Financial analysis of a company Assignment Example | Topics and Well Written Essays - 2250 words

Financial analysis of a company - Assignment Example It is extensively relied on the notion of â€Å"Celebrity Endorsement† to advertise its leading brands. Major events that occurred during the last 4 fiscal years The purchase of Rocca In 2008, Damiani Group acquired â€Å"Rocca†, a high end jewelry and watch chain leader in Italy. Rocca will represent as the first distribution brand of Damiani and it will help sell all the leading brands of the company. The acquired company has its strong footprints in the Italian market. Commercial and licensing agreements During the year 2009, the Group has signed commercial and licensing agreements for the creation, design and distribution of jewelry lines with the prestigious brands. Balance Sheet *Balance Sheet (In thousand Euros) 2008 2009 2010 2011 Inventories 94,713 121,192 106,108 96,192 Trade receivables 65,794 54,551 42,971 31,232 Tax receivables 394 5,571 3,661 2,788 Other current assets 14,718 12,619 9,777 11,401 Current financial receivables       - 1,074 Cash and cash equivalents 52,813 9,542 7,332 10,217 TOTAL CURRENT ASSETS 228,432 203,475 169,849 152,904 Goodwill 5,002 5,002 4,984 4,984 Other Intangible Fixed Assets 7,056 9,204 7,504 5,596 Tangible Fixed Assets 14,698 26,626 20,397 17,590 Investments 169 169 167 167 Financial receivables and other non current assets 2,663 4,655 4,479 3,493 Deferred tax assets 12,229 18,552 19,807 19,854 TOTAL NON CURRENT ASSETS 41,817 64,208 57,338 51,684 TOTAL ASSETS 270,249 267,683 227,187 204,588                Current portion of long term financial debt 5,162 9,681 10,040 7,861 Trade payables 65,305 70,923 57,945 54,673 Short term borrowings 16,229 2,593 1,964 5,965 Income tax payables 2,752 8,977 2,399 2,425 O ther current liabilities 5,090 6,350 4,819 4,862 TOTAL CURRENT LIABILITIES 104,675 88,387 77,167 75,786 Long term financial debt 16,631 22,029 34,356 26,316 Termination Indemnities 4,223 4,868 4,693 4,325 Deferred Tax liabilities 2,608 4,227 864 1,131 Risk reserves       649 1,431 O t her non current liabilities 2,441 2,046 431 493 TOTAL NON CURRENT LIABILITIES 25,903 33,170 40,993 33,696 TOTAL LIABILITIES 137,845 114,290 118,160 109,482 Share Capital 36,344 36,344 36,344 36,344 Reserves 102,742 96,691 89,438 71,890 Group net income (loss) for the period 15,127 (4,709) (18,242) (14,525) TOTAL GROUP SHAREHOLDERS' EQUITY 154,213 128,326 107,540 93,709 MINORITY SHAREHOLDERS' EQUITY             Minority share capital and reserves 1,571 1,668 1,513 1,422 Minority net income (loss) for the period 175 (156) (26) (25) TOTAL MINORITY SHAREHOLDERS' EQUITY 1,746 1,512 1,487 1,397 *As on 31 March of each FY Income Statement Income Statement (In thousand Euros) 2008 2009 2010 2011 Revenues from sales and services 164,919 149,289 145,365 143,323 Other recurring revenues 683 502 390 226 Other non-recurring revenues 8,506          TOTAL REVENUES 174,108 149,791 145,755 143,549 Costs of raw materials and consumables (69,898) (71,090) (82,595) (79,476) Costs of servi ces (53,719) (55,847) (50,226) (46,229) Personnel cost (24,249) (28,251) (27,017) (24,821) Other net operating (charges) incomes 2,397 6,518 843 903 Amortization and depreciation (2,503) (4,191) (5,886) (4,884) TOTAL OPERATING EXPENSES (147,972) (152,861) (164,881) (154,467) OPERATING INCOME (LOSS) 26,136 (3,070) (19,126) (10,918) Financial Expenses (3,312) (2,651) (3,065) (2,926) Financial Incomes 2,153 2,277 350 377 INCOME (LOSS) BEFORE INCOME TAXES 24,977 (3,444) (21,841) (13,467) Income Taxes (9,675) (1,421) 3,573 (1,083)

New look on Globalization Essay Example | Topics and Well Written Essays - 2000 words

New look on Globalization - Essay Example New look on Globalization Globalization as a process is looked from a broad perspective. It had come about due to the continuous strong influence by the economy worldwide, social and cultural aspects weighing out the national and regional processes (Beck, 2000). This process is not new. It has historical roots running deep. However, a change in the world in the form of space and time due to the revolution in communication and information signifies a qualitative breakthrough from the past. Globalization has therefore greatly underway globally (Mittelman, 2000). The support got a high rate of change in technology, by price, trade liberation, and through growing advantages of supranational rules, exposing national economies to an intensive competition. Globalization has therefore been seen as being caused by a change in the views of the world, products, ideas, and cultural aspects (Weinstein, 2005). Transportation and telecommunication advancement, including telegram and internet development are all main factors of globalization, forming more interdependence of cultural activities and economy. From the advancement achieved by the countries nationally and internationally, I view globalization as something with historical background, evolving culturally and economically, forming ancient, early modern and late modern stages. Beck (2000) is one of the people who have talked extensively on this concept of globalization, and he argues that globalization is a process that existed many years ago, and it began with the voyages of Vasco Da Gama.

Does Democracy Address Insecurity?

Does Democracy Address Insecurity? Democracy effectively addresses insecurity. Do you agree, why or why not? Democracy does, and does not effectively address insecurity, in some aspects it curbs it, in others it accelerates it. Consequently, this minor essay will examine avenues in which democracy addresses and fails to effectively address insecurity. It will conclude that despite the short-term pitfalls of transitioning to democracy, and the dangers of democratic governance without a strong institutional foundation with strong checks and balances, that it has the long-term potential to effectively address insecurity both within and outside a States borders. Regardless of whether established democracies provide stability, transitional democracies often create a large amount of instability, especially when converting from a more authoritarian political system, and generally experience their worst period of instability during this juncture.[1] A lack of unity and cohesion can cause greater domestic instability for a population within the short-term, aside from an increased likelihood of war with other States, during this period large scale ethnic cleansings may occur.[2] As democracies are traditionally linked with a primary ethnicity, a purge has a likelihood of occurring before a strong institutional democratic base can form, often against ethnic groups who refuse to assimilate with society, as well as individuals linked to previous political administrations. Ironically however, whilst democracy can create much greater instability for a state in the short-term, in the long-term this political system can potentially create very strong and politically stable governance for the State.[3] This can be demonstrated in the prominent military, economic and cultural role the United States plays in contemporary society today, despite engaging in the mass extermination of Native Americans only a century prior.[4] Democracies which do manage to establish themselves and overcome their shortcoming during the transition period can effectively address instability, both domestically and internationally, however there are severe limitations which can inadvertently result in greater instability also being formed if not implemented effectively. Theoretically capitalist States are very effective at addressing insecurity, domestically they can help alleviate income inequality among their poorer citizens, and internationally they help formulate economic interdependence between States.[5] Whilst bilateral trade is not always from an equal economic standing, with one side often more dependent on the other, such as in the case between China and Taiwan, when two States are of similar economic standing it can prove a great stabilising factor in preventing conflict.[6] This is evident in the lack of open conflict between the USA and China in decades.[7] As economies of this magnitude continue to intertwine, avoiding conflict and instability between them becomes increasingly in their interests. Other theoretic models, such as the Liberal Democratic Peace Theory argue further points where even greater stability can be gained under democratic governance, considering that there is a historic precedent of democratic states not going to war with one another.[8] However, there are also aspects of this theory which highlight how democracies can result in greater instability occurring internationally, as democratic states can ironically themselves create new wars in the process of spreading democracy throughout the world, trying to force it through non-peaceful means on States who are either unwilling or unprepared for such massive political change.[9] This results in a world of democratic states seeking perpetual peace through perpetual war, leaving the world itself in a constant state of instability.[10] Domestically democracies can provide other major avenues of stability for the State, one of the most prominent being the division of the Executive, Judiciary and Legislative branches of government into separate branches independent from one another.[11] The establishment such a comprehensive system of checks and balances can ensure the moderation of power of appointed officials and their political parties, and ensure that they operate within the law.[12] The effectiveness of such a process can be seen in U.S President Donald Trump, with his controversial executive orders on implementing travel bans for foreign individuals being blocked by the judicial branch of government because they were found to be unconstitutional.[13] However, the greatest strength and weaknesses of democracies in addressing insecurity lies within having an inclusive political process, with a sense of inclusion encouraging non-violent solutions to political issues.[14] An example of this can be seen in the Provisional Irish Republican Army, the main nationalist group involved in the troubles in Northern Ireland in the 20th century, who ceased their armed campaign in large part because of the political concessions provided to them in the 1995 Good Friday Agreement, which allowed them a platform to continue their struggle for independence through non-violent channels.[15] Consequently, the ability of democracy to promote change in the government and political system without having to resort to any form of political violence is one of the greatest stabilising factors which democracy can provide a State, so long as an inclusive attitude is maintained. However, whilst democracies are meant to promote inclusion, in certain States a tyranny of the majority culture exists, wherein no attempt is made by the ruling party to govern all their citizens equally and achieve national unity for its supports and detractors, who may be ideologically polarised based around ethnicity, religion, language or self-identity.[16] Such exclusion from the political process can enflame tensions between various groups within a State and result in these excluded groups emigrating, resulting in a depleted workforce, or in more extreme cases, developing a complete disenfranchisement with the political system, taking up arms against the State and plunging it into further instability.[17] Henceforth democracy possesses the potential to create stability within a States borders so long as strong institutional foundations are in place with comprehensive checks and balances and a healthy electoral system which promotes inclusion over alienation.   However, it is often not effective at addressing insecurity within other States borders when trying to spread its political model to states either unwilling or unprepared for political change through violent means. In States, which are transitioning to democracy, even if done so via peaceful means, short-term instability will likely occur within the State, however if they endure the process the potential long-term stability which the State can gain can prove timeless.

Comparing London by William Blake and Westminster Bridge by William Wor

Comparing London by William Blake and Westminster Bridge by William Wordsworth William Blake was born in London in 1757. He was taught by his mother at home, and became an apprentice to an engraver at fourteen. In addition to poetry Blake spent much of his time painting. Blake lived on the edge of poverty and died in neglect. His poetry receiving little acclaim while he was alive. ‘London’ was written by Blake in 1789. Taken from Blake’s ‘Songs of Experience’, the style is darker and in a sense depressing. It describes the city after the Industrial Revolution. Blake takes a very negative and hopeless view of the city and the lives of those living within it. He hated the way London was becoming, looking negatively on business and materialism. Blake felt himself as free, and the poem is a comment on others living in London. In the first line of the first stanza, he creates immediate effect as he contrasts the words ‘wander’ with ‘charter’d’, which he goes on to use to describe the Thames River in the following line. Wander suggests a sense of naturally meandering in an open expanse, contrasting greatly with the latter, which referring to the city itself, suggests a sense of narrow enclosed in space. This description leads the reader to envisage a regulated and constrained city, limited by business and materialism. Blake goes on to describe the ‘charter’d Thames does flow.’ This is ironic in the sense that any flow seems to be restricted by the banked in and concreted image of the river that the poet creates – there is nothing natural or beautiful about the Thames any longer. Equally Blake’s repetition of the word mark, while us... ...r for what she does in order to make a living. This is ironic because the business of prostitution is caused in part by the restrictions placed upon the married man. It is also ironic because the married man is what has created the need for, and use of prostitutes. The harlot curses the respectable and polite society because it is they who have created the demand for her, and then look down upon what she does. ‘Blights with plagues’ implies that perhaps she also infects them with some sort of sexually transmitted disease, conceivably as a type of vengeance upon those who shun her. The final words of the poem, â€Å"Marriage hearse† compares marriage to death. The narrator sees marriage as another type of restriction placed upon man by society, marriage is a sort of death in man’s ability to be free to do as he wishes.

The Development and Sustainability of Group Cohesion

It is important to realize that in all aspects of life, especially the workplace, a person needs to encompass the dualities of professionalism and emotionalism in order to be a successful leader and promote group cohesiveness. Due to the relative traditionalism associated with the application of professionalism, this essay will deal mostly with the recent addition of emotionalism as an important factor in determining the type of leadership style necessary in developing group cohesiveness. Emotions are an essential and unavoidable element of organizational life. Despite the fact that members in organizations experience emotions in many different forms, researchers have often failed to study the effects of emotion in the workplace. This new development in organizational behavior suggests that these types of considerations should be discussed and investigated further when evaluating different approaches to the development of group cohesiveness. Developing a strategy for the development of group cohesiveness is dependent upon many different factors. Group dynamics are influenced by distinctiveness from the organization as a whole, and also in the composition and development of the particular group structure involved. Once isolated, this group structure may present other barriers to the development of effective group cohesiveness such as intra- and inter-group conflicts that arise from the particular merit system established within the group. For example, if group members are â€Å"not evaluated on a per/team basis,† members may develop unhealthy competitiveness within the individual group itself (Briggins 81). One inherent paradox within most group structures is the need for trust to exist before trust can develop. This adds difficulty to establishing group cohesiveness within any group, no matter the form. An example of a loss in group cohesiveness from external group conflicts may arise when there is a lack of distinction between the evaluation of each particular group, with the result of tension being established. Tensions are often fuelled by affective or expressive concerns that have little to do with instrumental or task-focused concerns, and minor disagreements can therefore, quickly escalate into major conflicts with group members polarized into different rival camps. Due to the many potential problems of group dynamics, the considerations involved in developing group cohesiveness take on a different appearance than traditional management decision-making processes. Some of the key considerations one must investigate when discussing the phenomenon of group cohesiveness deal exclusively with the recognition of the different aspects of emotionalism. Many times researchers assume that emotionality and rationality are antithetical, and thus, in the rationally based world of modern management, CEO†s ignore emotional concerns when establishing group standards and leadership. Due to this type of belief, when evaluating group cohesiveness, no normalization or recommendation has generally been given to group leaders in the evaluation of and interaction with the emotions of the group members (Carr 48). In actuality, emotionality and rationality have been found to be interpenetrated and interdependent, because emotions, as well as rational thought (one would hope), are involved in every group decision making process. The concept of â€Å"cohesiveness† itself is defined as â€Å"the attractiveness of a group to its members, highlighting the affective bond between individuals†(Pettit 13). Thus in order for management to develop a consistent policy for the development of group cohesiveness, emotionality must be considered as well as the aforementioned possible difficulties which may arise out of the different forms of groups and the group dynamics associated with each form. There are many possible costs and benefits involved in the development and support of group cohesiveness within any organization. One important consideration that may lead to both benefits and downfalls in the development of group cohesiveness is emotional contagion. Emotional contagion is the tendency for a member of a group to mimic another group member†s emotional experience/expression and thus to experience/express the same emotions his or herself. Emotional contagion underlies such phrases as â€Å"team spirit† and â€Å"electricity in the air†, and it is the same reason why teammates tend to cheer and clap during sporting events in order to â€Å"root teammates on† (Frisch 16). Emotional contagion can be a very constructive or destructive force in organizations. On the positive side, contagion may increase empathy and solidarity, creating a cohesive group. This contagion can be mobilized in the pursuit of organizational goals. It has even been supposed that the interaction and sharing of emotions promote group cohesiveness to the extent that they develop a kind of â€Å"group mind†. On the negative side, though, contagion can also impair performance. It may cause negative emotions such as fear and anxiety to quickly pervade the entire group, and in turn the entire organization. This often results in infighting and factionalism. There are many factors essential to the CEO in the development and sustainability of group cohesiveness. One must evaluate the different dynamical group constructs in order to prevent intra- and inter-group conflicts. It is also essential for any leader of any organization to recognize the emergence of emotionalism as a major factor in the evaluation and implementation of any plan for group cohesiveness. The final and perhaps most important consideration the CEO must undertake, is the evaluation of the impact of emotional contagion and what means may be implemented to help develop effectively transformational leadership processes for the groups in the organization. All of these considerations should help the CEO to establish and sustain group cohesiveness within the entire organization.