Role of Stereotype in Forming Prejudice

Question: Basically Explore the job of generalizing in shaping bias and fundamentally investigate the utilization of Implicit Association Tests (IAT) in recognizing partiality. Answer: Job of generalization in framing preference The speculation about the individual or gathering of individual is called generalization. It is commonly framed when the necessary data about the individual can't acquire. It is a sort of fill in the clear when there is nonappearance of absolute picture. In our general public there is unreasonable separation on generalizations and it our general public just who makes these generalizations. Funnies, motion pictures, books, TV are the different wellsprings of generalized character (McGarty, Spears, Yzerbyt, 2002). A large portion of the motion pictures shows African-American as being languid, unintelligent and savagery inclined which has come about into shaping bias for African-American individuals. It is a sort of segregation when an individual or a gathering of judges on generalizations and partiality, they are probably going to rewarded in an unexpected way. Minority bunch individuals, ladies are frequently segregated and defrauded for instruction and work. Ladies are rejected from high situations in business. Clubs give prohibitive enrollment dependent on rank and monetary status. Criminal and common equity is frequently not applied to everybody similarly. The result of versatile procedure is considered as bias and generalizing. The individuals utilize their psychological alternate ways while settling on choices in regards to these. There are not many positives additionally connected with generalizations and bias like keeping up the contract of ladies, saving the way of life of a specific culture and so forth yet at the same time brutal real factors, one-sided choices are joined with generalization gathering of individuals (Cox, Abramson, Devine, Hollon, 2012). Verifiable Association Test The verifiable affiliation test is utilized to gauge the social brain research to recognize the people quality of relationship with mental portrayal of article in the psyche. It was presented by the Anthony Greenwald, Debbie McGhee, Joyce Sherry, and Jordan Schwartz in 1998. It is utilized in social brain research and in psychological, improvement brain research and clinical examination. It is connected with people groups cerebrum. This test has grabbed the eye of social clinician just as overall population. It is created to fundamentally comprehend the oblivious comprehension and social cognizance and measure the understood gathering mentalities, generalizations. (Nosek, Greenwald, Banaji, 2005). As a piece of the procedure it incorporates mentalities, recognition, generalizations, and memory. Clients are required to make judgment and mirror the disposition of individuals which they are not prepared to delight publically. It helps in getting around the troublesome issue and that is the reason it is broadly used to pass judgment on disposition of individuals. A significant part of a compelling Implicit Association Test is that it ought to be performed on individuals without mentioning to them what the motivation behind this technique is. In generalization IAT it quantifies the connection between the contemplations that individuals hold for specific generalizations, essentially understanding the quality of generalizations. For instance Gender-science IAT shows that individuals interface ladies more with workmanship and men with science. (Nosek, Hansen, 2008). IAT has additionally pulled in a considerable amount of analysis simultaneously. The most well-known and evident analysis is that it is hard to draw constructive relationship with things/individuals you are less acquainted with. This is as straightforward as absence of information on something and consequently an incapable end. References McGarty, Craig; Spears, Russel; Yzerbyt, Vincent Y. (2002). End: generalizations are particular, variable and challenged explanations.Stereotypes as clarifications: The arrangement of significant convictions about social gatherings. Cambridge: Cambridge University Press. pp.186199. Cox, William T. L.; Abramson, Lyn Y.; Devine, Patricia G.; Hollon, Steven D. (2012).Stereotypes, Prejudice, and Depression: The Integrated Perspective(PDF).Perspectives on Psychological Science7(5): 427449. Nosek, B. A., Greenwald, A. G., Banaji, M. R. (2005). Comprehension and utilizing the Implicit Association Test: II. Strategy factors and build legitimacy. Character and Social Psychology Bulletin, 31, 166180. Nosek, B. A., Hansen, J. J. (2008). Customizing the Implicit Association Test increments express assessment of the objective ideas. European Journal of Psychological Assessment, 25, 226-236.

Popularity Brand Posts On Brand Fan Pages -Myassignmenthelp.Com

Question: Examine About The Popularity Brand Posts On Brand Fan Pages? Answer: Presentation Promoting is applied in making, keeping, and fulfilling the clients. Signs are named as showcasing specialized apparatuses utilized in perceiving business and advancing an associations items. At the point when the signs are added to a coordinated advertising process, they help a firm to augment its message. These signs are just helpful on the off chance that they are seen. This report investigations impacts of promoting and the sign utilizing the dramaturgical and visual structure. Clients are significant resources for clients. The clients are expensive to procure and hold. Coming up next are the effects of advertising: first, promoting assist firms with building up themselves as dependable brands. Associations that are obscure can get known through their showcasing endeavors (De Vries, Gensler Leeflang, 2012). Subsequently, these organizations make a picture of enjoying through advertising. For example, if an organization embraces an advertising effort which likens their items with a famous organization, customers may induce that the item is acceptable. Henceforth, regardless of the item being new and obscure, the message draws buyers consideration and buy the item. Second, associations can expand on a current market portion while improving its market position through promoting. On the off chance that the firm has an essential market section that it needs to hold, directed showcasing can show the present clients that the organization has more to offer. This expansion the organizations income (Yu, Ramanathan Nath, 2014). Finally, advertising helps battle rivalry. It keeps the companys brand name speaking to the publics eye. This keeps contenders from increasing a solid footing in the organizations made sure about market section. Showcasing helps in pulling in new and old customers, keeping the association significant when rivals show up. Sign showcasing thoughts bring about expanded deals in an association. The effects of sign showcasing include: First, having a sign that is hard to process may cause the customer to see the brand as unlikable or conniving (Oswald, 2012). In any case, signs that have a simple to-parse message and a high-differentiate position makes the brand to seem honest. The firm ought to consider the fundamental part of its sign, for example, the administration advertised. This ought to be tended to over all whatever else. This draws in new and old clients, after which the companys brand can be disclosed to them. Second, people have various impression of a similar sign (Umiker-Sebeok, 2012). This relies upon how the clients see the signs. For instance, when a bystander sees a sign from their privilege visual field, they center more around the words instead of the pictures. Be that as it may, people who see the sign from their left visual field react more to the pictures. Along these lines, the sit uation of the signs makes various observations from clients. End Summarizing, showcasing is fundamental to making a companys brand. Showcasing targets advising potential and current clients about a companys items. This pulls in new and old customers to buy the items. This consequently builds the companys income and increases an upper hand. Signs utilize visual structures, for example, pictures and pictures. They are utilized by advertisers to implant the implications into shoppers minds. In the long run, this structures a premise of imparted information to the clients. References De Vries, L., Gensler, S., Leeflang, P. S. (2012). Prevalence of brand posts on brand fan pages: An examination of the impacts of internet based life marketing.Journal of intelligent marketing,26(2), 83-91. Oswald, L. R., Oswald, L. (2012).Marketing semiotics: Signs, methodologies, and brand esteem. Oxford University Press. Umiker-Sebeok, J. (Ed.). (2012).Marketing and semiotics: New headings in the investigation of signs for sale(Vol. 77). Walter de Gruyter. Yu, W., Ramanathan, R., Nath, P. (2014). The effects of promoting and tasks capacities on money related execution in the UK retail segment: An asset based perspective.Industrial Marketing Management,43(1), 25-31.

Mihaly Csikszentmihalyi Biography

Mihaly Csikszentmihalyi Biography History and Biographies Print Mihaly Csikszentmihalyi Biography Early Life, Career, and Contributions to Psychology By Kendra Cherry facebook twitter Kendra Cherry, MS, is an author, educational consultant, and speaker focused on helping students learn about psychology. Learn about our editorial policy Kendra Cherry Updated on May 09, 2018 Ehirsh / Wikimedia Commons / Public Domain More in Psychology History and Biographies Psychotherapy Basics Student Resources Theories Phobias Emotions Sleep and Dreaming Even without success, creative persons find joy in a job well done. Learning for its own sake is rewarding. â€" Mihaly Csikszentmihalyi from Creativity: Flow and the Psychology of Discovery Invention, 1996. What Csikszentmihalyi Is Best Known For Mihaly Csikszentmihalyi is a psychologist who created the concept of flow. He is particularly known for flow psychology and positive psychology. Csikszentmihalyis Early Life Mihaly Csikszentmihalyi (pronounced me-HIGH chick-sent-me-HIGH-ee) was born in Fiume, Italy, now Rijeka, Croatia, on September 29, 1934. Growing up, he was fluent in Hungarian, Italian and German. During World War II, he spent time in an Italian prison camp where he discovered chess. He found playing chess to be an excellent way to divert his attention away from what was happening around him, something he believes helped him fare better than many others. At age 16, he traveled to Switzerland where he had the opportunity to listen to Carl Jung speak. The experience had an influence on him. He later explained, As a child in the war Id seen something drastically wrong with how adultsâ€"the grown-ups I trustedâ€"organized their thinking. I was trying to find a better system to order my life. Jung seemed to be trying to cope with some of the more positive aspects of human experience. After studying books by Jung and Freud, Csikszentmihalyi decided to immigrate to America at the age of 22 in order to study psychology. He attended the University of Chicago where he earned his B.A. in 1960 and his Ph.D. in 1965. In 1969, he returned to the University of Chicago as a professor where he continued to work until 2000. Csikszentmihalyis Career Csikszentmihalyi is best-known for his theory of flow, which he outlined in his seminal 1990 book Flow: The Psychology of Optimal Experience. According to Csikszentmihalyi, people are happy when they are in a state of flow, a type of intrinsic motivation that involves being fully focused on the situation or task. He describes flow as being completely involved in an activity for its own sake. The ego falls away. Time flies. Every action, movement, and thought follows inevitably from the previous one, like playing jazz. Your whole being is involved, and youre using your skills to the utmost. Contributions to Psychology Mihaly Csikszentmihalyis theory of flow has influenced people in a wide range of fields. Former U.S. President Bill Clinton and former British Prime Minister Tony Blair were reportedly influenced by his book Flow: The Psychology of Optimal Experience. Jimmy Johnson, former coach of the Dallas Cowboys, utilized Csikszentmihalyis ideas to prepare for the 1993 Super Bowl. Csikszentmihalyis ideas have also influenced people in business, government, education and the arts. Selected Publications by Mihaly Csikszentmihalyi Csikszentmihalyi is a prolific writer, having published more than 120 articles and book chapters on a wide variety of topics in psychology. His research and writings on happiness and creativity have also played an important part of the growing interest positive psychology. Here are a select few: Csikszentmihalyi, M. (1975). Beyond Boredom and Anxiety: Experiencing Flow in Work and Play, San Francisco: Jossey-Bass.Csikszentmihalyi, M. and Csikszentmihalyi, I. S., eds. (1988). Optimal Experience: Psychological studies of flow in consciousness, Cambridge: Cambridge University Press.Csikszentmihalyi, M. (1990). Flow: The Psychology of Optimal Experience. New York: Harper and Row.Csikszentmihalyi, M. (1996). Creativity: Flow and the Psychology of Discovery and Invention. New York: Harper Perennial.Csikszentmihalyi, M. (1998). Finding Flow: The Psychology of Engagement With Everyday Life. Basic Books.Gardner, H., Csikszentmihalyi, M., and Damon, W. (2002). Good Business: Leadership, Flow, and the Making of Meaning. Basic Books.

Resource Based View of Social Entrepreneurship Puting...

INTRODUCTION The emerging field of social entrepreneurship calls for a need for new integrated theories to contribute to the discipline and help grow the field. Social Entrepreneurship has been a topic of academic interest for the past few decades; however there has been little scholarly output in mainstream journals (Short, Moss, Lumpkin 2009). Social entrepreneurship is commonly defined as â€Å"entrepreneurial activity with an embedded social purpose† (Austin et al. 2006). Social entrepreneurs play a role of change agents in society by adopting missions to create and sustain social value. They recognize and pursue new opportunities to serve the particular mission at hand. Social entrepreneurs engage in a process of continuous innovation, adaption and learning. With these components, social entrepreneurs are able to act without being limited by current resources. They are accountable to the constituencies served and for the outcomes created as a result of their actions (Dees, 1998). Although social entrepreneurs usually start rather small their initiatives often have global relevance, issues such as unemployment, incarceration, disease, small business creation, access to clean water, renewable energy, waste management, etc. These issues and needs usually arise within a disenfranchised sector of society, and they are the drivers of social entrepreneurship. The desires or needs of the disadvantaged

Introduction to the French Present Tense

The French present tense, called le prà ©sent or le prà ©sent de lindicatif, is quite similar in usage to the English present tense. In French, the present tense is used to express all of the following: I. Current actions and situations   Ã‚  Ã‚  Je suis fatiguà ©.  Ã‚  Ã‚  I am tired.  Ã‚  Ã‚  Nous allons au marchà ©.  Ã‚  Ã‚  We are going to the market. II. Habitual actions   Ã‚  Ã‚  Il va à   là ©cole tous les jours.  Ã‚  Ã‚  He goes to school every day.  Ã‚  Ã‚  Je visite des musà ©es le samedi.  Ã‚  Ã‚  I visit museums on Saturdays. III. Absolute and general truths   Ã‚  Ã‚  La terre est ronde.  Ã‚  Ã‚  The earth is round.  Ã‚  Ã‚  Là ©ducation est importante.  Ã‚  Ã‚  Education is important. IV. Actions which will occur immediately   Ã‚  Ã‚  Jarrive  !  Ã‚  Ã‚  Ill be right there!  Ã‚  Ã‚  Il part tout de suite.  Ã‚  Ã‚  He is leaving right away. V. Conditions, such as in si clauses   Ã‚  Ã‚  Si je peux, jirai avec toi.  Ã‚  Ã‚  If I can, I will go with you.  Ã‚  Ã‚  Si vous voulez.  Ã‚  Ã‚  If you like. Note: The present tense is not used after certain constructions that indicate an action that will occur in the future, such as aprà ¨s que (after) and aussità ´t que (as soon as). Instead, the future is used in French. The French present tense has three different English equivalents, because the English helping verbs to be and to do are not translated into French. For example, je mange can mean all of the following: I eat.I am eating.I do eat. If you want to emphasize the fact that something is happening right now, you can use the conjugated verb à ªtre en train de infinitive. So to say I am eating (right now), you would literally say I am in the process of eating: Je suis en train de manger. To learn how to conjugate French verbs in the present tense and then test yourself, please see these related lessons: Regular Verbs   -ER verbs -IR verbs  -RE verbs

Tern Paper Compare Two Companies Free Essays

Kazakhstan University of Management, Economics, and Strategic Research Bang College of Business MBA program Term Paper: Financial analysis of â€Å"JSC Shubarkol komir† and â€Å"JSC SatCompany† Prepared by: 20101675 Kim Jonghon 20091481 Nurtas Kadyrbayev Instructor: M Mujibul Haque, Ph. D. Executive Summary This paper provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of JSC â€Å"ShubarkolKomir† and JSC â€Å"SatCompany†. We will write a custom essay sample on Tern Paper: Compare Two Companies or any similar topic only for you Order Now Methods of analysis include trend and vertical analyses as well as ratios such as Debt, Current and Quick ratios. Other calculations include rates of return on Shareholders’ Equity and Total Assets and earnings per share to name a few. All calculations can be found in the appendices. The report finds the prospects of the company in its current position are not positive. The major areas of weakness require further investigation and remedial action by management. Recommendations discussed include: – improving the average collection period for accounts receivable · – improving/increasing inventory turnover · – reducing prepayments and perhaps increasing inventory levels The report also investigates the fact that the analysis conducted has limitations. Some of the limitations include: forecasting figures are not provided nature and type of company is not known nor the current economic conditions data limitations as not enough information is provided or enough detail. For example, monthly details not known results are based on past performances not present. Acknowledgement We wish to express our sincere gratitude to Dr. M. MujibulHaque, for providing us an opportunity to do our project, and for guidance and encouragement in carrying out this project work. We are heartily thankful that he support from the preliminary to the concluding level enabled us to develop and understanding of the subject. Lastly, We offer our regards to all of those who supported us in any respect during the completion of the project. Dr. M. MujibulHaque Professor, Dean of Bang colledge of Business KIMEP, 4 Abay Ave. Dear Dr. Haque: We are submitting herewith our term paper entitled JSC â€Å"ShubarkolKomir† and JSC â€Å"SatCompany†. The main purpose of this paper is to master a set of concept to make effective financial analysis. The paper shows detail approaches and methodology which are was applied during our paper. We hope that this paper will merit your approval. Sincerely, Nurtas Kadyrbayev Kim Jonghon Contents Title page †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 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‚¬ ¦ 2 Acknowledgement †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 Letter of Transmittal â € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Table of Contents †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 Table of Figure/Tables †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 I. Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 1. Objective †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2. Scope †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 3. Methodology †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 4. Limitation †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 II. Findings and Analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6 1. Shubarkolkomir† and â€Å"SatCompany† companies overview †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 2. Du Pont analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 8 3. Working capital policy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 4. Capital Structure Policy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 5. Dividend Policy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 18 6. Break-even analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 23 7. P/E ratio analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 24 8. Vertical analyses †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 25 9. Trend analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 III. Summary and Recommendations †¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 33 References †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 35 Appendices †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 36 List of Tables and Figures Table 1 Du Pont analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 0 Table 2 Working capital †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 11 Table 3 Liquidity analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 11 Table 4 Debt analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 12 Table 5 Profitability analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦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 Table 6 Efficiency analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 15 Table 7 Capital structure †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 Table 8 Capitalization rate †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 17 Table 9 Dividend policy ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2 Table 10 Break-even †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 23 Table 11 P/E ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 24 Table 12 Vertical analysis (Income Statement) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 25 Table 13 Trend analysis (Income state ment) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 25 Table 14 Vertical analysis (Balance Sheet) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 Table 15 Trend analysis (Balance Sheet) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 29 Table 16 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‚¬ ¦ 33 Figure 1 Return on equity †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 Figure 2 Current Assets/Total Assets †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 11 Figure 3 Current ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2 Figure 4 Acid-test ratio †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 Figure 5 Debt analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 12 Figure 6 Sales growth rate †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 14 Figure 7 Profitability analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 Figure 8 Efficiency analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 16 Figure 9 Divide nd policy ratios †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 22 Figure 10 Leverage analysis †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 23 Figure 11 Price per share/EPS †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 24 I. Introduction A financial statement analysis is an important business activity that helps the top management assesses the stability and profitability of the business. It is important to carry out a financial analysis, as it enables the management to decide upon the continuation or discontinuation of a particular project and to take decisions regarding the purchase of raw material and machinery, investments, lending, and so on. Financial statement analysis involves the comparison of information of one entity over different periods of time or the comparison of information of different entities during the same period. The four main statements that are analyzed during the procedure include the balance sheet, income statement, statement of owner’s equity, and statement of cash flows. Based on financial statements for past three years, they are 2010, 2009, 2008 which were available on Kazakhstan Stock Exchange (KASE) of each company, we make a financial analysis. We have applied 3 methods to evaluate the position of these companies through methods like ratio analysis, vertical analysis, trend analysis, and common-size analysis. Limitations of this paper that there is considerable subjectivity involved as there is no theory as to what should be the right number for the various ratios. Further, it is hard to reach a definite conclusion when some of the ratios are favorable and some are unfavorable. Ratios are based on financial statements that reflect the past and not the future. Unless the ratios are stable, one cannot make reasonable projections about the future trend. Financial statements provide an assessment of the costs and not value. For example, the market value of items may be very different from the cost figure given in the balance sheet. II. Findings and Analysis Joint Stock Company â€Å"ShubarkolKomir† is one of the producers of steam coal largest in Kazakhstan. Shubarkol (from Kazakh shubar – spotty, kol – the lake) – spotty lake. JCC ShubarkolKomir was created by mergering of Open joint stock company â€Å"Shubarkolskiirazrez† and open joint stock company â€Å"Shubarkolskoe transportation management†. JSC ShubarkolKomir activity also covers pits on production of a construction stone, coal processing, operation of access roads, rail transportation, shunting works, and also production and water sale. The company managed by Board of directors. Chief executive officer setted by board of directors. Form of ownership of JSC â€Å"ShubarkolKomir† is private. Joint Stock Company  « SAT Komir  »is formed in November, 2009. Enterprise primary activity is working out of coal deposits. – Lines of activity: †¢ Investigation and working out of coal deposits. †¢ Extraction and realization coal for the industry and household consumption. – The purposes: †¢ To achieve good results in development of the coal industry. †¢ Successfully to solve problems on maintenance of internal requirements of the country in firm fuel and to an exit on the world market. The company develops the Kumyskuduksky site of the Verhnesokursky deposit of brown coal in the Karaganda in the Republic of ?azakhstan. Balance stocks of a site make more than 356 million tons of coal, from which 124,3 million tons are considered on categories, And, In and ?1. On a geological structure, consistency of capacity of layers and qualities of coal, the Kumyskuduksky site is carried to 1 group, according to classification of stocks of deposits of firm minerals. Coal mining is carried out by open way, horizontal ledges with transportation of mountain weight by motor transport. The project on deposit working out is made Open Company  «Karaganda of Hypromines and To ». Till the end of 2010 it is planned to reach extraction volumes in 1,0 million tons of coal, 2011 to leave on designed capacity of 1,5 million tons of coal of year. To in parallel mountain works additional investigation of two reserve areas representing high potential for increase of resource base is spent. Now the company realizes high-quality coal of marks 2B, 2BC, 3B, 3BC. The prices for production for today make 2600 tenge shipment at own expense, and 3600 tenge from the car. The flexible system of discounts, depending on volume is provided. Joint Stock Company â€Å"SAT Company† aims to join the top 30 largest metallurgical holdings of the CIS in terms of market capitalization. SAT Company JSC solves the following tasks to achieve this aim: †¢ Concentrating the Group’s activities in the most promising sectors: metallurgy and mining sector; †¢ Launching new plants and reaching production capacity; †¢ Supporting liquidity of The Group’s assets and increasing capitalization by approaching foreign capital markets and selling minority share interest. Main activity is wholesale of oil products, petrochemistry, metal processing, air transportation and investments in the fastest developing sectors: construction, oil trading, oil and gas engineering, metallurgy, petrochemistry and transport. Du Pont analysis Table 1. Du Pont analysis | JSC Shubarkol komir| JSC SatCompany| Du pont| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Net profitmargin| 30%| 25%| 33. 9%| 29. 6%| 60%| 0. 89%| 43. 6%| 34. 8%| Total Assetturnover| 0. 67| 0. 79| 1. 38| 0. 94| 0. 033| 0. 128| 0. 39| 0. 183667| EquityMultiplier| 2. 47| 2. 2| 2. 5| 2. 39| 2. 11| 1. 7| 1. 48| 1. 63333| ROE| 49. 66%| 43. 86%| 117%| 70. 17%| 4. 17%| 0. 195%| 25. 23%| 9. 86%| Figure 1. Return on equity Return on equity measures the rate of return on the ownership interest of the common stock owners. It measures a firm’s efficiency at generating profits from every unit of shareholders’ equity. ROE shows how well a company uses investment funds to generate earnings gr owth. On figure 1,is shown the rapid decline of return on equity from 2008 to 2009, and from 2009 to 2010 ROE was increased only for 5. 8% approximately. We can assume that world financial crises affected to Kazakhstan at the end of 2008. All manufacturing companies were suffered due to financial crisis. If we compare Subarkol and Sat companies, Sat company is more capable for generating cash internally. One of the reason could be total asset turnover. If we look to other factors, so we can see that total asset turnover of both companies are declining each year. Table 2. Working Capital | JSC Shubarkol komir| JSC SatCompany| Working Capital| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Current Assets/Total Assets| 0. 14| 0. 17| 0. 16| 0. 15| 0. 11| 0. 27| 0. 28| 0. 22| CurrentAssets/Sales| 0. 21| 0. 22| 0. 12| 0. 18| 3. 22| 2. 11| 0. 73| 2. 2| Figure 2. Current Asset/total asset Aggressive Investment Policy results in minimal level of investment in current assets versus fixed assets. In contrast, a conservative investment policy places a greater proportion of capital in liquid assets with the opportunity cost of lesser profitability. In order to measure the degree of aggressiveness, following ratio will be us ed: AIP = Total Current Assets/ Total Assets. Where average ratio of Shubarkol is lower than Sat Company. Thus, Shubarkol Company has a relatively aggressive policy, which leads to higher risk and higher return in comparison with Sat Company. Table 3. Liquidity analysis | JSC Shubarkol komir| JSC SatCompany| Liquidity analysis| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Current Ratio| 0. 73| 0. 59| 0. 40| 0. 57| 0. 59| 2. 71| 2. 74| 2. 01| Acid-test Ratio| 0. 48| 0. 41| 0. 28| 0,39| 0. 46| 2. 46| 2. 5| 1,80| Figure 3. Current ratio Figure 4. Acid-test ratio Another strong aspect of the company’s operation is its liquidity. From average liquidity ratios of both companies, Sat show better result than Shubarkol, it can cover its debt even if we exclude inventory. In order to cover its current liabilities Shubarkol Company should sell out its inventory. Table 4. Debt analysis | JSC Shubarkol komir| JSC SatCompany| Debt analysis| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Leverage ratio| 2. 47| 2. 21| 2. 54| 2. 40| 2. 11| 1. 7| 1. 48| 1. 76| Total Debt ratio| 0. 59| 0. 55| 0. 61| 0. 58| 0. 52| 1. 41| 0. 33| 0. 75| Debt-equity ratio| 1. 47| 1. 21| 1. 54| 1. 40| 1. 11| 0. 70| 0. 48| 0. 76| Interest coverage ratio| 25. 46| 13. 43| 31,1| 23. 33| 2. 34| 5. 83| 2. 17| 3. 45| Figure 5. Debt analysis Shubarkol komir has higher leverage ratio that Sat Company, which means it has possible difficulty in paying interest and principal while obtaining more funding. Leverage ratio=Total assets/Shareholders’ equity. The debt ratio gives an indication of companies total liabilities in relation to their total assets. The higher the ratio, the more leverage the company is using and the more risk it is assuming. Both total assets and liabilities can be found on the balance sheet. The debt ratio of both companies show low level. [Debt R atio = Total debts/Total Assets] The debt to equity ratio is the most popular leverage ratio and it provides detail around the amount of leverage (liabilities assumed) that a company has in relation to the monies provided by shareholders. As you can see through the formula below, the lower the number, the less leverage that a company is using. Again, like the debt ratio, we must understand the drawbacks of this formula. Totalliabilities include operational liabilities that are required to run the business. These are not long term in nature and can distort the debt to equity ratio. Some will exclude accounts payable from the liabilities and/or intangible assets from the shareholder equity component. Debt to equity ratio = Total debts/total equity] The interest coverage ratio tells us how easily a company is able to pay interest expenses associated to the debt they currently have. The ratio is designed to understand the amount of interest due as a function of companies earnings before interest and taxes (EBIT). The interest coverage ratio is very closely monitored because it is viewed as the last line of defense in a sense. A company can get by even when it is in a serious financial bind if it can pay its interest oblig ations. [Interest Coverage ratio = EBIT/Interest Expense] Table 5. Profitability analysis | JSC Shubarkol komir| JSC SatCompany| Profitabilityanalysis| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| SalesGrowth rate| 14. 7| -9. 79| 66. 69| 23,86| -44| -54| -24. 4| -40. 8| GrossMargin/Sales| 0. 6| 0. 65| 0. 64| 0,63| 0. 04| 0. 22| 0. 41| 0. 22| EBIT/Sales| 0. 55| 0. 48| 0. 62| 0,55| 1. 29| 0. 21| 0. 33| 0. 61| Return onInvestment| 0. 30| 0. 25| 0. 34| 0,29| 0. 93| 0. 009| 0. 44| 0. 46| Return onAssets| 0. 2| 0. 19| 0. 47| 0,28| 0. 03| 0. 001| 0. 17| 0. 067| Figure 6. Sales growth rate Sat Company’s sales growth rate shows bad results, it has negative rates. Figure 7. Profitability analysis The gross profit margin looks at cost of goods sold as a percentage of sales. This ratio looks at how well a company controls the cost of its inventory and the manufacturing of its products and subsequently pass on the costs to its customers. The larger the gross profit margin, the better for the company. The calculation is: Gross Profit/Net Sales. Operating profit is also known as EBIT and is found on the company’s income statement. EBIT is earnings before interest and taxes. The operating profit margin looks at EBIT as a percentage of sales. The operating profit margin ratio is a measure of overall operating efficiency, incorporating all of the expenses of ordinary, daily business activity. The calculation is: EBIT/Net Sales. In average Return on investment has low ratio, even if Sat companies’ ratio is higher than Shubarkol company. The Return on Assets ratio is an important profitability ratio because it measures the efficiency with which the company is managing its investment in assets and using them to generate profit. It measures the amount of profit earned relative to the firm’s level of investment in total assets. The return on assets ratio is related to the asset management category of financial ratios. The calculation for the return on assets ratio is: Net Income/Total Assets. Table 6. Efficiency analysis | JSC Shubarkol komir| JSC SatCompany| Efficiencyanalysis| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| InventoryTurnover| 5. 57| 6. 4| 9. 56| 7. 17| 1. 6| 4. 69| 7. 78| 4. 69| Total AssetsTurnover| 0. 68| 0. 79| 2. 38| 1. 28| 0. 03| 0. 13| 0. 39| 0. 18| AverageCollectionperiod| 1. 68| 7. 29| 1. 2| 3. 39| 3. 26| 2. 91| 0. 65| 2. 27| AccountsPayableturnover| 9. 6| 17. 48| 2. 17| 9. 75| 0. 9| 2. 85| 3. 13| 2. 22| Figure 8. Efficiency analysis Efficiency ratios are ratios that come off the the Balance Sheet and the Income Statement and therefore incorporate one dynamic statement, the income statement and one static statement, the balance sheet. These ratios are important in measuring the efficiency of a company in either turning their inventory, sales, assets, accounts receivables or payables. It also ties into the ability of a company to meet both its short term and long term obligations. This ratio is obtained by dividing the ‘Total Sales’ of a company by its ‘Total Inventory’. The ratio is regarded as a test of Efficiency and indicates the rapidity with which the company is able to move its merchandise. Shubarkol Company is able to rotate its inventory in sales in average 7. 17 times in one fiscal year. When Sat company only 4. 69 times. The total asset turnover represents the amount of revenue generated by a company as a result of its assets on hand. Formula: [Total Asset Turnover = Sales/Total Assets]. Total asset turnover of shubarkol company is higher, thus it has the lower the profit margins, since the company is able to sell more products at a cheaper rate. The Average collection period ratio shows both the average time it takes to turn the receivables into cash and the age, in terms of days, of a company’s accounts receivable. The ratio is regarded as a test of Efficiency for a company. The effectiveness with which it converts its receivables into cash. This ratio is of particular importance to credit and collection associates. To convert its accounts receivables into cash for Shubarkol Company takes in average 3. 39 days and for Sat company 2. 27 days. The Accounts Payable turnover shows investors how many times per period the company pays its average payable amount. Thus, Shubarkol’s accounts payable turned over 9. 75 times and Sat’s 2. 22 in average during the past year. Shubarkol Company is paying its suppliers very quickly, it may mean that the suppliers are demanding very fast payment terms. Sat Company is paying its suppliers more slowly, and may be an indicator of worsening financial condition. Capital Structure Policy Table 7. Capital Structure JSC Shubarkol komir| #shares| B| EBIT| I| EBT| EAT| Ki| EPS| P| Ke=EPS/P| S=#shares x P| V=S+B| 4,500| 200| 11,236| 24| 11,212| 10,098| 10. 8| 3. 6| 1,250| 0. 9| 5,314,500| 5,314,700| 3,500| 300| 11,236| 39| 11,197| 10,077| 11. 7| 4. 6| 1,181| 0. 39| 4,375,000| 4,375,300| 2,500| 400| 11,236| 56| 11,180| 10,062| 12. 6| 6. 5| 1,140| 0. 57| 2,850,000| 2,850,400| JSC SatCompany| #shares| B| EBIT| I| EBT| EAT| Ki| EPS| P| Ke=EPS/P| S=#shares x P| V=S+B| 3,000| 1,000| 3,678| 130| 3,548| 3,448| 11. 7| 0. 91| 1,100| 0,08| 3,300,000| 3,301,000| 2,000| 1,300| 3,678| 182| 3,496| 3,366| 12. 6| 1. 37| 1,150| 0. 12| 2,300,000| 2,301,300| 1,000| 1,600| 3,678| 240| 3,438| 3,278| 13. 5| 2. 73| 1,200| 0. 2| 1,200,000| 1,201,600| Table 8. Capitalization rate JSC Subarkol komir| Ki(B/V ) + Ke(S/V) =Ko| 0. 0004| 0. 29| 0. 29| 0. 0008| 0. 39| 0. 39| 0. 0018| 0. 57| 0. 57| JSC SatCompany| Ki(B/V ) + Ke(S/V) =Ko| 0. 0035| 0,08| 0. 0835| 0. 0071| 0. 12| 0. 1271| 0. 0180| 0. 22| 0. 2380| For Shubarkol Company the optimal level of debt is 400 000 tenge, because the lowest Ko= 0. 29 and highest price is 1250 tg/share. For SatCompany the optimal level is 100 000 tenge, where Ko=0. 0835. Dividend Policy Provision on dividend policy of JSC Shubarkol Komir 1. General provisions The present Provision on dividend policy of JSC Shubarkol Komir is developed according to the legislation of the Republic of Kazakhstan, the Charter, the Code of corporate governance of JSC Shubarkol komir and other internal documents. The purpose of the present Situation is ensuring balance of interests of Society and Shareholders and a transparent approach at determination of the amount of dividend payments of Society for shareholders. The policy of Society is based on respect and strict observance of the rights of the Shareholders provided by the legislation of the Republic of Kazakhstan, the Charter of Society and its internal documents. The dividend policy of Society is directed on increase of welfare of Shareholders, increase of investment appeal of Society and its capitalization. 2. Main conditions of payment of dividends to Shareholders 2. 1. Society, proceeding from the size of the received net profit (total profit) in a year and requirements of development of production and investment activity, aspires to increase the size of dividends paid to Shareholders along with growth of capitalization. 2. 2. Conditions of payment of dividends to Shareholders of Society are: 1. xistence at Society of a net profit (total profit) in a year defined according to point 3. 1. Provisions 2. absence of restrictions on payment of the dividends provided by point 5 of article 22 of the Law of the Republic of Kazakhstan  «About joint-stock companies »; 3. decision of General meeting of shareholders of Society. 3. Order of determination of the amount of charge of dividends 3. 1. The size of the dividends charged by Society, is def ined with the standard. The net profit (total profit) Societies is defined on the basis of its consolidated financial statements made according to IFRS. . 2. According to the current legislation and the Society Charter the Board of directors of Society prepares offers on an order of distribution of a net profit of Society for expired fiscal year and the size of the dividend in a year counting on one common share of Society 3. 3. The Society board of directors by preparation of the offer on an order of distribution of a net profit of Society for expired fiscal year and the size of dividends in a year, recognizes that the sum directed on payment of dividends, should make not less than 17,5 % of a net profit. 3. 4. The question of possibility of payment by Society of dividends on common and preference shares quarterly, time in half a year, or following the results of a year is regulated according to the current legislation. The question is considered by Society Board, proceeding from the received financial results and look-ahead indicators of the size of dividends of Society actions. 3. 5. The Society board of directors, on the basis of offers of Board of Society, considers the main directions of distribution of a net profit (total profit), and also forms offers on a share of a net profit (total profit), directed on dividend payments. . 6. The Societies of the offer created by Board of directors about an order of distribution of a net profit of Society for expired fiscal year and the size of the dividend in a year counting on one common share of Society are submitted for consideration of General shareholder meeting. 3. 7. The final decision about the size of dividends is established by the deci sion of General meeting of shareholders of Society. 4. Order of payment of dividends 4. 1. Dividends are paid to Shareholders in the terms established by the Charter of Society and the relevant decision of General shareholder meeting. 4. 2. Society provides timely and complete payment of dividends to Shareholders. 4. 3. Payment of dividends considered transfer of the corresponding sums of money from the Society account on bank accounts of Shareholders according to the decision accepted at General shareholder meeting on terms and an order of payment of dividends. 4. 4. Payment of dividends is made by money or Society securities. Society has the right to make payment of dividends on stocks Society securities provided that such payment is carried out by the declared actions and the bonds issued by Society, in the presence of the written consent of Shareholders. Payment of dividends by securities on preference shares of Society isn’t allowed. 4. 5. The taxation of paid dividends is carried out in an order provided by the legislation of the Republic of Kazakhstan. 5. Informing of Shareholders on dividend policy of Society 5. 1. Society places the present Situation, changes and/or additions to it on the corporate website of Society. 5. 2. Within 10 working days from the date of making decision of General shareholder meeting on payment of dividends on common shares of the Society Society publishes this decision in mass media. Thus Society also publishes this decision on the corporate website. . 3. The decision on payment of dividends on common shares of Society should contain the following data: 1. name, location, bank and other details of Society; 2. the period for which dividends are paid; 3. the size of the dividend counting on one common share; 4. start date of payment of dividends; 5. an order and a form of payment of dividends with the indication of the sizes, terms, ways and a form of payment of dividends. 5. 4. The materials provided to Shareholders for decision-making, should contain all necessary information on existence/lack of the conditions necessary for payment of dividends. . Responsibility for incomplete or untimely payment of dividends to Shareholders 6. 1. Responsibility for appropriate and timely execution of decisions of General shareholder meeting about payment of dividends, including complete payment of dividends, bears Society Board. sizes, terms, ways and form of payment of dividends. Dividend Policy Ratios Dividend policy ratios provide insight into the dividend policy of the firm and the prospects for future growth. Two commonly used ratios are the dividend yield and payout ratio. Table 9. Dividend policy ratios | JSC Shubarkol komir| JSC Sat;Company| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Dividend yield| 10. 47| 6. 5| 8. 4| 8. 45| 11. 2| 10. 11| 9. 7| 10. 33| Payout ratio| 25. 4| 19. 7| 23. 25| 22. 78| 31. 56| 30. 7| 20. 9| 27. 72| A high dividend yield does not necessarily translate into a high future rate of return. It is important to consider the prospects for continuing and increasing the diviend in the future. The dividend payout ratio is helpful in this regard. Figure 9. Dividend policy ratios Break-even analysis We assume variable costs consist of 70 of total cost, and rest 30 is fixed costs Table 10. Break-even | JSC Shubarkol komir| JSC Sat;Company| | 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Break-even| 14| 15. 3| 16. 7| 15. 3| 229| 52| 81| 120. 7| DOL| 1| 1| 1| 1| -1. 69| 1. 21| 1. 12| 0. 21| DFL| 1| 1| 1| 1| 1. 99| 1. 70| 1. 24| 1. 64| TL| 1| 1| 1| 1| -3. 36| 2. 05| 1. 38| 0. 07| Figure 10. Leverage analysis Operating leverage is a measure of how sensitive net operating income is to percentage changes in sales. Shubarkol’ net operating income grows 1 times as fast as its sales, whereas Sat’s net operating income declines for 1. 69 as its sales. Degree of Financial Leverage is very helpful in comparing various firms and the riskiness of their capital structures in a particular industry. The Sat company has high degree of financial leverage than Shubarkol, thus Sat company more riskier, consequently it has higher return. The Shubarkol company will meet break-even point at the level of 16,7 tons in average. The Sat;Company at 229 tons. P/E ratio analysis Table 11. P/E ratio | JSC Shubarkol komir| JSC Sat;Company| P/E| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Price per share/EPS| 1,377| 1,936| 840| 1,384| 512. 9| 7,241| 286. | 2,680| Figure 11. Price per share/EPS PE ratio show the â€Å"embedded value† in stocks and are used by the investors as a screening device before making their investment. For example, a high P/E ratio may be regarded by some as being a sign of â€Å"over pricing†. When the markets are bullish or if the investor sentiment is optimistic about a particular stock, the P/E ratio wil l tend to be high indicating that investors are willing to pay a high price for company’s earnings. Sat company has higher P/E ratio than Shubarkol company. It mean the more the market is willing to pay for this company’s earnings. Vertical and Trend analysis Table 12. Vertical analysis (Income statement) | JSC Shubarkol komir| JSC Sat;Company| | 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Revenue| 100| 100| 100| 100| 100| 100| 100| 100| Cost ofGoods Sold| 39| 35| 36| 36| 95| 77| 58| 76| Gross profit| 61| 65| 64| 63| 5| 23| 42| 23| Financingincome| 0. 31| 0. 21| 0. 17| 0. 23| 0. 84| 18| 3. 2| 7. 3| Otherincome| 4. 5| 1. 5| 0. 7| 2. 06| 759| 162| 65| 328| Sellingexpenses| (0. 08)| (0. 07)| (0. 07)| (0. 07)| 11. 8| 17| 8. 2| 12. 3| General andadministrative expenses| (4. 5)| (5)| (3. 37)| (4. 9)| (446)| (24)| (200)| 223| EarningsbeforeInterestand Taxes| 61. 23| 61| 61. 4| 61| 330| 160| 81| 190| Interestexpense| (3. 22)| (4. 8)| (0. 7)| 2. 9| (68)| 22| 13| 34| Otherexpenses| (1)| (3. 5)| (0. 2)| 1. 56| 237| 150| 67| 151| Earningsbeforetaxes| 57| 52. 7| 60. 5| 56| 0. 36| 0. 15| 2. 7| 1. 07| Incometaxes| (11)| (11)| (16)| (12. 6)| 12. 66| 2. 88| 0| 5. 18| Tax onsuperprofit| (12. 5)| (17)| (16)| (15)| 224. 5| 150| 65| 146| Net Income| 33. 51| 24. 7| 28. 5| 20. 23| 224. 5| 150| 65| 146| Table 13. Trend analysis (Income statement) | JSC Shubarkol komir| JSC Sat;Company| 2010| 2009| 2008| Average| 2010| 2009| 2008| Average| Revenue| 17. 2| -9. 3| 200| 69| -44| -60| -3| -36| Cost ofGoods Sold| 30| -10| 49| 23| -33| -40| -22| -31| Gross profit| 10| -9| 507| 169| -89| -75| 53| -72| Financingincome| 74| 13| -16| 23| -97| 166| 0| 23| Other income| 263| 89| -15| 112| 165| 16| 50| 77| Sellingexpenses| 15| -8| 33| 13| -62| -2| -21| -28| General andadministrative expenses| 4| -36| -12| 14| 923| -50| 11| 295| EarningsbeforeInterestand Taxes| 10| -10| 803| 267| 6. 3| -12| 59| 18| Interestexpense| -22| -547| -35| 201| 69| -23| -13| 11| Otherexpenses| -66| -1868| 21| -638| -4| -5. | 46| 12| Earningsbeforetaxes| 19| -21| 10000| 3333| -56| -97| 48. 4| -34| Incometaxes| 17| -39| 861| 280| -145| 0| 0| -48| Tax onsuperprofit| -16| 53| – 12. 3| (15)| -7. 26| -| -| -| Net Income| 45| -34| 858| 20. 23 | 289| -4| 168| 52| Table 14. Vertical analysis (Balance sheet) | JSC Shubarkol komir| JSC Sat;Company| ASSETS| 2010 %| 2009 %| 2008 %| Average %| 2010 %| 2009 %| 2008 %| Average %| Current Assets:| | | | | | | | | Cash and Cash Equivalents| 2. 4| 1. 8| 2. 5| 2. 2| 3. 47| 3. 63| 13. 81| 6. 97| FinancialReceivables| 0. 01| 0| 0| 0. 003| 2,94| 11. 23| 7. 03| 7| Inventories| 5| 5| 5. 8| 5. 06| 2. 41| 2. 86| 2. 47| 2. 58| Current portionof Long termassets held tosale| | | | | 1,21| 1. 82| 0| 1. 01| Advances paid and other receivables| 0. 36| 1. 6| 0. 46| 0. 80| -| -| -| -| Value added tax and other tax receivables| 4| 1| 0. 63| 1. 87| -| -| -| -| Other currentassets| 6| 7| 8. 08| 7. 03| 0,61| 0. 49| 0. 99| 0. 69| Total currentassets| 14| 17| 16. 86| 15. 95| 10. 65| 20. 05| 28. 67| 16. 79| Long-termassets:| | | | | | | | | Investmentsaccounted for using equity method| 25. 9| 0. 01| 0. 0076| 8. 34| 1. 40| 10. 74| 0. 0008| 4. 05| Property, plant and equipment| 45. 47| 61| 56. 9| 54. 49| 56 . 9| 12. 11| 14. 45| 27. 82| Intangible assets| 11. 5| 18| 22. 45| 17. 32| 5,38| 0. 33| 0. 05| 1. 92| Investment inassociatedcompanies| | | | | 4. 91| 0. 99| 0| 1. 96| Deffered taxes| | | | | 0. 58| 0. 23| 0. 34| 0. 38| Other long-termassets| 3. 14| 2. 77| 3. 67| 3. 19| 7. 79| 14. 79| 47. 85| 23. 48| Total long-term assets| 86| 83| 83. 14| 84| 89. 34| 79. 94| 71. 32| 80. 2| TOTALASSETS| 100| 100| 100| 100| 100| 100| 100| 100| | | | | | | | | | SHAREHOLDERS’ EQUITYANDLIABILITIES| | | | | | | | | Currentliabilities:| | | | | | | | | FinancialPayables| 5. 24| 8. 9| 24| 12. 71| 5. 3| 12. 55| 1. 14| 6. 50| Taxes payable| 9| 14| 9. 4| 10. 8| 0. 07| 0. 04| 0. 17| 0. 09| Advancesreceived andother payables| 0. 38| 0. 56| 0. 2| 0. 38| -| -| -| -| Accountspayable| 1. 46| 1. 71| 2. 6| 1. 92| -| -| -| -| Evaluationliabilities| 1. 53| 1. 71| 1. 9| 1. 71| -| -| -| -| Short term loans| -| -| -| -| 12,16| 2,37| 2,51| 5. 68| Other currentliabilities| 1. 43| 1. 36| 2. 73| 1. 84| -| -| -| -| Tot al currentliabilities| 19| 28. 8| 42| 29. 93| 18. 07| 14. 96| 10. 45| 14. 49| Long-termliabilities:| | | | | | | | | Long-termfinancialpayables| 25. 8| 3| 0. 4| 9. 73| 19. 689| 26. 35| 21. 0| 22. 44| Reserves torestore locations| -| -| -| -| 1. 61| 0. 51| 0| 1. 04| Long-termevaluationliabilities| 8. 71| 16. 73| 11| 12. 15| 1,61| -| -| -| Deferred taxliabilities| 6| 6. 3| 7. 5| 6. 06| 12. 86| 7. 80| 0. 85| 7. 17| Other Long termliabilities| | | | | 0. 25| 0. 01| 0| 0. 08| Total long term liabilities| 40. 5| 26. 11| 18. 7| 28. 44| 34. 42| 34. 68| 22. 15| 30. 41| Shareholders’equity:| | | | | | | | | Issued capital| 33. 4| 46. 2| 27| 35. 53| 22. 29| 21. 48| 7. 32| 17. 03| Additional paidincapital| 0. 9| 0. 9| 1. 4| 1. 06| -| -| -| -| Treasury Stocks| -| -| -| -| -0,03| ? ,01| 0| -0. 013| Retainedearnings| 6. 4| -2| 11| 5. 13| 18,65| 28,08| 47,17| 31. 3| Totalshareholders’ equity| 40. 5| 45| 39. 3| 41. 6| 47,50| 50,35| 54,50| 50. 78| TOTALSHAREHOLDERS’ EQUITY ANDLIA BILITIES| 100| 100| 100| 100| 100| 100| 100| 100| Table 15. Trend analysis (balance sheet) | JSC Shubarkol komir| JSC Sat;Company| ASSETS| 2010 %| 2009 %| 2008 %| Average %| 2010 %| 2009 %| 2008 %| Average %| Current Assets:| | | | | | | | | Cash and Cash Equivalents| 85| 13. 11| -9. 14| 29. 65| 79,91| ? 57,43| 1077,4| 366. 49| FinancialReceivables| 0| 0| 0| 0| ? 50,60| 158,61| ? 5,86| 1072| Current portionof Long termassets held tosale| -| -| -| -| 25,02| 0| ? 100| -37. 4| Advances paid and other receivables| -68| 447| -71| 102. 6| -| -| -| -| Inventories| 21| 64. 56| 95| 60. 19| 58. 35| 87. 52| ? 28. 45| 39. 14| Value added tax and other tax receivables| 46| 159| 62| 89| -| -| -| -| Other currentassets| 15| 40. 72| 53| 36. 24| 131. 77| ? 19. 71| ? 58. 61| 17. 82| Total currentassets| 13| 59. 35| 33| 35| ? 0. 01| 13. 20| ? 25. 61| -4. 47| Long-termassets:| | | | | | | | | Investmentsaccounted forusing equitymethod| 3698| 50| 0| 1249| ? 75. 42| 1961| ? 7. 36| 616| Property, plant an d equipment| 1. 56| 70. 97| 11. 13| 27. 88| 784. 05| 35. 64| ? 19. 59| 266. 68| Investment inassociatedcompanies| -| -| -| -| 826. 77| 1820. 8| ? 99. 93| 848. 94| Intangible assets| – 12| 27. 24| 906| 307. 08| 2968| 894,10| ? 18,76| 1281| Other long-term assets| 57| 18. 67| 43| 39. 55| 0,85602| 49,9572| 0| 16. 93| Total long-term assets| 44| 56. 84| 29. 2| 43. 34| 110. 3| 4 81. 37| 136. 27| 442| TOTAL ASSETS| 38| 57| 30| 41. 66| 88. 21| 61. 82| 45. 42| 65. 15| SHAREHOLDERS’ EQUITY AND LIABILITIES| | | | | | | | | Currentliabilities:| | | | | | | | | FinancialPayables| -19| -40. 5| 116| 19| ? 12. 43| 1683| ? 92. 22| 526| Taxes payable| -14| 140| -| 42| 243,07| ? 61,85| 9,48| 63. 66| Short term loans| -| -| -| -| 864. 69| 52. 75| ? 69. 78| 282. 55| Advancesreceived andother payables| -6| 350| -| 114| -| -| -| -| Accountspayable| 18| -33| 45| 10| -| -| -| -| Evaluationliabilities| 23| 43| 313| 126. 3| -| -| -| -| Other currentliabilities| 45| -22| 55| 26. 33| -| -| -| -| Total currentliabilities| -8| 7. 8| 164| 54. 6| 127| 131| ? 59| 66| Long-termliabilities:| | | | | | | | | Long-termfinancialpayables| 1063| 1096| 8| 722. 3| 40. 59277| 100. 2517| 435. 4730| 192. 106| Long-termevaluationliabilities| -28| 143| 60| 58. 33| -| -| -| -| Reserves torestore locations| -| -| -| -| 488. 52| 0| 0| 162. 84| Deferred taxliabilities| 30| 32| 89| 50. 33| 210. 11| 1369| 800| 793| Total long term liabilities| 114| 119| 68| 433. 66| 86,78| 153,28| 444,02| 227. 66| Shareholders’equity:| | | | | | | | | Issued capital| 0. 1| 170| 1| 57| 94. 6 9| 374. 61| 0| 156| Additional paidin capital| 0| 0| 84| 28| -| -| -| -| Treasury stocks| ? | ? | ? | ? | 6110| 0| 0| 2036. 9| Retainedearnings| 550| -128| -49| 124| 25| ? | 57| 26| Exchange ratedifference| ? | ? | ? | ? | ? 245| 0| 0| -81. 7| Totalshareholders’ equity| 24| 80| -22| 27| 77. 570| 49. 49| 46| 57. 68| TOTALSHAREHOLDERS’ EQUITYANDLIABILITIES| 38| 57| 20| 38| 88. 21| 85. 74| 30,. 20| 68. 05| The company generates its revenue from sale of coal. Revenue was increased from 2009 to 2010 for 17. As we told before the crisis affected to rapid decline in revenue from 2008 to 2009, due to cyclical type of industry. Cost of goods sold and net income show stable results during past three years. Level of cash is low in terms current liability. The company is less liquid. Property, plant and equipment take more than half of the total assets. We can assume it is because of type of the company, due to it is manufacturing company in needs more equipment. In comparison with 2008 past two years 2009 and 2010 the company financed with debt. Shareholders’ Equity section relatively good results it is increasing each year. Average of Cash and Cash equivalents in JSC Shubarkol komir is 2. 2 % and Sat ; Company`s average cash is 6. 97%. Basically company`s cash and cash equivalents should be at minimum instead of saving they should invest it to generate future cash flows. In our case cash both companies have minimum cash. Accounts Receivable in Company Shubarkol is 0. 003% and Sat Company is 7%. It says that both companies sells their product on cash, not on credit. But in order to sell more they should change their policy, selling not only on cash basis also on credit. Average inventory in Company Shubarkol is 5. 06% and in company Sat it is 2. 58%, it is a good sign both companies runs efficient business, inventory level at the minimum. In order not to have remaining inventories companies should use JIT. Property, plant and equipment take more than half of the total assets in both companies We can assume it is because of type of the company, due to it is manufacturing company in needs more equipment. Accounts Payable in Company Shubarkol decreased from 2. 6% to 1. 46 during 2008-2010. Company Sat doesn’t have any accounts payables. Company Shubarkol and Sat generates its revenue from sale of coal. Cost of goods sold in Company Shubarkol is 36% of revenue and in company Sat is 76 % of revenue. Average EBIT in Company Shubarkol is 61%, in Sat Company it is 190%, it is much higher because of Other income, it is 19mln when revenue is 2mln. In Company Shubarkol net income show stable results during past three years. But In Sat Company it is increased from 65% to 224% , average is 146%. III. Summary and recommendations Table 16. Comparison table | Shubarkol Komir| Sat;Company| ROE| High| Low| CA/TA| Low| High| CA/Sales| Low| High| Current ratio| Low| High| Acid test ratio| Low| High| Total debt| Low| High| Debt to equity| High| Low| Gross mar/Sales| High| Low| EBIT/Sales| Low| High| ROI| Low| High| Inventory turnover| High| Low| Total Asset Turnover| High| Low| Average collection period| High| Low| Accounts payable turnover| High| Low| ROA| High| Low| P/E ratio| Low| High| Recommendations 1. Overhead: Assess overhead costs and if there are opportunities to decrease them. lowering overhead has a direct impact on profitability. Overhead expenses, including rent, advertising, indirect labor and professional fees, are indirect expenses that you incur to operate the business outside of direct material and direct labor. 2. Accounts receivable: Monitor accounts receivables effectively to ensure that the company billing their clients properly and that you’re receiving pro mpt payments. . Accounts payable: Negotiate longer payment terms with vendors whenever possible to keep money longer. 4. Profitability: Review the profitability on your various products and services. Assess where prices can be increased on a regular basis to maintain or increase profitability. As costs increase and markets change, prices may need to be adjusted as well. 5. Current ratio: Increase current assets by increasing profit, selling additional capital stock, borrowing additional long term debt, or disposing of unproductive fixed assets and retaining proceeds. Reduce current liabilities by retaining a greater portion of allocated savings. Avoid financing non-current assets with current liabilities. References 1. James C. Van Horne â€Å"Fundamentals of Financial Management 13th edition†, 2008 2. http://www. sat. kz/ru/about/cel Retrieved from: 20. 04. 12 3. http://www. kase. kz/ru/emitters/show/SHUK Retrieved from: 15. 04. 12 4. Penman, Stephen H. â€Å"Financial Statement Analysis and Securities Valuation, 4th ed†. , McGraw Hill; International Edition, 2010. Appendix A JSC â€Å"ShubarkolKomir† Balance Sheet As at December 31, 2010 ASSETS| 2010| 2009| Current Assets:| | | Cash and Cash Equivalents| 685 621| 371 204| Financial Receivables| 4 115| 0| Advances paid and other receivables| 102 791| 328 837| Inventories| 1 356 411| 1 119 355| Value added tax and other tax receivables| 114 344| 215 766| Other current assets| 1 724 049| 1 492 957| Total current assets| 3 996 331| 3 528 119| Long-term assets:| | | Investments accounted for using equity method| 7 399 383| 2 000| Property, plant and equipment| 12 993 624| 12 794 808| Intangible assets| 3 285 530| 3 751 702| Other long-term assets| 897 362| 572 860| Total long-term assets| 24 575 899| 17 121 371| TOTAL ASSETS| 28 572 230| 20 649 490| SHAREHOLDERS’ EQUITY AND LIABILITIES| | | Current liabilities:| | | Financial Payables| 1 496 280| 1 851 452| Taxes payable| 2 571 754| 2 983 414| Advances received and other payables| 110 972| 117 516| Accounts payable| 418 977| 354 986| Evaluation liabilities| 438 035| 355 173| Other current liabilities| 408 340| 281 281| Total current liabilities| 5 444 358| 5 943 822| Long-term liabilities:| | | Long-term financial payables| 7 376 747| 634 493| Long-term evaluation liabilities| 2 488 523| 3 456 287| Deferred tax liabilities| 1 698 759| 1 302 972| Total long term liabilities| 11 564 029| 5 393 752| Shareholders’ equity:| | | Issued capital| 9 540 291| 9 531 291| Additional paid-in capital| 188 566| 188 566| Retained earnings| 1 834 986| -407 941| Total shareholders’ equity| 11 563 843| 9 311 916| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES| 28 572 230| 20 649 490| | | | Balance value (common stock), tenge| 2 316| 1 543| Balance value (preferred stock), tenge| 2 238| 2 289| Appendix B Income Statement For the year ended December 31, 2010 ASSETS| 2010| 2009| Revenue| 19 382 881| 16 533 291| Cost of Goods Sold| (7 612 683)| (5 834 093)| Gross profit| 11 770 198| 10 699 198| Financing income| 61 448| 35 051| Other income| 291 879| 242 452| Selling expenses| (15 556)| (13 577)| General and administrativeexpenses| (871 190)| (836 592)| Earnings before Interest andTaxes| 11 175 331| 10 126 532| Interest expense| (624 944)| (797 304)| Other expenses| (193 703)| (571 122)| Earnings before taxes| 10 418 133| 8 758 106| Income taxes| (2 160 673)| (1 847 672)| Tax on superprofit| (2 420 352)| (2 881 292)| Net Income| 5 837 109| 4 029 142| Appendix C Statement of Cash Flows For the year ended December 31, 2010 Cash Flow from OperatingActivities:| 2010| 2009| Cash inflows:| 29 253 053| 22 716 771| From sales of goods| 28 535 245| 21 495 162| From advance payments| 408 340| 1 121 843| Other proceeds| 309 468| 99 766| Cash Outflows:| 21 348 705| 16 363 748| To pay suppliers for goods and services| 7 857 546| 6 846 546| To pay out advances| 3 598 673| 1 369 020| To pay employees salary| 463 958| 354 121| Interest paid| 304 179| 489 121| Income tax paid| 1 772 233| 1 853 11| To pay tax on superprofit| 2 725 639| 2 091 833| Other payments to budget| 1 904 193| 1 257 436| Other payments| 2 722 284| 2 102 419| Net cash provided by operating activities| 7 904 349| 6 353 023| Cash Flow from Investing Activities:| | | Cash inflows:| 431 000| 1 643| From sale of fixed assets| | 1 643| Payment for long-term investments| 431 000| | Cash outflow:| 10 747 057| 9 133 255| To acquire fixed assets| 2 931 557| 2 796 255| Purchase of other long-term assets| 7 384 500| 6 000 000| Purchase debt of other entities| 431 000| 337 000| Net cash provided by investing activities| -10 316 057| -9 131 612| Cash Flow from Financing Activities:| | | Cash inflow:| 9 338 999| 7 320 373| From the sale of firm’s own equity securities| 8 999| 6 008 982| From borrowing| 9 080 000| 1 311 391| Other proceeds| 250 000| 0| Cash outflow:| 6 624 635| 4 499 402| To repay amounts borrowed| 3 042 253| 1 449 556| To repurchase the firm’s own equity securities| 0| 9 000| To pay shareholders dividends| 3 582 382| 40 846| Others| | 3 000 000| Net cash provided by financing activities| 2 714 364| 2 820 971| Net increase/(decrease) in cash| 302 656| 42 382| Cash and cash equivalents, beginning of the year| 382 965| 328 822| Cash and cash equivalents, end of the year| 685 621| 371 204| Appendix D JSC â€Å"Sat Company† Balance Sheet As at December 31, 2010 ASSETS| 2010| 2009| Current Assets:| | | Cash and Cash Equivalents| 2,720,160| 1,511,944| Financial Receivables| 2,310,048| 4,676,501| Inventories| 1,888,077| 1,192,271| Current portion of Long term assets held to sale| 949,524| 759,512| Other current assets| 477,206| 205,892| Total current assets| 8,345,022| 8,346,120| Long-term assets:| | | Investments accounted for using equity method| 1,098,757| 4,471,632| Property, plant and equipment| 44,567,701| 5,041,284| Intangible assets| 4,216,968| 137,425| Investment in associated companies| 3,849,628| 415,379| Deffered taxes| 455,677| 96,137| Other long-term assets| 6,105,903| 6,158,622| Total long-term assets| 69,979,554| 33,268,595| TOTAL ASSETS| 78,324,576| 41,614,715| SHAREHOLDERS’ EQUITY AND LIABILITIES| | | Current liabilities:| | | Financial Payables| 4,573,685| 5,223,219| Taxes payable| 56,727| 16,535| Short term loans| 9,526,727| 987,540| Total current liabilities| 14,157,139| 6,227,294| Long-term liabilities:| | | Long term loans| 15,421,083| 10,968,617| Reserves to restore locations| 1, 263,082| 214,620| How to cite Tern Paper: Compare Two Companies, Essay examples

Romeo and Julietby William Shakespeare Essay Example For Students

Romeo and Julietby William Shakespeare Essay In its depiction of teenagers, their problems dealing with their peers and their parents, Romeo and Juliet is as relevant today (early 21st Century) as it was when it was written. Discuss. Teenagers of today have a lot of pressures and problems. They have to get good grades in school to get some where in life. This is difficult because each year the students are expected to do better than last year. This puts a great deal of pressure on them. Their parents also put a large amount of pressure on their children purely because they expect so much from them. Teenagers can also get stressed or feel a lot of pressure from their friends. I think that this usually is things like sport labels, clothes and sometimes the opposite sex. The end result of this is most likely teasing or bulling. Some teenagers bring stress on themselves if they are to shy to talk to the opposite sex for whatever reason or if they do talk to them and they do or say something idiotic. The custom of arranged marriages are still used today in some societies. The Muslims are the main community that still carries this act out. This would affect girls more because they dont get any say in who they marry. I think that the parents will try finding as near perfect match as they can, but nothing is perfect. I think that Islamic apprentice adults naturally accept arranged marriages because it is the way they were brought up. The Montagues love and are concerned for the welfare for their son, Romeo. We know this because Lady Montague asks Benvolio to find out what is wrong with their son. O where is Romeo? Saw you him today? Right glad I am he was not at this fray. Benvolio is a good friend to Romeo because he promises to find out what is wrong with him. So early walking did I see your son. Towards him I made; but be was ware of me, And stole into the convent of the wood. Montague then says that he has been seen there many mornings with tears. Many a morning hath he be there been seen, With tears augmenting the fresh mornings dew. This is another prime example that of the Montagues showing concern for Romeo. I think that Romeo doesnt behave like a regular teenager at this part of the book. He is only fifteen or sixteen and he goes off crying in a wood because he loves Rosalyn and she does not return the love. I dont think that he is a very believable character but when he re-enters later in the play (act 2: Scene 1) he becomes a very powerful and strong willed character. The Capulets are equally concerned for the welfare of their daughter, Juliet. Capulet, Juliets father, wants her to marry Count Paris. Paris is a nobleman and loyal kinsman to the Prince. He is an eligible bachelor. Juliet is a good daughter and doesnt want to upset or disappoint her father. Juliet is shocked, at first, I think because she is so young and the idea of marriage never crossed her mind. Bu she says to her mother, Lady Capulet, that she will marry him if that is what she wants. It is an honour that I dream not of. Ill look to like, if looking liking move But no more deep silt I endort mine eye. Than your consent gives strength to make it fly. As the play progresses we see how Juliet becomes a more independent young woman as she falls for Romeo. But the more she falls in love with Romeo the more she disobeys her parents. .u4bf21dcfc3a3c23b02675477861ee703 , .u4bf21dcfc3a3c23b02675477861ee703 .postImageUrl , .u4bf21dcfc3a3c23b02675477861ee703 .centered-text-area { min-height: 80px; position: relative; } .u4bf21dcfc3a3c23b02675477861ee703 , .u4bf21dcfc3a3c23b02675477861ee703:hover , .u4bf21dcfc3a3c23b02675477861ee703:visited , .u4bf21dcfc3a3c23b02675477861ee703:active { border:0!important; } .u4bf21dcfc3a3c23b02675477861ee703 .clearfix:after { content: ""; display: table; clear: both; } .u4bf21dcfc3a3c23b02675477861ee703 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u4bf21dcfc3a3c23b02675477861ee703:active , .u4bf21dcfc3a3c23b02675477861ee703:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u4bf21dcfc3a3c23b02675477861ee703 .centered-text-area { width: 100%; position: relative ; } .u4bf21dcfc3a3c23b02675477861ee703 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u4bf21dcfc3a3c23b02675477861ee703 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u4bf21dcfc3a3c23b02675477861ee703 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u4bf21dcfc3a3c23b02675477861ee703:hover .ctaButton { background-color: #34495E!important; } .u4bf21dcfc3a3c23b02675477861ee703 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u4bf21dcfc3a3c23b02675477861ee703 .u4bf21dcfc3a3c23b02675477861ee703-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u4bf21dcfc3a3c23b02675477861ee703:after { content: ""; display: block; clear: both; } READ: How far does Macbeth fit the dramatic model of a tragic hero ? EssayNow by St Peters Church, and Peter too, We shall not make me there a joyful bride I think that a modern girl would not even consider marriage at Juliets age. Unless it is an arranged marriage because of a certain religion. In the play Romeo is influenced by two there characters; Benvolio and Mercutio. They persuaded young Romeo to go to the Capulets party where he soon meets Juliet. After Romeo and Juliet are wed in secret, thanks to Friar Lawrence, Tybalt, (Nephew to Lady Capulet) kills Romeos friend Mercutio. Because of Romeo and Juliets marriage Romeo should not have gone onto slay Tybalt. Because of this Romeo is banished from Verona. I think that Romeo was foolish to attend his friends death because there is nothing, which he could have done to bring him back to life. Now Juliet could not even see him and there play for them to stay together would never had to have taken place, so they couldnt be dead. Romeo and Juliet were willing to risk everything even their lives to be with one another. I think that this show s a lot of courage and strength of the youth. As so often the adults only learn the lesson at the end when it is too late. I think that Friar Lawrence is a very wise man and he has good motives. The only reason he married the young adults is so that it might stop the feuds between the Montagues and the Capulets. At the end of the play the families realize the distraught which they have brought upon themselves.

Should Abortion Be Made Legal Essay Example

Should Abortion Be Made Legal Essay The debate over whether or not abortion should be a legal option continues to divide Americans long after the US Supreme Court’s 7-2 decision on Roe v. Wade declared the procedure a fundamental right† on Jan. 22, 1973. Proponents, identifying themselves as pro-choice, contend that abortion is a right that should not be limited by governmental or religious authority, and which outweighs any right claimed for an embryo or fetus.They argue that pregnant women will resort to unsafe illegal abortions if there is no legal option. Opponents, identifying themselves as pro-life, assert that personhood begins at conception, and therefore abortion is the immoral killing of an innocent human being. They say abortion inflicts suffering on the unborn child, and that it is unfair to allow abortion when couples who cannot biologically conceive are waiting to adopt etuses are incapable of feeling pain when an abortion is performed according to Stuart W.G. Derbyshire, PhD, Senior Lecturer at the University of Birmingham (England). Not only has the biological development not yet occurred to support pain experience, but the environment after birth, so necessary to the development of pain experience, is also yet to occur. etuses are incapable of feeling pain when an abortion is performed according to Stuart W. G. Derbyshire, PhD, Senior Lecturer at the University of Birmingham (England). Not only has the biological development not yet occurred to support pain experience, but the environment after birth, so necessary to the development of pain experience, is also yet to occur. etuses are incapable of feeling pain when an abortion is performed according to Stuart W. G. Derbyshire, PhD, Senior Lecturer at the University of Birmingham (England). Not only has the biological development not yet occurred to support pain experience, but the environment after birth, so necessary to the development of pain experience, is also yet to occur.

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MIH 521 Health Program Evaluation (Mod 2 CBT) Essay

MIH 521 Health Program Evaluation (Mod 2 CBT) - Essay Example The goals of the diabetes program are to oversee the development and adoption of internationally agreed standards and norms, to promote and contribute to the surveillance of diabetes, is compilations and mortality, to contribute to the building capacity for the prevention and control of diabetes, to raise awareness and to act as an advocate for the prevention and control of the disease. With these goals in mind the experimental designs with pretest/posttest control group might be the best design to use. This would be because it would tell us if the people are learning anything from the program that has been developed. The characteristics of this design according to (attc-ne.org) are that it is experimental with a random group which receive a pretest before and a post test after the information is given through the program. This particular design needs to use controls on all seven of the threats to validity which are, history, maturation, testing, instrumentation, selection, mortality, and statistical regression. There are issues, however with this design including the fact that it is very possible to get into difficulty with validity. Stakeholders are also important here as they are in every study. ... any in other countries, Africa for example, that are victims of the blindness as well as the renal disease and peripheral vascular disease and have little access to healthcare. Chronic disease has become an issue all over the world and this creates stakeholders everywhere. This is a very expensive disease for all of the populations and the cost to each of the healthcare systems is tremendous. Worldwide, diabetes causes about 5% of the deaths every year. 80% of the people with diabetes live in low and middle income countries. Most of the people with diabetes in low and middle income countries are middle aged (45-64) and it is expected that deaths from diabetes will increase by 50% over the next 10 years (who.gov). This tells us of just a few of the stakeholders in this case. Using Jung's grid to evaluate this program shows several thing. This program targets those people with hyperglycemia but it also targets those that do not. There is the hope that making people aware will allow prevention of the disease in the long run. There are clear goals and objectives as listed above and they are very specific to address the specific problem. The long and short term goals are noted and there are multiple worldwide strategies involved including partnering with governments of the countries most in need and providing large amounts of education in an attempt to raise awareness. There is also a great deal of information provided on the internet at this time which includes a booklet on blindness and how to prevent that from happening and what dialysis is and how to try to prevent renal disease. There is great health communication as noted above and resources available for the general public and for healthcare workers that are looking for supporting literature and statistics.

Critical Book Review Essay Example | Topics and Well Written Essays - 1750 words

Critical Book Review - Essay Example CIDA has recently discarded its main advantages, such as gender equality, health issues, importance of development aid etc. Though one can argue that every organization is connected with its self-interest, we can surely claim that further discussion is related to the international aid policies, political and economic contexts. The first chapter "Canada among Donors: How Does Canadian aid Compare?" by Hunter McGill deals with relations of Canada in terms of international society on the matters of help, undertakings and goals. There are two different international processes, which are used for evaluation of international relations in Canada with respect to international policies, non-aid policies and programs. Unfortunately, Canadian government is not interested in foreign help and support and shows underperformance at the international level. This claim is produced by the author of the chapter, but it is interesting for the readers to find out whether it is true or not. On the basis of two basic criteria, such as the Peer Review process of the Organization for Economic Cooperation and Development Assistance Committee (OECD/DAC) and the Commitment to Development Index annual rankings of the Center for Global Development (CGD) evaluation of international aid in the development of Canada is discussed further on in this chapter. Other donor states evaluate national situation in Canada and in accordance with their data they donate help (McGill). The CGDs Commitment to Development Index was established as part of an effort to rate how the public policies of twenty-two nations, all currently members of the DAC, affect the prospects and progress of developing countries. Basing on these two basic indices, it is possible to evaluate a certain degree of international aid donated to Canada. At the same time, Canada plays a role of an important international donor and it is possible to measure international help donated by the country. Canada has been

Marketing Plan For Coca Cola

Marketing Plan For Coca Cola The Coca-Cola Company is one of the leading manufacturers, distributors, and marketers of non alcoholic beverage concentrates and syrups. They produce non alcoholic beverage concentrates and syrups which are sold to bottling partners. The bottlers usually add carbonated water with the concentrates and sweeteners and then bottle the product and sell it to wholesalers or retailers. Coca-Cola owns more than 400 brands in which they market for in over 200 different countries (Coca-Cola Datamonitor, 2007). Coca-Cola sells a variety of soft drinks, juices, sports drinks, teas, and water. They operate in eight segments, but most of their revenues come from three of those segments. Their three major segments are North America, South Asia and the Pacific Rim, and Bottling Investments. Their five other segments include Europe; North Asia, Eurasia and Middle East; Latin America; Africa; and Corporate. Coca-Cola also has the leading brand (Coca-Cola Datamonitor, 2007). Their vision is to maximize profits and returns to shareholders. Coca-Cola wants to have skillful workers and inspire them to do the best that they can. They want Coca-Cola to be an enjoyable place to work at and for employees to be motivated in coming to work. The company likes to obtain a product line of beverages that satisfy the needs and wants of consumers. Coca-Cola wants to build trusting relationships with their partners and suppliers along the supply chain. Also Coca-Cola prides itself in making a difference in their community and their many contributions that work to improve the environment. The business decisions that Coca-Cola makes are guided by their values. Their main values include: leadership, passion, integrity, accountability, collaboration, innovation, and quality (Coca-Cola Company 2006). Coca-Cola has remained successful by maintaining strong values, visions, and mission. Marketing Objectives Future growth for Coca-Cola will emerge from their focus shift towards the global market as well as the health conscious market. They are implementing and continuing to build on their global strategy (FrontPage, 2007). Coca-Cola would like to continue to market to countries around the world outside of the United States. They are having growth in emerging markets in Latin America, the BRIC, and Western Europe (FrontPage, 2007). This will be their major focus in the future, because they feel this is where their major growth opportunities lie. Consumers are moving towards a healthier lifestyle, which in turn is causing Coca-Cola to expand their products to continue to meet their needs. They would like to focus on providing juices, sport drinks, and water lines that will aim at the more health conscious market. Coca-Cola has been performing trials on their Minute Maid Heart Wise orange juice to prove that it does help lower cholesterol and improve health. Also they are having trials for their Enviga green tea which can help boost metabolism. This new market is huge and creates a lot of growth opportunity for Coca-Cola (Credeur, 2007). The core of our business is healthy and its poised to capture significant growth over the coming years (Credeur, 2007). Consumer behavior is changing therefore Coca-Cola must adjust their marketing strategies and product lines to meet the consumers needs. Industry Analysis The Coca-Cola Company falls in the beverage industry with many other developing companies. Leading the beverage industry by generating revenues of $24,088 million dollars, Coca-Colas closest competition in this industry is Coca-Cola Enterprises and Anheuser-Busch. Others that fall into the industry include Pepsi Bottling, Molson Coors Brewing, Constellation Brands, Pepsi Americas, and Brown-Forman (Fortune 2007). The beverage industry is moving toward the more health conscious consumer. The market is shifting from soft drinks to juices, sport drinks, and water products. To remain competitive Coca-Cola must also enter into this market and follow the healthier trends. In many European countries, the increasing consumer trend toward a healthier lifestyle continues to grow demand for functional beverages that offer physical or mental well being, lower calories and other added values (Fuhrman, 2007). Consumers value products that are going to help them live a healthy lifestyle and feel better both physically and mentally. SWOT Analysis Strengths Coca-Cola has a lot of strength in their marketing plan and business. They are the worlds leading brand name, and they have a large scale of operations, and have continuing revenue growth in all of their three segments. Coca-Colas three major segments are Latin America; East, South Asia, and Pacific Rim; and Bottling Investments. These are the segments that earn the highest revenues. Each of these segments continuously grows in revenues each year. The revenues earned in these segments have helped The Coca-Cola Company to grow and expand (Coca-Cola Datamonitor, 2007). Coca-Colas brand name is valued higher than their biggest competitor, Pepsi. Business Week valued Coca-Cola at $67,000 million and Pepsi at only $12,690 million. The brand of Coca-Cola is known globally and allows the company to enter new and emerging markets. Having a strong brand name also allows them to expand their company by adding products such as Cherry Coke and Coke with Lemon, and allowing them to meet different consumers needs. Coca-Cola owns the brand names of Coca-Cola, Diet Coke, Sprite, and Fanta which are four of the leading brands in soft drinks (Coca-Cola Datamonitor, 2007). Coca-Cola, with large scale operations, is the leader in manufacturing, distributing, and marketing nonalcoholic beverage concentrates and syrups. Selling in 200 countries, Coca-Cola owns 32 beverage concentrate manufacturing plants. They also own bottle water production and beverage facilities. The companys large-scale of operation allows it to feed upcoming markets with relative ease and enhances its revenue generation capacity (Coca-Cola Datamonitor, 2007). Weaknesses Coca-Cola has three major weaknesses that occur internally in the company, they include: negative publicity, poor performance in North America, and decrease in cash from operations. In 2006, Coca-Cola was accused of selling a product with pesticide residues in India and received negative publicity. These residues contained harmful chemicals that could damage the nervous and reproductive systems and could potentially cause cancer. Coca-Cola was plagued with harmful publicity much like this scenario throughout the year. This type of publicity can affect their brand image and decrease demand for their products (Coca-Cola Datamonitor, 2007). Coca-Cola focuses on North America as their major target market; therefore it is important for them to have a good performance for the target market. In 2006, Coca-Cola did not perform well and its market growth ceased in North America. The company actually got worse. If this poor performance continues, it could affect the overall companys growth in the future and could allow their competitors to surpass them (Coca-Cola Datamonitor, 2007). Coca-Cola had a decrease of 7% in cash flows from operations in the year 2006. This affected the company by reducing the amount of funds available for Coca-Cola to reinvest in the company (Coca-Cola Datamonitor, 2007). Coca-Cola must then finance their growth with debt which makes them vulnerable to interest rates. Opportunities Major opportunities for growth for Coca-Cola include acquisitions, the bottled water market, and the growing Hispanic population in the United States. This growing demographic segment gives Coca-Cola an opportunity to try and reach new consumers and expand their product lines. Some acquisitions of the Coca-Cola Company are Kerry Beverages Limited in 2006 which is headquartered in Hong Kong. By acquiring Kerry Beverages Limited Coca-Cola gained control over distribution and manufacturing joint ventures in nine major Chinese provinces (Coca-Cola Datamonitor, 2007). They also acquired Apollinaris in Germany, which sells sparkling and mineral water. Coca-Cola also took over TJC Holding, a bottling company located in South Africa. They even acquired companies in Australia and New Zealand. This enabled Coca-Cola to have a strong hold on the global market, which as a result helped their international operations grow and get stronger. It also gives them an opportunity for growth and to enter into new markets. The increasing health conscious market is just one of the new markets that Coca-Cola has shown a growing interest in, like the bottled water market. Bottled water is one of the most fast-growing segments in the worlds food and beverage market owing to increasing health concerns (Coca-Cola Datamonitor, 2007). Threats Even a large and successful company like Coca-Cola has external threats. Three of their major threats are intense competition, dependence on bottling partners, and slow growth of carbonated beverages. The nonalcoholic beverage industry is highly competitive, leaving Coca-Cola with many competitors in their industry. Their largest ones are PepsiCo, Nestle, Cadbury Schweppes, Groupe Danone, and Kraft Foods. This intense competition influences Coca-Cola and their strategies. Key aspects that are affected are pricing, advertising, sales promotion programs, product innovation, and brand and trademark (Coca-Cola Datamonitor, 2007). The high dependence Coca-Cola has on their partners and suppliers makes them vulnerable. Most of the revenue that Coca-Cola generates comes from selling concentrates and syrups to bottlers, in which they have no ownership control. These distributors and bottling partners make their own business decisions and Coca-Cola has no say in the choices they make. Not having control over a major aspect of their business is a major threat. (Coca-Cola Datamonitor, 2007). Target Market As Coca-Colas mission statement states it wants to refresh the world (Coca-Cola Company, 2006). Therefore the companys target markets are any and all consumers that have a thirst that demands satisfaction. However, there are some brands that target specific consumers. For example, Coca-Colas PowerAde is a sports drink that is aimed at athletic men and women, where as its diet soft drinks are targeted at consumers who are of older age (Clark, 2005). This type of marketing approach is referred to as market segmentation. Market segmentation is defined as the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups (Hair, Lamb, McDaniel, 2006, p. 212). Two ways in which Coca-Cola segments its target market are by demographic and geographic segmentation. Before 1960 the Coca-Cola Company only had one beverage aimed at the entire soft drink market (Hair, Lamb, McDaniel, 2006, p. 212). Currently Coca-Cola offers a wide range of products includi ng coffee, tea, sports drinks, energy drinks, water and their well-known Coca-Cola soft drinks (Coca-Cola Datamonitor, 2007). Market segmentation allows the Coca-Cola Company to market to people with different product needs and preferences. For example, in the past year the Coca-Cola Company felt like they needed to focus on the need that their products satisfy for their consumers. They came out with a beverage portfolio based on seventeen need states of their consumers. Some of these included relaxation, hydration, weight management, and heart health (MacAuthor Thompson, 2006). Therefore the Coca-Cola Companys target market strategy is to segment the entire soft drink market to better understand and design marketing mixes that specifically matched with the characteristics and desires of each segments. Marketing Mix: Product, Place, Price, Promotion Product: In order for an organization to be successful it needs to have a well-defined marketing mix. The marketing mix consists of the four Ps; product, place, price, promotion (Hair, Lamb, McDaniel, 2006, p. 48). Product is defined as everything, both favorable and unfavorable, that a person receives in exchange (Hair, Lamb, McDaniel, 2006, p. 48). The Coca-Cola Companys products consist of beverage concentrates and syrups, with the main product being the finished beverages (Coca-Cola Datamonitor, 2007). Coca-Colas products can be viewed as both business and consumer products. Ultimately, the main goal of the Coca-Cola Companys is to satisfy a consumers personal want, which is the definition of consumer products (Hair, Lamb, McDaniel, 2006, p. 248). The type of consumer product the Coca-Cola Company creates is convenience product. Convenience products normally require a wide distribution in order to sell sufficient quantities to meet profit goals (Hair, Lamb, McDaniel, 2006, p. 285). In addition, the Coca-Cola Company often pays a certain amount to retail stores to resell their product. Therefore the Coca-Cola Company products can be considered a business product. The Coca-Cola Company has a fairly large product mix which contains about 400 brands, including diet and light beverages, waters, juice and juice drinks, teas, coffees, energy, and sports drinks (Coca-Cola Datamonitor, 2007). The Coca-Cola Company has increased its product mix width since 1960. This enabled the Coca-Cola Company to spread risk across many product lines rather than depend only on one and to help generate sales and boost profits within its organization (Hair, Lamb, McDaniel, 2006, p. 287). The Coca-Cola Company also packages its products different sizes to appeal to certain consumers (Hair, Lamb, McDaniel, 2006, p. 286). For example, Diet Coke is available in twelve-ounce or even six-ounce cans and various plastic containers, ranging from two liters to twenty ounces (Coca-Cola Company, 2006). The Coca-Cola Company has increased its product mix by product line extensions as well as creating new products. The Coca-Cola Company has extended its product line by introducing a variety of drinks (Will New Cokes, 2006). These include Vanilla Coke, Cherry Coke, Cherry Vanilla Coke, Coke Plus and many more to attempt to meet the needs of all of its consumers. The Coca-Cola Company also increases its product mix and broadens its market by the innovation of new juice and sport drink products (Marcial, 2007). This fairly large product mix enables the Coca-Cola Company to satisfy the needs of their consumers thirst, whatever it may be. This type of product mix allows the Coca-Cola Company to achieve its mission statement in which it states that it wants to refresh the world (Coca-Cola Company, 2006). Place/Distribution: Another crucial part of the marketing mix is place and distribution of an organizations product. Place and distribution strategies are concerned with making products available when and where customers want them (Hair, Lamb, McDaniel, 2006, p. 48). The Coca-Cola Company states in its mission statement that it wants to offer its products to all consumers globally (Coca-Cola Company, 2006). The Coca-Cola Company uses intermediaries (i.e. retailers and distributors) instead of directly selling to distribute its products worldwide (Coca-Cola Datamonitor, 2007). The Coca-Cola Company also uses intensive distribution strategies to make sure their products can be available everywhere. One low profile type of retailing that the Coca-Cola Company does to increase its distribution of its product is the use of automatic vending machines. These can be found in a number of places, such as schools and concert venues (Hair, Lamb, McDaniel, 2006, p. 411). Since their product is a convenience produc t, it requires a wide distribution in order to meet profit goals (Hair, Lamb, McDaniel, 2006, p. 285). Recently the Coca-Cola Company has focused more on their global strategy to help them increase their growth. Much of this growth is coming out of Latin America, the BRIC, and Western Europe (Innovation, acquisitions, 2007). Currently many Europeans are beginning to be more worried about their health, which has increased Coca-Colas Diet Coke and Coke Zero sales (Fuhrman, 2007). In addition, the Coca-Cola Company is in many other countries including India that are in the growth stage of the product life cycle (Marketing: New products, 2007). The Coca-Cola Companys growth in these areas are caused by their improved marketing to consumers, better relationships with bottlers, their live happily campaign in 200 markets, and the launch of Coca-Cola Zero. They also launched Minute Maid juice in India as well as China and Korea (Marketing: New products, 2007). Their innovation and introduction of new products as well as their winning culture has helped them begin to grow again worldwide. Price: Price of the product or service is another important part of the marking mix. Price is defined as what a buyer must give up to obtain a product (Hair, Lamb, McDaniel, 2006, p. 49). Price is the quickest and most flexible element to change in the marketing mix. The prices of the Coca-Colas Companies products vary according to the brand and the size in which they come in (Coca-Cola Company, 2006). The Coca-Cola Companys products are sold by a wide variety of distributors and retail stores, such as convenient stores and gas stations, as well as vending machines (Coca-Cola Datamonitor, 2007). The distributors and retail stores that the Coca-Cola Company deals with often implement their own pricing strategy (Coca-Cola Datamonitor, 2007). Gas stations and convenient stores usually sell Coca-Cola products at a fixed price. However, the retail outlets use a variety of pricing methods and strategies when selling Coca-Cola products (Coca-Cola Datamonitor, 2007). There is often competition pri cing of the Coca-Cola products and prices are set around the same level as its competitors. In addition there are also psychological pricing strategies that are used to make consumers perceive that the products are cheaper than they really are. Promotion: The fourth aspect of the marketing mix is promotion of a product. The promotions role in the marketing mix is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding them of the benefits of an organizations product (Hair, Lamb, McDaniel, 2006, p. 49). Since the Coca-Cola Company operates on a global scale, their promotional strategy needs to consider the external environment in which their products are. These external environmental factors include culture, economic and technological development, political structure, demographic makeup and natural resources (Hair, Lamb, McDaniel, 2006, p. 77). For example, the Coca-Cola Company promoted its new Coke Zero in Australia differently than it did in the United States because of the different external environmental factors associated with that segment (Alarcon, 2007). In addition, the Coca-Cola Company often has to adapt its advertisements in different cultures. For example, an ad in Singapore portraying teenagers careening down a store aisle on a grocery cart was perceived as too rebellious (Hair, Lamb, McDaniel, 2006, p. 129). The ultimate goal of any promotion is to get someone to by a good or service. There are four main aspects of the promotional mix that integrate together to create a competitive advantage for an organization. The four aspects of the promotional mix are advertising, public relations, sales promotion, and personal selling (Hair, Lamb, McDaniel, 2006, p. 411) The advertising part of the promotional mix allows the organization to reach the masses with its product. The Coca-Cola Company was built heavily on advertising and marketing investments. Today the Coca-Cola Company spends most of its money on advertising that maintains the brands awareness (Hair, Lamb, McDaniel, 2006, p. 468). Thus advertising is a main source in increasing consumer awareness. The Coca-Cola Company uses many forms of advertising, from TV advertisements to magazines and billboards (Steinberg Vranica, 2004). One target segment that the Coca-Cola Company is having trouble trying to advertise to is the more outdoor, health conscious and environmentally friendly consumer (Steel, 2007). The advertisers are unsure how to advertise to them in a green fashion where the advertisement achieves its goals of persuading, informing, and reminding as well as being environmentally friendly. Public relations part of the promotional mix helps maintain an organizations image and educate consumers (Hair, Lamb, McDaniel, 2006, p. 444). Many organizations hire outside professional help to deal with public relations within an organization. Public relations are the element in the promotional mix that evaluates public attitudes identifies issues that may elicit public concern, and executes programs to gain public understanding and acceptance (Hair, Lamb, McDaniel, 2006, p. 441). The type of public relations tools that the Coca-Cola Company uses widely are product placements and sponsorships (Steinberg Vranica, 2004). The Coca-Cola Company often uses is a spokesperson to appeal to the younger more youthful (Hair, Lamb, McDaniel, 2006, p. 163). An example of this can be seen in China where the Coca-Cola Company has increased advertising containing younger Chinese celebrities to help inform, persuade, and remind their target segment (Flagg, 1999). The Coca-Cola Company also uses publicity to try and create a good company image. An example of this is when the Coca-Cola Company invested 60 million dollars in creating a recycling plant in South Carolina. By creating this plant the Coca-Cola Company hopes to help eliminate carbon dioxide emissions and recycle a mast majority of their plastic bottles (Truini, 2007). This effort in trying to help reduce the carbon dioxide emissions strengthens the Coca-Cola Company image of wanting to create value and make a difference everywhere they go. Personal selling allows the organization to build relationships with their consumers or other business associates (Hair, Lamb, McDaniel, 2006, p. 444). Personal selling is defined as direct communication between a sales representative and one or more prospective buyer (Hair, Lamb, McDaniel, 2006, p. 443). Personal selling in the Coca-Cola Company often is done in a business-to-business fashion. An example of this is seen when the Coca-Cola Company was trying to boost their sales in North America by forming alliances with Nestea to create coffee and tea drinks (McKay Corderio, 2007). This demonstrates how the Coca-Cola Company uses personal selling in a business-to-business atmosphere to provide its consumers with a larger variety of products that can satisfy their need. The Coca-Cola Company also uses sales promotions to increase their effectiveness of their promotional efforts. The essence of sales promotion is to help stimulate a purchase (Hair, Lamb, McDaniel, 2006, p. 444). Some examples of sales promotions that the Coca-Cola Company uses are coupons and rebates and are used frequently because they are more likely to influence customers buying decision (Hair, Lamb, McDaniel, 2006, p. 442). Another type of sales promotion that the Coca-Cola Company is currently using is their coke rewards points promotion. My Coke Rewards is customer loyalty marketing campaign from the Coca-Cola Company. Customers enter codes from specially marked packages of Coca-Cola products into a website. These codes are converted into virtual points which can in turn be redeemed for various prizes or sweepstakes entries (Coca-Cola Company, 2006). The ultimate goals and tasks of promotion mix are to inform, persuade, and remind the target audience. Marketing Research The Coca-Cola Company is a mass company with many marketing channels. They are widely distributed throughout the world. Many marketing decisions they face are backed with data or conflicts that result in them creating a fancy or reasonable solution. Even though Coca-Cola does an excellent job of quenching ones thirst, they sometimes have trouble understanding what regions of the world to emphasize marketing certain products towards. To stay competitive, Coca-Cola conducts marketing research to try and better understand their consumers. Coca-Cola creates products and services that will help fit into the needs and wants of their marketplaces. They have found that people expect more from their beverages. To try and fill this desire Coca-Cola has developed the Beverage Institute For Health and Wellness. This institute develops and tries new product ideas that can contribute to their product line. In additions, à ¢Ã¢â€š ¬Ã‚ ¦the Institute works with the China Academy of Chinese Medical Sciences to research the active ingredients in Chinese medicinal beverages and soups for the potential development of new beverages (The Coca-Cola Company Annual Review, 2006). Coca-Cola wants to be able to keep their market alive and constantly drinking their line of refreshments, so they continue to do research that will benefit their consumers, as well as being potential profits for the company. Coca-Cola within the last decade has been slowly grasping the idea of introducing and emphasizing products that may not be profitable in certain regions to other cultures where they may find value in such a product. For instance, Coke Zero is a product that carries no carbohydrates or calories and was not quite meeting the expected profits in the United States, but Coca-Cola started to advertise it more in Europe to areas that to enjoy it. This region seemed more concerned about their health and well being, which contributed to Coke Zero becoming more of a profitable product. Coca-Cola also develops interesting marketing techniques such as business to business strategies to make their products more appealing to the younger generations. According to marketing research, younger generations will pay more attention to consumer products when they are advertised in a modern and hip way. For example, Coca-Cola united with iTunes, so that whenever someone purchased a Coca-Cola product they would receive free songs to promote both products (Fuhrman, 2007).Since in younger generations are very music oriented. This relationship proves to be effective in promoting their products and attracting to the youth. Even though Coca-Cola has interesting ways to promote their products, they need to find an effective way that will sell and promote their whole product line. With more marketing research, Coca-Cola is now being scrutinized for selling their product in public schools. Upset parents and school faculty see the carbonated drinks as contributing to the nations obesity. The ban limits the company to selling products in schools to children less than twelve years old. The company has also agreed to only advertise healthier products towards this targeted market. A solution to this could be that Coca-Cola should input their marketing skills to other products, as well. In addition, The soft drinks giant would do better to concentrate its advertising efforts on newer products with greater growth potential (Datamonitor). With the Classic Coke, being one of the most popular carbonated drinks in the world. Coca-Cola could try and promote their other products that would acquire to different tastes. Coca-Cola could put more efforts towards their Dasani, Inc. brand, known for their bottled water. Bottled Water is a non carbonated drink that is becoming increasingly popular and more of a competition towards the carbonated and other drinks. Organizational Structure and Plan Coca-Cola implements an organizational strategy that better involves the employees and customers. The ultimate goal of Coca-Colas structure is to continually build customer relationships. Coca-Cola likes to have a flexible organizational structure that will be compatible with the market environment. Since 2006, the market has been seen as a complex environment and to help fix this problem, Coca-Cola conducted a thorough company analysis through their departments and segments. They assembled a diverse, multi-functional executive group mix from separate countries and divisions. They mixed these executives from the organizational levels and created a new business model that would accommodate to the centralized as well as local Coca-Cola divisions. Coca-Cola claims that the impacts and benefits of this new business model are already showing improvements. For example, Among our results, we improved our efficiencies throughout the supply chain, grew our volumes of single-serve presentations, and increased our EBITDAà ¢Ã¢â€š ¬Ã‚ ¦ (The Coca-Cola Company Annual Review, 2007). Coca-Cola has been making new improvements all over the globe for their operating segments. The eight operating segments in the Coca-Cola empire: North America; Europe, North Asia, Eurasia and Middle East; Latin America; Africa; East and South Asia, and the Pacific Rim; Bottling Investments and Corporate. Then each of these regions is broken down into smaller segments. The Coca-Cola segments work together as well as dependent from each other to fit their demographic segments. But all groups prove to be successful of share the similar approach and idea to operating: to create happy consumers through their products. Recently in 2006, Coca-Cola decided to move the operating group headquarters to Johannesburg, South Africa from its previous home in the United Kingdom. This enabled the company to be closer to more potential and current business, and be able to expand their empire through Africa. They also opened a new office in Cairo, which helped increase the products volume sale in that area by 23 percent (The Coca-Cola Company Annual Review, 2006). Coca-Colas repositioning and structure allows them to be more intact with their consumers and business. Financial Projections Coca-Cola has had an extremely successful year with improving the image of the company, introducing new product lines, acquiring companies, and increasing their products profitability from around the world. Coca-Cola expects to see a continue rise in profits through the next year. Even though the rising costs of commodities pose a threat, Coca-Cola will still prove to be profitable. With an upcoming year of hopefully new promising products, Coca-Cola might be looking at their lines of bottled water, juices, and sports drink to bring in most of the revenue due to their increasing popularity and consumer demand. The companys top sellers in 2006 were their sparkling beverages, juice and water products. From 2006 to 2007, the net income per share has already risen 2.6%. This increase is just the beginning for the company which shows extreme efforts towards the growth of the company. Coca-Cola will continue to expand its empire throughout the world. With already being sustainable in China and successful in India, Coca-Colas profit will only increase. For instance, Coca-Cola is set to switch its focus to the China market in an effort to sustain growth. The company said that with current economic growth continuing apace, China should be its third biggest market by 2008 (Coca Cola Looks to China For Future Growth, 2004). China is a very profitable segment for Coca-Cola and will only continue to contribute to increased profits. With excellent resources and planning, Coca-Cola can only bring in more consumers. The companys financial future projections are looking promising and the companys profits will continue to rise with more consumers drinking their products daily world wide. Summary The Coca-Cola Company demonstrates unique traits and strategies. Not only do they serve the world with quality products ranging for any type of taste, but they contribute to the well-being and restorat