European Union Law - Article 101(1) Treaty on the Functioning of the Assignment - 1

European Union Law - Article 101(1) Treaty on the Functioning of the European Union - Assignment Example It likewise expands the part played by national fruition specialists (NCA) and national courts in upholding EU rivalry law in this manner justifying a successful and even application (Cavicchiolli 1991). The primary EU rivalry rules are incorporated in article 101(treaty on the working of the European Union TFEU) which covers hostile to serious understandings. The new guidelines came into power as from June 1, 2010 and will terminate in May 2022.A central point of the establishing fathers of the European people group was formation of a solitary market. To achieve this, a perfect, reasonable and straightforward administrative system must be set up. The main significant choice under article 101 was taken by the commission in 1964 (Kimmer 2011). There is banter encompassing the motivation behind the law of rivalry while some state that it fills in as disposal for unacceptable firms that are non-serious. It is contended that the law holds up traffic of free progression of merchandise and ventures. The general court says that the law is to secure the last buyer though Stephen (2010) states its motivation in assurance of part states overall. The general deal anyway is to keep up a harmony among endeavors and the buyer. Article 101 is interpreted broadly. It incorporates formal and casual understandings, deliberate practices where organizations will in general increment or decline costs all the while without genuinely consenting. Unintentional cost increment or decrease won't itself maintain as a coordinated action subsequently there ought to be evidence that the gatherings included were educated of the way that their activities may destabilize the regularity of rivalry activity inside the inward market. In the light of understa ndings, sheer enemy of serious impact is sufficient to make it unlawful in spite of gatherings being uninformed of it or having no plan to prod the impact to event (Okeoghene, 2006). In

Research and academic review related to the strategic importance of Essay

Research and scholastic survey identified with the vital significance of information and the various methodologies associations take to - Essay Example Information and Information Knowledge by and large alludes to the down to earth utilization of data. Then again, data alludes to the general information communicates by words, pictures, sounds and number. Data can be shared, put away or moved. Then again, information doesn't have these qualities. Worldwide retail industry has been considered for the examination so as to decide the significance of information in the business procedure of a few associations inside the business. Just assembling data about cutting edge process or another procedure can't assist an individual or an association with getting accomplishment through it. The associations need to noteworthy degree of ability and information how to actualize these applications or instruments (Schnedlitz, Morschett and Rudolph, 2010, p.109). The facts confirm that information instead of data has become the serious driver over late years. Worldwide retail industry has gotten exceptionally serious because of the nearness of a few dr iving associations. Associations like Tesco, Walmart, Morrison’s, Sainsbury and others are attempting to actualize critical methodologies in the business procedure to guarantee positive business development. ... The facts demonstrate that data about some business devices and procedures help the associations to consider further technique advancement process. However, information about these devices and accomplished data can assist the association with making viable choices that will guarantee authoritative objective. Information as key wellspring of riches Earlier, capital, land and work were considered as the wellspring of riches and business benefit. Presently a-days, information is considered as wellspring of riches for a few business associations. The significant test of the information based economy is to guarantee and cultivate development. A few driving associations inside the retail business are attempting to gain by the potential open doors that have been made because of globalization and innovative upset (Varley, 2013, p.19). The facts demonstrate that associations can embrace and execute progressed mechanical procedure in business activity in any case, can't get accomplishment with out compelling information about the usage procedure. A few driving and mainstream retail chains far and wide are attempting to execute cutting edge innovation in every single business work, for example, assembling, coordinations and flexibly chain, fund and human asset the executives. Serious achievement depends on how deliberately the associations mentally deal with the capital. Powerful information the board is considered as a significant vital instrument. The associations inside the retail business are actualizing separated specialized instruments to improve business process. The facts demonstrate that execution of trend setting innovation in coordinations and gracefully chain the board helps the main retail ties to lessen business activity time and cost

Influenza Essay -- essays research papers

Flu  â â â â â â â â â â â â â â Flu, typically called â€Å"the flu†, the flu infection causes a contamination in the breath tract. Despite the fact that the flu infection can once in a while be contrasted and the basic virus. It likewise can cause an increasingly extreme sickness or demise. During this previous century, pandemics occurred in 1918, 1957, and 1968, in these cases there where lamentably numerous passings. The â€Å"Spanish flu† in 1918, murdered around a large portion of a million people in the United States alone. It executed around 20 million around the world. The â€Å"Asian flu† in 1957, in the United States their 70,000 individuals kicked the bucket. In 1968 the â€Å"Hong-Kong flu† There where 34,000 passings in the United States. The rise of the â€Å"Hong-Kong flu† denoted the start of the of the strand type A (H3N2) time Different strands of a similar infection caused every one of these flare-ups of flu. At the point when this infection previously rose. It was related with less passings than brought about by the two past pandemic infections that I referenced. There are a couple of purposes behind the hemagglutinin transformed from the â€Å"Asian flu† strain. The neuraminidase remained the equivalent. Well the main clarification would be that individuals influenced with the A (H2N2) strain (â€Å"Asian flu†), Built up resistance to the â€Å"Hong-Kong flu†. The flu infection relying upon the seriousness typically incorporates: fever (around 100 F to 103 F), hack, sore throat, cerebral pain, stodgy and running nose, muscle irritation and fatigue....

Maroussia. Book 1. Talisman immortality Review Essay Example

Maroussia. Book 1. Charm everlasting status Review Paper Article on Maroussia. Book 1. Charm everlasting status This book another task Poplita. The promotion expressed that its our reaction to Harry Potter. All things considered, Im like every other person, Harry Potter until the third book of adoration by and large, purchased and purchased. I read. Damn, its equitable durilka. Compose an audit than that, we can just compose what an idiot I am. What is durilka? hurriedly planned something comparative for a book, at that point fiercely promoted. Individuals purchasing. The reason just to gather cash, while individuals don't raschuhal, its only an introductory letter. No one, obviously, this won't be perused, in light of the fact that there is even such a craving it to somebody read, no. Theres the primary concern that just purchased. Purchased, thank you, you can simply discard, you don't trick twice to make it more and read. Its terrible enough that just purchased, for additional, we didn't anticipate. Some of the time, however, on the off chance that this sham is made progressively tricky, at that point it might even seem a spin-off, be that as it may, the peruser doesn't have the Loch and is as a rule on the main continuation and everything kicks the bucket. Be that as it may, when the grandma has beaten back, the children on molochishko distributer earned We will compose a custom exposition test on Maroussia. Book 1. Charm everlasting status Review explicitly for you for just $16.38 $13.9/page Request now We will compose a custom exposition test on Maroussia. Book 1. Charm everlasting status Review explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom exposition test on Maroussia. Book 1. Charm everlasting status Review explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer What did I Also, Im a simpleton, with multiple times - .? The third time I am an idiot, that I compose this audit. All things considered, that, however I presently realize that this distributing venture, and even partook in it as a sucker-separated. It is by all accounts important to blow up, reviling, saying that trash slipped, upbraid them, this item, etc. Be that as it may, decide for yourself, in the event that I despite everything swear I will, Im simply the fourth time will be an imbecile. Think, it is worth multiple times the simpleton and swears, however its this sort of promoting. No, don't pause, its better Im here to mention to the open what I fool myself poreklamiruyu. What's more, stated, I ask you, that I am a moron, a simpleton, and indeed fool. So what's happening with I? Incidentally, why bukmiksa organization didn't open the wagering venture in which each would have wagered on the survivability of such activities? Maroussia. Book 1. Charm eternality Review Essay Example Maroussia. Book 1. Charm eternality Review Paper Paper on Maroussia. Book 1. Charm everlasting status I should state loved. In opposition to the mass of the negative surveys. In any case, I started to peruse a half year back and completed a few seconds ago, however around then there was something additionally fascinating. What are the correlations with Harry Potter? I might be visually impaired, and don't have some unique perspective, however the complete can just suck from a finger. Russian writing book is useful for present day Russian writing, obviously. Considerably more. Already, I don't confide in our writers, I couldn't help thinking that they are mongrels, tyryat thoughts in the West. Until it got to me that everything has just been composed a very long time previously and ability of the author today to introduce the historical backdrop of destroyed model for a fascinating sauce. In this sense, the book is effective. What I like is the portrayal of our short term. I would not decline to live in a. Thus, Maroussia something I can not recollect the complete name ought to be Mary, who had to go to the exploration camp, which wouldn't like to, and as it should be. For sure, upon appearance her life is flipped around, ordinary issues zadvigayutsyana wayside. Presently Marussia associated with the race for the articles (relics), every one of which gives the capacity, which can be utilized if the thing you have lost it, to deny or give. Because of its age, she doesn't have a clue who to accept, and it encourages numerous to control her, obviously, in the psyche of the story is included, however precisely what to cover a less. That, when all is said in done, it is intelligent. We will compose a custom exposition test on Maroussia. Book 1. Charm eternality Review explicitly for you for just $16.38 $13.9/page Request now We will compose a custom paper test on Maroussia. Book 1. Charm everlasting status Review explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom paper test on Maroussia. Book 1. Charm everlasting status Review explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer Astounding diversion fiction. I for one don't stare at the TV and I recollect just quickly notes in diaries about the book, well, consider publicity. Furthermore, what presently is sold without it !? Estesstvenno its a business item, at long last, the books of the individuals who have not ached for cash and acclaim, we invest an excessive amount of energy throughout the years, and this peruses like two or three days. It must be a business it isn't so much that sucks. Books of any sort and bearing are occurring, reserve the option to live. For each item your trader, so I don't guarantee that the book is entirely all inclusive. In any case, I rung a bell. Maroussia. Book 1. Charm interminability Review Essay Example Maroussia. Book 1. Charm interminability Review Paper Exposition on Maroussia. Book 1. Charm eternality This book another undertaking Poplita. The notice expressed that its our reaction to Harry Potter. All things considered, Im like every other person, Harry Potter until the third book of affection as a rule, purchased and purchased. I read. Damn, its equitable durilka. Compose a survey than that, we can just compose what a bonehead I am. What is durilka? hurriedly planned something comparable for a book, at that point uncontrollably publicized. Individuals purchasing. The reason just to gather cash, while individuals don't raschuhal, its only an introductory letter. No one, obviously, this won't be perused, in light of the fact that there is even such a longing it to somebody read, no. Theres the primary concern that just purchased. Purchased, thank you, you can simply discard, you don't trick twice to make it more and read. Its terrible enough that just purchased, for additional, we didn't anticipate. Once in a while, however, on the off chance that this sham is made increasingly clever, at that point it might even seem a spin-off, be that as it may, the peruser doesn't have the Loch and is for the most part on the main continuation and everything bites the dust. Be that as it may, when the grandma has beaten back, the children on molochishko distributer earned We will compose a custom exposition test on Maroussia. Book 1. Charm interminability Review explicitly for you for just $16.38 $13.9/page Request now We will compose a custom paper test on Maroussia. Book 1. Charm everlasting status Review explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom paper test on Maroussia. Book 1. Charm everlasting status Review explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer What did I What's more, Im a numb-skull, with multiple times - .? The third time I am a blockhead, that I compose this survey. All things considered, that, yet I currently realize that this distributing venture, and even took an interest in it as a sucker-separated. It is by all accounts important to blow up, reviling, saying that trash slipped, castigate them, this item, etc. Be that as it may, decide for yourself, on the off chance that I despite everything swear I will, Im simply the fourth time will be a nitwit. Think, it is worth multiple times the moron and swears, yet its this sort of promoting. No, don't pause, its better Im here to mention to the open what I fool myself poreklamiruyu. Furthermore, stated, I implore you, that I am a numb-skull, a bonehead, and indeed fool. So what's happening with I? Incidentally, why bukmiksa organization didn't open the wagering venture in which each would have wagered on the survivability of such tasks?

The acquisition of ASDA by Wal-Mart - Free Essay Example

WAL-MART ASDA Glossary Chapter 2 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Change Overview à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦..à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ 4 Chapter 4 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Financial Performance à ¢Ã¢â€š ¬Ã¢â‚¬Å" Company Liquidity à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦..à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦. 6 Chapter 5 Market Reaction to the Change à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.. 12 Chapter 6 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Investor Ratios à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ã ƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦. 14 Chapter 7 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Companies Dividend Policy à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦. 22 Chapter 8 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Companies Capital Structure à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ 23 Chapter 9 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Companies Risk Assessment à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦..à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ 24 Corporate 10 Strategy Evaluation à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ 28 Chapter 11 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Conclusion à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ 32 Tables à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ 34 Bibliography à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ 35 The acquisition of ASDA by Wal-Mart on July 26, 1999 in reality began in 1991 when Archibald John Norman became the Chief Executive of ASDA (Wikipedia, 2005). The company, formed in 1965 by farmers from Yorkshire, fell upon difficult times in the late 1980à ¢Ã¢â€š ¬Ã¢â€ž ¢s and was transformed under the leadership of Mr. Norman as ASDA became the second largest supermarket chain in the United Kingdom. That transformation saw troubled ASDA develop into a savvy customer driven chain whose slogan was à ¢Ã¢â€š ¬Ã…“permanently low prices foreverà ¢Ã¢â€š ¬Ã‚  (Wal -Mart, 2000). This closeness to the Wal-Mart à ¢Ã¢â€š ¬Ã…“Smiley faces everyday low price campaignà ¢Ã¢â€š ¬Ã‚  is not by accident states Allan Leighton, Chief Executive Officer of ASDA (Wal-Mart, 2000). The company began à ¢Ã¢â€š ¬Ã‹Å"borrowingà ¢Ã¢â€š ¬Ã¢â€ž ¢ Wal-Mart marketing staples such as à ¢Ã¢â€š ¬Ã‹Å"rollbacksà ¢Ã¢â€š ¬Ã¢â€ž ¢ and à ¢Ã¢â€š ¬Ã‹Å"volume-producing itemà ¢Ã¢â€š ¬Ã¢â€ž ¢ (Wal-Mart, 2000). Thus, the acquisition of ASDA by Wal-Mart is one of almost identical corporate cultures and market image. Leighton said à ¢Ã¢â€š ¬Ã…“The businesses are so similarà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚  they are à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦almost spookyà ¢Ã¢â€š ¬Ã‚  (Wal-Mart, 2000). This synergistic climate fostered the Wal-Mart acquisition of ASDA. Wal-Mart became the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest retailer by utilizing the time proven principles of economies of scale as well as detailed attention to employee retention, controlling costs and getting the most fr om every dollar spent, regardless of operating area. Contrary to some opinions Wal-Mart is not close to market saturation in the United States. It presently operates 1,353 discount stores, 1,713 super centers and 85 neighborhood markets generating $191.8 billion from these operations (Wal-Mart, 2005). The preceding does not take into account Samà ¢Ã¢â€š ¬Ã¢â€ž ¢s Clubs (551), and international outlets (1,587). Thus, Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s acquisition of ASDA represents a long term strategy the company has been engaged in since 1991 when it opened its first foreign outlet in Mexico (Rowell, 2003). And the growth provided from foreign expansion has increased the company size to the point where it is over 4 times the size of the second largest retailer, Carrefour, and tops the Fortune 500 List as the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest company (CNN Money. 2004). Within the midst of this global expansion the ASDA acquisition by Wal-Mart has been termed by many analysts à ¢Ã¢â€š ¬Ã…â €œÃƒ ¢Ã¢â€š ¬Ã‚ ¦as the template for future global expansionà ¢Ã¢â€š ¬Ã‚  (Wal-Mart, 2000). Such a landmark business event thus serves as the basis for this paper. The field of corporate finance is extensive in terms of the accounting and finance areas it covers, as well as its applications. Be it expansion, plant and equipment financing, or mergers and acquisitions, to name a few, the variables that must considered and examined are vast in order that the acquiring company understand the financial structure, fiscal health, market positioning, competitive practices and corporate culture of the subject company. Market share is the objective of every business and that means growth. A company achieves this end through the application of a number of techniques, preferably in combination: increased sales expanded product line product innovations new product introductions expansion into new markets via: company introduction joint ventures mergers and/or acquisition Todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s business climate requires companies to produce sustained growth in order to satisfy shareholder expectations of value, and this means employing economies of scale in operations to achieve internal savings that maintain price competitiveness, specially in the food retailing sector. The waves of consolidation have pointed to the utilization of mergers and acquisitions as the quickest means to achieve these ends when the conditions favor such. This means a company instantly gains presence in a market with established operations in place. In addition, the acquiring company adds significant assets to its operations as well. Financing such acquisitions means that the acquiring entity have the internal as well as external fiscal resources in place. Financing such activity can take one or all of the following forms: internal cash on hand funds raised by shares and or additional offerings leveraging of assets borrowing issuance of corporate stock The selection of the one, part or all of the preceding, the percentage of each selected area that will be utilized to obtain the required figure and the resultant effects on the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial well being after the acquisition are equations that must be examined and worked through prior to entering into such activity. Such is the nature of corporate finance, the means by which a company utilizes its fiscal resources to obtain the net result of increase market share, economies of scale, stabile operations and profitability. Chapter 2 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Change Overview In examining the conditions to acquire another company, the obvious aspect to be considered and equated is that of changeà ¢Ã¢â€š ¬Ã¢â€ž ¢. Change that will occur: Within the acquiring company as a result of expanded operations in administration, logistics, accounting, legal, regulations, cultural adjustments, marketing, packaging and personnel, In the acquired company in terms of acceptance of being a subsidiary and the resultant corporate culture adaptations, managing personnel, as well as uncertainty over the future and individual positions, Public and shareholder opinions concerning the proposed acquisition and how this will impact upon the corporate images of both companies, Competitive adjustments that will occur from this new threat. The preceding requires that both companies have a thorough understanding of the far reaching ramifications that will accompany such an action and what adjustments, preparations and other measures they will need to undertake both internally as well as in the press, with suppliers and other sources to minimize and any negative connotations. How adequately and thoroughly both companies prepare for and execute the necessary aspects of the preceding broad categories are as important to the actual financial ramifications of the acquisition as they help to set the climate in which these firms will operate in the near future. Areas overlooked can potentially surface to impact negatively and thus affect the projected success of the acquisition in terms of returns, public opinion and market reactions. Chapter 3 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Rational and Expectations In the case of Wal-Mart the rational behind the acquisition of ASDA Group PLC was entrance to a new market to fuel growth, market sh are, achieve economies of scale and drive bottom line results. Said practice had been implemented on the part of the company starting in 1991 when it entered Mexico in a joint venture that eventually became an acquisition. That first foray was a practical learning experience for the company conducted almost within its own back yard. The closeness of the deal enabled Wal-Mart to keep tabs on problems and thus have a logistical as well as managerial advantage in being able to react and respond to the multitude of new developments that would or could surface operating in a foreign environment. The practical foresight in conducting a close at hand foreign market entry minimized the potential for embarrassment resulting from errors, made even moreso by the relative unimportance of the country in and on the world stage. Subsequent entries into Puerto Rico, Canada, and other countries permitted Wal-Mart to gain valuable internal expertise to tackle increasingly competitive markets. The company rationale and expectations concerning this acquisition were stated by Wal-Mart International Division president John Menzer in indicating that Wal-Mart à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ needsà ¢Ã¢â€š ¬Ã‚ ¦.the growth..à ¢Ã¢â€š ¬Ã‚  when in the future à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ the United States (growth), slows downà ¢Ã¢â€š ¬Ã‚  (Rowell, 2003). He added that à ¢Ã¢â€š ¬Ã…“The United Statesà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚  represents à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦37 percent of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s economyà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚  therefore leaving à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦63 percent of internationalà ¢Ã¢â€š ¬Ã‚  growth (Rowell, 2003). Clearly, Wal-Mart was and is seeking growth via consolidation. Chapter 4 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Financial Performance à ¢Ã¢â€š ¬Ã¢â‚¬Å" Company Liquidity 4.1 Disclosure Ethics The à ¢Ã¢â€š ¬Ã‹Å"disclosureà ¢Ã¢â€š ¬Ã¢â€ž ¢ policy of public companies must conform to the standards and regulations as set forth by the respective governing bodies overseeing the trading and regulations for the stock market. In the United States this body is the Securities and Exchange Commission that sets forth specific rules requiring public companies à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ to provide complete and comprehensive disclosureà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚  (Moulton and Rosen, 1999). In the United Kingdom the Financial Services Authority oversees the regulation of stocks listed on the London Stock Exchange. The disclosure rules are not as strict as those posed by the Securities and Exchange Commission in the United States and they set forth specifics concerning (Financial Services Authority, 2005): transferable securities, units in collective investment undertakings, money-market instruments, financial futures, forward interest-rate agreements, interest-rate, currency and equity swaps; options to acquire or dispose of any instrument falling into these categories, derivatives on commodities; and any other instrument admitted to trading on a regulated market in an EEA State or for which a request for admission to trading on such a market has been made. The way in which the disclosure rules are laid out requires investors to have a strong working knowledge of the intricacies of this area. This loose interpretation has been challenged by Callum McCarthy the chairman of the FSA in a speech delivered on November 5 2004 which called for increased disclosure rules (FSA, 2004). Thus the question of morality with regard to companies supplying investors with scant information is governed by the rules set forth and therefore companies seek to present themselves in the best possible light and reveal what is required. The question as to whether this policy is in the public interest is undergoing review by the European Union. The recent scandals in the United States with respect to the failures and bankruptcies of large U.S. firms has created a new climate on the part of governments to set forth stricter rules and policies to safeguard the public. Financial reports for large corporations take on the name of à ¢Ã¢â€š ¬Ã‹Å"consolidated fina ncialà ¢Ã¢â€š ¬Ã¢â€ž ¢ statements, which is the combination of all subsidiaries and operating companies within the corporation. The merging of this data shields details from any one company and thus protects weak performing units from all but the closest scrutiny. As the consolidated financial statements meet the rules of financial disclosure this practice is not illegal. However, in the case of large companies with multiple divisions and subsidiaries, important information can he lost in the maze of numbers and reporting techniques thus making the average investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s task of understanding what profits and losses are attributable to which division as difficult if not nearly impossible. 4.2 Wal-Mart Post Merger Wal-Mart trades as WAL on the London Stock Exchange at 2,497 p as of 8 October 2005 which is down from its February 2002 high of 4,425 p. The stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s downward spiral since that time has been consistent. As the second largest UK food reta iler it has been losing market share to rival Tesco whose market lead of 10% over ASDA points to their success. Worse still that gap between Wal-Mart / ASDA and Tesco is widening (Wikipedia, 2005). As Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest overseas holding, ASDA accounts for approximately half of its international sales which are reported to be over  £15 billion. Interestingly, a good part of the resurgance of J. Sainsbury has come at the expense of ASDA, thus the removal of Tony de Nuzio as the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Chief Executive Officer by Andy Bond in the early 1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s (Wikipdeia, 2005). The driving force behind ASDAà ¢Ã¢â€š ¬Ã¢â€ž ¢s marketing campaign and image to consumers is as à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ Britainà ¢Ã¢â€š ¬Ã¢â€ž ¢s lowest priced supermarketà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚  (Wikipedia, 2005), a claim that Tesco finally has managed to take away from ASDA / Wal-Mart for the first time in seven years (BBC News, 2005). ASDAà ¢Ã¢â€š ¬Ã¢â€ž ¢s marketing is not reaping the results the company is looking for and this has been reflected in the appointment of Sharon Osbourne to replace Julie Walters at the company. Based upon the in-depth information contained herein, as well as the relative positioning and successes of ASDAà ¢Ã¢â€š ¬Ã¢â€ž ¢s rivals, the stock is not recommended for acquisition unless one is seeking a speculative long term hold based on Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s marketing savvy being able to regain market share and make up ground on market leader Tesco over time. 4.3 Competitive Comparisons The competitive market that Wal-Mart entered in its acquisition of ASDA consists of only four major firms in the super center category with a number of smaller operators. In order to more completely understand the dynamics of the merger, an understanding of the food retailing market in the United Kingdom is in order. 4.3.1 Wm Morrison Supermarkets PLC Wm Morrison became a major competitor in the U K supermarket wars via its acquisition of larger rival Safeway PLC in March of 2004 (Hoovers, 2005). That acquisition required Wm Morrison to best Tesco and ASDA in a hotly contested battle and it increased its number of stores from 125 to 550 (Hoovers, 2005). Ranked 4th in terms of turnover size in the United Kingdom food retailing market, the company presently has 360 supermarkets. Its marketing strategy is based upon conducting the basics of the business efficiently utilizing a low price format from large stores. Interestingly, Morrison has sold off the 114 Safeway Compact convenience stores to Somerfield while both Tesco and ASDA are expanding their presence into this market. Morrisonà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock performance over the past five years has fluctuated from 178 p to a high of 250 p and presently trades at 177.75 (Yahoo Finance. 2005). The company recently reported a 14% increase in sales at the converted Safeway stores and has shown steady sales increases since 2000: Table 1 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Wm Morrison Supermarket PLC (Wikipedia, 2005) Year Ended Turnover ( £ millions) Profit Before Tax ( £ millions) Profit After Tax ( £ millions) 30 January 2005 12,116 297.1 205.7 1 February 2004 4,944 319.9 197.6 2 February 2003 4,290 282.2 186.3 3 February 2002 3,915 243.0 143.7 4 February 2001 3,496 219.1 120.0 29 January 2000 2,969 189.2 103.1 The latest analyst recommendations for the company are as follows: Table 2 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Wm Morrison Supermarkets PLC Analyst Rating (Yahoo Finanzen, 2005) Rating Analyst Wm Morrison Supermarkets: Neutral JP Morgan Wm Morrison Supermarkets: Under perform Goldman Sachs Wm Morrison Supermarkets: Equal Weight Lehman Brothers Wm Morrison Supermarkets: Out perform Credit Suisse First Boston 4.3.2 J. Sainsbury Listed on the London Stock Exchange as SBRY, at one time this chain was the largest in the United Kingdom. Today J. Sainsbury is the third largest chain in the UK and it has recovered from losses in market share to stabilize its operations (Wikipedia, 2005). The companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s new strategy was based upon overhauling its supply chain to solve the problems of stock availability, price competitiveness and improving customer service. The companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance since 1998 is as follows: Table 3 à ¢Ã¢â€š ¬Ã¢â‚¬Å" J. Sainburys PLC (Wikipedia, 2005) Year Ended Turnover ( £ millions) Profit Before Tax ( £ millions) Net Profit ( £ millions) Basic Eps (p) 26 March 2005 15,409 15 61 3.5 27 March 2004 17,141 610 396 20.7 29 March 2003 17,079 667 454 23.7 30 March 2002 17,162 571 364 19.1 31 March 2001 17,244 437 276 14.5 1 April 2000 16,271 509 349 18.3 3 April 1999 16,433 888 598 31.4 7 March 1998 14,500 719 487 26.1 Analyst ratings for the company are: Table 4 à ¢Ã¢â€š ¬Ã¢â‚¬Å"J Sainsbury PLC Analyst Ratings (Yahoo Finanzen, 2005) Rating Analyst J. Sainsbury: Underweight Lehman Brothers J. Sainsbury: In-Line Goldman Sachs J. Sainsbury: Under Perform Credit Suisse First Boston J. Sainsbury: Underweight JP Morgan Clearly, analysts are not yet convinced of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s re-structuring efforts and the ratings reflect such. The company numbers 512 stores and has expanded into banking and financial services. It is this diversity that analyst feel caused the company to lose its focus on its core business, food retailing and the resultant crisis. The companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s share price has dropped from a high of 450 p in mid 2001 to a low of 220 p on February of 2003 and now trades at 283.50 p. 4.3.3 Tesco Britainà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest retailer in global as well as domestic sales has managed to wrest the title of lowest priced supermarket chain from rival ASDA / Wal-Mart to add to the other successes it has had in the market place. With a 29% share of the market it leads ASDA / Wal-Mart by a full 10%. A survey conducted by The Grocer stated that the average shopping at Tesco came in at  £167.84 which was 0.4% less than for the same items at ASDA / Wal-Mart (B BC News, 2005). Tescoà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance since 1998 has been as follows: Table 5 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Tesco PLC (Wikipedia, 2005) Year Ended Turnover ( £ millions) Profit Before Tax ( £ millions) Net Profit ( £ millions) Basic Eps (p) 26 February 2005 33,974 1,962 1,366 17.72 28 February 2004 30,814 1,600 1,100 15.05 22 February 2003 26,337 1,361 946 13.54 23 February 2002 23,653 1,201 830 12.05 24 February 2001 20,988 1,054 767 11.29 26 February 2000 18,796 933 674 10.07 27 February 1999 17,158 842 606 9.14 28 February 1998 16,452 760 532 8.12 The companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s loyalty programs, Internet shopping service and customer satisfaction have enabled it to maintain its leadership position. On a global scale, Tesco oversees Internet grocery retail operations for U.S. based Groceryworks in which it has a 35% stake (Wikipedia, 2005). The company also has expanded into mobile and landline telephone services as well as it being an ISP. Tesco is also pursuing expansion through the acquisition of other companies. The companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock has risen after a drop in February 2002 to its current highs of (Yahoo Finance, 2005) and analystà ¢Ã¢â€š ¬Ã¢â€ž ¢s favor the stock. Table 6 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Tesco PLC Analyst Rating (Yahoo Finanzen, 2005) Rating Analyst Tesco: Reduce Jyske Bank Tesco: Reduce Jyske Bank Tesco: Out Perform Goldman Sachs Tesco: Overweight JP Morgan Tesco: Out Perform Hypo Vereinsbank Tesco: Overweight Morgan Stanley Tesco: Kaufen Helaba Trust Tesco: Overweight JP Morgan Tesco: Overweight JP Morgan Tesco: Upgrade Hypo Vereinsbank Tesco: Kaufen Helaba Trust Tesco: Overweight (Update) JP Morgan Tesco: Overweight JP Morgan Chapter 5 Market Reaction to the Change Wal-Mart has been surprising market analysts since its humble beginnings as a discount warehouse outlet that initially opened stores in rural areas. That foundation of providing its customers with low priced merchandise items across a broad spectrum of product types soon vaulted the company past then U.S. market leader K-Mart. John Menzer, the president of Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s international division states that the company à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ needsà ¢Ã¢â€š ¬Ã‚ ¦.the growth..à ¢Ã¢â€š ¬Ã‚  when in the future à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ the United States (growth), slows downà ¢Ã¢â€š ¬Ã‚  (Rowell, 2003). Menzer goes on to add that à ¢Ã¢â€š ¬Ã…“The United Statesà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚  represents à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦37 percent of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s economyà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚  therefore leaving à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦63 percent of internationalà ¢Ã¢â€š ¬Ã‚  growth (Ro well, 2003). The double-digit gains the analysts have become used to from Wal-Mart have become increasing harder for the company to sustain in the U.S. market where it opens a new stores approximately once every 42 hours (Rowell, 2003). The companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s first move abroad in Mexico occurred in 1991, which was followed by Puerto Rico (1991), Canada (994), Argentina and Brazil (1995) continued with Jakarta (1996), China (1996), Germany (1998), South Korea (1998), the United Kingdom (1999), and then Japan (2002) (Rowell, 2003). The phenomenon of Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s foreign expansion has been commented upon by Al Norman on à ¢Ã¢â€š ¬Ã‹Å"CBS 60 Minutesà ¢Ã¢â€š ¬Ã¢â€ž ¢, who stated that the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s expansion into Mexico is a telling script on how it buys into existing operations rather than start from scratch (Rowell, 2003). The soundness of this strategy gives Wal-Mart a distinctive advantage in that by à ¢Ã¢â€š ¬Ã‹Å"buying intoà ¢Ã¢â€š ¬Ã¢â €ž ¢ a foreign market it eliminates a competitor as well as obtaining a functioning operation that is known to consumers, along with trained employees and established outlets. The Wal-Mart concept of large stores with massive inventories forces it to seek locations on the fringe areas of towns. The pull of a Wal-Mart causes people to drive thus taking them out of proximity with the in-town shops. This eventually creates a drawn on their business and to compete, in-town stores have to re-locate to approximate the Wal-Mart locations in order to maintain business. This cycle continues until the areas around super stores now support a variety of other business leaving the in-town shops suffering. Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s entry into the British arena has prompted a price war between it and larger British food retailing rival Tesco. Tescoà ¢Ã¢â€š ¬Ã¢â€ž ¢s real estate positioning in the market is superior to ASDA which Wal-Mart / ASDA is battling by discounting and expanding mercha ndise ranges as well as new store openings (Morning News, 2005). Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock price since the merger has dropped approximately 30% as the company pours more cash into market expansion, not just in Britain, but other markets it has entered as well. Chapter 6 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Investor Ratios Varied ratios permit investors, analysts and financial institutions to evaluate public companies against varied proven formulas. Taken as a whole, combinations of these ratios and formulas provide a look inside the maze of financial information by focusing on the key variables and their relationships to each other. 6.1 Ratio Analysis Liquidity ratios measure the financial liquidity position on a specific day, such as when the Balance Sheet is completed. The resulting ratios help to measure the capability of the company to handle its short as well as long term obligations (CreditGuru, 2005): First Liquidity Ratio, Is obtained by dividing à ¢Ã¢â€š ¬Ã‹Å"total current assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢ by à ¢Ã¢â€š ¬Ã‹Å"total current liabilities. The resulting ratio represents the à ¢Ã¢â€š ¬Ã‹Å"working capitalà ¢Ã¢â€š ¬Ã¢â€ž ¢ of the current assets to meet current obligations (CreditGuru, 2005): ASDA 1998 (Compitition Committee, 2003) The ASDA ratio of 2.978 remains fairly constant through 1999, the year of the acquisition, as would be expected since the company was in a normal operations mode, and had not undertaken any unusual or costly expansion, renovation or merger activities during this period. In fact it could very well be said that since the company was aware of the pending acquisition through talks with Wal-Mart, it might have delayed any activity that would have reflected negatively on the sale price out of responsibility to the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s shareholders. ASDA 1999 (Compitition Committee, 2003) The ratio for this year compares favorably with the ratio for 1998 as would seemingly be the case for a company understanding that it is in the midst of a merger. (3.0266) Wal-Mart 1997 (Shibui Markets, 2005) The figures for the à ¢Ã¢â€š ¬Ã‹Å"First Liquidity Ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢ remain fairly consistent for the years leading up to the acquisition. 1.642 represents the à ¢Ã¢â€š ¬Ã‹Å"First Liquidity Ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢ for 1997. Wal-Mart 1998 (Shibui Markets, 2005) The à ¢Ã¢â€š ¬Ã‹Å"First Liquidity Ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢ for 1998 is 1.33 Wal-Mart 1999 (Shibui Markets, 2005) The à ¢Ã¢â€š ¬Ã‹Å"First Liquidity Ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢ for 1999 is 1.26 The ratio does not increase due to the acquisition as a result of adding assets and liabilities that were in proportion from ASDA. Wal-Mart 2000 (Shibui Markets, 2005) The ratio post merger figure shows a decline which indicates that the assets to liabilities benefits and obligations were in Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s favor as reflected by 0.99. Second Liquidity Ratio The à ¢Ã¢â€š ¬Ã…“Quick Ratioà ¢Ã¢â€š ¬Ã‚  is calculated by dividing à ¢Ã¢â€š ¬Ã‹Å"total quick assetsà ¢Ã¢â€š ¬Ã¢â€ž ¢ by à ¢Ã¢â€š ¬Ã‹Å"total current liabilities. Quick Assets are those that can be easily converted to cash if they are not already in that form. It is represented by current assets less inventories (Investopedia, 2005). ASDA 1998 Data not available ASDA 1999 Data not available Wal-Mart 1997 (Wal-Mart, 2000) The à ¢Ã¢â€š ¬Ã‹Å"Quick Assetà ¢Ã¢â€š ¬Ã¢â€ž ¢ figure for 1997 is 0.19. Wal-Mart 1998 (Wal-Mart, 2000) The à ¢Ã¢â€š ¬Ã‹Å"Quick Assetà ¢Ã¢â€š ¬Ã¢â€ž ¢ figure for 1998 is 0.19 Wal-Mart 1999 (Wal-Mart, 2000) The increase in this number is a result of the ASDA acquisition, 0.24. Wal-Mart 2000 (Wal-Mart, 2000) The ratio reduces slightly in conformity with a similar reduction shown by the First Liquidity Ratio for the same years (1999 and 2000), 0.17. Third Liquidity Ratio The Debt to Equity Ratio is calculated by dividing à ¢Ã¢â€š ¬Ã‹Å"Total Liability (Debt)à ¢Ã¢â€š ¬Ã¢â€ž ¢ of a firm by à ¢Ã¢â€š ¬Ã‹Å"Owners Equity (Net Worth)à ¢Ã¢â€š ¬Ã¢â€ž ¢. This ratio permits the measurement of how the firm is managing the leveraging of its debt with respect to the capital being utilized (Investipedia, 2005). The formula provides information to determine that if the liabilities exceed the net worth, which would mean that the creditors have a bigger stake in the enterprise than the shareholders. It is computed by taking the à ¢Ã¢â€š ¬Ã‹Å"Total Liabilitiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ and dividing it by à ¢Ã¢â€š ¬Ã‹Å"Owners Equityà ¢Ã¢â€š ¬Ã¢â€ž ¢ ASDA 1998 Data not available ASDA 1999 Data not available Wal-Mart 1997 (Wal-Mart, 2000) Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã‹Å"Debt to Equity Ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢ for 1998 is 0.639. Wal-Mart 1998 (Wal-Mart, 2000) The à ¢Ã¢â€š ¬Ã‹Å"Debt to Equity Ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢ for 1998 is 0.782 Wal-Mart 1999 (Wal-Mart, 2000) The à ¢Ã¢â€š ¬Ã‹Å"Debt to Equity Ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢ for the year of the merger remains constant, in conformity with the First Liquidity Ratio and à ¢Ã¢â€š ¬Ã‹Å"Quick Asset Ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢ for these years, 0.793. Wal-Mart 2000 (Wal-Mart, 2000) The à ¢Ã¢â€š ¬Ã‹Å"Debt to Equity Ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢ increase slightly the following year to 0.998. 6.2 Net Income Comparisons to Industry Standards The data for ASDAà ¢Ã¢â€š ¬Ã¢â€ž ¢s net income comparatives could not be found as much of the data is either unavailable or not found in the consolidated financial statements of Wal-Mart. Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s numbers for the period 1997 through 2000 are as follows (Wal-Mart, 2000): 1997 21% 1998 21% 1999 22% 2000 21% The preceding numbers are close to the industry standard of 25.9% as determined by The Co-operative Group (Co-operative Group, 2005), an association of business individuals who formed this organization as a result of their common economic, cultural and social needs. Wal-Martà ¢Ã¢â€š ¬Ã¢â€ž ¢s positioning as a low price retailer puts additional pressure on profits as a result of pricing, thus the preceding figures do not seem out of line with their market positioning both before and after the acquisition of ASDA Group PLC. 6.3 Share Price Comparison with FTSE According to the September 2005 FTSE UK Markets Review (FTSE Research, 2005) Food and Drug Retailers posted a share price performance of à ¢Ã¢â€š ¬Ã¢â‚¬Å"3.9%. The industry grouping takes into account all publicly listed firms within the classification and as a group they represented one of the à ¢Ã¢â€š ¬Ã…“5 Worst Performing Industry Sectors on the FTSE (FTSE Research, 2005). 6.4 Systematic and Unsystematic Risk Analysis 6.4.1 Systematic Risk Analysis A à ¢Ã¢â€š ¬Ã‹Å"systematic riskà ¢Ã¢â€š ¬Ã¢â€ž ¢ influences a broad spectrum of assets and can include the entire market. The other name for this term is à ¢Ã¢â€š ¬Ã…“Market Riskà ¢Ã¢â€š ¬Ã‚  as a result of the aforementioned (Mississippi State University, 2003). Some examples of areas or aspects that can, and do affect the entire market are (Mississippi State University, 2003): Changes in the money supply, Inflation, GDP growth, Changes in tax rates, and War or regional conflicts The sweeping ramifications of the foregoing, as a few select examples, will either immediately or eventually effect almost all of the firms within the market. One important consideration to keep in mind is that these à ¢Ã¢â€š ¬Ã‹Å"systematic risksà ¢Ã¢â€š ¬Ã¢â€ž ¢ can not be eliminated in terms of management measures, portfolio changes or other techniques. One either rides them out, cost averages down or waits until it (the risk) has run its course. The Markowitz Model states that the à ¢Ã¢â€š ¬Ã‹Å"investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s total utilityà ¢Ã¢â€š ¬Ã¢â€ž ¢ is based upon the assumption of an expectation of future wealth and the risk that is expected as a result of this. There are three fundamental results that typify optimum investment (Mississippi State University, 2003): Investors seek and prefer higher returns or lower returns, Investors want to avoid risk or minimize it wherever possible, and that there is a à ¢Ã¢â€š ¬Ã‹Å"diminishing marginal utilityà ¢Ã¢â€š ¬Ã¢â€ž ¢ connected to the attainment of wealth. 6.4.2 Unsystematic Risk Analysis This type of risk affects either an individual firm, or a small quotient of financial assets as well as firms. It is also known as a à ¢Ã¢â€š ¬Ã‹Å"Market Specific Riskà ¢Ã¢â€š ¬Ã¢â€ž ¢ since it affects a specific area or firm. Another aspect of this risk is that it is also termed a à ¢Ã¢â€š ¬Ã‹Å"Diversifiable Riskà ¢Ã¢â€š ¬Ã¢â€ž ¢ in that it can be removed from a portfolio since it is a singular type of occurrence. Since à ¢Ã¢â€š ¬Ã‹Å"unsystematic riskà ¢Ã¢â€š ¬Ã¢â€ž ¢ is random the effect can be eliminated from a portfolio through diversification as this type of risk is usually offset by good events occurring in another firm or firms (Mississippi State University, 2003). 6.5 CAPM (Capital Asset Pricing Model) The Capital Asset Pricing Model was developed by William F. Sharpe whose approach of a à ¢Ã¢â€š ¬Ã‹Å"heretical notionà ¢Ã¢â€š ¬Ã¢â€ž ¢ concerning investment risk as well as reward was the basis for it. Under this model there a re two specific risks (Burton, 1998): The risk of being in the market, which Sharpe titled a systematic risk. This was later called à ¢Ã¢â€š ¬Ã‹Å"betaà ¢Ã¢â€š ¬Ã¢â€ž ¢ and it can not be removed by diversification. The second aspect of risk is the unsystematic risk which can be mitigated through diversification measures. Sharpe calculated that the expected return of a portfolio is based on its à ¢Ã¢â€š ¬Ã‹Å"betaà ¢Ã¢â€š ¬Ã¢â€ž ¢, which is its relationship to the market overall. The Capital Asset Pricing Model aids in measuring portfolio risk and the return on said risk that can be expected for assuming it (Burton, 1998). 6.6 Beta Termed a statistical measurement of volatility regarding a stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s trading price in relationship to the price movement of the market overall, it is a useful theory that the average investor can and does utilize (Carlson, 2003). The following is what beta reveals about a stock (Carlson, 2003): Beta of 1 This indicates that the stock is market neutral, meaning that is neither carries less or more risk than the market overall. The stock will tend to move as the market moves, up or down. Beta that is greater than 1 Stocks falling within this category will either rise or fall faster than the market does. As an example, a stock whose à ¢Ã¢â€š ¬Ã‹Å"betaà ¢Ã¢â€š ¬Ã¢â€ž ¢ is 1.25 is forecast to move 25% more than the market, thus if the market rises by 1%, then the stock is expected to rise by 1.25%. The same is true in a decline. Beta that is under 1 A stock with a à ¢Ã¢â€š ¬Ã‹Å"betaà ¢Ã¢â€š ¬Ã¢â€ž ¢ that is less than 1 is projected to move less than the market does. A à ¢Ã¢â€š ¬Ã‹Å"betaà ¢Ã¢â€š ¬Ã¢â€ž ¢ of 0.8% means the stock is expected to move 0.8 in price when the market moves by 1%. 6.7 WACC Known as the à ¢Ã¢â€š ¬Ã…“Weighted Average Cost of Capitalà ¢Ã¢â€š ¬Ã‚  this theory calculates the expected return to owners of equity and debt the cost of capital. WACC calculates the return that both the lenders and stakeholders can expect. In a discounted cash flow analysis the WACC is utilized as the discount rate that is applied to cash flows in the future to derive the net present value of the business. The WACC is also used as the hurdle rate via which to gauge ROIC performance (McClure, 2003). 6.8 Capital Gearing Ratios Also known as à ¢Ã¢â€š ¬Ã‹Å"leverageà ¢Ã¢â€š ¬Ã¢â€ž ¢, gearing describes the components of long-term corporate funding that is internally provided by shareholders and contributed to exter nally by lenders. Utilizing ratio analysis to interpret financial statements requires more that just calculating key gearing ratios. The ratios are tools that provide a deeper insight of the company to aid in planning and decision making along with control (Anderson, 2000). The higher the degree of leverage within a company the more risky that company is. As is the case with most ratios the average level of ratios within an industry is considered the acceptable norm. Some of the more widely understood examples of gearing ratios are (Anderson, 2000): Debt to Equity Ratio, Times interest earned, Equity Ratio, and Debt Ratio 6.9 Pecking Order Theory Under this theory, funds that are generated internally represent a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s first selection or choice, which is followed by debt and then equity as the third choice (Frank et al, 2000) 6.10 Static Trade Off Theory The à ¢Ã¢â€š ¬Ã‹Å"Static Trade Off Theoryà ¢Ã¢â€š ¬Ã¢â€ž ¢ basically consists of two versions and they both predict that companies have a capital structure that is optimal: The traditional version postulates the capital structure of a firm and is determined as a result of the trade-off in the tax benefits of debt and the costs expected as a result of financial distress. An optimal mix of debt and equity is obtained when à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦the marginal present value of tax savings equals the marginal present value of financial distress costs.à ¢Ã¢â€š ¬Ã‚  (Irvine et al, 2000) The second version, which is termed à ¢Ã¢â€š ¬Ã‹Å"agency theoryà ¢Ã¢â€š ¬Ã¢â€ž ¢, is a trade-off regarding the agency costs associated with an equity and the agency debt costs. An optimal debt-to-equity ratio minimizes the total agency costs. Prior to the merger of ASDA Group PLC and Wal-Mart, ASDA paid out dividends when operational profits permitted. In addition, the employees participated in a share scheme whereby 7% of their paycheck go into the scheme and this is still active after the merger. The start of the fiscal year also marks the period when employees can elect to sell, buy as well as float their shares. The post merger climate has changed this to a small degree in that the ASDA employees are purchasing Wal-Mart shares (Coursework.info, 2005). By providing employees with a vested interest in the company they work for via share ownership, management receives a higher level of commitment and this has helped the company achieve its goals and objectives as set forth in customer service and quality as well as internal baking, sales and other aspects of business. 7.1 Dividend Policy Theory of Modigiliani and Miller In 1961 Modigiliani and Miller argued that the value of a company is independent of that compa nyà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy (Estrada, 1996). The amounts of money that are paid out in dividend policy are in reality quite extensive. Thus the payment of dividends does deplete companies of cash which might be put to better use elsewhere. In those types of situations many firms opt not to pay out dividends in order to keep cash on hand. Thus there does seem to be a correlation, at least in the instances of some firms, whereby dividend policy is either linked or thought of in consideration of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s overall value 7.2 Dividend Policy Theory of Lintner John Lintner (1956) developed this theory by utilizing two observational facts of dividend policy as the basis for correlation: That companies usually set long-run ratios regarding dividends tied to earnings and the amount of NPV projects which are available. NPV is a tool that evaluates investment decisions. Its primary advantage is the time value of money, calculation of uncertainty as well as the risks of the project that are inherent in its implementation (Odellion Research. 2004). And that earnings increases are not always a given, thus the dividend policy is not changed until new earnings levels are achieved and sustained. Of these two differing views Lintnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s model takes a more pragmatic stance in that dividend policy is tied to corporate performance and long term stability rather than the need to pay out dividends for the sake of dividends. 8.1 Modigiliani and Miller The à ¢Ã¢â€š ¬Ã‹Å"Capital Structure Irrelevance Theoremà ¢Ã¢â€š ¬Ã¢â€ž ¢ states that a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦capital structure does not affect firm valueà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚  (Hill, 1996). Simply stated, a company can not increase the capital value of the enterprise by utilizing one capital structure in place of another as it is a static item. The assumptions put forth by Modigiliani and Miller are as follows (Hill, 1996): Investment decisions are independent of financing decisions, Financial markets are perfect, Financial markets are complete, and Financial markets provide equal treatment for those seeking financing as well as those who are providing financing. It is the first assumption, combined with the à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ traditional finance principleà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚  (Hill, 1996) that represents the value of a company is calculated by the net present value of its anticipated future cash flows. The preceding means that there is only one value that can be assigned to that company and that its capital structure does not represent a value added benefit. Thus, the capital structures of ASDA and Wal-Mart have no relationship or bearing on the terms or outcome of the merger. Chapter 9 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Companies Risk Assessment Edward Altman (1983) in the 1960à ¢Ã¢â€š ¬Ã¢â€ž ¢s used à ¢Ã¢â€š ¬Ã‹Å"Multiple Discriminant Analysis in combination with a set of five financial ratios to result in the à ¢Ã¢â€š ¬Ã‹Å"Altman Z-Scoreà ¢Ã¢â€š ¬Ã¢â€ž ¢. This formula utilizes statistical techniques to predict the probability of failure for a company by eight items from the balance sheet: Earnings Before Interest Taxes (EBIT), Total Assets, Net Sales, Market Value of Equity Total Liabilities Current Assets Current Liabilities Retained Earnings in combination with ratios and the resultant weight factor as shown in the following Table 7: Table 7 à ¢Ã¢â€š ¬Ã¢â‚¬Å" Altman Z-Score (Altman, 1983) Ratio Weightage A EBIT / Total Assets x.33 -4 to +8.0 B. Net Sales / Total Assets X 0.999 -4 to + 8.0 C Market Value of Equity / Total Liabilities X 0.6 -4 to +8.0 D Working Capital / Total Assets X 1.2 -4 to + 8.0 E Retained Earnings / Total Assets X 1.4 -4 to +8.0 The preceding ratios are then multiplied by the weightage factors indicated with the results added as follows (Altman, 1983): Z-Score = A x 3.3 +B x 0.99 + C x 0.6 + D x 1.2 + E x 1.4 The following are the interpretation of these figures (Z-Score) after the application of the preceding (Altman, 1983): Z-Score above 3.0 This indicates that the particular company is à ¢Ã¢â€š ¬Ã‹Å"safeà ¢Ã¢â€š ¬Ã¢â€ž ¢, keeping in mind the figures utilized to compile the result. Z-Score falling between 2.7 and 2.99 A company falling in this category should be noted as being à ¢Ã¢â€š ¬Ã‹Å"on Alertà ¢Ã¢â€š ¬Ã¢â€ž ¢ as this is an area where caution needs to be exercised. Z-Score falling between 1.8 and 2.7 This indicates that there is a high probability that the subject company should go bankrupt in a time frame of two years from the date of the financial figures. Z-Score that is below 1.8 A Z-Score in this range means that the probability is extremely high of the company going bankrupt. The Z-Score was applied to Wal-Mart for the years 1997 through 2000 with the following results. As the financial figures needed to perform this same correlation for ASDA were not available the Z-Score test was not utilized, however it can be safely stated that Wal-Mart analyzed ASDA for the Z-Score and other factors prior to acquisition and in all probability found nothing negative. A fact that is borne out by the successful post merger results: Wal-Mart Z-Score for 1997 The following figures were utilized to obtain the Altman Z-Score: Table 8 Wal-Mart Z-Score for 1997 (Wal-Mart, 2000) Category Financial Figure (In Millions) 1. Earnings Before Interest Taxes (EBIT) 5,695 2. Total Assets 39,604 3. Net Sales 3,056 4. Market Value of Equity 65,895 5. Total Liabilities 20,973 6. Current Assets 17,993 7. Current Liabilities 10,957 8. Retained Earnings 17,143 The resulting Altman Z-Score is 3.26 Wal-Mart Z-Score for 1998 The following figures were utilized to obtain the Altman Z-Score: Table 9 Wal-Mart Z-Score for 1998 (Wal-Mart, 2000) Category Financial Figure (In Millions) 1. Earnings Before Interest Taxes (EBIT) 6,503 2. Total Assets 45,384 3. Net Sales 3,526 4. Market Value of Equity 115,131 5. Total Liabilities 24,134 6. Current Assets 19,352 7. Current Liabilities 14,460 8. Retained Earnings 18,503 The resulting Altman Z-Score is 4.11 Wal-Mart Z-Score for 1999 The following figures were utilized to obtain the Altman Z-Score: Table 10 Wal-Mart Z-Score for 1999 (Wal-Mart, 2000) Category Financial Figure 21,132(In Millions) 1. Earnings Before Interest Taxes (EBIT) 8,120 2. Total Assets 49,996 3. Net Sales 4,430 4. Market Value of Equity 261,000 5. Total Liabilities 26,369 6. Current Assets 21,132 7. Current Liabilities 16,762 8. Retained Earnings 21,112 The resulting Altman Z-Score is 7.26 Wal-Mart Z-Score for 2000 The following figures were utilized to obtain the Altman Z-Score: Table 11 Wal-Mart Z-Score for 2000 (Wal-Mart, 2000) Category Financial Figure (In Millions)

Class of 2018 Admission Rates

Some Schools report Record Low Admit Rates, Others Hold Steady The results are in, and the 2013-14 admissions season was another one filled with highs and lows. The numbers this year seemed to level, after seeing giant increases in applications and historically low admissions rates last year. This season, there was a mix, with only modest gains in the number of applications at many schools, and only some reporting record low admit rates, while others increased. After issues with the Common Application pushed back early application dates and led to headaches for parents and students, problems seemed to iron out by many regular application deadlines. Here are admission rates for some of the country’s top universities for the Class of 2018. We will continue to update this list as more information becomes available. School Class of 2018 Admission Rate Class of 2017 Admission Rate Bowdoin College 14.8% 14.5% Brown University 8.6% 9.2% Columbia University 6.94% 6.89% Cornell University 14% 15.2% Dartmouth College 11.5% 10% Duke University 10.7% 11.6% Georgetown University 16.6% 16.6% Harvard University 5.9% 5.79% Johns Hopkins University 15% 16.8% Middlebury College 17.3% 19.21% MIT 7.7% 8.2% Northwestern University 12.9% 13.9% Princeton University 7.28% 7.29% Stanford University 5.07% 5.69% University of Pennsylvania 9.9% 12.1% University of Virginia 28.9% 29% Williams College 18.2% 16.9% Yale University 6.26% 6.72% What do you think of this year’s admissions statistics? Do you think next year will hold more historically low admit rates? Tell us in the comments below!

External And Strategic Management Audit - 1145 Words

External strategic management audit, also known as external audit, is the identification and evaluation of events that cannot be controlled by the organization. For example, population shift, increased domestic and foreign competition, the revolution of technology and computer information, etc. To perform an external audit, it a difficult process to do so, because it covers a lot of information to analyze. The external audit shows the important opportunity and threats the company might face, which leads the management of the organization to create appropriate strategies. By doing so, the organizations can gain from those opportunities and can avoid any threats. There are five important external key factors that plays an important role in the external audit. The following are the five main factors of the external audit: †¢ Economic forces †¢ Social, demographic, cultural and environmental forces †¢ Political, legal and governmental forces †¢ Technological forces †¢ Competitive forces. All the mentioned above forces are events that influence the organization, its products, and its services. The external forces can affect the consumer demand of consumers themselves, and the industrial products services, suppliers and distributors. Market segmentation can also be influenced by the external forces. When an organization identifies and evaluates the external opportunities and threats, it allows the organization to have a clear mission, to create strategies that will complete long termShow MoreRelatedDescription Of The Implementation Plan Essay1021 Words   |  5 Pagesfive risks, which are compliance risk, strategic risk, credit risk, operational risk, and financial risk. The corporation has established risk management committees to assess and manage the corporation’s exposure to the above risks. Then, the committees will prioritize these risks and establish guidelines for risk management processes. 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Each of the auditors has different roles and can perform different types of audits that conform to the company they are auditing. Auditor roles According to CA Sanjay R. (2016)., The dutiesRead MoreMarketing Plan827 Words   |  4 PagesBusiness Environment Marketing Planning: An Overview of Marketing 6 main questions to ask in order to create your marketing plan: 1. Where are we now? (Business Mission, Marketing audit, SWOT analysis) 2. How did we get here? (Business Mission, Marketing audit, SWOT analysis) 3. Where are we heading? (Marketing audit, SWOT Analysis) 4. Where would we like to be? (Marketing objectives) 5. How do we get there? (Core Strategy, Marketing mix decisions, Organization, Implementation Plan is vital!

Francis Bacon and the Essay Of Revenge

The first major English essayist, Francis Bacon  (1561-1626) published three versions of his Essayes or Counsels (1597, 1612 and 1625), and the third edition has endured as the most popular of his many writings. The Essayes, observes Robert K. Faulkner, appeals not so much to self-expression as to self-interest, and does so by supplying enlightened ways to satisfy ones interest. (Encyclopedia of the Essay, 1997) A notable jurist who served as both attorney general and Lord Chancellor of England, Bacon argues in his essay Of Revenge (1625) that the wild justice of personal revenge is a fundamental challenge to the rule of law. Of Revenge by Francis Bacon Revenge is a kind of wild justice; which the more mans nature runs to, the more ought law to weed it out. For as for the first wrong, it doth but offend the law; but the revenge of that wrong putteth the law out of office. Certainly, in taking revenge, a man is but even with his enemy; but in passing it over, he is superior; for it is a princes part to pardon. And Solomon, I am sure, saith, It is the glory of a man to pass by an offence. That which is past is gone, and irrevocable; and wise men have enough to do with things present and to come; therefore they do but trifle with themselves, that labor in past matters. There is no man doth a wrong for the wrongs sake; but thereby to purchase himself profit, or pleasure, or honor, or the like. Therefore why should I be angry with a man for loving himself better than me? And if any man should do wrong merely out of ill-nature, why, yet it is but like the thorn or briar, which prick and scratch, because they can do no other. The most tole rable sort of revenge is for those wrongs which there is no law to remedy; but then let a man take heed the revenge be such as there is no law to punish; else a mans enemy is still before hand, and it is two for one. Some, when they take revenge, are desirous the party should know whence it cometh. This is the more generous. For the delight seemeth to be not so much in doing the hurt as in making the party repent. But base and crafty cowards are like the arrow that flieth in the dark. Cosmus, duke of Florence, had a desperate saying against perfidious or neglecting friends, as if those wrongs were unpardonable; You shall read (saith he) that we are commanded to forgive our enemies; but you never read that we are commanded to forgive our friends. But yet the spirit of Job was in a better tune: Shall we (saith he) take good at Gods hands, and not be content to take evil also? And so of friends in a proportion. This is certain, that a man that studieth revenge keeps his own wounds gree n, which otherwise would heal and do well. Public revenges are for the most part fortunate; as that for the death of Caesar; for the death of Pertinax; for the death of Henry the Third of France; and many more. But in private revenges it is not so. Nay rather, vindictive persons live the life of witches; who, as they are mischievous, so end they infortunate.

Article Analysis The Four Effects of the High-STakes...

The article, Four Effects of the High-Stakes Testing Movement on African American K-12 Students discusses four ways in which high-stakes testing has harmed African American students in particular and recommendations for improving their school experiences. Standardized tests have become the main criteria to which student’s knowledge, teacher efficacy, and school quality are assessed due to No Child Left Behind. The authors discuss that one way African Americans have been harmed through high-stakes testing and standardized assessments is through limited improvement in test scores and dropout rates. Although some African American students may be receiving a quality education because they are reading at or above grade level and have proficient math skills, there still remains a countless number of African Americans who are at the same level and receiving a quality education (Thompson Allen, 2012). Dropout rates once proved that African American students were not receiving a fair quality education; however, today, the dropout rate indicates that Black and White achievement gap has narrowed over time and achievement scores have increased, too many African Americans are still receiving a substandard education (Thompson Allen, 2012). The second way students are harmed is standardized testing promotes a lack of interest or enthusiasm in learning. The two main causes of student apathy is what teachers teach and the way they teach. Nowadays, teachers no longer have the choice toShow MoreRelatedMerger and Acquisition: Current Issues115629 Words   |  463 PagesGregoriou and Karyn L. Neuhauser. p. cm. Includes index. ISBN 0-230-55379-6 (alk. paper) 1. Consolidation and merger of corporations. I. Gregoriou, Greg N., 1956– II. Neuhauser, Karyn L. HD2746. 5. 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The Reality of Rape Essay - 1651 Words

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Personal and Managerial Effectiveness Personal Communications

Question: Discuss about the term Personal and Managerial Effectiveness for Personal Communications? Answer: Introduction A Personal Development Plan is a procedure of creating a plan of action in lieu of current values, knowledge and other attributes and planning for the enhancement in various fields like, education, career, relationship or for any other scope of improvement. It is very crucial to have time to time self-analysis session to become a better person than what one already is. The PDP (Personal Development Plan) can also be referred as PEP (Personal Enterprise Plan) or IDP ( Individual Development Plan). It is a set of ones strengths and competencies, training and education, aspirations, and different steps about the plan of action. It may also comprise of ones lifestyle and career priorities, career growth and positioning, comprehensive analysis of risks and opportunities and also a backup plan of how the goals can be achieved (Ellwood, 2011). In a broader sense, personal development plans usually have a portfolio with the skills gathered and the ones that can be achieved. In the field of education, it helps in preparing a self-directed, independent learner who is more focused to achieve their goals. HR department also extensively uses PDP as a tool for employee evaluation and improvement (Ireland, Cure, and Hopkins, 2009). In this project report, I will be discussing my personal goals and objectives and how and when I would be able to achieve it with a well-designed plan of action. Discussion and Analysis PDP forms an integral part of growth and development of individual in various areas like education, career, health, relationships, etc. I will be dividing the PDP into three stages. They are: Stage 1 Personal Analysis Stage 2 Setting Goals Stage 3 Personal Objectives Stage 1 Personal Analysis In this stage, I will be conducting a comprehensive self-analysis to evaluate my strengths and weaknesses. I will also be conducting a SWOT analysis of my personal attributes. This stage is drafted to evaluate ones strengths as well as weaknesses. One can always benefit from the kind of courses attended and can utilize them in their career. The knowledge and skills also need to have opportunities that can be banked upon. The weaknesses should be considered seriously so that they do not get converted into threats. I would like to conduct a SWOT analysis for myself. A SWOT analysis is an elaborate description of Strengths, Weakness, Opportunities and Threats (Dynamic SWOT analysis, 1994). Strengths I have good communication skills and have the ability to influence people. I have a sound knowledge of the subject, and I enjoy learning new things. I am a voracious reader and enjoy reading about different topics. I am a good team worker and can give results in a team as well as individually. While working in a group, I proved that, I can guide team members and have efficient managing skills to complete tasks. This benefited me in gaining more confidence. Weakness I am not efficient in time management. I usually panic with nearing deadlines, and I am not able to give my 100% due to my lost confidence in such cases. I have to be more particular about time management. Also, I am not devoted towards physical fitness regime. I need to draw some time every day for my workout sessions for a healthy mind and body. I also need to control and change my eating habits and adhere to a healthy diet strictly. Opportunities Since I enjoy reading, I can enhance my knowledge by going through different books or other sources available. I can utilize my free time in going through the subject related topics which would give me a more comprehensive understanding of the topic and help me in future. With my good communication skills and ability to influence people, I can always make new friends and new contacts in my profession which can be beneficial to me. Threats My inability to cope up with time management can be a threat to my personal development. I must plan a proper time management in any assignment as per the deadline so that there are no delays in the delivery. I also need to keep my calm in any adverse situation and should not panic. I need to keep my concentration for a long time for better results. I also need to focus more on my fitness regime. I need to plan my schedule and devote some time to exercise and workouts. I must follow a healthy diet plan for my fitness. After evaluating the various attributes of my personality in the first stage, I will move to the second level of PDP. Setting Goals It involves defining clear and up to the mark goals that can be measured. To enhance my personality through PDP assessment, it is very crucial to set goals for the problems identified in the first stage (BAUER, 1991). I need to find solutions to all my weakness through this exercise and convert them to my strengths. In order to have a clear understanding of my goals and accordingly, my plan of action, I will follow a table as follows: Areas I want to improve What do I need to do? Support and resources needed How to measure success Target date for review Time Management Efficiently define my work in the time frame Be more alert and attentive management Projects completion on time From today onwards Widen my understanding of leadership. Learn more by observing experienced managers Senior colleagues. Mentoring and performance appraisal. Six months from now Physical fitness Allocate particular evenings and weekends for fitness training without fail An adequate gym and dedicated trainer. Improved fitness levels will be self-evident. Improved Personal Fitness Test score. Three months from now Achieve core business skills Complete the training prescribed for the same Dedicated time for such training programs. Improved ratings and appraisal. Six months from now Be more confident as a leader Have an in-depth knowledge regarding the project and also assess past experiences of seniors Senior colleagues and study material related to the project Feedback from teammates and project evaluator. One year down the line After completion of second part I come to the last stage of PDP i.e. Personal Objectives. Personal Objectives This stage refers to setting out eminent personal target. It is very critical to define the aims and objectives after self-analysis and set the goals (Harrison, 1988). They can be bifurcated in three parts. They are: Short Term Goals These are the shorter duration goals for next 12 months. My short term goals are completing my training program and be a more fit person as compared to now. I also want myself to be more accustomed to time management. I see myself a more punctual, knowledgeable and more fit person in one year. Medium Term Goals These are the medium duration goals for next 2-3 years. I foresee myself as a more mature and confident person after completion of my medium term goals. I expect myself to be a team leader and completing my tasks and activities efficiently. Long Term Goals These are long duration goals which are beyond three years (Schweickert, 1987). By the specified time, I foresee myself holding a reputed position in my organization backed by my dedication and hard work. I expect myself to be on a higher level in the hierarchy than now. These are my personal objectives bifurcated by duration and hence classified as short term, medium term and long term goals respectively. I need to be very focused on my goals and with a lot of determination backed up by hard work. Personal and Professional skills Some of the personal as well as professional skills that I owe, and are vital for career growth are: Personal Skills Time management and planning skills It is very crucial part of any organization as the success of the entire project lies in an efficient planning and time management (Integrative management in a time of transformation, 1995). Financial management skills It is important to have a cost-benefit analysis of any project on the investments. Organizational skills The concerned person must be efficient enough to run the organization properly. Professional Skills Efficient management of changing responsibilities The manager needs to be prepared for any change in responsibilities with backup plans. Efficient communication and negotiation with confidence The manager should be good in communication and should be able to make effective negotiations for the benefits of the organization (Agnew, 1991). Implement leadership and management skills for continuous improvement There must be constant evaluations and assessments for improvements if required (Leadership skills, 1988). These skills are very vital for my growth and would support me in achieving my goals and objectives. Recommendations After completing the PDP assessment by three stages I come with the recommendation. There are a few areas that I should work upon with a lot of dedication. Time management is a very crucial part of any successful project (The complete time management system, 1991). Delayed delivery of any project leads to project failure. There are many things attached to the timely completion of the project. It also imparts a sense of trust to the project evaluator which would give rise to future opportunities. Successful completion of project within estimated deadlines will also give rise to increased self confidence to perform well for future projects. Moreover, in todays competitive world it becomes very important to stand out of the crowd where companies are so particular about timings and punctuality. Hence this area should be worked upon immediately. Everyone wants to work with a person who is technically skilled and is efficient enough, with sound knowledge of the background of the project. Hence training oneself with any new market requirement or trend will always be beneficial for future endeavors. Physical fitness is also very vital as we all know that A healthy mind lives in a healthy body. Only a physically fit person can devote his time and devotion efficiently to a particular task as compared to an unhealthy person. Physical fitness also refrains us from many ailments and health problems, helping us to focus on our work and give better results (PHYSICAL FITNESS, 1961). Another important thing in this competitive corporate world is to have an improved and better relations with senior colleagues. Spending quality time with seniors will always help in learning new ideas, knowledge and information from them. One can also refrain from repeating the same mistakes. Their past experiences will add value to ones personal growth and development (Kneale, 2007). These are a few recommendations that I need to work upon to be a more efficient person than now. Conclusion In this project report, I have prepared a detailed personal development proposal that would help me in improving and becoming a better person. Here I have presented an overview of the PDP plan and its different stages. I have done a detailed assessment of PDP in three stages. The first part of PDP comprises of personal analysis. In this stage, an extensive SWOT analysis was done with all its attributes. Strength, Weakness, Opportunities, and threats are discussed at this stage. The second portion consists of goal setting. Different factors influencing the objectives are evaluated in this section. The third stage comprised of personal objectives. All the short term, medium term, and long term goals are assessed. The personal and the professional skills required are also assessed, followed by recommendations. There are certain things, that are necessary to achieve the goals. These necessities were discussed in the recommendations and also solutions were provided. This project work helped me a lot in my personal evaluation. After completion of the project, I am more focused towards my goals, and I know the areas that I should give more attention. I am aware of my strengths to bank upon and how to convert my weakness into strengths. References Agnew, C. (1991). Efficient spectrum allocation for personal communications services. IEEE Commun. Mag., 29(2), pp.52-54. BAUER, M. (1991). SETTING GOALS FOR SUCCESS. Nursing, 21(9), pp.88-91. Beausaert, S., Segers, M. and Gijselaers, W. (2011). The Personal Development Plan Practice Questionnaire: the development and validation of an instrument to assess the employee's perception of personal development plan practice. International Journal of Training and Development, 15(4), pp.249-270. Dynamic SWOT analysis. (1994). Long Range Planning, 27(4), p.147. Ellwood, F. (2011). Understanding the importance of a personal development plan. Dental Nursing, 7(3), pp.160-163. Farrukh Ahmed, S. (n.d.). Necessity of Leadership Skills for Project Manager. SSRN Electronic Journal. Guglielmino, P. and, Carroll, A. (1979). The Hierarchy of Management Skills:. Management Decision, 17(4), pp.341-345. Harrison, M. (1988). Personal objectives. Physiotherapy Theory and Practice, 4(1), pp.1-2. Integrative management in a time of transformation. (1995). Long Range Planning, 28(2), p.150. Ireland, B., Cure, R. and Hopkins, L. (2009). Perfecting your personal development plan. Vital, 6(2), pp.40-41. Kneale, P. (2007). Personal Development Planning (PDP) really happens at work. Planet, (18), pp.33-35. Leadership skills. (1988). Performance + Instruction, 27(8), pp.2-5. PHYSICAL FITNESS. (1961). JAMA, 176(12), p.1030. Schweickert, R. (1987). Short-Term Memory; Long-Term Goals. PsycCRITIQUES, 32(11). The complete time management system. (1991). Long Range Planning, 24(6), p.120. Unknown, (1987). Visualization environments: long-term goals. ACM SIGGRAPH Computer Graphics, 21(6), pp.1-20. Bibliography Agnew, C. (1991). Efficient spectrum allocation for Personal Communications services. IEEE Commun. Mag., 29(2), pp.52-54. BAUER, M. (1991). SETTING GOALS FOR SUCCESS. Nursing, 21(9), pp.88-91. Beausaert, S., Segers, M. and Gijselaers, W. (2011). The Personal Development Plan Practice Questionnaire: the development and validation of an instrument to assess the employee's perception of personal development plan practice. International Journal of Training and Development, 15(4), pp.249-270. Bonney, M. (1944). Sex Differences in Social Success and Personality Traits. Child Development, 15(1), p.63. Brand, C. (1989). Personality development in adulthood. Personality and Individual Differences, 10(9), p.1015. Dynamic SWOT analysis. (1994). Long Range Planning, 27(4), p.147. Ellwood, F. (2011). Understanding the importance of a personal development plan. Dental Nursing, 7(3), pp.160-163. Facer, C. (2015). What is your personality type?. Nursing Standard, 29(44), pp.64-65. Farrukh Ahmed, S. (n.d.). Necessity of Leadership Skills for Project Manager. SSRN Electronic Journal. Geddes., P. (1909). NOTE ON TOWN PLANNING.*. The Sociological Review, a2(1), pp.80-84. Guglielmino, P. and Carroll, A. (1979). The Hierarchy of Management Skills:. Management Decision, 17(4), pp.341-345. Harrison, M. (1988). Personal objectives. Physiotherapy Theory and Practice, 4(1), pp.1-2. Hudson, N. and Roberts, B. (2014). Goals to change personality traits: Concurrent links between personality traits, daily behavior, and goals to change oneself. Journal of Research in Personality, 53, pp.68-83. Integrative management in a time of transformation. (1995). Long Range Planning, 28(2), p.150. Ireland, B., Cure, R. and Hopkins, L. (2009). Perfecting your personal development plan. Vital, 6(2), pp.40-41. Jackson, N. (1997). Professional interaction skills: The skills everyone needs. Performance Improvement, 36(4), pp.32-35. Kneale, P. (2007). Personal Development Planning (PDP) really happens at work. Planet, (18), pp.33-35. Kurman, J. (2010). Good, Better, Best: Between Culture and Self-Enhancement. Social and Personality Psychology Compass, 4(6), pp.379-392. Leadership skills. (1988). Performance + Instruction, 27 (8), pp.2-5. Meltzer, N. (1983). Better Management Skills. Nursing Management (Springhouse), 14(9), pp.6061. PHYSICAL FITNESS. (1961). JAMA, 176(12), p.1030. Schwartz, S. (1973). Multimethod Analysis of Three Measures of Six Common Personality Traits. Journal of Personality Assessment, 37(6), pp.559-567. Schweickert , R. (1987). Short -Term Memory; Long-Term Goals. Psyc CRITIQUES, 32(11). The complete time management system. (1991). Long Range Planning, 24(6), p.120. Unknown, (1987). Visualization environments: long-term goals. ACM SIGGRAPH Computer Graphics, 21(6), pp.1-20. Wilkinson, W. (1981). Effective Management. Nursing Management (Springhouse), 12(1), pp.44-45.