A Cold Day In Seattle :: essays research papers

(this is a paper I composed for english the evaluation was an A)â â â â â â â â â â â â â â â A Cold Day In Seattle It was a virus winter day on that horrible morning. School was shut due to a vacation. Justen’s companions Jeremy and Billy approached check whether he could go to Capitol Hill with them. He concurred and their companion Ryan drove them. It was about 1:00pm when we they there, however the three young men would of never have gone on the off chance that they just knew. Ryan dropped the trio of and said he would be back at 8:00pm in a similar spot, since he had band practice at 3:00. They began our excursion on 5TH Avenue going north. While they were strolling Billy saw something odd about the stores; they were shut the young men overlooked that occasions applied to stores as well. That’s when it occurred, Jeremy got a cerebral pain. He began to shout and use obscenity. As they were attempting to discover in any event one store that was open, some alcoholic cowpoke eating pudding began following the young men. What was some smashed cattle rustler eating pudding going to do to three adolescent young men? At that point he hopped before them and shouted, †Billy!† that’s when Billy recalled that him. It was the flushed person that Billy had met a year prior, when he took the transport to Seattle. They were somewhat stunned, yet they let him participate. Jeremy thought he had gone distraught considering he thought he was in the war and continued saying, â€Å"don’t stress I got your back soldier,† to Billy. There the young men were strolling down the road. Jeremy was seething about his cerebral pain, Justen was thinking about what was happening, Billy was somewhat confounded, and the alcoholic rancher fixated on pudding was strolling behind Billy with his hands together creation a weapon murmuring, â€Å"when the race begins run truly fast,† and, â€Å"I got your back warrior. It was freezing, so Billy, Jeremy, and Justen had their channel covers on, however the alcoholic cowhand was wearing a tie-pass on shirt and chime bottoms. They strolled for an hour when it began to day off. Beneficial thing they were wearing channel coats. â€Å"I wager I could fix ya up pleasant soldier,† murmured the cattle rustler. The young men were every one of the somewhat befuddled. â€Å"I got an uncommon pill you could take for that bad habit on your head there soldier,† he shouted. Jeremy was somewhat anxious considering Advil as a rule isn’t red and arrives in a little dark film canister.

Comparison of Hinduism and Buddhism Rituals

Presentation Buddhism and Hinduism are a portion of the famous religions on the planet with their beginnings going back to the Common Era in India. Somewhat, these religions share comparative belief systems and starting point, despite the fact that Hinduism is more established than Buddhism and positions third as far as fame world.Advertising We will compose a custom appraisal test on Comparison of Hinduism and Buddhism Rituals explicitly for you for just $16.05 $11/page Learn More Despite the different likenesses between these two religions, Hinduism and Buddhism vary in specific angles. In this way, this paper looks into the strict practices and customs of Buddhism and Hinduism. Correlation Similarities Buddhism and Hinduism share a few likenesses. For example, these religions are polytheistic. The significant divine beings are those identified with empathy and astuteness in Buddhism. Then again, Hinduism has a divine force of multiplication, decimation and the Supreme god. Further more, these religions share a confidence in Samsara. This implies the procedure of birth must be broken to accomplish Moksha, which implies the accomplishment of opportunity. Both Hinduism and Buddhism share the conviction of rebirth. As indicated by Buddhism, resurrection is identified with the current activities of an individual while Hinduism accepts that an individual lives in a generic world. Duiker and Spielvogel note that, â€Å"asceticism developed into the cutting edge practice of body preparing that we know as yoga (association), which is acknowledged today as an important component of Hindu strict practice† (Duiker, and Spielvogel 42). Along these lines, the body of an individual changes into another shape dependent on their activities. The two religions have faith in salvation with Buddhists accepting that every individual needs to take a stab at their salvation and can't move faults on others for strict disappointments. Likewise, this salvation identifies with th e great activities of an individual. As indicated by Buddhism, every individual must endeavor to achieve salvation dependent on his activities. Be that as it may, an individual needs to utilize four ways to accomplish this sort of salvation. The primary way is Raja Yoga, which implies the way of salvation. What's more, there is Jnana Yoga and Bhakti Yoga that mean the way of information and love separately. Karma Yoga implies that an individual achieves salvation by seeking after great actions.Advertising Looking for evaluation on religion religious philosophy? We should check whether we can support you! Get your first paper with 15% OFF Learn More Besides, there is intercession in the two religions as Duiker and Spielvogel see in their examination. Intercession is a strict practice that brings the adherents near nirvana. During the loving procedure, Hindu adherents serenade more than once the syllables â€Å"OM.† These syllables assist them with thinking with a point of arri ving at an elevated expectation of awareness. The adherents center around inward mindfulness that interface them to the god, which is accomplished through centering. As per the Hindu strict works on, referencing the syllable attracts an individual closer to the Supreme Being and closer to reality of information. This is like Buddhists who draw their motivation from intervention. For example, it is through this procedure that Buddha uncovered the being of Dharma. In this way, as per Buddhism, one needs to focus on internal reflection to uncover nirvana. This implies Buddhism and Hinduism contrast in the structure of their social framework. Be that as it may, they share comparative strict convictions of intercession, which are accepted to achieve nirvana (salvation). Moreover, both Hinduism and Buddhism share a conviction on illumination. As per these religions, there are various routes through which one could accomplish edification. For example, one can accomplish it through beating feelings, energy, and having authority over their faculties. Also, the two religions share comparative comprehension of the reason for misery. For instance, the two religions accept that an individual endures when the person in question submits sin on the planet. In this way, these religions accept that individuals ought to dispose of deception and the wants of the world. In addition, they share likenesses in the translation and practice of tantric. For example, Tantrayan is a predominant organization in Buddhism. This faction puts together its activities with respect to tantric practices. Among Hindu adherents, tantric is a typical practice among the individuals who adore Shiva and Kali. Contrasts According to Duiker, â€Å"Buddhists at times comment that somebody who requests a portrayal doesn't comprehend the idea. Simultaneously, the new principle contrasted from existing practices in various key ways† (Duiker 48).Advertising We will compose a custom evaluation test on Co mparison of Hinduism and Buddhism Rituals explicitly for you for just $16.05 $11/page Learn More In a similar note, Duiker sees that it appears to be likely that Hindu devotionalism rose unequivocally to battle the advances of Buddhism and decrease the latter’s offer among the Indian populace (Duiker 227) Based on these, the development of Buddhism tested the presence of Hindu strict practices. The two religions have the privileges of entry, despite the fact that the numbers and practices of these rights differ1. For example, Hinduism has sixteen transitional experiences that every part ought to experience in their life. For example, Ashrama comprise of four phases, which are indispensable for every individual. These stages are understudy, householder, backwoods tenant, and sannyasin. Then again, Buddhism is all the more a guide that coordinates how individuals should live. It gives three phases that immediate an individual to illumination. These means incorporate creating co nsciousness of the previous existence, samsara, karma and Moksha. In this way, though Hinduism is a greater amount of privileges of entries, the means introduced by Buddhism are decides that guide individuals. Manu’s laws start from Hinduism, which depict the karma. Manu built up these strict ideas dependent on lawful principles. As indicated by these rules, karma is the faith in the effects of an activity. Subsequently, these laws have one significant point of improving Hindusdo great activities so as to maintain a strategic distance from the negative effects. Buddhists additionally share the idea of karma, despite the fact that the two religions vary in the arrangement of standing. In Buddhism, there is division of the general public dependent on standings. Be that as it may, Hindus trust in the idea of the station framework. As a result of these orders, Hindu religion restricts intermarriages between positions, something recommending that intermarriages between individuals from various positions are exceptionally debilitated. They make conventional courses of action where several promises before a blessed fire, which conveys the pledge to their deity.Advertising Searching for evaluation on religion religious philosophy? We should check whether we can support you! Get your first paper with 15% OFF Find out More As the couple moves nearer to the consecrated fire, God Agni watches out for them so as to lead the family into another life. In Buddhism, there are no positioning laws and marriage is permitted among different classes. Be that as it may, they have noteworthy services to stamp the procedure of marriage. Nine Buddhists serenade favors to the lady of the hour and man of the hour. They utilize sacred water to favor the recently married couple. During the procedure, they offer presents to the priests. The wedding begins after this service where priests tie a string on the arms of the couple as they make great wishes over their lives. Another distinction among Buddhism and Hinduism is identified with the thoughts of anataman and anatta. Duiker and Spielvogel see that, â€Å"Buddhism was most likely ready to fight off the Hindu test with its own Salvationist ideology of Mahayana, which additionally accentuated the job of commitment, however the times of Buddhism as a predominant confidenc e in the subcontinent were numbered† (Duiker and Spielvogel 241). This shows the two religions were in steady rivalry over controlling the strict maters of the subcontinent. Hinduism bolsters the possibility of self-assurance, which drives an individual to time everlasting implying that an individual decides their own destiny2. The point of Hinduism is to lead a person to comprehend extraordinary truth through Moksha. Notwithstanding, Buddhist Theravada restricts the possibility of self since the network should assume a job in strict practices. Along these lines, Hindus contend that everything is dynamic suggesting that the truth that individuals see is a marvel of a second. Furthermore, Mahayan is exceptionally radical in deciphering the idea of self, which mirrors the possibility of vacancy. End Buddhism and Hinduism are antiquated religions of India that take after one another in different viewpoints, however vary in various ways, particularly with regards to rehearses. Bud dhism is accepted to have begun from Hinduism. Nonetheless, in spite of these differences, these religions share numerous likenesses, as examined in the past segment. Catalog Duiker, William, and Spielvogel, Jakcson. The Essential World History. New York: Cengage Learning, 2013. Print. Commentaries 1 William, Duiker and Jackson, Spielvogel (The Essential World History 2013), p. 227. Hinduism has never valued the presence of Buddhism since it sees it as an incredible danger. This clarifies why Hindu devotees contradict it at whatever point they get a chance. 2 William, Duiker and Jackson, Spielvogel, The Essential World History (New York: Cengage Learning, 2013), p. 244. As per Hinduism, the network should not be meddling with the life of an individual in light of the fact that every individual is required to do as the person wishes. It conflicts with following the built up collective arrangement of norms. This appraisal on Comparison of Hinduism and Buddhism Rituals was composed and put together by client Fernanda R. to help you with your own examinations. You are allowed to utilize it for examination and reference purposes in

Geography and Facts on Disney Theme Parks

Topography and Facts on Disney Theme Parks Disneys first amusement park was Disneyland, situated in Anaheim California. Disneyland opened on July 17, 1955. During the 1970s, the Walt Disney Company built up its Walt Disney Parks and Resorts Division after the development of the Magic Kingdom at the Walt Disney Resort in Orlando, Florida. Since its establishing in 1971, the Walt Disney Parks and Resorts Division has been answerable for growing its unique Disney stops and building new stops everywhere throughout the world. For instance, Disneys unique park, Disneyland, was extended to incorporate Disneys California Adventure Park in 2001. Coming up next is a rundown of the Disney parks situated far and wide and a short synopsis of what each park incorporates: Disneyland Resort This is the main Disney resort and is situated in Anaheim, California. It opened in 1955 however has been extended since and now incorporates Disneys California Adventure Park, Downtown Disney and lavish lodgings, for example, the Disneyland Hotel, Disneys Grand Californian Hotel and Spa, and Disneys Paradise Pier Hotel. Walt Disney World Resort This hotel was Disneys second task in Orlando, Florida and is a development of the Magic Kingdom which opened in 1971. Today its amusement parks incorporate the first Magic Kingdom, Epcot, Disneys Hollywood Studios and Disneys Animal Kingdom. Likewise, there are water parks, malls, and an enormous assortment of inns and resorts at or close to this Disney area. Tokyo Disney Resort ï » ¿This was the principal Disney resort to open outside of the United States. It opened in Urayasu, Chiba, Japan in 1983 as Tokyo Disneyland. It was extended in 2001 to incorporate Tokyo DisneySea which includes a nautical, submerged topic. Like the U.S. areas, Tokyo Disney has an enormous strip mall and extravagance resort lodgings. Furthermore, the retreat is said to have one of the biggest stopping structures on the planet. Disney Paris ï » ¿Disney Paris opened under the name Euro Disney in 1992. It is situated in the Paris suburb of Marne-la-Vallã ©e and has two amusement parks (Disneyland Park and Walt Disney Studios Park), a fairway and a wide range of resort lodgings. Disney Paris additionally has a huge strip mall called Disney Village. Hong Kong Disneyland Resort This 320-section of land park is situated in Pennys Bay on Lantau Island, Hong Kong and opened in 2005. It comprises of one amusement park and two lodgings (Hong Kong Disneyland Hotel and Disneys Hollywood Hotel). The recreation center has plans to extend later on. Shanghai Disneyland Resort The latest Disney Park is in Shanghai. It was endorsed by the administration of China in 2009 and is required to open in 2014. Disney Cruise Line The Disney Cruise Line was created in 1995. It as of now works two boats one of which is called Disney Magic and the other is Disney Wonder. They started working in 1998 and 1999, separately. Every one of these boats goes to the Caribbean and have a port of call at Disneys Castaway Cay Island in the Bahamas. The Disney Cruise Line intends to include two additional boats in 2011 and 2012. Notwithstanding the previously mentioned amusement stops and resorts, Walt Disneys Parks and Resorts Division has plans to open extra stops in Europe and Asia. It likewise has plans to extend a few existing parks, for example, the Hong Kong and Paris areas. Source: Wikipedia. (2010, March 17). Walt Disney Parks and Resorts - Wikipedia, the Free Encyclopedia. Recovered from: http://en.wikipedia.org/wiki/Walt_Disney_Parks_and_Resorts

6 steps to reduce stress and anxiety during your commute

6 stages to lessen pressure and tension during your drive Driving to work is an occupation in itself. There is consistently an occurrence that happens, out of the blue. Regardless of whether we’re managing individuals on the jam-packed train or stuck in rage inducingâ traffic, we would all be able to concur that our drive negatively affects us. While we mayâ not have the option to anticipate with 100% precision what will happen during our drive, we can lessen the pressure it perpetrates on us by playing it safe. Here are 6 stages to lessening suburbanite stress.Source [Success]

Which Character in the book Watchmen best captures 21st century Essay

Which Character in the book Watchmen best catches 21st century American governmental issues Why - Essay Example America today is in an extraordinary sort of position since it ended up to be the sole outstanding superpower of the world, and because of this uncommon position, America applies a major impact in world issues. Incomprehensibly, America is additionally by one way or another restricted on the amount it can do in light of the fact that it is working under certain requirements by worldwide powers outside its prompt control. A model is the spread of liberal belief system helped spread globalization of exchange and money, which had thusly dispersed the American standards of genuine agent popular government and the advantages of free market private enterprise (that â€Å"a rising tide lifts all boats,† as broadly expressed by previous President John F. Kennedy). Be that as it may, America is presently likewise under expanding investigation by different countries in the manner it practices this extraordinary force; it is an authoritative sort of intensity and accompanies it the incre dible kind of obligation to exercise such power in a reasonable and fair way. This may not be the situation consistently or in all examples and different nations which additionally try to worldwide significance attempt to challenge American force from multiple points of view other than a direct fierce war. The weight is on America to practice its incredible force in a reasonable way to offer equity to every world resident however on the other hand, as the saying goes, outright force can degenerate totally. This concise paper is a conversation of current American governmental issues with a good or philosophical supporting comparable to a brilliant realistic novel by creator Alan Moore entitled Watchmen. Conversation The Watchmen is a genuine case of another artistic classification called as the realistic novel. It is another class of books as of late considered as a genuine work of art in itself because of its developing fame, with past books like A Contract with God (by writer Eisne r), Maus (by Spiegelman), trailed by Watchmen (by Moore and Gibbons) and afterward additionally The Dark Knight Returns (by Miller). A realistic novel follows the shows of a customary novel yet the story is told through a progression of funny cartoon outlines, subsequently the name realistic. It is told through exchange and the topic can be either fiction or true to life also. Guardians is a realistic novel that recounts to a convincing story of intensity that is profoundly significant today. Guardians has many fascinating characters with regards to it like Dr. Manhattan, Rorschach, Nite Owl, Silk Specter, the Comedian, and Ozymandias. Be that as it may, it is Dr. Manhattan which best epitomizes the idea of American governmental issues in the twenty-first century. The incredible intensity of Dr. Manhattan is fundamentally the same as the extraordinary forces of the United States of America as sole super force in a unipolar world. America as sole superpower has a great deal of choice s accessible to it that isn't accessible to lesser countries, and this force can be practiced either for fortunate or unfortunate, from a specific perspective, without risk of punishment whenever permitted. This makes America a startling nation to restrict. It practices its incredible forces as indicated by its own rationale and good guidelines which is appeared by its inclination or preference for preventive wars (some political experts named it as pre-emptive wars). This was appeared by the last Iraq war to topple Saddam Hussein for as far as anyone knows having the feared weapons of mass pulverization (WMD) and executed him after a defective preliminary for atrocities against humankind (Tucker 174).1 America resembles Dr. Manhattan; it works under its own guidelines and much more dreadful, works under a twofold standard of profound quality with regards to its direct of worldwide relations (Robichaud 14).2 Clearly, as expressed prior somewhere else, the unavoidable issue focuses o n the political ethical quality that America ought to be

Hood, John Bell

Hood, John Bell Hood, John Bell, 1831â€"79, Confederate general in the American Civil War, b. Owingsville, Ky. He resigned from the army (Apr., 1861) and entered the Confederate service 1862. He fought in the Peninsular campaign and at the second battle of Bull Run (Aug., 1862) and was promoted to the rank of major general in October. As a division commander under James Longstreet , he distinguished himself at Antietam, Fredericksburg, and Gettysburg and at Chickamauga, where he won his lieutenant generalcy (Sept., 1863). In the Atlanta campaign of 1864 he fought under Joseph E. Johnston until Jefferson Davis, displeased with that general's retreat, made Hood commander. Hood, faring no better against General Sherman , was obliged to abandon Atlanta on Sept. 1. To prevent a further Union advance Hood moved against Sherman's long line of communications. Sherman followed, but later, satisfied that George H. Thomas at Nashville could cope with Hood, returned to Atlanta and marched to the sea. H ood then began to advance through Tennessee. John M. Schofield slowly withdrew before him, repulsing his attack in a bloody battle at Franklin (Nov. 30) before joining Thomas. In the battle of Nashville (Dec. 15â€"16), Thomas won the most complete victory of the war, virtually annihilating the Confederates. Hood resigned his command (Jan., 1865) and surrendered at Natchez, Miss., in May. See his Advance and Retreat (1879, new ed. 1959, repr. 1969); S. F. Horn, The Army of Tennessee (1941, repr. 1959); biographies by R. O'Connor (1949, repr. 1959) and J. P. Dyer (1950). The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved. See more Encyclopedia articles on: U.S. History: Biographies

Evaluating The Value Of Halfords Uk Finance Essay - Free Essay Example

Halfords is the UKs leading retailer, on the basis of turnover, in each of the key product markets in which it operates, being, car maintenance, car enhancement and leisure (including cycles and cycle accessories and roof boxes etc. Founded as a local hardware store in Birmingham inÂÂ  1892ÂÂ  by F W Rushbrooke, Halfords has since grown to establish its position as the leading retailer of car parts, car enhancement, cycles and travel solutions in the UK.ÂÂ   In this report the value of the company is evaluated on the basis of its current statutory accounts. In this report the alternative sources of finance available for the company are also discussed. The areas of corporate risk when raising finance, paying particular attention to funds available to the company are also discussed. Business valuation: A formal assessment of the value of a business using pre-determined and generally agreed upon formulas. Theres a range of ways to value a business. Valuations based on multiples of future earnings and the capitalisations of future cashflows are the most common. There are a number of common valuation methods: Asset valuation Earning value approaches Entry cost Market approach. Discounted cash flow Industry valuations Asset-based approaches Asset based business valuation methods total up all the investments in the business. Asset-based business valuations can be done on a going concern or on a liquidation basis. AÂÂ  going concern asset-based approachÂÂ  determines the business net balance sheet value of its assets and subtracts the value of its liabilities. AÂÂ  liquidation asset-based approachÂÂ  represents the net cash that would be received if all assets were sold and liabilities paid off. Earning value approaches Earning value business valuation methods are predicated on the idea that a businesss true value lies in its ability to produce wealth in the future. The most common earning value approach is about Capitalizing Past Earning. With this approach, a valuator determines an expected level of cash flow for the company using a companys record of past earnings, normalizes them for unusual revenue or expenses, and multiplies the expected normalized cash flows by a capitalization factor. The capitalization factor is a reflection of what rate of return a reasonable purchaser would expect on the investment, as well as a measure of the risk that the expected earnings will not be achieved. Discounted Future EarningsÂÂ  is another earning value approach to business valuation where instead of an average of past earnings, an average of the trend of predicted future earnings is used and divided by the capitalization factor. Market value approaches Market value approaches to business valuation attempt to establish the value of the business by comparing the business to similar businesses that have recently sold. Obviously, this method is only going to work well if there are a sufficient number of similar businesses to compare. Valuation of Halfords Using the Market Value approach: In the report the Halfords Company is going to be evaluated using the market value approach. Valuation Multiple A value, typically expressed as a factor, used to multiply a business economic benefit to arrive at the business value. Market-derived business valuation multiples Valuation multiplesÂÂ  derived from similar business sales are often used to estimate the likely selling price of a business. These multiples are calculated as ratios which relate some measure of business financial performance to its potential selling price. The most popularÂÂ  multiplesÂÂ  are: Selling price divided by business gross revenue Selling price divided by business net sales Selling price divided by cash flow, such asÂÂ   Sellers Discretionary Cash FlowÂÂ  orÂÂ  Net Cash Flow OtherÂÂ  valuation multiplesÂÂ  that are also used rely on well-known accounting measures, for example: Selling price divided byÂÂ  EBITDA,ÂÂ  EBITÂÂ  or net income Selling price divided by gross profit Selling price divided by the book value ofÂÂ  business assets Selling price divided by the market value of total business assets or fixed assets such asÂÂ  Furniture, Fixtures and Equipment Selling price divided by the value of owners equity Analyst Estimates: ÂÂ   2009 2010 2011 Revenue (GBP millions) 790.34ÂÂ   792.00ÂÂ   816.67ÂÂ   Estimates 15ÂÂ   15ÂÂ   11ÂÂ   High 816.00ÂÂ   829.00ÂÂ   842.55ÂÂ   Low 784.70ÂÂ   780.00ÂÂ   774.30ÂÂ   Net Profit Pre Exceptional (GBP millions) 62.89ÂÂ   66.77ÂÂ   68.84ÂÂ   Estimates 9ÂÂ   8ÂÂ   7ÂÂ   High 69.83ÂÂ   69.00ÂÂ   71.31ÂÂ   Low 53.90ÂÂ   62.61ÂÂ   64.98ÂÂ   Net Profit As Reported (GBP millions) 63.64ÂÂ   67.20ÂÂ   70.80ÂÂ   Estimates 5ÂÂ   2ÂÂ   2ÂÂ   High 65.20ÂÂ   67.80ÂÂ   71.20ÂÂ   Low 62.60ÂÂ   66.60ÂÂ   70.40ÂÂ   Pre-Tax Profit Pre Exceptional (GBP millions) 91.11ÂÂ   94.18ÂÂ   97.80ÂÂ   Estimates 17ÂÂ   14ÂÂ   10ÂÂ   High 94.50ÂÂ   97.08ÂÂ   102.00ÂÂ   Low 78.00ÂÂ   89.44ÂÂ   92.70ÂÂ   Pre-Tax Profit As Reported (GBP millions) 87.48ÂÂ   94.90ÂÂ   98.23ÂÂ   Estimates 6ÂÂ   3ÂÂ   3ÂÂ   High 92.00ÂÂ   96.00ÂÂ   101.00ÂÂ   Low 75.90ÂÂ   94.20ÂÂ   96.00ÂÂ   EPS Pre Exceptional (GBp) 31.21ÂÂ   31.94ÂÂ   33.10ÂÂ   Estimates 18ÂÂ   16ÂÂ   12ÂÂ   High 33.60ÂÂ   33.25ÂÂ   34.70ÂÂ   Low 29.86ÂÂ   29.84ÂÂ   30.97ÂÂ   EPS As Reported (GBp) 27.55ÂÂ   32.87ÂÂ   34.38ÂÂ   Estimates 6ÂÂ   5ÂÂ   5ÂÂ   High 32.40ÂÂ   33.60ÂÂ   36.30ÂÂ   Low 23.00ÂÂ   31.98ÂÂ   33.28ÂÂ   CPS (GBp) 34.36ÂÂ   39.34ÂÂ   40.82ÂÂ   Estimates 5ÂÂ   5ÂÂ   4ÂÂ   High 40.50ÂÂ   44.10ÂÂ   46.04ÂÂ   Low 26.00ÂÂ   25.10ÂÂ   28.60ÂÂ   DPS (GBp) 15.88ÂÂ   16.69ÂÂ   17.60ÂÂ   Estimates 18ÂÂ   16ÂÂ   12ÂÂ   High 16.50ÂÂ   18.00ÂÂ   19.00ÂÂ   Low 15.14ÂÂ   16.00ÂÂ   16.50ÂÂ   EBITDA (GBP millions) 123.84ÂÂ   124.99ÂÂ   128.60ÂÂ   Estimates 13ÂÂ   13ÂÂ   8ÂÂ   High 128.50ÂÂ   131.00ÂÂ   135.00ÂÂ   Low 109.45ÂÂ   116.00ÂÂ   125.71ÂÂ   EBIT (GBP millions) 101.47ÂÂ   100.53ÂÂ   104.05ÂÂ   Estimates 12ÂÂ   11ÂÂ   8ÂÂ   High 105.00ÂÂ   105.00ÂÂ   110.00ÂÂ   Low 86.97ÂÂ   95.00ÂÂ   100.50ÂÂ   NAV (GBp) 118.00ÂÂ   131.20ÂÂ   147.80ÂÂ   Estimates 1ÂÂ   1ÂÂ   1ÂÂ   High 118.00ÂÂ   131.20ÂÂ   147.80ÂÂ   Low 118.00ÂÂ   131.20ÂÂ   147.80ÂÂ   Currant finance structure: Treasury policy The Groups Treasury Policy is structured to ensure that adequate financial resources are available for the development of its business whilst managing its currency, interest rate and counterparty credit risks. The Groups treasury strategy, policy and controls are approved by the Board. The main elements of treasury activity and associated risk are outlined below: Funding The treasury function arranges sufficient secure financial resources to enable the Group to meet its medium-term business objectives, whilst arranging facility maturities appropriate to its projected needs. The Group has a syndicated five-year term facility, maturing with a bullet repayment in July 2011, totalling 300m of committed bank facilities, comprising a non-amortising term loan of 180m and a revolving credit facility of 120m, which, together with cash surpluses, provide adequate funding for the Groups operations. Counterparty credit risk The Group actively manages its relationships with a panel of high quality financial institutions. Credit risk is controlled by the treasury function setting counterparty credit limits by reference to published rating agency credit ratings and the Corporate Default Swap market. All such counterparties, which constitute the syndicated bank group, held at least an A credit rating at the time of the facility agreement. The Treasury Policy recognises that an exposure to a counterparty arises in relation to investments, derivatives and financial instruments. The Groups treasury departments main responsibilities are to: ÃÆ'Â ¢-ÂÂ   Ensure adequate funding and liquidity for the Group; ÃÆ'Â ¢-ÂÂ   Manage the interest risk of the Groups debt; ÃÆ'Â ¢-ÂÂ   Invest surplus cash; ÃÆ'Â ¢-ÂÂ   Manage the clearing bank operations of the Group; and ÃÆ'Â ¢-ÂÂ   Manage the foreign exchange risk on its non-sterling cash flows. The Groups debt management policy is to provide an appropriate level of funding to finance the Business Plan over the medium term at a competitive cost and ensure flexibility to meet the changing needs of the Group. The Group has a syndicated five-year term facility totalling 300m that provides the Group with committed bank facilities until July 2011. The key risks that the Group faces from a treasury perspective are as follows: Financial risk The Business Plan and cash flow forecasts are subject to key assumptions such as interest rates and the significance of these risks is dependent upon the level of earnings before interest, tax, depreciation and amortisation and the strength of the balance sheet. Interest rate risk The Groups policy aims to manage the interest cost of the Group within the constraints of the Business Plan and its financial covenants. The Groups borrowings are currently subject to floating rate and the Group will continue to monitor movements in the swap market. Foreign currency risk The Group has a significant transaction exposure with increasing, direct source purchases of its supplies from the Far East, with most of the trade being in US dollars. The Groups policy is to manage the foreign exchange transaction exposures of the business to ensure the actual costs do not exceed the budget costs by 10% (excluding increases in the base cost of the product). The Group does not hedge either economic exposure or the translation exposure arising from the profits, assets and liabilities of non-sterling businesses whilst they remain immaterial. During the 53 weeks to 3 April 2009, the foreign exchange management policy was to hedge between 75% and 80% of the material foreign exchange transaction exposures on a rolling 15-18 month basis. Hedging is performed through the use of foreign currency bank accounts, spot rates and forward foreign exchange contracts. Credit risk The Groups policy is to minimise the risk that foreign exchange and interest rate derivative counterparties, the holders of surplus cash and the providers of debt will be unable to fulfil their obligations and also, in the case of lenders, unwilling to extend the loan facilities when they expire. The Group ensured that such counterparties used for credit transactions held at least an A credit rating at the time of syndication (July 2006). Ancillary business, in the main, is directed to the eight banks within the syndicated group. The Treasurer is responsible for determining creditworthiness of each counterparty, based on the overall financial strength of the counterparty. The counterparty credit risk is reviewed in the Treasury report, which is forwarded to the Treasury Committee and the Treasurer reviews credit exposure on a daily basis. Conclusion: Depending on the financial data provided by the Halfords Company the current financial stability of the company is successfully analyzed. References Annual report: Halfords PLC https://www.halfordscompany.com/hal/ir/fininfo/reports/ https://www.valuadder.com/glossary/valuation-multiplier.html https://financial-dictionary.thefreedictionary.com https://www.investopedia.com/terms/c/costofcapital.asp https://www.lse.co.uk/shareprice.asp?shareprice=THTshare=thorntons_plc_ord_10p Word Count: 2078