Deutsche Brauerei

QUESTION FOR REPORT/ DISCUSSION 2. What are the characteristics of Fund flow statement and its uses? What do the financial forecast and sources and uses of funds statement of company tell us? Discuss about breakeven analysis. What does the breakeven chart of the company tell us? [pic] Fund Flow Statement Financial statements mainly include profit and loss account and balance sheet. Profit and loss account lists out all the expenses made by the firm and revenue earned over a period of time. Balance sheet depicts the financial position of the firm at a particular point of time. While fund flow statement is complimentary to both balance sheet and profit and loss account, it brings a clear idea about the movement of funds in and out of the firm, during a particular period of time. Meaning of Fund Flow The financial statement of the business indicates assets, liabilities and capital on a  particular date and also the profit or loss during a period. But it is possible that there is enough profit in the business and the financial position is also good and still there may be deficiency of cash or of working capital in business. If the management wants to find out as to where the cash is being utilized, financial statement cannot help. Therefore, a statement is prepared of the sources and applications of funds from where Working Capital comes and it is utilized. This is called Fund Flow statement. Meaning of ‘Fund’ In a popular and generally accepted sense the term ‘fund’ is used to denote the excess of current assets over current liabilities : Working Capital  Ã‚  Ã‚  Ã‚   =  Ã‚  Ã‚   Current Assets – Current Liabilities Meaning of ‘Flow’ of Fund Flow of funds means transmigration (coming and going) of funds. In other words, Flow of funds means change in Working capital, as in funds flow statement the words ‘funds’ mean net working capital. Hence Coleman rightly states that, â€Å"The fund statement is statement summarizing the significant financial changes which have occurred between the beginning and the end of a company’s accounting period. † The flow of fund if is represented by changes in working capital, then it can happen, only if a transaction involves changes on both current item and noncurrent item. Every transaction has double entry. Various cases can be that transaction involves Change on current assets and on fixed assets (cash purchase of fixed assets) o Cash being current item and fixed assets are non current ? Change on current assets and on current assets (credit sale of inventory) o Debtors is a current item and inventory is also current in nature ? Change on current assets and change on current liabilities (payment made to creditors) o Cash is current asset and creditor, current liability ? Change on current liabilities and change on current liabilities (short term loan taken to clear overdraft) ? Change on fixed assets and on fixed liabilities (sale of investments to redeem debentures) So, amongst all these combinations, transactions which involve change, on one hand on current item and on other hand on non current item, they would only lead to fund flow. E. g. * Sell investments in cash. * Issue of shares * Raising long term loans, etc. Thus fund flow statement enumerates various sources from which funds come in organization and various applications which lead to usage of funds. It is an important tool to check the efficiency of management in the firm. It can make future projections about working capital requirements and thus firm can arrange for those requirements and can allocate funds in a more efficient manner. Preparation of fund flow statement involves preparation of adjusted profit and loss account which is prepared by excluding the non fund and non operating items from the initial figure of net profit. Different Names of Fund-flow Statement * A Funds Statement * A statement of sources and uses of fund * A statement of sources and application of fund * Where got and where gone statement * Inflow and outflow of fund statement Objectives of Fund Flow Statement The main purposes of Fund Flow Statement are: 1. To help to understand the changes in assets and asset sources which are not readily evident in the income statement or financial statement. 2. To inform as to how the cans to the business have been used. 3. To point out the financial strengths and weaknesses of the business How to Prepare a Fund Flow Statement Fund flow statements are prepared by taking the balance sheets for two dates representing the coverage period. The increases and decreases must then be calculated for each item. Finally, the changes are classified under four categories: (1) Long-term sources, (2) long-term uses, (3) short-term sources, (4) short-term uses. It is also important to zero out the non-fund based adjustments in order to capture only the changes that are accompanies by flow of funds. However, income accrued but received and expenses incurred but not received reckoned in the profit and loss statement should not be excluded from the profit figure for the fund flow statement. Fund flow statements can be used to identify a variety of problems in the way a company operates. For example, companies that are using short-term money to finance long-term investments may run into liquidity problems in the future. Meanwhile, a company that is using long-term money to finance short-term investments may not be efficiently utilizing its capital. Steps in Preparation of Fund Flow Statement: 1) Preparation of schedule changes in working capital (taking current items only). 2) Preparation of adjusted profit and loss account (to know fund from [or] fund lost in operations). 3) Preparation of accounts for non-current items (Ascertain the hidden information). 4) Preparation of the fund flow statement. Importance of funds flow statement: Funds flow statement is an important analytical tool for external as well as internal uses of financial statements. The users of funds flow statement can be listed as under: 1. Managements of various companies are able to review cash budgets with the aid of funds flow statements. They are extensively used by the management in the evaluation of alternative finance & investments. In the evaluation of alternative finance & investment plans, funds flow statement helps the management in the assessment of long-range forecasts of cash requirements & availability of liquid resources. The management can judge the quality of management decisions. 2. Investors are able to measure as how the company has utilized the funds supplied by them & its financial strength with the aid of funds statements. They gauge can the company capacity to generate funds from operations. On the basis of comparative study of the past with the present, investors can locate & identify possible drains on funds in the near future. 3. Funds statement serve as effective tools to the management for economic analysis as it supplies additional information, which cannot be provided by financial statements, based on historical data. . Fund statement explains the relationship between changes in working capital & net profits. Funds statement clearly shows the quantum of funds generated from operations. 5. Funds statement helps in the planning process of a company. They are useful in assessing the resources available and the manner of utilization of resources. 6. Funds statement explains the financial c onsequences of business activities. They provide explicit & clear awareness to questions regarding liquid & solvency positions of the company, distribution of dividend & whether the working capital has been effective or otherwise. 7. Management of companies can forecast in advance the requirements of additional capital & can plan its capital issue accordingly. 8. Fund statement provides clues to the creditors & financial institutions as to the ability of a company to use funds effectively in the best interest of the investors, creditors & the owners of the company. 9. Funds statement indicates the adequacy or inadequacy of working capital. 10. The information contained in fund flow statement is more reliable, dependable & consistent as it is prepared to include funds generated from operations & not net profit after depreciation. 11. Funds flow statement clearly indicate how profits have been invested, whether investments in fixed assets or inventories or ploughed back. Financial forecast: A financial forecast is normally an estimate of future financial outcomes for a company. Using historical internal accounting and sales data, in addition to external market and economic indicators, a financial forecast is an economist's best guess of what will happen to a company in financial terms over a given time period — which is usually one year. In this case, the company has forecasted its data for the years 2001 and 2002. Sources of funds 1. Net Income: Net income  is equal to the  income  that a firm has after subtracting costs and  expenses  from the total  revenue. Net  income can be distributed among holders of common stock as a  dividend  or held by the firm as  retained earnings. The items deducted will typically include  tax expense, financing expense (interest expense), and  minority interest. Net income is informally called the  bottom line  because it is typically found on the last line of a company's  income statement. [pic] The forecasted net income is increasing in the projected year. It has been projected that there would be an increase in the net income of 28% in 2001 and 17% in 2002. This can be credited to their expansion strategy in the coming years. There has been a dip in the net income in the year 1999 owning to the depreciation of Ukrainian currency by 125%. 2. Allowance for doubtful accounts: The allowance for doubtful accounts is a balance sheet account that reduces the reported amount of accounts receivable. Providing an allowance for doubtful accounts presents a more realistic picture of how much of the accounts receivable will be turning to cash. If a firm has made a sufficient provision in its allowance for doubtful accounts, reported earnings will not be penalized by bad debts when the bad debts occur. If uncollectible accounts are larger than expected, however, the firm will have to increase the size of the account and reduce reported income. [pic] There has been a sharp increase in allowance for doubtful accounts in the year 2001 which subsequently reduced. This can be linked to the increase in the credit they plan to give to the distributors owning to their expansion plans for the period and their recovery policy. The increase in doubtful accounts is a bad sign for the financial position for the company. 3. Depreciation: A  noncash expense  that reduces the  value  of an  asset as a  result  of  wear and tear, age, or  obsolescence. Most assets lose their value over time (in other  words, they depreciate), and must be replaced once the end of their useful life  is reached. Because it is a  non-cash expense, depreciation lowers the  company's  reported  earnings  while increasing  free cash flow. Calculated by two methods: 1. Straight Line Depreciation Method 2. Declining Balance Depreciation Method [pic] There has been gradual rise in the depreciation in the projected years. This can be related to increase in their number of assets (they are planning to buy more equipments and properties) which would lead to devaluation eventually. 4. Short-Term Debt: The account which comprises of any debt incurred by a company that is due within one year. The debt in this account is usually made up of short-term bank loans taken out by a company. The value of this account is very important when determining  a company's  financial health. If the account is larger than the company's  cash and cash equivalents, this suggests that the company  may be  in poor financial health and does not have  enough cash to pay off its short-term debts. Although  short-term debts are due within a year, there may be a portion of the long-term debt included in this account. This portion pertains to payments that must be made on  any long-term debt throughout the year. [pic] In initial years they heavily depended on short term debts. Over the years the financial health of the company improved which lead to the reduction in the debts. Owning to their credit policy and increase in investment in fixed assets, the company is not able to recover the money. This could have lead to increase in short term borrowings. 5. Accounts Payable: An accounting entry that represents an entity's obligation to pay  off a short-term debt to  its creditors. The accounts payable entry is found on a balance sheet under the heading current liabilities. Accounts payable are debts that must be paid off within a given period of time in order to avoid default. [pic] Increase in accounts payable shows that the company is making more purchases on credit. It could be due to taking more time to pay bills, buying more products on credit, paying higher prices for credit purchases. 6. Other Current Liabilities: A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable. Companies will group together these other current liabilities into one account on the balance sheet for the sake of simplicity. [pic] Since this category is made up of accruals and similar items, it increases as the company gets larger. It increased in 1999 owning to higher investment in Ukraine. The increase in the other current liabilities has been more or less stable in the projected years. 7. Total sources of cash: It is the sum total of all the components of sources of funds. [pic] Uses of Funds 8. Dividend Payments Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be paid to the shareholders as a dividend. Many corporations retain a portion of their earnings and pay the remainder as a dividend. [pic] There is a sharp increase in the dividend payment as the company is projecting a higher increase in their profits. The dividends are paid from the net income from the same year. Increase in dividend payments implies strong commitment to maintain higher level of dividends in the future. 9. Increases in cash balance Amount of available cash that a management decides to maintain in cash planning, to avoid or cover up cash shortfalls resulting from mismatch between cash inflows and outflows during an accounting period. [pic] The company is having optimum cash balance hence maintaining sufficient working capital. 10. & 11. Increases in accounts receivable Accounts receivable (A/R) is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. In most business entities this is typically done by generating an invoice and mailing or electronically delivering it to the customer, who in turn must pay it within an established timeframe called credit or payment terms. [pic] In Germany, the company has maintained a tight hold on the credit that they supply to the distributors; thus there isn’t a significant change in the accounts receivable as compared to Ukraine. pic] Increases in accounts receivable (Ukraine) that is disproportionate to any growth in revenue may indicate the company is having trouble collecting money from its customers. Depending on the company's cash situation, this could require the company to borrow money to plug the hole from the unpaid money it is owed by its customers. Eventual ly, the company might need to write-off some of these accounts receivable as bad debt, in recognition of the fact that some customers might never pay. In extreme cases, the company might run out of cash and have to shut down. 12. Increases in inventories Inventory is a list for goods and materials, or those goods and materials themselves, held available in stock by a business. An organization's inventory can appear a mixed blessing, since it counts as an asset on the balance sheet, but it also ties up money that could serve for other purposes and requires additional expense for its protection. Inventory may also cause significant tax expenses, depending on particular countries' laws regarding depreciation of inventory. Inventory appears as a current asset on an organization's balance sheet because the organization can, in principle, turn it into cash by selling it. Some organizations hold larger inventories than their operations require in order inflating their apparent asset value and their perceived profitability. [pic] The fragile distribution system in Ukraine pre-2000 lead to increase in the inventories of the company as company is working on improving the distribution channel due to which the product flow has been projected to be smooth in coming years leading to decrease in inventory which is a healthy financial sign. 13. Increases in other assets Assets are economic resources owned by business or company. Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets. Current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs, and financial assets, including such items as accounts receivable, bonds and stocks. pic] There is a negative growth in the increase in the other assets because of the depreciation of other assets and they are not planning to acquire any new assets in near future. By 2002 they are planning to buy enough assets just to overcome the negative growth. 14. Reductions in long-term debt Long-term debts are loans and financial obligations that last for over one year. For example, debts obliga tions such as bonds and notes, which have maturities greater than one year, would be considered as long-term debts. pic] Reduction in long term debts from 1998 to 1999 could be due to overnight success of the company in Ukraine. The sound financial condition of the company has ensured the stable repayment of long term loans and would continue to do so in future. 15. Capital Expenditures Capital expenditures (CAPEX or capex) are expenditures creating future benefits. A capital expenditure is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset ith a useful life that extends beyond the taxable year. Capex are used by a company to acquire or upgrade physical assets such as equipment, property, or industrial buildings. [pic] The sharp increase in the CAPEX can be explained by the inflow of capital through long term debts and the operating profit the company is planning to achieve in the projected period. 16. Total uses of cas h: It is the sum total of all the use components in the fund flow statement. [pic] Break Even Analysis The break-even point for a product is the point where total revenue received equals the total costs associated with the sale of the product (TR=TC). A break-even point is typically calculated in order for businesses to determine if it would be profitable to sell a proposed product, as opposed to attempting to modify an existing product instead so it can be made lucrative. Break even analysis can also be used to analyse the potential profitability of an expenditure in a sales-based business. Breakeven analysis is a management accounting tool used for profit planning of a firm. Profit planning is a function of the selling price of a unit of product, the variable cost of making and selling the product, the volume of product unit sold and in case of multi-product companies, sales mix and finally, the total fixed costs. Breakeven point (for output) = fixed cost / contribution per unit. Break-even analysis is a technique widely used by production management and management accountants. It is based on categorising production costs between those which are â€Å"variable† (costs that change when the production output changes) and those that are â€Å"fixed† (costs not directly related to the volume of production). Total variable and fixed costs are compared with sales revenue in order to determine the  level of sales volume, sales value or production at which the business makes neither a profit nor a loss (the â€Å"break-even point†). Break even analysis depends on the following variables: 1. The fixed production costs for a product. 2. The variable production costs for a product. 3. The product's unit price. 4. The products expected unit sales. On the surface, break-even analysis is a tool to calculate at which sales volume the variable and fixed costs of producing your product will be recovered. Another way to look at it is that the break-even point is the point at which your product stops costing you money to produce and sell, and starts to generate a profit for your company. Break even analysis solves various managerial problems: †¢   Setting price levels: A price level is a hypothetical measure of overall prices for some set of goods and services, in a given region during a given interval, normalized relative to some base set. Hence with the help of BEP analysis a firm can determine the price level of product and particular sales volume which is necessary to produce an X amount of operating profit.   Targeting optimal variable/ fixed cost combinations †¢   Determining the financial attractiveness of different strategic options for your company. Break even Chart A breakeven chart is a strategic tool used to plot the financial revenue of a business unit against time or sales to determine the point when sales output is equal to revenue generated. This is reco gnised as the breakeven point. The information used to determine and analyse the breakeven point includes fixed, variable and total costs and the associated sales revenues. The analysis of a breakeven chart considers whether a venture runs at a profit or a loss. A sale above the breakeven point indicates continued and profitable growth. The principle of break-even theory is that during the early stages of a business venture, total costs, both fixed and variable, exceed sales. As output increases, sales begin to rise faster than costs and, eventually, they become equal (breakeven point). If sales continue to rise and exceed total costs, the business achieves profitability. The tool assumes that all the goods which are produced will be sold and that costs, namely the price, will remain constant. Likewise, it also relies on the capacity in terms of output to remain unchanged. Breakeven charts are universally applied to simply and graphically illustrate and forecast a company's projected revenue, and to calculate the time for profitability to be reached. It is used by financial and marketing strategists to predict the effect that changes in price will have on the percentage change in sales over time. It is also a useful tool to analyse the relationship between fixed and variable costs and to predict the effect on profitability of changes to those costs. Income Statements | | | | | | | |   |   |   |   |   |   |   | |Sales: Germany |62032 |62653 |64219 |66216 |68203 |70249 | |Sales: Ukraine |0 |4262 |17559 |25847 |37479 |48722 | |Total Net Sales |62032 |66915 |81778 |92063 |105682 |118971 | |Production Cost & Expenses |32258 |35366 |44271 49827 |61393 |71609 | |Excise duties |9143 |9108 |10486 |11557 |11625 |13087 | |Allowance for doubtful accounts |5 |7 |38 |24 |2 01 |60 | |Total Variable Cost |41406 |44481 |54795 |61408 |73219 |84756 | |   |   |   |   |   |   |   | |Administrative & Selling Expenses |12481 |13014 |16274 |18505 |18500 |18500 | |Depreciation |3609 |4314 |5844 |6068 |6766 |7448 | |Total Fixed Cost |16090 | | | | | | | | | | | | | | |(â‚ ¬ per hectoliters) | | | |Per unit Sales | |9206300/1173000 = | |78. 8508099 | | | |Per unit variable cost | | | | | |61408000/1173000 = | |52. 35123615 | | | |Contribution per unit | | | | | |Per unit Sales – Per unit variable cost = | |26. 3384484 | | | | | | |Breakeven Point = |Fixed cost/Contribution per unit | | | | | | | |24573000/26. 13384 = |940274. 633 | | | | | |Hence Number of units requires to be sold to reach breakeven point=940275 hectoliters | | | | | | | | | |Net Sale in year 2000 = 1173000 hectoliters | | |Revenue calculated from the sale of Breakeven volume sales = |breakeven point volume* per unit sale price |â‚ ¬ 73797559. 3 | | | | | |Total Variable cost at Breakeven Point = Breakeven volume * Per |940275 * 52. 32123615 = |â‚ ¬ 49224558. 57 | |unit variable cost | | | | | | | | Total Fixed Cost = â‚ ¬ 24573000 | | | | | | |Total cost of Production of Beer |Fixed cost + variable cost |â‚ ¬ 73797558. 57 | | | | | This analysis identifies the break-even volume, where revenues just equal total costs and Deutsche Brauerei recovers all its fixed cost at the break-even volume sale. Sales above Break-even Point will bring profits for the company. Margin of Safety (volume) = Total volume Sold – Breakeven volume 1173000 – 940275 = 232725 hectoliters Margin of Safety (Revenue) = per unit sale price * Margin of safety volume = 78. 48508099 * 232725 = â‚ ¬ 18265440. 47 Variable Cost for selling 232725 hectoliters = per unit variable cost * Margin of Safety (volume) = 52. 35123615 * 232725 = â‚ ¬ 12183441. 43 Deutsche Breuerei has already covered up fixed cost expense with break even volume sale hence they will make profit above the sale of break even volume. Net profit = Margin of Safety (Revenue) – Variable Cost for selling 232725 hectoliters = â‚ ¬ 18265440. 47 – â‚ ¬ 12183441. 43 = â‚ ¬ 6081999. 041 From the above analysis it is seen that as the volume increased above the break even volume, the profits rise disproportionately faster. The analysis of a breakeven chart shows that Deutsche Breuerei has to sell more than 940275 hectoliters of beer to start making the profit for the venture. A sale above the breakeven point indicates a continued and profitable growth, and venture makes a profit of â‚ ¬6081999. 041. Hence Deutsche Breuerei should stick to the current price level of beer and profit planning. Break even chart of Venture shows that if they can reduce the Production Cost in coming years through new facility and equipment they can increase the profits in long term. As the company is showing a healthy sales of good they can invest on production facility to reduce the per unit production cost and expenses to increases the overall profits. ———————– DEUTSCHE BRAUEREI Case Analysis- Question 2 MBA PHARM. TECH. (4th year) [pic] [pic] |ROLL NO. |NAME |ROLL NO. NAME | |38 |Devang Mehta |41 |Upasana Nagpal | |39 |Anand Menon |42 |Abhilash Nair | |40 |Manish Mishra |43 |Kadambari Narang | SCHOOL OF PHARMACY AND TECHNOLOGY MANGEMENT †0[pic]? 0[pic]? 0[pic]? 0[pic] 1[pic]†1[pic]x1[pic]|1[pic]? 1[pic]u1 [pic]2[pic]2[pic]2[pic]I2[pic]? 2[pic]N3[pic]l3[pic]A4[pic]A4[pic]? 4[pic]eOA »Ã‚ ­A »A »Ã¢â‚¬Å"| ­h ­Ã‚ »WI8A! h`fJh? *B*[pic]OJQJ^J[? ]ph333h? *B*[pic]CJOJQJph! hNu—h? *B*[pic]CJOJQJNet income =Revenue – Cost of goods sold – Sales discounts – Sales returns and allowances – Expenses – Minority interest – Preferred stock dividends Deutsche Brauerei QUESTION FOR REPORT/ DISCUSSION 2. What are the characteristics of Fund flow statement and its uses? What do the financial forecast and sources and uses of funds statement of company tell us? Discuss about breakeven analysis. What does the breakeven chart of the company tell us? [pic] Fund Flow Statement Financial statements mainly include profit and loss account and balance sheet. Profit and loss account lists out all the expenses made by the firm and revenue earned over a period of time. Balance sheet depicts the financial position of the firm at a particular point of time. While fund flow statement is complimentary to both balance sheet and profit and loss account, it brings a clear idea about the movement of funds in and out of the firm, during a particular period of time. Meaning of Fund Flow The financial statement of the business indicates assets, liabilities and capital on a  particular date and also the profit or loss during a period. But it is possible that there is enough profit in the business and the financial position is also good and still there may be deficiency of cash or of working capital in business. If the management wants to find out as to where the cash is being utilized, financial statement cannot help. Therefore, a statement is prepared of the sources and applications of funds from where Working Capital comes and it is utilized. This is called Fund Flow statement. Meaning of ‘Fund’ In a popular and generally accepted sense the term ‘fund’ is used to denote the excess of current assets over current liabilities : Working Capital  Ã‚  Ã‚  Ã‚   =  Ã‚  Ã‚   Current Assets – Current Liabilities Meaning of ‘Flow’ of Fund Flow of funds means transmigration (coming and going) of funds. In other words, Flow of funds means change in Working capital, as in funds flow statement the words ‘funds’ mean net working capital. Hence Coleman rightly states that, â€Å"The fund statement is statement summarizing the significant financial changes which have occurred between the beginning and the end of a company’s accounting period. † The flow of fund if is represented by changes in working capital, then it can happen, only if a transaction involves changes on both current item and noncurrent item. Every transaction has double entry. Various cases can be that transaction involves Change on current assets and on fixed assets (cash purchase of fixed assets) o Cash being current item and fixed assets are non current ? Change on current assets and on current assets (credit sale of inventory) o Debtors is a current item and inventory is also current in nature ? Change on current assets and change on current liabilities (payment made to creditors) o Cash is current asset and creditor, current liability ? Change on current liabilities and change on current liabilities (short term loan taken to clear overdraft) ? Change on fixed assets and on fixed liabilities (sale of investments to redeem debentures) So, amongst all these combinations, transactions which involve change, on one hand on current item and on other hand on non current item, they would only lead to fund flow. E. g. * Sell investments in cash. * Issue of shares * Raising long term loans, etc. Thus fund flow statement enumerates various sources from which funds come in organization and various applications which lead to usage of funds. It is an important tool to check the efficiency of management in the firm. It can make future projections about working capital requirements and thus firm can arrange for those requirements and can allocate funds in a more efficient manner. Preparation of fund flow statement involves preparation of adjusted profit and loss account which is prepared by excluding the non fund and non operating items from the initial figure of net profit. Different Names of Fund-flow Statement * A Funds Statement * A statement of sources and uses of fund * A statement of sources and application of fund * Where got and where gone statement * Inflow and outflow of fund statement Objectives of Fund Flow Statement The main purposes of Fund Flow Statement are: 1. To help to understand the changes in assets and asset sources which are not readily evident in the income statement or financial statement. 2. To inform as to how the cans to the business have been used. 3. To point out the financial strengths and weaknesses of the business How to Prepare a Fund Flow Statement Fund flow statements are prepared by taking the balance sheets for two dates representing the coverage period. The increases and decreases must then be calculated for each item. Finally, the changes are classified under four categories: (1) Long-term sources, (2) long-term uses, (3) short-term sources, (4) short-term uses. It is also important to zero out the non-fund based adjustments in order to capture only the changes that are accompanies by flow of funds. However, income accrued but received and expenses incurred but not received reckoned in the profit and loss statement should not be excluded from the profit figure for the fund flow statement. Fund flow statements can be used to identify a variety of problems in the way a company operates. For example, companies that are using short-term money to finance long-term investments may run into liquidity problems in the future. Meanwhile, a company that is using long-term money to finance short-term investments may not be efficiently utilizing its capital. Steps in Preparation of Fund Flow Statement: 1) Preparation of schedule changes in working capital (taking current items only). 2) Preparation of adjusted profit and loss account (to know fund from [or] fund lost in operations). 3) Preparation of accounts for non-current items (Ascertain the hidden information). 4) Preparation of the fund flow statement. Importance of funds flow statement: Funds flow statement is an important analytical tool for external as well as internal uses of financial statements. The users of funds flow statement can be listed as under: 1. Managements of various companies are able to review cash budgets with the aid of funds flow statements. They are extensively used by the management in the evaluation of alternative finance & investments. In the evaluation of alternative finance & investment plans, funds flow statement helps the management in the assessment of long-range forecasts of cash requirements & availability of liquid resources. The management can judge the quality of management decisions. 2. Investors are able to measure as how the company has utilized the funds supplied by them & its financial strength with the aid of funds statements. They gauge can the company capacity to generate funds from operations. On the basis of comparative study of the past with the present, investors can locate & identify possible drains on funds in the near future. 3. Funds statement serve as effective tools to the management for economic analysis as it supplies additional information, which cannot be provided by financial statements, based on historical data. . Fund statement explains the relationship between changes in working capital & net profits. Funds statement clearly shows the quantum of funds generated from operations. 5. Funds statement helps in the planning process of a company. They are useful in assessing the resources available and the manner of utilization of resources. 6. Funds statement explains the financial c onsequences of business activities. They provide explicit & clear awareness to questions regarding liquid & solvency positions of the company, distribution of dividend & whether the working capital has been effective or otherwise. 7. Management of companies can forecast in advance the requirements of additional capital & can plan its capital issue accordingly. 8. Fund statement provides clues to the creditors & financial institutions as to the ability of a company to use funds effectively in the best interest of the investors, creditors & the owners of the company. 9. Funds statement indicates the adequacy or inadequacy of working capital. 10. The information contained in fund flow statement is more reliable, dependable & consistent as it is prepared to include funds generated from operations & not net profit after depreciation. 11. Funds flow statement clearly indicate how profits have been invested, whether investments in fixed assets or inventories or ploughed back. Financial forecast: A financial forecast is normally an estimate of future financial outcomes for a company. Using historical internal accounting and sales data, in addition to external market and economic indicators, a financial forecast is an economist's best guess of what will happen to a company in financial terms over a given time period — which is usually one year. In this case, the company has forecasted its data for the years 2001 and 2002. Sources of funds 1. Net Income: Net income  is equal to the  income  that a firm has after subtracting costs and  expenses  from the total  revenue. Net  income can be distributed among holders of common stock as a  dividend  or held by the firm as  retained earnings. The items deducted will typically include  tax expense, financing expense (interest expense), and  minority interest. Net income is informally called the  bottom line  because it is typically found on the last line of a company's  income statement. [pic] The forecasted net income is increasing in the projected year. It has been projected that there would be an increase in the net income of 28% in 2001 and 17% in 2002. This can be credited to their expansion strategy in the coming years. There has been a dip in the net income in the year 1999 owning to the depreciation of Ukrainian currency by 125%. 2. Allowance for doubtful accounts: The allowance for doubtful accounts is a balance sheet account that reduces the reported amount of accounts receivable. Providing an allowance for doubtful accounts presents a more realistic picture of how much of the accounts receivable will be turning to cash. If a firm has made a sufficient provision in its allowance for doubtful accounts, reported earnings will not be penalized by bad debts when the bad debts occur. If uncollectible accounts are larger than expected, however, the firm will have to increase the size of the account and reduce reported income. [pic] There has been a sharp increase in allowance for doubtful accounts in the year 2001 which subsequently reduced. This can be linked to the increase in the credit they plan to give to the distributors owning to their expansion plans for the period and their recovery policy. The increase in doubtful accounts is a bad sign for the financial position for the company. 3. Depreciation: A  noncash expense  that reduces the  value  of an  asset as a  result  of  wear and tear, age, or  obsolescence. Most assets lose their value over time (in other  words, they depreciate), and must be replaced once the end of their useful life  is reached. Because it is a  non-cash expense, depreciation lowers the  company's  reported  earnings  while increasing  free cash flow. Calculated by two methods: 1. Straight Line Depreciation Method 2. Declining Balance Depreciation Method [pic] There has been gradual rise in the depreciation in the projected years. This can be related to increase in their number of assets (they are planning to buy more equipments and properties) which would lead to devaluation eventually. 4. Short-Term Debt: The account which comprises of any debt incurred by a company that is due within one year. The debt in this account is usually made up of short-term bank loans taken out by a company. The value of this account is very important when determining  a company's  financial health. If the account is larger than the company's  cash and cash equivalents, this suggests that the company  may be  in poor financial health and does not have  enough cash to pay off its short-term debts. Although  short-term debts are due within a year, there may be a portion of the long-term debt included in this account. This portion pertains to payments that must be made on  any long-term debt throughout the year. [pic] In initial years they heavily depended on short term debts. Over the years the financial health of the company improved which lead to the reduction in the debts. Owning to their credit policy and increase in investment in fixed assets, the company is not able to recover the money. This could have lead to increase in short term borrowings. 5. Accounts Payable: An accounting entry that represents an entity's obligation to pay  off a short-term debt to  its creditors. The accounts payable entry is found on a balance sheet under the heading current liabilities. Accounts payable are debts that must be paid off within a given period of time in order to avoid default. [pic] Increase in accounts payable shows that the company is making more purchases on credit. It could be due to taking more time to pay bills, buying more products on credit, paying higher prices for credit purchases. 6. Other Current Liabilities: A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable. Companies will group together these other current liabilities into one account on the balance sheet for the sake of simplicity. [pic] Since this category is made up of accruals and similar items, it increases as the company gets larger. It increased in 1999 owning to higher investment in Ukraine. The increase in the other current liabilities has been more or less stable in the projected years. 7. Total sources of cash: It is the sum total of all the components of sources of funds. [pic] Uses of Funds 8. Dividend Payments Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be paid to the shareholders as a dividend. Many corporations retain a portion of their earnings and pay the remainder as a dividend. [pic] There is a sharp increase in the dividend payment as the company is projecting a higher increase in their profits. The dividends are paid from the net income from the same year. Increase in dividend payments implies strong commitment to maintain higher level of dividends in the future. 9. Increases in cash balance Amount of available cash that a management decides to maintain in cash planning, to avoid or cover up cash shortfalls resulting from mismatch between cash inflows and outflows during an accounting period. [pic] The company is having optimum cash balance hence maintaining sufficient working capital. 10. & 11. Increases in accounts receivable Accounts receivable (A/R) is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. In most business entities this is typically done by generating an invoice and mailing or electronically delivering it to the customer, who in turn must pay it within an established timeframe called credit or payment terms. [pic] In Germany, the company has maintained a tight hold on the credit that they supply to the distributors; thus there isn’t a significant change in the accounts receivable as compared to Ukraine. pic] Increases in accounts receivable (Ukraine) that is disproportionate to any growth in revenue may indicate the company is having trouble collecting money from its customers. Depending on the company's cash situation, this could require the company to borrow money to plug the hole from the unpaid money it is owed by its customers. Eventual ly, the company might need to write-off some of these accounts receivable as bad debt, in recognition of the fact that some customers might never pay. In extreme cases, the company might run out of cash and have to shut down. 12. Increases in inventories Inventory is a list for goods and materials, or those goods and materials themselves, held available in stock by a business. An organization's inventory can appear a mixed blessing, since it counts as an asset on the balance sheet, but it also ties up money that could serve for other purposes and requires additional expense for its protection. Inventory may also cause significant tax expenses, depending on particular countries' laws regarding depreciation of inventory. Inventory appears as a current asset on an organization's balance sheet because the organization can, in principle, turn it into cash by selling it. Some organizations hold larger inventories than their operations require in order inflating their apparent asset value and their perceived profitability. [pic] The fragile distribution system in Ukraine pre-2000 lead to increase in the inventories of the company as company is working on improving the distribution channel due to which the product flow has been projected to be smooth in coming years leading to decrease in inventory which is a healthy financial sign. 13. Increases in other assets Assets are economic resources owned by business or company. Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets. Current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs, and financial assets, including such items as accounts receivable, bonds and stocks. pic] There is a negative growth in the increase in the other assets because of the depreciation of other assets and they are not planning to acquire any new assets in near future. By 2002 they are planning to buy enough assets just to overcome the negative growth. 14. Reductions in long-term debt Long-term debts are loans and financial obligations that last for over one year. For example, debts obliga tions such as bonds and notes, which have maturities greater than one year, would be considered as long-term debts. pic] Reduction in long term debts from 1998 to 1999 could be due to overnight success of the company in Ukraine. The sound financial condition of the company has ensured the stable repayment of long term loans and would continue to do so in future. 15. Capital Expenditures Capital expenditures (CAPEX or capex) are expenditures creating future benefits. A capital expenditure is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset ith a useful life that extends beyond the taxable year. Capex are used by a company to acquire or upgrade physical assets such as equipment, property, or industrial buildings. [pic] The sharp increase in the CAPEX can be explained by the inflow of capital through long term debts and the operating profit the company is planning to achieve in the projected period. 16. Total uses of cas h: It is the sum total of all the use components in the fund flow statement. [pic] Break Even Analysis The break-even point for a product is the point where total revenue received equals the total costs associated with the sale of the product (TR=TC). A break-even point is typically calculated in order for businesses to determine if it would be profitable to sell a proposed product, as opposed to attempting to modify an existing product instead so it can be made lucrative. Break even analysis can also be used to analyse the potential profitability of an expenditure in a sales-based business. Breakeven analysis is a management accounting tool used for profit planning of a firm. 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The variable production costs for a product. 3. The product's unit price. 4. The products expected unit sales. On the surface, break-even analysis is a tool to calculate at which sales volume the variable and fixed costs of producing your product will be recovered. Another way to look at it is that the break-even point is the point at which your product stops costing you money to produce and sell, and starts to generate a profit for your company. Break even analysis solves various managerial problems: †¢   Setting price levels: A price level is a hypothetical measure of overall prices for some set of goods and services, in a given region during a given interval, normalized relative to some base set. Hence with the help of BEP analysis a firm can determine the price level of product and particular sales volume which is necessary to produce an X amount of operating profit.   Targeting optimal variable/ fixed cost combinations †¢   Determining the financial attractiveness of different strategic options for your company. Break even Chart A breakeven chart is a strategic tool used to plot the financial revenue of a business unit against time or sales to determine the point when sales output is equal to revenue generated. This is reco gnised as the breakeven point. The information used to determine and analyse the breakeven point includes fixed, variable and total costs and the associated sales revenues. The analysis of a breakeven chart considers whether a venture runs at a profit or a loss. A sale above the breakeven point indicates continued and profitable growth. The principle of break-even theory is that during the early stages of a business venture, total costs, both fixed and variable, exceed sales. As output increases, sales begin to rise faster than costs and, eventually, they become equal (breakeven point). If sales continue to rise and exceed total costs, the business achieves profitability. The tool assumes that all the goods which are produced will be sold and that costs, namely the price, will remain constant. Likewise, it also relies on the capacity in terms of output to remain unchanged. Breakeven charts are universally applied to simply and graphically illustrate and forecast a company's projected revenue, and to calculate the time for profitability to be reached. It is used by financial and marketing strategists to predict the effect that changes in price will have on the percentage change in sales over time. It is also a useful tool to analyse the relationship between fixed and variable costs and to predict the effect on profitability of changes to those costs. Income Statements | | | | | | | |   |   |   |   |   |   |   | |Sales: Germany |62032 |62653 |64219 |66216 |68203 |70249 | |Sales: Ukraine |0 |4262 |17559 |25847 |37479 |48722 | |Total Net Sales |62032 |66915 |81778 |92063 |105682 |118971 | |Production Cost & Expenses |32258 |35366 |44271 49827 |61393 |71609 | |Excise duties |9143 |9108 |10486 |11557 |11625 |13087 | |Allowance for doubtful accounts |5 |7 |38 |24 |2 01 |60 | |Total Variable Cost |41406 |44481 |54795 |61408 |73219 |84756 | |   |   |   |   |   |   |   | |Administrative & Selling Expenses |12481 |13014 |16274 |18505 |18500 |18500 | |Depreciation |3609 |4314 |5844 |6068 |6766 |7448 | |Total Fixed Cost |16090 | | | | | | | | | | | | | | |(â‚ ¬ per hectoliters) | | | |Per unit Sales | |9206300/1173000 = | |78. 8508099 | | | |Per unit variable cost | | | | | |61408000/1173000 = | |52. 35123615 | | | |Contribution per unit | | | | | |Per unit Sales – Per unit variable cost = | |26. 3384484 | | | | | | |Breakeven Point = |Fixed cost/Contribution per unit | | | | | | | |24573000/26. 13384 = |940274. 633 | | | | | |Hence Number of units requires to be sold to reach breakeven point=940275 hectoliters | | | | | | | | | |Net Sale in year 2000 = 1173000 hectoliters | | |Revenue calculated from the sale of Breakeven volume sales = |breakeven point volume* per unit sale price |â‚ ¬ 73797559. 3 | | | | | |Total Variable cost at Breakeven Point = Breakeven volume * Per |940275 * 52. 32123615 = |â‚ ¬ 49224558. 57 | |unit variable cost | | | | | | | | Total Fixed Cost = â‚ ¬ 24573000 | | | | | | |Total cost of Production of Beer |Fixed cost + variable cost |â‚ ¬ 73797558. 57 | | | | | This analysis identifies the break-even volume, where revenues just equal total costs and Deutsche Brauerei recovers all its fixed cost at the break-even volume sale. Sales above Break-even Point will bring profits for the company. Margin of Safety (volume) = Total volume Sold – Breakeven volume 1173000 – 940275 = 232725 hectoliters Margin of Safety (Revenue) = per unit sale price * Margin of safety volume = 78. 48508099 * 232725 = â‚ ¬ 18265440. 47 Variable Cost for selling 232725 hectoliters = per unit variable cost * Margin of Safety (volume) = 52. 35123615 * 232725 = â‚ ¬ 12183441. 43 Deutsche Breuerei has already covered up fixed cost expense with break even volume sale hence they will make profit above the sale of break even volume. Net profit = Margin of Safety (Revenue) – Variable Cost for selling 232725 hectoliters = â‚ ¬ 18265440. 47 – â‚ ¬ 12183441. 43 = â‚ ¬ 6081999. 041 From the above analysis it is seen that as the volume increased above the break even volume, the profits rise disproportionately faster. The analysis of a breakeven chart shows that Deutsche Breuerei has to sell more than 940275 hectoliters of beer to start making the profit for the venture. A sale above the breakeven point indicates a continued and profitable growth, and venture makes a profit of â‚ ¬6081999. 041. Hence Deutsche Breuerei should stick to the current price level of beer and profit planning. Break even chart of Venture shows that if they can reduce the Production Cost in coming years through new facility and equipment they can increase the profits in long term. As the company is showing a healthy sales of good they can invest on production facility to reduce the per unit production cost and expenses to increases the overall profits. ———————– DEUTSCHE BRAUEREI Case Analysis- Question 2 MBA PHARM. TECH. (4th year) [pic] [pic] |ROLL NO. |NAME |ROLL NO. NAME | |38 |Devang Mehta |41 |Upasana Nagpal | |39 |Anand Menon |42 |Abhilash Nair | |40 |Manish Mishra |43 |Kadambari Narang | SCHOOL OF PHARMACY AND TECHNOLOGY MANGEMENT †0[pic]? 0[pic]? 0[pic]? 0[pic] 1[pic]†1[pic]x1[pic]|1[pic]? 1[pic]u1 [pic]2[pic]2[pic]2[pic]I2[pic]? 2[pic]N3[pic]l3[pic]A4[pic]A4[pic]? 4[pic]eOA »Ã‚ ­A »A »Ã¢â‚¬Å"| ­h ­Ã‚ »WI8A! h`fJh? *B*[pic]OJQJ^J[? ]ph333h? *B*[pic]CJOJQJph! hNu—h? *B*[pic]CJOJQJNet income =Revenue – Cost of goods sold – Sales discounts – Sales returns and allowances – Expenses – Minority interest – Preferred stock dividends

Church leader enables others Essay

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Research one of the formulas in Statistics that we will cover and Project

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Business strategy - Essay Example In the strategy review and evaluation phase, the company’s project managers determine whether the chosen strategy is meeting its objectives. In the process, the managers should give particular emphasis to the internal and external factors based on which the strategy was developed. The process of strategy evaluation generally consists of four steps including setting benchmark of performance, performance measurement, assessing variance, and taking corrective actions (‘Strategy Evaluation Process..’). In order to clearly review and evaluate the current performance of the chosen strategy, Cath Kidston Ltd should periodically measure and assess the outcomes identified. It would be a better strategy for the managers to compare the actual outcomes against industry benchmarks, and corporate, operational, and individual targets. A close assessment of outcomes in the light of industry benchmarks would assist the company to determine whether or not the strategy performs up to the industry standards (Aswathappa, 2010, p.346). If appropriate tools are available for measuring the performance and the standards were set in the right manner, then it is really easy for the company to evaluate the strategy implemented. However, sometimes it is a cumbersome task to measure managers’ contributions and divisional performance as there is no single defined tactic to do this. For measuring the outcomes and evaluating the performance of the strategy, it is advisable for the Cath Kidston Ltd to prepare financial statements such as balance sheet and profit and loss account for interim periods. While comparing with actual outcomes with industry benchmarks and other standards, the variance observed must be thoroughly evaluated. Managers must check whether the variance between actual and standard performance lies within the degree of tolerance limits set during the strategy formation. A positive deviation indicates that the strategy performs better than planned. At

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Eco Bus Cultural Differences and Marketing Strategy - Essay Example †¢Ã‚  Company A is a US based Company, the culture usually followed there is â€Å"democratic management†. The opinions of all concerned parties are considered before the decision is taken unlike in the Taiwan management where dictatorial style is followed and it would not be considered proper if an employee intervenes in the management’s key decision. Therefore while operating there, the most important decision for the A company would be the hiring of the Manager. If a local manager is appointed, he shall have more knowledge of the local markets and will be able to communicate more properly. Company A has to focus its attention to create an environment where the employees will participate in the decision making process and the Manager has to learn to give importance to the ideas generated by the employees even in the lower chain of command. He has to learn to accept that he will gain respect with his abilities as a manager and not because.†¢Ã‚  Company A may also appoint a Manager who does not belong to that culture. For example, he may be transferred here because of his interactive managerial skills and analytical decision making. Such manager will already have an idea of the Company’s procedures but he may face difficulty in adjusting into the new culture. First is the communication barrier that will be a hindrance but it may be overcome by appointing a manager who knows the language. Secondly, he has to cultivate the concept of  Ã¢â‚¬Å"idea-sharing† .... armonious environment but they expect to be given directions by the senior team member, but when working with a Taiwanese team one has try to avoid incidents that may cast a member in bad light in front of other members of the group. 11. Language barrier is yet another obstacle. One has to understand Mandarin Chinese (the official language) or Taiwanese, a southern Fujian dialect to communicate with them. (World Business Culture) Impact of identified issues on the Company A approach: Company A is a US based Company, the culture usually followed there is â€Å"democratic management†. The opinions of all concerned parties are considered before the decision is taken unlike in the Taiwan management where dictatorial style is followed and it would not be considered proper if an employee intervenes in the management’s key decision. Therefore while operating there, the most important decision for the A company would be the hiring of the Manager. If a local manager is appointed , he shall have more knowledge of the local markets and will be able to communicate more properly. Company A has to focus its attention to create an environment where the employees will participate in the decision making process and the Manager has to learn to give importance to the ideas generated by the employees even in the lower chain of command. He has to learn to accept that he will gain respect with his abilities as a manager and not because of his position. Company A may also appoint a Manager who does not belong to that culture. For example, he may be transferred here because of his interactive managerial skills and analytical decision making. Such manager will already have an idea of the Company’s procedures but he may face difficulty in adjusting into the new culture. First is the

Decision in Paradise Essay Example | Topics and Well Written Essays - 1000 words

Decision in Paradise - Essay Example The company was establishing itself on an island located in south Pacific. My post at this very prestigious company is the senior business executive. I am the personal assistant to the company manager who is Alex. Chris, my other friend is the proprietor and the owner of Marvel Construction. My core responsibility as an executive is to unearth the problems at Kava and eradicate them so that the company can attain its goal and fulfill its mission on this most difficult island. However on my arrival at Kava, I realized that my dream did not exist. It was shattered. It was after all not the paradise I had thought it was. Kava is an incapacitated island country situated in the South Pacific. This island is experiencing very hard times and someone should rescue it soon. The island quickly needs reconstruction in many areas. Kava Island is aged 15 years and below. It is a culturally diverse island with a combination of people with 50% coming from indigenous tribes, French, Americans, Africans, and Spanish. The people of Kava are basically of indigenous belief. As a matter of, 50% of the people have an indigenous faith while the rest is a mixture of English, French and Spanish. The main economic activity is farming of spices, cocoa bananas and coffee. They also are involved in extraction of petroleum. Marvel Construction Company is one of the largest construction companies with an international reputation. The company has over 20 branches across the US. Since its establishment 20 years ago in Nevada, Marvel construction company has expansively grown through the setting up of new premises and expansion of the existing ones. Marvel is focused on creating loyalty and value with its clients through the provision of outstanding services, fine products and technology advancement. The mission of Marvel Construction Company to the people of Kava is to bring forth prosperity, and establish a

A letter and a statement Essay Example for Free

A letter and a statement Essay Right at the bottom of the page the companys reminder about data protection act can be found. The bottom of the letter is a tearaway slip which has a unique background colour of pale blue. The purpose of this letter is to inform the customer about their bonus claims about their life insurance. The letter is brief and formal. The letter consists of a tear away slip, which takes most of the space on the page. The letter text consists of few paragraphs explaining the how to contact the company about any queries regarding the customers bonus claims. The letter is related to a bonus claim is has a reference number below the address. The letter is generally written in a simple form allowing any one to read the letter and understand it. The letter is split in to two main parts one being the main letter, which has all the text and images and the other being the tearaway slip which is on the letter if any contact details are incorrect. The letter needs a few improvements. Currently there is no background colour for the letter making it boring and making it less important. If the letter had colour, it would allow the customer or person reading it remember it. Generally all of the components are properly located on the letter with the image and text being in the right location. Also the unique thing is that the companys contact details are in a different place then other letters. Other improvements could include making the companys slogan more effective by using colour and a border around it that will make it stand out and look effective. Currently the letter is eligible because of the simple language used with in the letter. Also the letter is set out in simple manner allowing the letter it be understood easily and is precise to the point. If the language changes, this will make the letter hard to understand and can put of some customers. The instructions for the tearaway slips are easy to understand allowing the customer to follow them easily. The Britannia Life statement has the logo situated in the same place as in the letter. The logo is in the top right hand corner of the page. The logo has the companys colours included init being royal blue. The logo consists of a shape that is a rectangle and text saying the companys name. The date cannot be found on the statement. The companys colours are used in the logo as well as the background and in the table. The background colour of the statement is pale blue. The cells in the tables with the headings of the columns have dark blue background. In the middle of the statement the address of the customer can be viewed. On the left of the customers address there is some text explaining a telephone number, which could be used by the customer if they do not understand any thing or have a query. Below there is a big table taking most of the space on the page. The table consists of seven columns. Right at the bottom below the table there is an important notice explaining the company and explanation of the headings. The purpose of the statement is to give the customer information on the current state of their pension funds for the future and the bonuses they have received. The statement also informs the customer of the basic profit and any other new bonus received. In the table all the details about their pension are given including the total basic profit benefit. The Britannia Life statement is easy to understand, as there is no complex language used at all. Mostly it consists of figures and values. The statement is formed of two main parts with the top half consisting of the logo and contact phone number. Also the top half of the statement has the contact address for the customer. The other half of the statement consists of the table, which holds vital information relating the customers pension policy and any bonuses they have received. The statement is set out to landscape format. The Britannia Life statement could not really be improved as the table uses all of the space wisely. The statement is clear and easy to understand. The main thing that could be changed is that the companys contact details should be shown allowing the customer to contact the company easily with out any hassle of finding contact information. The statement has clear headings and values with big points size making it easier by any one to understand unintelligent or unilliterate. The statement currently is really simple made up of tables that divide all the details in to areas. This makes it really simple to understand the costs and bonuses received by the customer on their pension. The background colour around the table makes the table stand out making it simpler to understand the details. Analysis Alliance Leicester has their logo in the same position on letter and the statement being on the top left hand corner of the pages. But AXA has its logo in the middle of the page, right near the top on the statement and on the letter. Both companies use their company colours in the logo. First of AXA used dark blue and red in their logo and Alliance Leicester use orange and blue in their logo. The last company Britannia Life has its logo in the same position on both documents being on the right top hand corner. However all of the companys have situated their logo in different places on the top of the page and all of the companys logos can be recognised by the companys colour being used in them. The Alliance Leicester use a unique layout on their letter as it consists of a line separating the actual letter and some advantages in big point size in bold on right hand of the page. While the AXA letter is simple with only text on it related to the actual letter its self. Also the AXA letter has a lot of free space with the Alliance Leicester letter being more compressed. Overall the Britannia Life is different as it has a tearaway slip making it different from them all. The letter also has space available near the top half of the letter but the bottom of the letter is depressed for space because of the tearaway slip. Generally the Britannia Life letter is simpler to understand then the Alliance Leicester and AXA letter because of the complex language used throughout. All of the letters have the customers address, which is a standard piece of information in the correct place being on the left hand side of the page just below the top of the page. The dates can be found on all of the letter but in different locations. First of all the date on the Alliance Leicester letter is situated on the top right hand side. The date on the AXA letter is found on top right hand side nearly the same position as the Alliance Leicester date. But the date on the Britannia Life letter is found in different location, which is situated above the address on the left hand side of the page. All of the letters have contact details of the organizations on them. Two of the letters have them generally in the same position. The two letters that have the contact details in the same position are the Alliance Leicester letter and the AXA letter. The difference of the contact details is that the Alliance Leicester contact details have a background colour being bright orange but the AXA contact details do not have any background colours or patterns. The Britannia Life contact details are totally in a different position, which is on the top right hand of the page just underneath the logo. The Alliance Leicester letter consists of bullet points as well text. The text has different sub headings to make it easier for the reader to understand what each section is about. But the other letter from AXA and Britannia are simple letters with one overall heading explaining what the whole letter is about and purpose. Those letters do not have any special formatting used with in them for example the bullets points in the Alliance Leicester letter. Different types of information can be found at the bottom of each letter. First of all at the bottom of the Alliance Leicester letter we can find the contact details as well as the copyright trademark act. Consequently only the contact details can be found on the AXA letter. But on the Britannia Life Letter at the bottom the data protection act details can be found informing the customer about how the company regards and obeys the act at all times and explaining to the customer that their personal information is safe with the company. Britannia Life Letter is the only letter to have an image on it none of the other letters have an image on them. The statements are all different with only two statements having the date on them being from Alliance Leicester and AXA. All of the statements use tables in them. The most tables are used in the AXA statement to show all the details about the motor insurance customer details. However in the Alliance Leicester statement the table is used to show the payment due amounts and dates. A big table can be found in the Britannia Life statement, which takes mostly the space on the statement. That table is used to show something totally different from the other statement. It is there to show the bonuses and policy information about the pension funds. All of the statements show the state of different things. The Alliance Leicester statement shows the state of the current account of a customer and shows the payment due dates. The Alliance Leicester statement informs the customer about their credit limit and how much credit limit they have available. The Alliance Leicester statement has a slogan but the AXA statement does not have a slogan. However the Britannia Life statement does not have a slogan but the letter does in a different position being on the top left hand side of the page. The AQA statement shows renewal details of the insurance. It has details of the company and drivers. The details can be found in the tables that have colour used in the cells with the headings same as the Britannia Life Statement table. The Britannia Life statement informs the customer of the state of their bonuses and pension policies with figures and numbers making it easier. The statement does not have a slogan unlike the Alliance Leicester Statement. All of the statements have contact details found on them but all the contact details vary. The only contact detail found on the Britannia Life statement is a telephone number on the top left side of the landscape-formatted page. But on the AXA statement the contact details can be found at the bottom also in the top table, which has a telephone number. The contact details in the Alliance Leicester statement can be found on the top right hand corner. The contact detail is a telephone number and an address. The Alliance Leicester has colour used on it in the logo and a background behind where the credit limit is shown. But the only source of colour on the AXA statement is the colour used in the logo and in the cells, which contain the headings. There is no background colour used. Alternatively in the Britannia Life statement colour is used in the logo. There is also colour used in the background through out the page. Colour can be found in the cells in table, which contain the headings for the columns. The Britannia Life Statement also has a picture in the background of table showing a bridge none of the other statement has an image in the background.

In Search of Shakespeare Summary

In Search of Shakespeare Summary This documents first episode begins while looking at the London Gate Bridge and London as a whole. The narrator begins by describing William Shakespeare as the greatest author of all time and how we know so little of his life. Michael Wood (the narrator) begins by walking up an ancient road towards where Shakespeare grew up. He heads into an archive of English history to learn more of Shakespeare from the policed state of England that he grew up in. He describes what he intends to describe, for instance where Shakespeares company did its original plays and his summons for grievance and bodily harm. Shakespeares life began in Stratford England, and the tale begins with William Shakespeares (son of John and Mary Shakespeare) baptism record in the parish register at Stratford-on-Avon. He had two deceased siblings, and was his parents first child to grow to adolescence. He was born in the mid 16th century during religious conflict, when the religion of the nation had changed numerous times by the Tudors whom ruled England. It changed by Henry to Protestant from Catholic, back to Catholic with his daughter Mary and then back to protestant by his next daughter Elizabeth, all in the matter of twelve years. Shakespeare was born at the beginning of Elizabeths reign. The Shakespeares were originally country farmers, some of the lingo that Shakespeare used in his plays originated from these beginnings. He was not a peasant, his mother had a long standing family history, and in fact his maternal grandfather was a rich farmer whom had passed away before Elizabeth came to the throne. His family had initially been loyal to the old faith (Catholicism). However, his father was ambitious and thus moved from the country. John Shakespeare was a glove maker with a modern middle class home with the latest in designs. William Shakespeare was raised in a fairly well to do home. John Shakespeare was elected a town counselor when William was one. John Shakespeare was required to maintain Elizabeths will and was forced to deface with whitewash the medieval Catholic paintings in their local perish. John was then elected mayor when William was four. William started school at the age of seven, when over one hundred and sixty new schools were opened. William was taught six days a week, by teachers chosen by the town council in the local school, primarily religion and Latin. He fell in love with the theatre here, and may have partaken in the play Ralph Roister Doister. John Shakespeare had clients all around England and made a lot of money, not all was legal. John was an illegal wool dealer (brogger); wool was monopolized by the government. He had also done illegal activities in the form of lending money for profit. William later fell in love with the mystery plays that told old stories from the bible. William used them as inspiration in his own plays. William went onto a further school at age nine where he was introduced to poetry. However, at the age of twelve Williams parents began losing their money and Johns business was faltering. First, the government was cracking down on illegal wool dealers and second, John stops going to council meetings possibly due to his religious reasons and withdraws William from school. William was forced to work for his fathers leather business. Around this time Catholics and Protestants are virtually forced into a figurative battle for the soul of England. Many people were hauled in by Elizabeth, including Williams father John, for natural security. He is eventually released. At this time, William was eighteen (in 1582) and he fell in love with an older woman named Ann Hathaway who was the daughter of his fathers business partner. He was married to Ann Wately under the name of William Shaxspeare on November 30th 1582 because Ann was pregnant. People often speculate that Ann Hathaway and Ann Wately were different people; however it is believed that it is actually a clerical error. He gained his marriage license on November 27th, 1582. William composed a sonnet for his wedding, a poem addressed to his new wife Ann Hathaway. Ann gave birth five months later to a daughter, Susanna and lived with Williams parents and younger siblings. Under legend, William apparently later poached a dear that belonged to a local lord. Apparently William was beaten and banned from town. The narrator then gives us another theory as to why William was banished from the town when he was nineteen. On the 26th of October that year, Shakespeares cousin Summerville announced that Queen Elizabeth was a heretic and that he planned on murdering her. Elizabeth turned to the local lord whom had Williams mothers family arrested. Williams cousin, his family, and his relative Edward Ardin (the head of Williams mothers family) and his family were sentenced to death. Episode two begins by analyzing Shakespeares lost ten years in which little information is known. The current theory is that William changed his name to William Shakeshaft and found a job in Lancasier. It is theorized based on the word of one of the actors of Shakespeares playhouse whom said that Shakespeare once worked as a teacher in the country that William may have taught in Lancasier. It is known that William was in Stratford-upon-Avon on February 2nd, 1585 when his twins were baptized, Hamlet and Judith which were named after their catholic god parents. He was the main source of income for the family and he lived in a small house with his wife, children, siblings and parents. On September 6th 1586, John Shakespeare is removed as an alderman of the town for no longer attending the sessions. In the summer of 1587, good news came to William. The queens royal company came to Stratford-upon-Avon for political and propaganda purposes. Two of the actors, William Nell and John Town, got into an argument in which William Nell attempted to kill John Town. Instead Town stabbed him in apparent self defense and Nell passed away. So the company was one man short and missing a young male actor. It is believed that William Shakespeare joined the Queens men (company) at this point and left his family. After the war with the Spanish armada, William comes to London with the Queens men. At this point, he breaks off to become a writer. He lived in a middle class section of town. His company first performed at the first amphitheatre ever built. At this point, a theatre revolution was underway, lead by the University educated Christopher Marlowe who is believed to have been gay, hip, iconoclastic. Williams first play was the tragedy Titus Andronicus. Meanwhile, Marlowe had been hired as a spy. He was not secretive. Marlowe spoke of joining the Catholic side and counterfeited money. On March 3rd, 1592 Harry the sixth was Shakespeares first boxoffice number one. This is when he becomes bigger than Marlowe. Shakespeare however received a bad review for being an uneducated play write, rather than a university wit. However, in early 1593 many play writes and printers were executed or tortured for treason or heresy. Marlow himself was murdered, it was claimed to have been in self defense according to three witnesses. Shakespeare however did not believe it. It was shortly after this that Shakespeare added to his trilogy in the form of Richard III. The next episode entitled The Duty of Poets begins by claiming that the stage was dominated for the next twenty years by Shakespeare. The question for the narrator was what made him the most popular play write of the time, rather than the other young play writes of the time? In 1593 plague strikes the streets of London and the play houses are closed. At this time, Shakespeares distant cousin whom was loyal to Catholicism writes the new manifesto of English poetry which was a challenge to Shakespeare. This challenge states that poetry is not for the purpose of love or entertainment, but rather to glorify God. Shakespeare had no interest in this, however when the plague struck he was forced to seek other forms of income. He seeks employment as a published author of a poem Venos and Adonis which became a best seller. This poem did not focus on God, but rather on love. This poem was dedicated to Henry Earl of Southampton in order to gain money and prestige. In 1594, Shakespeare began a new acting company. His cousin whom had written for him the challenge of writing for God was killed shortly after for being a supporter of Catholicism. It is said that his friends visited Queen Elizabeth after his death and gave her a book as a gift, inside of it contained his letter to Shakespeare. It apparently moved the queen and struck her to grief. Shortly after this incident, Shakespeare wrote his first great Tragedy, Romeo and Juliet. Shortly thereafter, Hamlet, Shakespeares only son, died at the age of eleven. Shakespeare underwent a period of grief, but bought the second largest house in Stratford-upon-Avon, but it was in disarray. He also applied for a coat of arms for his father, in order to make his father a gentleman. It is believed these acts were a form of apology for not being there when his family needed him the most. His fathers coat of arms was approved and William became a gentleman. William is also known to have written numerous sonnets for a boy, it is widely debated but it is believed that they are autobiographical and about his own son. Sonnet 33 clearly emphasizes this. In 1597 the theaters, under the direction of the government for sedition, were closed. William was also under penalty of the government because of tax evasion. Later in that year he is in trouble for threatening mutilation and murder because he got into the middle of battles between landlords. In this time of darkness for William, he fell in love with a dark skinned musical married woman while he was still married to Ann. She became his mistress and she wrote of her in sonnets, such as sonnet 128. She is believed to have been a dark skinned Venetian Jew by the name of Amelia. He writes in his sonnets that he was struck with grief and desire; however despite this painful time in his life he wrote three new plays and numerous poems. In 1598, Shakespeare moved his theatre and company to the Southbank. It was called The Globe and opened in 1599. In 1600, the Earl of Essex was aware of the power of the theatre. He wished to overtake the queen, and requested Shakespeare to perform Richard II with a very dangerous scene on the overthrowing of the King. Unfortunately for Essex he spent too much time picking a clean shirt and thus was late for his own event. His revolt failed, and he and his men were arrested. Shakespeares company was interrogated at this time. None were punished; however they were commanded to perform Richard II before her as they had on their own stage. To add to all of this, the war of the poets was to begin. Shakespeare was now at war with a new style of theatre, a theatre performed strictly by boys. Shakespeares response to these plays was Twelfth Night. In Hamlet, Shakespeare makes a snide comment about the boys theatre. Hamlet became the next big thing, and won the War of the Poets. To add to the controversy, Shakespeare wrote Othello, which is believed to been about race. Shakespeare was well aware that both black and white people intermarrying, and wrote of one of these relationships in Othello. He makes his black male Othello into his tragic hero. In the final episode, entitled For All Time, the tale of Shakespeare continues in 1603. In March 1603 Elizabeth dies. She was childless and without an heir, so the throne went to her half sisters son whom united Great Britain, King James. King James appreciated poets and play writes, and thus Shakespeare was placed on the royal payroll. Shakespeare found himself in a public role during the coronation of King James. William was one of the ushers of the canopy; however he wrote in his sonnets that this was merely a gesture and not meaning anything. To add, Shakespeare and his band of Kings men were required to entertain the King for two weeks straight during every Christmas. In response for a plot to kill the royal family, Shakespeare wrote a play called Macbeth. Theatres were further censored and plays rewritten to have no further obscenities. A year after the terrorist plot, the government required all catholics to undergo protistent communion or else face heavy fines, for which Shakespeares twenty-three-year-old daught Susanna faced. Shakespeare at this time wrote the play King Lear in response to a king that destroys his own kingdom through unethical and vein actions to strike cord with King Richard. The next year Shakespeares daughter Susanna married a protestant doctor after falling in love with him. Shakespeare then became a grandfather. His son-in-law was a fairly open minded man whom treated anyone who needed treating, and was a modest protestant. The day after Susannas wedding, an uprising of the Diggers occurred to argue with their land being taken by rich land owners. They were struck down; however, Shakespeare used their movement as an underlying theme in his next play. To add, Shakespeares company opened a second theatre in London. Shakespeare began to consistently communicate with scientists and philosophers. It is believed that he was told a story of a shipwreck and he turned this story into his final solo play, The Tempest. This play is believed to contain autobiographical elements, and is about a man with supernatural powers that strikes at his enemies, but later forgives them and his daughter marries the son of his enemy. This could suggest that Shakespeare returned to Stratford-upon-Avon. The next spring it is known that he returned to his wife Ann back in Stratford-upon-Avon. In 1613, Shakespeare buys a large house in London which was once a safe haven for the Catholic underground. He continues to write with a coauthor, and wrote Henry VIII (All is True). The Globe theatre was burnt down accidently during a performance of Henry VIII (All is True) in 1614, it is believed that Shakespeare then left the theatre business and sold his share in the company to return to his wife in Stratford-upon-Avon. At the age of 51 in 1616 Shakespeare became ill and passed away. The legend goes that he died of a fever after a drunken fit with friends. He died on April 23rd, 1616. It is speculated from his will that he didnt love his wife as he gave her nothing but a bed, however, it is speculated that this was not a sign of a lack of love. Most was left to his eldest daughter Susanna. Response to In Search of Shakespeare This documentary was a touching and informing tribute to Shakespeare. I felt this documentary focused on what we know about Shakespeare, and while there was a fair amount of speculation, the speculations were not extreme nor were they far stretched such as to suggest that Shakespeare did not write his own plays. I learnt much of Shakespeares life. I did not know that Shakespeare had been a poor young man, uneducated beyond the age of twelve, and married as a teenager. I had always thought Shakespeare to be an eternal romantic, giving wondrous gifts and love to the woman that he fancied. However, despite being a fantastic author of romance, he seemed to lack romance in his life beyond his twenties and the elicit affair he had with a married woman. While we do not know how much time he spent with his wife Ann Hathaway, I was shocked to learn that he had lived apart from her for so many years. I found the history of Shakespeares plays, including those that we studied in this course, interesting. I had not fully realized that plays such as Twelfth Night, Hamlet, King Lear, and Henry VIII were written with motives. I have a new respect for the craftiness of Shakespeare, managing political satire as well as forthright claims against and warnings for the different monarchs of his time. He managed to escape religious persecution, which seemed again to result from his cunning mind. What I found most interesting about this documentary is that is interwove Shakespeare into the fabric of the Elizabethan times. Rather than just focus on Shakespeares biography, it gave foundation information about the times that goes beyond Shakespeare. I learnt much of Elizabeths times and religious insecurities, and King James turn from the liberal new age king to another king of religious persecution. I believe that Shakespeares death was premature. After finding much about his life, it saddens me that he died so soon after retiring and returning to his wife and family. While maybe his love for his wife was not strong, which is purely speculation, I am a true romantic in that I had hoped he would return and live out a fulfilling long life with his wife. However, I do not believe he lived long enough to truly see the impact of his words and in this I believe the world lost its greatest author of all history.