Interest Coverage ratio -2.34 -5.33 -4.41 -4.03 -4.59 Exhibits 12 Both firm have similar financial leverage ratio which means that each $1 of equity supports for $0.45 or $0.46 of total assets. The interest expense of the firm ($50840, $38367 and $50072 respectively) shows that Billabong had no good control on debts structure. Both firm’s interest coverage ratio is negative indicates that they may face huge stress on debt expense which may result a high financial risk and weak solvency. Exhibits 13 Billabong 2009 2010 2011 Average D/E 0.49 0.36 0.53 0.46 Retention Rate (b=1-D/E) 0.51 0.64 0.47 0.54 ROE 0.18 0.17 0.18 0.18 Sustainable Growth Rate (g=bxROE) 0.09 0.11 0.09 0.10 Exhibit 13 shows the changes in dividend payout ratio, retention rate and ROE from 2009 to 2011, which are used to generate the sustainable growth rate. On average, dividend payout ratio is 46%, retention rate is 54% and ROE is 18%. Thus, the growth rate is 8%. 3.5 Cash Flow Analysis Exhibits 14 $’000 2009 2010 2011 Net cash (outflow)/inflow from operating activities 175,685 187,247 24,336 Net cash (outflow)/inflow from investing actives -215,243 -105,764 -266,935 Net cash (outflow)/inflow from financing activities 249,873 -192,102 200,951 Net (decrease)/increase in cash and cash equivalents 210,315 -110,619 -41,648 The CF from operating activities has increased from $175.685m to $187.247m, and then followed a rapidly decrease to $24.336m in 2011. Large payments to suppliers and employees are the main reason drive CF from operating activities down and further decrease net cash (outflow)/inflow from operating activities. The CF from investing activity had outflows from 2009 to 2011. As the Company has largely used its cash for purchase new subsidiary and this led to a net cash outflow in 2011. 4. Forecasts and valuation 4.1 Assumptions and forecast Billabong may be more profitable in the future after the reorganization as it will close underperforming stores based on the recent announcement. This would decrease expenses and increase EBITDA and may further lead to a higher profit in next decade. Therefore, sales growth may appear downward sloping at first few years and then increase again. However, stable turnover ratio with approved new strategies may enhance the development of the company although the sales growth changes more than AT during the last few years. In addition, from the financial analysis, there will be a downward trend in ROA  but a rise in the financial leverage. As the result, it can be forecasted that the company’s ROE may not vary obviously during next few years, which offset by the sum of ROA and financial leverage gain/loss. Therefore, some assumptions may be undertaken to forecast the performance of the company in the next decade and to estimate the PV of the company by using the abnormal earning valuation model. As the sales growth has a downward trend, the assumption for growth rate is 8.64% (average of last three years) in 2012 and it will keep constant in the future. It is forecasted to be 9% during next 10 years as possible potential profit growth may appear after downward sales. For the NOPAT to sales ratio, it is assumed to 7.89% in 2012 due to an evident declined historical pattern. Moreover beginning net operating working capital to sales ratio might have a decreasing trend in the future based on the historical data. Thus, it is assumed to be 13.69% on average with puny decline than last year and it is believe that the change of working capital of the company is slight. As we use average method in this assumption, the beginning net operating long-term asset to sales ratio was 6.92% that also be considered as long-term rate as the change of the rate was insignificant. Ratios that we assumed based on historical (Appendix B table (1)). Overall, as the forecast under the assumptions, Billabong will have higher ROE and better performance than previous. The company may have insufficient operating assets to generate operating profit with relatively lower ROA. From this, the company may borrow funds or finance equity to keep operating and pay dividends. 4.2 Cost of capital Cost of capital is a critical method of evaluating company’s asset, and it is using equation WACC=Vd/(Vd+Ve)*rd (1-T)+Ve/(Vd+Ve)*re, the cost of equity (re) is estimated by CAPM with a constant capital structure. Thus, it is assumed that the company has not change the capital structure. re is estimated to 16.13% in terms of the equity beta (1.49), market premium (7%) and risk-free rate (5.7%) from market. The cost of debt is 6% according to  historical YTM for the publicly traded bond. Therefore, WACC is calculated by: Exhibit 15 Debt 448,422 ($000) Equity 1,109,155 ($000) Value of firm 1,557,557 ($000) Cost of debt 6% Cost of equity 16.13% Tax rate 28% WACC 12.73% 4.3 Valuation The Discount Abnormal Earnings Valuation Model is a measure of determining the value of the company by abnormal earnings and discount rate. The abnormal earning is the difference between net income and change in equity. Through forecasting the sales growth and NOPAT/sales ratio to forecast net income; and working capital to sale ratio and long-term asset to sales ratio to calculate the change in equity. PV of equity is $436,567,619, which is discount by the abnormal earning each year and the number of share outstanding is 253,321,020. For that reason, the share price is estimated to be $1.72. A reduction in the abnormal earning during the assumption periods may result in lower share value compared with currently. (Appendix B table (2)). 4.4 Sensitivity analysis The sensitivity of the share price to changes was calculated in multi-factors, such as growth rate and beta. This analysis is performed to check how susceptible the company is to the changes in key factors in the future. Firstly, the share price shows a negative relationship with the growth rate when the growth rate changes to 10%. There will be 13% dropped on the share price if the growth rate increases by 11%. Secondly, the share price is increasing if there is a decrease on the beta of the company. If the beta changes from 1.49 to 1.2, the share price will increase to $2.34, which closes to the company’s current share price. Therefore, the share price is inversely affected by the change of beta. 5. Conclusion Above analysis would help a great deal in valuation of Billabong based on its current market situation. From time series analysis, Billabong had a good control in liquidity but it need to re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for themselves, increase account payable turnover as it take longer time to pay its suppliers than before and increase interest coverage ratio to lower their financial risk and strong their solvency. Even though, the working capital ratio increase from 2009 to 2011, but very high working capital turnover ratio does not show good position of company because its shows company is operating with high short-term debt obligations. From cross sectional analysis, compared with Quiksilver, Billabong needs to improve ability of inventory management, asset utilization and debt control. From prospective analysis, revenue of Billabong increased, but expenses also increases at the same trend, the performance of Billabong is still unsatisfied. From valuation, Billabong’s share value still decreases with sales decrease. Therefore, we highly recommend that investors should hold their shares or do not buy it if Billabong continuously running business as its historical model. Reference: 1. Billabong Investors Home. http://www.billabongbiz.com (Accessed 5 April 2012) 2. Hoover’s company profiles: Billabong International Limited http://www.answers.com/topic/billabong-international-ltd (Accessed 3 May 2012) 3. Hoover’s company profiles: Quiksilver, Inc. http://www.answers.com/topic/quiksilver-inc (Accessed 3 May 2012) 4. Palepu, K. G., P. M. Healy, V. Bernard, S. Wright, M. Bradbury, P. Lee. (2010) Business Analysis and Valuation Using Financial Statements: Text and Cases. Asia Pacific Edition, Cengage Learning. 5. Quiksilver Investors Home. http://www.quiksilverinc.com (Accessed 13 April 2012) 6. Calif, A.V. (2011), ‘SIMA Retail Study Confirms Significant Changes-Surf Industry’s Footwear, Westuits and Board Categories Lead Growth in 2010.’ http://www.sima.com/news-information/news-detail/id/108.aspx (7 August 2011, accessed 8 May 2012) 7. Calif, A.V. (2009), ‘Surf Industry Riding Out the Economic Storm – Findings of SIMA’s Retail Research Show Resiliency of the Surf/Skate Industry.’ http://www.sima.com/news-information/news-detail/id/68.aspx (7 Sep 2009, accessed 8 May 2012) 8. Wikinvest. http://www.wikinvest.com (Accessed 13 April 2012) Appendix: Appendix A —Accounting Analysis Table 1 Worksheet: adjustments to BBG balance sheet and income statement ($’000) Asset = Liability + ShareCap’ + RetEarning + Rev + Exp +Div 2009 Provision1 -6,964 -6,964 Deferred tax2 1,797 1,797 2010 Provision -12,306 -12,306 Deferred tax 3,507 3,507 2011 Provision -14,169 -14,169 Deferred tax 989 989 Table 2 Worksheet: adjustments to BBG balance sheet and income statement for year 2009 ($’000) Current Assets Non- Current Tangible Assets Deferred Tax Assets = Current Debt Non- Current Liabilities Income Equity Retained Earnings 13 153,484 153,484 24 -29,162 -29,162 2 -8224 -8,224 35 45,276 46 -32,997 -12,279 4 102,373 102,373 57 -24,159 -24,159 68 -2,280 -2,280 79 57,824 -57,824 Total – 202,536 -10,504 = 57,824 165,036 6,558 -37,386 Table 3: adjustments to BBG balance sheet and income statement for year 2010 ($’000) Current Assets Non-Current Tangible Assets Deferred Tax Assets = Current Debt Non-Current Liabilities Income Equity Retained Earnings 1 62,450 1 -49,247 -13,203 2 99,709 99,709 3 -38,069 -38,069 4 -894 -894 5 58,201 -58,201 Total 61,640 -894 58,201 -7,739 10,284 Table 4: adjustments to BBG balance sheet and income statement for year 2011 ($’000) Current Assets Non-Current Tangible Assets Deferred Tax Assets = Current Debt Non-Current Liabilities Income Equity Retained Earnings 1 62,857 1 -50,273 -12,584 2 241,476 241,476 3 -37,563 -37,563 4 -1,017 -1,017 5 94,662 -94,662 Total 203,913 -1,017 94,662 96,541 11,693 Table 5: adjustments to BBG balance sheet and income statement ($’000) Asset = Liability + ShareCap’ + RetEarning + Rev + Exp +Div 2009 Goodwill10 -16,652 -16,652 Deferred tax11 4,296 4,296 2010 Goodwill -30,967 -30,967 Deferred tax 8,826 8,826 2011 Goodwill -36,161 -36,161 Deferred tax 2,524 2,524 Appendix B Table (1) assumption of the ratio

Nestles Company Example

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Football match Essays Football match Essay Football match Essay After these phases, you will be invited to a trial at a club. Talent Identification schemes will simply pick the best individuals i. e. who they believe is most likely to make it as a professional footballer. Some football clubs want to test your fitness and your performance in a football match whilst others just concentrate on the latter. Speed is very important in football today as the game is very fast-moving and hence this attribute is considered by almost all clubs, normally they will judge speed by seeing performers sprint in a football match. It is of vital importance that there are opportunities for football performers for specific populations, who may be under-represented due to a wide range of barriers. In England, there is a whole host of opportunities specifically aimed at disabled athletes, the diagram below shows the importance the country pays to include everyone regardless of their ability: The level of provision for females in England is much lower than that of the provision for males, due to the lack of female teams and the lack of demand for female footballers. The FA funds full-time football development staff in each County Football Association to deliver its development programme. These include 47 Womens and Girls Football Development Officers working strategically across the country to introduce the playing opportunities required. There is a gender imbalance for performers progressing through to elite level of representation. In conclusion, having researched the provision for football performers in England, I can say that there is no shortage of opportunities available and it is mostly at the digression of people to make the most out of them. One positive is that most of them are free and do not require any previous experience which is good as it involves everyone regardless of their ability. To improve provision for football performers, there could be a remit for females to progress through the pathways the same as males. Word Count: 1000 By Rashid Muhidin : Bibliography   http://en.wikipedia.org/wiki/County_Football_Association.

Health and Safety reflection Essay Example | Topics and Well Written Essays - 750 words

Health and Safety reflection - Essay Example Likewise, I also exemplify strengths in selecting the most appropriate and effective contraception. In addition, the assessment on the genetic history has been illuminating in terms of discussing any potential genetic disorders or health problems by bringing the subject matter to one’s parents, who are knowledgeable in one’s genetic history of illnesses. The knowledge and awareness gives one the opportunity to address any potential risks and to be more vigilant in factors that might increase propensities to these illnesses. These strengths in awareness and knowledge on the subject matter of health relationships, sexuality, reproductive choices, and genetic disorders, among others, could be shared with family members, friends and associates to likewise enhance their knowledge on these subject matters and assist any of them who might be experiences some challenges, problems, or difficulties in any of the abovementioned topics I= Improvements: Discuss areas for personal im provement in regards to your results of this/these assessment (s) . Summarize an action plan to make these improvements. Despite the strengths, I admit that there is always room for improvement. Under the topic on reproductive choices, for instance, there are target behaviors that include the need to be more selective and aware of eating health food and in going through regular physical activities and exercises. Although at the moment, one has been observing eating a balanced diet, there are times when one gives in to eating sweets or drinking colas, once in a while. In this regard, the action plan is to schedule a regular routine for exercising, especially when one is aware that indulgence in unhealthy foods has been undertaken. As suggested, I need to set goals, monitor my behavior, and provide a definite timeline to observe and note the improvements. By giving myself a potential reward, I would be motivated to improve. A reward could be in terms of buying a favorite outfit that I had been eyeing for quite some time or sharing my experience to others who most need the same improvement. Under healthy relationships and sexuality, I strongly believe that despite having strengths in communicating with others, this facet could still be improved by being more open and receptive to others. Likewise, with increasing focus and thrust on cultural diversity, I admit that there is a need to develop and enhance awareness on diversity in cultural communication patterns that would assist in the development and growth of health relationships. The same process would be undertaken: set a goal, monitor one’s changes in behavior, provide a definite timeline, provide motivation and rewards, and commit to the needed change. I= Insights: Discuss any new things you learned about yourself after completing these assessments? Light bulbs that have gone off? New â€Å"ah ha† moments generated by these assessment results. How might this insight motivate you to make a healt hy behavior change? After completing these assessments, I realized that I am open to embrace new learning, knowledge with the objective of improving oneself through establishing diverse relationships and keeping or maintaining strong bonds with loved ones. I learned that I

Sex education should be allowed in schools in cameroon Research Paper

Sex education should be allowed in schools in cameroon - Research Paper Example To give perspective of this difference, 67 percent of all HIV is in Africa as compared to the rest of the world (National Academy of Sciences, 2010). In Africa, Cameroon can be taken as a glaring example, where lack of sex education has caused an alarming increase in teen pregnancies, sexually transmitted diseases, infections and HIV. Rural areas, in particular are most affected, where sex education is not provided to children. Parents, however, are not confident of it as this education may increase curiosity in children to experiment sex at a very young age. There is a glaring link between knowledge and an informed decision. Knowledge is the prerequisite to an informed stance. Education is the primary source to induce this knowledge and sex education in Cameroon must be allowed to control the situation at hand. The paper will look in detail the factors supporting inclusion of sex education in schools and incorporate opposing point of views. Cameroon is one of the worst hit countries even in Africa to suffer from the lack of sexual awareness. Almost 5.8 percent of its population suffers from HIV, which is the highest in the West African bloc (World Health Organization, 2006, p. 22). Over time the adult HIV prevalence rates have gone up from 0.6 percent in 1990 to 5.1 percent as per statistics of 2010 (National AIDS Control Committee, 2010, p. 9). The adult rate indicates that the factors contributing to the problem must be outside the birth cycle since babies born of HIV are not included in this figure. These numbers solely represent the factors responsible for this increase over the years. Some of these factors include; multiple sexual partners, low condom use and transmission through unprotected sex. All of these factors have a fairly simple solution, that is, sex education to discourage unprotected sex and the awareness to use protection in order to avoid transmission of HIV. These measures are implemented around the globe and it is this education that keeps

Technology gets better over time Essay Example | Topics and Well Written Essays - 1250 words

Technology gets better over time - Essay Example According to Langdon Winner (2001) in his essay â€Å"Whatever happened to the electronic cottage?,† he has described the illusionary concept drawn by Alvin Toffler in his book, â€Å"The Third Wave† (1980) that technology would help the people to become more closer; they would develop more social bonding among them which would give rise to greater community stability along with an increase in the establishment of voluntary organizations supporting different groups in a society. His vision of an ideal society established on the basis of advancement of technology suggests that there would be less stress and more leisure in the lives of people with an increased focus on the expansion of values and morality within the social structure. The vision drawn by Alvin Toffler came to reality but with bitter results. ... It is important to understand that how these technological interactions have influenced individuals and the groups in a society, at large. The emergence of social networking sites have become a major medium for communication for a large number of people all around the globe. The use of such social networking sites can have positive as well as the negative consequences on the lives of people which depend on how they are using it. In a society where people are geographically separated and one tries to keep in touch with his family and friends, technology has facilitated them in maintaining their relations even in the farthest corners of the world. For a person, it has become just a matter of time to re-connect with his long-lost companion through a social networking site. However, with the benefits and positive aspects related with the use of social networking sites we cannot ignore the negative consequences and risk associated with the use of social networking sites and increased virt ual communications. Different people have different influences of such websites. This issue can be explained with an example of a man who displays all the events of his day on a play card and stands holding them on a public place. Due to this particular act of his display, he draws the attention and reaction of known and unknown people towards the internal affairs of his life; giving an opportunity to comment on his personal life and affairs. The vast extend of all kinds of comments and remarks on social media plays a negative role in the user’s life regardless whether the comments or remarks are true or not; their results are devastating in many peoples’ lives. According to