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Surely the fairest, most democratic way is for parties to be required to spell out to voters in advance of a local election exactly what it's council tax proposals are, and then be legally required to stick to them if they are elected. Friends of the Shelter volunteers work hard to make the shelter a warm, inviting place to build relationships between adopters and the cats. Despite the widespread protests that erupted last year, the rate at which people are killed by the police in the US has accelerated. It’s perhaps portentous that a poll to find Britain’s national bird had last week been decided in overwhelming favour of the robin.
Chief executive David Harker said: “First Class Futures really will bring huge benefits to the North East if it is able to realise its vision of raising £100,000.
Yorkshire travel to Durham looking for their third successive North Division win after beating Derbyshire at Headingley and, last Friday, Nottinghamshire at Trent Bridge. Kaag says the UN is also looking into recent reports of chlorine gas attacks in the country.
Although the research has been pretty clear that there are health benefits to not sitting, we are just starting to understand that standing alone may be a good alternative, said Dr.
The researchers then lumped the data in with nine other studies that measured chocolate consumption and heart disease. It was his second injury of the season and he didn't appear again, but while he has been troubled only by the odd niggle this year he has been unable to regain his form. We can do this for him and dance for him, make him well, make him strong, put him on the front, and all his team, dancer Timmy Galalingu said. The cooking zone features a cooktop with oils, seasonings, pots and pans and perhaps a sink nearby. Zielke noted that Punta Cana, Dominican Republic is becoming a big destination for weddings, as are cruises. He also won the FIFA Club World Cup and European Super Cup two times each and the Spanish Super Cup six times.
However, Rob Youhill suffered a dislocated elbow on Saturday which will sideline him for two to three weeks.
Disciplined, well organised and extremely hard to break down, Newcastle have rarely looked like conceding throughout their six-game winning run, and aside from tipping over a Richard Dunne header, Tim Krul was barely tested against QPR. In return, Wijnaldum has been quick to praise McClaren’s input throughout pre-season, with the Yorkshireman’s experience of the continental game enabling him to establish a strong rapport with his club’s overseas contingent.
The actual story is one of trying to find somewhere safe to live for some poor INNOCENT young children, not whether some "concerned " residents feel slighted.
An agent in the 1970s had also suggested a name change – “he said Tony Peters was too clubby” – and came up with Septimus Shildon. ECHO Elder Cottage Housing Opportunities (ECHO) units are temporary, movable, self-contained houses designed to enable older persons to live near family members or caregivers.
Under normal driving conditions, 100 per cent of the engine’s torque is delivered to the front wheels so that the car runs with optimised fuel efficiency. Professor Walton said she had heard of many cases of discrimination against junior females, but the culture was to never complain to supervisors.
Mike Abbott, general group manager at The Co-operative Childcare, says: “With men under-represented in the childcare industry, we think they should be championed. The group has found, and cherishes, the 100-year-old Bishop Auckland National Union of Ralwaymen’s banner, plans a railway memorial garden near the station – “real railway seats everything,” he says – has designed LNER-style posters showing the old station in all its improbable glory. Durham City MP Roberta Blackman-Woods demanded that the city council explains how it did not have spare detectors.
I’ve been lucky on the job front, mostly down to working with fantastic people and having a positive approach to life. Marquette went three-and-out on three pass plays and, on its own 26, elected to punt and rest its hopes of defending its state title on defense.
The Brewers followed a Game 5 stinker in the National League Championship Series with a Game 6 clunker.
China should work out a comprehensive income distribution reform package as soon as possible to promote sustainable, fairer and more balanced development of its economy and society. A home win against the same opponents and a victory away to bottom club Sunderland are Darlington's only wins in their last 14 games, having started with four wins from the first seven. He and Chris Rushworth quickly removed the home openers and it became 49 for three when replaced Arshad and struck with his fifth ball. The game was notable for the second-half appearance of Downing, with the England international kicking off his second spell at his hometown club in an attacking central-midfield role. With the rest of the Boro squad currently on a training break in Marbella, it remains to be seen whether Downing heads straight out to Spain or remains at Rockliffe Park ahead of his new team-mates’ return next week. On Sunday, the forecast calls for a high temperature in the low 20s in Milwaukee, with blustery northeast wind gusts as high as 30 miles per hour. Monroe mentioned Parker's return from injury next season as one of the factors that led him to choose the Bucks over offers from the New York Knicks, Los Angeles Lakers and Portland Trail Blazers. Nepal's major political parties on Tuesday agreed to reconsider the delineation of states in the wake of countrywide protests against the move in which three people have been killed. Other completed work on the Port Clarence scheme includes flood embankments to the east and west of the Wilton Engineering site. Despite their success, Stuart says they have no intention of expanding their operation and is proud of their role in the burgeoning small-scale food and drink sector in the county. The problem for Brentford, however, is whether their soon-to-be departing manager, Mark Warburton, can motivate his team through the final throes of the campaign knowing that he will not be there to reap the rewards next season. Council leader Councillor Bob Cook said: “Local residents and businesses had to endure the eyesore that was Billingham House for several years. While the West Nile virus is not new to Maryland, health officials warn people to take precautions when heading outside to parks or to the beach, especially areas where there might be standing water. However, even though the opportunity to return to Teesside after a two-year spell in London was a powerful attraction, Downing insists he would not have rejoined Boro if he did not believe they had a realistic chance of promotion. Dad, Ian, is director at the family-owned Barkers Furnishing Store in Yafforth Road, Northallerton, where earlier this year Hannah, along with brothers William and Thomas, cut the turf to get a £3m expansion of the business underway. The same night (Saturday), Darlington’s Neil Hepper also took a chance on the road when he travelled to Doncaster and faced the experienced Kevin Hooper over six rounds.
The government has declared their strike illegal although GMA members continued services to their inpatients. The opportunity to meet with many leaders in Israel face to face has impressed on me even more the significance of the vote I will cast in the US Congress.
The lifetime Falls resident had worked other jobs, but working for the schools he once attended is special, and not just because it s home. Linzi Nicolls leads the way with a sponsored Mile of Hope.  Many people turned out to do the mile either by walking, running, skipping, and someone even hula hooped it around to raise funds for Lifeline Community Action. The recently launched group is run by YMCA working with Council’s Sport and Physical Activity Team and Hartlepool College of Further Education. Highly commendable but you have to admit Britain has some of the most bone idle, pig ignorant litter louts in (wider) Europe.
This is especially heartening, because it fits the theory that those people in our society who work really hard are the ones who get rewarded with a bit extra. Congressman Keith Rothfus (R-Pennsylvania), who is on his first visit to Israel, said he would share with his colleagues and constituency what he learned on the trip about the need for America to stand with Israel in her defense, the 'Post reported.
With the last two months of a lost season amounting to something of a tryout for many players on the Milwaukee Brewers' roster, Khris Davis has put a solid foot forward in recent days. It is LVMH’s second-largest fashion and leather-goods brand and, according to analysts at HSBC, this sector of LVMH is doing very well indeed. A southern spokesman said Greville's death had been referred to the coroner, but police were continuing to investigate on behalf of the coroner and WorkSafe.
MISSOULA — A line of thunderstorms grinding up the Bitterroot Valley converged over Missoula on Monday evening, spawning gusts up to 74 mph that toppled century-old trees and flipped pole barns off their foundations. Bahraini authorities have suspended the country's main opposition newspaper, accusing it of threatening national unity and relations with other states, the official news agency BNA reported late on Thursday.
If your staff can attend the tables with the professionalism and service that they provide in most US restaurants it will do two things!
BoardEffect has provided a useful one-stop place to coordinate information for Board meetings, managers and directors.
BoardEffect allows for easier production of professional, easily navigated and accessible Board papers. Our organisation is stronger for the work we've invited Matrix on Board to do with us over the past 10 years. Matrix on Board Group is a national leader in the provision of capacity building, financial management and sector development services for non-profits, government and funders. We enable non-profits to adapt to change, build potential and have a positive enduring impact. We believe that strong communities supported by successful non-profits create a just society where all people can live to their full potential.
Collaborative work that moves away from a€?call in the expertsa€™ toward a role that works with the clienta€™s expertise and experiences.
Through our innovative Money Mob Talkabout program, we bring two-way learning to people in remote communities to help them positively manage their finances. We conduct quality evaluations after each training day to ensure your complete satisfaction.
To equip participants to grasp the concept of creating shareholders’ value through investment decisions, the financing decision, growth and operational decisions.
It is important to analyse these decisions and its impact on the sustainable profitability of business, using actual problems and case studies. All non-financial managers with a need to further their careers and has a desire to understand the scorecard of business. By the end of the course, participants should be able to:Read financial statements with an understanding of the basic accounting principles. Compile a budget, understanding the importance of cost behaviour and the break-even analysis. Comprehend the importance of sustainable growth and the impact of growth on the cash flows of the business. I've been thinking about it a lot recently - because my kids are going to go to school soon so we're trying to work that out - and realise how important that is, but I never had an inspirational teacher. Not just be left free to increase taxes willy-nilly whenever they want, with the slight chance they may be held accountable for it once every 4 or 5 years. They get to know adopters as well as they ve gotten to know their four-legged charges: Liz and her team try to educate potential adopters and find the best match for everyone who walks through their doors. Since the beginning of this year, there have been 705 casualties in this internal war, 45 more than had been killed by the same date last year.
In the Panthers' Horizon League championship win over Wright State, the tenacious forward had seven points and eight boards.
They were sent text messages at the end of each day, informing them whether they were working or not. Unless otherwise specified in the prize notification, all prizes or prize certificates may be picked up at the office of the Promoter at the address below. Francisco Lopez-Jimenez, director of preventive cardiology at the Mayo Clinic in Rochester.
They'll tell you what you need to know about whatever is going on in the world in five minutes or less. She recently helped a couple plan a wedding in Scotland and is currently working on a Fiji wedding. And after knocking each and every one down, Arrowhead is the Cinderella in the Division 1 field.
ECHO units, which include efficiencies and one-bedroom cottages, enable older people to live independently and privately in their own homes, even while on the property of a family member or caregiver. On icy or slippery roads or when driving on wet off-road conditions, power is distributed to both the front and rear wheels to ensure a safe, stable and dependable drive. He said: “The last two games have been very difficult against two teams in form, Manchester City and Liverpool, but at home we’ve got to do much better. If you’re going to spend your time doing something, you should always do it with a smile.
The income distribution reform, one that is closely related with China's overall social reform and development, is already receiving a great deal of attention. 2 in the final Wisconsin Volleyball Coaches Association Division 1 poll, was faced with arguably the toughest quarterfinal draw of the four area teams in the Division 1 state girls volleyball tournament but overcame a slow start to score a surprisingly one-sided, 3-1 victory over third-ranked Neenah at the Resch Center.
His family came from Yugoslavia on a trip sponsored by the Lutheran Church, and several times during his remarks, he mentioned his faith, as when he mentioned moving to North Carolina. Mallon was instrumental in demolishing good homes all over Middlesbrough particularly central Middlesbrough. Nicky Featherstone broke into the area and rolled the ball across goal and out of reach of Paynter.
Nepal's four major political parties -- Nepali Congress (NC), Communist Party of Nepal-Unified Marxist-Leninist (CPN-UML), Unified Communist Party of Nepal-Maoist (UCPN-Maoist) and Madhesi Janadhikar Forum-Loktantrik (MJF-L) -- on Saturday night came up with a six-province model in the new federal set up, a key contentions issue of Nepal's constitution-making process that started in 2008 when the first Constituent Assembly was elected.
He says while Waitrose already champions English wines and Marks Spencer is considering offering domestically-produced tipples, he has turned down offers to export his wines to far flung countries. The Midlands Area champion and former English title challenger in two weight divisions had too much, however, and claimed the win.
A weaker yuan may counter a slump in exports, but prolonged depreciation would trigger capital flight, disturb the financial system and slash investors' confidence in the yuan. If you want to be richer, instead of lying around teaching or nursing or driving trains, do some graft and sell short for an afternoon. The soft-feel grained plastics and sensible switchgear have trickled down from the larger (and no longer available in the UK) Laguna model.
In 2014, LVMH’s leather and fashion brands grew by 10 percent year-on-year and in 2015 it estimates sales will grow by another 19 percent, with a forecast of 7 percent growth in 2016 and 2017. It provides an easier way to keep a Board made up of directors from around Australia, informed.


We have a deep knowledge of how to build the capacity of non-profits and support all sector stakeholders. The program provides a one-stop shop for local community members to interact with the broader economy in a safe and supportive environment. Financial and Management Accounts How Accounts are used Measures of Profitability Cash versus Profit Working Capital Cycle Methods of Costing Value Engineering Pricing Pricing Strategies Depreciation Amortisation of Goodwill Investment Appraisal Creating and Destroying Value Limitations of Accounting Profit Economic Profit Download PDF (139 KB) Finance for Non Financial Manager The subject and language of finance are often viewed as difficult and bewildering especially to those managers not schooled in the dark art of accountancy. The factory-inspired modern building is honest, hard-working architecture that sits in what was the industrial heart of Milwaukee.
Roy Blunt, R-Mo., said it Obama is making the right move but said the president should have sought a congressional vote on this issue earlier.
Overtime would be paid only after an employee had worked more than his allocated annual hours. It put the Bears in front, to stay, at 48-46, and clearly saved the day in the win-or-go-home scenario.
The winner will forfeit any prize or prize certificate not claimed within thirty 1 day of winning. Pardew adhered to it more often than not and, overall, has done a decent enough job during his four years in charge. Scott Walker's administration could hold demonstrators at the Capitol liable for the cost of extra police or cleanup and repairs after protests, under a new policy unveiled Thursday.
Brett and I were obviously on the same staff at Drake and we've developed an unbelievable bond. Of the more than two-thirds of exchange enrollees reporting dissatisfaction with their plans, paying too much was cited as the top reason.
The technology also works perfectly to give a smooth and safe departure when driving away from a standstill on a steep slope, while a lock mode distributes power equally between the front and rear wheels at speeds below 25mph to optimise traction.
Then there is my husband (French billionaire Francois-Henri Pinault) also who takes me to many places. On Tuesday, the authorities repeated their earlier statement that the results would be released soon .
Whether or not some breakthroughs will be achieved in this area will produce decisive influences on the country's consumption-based economic transformation, which is now in an important period of historical opportunities. The Red, Orange and Light Green subway lines converge in Chistiye Prudy, and buses, trams and marshrutki (gypsy vans) run frequently along the neighborhood's traffic arteries.
The town centre needs investment people need to be encouraged to live there not on the outskirts. 6 when Iowa City Officer Ben Hektoen noticed "an odor of ingested alcohol" coming from the vehicle,the Iowa City Press-Citizen reported. If the issue of state restructuring will resolve the ossue, Nepal will ensure a new constitution and there will be a new president, vice president, prime minister and other major political posts, sources said. To be honest, it hasn't sunk in yet,” said Lowry who held off the challenges of overnight leaders Justin Rose and Jim Furyk, as well as Watson – all three of them Major champions – to become the first non-PGA Tour member to win the prestigious event since Martin Kaymer in 2011. Stuart says: "We don't make massive batches, the largest amount of anything will be 2,000 bottles. But if you're going to give quarterback Matthew Stafford the help he needs and a guy to take heat off of budding star defensive tackle Ndamakong Suh, the Lions did it. Repeat offenders , guarded and supervised by Military Police should be cleaning up grot spots like this instead of sitting on their butts for hours in the nick some playing on Pool tables and Game Boys for hours on end..
Tzipi Hotovely a charg l ambassadeur d Isra l en Suisse de pr senter une demande officielle au Conseil f d ral et la municipalit de Z rich de retirer leur soutien financier la conf rence de l ONG Breaking the Silence dans la capitale. The game, which is inspired by ancient apocryphal biblical texts, tasks you as an agent of God to track down several fallen angels.
In February, hundreds of children were forcibly conscripted in the northeastern town of Malakal by a government-aligned militia. A spokeswoman for the commission says the plan limits participation in the Jonah crab fishery to fishermen who hold an American lobster permit or can prove previous participation in the crab fishery. The crisp, hard edges of the building, which takes on a tire tread-like texture, show deference to the supple shapes and sheen of the bikes that park along the open-air streets, meant to re-create the feel of annual bike rallies in places like Sturgis, S.D. That tragedy led to the country s first Disaster Management Act, followed eight months later by the establishment of the Disaster Management Centre. Prize or prize certificates will not be mailed to the winner without the winner s prior written consent in which the winner shall agree to assume its risk of loss. The caller told authorities that one person had made it out, but two people were still inside the residence. Tensions between Egypt and Iran heightened when the Islamic Republic named a street after Khalid Islambouli, who assassinated Egyptian President Anwar Al-Sadat in October 1981.
Last week, it widened thecorridor by5 kopeks andsaid that it will continue toadd 5 kopeks tothe corridor foreach $600 million ofintervention money it spends onkeeping theruble inthe corridor.
22, 2013, the Philippines unilaterally initiated compulsory arbitration proceedings with respect to the relevant issues between China and the Philippines in the South China Sea. While both treatments relieved the hot flashes these drugs are designed to treat, in neither case did the scientists find any changes in cognition or thinking, for better or worse. Thehouse's chef serves fine grilled meat, boiled sprats, andFrench fries, among many other treats.
Phelps admitted to smoking marijuana before driving his car and agreed to take a breath test and evaluation for marijuana intoxication.
At a press conference in Kathmandu on Tuesday afternoon, the political parties appealed for calm after violent protests erupted in the western region of the country against the proposed six-state federal set-up. Tel Aviv defines such goods as dual use - meaning that while they are needed for the civilian population, they could also potentially be used by militant groups in attacks. Le but de cet v nement, qui est aussi celui de ce groupe financ par des capitaux trangers, tant de diaboliser et de diffamer l arm e isra lienne.Il semble donc que le gouvernement ait finalement d cid de r pondre aux provocations.
The game is striking in both its anime-style art style and its attitude, which includes God checking in on your progress by calling your guardian angel over a mobile phone. All his 12 children are to be beneficiaries, but the deciding votes will be held by his wife and one of his children. There is still no official number of dead since the fighting started, but officials estimate in the tens of thousands, while an additional 1.5 million people have been internally displaced and 500,000 have fled abroad.
It has two other LNG developments on its books a 5-mtpa plant at Vladivostok that could be on line by 2018 and could expand to 10 mtpa in the 2020s; and the 10 mtpa Baltic LNG project that could be producing in 2018. Panicker submitted that it was mandatory for units with more than 10 workers and engaged in continuous processing, manufacturing, and distribution of any product to come within the ambit of the Act. The Promoter, its sponsor, or promotional partner are not responsible for the safe arrival of a prize or prize certificate.
The next day, while inaugurating a road while Scioli stood at her side, she said: "We could have saved so much time if (the opposition) had realized just a little sooner" the value of the policies.
Inother words, theCentral Bank is revving up tomanage acontrolled, slow-moving devaluation ofthe ruble that will soften theblow ofan external crisis andpreserve Russia's hard currency reserves: If Greece has acontrolled default, Russia will respond with acontrolled devaluation. Since then, the Philippines has obstinately pushed for the above-mentioned arbitration proceedings despite repeated objections of China. Here's an idea for MBC, start collecting the rates from those that don't pay rather than hammering the ones that do pay. Phelps then asked Hektoen if he would take a Snapchat selfie, according to the criminal complaint. A Republican rewrite without Democratic input will not inspire broad confidence that elected representatives will put the public's interest over their own or those of special interests financing their campaigns. In addition, 16 of the 33 Senate seats are up in the November election under the new legislative districts more favorable for Republicans, meaning their party could pick up enough seats to regain the majority. In May-June last year, a Chinese naval task force held military exercises with Cameroon and Nigeria, the first time that the Chinese navy appeared in the west coast of Africa.
The world of El Shaddai ' is mesmerizing and beautiful and an amazing place to escape for hours. Another product is an antibiotic foam for treatment of Impetigo, an infectious disease, which is due to begin a Phase III trial after talks with the US Food and Drug Administration (FDA). It is imperative to understand the subject and language of finance if managers are to communicate with authority within a business. He alleged that the unit processes used syringes and gloves and transports them to Coimbatore to be sold to medical equipment manufacturing units without proper licence from the DFB. The decision to federate the country into six provinces with tentative demarcation of borders sparked protests in various parts of the country.
It's a quiet performance yet so assured that it takes you mere seconds to learn to read his silences.
Reid Ribble, a Wisconsin Republican, and his Democratic colleague in the House, Jim Cooper of Tennessee, unveiled a pair of bills back in March that got little notice but could go a long way to making the nation's reapportionment process less partisan.
Shapcott is one of the world’s leading researchers on how to effectively market to, and teach, women the game of golf.
On another note perhaps Mallon might reflect on the cost of investigations into his behaviour that of his ex-colleagues that cost the town a fortune under Lancet! It is the second largest town in North Sinai and the only major population centre remaining in the restive corner of the peninsula, which borders the Gaza Strip and Israel. Three people were killed and over half a dozen injured in violence that broke out in Surkhet district in mid-western Nepal. Without a grasp of some basic financial concepts, it can be easy to take what appears to be a wise decision, but one that nevertheless is ill informed and one that adversely affects the financial health of the business. Present at the conference were Prime Minister Sushil Koirala, CPN-UML chairman Jhala Nath Khanal, UCPN (Maoist) chairman Pushpa Kamal Dahal and MJF-L chairman Bijayakumar Gachhadar. Chaque ann e, les Pays-Bas consacrent plusieurs millions d euros au financement, direct ou indirect, d organisations dont le seul objectif est la diabolisation d Isra l.
L ambassade isra lienne La Haye et le ministre des Affaires trang res doivent exiger un arr t imm diat de cette campagne subversive et diffamatoire. Those not comfortable with finance and the appropriate use of its language invariably find themselves struggling to operate as effectively as they could.
In contrast, those that do: Are better able to focus on what is important Succeed in making and taking better informed decisions Are more effective Operate with more authority Get promoted faster and more often Whilst finance is not rocket science, it is nevertheless a challenge for many managers especially those who perceive themselves not to be good at maths.
Companies that are incorporated under the Companies Act 1989 are required by law to prepare and publish financial accounts. The specific period is referred to as the 'trading period', and the period end date as the 'balance sheet date'. Financial accounts have three key statements: The profit and loss statement showing income and expenditure for the trading period The balance sheet statement showing a breakdown of the net book value (NBV) of the company's assets and liabilities at the period end date The cash flow statement showing a breakdown of the inflows and outflows of cash during the trading period Financial accounts are historic, and most of the information that is provided, is financial in nature. In contrast, management accounts are used to help management record, plan and control the activities of a business and to assist in the decision-making and decision-taking processes.
Whilst there is no legal requirement to prepare management accounts, few businesses could expect to survive or thrive without them.
Management accounts are prepared to meet the specific needs of the user and typically include both financial and non financial information. There are an infinite number of potential management reports a business could choose and examples include: Profit and loss showing actual versus forecast budget performance including this year versus last year to date and year to go Sales and margin report by business unit, product or service or by customer type and or by specific customer Number of employees, employee costs and productivity Customer service levels by customer, by depot and by product type With management accounts, it is important that managers receive the information they need to run the business in good time and in a useable format. How Financial Accounts are used A company's financial accounts are mostly used by people outside the company. They can be used to analyse its performance over time, to compare its performance with other companies operating in the same industry and help actual and potential investors determine whether the company is an attractive investment prospect. These include: Performance analysis Trend analysis Ratio analysis Cost structure analysis Balance sheet analysis When analysing or comparing companies, it is important to compare apples with apples and remove distortions such as depreciation, amortisation of goodwill and non-reoccurring one-off costs or gains (known as exceptional items). Furthermore, it is important to remember that balance sheets are prepared on the basis of historic costs rather than current market valuations. For example, one company might own the land of a site it purchased 100 years ago whereas another might own the land of a site it purchased 5 years ago. At market values, the 100 year old site might be worth more than the 5 year old site, but on the balance sheet, the 5 year old site might have a significantly higher net book value (NBV) than the 100 year old site.
Nevertheless, despite the difficulties that arise due to technical accounting differences, it is still possible to gain deep insights into the relative performance and strengths and weaknesses of competing companies.
One such approach is to undertake a DuPont pyramid of ratios analysis, named after the DuPont Corporation which pioneered this form of performance analysis in the 1920's.
This type of analysis is best done over a period of time, say 5 years, and will often unlock many important insights that would otherwise remain buried deep within the accounts.
Training for Non Finance Managers The pyramid of ratio's can also be used to analyse the performance of different business units within the same company. Other commonly used comparative measures of company performance include: Total Shareholder Return (TSR) - dividends in the period plus the change in the share price over the period divided by the share price at the start of the period Return on Equity (ROE) - earnings in the period divided by the book value of shareholder funds at the period end date Earnings per Share (EPS) - earnings for the period divided by the number of shares in circulation at the period end date Dividend yield (DY) - dividends declared in the period divided by the prevailing share price When evaluating the financial health of a company, there are also a number of other commonly used ratios to access the liquidity and the solvency of a company.
These are: Liquidity Current ratio - current assets divided by current liabilities Quick ratio - liquid assets divided by current liabilities Solvency Gearing (or leverage) - borrowings divided by capital employed Interest cover - profit before interest and tax divided by interest paid Liquidity is directly related to cash flows and accesses whether a company has sufficient cash to meet its working capital requirements.
In contrast, solvency is a measure of a company's ability to meet its financial obligations as they become due, whether they are suppliers' invoices, tax payments, dividend payments or interest or loan repayments. To illustrate the difference between liquidity and solvency, consider an individual who has £1m invested in shares, but not enough cash to buy a train ticket. Many a solvent company has gone out of business due to it becoming illiquid and running out of cash. Good cash flow management is therefore a vital competence for every company and every business unit.
Measures of Profitability Companies make use of several different measures of profit, and each company will have its own preference. It is important to understand this preference, because as the well-known adage goes, 'you get what you measure'. This is especially the case when bonuses are contingent on achieving a particular year end profit target.
Commonly used profit measures include: EBITDA - earnings before interest, tax, depreciation and amortisation of goodwill, sometimes known as gross cash profits EBIT (or PBIT) - earnings (or profit) before interest and tax EBT (or PBT) - earnings (or profit) before tax Earnings - profit after tax Cash versus Profit Cash and profit are not the same. However,Not all expenses recorded in the profit and loss are cash costs - for example, depreciation and amortisation of goodwill are non cash costs Not all expenses are recorded in the profit and loss account - for example, capital expenditure is recorded (i.e. The actual receipts and payments of cash may be several weeks or months after the invoice dates depending on the terms of business negotiated with customers and suppliers.


Similarly, corporation tax for the trading period does not usually become due for payment until 9 months after the period end date. Cash flow is the life blood of all companies and it is important for every business to understand and actively manage its cash flows.
Free cash flow is the cash flow from its operating activities less the cash flow from its investing activities. It is also important that a company understands and actively manages its working capital cycle. This is because company's that go out of business usually do so because they run out of cash. The larger the number of days in the cash cycle, the more cash that is 'tied-up' financing a company's day to day operations. This is especially the case when undergoing periods of rapid expansion or contraction, both of which can put a severe strain on a company's management and cash flow. Methods of Costing Different industries adopt different methods for determining the costs of their products and services.
Commonly used costing methodologies include: Standard costing - under this technique, average standard costs are estimated even before the actual expenditures are incurred. Once actual costs have been incurred, these are then compared with the standard costs and the differences analysed. Marginal costing - the purpose of marginal costing is to study the relationship of how costs vary with volume. Understanding this relationship can be very important for new products especially if there is scope for volume growth and economies of scale productivity gains. Job costing - job costing is concerned with the determining the cost of each job or work order. Contract costing - contract costing is used to cost contract work such as the construction of a new hospital or the refurbishment of a school. Each contract or job is treated as separate cost unit, and in principle, contract costing is no different from job costing. Batch costing - a batch is a group of identical products, and under batch costing, the batch is treated as one unit for the purpose of determining its cost.
The total cost of the batch is divided by the total number of units in the batch to arrive at the average cost per unit. Operation costing - operation costing is suitable for industries where production is continuous and the units produced are exactly identical to each other. Process costing - process costing is used in industries where production is carried on through different stages or processes before becoming a finished product. The main feature of process costing is that output of one process becomes the raw materials of another process until the final product is obtained. Multiple or composite costing - composite costing is the combination of two or more of the above methods of costing.
When a product comprises many components and assembled parts (for example an aircraft or motor vehicle) costs have to be ascertained for each component as well as for the finished product, and thus different methods of costing may be used at different stages. Whichever costing method is used, it is important that managers understand: Whether the cost is an average or marginal cost What is included within the cost What is excluded from the cost What components of the cost are cash costs Value Engineering Value engineering is the process by which a company analyses the individual components of cost within a product or service in order to determine whether it can re-engineer the product's cost base in order to improve the value to the customer. The start point for value engineering is to understand the relationship between each individual cost component and the value to the customer associated with each individual component of cost.
The components of cost divide into four segments: High value to the customer and high cost - for these items, a company would rigorously analyse small changes in the specification of each component of cost in order to optimise the relationship between the value to the customer and the cost. High value to the customer and low cost - for these items, a company would seek to invest more cost in order to increase the value to the customer i.e.
Low value to customer and high cost - for these items, a company would seek to reduce the cost i.e. Any cost saved can either be used to increase margin or to reinvest in high value low cost items. The win win from value engineering is to increase the customer perceived value whilst reducing the total cost.
Pricing Whilst often overlooked, pricing is the single most important part of value engineering. This is because: Price is the only element of the marketing mix that directly produces revenue. Small changes in price can have significant effects on volume, market share and profitability.
This is hardly surprising given that pricing is a difficult decision involving complex inter-relationships between price, margin and volume. In the worst case, this can mean pricing is: either abdicated to the sales department, in which case, prices and profitability tend to be lower than they could otherwise be or to the accountants in which case, prices tend to be based on a cost plus mark up formula or the recovery of cost inflation Neither situation is satisfactory as it results in a company failing to capture the true economic value of its products and services and consequently the company underperforms.
When considering the pricing decision, it is critical to appreciate that customers buy benefits rather than products or services (i.e. This means different customers will value the same product or service differently and are therefore prepared to pay different prices. Whenever the customer value increases, a company will gain market share and whenever the customer value diminishes, it will lose market share.
It can: Add more benefits, although this may add cost Reduce its price, although this will reduce margin Customers always buy the product or service they perceive to represent best value. Adding more or new benefits to a product or service enables a company to increase its prices providing these additional benefits are relevant and motivating to the target market customer. Adding benefits need not however necessarily lead to an increase in costs if value engineering is executed effectively. Whilst being easy to administer, cost plus is an ineffective way to price as it ignores the value to the customer and the impact on profitability resulting from changes in price, margin and volume. Price taking - in markets where there are numerous small suppliers, the price is in effect set by the market forces of demand and supply over which no individual supplier has any influence. Skimming - with price skimming, a company sets a high initial price during the early stage of a product's life cycle in order to capitalise on the product or service's novelty. As demand becomes more elastic due to increased competition, prices are progressively lowered to retain competitiveness. This strategy is a long term play where losses may have to be accepted in the short-term in order to discourage new entrants. Price segmentation is widely practised and examples include peak versus off peak travel and gym memberships.
Bundling is an effective strategy when: There is a low marginal cost of bundling It captures an increased share of the available customer spend It increases the customer's spend Pricing is a business critical decision and one, where for many companies, there is considerable scope to improve economic performance.
In everyday language, the term is used to mean a reduction in the market value or worth of an asset. When an asset is purchased by a company, the accountants make an estimate for the asset's useful life. If it were a computer, the useful life might be three years, whereas if the asset were a new production line, the useful life might be deemed to be 10 years. A company is free to choose whatever depreciation policy it prefers and consequently, different companies purchasing identical assets will often have different depreciation policies. Furthermore, the useful life as defined by the accountants may or may not reflect the actual life of an asset.
However, it is important to understand that the NBV is an accounting book value and one that does not necessarily reflect the market value of the asset, which may be more or less than the NBV at any point in time.
This is because the £10m cost of the asset would have been paid to the supplier or suppliers as per the terms agreed when purchasing the asset.
Amortisation of Goodwill When a company acquires another company, the difference between the purchase price and the NBV of the acquired company is called goodwill. Goodwill is included as an intangible asset on the balance sheet and can be considered to reflect the value of the intangible assets acquired. These intangible assets might include brands, trade marks, patents, intellectual property and the value of customer relationships, all of which are not easy and subjective to value other than at times of an acquisition. When a company makes an acquisition and pays a premium over the NBV of the company, this premium or goodwill, is normally written off on a straight-line basis over the expected useful life. Indeed, it could be argued that when managed effectively, the value of the purchased intangible assets could increase substantially rather diminish. Thus, it is important to remember what the accounts represent and what they do not represent. If the NPV is positive, the project will yield a return greater than the company's WACC and will therefore create value, whereas if the NPV is negative, the investment would yield less than WACC and thereby destroy value. Consequently, any robust investment appraisal will also assess the impact of changes in assumptions on the projected cash flows and thus the NPV associated with the investment.
In addition, a company will also calculate the internal rate of return (IRR) and payback period associated with the investment. The internal rate of return is the discount rate that would result in a zero NPV, and the higher the IRR, the more attractive the investment.
Payback on an investment is the period of time (projected or actual) that it takes for the incremental discounted cash flows associated with the investment to payback the initial capital investment. This is because cash today is worth less than the same amount of cash yesterday and more than the same amount of cash tomorrow. Most companies are often confronted with a choice of investment projects and only limited funds available.
Over and above conducting an investment appraisal on each individual project, a company can also compare the NPV of each project per £1m invested.
The amount of capital invested is also a measure of risk and thus a company may prefer a portfolio of several lower yielding, 'less risky' investment projects than one more attractive, 'higher risk' big roll of the dice. This is because there are more knowns with the former and consequently, future cash flow projections should be more robust. Nevertheless, empirical studies show that growth investments have a much greater effect on creating value than efficiency investments.
Furthermore, when considering investments decisions, it is also important to remember that not all investments are capitalised on the balance sheet.
For example, investments in: Sales and marketing activities Training an development Research and development are usually charged to the profit and loss account rather than capitalised on the balance sheet. This is because most accountants consider these costs to be margin reducing expenses rather than investments per se.
Nevertheless, irrespective of the accounting treatment, an investment is an investment and cash is cash. All investments of cash need rigorous appraisal, and not just those capitalised on the balance sheet by the accountants.
For lenders, compensation is in the form of interest and for shareholders, compensation is in the form of dividends and share price appreciation. The minimum rate of return required by investors is called the 'opportunity cost of capital' and represents the rate of return foregone by not investing in an alternative investment with the same level of risk. The weighted average cost of capital (WACC) for a company is the opportunity cost of capital for each investor type (i.e. Creating and Destroying Value In economics, the value of a company is known as its enterprise value and is the net present value (NPV) of the company's future free cash flows discounted by its weighted average opportunity cost of capital (WACC). Value is said to be created whenever a company's enterprise value increases and value is said to be destroyed whenever the enterprise value of the company decreases. Investments with a positive NPV, or an IRR greater than a company's WACC, create value whereas investments with a negative NPV, or an IRR less than a company's WACC, destroy value. It is, however, incorrect to conclude that a company that increases its profit in any given year has created value, or that a company where profitability has decreased, has destroyed value.
This is because profit in any given year is a single period measure whereas the enterprise value of a company is determined by its future free cash flow performance.
Indeed, a company that increases its profitability in one year may in fact be destroying value.
Such a situation could arise if the company were either making insufficient investments to retain its competitiveness or has made a misguided value destroying investment decision. Similarly, a company where profitability decreased in any given year, may be creating value by virtue of it improving its ability to compete or because it has made a number of value creating investment decisions whose financial benefits have yet to materialise in the current year's profit and loss account. These include: Single period measure - any single period measure is susceptible to manipulation especially when bonuses are contingent on achieving a particular year end target. Revenue make be brought forward by deep discounting towards year end even though this may prejudice performance in the following year. Arbitrary costs - depreciation and amortisation of goodwill are subjective non cash costs that reduce accounting profit, but have no impact on cash flow and thus no impact on a company's enterprise value. Ignore the opportunity cost of capital employed - When investors entrust their money to a company, they expect to receive a minimum return by way of compensation.
Economic Profit Economic Profit (EP), sometimes mistakenly called Economic Value Added (EVA), is a measure of profitability that has become increasingly popular in the last 10-20 years, especially amongst complex multi-divisional or multi-national companies with stock market listings.
The great beauty of EP is that it produces a single number which captures elements from both the profit and loss account and the balance sheet.
EP measures the surplus earned by a business after the deduction of all its operating costs including its liability to pay corporation tax and the opportunity cost of using investor's capital employed in the company. Some business units and activities which have previously been thought to be good performers generating healthy accounting profits can sometimes be shown to be 'economically unprofitable' once the costs of tax and capital employed are taken into account.
As with traditional accounting measures, EP is a single period measure, and thus susceptible to manipulation by management. For example, a positive EP may have been achieved by cutting back on research and development, training and or marketing expenditure, all of which are likely to impact adversely upon a company's enterprise value by impairing its future economic performance. Likewise, a negative EP may be the result of a significant capital investment in preceding years, which even if projected to be value creative, will have an adverse effect on near-term EP. It is therefore important to consider the future flows of EPs over time rather than EP in any one single period.



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