Study On Long Term Financing Structure Finance Essay - Free Essay Example

Sample details Pages: 3 Words: 857 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? For last five financial years account shows that company had lower debt to equity ratio. During the period of 2005, 2006 and 2007 its net equity to debt ratio was 0.34, 0.30 and 0.42 respectively. But during the year of 2008, when recession hit badly in UK and worldwide; ratio jumped to 1.37. Don’t waste time! Our writers will create an original "Study On Long Term Financing Structure Finance Essay" essay for you Create order Company took some tough decisions to protect and strengthen the business for long-term. It is obvious that company tried to keep ratio down to 0.30 to 0.40 and for that reason ratio came down to 0.59 in 2009. Group reached agreement with all of its debt providers to amend the debt facilities in April 2009. Afterwards raised pound;510m of new equity and proceeds was used to reduce companys debts. Later in 2nd quarter the housing market started to recover; as there was a huge decline in housing market; new and existing housing since 2005. During the period of 2005 and 2007 group design capital structure maintain strong credit rating and appropriate funding structure. The Group planned to match long-term assets with long-term funding and short term assets with short term findings. Group used Equity, retained profits and long term fixed interest debt, primarily to finance intangible assets, fixed assets and land. Short-term borrowings are required primarily to finance net curren t assets, which do not include land bank assets of more than one year and work in progress. Net debt as a percentage of equity was 38.2% (2006: 18.6%) however, the Group aims to maintain a strong credit rating by seeking to keep year end modified net gearing (defined as borrowings less cash or cash equivalents as a percentage of tangible net assets adjusted for deferred tax assets and retirement benefit obligations) between 40% and 60% and interest cover greater than 5 times but less than 7 times. In 2007 group set the goalsto improve the relevant margin that followed byincreasein volume growth with new outlets. Due to merger outlets increased to 234 during 2008 from 183 in 2007. But it didnt go well with plan; company faced losses in 2008 and had to close down many outlets. In the year of 2009 company operated with 172 outlets reflecting the closure of existing outlets. In 2009 Taylor Wimpeys continued its operations that generated a loss before exceptional items and tax o f pound;96.1 million (2008 loss: pound;74.7 million). For exceptional items before tax for the year total pound;603.8 million (2008: pound;1,895.0 million) and which primarily related to reviews of the carrying value of land and work in progress. For that reasons Taylor Wimpey reported a loss before tax from continuing operations of pound;699.9 million (2008 loss:pound;1,969.7 million). After having agreed with debtors about amending debt facilities; Company issues new Ordinary Share at a price of 25 pence each to raise pound;510 million net of expenses. 2005 2006 2007 2008 2009 Gearing 25.33 22.99 29.44 57.73 37.08 Net Gearing 19.15 15.68 27.65 47.79 33.38 Debt equity ratio 0.34 0.3 0.42 1.37 0.59 2005 2006 2007 2008 2009 Total Borrowings 654.2 627.8 1,545.40 2,281.60 883 Due lt; 1 Yr 15.5 14.8 13.6 124.5 12.7 Due 1-2 Yrs 1.2 0 0 0 Due 2-5 Yrs 48.5 0 0 0 Due gt; 5 Yrs 589 0 0 0 Values are in pound; millions. Dividend policy It had been group policy to create long-term value creation for shareholder. Group had progressive dividend policy for last 10 years and intend to grow inline with earnings while maintain prudent level of cover and cash flow. Group paid total dividend of 8.90, 11.10 and 13.4 pence for year 2003,2004 and 2005 respectively. Group continued policy to increase the dividend to shareholder. In 2006 9.75 pence total dividend issued and in 2007 total dividend paid increased to 15.75 pence, an increase of 6.8% from last year.Group introduced pound;750 buyback share plan in the year 2007. But that didnt go far as company only manage to buyback 94.8 millions shares only and stopped the program, given the uncertainty of UK housing market. In 2008 group did not feel it appropriate to propose an interim dividend as a result of continue decline in market conditions. Given that conditions in both our major markets remain weak, group did not proposed a final dividend for 2008. Group decided t o review its dividend policy in the light of prevailing market conditions. Similar to last Year Company didnt declare any dividend for year 2009. Although market condition was improved, thegroup didnt not feel appropriate to issue dividend as a result of ongoing uncertainty in the wider economy. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Total Dividend (Pence) 6.12 6.7 7.4 8.9 11.1 13.4 14.75 15.75 0 0 2009 2008 2007 2006 Book Value 46.90 119.80 352.00 364.70 Market Value 35.31 87.27 278.71 328.67 Shares Issued 3,196.90 1,526.00 1,158.30 594.2 Cost of equity Cost of equity means a return require by a shareholder from a company. The traditional formula for cost of equity (COE) is the dividend capitalization model: Looking at the financial report of the company; Group did not issue the dividends for last two year and growth rate couldnt be calculated exactly as it should be. To do the calculation right; used the alternate calculation method that is Capital Asset Pricing Model (CAPM). This model defines relationship between risk and expected return and that is used in the pricing of risky securities. The original idea behind this calculation is to compensated in two ways; time value of money and risk. Risk of rate and Beta is given in financial reports. Market return was not available over the Internet and from official report. Market return was assumed 10 in this. Capital Asset Pricing Model CAPM 2009 2008 2007 2006 Risk free rate 3.1 4.4 5.1 4.6 Beta 2.82 2.82 2.82 2.82 Market return 10 10 10 10 CAPM 22.558 20.192 18.918 19.828 Taking analysis further company sales and earnings shows the company growth in terms of sales and earning for past 5 years. 2009 2008 2007 2006 2005 Sales 2,595.60 3,467.70 4,142.80 3,572.10 3,476.90 Earnings -640.6 -1840 -196.7 290.6 286.5

Descriptive Analysis of Statistical Data - 3004 Words

Final Project: Statistics II Descriptive analysis of statistical data INTRODUCTION There have always been crimes, from a treachery to an assassination. Happens in every country you can think of, and every government has to deal with it. It is really stressful to try to understand the nature of the crimes: why are they done and where could they happen next. Out of this preoccupation is that we found studies gathering data from communities; we focused on one specific crime: murders. In several communities, it is thought that the murder rate is somehow related to several factors. For instance, it is common to hear that the murder rate depends on poverty and unemployment. Starting from this hypothesis, the database found to make this†¦show more content†¦Now we are using the equation given at the partial F test. It is common that some times one of the independent variables (in this case, percentage of families with income below $5000 and percentage people unemployed) may be linearly related with another independent variable. In other words, there may be a pair of explanatory (independent) variables that measure the same thing or that they depend on each other, so it is recommended to drop one of them because having both causes instability in the model. This means that the equation wouldn’t be as precise as it should. This issue is called multicollinearity. To prove if this is the case in our study, we calculated some numbers called correlation coefficients and variance inflation factors. Basically, the rule is that if one of the correlation coefficient between a pair of explanatory variables is higher than 0.9 there is evidence of multicollinearity. Another criteria is that if the variance inflation factor of each explanatory variable is higher than 10, there is a case of multicollinearity, as well. In our study, multicollinearity was not an issue. Another issue when having more than 1 independent variable as predictors is that the presence of one of them may affect the prediction capacity of the other. For being sure that this wasn’t happening, we proceeded to perform a stepwise procedure. In this procedure one variable is entered to the equation at a time, andShow MoreRelatedBUS 308 Week 5 Final Paper1141 Words   |  5 Pagesinformed decisions that are supported by the analysis results. Statistics as a discipline is the application and development of various processes put in place to gather, interpret, and analyse the information. 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This paper will discuss use of i nferential and descriptive methods for solving business problems within insurance. â€Å"Descriptive statistics are used to describe the basic features of the data in a study†¦which provide summaries about the sample and the measures. With descriptive statistics you are simply describing what is or what the data showRead MoreThe Simple Linear Regression Model1243 Words   |  5 Pages(independent) and one response variable (dependent) will be used to explain the models. In so doing, it explains the underlying assumptions when fitting both variables into models and statistical tools. In addition to findings from statistical analyses, this report communicates in clear terms the significance of data on the retention rate (%) and the graduation rate (%) for the sample of 29 online colleges in the United States. With this said, Section 3 â€Å"Results† presents graphical illustrations andRead MoreIntroduction to Statistics1505 Words   |  7 PagesBasic Concepts of Statistical Studies 1 Introduction s Decision makers make better decisions when they use all available information in an effective and meaningful way. The primary role of statistics is to to provide decision makers with methods for obtaining and analyzing information to help make these decisions. Statistics is used to answer long-range planning questions, such as when and where to locate facilities to handle future sales. 2 Definition s Statistics is defined as the Read MoreStatistics Is The Science Of Collecting Data And Analyzing It1185 Words   |  5 PagesStatistics is the science of collecting data and analyzing it in large quantities to predict or prepare outcomes based on data gathered. This paper will share with you an insight as to what I learned over the past five weeks in Business Statistics. 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The Purloined Letter free essay sample

This paper discusses The Purloined Letter by Edgar Allen Poe. The following paper discusses how Poe categorized his works into two distinct categories, the grotesque and the arabesque and put The Purloined Letter into the grotesque category, for its use of more realistic characters who react more humanly to the story happening around them. At the beginning of the story, it seems like a very simple detective case, not like most of Poes dark and disturbing works. It seems relatively easy to figure out that the Minister took the missing letter, for whatever reasons. However, after searching the Ministers rooms, and the Minister himself, the police still cannot find the letter, and even after a month, it is still missing. Now Poe has set the stage. Why is this letter so important, and why is it still missing, if it was such a simple case? As Dupin says, Perhaps the mystery is a little too plain, said Dupin, and already we are wondering just what it is, and why it is so plain. We will write a custom essay sample on The Purloined Letter or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In the first few lines we read, Poe has already roped us in, by making us wonder, and making us want to know more. It is a common style in fiction, especially mysteries, but it works, and Poe is a master of setting the stage.

Life On The Set Essays - Guitar Chord File Format,

Life On The Set Teenage sex, Selfish nes and sorrow, all releated. Teen - greek for Meloncolly. Teen is harest of any decade, as your bones grow, they do hurt. Not physicaly, but you know. And its time for crudemess, denyal and destuction. And there is nothing that i thought i havnt said before, be true to your age. We can go out and *censored* 5 girls a night, wake , go to sleep at 4am and wake up at 9 and then do it all over again. . .sex is related to everything at the teen years, babeys, aids, religion. . .it all ties in to the horixontal mombo. Woman smell like no other. To be boren sexless is to be born a drone. Sex and music, the 2 most magic things. No experiance is the same to getting smashed, and *censored*ing to some hard corp *censored*. I say, break rules, take drugs, watch por, get laid, start fights, piss off your parents, why? cuz we can do it once, we have one shot. Its my life, and its now or never. Electrolites smell the greatest stoned. Jobs, do we need one? YOU CANT FIRE ME!! I FUCCKIN QUIT! Get the *censored* outa my life, im gunna make the same mistakes you did. there is no adult under 60 that hasnt smoked, *censored*ed or drake. And what can u do when u get lectured about how bad it was and why u shouldnt do it. you say, if i dont do it now, then when? Believe in no kids fogiving? No? Well one just did, but not for my actions, for the worry. Broken, shatetrd and torn, who cares? You know, Hey, i got a new complaint, im forecer in debt to you priceles advice, SO FUCK OFF AND SHUT UP! Its christmas eve, another way to decieve and lie to children. I must say, my father allways aproched santa so i wouldnt be crushed, id say, is there a santa, his reply, do you believe in him? I do believe there are laws that should be followed. Rape, if i knew someone who did it, i would nail his cock to a tree, set the tree on fire, give em a rusty butter knife and say *censored*en cut or burn. If he cut, id douse him in petrol and hand him a flair. There is a comfort in sadness, dont ask me how. Its so suthing to know that your in a false witness. I hope your still with us. If i could when i die, id come back as fire and burn all the lires, leave a blancket of ash on the ground. Its so reliefving to know that your leaving as soon as you get paid, prostitution, the cure to rape. to eliminate life, to kill, horable. . .Im not like them, i can pretend. The sun is gone, But i have a light. . Im having fun. . .I think im dumb, or mabey just happy. Yea im happy. My heart is broke, I hav e some clue, help me inhale, ill mend it with you. If you evr need anything please dont hesitate to ask someone else first. Outa the sky, into the dirt. But i am my own parasite, i dont need a host to live. Test me? AHHHH!!! get the *censored* off. . .Look on the bright side, suacide..lost oxygen im on your side. . . lack of iron? No sleeping. . .I get to feed of the dull steak. . .ITs time for the great myth to come down my chiny, ohh wait, i dont have one. . .well *censored* em, the doors unlocked.I have never at any other moment had such a urge to beat the hell outa someone, but I WONT. . .Look on the bright side, suacide, !!!!! neverm to die is to sease to exhist, . .life sux but its the only one i have. ILL BEAT YOU EVERY BIRTHDAY* sitting here is my only plase of recovery. . .I have verry bad posture. So i can sigh eternally, IM SO TIRED I CANT SLEEP!!!!!IM A LIER AND A THIEF. Battle back step down, im the king wheres my crown? Am

5 Cases of Erroneous Usage

5 Cases of Erroneous Usage 5 Cases of Erroneous Usage 5 Cases of Erroneous Usage By Mark Nichol Writers who have misheard words and expressions or remember them imperfectly are prone to misrepresenting them in their prose. The following sentences include examples of such errors, followed by discussion and revision. 1. Trustees- jail inmates selected for jobs like food preparation and garbage collection- were sneaking drugs in on food trays. A trustee is a person or organization that manages money or property for someone else or a person who serves on a board. The appropriate term in this sentence is the plural of the noun trusty: â€Å"Trusties- jail inmates selected for jobs like food preparation and garbage collection- were sneaking drugs in on food trays.† 2. Her tongue-and-cheek  comment was inappropriate for the occasion. A writer unfamiliar with the idiomatic phrase denoting irony, insincerity, or whimsy has mistaken one of the words in the phrase for another: â€Å"Her tongue-in-cheek  comment was inappropriate for the occasion.† 3. The galley on this sailboat looks as if it could be a kitchen in a home in a housing track. Here, a writer has presumably misheard the term tract- referring in this context to a housing development, as track- and is unaware of the distinction: â€Å"The galley on this sailboat looks as if it could be a kitchen in a home in a housing tract.† 4. In this type of story, the hero undergoes a right of passage. This sentence refers to a ritual, not something one is entitled to: â€Å"In this type of story, the hero undergoes a rite of passage.† 5. Smith has a Masters of education and spent several decades as a schoolteacher. Masters is the plural form of master. Master’s is the possessive form, which is what is appropriate here. Also, though it is implicit that degree is what â€Å"belongs† to the master, it’s best to include the word and to use the pertinent preposition: â€Å"Smith has a master’s degree in education and spent several decades as a schoolteacher.† (Also, as shown in the revision, a word denoting a level of degree is not capitalized.) 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 Usage Review category, check our popular posts, or choose a related post below:30 Religious Terms You Should KnowComma Before ButUsing "zeitgeist" Coherently

A Modest Proposal Essays

A Modest Proposal Essays A Modest Proposal Paper A Modest Proposal Paper Swift creates a narrator in order to satirize the intellectual hypocrisy, arrogance, and moral depravity of the landlords who paper over greed and prejudice with scientific rationalizations about the causes of Irelands poverty. Englishmen of that era frequently attributed Irelands poverty to its backward Catholic faith, not to English policies. Swifts narrator mocks, of all things, Irish eating habits and cites a French physician who attributes the seasonal surplus of Irish infants to the Catholic practice of eating fish during lent which the expert claims make Catholics more fertile. He claims that this backward Catholic practice of fish-eating can actually be turned into a financial windfall because the Irish children can be butchered and eaten during religious holidays and after christenings. It never even occurs to the narrator that eating human beings is more barbaric than eating fish. And this is where the similarity becomes evident. For in Alive, Read has made it reasonable to eat flesh, and in a similar manner to Swift, uses impersonal vocabulary, such as carcass rather than body. Although there is a strong moral tone throughout, the text remains neutral and dispassionate in Alive. In both, the authors have not tried to make their voices sensational, but rather like arguing their cases by presenting evidence. We can see this on page 62, where the survivors are still indecisive. Both sides of opinions are given, one perhaps slightly stronger than the other, and the reader is allowed to decide for himself what is right. I think most readers, due to the biased nature of the script, and the conditions mentioned before hand, tend to agree with the eventuality. P P Read has taken care to point out via his characters, that social taboo is not a sin of God, and differentiates between sin and physical revulsion. No one of the survivors proclaims that what they are doing, or might do is wrong! but each argues for himself, for personal reasons. Read suggests that there is no moral indecision, as there is in Swifts Modest Proposal, but there is a distinction between what is accepted by social conventions and what is right in the name of God. As well as using motives and social issues, there are a variety of literary techniques used by both the narrator in A Modest Proposal, and P P Read. The narrators well structured, almost business like approach, in A Modest Proposal, that has the posterity of a politicians, such as, I propose to provide for them, and careful selection of words, nutrient rather than food is one example or yield to compare human flesh to crops to be harvested, becomes apparent only when the article is understood for its real meaning. This mix of both an apparently shielded, as well as a grotesquely open approach to cannibalism, for example, a healthy child well nursed is at a year old a most delicious, nourishing, wholesome food, in A Modest Proposal, confounds the reader. Read, often to make a point, will isolate sentences, such as The truth was incontestable, and like Swift, writes his piece in a detached manner. Although he does sometimes generate empathy, for example from the letters that were never sent home, it is interesting to note that the detail and description is economised, saved for particular occasions, for example, the crash itself, or as the survivors watched as a far away, disorientated Valeta stumbled down a valley: his body slithered helplessly down the side of the mountain There is also a regular use of short, sharp sentences that are used for a similar effect as the above. Combined with very minimal writing, P P read presents an argument that is guided by him, yet is left to the reader- one that seems sensible, scientific, and pragmatic. With a similar purpose, although with a contrasting approach, Swift too teaches his confused readers an important object lesson about how easy it is to be taken in, about how easy it is to become perplexed and morally confused when faced with clever, but false, reasoning. For example, while most readers will recognize that Swift is not seriously advocating cannibalism, many will mistakenly attribute the narrators anti-Catholic ravings to the Anglican clergyman, Swift. Perhaps Swift wants to show readers that their own religious prejudices make them easy targets for manipulation and make their reason an unreliable instrument for clearly differentiating between the rationalizations of Swifts morally degenerate narrator and a truly enlightened Christian perspective (his own? )- In the same way that Read questions whether the fact that the survivors of the Fairchild are Christians make them differentiate between society and religion, or whether they become cannibals because of their own instincts, in mind of the Survival of the Fittest. In a similar way, Read approaches religion almost dismissively, yet takes it into special account. His story is very much about spirituality, and throughout, the characters are often speaking the Hail Mary, but continuing to eat flesh, in religious confusion. The barren lifeless environment that they inhabit seems to give them a particular closeness to God. Yet, they challenge century old ideas of respect for dead bodies, of the linkage of body and soul, and their thoughts of the dead as simply meat is a very radical idea in the Christian world. Whether the survivors of the Fairchild convince themselves or actually believe in what they are doing is another matter. It is clear to me that Read has used wine in particular to signify the Holy Communion in connection to the blood of Christ, yet this time, it seems that they have taken a step further, substituting bread for the body itself. Another survivor, Delgado: we thought to ourselves, that if Jesus at His last supper had shared His flesh and blood with his apostles, then it was a sign to us that we should do the same take the flesh and blood as an intimate communion between us all. Although Swifts grotesque narrator, with his reasoned proposal for cannibalism, his suggestion that childrens skin be manufactured into ladies gloves or gentlemens boots, and his grisly recipe collection is probably the literary antecedent of Hannibal Lecter, he states his piece so calmly, that one can sometimes wonder where the blood and gore has gone. The narrators moral confusion is also mirrored in Swifts readers. Swift entangles not only his narrator, but also his readers, possibly deliberately, in faulty reasoning. To most readers, the reasonable narrator appears completely irrational in suggesting cannibalism as a modest and reasonable solution to the problem of Irish poverty. Yet this cannibal professes Christianity and concern for the poor; he champions progress. An effective technique that Swift uses is verisimilitude. He quotes scientific experts such as a French doctor, and another cannibal, Psalmanazar, and manipulates reason and science to justify not only cannibalism, but ignorance, unemployment, exploitation, and anti-Catholic bigotry. However, the conditions which Swift or Read describes are not hyperbole, for the Great Potato Famine ravaged Ireland, and the moral dilemmas faced by the Argentinean Rugby Team were ones that had never been addressed in the society of the day. Only, in Modest Proposal does the projector exaggerate, and perhaps only a little. Instead, Swift has used savage irony to wield his powerful writing skills, and here lies the success of his article. By writing of cannibalism and its meaning in society as an antithesis, in an masterminded satirized form, Swift makes his work all the more poignant, while his projector appears cold, mechanical, his thoughts computed and wicked, his words spoken, rather, with the banality of evil in mind. However, in Alive, the reader learns that decisions of an extreme nature shall always have opposition, whichever answer is given. The author, while remaining detached and reporting only through the survivors journey and speech, I feel creates a similar narrator as in A Modest Proposal, only not quite as directly. There is certainly the voice of Pier Paul Read in the book, and although he is not quite as direct or inhumane as his counterpart in A Modest Proposal, his detachment creates a sense of fear and bewilderment in the reader, as they envision what they themselves might have don in a similar situation. When Alive and A Modest Proposal are compared, although I found this difficult considering they are not easily paralleled, I preferred Jonathan Swifts satirical piece, for this reason. It was short, ridiculous, and although not originally intended, humorous in its madness. On the other hand, I found Pier Paul Reads work tedious and too questioning of a topic, cannibalism, that many today have made their firm minds up about, and of decisions that may only be changed if they were faced with such terrible situations.

Efficiency of Cloud Computing Data Centers Thesis

Efficiency of Cloud Computing Data Centers - Thesis Example the respective organization, whereas, cloud computing is referred to as the ‘public cloud’ since it is available for use by any individual who might need instantaneous computing capability. This innovative concept has even leaped the performance level of data centers to a new level and has reduced costs for independent developers and organizations. 2. Background Information Warr (2009) stated that cloud computing is also referred to as ‘Platform as a Service’ (PaaS) since developers use it as a platform to run their applications or even develop them from scratch without investing in the acquisition of the required operating system or server hardware. Another name that is used for this concept is ‘Infrastructure as a Service’ (IaaS); it includes the dynamic usage of CPUs, virtual servers, network, storage, systems software etc. Software as a service (SaaS) is another type of cloud computing that provides access to software to users on their need basis while the software runs on the vendor’s side of the data centers. The conventional mode of using the software requires the installation of the software on the user’s computer but this latest technology requires no such installation. Since many decades, internet users have been availing the service of uploading their documents and pictures on the internet by different services like Flickr, Snapfish etc; this concept has enabled the people to save their data ‘on the cloud’. The latest concept of cloud computing is far more usable, scalable and efficient for individual developers and organizations. 2.1 Criteria of Effective Performance Rajan (2011) provided some relevant characteristics that can be helpful to... This paper stresses that the conventional enterprise data centers have been found to possess several limitations and constraints that make their adoption difficult. Enterprise data centers constitute a limited storage capacity and much capital is needed to increase the scale of the data centers. Cloud computing data centers offer the level of scalability that facilitates almost unlimited expansion of the IT infrastructure. The cost of the cloud computing service is dependent on the usage of the requested resources therefore proves to cut costs by significant numbers. The adoption of this technology provides freedom in terms of maintenance and regular updates of the data center software and platforms. This report makes a conclusion that cloud computing data centers promote mobility since they can be accessed from anywhere on the web. Therefore, it can be concluded that cloud computing data centers prove to be effective in typical and atypical business conditions but fall short in the security area. The innovative techniques to improve the physical conditions of the data centers have benefitted the organizations, as well as the society since lesser energy is being consumed from the resources of the planet. Containerized servers, innovative data center designs, evaporative cooling, free-cooling are some of the techniques that have played their role in the reduction of PUE. The uauthor talks that the security standards of cloud computing shall be analyzed in detail for their effectiveness and the rate at which they are being adapted by the respective providers. Data encryption mechanisms shall also be studied that have been adapted by different organizations to improve the cloud comp uting services.