2011年5月31日星期二

Love is a force of nature—I wish I knew how to quit you

Well, this ever-so ‘umble critic is putting his reputation on the line – Brokeback Mountain (2005) really isn’t quite as good as everyone else seems to believe. There, I’ve said it. Accusations of hard-heartedness may follow, but that doesn’t change the fact that Crouching Tiger, Hidden Dragon (2000) director Ang Lee‘s simplistic, overindulgent work is little more than a competently made ode to nature and male-bonding.
Clearly, though, it was a perfect opportunity for America to get back in touch with its feminine side while its troops were still busy ‘saving’ villages in foreign lands.
The year is 1963: cowboys Jack Twist (Jake Gyllenhaal) and Ennis Del Mar (the late Heath Ledger) are hired and sent together to Brokeback Mountain to herd sheep for the summer. The work is arduous, the terrain and conditions unforgiving, but a friendship quickly grows between the two men, who are dependent on each other for survival in the wilderness.
Things go deeper, however, when Jack takes Ennis into his tent one cold night, and the companionship goes a step further. In the macho world they must inhabit, theirs is the love that dare not speak its name, so the men reluctantly go their separate ways once summer is over, finding wives (Michelle Williams and Anne Hathaway, both excellent) and raising families. But they revisit their deep, complex love during the following 20 years, and it becomes clear that accepting their feelings might drive them apart forever.
Sounds moving, doesn’t it? In parts, it is; Ledger takes acting honours for his struggle, etched painfully on his features and his life, to suppress his emotions for Twist. Gyllenhaal, on the other hand, while seemingly more willing to make a life with his soul-mate, ultimately lacks the courage to do anything about it.
But the film disappoints – perhaps its Ang Lee’s obsession with breathtaking natural cinematography, or maybe there simply isn’t enough story to fill the running time, but boredom set in for this reviewer after the first 90 minutes.
Sure, you’d have to have a heart of stone not to be moved by the men’s plight, but the agony is piled on to such an extent that the result is bludgeoning, not enlightening.

Here, I list some classic lines of Oscar during the past few years:
“Can’t you see I have you Chump? Get me some viskey!” from “The Great Ziegfeld,” 1936
“Sometimes you’re so beautiful it just gags me” from “You Can’t Take It with You,” 1938
“Frankly, my dear, I don’t give a damn!” from “Gone with the Wind,” 1939
“I’ll get you, my pretty, and your little dog, too!” from “The Wizard of Oz,” 1939
“I’m asking you to marry me, you little fool” from “Rebecca,” 1940
“Rosebud” from “Citizen Kane,” 1941
“Here’s looking at you, kid” from “Casablanca,” 1943
“No, a golf course is nothing but a pool room moved outdoors” from “Going My Way,” 1944
“One’s too many an’a hundred’s not enough!” from “The Lost Weekend,” 1945
“I’ve seen nothing. I should have stayed at home and found out what was really going on” from “The Best Years of Our Lives,” 1946
“You don’t want much. You just want the moon. ¡­with parsley!” from “Gentleman’s Agreement,” 1947
“Frailty, thy name is woman!” from “Hamlet,” 1948
“You throw money around like it was money” from “All the King’s Men,” 1949
“All right, Mr. DeMille, I’m ready for my closeup” from “Sunset Blvd.,”1950
“STELLA!” from “A Streetcar Named Desire,” 1951
“Well, what am I? I’m a private no-class dogface. The way most civilians look at that, that’s two steps up from nothin’” from “From Here to Eternity,” 1953
“I coulda had class. I coulda been a contender. I coulda been somebody, instead of a bum, which is what I am” from “On the Waterfront,” 1954
“An Englishman never jokes about a wager, sir” from “Around the World in 80 Days,” 1956
“All work and no play make Jack a dull boy” from “The Bridge on the River Kwai,” 1957
“Such stupidity is without equal in the entire history of human relations” from “Gigi,” 1958
“You can break a man’s skull. You can arrest him. You can throw him into a dungeon. But how do you control what’s up here? How do you fight an idea?” from “Ben-Hur,” 1959
“When you’re in love with a married man, you shouldn’t wear mascara” from “The Apartment,” 1960
“Come in, come in! We won’t bite you–till we know you better” from “West Side Story,” 1961
“No prisoners! No prisoners!” from “Lawrence of Arabia,” 1962
“It is widely held that too much wine will dull a man’s desire. Indeed it will, in a dull man” from “Tom Jones,” 1963
“Gentlemen, you can’t fight in here. This is the War Room” from “Dr. Strangelove,” 1964
“The Von Trapp children don’t play. They march” from “The Sound of Music,” 1965
“Hope that was an empty bottle George! You can’t afford to waste good liquor, not on your salary!” from “Who’s Afraid of Virginia Woolf?” 1966
“They call me MISTER Tibbs!” from “In the Heat of the Night,” 1967
“What we’ve got here is failure to communicate” from “Cool Hand Luke,” 1967
“Open the pod bay doors, HAL” from “2001: A Space Odyssey,” 1968
“Think you used enough dynamite there, Butch?” from “Butch Cassidy and the Sundance Kid,” 1969
“I’m walking here! I’m walking here!” from “Midnight Cowboy,” 1969
“We’re going to kick the hell out of him all the time and we’re going to go through him like crap through a goose!” from “Patton,” 1970
“This is Doyle. I’m sittin’ on Frog One” from “The French Connection,” 1971
“I’m gonna make him an offer he can’t refuse” from “The Godfather,” 1972
“I love it when guys peel out” from “American Graffiti,” 1973″
Well, to tell ya the truth, I lied a little” from “Chinatown, 1974
“Hit me, Chief! I got the moves!” from “One Flew over the Cuckoo’s Nest,” 1975 “Attica! Attica!” from “Dog Day Afternoon,” 1975
“I’m as mad as hell and I’m not going to take this anymore!” from “Network,” 1976 “Follow the money” from “All the President¡¯s Men,” 1976
“The Force is strong with this one!” from “Star Wars,” 1977
“Stanley, ya see this? This is this. This ain’t something else. This is this. From now on, you’re on your own” from “The Deer Hunter,” 1978
“The horror. The horror” from “Apocalypse Now,” 1979
“I am not an animal. I am a human being. I am a man” from “The Elephant Man,” 1980
“Wanna dance? Or would you rather just suck face?” from “On Golden Pond,” 1981
“E.T. phone home,” from “E.T. The Extra-Terrestrial,” 1982
“Who was the best pilot I ever saw? Well, uh, you’re lookin’ at ‘im” from “The Right Stuff,” 1983
“Wind in the hair! Lead in the pencil!” from “Terms of Endearment,” 1983
“Do I ice ‘er? Do I marry ‘er?” from “Prizzi’s Honor,” 1985
“Shut up! Shut up and take the pain! Take the pain!” from “Platoon,” 1986
“Snap out of it!” from “Moonstruck,” 1987
“Greed is good” from “Wall Street,” 1987
“Ten minutes to Wapner” from “Rain Man,” 1988
“If you build it, he will come” from “Field of Dreams,” 1989
“In case I forget to tell you later, I had a really good time tonight” from “Pretty Woman,” 1990
“Good evening, Clarice” from “The Silence of the Lambs,” 1991
“You can’t handle the truth!” from “A Few Good Men,” 1992
“The truth, Helen, is always the right answer” from “Schindler’s List,” 1993
“My Momma always said ‘Life was like a box of chocolates. You never know what you’re gonna get” from “Forrest Gump,” 1994
“Show me the money!” from “Jerry Maguire,” 1996
“You had me at hello” from “Jerry Maguire,” 1996
“I’m the king of the world!” from “Titanic,” 1997
“You make me want to be a better man” from “As Good As It Gets,” 1997
“Off the record, on the QT, and very Hush-Hush” from “L.A. Confidential,” 1997
“I am a dead man and buggered to boot” from “Shakespeare in Love,” 1998
B(N x i0R.U”Remember those posters that said ¡®Today is the first day of the rest of your life? Well, that’s true of every day except one–the day you die” from “American Beauty,” 1999
“My name is Gladiator” from “Gladiator”, 2000
“Frodo!” from “The Lord of the Rings: The Fellowship of the Ring,” 2001
“Give ‘em the old razzle dazzle” from “Chicago,” 2002
“You don’t throw a whole life away just ’cause it’s banged up a little” from “Seabiscuit,” 2003
“Don’t jive me, man” from “Ray,” 2004
“No, if anyone orders Merlot, I’m leaving” from “Sideways,” 2004
“I wish I knew how to quit you” from “Brokeback Mountain,” 2005

2011年5月14日星期六

Amazon.com: the Hidden Empire

Amazon.com Hidden the EmpireThree digital engines to reshape and dominate retail
  1. Amazon.com:a digital shop around the corner…
  2. … and a digital colossus.
  3. Did you know:all these companies belong to Amazon…
  4. Did you know: Amazon is also… AmazonBasics Amazon-branded electronic products AmazonFresh sells and delivers groceries in Seattle AmazonStudios online social movie studio Amazon WarehouseDeals offers discounts on refurbished products
  5. Did you know: Amazon has had one of the fastest growths in the Internet’s history… Revenues reached within first 5 years $2.8 bn $1.5 bn $0.4 bn eBay Google AmazonAmazon and eBay results from 1995 to 2000, Google from 1998 to 2003.Even though Zynga and Groupon appear to have an even quicker growth, they haven’t been compared because 1- sales have not been officially disclosed 2- they haven’t reach their fifth year
  6. Did you know: Amazon Web Services drivesthese companies…
  7. Did you know: Amazon.com is a giant… E-commerce Y/Y growth for Q1 2011 +38% 3 × growth of market Market cap $90 bn 2 × market cap Customers 137 m 2 × # customers Employees 33,700 15 × more than Annual revenue $34 bn 16% more than Internet traffic rank 16th before Retail brand 1st before Paid out $1.2 bn to buySource: Amazon.com, Alexa, Brandz. Market capitalization as of April 2011.
  8. Why? A vision… From 1994, Jeff Bezos knew he could create a retail website that would not have the limitations physical businesses encounter. “You could build a store online that simply could not exist in any other way.You could build a true superstore with exhaustive selection; and customers value selection.” Jeff Bezos
  9. … served by great execution & innovation Digital Engine: A digital lever providing a significant advantage to outperform ones competitorsHigh fixed and variable costs Negligible variable costsNo real-time metrics Real-time optimizationSlow innovation process A/B testing and full-size prototypesLimited reach No physical frontier: worldwide marketLimited space Unlimited inventory and categoriesSlow inventory turnover Ever-improving metrics & optimizationOne by one, Jeff Bezos carefully assessed the true advantages the Internet would give him, and pushed them to their boundaries
  10. Digital engine #1 No limitsHow Amazon fosters a very classical businessmodel with the Internet’s specific advantages.
  11. Not that disruptive of a model:“sell and deliver stuff to customers” Amazon perfectly understood the old-economy retail cocktail: low prices, large selection, convenience/customer experience. “I cant imagine that ten years from now [customers] are going to say: ‘I really love Amazon, but I wish their prices were a little higher’” Convenience Low prices Jeff Bezos Large selection
  12. Jeff Bezos’ 3 big ideas1 Digital enables limitless inventory2 Digital boosts customer care3 Digital allows high margin, lowest prices
  13. In 15 years,Amazon went from 1 category (books) to 16 main categories1 LIMITLESS INVENTORY
  14. Amazon began with books… Competition Product Search Market was large and A book does not have to Search would make it fragmented. be accurately described: easy for customers to it is a universal and find books among the Contrary to the simple object. entire database. concentrated music industry, no player would Book distributors were Amazon repeatedly have the power to freeze already exchanging appears first on Google’s out a new entrant. digitalized listing. results page.Source: Robert Spector, Amazon.com: Get Big Fast (2002)
  15. … and needed to get big fast Buying power Brand & trust Cost managementWith great size comes a It is logical to amortize Trust is hard earned,better ability to negotiate high fixed costs over a and easily lost volume discounts. great number of It involved establishing a customers. Suppliers ignore world-class brand before Amazon.com at their Variable costs are very barnesandnoble.com own risk. low on the Internet. Long-term focus: “market share now equals revenue later” Netscape cofounder Marc Andreessen
  16. Create a digital driven supply chain Hiring from the expert: Amazon poached Walmart’s employees: •  Richard Dalzell as its Chief Information Officer •  Jimmy Wright as its Chief Logistics Officer They were responsible for Walmart’s secret weapon: •  A computerized supply chain •  An impressive supply-and-distribution network Walmart sued Amazon for violation of trade secrets law in 1998. 1995 1997 2010 Garage 2 fulfillment centers 400 sq feet 300,000 sq feet 50 fulfillment centers 26,000,000 sq feetSource: Amazon.com. Warehouse image: seanau.com
  17. Limitless categories too Books, Music and DVD/Video Others 100% Media vs. others in the U.S.1 80% 60% 40% 20% 0% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3 categories 16 categories By introducing two new product categories every year for almost a decade, Amazon’s market share represents one third of U.S. e-commerce sales.21Amazon.com 2RBC
  18. Case study: from books to music (1995-1998) Contrary to books, Amazon.com was no first-mover in music e-retailing. But the company went back to work and used the same cocktail: Large selection 130k titles, 280 Low prices sub-genres Convenience up to 30 % “most efficient discount on song search of some albums the web” (NYT) Largest online seller of music… in 120 days! Amazon acquired CDNow in 2002 and began operating its websiteSource: Robert Spector, Amazon.com: Get Big Fast (2002)
  19. Build, buy, partner: accelerate development Build Buy Partner From time to time, When competitors are In some vertical markets,Amazon simply created already well established, Amazon offers its a new category. Amazon may buy out an technology service and incumbent. e-commerce expertise to In May 2011, Amazon third parties.launched MyHabit, even Quidsi (Diapers + Soap)though VentePrivée was acquired for Co-branded webstore the market leader. $540 m in 2010. with Toys “R” Us. 2000: exclusivity for 10 years 2006: ended by a lawsuit Thanks to this strategy, Amazon had been able to offer massive inventory
  20. Case study: why did Amazon.com buy Zappos for $1.2 bn in 2009? Revenue $1 bn (2009) Customers 11.5 m (2009) Female audience 69% Technology Synergy Amazing supply-chain and logistics management Legendary customer service: ranked #1 in 20101 (using autonomous robots (dedicated customer service Twitter account) and proprietary software) One-of-a-kind customer-centric culture with highly skilled employees Niche markets for 10 years before acquisition 97% of sales were apparel/footwear in 20092 With Zappos, Amazon tries to reach a new audience (young women) and acquires know-how.1NRF Foundation/American Express Customers Choice survey 2AdWeek Photo of the Kiva robot from Joshua Dalsimer
  21. Gravity fuels gravity More customers Lower prices More distribution channels Larger selection Larger reach Greater convenience More sellers
  22. “Be afraid of our customers, because those are the folks who have the money. Our competitors are never going to send us money.” Jeff Bezos 2 CUSTOMER CARE ON STEROIDSJeff Bezos delivering a package to Amazon.com’s millionth customer in October 1997 (credits: Amazon.com).
  23. Invest in customers first “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.” Jeff BezosCustomer focus Frugality Innovation“We start with the “Amazon is spending “I think frugality drivescustomer and work money on things that innovation, just likebackward.” matter to customers.” other constraints do.”Following a bottom-up Frugality is part of the Amazon is alwaysapproach, every company’s DNA: looking for simpledecision at Amazon is Amazon is continually solutions in order todriven by the customer’s looking for ways to do provide lower prices to itsneeds. things cost-effectively. customer. Amazon created a trusted, informative and loyal relationship with its customers.
  24. Data & human driven customer service Amazon’s customer service was ranked #1 in 20091 and 20112 WHY HOW 1996: “If you make customers unhappy on the Internet, they can each tell 6,000 friends” Machines “We do 90% of our customer Jeff Bezos service by e-mail rather than by telephone” Jeff Bezos Amazon developed its •  Fix customer’s problems own software to manage •  Identify recurring issues e-mail centers. •  Track the behavior of merchants Human Every employee, even the CEO, spends two days every two years Customer service is the only human-to-human on the service desk to interaction for an e-commerce website. answer calls and help customers.1Customer Service Champs From BusinessWeek 22011 Temkin Experience Ratings
  25. Customer-centric innovations:e-commerce easier than commerce •  1995: Customer reviews •  1997: Recommendations & bundles Select •  2001: Look inside the book •  2003: Search inside the book Order •  1997: 1-Click Ordering •  2001: Where’s my stuff Receive •  2002: Free Super Saver Shipping Amazon was a first-mover for most of e-commerce’s now ubiquitous best-practices.
  26. Customer centric innovations: pushing boundaries further Very much like Google, Amazon is always 1-Click orderingUser experience innovating to improve its users’ experience and Amazon Prime make them feel at home. Vouchers One-to-one marketing to tailor the content to the “Your Recent History” Personalized customer, help him discover new products and “Customers Who Bought stores provide unique experiences. This Item Also Bought” Detailed and safe step-by-step buying process with “You can always remove A-to-Z Safe Buying Protection. it later” [from the cart] Trust Amazon won and maintained customers’ “Shopping with us is confidence. safe” Amazon.com implements all its consumers’ hidden needs to become their first destination when thinking of buying online.
  27. Case study: 1-Click Ordering isthe easiest way to buy Conversion funnel Each step of the funnel carries a risk to lose potential customers and lead to shopping cart abandonments. Conversion Amazon monitored each step to improve its conversion optimization rate, a tactic that is now pervasive in the industry. 1-Click •  Patented in 1997, and licensed to Apple in 2000 •  Allows to bypass the shopping cart: it’s only one step! Ordering •  Increased Amazon’s conversion rate With 1-Click, Amazon revolutionized the buying process by taking convenience to extremes.
  28. International: sky’s the limit? 1.  Amazon exported its U.S. model and International vs U.S. net sales established subsidiaries to six countries: International U.S. United Kingdom 1998 Germany 1998 100% France 2000 Japan 2000 Canada 2002 50% China 2004 2.  Each subsidiary subsequently started to 0% reference new categories one after another 1998 2001 2004 2007 2010 Contrary to Walmart, which failed to enter the German and South Korean markets, Amazon’s international expansion has been successful.Source: Amazon.com
  29. Case study: how mobile devices promote Amazon.com’s ubiquity From home Everywhere (even from a brick & mortar shop) Full experience Handy Entertainment Opportunities Main source for Amazon referencing products Comparison New way to Payments is(books, music, movies) pricing with navigate through exploring NFC barcode scanning products with Associates advertise Payments to from Amazon AmazonAmazon’s products on develop PriceCheck Windowshop App other sites. m-commerce Amazon created a seamless & integrated shopping experience.
  30. Assuming there’s no sales tax and free shipping, Amazon is significantly cheaper than its competitors Specialty retailer Amazon can really push the loss leader tactic to its end. 3 HIGH MARGIN, LOWEST PRICESSource: Wells Fargo
  31. Logistics, Amazon’s secret recipe “None of these things are visible on the website, but they lead to a much better customer experience and a lower cost structure” Jeff Bezos As a pure-player, Amazon leverages its digital advantage to optimize its supply chain. Fast moving items are stored in all the FCs (fulfillment center). Hard-to-find items are kept in small Amazon quantities in one or two FCs. warehouse Automatically chooses the Easily movable items (e.g. media) cheapest origin for the are stored in highly automated customer’s order in real-time. facilities. Customers Amazon Extensive use of tracking It will re-optimize it based on warehouse the other customers’ orders. Drop shipping: when applicable, Amazon provides packages and asks the supplier to ship the product himself . Third-party Third-party sellers follow the same seller principle, which increases margins.Source: Colby Ronald Chiles and Marguarette Thi Dau (2005). FC: Fulfillment center
  32. Digital = cash flow = low prices On average, a product stays: 70 days on Best Buy’s shelf 33 days on Amazon’s one Product delivered Product paid for Customer by suppliers to suppliers buys & pays 70 Cash debt Customer buys & pays Day 0 33 Cash flow Leveraging its high positive cash flow, Amazon is able to maximize margins and beat all other retailers when it comes to pricing. 1996: Barnes & Noble signs a deal with America Online to become its exclusive Bookseller 1997: Amazon slashes prices up to 40 % on its best-selling prices and doubles its inventory to 2.5 mSource: Amazon, BestBuy, Cnet
  33. Case study: delegating the Long Tail In 2000, Amazon launched its Marketplace: it allowed third-party sellers to sell and reference their products side-by-side with Amazon’s items. Amazon Marketplace represents 33% of total units shipped1 by Amazon and 2 m sellers worldwide2. Amazon leverages its third-party sellers: 1. Best-selling products are kept in stock by Amazon Better stock 2. Long-tail items are provided by third-party sellers management Self-improving: Amazon can quickly identify new top selling items because all sales go through the platform. Increasing competition between sellers and offering second-hand Lower prices items let Amazon reinforce its ability to provide lower prices. Ten years ago, experts thought Amazon was crazy to cannibalize its own sales. However, it was a way to offer Long Tail items at lower cost.1 Amazon.com Q1 2011 results 2InternetRetailer
  34. Financing margin optimization Amazon.com lost a staggering $3 bn between 1995 and 2003 (IPO) 1997 2003 -200 Profit (Millions) -600 2000: “We were hoping to build a small, profitable company, and […] -1,000 what weve done is build a large, unprofitable company” Jeff Bezos -1,400 •  By going public in 1997, Amazon acknowledged that only the stock market would be able to provide the kind of financing it was looking for. •  Thanks to ever improving business metrics, investors’ trust remained and was instrumental in helping Amazon’s development.Source: Amazon.com
  35. A data-driven company Amazon pioneered A/B testing in 1997. “Online, we can show half of our customers one thing and half of customers another, and very quickly get some results back on how people actually behave.” Jeff Bezos [ ] (in weeks) [ ] (in seconds) In 2001, for the first time in its history, Amazon implemented a software to measure its costs for each shipped product. As a result, Amazon started dereferencing its so-called CRAP C.R.A.P. (Can’t Realize Any Profit) products. In 2000, Jeff Bezos discovered it took 15 minutes to pack a best- selling $25 folding chair, which obliterated the margin. He then negotiated with the manufacturer, who agreed to send it pre-packaged for ¢25.Source: Robert Spector, Amazon.com: Get Big Fast (2002)
  36. Sharing cost centers Amazon.com brand Fulfillment Computing resources Amazon was one of the With FBA (Fulfillment by pioneers of online S3 (file storage) and Amazon), sellers lets affiliation marketing1 EC2 (compute capacity) Amazon handle their leveraging its brand. launched in 2006. logistics. Amazon Associates is Amazon monetized its It includes storage, “Tupperware party on know-how in scalability packaging, shipping and steroids” Forrester’s and reliability. customer service. Chris Charron1Affiliation is a sales technique in which a website gets paid to promote Amazon.com’s products.
  37. Insourcing the value chain •  2005: Amazon buys print-on-demand company BookSurge (now CreateSpace). Supplier •  Provides cover design, copyediting, press release creation, etc. •  2000: 70% of its software development concerns distribution centers. Distribution •  2010: Amazon adds 13 fulfillment centers (out of 52 already existing). •  Always owns the customer account •  Even with third-party sellers •  “We employ our own bicycle couriers in China.” Jeff Bezos Delivery •  For Amazon Fresh (home grocery delivery), implemented its own delivery networkSource: Amazon.com Q4 2010 transcript, Wired, CreateSpace. Image: Atomic Taco
  38. Case study: circumventing distributers (1997)1995: Jeff Bezos chooses Seattle to establish its headquarters. Seattle is about a six-hour drive from Roseburg, Oregon; where the leading book distributor Ingram runs the largest distribution center in the USA. Publishers Distributers Amazon.com Fulfiller1997: to reduce variable costs, Amazon starts to circumventdistributers. Negotiating with publishers Building a warehouse Hiring Walmart executives Publishers Amazon.com Fulfiller
  39. Next step: digital cultural goods market While the ebook market is expected to grow by more than 300%1 by 2015, the printed books market will shrink by 4.7% US consumers will spend more on online music than on recorded music by 20122. US DVD sales plunged 20% in Q1 20113, while streaming and subscription services (including Netflix) rose 33%. With 43% of its sales coming from media, Amazon’s vision is at risk would it fail to rule over the digital goods market.Sales forecast from 1Goldman Sachs, 2Strategy Analytics, 3DEG (2011)
  40. Digital goods further improve margins Value chain Inventory No shippingBecause there are fewer With PoD (Print on Amazon makes someintermediaries, Amazon Demand) and digital products free to attract can take a larger share storage, inventory costs new customers.in the digital retail price. become negligible. One free app per day on Creative destruction: Amazon will circumvent Amazon App Store, free Amazon will be able to distributors but also 5 GB on Amazon Cloudsell additional services to publishers to directly Drive… content producers. reach authors. Operating margin in 2010 35% •  Amazon’s global operating margins remain very low 28% 22% •  Amazon’s sales ($34 bn) still represent a drop in Walmart’s bucket ($422 bn), which is now a strong player in the e- 4% retail marketAmazon eBay Apple Google
  41. Digital goods domination underway? In each digital market, Amazon fights for monopoly. Market leadership New entry Mature businessAmazon.com bought Audible in 2008.
  42. Digital engine #2 Customer accountsAmazon’s main strength lies in its ability to control the cash register.
  43. A trusted relationship is a competitive asset Amazon’s primary challenge was to acquire its customers’ confidence 137 Number of customers (millions) Amazon benefits from a loyal customer base: 2/3 of the sales 41 comes from returning customers 1 1997 2004 2011 “Commerce is the simple find it, buy it, ship it action. E-merchandising is much more about customer behavior online” Jeff Bezos (1998)Source: Amazon.com
  44. Opportunity: digital shuffles the payments market 200 m Establishing barriers to entry 137 m 94 m Market players need to acquire customers accounts very quickly. Barriers to entry are being built up: new entrants will have to 20 m support incumbent’s payment method. Apple Amazon Paypal Netflix 2007: Amazon launches Amazon Payments to directly compete Number of customer accounts with PayPal Positioning in the payments market Worldwide payments represented $600 bn of revenues (and $331 trillions in value1) in 2010. Mobile payments are expected to quadruple by 2014, reaching $630 bn in value2.Source: Apple, BusinessWeek, Amazon.com, Paypal, Netflix. 1BCG 2Juniper Research
  45. Customer loyalty: 3 main approaches Recurring usage Seamless integration Lock-in Recurring usage Lock-in occurs when Vertical integration captivates users’ circumstances prevent creates a consistent attention. users from leaving a experience that is very platform. Facebook tries to appealing (halo effect). leverage it to invade DRM makes it extremely It may require building itsother markets (streaming difficult for users to read own device with Warner Bros, their ebooks on another (Kindle and iPod). Facebook Credits) platform. Short term advantage Long lasting advantage Low constraint High constraint
  46. Amazon uses all three approaches: 1 recurring usage Why are sellers still using Amazon? •  Nonsense to ignore Amazon’s 137 m customers •  Profit from a reliable and optimized technology Sellers $ •  It takes time to develop as trusted a brand as Amazon’s (Amazon is the leading retail brand, before Walmart1) How is Amazon increasing recurring usage? •  Creating ecosystems (Kindle and rumored tablet) •  Storing users’ media library (Instant Video, Kindle) Customers •  Special offers every day (Amazon Video on Demand) •  Ever-changing personalized store1Brandz (2011). Icons from Ahasoft.
  47. Amazon uses all three approaches: 2 seamless integration How does Amazon integrate sellers? •  Monitor seller ratings posted by customers •  Expel sellers with bad ratings to ensure quality and protect the Amazon brand •  Offer its Fulfillment by Amazon program to further improve the Sellers customer experience How is the user experience vertically integrated? •  From the customer point-of-view, sellers are fairly invisible and commoditized •  On most products, customers can profit from Amazon Prime Customers and Free Super Saver ShippingIcons from Ahasoft.
  48. Amazon uses all three approaches: 3 lock-in How are sellers locked in? •  As Amazon puts it, their customers are in fact Amazon’s customers. •  Third party sellers do not own the customer accounts. Thus their position is very risky. Sellers •  The more business they generate through the Amazon marketplace, the more complicated it will become to ensure the same level of customer experience (building infrastructure, customer service…). How are customers locked in? •  Digital content: Kindle ebooks proprietary format •  Amazon Prime program: annual subscription to get free 2- day shipping CustomersIcons from Ahasoft.
  49. The big picture: an app store model Commoditized sellers Amazon.com aims at being the only place where you discover and buy goods (digital & physical) Multiple entry points: •  Affiliation •  Mobile appsIcons from Ahasoft.
  50. Digital engine #3 EcosystemIn the end, Amazon is building an ecosystem to achieve digital supremacy, just like Apple & Google.
  51. Success is “how well we defy easy analogy” Jeff Bezos The Kindle is a service, not a device.“Amazon’s iTunes” is made to acquire customers and build up an ecosystem.
  52. A device dedicated to reading Optimized for readers Even if it’s a minor object, the Kindle substantially disrupts our reading experience with: •  3G access to the Kindle Store •  E-ink reflective screen causing no eyestrains •  1 month battery life À la Braun design With an unobtrusive design, theKindle blends into readers’ hands. Instead of trying to replace the printed book or the iPad, the Kindle device is focusing on a few very differentiated features, dedicated to the reading experience.
  53. A service, not a device “The vision for Kindle is every book ever in print in any language – all available in less than 60 seconds.” Jeff Bezos Amazon struggles with publishers to implement its vision: •  Lowering prices, even if it requires temporarily selling at a loss •  Increasing selection: 900,000 books available •  Pressuring them with Print on Demand and auto-publishing Like iTunes, it is a seamlessly integrated ecosystem. Amazon wants to become a one-stop shop: •  Kindle’s 3G chip •  Access to the ebook catalog through the Kindle or the apps Even if the Kindle is the best device to read for a long time, it is more of a platform than a device: •  A device-agnostic experience thanks to mobile and desktop application (Whispersync1) •  A streamlined interface and user experience dedicated to reading on many devices1Whispersync enables a seamless synchronization of the reading progress and bookmarks across devices. Icons from Oxygen.
  54. An entry point to harness the market Barnes & Noble Nook Sony Librié Amazon Kindle Cybook Opus Kobo eReader 2004 2007 2009 2010 Ebooks sales: 6% of Amazon’s 115 ebooks sold for microscopic book units sold1 every 100 paperbacks2 Staying ahead of retailers Harnessing the market Books are Amazon’s DNA. “We’ve been selling e-Books for ten To demonstrate its resolve, it needed to years, but we needed an electron push its digital advantage to its end: microscope to find the sales. […] •  Digital distribution: every book Three years ago we said, ‘Look, what we available in less than 60 seconds need to do is create a perfect, integrated, •  Value chain: Amazon now integrates streamlined customer experience all the retail and distribution way through.’” Jeff Bezos (2008) “[And] if we can get other devices to also be able to buy Kindle books, that’s great.”31PaidContent 2Amazon.com 3Despite Jeff Bezos’ stance, currently only Amazon’s official apps enable purchasing via Amazon.
  55. Creating an ebooks ecosystem Now that Amazon has reached a critical mass, it is trying to create an ecosystem to increase its footprint. Towards users Towards authors •  massive selection Higher royalty share •  great device (35% or 75%) •  low prices Customer loyalty Kindle owners buy 70% more books than prior to owning the device1.1 Paidcontent
  56. Kindle v4 Even if Amazon faces strong competition from the iPad, it will never compromise on the long-form reading experience. Color screenThe Mirasol technology delivers color and video. Shopping Users can subscribe to book categories
  57. Store your music, videos, photos, files EC2 (Elastic Compute Cloud) Rent a hard drive in the cloud Rent a virtual computer: from $0.02 per hour1 5 GB free, then $1 per GB per year1 S3 (Simple Storage Service) Rent a virtual hard disk: about $0.01 per GB1 MT (Mechanical Turk) Rent human brains (“artificial artificial intelligence”) Even though AWS is primarily a B2B offer, the Amazon cloud will ultimately be geared toward end-users.1These are simplified rates, other rates (including data transfer, requests…) apply. See the AWS website for more information.
  58. Cloud computing drives innovation Entrepreneurs won’t be able to launch new products and services without the cloud: Security SaaS Users want a Offers great guaranteed level value to end- of security. users. Scalable Cheaper Flexible Reliable Grow efficiently No initial or Pay-as-you go Data storage and reliably. overhead costs Ramp up quickly Cloud computing lets developers & companies focus on their core offer.SaaS: software as a service
  59. First step: develop a comprehensive B2B offerDevelopers needed a reliable and scalable architecture available as an on-demand service. Seeing that there was a short-term strategic opportunity, Amazon was a first-mover in the cloud computing market “It was never a matter of selling excess capacity” Werner Vogels, CTO Amazon.com Cloud computing monetizes Amazon’s know-how in scalability and reliability. This business is expected to become even bigger than its retail activities. AWS slowly emerges as the most fully-fledged platform, and is becoming the de facto standard. 2006 2007 2008 2010EC2, S3
  60. Next step: the personal cloud In a digital content paradigm, the base foundation is the cloud. Amazon is building up its expertise thanks to its AWS offer. Devices (hardware and software) are commoditized (Amazon Cloud Player already works on iOS devices1).1TechCrunch
  61. Amazon cloud’s long-term strategy focuses on B2C1 Cloud encompasses infrastructure (uphill) and usage (downhill) Cloud infrastructure Google can boast as much + Consumer usage Apple’s digital content experience in cloud technologies approach is strong2 Amazon is approaching the market with a two-fold strategy The B2C cloud market will flourish thanks to pervasive fiber and wireless connectivity.3 By introducing new devices, Amazon reaches more customers Kindle Amazon Media Center Amazon Tablet
  62. Four future products to show where Amazon is heading…
  63. Annexes
  64. How to use this document?This work is licensed under the Creative Commons BY-NC-SA license to allow forfurther contributions by experts and users in the coming months.To view a copy of this Attribution – NonCommercial – ShareAlike 3.0 Unported license,visit http://creativecommons.org/licenses/by-nc-sa/3.0/ or send a letter to CreativeCommons, 1712nd Street, Suite300, San Francisco, California, 94105, USA.You are free to share and remix/adapt the workYou must cite this document:Stéphane Distinguin, Amazon.com: the Hidden Empire, faberNovel, May 2011.You may not use this work for commercial purposes. You may distribute a modifiedwork under the same or similar license.
  65. Acknowledgments•  To our faberNovel contributors: •  Stéphane Distinguin (@fano) •  Cyril Vart (@cyrilvart) •  Matthieu Lecomte (@MatthieuLecomte) •  Mathilde Natier (@mathildenat) •  Julian Nachtigal (@julian) •  Charles-Axel Dein (@d3in) •  Axel Le Pennec (@axxou)•  To the following blogs and websites: •  Quora •  Gizmodo •  Michel de Guilhermiers Blog •  TechCrunch •  SilliconAlleyInsider •  Presse Citron •  ReadWriteWeb •  Blog Kindle •  Le Journal Du Net •  FastCompany •  Amazon Strategies •  Zdnet •  Business Insider •  Kindle Post •  Clubic •  Wired •  MacGénération •  01Net •  Mashable •  eBouquin •  PC Inpact •  VentureBeat •  LaFeuille •  PCWorld.fr •  GigaOM •  Teleread •  Le Figaro Electro Business blog •  Engadget •  cdixon.org •  Écrans
  66. Contact usIf you want to enhance your business with “digitalengines”, do not hesitate to contact faberNovels experts:Paris cyril.vart@fabernovel.comParis matthieu.lecomte@fabernovel.comSan Francisco julian.nachtigal@fabernovel.comMoscow adrien.henni@fabernovel.comNew York john.geraci@fabernovel.comFor all press inquiries, please contact:nawel.hamitouche@fabernovel.com
  67. @fabernovelwww.fabernovel.com

2011年5月11日星期三

International Financial Accounting Group Coursework BAAF2 2011

International Financial Accounting Group Coursework BAAF2 2011
Critical Analysis of Annual Financial Report of Pursuit Dynamics Plc
Student Name:Sarah Winner
Tutor Name: Libby Scott
Course name: International Financial Accounting Group Coursework BAAF2 2011
Names and student IDs of the group:
Group number: 56 
Group members: Sarah Winner
Michelle Thompson
Justin Edem
Swan
Actual Word count: 2500 words
A page of contents: 
Numbered pages: 
Critical Analysis of Annual Financial Report of Pursuit Dynamics Plc in period of year 2009/2010
The Basic Information of Pursuit Dynamics Plc:
Company Information
Address:
Shackleton House Kingfisher Way
Hinchingbrooke Business Park
Huntingdon
Cambridgeshire
PE29 6HB
Index:
FTSE Aim All-Share
FTSE Aim 100
FTSE Aim UK 50
Tel:
+44 (0)1480 422050
Sector:
Engineering & Machinery
Fax:
+44 (0)1480 422059
E-Mail:
Epic:
PDX
Secretary:
Dawn Sugden


Registrar:
Computershare Investor Services PLC
Updated:
23/06/2010
RNS number: 4028F
Executive Summary of Pursuit Dynamics Plc:
The Board of PDX, the developer of the PDX platform technology, has approved and is pleased to announce a proposed placing (the "Placing") of 3,200,000 new ordinary shares of 1p each in the share capital of the Company ("Placing Shares") at £2.50 per share; this will raise £8 million before expenses.
PDX has entered into a placing agreement pursuant to which the Placing Shares have been conditionally placed with institutional investors on behalf of the Company.
Mirabaud Securities LLP, as brokers to the Company, arranged the Placing.
The Placing will provide PDX with capital to accelerate the development of the Bio Fuels (ethanol) business well above the previously planned targets for FY2012, also as a result of the progress made to date with the current three installations. In addition, with the Kaercher agreements signed recently, additional development of products with Kaercher Futuretech GMBH can be funded. Finally, as a result of increased licensing partner interests in PDX technologies, the Company will be able to provide significant resource investments to exploit these fast developing industrial licence activities better. 
Capital Structure Analysis of PDX Company:The company's marginal tax rate were 40%, the company's after-tax cost of debt would be only 3% (5% x (1-40%)). 
Cost of Equity: =(Dividend per share for the next year)/(Current market value of stock)+Growth rate of dividend=(699931/40000) / 97729)+[(10000000-9960000)/9960000]*100%=2.6%
Debt/equity ratio=Total liabilities/shareholder's equity=1988258/9940549*100%=20%
Retained earnings(RE)=Beginning RE+net income-dividends=-7090295-8675895
1Capital Structure Analysis Report
Working Capital Management Section 
1)Identify the liquidity and efficiency ratios were under-performing relative to industry standard over the three-year trend. 
2)Recommend specific changes in working capital strategies for each of the following (when applicable): 
a)Cash and marketable securities :(9972844-5666496)/5666496*100%=76%
b)Credit policy:could be time for another run with this small cap tech darling,and there are few smaller companies creating quite the stir in the City that PDX is this summer of 2011. 
c)Inventory:changeable ratio=(97729-71787)/71787*100%=36.14%
d)Sources and uses of short-term financing:1. DAY TO DAY NEEDS= 2. PAYMENT TO CURRENT CREITORS =(1988258-780572)*100%=154.72%.3. SHORT TERM INVESTMENTS =(-5000000-45526)/45526*100%=-106.26:1,short term investment=5000000
3)detailed plan of our working capital strategy. Provide quantitative support for our recommendations. Discuss consequences of our recommendations on the firm's sales, profitability, customer service, quality, risks, and so forth. 
There is widespread belief that firms should pursue superiority in both customer satisfaction and productivity. However, there is reason to believe these two goals are not always compatible. If a firm improves productivity by “downsizing,” it may achieve an increase in productivity in the short-term, but future profitability may be threatened if customer satisfaction is highly dependent on the efforts of personnel. If so, there are potential tradeoffs between customer satisfaction and productivity for industries as diverse as airlines, banking, education, hotels, and restaurants. Managers in these types of service industries, as well as goods industries in which the service component is increasing, need to understand whether or not this is the case. For example, if efforts to improve productivity can actually harm customer satisfaction—and vice-versa—the downsizing of U.S. and European companies should be viewed with concern. It follows that developing a better understanding of how customer satisfaction and productivity relate to one another is of substantial and growing importance, especially in light of expected continued growth in services throughout the world economy. 
2Valuation and Investment Section  1)Prepare a three-year trend analysis table for the following financial market ratios for the company: 
 a)Price earnings ratio =Market value per share/Earnings per share=36364/49350*100%=73.69%
 b)Earnings per share =(Net income-dividends on preferred stock)/average outstanding shares=(8675895-304017)/5000000/10000000/40000=104.65
 c)Dividend yield=Annual dividend per share/price per share=5000000/4000000*100%=125%
 d)Common stock share price =292
 2)Recommend a "buy," "hold," or "sell" (reflecting expected performance over the next 12 months) for the company, based upon our prior financial research. 
 3)Provide five supporting reasons for this recommendation (including financial, market, and industry risks). 
3Cost of Capital Section 
  1)Calculate the cost of capital (show calculations)  for the company using the following: 
 a)Weighted average cost of capitalStrengths + Opportunities = 129,Threats + Weaknesses = 111.WACC=E/V*Re+D/V*Rd*(1-Tc)=9940549/(9940549+1988258)*(60754+40379888)+[1988258/(9940549+1988258)*(1-28%)=14.6. Where: Re = cost of equity ,Rd = cost of debt ,E = market value of the firm's equity ,D = market value of the firm's debt ,V = E + D ,E/V = percentage of financing that is equity ,D/V = percentage of financing that is debt ,Tc = corporate tax rate.
 b)Capital-asset pricing model (beta). =Risk free rate+beta of the security*(expected market return-risk free rate)E() = .02 +.8[.12 – .02] = 0.10, CAPM=2.68
2)Discuss the relative strengths and weaknesses of the methods above as to the appropriate discount rate for the firm.  One of the biggest disadvantage of experiments is their artificiality.  There is always a question whether the things we learn in a  controlled, laboratory will hold true in the real world.  (This is one reason why we have so many different research methods.)  Also, while experiments are strong in terms of explanation, they are weak in terms of description.  They are seldom a good source of descriptive data about any meaningful populations.  
3)Describe why these two methodologies may produce different results.  PDX's capital structure is as follows: Debt 35% Preferred stock 15 Common equity 50 The after-tax cost of debt is 6.5 percent; the cost of preferred stock is 10 percent; and the cost of common equity (in the form of retained earnings) is 13.5 percent.  
4Financial highlights:Fundraising in April 2010 raised £10 million (before expenses) at £2.50 per share, a premium to the prevailing market price.Net funds of £10 million at financial year end.Operating loss before non-cash expenses rose by £1.4m to £7.2m (2009: £5.8m) following further investment in resources to ensure delivery of numerous opportunities.
New current trading highlights:Agreements signed with two of the top four global brewers to install the PDX brewing system.Agreement signed with one of German's largest brewers to install the PDX brewing system.Two new products announced for Brewing, the PDX Disinfection system and the PDX Pasteurisation system. These are being developed in cooperation with Oettinger Brauerei GmbH ("Oettinger"), one of Germany's leading brewers, and the other leading German brewer announced today.Four new bioethanol plants have agreed to install the Ethanol Reactor System ("ERS"), including three from Pacific Ethanol , Inc ("Pacific Ethanol").
 Pacific Ethanol has now agreed to install PDX's ERS in all of its plants.Initial early performance measures, including ethanol concentration, residual sugars, glycerol, and lactic acid, from the first Pacific Ethanol plants are consistent with ICM uplift results and have demonstrated a considerable reduction in cycle times.Collaboration agreed with the Singapore Civil Defense Force to develop a first responder system for the Asian market as part of the Kaercher Futuretech GmbH ("Kaercher") joint venture.The 60/40 joint venture with the National Nuclear Laboratory ("NNL") is progressing well with licensing revenues of up to £5m forecasted over the next 18 months, which is faster than expected.New Water LOB created, initially focussed on waste water management solutions.
5Operational highlights:New leadership appointed to the Biofuels, Brewing, Food and Beverages and New Ventures LOBs Lines of Business .
Contracts to install the ERS signed with the Madrid, Nebraska plant of Mid America Bio Energy Commodit, LLC, ICM's Marquis Energy, LLV plant and Pacific Ethanol Boardman plant.Agreement signed with Oettinger to install a new PDX brewing system at its Braunschweig brewery.Agreement signed with Kaercher, the world's leading manufacturer of high-pressure cleaning equipment, to establish a 50/50 joint venture to jointly develop, produce and market civilian and military decontamination
and disinfection products for the global market.Agreement signed with the UK's NNL to establish a 60/40 joint venture to develop, produce and market products for the global nuclear market.
6Comparison of Peer Company: 
The Financial Ratios Analysis of Thetford IT Compactors Ltd in period of year 2009/2010
1, The main profitability ratios are:
A, Return on capital employed
=profit before long-term interest and tax / share capitals and reserves plus non-current liabilities
=280177 / ( 200000+200000+1640985+600-405995 )*100%
=17.13%
B, ROE Return on equity
=profit after interest,tax and preference dividend / ordinary share capital and reserves
=( 227127-150000) / 200000*100%
=38.56%
C. Gross profit margin
=gross profit / sales
=2281744 / 4375938*100%
=52.14%
D. Net profit margin
=profit / sales
=294754 / 4375938*100%
=6.74%
2, liquidity ratios:
A, the current ratio
=current assets / current liabilities
=2655838 / 1558094
=1.705:1
B. The quick assets ratio
=current assets less inventories / current liabilities
=( 2655838-77774 ) / 1558094
=1.655:1
3, Efficiency ratios:
A, asset turnover
=sales / net assets
=4375938 / ( 1149236+1097744+2246980+1097744+2246980 *100%
=55.82%
B. Inventory holding period
=average inventory / cost of sales*365
=77774/2094194*365
=13.56
C. Trade receivables collections period
=average trade receivables/cost of sales*365
=764387/2094194*365
=133.23
4, inventory ratios:
A, earnings per share
=profit after tax and preference dividend / number of ordinary shares in issue*100P
=77127/200000*100P
=38.56P
B. Price earnings ratio
=market price per ordinary share / earnings per share
=100P/38.56P*100%
=2.59:1
C. Dividend cover
=profit after tax and preference dividends / ordinary dividends
=77127/150000*100%
=51.42%
D. Capital gearing ratio
=preference share capital plus non-current liabilities / ( total share capital and reserves plus non-current liabilities) *100%
=200000+405995 ) / ( 200000+200000+405995 )*100%
=75.19%
E. Dividend yield
=dividend per ordinary share/market price per ordinary share
=150000/200000/1
=75.00%
F. Interest cover
=profit before interest and tax / interest payable
=280117/14637
=19.14:1
(7)Current issues in international accounting. A brief explanation of how reporting using IFRS has changed / is changing the way companies prepare and present their financial statements.
The Pursuit Dynamics Plc will have a high gross profit margin but much of the gross profit will be absorbed by overhead expenses so that the net profit margin might be disappointed low. The inventory holding period and the trade receivables collection period will both be comparatively long. The company will often have to pay for supplies of clothing well before the clothing is sold to customers and this may cause some liquidity problems. As a consequence, the company may have needed to obtain a source of long-term finance. This would be reflected in the capital gearing ratio and might be depress the return obtain on equity.
ROCE=12.6%,=13.3%(Year 2010). ROE=8.6%,=9.2%.(Year 2009).  Gross profit margin=17.0%(Year 2010),=22.0%(Year 2009). Net profit margin=13.0%(Year 2010),=19.5%(Year 2009).
These ratios all show a deterioration in the year 2010. The reduction in the gross profit margin was deliberate and was presumably responsible(in part)for the 43% increase in sales,but overall the company was substantially less profitable in the year 2010 than in the year 2009. In absolute terms,the company's profit actually fell in the year 2010. It appears that the company's attempts to stimulate sales have been successful but the objective of in creasing profits has not been achieved.
Current ratio=2.12 (Year 2010),=2.05(Year 2009), Quick assets ratio=1.04(Year 2010),=1.18(Year 2009).
These ratios has improved slightly in 2010 but this is entirely due to large (and deliberate) increase in the company had virtually no cash left at the end of 2010,despite raising an extra 850000 during the year from long-term loans Given that the company is now offering longer credit to its customers, the liquidity position looks poor.
Inventory holding period=110 days(Year 2010),=92 days(Year 2009). Recycling collection period=88 days(Year 2010),=58 days(Year 2009).
These increases in these ratios are expected,given the company's policy of holding larger inventories and offering longer credit to customers.
Capital gearing ratio=15.4%(Year 2010),=2.7%(Year 2009).
The PDX Company has moved from being a very low-geared company in 2009 to being a moderately low-geared company in 2010. The interest cover is still adequate but the ordinary dividend is barely covered by the profit after tax. If the company is forced by its liquidity position to increase borrowing still further and become more high-geared,it may be that the dividend paid to the ordinary shareholders will have to be reduced.
(8)The bibliography (Harvard style of referencing)
The student web regarding submission of coursework,coursework deadlines and extenuating circumstances. Available from:http://www.lse.ac.uk/current.student/coursework.shtml#deadline
(Accesses March 3rd 2011)
Online help-sheets by using the following link:  Available from:http://www.lse.ac.uk/library/html/guidesandworkshops.shtml(Accesses March 12th 2011)
HS4 Plagirism: http://www.lse.ac.uk/library/html/document/hs4.pdf(Accesses March 16th2011)
HS30 how to do your Referencing using the Harvard System:  Available from:Http://www.lse.ac.uk/library/html/documents/hs30/pdf(Accesses March 25th2011)
All academic matters from the ' Academic Assistant ':  Available from:http://www.blc.lse.ac.uk/aa/aa/(Accesses April 11th 2011)
Company websites for company information and annual reports accounts:
Northcote date for annual reports:  Available from:http://www.northcote.co.uk/(Accesses April 14th 2011)
Various e-resources/books/newspapers available through the LSBU library website. Home Page:  Available from:http://www.lse.ac.uk/libary(Accesses April 19th 2011)
FAME date(Financial Analysis Made Easy). FAME helpsheet:  Available from:http://www.library.lse.ac.uk/helpsheets/db39.pdf(Accesses May 1st 2011)
FAME datebase: Available from: http://lispac.lse.ac.uk/record=e1000057(Accesses May 6th 2011).
(9)Appendix,as appropriate:
Accounting Ratios for Financial Statement Analysis
http://www.investopedia.com/