Hannibal :: essays research papers

Hannibal: Smokin' Is Voluntary/Two Parties My ASS!/Other Random Stuff **Disclaimer: The despise on this page is omni-directional, and you will in all likelihood be irritated. I typically update and add to the substance when I'm pissed, so don't get your screwing undies in a bundle on the off chance that you hear something that you can't help contradicting or is annoying. What's more, in the event that you do, you fuckin' suck cocks and ought to never utilize the web, which is loaded up with free discourse and contradicting suppositions. Fuck off asshole.** Goddamn, on the off chance that I hear or see another include, open help anouncement, or other jolt off on TV telling me how lawful, private, cigarette organizations are liable for individuals beginning and proceeding to smoke, I'm going to stack my rifle, sit before a mirror, and see what it would resemble to paint a stay with my minds!!! Smoking is screwing deliberate! In the event that you believe it's off-base, on the off chance that you think it abbreviates your life expectancy, or has some other impact other than the ones that we definitely know screw you up, don't do it!!!! Bastard, don't substitute a merchant/maker of a legitimate and excessively directed item if you can't get it through your skull that breathing in any sort of smoke will wreck lung tissue! Take some screwing duty as well as responsibility you draining heart burnouts!!! Message To Gore...To Bush: Fuck off! You both suck, you shame the memory of the progressives who took up the firearm to guarantee that the dirt we remain on would be free. Hey now Gore!!! Not raising support? Wowsers, you must be a lobotomized mental patient/a no-nonsense Democrat to really accept that! Possibly on the off chance that you took long hard glance at what the instructor's associations are doing to the young people of America by controling you (i.e., making it with the goal that state funded schools keep up a virtual restraining infrastructure on instruction and in this manner expelling any need to contend and improve in-class conditions) or how you deceived each and every individual who casted a ballot you into the senate (since you sold out to Clinton when you were an upstanding Tennessee man who casted a ballot to get the government off our butts when it came to firearm control), you'd help the world out by executing yourself. O Bushy Boy... Ok, you disfavor the historical backdrop of the Republican party...You trivialize everything that the Republican gathering used to represent (less government, control of your own cash, ingraining moral/moral values)...You're the lesser of two disasters and most American will pick you...but the CIA picked the lesser of two indecencies years prior in the Middle East, chose to support him, train him,

Malicious Code Cyber Attacks Free Essays

The utilization of web and systems have different favorable circumstances where organizations can build cost effectiveness by sharing assets and urgent information can be shared and supported up on different areas. The system of an organization however very significant in present day times is inclined to different digital assaults which focus on the budgetary and delicate parts of an organization. A potential programmer could focus on the system of an organization in different manners if there is a security proviso in the organization arrange. We will compose a custom exposition test on Vindictive Code Cyber Attacks or then again any comparative subject just for you Request Now The different digital assault dangers an organization faces incorporate breaking, malignant code, secondary passage, sniffer, TCP seizing, mail bombs and different dangers. The idea of such a danger, its impact on the system, issues brought about by the assault and the countermeasures accessible to the organization is clarified. Digital Attacks Using Malicious Code The most widely recognized kind of digital assaults includes malevolent code. A programmer encodes a bit of code utilizing some programming language and connects an executable document to an email or sends this record to potential targets utilizing a web envoy administration. The code as a rule makes a proviso in the system framework of the organization and the programmer can without much of a stretch access any information or documents accessible on the intranet of the organization that isn't imparted to the overall population. The programmer can without much of a stretch access monetary, individual and other delicate data from the system of the organization and abuse it in different manners. The delicate information may incorporate the mechanical insider facts of the organization, the individual records of representatives, money related data with respect to the organization and advertising approaches and plans. At the point when an organization is assaulted through noxious code, an individual would get an email or text requiring the individual to open a document which would be executed and inserted in the system framework and the organization would confront different issues (T. , Sachs, Devost, Shaw, Stroz, 2004). The degree of seriousness of these issues might be least or most extreme. The programmer would approach the showcasing and budgetary strategies of the organization and could extortion the organization or give this information to the contenders of the organization. Another serious issue brought about by this assault would be the breaking down or stoppage of any vital programming which is essential for running business tasks. Individual data of the workers including names, phone numbers and addresses would be undermined and would make an individual danger to them too. The digital assault could dispatch a companywide breakdown of equipment and programming restricting the activities of the organization, as today practically all tasks are reliant on PCs. The code could change basic data identifying with business activities, for example, input information for different working procedures. The organization can stop and forestall these digital assaults in different manners. The noxious code strategy of assault typically includes a document which is moved through messages, moment couriers, provisos in the firewall structure and information moves from shaky sites and sources. The assaults can be forestalled by separating content got over the web through messages and moment ambassadors. Antivirus, interruption identification and substance sifting projects can be executed to constrain move of malevolent programming or code. The workers of the organization ought to be prepared in such manner and ought to be caused mindful of the potential perils of vindictive code and the sources it to can emerge out of. The firewalls actualized in the organization ought to be tried and reviewed with test situations to ensure the security of these firewalls. All reinforcement of information ought to be kept in sheltered and secure areas which isn't accessible on the system of the organization. At the point when the assault occurs there ought to be alternate courses of action accessible to adapt with the impacts of this assault and working methods ought to be characterized well early to manage such dangers. Interruption recognition and anticipation frameworks ought to be actualized at all degrees of the system to build the wellbeing and security of the system (GFI, 2009). End Cyber assaults are extremely regular in present day times and there are different kinds of dangers and these techniques and types changing with the pace of time. People and organizations likewise should be refreshed on the different new strategies, procedures and avoidance for such assaults. In the event that there is a digital assault on an individual or an organization, it could bring about unfriendly outcomes including loss of vital information and loss of money related assets. To forestall and confine the recurrence and likelihood of these assaults different assurance and shield instruments, for example, antivirus and interruption discovery ought to be actualized. References GFI. (2009). Directed Cyber Attacks. Cary: GFI. T. , P. , Sachs, M. , Devost, M. G. , Shaw, E. , Stroz, E. (2004). Digital Adversary Characterization. Burlington: Syngress. Instructions to refer to Malicious Code Cyber Attacks, Papers

Taiwan 2 Essay Research Paper Taiwan is free essay sample

Taiwan 2 Essay, Research Paper Taiwan is an island situated around 100 detail mis from China. It was initially segment of China. Yet, in 1949, the Communists held onto Mainland China pressuring the nationalists to pull back to Taiwan. From so on, Taiwan is other than known as Free China. The pioneers of Republic of China, ( Free China ) trusted sometime that the Communists will be driven out of China. Thusly, they begin to build Taiwan as an army installation for such plan. In any case, their fantasies were neer achieved, then again, their endeavors transformed Taiwan into a financial ground-breaking state. This is other than known as the Taiwan Miracle. There is another fascinating data about Taiwan # 8217 ; s name. In spite of Free China, Taiwan other than has two different names, # 8220 ; Taiwan # 8221 ; ( the one we call it ) and # 8220 ; Formosa # 8221 ; . We will compose a custom paper test on Taiwan 2 Essay Research Paper Taiwan is or on the other hand any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Let # 8217 ; s talk about # 8220 ; Taiwan # 8221 ; chief. # 8220 ; Taiwan # 8221 ; implies # 8220 ; terraced straight # 8221 ; to the mountain inborn individuals who initially lives in Taiwan. At the point when the outsiders from China relocated to this island 3 100s mature ages back, they continued hearing the inborn individuals naming ( the topographic point where the Chinese landed ) # 8220 ; Taiwan # 8221 ; . Accordingly, they accepted that the island is # 8220 ; Taiwan # 8221 ; . Formosa, on the different manus, was called by the Lusitanian crewmans during the 1600s. It implies # 8220 ; lovely island # 8221 ; . Accordingly, there are still individuals referencing Taiwan as Formosa when they attempt to fancify Taiwan today. Taiwan is a sub-tropical express that that is warm the greater part of the twelvemonth. The Tropic of Cancer goes through Taiwan in the southern bit. In this way, snow is unordinary to most the Taiwanese here. In any case, there are some topographic face up in the high mountains that do procure cold sufficient to day off. Since the land is hot and muggy, it is the best for turning rice and other homestead stocks. The husbandmans in north can turn two harvests of rice a twelvemonth in the North and three collects a twelvemonth in the South. There are to a great extent mountains in the north segment of Taiwan while command post cultivating zone in the South. The specialists of the Republic of China has a few likenesses to the specialists of the United States. The specialists depends on a Fundamental law and there is a President and Vice President. ROC has a National Assembly then again of a Congress and there are five developments of the specialists, authoritative, official, legal, examination, and control. There are three significant ideological groups and some other lesser known 1s. The best party that control numerous assets of the state is the KMT, ( Kuomintang ) , other than known as the Nationalists. The second best gathering is DPP, ( Democratic Progressive Party ) . What's more, New Party. All things considered, from here I need to state you that I am an extremist of New Party and I will interprete the three gatherings in MY WAY. Okay, permit me give you expand portrayals of the three gatherings. KMT is the most established gathering in Chinese history. Be that as it may, in the course of the last 80 mature ages, the entire party has abandon vivacious and generous to decandent. Be that as it may, such corruptness was non the restrictive occupation of KMT. The most serious issue this gathering is going up against is the penetration of the independency thought. Due to President Lee, who is a whole hypocratical Nipponese rebel, he attempts to take KMT into a dictatorial that in mystery look for the independency of Taiwan. In this way please note President Lee # 8217 ; s decieteful activities and non to be tricked by the media that help him. Next to KMT, the second the greater part of import ideological group is the DPP. DPP is a gathering that is known for looking for of the independency of Taiwan. They feel that simply with the whole partition with China would benefit Taiwan. They are the perfect radical collectivists. Be that as it may, on the grounds that they are unreasonably hopeful, these extremists much of the time utilize most extreme and vicious approaches to bring through they closes or to show their sentiments. As an outcome, they are other than known for their enemy of government and forceful practices. The last party which is other than the gathering that I for one help, is the New Party. New Party is a sensibly # 8220 ; new # 8221 ; party. it was shaped, I accept, just 5 mature ages prior by only 7 individuals from the KMT lawmakers. The ground that they structure such gathering is on the grounds that their beliefs to change the Taiwan specialists. 5 mature ages prior, ROC specialists was controled by powerless and corrputive KMT functionaries ( so is presently ) that the skeptic DPP individuals upset the residential rest. They thought there is an interest to reproduce the best possible cultural request and tragically deceased Chinese human progress. In contrast to the KMT and DPP, New Party do non accept that # 8220 ; Money # 8221 ; needs to go with # 8220 ; Power # 8221 ; and anything needs to venture to every part of the # 8220 ; troublesome way # 8221 ; , so they are se rene warriors against the corruptness and the power in the public arena. At that cut, all the political pundits accepted that this gathering will non last under the mastery of KMT and DPP. Be that as it may, more than 5 mature ages their help has raised from 5 for every centums to now 20 for each centum is still steadyly turning. As individuals like me ( great instructed in the middle of classification ) bolster this gathering, I trust Taiwan will be a superior state. Taiwan is a packed island. Imagin 21 million individuals populating on an island that # 8217 ; s only 36,000 square kilometer, including all the mountains and unliveable nations. On the off chance that you do some genuine calculations, you would occur out that in a few huge metropoliss like Taipei, the thickness of populace standards more than 1500 people for each square kilometer! In this way, in the event that you travel on Taiwan, you will regularly observe individuals. Now and again, regardless of whether you climb a mountain or climbing far into the woods, you will at present happen a little ranch humble community covered up in the wilderness, or understudies on a field day, or fighters on moves. There are three significant gatherings that live on the island of Taiwan. The main gathering is the Chinese that relocated to Taiwan 400 mature ages prior to maintain a strategic distance from the commotion and war in China. These individuals have their ain figure of speech ( Chinese ) and imposts. In any case, despite the fact that they view themselves as Chinese, they are as yet Chinese. The second biggest gathering life in Taiwan is the Mainlanders that came more than 40 mature ages prior when the Patriots battled the Communists. Since these individuals are as often as possible great instructed and in some cases wealthy ( regardless of the troopers that tagged along ) , they endeavors assisted with deciding the current state. The last gathering is the locals who have been populating in Taiwan for more than thunsands of mature ages. These individuals resemble the Indians in American who face significant employments. These three gatherings were populating in agreement hardly any dec ennaries prior. In any case, the DPP has been looking to pressure that the Mainlanders are non truely Chinese yet Chinese Pigs. They trust Chinese are NOT Chinese ( this most baffles me! ) . They pronounce that one time Taiwan is autonomous they will kick all the Chinese Pigs out. The activity is that there are individuals like me who is half Chinese and half Chinese Pig # 8230 ; Taiwanese are benevolent and pleasant individuals. The vast majority who do non cognize about Chinese may accept that they are simply similar to those hapless third universe state individuals who have low guidance rate, and misuse the regular habitat. Indeed, I am here to turn out that Chinese are truly sort and chivalrous. On the off chance that you ever come to Taiwan, you will happen that Chinese furnishes the outsiders with overabundance help and consideration. On the off chance that you go to a nourishment showcase shop without cognizing even a Chinese word, you will happen that the Chinese in the shop, even different customers will all be your help to happen the things you need to buy. Once in a while you will even gain a value decrease. That # 8217 ; s why there are more westerners coming to Taiwan for occupations now, or for occasion. Plus, there are far less mental unwellness, liquor dependence, cultural irritations, and savage offenses in Taiwan correlation with somewhere e lse. Religions in Taiwan Generally Chinese on Taiwan are Buddhists. Buddhist sanctuaries, holy places, and sculptures are discovered all over Taiwan ; in Changhua, there is a 72-foot high sculpture of Buddha, and in Taichung there is a much taller sculpture of Milwofwo, the Happy Buddha. The most established and most popular BUddhist sanctuary in Taipei is Lungshan Temple, which is around 250 mature ages old. # 8220 ; Lung-Shan # 8221 ; implies Dragon Hill ; the sanctuary is ever occupied with devotees and toursists. Chinese regularly do non travel to a gathering administration, however rather travel to the sanctuary independently when they want to make so. In Chinese sanctuaries, you will see sculptures and dolls of different Gods, goddesses and holy people, and you will be intrigued bye the rich rooftop carvings of energize creatures and human figures. You will see incense being scorched and paper cash and supplement contributions being made for the Gods. In add-on to Buddhism, Confucianism and Taoism are other than of import teachings of Taiwan. Chinese are extremely open minded about confidence, and they see no difficulty in sing themselves to be Buddhist, Confucianist, Taoist, and even Christian, all at a similar clasp! Other Chinese Don # 8217 ; t concern themselves exorbitantly much with any confidence. All things considered, it is of import for Chinese to pay respect to more seasoned individuals. Youngsters must regard guardians ; wedded womans must regard hubbies ; siblings and sisters must regard one another. This example is called obedient devotion, and is segment of the precept of Confucius, in addition to a mix of Buddhism, Taoism, and 5,000 mature ages of Chinese thought. Weddings Weddings in Taiwan are dynamically like those in western states. Chinese ladies presently wear a similar sort o

A Review of Essay Samples Book

A Review of Essay Samples Book Essay Samples Book - Is it a Scam? As you're looking into writing an essay on Macbeth, there are lots of directions it is possible to take it and various elements of the play you're able to discuss as topics. If learning how to compose a persuasive essay is a difficult job for you then it is possible to ask the help from experts who can demonstrate how to compose an essay. As soon as you own a list of future persuasive essay topics, there are two questions which you want to ask about each topic. The aim of the outline is to supply you with a blueprint' of the paper and effortless reference when writing. So, you should be creative and your writing has to be interesting. Observe that the objective of a persuasive speech is like the purpose for writing an argumentative or persuasive essay. Also, you have to carefully look at the marking rubrics before you commence writing. In chapter two, there are many resources out there for students. To snare individuals, you've got to believe similarly. It is simple for a student to discover reliable info on any sociology topic. High school, college, and sometimes even university students from all around the world are writing persuasive essays. Students have to compose essays based on the teacher's instructions or their preferred style in writing. They lead busy lives and often forget about an upcoming deadline. The student shouldn't compose a lot of words without meaning, so make certain that as a student, you write about just a single subject at one time. Essay Samples Book - the Conspiracy Essay writing is usually practiced is schools. A superb admission essay can assist you in making that difference and provide you an advantage over other candidates. An effective admission essay has to be forceful, persuasive and simple to read. The most typical mistake made by students while writing the admission essay isn't taking the opportunity to properly read the directions on the application form. Persuasive Essay Body There are a few newspapers which are still concerned with the grade of news they report. If you're in need of some training and the test samples themselves, you'll want to enroll in an internet preparation program. Taking sample tests is a superb method to prepare. You're anticipated to persuade the readers with your arguments, so be sure that you include as many supporting academic parts of evidence as you are able to. You should score at least 225 points for the entire test so as to pass. You have to reveal your critical thinking abilities and make judgments about the subject as you analyze an write-up, so you are able to develop clear opinion and conclusions. The major aspect which creates a persuasive essay in English stand out from the remainder of assignments is the use of reasoning. The book is a type of typical historical setting that's described in the sort of a novel. You should come up with an idea based on the way the documentary touched yo u. Therefore, it's always advised that you watch the documentary more often than once as a way to properly digest it and know what it is about. The very best way out is to have a pragmatic strategy. One of the absolute most important things to comprehend when it has to do with writing a persuasive essay is that you're attempting to persuade the reader to understand your viewpoint. Persuasive essay topics don't always need to be of a significant nature, you can write about things which are related in your life. If you wish to figure out how to compose a fantastic persuasive essay, you're looking in the correct location! A number of the essays ask that you describe what's happening and a number of them are about why it's happening. A growing number of professional writers are registering for websites to provide their expertise at quite lower rates. The majority of us rely on the social networking networks to communicate with family members and friends, gather information and share what is significant to them. The social networking networks are really good since they permit you to stay in contact with the said family. The student should look for relevant information based o n the subject.

Financial Analysis Of Alapis Pharmaceutical Firm Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1645 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? ALAPIS SA, a Greek public pharmaceutical firm, employing 741 employees, is engaged in the manufacture and distribution of detergents and cosmetics, veterinary pharmaceuticals, nutritional supplements, animal accessories and organic products, as well as human pharmaceuticals, medical devices and health materials. The Company operates several subsidiaries that supply a variety of pharmaceuticals, medical equipment, and hygienic products to drug stores and hospitals. Animal feeds, pet food and accessories are some of the Companys veterinary product offerings. Don’t waste time! Our writers will create an original "Financial Analysis Of Alapis Pharmaceutical Firm Finance Essay" essay for you Create order ALAPIS S.A.s cosmetics and detergents product portfolio includes fabric softeners, bleachers and personal hygiene products, whereas the organic products segment contains agrochemicals, seeds, chemicals and aquaculture products. On June 10, 2010 Alapis implemented its strategy to focus on its core business Pharmaceutical segment and proceeded in the disposal of its non-Human Health activities, namely in Cosmetics and Liquid Detergents, Animal Health and Medical Devices sector. The CompanyÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s equity capital, as of the end of FY2010, amounted to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬588.360.132, divided into two 245.150.055 shares (a decrease from 1.961.200.440 in a reverse split; pro rata one new share for every 8 existing ones), each with nominal value ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 2.40 (up from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬0.30 of nominal value per share). The major shareholder of the firm, since December 2010, is Mr. Mario Al-Jebouri who controls 15.206% of the CompanyÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s total outstanding voting rights, and who, since February 2011, has been appointed the new Vice-Chairman (Non-executive member) of its Board of Directors. RATIO ANALYSIS Liquidity In Table 2-1 we can see first the change in the current ratio and quick ratio over the fiscal years 2008 and 2010. The significant drop of the current ratio in 2010 is attributed to the 47.13% fall in current assets over the previous year against a 119 % increase in current liabilities in the same year. Of the total decline in current assets the drop in inventory contributed 2.78 percentage points[1], while the fall in accounts receivable 29.67percentage points. The reduction in inventory and accounts receivable led to a decline in both the number of days of accounts receivable and the number of days in inventory increases. Then, we turn our attention to the basic three activity ratios; these ratios that measure the firms ability to convert different accounts within its balance sheets into cash. We can use these ratios in order to expresses the length of time (in days) that the takes to sell inventory, collect receivables and pay its accounts payable. Table 2-1 shows that the company, as its inventory turnover ratio fell, increased the number of days (from 18 days on 2008 to 70 days in 2010) it takes to convert its inventory to sales, either as cash or accounts receivable. This increase is attributed o the 264% increase of average inventory over the period 2008-2010. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"1: The Firms Liquidity Ratios 2009 2008 2010 Current Ratio 1,269 1,304 0,325 Quick Ratio 1,218 1,218 0,302 Receivable Turnover Ratio 2,21 0,95 0,91 Average days sales uncollected 165,20 382,62 403,16 Inventory Turnover Ratio 20,40 3,16 5,24 Average days inventory on hand 17,90 115,40 69,66 Payable Turnover Ratio 6,44 0,48 1,26 Average days Payable 56,64 753,55 289,15 Figure 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"1: Activity Ratios for Alapis S.A., 2008-2010 Profitability We start our analysis of the firms profitability by looking at the most the most widely used measure of profitability, i.e. that of the return on equity (); this is defined as net income (i.e. profit after tax) divided by (average) common stockholders equity (Ross et al., 1999: 35). Table 2-2 shows the firms rapid deterioration of ROE from 2.82% in FY 2010 to the troublesome -84.59% in 2010. These results do not include and any figures for discontinued operations. Of course the main driver in the falling course of the return on equity was the falling profit margin (in Table 2-4 we see that financial leverage could not enhance the companys ROE; notice the significant increase in the firms debt-to-equity ratio). As we can see the profit margin plunged from 9.79% in FY 2008 to -310% in FY2010. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"2: The Firms Profitability Figures 2008 2009 2010 Profit Margin (%) 9,797 18,76 -310,00 Asset Turnover (%) 17,873 7,86 13,23 Return on Assets (%) 1,751 1,48 -41,00 Return on Equity (%) 2,812 2,46 -84,59 Figure 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"2: Profitability Ratios for Alapis S.A., 2008-2010 This immensely negative figure for the profit margin was down of course to the impact of the 792.494.000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ worth of the impairment charge in FY 2010; that figure concerned only the continuing operations. Indeed, In application of the IFRS and specifically IAS 36, Alapis proceeded to the audit of impairment of the GroupÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸s goodwill stemming from the acquisition of controlling interest at subsidiaries, the Group proceeded with an impairment of the goodwill related to intangible and tangible assets from continuing operations amounting to a total amount of ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 840,5 mil. which impacted the results for 2010. The magnitude of the impairment was affected to a great extent by the adverse changes of financial parameters and components such as the discount rate, the market risk factor, the systematic risk factor, all of which were affected by the global financial crisis and the impact on the Greek economy. It should be noted however that the majority of the impairment is attributed to the significant impairment of goodwill that was created in 2007 when Alapis was formed through the 4-way merger as well as the subsequent company acquisitions. Cash Flow Adequacy Table 2-3 shows that all cash flow multiplies decreased through time. This of course has to do with the fact that operating cash flow plummeted from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬195,310,000 in 2008 to just ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬58,293,000 in 2010. If we leave aside the thorny year of 2010, the problem with the falling operating cash flow in 2009 is not to be found in the operating profitability (roughly the same in 2008 and 2009), but to the working capital charges. Specifically, the huge increase in trade receivables in 2009 (compared with a decrease in 2008) brought the operating cash flow down from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬195,310,000 in 2008 to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬97,065,000 in 2009. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"3: The Firms Cash Flow-Adequacy Figures 2008 2009 2010 Cash Flow Yield (%) 4,544 1,987 -0,065 Cash Flow to Sales (%) 44,514 37,276 20,235 Cash Flow to Assets (%) 7,956 2,931 2,676 Gearing Ratio Table 2-4 shows the firms hugely erratic interest coverage ratio, which is used to determine how easily the company can pay out of its operating income its interest expenses on outstanding debt. Notice how the firms ability to meet its interest expenses became questionable after FY2009. Clearly, the company cannot go one like that as a going concern; it must either reduce leverage or increase operating profitability. If we exclude from our analysis FY2010, the interest coverage ratio fell as the quite robust increase in operating profit (from 74,856,000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ in 2008 to 129,178,000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ in 2009) could not cover the immense increase in the firms (net) finance cost (from 294,000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ in 2008 to 51,436.000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ in 2009). One of the reasons accounting for the increase in finance cost is the increase in interest expense on non-current borrowings; this expense rose from ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 12,648,000 to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 23,263,000 in 2009. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"4: The Firms Gearing Ratios 2008 2009 2010 Debt to Equity Ratio 0,606 0,664 1,063 Interest Coverage Ratio 251,040 1,511 -9,070 Market Strength Table 2-5 also shows very erratic investment ratios. At this point we need to clarify that in order to calculate the price earnings ratio we have divided the market price per share at the end of the fiscal year by the earnings over the last 12 months, while in order to estimate the dividend yield we have used the share price at the beginning of the fiscal year. As we can see from Table 2-4, the only decent fiscal year when it comes to the dividend yield was FY2009 when an investor who had bought shares of the company at the beginning of the year would have landed an 8.13% dividend yield. In 2008 the dividend yield was a non-existent 0.60%. This is attributed to the fact that in 2008 the companys net profits (after tax) were significantly reduced (by almost 46%), and as a result the companys management decided to distribute a dividend per share of 0.011ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ against 0.025ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ for 2007; this represent a 56% reduction in the dividend payout for the FY2008. For 2010 we see that the dividend yield was zero as the company distributed no dividend because of the losses incurred in the same fiscal year. The firms P/E is illustrative as to the growth prospects the market had attached to the firm. Specifically, by the end of FY2008 much investors were willing to pay ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬13.23 for ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬1 of  current earnings, while by the end of the next fiscal year that figure went down to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬1.38 pay euro of earnings per share. This tenfold reduction in the P/E ratio, which occurred despite the fact that the companys earnings per share rose from 0.04 in 2008 to 0.33 in 2009, is indicative of how gloomy are the markets expectations with the regard to the growth prospects of Alapis. Table 2ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‹Å"5:The Firms Investment Ratios 2008 2009 2010 Price/Earnings Ratio[2] 13,229 1,380 NA Dividends Yield[3](%) 0,608 8,136 0,000 FUTURE PROSPECTS The adverse conditions that prevailed throughout 2010 in combination with the stringent austerity measures Greece has taken as was expected took a toll on healthcare expenditure; this in turn significantly affected the domestic pharmaceutical sector. Right now the main problem the sector faces is overall delay of payments by the Greek State to the pharmaceutical companies, a problem that may further dent turnover and profit margins 2010 CONCLUSIONS The decrease in the companys turnover can be attributed to three factors. First, there was the reduction in the pharma prices imposed by the State during the 4th quarter of 2010. More specifically, in May 2010 the Greek state applied a horizontal price reduction on approximately 12,000 drugs. Second, as the pharmacies decided to destock in view of the new pricing environment that led to a lot of product returns to the Company. Third, the company decided to proceed with the sale of some activities. We may argue that the basic risk ahead for the company is the price risk, as the Greek State (according to L.3840/31.03.2010) is the price setter for a medicine produced, packaged or imported in the country; this price must not exceed the average of the three lowest prices of that particular medicine as sold within the European Union (EU) member states. This pricing system is expected to be to the detriment of the company s future as the GDP and labour costs in some EU member states, such as Bulgaria, Romania, and Poland, are 40% of the respective Greek figures, and as a result the price of the same piece of medicine is expected to be quite low in these countries.

The Protesters And The Streets Of Downtown Los Angeles Essay

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Authoritarian Beginnings free essay sample

Authoritarian Beginnings Democracy has not always been viewed as a government for everyone and every country. The levels of socioeconomic development did not seem to be at a rate suitable for a democratic government in less developed countries. A test was conducted by implementing a democratic institution in all countries and only a few countries took hold and flourished while many others failed. Because of this failure these countries have since been ruled by all powerful single-parties, monarchs, and dictatorial strong men. Armed forces always seemed to be a part of any political event and military take over’s swept the regions of many countries for many years. Even though democracy was a norm in some places, it was not until recently that it became a norm for most. Justifying Authoritarian Rule Even though democracy seemed to be the better way, many theorists and analysts believed that less developed countries were not ready for such a transition. We will write a custom essay sample on Authoritarian Beginnings or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Less developed countries need higher per-capita income, modernization and industrialization, education, stronger institutions, and a readiness for change. To justify authoritarian rule many nations believed that they need dictatorship in order to modernize and industrialize their country. With authoritarian rule this could happen and help the country develop and grow better than a democracy could. Once a nation was developed and their social standings were more in line with democratic structure than a transition could be in place. The need for dictatorship has been justified for many reasons, whether it is to ward off threats from others, and others seemed to feel it protected their social harmony.