Ben Franklin Research Paper - 1498 Words

This report is about one of the most recognized and influential figures in all of American history. He has discovered technologies, spread around unique ideas, and taken place in many historical political events. He was the leader of a unique group called the philosophes. He was one of the few men that could not only read, but could write at the same time as these abilities were not emphasized at this point and time like they are today. Many of the most significant events in American history could not have been possible without the help or involvement of this man. This report is being written about one of the men responsible for America’s success today. His name is Benjamin Franklin. This report will explain a lot of the significant events†¦show more content†¦Something else that he led was a big scientific community in America. Through that, he educated many other people which led to them creating inventions of their own. (Schoenherr) This American Enlightenment was assisted by the increase in higher education as there were more schools being built throughout the north. Even though his words would have been more influential and helpful in later society, the society that he lived in were just not well educated enough to understand the writing of the philosophes. As mentioned earlier, he was an important political figure too. This was because of the growing popularity of his work and achievements. He was seen as a very intelligent man which led to him being appointed to the Albany Congress as a Pennsylvania delegate. He was one person who disagreed with the separation of the colonies and asked for the union of them which was agreed upon by the other delegates but later rejected by the Britain government. He was one of the many people who opposed the Stamp Act. 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Turkey’s Retailing Sector Analysis Free Essays

RETAILING INDUSTRY in terms of Food- Non Food * Sectorial Overview; Retailing is the business activity that involves selling products/services to customers for their non-commercial, individual or family use. Normally, retailing is the final stage of the distribution process. The middle and long term potential of Turkey retail industry continue remaining attractive. We will write a custom essay sample on Turkey’s Retailing Sector Analysis or any similar topic only for you Order Now Companies in sector support the sectorial expansion with their expansion strategies, negative business administration fund and powerful cash creating capabilities. The defensive structure of sector and low penetration strengthen this situation. With the increase in consumer demand, rapid urbanization, increase in large scale retail investments the number of shopping malls in Turkey increased by more than 20% in the last two years. In the same period, the total surface rent area in Turkey increased by more than 30% and reached As it can be seen on the graph below; the total size of the retail sector (organized and unorganized) in Turkey is expected to reach $355 billion in 2013 and grow with 10% until 2016. (See Figure 1 in Appendix) Organized retail, a highly promising segment due to increasing per capita consumer spending and relatively weaker presence up to now in comparison with developed markets, is estimated to be 40% of the total retail industry in Turkey. (See Figure 2 and Figure 3 in Appendix) * The share of organized retail continue increasing; The share of organized retail which has the level of %25 in the total retail market in 2000 exceeds the levels of %50 according to the 2013 predictions. Turkey organized retail market achieve an impressive growth in last 10 years. It is anticipated that the share of organized retailers increase from the level %47 to the level %60 in upcoming 5 years. It is anticipated that the share of organized retail increases to the level of %60 till 2015. While the food retail segment constitute more than half of total retail market, traditional structure such as local markets and groceries still dominates the market. It is expected that approximate number of 10. 000 organized retail store will be twofold in 5-6 years. Besides, it is predicted that the number of groceries will be regress from 150. 00 to 100. 000 at the same period. Turkey, with its 105 milliard dollars sales figure, is located in 6th line in Europe retail sector. Nevertheless, while the total share of 5 biggest players in Europe is approximately %50, it is %20 in Turkey. Organized Retail Sector is the fastest expanding canal discount merchandising. It is expected that the number of approximately 6. 000 discount stores in Turkey will be twofold in upcoming 4 or 5 years. With the support of increase in the income per capita, %12 growth is anticipated in retail sector between 2009 and 2015. The discount store chain in Turkey (such as A101, SOK, BIM, DIASA) have a very fast growth schedules. BIM is placed in the first row in discount merchandising with its large store quantity. The company is planning to open 300 or 350 new stores every year. The fast increase in store quantities supports scale economy and companies are able to pull down their sale prices thanks to the decline in costs. With the effect of increasing competition in sector, it is expected that the growth accelerate with purchasing in forthcoming years. Despite the high competition, the retail sector is enlarging expeditiously; 6 major organized food retailing brand constitute %37 of total market in spite of divided structure. It is expected that it will be inorganic growth, merchandising and reunions, thus the companies will achieve more competitive charges by increasing their purchasing power in 2013 and later on with the intensity of competition. 2 Major Retailing Companies in the Sector; MIGROS vs BIM B IM and MIGROS which are the prominent players of Turkey food retail sector, are analyzed in this assignment in terms of their financial analysis. In retailing sector, these 2 companies have a great effect and they are known as most powerful competitors with their shares all over the industry. Migros has 6% and BIM has 9% industry shares. (See Figure 4 in the Appendix) 1) BIM BIM (Birlesik Magazalar A. S. ) adopts as a principle the supply of the highest quality basic foodstuff to consumers, at the best possible prices. BIM began its operations in 1995 with 21 stores and in line with this principle. BIM’s product portfolio comprises around 600 products. 44. 12% of BIM shares started to be traded in Istanbul Stock Exchange in 15 July 2005. BIM is the first representative of high level discount model in Turkey and the company got in stock market return for its rapid growth. While BIM finishes its 7th year in stock market, it became the 12th company that has highest market value of Turkey. * Board of Directors Mustafa Latif TopbasChairman of the Executive Committee Ekrem PakdemirliVice Chairman of the Board Mahmud MeraliBoard member and has chaired the Audit Committee Jos SimonsBoard member and consultant. Omer Hulusi TopbasBoard member. Yalc? n OnerBoard member. Dr. Zeki Ziya SozenBoard member. Turnover doubled to six; The rapid growth of the company had an effect on the rise of BIM , whose capital’s 17,43 per cent belongs to Mustafa Latif Topbas, in stock market. (See Table 1; Structure of BIM’s Shareholders) BIM ‘s sales revenues were 1. 4 billion TL . In the end of 2011, this revenues reached to 8. 2 billion TL. Also, the personnel number of the company increased approximately 3 times in 7 years. In the end of 2010, BIM became the endorsement leader with 6. 5 billion TL in the retailing sector of Turkey and it maintained this position in 2011. As abroad, while the company increases the number of stores in Morocco, aims Egypt for the next year. This year, BIM also started to operate in mobile communication industry with the name of BIMCELL. * Growth Strategy; Aggressive Growth among the competitor companies that strength After 11% increase in number of stores in 2011, with the number of 3. 584 stores in 2012, BIM is the retailer that has the largest store network in Turkey. (See Figure 5; Number of Stores ) BIM plans to open 400 new stores in 2013 and reach 5. 500 stores in 2015. With the store numbers increases there also has been 14% increase in number of employees in the company in 2011. BIM has been expanding their business, operations in every part. (See Figure 6; Number of Employees) These increases in operation side lead to an increase in number of average daily customers with 14% in 2011. (See Figure 7; Average number of Daily Customers) Of course with these changes, company carried out a 25 percent net sales increase over the industry average in 2011 and 2012. (See Figure 8; Sales and Gross Profit Margin) It is estimated that a sales increase over 20 per cent in 2013. Depending on this net sales growth, Company’s net profit has been increased by 22% over the last three years. Due to the increase in net sales; margin values regarding net profit, gross profit, EBIT, EBITDA have been decreased over 3 years. (See Figure 9; Net Profit and Net Profit Margin) With the effect of net sales increase, EBIT has been increased to 347,5 in 2011 ( See Figure 10; EBIT and EBIT margin) These was a 19%increase in company’s EBITDA and this means that there is an increase in amortization so we can say that company increased their asset purchases as we can see on the related figure. See Figure 11; EBITDA and EBITDA margin) * 18 times has been increased in 7 years; BIM began to be traded with 672. 9 million TL of market value in July, 2005. The value of the company increased approximately 18 times in 7 years based on TL. The increase in BIM stocks since the first trading day was 1. 861 per cent. As a result of its rapid growth, BIM’s market value i s the over of the Erdemir, Arcelik, Ford Otosan, Finansbank and Vak? fbank in addition to Tupras that is the Turkey’s largest industrial enterprise and refinery giant. Also, BIM has paid its shareholders a total dividend of 700 million TL in the period of 7 years in the stock market. (See Figure 12; BIM Dividend Payment over the last 5 years). As the company’s profit increased dividend payments are increased also. There has been a positive relationship between them. This is a very good indicator for the company’s investors who already invested in BIM’s shares and who are planning to invest. Also as a result of the increase in BIM’s stock prices and stock revenues; value of the company also increased. So, this situation put the company’s principal shareholder, Mustafa Latif Topbas, to the Forbes list. On the other hand, for each stock BIM has really high returns and it brings some important risks also for the investors. (See Figure 13; IMKB 100 vs. BIM Stocks) When we compare the situation of BIM’s stocks in Imkb 100 with stocks of MIGROS, BIM has a higher return, profit for the investors and because the ret urns and prices of BIM higher than IMKB 100 and because there is a really important difference between the line according to Figure, BIM’s stocks are also operated and valued in IMKB 30. Why is it rising? * The rapid growth in the number of stores and endorsement. * The high capacity of dividend payment.. * Increasing profitability of the company every year. * To expand abroad with Morocco. * To bring new revenues with BIMCELL. *3/4 of the shares in stock market is belonged to foreigners. * Growth Targets in Egypt after Morocco: BIM will open stores in Egypt by 2013. The company estimates that the growth in Egypt will be faster compared to the growth in Morocco. Recently, BIM operates in Morocco with 103 stores. And the company plans to open 50 new stores in Egypt every year after 2013. 2)MIGROS Originally established in Turkey in 1954 as a collaboration of the Swiss-based Migros Cooperatives Society and the Istanbul municipality, Migros’s primary mission was to supply economically priced groceries and household supplies to consumers in Istanbul under wholesome conditions. In 1975 the Koc Group acquired a majority stake in the company, following which there was a steady increase in both number of its stores and its brand value for more than a decade. In 1991, Migros became the first publicly traded company in retail. Following a Koc Group strategic decision to pull out of grocery retailing, in February 2008 Koc Holding signed an agreement to sell its 50. 83% stake in Migros to Moonlight Perakendecilik. Transfer of the shares took place on May 30th of the same year. On 30 April 2009, Moonlight Perakendecilik (now known as Migros Ticaret A. S. ) and Migros Turk T. A. S. were merged into a single company which has since been operating under the name â€Å"Migros Ticaret † and whose principal shareholder is MH Perakendecilik ve Ticaret A. S. In 2005 Migros further bolstered its leadership of Turkey’s food retailing sector with its acquisition of Tansas, another national chain As of end-2011 Migros was operating through a total of 745 national and international locations. With a national presence in all seven of Turkey’s geographical regions taking the form of 262 â€Å"M†, 190 â€Å"MM†, 59 â€Å"MMM†, and 16 â€Å"5M† Migros-branded stores and of 177 â€Å"Tansas† and 13 â€Å"Macrocenter† stores, its international footprint consisted of 23 Ramstores in Kazakhstan and another 5 in Macedonia. ( See Figure 14,15 ; Breakdown of Net Sales Area by Store Brands of MH Group) Distribution of Dividend According to latest data from the company’s official web-site, at the company’s Annual General Meeting held on May 20, 2010, it was decided to distribute a gross cash dividend of TL 195,833,000 to the shares representing TL 178,030,000 capital and the dividend di sbursement is to start on May 28, 2010. On July 30th, 2009, it was decided to distribute the dividend of the free reserves after setting aside the reserves required by law to the share certificates representing the capital of TRY 178,030,000 and to use TRY 2,492,420,000 from this source for the distribution of gross cash dividends. See Table 2; Structure of Migros’s Shareholders) * Growth Strategy: The company increased its total store number to 745 in 2011. (See Table 3) and 2012, they increased the stores to 874 by opening 142 new stores. The company is planning to open 100 new stores in 2013. It is expected that the company will maintain rapid growth and increasing operation profitability in 2013 by focusing on its main operations. In addition to this, in 2013, it is estimated that the company will have 13% sales growth in year basis and 6. 4% EBITDA margin. * The positive effect of selling of â€Å"SOK† on Profitability. After selling SOK Discount Stores, thanks to high margins of supermarket segment and improvements in operational management and supply chain, Migros’s EBITDA margin increased in 2011. It increased from 5. 7% in 2011 to 6. 5% in 2011. While Migros leave the channel of low margin discount retailing that is in intense competition, it will increase its penetration in supermarket segment that it is the leader in. In the medium term, 6. 0%- 6. 5% is the sustainable margin level. It is expected that sale, partnership and the reunion debates of Migros and CarrefourSa in 2013 will close the sale after getting purchased the food by Makro. BC Partners’ expectation of selling the share of Migros, BC Partners (MH Retailing) which is %80,5 shareholder of Migros is a private equity company centered in London. In spite of the fact that it is expected that BC Partners will sell their quantum of Migros in between 2013-2014, there is no explanation about the time period. It is thought tha t, despite the aggressive growth strategies of Migros continue, the quantum sale in 2013 is highly possible. In the case of selling deal, it is possible to be made a call for minor shareholders. * Company’s Stock Returns in IMKB 100 When we compare the Migros Stock Returns we can say that, the prices of each stocks are less than BIM’s stocks and their returns are above the IMKB 100 line. This situation makes company’s stocks profitable but at the same time it may mean a high risk for the investors ( See Figure 17; IMKB 100 vs. MIGROS Stocks) Analysis of Financial Ratios of BIM MIGROS (See Tables 4,5,6) 1) Liquidity Ratios Current Ratio: This ratio is commonly used as an index for current financial position and used for measuring company’s ability to pay short-term debts and determining the company’s net working capital if it is enough or not. Generally it is expected to be 2,00. The ratio of 1 is also acceptable. When we look at both companies both of them may have some difficulties to pay their short-term liabilities. For the firms which has a high level of inventory turnover ratio and receivable turnover ratio like Bim, they are able to pay their short-term debts easily. Quick Ratio: It is a more sensitive ratios than current ratio. It shows us the ability of firms to pay their short-term liabilities when they have no sales growth, when their sales stops. It is expected to be 1. The ratios of both firms are less than deal number so receivable accounts and cash cover short term liabilities and their abilities to pay are not good but at least both firms’ ratios are higher than industry ratio and this brings these 2 companies in a better position in terms of short-term debts. Cash Ratio: It is most sensitive liquidity ratio. Generally, this ratio is not expected to be under 0. 20. As both firms cash ratios are highe r than industry ratio, it won’t difficulties for paying their debts in the condition of lack of sales and getting their receivables. Additionally, company is holding more cash than needed. Net Working Capital: If the value of networking capital is minus, this means company’s current liabilities are more than current assets. This is the main reason for the company which finance its current assets with current liabilities. This is the case for BIM. We can say that company might have done current assest investments. We can say that BIM has some problems in terms of liquidity. Migros has positive networking capital and it has no liquidity problem. 2) Leverage Ratios Total Debt Ratio: This ratio is expected to be under 50%. With 0. 64, 0. 63 and 0. 64 ratios according to three years, BIM has higher values than this ideal ratio. When we look at industry ratio, it is 2,00. This ratio tells us, foreign resources are used for financing assets by the rate of 0. 64. It shows that BIM can pay its debts by selling assets when the operation stopped. This is the same for Migros expect the year 2010. It has a very high ratio, even higher than the industry level which is 2,41. Debt to Equity Ratio: This ratio can be equal to 1 or higher than 1. If it is higher than 1, it means difficulties in paying debts and interests or if it is lower than 1, it means company finance their assets by using its equities. The industry ratio is 1. 3. By looking Migros’s DTE ratios, they mostly finance their assets by using their equities instead of using foreign resources and they will have no difficulties while paying their debts, liabilities in the future. But when we compare it with the industry which is almost 1, Migros will have less advantage in any crisis condition. In this case, Bim has a more advantageous position than Mi gros because its ratios are closer to industry ratio and ideal ratio. Long Term Debt: It is a normal ratio 0. 12 – 0. 16 in Turkey. The industry ratio is 1. 03. Migros’s ratios are 0. 47, 0. 44, 0. 49 orderly. Bim’s ratios are 0. 01, 0. 01, 0. 01 orderly. If this ratio is high, this increases interest burden, decreases dividends and as a result, it causes not to cover debt burden. Migros prefers long-term foreign resources rather than using their equities. Long Term Debt to Equity: Ideal ratio is 1. Migros’s ratios are 0. 64, 1. 85, 2. 26. Bim’s ratios are 0. 04, 0. 03, 0. 03 orderly. The industry ratio is 0. 84. For Bim with these ratios that are less than 1, it means that Bim’s equity is more than long term debts. It is valid for these three years. Times Interest Earned: This ratio should be more than 8. Higher value of times interest earned ratio is favorable meaning greater ability of a business to repay its interest and debt. Lower values are unfavorable. That means if a company cannot repay its interest and debt it may become in a difficult situation even it may go bankrupt. In general, times interest earned of 1. 5 or below is unsafe. 3) Efficiency Ratios Receivable Turnover: If a company has a low receivable turnover it means, that company has some important difficulties to collect their receivables and the collection policy of that company is not so good and this means that they are unnecessarily relax about sales on credit. When we compare Bim and Migros, Bim is a better position for collecting its receivables in a quicker way. Its ratios are even less than industry ratio. When we compare Bim with Migros, Bim really has a strong ability to get their sales and receivables and their portfolios include low-risk and trustful customers Average Collection Period: It can also be evaluated by comparison with the terms on which the firm sells its goods. For Bim, with the high value of this ratio, it may not have the ability to finance its own debts because of long-term collection. Migros has a shorter average collection period Inventory Turnover: It is the most important ratio in retailing sector and it measures company’s efficiency in turning its inventory into sales. Its purpose is to measure the liquidity of the inventory. Migros has ratios 7. 43, 8. 52, 8. 47 orderly and Bim has ratios 16. 98, 19. 56, 20. 23. Industry average is 10. 61. Migros’s ratios are less than Bim’s and industry’s ratios so this is a signal signal of inefficiency, since inventory usually has a rate of return of zero. It also implies either poor sales or excess inventory. For Migros low turnover rate can indicate poor liquidity, possible overstocking, and obsolescence, but it may also reflect a planned inventory build up in the case of material shortages or in anticipation of rapidly rising prices. Bim has highest inventory turnover ratios over Migros and industry. It means that Bim is really strong in terms of sales and at the same time very effective to control its inventories. Its higher inventory turnover ratio also means better liquidity. Also its efficiency in managing their stocks were increased, their stocks are becoming sales revenues in a short time and their stock costs were decreased year by year. With this positive development, it has less financial resources for their stocks as necessities and their competition force has increased by this activity. Average Days in Inventory: Generally, the lower (shorter) the DSI the better. Bim has lower Average Days in Inventory than Migros and industry. This means, Bim is doing good in the sector and it has a good position in industry competition. This is an indicator of good operating cycle of Bim. In this case, Migros is in a worse situation. Asset Turnover: Bim has higher asset turnover ratio than Migros and industry and it shows us Bim has much more effective sales than Migros. It is more successful than Migros in order to generate sales with fewer assets it has a higher turnover ratio which tells it is a good company because it is using its assets efficiently. Migros is not using its assets optimally. Total asset turnover ratio is a key driver of return on equity 4) Profitability Ratios A company’s stock price, in large part, is driven by the company’s ability to generate earnings. Therefore, it is useful for investors to analyze the profitability of a company before investing in it. One way to do this is by calculating and tracking various profit margins, which reflect how efficiently a company uses its resources. Gross Profit Margin: Due to higher sales volume of Bim, Bim has lower gross profit margin than both Migros and the industry and it means Profit Margin: It tells us about company’s profits and their different kinds of policies, strategies and decisions. When we look at Bim’s profit margins over the 3 years they are higher than Migros’s profit margin values and the industry average. It is the most advantageous one. Bim has a better position than Migros in the industry. It has a competitive advantage over Miigros. ROA: It shows us at what amount companies get returns from their investments. Bim has higher ROA than Migros and industry over 3 years. It has become really effective to use their assets in a profitable way. For Migros, in 2011 the ratio became a minus value this means Migros lost its asset profitability and started to not to get any profit from their assets. ROE: Stockholders invest to get a return on their money, and this ratio tells how well they are doing in an accounting sense. It measures the performance of companies’ equities. Again for this ratio, Bim has a much better position. It has higher ratio than Migros and industry. But on the other hand, there has been a small ROE reduction for Bim over 3 years. For example in 2011, ROE is 0. 48 and this means that owners of Bim could get 10% income from their equity that they invest for Bim. Operating Profit Margin: With a higher ratio of Bim, it is more successful in generating from operating its business. It is more important than net profit margin because it measures the profit margin which companies gain from goods and services sales in companies’ main activity subjects. This ratio is higher than industry ratios which is really important especially for Bim’s investors. APPENDIX Figure 1 Figure 2 Figure 3 Figure 4 Table 1: Structure of BIM’s Shareholders Table 2; Structure of Migros’s Shareholders Figure 5 Figure 6 Figure 7 Figure 8 Figure 9 Figure 10 Figure 11 Figure 12 Figure 13 Table 3; # of National and International Stores, Net Sales Area Figure 14 Figure 15 Figure 16 Figure 17 Table 4: Financial Ratios of Migros | 2009| 2010| 2011| 2010| | Migros| Migros| Migros| Industry| LEVERAGE RATIOS| Debt to equity| 2. 76| 3. 13| 3. 58| 1. 03| Total debt ratio| 0. 73| 2. 41| 0. 78| 2. 00| Long Term debt ratio| 0. 47| 0. 44| 0. 49| 0. 22| Long-term debt to equity ratio| 0. 64| 1. 85| 2. 26| 0. 84| Times Interest Earned| 1. 54| 1. 28| 1. 43| 22. 35| LIQUIDITY RATIOS| Current ratio| 1. 34| 1. 01| 1. 13| 0. 82| Quick ratio| 0. 94| 0. 58| 0. 70| 0. 45| Cash Ratios| 0. 88| 0. 55| 0. 66| 0. 32| Net Working Capital| 497,628| 27,363| 218,876| -31,682,086| EFFICIENCY RATIOS| Total asset turnover| 1. 01| 1. 14| 1. 04| 2. 08| Inventory turnover | 7. 34| 8. 52| 8. 47| 10. 61| Receivable turnover| 150. 11| 127. 5| 85. 64| 66. 25| Average collection period| 2. 43| 2. 86| 4. 26| 8. 80| Average days in Inventory| 49. 72| 42. 84| 43. 09| 38. 61| PROFITABILITY RATIOS| Gross profit margin| 0. 25| 0. 24| 0. 25| 0. 22| Net profit margin| 0. 01| 0. 006| -0. 02| 0. 02| Operating Profit Margin| 0. 01| 0. 03| 0. 04| 0. 01| Return on Asset| 0. 01| 0. 00| -0. 02| 0. 03| Return on Equity| 0. 07| 0. 03| -0. 13| 0. 11| Table 5:Financial Ratios of Bim | 2009| 2010| 2011| 2010| | Bim| Bim| Bim| Industry| LEVERAGE RATIOS| Debt to equity| 1. 83| 1. 74| 1. 81| 1. 03| Total debt ratio| 0. 64| 0. 63| 0. 64| 2. 00| Long-term debt ratio| 0. 01| 0. 01| 0. 01| 0. 22| Long-term debt to equity ratio| 0. 04| 0. 03| 0. 03| 0. 84| Times Interest Earned| 156. 8| 83. 67| 140. 6| 22. 35| LIQUIDITY RATIOS| Current ratio| 0. 88| 0. 95| 0. 98| 0. 82| Quick ratio| 0. 51| 0. 56| 0. 61| 0. 5| Cash Ratios| 0. 24| 0. 33| 0. 36| 0. 32| Net Working Capital| -80,986| -38,285| -18,386| -31,682,086| EFFICIENCY RATIOS| Total asset turnover| 4. 84| 4. 79| 4. 72| 2. 08| Inventory turnover | 16. 98| 19. 56| 20. 23| 10. 61| Receivable turnover| 32. 99| 34. 15| 30. 21| 66. 25| Average collection period| 11. 06| 10. 68| 12. 08| 8. 80| Average days in Inventory| 21. 4| 18. 66| 18. 04| 38. 61| PROFITABILITY RATIOS| Gross profit margin| 0. 17| 0. 16| 0. 16| 0. 22| Net profit margin| 0. 04| 0. 037| 0. 037| 0. 002| Operating Margin| 0. 04| 0. 04| 0. 04| 0. 01| Return on Asset| 0. 19| 0. 17| 0. 17| 0. 3| Return on Equity| 0. 54| 0. 49| 0. 48| 0. 11| Table 6: Financial ratios of Tesco Kipa, Carrefoursa, Migros, Bim, Industry, in 2010 2010| | Bim| Migros| Carrefoursa| Tesco Kipa| Industry| LEVERAGE RATIOS| Total Debt ratio| 0. 63| 2. 41| 0. 41| 0. 70| 1. 03| Debt to equity| 1. 74| 3. 13| 0. 71| 2. 43| 2. 00| Long-term debt ratio| 0. 01| 0. 44| 0. 02| 0. 42| 0. 22| Long-term debt equity ratio| 0. 03| 1. 85| 0. 04| 1. 45| 0. 84| Times interest earned| 84. 6| 1. 28| 1. 54| 2. 00| 22. 35| LIQUIDITY RATIOS| Net working capital| -38,285| 27,363| -126,853,307| 178,586| -31,682,086| Current ratio| 0. 8| 1. 01| 0. 81| 0. 59| 0. 82| Quick ratio| 0. 51| 0. 58| 0. 53| 0. 20| 0. 45| Cash Ratios| 0. 24| 0. 55| 0. 36| 0. 16| 0. 32| EFFICIENCY RATIOS| Total asset turnover| 4. 84| 1. 14| 1. 42| 0. 95| 2. 08| Inventory turnover | 16. 98| 8. 52| 10. 3| 6. 65| 10. 61| Receivable turnover| 32. 99| 127. 5| 21. 5| 83. 04| 66. 25| Average collection period| 11. 06| 2. 86| 16. 9| 4. 39| 8. 80| Average Days in Inventory| 21. 4| 42. 84| 35. 4| 54. 8| 38. 61| PROFITABILITY RATIOS| Gross profit margin| 0. 17| 0. 24| 0. 22| 0. 27| 0. 22| Net profit margin| 0. 04| 0. 006| -. 008| -0. 03| 0. 002| Operating Margin| 0. 4| 0. 03| -0. 005| -0. 002| 0. 01| Return on Asset| 0. 19| 0. 00| -0. 011| -0. 03| 0. 03| Return on Equity| 0. 54| 0. 03| -0. 02| -0. 11| 0. 11| | | REFERENCES * http://www. bim. com. tr/yatirimci-iliskileri. html * http://www. migroskurumsal. com/Foreks. aspx? IcerikID=35 * http://tesco. kipa. com. tr/default. asp * http://www. carrefour. com. tr/Kurumsal/finansalsonuclar;jsessionid=b3a0da5ff5e79ee039b023b24ca0 * http://www. ampd. org/ * http://www. capital. com. tr/perakende-AltKategoriler/48. aspx * http://www. aaii. com/computerized-investing/article/profit-margin-analysis. pdf How to cite Turkey’s Retailing Sector Analysis, Papers

Virgin Atlantic Essay Example

Virgin Atlantic Essay The company I’m going to investigate is Virgin Atlantic. Virgin Atlantic is a British airline, which was founded almost 25 years ago; it is a leading player of Sir Richard Bransons Virgin Group, who own 51% of it and Singapore Airlines owns 49%. Its headquarters are located in Crawley, West Sussex, England, near London Gatwick Airport, they also have Technical Engineering Centers and other buildings and offices for cargo and Logistics in Manchester and Norfolk. It operates between the United Kingdom and North America, the Caribbean, Africa, the Middle East, Asia, and Australia from main bases at Gatwick and London Heathrow Airport, using a mixed fleet of Airbus and Boeing aircrafts. Despite Virgin Atlantic’s growth the service remains customer driven with an emphasis on value for money, quality, fun and innovation. On its long haul routes Virgin Atlantic operates a two class system: Upper Class (the airline’s business class) and Economy Class which is segmented into Premium Economy Class and Economy. Virgin Atlantic recently launched the Upper Class Suite – a new product which promises to take on other carriers’ first and business class products. Virgin Atlantic also has Upper Class Lounges at Various Airports in the UK, USA, Japan, Hong Kong and the Caribbean. Mission Statement: A Corporate mission statement should be an expression of the vision, the culture and the shared values of the organisation, as well as defining the boundaries or scope of the business. We will write a custom essay sample on Virgin Atlantic specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Virgin Atlantic specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Virgin Atlantic specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The four phrases to analyse a Mission Statement against, to evaluate its effectiveness are: Is it reasonably concrete and action oriented? Can People Understand it, relate to and put into action? Does it differentiate company from competitors? Is it simple, easy to put into words and easy to explain to customers? Virgin Atlantic has got a Simple Mission statement: 1. To grow a profitable airline 2. Where people love to fly 3. And where people love to work. 4. They’re mission Statement is easy to understand as its in simple words so nyone could understand it, including the customers. It relates to the organisation, its customers and the staff. The mission statement is concrete and action oriented but not excessively. It states what their targets are and what they are achieving for but does not go in too much in detail about them. Objectives: Our objective is to fly a profitable airline that people love to fly and where people love to work. Our focus is on further improving cust omer services for our business and leisure travellers, as well as setting new standards for the rest of the industry to follow. Our strategy is to ensure we offer the best business product in the air, grow our leisure business even further, and run an efficient but effective global airline. The Objectives of Virgin Atlantic are not too Specific, as they dont explain why people are going to love flying and working with them they dont state the best products they are planning to offer in the air. They are measurable because they could calculate the profit. They are achievable and could be achieved because the luxury airlines offer similar facilities. Objectives are also Realistic because the Virgin Group is successful and has plenty of resources including money. But there is no Time-Bound set on the objectives. Standards: Virgin Atlantics Standards are : We put customer service and commitment to our passengers at the heart of what we do. We strive to get it right, first time, every time. But occasionally, things dont go as planned. We believe that you have the right to know what level of service you can expect from us all the time even in those rare moments when we fall short of the very high standards we have set ourselves. Setting standards is useful in achieving high levels of customer care, because then the staff know what is expected from them and the success could be measured. Virgin Atlantic should also introduce other standards such as cutting down length of the queues to check in. Customer Feedback: The Methods Virgin Atlantic use to gather customer feedback is by Email, Post or Fax. These are effective methods because the feedback given in these forms is originally written or typed by the customers and can be stored to analyse and improve the service. Virgin Atlantic could also introduce Comment Cards on the planes, so customers can tick boxes and comment about their experience flying with Virgin Atlantic. The Feedback they gather is used for Accounts and Records, Advertising, Marketing and Public Relation, Administration of Membership Records, Research, Software Development and Testing and the consideration of complaints Purposes. Staff is not made aware of the feedback gathered but they should be since they have a role in the organisation. Customer Improvement To improve its Customer Care, Virgin Atlantic trains its staff at The Base- its new state-of-art training centre. According to Virgin Atlantic, Investment in its employees futures is vital for business to keep growing therefore from first day employees can focus on their training and development. Virgin Atlantic treats its employees as single most important part of Virgin Atlantic. Richard Branson believes: The people who make up Virgin Atlantic make Virgin Atlantic. This isnt a company that just talks about putting employees first or glibly claims that our people are our greatest asset. This is a company that simply wouldnt exist without the energy, the determination, the wit and the wisdom of our people†. Everyone at Virgin Atlantic has the intelligence to think on their feet and respond to any new developments that come their way, they work hard to provide unique brand and service which they are popular for. This, in turn, creates a lively, cooperative environment where everyone knows whats expected of them and works together to achieve it.. Reward and Recognition Schemes Virgin Atlantic has good reward schemes to motivate its employees and to keep them happy since they work hard. Virgin Atlantics full-time employees receive Seven free Flights to wide range of glamorous global destination. Also they offer competitive benefits packages: Pension and private medical schemes Life assurance Excellent discounts across the Virgin Group and lots of other companies Long term disability insurance Spouses and dependents benefit Dental plans Health screening Access to other major airlines discount travel, including European airlines All these benefits should motivate staff and increase their morale. Changes in Customer Care The Changes I would recommend for Virgin Atlantic to make are- Add more destinations world wide to different continents, this way the company can have a larger market and the customers would have bigger choice of destinations to fly to. Virgin Atlantic should also start flying nationally , within the UK aswell as international flights, This would be beneficial to the brand-loyal who want to travel from one city to another. Other British airlines, such as British Airways and BMI do national and international Flights. Since Virgin Group provides Various services like Virgin Trains, Virgin Mobile etc. Virgin Atlantic should offer discount to its customers who use other Virgin Product or Services, This would encourage customers. Bibliography http://virginally-atlantic. com/tridion/images/newpolicy_tcm5-540700. pdf http://wwp. greenwichmeantime. co. uk/time-zone/europe/uk/website/travel/airlines/virgin-atlantic/index. htm http://www. virgin-atlantic. com/en/gb/index. jsp http://en. wikipedia. org/wiki/Virgin_Atlantic_Airways

HOW FREE FEDERAL GOVERNMENT WEBSITES HELP YOUR WRITING

HOW FREE FEDERAL GOVERNMENT WEBSITES HELP YOUR WRITING The federal government sponsors top-notch websites free for the searching. But why search the federal government websites instead of just googling your question? The answer lies in quality. These websites contain trusted sources and the top experts in their fields.   Of course, non-fiction writers should be acquainted with them, but they can also aid the fiction writer who has a question/problem. Once you choose a website, the searching process is guided so you don’t have to be a subject expert yourself to use them. A sampling of these free subject databases and examples appears below. Multidisciplinary:   http://usa.gov   A primary source for access to U.S. government documents. It is a â€Å"portal† which searches all agency documents at once in a unified way. As an example of how a fiction writer would use usa.gov, maybe Hope Clark’s Carolina Slade would need to know about the disease that killed Jesse Rawlings’ hogs. Just search â€Å"domesticated hogs diseases South Carolina† for a possible answer. As an added bonus, the portal lists U.S. government grants. Just enter â€Å"grants writers† and your state name. Criminal Justice: National Criminal Justice Reference Service https://www.ncjrs.gov/app/abstractdb/abstractdbsearch.aspxNCJRS services and resources are available to anyone interested in crime, victim assistance, and public safety including policymakers, practitioners, researchers, educators, community leaders, and the general public. Authors of murder mysteries can find source material here, for example, the murder rate in Detroit or any major city. Education: ERIC eric.ed.gov/ERIC is the world’s largest collection of education literature, containing more than 1 million records of journal articles, research, reports, curriculum and teaching guides, conference papers, books, and more and more full text. It covers preschool through higher education. An example of its use might be to find the relationship of an autistic child with his classmates for a character study. Medicine: There are two excellent medical databases MedlinePlus nlm.nih.gov/medlineplus/and PUBMED ncbi.nlm.nih.gov/pubmed/ MedlinePlus is the National Institutes of Healths website for patients and their families and friends. It brings the layperson information about diseases, conditions, and wellness issues. MedlinePlus offers reliable, up-to-date health information. It helps you learn about the latest treatments, look up information on a drug or supplement, find out the meanings of words, or view medical videos or illustrations. You can also get links to the latest medical research on your topic or find out about clinical trials on a disease or condition. This source is especially good for drug side effects and overdose information, again for those murder mysteries. Find the lethal dose of a drug for a fictitious poisoning. It contains medical encyclopedias for diseases your characters may suffer. More technical than MedlinePlus, PubMed comprises more than 21 million   records for

The 50 Most Common Irish Surnames

The 50 Most Common Irish Surnames Ireland was one of the first countries to adopt hereditary surnames. Many of these names were devised during the reign of Brian Boru, the High King of Ireland who fell defending Ireland from the Vikings at the Battle of Clontarf in 1014 AD. 50 Common Irish Surnames Many of these early Irish surnames began as patronyms to identify a son separately from his father or a grandson from his grandfather. This is why it is very common to see prefixes attached to Irish surnames. Mac, sometimes written Mc, is the Gaelic word for son and was attached to the fathers name or trade. O is a word all by itself, signifying grandson when attached to a grandfathers name or trade. The apostrophe that usually follows the O actually comes from a misunderstanding by English-speaking clerks in Elizabethan time, who interpreted it as a form of the word of. Another common Irish prefix, Fitz, derives from the French word fils, also meaning son. Brennan This Irish family was very widespread, settling in Fermanagh, Galway, Kerry, Kilkenny, and Westmeath. The Brennan surname in Ireland is now mostly found in County Sligo and the province of Leinster. Brown or Browne Common in both England and Ireland, the Irish Brown families are most commonly found in the province of Connacht (specifically Galway and Mayo), as well as Kerry. Boyle The O Boyles were chieftains in Donegal, ruling west Ulster with the O Donnells and the O Doughertys. Boyle descendants can also be found in Kildare and Offaly. Burke The Norman last name Burke originated from the borough of Caen in Normandy (de burg means of the borough). The Burkes have been in Ireland since the 12th century, settling mainly in the province of Connacht. Byrne The O Byrne (Ó Broin) family originally came from Kildare, until the Anglo-Normans arrived and they were driven south to the Wicklow mountains. The Byrne surname is still very common in Wicklow, as well as Dublin and Louth. Callaghan The Callaghans were a powerful family in the province of Munster. Individuals with the Irish surname Callaghan (also spelled Callahan) are most numerous in Clare and Cork. Campbell Campbell families are very prevalent in Donegal (most are descended from Scottish mercenary soldiers), as well as in Cavan. Campbell is a descriptive surname meaning crooked mouth. Carroll The Carroll surname  (and variants such as OCarroll) can be found throughout Ireland, including Armagh, Down, Fermanagh, Kerry, Kilkenny, Leitrim, Louth, Monaghan, and Offaly. There is also a MacCarroll family (anglicized to MacCarvill) from the province of Ulster. Clarke One of the oldest surnames in Ireland, the O Clery surname (anglicized to Clarke) is most prevalent in Cavan. Collins The common Irish surname Collins originated in Limerick, though after the Norman invasion they fled to Cork. There are also Collin families from the province of Ulster, most of whom were probably English. Connell Three distinct O Connell clans, located in the provinces of Connacht, Ulster, and Munster, are the originators of many of the Connell families in Clare, Galway, Kerry. Connolly Originally an Irish clan from Galway, the Connolly families settled in Cork, Meath, and Monaghan. Connor In Irish Ó Conchobhair or Ó Conchà ºir, the Connor last name means hero or champion. The O Connor family was one of three royal Irish families; they are from Clare, Derry, Galway, Kerry, Offaly, Roscommon, Sligo and the province of Ulster. Daly The Irish Ó Dlaigh comes from dil, meaning a place of assembly. Individuals with the Daly surname hail primarily from Clare, Cork, Galway, and Westmeath. Doherty The name in Irish (Ó Dochartaigh) means obstructive or hurtful. In the 4th century, the Dohertys settled around the Inishowen peninsula in Donegal, where theyve primarily stayed. The Doherty surname is the most common in Derry. Also spelled Dougherty and Daugherty. Doyle The Doyle last name comes from dubh ghall, the dark foreigner, and is thought to be Norse in origin. In the province of Ulster, they were known as Mac Dubghaill (MacDowell and MacDuggall). The greatest concentration of Doyles is in Leinster, Roscommon, Wexford, and Wicklow. Duffy Ó Dubhthaigh, anglicized to Duffy, comes from an Irish name meaning black or swarthy. Their original homeland was Monaghan, where their surname is still the most common. They are also from Donegal and Roscommon. Dunne From the Irish for brown (donn), the original Irish name Ó Duinn has by now lost the O prefix. In the province of Ulster, the final e is omitted. Dunne is the most common surname in Laois, where the family originated. Also occasionally spelled Donne. Farrell The O Farrell chieftains were lords of Annaly near Longford and Westmeath. Farrell is a surname generally meaning valiant warrior. Fitzgerald A Norman family who came to Ireland in 1170, the Fitzgeralds (spelled Mac Gearailt in parts of Ireland) claimed vast holdings in Cork, Kerry, Kildare, and Limerick. The surname Fitzgerald translates directly as son of Gerald. Flynn The Irish surname Ó Floinn is prevalent in the province of Ulster. However, the F is no longer pronounced and the name is now Loinn or Lynn. The Flynn surname can also be found in Clare, Cork, Kerry, and Roscommon. Gallagher The Gallagher clan has been in County Donegal since the 4th century and Gallagher  is the most common surname in this area. Healy The Healy surname is most commonly found in Cork and Sligo. Hughes The Hughes surname, both Welsh and Irish in origin, is most numerous in three provinces Connacht, Leinster, and Ulster. Johnston Johnston is the most common name in the Irish province of Ulster. Kelly Kelly families of Irish origin come primarily from Derry, Galway, Kildare, Leitrim, Leix, Meath, Offaly, Roscommon, and Wicklow. Kennedy The Kennedy surname, both Irish and Scottish in origin, hails from Clare, Kilkenny, Tipperary, and Wexford. Lynch The Lynch families (Ó Loingsigh in Irish) were originally settled in Clare, Donegal, Limerick, Sligo, and Westmeath, where the Lynch surname is most common. MacCarthy The MacCarthy surname originated primarily from Cork, Kerry, and Tipperary. Also spelled McCarthy. Maguire The Maguire surname is the most common in Fermanagh. Also spelled McGuire. Mahony Munster was the territory of the Mahoney clan, with Mahonys (or Mahoneys) being most numerous in Cork. Martin The Martin surname, common in both England and Ireland, can be found primarily in Galway, Tyrone, and Westmeath. Moore The ancient Irish Moores settled in Kildare, while most Moores are from Antrim and Dublin. Murphy The most common of all Irish names, the Murphy surname can be found in all four provinces. Murphys are primarily from Antrim, Armagh, Carlow, Cork, Kerry, Roscommon, Sligo, Tyrone, and Wexford, however. Murray The Murray surname is especially prolific in Donegal. Nolan Nolan families have always been very numerous in Carlow, and can also be found in Fermanagh, Longford, Mayo, and Roscommon. OBrien One of Irelands leading aristocratic families, the O Briens are primarily from Clare, Limerick, Tipperary, and Waterford. ODonnell The O Donnell clans originally settled in Clare and Galway, but today they are most numerous in County Donegal. Sometimes modified to ODonnelly. ONeill One of three royal Irish families, the O Neills are from Antrim, Armagh, Carlow, Clare, Cork, Down, Tipperary, Tyrone, and Waterford. Quinn From Ceann, the Irish word for head, the name Ó Cuinn means intelligent. In general, Catholics spell the name with two ns, while Protestants spell it with one. The Quinns are primarily from Antrim, Clare, Longford, and Tyrone, where their surname is the most common. Reilly Descendants of the O Conor kings of Connacht, the Reillys are primarily from Cavan, Cork, Longford, and Meath. Ryan The Ó Riain and Ryan families of Ireland are primarily from Carlow and Tipperary, where Ryan is the most common surname. They can also be found in Limerick. Shea Originally the Shea family was from Kerry, though they later branched out to Tipperary during the 12th century and Kilkenny by the 15th century. Sometimes modified to Shay. Smith The Smiths, both English and Irish, are primarily from Antrim, Cavan, Donegal, Leitrim, and Sligo. Smith is actually the most common surname in Antrim. Sullivan Originally settled in County Tipperary, the Sullivan family spread into Kerry and Cork, where they are now most numerous and their surname is the most common. Sweeney Sweeney families are found primarily in Cork, Donegal, and Kerry. Thompson This English name is the second most common non-Irish name found in Ireland, especially in Ulster. The Thomson surname, without the p, is Scottish. Thomson is most common in Down. Walsh The name came into use to describe the Welsh people who came to Ireland during the Anglo-Norman invasions. Walsh families were very numerous throughout all four provinces of Ireland. Walsh is the most common surname in Mayo. White Spelled de Faoite or Mac Faoitigh in Ireland, this common name stems mainly from the le Whytes who came to Ireland with the Anglo-Normans. White families can be found in Ireland throughout Down, Limerick, Sligo, and Wexford.

How to Improve China's International Trade Essay

How to Improve China's International Trade - Essay Example International trade in China nowadays is the most developed form of international contacts. The Chinese international turnover during the years of reforms has grown from $10 billion in 1978 to $325 billion in 1997 (the positive balance equals to more than $40 billion). By the international trade volume China now takes the third place in the world, with its export and import in 2005 equaling to $1422.1 billion. (Lloyd 2006, p. 389) More than 220 countries have international trade relations with China, among which are USA, Japan, European Union, Korea, Taiwan, Russia, Australia and Canada. On July 1st, 2004 China adopted a new law 'About International Trade'. With the aim of stimulating the international trade, this law has replaced the regime of considering and registering the right for carrying out external economic operations for the simple system of registration, and there have been created strict regulations, relating to import and export of goods and technologies, international s ervice trade, international trade order, as well as the protection of copyright according to the abovementioned order. (Garnaut & Song 2005, p. 27) The dependence of Chinese economy on the international trade has grown significantly, which witnesses about its deep involvement into the world international ties and processes. Though China takes the third place in the world economy by the international trade volume, its weight in it can still become higher. The main obstacle for this is the low quality of the bigger portion of the goods, produced by the processing industry, which don't survive the rivalry of the similar products on the world market, and the absence of possibilities for increasing the raw materials export. The main task of the Chinese export policy is the providing of import financing, which is built with the account of the international conjuncture. The main efforts are directed at stimulating predominant growth of finished goods' export with the growing portion of science-heavy products; these processes are accompanied by achieving the quality of goods, which will correspond to the international quality standards . Considerable growth has been achieved in the total volume of finished goods' export, which by the beginning of 90s constituted already 2/3 of the Chinese export. The first place in export (50%) belongs to the consumer goods, among which clothes, shoes, toys, etc. An important place in the international trade of China is taken by the raw materials processing with the further export of the finished products - it constitutes about 50% of the total country's turnover. China is the leader in exporting textiles and silk. Textile industry is the main source of foreign income for China. (Kent 2002, p. 344) Less than 20% of export accounts for machine building and electro technical products. The growth of the specific gravity of these products in the world export is being restricted by the fact, that their quality is not competitive with that of other suppliers. The portion of Chinese machine building in the world export does not exceed 0.3%. (Manilla Bulletin 2005, p. 12) The structure of the international trade in China was described here to decide, what challenges are set in front of Chinese economy and foreign trade as the essential part in its development. The definition and determination of challenges will lead us to the definition of

Weapons of mass destruction Essay Example | Topics and Well Written Essays - 2500 words

Weapons of mass destruction - Essay Example It makes other states in the world fear the state which possesses it. The states which are known as super powers in the world possess these kind of weapons. The weapons are lethal in nature and can kill millions of people. However on the other hand it destroys the whole peace in the world. It not only disturbs the peace of this world but also destroys the pleasant environment prevailing in this world. Nowadays the weapons of mass destruction have expanded so much that they are falling the wrong hands. And steps are being taken to ascertain that these weapons are in safe hands. The ‘Weapons of Mass Destruction’ have both pros and cons. This article would further review the weapons of mass destruction in accordance to the world and environment. It would describe the advantages and disadvantages of these weapons. (Rivera 2004) Weapons of mass destruction are of many kinds like nuclear, biological, chemical and radiological. These weapons are made from the natural organisms or toxins and are made with an intention to harm or kill the opponent or enemy. These weapons are made from different elements and techniques but all of these kinds are created to kill and destroy the rivals. These weapons are capable to kill a large number of people and possess such a great power that these can destruct a vast area of land (Simons, Johnson 2002).The weapons of mass destruction can be segmented as being nuclear, biological, chemical and radiological. The chemical weapons are the ones which release gas, liquids and aerosols. They are of a lethal nature and are a threat to the people. These chemical weapons are of different types. One is the type which releases in the environment quickly and does not long for a great time. However the other type gets released in the environment steadily and lasts for decades. This type of chemical weapons is known to be very lethal for people. The chemical weapons act on the internal