Literary Essay Essay Example for Free

Literary Essay Essay Nothing says adventure like running away from villains and getting shot at to start a career as a spy. Though many townspeople of Cumberland in Geoffrey Treases Cue for Treason think Peter Brownrigg is the best of the best, it is clear that not many people inherit the qualities to become a good spy. Katherine Russel is an exception. Kit is courageous and secretive, and therefor is the best spy in Cumberland. To begin, courage is one Kits most striking characteristics. Although it is shown throughout the book on many occasions, by a couple characters, it tells us that she is a brave person. One example of this was when the miners tried to block the road so they could rob the two, but they failed. This happened because kit was able to be courageous affectively, at the right time. â€Å"So she rode back. Heroine or idiot? I didn’t know. I’m flattered to know that, for the moment, she was thinking more of my fate† (Trease 253) said Peter Brownrigg after Kit turned to save him. Katherine was able to get away on her horse when peter was unable to. Katherine was being very courageous risking her own life for that of her friends when faced with a dangerous situation. When Mr. Desmond fell into a river with his horse Katherine was one of the first people to jump in and save him. As peter said himself â€Å"She swam like an otter, and I saw at once that I needn’t fear for her anymore, than myself† (90). Jumping into a river to save someone who is injured must be the biggest act of courage and bravery. Again she risks her life for that of someone else’s and returns unscathed. She also risked revealing her secret when she changed from her wet clothes. The last point would be when Kit manages to find out Mr.  Armthwaite is actually a friend of Sir Philip Morten. Courage is shown here when she threatens him and jumps out of a window with Peter. â€Å"If you touch that bell cord† said Kit â€Å"you’ll get something that will upset you still more† (229). Mr. Armthwaite is left dumbfounded that she found this out. The courage is shown here when she finds it in herself to pull out her gun and start accusing Mr. Armthwaite of being on Cahoots with Sir Philip Morten. These are the parts of the book that show she is courageous which is as to why she is the best spy in Cumberland. Next, Kit shows how she is very secretive and protective about her life and about how many things people know about her. The main secret she is keeping from everyone is that she is a girl. She does not relize it but all the other child actors, at the time, were angry because she did not participate in any of their games or activities that would show her true identity. â€Å"Kit showed no special interest in me –or anyone else, for he lived a strange aloof existence† (75) said Peter when he was discovering and questioning who kit was â€Å"Who was Kit Kirkstone? † (74). This is an important part of the book because it gives Peter an idea that he is actually a she. It also shows that she was able to keep her secret for that long already. Another good way she was being secretive was the way she never told anyone bout Sir Philip Morton or what he was going to do to her. This was shown when Kit spills the beans on her past life including the arranged marriage with Sir Philip â€Å" I pity the man who marries you against your will† (114) chuckled Shakespeare. The way the other characters react when this is told is surprisingly believable (shocked and surprised). This is so because Sir Philip Morton is also the man chasing peter. Katherine was also able to keep this a secret till this part of the book. The Last point would be when Kit tells Mr. Desmond she is actually a boy. Mr. Desmond is one of the many people who believed this throughout most of the book. After giving Mr. Desmond a fake name, Katherine is allowed into the actors group after showing some talent â€Å"Kirkstone will pass† sighed Desmond. This is shows how good she is at lying. Kit had no choice to lie to Mr. Desmond because he would have not let her act if she found out she was a girl. Mr.  Desmond would have put her on backstage with his wife Mrs. Desmond. Considering all the points that were shown throughout the book on Kits secrecy and true identity, it’s safe to say that she is the best spy in Cumberland. In conclusion, courageous and secretive are just two of the many words to describe Katherine Russel, which shows she is the best spy in Cumberland. Through the acts and demonstrations given by Katherine Russel, it is obvious she should continue down the path that she has chosen, but when shown again, is the life of a spy an appropriate one? Appropriate for a twelve year old girl?

Stem Cell Research is Illegal, Immoral and Unnecessary Essay -- Argume

Stem Cell Research is Illegal, Immoral and Unnecessary    President Bush's limited federal funding of research relying on the destruction of human embryos violates federal statutory law. Christians have grieved for many years over the assault on unborn human life set loose upon our nation by the Supreme Court's Roe v. Wade decision. Even that decision, however, did not affect all areas of law where lawmakers seek to protect developing human life. Because they are not covered by the Court's theory of reproductive privacy, human embryos outside the womb may be fully protected by law - and at least nine states have acted to protect these embryos from lethal experiments. In some states, destructive experimentation on human embryos is a felony. Most Christians have grave concerns on this critically important issue of embryonic stem cell research. In our view, conducting research that relies on deliberate destruction of human embryos for their stem cells is illegal, immoral and unnecessary. It is illegal because it violates an appropriations rider (the Dickey amendment) passed every year since 1995 by Congress. That provision forbids funding "research in which" human embryos (whether initially created for research purposes or not) are harmed or destroyed outside the womb.(1) National Institutes of Health guidelines approved by the Clinton Administration nonetheless give researchers detailed instructions on how to obtain human embryos for destructive cell harvesting, if they wish to qualify for federal grants in "human pluripotent stem cell research."(2) Clearly, obtaining and destroying embryos is an integral part of this project, even if the specific act of destroying embryos does not directly receive federal funds. By i... ...uman Severe Combined Immunodeficiency (SCID)-X1 Disease," 288 Science 669-72 (28 April 2000). 16. K. Foss, "Paraplegic regains movement after cell procedure," The Globe and Mail (Toronto), June 15, 2001 at A1. 17. E. Ryan et al., "Glycemic Outcome Post Islet Transplantation," Abstract #33-LB, Annual Meeting of the American Diabetes Association, June 24, 2001. See: http://38.204.37.95/am01/AnnualMeeting/Abstracts/NumberResults.asp?idAbs=33-LB. 18. M. McCullough, "Islet transplants offer hope that diabetes can be cured," Philadelphia Inquirer, June 22, 2001 at A1. 19. D. Woodbury et al., "Adult Rat and Human Bone Marrow Stromal Cells Differentiate Into Neurons," 61 J. of Neuroscience Research 364-70 (2000) at 364 (emphasis added). 20. D. Prockop, "Stem Cell Research Has Only Just Begun" (Letter), 293 Science 211-2 (13 July 2001)(citations omitted).

Movie Review: “Memoirs of a Geisha” vs. “A Geisha” Essay

The film â€Å"Memoirs of a Geisha† is the story of a geisha told from a Western point of view. The narrator is the lead character who is a geisha, whose life is the main plot upon which this movie is built upon. It tells the story of a young girl who was sold by his father to become a geisha due to their poverty. The period is before World War II, and she goes through a lot of trials and at first leads the life of a servant or a slave to a well-known geisha. It is already near her young adulthood that she gets to be trained to become part of this elite circle of women who exude femininity and grace. She gets to be called â€Å"Sayuri† and she becomes one of the highest paid geishas during her time. Sayuri however does not desire money or fame but to be loved by the Captain, who, in the end, becomes her lover, as they reveal their true feelings for each other. The movie is one which caters to the emotions and tugs at the hearts of the viewers as it relates the transformation of a poor, young, innocent, uneducated child to become a sophisticated, well-mannered and confident young lady desired and fantasized by men. It is said that the movie was overwhelmingly received in the US but not as much in Japan because of the negative image of the geisha projected in the movie. This viewpoint is often referred to as orientalism. Orientalism can be defined as a Western perspective of the ‘orient’ or that which is not of ‘western’ descent. The idea of orientalism is usually referred to as the rationale which promotes the persistence of stereotypes attached to Asian cultures. Orientalism reinforces the Orient’s contrast to the Western construct, where anything from the ‘orient’ was discriminated against in a manner akin to the US perception of African-Americans. There is a certain stigma attached to being of ‘oriental’ lineage since one would be regarded as part of an inferior race. Although there were no apparent portrayals of discrimination by Americans against Asians in the movie, the undercurrents of the movie still reinforced the idea that the Japanese had to bow down to their colonizers as in the way the Chairman wanted to please the Americans to turn them in his favor. With the help of Sayuri, he was able to succeed in doing this. As such, the concept of Orientalism is carried forward and even further propagated, to the detriment of those who are part of the ‘orient’, hence, the vicious cycle and the continually widening gap between east and west. In the early times, it is said that geishas were renowned for providing entertainment to their patrons by performing onstage. Geishas were talented and known to be actresses, erotic dancers and singers who were also trained to play musical instruments. Geisha schools were prevalent in the early 17th century, and girls were trained to become geishas at an early age. Becoming a geisha was a highly-regarded profession, and during this period, wives were taken merely for the sake of child-bearing and caring for the house. Japanese customs allowed married men to go to teahouses and geisha pleasure quarters for entertainment, romantic liaisons and sometimes — but not always — sexual activities. Geishas are highly-skilled at manipulating their clients and it is said that geishas mainly hold back the idea of sex, by way of their charming ways and poised seduction techniques — which is one of the reasons the men persist in revisiting the geisha houses for entertainment. Perhaps, this is the reason that individuals who uphold a Western view of geishas think that the ultimate end of a client-geisha acquaintance will end in a sexual activity, which is not always the case. One of the biggest misconceptions pertaining to geishas is that they do sexual favors for their clients, although contemporary, legitimate geishas do not. Furthermore, the predominantly Western connotation that geishas are high-class prostitutes or escorts is also a fallacy. In general, the portrayal of the geishas in the movie is a far cry from the original geishas in Japan. Sex is a major selling point of the movie; â€Å"Memoirs of a Geisha includes many detailed sexual scenes which satisfy the Western appetite† (Akita). Despite acknowledging the fact that geishas are not synonymous with prostitutes, the film’s director Rob Marshall delivers a different message through the film. As mentioned earlier, the major idea somehow pointed to geishas as glorified prostitutes or sophisticated women engaged in the flesh trade. This is somehow shown in the way Sayuri was portrayed, especially at the time when a bidding was made by the most wealthy men in the locality relating to her â€Å"deflowering† or the mizuage ceremony. Another sexual reference made is the oft-repeated term â€Å"water† which was said to have been seen in Sayuri’s eyes, a quality which was said to connote a high level of sexuality among the Japanese – again as viewed from the Westerner’s perspective. Sayuri as a child was also shown as one who was in someway inclined to like watching sex and sexual activities being done by the senior geisha with a man in the house where she served. This reduces the main character into a kind of individual who craves for sex at such a young age, hence, her strong desire to become a geisha. The movie also exoticized the character of the geisha in that they were viewed as beautiful, mysterious, striking, seductive, submissive, subservient, obedient and elegant all at the same time. Geishas wore colorful kimonos, made-up their faces with special white make-up and used charcoal for their eyebrows, and their hair drawn up in a chignon with pins and other adornments decorated around the hair bun. Geishas were also made to sleep on special neck supports instead of pillows so that they could retain their hairstyle for a long time. They also wore special slippers which helped them walk in a different manner that would elicit more attention, especially from the potential male clients. There was also a scene in the movie where the geishas and their clients are seen in a public bath where they were shown all naked every one of them dipped together in a common pool where they shared banter and drinks. This somehow became a prelude to the sexual activity that each pair would eventually have immediately afterwards. The film also had some element of romanticism interspersed in it in several instances. One would be the part where Sayuri as a child would feel infatuated to a stranger who buys her an iced sweet candy. The captain who is 30 years her senior, gives Sayuri additional money inserted in his handkerchief so that she can buy more of the sweets if she wants to. What Sayuri does is she goes to the temple, drops all the coins in the donation chamber, makes a wish and pulls/tugs on the bell to make it ring, praying that someday, she and the man will meet again which indeed comes true. She keeps the handkerchief and cuts a newspaper picture of the Captain and puts them in a box together with her most precious treasures. Another part is when, as a geisha, she was on the verge of saying her feelings to the captain, but she is again unable to continue because her client has arrived. She is frustrated but helpless and the emotional status of Sayuri was sufficiently delivered to the viewer. In another incident, she asks her friend Pumpkin to call on Nobu, the friend of the Captain who expressed desire for her, and to whom the Captain was indebted to. She wanted to discourage Nobu’s feelings so she concocted a plan where she would have sex with a US soldier and Nobu would catch them doing the sexual act. Not knowing that Pumpkin also had feelings for the Captain, Sayuri was shocked to find out that it was the Captain whom Pumpkin had called and not Nobu. Feeling remorse for the plan which she had set up, Sayuri decided to give up on the Captain for she knew that it was too late to undo what had ensued. She threw away the long-kept handkerchief that belonged to the Captain, and decided to turn over a new leaf in her life. Fortunately, it was true love which prevailed and the story ended with Sayuri in the arms of the Captain who disregarded what had transpired. Another film which also deals with geishas is the 1953 movie â€Å"A Geisha†. This black-and-white film was directed by a Japanese named Kenji Mizoguchi. The plot is about a 16-year-old girl named Eiko, who seeks the help of a senior Geisha named Miyoharu. Eiko ran away from home because she feared her Uncle who wanted her to do sexual favors for him to repay the debt incurred for her mother’s funeral. Eiko asks Miyoharu’s help to be a geisha, a request which Miyoharu obliges to being a friend of her mom. Miyoharu takes Eiko under her wings but first asks the consent of Eiko’s father, who, at first, declines. Being matured enough and determined to become a geisha, Eiko gives her personal consent to Miyoharu and Miyoharu decides to push through with Eiko’s training even without her parent’s consent. She trains Eiko to become a full-fledged geisha, and within a year, Eiko is ready. Before her debut, Miyoharu seeks the help of Okimi to procure a loan for Eiko’s expenses. Okimi owns the teahouse where Miyoharu works, and she grants the loan of 300,000 yen to Miyoharu. Eiko is introduced to the community as Miyoei. On her first day of work, Miyoei meets Kusuda, who, unknown to both of them, was the one who lent the amount of 300,000 yen to Okimi. At this time, Kusuda is with Kanzaki, who is immediately smitten by Miyoharu. Kusuda invites Miyoharu and Miyoei to the music festival in Tokyo, which they both accede to. It was not known to them that Kusuda had planned the trip for Miyoharu to sleep with Kanzaki, and Miyoei with him, in order to seal a business deal. Somehow, Kusuda was able to convince Miyoharu to go to Kanzaki’s room, but when he started making sexual advances to Miyoei, the latter screamed and fought back and Kusuda ended up in the hospital. Miyoharu declined other invites by Kanzaki, and this made Okimi furious because both of them – Miyoharu and Miyoei – were destroying her reputation in the locality. Slowly, they — Miyoharu and Miyoei — lost their engagements and they were losing money. Due to desperation, at a certain point, Miyoei decided to go to Okimi to inform her that she was now willing to apologize to Kusuda, and that she was now amenable to go out with him. Okimi called up Miyoharu to inform her of this but Miyoharu asked Okimi to send Miyoei home and that instead, she would be the one to go and see Kanzaki immediately. Kanzaki is delighted to see Miyoharu and the latter stays with him for the night. The next day, Miyoharu goes back home with an armful of gifts for Miyoei, but she is angry because she knows where Miyoharu had been. Miyoharu explains that she was only guarding her innocence, and that she was willing to do what she did for her because she was the only family she had. Miyoei finally understands and they embrace. The phone rings twice reminding them of their upcoming engagements for the night so they hurry up and prepare themselves for work. Having another geisha movie from a different perspective was certainly a different experience altogether. The story is also about a young girl’s life and transformation into a geisha, but this time, it is told from the Asian point of view. The two films are five decades apart and yet there were significant similarities and differences between them. Some similarities are in the costume like the geisha school, the rigid training, the kimono and the obi, the white make-up, the special attention given to the hair design, the special geisha slippers, the neck support for sleeping, the wooden houses, the tea house, the soft-spoken manner of addressing a client, the geisha’s role as an entertainer and the necessary attentiveness to clients. The clients were men, the teahouses served as places to socialize in, and geishas held a high place in the society. The setting is of the typical Japanese backdrop which was authentic and true to that period. The differences between the two movies are quite numerous. The hairstyle of the geishas in â€Å"Memoirs of a Geisha† and â€Å"A Geisha† are two different portraits. Although the hair is also drawn up in â€Å"A Geisha†, there are side and top elevations which are characteristic of the original image. There were no sexual overtones or obvious sexual messages being delivered to the viewer. No nude scenes were included, or even bare backs shown, even during the time the geishas were dressing up or dressing down. Although the topic of sex was also tackled as Miyoharu had conceded to do sexual favors for Kanzaki, the most baring scene shown was Miyoharu removing the top robe she had, where she had another full-length robe underneath. Not even a focus on her feet was shown while she removed her socks. When Kusuda made sexual advances on Miyoei, no bare skin was shown, unlike in â€Å"Memoirs†¦Ã¢â‚¬  where Sayuri almost got raped and she was stripped half-naked to her waist. There was also no romanticism involved since Miyoei and Miyoharu both did not have love interests in this film. Likewise, the feelings of Kusuda and Kanzaki for Miyoei and Miyoharu respectively were only lustful or sexual thoughts and not of the romantic type. There were no sentimental scenes alluding to romance or emotions pertaining to mutual attraction or love. The love element in this film is one between two women who cared deeply for each other like family. The eroticism which was also played-up in â€Å"Memoirs†¦Ã¢â‚¬  is also absent in this film since the standpoint is also of Eastern origin. A remarkable difference seen in this movie is that while the geisha was portrayed as a docile individual in the more modern version, the 1953 version showed the geisha as one who knew how to fight back and withhold sex as much as possible. According to history, this is the more accurate image of the geisha because the Japanese government upheld the difference between legalized prostitution and geishas in society. Works Cited Akita, Kimiko. â€Å"Orientalism and the Binary of Fact and Fiction in Memoirs of a Geisha†. lass. calumet. purdue. edu Global Media Journal. Fall 2006. Web. 1 June 2010. Mizoguchi, Kenji, dir. A Geisha. Daiei Motion Picture Company. 1953. Film. Marshall, Rob, dir. Memoirs of a Geisha. Columbia Pictures Corporation. 2005. Film.

Language of Love in Shakespeares As You Like It Essay

As You Like It is love: The Language of Love The most obvious concern of As You Like It is love, and particularly the attitudes and the language appropriate to young romantic love. This is obvious from the relationships between Orlando and Rosalind, Silvius and Phoebe, Touchstone and Audrey, and Celia and Oliver. The action of the play moves back and forth among these couples, inviting us to compare the different styles and to recognize from those comparisons some important facts about young love. Here the role of Rosalind is decisive. Rosalind is Shakespeares greatest and most vibrant comic female role. She is clearly the only character in the play who has throughout an intelligent, erotic, and fully anchored sense†¦show more content†¦It activates her. She takes charge of her life. She knows what she wants, and she organizes herself to seek it out. If she has to wait to pursue her marriage, then she is going actively to enjoy the interim in an improvised courtship and not wrap herself in a mantle of romantic attitudi nizing. She initiates the game of courtship with Orlando and keeps it going. She has two purposes here. This gives her a chance to see and court Orlando (in her own name) and thus to celebrate her feelings of love, but it also enables her to educate Orlando out of the sentimental pose he has adopted. Orlando, too, is in love with Rosalind. But his view of love requires him to write drippy poems and walk through the forest hanging them on trees. He sentimentalizes the experience (that is, falsifies it), so that he can luxuriate in his feelings of love rather than focusing sharply on the reality of the experience. In their conversations, Rosalind/Ganymede pointedly and repeatedly deflates his conventional rhetoric. This comes out most clearly in her famous reply to his claim that, if Rosalind rejects him, then he will die. No, faith; die by attorney. The poor world is almost six thousand years old, and in all this time there was not any man died in his own person, videlicet, in a love-cause. Troilus had his brains dashed out with a Grecian club, yet he did what he could to die before,Show MoreRelatedFigurative Language in Romeo and Juliet1470 Words   |  6 PagesMarder--------------------------Matt Marder---------------------Matt Marder------------------Matt Marder----------------- Language corresponds to countless appellations, as the expresser of thought and ultimate origin of philosophy, influencing the world of knowledge with its astonishing qualities. The very essence of cooperation and communication relies eternally on the inspired art of language, without which any possible human development could occur. Furthermore, the perception of verbal communication splitsRead MoreWilliam Shakespeare s Poetry Of Love1612 Words   |  7 PagesAs you are aware this session will focus on the poetry of William Shakespeare. Shakespeare was a world-renowned poet and playwright. Shakespeare had a romantic heart and his poetry is shaped by love. His poems usually depict the passion and sacredness of relationships. By comparing two poems from William Shakespeare it is shown how he has been able to articulate the poetic theme of love. This seminar will analyze and explore two of Shakespeare’s poems focusing on the particular theme of love. ShakespeareRead MoreShakes peares And Moss Poem Analysis1283 Words   |  6 PagesIn both Shakespeares and Moss’ version of the sonne† Shall I Compare Thee to a Summer’s Day?† contain some similarities and differences within each poem. The obvious similarity is that both of theses poems have the same title and the same idea being shown. 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William Shakespeares one hundred and thirtieth Sonnet, My mistress eyes are nothing like the sunRead MoreSpenser and Shakespeare: Contrasting Approaches to Sonnets1100 Words   |  5 PagesSpenser’s Sonnet LXXV and Shakespeare’s Sonnet 55, it can be deduced that both poets have adopted the structure of sonnets to arouse emotions and imagination, but have taken different perspectives in doing so. Therefore, by means of comparing and contrasting, both of their poems may seem alike in their structure and general content, yet they are more diverse in relation to deeper aspects such as theme, form and language. 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The subversion and cruelty are both present in different concentrations, subversionRead More10 Things I Hate About You Taming of the Shrew: Appropriation1376 Words   |  6 Pages10 Things I Hate About You The Taming of the Shrew The historical and cultural contexts of Shakespeare’s The Taming of the Shrew (TTS) and the 1999 film 10 Things I Hate About You (10TIH) differ exceptionally, resulting in the film’s expression of values unlike those expressed in Shakespeare’s original text. Shakespeare’s play was written during the Elizabethan era, during which the belief that men were superior to women was prevalent. This concept is centralised in TTS, through incorporation

Rosa Parks Journey Through History - Free Essay Example

Sample details Pages: 3 Words: 775 Downloads: 1 Date added: 2019/03/27 Category Politics Essay Level High school Tags: Rosa Parks Essay Did you like this example? Rosa Parks Journey Through History Introduction People think I didnt give up my seat because I was tired, but that is not true. No, the only tired I was, was tired of giving in. Rosa parks was born in tuskegee, alabama in 1913. Years after she is called the mother of civil right movements. Next, youll learn about the bus drivers point of view. Finally,well read about why Rosa park is a strong women in history. Chapter 1: All About Rosa Parks Rosa Parks was civil rights leader born on February 4 1913 in Tuskegee, Alabama. December 1913 Rosa parks got married at the age of 20 and her husband Raymond was 29 when they got married. They got married at Raymond mothers house in Montgomery, Alabama. Rosa parks went to Booker T. Washington High School in Montgomery, Alabama. Then she went to Highlander folk for girls in elamachy. But she dropped of high school out when her grandmother became seriously ill and subsequently died (poor girl). She also got a job to seamstress in a department store. She sewed clothes to fit customers. And the place she worked was a colored stor only. Isnt Rosa Parks childhood interesting? Don’t waste time! Our writers will create an original "Rosa Parks Journey Through History" essay for you Create order Chapter 2: The Mother of Civil Rights Movement Some people call Rosa parks the mother of civil rights movement why? she was the second colored female out if 4 to stand up for herself and after that more and more people started protesting for equal rights and soon the laws were changed so colored people would be treated the same. But still not all people treat people the same as others. This matters because everyone should be treated the same no matter what color they are. In, 1955 Rosa Parks was taking a bus home from work. The bus was soon crowded from people coming on. On the bus colored people sat in the back and white would sit in the front and the middle was for both white and colored. Colored would have to move for white people. A white person came on the bus and wanted Rosa Parks spot but instead of moving she just sat there. The bus driver called the cops and they arrested her. When the cops said we are going to arrest you if you dont move Parks respond you may do that. So they did. Rosa Parks was only in jail for the night. After parks was out of jail some bus drivers did not let her on their bus. It took 381 days to change laws. But it payed off. Also over 2,000 people participated in the bus boycott. Now do you agree with me that Rosa Parks is called the mother of the civil right movement. Chapter 3: The Bus Drivers Point of View I was on my last stop and I saw a white man outside so I ask a row of 4 colored people so I ask them to move 3 of them moved but one didnt. I tried everything and she would move and I did warn her. so I called my supervisor and they said to call the police so I did a minute the police was here. I was not trying to be mean my supervisor told me to do it and if I didnt I would have gotten fired. James Blake said on a interview with the washington post I was just doing my job and she was violating city codes In the next and finally chapter you will learn why Rosa Parks is a strong women in history. Chapter 4: Why Rosa Parks is a Strong Women in History Rosa parks is a very strong women in history because she was the second woman to refuse to give up her seat. The first women is, claudette colvin. Next, the second is rosa parks. The third is, ruby bridges. Rosa parks is a strong women in history because she was one of the people who participated in the Montgomery Alabama bus boycott. One other person is, Ralph Abernathy. Next, Mary Fairburks. Finally, Hugo Black. Rosa parks is a strong woman in history because she had white friends even though people said she could not. One of her friends is, Virginia Durr. Another one is, Clifford Durr, My faverin one is, Edgar Nixon. In the end it all comes down to Rosa Parks is a strong women in history Conclusion In this book you hopefully learned all about Rosa parks, the mother of civil rights movement, the bus drivers point of view, and finally why Rosa parks is a strong women in history. Bibliography Who was Rosa Parks by Kitson Jazy Rosa Parks National Geographic by susan Oleary www.gogle.com sdm-tfx.digital.scholastic.com/?authCtx=U.600

Psychological Factors Of A Serial Killer Essay - 1891 Words

Psychological Factors of a Serial Killer Alyssa Phillips Caledonia-Mumford High School Abstract Neurologically, serial killers have common brain structure abnormalities that cause them to lack emotions as well as to think irrationally. Their family history includes unhappy relationships with their parents who usually have beaten them or mentally/sexually abused them. This may cause them to be unable to form healthy relationships and lack empathy and remorse. Serial killers can be distinguished by their deceitfulness and their need to control people. Depending on if they are organized or disorganized killer, they have certain personality characteristics. Personality disorders such as Antisocial and Borderline Personality Disorder, as well as schizophrenia, are common among serial killers. Since serial killers are exposed to traumatic environments, their brains change their structure in order to respond to their experiences. Intro A serial killer: a person who murders three or more people; taking place over more than a month with significant breaks in between. How do you tell who these murderers are? How do you distinguish them from a next door neighbor, a family member, or a friend? By their brain structure, personality and family history. There is a commonality among serial killers; not just physically but mentally and neurologically! How they think, how they act, their family history. Several studies into the social aspects of multipleShow MoreRelatedSerial Killers And The Serial Killer1566 Words   |  7 Pagesthe serial killer is ultimately unknown, many researchers agree about â€Å"one-half of 1%† of homicides are determined to be the product of serial killers (Homant Kennedy, 2014). 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Financial Analysis of Two Company Free Essays

string(160) " has developed a dynamic production process that reaches into all branches of the food industry, including high quality flour, butter and packaging facilities\." 07. 7. 2012 Bilal Elarslan 2007432031| Dokuz Eylul University Faculty of Business Business Administration ManagerialFinance| Financial Analysis of Ulker P? nar Sut| List of Contents Introduction 3 1. We will write a custom essay sample on Financial Analysis of Two Company or any similar topic only for you Order Now Ulker 4 1. 1 History of Ulker 4 1. 2 About Ulker5 1. 3 Shareholder Structure 6 1. 4 Subsidaries6 1. 5 Wacc of Ulker7 1. 6 Leverage8 1. 7 Operating and financial leverage of Ulker8 1. 8 Beta Analysis9 1. 9 Ulker’s Beta Coefficent†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 1. 10 Additional financial Information key ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 2. P? nar Sut†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 2. History Of P? nar Sut†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 12 2. 2 General Overview of Company†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 13 2. 3 Shareholder Structure†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 15 2. 4 Wacc of P? nar Sut†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦16 2. 5 Leverage†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 17 2. 6 P? nar Sut’s Beta coefficent†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦18 2. 7 Additional informations key ratios†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦19 Appendix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦20 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 Introduction In this research paper I prepared the financial ana? ysis of Ulker P? nar Sut. While preparing this report firstly I have to choose two company Which are; * Ulker * P? nar sut While preparing this report I really mentioned about what we learned during manegerial finance lessons. As a result; with this aim, I prepared my term project by combining both acconting methods and my knowledge about finance. 1. ULKER 2. 1 History of Ulker 1944- Ulker Biskuvi was established in the Eminonu district of Istanbul. It started out as a small bakery with just three workers, producing 200 kg of biscuits per day. A few years later, the Company relocated to the Topkap? district of Istanbul. 1948- Producing a total of 75 tons of biscuits in 1944, Ulker Biscuits tripled its capacity at its Topkap? factory, built in 1948 specifically in order to increase the production volume. 1955- Ulker Biscuits decided to distribute its products throughout Turkey at factory prices and achieved a huge production increase with this innovation. 1970- In line with the growth strategy, Anadolu G? da Sanayii A. S. was founded in Ankara as a multiple-shareholder company and the production capacity of Ulker Biscuits was doubled. 974- The first biscuit export was made after choosing the Middle East as the target market. Opportunities for international competition were increased with the constitution of the RD department in the same year. 1979- Ulker products began to be packed in cellophane-based packaging. 2003- Ulker Biskuvi merged under its own title with Anadolu G? da, whose shares have been quoted on Istanbul Stoc k Exchange since 1996. 2008- Within the scope of Corporate Governance, the Articles of Association were amended and Corporate Governance and Audit Committees were set up. At the beginning of 2008, Ulker Biskuvi took part in the acquisition of the premium chocolatier brand, Godiva, with a 25. 23% share. 2. 2 About Ulker As the first company established within Y? ld? z Holding, operating its core business for 64 years, Ulker Biscuits serves as the flagship of the Holding both in terms of sales turnover and profitability. According to the Istanbul Chamber of Industry (ICI) in 2009 list of Turkey’s Top 500 Industrial Enterprises, Ulker Biscuits was ranked 104th. Ulker Biscuits produces biscuits, crackers, chocolate covered biscuits and wafers at its factories in Istanbul/Topkap? and Ankara. As the indisputable leader in the Turkish biscuit industry, Ulker Biscuits also takes its place among the giant food producers of the world, with its 280 assorted biscuit and cracker products that are supplied to both the local and international markets. In 1996, Ulker Biscuits received the ISO 9002 certification for quality standards in production; and in 2001, it was awarded the HACCP certification for quality standards in food safety. In 2002, it won the top mark of â€Å"High Level† in an analysis made by the Europe-based quality certification firm BRC, which further secured its successful position in the field of quality control. Ulker Biscuits develops new products in its independent laboratories, employing an experienced and innovative RD staff, always keeping its quality-focused approach. Introducing an average of 60 new products per year to the market, Ulker Biscuits has continued to excel in innovation, thus making Ulker one of the top food brands. Ulker Biscuits products are exported mainly to the Middle East, Russia and Central Asian Republics, as well as to Europe, Africa and the United States. Ulker Biscuits not only contributes to Turkey’s economy through its exports, but it also successfully represents Turkey’s approach to quality on a global scale. Ulker Biscuits has an effective quality control system that injects synergy into the entire process from production through consumption; and it continues its investments based on its strategy that is focused on sustainable and profitable growth. Ulker Biscuits is a consumer-focused company that satisfies its consumers’ needs and expectations at the maximum level, and it has formed a harmonious and lasting relationship with its target group. Surveys conducted in recent years attest to the high levels of loyalty to the Ulker brand. In the â€Å"Brands 2008† survey by AC Nielsen, Ulker was ranked first in the biscuit category, and second and third in the categories of â€Å"top-of-the-mind† brands and those that consumers feel closest to, respectively. Local distribution of biscuits and chocolate covered products produced by Ulker Biscuits and its subsidiaries is undertaken by its subsidiary, Atlas G? da Pazarlama, and other marketing companies of Y? ld? z Holding, Esas Pazarlama, Merkez G? da Pazarlama and Rekor Pazarlama. 2. 3 Shareholder Structure Shareholders of Ulker company dated 31/12/2010 is as follows. Shareholders Share(TRY) (%) Y? ld? z Holding A. S. 106. 999. 435 39,84 Others 161. 600. 565 60,16 Capital 268. 600. 000 100 1. 4 Subsideries Ulker Biscuits, the flagship of Y? ld? z Holding, associated with a number of companies within the Holding, It has developed a strong portfolio synergistic structure with both vertical and horizontal integration. Under this mutually beneficial structure, Ulker Biscuits and other companies within Y? ld? Holding, each occupy a leading position in their sectors. In addition to various biscuit facilities in cities in Anatolia, Ulker Biscuits has developed a dynamic production process that reaches into all branches of the food industry, including high quality flour, butter and packaging facilities. You read "Financial Analysis of Two Company" in category "Essay examples" 1. 5 Weighted Average Cost of Capital Corporations create value for shareholders by earning a return on the invested capital that is above the cost of capital. WACC is an expression of this cost and is used to see if certain intended investments or strategies or projects or purchases are worthwhile to undertake. WACC is expressed as a percentage, like interest. WACC of Ulker Company is %12,1. This means that investments should be made that give return higher than the WACC of %12,1. WACC= (Wi x ri) + ( Wp x rp) + ( Ws x rn) Tax rate: 20% 1. 6 Leverage Leverage refers to the effects that fixed costs have on the returns that shareholders earn. By â€Å"fixed costs† we mean costs that do not rise and fall with changes in a firm’s sales. Firms have to pay these fixed costs whether business conditions are good or bad. A firm with more leverage may earn higher returns on average than a firm with less leverage, but the returns on the more leveraged firm will also be more volatile. Managers can influence leverage in their decisions about how the company raises money to operate. The amount of leverage in the firm’s capital structure the mix of long-term debt and equity maintained by the firm can significantly affect its value by affecting return and risk. The more debt a firm issues, the higher are its debt repayment costs, and those costs must be paid regardless of how the firm’s products are selling. Because leverage can have such a large impact on a firm, the financial manager must understand how to measure and evaluate leverage, particularly when making capital structure decisions. Operating leverage is concerned with the relationship between the firm’s sales revenue and its earnings before interest and taxes (EBIT) or operating profits. When costs of operations (such as cost of goods sold and operating expenses) are largely fixed, small changes in revenue will lead to much larger changes in EBIT. Financial leverage is concerned with the relationship between the firm’s EBIT and its common stock earnings per share (EPS). On the income statement, you can see that the deductions taken from EBIT to get to EPS include interest, taxes, and preferred dividends. Taxes are clearly variable, rising and falling with the firm’s profits, but interest expense and preferred dividends are usually fixed. When these fixed items are large (that is, when the firm has a lot of financial leverage), small changes in EBIT produce larger changes in EPS. Total leverage is the combined effect of operating and financial leverage. It is concerned with the relationship between the firm’s sales revenue and EPS. 1. Operating and Financial Leverage of Ulker in 2011 Sales Revenue 10. 445. 022. 950 Less: COGS (9. 243. 511. 780) Operating Leverage Gross Profit1. 201. 511. 170 Less: Operating Expenses(46. 450. 461) EBIT1. 155. 060. 709 Total Less: Interest18. 799. 809 Leverage Net profit before tax1. 136. 260. 900 Financial Leverage Less: Taxes 137. 983. 993 Net profit after taxes 998. 276. 907 Less: Preferred stock divi dends (518. 995. 890) Earnings available for common (EAC) 479. 281. 017 1. 8 Beta Analysis Systematic risk beta coefficient is a measure of a security. In other words, it is the relationship the performance of securities market with the average performance. It is coefficient of the change in response to a unit change in securities market. The market beta coefficient is accepted to be 1 for every time. In theory, all forms of securities in the market can be said that the beta coefficient equal to 1 in the totals. We can make 3 different beta coefficient is interpretation. 1- Beta coefficient of 1, – Beta coefficient is higher than 1, 3- Beta coefficient is lower than 1. 1. 9 Ulker’s Beta Coefficient Ulker beta coefficient is higher than 1 that is 1,02. So it represents the market price of securities will rise or fall more than the market. Beta coefficient that is higher than 1 is more risky than less than 1. Hence the beta coefficient of securities is less than 1 also reduces the risk of the portfolio. Therefore, in emerging markets (bull market), while beta coefficient higher than 1 which is providing higher returns than stock market, in falling market (bear market) makes a higher damage. For this reason, the falling stock markets prefers beta coefficient less than 1. ? 1 the share movement is faster than the index (high risk and high volatility). And volatility is average price of a security or market fluctuation feature that is shown in a short time interval. Volatility of a high-speed change in the price of securities and properties of extreme volatility are seen. The higher the beta coefficient causes increasing in volatility of securities. Ford coefficient is high and its volatility is increasing of securities. Parameter Parameter | Coefficient| Standard Error | T- value| A| 0. 42 | 0. 54| 0. 77| Beta| 1. 02 | 1. 027 | 0. 99| F=92. 616472228 r2=0. 614915957 STD error=0. 155688307 1. 10 Additional Information on financial Instruments a) Capital risk management The Group controls its capital with the liability / total capital ratio. Net liability is divided by total capital in this ratio. Cash and cash equivalents are substracted from total loans to calculate the net liability. The shareholder’s equity is added to net liabilties to calculate the total capital. ) Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The funding risk of the current and prospective debt demands is managed by maintaining the availability of lenders with high quality and in sufficient number The foll owing table presents the maturity of Group’s non-derivative financial liabilities. The table includes both interest and principal cash flows. . PINAR SUT 3. 4 History of P? nar Sut 1975 – P? nar Sut is established in Izmir as the Middle East’s biggest dairy processing complex and Turkey’s first UHT (ultra-high temperature processed) milk and packaged dairy products manufacturing plant. 1976 – The company begins producing Turkey’s first processed cheese and chocolate milk. 1978 – P? nar sliced kashkaval cheese and P? nar spreadable cheese are introduced to consumers. 1980 – A Kraft-P? nar joint venture is launched. P? nar Sut introduces its Deram, Raglet, Maribo, and Cheddar cheese varieties. 982 – The company begins exporting milk, cheese, butter, yoghurt, and strawberry milk to Central Europe, Cyprus, and the Middle East. 1983 – P? nar Yem is set up to provide high quality feeds to the P? nar Sut’s raw mil k suppliers. P? nar Mayonnaise, Turkey’s first domestically-manufactured mayonnaise goes on sale. P? nar Beyaz, Turkey’s first spreadable cheese, and P? nar Whipped Topping, a powdered whipped topping both go into production. 1984 – P? nar Sut begins exporting its labaneh, milk, yoghurt drink, butter, yoghurt, cheese, whipped topping, and mayonnaise products to Kuwait, Cyprus, and Germany. 985 – Labaneh is launched in the Turkish market under the name â€Å"P? nar Labaneh†. 1992 – P? nar Sut is awarded the Turkish Standards Institute’s (TSE) â€Å"Golden Packaging† award for the introduction of the first foil-sealed yoghurt container. Form Milk, Turkey’s first low-fat milk, and Cikolasut, chocolate milk made with real, natural chocolate, go on sale. 1993 – P? nar Sut becomes the first company in its sector to be awarded TS ISO 9002 Quality Management System certification. 1994 – P? nar Sut receives another TSEâ€Å"Golden Packaging† award for its 10-liter bag-in-box pack design. Having successfully demonstrated its compliance with European standards in terms of production, sales, and after-sales services, P? nar Sut becomes the first dairy products company to receive TS ISO 9001 Quality Management System certification. 1995 – P? nar â€Å"long-life† fruit yoghurts and prepared desserts go into production. Turkish consumers are introduced to P? nar light (low-fat) and extra light yoghurts and to low-fat, triangular cheese. 1997 – P? nar Sut opens its Eskisehir plant. 1999 – P? nar Sut introduces its â€Å"Denge† line of lactose-free, high-calcium, and vitaminenhanced milks. 000 – As a result of investments at the Eskisehir plant, P? nar Sut launches the world’s first continuous-process production of cream-top yoghurt. 2001 – UHT milk supplied in plastic bottles goes into production. 2003 – Under an agreement with Sodima, P? nar Sut launches production of fruit yoghurts in Turkey. 2004 – P? nar introduces its Kafela, Karamela, and Cikolasut line of products in packaging specially designed to appeal to young people. P? nar Sut is awarded TS 13001 HACCP Food Safety System certification. 2005 – Turkey’s first organic milk and first prebiotic and probiotic dairy products are introduced to the market. 007 – P? nar’s YOPI line of calcium-, protein-,and vitamin-enhanced dairy products for children goes into production. 2008 – P? nar Sut becomes the first company in Turkey’s dairy industry to undertake a Lean 6 Sigma operational excellence and productivity project. P? nar Milk for Kids, a milk specially designed for child nutrition, is introduced to the market. 2009 – P? nar lemonade and tropical fruit drink are introduced to the market. 2010 – P? nar Kido with Biscuit, Honey Flavored P? nar Kid’s Milk, and P? nar Breakfast Cream Cheese products go on sale. 3. 5 General Overview of P? ar Sut The pioneer of many fir sts in its sector since the day it was founded, P? nar Sut makes use of the most modern technology available to produce and supply consumers with the milk and dairy products that are essential to good nutrition. The first to introduce the concept of healthy milk and dairy products in Turkey When it was originally founded in Izmir in 1975, P? nar Sut was the most advanced dairy processing complex in Europe and the Middle East. P? nar Sut was the first brand to introduce and entrench the concept of wellness, standardized milk and dairy products in Turkey. The P? ar brand, earning a deserved reputation as â€Å"Source of Dynamism, Health, Pleasure and Life†, became the preferred choice of Turkish consumers while also making huge contributions both to the growth and development of the Turkish Animal husbandry stock raising and food industries and also to the well-being of new generations of children. P? nar Sut’s principal business activity is the production and sale of da iry products (milk, yoghurt, yoghurt drink, traditional and modern cheeses, butter, cream) as well as of fruit juices, mayonnaise, ketchups, puddings, honey, sauces, jams and jellies, desserts, and powdered products. A leading role in increased dairy production in Turkey P? nar Sut introduced the first â€Å"long-life† UHT milk packaged in aseptic containers in Turkey in 1975. Operating from plants located in Izmir and Eskisehir, the company has remained the leading brand in Turkey’s dairy products industry ever since. Making use of the most modern technology available, P? nar Sut produces and supplies consumers with the milk and dairy products while also playing a leading role in increased dairy production through its year-round support for more than 35,000 suppliers of raw milk. P? nar Sut procures its superior-quality raw milk under agreements with more than 200 of Turkey’s biggest dairy farms, which are contractually obligated to produce to EU norms. By serving as these farms’ biggest customer, P? nar Sut fosters its own â€Å"total quality† concepts among them as well. From the moment that it is harvested, raw milk is registered by means of a computerized system that keeps regular track of herd and animal health data throughout all production stages. To ensure its freshness and quality, P? ar Sut picks up its suppliers’ raw milk twice a day (morning and evening) from more than 300 milk collection and chilling centers and it takes it immediately to its processing plant. Individual dairy producers are subject to strict monitoring and controls by local laboratories while all milk must be controlled by the advanced technology equipped laboratories at the company’sIzmir and Eskisehir plants before being accepted. A regional f orce P? nar Sut is moving rapidly towards becoming a regional force in its hinterland by exporting milk and dairy products to many countries around the world. P? nar Sut’s raw milk collection and chilling centers are inspected every year for the conformity with the EU standards by an EU commission. The company provides its suppliers with continuous support on the matter of developing and maintaining farms that are free of all diseases, which is a prime requisite for exporting milk and dairy products to EU countries. Through projects conducted jointly with government agricultural agencies in Turkey, an ongoing effort is made to ensure that raw milk production satisfies EU norms. According to the third-quarter 2009 sectoral results of the Turkish Customer Satisfaction Index survey, P? nar Sut ranked first in its sector with the highest (82%) level of customer satisfaction in the milk and dairy products category. This survey, which is conducted regularly by KalDer (Turkish Quality Association) and which also analyzes competition in Turkey, is the second most comprehensive poll of its kind after those conducted in the United States. 3. 6 Shareholder Structure The issued capital of the Company is 44. 951. 051,25 Turkish Lira. Each share of this capital is amounting to 1 Cent, 1. 28. 000 A group registered shares, 1. 260. 000 B group registered shares and 4. 494. 806,325 C group bearer shares 4. 495. 105. 125 shares. The Company does not have any privileges regarding distribution of profit. The Company has privileges regarding voting power in the establishment of board members. The business and administration of the Company is managed by the Board of Directors co nsisting of 5 or 9 members to be elected within the frame of the provisions of the Turkish Trade Code by the General Assembly among the partners or from outside of the Company. In case the Board of Directors consists of 5 people, 3 members shall be elected from the candidates, which A-Group shareholders shall nominate and 1 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate. If the Board of Directors consists of 7 people, 4 members shall be elected from the candidates, which A-Group shareholders shall nominate and 2 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate. If the Board of Directors consists of 9 people, 5 members shall be elected from the candidates, which A-Group shareholders shall nominate and 3 candidate which the B-group shareholders shall nominate and 1 candidate, which C-Group shareholders shall nominate. If resolved by the Board of Directors, an Executive Director can be assigned. The President of the Board of Directors and the Executive Director is elected among the members representing A-Group shares. THE CAPITAL AND SHAREHOLDER STATUS OF PINAR SUT MAMULLERI SANAYI A. S. SHAREHOLDERS | SHARE RATE (%)| STOCKS AMOUNT (TL)| YASAR HOLDING A. S. 61,18 | 27. 503. 257. 789. 000| 3rd PARTY| 38,82| 17. 447. 793. 461. 000| TOTAL| 100,00| 44. 951. 051. 250. 000| | 3. 7 Weighted Avarege Cost of Capital Corporations create value for shareholders by earning a return on the invested capital that is above the cost of capital. WACC is an expression of this cost and is used to see if certain intended investments or strategies or projects or pur chases are worthwhile to undertake. WACC is expressed as a percentage, like interest. WACC of P? nar Sut Company is %12,1. This means that investments should be made that give return higher than the WACC of %11. 6. WACC= (Wi x ri) + ( Wp x rp) + ( Ws x rn) Tax rate: 20% 3. 8 Leverage of P? nar sut Financial leverage is concerned with the relationship between the firm’s EBIT and its common stock earnings per share (EPS). On the income statement, you can see that the deductions taken from EBIT to get to EPS include interest, taxes, and preferred dividends. Taxes are clearly variable, rising and falling with the firm’s profits, but interest expense and preferred dividends are usually fixed. When these fixed items are large (that is, when the firm has a lot of financial leverage), small changes in EBIT produce larger changes in EPS. Total leverage is the combined effect of operating and financial leverage. It is concerned with the relationship between the firm’s sales revenue and EPS. 3. 9 Beta Analysis of P? nar Sut 3. 10 Additional Information on financial Instruments a) Financial highlights: (TL million)| 2011| 2010| % change| Total assets| 532. 6| 479. 0| 11. 2| Shareholders’ equity| 384. 8| 350. 2| 9. 9| Financial liabilities| 15. 0| 20. 0| -25. 0| Sales revenues| 577. 1| 480. 7| 20. 1| Profit before taxation on income| 71. 4| 71. 2| 0. 3| Net period profit| 60. 1| 57. 8| 4. 0| Earnings per share (TL)| 1. 3365| 1. 2863| 3. 9| b) Financial ratios | 2011| 2010| Total liabilities/Total assets (%)| 27. 75| 26. 88| Total liabilities/Shareholders’ equity (%)| 38. 41| 36. 77| Return on sales (%)| 10. 41| 12. 03| Current assets/Current liabilities| 1. 92| 2. 17| Equity turnover ratio| 1. 50| 1. 37| Net financing costs/Net sales (%)| 0. 67| 0. 94| Net financing costs/Shareholders’ equity (%)| 1. 00| 1. 29| c) Revenue Net Income The tables gives us a brief information related to revenue and net income of P? nar Sut. Appendix i) ii) References Food Industry Report 2011 GITMAN Lawrence, ZUTTER Chad, Principles of Managerial Finance http://seekingalpha. com/article/427611-ulker-remains-one-of-our-best-ideas http://uk. reuters. com/business/quotes/financialHighlights? symbol=. IS http://www. valuebasedmanagement. net/methods_wacc. html http://www. ulker. com. tr/en/financial-statements. htm http://www. 4-traders. com/PINAR-SUT-MAMULLERI-SANAY-6495545/financials/ http://markets. ft. com/Research/Markets/Tearsheets/Financials? s=PNSUT:IST http://www. pinar. com. tr/ Ulker 2011 Annual Report P? nar Sut 2011 Annual Report How to cite Financial Analysis of Two Company, Essay examples