Internet Privacy Essay Example For Students

Web Privacy Essay One of the most significant advances in the quickly creating universe of electronic trade is the capacity of organizations to create customized associations with their clients. Personalization enables organizations to all the more likely comprehend their clients needs and wants and improve client support by fitting contributions to the special needs of people . Simultaneously, this has gotten a subject of hot contention on the grounds that the innovation includes the broad assortment and utilization of individual information. Many, if not most, online customers and surfers don't know about the degree of how much and what sort of information can be assembled about an individual, even somebody who is simply visiting and not shopping or pursuing anything. Using the treat innovation, a people development through the Web can be followed to give data. Utilizing treats a site allots every individual a one of a kind identifier (however not the genuine personality), with the goal that the he might be perceived in ensuing visits to the site. On each arrival visit, the site can call up client explicit data, which could incorporate the shoppers inclinations or interests, as showed by archives the buyer got to in earlier visits or things the customer tapped on while in the site. Sites can likewise gather data about shoppers through concealed electronic navigational programming that catches data about webpage visits, including pages visited and data downloaded, the kinds of program utilized, and the alluding sites Internet addresses. The outcome is that a site about cultivating that Jane Doe that could sell her name to mail-request organizations, yet additionally the way that she invested a great deal of energy one Saturday night a month ago finding out about how to treat roses. Additional upsetting situations similarly could be envisione d. In any case, in spite of the fact that worry about protection and security has for quite some time been the greatest issue with online shoppersparticularly with the sacredness of their distinguishing proof related informationa greater part wouldn't fret their conduct being viewed on the off chance that it permits their shopping experience to be redone. As indicated by the 1999 Personalized Marketing and Privacy on the Net: What Consumers Want overview led by the non-benefit investigate firm Privacy and American Business, 61 percent of the 474 Internet clients studied said that they would be sure toward accepting pennant promotions custom fitted to their own advantages as opposed to getting arbitrary advertisements. This speaks to around 56 million grown-up clients inspired by such personalization. Moreover, 68 percent of the clients likewise said that they would give individual data so as to get custom fitted flag promotions, relying on the prerequisite that see and quit are given . The investigation appears to back the internet business firms who are viewing on the web conduct to give redid shopping encounters, and not security advocates who state that this training is an attack of protection. It is the reason for get-together the data, no doubt, is the way to adhering to a meaningful boundary between satisfactory personalization and attack of security. This is the reason it is critical to numerous customers that a site have a protection strategy that clarifies what data is accumulated and how it is being utilized, before they give up their data. Nonetheless, as indicated by the 1999 Georgetown Internet Privacy Essay Policy Survey, 94% of the main 100 sites post security arrangements, and 66% of the general sites post protection strategies . These figures sound consoling however the specific meaning of the security approaches in themselves stays to be addressed. The 1998 Federal Trade Commission report on Internet protection, Privacy Online: A Report to Congress sketched out five rules by which a business site can be said to have a genuinely far reaching security strategy. Known as the Fair Information Practice Principles, they are notice/mindfulness, decision/assent, get to/support, respectability/security, and requirement/review . At the end of the day, sites ought to advise shoppers that theyre gathering individual data and that the purchasers can pick whether to give it. The report-the aftereffect of a three-year investigation of 1,400 sites focused at purchasers likewise scolded the web based business industry for not sufficiently ensuring private data, expressing that by far most of online organizations still can't seem to receive even the most crucial reasonable data practice. Individual Philosophy of Success Essay It likewise reprimanded the industrys willful rules, expressing that with restricted special case, contain none of the requirement instruments required for a powerful self-administrative .

Personal Statement for MSc Investment & Wealth Management [Imperial

For MSc Investment and Wealth Management [Imperial College London] - Personal Statement Example This organization likewise expanded my insight in protection and money related administrations including riches or resource the executives, and now, I understood I was in an off-base course. My adoration and enthusiasm for activities with fund, banking, protection and resource or riches the board expanded. It was up to this point when I returned to work again with HSBC under entry level position program that I at that point understood that I expected to seek after a vocation in a field that relates money and resources as I for the most part used to manage advancing division when the credit depended significantly on resources and the insurance. After a careful inquiry and counsel, I arrived on the Msc. Program in Investment and Wealth Management to be the best course for me as it incorporates all my ongoing work encounters. My places of past obligations incorporate being an understudy learner at the AIA International Limited. Here, my accomplishment included learning different protection items and administrations just as partaking in a gathering undertaking to open me to being a decent cooperative person. I additionally held the situation of an understudy learner at the HSBC Commercial Bank where I accomplished understanding from an everyday activity and the experience of working under a doled out supervisor. Ive likewise held the situation of a quality control engineer right hand at the KeyStone Electric Wire and Cable Limited. Here, I was answerable for recording, dwelling and contributing the link testing information and archives. I likewise was liable for performing multiple tasks, weight and size figurings of different wires and links as I additionally helped with composing link particular reports. In conclusion, I have additionally held the situation of an associate expert at Chung Sing Taxi Limit ed at the upkeep office. Here, my obligations included looking at and distinguishing issues in the taxicabs just as performing upkeep and fixes. Every one of these positions held, and duties have formed me to being one individual who is engaged, experienced

Understanding Stigma When You Have BPD

Understanding Stigma When You Have BPD BPD Living With BPD Print Understanding Stigma When You Have BPD By Kristalyn Salters-Pedneault, PhD Kristalyn Salters-Pedneault, PhD, is a clinical psychologist and associate professor of psychology at Eastern Connecticut State University. Learn about our editorial policy Kristalyn Salters-Pedneault, PhD Updated on October 06, 2019 Eric Audras / ONOKY / Getty Images More in BPD Living With BPD Diagnosis Treatment Related Conditions A stigma is a preconceived idea or stereotype that causes someone to devalue or think less of the person in question. People tend to distance themselves from individuals in stigmatized groups, to blame individuals in these groups for negative actions and to discriminate against the stigmatized individuals. The Stigma of Mental Illness Unfortunately, stigma is often an issue that those with mental illnesses must deal with, which makes getting effective treatment more difficult. If you have an illness like borderline personality disorder (BPD), that means you have to handle the symptoms of your disease while also dealing with the preconceptions of others. Because of portrayals of mental illness on television and in movies, many people view those with mental disorders to be dangerous, weak-willed, unstable, and unreliable. According to research from World Psychiatry, surveys have shown that because of these depictions of these diseases, peoples mindsets have been changed in a negative way. It has caused them to view those with mental illness in three ways: Fear: They believe that mentally ill people are a danger to the people around them and are prone to violent episodes.Irresponsible: People also believe that mentally ill people are self-indulgent and lazy and could get over the disease if they just stopped wallowing.  Helpless: Others believe those with mental health issues are childlike and require the same assistance as a toddler, incapable of making their own choices. The Stigma Associated With Borderline Personality Disorder Of the major mental illnesses, individuals like you with borderline personality disorder (BPD) are perhaps among the most stigmatized. Even among healthcare professionals, BPD is frequently misunderstood. Common stereotypes include that BPD patients are dramatic, manipulative, and attention-seeking. These stereotypes can cause therapists to not take your symptoms or fears seriously, negatively impacting your health. Stigma surrounding BPD can also lead to misdiagnosis. Those with borderline personality disorder are frequently diagnosed with bipolar disorder or major depressive disorder because of a lack of understanding. Because the treatments for these illnesses are very different, this inaccurate diagnosis can harm your well-being. Because of these issues, its important to find a doctor or clinician with a strong understanding of borderline personality disorder and the current standards of care. Stigmas Impact on Treatment This stereotype can make it more difficult for those undergoing treatment to find a stable job, secure safe housing and live a normal life. They are always suspected of wrongdoing, carelessness, or anger and so have difficulty building a regular routine.   Because of the heavy burden of stigma, many people with psychiatric difficulties attempt to hide their illness, refusing to admit to others or even to themselves that something is wrong. Others will neglect their treatment, skipping therapy sessions and medication so that their condition will not be discovered. This can cause major difficulties and delays in their therapy, causing significant setbacks. Stigma about mental health is very prevalent in society and is a constant struggle; these disorders continue to be perceived in incorrect ways.  Some progress has been made to end preconceptions, but more work needs to be done. When pursuing treatment options, its important to look for a doctor who understands your needs and to build a support network of people that you trust. 5 Keys for Coping With Borderline Personality Disorder

Aromatic Compound Definition - Chemistry Glossary

Aromatic Compound Definition: An aromatic compound is a organic molecule Examples: benzene, toluene benzene, toluene

The Battle Of The Civil War - 1019 Words

The Vast Differences Between the Sides and The Sacrifices Made for Their Cause The North and the South both had to make extreme adjustments in order to prepare themselves for an all-out internal war. Both sides of this conflict grew from the same place. Despite the impulse to close ranks amid the culture wars, however, professional historians have not abandoned the debate over Civil War causation. Rather, they have rightly concluded that there is not much of a consensus on the topic after all. Most people believe that the Civil war was fought over the slavery enterprise, and they are partially right. The civil war did in fact have ties to opposition and the attempted removal of slavery in the United States, but that was not the only reason for this bloody and ill-fated War Between the States. Another reason for the Civil War was a fear of the tremendously different culture of the South compared to the economic standard and lifestyle of the North. The South, known as The Confederate States of America during the war, is known worldwide for its vast plantation homes and strong regional ties dating back to before the revolutionary war. The Southern region of the United States economy was based on agricultural pursuits. Anywhere you went, you would see farms and plantations. And where there were farms and plantations, there were slaves. This is what allowed the South to prosper. With a relatively low population of white males, even less of which were willing to work long, hardShow MoreRelatedThe Battle Of The Civil War1127 Words   |  5 Pagesshaken by the Civil War because some states wanted to separate themselves from this unity that had lasted for approximately 100 years. The American Civil War is a historic affair and one of the bloodiest battles in history of the US (E ngle, Krick, 2003). It is considered one of the bloodstained happenings in the history of the US because more than 600, 000 people died. A majority of this number were soldiers. This fatal battle happened between the years 1861 to 1865. The Civil War emerged becauseRead MoreThe Battle Of The Civil War Essay1424 Words   |  6 PagesThroughout the years 1861 to 1865 the American Civil War took place and it is known as Americas bloodiest war. The cause of the Civil war was the debate between free states and slave states over the government trying to prohibit slavery. In 1860 Abraham Lincoln became president of the United States and ran on the platform to keep slavery out of the new unclaimed territories of the United States. Once Lincoln became president seven southern states seceded from the Union ultimately creating the ConfederateRead MoreThe Battle Of The Civil War1073 Words   |  5 PagesThe Civil War was a war that was thought to would have lasted no longer than ninety days. After all was said and done, the war lasted more than four years and claimed tens of thousands of lives of both The Union and The Confederate States. There were several battles fought on Northern and Southern soil, battles that forced blo ody mortal combat between brothers in the fight for equality amongst all men. It tested the strength of the foundation that the United States was built upon. The Civil War wasRead MoreThe Battle Of The Civil War960 Words   |  4 PagesHave you ever wondered why the Civil War happened or why it was so substantial to American History? What was the battle that changed it all; that made it the history it is today? Many people have made speculations on the causes of the war and what the major turning point was, but cannot really narrow it down. In James McPherson’s Crossroads of Freedom: Antietam he points out the pivotal moments in American history that led up to and changed the Civil War, so that the reader can get a better insightRead MoreThe Battle Of The Civil War1666 Words   |  7 PagesThe Civil war was one of the biggest turning points in United States history. The nation’s failure to compromise on the subject of slavery led to an outbreak of war. Battles such a s Gettysburg, Vicksburg, and Shiloh led to what we know of today as a free nation. Great technological advancements in weaponry led to mass casualties among both north and south, often making death inevitable. Those who bravely served and those who were forced to serve lived a life of fear, starvation, and commitment toRead MoreThe Battle Of The Civil War1191 Words   |  5 PagesWhen the Civil War started both sides thought the war would be over by Christmas. But little did they know this small war would turn into the deadliest war in American history. The Civil War was fought between the Confederacy and the Union. The Confederacy was consisted of Southern states that did not agree with the views of the Union states. After years of sectional differences in the United States between the north and south, tension between the states grew and a war between the north and southRead MoreThe Battle Of The Civil War1197 Words   |  5 PagesMarianna, FL. The battle will be virtually unkno wn in the history of the Civil War, but its success marked the longest successful incursion of Union troops into Florida (Cox, 2014). This raid had two goals; the first was to rescue the reported Union prisoners and the second was to liberate and enlist any slaves that were found along the route (Calvin, 2014). The prisoners were not located, but more than 600 slaves were liberated along their route (Cox, 2014). The subsequent battle did not last longRead MoreThe Battle Of The Civil War1163 Words   |  5 Pageshad already decided to secede from the Union. Those 7 states started the Confederate States of America, run by their own President, Jefferson Davis. This same issue was the catalyst for the Civil War which started on April 12, 1861. One of the major and well-known battles of the Civil War was the Battle of Gettysburg. It was on this backdrop that Abraham Lincoln delivered a speech that is â€Å"universally recognized by historians and scholars alike as the most famous and most important speech everRead MoreThe Battle Of The Civil War1233 Words   |  5 PagesIt is evident that the Civil War helped shape America into the country it is today. The strong factional division -based on slavery- between the Union and the Confederacy guaranteed certain achievements of both sides. Much of what we consider history today remains a part of the outcome from these multiple bloody battles. Activist John Muir of the Civil War-era stated, â€Å"the traces of war are not only apparent on the broken fields, burnt fences, mills, and woods ruthlessly slaughtered, but also onRead MoreThe Battle Of The Civil War1736 Words   |  7 PagesAbstract: As the first major battle of the Civil War the First Battle of Bull Run was an end to the illusions of a quick war and instead offered a first glimpse into the long and bloody four-year struggle the Civil War would become. In this paper the battle and its many repercussions across the political, social and military spectrum of the Union and Confederacy will be explored. Background: With the formation of the Confederate States and the outbreak of hostilities at Ft. Sumter only a few months

Financial Analysis of Two Company Free Essays

string(160) " has developed a dynamic production process that reaches into all branches of the food industry, including high quality flour, butter and packaging facilities\." 07. 7. 2012 Bilal Elarslan 2007432031| Dokuz Eylul University Faculty of Business Business Administration ManagerialFinance| Financial Analysis of Ulker P? nar Sut| List of Contents Introduction 3 1. We will write a custom essay sample on Financial Analysis of Two Company or any similar topic only for you Order Now Ulker 4 1. 1 History of Ulker 4 1. 2 About Ulker5 1. 3 Shareholder Structure 6 1. 4 Subsidaries6 1. 5 Wacc of Ulker7 1. 6 Leverage8 1. 7 Operating and financial leverage of Ulker8 1. 8 Beta Analysis9 1. 9 Ulker’s Beta Coefficent†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 1. 10 Additional financial Information key ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 2. P? nar Sut†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 2. History Of P? nar Sut†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 2. 2 General Overview of Company†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 13 2. 3 Shareholder Structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 15 2. 4 Wacc of P? nar Sut†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 2. 5 Leverage†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 17 2. 6 P? nar Sut’s Beta coefficent†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦18 2. 7 Additional informations key ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 Appendix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦20 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 Introduction In this research paper I prepared the financial ana? ysis of Ulker P? nar Sut. While preparing this report firstly I have to choose two company Which are; * Ulker * P? nar sut While preparing this report I really mentioned about what we learned during manegerial finance lessons. As a result; with this aim, I prepared my term project by combining both acconting methods and my knowledge about finance. 1. ULKER 2. 1 History of Ulker 1944- Ulker Biskuvi was established in the Eminonu district of Istanbul. It started out as a small bakery with just three workers, producing 200 kg of biscuits per day. A few years later, the Company relocated to the Topkap? district of Istanbul. 1948- Producing a total of 75 tons of biscuits in 1944, Ulker Biscuits tripled its capacity at its Topkap? factory, built in 1948 specifically in order to increase the production volume. 1955- Ulker Biscuits decided to distribute its products throughout Turkey at factory prices and achieved a huge production increase with this innovation. 1970- In line with the growth strategy, Anadolu G? da Sanayii A. S. was founded in Ankara as a multiple-shareholder company and the production capacity of Ulker Biscuits was doubled. 974- The first biscuit export was made after choosing the Middle East as the target market. Opportunities for international competition were increased with the constitution of the RD department in the same year. 1979- Ulker products began to be packed in cellophane-based packaging. 2003- Ulker Biskuvi merged under its own title with Anadolu G? da, whose shares have been quoted on Istanbul Stoc k Exchange since 1996. 2008- Within the scope of Corporate Governance, the Articles of Association were amended and Corporate Governance and Audit Committees were set up. At the beginning of 2008, Ulker Biskuvi took part in the acquisition of the premium chocolatier brand, Godiva, with a 25. 23% share. 2. 2 About Ulker As the first company established within Y? ld? z Holding, operating its core business for 64 years, Ulker Biscuits serves as the flagship of the Holding both in terms of sales turnover and profitability. According to the Istanbul Chamber of Industry (ICI) in 2009 list of Turkey’s Top 500 Industrial Enterprises, Ulker Biscuits was ranked 104th. Ulker Biscuits produces biscuits, crackers, chocolate covered biscuits and wafers at its factories in Istanbul/Topkap? and Ankara. As the indisputable leader in the Turkish biscuit industry, Ulker Biscuits also takes its place among the giant food producers of the world, with its 280 assorted biscuit and cracker products that are supplied to both the local and international markets. In 1996, Ulker Biscuits received the ISO 9002 certification for quality standards in production; and in 2001, it was awarded the HACCP certification for quality standards in food safety. In 2002, it won the top mark of â€Å"High Level† in an analysis made by the Europe-based quality certification firm BRC, which further secured its successful position in the field of quality control. Ulker Biscuits develops new products in its independent laboratories, employing an experienced and innovative RD staff, always keeping its quality-focused approach. Introducing an average of 60 new products per year to the market, Ulker Biscuits has continued to excel in innovation, thus making Ulker one of the top food brands. Ulker Biscuits products are exported mainly to the Middle East, Russia and Central Asian Republics, as well as to Europe, Africa and the United States. Ulker Biscuits not only contributes to Turkey’s economy through its exports, but it also successfully represents Turkey’s approach to quality on a global scale. Ulker Biscuits has an effective quality control system that injects synergy into the entire process from production through consumption; and it continues its investments based on its strategy that is focused on sustainable and profitable growth. Ulker Biscuits is a consumer-focused company that satisfies its consumers’ needs and expectations at the maximum level, and it has formed a harmonious and lasting relationship with its target group. Surveys conducted in recent years attest to the high levels of loyalty to the Ulker brand. In the â€Å"Brands 2008† survey by AC Nielsen, Ulker was ranked first in the biscuit category, and second and third in the categories of â€Å"top-of-the-mind† brands and those that consumers feel closest to, respectively. Local distribution of biscuits and chocolate covered products produced by Ulker Biscuits and its subsidiaries is undertaken by its subsidiary, Atlas G? da Pazarlama, and other marketing companies of Y? ld? z Holding, Esas Pazarlama, Merkez G? da Pazarlama and Rekor Pazarlama. 2. 3 Shareholder Structure Shareholders of Ulker company dated 31/12/2010 is as follows. Shareholders Share(TRY) (%) Y? ld? z Holding A. S. 106. 999. 435 39,84 Others 161. 600. 565 60,16 Capital 268. 600. 000 100 1. 4 Subsideries Ulker Biscuits, the flagship of Y? ld? z Holding, associated with a number of companies within the Holding, It has developed a strong portfolio synergistic structure with both vertical and horizontal integration. Under this mutually beneficial structure, Ulker Biscuits and other companies within Y? ld? Holding, each occupy a leading position in their sectors. In addition to various biscuit facilities in cities in Anatolia, Ulker Biscuits has developed a dynamic production process that reaches into all branches of the food industry, including high quality flour, butter and packaging facilities. You read "Financial Analysis of Two Company" in category "Essay examples" 1. 5 Weighted Average Cost of Capital Corporations create value for shareholders by earning a return on the invested capital that is above the cost of capital. WACC is an expression of this cost and is used to see if certain intended investments or strategies or projects or purchases are worthwhile to undertake. WACC is expressed as a percentage, like interest. WACC of Ulker Company is %12,1. This means that investments should be made that give return higher than the WACC of %12,1. WACC= (Wi x ri) + ( Wp x rp) + ( Ws x rn) Tax rate: 20% 1. 6 Leverage Leverage refers to the effects that fixed costs have on the returns that shareholders earn. By â€Å"fixed costs† we mean costs that do not rise and fall with changes in a firm’s sales. Firms have to pay these fixed costs whether business conditions are good or bad. A firm with more leverage may earn higher returns on average than a firm with less leverage, but the returns on the more leveraged firm will also be more volatile. Managers can influence leverage in their decisions about how the company raises money to operate. The amount of leverage in the firm’s capital structure the mix of long-term debt and equity maintained by the firm can significantly affect its value by affecting return and risk. The more debt a firm issues, the higher are its debt repayment costs, and those costs must be paid regardless of how the firm’s products are selling. Because leverage can have such a large impact on a firm, the financial manager must understand how to measure and evaluate leverage, particularly when making capital structure decisions. Operating leverage is concerned with the relationship between the firm’s sales revenue and its earnings before interest and taxes (EBIT) or operating profits. When costs of operations (such as cost of goods sold and operating expenses) are largely fixed, small changes in revenue will lead to much larger changes in EBIT. Financial leverage is concerned with the relationship between the firm’s EBIT and its common stock earnings per share (EPS). On the income statement, you can see that the deductions taken from EBIT to get to EPS include interest, taxes, and preferred dividends. Taxes are clearly variable, rising and falling with the firm’s profits, but interest expense and preferred dividends are usually fixed. When these fixed items are large (that is, when the firm has a lot of financial leverage), small changes in EBIT produce larger changes in EPS. Total leverage is the combined effect of operating and financial leverage. It is concerned with the relationship between the firm’s sales revenue and EPS. 1. Operating and Financial Leverage of Ulker in 2011 Sales Revenue 10. 445. 022. 950 Less: COGS (9. 243. 511. 780) Operating Leverage Gross Profit1. 201. 511. 170 Less: Operating Expenses(46. 450. 461) EBIT1. 155. 060. 709 Total Less: Interest18. 799. 809 Leverage Net profit before tax1. 136. 260. 900 Financial Leverage Less: Taxes 137. 983. 993 Net profit after taxes 998. 276. 907 Less: Preferred stock divi dends (518. 995. 890) Earnings available for common (EAC) 479. 281. 017 1. 8 Beta Analysis Systematic risk beta coefficient is a measure of a security. In other words, it is the relationship the performance of securities market with the average performance. It is coefficient of the change in response to a unit change in securities market. The market beta coefficient is accepted to be 1 for every time. In theory, all forms of securities in the market can be said that the beta coefficient equal to 1 in the totals. We can make 3 different beta coefficient is interpretation. 1- Beta coefficient of 1, – Beta coefficient is higher than 1, 3- Beta coefficient is lower than 1. 1. 9 Ulker’s Beta Coefficient Ulker beta coefficient is higher than 1 that is 1,02. So it represents the market price of securities will rise or fall more than the market. Beta coefficient that is higher than 1 is more risky than less than 1. Hence the beta coefficient of securities is less than 1 also reduces the risk of the portfolio. Therefore, in emerging markets (bull market), while beta coefficient higher than 1 which is providing higher returns than stock market, in falling market (bear market) makes a higher damage. For this reason, the falling stock markets prefers beta coefficient less than 1. ? 1 the share movement is faster than the index (high risk and high volatility). And volatility is average price of a security or market fluctuation feature that is shown in a short time interval. Volatility of a high-speed change in the price of securities and properties of extreme volatility are seen. The higher the beta coefficient causes increasing in volatility of securities. Ford coefficient is high and its volatility is increasing of securities. Parameter Parameter | Coefficient| Standard Error | T- value| A| 0. 42 | 0. 54| 0. 77| Beta| 1. 02 | 1. 027 | 0. 99| F=92. 616472228 r2=0. 614915957 STD error=0. 155688307 1. 10 Additional Information on financial Instruments a) Capital risk management The Group controls its capital with the liability / total capital ratio. Net liability is divided by total capital in this ratio. Cash and cash equivalents are substracted from total loans to calculate the net liability. The shareholder’s equity is added to net liabilties to calculate the total capital. ) Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The funding risk of the current and prospective debt demands is managed by maintaining the availability of lenders with high quality and in sufficient number The foll owing table presents the maturity of Group’s non-derivative financial liabilities. The table includes both interest and principal cash flows. . PINAR SUT 3. 4 History of P? nar Sut 1975 – P? nar Sut is established in Izmir as the Middle East’s biggest dairy processing complex and Turkey’s first UHT (ultra-high temperature processed) milk and packaged dairy products manufacturing plant. 1976 – The company begins producing Turkey’s first processed cheese and chocolate milk. 1978 – P? nar sliced kashkaval cheese and P? nar spreadable cheese are introduced to consumers. 1980 – A Kraft-P? nar joint venture is launched. P? nar Sut introduces its Deram, Raglet, Maribo, and Cheddar cheese varieties. 982 – The company begins exporting milk, cheese, butter, yoghurt, and strawberry milk to Central Europe, Cyprus, and the Middle East. 1983 – P? nar Yem is set up to provide high quality feeds to the P? nar Sut’s raw mil k suppliers. P? nar Mayonnaise, Turkey’s first domestically-manufactured mayonnaise goes on sale. P? nar Beyaz, Turkey’s first spreadable cheese, and P? nar Whipped Topping, a powdered whipped topping both go into production. 1984 – P? nar Sut begins exporting its labaneh, milk, yoghurt drink, butter, yoghurt, cheese, whipped topping, and mayonnaise products to Kuwait, Cyprus, and Germany. 985 – Labaneh is launched in the Turkish market under the name â€Å"P? nar Labaneh†. 1992 – P? nar Sut is awarded the Turkish Standards Institute’s (TSE) â€Å"Golden Packaging† award for the introduction of the first foil-sealed yoghurt container. Form Milk, Turkey’s first low-fat milk, and Cikolasut, chocolate milk made with real, natural chocolate, go on sale. 1993 – P? nar Sut becomes the first company in its sector to be awarded TS ISO 9002 Quality Management System certification. 1994 – P? nar Sut receives another TSEâ€Å"Golden Packaging† award for its 10-liter bag-in-box pack design. Having successfully demonstrated its compliance with European standards in terms of production, sales, and after-sales services, P? nar Sut becomes the first dairy products company to receive TS ISO 9001 Quality Management System certification. 1995 – P? nar â€Å"long-life† fruit yoghurts and prepared desserts go into production. Turkish consumers are introduced to P? nar light (low-fat) and extra light yoghurts and to low-fat, triangular cheese. 1997 – P? nar Sut opens its Eskisehir plant. 1999 – P? nar Sut introduces its â€Å"Denge† line of lactose-free, high-calcium, and vitaminenhanced milks. 000 – As a result of investments at the Eskisehir plant, P? nar Sut launches the world’s first continuous-process production of cream-top yoghurt. 2001 – UHT milk supplied in plastic bottles goes into production. 2003 – Under an agreement with Sodima, P? nar Sut launches production of fruit yoghurts in Turkey. 2004 – P? nar introduces its Kafela, Karamela, and Cikolasut line of products in packaging specially designed to appeal to young people. P? nar Sut is awarded TS 13001 HACCP Food Safety System certification. 2005 – Turkey’s first organic milk and first prebiotic and probiotic dairy products are introduced to the market. 007 – P? nar’s YOPI line of calcium-, protein-,and vitamin-enhanced dairy products for children goes into production. 2008 – P? nar Sut becomes the first company in Turkey’s dairy industry to undertake a Lean 6 Sigma operational excellence and productivity project. P? nar Milk for Kids, a milk specially designed for child nutrition, is introduced to the market. 2009 – P? nar lemonade and tropical fruit drink are introduced to the market. 2010 – P? nar Kido with Biscuit, Honey Flavored P? nar Kid’s Milk, and P? nar Breakfast Cream Cheese products go on sale. 3. 5 General Overview of P? ar Sut The pioneer of many fir sts in its sector since the day it was founded, P? nar Sut makes use of the most modern technology available to produce and supply consumers with the milk and dairy products that are essential to good nutrition. The first to introduce the concept of healthy milk and dairy products in Turkey When it was originally founded in Izmir in 1975, P? nar Sut was the most advanced dairy processing complex in Europe and the Middle East. P? nar Sut was the first brand to introduce and entrench the concept of wellness, standardized milk and dairy products in Turkey. The P? ar brand, earning a deserved reputation as â€Å"Source of Dynamism, Health, Pleasure and Life†, became the preferred choice of Turkish consumers while also making huge contributions both to the growth and development of the Turkish Animal husbandry stock raising and food industries and also to the well-being of new generations of children. P? nar Sut’s principal business activity is the production and sale of da iry products (milk, yoghurt, yoghurt drink, traditional and modern cheeses, butter, cream) as well as of fruit juices, mayonnaise, ketchups, puddings, honey, sauces, jams and jellies, desserts, and powdered products. A leading role in increased dairy production in Turkey P? nar Sut introduced the first â€Å"long-life† UHT milk packaged in aseptic containers in Turkey in 1975. Operating from plants located in Izmir and Eskisehir, the company has remained the leading brand in Turkey’s dairy products industry ever since. Making use of the most modern technology available, P? nar Sut produces and supplies consumers with the milk and dairy products while also playing a leading role in increased dairy production through its year-round support for more than 35,000 suppliers of raw milk. P? nar Sut procures its superior-quality raw milk under agreements with more than 200 of Turkey’s biggest dairy farms, which are contractually obligated to produce to EU norms. By serving as these farms’ biggest customer, P? nar Sut fosters its own â€Å"total quality† concepts among them as well. From the moment that it is harvested, raw milk is registered by means of a computerized system that keeps regular track of herd and animal health data throughout all production stages. To ensure its freshness and quality, P? ar Sut picks up its suppliers’ raw milk twice a day (morning and evening) from more than 300 milk collection and chilling centers and it takes it immediately to its processing plant. Individual dairy producers are subject to strict monitoring and controls by local laboratories while all milk must be controlled by the advanced technology equipped laboratories at the company’sIzmir and Eskisehir plants before being accepted. A regional f orce P? nar Sut is moving rapidly towards becoming a regional force in its hinterland by exporting milk and dairy products to many countries around the world. P? nar Sut’s raw milk collection and chilling centers are inspected every year for the conformity with the EU standards by an EU commission. The company provides its suppliers with continuous support on the matter of developing and maintaining farms that are free of all diseases, which is a prime requisite for exporting milk and dairy products to EU countries. Through projects conducted jointly with government agricultural agencies in Turkey, an ongoing effort is made to ensure that raw milk production satisfies EU norms. According to the third-quarter 2009 sectoral results of the Turkish Customer Satisfaction Index survey, P? nar Sut ranked first in its sector with the highest (82%) level of customer satisfaction in the milk and dairy products category. This survey, which is conducted regularly by KalDer (Turkish Quality Association) and which also analyzes competition in Turkey, is the second most comprehensive poll of its kind after those conducted in the United States. 3. 6 Shareholder Structure The issued capital of the Company is 44. 951. 051,25 Turkish Lira. Each share of this capital is amounting to 1 Cent, 1. 28. 000 A group registered shares, 1. 260. 000 B group registered shares and 4. 494. 806,325 C group bearer shares 4. 495. 105. 125 shares. The Company does not have any privileges regarding distribution of profit. The Company has privileges regarding voting power in the establishment of board members. The business and administration of the Company is managed by the Board of Directors co nsisting of 5 or 9 members to be elected within the frame of the provisions of the Turkish Trade Code by the General Assembly among the partners or from outside of the Company. In case the Board of Directors consists of 5 people, 3 members shall be elected from the candidates, which A-Group shareholders shall nominate and 1 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate. If the Board of Directors consists of 7 people, 4 members shall be elected from the candidates, which A-Group shareholders shall nominate and 2 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate. If the Board of Directors consists of 9 people, 5 members shall be elected from the candidates, which A-Group shareholders shall nominate and 3 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate. If resolved by the Board of Directors, an Executive Director can be assigned. The President of the Board of Directors and the Executive Director is elected among the members representing A-Group shares. THE CAPITAL AND SHAREHOLDER STATUS OF PINAR SUT MAMULLERI SANAYI A. S. SHAREHOLDERS | SHARE RATE (%)| STOCKS AMOUNT (TL)| YASAR HOLDING A. S. 61,18 | 27. 503. 257. 789. 000| 3rd PARTY| 38,82| 17. 447. 793. 461. 000| TOTAL| 100,00| 44. 951. 051. 250. 000| | 3. 7 Weighted Avarege Cost of Capital Corporations create value for shareholders by earning a return on the invested capital that is above the cost of capital. WACC is an expression of this cost and is used to see if certain intended investments or strategies or projects or pur chases are worthwhile to undertake. WACC is expressed as a percentage, like interest. WACC of P? nar Sut Company is %12,1. This means that investments should be made that give return higher than the WACC of %11. 6. WACC= (Wi x ri) + ( Wp x rp) + ( Ws x rn) Tax rate: 20% 3. 8 Leverage of P? nar sut Financial leverage is concerned with the relationship between the firm’s EBIT and its common stock earnings per share (EPS). On the income statement, you can see that the deductions taken from EBIT to get to EPS include interest, taxes, and preferred dividends. Taxes are clearly variable, rising and falling with the firm’s profits, but interest expense and preferred dividends are usually fixed. When these fixed items are large (that is, when the firm has a lot of financial leverage), small changes in EBIT produce larger changes in EPS. Total leverage is the combined effect of operating and financial leverage. It is concerned with the relationship between the firm’s sales revenue and EPS. 3. 9 Beta Analysis of P? nar Sut 3. 10 Additional Information on financial Instruments a) Financial highlights: (TL million)| 2011| 2010| % change| Total assets| 532. 6| 479. 0| 11. 2| Shareholders’ equity| 384. 8| 350. 2| 9. 9| Financial liabilities| 15. 0| 20. 0| -25. 0| Sales revenues| 577. 1| 480. 7| 20. 1| Profit before taxation on income| 71. 4| 71. 2| 0. 3| Net period profit| 60. 1| 57. 8| 4. 0| Earnings per share (TL)| 1. 3365| 1. 2863| 3. 9| b) Financial ratios | 2011| 2010| Total liabilities/Total assets (%)| 27. 75| 26. 88| Total liabilities/Shareholders’ equity (%)| 38. 41| 36. 77| Return on sales (%)| 10. 41| 12. 03| Current assets/Current liabilities| 1. 92| 2. 17| Equity turnover ratio| 1. 50| 1. 37| Net financing costs/Net sales (%)| 0. 67| 0. 94| Net financing costs/Shareholders’ equity (%)| 1. 00| 1. 29| c) Revenue Net Income The tables gives us a brief information related to revenue and net income of P? nar Sut. Appendix i) ii) References Food Industry Report 2011 GITMAN Lawrence, ZUTTER Chad, Principles of Managerial Finance http://seekingalpha. com/article/427611-ulker-remains-one-of-our-best-ideas http://uk. reuters. com/business/quotes/financialHighlights? symbol=. IS http://www. valuebasedmanagement. net/methods_wacc. html http://www. ulker. com. tr/en/financial-statements. htm http://www. 4-traders. com/PINAR-SUT-MAMULLERI-SANAY-6495545/financials/ http://markets. ft. com/Research/Markets/Tearsheets/Financials? s=PNSUT:IST http://www. pinar. com. tr/ Ulker 2011 Annual Report P? nar Sut 2011 Annual Report How to cite Financial Analysis of Two Company, Essay examples

Technology and the Disabled free essay sample

The paper states that technology cannot eliminate most of the problems for an individual with disabilities and concludes that, for the disabled person to be able to do all that is available for him/her to do in society, the public must be educated. The author states that technology has opened many doors of opportunity for those who are disabled, but the disabled still are not independent in all aspects of the society. He continues that the federal government requires that there be no discrimination concerning the disabled person but there is still the discrimination and the stigma of disability. The paper presents examples of technology and types of discrimination. The author recommends better public education as the key to helping the disabled to have a better quality of life. Worldwide, many opportunities are opening up for the disabled. As we continue to move ahead in the new millennium, we are more aware of what can be done with technology today and in the future in order to lower the number of people with disabilities who are employed. We will write a custom essay sample on Technology and the Disabled or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page For the end user the biggest issue may be, Will the system work for me or will there need to be adjustments made in order for me to do the job requirements?

Yay, Hooray, Woo-hoo and Other Acclamations

Yay, Hooray, Woo-hoo and Other Acclamations Yay, Hooray, Woo-hoo and Other Acclamations Yay, Hooray, Woo-hoo and Other Acclamations By Mark Nichol Traditional exclamations of triumph or vindication come into and go out of fashion, but they tend to beget variations, and they usually begin with one of several similar sounds, as exemplified by yay, hooray, and woo-hoo. Here’s a discussion of those terms of acclamation and others, all of which are almost invariably followed by exclamation points to signal enthusiastic delivery. Yay is simply an alternate spelling of yeah or yea, which have distinct pronunciations and meanings. (Yeah, an informal variant of yes, is pronounced â€Å"ya† and sometimes spelled that way; yea, which sounds like yay, survives as an affirmation in biblical contexts and as a counterpart to nay in voting contexts.) Hooray is an alternate spelling of hurrah; both go back hundreds of years, and two other, less common variants, hurray and hooray, are nearly as old. (They all stem from huzza- emphasis is on the second syllable- which dates back to the time of Shakespeare and survives only at â€Å"faires† that recreate a Renaissance environment.) These words can also refer to a cheer or a fanfare, or excitement, and the oldest sometimes denotes a disturbance, as in â€Å"There was a big hurrah about something happening down the street.† Woo-hoo, also spelled whoo-hoo or truncated as whoo- the variation woot, sometimes spelled with zeros instead of o’s, originated in computer gaming- is very recent and has no etymological basis; it’s basically a sound effect, although it’s close in sound to whoop, which derives from the Old French term huper (also spelled houper), which means â€Å"cry† or â€Å"shout.† (Whoop is the source of whoopee, meaning â€Å"revelry,† which developed into the euphemism â€Å"making whoopee† for â€Å"having sex† and was in vogue for a time as part of the name of the whoopee cushion, a novelty device that simulates flatulence when an unsuspecting person sits on it.) Other exclamations of triumph or delight include wahoo, whee, yahoo, yee-haw, and yippee, which all go back a century or so. (The noun yahoo, referring to a coarse, ignorant person, is unrelated; it derives from the name of a race of brutish humans in Jonathan Swift’s Gulliver’s Travels.) Hallelujah (from the Hebrew word hallÄ•lÃ… «yÄ h, meaning â€Å"Praise the Lord†) is sometimes substituted even by the nonreligious. More recent cries of triumph include aha or simply hah, rah, and uh-huh (pronounced with a rising inflection), or simply yes with an exaggerated, elongated pronunciation of the final consonant. Boo-ya is an outdated, mercifully short-lived expression of triumph with a mocking edge. Exclamations of opprobrium are much more limited in variety: The basic critical cry is boo (which is also an exclamation delivered suddenly when someone makes an attempt to frighten one or more others); aw is more an interjection of disappointment than one of disapproval. Criticism in contexts in which acclamations are used, such as sporting events, tend to be delivered as statements; among the more restrained are comments such as, â€Å"You’ve got to be kidding me.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Creative Writing 10140 Fish IdiomsPeople vs. Persons

Quotations About Fun by the Famous

Quotations About Fun by the Famous Fun is a state of mind. If you have a zest for life, you will wont miss out on making the most of the  good times. Do you go through life uptight and worried and need the  inspiration to chill out? These quotes will remind you of the fun moments in your life and that the key to a good life is to have fun. Quotes From Famous People About Having Fun Katharine Hepburn If you obey all the rules, you miss all the fun. Dr. Seuss Today was good. Today was fun. Tomorrow is another one. Albert Einstein Insanity: doing the same thing over and over again and expecting different results. Sid Caesar In between goals is a thing called life that has to be lived and enjoyed. Alfred Souza Dance as though no one is watching you; love as though you have never been hurt before, sing as though no one can hear you, live as though heaven is on earth. Bob Basso If its not fun, youre not doing it right. Walt Disney Its kind of fun to do the impossible. TS Eliot If you havent the strength to impose your own terms upon life, you must accept the terms it offers you. Randy Pausch I am going to keep having fun every day I have  left​ because there is no other way of life. You just have to decide whether you are a Tigger or an Eeyore. Albert Einstein Any man who can drive safely while kissing a pretty girl is simply not giving the kiss the attention it deserves. Thomas A. Edison I never did a days work in my life. It was all fun. Woody Allen Man consists of two parts, his mind and his body, only the body has more fun. Fred Couples Golf is supposed to be fun, but I dont think anything is fun if youre not doing it reasonably well. Jerry Seinfeld The Four Levels of Comedy: Make your friends laugh, Make strangers laugh, Get paid to make strangers laugh, and Make people talk like you because its so much fun. Adam Carolla If you want to have a good life, you should focus on your family, on your business, on your dog, on your fun, and youll have a good life. Rickey Henderson Once you can accept failure, you can have fun and success. Herodotus If a man insisted always on being serious, and never allowed himself a bit of fun and relaxation, he would go mad or become unstable without knowing it. Tom Wilson About the only time losing is more fun than winning is when youre fighting temptation. Jimmy Fallon Have fun is my message. Be silly. Youre allowed to be silly. Theres nothing wrong with it. Nancy Mitford I love children, especially when they cry, for then someone takes them away. Mark Twain Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen. James Hetfield Its all fun and games till someone loses an eye, then its just fun you cant see.

Video reponse Essay Example | Topics and Well Written Essays - 250 words

Video reponse - Essay Example An example is the meaning of the Apocalypse. I always thought that the Apocalypse referred to the end of times. However, as it emerged from the video, the term actually refers to the end of evil. A surprising and interesting piece of information is the autonomy that the Jewish community held. This is in reference to the communities at Antioch and Alexandria (PBS 38:45). Finally, I was also perplexed to learn of Caligula, the Roman emperor who wished to set up his statue in the temple at Jerusalem. I really enjoyed the videos due to the graphics and the directing. The scenes portraying the historical lifestyle and nature of the Jews seemed very real and very convincing. It was almost as if they were recordings rather than reenactments. The narration was also very informative in understanding the video itself. I would like to know more about the years between when Jesus attended the Passover feast at 12 years of age and the age of 30 when he began his ministry. I would also like to understand how Rome became the epicenter of Christianity. In particular, it would be interesting to understand exactly how the situation turned

TV seriies ( 60 Minutes) Essay Example | Topics and Well Written Essays - 250 words

TV seriies ( 60 Minutes) - Essay Example Be it a good or a bad issue that they are showing, it gives enough knowledge about my surroundings and helps me with my judgments and views. The first time I saw 60 minutes on TV, I thought, â€Å"What does this show has to offer? What good can it give me? Is it worth watching?† Then a friend of mine, who happened to love this show, told me that this is not any ordinary show. She loved it for the reason that it allows the viewers to see the ‘real thing’ in celebrities, in ordinary people, in the government and all the other issues that are likewise hidden from the people. I watched the segment wherein President Obama and his wife were interviewed and was satisfied that this show has done something like this for the nation, including me, to know someone so great like Obama. I heard in the news that this segment was the most watched episode of 60 minutes, and it has done a great effect to the show. I think that this show has somewhat improvised a new genre in the field of journalism and mass media, which is great for me, since I’m quite interested in journalism. The effect this show has on me is a good and helpful one that is why I consider it as my all-time favorite among all TV series. The fact that I can answer well when others ask me about certain issues in our country makes me feel knowledgeable. They thought of me as a keen observer, thanks to 60 minutes. It is with this show’s help that I can be aware and maybe even helpful to our country when the time comes. I am even inspired to write for the show, maybe

Tragedy in William Shakespeares Romeo and Juliet :: William Shakespeare, Romeo and Juliet

Romeo and Juliet is one of Shakespeare’s most popular plays of all time, and also one of the most tragic plays of all time. It is about two lovers who commit suicide when their families prevent them from being together. They lived in a very complicated society, where they couldn’t see each other or share their passion for each other. They both had bad luck, by falling in love with a person that was your families’ enemy. Finally, they have so much love for each other that they are willing to kill themselves for the other. Romeo and Juliet lived in a strange and complicated society, where they are punished for doing everything bad. There are a lot of reasons why they are victims of the society; their families have been long time enemies, also how their biological parents were never their for their problems, instead Friar Laurence and the Nurse were always there for them. Unfortunately there families wouldn’t allow them to get married. They got married secretly with the permission of the Friar, but not of their parents. That was all caused because of their families’ background with each other, and their parents not caring about their decisions. Well they both have bad luck throughout the story. There are a lot of scenes where they have bad luck and where they are misfortunates. One very good example is, when Romeo kills Tybalt for killing Mercutio. Mercutio and Tybalt talking trash to each other caused all this, but when they started to fighting Romeo interfered and Mercutio got killed. Everyone was laughing because they thought that Mercutio was joking around, but when Mercutio told Romeo in his ear â€Å"tomorrow you shall find me a grave man† he realized that he had been killed. Romeo got mad and ran after Tybalt and started a fight, but he also ended up killing Tybalt. For someone who was really a â€Å"king of the pussy cats,† you would never expect him to kill someone. But unbelievably he was banished from Verona instead of being killed. Through out the story they had some outrageously funny ways of showing their passion for each other’s love. But the matter of the fact is that they were deeply in love. In fact there were a lot of scenes where they shared their passion, they both fall in love by the first sight at the Capulet party, also how they killed each other for the other.

Entrepreneurship in Pakistan

After that writer explain the concept of rent seeking as † manipulating economic resources for profit rather than using their own ideas † this concept clear the main point that why there are less opportunities for business men and risk takers as the whole economy and the business circle is revolve around some persons. Entrepreneurship is viewed by economist to define a combination of innovation and risk taking when economic resources are manipulating opportunities of the society becomes a source of growth, employment as well as opportunities for all segment of society.In Pakistan innovation and risk taking is not encouraged because of government involvement in market place. Main focus of this research paper is at the early days of planning when protection and subsidiary policies determined winners in market place. Entrepreneurship has been diverted to seeking government favors. As government policies seek to promote growth through mercantilism approach where local buyers and sellers ran their market are seriously neglect.Another important issue that argue by the writer is land distribution and city zoning and management that have evolved to further reinforce the prevalent rent seeking path to success in the result cities are designed not allowed to be a luster of buying and selling that will be entrepreneurship friendly. As Joseph Schumacher, the most important pioneer in the area of critical link between entrepreneurship and economic growth [Schumacher (1934)]. An exploitation economic resource to take advantage or to earn profit instead of using owns idea s rent seeking. Economic agent expand effort toward attempting to influence to influence government elections in their favor in order to accumulate wealth. Mr.. Anadem LU Huge explains the development of entrepreneurship in Pakistan as the big push for industry . Writer want to comment that since independence , enterprise or government was synonymous to large industry only. Instead of enhancing p roductivity or encouraging industry growth the focus was to give rise some elites which are rent seekers.Writer said that in first years after independence, country has achieved massive growth. After that from 1953-1964 government regulate all import in Pakistan. After the big push writer also highlight that the neglect of small industry created a mess as 40% of business takes place in the informal sector and still as compared to large scale industry , the small scale enterprise face unfavorable leslies After that writer said that agriculture growth was impressive in the early years in which transpiration and high yield varieties have become the source of rent seeking.Anadem LU Haste's main argument was a massive favor to rent seekers in a agriculture sector as inducement to invest , investment in tube wells was given to writer has also mentioned that DAB (agricultural development bank ) followed a liberal credit policy that makes numerous loans to farmers so they could set up priva te tube wells. He said that 70% of tube wells were put in by farmers owning 25 acres or more. All these were a reason to provide benefit to large farmers as elite farmer strategy.Anadem LU Huge also said that subsidies for export policy also become a victim of corruption as this policy again favored large scale industrialization business have grown on the back of various protective measures that have a tilt toward rent seeking rather than welfare improvement . All that problems lead to unintended consequences that in 1950 there were 3000 firms but concentration was only on 7 individual families.Further Anadem LU Huge state that 22 families controlled 66% of the industrial assets 70%of the insurance and 80% of Nanking in bayou's regime. Another consequence given by writer was impediment to the growth of entrepreneurship in Pakistan is that innovation has been crippled. Severely limited as the planning land development and allotment in Pakistan has been a rent seeking opportunity invo lving all those in power including civil servants, judiciary, and the army.Every medal in Pakistan related to arm forces has land in acres. One of the major wealth accumulation strategy that has grown faster over years in the state provision of subsidized land to those with power. The whole search is based on development of entrepreneurship in Pakistan as these things can be removed and the opportunities for small businesses and new ideas can be provided by implementing rule of law.The role of government should be clear, law and order, legal system and Judiciary should reinforce contrast. There is a need to stop policy of sector picking and providing incentive to support it . A new growth strategy is needed to implement to shift the growth paradigm in Pakistan concentration should focus on creating cities and providing opportunity for those who have potential and ideas that will help to grow entrepreneurship in Pakistan.

Memories Of A Human Being Name, Hair Color, Eye Color...

There are so many things that define a human being: name, hair color, eye color, skin color. However, memory plays just as big of a role in giving a person his or her identity. Memory tells the likes and dislikes, friends and foes, and pleasant and traumatic experiences of a person. Sometimes, though, the memory can be misleading since the brain is able to repress memories of traumatic experiences. In the 1990s, there was a surge in the amount of curiosity scientists had about repressed memories (Zezima and Carey) because of the many court cases in which victims or witnesses of heinous crimes took the perpetrators to trial because of resurfaced memories (Loftus). The court cases were the catalysts for studies on repressed and resurfaced†¦show more content†¦The year 1990 was a monumental time for memory revelations. George Franklin Sr. was taken to court by his daughter on the basis of resurfaced memories. Franklin s daughter, Eileen, was eight-years-old when she became a wi tness to her best friend s death. Twenty years after that fateful night in 1969, Eileen began to remember pieces of the incident. She eventually had a very full memory of what had happened. That memory allowed Eileen to take her father to court in California, convince a jury of Franklin s wrongdoing, and find him guilty of first degree murder. After this breakthrough court case, a series of other trials came to light featuring recently resurfaced memories (Loftus). A string of studies soon followed because the numerous court cases had piqued the interest of scientists nationwide. Though some scientists had differing opinions, several well-respected organizations conducted studies which concluded that the human mind is capable of repressing memories of traumatic events. A joint study conducted by researchers at Stanford University and the University of Oregon has found that the left and right frontal cortexes and the hippocampus are involved in repressing memories. The left and right frontal cortexes are the parts of the brain that are used when people repress memories. The hippocampus is used when remembering things. When the left and right frontal cortexes have a higher usage rate, the hippocampus is