Homelessness Is The Issue And Problem Of Homelessness

Homelessness Defined: A key issue society currently faces is the issue and problem of homelessness. In January of 2016, approximately 549,928 American individuals were experiencing homelessness (HUD’s 2016 annual assessment, 2016). Most research concerning homelessness agrees that definitions of homelessness vary and that there are several challenges researchers encounter while attempting to study homelessness due the transient nature of homelessness along with other inconsistencies and barriers (Foster, 2012). Broadly defined, homelessness is the lack of adequate, stable shelter (Ogden, 2014). Classifications of homelessness include those who are fall under several categories including a homeless household, chronically homeless, precariously housed, sheltered homeless, rough sleepers and unsheltered homeless (Foster, 2012). The issue and problem of homelessness is and has been widespread throughout the world; different countries address the problem in a variety of ways. 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Eyo Festival in Lagos Nigeria - 2555 Words

TOURISM The traditional relationship of Oba Liken of Ibefun and the people of Lagos and Ibiyeroye marriage may explain the notion that Eyo was introduced to Lagos from Ibefun. Chief Tajudeen Gbadesere revealed that, â€Å"the variant of Eyo staged was in the night entailing three consecutive outings in a performance where the use of Aropale and other paraphernalia were absent. Nevertheless, the place of Malaki and Ejilu in the historical origin of the fanciful Eyo play is brought out forcefully in a praise song rendered as: Malaki nsaye Nsaye Ejilu say a to. . . Ofi akala mode, mesi kole Olomu kole wa me Eyo Omowewe abese loni Eko Edi orikoda si irele (Chief Adisa Jinadu, 1986) Again, Ejilu and Malaki are credited for their role in the Awo Opa†¦show more content†¦They did not stay long when they learnt of Olugbanis death but left for Ibefun to perform funeral rites (Eyo) of Olori Olugbani†. However, history has shown that Ejilu and Malaki are two key personalities in the int roduction of Eyo to Lagos having decided to permanently reside in Lagos. Significantly, Olori Olugbani gave birth to her children Ologun Kutere and Sokun when the Eyo play was first held. Thus, the potency to attract favour and secure protection from the Almighty is strongly represented in Eyo. As there may be other accounts, prominently the colourful and exciting Eyo play is linked with the funeral obsequies of Olori Olugbani performed in Lagos by her kinsmen with the beautiful play whose cult originated from Benin. So, the emergent Adimu deity held in enthralling awe by all, depicted Shodipe (2001) as: â€Å"Woven in this cultural eloquence the deity (Adimu) and its train swept through the lanes and corridors of Idunganran (Palace of the Oba of Lagos) in exuberant cadence wheeling to the royal court to wake the Oba of Lagos to deliver tidings from the ancestral medium. Upon royal command, the Orisha Oruko hurried to the shrine of Orisha Adimu, the leader, the undisputed King of all Lagos deities and Leader of Eyo Adimu. It was the wake of dawn. At the heralding entrance of the purifying deity the spiritual enclave of Orisha Adimu lighted in jubilating estasy as the primevalShow MoreRelatedAgogoro Eyo Festival in Lagos, Nigeria4150 Words   |  17 PagesDEITIES OF THE AGOGORO EYO FESTIVAL By: Alaba kehinde Email: kennyfragile007@gmail.com Introduction The word Eyo also refers to the costumed dancers, known as the masquerade, that come out during the festival. The origins of this observance are found in the inner workings of the secret societies in lagos. It is widely believed that the play is one of the manifestations of the customary African revelry that serves as the forunner of the modern carnival in Brazil. On Eyo day, the mainhighway in theRead MoreEssay on History and Uniqueness of the Culture of Nigeria1499 Words   |  6 Pageswere built in the northern and southern regions of Nigeria. Although the Nigerian region had built up powerful kingdoms, they were not able to protect themselves from British colonization in the late 19th and 20th centuries. Empires had fallen, villages had separated, and the Europeans began to alter the lives of the native people. They had negotiated new boundaries within the country and their country was given a new name. According to the book Nigeria: A Bradt Travel Guide (2005), the British col onialRead MoreCreative : Creative And Creative Industries3206 Words   |  13 PagesCreative Arts in Nigeria Introduction Nigerian culture is shaped by her multiple ethnic groups. As the most populous African country with over 170 million people and an emerging economy, the country boasts of over 521 languages and more than 250 dialects and ethnic groups. The Hausa and Fulani are predominantly in the North, Igbo are in the south east and the Yorubas are in the south western part of Nigeria. These four ethnic groups are believed to be the four predominant ethnic groups while theRead MoreCorporate Social Responsibility in Nigerias Telecommunication Sector15201 Words   |  61 PagesTITLE PAGE CORPORATE SOCIAL RESPONSIBILITY IN NIGERIA’S TELECOMMUNICATION SECTOR A CASE STUDY OF GLOBACOM NIGERIA LIMITED ENUGU ZONE BY EZEIGWE, GRACE CHINYERE BA/2007/163 A PROJECT REPORT SUBMITTED TO THE DEPARTMENT OF BUSINESS ADMINSTRATION, CARITAS UNIVERSITY, AMORJI- NIKE, ENUGU, ENUGU STATE. IN PARTTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF BACHELOR OF SCIENCE (B.Sc.) DEGREE IN BUSINESS ADMINISTRATION. AUGUST, 2010. CERTIFICATION

Financial Ratio Analysis of Firms

Question: Discuss about the Financial Ratio Analysis of Firms. Answer: Introduction:- The investment related decisions highly depends on the return generating capacity of the investment. Potential investors always intend to invest in such companies, which can provide higher returns. The investors and stakeholders can evaluate the potentiality of any company in respect to its return generating capacity by proper analysis of its past financial performances. Thomas Cook Group Plc. is a popular global travel company with having its headquarter at Peterborough in United Kingdom. Though, it is mainly UK based company, the company uses to operate around all over Europe. The basic operations of the company include world-wide tour-operating services and airline services in UK and Belgium. The company also runs the website, named Hotels4u, for booking hotels. Presently Thomas Cook Group has almost 33,000 employees and 3,000 service outlets. As per the turnover and operation, it is considered as the second largest travel company in allover UK and Europe, as well, after TUI travel. In the last few decades, tourism industry has developed quite significantly. Introduction of low fare airlines has triggered the development and attracted more clients, especially, from the third world countries. Like the other international travel companies, Thomas Cook has also enjoyed the benefits of the industrial growth. However, it has faced tough competition from many low budgeted regional travel companies. Moreover, the company also suffered from financial crisis in the last few years due to high rise in the fuel costs and the unstable political conditions in Middle East Northern Africa, which is one of the favored regions amongst European tourists. The report is prepared to evaluate the financial performances of Thomas Cook Group Plc. for investment related decisions. The financial performances of the company for the last five years have been evaluated under various aspects by using ratio analysis technique. Apart from the financial factors, other important non-financial factors have also been considered for the decision-making process. The financial performance of any company can be classified under different groups in accordance to the different financial aspects. The different aspects help to describe the financial condition of the company from different perspectives. Therefore, the performance evaluation should also be conducted under these different aspects for better analysis (Uechi et al. 2015). The financial performance of Thomas Cook is also evaluated under different aspects through related financial ratios. Profitability:- Profit is the primary objective for any form of business. All the business firms use to invest capital and operate its business activities to earn profit. It not only helps the business firm to fund its business operation but also is the source of returns to the investors of the firm. Hence, it is necessary to evaluate the profit generating capacity of the company before any investment. The profitability ratios of Thomas Cook are presented in the table below: Profitability Ratio Analysis:- Particulars 2016 2015 2014 2013 2012 Revenue (A) 7812 7834 8588 9315 9491.2 Gross Profit (B) 5990 6062 1868 2020 7415.9 Net Profit/Loss (D) 9 19 -115 -213 -590.1 Total Assets (F) 6955 5958 5794 6285 5906.8 Common Stock(H) 391 368 285 548 457.9 Current Liabilities (I) 4630 3702 3894 3688 3540.1 Capital Employed (J=F-I) 2325 2256 1900 2597 2366.7 Operating Profit (K) 205 211 54 13 -319.3 Gross Profit Margin Ratio (C/A) 76.68% 77.38% 21.75% 21.69% 78.13% Net Profit Margin (D/A) 0.12% 0.24% -1.34% -2.29% -6.22% Return on Capital Employed (K/J) 8.82% 9.35% 2.84% 0.50% -13.49% Return on Assets (A/F) 0.001 0.003 -0.02 -0.03 -0.10 Return on Equity (A/H)) 0.02 0.05 -0.40 -0.39 -1.29 The table exhibits that the gross profit margin of the company has fallen down in 2013 and 2012,but again it has increased quite significantly in the last two years. Though from 2012 to 2014, the company the net profit margins were negative, the company has been able to turn into positive. However, still the net profit margin in very low. It has also improved its return on capital employed over the period. Like the net profit margins, the return on assets and equity were also negative in the first three years and have begun to improve in the last two years, though the return rates are not satisfactory at all. It can be stated that from above discussions that from 2012 to 2014, due to high amount of operating and other non-operating expenses, the company could not convert its revenue and gross profits into net profit, rather ended up with net losses. However, it has shown some improvement in the last two years and has been able to generate some net profits. The company has also failed to utilize its assets for generating adequate amount of profit also. During the financial crisis, it had not provided ant return on equity. However, currently it is providing nominal rate of return to the invested equity capital (Babalola and Abiola 2013). Dividend and Market Performance:- Dividends and market performance in terms of stock market are two major factors, considered by the investors. The following table describes the dividend policy and market performances of the company: 2016 2015 2014 2013 2012 Earning Per Share 0.8 1.6 -8.2 -17.1 -67.2 Proposed Dividend 0.5 0 0 0 0 Book Value per Share 0.1 0.1 0.1 0.1 0.1 Market Value per Share 92.74 140.83 166.29 41.38 12.72 Total Assets 6955 5958 5794 6285 5906.8 Total Equity 391 368 285 548 458 Dividend Payout Ratio 63% 0% 0% 0% 0% Dividend Yield Rate 0.54% 0.00% 0.00% 0.00% 0.00% Assets Value per Share 1.78 1.62 2.03 1.15 1.29 P/E Ratio 115.93 88.02 -20.28 -2.42 -0.19 The table shows that the Dividend payout ratio and dividend yield rate, both were nil in the initial four years. It has been caused as the company was unable to pay dividends due to the huge losses, incurred in the first three years.. However, in the current year, the company has paid 63% of its net earnings as dividend. The dividend yield rate, which reflects the return rate in accordance to the market price per share, is presently 0.54%, which can be regarded as poor also. The P/E ratio describes the net earning generating capacity of any company in comparison to the market value per share. It had been negative also from 2012 to 2014. However from 2015, it has become positive and currently it is quite high comparing to the last 4 years. It can be sated that though the company was unable to provide any returns to its shareholders during the first few years, the market performance has improved in the last two years. The company is providing returns to the investors in terms of net earnings and dividends. However, the return rates are not very satisfactory in comparison to the other companies (Bodie et al. 2014). Financial Stability Liquidity:- Financial stability and liquidity position implies the financial strength of any business. Financial stability describes whether the business is able to continue its operation in long term or not. The stability ratios of Thomas Cook are shown below: b) Long-Term Stability Ratio Analysis:- 2016 2015 2014 2013 2012 Total Equity (A) 391 368 285 548 457.9 Total Liabilities (B) 6,564 5,590 5,509 5,737 5,449 Total Assets ( C) 6955 5958 5794 6285 5906.8 Debt to Equity Ratio (B/A) 16.79 15.19 19.33 10.47 11.90 Equity Ratio (A/C) 0.06 0.06 0.05 0.09 0.08 Debt Ratio (B/C) 0.94 0.94 0.95 0.91 0.92 The table states that the debt-to-equity ratio and debt ratio are very high, whereas, the equity ratio is too low for all the five years. It implies that the company uses to raise its capital mostly through debt financing. The assets are majorly funded by debt capital also. It may help the company to lower down its cost of capital, but it also indicates that the company does not have any internal reserve to continue its operation (Heikal et al. 2014). The liquidity ratios describes the ability of any firm to cover its current liabilities through its current assets. The ratios of Thomas Cook are calculated in the following table: c) Short-Term Liquidity Ratio Analysis:- 2016 2015 2014 2013 2012 Total Current Assets (A) 2656 2035 1829 1933 1524.2 Inventory (B) 43 52 34 38 30.5 Income before Interest Taxes ( C) 15 29 -106.8 -195.9 -373.9 Interest Expense (D) 6 10 8.2 17.1 216.2 Total Current Liabilities (F) 4630 3702 3894 3688 3540.1 Current Ratio (A/F) 0.57 0.55 0.47 0.52 0.43 Quick Ratio [(A-B)/F) 0.56 0.54 0.46 0.51 0.42 Time Interest Earned Ratio (C/D) 2.50 2.90 -13.02 -11.46 -1.73 From the table, it can be stated that the current ratios and quick ratios during the period were below 0.6. The time interest earned ratios over the first three year were negative, whereas, in the last two years, it is above 2. It indicates that the company does not maintain sufficient current assets to pay off its current liabilities. Moreover, due to huge losses, initially the company did not have the ability to pay its interest expenses out of its net income. However, after improving its profit earning capacity in the last two years, it has enough income to cover the interest expenses (Wahlen et al. 2014). There are many other financial factors, which may create impact on the market value of the company. The factors, which should be considered for evaluating Thomas Cook are described below: Important Information:- The important information, disclosed by the companies regarding its financial performance and other activities, often affect the market price of the stocks. Thomas Cook provides many important details in its official website. The quarterly and annual financial reports, published in the website, help the investors to evaluate the growth or downfall of the performance properly. Moreover, many corporate news, like, introduction of new own brand hotels and announcement of new partnership ventures with Fosun and Ingo Burmester, also create impact on the performances (Thomascookgroup.com, 2017). Such news helps the company to attract new investors and increase the share value in the stock market. Market Report:- Apart from the companys reports, it is necessary to analyze the market reports of the company from various sources. The UK tourism statistics report for 2015 provides detail description of the industry performance for the last few years. It states that the huge loss, incurred by Thomas Cook in the initial period, were not caused only for the poor performance of the company. Most of the large travel companies, as well as, the airlines companies, faced the same consequences. It had been caused due to drastic increase of fuel costs. The travel companies were unable to provide economic tour packages to the clients and loss many customers accordingly. Many customers shifted to lower budgeted packages, offered by the small travel companies. However, within the last few years, the large travel companies have developed many economic plans to recover its clients. It has been observed that to offer low budget tour packages and maintain the service quality, as well, most of large travel agencies have merged with small airlines companies so that they can control the travel cost accordingly (www.tourismallianc e.com, 2017). Thomas Cook has also introduced its own airlines company under the brand name Condor. It has also planned to introduce own hotel chains. Thus, the company is not only trying to reduce the travelling cost, but also, the accommodation and fooding costs, as well. Higher Management:- Higher management and the board directors of any company use to take all the important decisions. Hence, the credentials of the higher management and the directors should be checked also for investment decisions. The board of directors of Thomas Cook is consisted with one chairman, two executive directors and five non-executive directors. Currently, Peter Fankhauser is the Group Chief Executive Officer, who governs over all the departments of the company and Michael Healy, the other executive director, looks over the finance department mainly. The other non-executive directors work independently (Thomascookgroup.com, 2017). Conclusion:- From the above discussion, it can be stated that Thomas Cook Group Plc. was suffering from financial crisis for the last few years due to the poor performance of the company and overall tourism industry, as well. Currently it is recovering its financial strength and financial position gradually. The company has begun to earn profit again, but the profit margins are very low. Moreover, the company has still not recovered its financial strength completely. It has large debts in the market. The liquidity position is also not stable yet. The asset value per share of the company, as shown above, is very low in comparison to the market price per share. It indicates that the market price of the company stocks is overvalued, as it is not supported by sufficient amount of asset. However, the poor financial performance of Thomas Cook is a result of industrial downfall. The company has taken several initiatives to improve its financial position in the next few years. Therefore, it can be concluded that though Thomas Cook Group Plc. has shown improvement in its performance in the recent years, considering its poor return rate and unstable financial strength, it is better to invest in its stock after observing its performance for the next year also. References Babalola, Y.A. and Abiola, F.R., 2013. Financial ratio analysis of firms: A tool for decision making.International journal of management sciences,1(4), pp.132-137 Bodie, Z., Kane, A. and Marcus, A.J., 2014.Investments, 10e. McGraw-Hill Education Heikal, M., Khaddafi, M. and Ummah, A., 2014. Influence analysis of return on assets (ROA), return on equity (ROE), net profit margin (NPM), debt To equity ratio (DER), and current ratio (CR), against corporate profit growth in automotive In Indonesia stock exchange.International Journal of Academic Research in Business and Social Sciences,4(12), p.101 Horngren, C.T., Sundem, G.L., Schatzberg, J.O. and Burgstahler, D., 2013.Introduction to management accounting. Pearson Higher Ed. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning Thomascookgroup.com. (2017).Thomas Cook Group Board of Directors. [online] Available at: https://www.thomascookgroup.com/board-of-directors/ [Accessed 10 Feb. 2017]. Thomascookgroup.com. (2017).Thomas Cook Group Corporate News. [online] Available at: https://www.thomascookgroup.com/category/corporate-news/ [Accessed 10 Feb. 2017]. Thomascookgroup.com. (2017).Thomas Cook Group Reports and Presentations. [online] Available at: https://www.thomascookgroup.com/reports-and-presentations/ [Accessed 10 Feb. 2017]. Uechi, L., Akutsu, T., Stanley, H.E., Marcus, A.J. and Kenett, D.Y., 2015. Sector dominance ratio analysis of financial markets.Physica A: Statistical Mechanics and its Applications,421, pp.488-509 Wahlen, J., Baginski, S. and Bradshaw, M., 2014.Financial reporting, financial statement analysis and valuation. Nelson Education Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015.Financial Managerial Accounting. John Wiley Sons www.tourismalliance.com. (2017).UK Tourism Statistics. [online] Available at: https://www.tourismalliance.com/downloads/TA_390_415.pdf [Accessed 10 Feb. 2017]. Financial Ratio Analysis of Firms Questions: 1. Identify the profits, earnings- discuss, the 5 years trend, economic condition, calculate the ratios and interpret the results for 5 years on the financial performance? 2. Identify dividends (including a comprehensive ratio analysis) calculate the ratios and interpret the results for 5 years on the financial performance? 3. Financial stability and liquidity (including a comprehensive ratio analysis)calculate the ratios and interpret the results for 5 years on the financial performanc? 4. Research the webpage for any information about the companys performance or any news that has an impact on their performance? Answers: Introduction:- The investment related decisions highly depends on the return generating capacity of the investment. Potential investors always intend to invest in such companies, which can provide higher returns. The investors and stakeholders can evaluate the potentiality of any company in respect to its return generating capacity by proper analysis of its past financial performances. Thomas Cook Group Plc. is a popular global travel company with having its headquarter at Peterborough in United Kingdom. Though, it is mainly UK based company, the company uses to operate around all over Europe. The basic operations of the company include world-wide tour-operating services and airline services in UK and Belgium. The company also runs the website, named Hotels4u, for booking hotels. Presently Thomas Cook Group has almost 33,000 employees and 3,000 service outlets. As per the turnover and operation, it is considered as the second largest travel company in allover UK and Europe, as well, after TUI travel. In the last few decades, tourism industry has developed quite significantly. Introduction of low fare airlines has triggered the development and attracted more clients, especially, from the third world countries. Like the other international travel companies, Thomas Cook has also enjoyed the benefits of the industrial growth. However, it has faced tough competition from many low budgeted regional travel companies. Moreover, the company also suffered from financial crisis in the last few years due to high rise in the fuel costs and the unstable political conditions in Middle East Northern Africa, which is one of the favored regions amongst European tourists. The report is prepared to evaluate the financial performances of Thomas Cook Group Plc. for investment related decisions. The financial performances of the company for the last five years have been evaluated under various aspects by using ratio analysis technique. Apart from the financial factors, other important non-financial factors have also been considered for the decision-making process. The financial performance of any company can be classified under different groups in accordance to the different financial aspects. The different aspects help to describe the financial condition of the company from different perspectives. Therefore, the performance evaluation should also be conducted under these different aspects for better analysis (Uechi et al. 2015). The financial performance of Thomas Cook is also evaluated under different aspects through related financial ratios. 1. Profitability:- Profit is the primary objective for any form of business. All the business firms use to invest capital and operate its business activities to earn profit. It not only helps the business firm to fund its business operation but also is the source of returns to the investors of the firm. Hence, it is necessary to evaluate the profit generating capacity of the company before any investment. The profitability ratios of Thomas Cook are presented in the table below: Profitability Ratio Analysis:- Particulars 2016 2015 2014 2013 2012 Revenue (A) 7812 7834 8588 9315 9491.2 Gross Profit (B) 5990 6062 1868 2020 7415.9 Net Profit/Loss (D) 9 19 -115 -213 -590.1 Total Assets (F) 6955 5958 5794 6285 5906.8 Common Stock(H) 391 368 285 548 457.9 Current Liabilities (I) 4630 3702 3894 3688 3540.1 Capital Employed (J=F-I) 2325 2256 1900 2597 2366.7 Operating Profit (K) 205 211 54 13 -319.3 Gross Profit Margin Ratio (C/A) 76.68% 77.38% 21.75% 21.69% 78.13% Net Profit Margin (D/A) 0.12% 0.24% -1.34% -2.29% -6.22% Return on Capital Employed (K/J) 8.82% 9.35% 2.84% 0.50% -13.49% Return on Assets (A/F) 0.001 0.003 -0.02 -0.03 -0.10 Return on Equity (A/H)) 0.02 0.05 -0.40 -0.39 -1.29 The table exhibits that the gross profit margin of the company has fallen down in 2013 and 2012,but again it has increased quite significantly in the last two years. Though from 2012 to 2014, the company the net profit margins were negative, the company has been able to turn into positive. However, still the net profit margin in very low. It has also improved its return on capital employed over the period. Like the net profit margins, the return on assets and equity were also negative in the first three years and have begun to improve in the last two years, though the return rates are not satisfactory at all. It can be stated that from above discussions that from 2012 to 2014, due to high amount of operating and other non-operating expenses, the company could not convert its revenue and gross profits into net profit, rather ended up with net losses. However, it has shown some improvement in the last two years and has been able to generate some net profits. The company has also failed to utilize its assets for generating adequate amount of profit also. During the financial crisis, it had not provided ant return on equity. However, currently it is providing nominal rate of return to the invested equity capital (Babalola and Abiola 2013). 2. Dividend and Market Performance:- Dividends and market performance in terms of stock market are two major factors, considered by the investors. The following table describes the dividend policy and market performances of the company: The table shows that the Dividend payout ratio and dividend yield rate, both were nil in the initial four years. It has been caused as the company was unable to pay dividends due to the huge losses, incurred in the first three years.. However, in the current year, the company has paid 63% of its net earnings as dividend. The dividend yield rate, which reflects the return rate in accordance to the market price per share, is presently 0.54%, which can be regarded as poor also. The P/E ratio describes the net earning generating capacity of any company in comparison to the market value per share. It had been negative also from 2012 to 2014. However from 2015, it has become positive and currently it is quite high comparing to the last 4 years. It can be sated that though the company was unable to provide any returns to its shareholders during the first few years, the market performance has improved in the last two years. The company is providing returns to the investors in terms of net earnings and dividends. However, the return rates are not very satisfactory in comparison to the other companies (Bodie et al. 2014). 3. Financial Stability Liquidity: Financial stability and liquidity position implies the financial strength of any business. Financial stability describes whether the business is able to continue its operation in long term or not. The stability ratios of Thomas Cook are shown below: b) Long-Term Stability Ratio Analysis:- 2016 2015 2014 2013 2012 Total Equity (A) 391 368 285 548 457.9 Total Liabilities (B) 6,564 5,590 5,509 5,737 5,449 Total Assets ( C) 6955 5958 5794 6285 5906.8 Debt to Equity Ratio (B/A) 16.79 15.19 19.33 10.47 11.90 Equity Ratio (A/C) 0.06 0.06 0.05 0.09 0.08 Debt Ratio (B/C) 0.94 0.94 0.95 0.91 0.92 The table states that the debt-to-equity ratio and debt ratio are very high, whereas, the equity ratio is too low for all the five years. It implies that the company uses to raise its capital mostly through debt financing. The assets are majorly funded by debt capital also. It may help the company to lower down its cost of capital, but it also indicates that the company does not have any internal reserve to continue its operation (Heikal et al. 2014). The liquidity ratios describes the ability of any firm to cover its current liabilities through its current assets. The ratios of Thomas Cook are calculated in the following table: c) Short-Term Liquidity Ratio Analysis:- 2016 2015 2014 2013 2012 Total Current Assets (A) 2656 2035 1829 1933 1524.2 Inventory (B) 43 52 34 38 30.5 Income before Interest Taxes ( C) 15 29 -106.8 -195.9 -373.9 Interest Expense (D) 6 10 8.2 17.1 216.2 Total Current Liabilities (F) 4630 3702 3894 3688 3540.1 Current Ratio (A/F) 0.57 0.55 0.47 0.52 0.43 Quick Ratio [(A-B)/F) 0.56 0.54 0.46 0.51 0.42 Time Interest Earned Ratio (C/D) 2.50 2.90 -13.02 -11.46 -1.73 From the table, it can be stated that the current ratios and quick ratios during the period were below 0.6. The time interest earned ratios over the first three year were negative, whereas, in the last two years, it is above 2. It indicates that the company does not maintain sufficient current assets to pay off its current liabilities. Moreover, due to huge losses, initially the company did not have the ability to pay its interest expenses out of its net income. However, after improving its profit earning capacity in the last two years, it has enough income to cover the interest expenses (Wahlen et al. 2014). There are many other financial factors, which may create impact on the market value of the company. The factors, which should be considered for evaluating Thomas Cook are described below: 4. Important Information:- The important information, disclosed by the companies regarding its financial performance and other activities, often affect the market price of the stocks. Thomas Cook provides many important details in its official website. The quarterly and annual financial reports, published in the website, help the investors to evaluate the growth or downfall of the performance properly. Moreover, many corporate news, like, introduction of new own brand hotels and announcement of new partnership ventures with Fosun and Ingo Burmester, also create impact on the performances (Thomascookgroup.com, 2017). Such news helps the company to attract new investors and increase the share value in the stock market. Market Report:- Apart from the companys reports, it is necessary to analyze the market reports of the company from various sources. The UK tourism statistics report for 2015 provides detail description of the industry performance for the last few years. It states that the huge loss, incurred by Thomas Cook in the initial period, were not caused only for the poor performance of the company. Most of the large travel companies, as well as, the airlines companies, faced the same consequences. It had been caused due to drastic increase of fuel costs. The travel companies were unable to provide economic tour packages to the clients and loss many customers accordingly. Many customers shifted to lower budgeted packages, offered by the small travel companies. However, within the last few years, the large travel companies have developed many economic plans to recover its clients. It has been observed that to offer low budget tour packages and maintain the service quality, as well, most of large travel agencies have merged with small airlines companies so that they can control the travel cost accordingly (www.tourismallianc e.com, 2017). Thomas Cook has also introduced its own airlines company under the brand name Condor. It has also planned to introduce own hotel chains. Thus, the company is not only trying to reduce the travelling cost, but also, the accommodation and fooding costs, as well. Higher Management:- Higher management and the board directors of any company use to take all the important decisions. Hence, the credentials of the higher management and the directors should be checked also for investment decisions. The board of directors of Thomas Cook is consisted with one chairman, two executive directors and five non-executive directors. Currently, Peter Fankhauser is the Group Chief Executive Officer, who governs over all the departments of the company and Michael Healy, the other executive director, looks over the finance department mainly. The other non-executive directors work independently (Thomascookgroup.com, 2017). Conclusion:- From the above discussion, it can be stated that Thomas Cook Group Plc. was suffering from financial crisis for the last few years due to the poor performance of the company and overall tourism industry, as well. Currently it is recovering its financial strength and financial position gradually. The company has begun to earn profit again, but the profit margins are very low. Moreover, the company has still not recovered its financial strength completely. It has large debts in the market. The liquidity position is also not stable yet. The asset value per share of the company, as shown above, is very low in comparison to the market price per share. It indicates that the market price of the company stocks is overvalued, as it is not supported by sufficient amount of asset. However, the poor financial performance of Thomas Cook is a result of industrial downfall. The company has taken several initiatives to improve its financial position in the next few years. Therefore, it can be concluded that though Thomas Cook Group Plc. has shown improvement in its performance in the recent years, considering its poor return rate and unstable financial strength, it is better to invest in its stock after observing its performance for the next year also. References Bibliography:- Babalola, Y.A. and Abiola, F.R., 2013. Financial ratio analysis of firms: A tool for decision making.International journal of management sciences,1(4), pp.132-137 Bodie, Z., Kane, A. and Marcus, A.J., 2014.Investments, 10e. McGraw-Hill Education Heikal, M., Khaddafi, M. and Ummah, A., 2014. Influence analysis of return on assets (ROA), return on equity (ROE), net profit margin (NPM), debt To equity ratio (DER), and current ratio (CR), against corporate profit growth in automotive In Indonesia stock exchange.International Journal of Academic Research in Business and Social Sciences,4(12), p.101 Horngren, C.T., Sundem, G.L., Schatzberg, J.O. and Burgstahler, D., 2013.Introduction to management accounting. Pearson Higher Ed. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning Thomascookgroup.com. (2017).Thomas Cook Group Board of Directors. [online] Available at: https://www.thomascookgroup.com/board-of-directors/ [Accessed 10 Feb. 2017]. Thomascookgroup.com. (2017).Thomas Cook Group Corporate News. [online] Available at: https://www.thomascookgroup.com/category/corporate-news/ [Accessed 10 Feb. 2017]. Thomascookgroup.com. (2017).Thomas Cook Group Reports and Presentations. [online] Available at: https://www.thomascookgroup.com/reports-and-presentations/ [Accessed 10 Feb. 2017]. Uechi, L., Akutsu, T., Stanley, H.E., Marcus, A.J. and Kenett, D.Y., 2015. Sector dominance ratio analysis of financial markets.Physica A: Statistical Mechanics and its Applications,421, pp.488-509 Wahlen, J., Baginski, S. and Bradshaw, M., 2014.Financial reporting, financial statement analysis and valuation. Nelson Education Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015.Financial Managerial Accounting. John Wiley Sons www.tourismalliance.com. (2017).UK Tourism Statistics. [online] Available at: https://www.tourismalliance.com/downloads/TA_390_415.pdf [Accessed 10 Feb. 2017].

Why You Must Try Self-Publishing

Have you been plodding the path of traditional publishing? Trying to find an agent or publisher to look at your work, with no success? Is your ego bruised and beaten from the constant rejection? Well, if you’ve had it up to here with the battering from conventional publishing companies, read on for a solution to your woes. Really, why do we persist in pursuing something so painful when the option of self-publishing is now so readily available? Gone are the days of the misunderstood author who can’t catch a break. Today, a writer can take on the responsibility and control of their publishing destiny, independent of agents, publishers and poor royalties. Excited? Then, let’s explore why an author would want to do that, and how. Creative Control When you choose to self-publish, you and your resources are responsible for the input of all creative content. This means you’ll be involved in every step of the production process with complete authority to create what you like, when you like. You’ll be making decisions about: writing proofreading editing formatting artwork, illustrations, and book covers budgets release dates marketing and promotions With traditional publishing, the author is usually only involved in the first two points, writing and proofreading. As an independently published author, you have full control over all aspects of getting your book to market. That doesn’t mean you have to do everything yourself, of course. One of the common themes of the successful indie author is the recommendation to hire professionals to handle some of the aesthetics. Formatting, artwork and book covers can all be successfully contracted out to industry experts if you don’t have the inclination or skills to do the work yourself. The point is to have a polished product that meets a high standard of professionalism – you want your book to look its best. Business Control As an indie author you retain all rights to your work and control the destiny of your business. Copyright, reprinting and distribution remain within the scope of your business domain. And as the business owner, you’ll have full authority over the following: Imprinting. You’ll need to establish a business identity if you plan on selling any of your books, as you then become a retailer. Price point. What price will you determine for your work? This article from Jane Litte at dearauthor.com has some interesting insights and observations on digital pricing. Budgets. Determine your budgets for any contracting services as well as marketing and promotions, because initially they’ll be coming out of your pocket. Until your sales with decent royalties fill the coffers again, that is. Publishing platform. You get to choose which of the self-publishing platforms will best serve your needs. You get paid monthly. Any distribution outlets that carry your books, such as Amazon, Barnes Nobel, Borders etc., will pay out on royalties on a monthly basis. Faster Publication A common complaint about old-fashioned publishing is the length of time it takes from signing a contract, to when the book arrives in the stores. An eighteen to twenty four months time frame is not uncommon. And that’s after the time it took to find an agent and a publisher. If your material is of a time sensitive nature, such as technology, medicine, science or current events, that’s simply too long. With self-publishing, you can have your published book ready for purchase within days or weeks you determine the pace. You Pocket the Profits Traditional publishers pay anywhere from between 6 – 25% royalties. As a self- published author, you keep 100% of the profits if you sell direct. Outlets such as Amazon pay up to 70% royalties on sales (if priced in their golden mean of between $2.99 and $9.99, royalties drop to 35% above or below those prices). If you want an idea of what royalties will come your way at each price point, check out the Amazon Royalties Estimator in the sidebar of Joe Konrath’s blog. It’s great for dreaming big. Steps to Self-Publishing If you’ve made the bold decision to go down the self-publishing route, congratulations! You’re in for quite a trip! And the following partial list taken from A Newbie’s Guide to Self Publishing by J.A. Konrath will help you on your way. Set your goal. First establish why you’re publishing to decide how to publish. This step will determine which self-publishing model to choose from; print-on-demand, vanity, subsidy, etc. Determine your price point. Do some research for pricing in your genre to decide where in Smashword’s sweet spot price range, your book will best be suited. Format your book. Do it yourself or hire someone. But if you plan on selling your book, do remember that appearances count. That first impression is important, so give your book a professional look and show that you mean business. Design your book cover. Lots of fun in this creative step, but again, maintain a high standard of professionalism at all stages. Write your product description. Pack your description with pertinent info and similar in style to that of others in your genre. Publish and publicize. Upload your digital version to the platform of your choice, and use social media to announce your release dates. Sure, there are more initial costs to self-publishing a book than with an established publishing house, and you do have all the responsibilities. It takes a lot of time, effort and energy to publish independently, but so does any solo entrepreneurial effort. It’s a business, and if you treat it as such you’ll enjoy the profits that come with running a successful business. And while self-publishing may not appeal to all writers, isn’t it great to know that the option exists if you do want to take control of your own publication empire?

Village by the Sea Essays

Village by the Sea Essays Village by the Sea Essay Village by the Sea Essay their hut the only hut in the village were you can hardly see any smoke to be curling up from under the cocking pot. Nevertheless, he was thinking of something bigger. He is having a dream in mind which is to change the course of his life, he is having this stamina to work all day long in order to survive. On hearing about the construction of a new factory, Hari became hopeful that this could bring him luck. He dreamt of working in this factory although he doesnt have the skill to join it. However, he insisted on working saying A job, a factory, many jobs, many factories, jobs factories. All what he was thinking of is Could he work in a factory and earn money. Hari suffers from poverty, misery and need. There was nothing to eat with the chapattis but a pinch of salt and few green chilies Lila had picked from a bush near her hut. He couldnt afford to buy his sisters sweets as he has no money. This feeling towards his reckless father is quite obvious May be a poisonous snake will bite him, then he would die he said it with hope, as he believes that his father is absolutely responsible for this kind of life he and his sisters are living in, He doesnt look after us,Hari said spitting out the end of a very sharp chapatti, we look after ourselves, dont we? He wishes to leave the village one day, he regards it as a prison that ties him, he never hides his feeling towards his village or his life saying When he thought of all his troubles, his drunken father, Mr. De Silvas insult, the lake of work and money. Hari wished he too could soar up into the sky and disappear instead of being tied to the earth here. Hari dreamt of escaping from Thul. He has tried every possible opportunity there, he worked as a farmer, fisherman, coconut collector, and much more, he even served Mr. De Silva for few pennies. That sense of despair which overwhelmed Hari, never allowed him to feel the blessings that he has, this feeling which he started to realize after going to Bombay. Hari regarded Bombay as a land of dreams. He thought that his dreams could be attained there. When he was talking to the watchman, he was enthralled by this city, city of lights and gleams. He wanted to run away thinking that he may change his fortune there. Hari thought of Bombay as an outlet, everything he wishes for could be accomplished He would have to go to Bombay. Bombay was a great city, a rich city, a city crowded with people who had jobs, earned money and made fortunes.He had to get there somehow.How? . Bombay to him was a shun from his desolation Debt, debt, debt, father always in debts because of toddy. He would get away, He would go to Rewas, to Bombay, and never come back to this sad house, his frightened sisters, his ill mother He could leave them and run, run as far away as he could go. Nevertheless, when he reached Bombay, all these aspirations were shattered, Hari was devastated to discover that the streets of Bombay are not paved with gold as he had anticipated. He comes to know that Bombay is not a white castle made of sand, or salt, blinding against the hot blue sky. On closer inspection, he now sees it as a dirty, smelly and noisy as if the traffic in the world had met on the streets of Bombay hooting and screeching and grinding and roaring past. Hari has to walk slowly and carefully down to pavement to avoid all the filth that was scattered on it, it is in piles Haris experience in Bombay made him realize how he ungratefully undermined his village and his family. He now comes to know how valuable theyre. He acknowledged that although he works and earns money that could provide him a worthy living, yet he now becomes confident that he cannot stay in this place for good. His nostalgia for his home and his village gave him the power to work harder in order to ensure a better living for his family. Moreover, he is now confident that he would go someday to Thul. Hari finds himself struggling more in Bombay He would had fallen ill from lack of sleep if he hadnt one night got up and gone to sit on the pavement because it was a degree cooler..than the eating house.He was disappointed to find that he is living among the orphans in Mr. Jagus restaurant and feels now blessed that he is having a family who as he said one was a drunkard and the other an invalid-and a home , a proper home not just a place on a railway platform. However, the hardships that faced Hari in Bombay never thwarted him, on the contrary it strengthened and encouraged him to be better as well as showed his persistent nature as a man. His journey to Bombay was indispensable , it has revealed so many facts for him ,among which is the importance of having a family not just a close family bu t a bigger family presented in Thul itself, the only place which he felt could embrace him and endure him. Haris feeling of belonging never flourished except in Bombay, he realized that he cant live neither without his sisters and father and mother ,nor without the villagers or the nature who were true companions to him He thought of the sails one saw along the horizon, lights of the boats by night He thought of the crows picking up the crabsand gulls swooping along.the herons standing stock still on a stone .How he longed for them all. Its this place that he belongs to not the city as he discovered that he doesnt want to be a city boy. Hari now is a mature boy, a capable one, a boy who can change circumstances around him in order to live. He knows now that he cant soar up into the sky because we are here on earth ,we cant leave it. We must live here somewhere. He is now able to cope with his new life and find himself a way out of poverty and starvation , he is as Mr. Sayyid Ali has described him You are going to give up your traditional way of living and learn a new way to suit the new environment that the factory will create at Thul so as to survive. Yes, you will survive. This is true, Hari has learned how to survive and the credit is given to this journey and the people whom he met Mr. Panwallah and Jagu who taught him how to be practical and ambitious as well as confident. Finally, Anita Desai managed to create a fabulous picture of a devastated boy who has succeeded due to his strong will and determination to conquer the toughest possible situations and to get not only one but two jobs and many friends.

International HRM Essay Example | Topics and Well Written Essays - 3000 words

International HRM - Essay Example This paper discusses that earlier the definition of HRM was only limited to hiring and firing of employees. The HRM process of the company only focused on the increasing the productivity of the company by recruiting good employees. After the development of the trade unions the company started focusing more on improving its relationship with the organizational members. Then employee relationship was included in the definition of HRM. In the late 70s the companies started conducting training, implementing appraisal system, organizing welfare activities etc. All of these HRM processes helped the companies to increase their productivity and satisfaction level of their employees. In 1980 communication process was added to the definition of HRM. In this essay various concepts of International HRM have been discussed. There are many factors which influence IHRM process of a company. For these factors various complexities arises in IHRM which are highlighted in this case. The traditional concept of IHRM has many limitations for which modern theories of IHRM are used in the companies. The role of Globalization in IHRM is also discussed in this essay.  The focus of HRM definitions changed with the changing business environment. This is because earlier the companies were only concerned to increase their productivity but gradually they started realizing the value of employees.  So they incorporated many new things in the definition of HRM for satisfying the employees and retaining them for long time.

Assessment Essay Example | Topics and Well Written Essays - 500 words - 8

Assessment - Essay Example guidance and management of the school principal whose participation influences the level of school efficiency through aligning individual teacher instructions with student achievement. My participation in instructional collaboration would be to intensify my relationship with colleagues, offer my opinion towards a student-centered school, gain proficiency in curriculum goals, raise my expectations and that of other teachers, become part of an aggressive and engaged community of teacher-learners, and reinforces the entire school program. I would hesitate to collaborate to avoid over-dependence on my colleagues, and to gain more confidence my decisions. I would also not collaborate to pursue issues geared towards personal goals that conflict with student-centered learning. In my opinion, successful collaboration must improve my reflective abilities and promote individual professional growth. Additionally, partners have to demonstrate strong self-esteem and motivation, sense of security hence a common goal, shared studying and peer observation, open and rich professional dialogues, instructional variety in teaching, elevated risk taking, planning and preparation, and improved of levels self-confidence. Through increased participation in of teachers curriculum delivery, collaboration makes it possible to evaluate the outcomes of both the teachers and the students. Yes, I have previously participated in instructional collaboration. I engaged in consultation collaboration for a topic I did not know how to deliver effectively. The experience made me to realize that not all teachers feel secure when engaging in collaboration and they would turn you away claiming they are busy. However, most teachers are willing to assist newly employed colleagues in effort to promote consistent student learning. I felt incompetent and did not want to jeopardize the learning of my students. I would look for a partner who is trustworthy and who seeks equitable distribution of