Miss Evers’ Boys portrays the emotional effects Essay Example for Free

Miss Evers’ Boys portrays the emotional effects Essay Miss Evers’ Boys portrays the emotional effects of one of the most amoral instances of governmental experimentation on humans ever perpetrated. It depicts the government’s involvement in research targeting a group of African American males (â€Å"The Tuskegee Experiment†), while simultaneously exploring the depths of human tragedy and suffering that result, as seen through the eyes of Eunice Evers. The viewer watches as a seemingly innocuous program progresses into a full-blown ethical catastrophe—all the while taking Miss Evers through a moral journey, with her decisions having ramifications on the life and well-being of her best friends—her â€Å"boys. † I. Structure This movie deals with the ethical considerations present in human experimentation. The government, wanting to mimic the Oslo Experiments, intends to study a population of AfricanAmericans inflicted with syphilis. The movie takes place in alternate settings, transitioning between a 1973 Senatorial hearing and the site of the actual study in Alabama, beginning in 1932 and moving forward. Miss Eunice Evers, a nurse at a local Tuskegee hospital, is the centerpiece of the movie. II. Setting Plot Summary With an ominous lead-in quote, Miss Evers’ Boys begins to tell the tale of an emotionally courageous young woman and her struggle to protect her â€Å"children. † Within the first few frames  of the movie, the viewer is automatically entrenched into the already tenuous history of racial tension in America—except, this time, under the auspices of segregation founded upon disease. The movie begins, placing the viewer as an observer of a 1973 U. S. Senate Hearing, where we are first introduced to Miss Eunice Evers. Miss Evers is testifying as a nurse, one who took the nurse’s oath to protect the health of those in her care. The claimed Senatorial goal is to discover the truth underlying the â€Å"Tuskegee Study. † Miss Evers worked in the study from 19321972. The movie progresses throughout the course of the hearing, with testimony by Miss Evers and reminiscent scenes telling the tale of the study. In the beginning, Miss Evers firmly supports the goal of the initial plan—to provide care and treatment to those suffering from syphilis. â€Å"It was the dawn of a new day,† explains Miss Evers. At this point (pre-study), she believes that the government is sending her patients, and her city, the best funding and medical support available. The viewer is then introduced to Miss Evers’ Boys—a folk music group. 1 The musicians (four of them) are the first patients to provide blood samples, one of them being Caleb, an eventual love-interest of Miss Evers. Each of the men test positive for syphilis. At this point in the movie, everyone (including Miss Evers) is still under that assumption that â€Å"bad blood† is the culprit for the disease. Ultimately, the funding for the initial study disintegrates. After a visit to Washington, various gentlemen confront Dr. Brodus, the head doctor in Tuskegee, with an offer for a new rationale for funding. The gentlemen explain their intentions of studying the African-American population, much like the Caucasian population in the Oslo Experiments (1891-1910). The government then reveals the true nature of the experiment—the proposed study of untreated African-Americans dealing with syphilis. 1 The government promises future treatment and The group names their band after Miss Evers when she drives them to their first musical show. 2 proclaims the future potential of the Tuskegee Experiment, appealing to Dr. Brodus’ pride. Dr. Brodus agrees, naming the study, The Tuskegee Study of Untreated Syphilis in The Negro Male. 412 men, afflicted with syphilis, participate in the study. In a telling interaction involving one of the first patients, Miss Evers suggests that the doctors explain to the study group that they are providing â€Å"back shots. † Through her deceit, Miss Evers thus begins to involve herself in the â€Å"treatment. † The tension she feels manifests itself in her facial features; the viewer can see her apprehension in this instance and throughout the movie. She is torn, but yet continues to help Dr. Brodus conduct the study. As 6-months turns into years, Miss Evers continues to hide the secret behind the study. She urges the men to continue the study, in hope of future treatment—treatment that never comes, even through the eventual availability of penicillin. Miss Evers’ ultimate decision as to how she deals with the care and treatment of her â€Å"boys† will be left to the viewer. With the journey, however, comes a tumultuous story, exposing the hypocrisy of the United States Government through the eyes of Eunice Evers. Throughout the movie, as an audience, we want Miss Evers to defy all conventions and simply provide the necessary medicine to the patients. Yet, she struggles throughout with the pros and cons of such a decision. On one hand, she wants to support the experiment; yet, on the other, she wants to protect and comfort her friends. As we finally see in the end, as seen through Miss Evers’ unique perspective, while one may question Miss Evers, it is the Senators themselves, and the government agents before them, who prove to be more worthy of moral appraisal. III.

Imagery in Othello Essays -- Othello essays

Imagery in Othello  Ã‚         The vast array of natural imagery in Shakespeare’s tragic drama Othello dazzles the audience’s minds. Let us survey in this essay the varieties of imagery referred to by the playwright.    The vulgar imagery of Othello’s ancient dominates the opening of the play. Francis Ferguson in â€Å"Two Worldviews Echo Each Other† describes the types of imagery used by the antagonist when he â€Å"slips his mask aside† while awakening Brabantio:    Iago is letting loose the wicked passion inside him, as he does from time to time throughout the play, when he slips his mask aside. At such moments he always resorts to this imagery of money-bags, treachery, and animal lust and violence. So he expresses his own faithless, envious spirit, and, by the same token, his vision of the populous city of Venice – Iago’s â€Å"world,† as it has been called. . . .(132)    Standing outside the senator’s home late at night, Iago uses imagery within a lie to arouse the occupant: â€Å" Awake! what, ho, Brabantio! thieves! thieves! thieves! / Look to your house, your daughter and your bags!† When the senator appears at the window, the ancient continues with coarse imagery of animal lust: â€Å"Even now, now, very now, an old black ram / Is topping your white ewe,† and â€Å"you'll have your daughter covered with a Barbary horse; you'll have your nephews neigh to you; you'll have coursers for cousins and gennets for germans.† David Bevington in William Shakespeare: Four Tragedies comments that the imagery in the play is quite mundane, and he tells why:    The battle of good and evil is of course cosmic, but in Othello that battle is realized through a taut narrative of jealousy and murder. Its poetic images are accordingly focused t... ...s Desdemona before stabbing himself to death:    Cold, cold, my girl!   Ã‚  Ã‚  Ã‚   Even like thy chastity. O cursed slave!   Ã‚  Ã‚  Ã‚   Whip me, ye devils,   Ã‚  Ã‚  Ã‚   From the possession of this heavenly sight!   Ã‚  Ã‚  Ã‚   Blow me about in winds! roast me in sulphur!   Ã‚  Ã‚  Ã‚   Wash me in steep-down gulfs of liquid fire!   Ã‚  Ã‚  Ã‚   O Desdemona! Desdemona! dead! (5.2)    WORKS CITED    Bevington, David, ed. William Shakespeare: Four Tragedies. New York: Bantam Books, 1980.    Ferguson, Francis. â€Å"Two Worldviews Echo Each Other.† Readings on The Tragedies. Ed. Clarice Swisher. San Diego: Greenhaven Press, 1996. Reprint from Shakespeare: The Pattern in His Carpet. N.p.: n.p., 1970.    Shakespeare, William. Othello. In The Electric Shakespeare. Princeton University. 1996. http://www.eiu.edu/~multilit/studyabroad/othello/othello_all.html No line nos.   

The Forest

Forests are precious national resource whim not only play significant role in national condor but help in pollution control and maintaining logical balance. These offer a number of direct indirect advantages which have been realised sin time immemorial. Direct Advantages 1. Forests provide valuable timber for dome tic and commercial use. Industries like paper, matt making, plywood, sports goods, lakh and furniture at directly based on raw materials derived from forest 2.Forests supply a number of minor produce which are utilised in different industries and domes* tic uses. These include lakh, gum and resins, tannin material, medicines, herbs, honey, spices, etc. 3. Forests offer employment to about 4 mil ­lion people to earn their livelihood in forest based occupations, i. e. , lumbering, sawing, furniture mak ­ing, forest produce collecting, etc. 4. Auction of forests for commercial use fetches annual income to state exchequer. 5. Export of forest products earns valuable foreign exchange to the country. 6.Grazing of cattle in the forests helps in dairy farming and cattle rising. 7. Forests are the natural habitat for wild life and birds which attract tourists, holiday makers and hunters. These may be developed as very good picnic or tourist centers in the form of wild life sanctuaries and national parks which have good employment and income generating potential. Indirect Advantages 1. Forests are the moderators of climate. These have effective role in controlling humidity and tem ­perature and precipitation. 2. Forests play dominant role in carbon cycle.These absorb atmospheric carbon-di-oxide and help in maintaining the purity of air and controlling atmospheric pollution. 3. Forests help in controlling soil erosion, soil degradation and floods. That is why these are very helpful in land reclamation and flood control. 4. Forests help in water percolation and thereby maintain underground water table. 5. Decay of plant leaves provides humus to the soils an d increases their fertility. 6. Indian forests are rich in wild life housing about 500 species of animals. 7.Forests help in maintaining natural scenic beauty which every year attract a number of tourists and nature lovers. 8. Forests provide natural habitat to a number of primitive tribes which are part of our rich cultural heritage. Their mode of living, economy and cul ­tural traits are based on forest environment. 9. Forests provide recluse to rashes, saints and hermits who have enriched our religious and cultural thoughts. Mere a visit of such quiet serene environment relieves physical and mental strains and refurbishes new vitality and vigor.

Cyclon Hellas Sa In The Industrial Production Of Lubricants Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1887 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? PART 1 Cyclon Hellas is a company that operates in Greece in the industrial production of lubricants and the production and trade of packaged lubricants as also at the distribution of liquid fuels. Cyclon Hellas main target, is to provide quality products and services that respect both the needs of consumers and the environment. Since the beginning of the company which is estimated around 1981, through research and technological performance the company archived a high quality and ecological dimension of the products it developed.   Even the high competition not only in Greece but also in rest of Europe and Middle East, Cyclon Hellas has achieved to expand and play a great role among these markets only by maintaining the same philosophy, which springs not only from its consumers liability and satisfaction but also their partners collaboration.. Don’t waste time! Our writers will create an original "Cyclon Hellas Sa In The Industrial Production Of Lubricants Finance Essay" essay for you Create order PART 2             INCOME STATEMENT (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)                   YEAR YEAR          2009 2008 Turnover 372.651 403.615 Cost of Sales 349.536 377.393 Gross Profit/Loss 23.115 26.222       Selling Expenses 15.891 16.669 Administrative Expenses 4.725 4.529 Plus/ Minus Other Operating Income/Expenses 3.778 3.362       Profits before Interest/Depreciation 6.277 8.386 And Taxes/EBITDA          Plus/Investments income/Profits 3.78 591 From Associate Companies          Minus Financial Expenses 2.084 2.976 Profit before Depreciation and Taxes 4.571 6.001 Minus Total Depreciation 2.697 2.409       Net Profit before Tax 1.874 3.592 Minus Taxes 820 1.436       Profit after Tax 1.054 2.156       ATTRIBUTABLE TO:    Equity Shareholders 1.060 2.147 Minority Interest (6) 9 Net profit/(loss) after tax 1.054 2.156       Basic earnings/(losses) per Share EPS (in euro) 0,0397 0,0807 Diluted earnings/(losses) per share (in euro)          Other State revenue    Foreign Currency Translation (8) 1 TOTAL       1.046 2.157                ANNUAL BALANCE SHEET (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)       YEAR YEAR    2009 2008 ASSETS    Non-Current Assets    Tangible Assets 33.090 32.752 Investments in Real Estate 2.007 2.015 Intangible Assets 603 844 Participation in Subsidiaries and Affiliated Companies 33 33 Goodwill 467 467 Other Long Term Receivables 4.288 4.792 Total non-Current Assets 40.488 40.903 Current Assets    Investments    Inventories 8.510 9.295 Trade and Other Receivables 49.028 57.538 Cash and Cash Equivalents 4.243 6.034 Total Current Assets 61.781 72.867 TOTAL ASSETS 102.269 113.770       SHAREHOLDERS EQUITY AND LIABILITIES    SHAREHOLDERS EQUITY    Share Capital 12.532 12.532 Reserves 2.105 2.113 Retained earnings 14.705 13.645 Total Shareholders equity attributed to shareholders of the parent 29.342 28.290 Minority Interest 18 24 Total Equity 29.360 28.314 Long Term Liabilities    Long Term loans /(Leasing Liabilities) 373 16.745 Deferred Tax Liabilities 3.740 3.510 Employee Benefits 3.735 3.750 Grants 92 310 Trade and Other Long Terms Paybles 85 74 Total Long Term Liabilities 8.025 24.389 Short Term Liabilities    Trade and Other Sort Terms Paybles 35.686 33.906 Short Term Loans 29.198 29.198 Long Term Liabilities (payable next year) 0 4.000 Other payables and Accrued Expenses    Total Short Term Liabilities 64.884 61.067       TOTAL LIABILITIES 72.909 85.456 TOTAL LIABILITIES AND EQUITY       102.269 113.770 CASH FLOW (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)             YEAR YEAR    2009 2008 Profit/(losses) before Taxes and Minority Interest 1.874 3.592 Plus / (minus) adjustments for    Depreciation 2.697 2.409 Forecasts 142 (678) Grants Depreciation (165) (147) Transaction Changes (235) (6) (Profit)/loss from sale of fixed assets (268) (52) Interest charges 2.024 2.590 Operating Profit before adjustments in Working Capital    (Increase)/decrease in receivables 9.016 (14.268) Decrease/ (Increase) in Inventories 736 (1.164) Increase/(decrease) in liabilities 1.616 381 Interest Paid (2.024) (2.454) Income Tax Paid (335) (394) Cash flows from operating activities 15.078 (10.953)       Investing Activities    Receipts from sales of Tangible and Intangible Assets 2.919 4.422 Interest received 262 158 Receipts from sale of Subsidiaries 0 83 Cash flow from Investing Activities 2.534 3.981       Financing activities    Proceeds from loans 0 16.919 Payment of Liabilities from Financial Leasing 238 131 Receipt from fixed assets grants 0 91 Repayment of Loans 14.097 0 Cash flow from financing activities 14.335 16.839       Net increase in Cash and Cash Equivalents (1.791) 1.905 Cash and Cash Equivalents at 1st of January 6.034 4.129             Cash and Cash Equivalents at the end of December    4.243 6.034 PART 3 Group Ratios for Years 2009-2008 YEAR 2009 2008 RETURN ON CAPITAL EMPLOYED       27,8 21,5 RETURN ON EQUITY       12,8 24,5 RETURN OF SHAREHOLDERS CAPITAL (CAPITAL AFTER TAX)    7,2 14,7 RETURN ON ASSETS       1,83 3,15 GROSS PROFIT MARGIN       6,2 6,5 CURRENT RATIO       0,95 1,19 QUICK RATIO       0,48 0,58 DEBT / EQUITY RATIO       0,03 1,34 STOCK TURNOVER PERIOD       9,3 8,6 DEBTORS TURNOVER       26,2 26,7 CREDITORS TURNOVER       37,2 32,8   PART 4    STOCK MARKET RATIOS          CAPITALAIZATION          12.532.474,80 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ PRISE PER SHARE (price taken from Athens Stock Market DD 20/01/2010) 0.72 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ TOTAL SHARE AMOUNT          17.406.215,00 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬       EARNINGS PER SHARE    0.04 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬          P/E RATIO    18.0             DIVIDENTS IN YEAR 2009 1.060.000,00 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬    DIVIDENTS PER SHARE 0.017 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬    DIVIDEND YIELD 2.36%                      PART 5                  INCOME STATEMENT (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)   (FORECAST FOR 1 YEAR)             YEAR YEAR YEAR YEAR    forecast % change       2010 2009-2010 2009 2008 Turnover 354.018 -5,0% 372.651 403.615 Cost of Sales 333.000 -6,0% 349.536 377.393 Gross Profit/Loss 21.018 -9,0% 23.115 26.222          Selling Expenses 15.500 -2,5% 15.891 16.669 Administrative Expenses 4.900 3,7% 4.725 4.529 Plus/ Minus Other Operating Income/Expenses 3.900 3,2% 3.778 3.362          Profits before Interest/Depreciation 4.518 -28,0% 6.277 8.386 And Taxes/EBITDA                Plus/Investments income/Profits 700 85,0% 378 591 From Associate Companies                Minus Financial Expenses 1.530 -26,5% 2.084 2.976 Profit before Depreciation and Taxes 3.688 -19,3% 4.571 6.001 Minus Total Depreciation 2.750 5,7% 2.697 2.409          Net Profit before Tax 938 -50,0% 1.874 3.592 Minus Taxes 430 -52,0% 820 1.436          Profit after Tax 508 -52,4% 1.054 2.156 It is expected a decrease of 5.0% concerning the Turnover of year 2010 due to the global financial crisis and the inflation change (plus the huge economical crisis in the Greek Markets) The Sales are also decreased since the increase of the gasoline, lubricants and fuel prise. The group has no problems with exchanges differences, due to the physical hedging policy. Selling Expenses will continue to grow (-2.5%). Administrative Expenses are also growing(3.7%) Longterm Loan on a euribor rate and fixed spread Financial Expenses are Decreasing (26.5%)payment for Leasing Taxation Rate is 25% for Years 2008-2009-2010 PART 6 ANNUAL BALANCE SHEET (Amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 000)          (FORECAST FOR 1 YEAR) YEAR YEAR YEAR    2010 2009 2008 ASSETS       Non-Current Assets       Tangible Assets 32.000 33.090 32.752 Investments in Real Estate 2.000 2.007 2.015 Intangible Assets 580 603 844 Participation in Subsidiaries and Affiliated Companies 33 33 33 Goodwill 467 467 467 Other Long Term Receivables 4.100 4.288 4.792 Total non-Current Assets 39.180 40.488 40.903 Current Assets       Investments       Inventories 8.7460 8.510 9.295 Trade and Other Receivables 47.672 49.028 57.538 Cash and Cash Equivalents 3.700 4.243 6.034 Total Current Assets 59.832 61.781 72.867 TOTAL ASSETS 99.012 102.269 113.770 SHAREHOLDERS EQUITY AND LIABILITIES       SHAREHOLDERS EQUITY       Share Capital 12.532 12.532 12.532 Reserves 2090 2.105 2.113 Retained earnings 14.200 14.705 13.645 Total Shareholders equity attributed to shareholders of the parnt 29.500 29.342 28.290 Minority Interest 17 18 24 Total Equity 29.939 29.360 28.314 Long Term Liabilities       Long Term loans /(Leasing Liabilities) 150 373 16.745 Deferred Tax Liabilities 3.900 3.740 3.510 Employee Benefits 3.700 3.735 3.750 Grants 70 92 310 Trade and Other Long Terms Paybles 100 85 74 Total Long Term Liabilities 7.920 8.025 24.389 Short Term Liabilities       Trade and Other Sort Terms Paybles 33.939 35.686 33.906 Short Term Loans 27.214 29.198 29.198 Long Term Liabilities (payable next year)    0 4.000 Other payables and Accrued Expenses       Total Short Term Liabilities 61,153 64.884 61.067          TOTAL LIABILITIES 69.073 72.909 85.456 TOTAL LIABILITIES AND EQUITY    99012 102.269 113.770 Creditors Turnover will remain the same as 2009 (37.2) Inventories Turnover will remain the same as 2009 (9.3) Debtors Turnover will also remain the same as 2009 (26.2) Tangible Assets Will decrease equal to the annual depreciation PART 7 ANALYSIS OF Cyclon Hellas SA (GROUP) The year of 2009 was marked from : a) the impact of the global financial crisis (reducing demand, reducing prices, foreign exchange and credit risks, given the uncertainty of the market). b) The reduction of prices of petroleum products (fuels, base oils) as a result of falling international prices of crude. c) The Reduction on the demand for lubricants. Profitability (all amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬000) The Groups turnover CYCLON Hellas SA in that year amounted to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 372.651 against ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 403.615 in the corresponding period of 2008, a decrease of 7.98%.The decrease was primarily due to lower prices of petroleum products (fuel) of the parent company and the fall in sales of other activities and in particular lubricants. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) In a group operating profit before tax, depreciation and amortization (EBITDA) decreased by 25% and determined the amount of ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 6.277 compared to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 8.386 in fiscal year 2008.This decrease is the result of lower sales of lubricants and the profits. Net Earnings The net results of the Group, after taxes, profits amounted to ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 1.054 thousand compared to profits ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 2.156 in the corresponding last year 2008. Net profit after tax The net profit after tax were detrimental to this use at ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 244 compared profit ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 106 for the corresponding last year. The Probability Ratios Reveal: Roce: We have an increase on the level of profits in relation to overall capital employed to produce the profits (27.8 / 21.5). So the performance of the group is increasing. Roe: The decrease (almost 50%) of the efficiency of shareholders value. Roa: Since the great amount of decrease in Profit before Taxes from 3.592 to .1874 and the small deference between Total Assets of the 2 years we see that the ratio has decreased from 3.15 to 1.83 so the Group has not achieved its objective, which is the increase in sales volume and increase market share. Return of Shareholders Capital : We see , the great decrease of the Net Profit after Tax form 2.156ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ to 1.054ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ got us to the result of the simultaneously decrease of the Return of Shareholders Capital ratio from 14.7 to 7.2 (over 50%) Liquidity (all amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬000) The company achieves effective management of liquidity risk primarily through the equation to credit period, and secondly by providing sufficient reserves (cash and bank) as well as a rapid means of securing bank financing in the event of an unforeseen emergency. The Liquidity Ratios reveal: Current Ratio: Due to the fact that the change of the rate is small (1.19 to 0.95) we assume that the Group will not have any problem to cover all its Short Term Liabilities as its Short Term Assets remain in a great level. Quick Ratio: Even though we see a low rate in both years 0.48 0.58 and the Inventories (8.510ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 9.295ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬) are not in a level that in an emergency case should be easily converted into cash in order to cover the Liabilities, the Marketable securities (16.490ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 21.812ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬) and the debtors receivables (26.768ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ 29.582ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ ) could help the Group to solve an unexpected Liquidity problem. Capital Structure (all amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬000) The Group manages its capital to ensure that Group companies will continue to be viable maximizing return to shareholders by optimizing the ratio debt to equity. The Groups capital structure consists of debt , cash and cash equivalents and shareholders equity of the parent company include share capital, reserves and retained earnings. The capital structure of the Group is monitored on an ongoing basis. Part of this monitoring is the review of capital costs and risks. Debt/Equity Ratio: We see the great deviation between the two periods ratio 0.03 1.34 t inflects to the repayment of the loan(16.000ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬) in year 2008 and that has helped the Group to come in such a position that can have a health operating function and also a good finance growth. Working Capital (all amounts in ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬000) Working capital is the amount of capital which is readily available to an organization. That is, working capital is the difference between resources in cash or readily convertible into cash (Current Assets), and cash requirements (Current Liabilities). As a result, the decisions relating to working capital are always current, i.e. short term, decisions. n addition to time horizon, working capital decisions differ from capital investment decisions in terms of discounting and profitability considerations. They are also reversible to some extent. (Considerations as to Risk appetite and return targets remain identical, although some constraints such as those imposed by loan covenants may be more relevant here). Current Assets 61.781ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬-85.456ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬=-11.128ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ (year 2009) As we have a negative number we assume that the Group will not be able to operate, and that it has no sufficient cash flow to service long term debt, and to satisfy both maturing short-term debt and upcoming operational expenses. Current Assets 72.867ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬-85.456ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬=-12.589ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬(year 2008) As we have a negative number also in year 2008 , we assume that the Group will not be able to operate, and that it has no sufficient cash flow to service long term debt, and to satisfy both maturing short-term debt and upcoming operational expenses. Next we will use the measure of cash flow within the operating cycle. This represents the time difference between cash payment for raw materials and cash collection for sales. The cash conversion cycle indicates the firms ability to convert its resources into cash We use the Ratio from: Years 2009 2008 Stock Turn Over Period 9.3 8.6 days Debtors Turnover 26.2 26.7 days Creditors Turnover 37.2 32.8 days Operating Cycle 2008 = 8.6+26.7-32.8 = 2.5 Operating Cycle 2009 = 9.3+26.2-37.2= -1.7 Best Inventory managerial at year 2009 which helps the Group for uninterrupted production although it reduces the investment in raw materials , it minimizes reordering costs and hence increases cash flow. The Operating Cycle has a 4.2 difference between the two operating years , the funding of the Working Capital is inevitable.(Bank loan Factoring) The cash balance in year 2008 allows the Group to meet day to day expenses, but reduces cash holding costs. In year 2009 credit terms may l attract customers, such that any impact on cash flows and the cash conversion cycle will be offset by increased revenue and hence Return on Capital