Instinctus Bestialis by Gorgoroth free essay sample

Gorgoroth is a Norwegian black metal band, like many of this type, formed in the early 90s. The name comes from a district of Lord of The Rings Mordor set over in the North West corner. Throughout their career, they have been know to kind of, introduce newcomers to the black metal fold along with some of their colleagues like Mayhem, Emperor, Bathory and so on. Also, they have ridiculous live shows. This album, while far from their shortest, is surly very short when you compare it to other black metal albums of just about any kind. Yet the short lengths can help for people who want to try and sample some legendary black metal artists, and see if its their thing. They also get a new vocalist for this album which makes them sound more like Behemoth or any other Blackened Death Metal band. The track lengths seem to also range anywhere from 2 minutes to nearly 6 and the entire sound quality, might I add, is also turned up to 666(pin intended). We will write a custom essay sample on Instinctus Bestialis by Gorgoroth or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Some may say it sucks and prefer the classic Pepsi Can black metal recordings. On the contrary, some say the cleaner production adds to the evil, Satanic themes often found in Gorgoroths music. I would fall in the latter. Personally, this more melodic black metal/blackened death metal approach is a giant leap in musical evolution for this band and it worked. Sure, its not for everyone, nothing is anyway, but the brutality is much more noticeable than say, Mortal Kombat fatalities and packs a giant wallop with, or without their formally traditional black metal sound. The two biggest gripes I have are lack of diverse progression in the album its self and much like most of Gorgoroth, its way too short. I give this a 7/10. I am the Grim Reaper, signing off.

Breadtalk Analysis Essay Essays

Breadtalk Analysis Essay Essays Breadtalk Analysis Essay Paper Breadtalk Analysis Essay Paper Essay Topic: Talk Executive SummaryThis reports aims to set up the current issues that BreadTalk Group Limited is confronting and how the issues will hold an impact on their net incomes and portion ratings. In our study. a calculation of DuPont ROE Analysis between BreadTalk. Food Junction and Auric Pacific was examined and it was noticed that BreadTalk’s ROE is preponderantly higher than Food Junction and Auric Pacific over the old ages of our prognosis from FY2012 to FY2015. Based on the computations. several premises and restrictions on BreadTalk’s intrinsic value of portion monetary value were analysed and accordingly estimated with four theoretical accounts. These theoretical accounts are Dividend Valuation Model. Free Cash Flow to Equity Model. Price/Earnings Ratio Model and the Price/Book Value Model. Through the usage of the mentioned theoretical accounts. we will carry on an in-depth analysis and measure on the consequences obtained to supply an appraisal of the company’s current place and the future chances. ContentssExecutive Summary11. Introduction to BreadTalk41. 1Overview41. 2Company Structure42. Economic Environment62. 1Overview62. 2Macroeconomic6I. Commodity Price6II. Gross Domestic Product ( GDP ) 7III. Inflation8IV. Consumer Price Index ( CPI ) 9V. Interest Rates103. Industry Analysis113. 1Overview113. 2Market Segmentation113. 3SWOT Analysis12I. Strength12II. Weakness13III. Opportunities13IV. Threats144. Financial Analysis154. 1Recent Financial Performance15I. Diluted Net incomes per Share ( EPS ) 15II. Dividends per Share16III. Payout Ration164. 2DuPont Analysis17I. Return of Equity ( ROE ) Analysis17II. Net income Margin Analysis19III. Total Assets Turnover19IV. Financial Leverage204. 3Required Rate of Return21I. Beta ( ? ) 21II. Risk Free Rate24III. Market Risk Premium24IV. Capital Asset Pricing Model ( CAPM ) 254. 4Growth Rate255. Evaluation Analysis275. 1Dividend Discount Model ( DDM ) 27I. Dividend Forecast28II. Intrinsic Share Price28III. Evaluation of DDM29IV. Sensitivity Analysis295. 2Free Cash Flow to Equity Model ( FCFE ) 30I. FCFE Model31II. FCFE Model Evaluation31III. Sensitivity Analysis325. 3Price-Earnings Ratio32I. Price-Earnings Ratio Model32II. Price-Earnings Ratio Model Evaluation33III. Sensitivity Analysis345. 4Price/Book Value Ratio34I. P/BV Ratio Comparison34II. Evaluation of P/BV Model36III. Sensitivity Analysis366. Conclusion377. Mention List388. Appendix42 1. Introduction to BreadTalk2. 1 OverviewEstablished in July 2000. BreadTalk started out as a bakeshop mercantile establishment at Bugis Junction. Due to increasing popularity of their merchandises. BreadTalk expanded their operations to five other retail mercantile establishments and made programs for franchising operations before being publically listed in 2003. With their proprietary trade names being BreadTalk. Toast Box. Food Republic. RamenPlay and The Icing Room every bit good as franchises from USA’s Carl’s Jr and Taiwan’s Michelin Star receiver Din Tai Fung. Having such accolade bakeshop. eating house and nutrient tribunal. BreadTalk Group Limited became a outstanding nutrient and drinks ( F A ; B ) trade name. Consequently. the Group/BreadTalk grew into a huge web of more than 15 states. such as Mainland China. Singapore. Indonesia and Hong Kong. An operation of this graduated table is sustained by 6000 planetary employees pull offing over 500 mercanti le establishments ( BreadTalk 2012b ) . 2. 2 Company Structure The BreadTalk Group board of managers consists of 5 cardinal persons who are equipped with rich experience from assorted expertness such as research and development. investing. strategic planning and direction ( BreadTalk 2012a ) . The elaborate construction along with the direction study can be found in ( BreadTalk 2011 ) . The managers supervising the operations of BreadTalk consist of: Katherine Lee Lih Leng| Deputy Chairman who is responsible for the Group’s research and development. oversees new constructs and thoughts. | Ong Kian Min| Independent Director. The lead Independent Director who besides chairs the Auditing and Nominating Committees. every bit good as a member of the Remuneration Committee of BreadTalk Group. | Chan Soo Sen| Independent Director who heads the Remuneration Committee. He is besides a member of the Audit Committee and Nominating Committee of BreadTalk Group. | Dr Tan Khee Giap| Independent Director. A member of the Audit Committee. Dr Tan is besides presently the Co-Director of Asia Competitiveness Institute and an Associate Professor of Public Policy at the Lee Kuan Yew School of Public Policy at the National University of Singapore. He besides chairs the Singapore National Committee for Pacific Economic Cooperation and holds directorships in a few listed companies in Singapore. | 2. Economic Environment3. 3 OverviewThis subdivision extends the overview of the macroeconomic factors that will impact BreadTalk Group. Macroeconomic factors refer to an facet that resides outside the environment of the company where it involves the economic system from both regional and national degrees. These factors consist of rising prices. labour cost. currency exchange rate and the planetary economic public presentation. BreadTalk may meet assorted issues such as high labour cost and natural stuffs monetary values which may impact their operating disbursals. These factors can be farther analysed utilizing the assorted macroeconomic issues mentioned below. 3. 4 Macroeconomic I. Commodity Price Table 1: World Agriculture Pricing SummaryDatas obtained from Monetary Authority of Singapore. Table 2: Agribusiness Consumption and Production.Datas obtained from Monetary Authority of Singapore.Wheat monetary values increased greatly from the past 6 months but bit by bit diminishing at an mean rate of 0. 87 % as of 13 September 2012 ( MarketWatch 2012b ) . However. rough oil monetary values decreased significantly during the first half of 2012. But from July onwards. it rose at an norm of 14 % for the following 3 months ( MarketWatch 2012a ) . Similarly. the monetary values of sugar dropped reasonably before lifting at an mean rate of 0. 15 % as of 13 September 2012 ( MarketWatch 2012c ) . In position of the above trade goods fluctuations. we can understand that these indispensable altogether stuffs greatly affects the operating cost for the concerns under the BreadTalk group as they are basic necessities for the input of their day-to-day operations. II. Gross Domestic Product ( GDP ) A recent quarterly Survey of Professional Forecasters released by Monetary Authority of Singapore ( MAS ) reveal that Singapore’s GDP will be expected to spread out at a slower gait this twelvemonth at 2. 4 % compared to a median of 3. 0 % estimated three months ago ( AsiaOne 2012 ) . Singapore’s official economic growing is set to be 1. 5 % to 2. 5 % this twelvemonth with the growing of fabrication and fiscal sectors adjusted down from 3. 0 % to 2. 7 % and 2. 7 % to 1. 1 % severally. At the consumer terminal. retail gross revenues reported important growing in the first few months of January and February. The nutrient and drink services sector has seen an mean addition in their gross revenues of up to 2. 6 % month-on-month. mostly contributed by the addition in figure of locals and tourers who dined at eating houses and other nutrient mercantile establishments ( MAS 2012b ) . Additionally. Singapore’s 2013 mentality on the average prognosis of GDP growing is bes ides reduced from 4. 5 % to 3. 9 % . Businesss are well affected by the economic activities. and BreadTalk is non spared. BreadTalk should take into history of the altering GDP as the addition disbursement by consumer can be reflected by a rise in GDP. By looking at the forecasted GDP for 2013. BreadTalk can look frontward to higher disbursement by consumers. They can break strategise where they enlargement programs can be see during economic roar. or holding eventualities programs such as minimising operating costs when GDP growing is slow. III. Inflation The little addition in consumer monetary values in Q1 of 2012 is expected through the pass-through of cost force per unit areas that are built up over 2010 and 2011. The overall rising prices will stay steadfast with the subsequent monetary value hikings. and will finally ease towards the terminal of the twelvemonth. Analysts have forecasted that the little addition is merely impermanent and overall rising prices will chair to their historical norm. The domestic nutrient monetary values are likely to lift reasonably for the remainder of the twelvemonth due to the increasing trade good monetary values that have yet to be taken upon by the consumers. For case. the spike in trade good monetary values due to external dazes in 2010 and 2011 has yet to be to the full reflected in retail monetary values where providers promises to keep house-brand monetary values stable until the terminal of June. Consumers will be affected subsequently when companies pass these higher operating costs to th em. Therefore. nutrient rising prices this twelvemonth is projected to be 3. 1 % ( MAS 2012b ) . Singapore’s nucleus rising prices mentality is presently targeted at 2. 5 % . which is 0. 2 % lower than the predicted figure of 2. 7 % three months ago. Core rising prices excludes adjustment and conveyance factors that are chiefly influenced by authorities policies. Furthermore. rising prices is besides due to higher trade goods monetary values every bit good as the increased rewards for low-skilled workers. This is caused by the rigorous hiring limitation imposed by the authorities on foreign workers ( MAS 2012c ) . At the same clip. overall planetary trade good monetary values remain below the old twelvemonth degrees. This helps to maintain domestic oil and nutrient rising prices controlled in the close hereafter. Therefore. MAS nucleus rising prices will go on to run between 2. 5 % – 3. 0 % or may be somewhat lower in the following few months or even the whole twelvemonth ( MAS 2012a ) . As for now. the adjusted projection for 2013 rising prices is set at 3. 2 % . up by 0. 2 % where the targeted rising prices of 3. 0 % is to be expected following twelvemonth ( AsiaOne 2012 ) . The addition in rising prices will trip the consequence of lifting monetary values for both merchandises and services in the market. This will do companies like BreadTalk to incur significant costs for their twenty-four hours to twenty-four hours operations. In bend. BreadTalk will be pressurised to increase the monetary values for their merchandises in order to countervail these extra costs. However. the addition in monetary values may besides endanger the gross revenues of BreadTalk as clients may seek other cheaper options. IV. Consumer Price Index ( CPI ) Consumer Price Index ( CPI ) is an instrument to mensurate the current consumer monetary value rising prices due to monetary value alterations in a fixed basket of ingestion goods and services normally purchased by the families over a certain period ( Singstat 2012c ) . It includes all ingestion outgo that are expanded by resident families. less other non-consumption outgos such as purchase of securities. belongings and other fiscal assets. Resident families are defined as individuals held by Singapore Citizen or Permanent Resident ( PR ) . In order to analyze BreadTalk farther. it is of import to estimate the CPI for the peculiar twelvemonth. Whereas BreadTalk trades with the nutrient and services sector such as eating house and bakeshop. we can look into the basket of peddler nutrient ( including nutrient tribunals ) . eating houses. sugar conserves and confectionery in the CPI basket. In the period of Jan – Jun 2011 to Jan – Jun 2012. the per centum addition in monet ary values of these basket of points are 2. 3 % . 3. 9 % and 2. 2 % severally ( Singstat 2012c ) . Inflationary force per unit areas can be felt highest in eating houses. Further prognosis towards the terminal of the twelvemonth signals the overall consumer monetary value index lifting from 4. 2 % to 4. 4 % based on a polled by Survey of Professional Forecasters done by MAS ( Singstat 2012c ) . BreadTalk. being an international concern. is able to use these CPI indexes to calculate the consumers’ outgos of relevant states and accommodate to the monetary value sensitiveness of the consumers by estimating the consumers’ current and future buying power. I. II.III.IV.V. Interest RatessPrime loaning rates remain dead at the per centum of 5. 38 without any alterations since 2008 ( Singstat 2012a ) . The addition in involvement rates will do a direct impact on BreadTalk as it has to depend on the Bankss to borrow money. In the concerns perspective. they will incur higher costs for loan refunds from the higher involvement disbursals. 1.2.3. Industry Analysis3.4. 5 Overview Graph 1: Business Life CycleThe industry life rhythm indicates that BreadTalk is presently in the rapid speed uping growing phase as they are still seeking enlargement in the planetary and local market. due to the increasing demands from the consumers. The grounds for such addition is due to the population growing along with the turning GDP of developing states like China and Indonesia. where consumers seek higher criterions of life and with better buying power to purchase or patronize quality merchandises every bit good as services offered by BreadTalk. Market impregnation in Singapore besides suggests the ground why BreadTalk is developing programs for their planetary enlargement in order to derive more market portion. 4. 6 Market Segmentation Market cleavage is the separation of consumers in the market based on their geographical. psychological. behavioral and demographic differences. Due to the different features. we can place possible consumers of BreadTalk. This is to let preparation of a program that will be able to stir their involvement in order to increase gross revenues and maximise gross. 4. 7 SWOT Analysis I. StrengthUnique BrandingThe alone stigmatization every bit good as its advanced scope of merchandises from its bakeshops appealed greatly to the consumer’s involvement. Coupled with the company’s typical designs of its mercantile establishment consisting of a diaphanous glass window that allows client to see the bakers at work. this displays a friendly environment for the consumers every bit good as portraying a modern-day image of the company. Merchandises Due to the dynamic gustatory sensation and penchants from the consumers. BreadTalk seeks to constantly develop and present new merchandises amounting to every bit much as 10 points every one-fourth as an add-on to its bing 150 choices of pastries. bars every bit good as staff of lifes. By revolutionising the bread civilization. BreadTalk has successfully gained consciousness of its merchandises through the acknowledgment from assorted international involvements due to its alone gustatory sensation and physical entreaty. Locally. BreadTalk had besides gained acknowledgment from assorted local awards such as the Singapore Promising Brand Award. which suggest the popularity of the merchandises. Strategic Locations Majority of BreadTalk mercantile establishments are located either in shopping promenades or near to public conveyance hubs. Strategic arrangements of BreadTalk mercantile establishments at high traffic volume topographic points attract possible clients. Therefore. the location of the mercantile establishments plays an of import component to drive high volume of gross revenues. In add-on. by puting the BreadTalk mercantile establishments near other popular retail shops. such as supermarkets and departmental shops. will further pull more possible clients. II. Failing PricingWith its merchandises being priced higher as compared to its rivals. budget witting consumers will be put off to buy BreadTalk merchandises. particularly with bread being a trade good. Selection of Merchandises Although holding a wide mixture of merchandises. BreadTalk’s mixture is confined to bread and bars. as opposed to some of its rivals that extends its choice to include pastries and other mixtures. Rising Wagess In Singapore. the alteration of employee policy by authorities might raise costs of the low skilled workers for employers. For illustration. employers are required to increase their parts towards employees and levies of the foreign workers. Workers might besides increase their pay outlooks in future ( Lim 2012 ) . III. Opportunities Nature of MerchandisesSince staff of life is considered a basic and trade good in legion states. BreadTalk has potency for planetary growing as there is continual demand for staff of life ; an chance for spread outing its concern internationally. Future developments of Shopping Centres Shoping Centres in new strategic location provides ample chances for BreadTalk to spread out its ventures which will lend to a larger market portion in its operating industries. International Markets BreadTalk ventures into other markets by organizing partnerships with states such as China. Indonesia. Philippines and Hong Kong. IV. MenacesProduct/Brand Concept ReplicationThe reproduction of BreadTalk’s product/brand construct is considered a weak menace in Singapore due to its current market portion and presence. However. a greater menace would be the reproduction by bakeshops in parts that have non been ventured into by BreadTalk. such as the States. Australia and Europe.presenting as a barrier of entry for BreadTalk ; particularly in China where reproduction is common. Competition With the addition in emerging bakeshops. BreadTalk encounters a tough competition against rivals like Delifrance along with other rivals in the nutrient tribunal industry such as Food Junctions. Fluctuations of natural stuff monetary value BreadTalk may be affected by fluctuations of the natural stuffs monetary values. such as wheat. sugar. rough oil and terrible climatic conditions as this will take to an addition in supply costs. These are some external factors which are beyond the control of the company. 4. Fiscal Analysis5. 8 Recent Financial PerformanceMentioning to Appendix IV. BreadTalk experienced positive growing in footings of gross from 2007 to 2011. However. there was a lessening in gross growing in 2009 and 2011. amounting a sum of $ 246. 493. 000 and $ 365. 904. 000 severally. The cause for this slow growing is due to the important addition in outgos from distributions and administrative disbursals for both old ages. Despite the slower growing in grosss and the rise in disbursals. BreadTalk is still doing overall net income as the Earnings. Before Interest and Tax ( EBIT ) are exposing a positive per centum yearly. As EBIT does non take into history of the different external factors such as the revenue enhancement policies and the fiscal involvement. it can accurately cipher the overall profitableness of the company every bit good as concentrating on the company’s ability for net income coevals based on its gross revenues. In the instance of BreadTalk. the EBIT bord ers indicated positive per centum yearly but experienced a lessening in 2011. Due to factors such as lifting flour monetary values during the drouth in China. there were guesss that China may be required to import wheat ( Coonan 2011 ) . Another factor was the lower net income coevals from the Singapore and China bakery mercantile establishments which are compensated by the belongings disposal in China. which amounts to $ 4. 2 million ( BreadTalk 2012b ) . I. Diluted Net incomes per Share ( EPS ) Diluted Net incomes Per Share ( EPS ) is a measuring of the quality of a company’s net incomes if all the company exchangeable securities were exercised ( Reuters 2012 ) . These securities will ensue in an addition in the entire outstanding portions. The net incomes will be divided by all the company securities. Year| FY2008| FY2009| FY2010| FY2011| Diluted EPS ( cents ) | 2. 76| 3. 94| 3. 99| 4. 10|Increment ( % ) | -| 42. 75 % | 1. 27 % | 2. 76 % |Table 3: Diluted EPS Table: From 2008 To 2011The diluted EPS increase of 42. 75 % from FY2008 to FY2009 is due to the accommodation as BreadTalk issued fillips portion in 2010 ( BreadTalk 2011 ) . However. there is a steady increase from 2010 onwards. II. Dividends per Share Dividends per portion ( DPS ) measures the most recent dividend paid over entire figure of portions held by the company ( Investopedia 2012 ) . It really determines how much the stockholders receive by manner of dividends and may besides be used to cipher the dividend output. This can be computed by the expression below: D – Dividends paid to equity stockholders for a period ( including interim dividends )SD – Special Dividends. dividends that are issued one timeS – Total figure of outstanding issued equity portionsThe entire figure of ordinary portions can be calculated utilizing the leaden norm over the coverage period. Year| FY 2008| FY 2009| FY 2010| FY2011|DPS ( cents ) | 0. 55| 1| 1| 1|Table 4: Displaced person tabular array: From FY 2008 To FY 2011As shown in table 3. dividends per portion has somewhat increased by $ 0. 0045 from 2008 to 2009 and remained at changeless rate of $ 0. 01 per twelvemonth from FY2009 to FY2011. III. Payout RationPayout ratio is use to exemplify how companies proportionate their net incomes. For case. a high payout ratio indicates that the company is giving out more of the company’s net incomes to their investors. Whereas a lower payout ratio indicates that the company retain more of their net incomes for future investings. It besides acts as an index to how good the company’s net incomes can back up the dividend payouts. It is easier to pay out dividends of a smaller sum than a larger amount. Therefore. it demonstrates the security of buying a portion with a smaller payout ratio. The payout ratio is calculated as follows: DPS – Dividends per ShareEPS – Net incomes per Share Year| FY 2008| FY 2009| FY 2010| FY 2011|Net incomes Per Share ( cents ) | 2. 76| 3. 95| 4. 01| 4. 12|DPS ( cents ) | 0. 55| 1| 1| 1|Payout Ratio| 0. 199275| 0. 2531646| 0. 2493766| 0. 2427184| Table 5: Past Payout Ratio from Year 2008 to 2011.Datas obtained from BreadTalk Annual Report 2008 to 2011Base on past dividends payouts from 2008 to 2009. there was a significant addition in the payout ratio from 19 % to 25 % due to increment in both EPS and DPS that was given out as mentioned before. As from FY2009 to FY2011. the payout ratio remains dead at an norm of 24 % . 5. 9 DuPont Analysis I. Return of Equity ( ROE ) AnalysisImportance of ROEThe Return on Equity ( ROE ) refers to the rate of return that the direction earned with the capital invested by the shareholders. after subtracting the payments to all other capital providers. The deliberate ratio is deemed of import to the company as it will be used as an index for the company’s profitableness. every bit good as for comparing with other rivals in the same industry. DuPont AnalysisThe dislocation of ROE will let us to see the assorted factors which can act upon the company’s public presentation. The analysis identified 3 factors that will act upon ROE. These are known as Operating Efficiency. Asset-use Efficiency and Financial Leverage. Chart 1: Comparison of ROE. Refer to Appendix III.The DuPont Analysis indicates that BreadTalk is surpassing its rivals like Auric Pacific Ltd every bit good as Food Junction. Judging from Chart 1. the ground for the lessening in ROE from BreadTalk is chiefly due to the addition in operating disbursals of 54. 42 % from $ 117. 952. 000 in FY2009 to $ 182. 146. 000 in FY2011. Over the period of 3 fiscal old ages. BreadTalk experienced a instead changeless ROE with their ROE decreased by 3. 41 % from 2009 to 2011. The changeless ROE that BreadTalk experience is comparatively normal in comparing with other companies in the same industry. However. due to higher cost of goods and disbursals of Auric which exceeded the generated gross. there is a negative impact on the computed ROE. II. Net income Margin Analysis The net income border is defined as the extent of the company’s ability to pull off the coevals of grosss from cost control. This includes the considerations of the company’s operating efficiency which constitutes portion of their scheme ( Fairfield A ; Yohn 2001 ) . Chart 2: Comparison of Profit Margin. Refer to Appendix III. BreadTalk had a lower net income border as compared with Food Junction in FY2009 and FY2010. Both are diminishing from FY2009 to FY2011. However. the lessening of BreadTalk net income border is considered to be moderate as compared with the drastic bead of Food Junction net income border. From the chart above. BreadTalk remains in a strong place in comparing with their rivals in FY2011. III. Total Assets Turnover The Asset Turnover is the measuring of the company’s effectivity to bring forth grosss from their assets. This will reflect the company’s plus use. Chart 3: Comparison of Total Assets Turnover. Refer to Appendix III. BreadTalk had the highest productiveness as compared with Food Junction and Auric Pacific. We can detect a little lessening of 0. 23 % . from 1. 48 % in FY2010 to 1. 25 % in FY2011 while the per centum motion for Food Junction and Auric Pacific remains undistinguished. This implies that Food Junction and Auric Pacific is more efficient in bring forthing stable assets turnover. Information on the future profitableness of BreadTalk can besides be observed from the alteration in plus turnover ( Fairfield A ; Yohn 2001 ) . IV. Financial Leverage Fiscal Leverage Analysis is the survey of the grade whereby the company purchase on the common equity in order to borrow money to get assets. A company with a low purchase ratio will be perceived as less hazardous when comparison with another company with a higher purchase ratio ( Guo. Wang A ; Wu 2011 ) . Chart 4: Comparison of Financial Leverage. Refer to Appendix III. The BreadTalk high purchase ratio indicates a higher hazard over their rivals. During the roar period. the high purchase is good as it permits the company to accomplish greater net incomes. In contrast. the company will meet hard currency flow jobs during the recession periods. as the company might non be able to pay off the involvement refunds with the gross revenues gross. 5. 10 Needed Rate of Return I. Beta ( ? )Beta is defined as holding a additive relationship matching to the rate of return of an investing every bit good as the market index. Beta fundamentally measures the grade of an asset’s volatility to the market or the volatility of the fund to the benchmark. Stockss with beta larger than 1 are considered aggressive stocks and being more volatile than the market index while beta with less than 1 are considered as defensive stocks that are less volatile than the market index ( Tofallis 2008 ) . Graph 2: Beta Computation. Refer to Appendix I.The expression to deduce the Beta utilizing the characteristic line is: RBreadTalk = a + bBreadTalk ( RSTI ) + vitamin E whereby:RBreadTalk| = realized returns of BreadTalk|RSTI| = realized returns of STI Index 1|a| = intercept return independent of the market|b| = incline of the characteristic line|e| = unsystematic hazard ( norms to zero ) | The premise is that the returns of the STI Index are to be used as a placeholder for the market portfolio. When the above expression is rewritten and applied in similar footings with the CAPM expression. the Beta of BreadTalk is: ?BreadTalk= Covarance ( RBreadTalk. RSTICovariance of RSTI BreadTalk Raw Beta is computed utilizing the arrested development analysis based on market portfolio of STI and BreadTalk’s monthly realized returns for the period of September 2011 to August 2012. Based on the information collected. the construct of Holding Period Yield ( HPY ) is applied based on annualized computation in order to happen out how much output can obtain from an investing in a same period. This HPY figures calculated are so farther used to plot the arrested development graph in order to develop a best fit characteristic line to analyze the correlativity between the returns. The slope/gradient of the arrested development curve will so bespeak the Raw Beta of BreadTalk. As shown in the above chart. the scattered graph shows a additive relationship between the HPY of STI and BreadTalk. The Raw Beta from the gradient is at 1. 0047 where the correlativity coefficient is found to be 0. 7149 ( mention to Appendix I ) . However. this natural beta might non be accurate as other factors such as market placeholder and clip interval may impact the beta significantly. Therefore. it is necessary to set the natural beta. Using the adjusted beta expression: Adjusted beta = ( 2/3 ) ( natural beta ) + ( 1/3 ) ( 1. 0 ) Therefore. the forecasted beta of BreadTalk is:( 2/3 ) ( 1. 0047 ) + ( 1/3 ) ( 1. 0 ) = 1. 00313It is assumed that the historical Beta is an accurate contemplation of the hazard in a stock. This shows that any stock returns that is out of line with themarket returns will be adjusted into line with the market. II. Table [ 6 ] : Output for Singapore Government Securities ( Reference from IMF ) Risk Free Rate We will be utilizing the 10 old ages authorities bonds yield as the market hazard free rate to move as a criterion of measuring for all fiscal sectors. because it is simpler to manage states that do non publish Treasury measures in a consistent mode. The hazard free rate based on 17 Sep 2012 will be 1. 55. III. Market Risk Premium Market hazard premium determines the degree of compensation that risk-averse investor can anticipate to have from puting in a volatile market by subtracting the expected returns from predominating hazard free rate ( Han 2011 ) ) . It deals with factors that include market systematic hazard and market volatility. Therefore. it is indispensable to take into history the hazard premium that is link with volatility hazard in order to analyze the relationship between market hazard and returns. Risk Premium= Rm- Rf Rm=Market ReturnRf=Risk Free RateSince our prognosis is based on portion monetary value of a local stock listed on STI. we decided to utilize the 10-years securities issued by the Singapore authorities in order to aline with market with consistence. Base on this premise. the 10-years securities is used in calculating the geometric hazard return. We obtained 0. 0735 to be used for our market return for hazard premium computation ( mention to Appendix V ) . Therefore. the hazard premium is calculated to be 0. 058 based on the market return and hazard free rate. IV. Capital Asset Pricing Model ( CAPM ) Capital plus pricing theoretical account ( CAPM ) is use in measuring hazardous stocks or portfolios of stocks every bit good as lucubrating the relationship between the expected return and systematic hazard in the market ( Chen. Lin A ; Yu 2012 ) . Rf=0. 0155| Rm=0. 058|( Rm- Rf ) =0. 058|?=1. 00313| CAPM FORMULA Through the usage of the CAPM equation above. we are able to find the needed rate of return on the stocks for BreadTalk to be 7. 37 % . 5. 11 Growth Rate Harmonizing to our industry analysis. BreadTalk is still in the enlargement stage with the purpose of 1000 mercantile establishments within the following 2 to 3 old ages. from 2012 onwards. BreadTalk went into a joint venture. with Nipponese Ajinomoto Bakery Co. Ltd. which was opened on January 2012 in Shanghai. We foresee that this joint venture every bit good as the 1000 mercantile establishments mission will take to a supranormal growing in the future DPS of 25 % in FY2012 and 33 % for FY2013 to FY2014. We would anticipate the supranormal growing to stabilise and finally cut down to a changeless rate of 3. 4 % . The derivation of 3. 4 % growing rate is based on the undermentioned premise. The forecasted Singapore GDP for 2015 is 3. 7 % and we would anticipate the changeless growing rate to be lower than the forecasted GDP every b it good as the needed rate of return of 7. 37 % ( IMF 2012 ) . Phase 1: Low to Moderate Growth Stage2012| Phase 2: High Growth Rate2013-2014| Phase 3: Changeless Growth Rate2015 onwards| Forecasted growing rate of 25 % . Joint ventures with Nipponese Ajinomoto Bakery Co. LtdIncrease of mercantile establishment by 144. from 534 to 678 ( refer to Appendix II ) | Forecasted growing rate of 33 % . Venturing into new market such as Taiwan. Further addition of mercantile establishment to 1000 by 2014. | Forecasted growing rate of 3. 4 % . Stable economic system. Reaching the phase of adulthood. stable income watercourse. reduced capital required/| Table 7: Forecasted growing rate 5. Evaluation Analysis6. 12 Dividend Discount Model ( DDM )All the present values of the expected future stockholders dividend payout by the company is being determined by the DDM theoretical account. The appropriate price reduction rate being employed is the cost of equity. For case. the stock will be considered overvalued if the value obtained from the DDM is lower than the current stock value. This theoretical account will non work if the company does non pay out dividends. It is good to observe that non all companies issue dividends even if they experience increasing growing rate as these net incomes may be used to reinvest back in the company ( Brown 2009 ) . Even though DDM is good for measuring mature companies. this does non use to BreadTalk because they do non belong to the mature stage of their life rhythm. The dividends are non expected to turn at a changeless rate as shown in the equation below: In fact. holding a changeless growing rate is comparatively unrealistic. Changes in a firm’s concern schemes or sing state of affairss will do the chances of the house to be adjusted. Taking this into consideration. the multi-levelled dividend growing rate theoretical account maintains the likeliness of different degrees dividend growing. As shown by the equation below. I. Dividend PrognosisWe will calculate the dividend per portion for 2012 to 2015 based on the premise of the future growing rate as discussed in growing rate under subdivision 4 of the study. | FY2011A| FY2012F| FY2013F| FY2014F| FY2015F| Dividend Growth Rate ( DGR ) | -| 25 % | 33 % | 33 % | 3 % |DPS ( $ ) | 0. 0100| 0. 0125| 0. 0166| 0. 0221| 0. 0229|Table 8: Forecasted Dividends for 2012 to 2015Given the forecasted dividend from 2012 to 2015 along with the expected changeless growing rate of 3. 4 % and needed rate of return of 7. 37 % . we will be able to calculate the portion monetary value of BreadTalk based on the expression below. II. Intrinsic Share Price Given the forecasted dividend from 2012 to 2015 along with the expected changeless growing rate of 3. 4 % and needed rate of return of 7. 37 % . we will be able to calculate the portion monetary value of BreadTalk based on the expression below. III. Evaluation of DDMIn comparing to BreadTalk portion monetary value of $ 0. 55 on 18th September 2012. the computed portion monetary value of $ 0. 50919 suggests that BreadTalk portion monetary value is somewhat OVERVALUED ( SGX 2012 ) . Therefore. the DDM implies a SELL determination.IV. Sensitivity Analysis As the needed rate of return computation is based on past public presentation with some prediction and the growing rate is based on premise. there will be opportunities that existent public presentation will non fit the coveted result. Therefore. we will be utilizing sensitivity analysis to foretell the public presentation in instance the state of affairs did non turn out to be as predicted based on  ± 1 % for needed rate of return and the growing rate. Table 9: Computed Data for DDM’s Sensitivity ModelFrom the comparing of Table 7. we can understand that higher growing rate will ensue in higher portion monetary values whereas the higher needed rate of return will ensue in a lower portion monetary values. Required rate of return can be affected by the hazard factor ( ? ) . Therefore. if the needed return for BreadTalk additions by 1 % . there will be a noteworthy bead of portion monetary value given a changeless growing rate. 6. 13 Free Cash Flow to Equity Model ( FCFE ) In order to measure the portion monetary value of BreadTalk by utilizing the Free Cash Flow Equity ( FCFE ) theoretical account. we have forecasted the income statements of BreadTalk from 2012 to 2015 ( mention to Appendix VI A ; VII ) . We need to see a few premises when prediction. Premise for Gross The corporate purpose of BreadTalk is to go a strong trade name internationally and locally with its rapid enlargement programs to accomplish its mark of 1000 mercantile establishments within the following three old ages ( BreadTalk 2011 ) . In the planetary spending. the figure of bakeshops found in 43 metropoliss in mainland China has increased by 5 mercantile establishments over the past twelvemonth. With the mentality for Mainland China staying positive. BreadTalk has capitalised on its moneymaking chances. For case in January 2012. BreadTalk has entered into a collaborative venture with taking participant in bakeshop dough merchandises. Nipponese Ajinomoto Bakery Co. Ltd. to put in a frozen dough mill in Shanghai ( BreadTalk 2011 ) . BreadTalk has besides added a sum of 3 iconic Din Tai Fung outlets that includes the gap of a 7. 200 sq ft mercantile establishment at Central World Mall in Bangkok. a duplex eating house at 112 Katong shopping Centre and Marina Bay Sands in Singapo re ( BreadTalk 2011 ) . Premises for operating disbursals With a larger graduated table of BreadTalk operations globally and locally. we are presuming that there will be a rise in outgos and costs from trade goods. labour rewards and belongings leases. This includes the disbursals from the distributions and merchandising disbursals along with other concern administrative outgos. Additionally. revenue enhancements may besides be affected by the alterations in the authorities policies in the several states. The FCFE theoretical account can be referred to as the hard currency flow available for refunding the firm’s common shareholder after subtracting capital outgo and debt payments ( Brown A ; Reilly 2009 ) . II. FCFE Model Similar to the DDM theoretical account. the discounted FCFE theoretical account is used to measure the intrinsic value of a company’s portion monetary value. It is appropriate to utilize this theoretical account in state of affairss where the company does non pay a uninterrupted flow of dividends or in worst instance. no dividends pay out at all. Hence. this is to mensurate the company’s present values of the expected FCFE available to stockholders in the hereafter. The expression as represented: Using the expression. the FCFE was computed to be:FY2012F: 0. 00042FY2013F: 0. 00327FY2014F: 0. 00227FY2015F: 0. 03362( Mention to Appendix VIII ) III. FCFE Model EvaluationUsing the FCFE with the growing rate of 3. 4 % and 7. 37 % needed rate of return. the intrinsic value for BreadTalk portion is computed to be $ 0. 68922. Comparing with the market value of $ 0. 55 based on 18 September 2012. it can be seen that BreadTalk portion monetary value is UNDERVALUED. This will take to higher demand for BreadTalk Share. which will finally cut down the needed rate of return and conveying the existent portion monetary value back to computed equilibrium. $ 0. 68922. Therefore. the place of this would be to BUY. IV. Sensitivity Analysis However. similar to DDM. we will be utilizing  ± 1 % for needed rate of return and the growing rate for the sensitiveness analysis. Table 10: Computed Data for FCFE’s Sensitivity Model Based on the tabular array. we can detect the tendency of higher growing rate or reduced required of return for BreadTalk lead to the addition of intrinsic monetary value exponentially. Therefore. wrongly forecasted of hazard factors which can impact the needed rate of return will ensue in incorrect determination. Given 3. 4 % growing rate. utilizing 7. 37 % needed rate of return will propose a bargain determination given the portion monetary value of $ 0. 55. But an addition of 1 % needed rate of return would province that the stock is overvalued. 6. 14 Price-Earnings Ratio I. Price-Earnings Ratio ModelPrice Net incomes Ratio measures how much an investor is willing to offer for per dollar of reported net incomes ( Brown A ; Reilly 2009 ) . It can be merely put as the figure of times the investors are willing to pay for the stock. multiplied by the forecasted net incomes for the undermentioned twelvemonth. For case. a high P/E ratio would bespeak that investors will be anticipating higher growing of net incomes in comparing with a lower P/E ratio. Consequently. it is an added advantage for an investor to compare the assorted ratios between two companies within the same industries. market or even its ain historical monetary value net incomes records. Therefore. the P/E ratio would non be utile for investors if they are comparing companies of different industries as chances differ from each industries. The expression as shown below: Table 11: Price Net incomes Ratio Computation and Comparisons.The P/E value of BreadTalk in 2012 can be calculated utilizing the expression as of below:V2012 = P/E 2012F x EPS 2013FV2012 = 11. 33086115 Ten 0. 06188= 0. 7012Value of BreadTalk for 2012 was calculated to be S $ 0. 70II. Price-Earnings Ratio Model EvaluationThe P/E ratio of BreadTalk is higher in comparing to its rivals. The value of BreadTalk computed utilizing the Price/Earnings Ratio is higher than the current portion monetary value. We believe it is due our strong forecasted net incomes and the premise that the figure of portions remained the same. For illustration. if BreadTalk decided to increase the figure of portions to fund for their future enlargement. the computed value of BreadTalk’s portion would diminish. Therefore. this would do the overall net incomes per portion to diminish. Our computed P/E ratio of 11. 33 suggests that investors are willing to pay $ 11. 33 for every $ 1 of net incomes that the c ompany generates. Furthermore. the P/E ratio is diminishing which indicates BreadTalk stocks are sing superior risk-adjusted consequences comparative to the market public presentation. The portion monetary value of $ 0. 70 justifies this premise that BreadTalk’s growing potency is being UNDERVALUED. Therefore. this is an index to BUY. III. Sensitivity AnalysisSensitivity analysis allows us to find the sensitiveness of portion monetary value value to alterations in P/E ratio and EPS. For this sensitiveness analysis. the EPS and the P/E ratio are varied at  ± 1 for observation of the tendencies in the portion monetary value. Table 12: Computed Data for P/E Ratio’s Sensitivity ModelLooking at the tendency from the figure. we can deduce that EPS has a significant bearing on the intrinsic value of BreadTalk portions. In other words. a larger addition in the intrinsic value of the portion is due to the addition in EPS. Therefore. the EPS forecasted affects the truth of the rating of the P/E ratio. 6. 15 Price/Book Value Ratio I. P/BV Ratio ComparisonThe Price/Book ( P/B ) value ratio is being used for the comparing of the company’s stock market value to its book value. Even though a low P/B ratio may perchance bespeak that the stock is undervalued which may pull investors. it can besides reflect that the company is confronting certain cardinal jobs such as the company assets gaining hapless or even negative return ( Brown A ; Reilly 2009 ) . The Price/Book value ratio can be calculated by utilizing the expression below: Book Value: Entire Asset – IntangibleAsset – Total Liability Book Value per Share = Book value / no. of outstanding portions Price/Book Value Ratio 2011 = Market Value / Book Value We can therefore value the portion monetary value of BreadTalk for the fiscal twelvemonth ( FY ) utilizing the expression: Value = P/BVFY2012 x NAVFY2013Premises:1. Market Share monetary value remains changeless at $ 0. 552. No. of Outstanding Shares remains the same at 281. 197. 676 3. Income Statement sum are forecasted from the twelvemonth 2012 to 2015 4. The growing rate is assumed to be zero.Value of BreadTalk for 2012 was computed to be around S $ 0. 60. II. Evaluation of P/BV ModelFrom the tabular array above. we can clearly see that the values of BreadTalk computed utilizing the Price/Book Value Ratio is somewhat higher than the current market monetary value and is increasing at a moderate rate. We evaluated that this is due our strong forecasted income statement public presentations every bit good as the premise of the outstanding figure of portions and market monetary values staying changeless. Therefore. the P/BV ratio indicates the determination to BUY. III. Sensitivity A nalysis The sensitiveness analysis is used to analyze the relationship between the P/BV ratios to assorted values of the NAV. For this sensitiveness analysis. the P/BV ratio and the NAV are varied at  ± 1 for observation of the tendencies. Table 13: Computed Data for P/BV Ratio’s Sensitivity Model Looking at the tendency from the figure. we can find that the P/BV ratio has a positive relationship with the NAV. This is apparent when the value of the P/BV ratio additions. the value of NAV additions every bit good. The chief aim is to calculate the sensitiveness and truth of the P/BV ratio to the assorted NAV. An accurate NAV prognosis will ensue in the accurate analysis of the P/BV ratio. Hence. in order to accurately foretell P/BVratio. accurate NAV prognosis is important. 6. DecisionModels| Forecasted Price ( SGD ) | Actual Price ( As of 18 September 2012 ) | Evaluation| Decision| Dividend Discount Model ( DDM ) | $ 0. 51| $ 0. 55| Overvalued| SELL| Free Cash Flow to Equity ( FCFE ) | $ 0. 69| $ 0. 55| Undervalued| BUY| Price / Earnings Ratio ( P/E ) | $ 0. 70| $ 0. 55| Undervalued| BUY| Price / Book Value Ratio ( P/BV ) | $ 060| $ 0. 55| Undervalued| BUY| Table 14: Comparisons and Summarized Data for Different Models. Based on our findings from the 4 ratings theoretical accounts and analysis. our group recommends an overall BUY determination for BreadTalk’s stocks. Through our elaborate analysis on the forecasted consequences. we concluded that the ratings should non be used independently as premises are besides taken into consideration when calculating the consequences. Therefore. it may non be a true contemplation of the world. Last. we believe that BreadTalk’s portion monetary value will lift within the following few old ages. Howeve r. due to uncertainnesss in the hereafter. we would rede investors to take on a proactive attack by following BreadTalk’s fiscal public presentation on a regular basis. 4.5.6.7. Reference List1. AsiaOne 2012. Economists cut Singapore 2012. 2013 GDP mentality – MAS canvass. AsiaOne Business. Singapore. viewed 18 September 2012. lt ; hypertext transfer protocol: //news. asiaone. com/A1Business/General % 2BNews/Story/A1Story20120912-371111. hypertext markup language gt ; . 2. BreadTalk 2011. Annual study 2011. BreadTalk Group Limited. Singapore. viewed 18 September 2012. lt ; hypertext transfer protocol: //BreadTalk. listedcompany. com/misc/ar2011. pdf gt ; . 3. BreadTalk 2012a. Board of managers. BreadTalk Group Limited. Singapore. viewed 18 September 2012. lt ; hypertext transfer protocol: //www. BreadTalk. com/board-of-directors. hypertext markup language gt ; . 4. 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AppendixAppendix I| BreadTalk| STI|Period| Return| HPY| Return| HPY|Aug-11| 0. 5500| -| 2885. 26| -|Sep-11| 0. 4750| -0. 13636| 2675. 16| -0. 07282|Oct-11| 0. 5150| 0. 08421| 2855. 77| 0. 06751|Nov-11| 0. 5500| 0. 06796| 2702. 46| -0. 05368|Dec-11| 0. 5400| -0. 01818| 2646. 35| -0. 02076|Jan-12| 0. 5600| 0. 03704| 2906. 69| 0. 09838|Feb-12| 0. 5650| 0. 00893| 2994. 06| 0. 03006|Mar-12| 0. 5800| 0. 02655| 3010. 46| 0. 00548|Apr-12| 0. 5550| -0. 04310| 2978. 57| -0. 01059|May-12| 0. 4750| -0. 14414| 2772. 45| -0. 06920|Jun-12| 0. 5000| 0. 05263| 2878. 45| 0. 03823|Jul-12| 0. 5400| 0. 08000| 3036. 40| 0. 05487|Aug-12| 0. 5500| 0. 01852| 3025. 46| -0. 00360|| ? =| 0. 07351| ? =| 0. 05231|| Correl: | 0. 714929| | || Beta: | 1. 004727| | | Appendix II| 2007| 2008| 2009| 2010| 2011| 2012 2Q| 2012F| 2013F| 2014F| Bakeries| 170| 241| 301| 395| 471| 530| 603| 757| 899| Food Court| 24| 29| 33| 32| 37| 41| 42| 49| 56| Restaurant| 6| 8| 8| 21| 26| 28| 33| 39| 45|Total| 200| 278| 342| 448| 534| 599| 678| 845| 1. 000| Appendix III| Net Income| Net Sales| Total Assets| Common Equity| Profit Margin| Total Assets Turnover| Financial Leverage| Return on Equity ( ROE ) | Industry Average ROE | FY 2011|BreadTalk| $ 11. 592| $ 365. 904| $ 292. 305| $ 77. 970| 0. 03168 | 1. 25179 | 3. 74894 | 0. 14867 | 0. 07131 | Food Junction| $ 828| $ 56. 986| $ 51. 450|$ 30. 404| 0. 01453 | 1. 10760 | 1. 69221 | 0. 02723 | | Auric Pacific| $ 8. 566| $ 383. 415| $ 368. 978| $ 225. 193| 0. 02234 | 1. 03913 | 1. 63850 | 0. 03804 | | FY 2010| BreadTalk| $ 11. 266| $ 302. 888| $ 204. 197| $ 68. 562| 0. 03720 | 1. 48331 | 2. 97828 | 0. 16432 | 0. 09252 | Food Junction| $ 2. 645| $ 48. 226| $ 50. 181| $ 31. 169| 0. 05485 | 0. 96104 | 1. 60997 | 0. 08486 | | Auric Pacific| $ 6. 302| $ 381. 814| $ 374. 478| $ 221. 960| 0. 01651 | 1. 01959 | 1. 68714 | 0. 02839 | | FY 2009| BreadTalk| $ 11. 092| $ 246. 493| $ 172. 085| $ 60. 662| 0. 04500 | 1. 43239 | 2. 83678 | 0. 18285 | 0. 09207 | Food Junction| $ 3. 248| $ 48. 788| $ 44. 963| $ 29. 800| 0. 06657 | 1. 08507 | 1. 50883 | 0. 10899 | | Auric Pacific| $ 3. 405| $ 405. 964| $ 362. 793| $ 217. 952| ( 0. 00839 ) | 1. 11900 | 1. 66455 | ( 0. 01562 ) | | | BreadTalk| Food Junction| Auric Pacific|| 2009| 2010| 2011| 2009| 2010| 2011| 2009| 2010| 2011| Revenue| $ 246. 493 | $ 302. 888 | $ 365. 904 | $ 47. 274 | $ 47. 362 | $ 55. 712 | $ 405. 964 | $ 381. 814 | $ 383. 105 | % change| -| 22. 88 % | 20. 81 % | -| 0. 19 % | 17. 63 % | -| -5. 95 % | 0. 34 % | | | | | | | | | | | Cost of Sales| ( $ 112. 334 ) | ( $ 137. 646 ) | ( $ 165. 846 ) | ( $ 8. 538 ) | ( $ 7. 930 ) | ( $ 9. 294 ) | ( $ 252. 970 ) | ( $ 225. 249 ) | ( $ 225. 128 ) | | | | | | | | | | |Gross Profit| $ 134. 159 | $ 165. 242 | $ 200. 058 | $ 266 | $ 39. 432 | $ 46. 418 | $ 152. 994 | $ 156. 565 | $ 157. 977 | | | | | | | | | | |Gross Profit Margin ( % ) | 54. 43 % | 54. 56 % | 54. 67 % | 0. 56 % | 83. 26 % | 83. 32 % | 37. 69 % | 41. 01 % | 41. 24 % | | | | | | | | | | |Operating Expenses A ; other income| ( $ 117. 952 ) | ( $ 147. 919 ) | ( $ 182. 146 ) | ( $ 36. 402 ) | ( $ 36. 967 ) | ( $ 45. 706 ) | ( $ 154. 672 ) | ( $ 146. 964 ) | ( $ 147. 191 ) | | | | | | | | | | |EBIT | $ 16. 207 | $ 17. 323 | $ 17. 912 | ( $ 36. 136 ) | $ 2. 465 | $ 712 |( $ 1. 678 ) | $ 9. 601 | $ 10. 786 | | | | | | | | | | |Operating Net income Margin ( % ) | 6. 58 % | 5. 72 % | 4. 90 % | -76. 44 % | 5. 20 % | 1. 28 % | -0. 41 % | 2. 51 % | 2. 82 % | Appendix IV Appendix VPeriod| STI index| HPR|30/8/2002| 1488. 5| -|29/8/2003| 1599. 25| 1. 074404|31/8/2004| 1918. 34| 1. 199525|31/8/2005| 2275. 43| 1. 186145|31/8/2006| 2482. 39| 1. 090954|31/8/2007| 3392. 91| 1. 366792|29/8/2008| 2739. 95| 0. 807552|31/8/2009| 2592. 9| 0. 946331|31/8/2010| 2950. 33| 1. 13785|31/8/2011| 2885. 26| 0. 977945|31/8/2012| 3025. 46| 1. 048592|Geometric Mean| 0. 0735| | Appendix VIIncome Statements| | | | | || | | | | | || 2011A| 2012F| 2013F| 2014F| 2015F| || $ ’000| $ ’000| $ ’000| $ ’000| $ ’000| |Revenue| 365. 904 | 428. 108 | 539. 416 | 690. 452 | 716. 903 | | Cost of sales| ( 165. 846 ) | ( 197. 221 ) | ( 254. 416 ) | ( 330. 740 ) | ( 350. 154 ) | | Gross profit| 200. 058 | 230. 887 | 285. 000 | 359. 712 | 366. 749 | | | | | | | | | Other points of income| | | | | | |Interest income| 824 | 764 | 756 | 862 | 983 | |Other income| 7. 875 | 8. 943 | 10. 016 | 10. 718 | 10. 910 | | Share of consequences of joint ventures| 93 | 633 | 753 | 979 | 1. 003 | | | | | | | | |Other points of expense| | | | | | |Selling and distribution expenses| ( 145. 900 ) | ( 162. 114 ) | ( 194. 536 ) | ( 237. 334 ) | ( 240. 869 ) | | Administrative expenses| ( 45. 038 ) | ( 57. 656 ) | ( 73. 799 ) | ( 95. 496 ) | ( 98. 651 ) | | Net income before involvement and tax| 17. 912 | 21. 457 | 28. 190 | 39. 441 | 40. 125 | | Interest expenses| ( 785 ) | ( 959 ) | ( 873 ) | ( 1. 039 ) | ( 1. 221 ) | | Net income before tax| 17. 127 | 20. 498 | 27. 317 | 38. 402 | 38. 904 | | Income revenue enhancement expense| ( 5. 370 ) | ( 6. 641 ) | ( 9. 560 ) | ( 12. 672 ) | ( 12. 835 ) | | Net income after tax| 11. 757 | 13. 857 | 17. 757 | 25. 730 | 26. 069 | | | | | | | | | Attributable to: | | | | | | |Stockholders of the Company| 11. 592 | 13. 648 | 17. 401 | 25. 293 | 25. 603 | | Non-controlling interests| 165 | 209 | 356 | 437 | 466 | | Net income After Tax| 11. 757 | 13. 857 | 17. 757 | 25. 730 | 26. 069 | | | | | | | | | No. of shares| 281. 197. 676 | 281. 197. 676 | 281. 197. 676 | 281. 197. 676 | 281. 197. 676 | | EPS| 0. 04122 | 0. 04854 | 0. 06188 | 0. 08995 | 0. 09105 | | Dividend Per Share| 0. 0100 | 0. 0125 | 0. 0166 | 0. 0221 | 0. 0229 | | | | | | | | | Appendix VIIBalance Sheet| | | | | | || 2011A| 2012F| 2013F| 2014F| 2015F| || $ ’000| $ ’000| $ ’000| $ ’000| $ ’000| |Assets| | | | | | || | | | | | |Non-current asset| | | | | | |Property. works and equipment| 88. 898 | 120. 381 | 145. 542 | 201. 398 | 233. 812 | | Intangible assets| 9. 214 | 9. 841 | 12. 912 | 12. 331 | 14. 629 | | Investing in associates and joint ventures| 12. 091 | 13. 109 | 19. 001 | 18. 712 | 19. 982 | | Other receivables| 1. 389 | 5. 336 | 8. 901 | 8. 172 | 9. 181 | | Deferred revenue enhancement assets| 2. 120 | 3. 441 | 3. 562 | 3. 781 | 3. 776 | | Entire Non-Current Asset| 113. 712 | 152. 108 | 189. 918 | 244. 394 | 281. 380 | | | | | | | | | Current assets| | | | | | |Inventories| 7. 397 | 13. 881 | 17. 920 | 17. 092 | 25. 082 | | Trade receivables| 7. 792 | 9. 018 | 9. 382 | 10. 981 | 12. 019 | | Other receivables| 39. 008 | 43. 483 | 48. 019 | 49. 682 | 50. 918 | | Prepayments| 5. 389 | 6. 582 | 7. 098 | 8. 910 | 10. 920 | | Tax recoverable| 230 | 291 | 367 | 554 | 608 | | Amount due| 1. 717 | 1. 841 | 1. 990 | 2. 181 | 2. 894 | | Cash and hard currency equivalents| 87. 060 | 72. 810 | 70. 091 | 63. 719 | 53. 361 | | Total Current Assets| 148. 593 | 147. 906 | 154. 867 | 153. 119 | 155. 802 | | | | | | | | | Entire assets| 262. 305 | 300. 014 | 344. 785 | 397. 513 | 437. 182 | | | | | | | | |Equity and liabilities| | | | | | || | | | | | |Current liabilities| | | | | | |Trade payables| 22. 896 | 25. 091 | 32. 091 | 34. 481 | 35. 772 | | Other payables| 51. 178 | 52. 091 | 55. 049 | 53. 627 | 52. 511 | | Other liabilities| 41. 124 | 42. 141 | 40. 901 | 43. 298 | 40. 729 | | Provision| 5. 871 | 6. 591 | 7. 801 | 7. 762 | 6. 859 | | Amount due| 395 | 1. 987 | 2. 593 | 2. 273 | 2. 674 | | Finance rental duties. secured| 37 | 14 | 26 | 48 | 56 | | Loans and borrowings| 24. 360 | 23. 019 | 20. 091 | 20. 038 | 20. 928 | | Tax payable| 5. 623 | 6. 891 | 7. 670 | 9. 018 | 10. 943 | | Total Current Liabilities| 151. 484 | 157. 825 | 166. 222 | 170. 545 | 170. 472 | | | | | | | | | Non-current liabilities| | | | | | |Loans and borrowings| 16. 038 | 40. 869 | 68. 912 | 100. 283 | 105. 912 | | Deferred revenue enhancement liabilities| 2. 276 | 2. 760 | 2. 891 | 3. 172 | 3. 091 | | Other payables and liabilities| 7. 039 | 9. 291 | 11. 928 | 11. 729 | 13. 981 | | Entire Non-Current Liabilities| 25. 353 | 52. 920 | 83. 731 | 115. 184 | 122. 984 | | | | | | | | | Entire liabilities| 176. 837 | 210. 745 | 249. 953 | 285. 729 | 293. 456 || | | | | | | |Net assets| 85. 468 | 89. 269 | 94. 832 | 111. 784 | 143. 726 | | | | | | | | |Equity attributable to proprietors of the company| | | | | | | Share capital| 33. 303 | 33. 303 | 33. 303 | 33. 303 | 33. 303 | | Treasury shares| ( 609 ) | ( 781 ) | ( 819 ) | ( 981 ) | ( 1. 029 ) | | Accumulated pro?ts| 41. 558 | 45. 695 | 51. 409 | 67. 962 | 98. 301 | | Other reserves| 3. 178 | 3. 391 | 3. 041 | 3. 281 | 3. 232 | | | 77. 970 | 81. 608 | 86. 934 | 103. 565 | 133. 807 | | | | | | | | | Non-controlling interests| 7. 498 | 7. 661 | 7. 898 | 8. 183 | 9. 919 | | Total equity| 85. 468 | 89. 269 | 94. 832 | 111. 748 | 143. 726 | | Total equity and liabilities| 262. 305 | 300. 014 | 344. 785 | 397. 477 | 437. 182 | | | | | | | | | Appendix VIIIFree CASH FLOW TO EQUITY| | | | || 2011A| 2012F| 2013F| 2014F| 2015F|| | | | | |Net income / EPS| 11. 757 | 13. 857 | 17. 757 | 25. 730 | 26. 069 | Depreciation expense| 23. 920| 27. 657 | 30. 987 | 37. 870 | 39. 882 | – Capital expenditures| | 38. 396 | 37. 810 | 54. 476 | 36. 986 | – Change in working capital| | (

Good Essay

Good Essay Good Essay Good Essay Good writers are not born, they are trained. Similarly, good essays are written with inspiration and patience.   Yes, you cannot write a good essay rushing through writing.   You should give your mind an opportunity to think about the topic, to generate supporting details, to organize your writing, and proofread the drafts.   Below is the short sample of good essay.   Do not copy it!   Read it and make notes.   Pay attention to the sentence structure and paragraphing. If you need help with your own writing, do not hesitate to request professional essay writing help at our site.   Our essay writing services are affordable, legal, and absolutely confidential.   There is also a free blog with numerous sample essays, term papers, research papers and much in our writing blog. Good Essay Sample Any attempt to understand the female preponderance in depression must explain both the long-term and the short-term trends. Conventional explanations have assumed that the female preponderance in depression has been a long-term trend. Most of the studies do support this, and the data that exist from the nineteenth century indicate a female preponderance of depression. These enduring trends can be interpreted as supporting either the biological or the social status theories. On the other hand, recent evidence suggests short-term trends. There has been an increase in the rates of depression, especially among young women, manifested by rising suicide attempt rates among young women and by high attendance by women at psychiatric outpatient clinics. This has prompted speculation about the possible role of recent historical changes, especially the presumed pathogenic pressures of modern life. Rising expectations, increased life events, separations, and loss of attachment bonds are all risk factors of depression that have been suggested as mechanisms by which social change can be psychic stressors. These stressors are proposed to have a greater impact on women because of their more vulnerable social position. Rate increases in depression have been reported to have occurred during earlier periods of rapid social change. Schwab has pointed to possible historical parallels to the current era in late Elizabethan and early seventeenth-century England, when depression was described to have reached epidemic proportions. Similarly, Rosen, citing the example of late eighteenth-century England, quotes Edgar Shepherd who, attributing the rise in mental illness to the "wear and tear of a civilization," speculated on the reasons for the differential prevalences of mental disorder between the sexes. Rising expectations, access to new opportunities, and efforts to redress the social inequalities of women have been suggested as further explanation for the recent increase in depression among women. Depressions may occur not when things are at their worse, but when there is a possibility of improvement and a discrepancy between one's rising aspirations and the likelihood of fulfilling these wishes. The women's movement, governmental legislation, and efforts to improve educational and employment opportunities for women have created higher expectations. Social and economic achievements often have not kept pace with the promises, especially in a decreasing job market and where long-standing discriminatory practices perpetuate unequal opportunities. These new role expectations may also create intrapsychic personal conflicts, particularly for those women involved in traditional family tasks but who also desire employment and recognition outside the family. Good Essay Writing Service If writing is a nightmare for you, do not panic! We offer a solution - customized assistance. Our writing service is individual. It means that your essay is written from scratch by an experienced and responsible writer who meets deadlines and follows instructions.   Your completed essay will not be posted online, never!   We guarantee confidentiality and unlimited revisions.

The hidden power of smiling Assignment Example | Topics and Well Written Essays - 500 words

The hidden power of smiling - Assignment Example He indicated smile does not start when people are in the physical life but through the analysis of radio scan information, he found that babies in the womb smile and this continues after birth where, normally, children smile up to four hundred times each day. Gutman noted that a research carried out among sportsmen who smile differently indicated that they have different life span where those who rarely smile are likely to live an average of 70 years while those who smile a little live up to an average of 72 years and those who smile much have an average lifespan of 80 years. He mentioned that only a few adults rarely smile less than fourteen times a day and that they are usually very gloomy and perceived unwelcoming by the other people, but those who do it more than that, have a brighter life. In his analysis, Gutman indicated that a smile is evolutionary contagious and makes a person to feel good and therefore, if a person stays next to others who are smiling, they are likely to sm ile as well. In his argument, Gutman says that smiling stimulates the mind very much, more than the simulation that can be caused by 2000 bags of chocolate, which people like much or 16000 dollars in cash.

Reduce and Address the Issue on Gang Violence in Chicago Research Paper

Reduce and Address the Issue on Gang Violence in Chicago - Research Paper Example From the report it is clear that  gang violence has reduced both in low and high crime areas, there remain regions where violent crime rate is stile unacceptably high. Some of the gangs specialize in expressive violence while others specialize in instrumental violence.  This discussion stresses that Chicago registered the most murders than any other city in America. The rising homicide rate is attributed to the influx of illegal guns and gang violence. Gang violence is connected to disputes and turf wars and it seems that the problem largely affects the geographically and socially isolated neighborhoods. The incidences of gang violence mainly affect those living in the West and the South sides of the city. Although incidences of gang violence have declined considerably, the city is faring badly compared to other gang-infested cities such as Los Angeles and New York. This paper examines the history, prevalence and the solutions to the problem of gang violence in the Chicago city. The paper also examines how gang violence can be reduced through follow-up re-entry programs and community prosecution strategies.  The origin of gangs can be traced to the East Coast in 1820s and thereafter, in the Midwestern regions including Chicago and Los Angeles. The problem of gang violence in the United States is as old as humanity itself. The New York City is considered as a haven of the gangs in the country, and the emergence of gang-like groups began in late 1700s.

Experimental in science Essay Example for Free

Experimental in science Essay Experiment One: A researcher wanted to test the effect of caffeine on sleep. Fifty students volunteered to participate in the study and signed up for one of two nights. Thirty-three students participated on Tuesday night. They each were given two cups of regular coffee to drink one hour before going to sleep. Seventeen students participated on Wednesday night. They each were given two cups of decaffeinated coffee to drink one hour before going to sleep. Each student was monitored with an EEG (a test that looks at brain function) to record exactly when they fell asleep. Students in the caffeine group took significantly longer to fall asleep. The researcher concluded that caffeine interferes with the ability to fall asleep. 1. What was the independent variable for Experiment One? 2. What was the dependent variable for Experiment One? 3. What components of the experiment were set up properly? 4. How could Experiment One be improved? Experiment Two: A researcher wanted to determine if a new anti-anxiety drug decreased anxiety levels. Three hundred patients were given the new drug and three hundred patients were given a placebo (also known as a â€Å"sugar pill† that does not contain any medicine). All of the patients were told they were receiving the new drug and were monitored for six months. At the end of the six months, all of the patient information was analyzed and the researcher concluded that because the patients given the placebo indicated the same reduction in anxiety as the patients given the new drug, the new drug was ineffective in decreasing anxiety levels. 5. What was the independent variable for Experiment Two? 6. What was the dependent variable for Experiment Two? 7. What components of the experiment were set up properly? 8. How could Experiment Two be improved? 9. Describe how a variable was NOT controlled in one of the two experiments. How might this have impacted the results?

Politics and Power in Today’s Corporate World Essay -- Corporations Po

Politics and Power in Today’s Corporate World An effective organization focuses on strong leadership, power and political issues. These components are critical to creating an organization mindful of values, ethics, culture and innovation. Analyzing the use of power and politics are essential to understanding the behavior of individuals within organizations. There are two sides to power and politics. In one respect power and politics imply the shady side of leadership. However, power and politics can be positive tools that managers use to accomplish tasks. This paper defines power and politics and examines how one can be used to influence the other in a positive way, thus resulting in gain, and in a negative, corruptive way, which ultimately leads to destruction of an organization. POWER Power has been described as the last dirty word. Money is easier than power for most people to talk about. People who have power deny it; people who want power try not to appear to be seeking it, and those who are good at getting power are secretive about how they got it (Kanter, 1979). The essence of power is control. In organizational behavior power is defined as the ability of controlling the behavior of others. Power is the force one uses to get things done. Power and leadership should not be confused. Leadership achieves goals and power is the means to facilitate their achievement. Power focuses on the tactics for gaining compliance while leadership focuses on style. Power is not without influence. One has influence when one has power. Power and influence are key components when a person is trying to achieve organizational goals. Power is divided into two categories; position and personal (Schermerhorn, Hunt, and Osborn, 2003). Power-based on a person’s position has six bases: coercive, reward, legitimate, process, information and representative (Schermerhorn, et al., 2003). The coercive power base is defined as being dependent on fear. A person will react to this power out of fear of the negative results that might occur. A manager has the power to suspend or terminate an employee this gives the manager coercive power over the employee. The opposite of coercive power is reward power. People comply with the wishes or directives of another because doing so produces positive benefits. In the organization context it can apply to promotions or favorable performanc... ...ely leads to destruction of an organization. Power and politics can be used to influence the success or failure of an organization. An effective organization selects strong leadership and takes precautious steps to control power and political issues. An organization that fully understands these issues creates a culture centered on values, ethics and innovation. By analyzing power and politics we are able to understand how they influence individual behavior in organizations. We can also better understand how they are used with good intentions and how to avoid them in destructive situations. References Kantar, R. (1979). Power failure in management circuits. Harvard Business Review, July-August, p.65. Iwata, E. (2004, July 9). Enron’s Ken Lay: cuffed but confident. USA Today. University of Phoenix. (Ed). (2003). Organizational Behavior, [University of Phoenix Custom Edition e-text]. John Wiley Publisher. Retrieved April 9, 2005 from University of Phoenix, Resource, MGT/331-Organizational Behavior Website: https://ecampus.phoenix.edu/secure/resource/resource.asp http://money.cnn.com/2002/05/07/news/companies/enron_board/index.htm http://www.gatesfoundation.org Politics and Power in Today’s Corporate World Essay -- Corporations Po Politics and Power in Today’s Corporate World An effective organization focuses on strong leadership, power and political issues. These components are critical to creating an organization mindful of values, ethics, culture and innovation. Analyzing the use of power and politics are essential to understanding the behavior of individuals within organizations. There are two sides to power and politics. In one respect power and politics imply the shady side of leadership. However, power and politics can be positive tools that managers use to accomplish tasks. This paper defines power and politics and examines how one can be used to influence the other in a positive way, thus resulting in gain, and in a negative, corruptive way, which ultimately leads to destruction of an organization. POWER Power has been described as the last dirty word. Money is easier than power for most people to talk about. People who have power deny it; people who want power try not to appear to be seeking it, and those who are good at getting power are secretive about how they got it (Kanter, 1979). The essence of power is control. In organizational behavior power is defined as the ability of controlling the behavior of others. Power is the force one uses to get things done. Power and leadership should not be confused. Leadership achieves goals and power is the means to facilitate their achievement. Power focuses on the tactics for gaining compliance while leadership focuses on style. Power is not without influence. One has influence when one has power. Power and influence are key components when a person is trying to achieve organizational goals. Power is divided into two categories; position and personal (Schermerhorn, Hunt, and Osborn, 2003). Power-based on a person’s position has six bases: coercive, reward, legitimate, process, information and representative (Schermerhorn, et al., 2003). The coercive power base is defined as being dependent on fear. A person will react to this power out of fear of the negative results that might occur. A manager has the power to suspend or terminate an employee this gives the manager coercive power over the employee. The opposite of coercive power is reward power. People comply with the wishes or directives of another because doing so produces positive benefits. In the organization context it can apply to promotions or favorable performanc... ...ely leads to destruction of an organization. Power and politics can be used to influence the success or failure of an organization. An effective organization selects strong leadership and takes precautious steps to control power and political issues. An organization that fully understands these issues creates a culture centered on values, ethics and innovation. By analyzing power and politics we are able to understand how they influence individual behavior in organizations. We can also better understand how they are used with good intentions and how to avoid them in destructive situations. References Kantar, R. (1979). Power failure in management circuits. Harvard Business Review, July-August, p.65. Iwata, E. (2004, July 9). Enron’s Ken Lay: cuffed but confident. USA Today. University of Phoenix. (Ed). (2003). Organizational Behavior, [University of Phoenix Custom Edition e-text]. John Wiley Publisher. Retrieved April 9, 2005 from University of Phoenix, Resource, MGT/331-Organizational Behavior Website: https://ecampus.phoenix.edu/secure/resource/resource.asp http://money.cnn.com/2002/05/07/news/companies/enron_board/index.htm http://www.gatesfoundation.org

Sexual Harassment Case Study

Individual Case Study #1 1. Is there a case of sexual harassment in this situation or is it only fun? This is a case of sexual harassment because; the words and actions of fellow employees ultimately made Rosetta quit her job. The technical definition of harassment is when members of an organization treat an employee in a different manner due to that person’s sex, race, religion, age, and etc. Harassment also includes unwelcomed remarks or jokes which make the employee feel uncomfortable.These guys that Rosetta had been working with, as she mentioned were making remarks and asking uncomfortable questions regarding her personal relationships (asking about her boyfriend, asking intimate details and asking if she prefers Canadian men over Italian men), the guys made dirty jokes and purposely made sure that Rosetta heard them, which is another sign of harassment – its causes Rosetta to feel awkward and embarrassed at her workplace (somewhere where she should feel comfortabl e and safe).Not only, do these guys make dirty jokes, but the manager, Al also contributes and encourages these guys regardless if it’s making another employee uncomfortable. These guys make fun of Rosetta when she comes into work, with remarks like calling her â€Å"Risotto† which in Italian means rice with gravy, not only is this an unwelcomed remark, its taunting her and insulting towards her Italian culture. Another form is harassment is displaying is offensive or pornographic items in a workplace environment.According to Rosetta, these guys post centrefolds pinned on their machines, which are pictures of nude or almost nude women. This is highly inappropriate for the work environment and makes Rosetta uncomfortable. When Rosetta asked these men from refraining to asking awkward and inappropriate questions and to leave her alone, they said that â€Å"Italians are just braggarts† which is derogatory and condescending term against her race. Sexual harassment; a form of harassment, was also present in this situation.Sexual harassment has three different characteristics; the first one being that the encounters must be unwelcomed to the complainant, expressly or implicitly known by the responder to be unwelcomed. This applies to this situation because Rosetta let the guys knows that she did not like the remarks by sayings â€Å"leave me alone† and â€Å"mind your own business† and they still continue to make remarks which leads to the second characteristic; conduct must continue despite the complainant protests, finally the third characteristic is complainants cooperation must be due to employment related threats.Rosetta suffered and took the harassment for so long from the fear of the manager, and being fired from her job. 2. If you were Eva, what would-and could-you do? What are the options? What is the probability of success of each option? Rosetta faced indirect systematic discrimination, which indicates that there is no i ntention to discriminate, but the system, arrangements, or policies allow it to happen. To begin with, Eva could have talked to the Manager, which she had and it didn’t lead her to positive results.So, she could either go above the manager or go directly to the Human Resource department of that company. This is a long process, which has many steps so Eva could choose to go to the Canadian Human Rights Commission. The Canadian Human Rights Act is a federal law that permits discrimination anything under federal jurisdiction, for example banks, airlines, government agencies, radio and TV companies. Areas that are not covered but the federal jurisdiction are covered by the provincial human rights act.The Canadian Human Rights Commission (CHRC) is there to supervise and implement any action under the Canadian Human Rights Act. Any person/group that has reasonable ground to believe that they have been discriminated against has the right to file with CHRC. For Eva to report harassme nt has taken place against Rosetta, she must first take permission from Rosetta, otherwise there is a chance that her complaint could be rejected. However, there are many things that Rosetta has to be careful with, the CHRC does not accept complaints that are over a year old, if the complaint seems trivial or made in bad faith.Eva must report this problem immediately with the correct proof so her complaint wouldn’t be dismissed. After Eva has filed the complaint, it will be further investigated. It will either be ruled as substantiated or non-substantiation, if ruled substantiated, (in support of complainant) then an attempt to make a settlement will be made. If no settlement is made, then the Human Rights Tribunal Panel can be appointed to further investigate the complaint. If they find that there was discrimination against Rosetta, then she will be compensated as seen appropriate.Eva can also file a complaint with the Ontario Human Rights laws and commission, which will inv estigate the complaint (also with the consent of Rosetta) and a settlement will be offered to satisfy both parties if no settlement is reached, then complaint will be further investigated. Both these processes are very long, but proven in favour of the complaint many times. However, there are times where there is no discrimination/harassment found in the case.Another thing Eva could do is try to implement the employment equity program within the organization. This program (usually run by employers) is used to undo past employment discrimination and prevent future discrimination and create equal employment opportunity within the company. Eva, with the help of the HR department could use this program and the example of Rosetta to prevent future situations like this by educating the employees about the laws, and diversity. It can also help undo the harassment that Rosetta faced. . What are Al’s responsibilities in this instance? Did he carry them out well? Why or why not? Employ ers, or managers have one basic responsibility towards their employees, which is to provide a safe environment for their employees and Al, as the manager failed to do so. The job of managers/supervisors is to know the law and to implement it within their organization/team. His responsibility is to be aware of what harassment is, different types of harassments and the signs of harassed workers.His responsibility as a manager was to put a stop to the harassment and discrimination Rosetta was facing, and report those employees to the Human Resources Department or to the CHRC. Not only did he fail to put a stop to the harassment, he failed to report it and was also part taking in the harassment by encouraging the jokes those guys were making that made Rosetta feel uncomfortable. Another responsibility of a manager is to have good communication not only within the team members but good employee-to-manager communication which is failed to establish with Rosetta.She did not feel comfortabl e talking to her manager about the harassment, which ultimately made her quit her job because she felt she had no one to talk to and ask for help. Al, also fails to recognize the harassment happening and blames it on Rosetta not being able to take the jokes lightly and took the accusation of Rosetta being harassed very lightly. He did not carry his responsibilities out well for the reasons stated above, he created an unsafe, uncomfortable environment for one of his employees. Sexual Harassment Case Study Individual Case Study #1 1. Is there a case of sexual harassment in this situation or is it only fun? This is a case of sexual harassment because; the words and actions of fellow employees ultimately made Rosetta quit her job. The technical definition of harassment is when members of an organization treat an employee in a different manner due to that person’s sex, race, religion, age, and etc. Harassment also includes unwelcomed remarks or jokes which make the employee feel uncomfortable.These guys that Rosetta had been working with, as she mentioned were making remarks and asking uncomfortable questions regarding her personal relationships (asking about her boyfriend, asking intimate details and asking if she prefers Canadian men over Italian men), the guys made dirty jokes and purposely made sure that Rosetta heard them, which is another sign of harassment – its causes Rosetta to feel awkward and embarrassed at her workplace (somewhere where she should feel comfortabl e and safe).Not only, do these guys make dirty jokes, but the manager, Al also contributes and encourages these guys regardless if it’s making another employee uncomfortable. These guys make fun of Rosetta when she comes into work, with remarks like calling her â€Å"Risotto† which in Italian means rice with gravy, not only is this an unwelcomed remark, its taunting her and insulting towards her Italian culture. Another form is harassment is displaying is offensive or pornographic items in a workplace environment.According to Rosetta, these guys post centrefolds pinned on their machines, which are pictures of nude or almost nude women. This is highly inappropriate for the work environment and makes Rosetta uncomfortable. When Rosetta asked these men from refraining to asking awkward and inappropriate questions and to leave her alone, they said that â€Å"Italians are just braggarts† which is derogatory and condescending term against her race. Sexual harassment; a form of harassment, was also present in this situation.Sexual harassment has three different characteristics; the first one being that the encounters must be unwelcomed to the complainant, expressly or implicitly known by the responder to be unwelcomed. This applies to this situation because Rosetta let the guys knows that she did not like the remarks by sayings â€Å"leave me alone† and â€Å"mind your own business† and they still continue to make remarks which leads to the second characteristic; conduct must continue despite the complainant protests, finally the third characteristic is complainants cooperation must be due to employment related threats.Rosetta suffered and took the harassment for so long from the fear of the manager, and being fired from her job. 2. If you were Eva, what would-and could-you do? What are the options? What is the probability of success of each option? Rosetta faced indirect systematic discrimination, which indicates that there is no i ntention to discriminate, but the system, arrangements, or policies allow it to happen. To begin with, Eva could have talked to the Manager, which she had and it didn’t lead her to positive results.So, she could either go above the manager or go directly to the Human Resource department of that company. This is a long process, which has many steps so Eva could choose to go to the Canadian Human Rights Commission. The Canadian Human Rights Act is a federal law that permits discrimination anything under federal jurisdiction, for example banks, airlines, government agencies, radio and TV companies. Areas that are not covered but the federal jurisdiction are covered by the provincial human rights act.The Canadian Human Rights Commission (CHRC) is there to supervise and implement any action under the Canadian Human Rights Act. Any person/group that has reasonable ground to believe that they have been discriminated against has the right to file with CHRC. For Eva to report harassme nt has taken place against Rosetta, she must first take permission from Rosetta, otherwise there is a chance that her complaint could be rejected. However, there are many things that Rosetta has to be careful with, the CHRC does not accept complaints that are over a year old, if the complaint seems trivial or made in bad faith.Eva must report this problem immediately with the correct proof so her complaint wouldn’t be dismissed. After Eva has filed the complaint, it will be further investigated. It will either be ruled as substantiated or non-substantiation, if ruled substantiated, (in support of complainant) then an attempt to make a settlement will be made. If no settlement is made, then the Human Rights Tribunal Panel can be appointed to further investigate the complaint. If they find that there was discrimination against Rosetta, then she will be compensated as seen appropriate.Eva can also file a complaint with the Ontario Human Rights laws and commission, which will inv estigate the complaint (also with the consent of Rosetta) and a settlement will be offered to satisfy both parties if no settlement is reached, then complaint will be further investigated. Both these processes are very long, but proven in favour of the complaint many times. However, there are times where there is no discrimination/harassment found in the case.Another thing Eva could do is try to implement the employment equity program within the organization. This program (usually run by employers) is used to undo past employment discrimination and prevent future discrimination and create equal employment opportunity within the company. Eva, with the help of the HR department could use this program and the example of Rosetta to prevent future situations like this by educating the employees about the laws, and diversity. It can also help undo the harassment that Rosetta faced. . What are Al’s responsibilities in this instance? Did he carry them out well? Why or why not? Employ ers, or managers have one basic responsibility towards their employees, which is to provide a safe environment for their employees and Al, as the manager failed to do so. The job of managers/supervisors is to know the law and to implement it within their organization/team. His responsibility is to be aware of what harassment is, different types of harassments and the signs of harassed workers.His responsibility as a manager was to put a stop to the harassment and discrimination Rosetta was facing, and report those employees to the Human Resources Department or to the CHRC. Not only did he fail to put a stop to the harassment, he failed to report it and was also part taking in the harassment by encouraging the jokes those guys were making that made Rosetta feel uncomfortable. Another responsibility of a manager is to have good communication not only within the team members but good employee-to-manager communication which is failed to establish with Rosetta.She did not feel comfortabl e talking to her manager about the harassment, which ultimately made her quit her job because she felt she had no one to talk to and ask for help. Al, also fails to recognize the harassment happening and blames it on Rosetta not being able to take the jokes lightly and took the accusation of Rosetta being harassed very lightly. He did not carry his responsibilities out well for the reasons stated above, he created an unsafe, uncomfortable environment for one of his employees.

Describe The Factors To Consider Essay

There are a number of factors to consider when promoting effective communication. When using verbal communication with patients it is important to speak looking at them, speaking slowly and clearly and using simple language,. It is important to note that when working with patients with learning disabilities we have made sure they have understood what I have said. When speaking with colleagues or professionals the language I use can be more complex and often I will speak faster however most factors remain the same, it is still important that information given verbally is clear and concise. An example of this is when this is when I have mentored new staff I make sure I talk over everything slowly and clearly and I also get then to repeat some of that information back to show they have understood. Verbally communicating in this way will differ dependant on weather I am talking on a one to one basis or to a group. If I am talking to a group I must remember to address everyone and not exc lude anyone. When using non-verbal communication there are many different factors to consider. For example, if I am slummed back in a chair, it may show that I am not interested in the conversation. Eye contact is also very important as this can show that I am engaged in the conversation, other things to consider would be hand gestures, body language and facial expressions, for example, if I frown or have my arms folded I may give a negative impression. Finally it is important to remember that for effective communication to take place it involves both parties to be engaged. Being able to listen well is vital in a two way conversations.

How to Write a Thesis in Leadership Studies Step-by-step Guide for Students

How to Write a Thesis in Leadership Studies Step-by-step Guide for Students Looking for recommendations on writing a thesis in Leadership Studies? The concept of leadership has generated great interest and debate and due to the complexity of this subject, there is no general consensus on its field of analysis. That’s why writing about leadership can be really challenging. In this article, you will find a full step-by-step guide on how to write a thesis in Leadership studies that covers writing specifics of this field of studies, tips on choosing a good topic, approach to planning a thesis and making an outline, advice on writing different thesis chapters, editing, and proofreading, Besides, we offer you a shortlist of 15 powerful topics. If you need advice on writing another type of paper, here you can find a lot of full guides to all writing assignments out there. Specifics of Writing a Thesis in Leadership Studies Leadership in human groups is a universal phenomenon and is the subject of Leadership Studies. Leadership Studies are multi-disciplinary in nature and try to answer a lot of questions for example: Why is leadership important? What motivates leaders? Are leaders born? What moral dilemmas do leaders face? The course studies the meaning of leadership within different social contexts – in a team, family, state, multinational corporation, university, etc. The goal of this field of study is to understand the relationships between leaders and their followers. Many of the questions can’t be fully answered but students are encouraged to critically analyze these issues and write about them creating a strong logical argument. Learning about leadership theories, skills, and styles can help you better understand what it takes to be an effective leader in your student and future professional career. The goal of thesis writing is to produce an original piece of research work on a specific clearly defined topic. Writing a thesis in Leadership Studies requires the ability to work independently and is a chance to put students’ innovativeness to test while defining and solving a practical problem. It’s critical to make real-life connections and apply different leadership theories to real-life displays of leadership. Your thesis in Leadership Studies has to demonstrate this approach. Remember that writing in humanities and social sciences relies heavily on applying theories to practice and Leadership Studies is no exception to this rule. How to Choose an Interesting Topic for a Thesis in Leadership Studies When you think about a topic for your original research, it’s important to choose a subject that you are interested in because a thesis is a lengthy project and you will easier stay motivated if you work on something you are passionate about. Choosing a topic for your thesis in Leadership Studies may take some time because there are many aspects of this subject that may pick your interest. That’s why you should start thinking about selecting a topic as early as possible. Can explore different leadership styles, investigate the role of gender in leadership, examine different organizational leadership theories and how they can be applied in real life, create case studies about influential leaders like Mahatma Gandhi or Mother Theresa and try to answer a highly debatable question of whether leadership abilities are innate or people can be taught to be leaders. Here is a shortlist of interesting topic ideas for your consideration: Impact of Leadership Styles on Employee Motivation; Changes in Leadership Behavior of Students; European Perspective on Leadership in Health Care; Methods Related to Study of Leadership; Leadership as a Group Process; Development of Leadership Theories; Leadership in The USA Organizations; Leadership in Mass Campaigns; How Effective are Managerial Leadership Programs? Transactional-transformational Leadership Paradigm; Theory of Transformational Leadership; Collective Leadership in Public Administration; Business Ethics and Moral Leadership; Leadership Styles of Different Generations; Current Leadership Theories. Write a Research Question/ Thesis Statement You can’t start a research process without writing a research question which will help you focus your research and provide a path through the writing process. It will help you create a specific arguable thesis statement like this one: ‘Leadership is the key factor in organizational effectiveness and transactional and transformational leadership styles have a great impact on organizational performance in business corporations as well as on achieving their business objectives.’ When you have chosen a broad topic, you should do some preliminary research to narrow your focus. You should find out what issues researchers and scholars are discussing when it comes to your thesis topic. Try to identify gaps in existing researches to identify possible areas for your study. Start asking yourself open-ended ‘how’ and ‘why’ questions about your topic and evaluate them to understand whether these questions would be effective or you need to revise and refine them. For example, you may ask: ‘How does transactional leadership style affect the performance in the public sector?’ or ‘Why does transformational leadership style helps achieve business goals?’ Make sure that your research question is clear to help you direct your research and specific enough to be covered in your thesis paper. Your research question should be complex and require in-depth research and thoughtful analysis. Create an Outline of Your Thesis Your thesis in Leadership Studies should have a logical structure. For example, you can present your information in a chronological order in which you performed your research but it’s not obligatory to organize your thesis this way. But you should make it clear to your readers why and how your analysis answers your research question and solves the problem that you set out to solve. It’s important to outline the key points and provide a concise summary of your research. A typical thesis is Leadership Studies should contain the following content: Title page; Table of contents which shows page numbering of chapters; Abstract of about 250-350 words; Introduction that outlines your paper as a whole; The literature review that provides the background for your research; The main body that consists of substantive chapters; The discussion that puts your argument together; Conclusions and recommendations for further research; Bibliography; Appendices. Recommendations on Writing Different Chapters of a Thesis in Leadership Studies The abstract is an important component of your thesis because it’s the first part that most people read. That’s why you should do your best to make a great impression on your readers. The abstract is a brief summary of your research where your readers can find answers to the key questions about the work you have done in your thesis. You should inform about what you did, what question you are trying to answer, what methods you used for your research, and what are your key results. You should avoid writing general statements and focus on communicating the facts. One half of your abstract should be dedicated to summing up and interpreting your results. You should make sure you don’t include any unnecessary information in this part of your project. The introduction should introduce your readers to the research you have conducted and tell them about its significance by providing some background information. You need to describe the problem you will be trying to solve and explain why it’s important. Your introduction may include the following points listed below: General topic and the background information; Review of the relevant literature on your topic; Definition of the key terms; Research problem/research question; Research goals; Hypothesis; Outline of the research methods. The literature review is the chapter where you need to evaluate the previous research on the topic of your thesis. Its goal is to summarize and synthesize the arguments and ideas of other people without adding any new contribution to this part of your thesis. You should tell about well-established research on your topic and organize your material around key debates or themes or present your sources chronologically. You can also use the methodological approach and explain different methods used in Leadership Studies to research the problems. You need to identify the gap in the research on your topic and make an attempt to fill it with your study. This chapter should be about 15-35% of the whole thesis. The methodology section of a thesis is likely to the most challenging part of your final project. You should outline which methods you used in your paper to answer the initial research question. This will allow your readers to critically evaluate the overall reliability and validity of your research. Actually, you will need to answer 2 questions: How did you collect data? And how did you analyze your data? You should also explain the reasons why you selected a particular technique or procedure and describe potential limitations that could affect your data collection. You should provide enough information about the methods you used to allow other researchers to replicate your methodology. The results section should present your finding in a logical order without interpretation or bias. You need to present facts of your research in relation to your hypotheses or research question. You should be concise and use figures and tables to present your findings more effectively. Don’t any raw data in this section and avoid reporting data which is not important for answering your research question. In the Discussion chapter, you need to discuss your findings. You should comment on your results and explain what they mean. Analyze how they support the research that you presented in your literature review and what contribution your study makes to the literature. You should also interpret your results in a wider context and determine which results were expected or unexpected. Identify the limitations of your research and tell if any questions remain unanswered. In the Conclusion, you need to present concise statements about your key findings from a perspective of your hypothesis and objectives. You should also tell about your contribution to the previous research and emphasize the significance of your findings, including the limitations of your study. Finally, you can provide suggestions for further research. Revise the Draft When you finish writing a draft of your thesis in Leadership Studies, you should put it away for a couple of days and then reread it and find areas for revision. This will allow you to see your work objectively and notice any gaps or problems. You should reconsider your arguments, review your evidence, refine your purpose, reorganize your presentation, and improve your style. You may need to reorganize paragraphs and reword sentences in order to develop your ideas in more detail. Besides, you may need to provide more evidence to support your argument or delete some unnecessary information. You should check your thesis for consistent use of tenses, voice, and referencing style. Proofread Your Thesis in Leadership Studies The final step in polishing your thesis is proofreading. You need to examine your thesis carefully in order to find and fix typographical errors, and mistakes in grammar and spelling. You should make corrections at the sentence and word level only when you have revised the larger aspects of your text and are satisfied with the development and organization of the whole thesis, its sections, and paragraphs. You’d better put your paper aside for a while so it will be easier for you to see different minor mistakes and typos. It’s better to proofread on a printed copy of your thesis and not on the computer screen. If you typically make a lot of mistakes, you should check for each type of error separately rather than trying to fix everything at once. You can use different techniques to do that. For example, you can read your thesis sentence by sentence to check for fragments and then read it again backward to check the subject and verb agreement. You should proofread thorough ly and systematically or you can miss some important details that should be changed. Proofreading is the last stage in the writing process of your thesis in Leadership Studies. Follow our easy recommendations and you are sure to do it right and to succeed in making the final copy of your thesis paper the best it can be. We hope that our complete writing guide will help you create an interesting thesis full of original ideas and impress your committee.