Coyne and Messina Articles Analysis Term Paper Example | Topics and Well Written Essays - 1250 words

Coyne and Messina Articles Analysis - Term Paper Example The studies conducted by Coyne’s and Messina’s groups are similar, since they are fundamentally interested in bettering the status and quality of the healthcare industry and the services it accords. To this effect, both groups choose dependent and independent variables and then research and analyze how these variables can be harnessed in order to improve the status of the American healthcare industry and services. Specifically, on one hand, Coyne and his group consider the relevance of causative variables like the type of hospital ownership and hospital size in furthering the cause of efficiency within the framework of healthcare services provision. On the other hand, Messina and his group research and scrutinize the nexus between patient satisfaction in teaching and nonteaching healthcare organizations, which practice inpatient admission. There is no gainsaying that patient satisfaction and efficiency are principle yardsticks of determining industrial success. Both Coyne and Messina carry out an extensive reviewing of already existing literature materials, in order to explain and analyze the relationship between the (independent and dependent) variables and the research findings. The same literature materials authenticate and generate recommendations that will be later on proposed. Coyne et al. (2009) and Messina et al. (2009) incorporate identical design elements in their research activities. Apart from the fact that both works are quantitative, the same also use sampling, as a way of narrowing the demographic components that are to be analyzed. For example, Coyne and the group discard private-owned hospitals and hospitals outside the state of Washington. For Messina and his group, seven teaching and nonteaching hospitals that were renowned between 1999 and 2003 suffice. However, even as a myriad of similarities between Coyne and Messina’s works abounds, differences between the two research works also exist. At one end, Messina and his proteges are intent on confirming and divulging on the relationship between inpatient admission in teaching and nonteaching hospitals, and patient satisfaction. At the other end, Coyne and his group are interested in shedding light on how the type of hospital ownership and hospital size relate with cost and efficiency. Two fundamental problems guide the work that Messina and his group carry out. These problems are the relationships that exist between patient satisfaction and inpatient admission in teaching and nonteaching hospitals. This is unlike the work that Joseph Coyne and his groups carry out. Particularly, Joseph Coyne and his group’s research undertaking investigates a single research question- the relationship between cost and efficiency and hospital size and the type of hospital ownership. In respect to the foregoing, there is lucidity in saying that while Coyne and his proteges’ research study is a two-way study of variance that of Messina and his prote ges is a multivariate design. The variables in the two analyses are also different. The independent variables for Coyne and his group include the structure of hospital ownership and hospital size, while teaching and nonteaching healthcare institutions serve as independent variables for Messina’s group. For dependent variables, Coyne and his gr

How does the shareholder model of corporate governance impact in the Essay

How does the shareholder model of corporate governance impact in the management of labour - Essay Example According to Peterson (2005), transparency, from the shareholder perspective, allows for an opportunity to judge performance of a corporation (p. 59). Because there are measurable differences between the goals of managers and shareholders, corporate governance structures are put into place to ensure that appropriate needs are met. Because the shareholder model of corporate governance is restricted towards the goals of only the investors, most businesses will eventually evolve into a stakeholder form of governance. In this model, all parties that have an interest in the business are taken into consideration. This would identify investors, managers, suppliers, customers, employees, the government and the community all as partners within the goals of the corporation. This type of structure acknowledges that the function of a corporation extends beyond the boundaries of the interests of the investors. Without this acknowledgement and governance that takes the needs of all parties into consideration, a company will not always have the mechanisms in place to sufficiently satisfy the needs of all the interested parties, thus ultimately impacting the needs of the investors. The shareholder model of corporate governance, therefore, impacts the way in which labour is managed because it does not have the interests of employees as stakeholders as part of the structure. According to Hoffman (2007), the shareholder model is a predominate corporate structure in both the U.S. and U.K., where the stakeholder model is more predominant in the rest of Europe and Japan (p. 29). Companies that are designed with the shareholder model of corporate governance are more oriented towards short-term goals. Achieving short term goals and increasing immediate profits dominate the structure of the businesses. Short term oriented decisions and market strategies that involve higher yields in a shorter time frame are more prevalent than long term

Underage Drinking Essay Example for Free

Underage Drinking Essay The youth at this days is drinking much more than the youth in the past and this is a big problem because the world is having more criminality and deaths because of this. The number of women since 1977 to 1993 tripled and there are more men drinking than women. 5000 adolescents a year are death because of alcohol. A 60 percent of college women who had sexual transmitted diseases where on the influence of alcohol, 90 percent of the campus rapes were because or the victim or the aggressor were in the influence of alcohol. 5 percent of campus criminalities are because of the influence of alcohol. And also more than half of the students of 140 different colleges affirm that they get very drunk with alcohol and most of them don? t are twenty-one years old. 40 percent of students of 12th grade drink, more than 20 percent of 10th grade students drink, and almost 20 percent of 8th grade students drink; all this is only in the US and there are countries with more drunk students. The consequences of this are:Â  In the brain: adults can have problems with long term memory and long term thinking, adolescents have more problems, because they have this and almost always they show long-lasting harm from alcohol as they grow. In the liver: they have high liver enzymes what shows heavy liver damage, and sometimes obesity. In growth and endocrine effects: puberty is an age in which there are many changes and growth. With alcohol this growth is not complete and it may trouble the generation of hormones necessary for organs, muscles, and bones. In addition it may be problematic with the maturation or reproductive organs. In conclusion, there are more people that drink that in the past and this is very bad because they hurt them, also their victims, the family of their victims, and even their own family so we have to find a solution for this. Also the death of the young people is increasing and there are more people dying also because of car crashes and criminalities.

Impacts of Changes to Child Care Services in the UK

Impacts of Changes to Child Care Services in the UK Discuss how the changes to children’s services currently being promoted by the government are likely to impact on the lives of children in need, their families and social workers undertaking their statutory duties. An Essay This essay is effectively in two parts. In the first part we shall discuss and delineate the measures that the government are currently promoting and then, having done that we shall critically assess how they impact on the various subsections outlined in the title. The Measures: There are many measures that have been introduced in the recent past and therefore are currently being promoted by the government. Perhaps one of the most important is the National Service Framework for children, young people and maternity services (NSF 2004). This was published in Sept 2004 after a long period of consultation. It was arguably triggered by a number of events which highlighted the need for some form of central policy document to help to guide the various professional agencies in their efforts to provide a seamless service for the child in need. (Zeigler et al 2005) (Meadow 1995) Perhaps the defining trigger to the evolution of this document was the tragic death of Victoria Climbie, whose case in 2000 highlighted the deficiencies in the ability of the various agencies involved to effectively communicate and share vital information which might have averted the tragedy that subsequently overtook the 8 yr. old girl. (Saraswat 2005) This coincided with the publication of the NHS plan in July 2000 The subsequent Laming enquiry identified 108 separate areas where improvements could be made. This was followed up by the announcement by the Secretary of State for Health, Alan Milburn, announcing the inception of the National Service Framework. This was expedited further by the problems that arose as a result of the Bristol Royal Infirmary’s Heart Surgery policies. The Kennedy report (2002) again made a number of recommendations which became encapsulated in the National Service Framework – hospital care for children. In 2002, the government announced that it was commissioning a major review of the Child and Adolescent Mental Health Service which it anticipated being completed by the end of 2006, which clearly may well have items of major importance to the welfare of the child in need. (Benger et al 2002) The Green Paper â€Å"Children at Risk† was announced by the Minister of State for Children, Margaret Hodge, in 2003. It was intended to be a discussion document which encompassed the areas of childcare provision, children’s services generally and the identification and procedures pertaining to â€Å"children at risk†. The major policy shift that accompanied this move was the transfer of responsibility for children’s Social Services from the Department of Health to the Department for Education and Skills. This also coincided with another Green Paper entitled â€Å"Every Child Matters†. Its main theme was the provision of reform measures for children’s care and protection. At about the same time the Specific Performance Service Targets were issued (2004). These covered primarily health issues and many were targeted specifically at children. Very shortly after this, the National Standards, Local Action : Health and Social Care Standards and Planning Framework 2005/6-2007/8 was published in July of the same year (2004) which was an umbrella publication covering both the NHS and all the Social Service Agencies. It covered guidance on policy, finance and targets to be met. The Children’s Bill went before Parliament in March 2004 which brought together the major features of the preceding Green Papers. At about the same time the Child Poverty Review (Aug 2004) was also published which contained some major recommendations for action to minimise the effects of Child poverty in the UK. Its professed goal was, after reviewing the changes in policy and welfare that were required, to halve the level of child poverty by 2010 and eradicating it by 2020. In the specific context of this essay, one of its major targets was to put in place welfare support to encourage those parents who could work, to get back to work and to provide a degree of financial stability where that was not possible. The effects One of the major goals in the government’s policy (Treasury Child Poverty Review 2004) is to bring about social reform by improving a child’s life chances. It aims to do this by two major strategies. Firstly to improve the general standard of health of children and secondly to improve their financial stability ( by tackling material deprivation). Clearly the NHS reforms are primarily aimed at the various health issues and the National Standards are aimed more at the social problems. It is a key feature of these measures that co-operation and multidisciplinary teamworking are the preferred mechanisms that will achieve the stated goals. (Little et al 2005) This is the nub of the major changes that will impact on the workers in the various caring disciplines. If the government is successful in implementing all of the strategies that are covered by all the above programmes it could produce a major shift in the emphasis that is currently placed on child care and child safety and protection issues. (Pheby 2000) As far as the Children’s Bill is concerned, it gives all children potential access to the Social Services and those children who have specific identified needs should find it easier to get targeted help for those needs. As far as the actual Social Workers and, for that matter healthcare professionals in general, are concerned, the theory is that the children’s services are now envisaged as an almost completely integrated service, where planning, facilitation and implementation is done on a multidisciplinary basis. It is hoped that this will cut down on duplication and thereby improve efficiency. Accountability is also an essential feature of many of these measures. As far as the most socially vulnerable children as concerned, the key responsibility for their welfare still rests with the Social Services, as their responsibility, as defined by the Children Act (1989) is essentially unchanged. The major difference with the current legislation is that the Social Services will head a multidisciplinary team approach to try to close the gap between the outcomes in this group and the outcome for the average child. Another major change will be the setting up of a database that will be shared across all relevant agencies that have a legitimate interest in a child’s welfare. This should allow all interested parties to share â€Å"intelligence† and information that may be helpful in framing a response to a particular child with a particular problem. Most of what we have refered to thus far is theory and expectation. Perhaps this should be contrasted with the reality of the situation. Brandon (et al 2005) produced a review document covering an assessment of the last 20 serious case reviews in Wales, they highlighted a number of process failures in the methods of service delivery. It was a useful document in so far as it was able to pin-point the areas where the service is â€Å"less than seamless†. Specifically it found deficiencies in aspects of training and also the actions and role activity of the lead professional in many cases. The authors produced a very pertinent statement as part of their conclusion which is worth quoting verbatim: Consultation could often be used prior to, or in place of referral. The barrier to the collation and analysis of relevant information often appeared to be a failure to recognise and understand expertise rather than a lack of communication as often postulated in review reports. Skilled use of expertise and consultation in a co-ordinated manner could result in more rigorous assessments and promote greater professional trust, confidence and challenge. In that short paragraph is encapsulated the practical difference between the government’s rhetoric and good intention and the actual reality as the grass root workers try to adjust to the processes of reform. Mercifully, we should observe that the majority of the legislation that we have presented here is actually empowering and enabling rather than prescriptive or mandatory. Perhaps we should therefore expect something of a learning curve from all parties as it slowly works its way into common practice. References Benger and Pearce 2002 Quality improvement report: Simple intervention to improve detection of child abuse in emergency departments BMJ, Mar 2002; 324: 780 782. Brandon, Dodsworth, Rumball 2005 Serious case reviews: learning to use expertise Child Abuse Review May 2005, vol. 14, no. 3, pp. 160-176(17) Child Poverty Review 2004 HM. Treasury HMSO: August 2004 Children Act 1989. A Government Bill 1989 Children at Risk 2003 Green Paper HMSO 2003 Children’s Bill 2004 Hansard: March 2004 Every Child Matters 2003 Green Paper HMSO: Oct 2003 Kennedy report into Heart Surgery at the Bristol Royal Infirmary 2002 â€Å"Learning from Bristol† HMSO: January 2002. Laming enquiry 2003 Death of Victoria Climbie: HMSO: 28 January 2003 Little M, Kohm A, Thompson R. 2005 The impact of residential placement on child development: research and policy implications Int J Soc Welfare 2005: 14: 200–209 Meadow 1995 Parental Perspectives in Cases of Suspected Child Abuse BMJ, Sep 1995; 311: 697. National Service Framework for Children, Young People and Maternity Services 2004 HMSO: 15th September 2004, National Standards, 2004 Local Action: Health and Social Care Standards and Planning Framework 2005/06–2007/08 HMSO: July 2004 NHS Plan HMSO: July 2000 NHS Specific Performance Service Targets 2004 NHS National Publication HMSO: June 2004 Pheby, Carl Henshall, Deborah Henshall, Brian Morgan, and Simon Wessely 2000 Diagnose and be damned BMJ, Apr 2000; 320: 1004. Saraswat 2005 Child abuse and trichotillomania BMJ, Jan 2005; 330: 83 84. Ziegler. Sammut. Piper 2005 Assessment and follow-up of suspected child abuse in pre-school children Journal of Paediatrics and Child Health, May 2005, vol. 41, no. 5-6, pp. 251-255(5) *********************************************************************************************** PDG Word count 1,829

charant Free Antigone Essays: The Character of Antigone :: Antigone essays

Antigone  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In Ancient Greece, life was full of complicated questions centered around the expanding field of science. Freedom of religion was encouraged to be exercised in the city-states and man was focused on more than the Gods or heavenly concerns. As a result many new ideals and beliefs surfaced. These new ideals and beliefs, though good in intentions, often conflicted with one another and created complex moral dilemmas. Such was the case in Sophocle’s play Antigone that was written in this era. In the play, Antigone and Creon battle a philosophical war concerning their ideals. They both base their actions on what they believe to be right. The conflict arose when their ideals that backed up their actions on the burial of Polyneices clashed, creating a contradiction between morals. Antigone's side of the conflict held a much more divine approach, as opposed to the mundane path Creon chose to travel. Antigone feels that Creon is disregarding the laws of the heavens by ordering it unlawful for anyone to provide a proper burial for her brother Polyneices. Antigone's opinion is one that supports the Gods and the laws of the heavens. Her reasoning is set by her belief that if someone were not given a proper burial, that person would not be accepted into heaven. Antigone was a very religious person and the acceptance of her brother by the Gods was very important to her. Creons order was personal to Antigone and his edict invaded her family life as well as the Gods. An important ide al in Ancient Greece was the belief that the government was to have no control in matters concerning religious beliefs. In Antigone's eyes, Creon betrayed that ideal by not allowing her to properly bury her brother, Polyneices. She believed that the burial was a religious ceremony, and Creon did not have the power to deny Polyneices that right. Antigone's strong beliefs eventually led her to death by the hand of Creon. Creon's actions are guided by the ideal that man is the measure of all things. Creon believes that the good of man comes before the Gods. An example of Creons belief was the unburied body of Polyneices. Creon doesn't want to give honor to a man who attempted to invade and conquer his city. He denies burial for Polyneices to show respect for Thebes. From this standpoint, Creons decisions for denying burial for Polyneices are completely just and supports the ideals.

New and Improved? : The processes of globalisation on spiritual practic

New and Improved? : The processes of globalisation on spiritual practices; illustrated by the global spread of Reiki. The processes of globalisation create an open market place for trade, but globalisation is also an exchange of cultures, of ideas and practices. Spiritual practices and rituals are one of the ways in which a culture reproduces itself and as such, is subject to hegemonic forces which act to alter the existing form. It has been said that Globalisation may be regarded as a threat to regionalized spiritual practices because there is a tendency to standardise them in an Americanised form, which is primarily Christian. One of the under explored aspects of the Internet is the cultural effects created by the exchange of spiritual ideas and practices online. As more people gain access to the World Wide Web, the diversity of spiritual information available increases exponentially. Exotic cultural practices, once only available to the privileged few who could afford to travel to exotic locations, is now available to millions of people across the globe, at the touch of a button. Gone are the days when spiritual practices are linked to a specific geographical area, with religions linked intimately to the histories and cultures of respective nations and ethnic groups. Spiritual rituals are undergoing a deterritorialisation, aided by new media. It has been suggested that the activities of individual religious groups will be increasingly characteristic of free competition on a global scale. Religion has always been a globalising phenomenon, with missionaries and pilgrims travelling to spread their version of the ‘Word’ to the unenlightened. According to Peter Beyer, â€Å"In the context of globalisation, all religions are increasingly under pressure to see themselves as universal in principle, whether historically they have or not.† Religions that have travelled across the globe have been spread, throughout history, by a network of the ‘Faithful’ leaving their home community, forming new communities as they travel, preaching and teaching their messages and rituals to their converts. Now these networks may be built and maintained electronically. As the printing press made the bible and religious texts available to the masses rather than just the clergy, so the Internet has given people the means to access spiritual information from other cultures and regions... ...pick=67 accessed 10/1/05 BEY, Hakim, The Information War, http://www.ctheory.net/text_file.asp?pick=64 accessed 10/1/05 http://www.ctheory.net/text_file.asp?pick=82 accessed 10/1/05 http://www.gseis.ucla.edu/faculty/kellner/essays/globalizationtechnopolitics.pdf accessed 10/1/05 http://www.mbay.net/~jmejia/book063.htm accessed 10/1/05 http://www.reikihealingpower.com/learn_reiki.htm accessed 10/1/05 INOUE, Nobutaka, 1997, 2001 The Information Age and the Globalization of Religion, http://www2.kokugakuin.ac.jp/ijcc/wp/global/06inoue2.html accessed 10/1/05 MILUTIS, Joe, Making the World Safe for Fashionable Philosophy! http://www.ctheory.net/text_file.asp?pick=390 accessed 10/1/05 ROBERTSON, Roland, Comments on the "Global Triad" and "Glocalization" http://www2.kokugakuin.ac.jp/ijcc/wp/global/15robertson.html accessed 9/1/05 SHIELDS, Rob, The Virtual, London and New York: Routledge, 2003, Reviewed by KELLNER, D., and Thomas, A. http://www.gseis.ucla.edu/faculty/kellner/essays/reviewthevirtual.pdf accessed 23/12/04 THIEME, Richard, Entering Sacred Digital Space: Seeking to Distinguish the Dreamer and the Dream, http://www.thiemeworks.com/ accessed 23/12/04

Firm value and share price strategy Essay

BAE facing challenges on Intensive competition and budget defence cuts by their major customers should focus on increasing shareholders’ equity by reduction of costs, adapting capabilities to the changing priorities of their customers and improve their Programme execution. Directors should monitor working capital expenditures to ensure that unnecessary further debt would be incurred that inevitably has an effect on book values. Higher book values (stockholders’ equity) act as a positive in a buyer’s assessment of purchase price, to some extent providing at least the illusion of a floor in value (Nation’s Business 2006). 4) Recommendations dealing with corporate governance Currently BAE Systems has faced problems facing its shareholders due to its criticism received on corporate governance and ethical conduct (Daily Mail 2010). As a recommendation, BAE should follow the financial reporting council (FRC) proposition on putting greater emphasis on the principles of UK’s corporate governance code, and apply the annual shareholder re-election. This would have a significant impact a wider engagement for the company’s shareholders. A necessary midyear review process should be conducted by an external facilitator to help in the evaluation process, metrics such as board effectiveness by dealing with issues in a timely manner should be considered. Having a wide and complex set of operations, information dissemination in a timely manner is very important to ensure appropriate decisions. Key performance Indicators should be the guideline across all the managing directors and their performance will be evaluated by comparison of their actual results from targets. 5) Critical evaluation of the model used Using financial models can provide actual figures for projection analysis that can create awareness for a company’s board of directors (Palmgren 1999). The Residual Income Model can be used as a valuation of the firm, based on its total book value and residual income (Financial Education 2010). During recent years it has been used as the primary valuation method due to its measurement of internal corporate performance and feasible estimation of the intrinsic value of common stock. The difference between a residual income and traditional financial statements are for the latter its purpose of preparation is to reflect earnings available to its owners, charges incurred for equity capital and dividends are not included, while the former adds the component of cost of equity capital for its calculation (Dodd 2001). Another limitation of the traditional income model is that it may not actually reflect the value of certain business activities. Such in our case with BAE system’s numerous acquisitions, on its accounting model it seems that BAE have significantly improved profitability on its strategies, however this could not be all false, but using the residual income approach some of the acquisitions doesn’t have the kind of effect, due again to the cost of equity capital (Bild, Guest,Cosh and Runsten 2002). 6) Conclusion BAE Systems being in an industry where intense competition exists should apply necessary strategies to ensure profitability in the coming years both for continuous operation and maximizing shareholders equity. Their current strategies for acquisition may have benefited them but the cost of violation of regulation procedures have definitely impacted over all operations. Using financial models like the residual income model, the board of directors can see, what would happen if they continue with their current policies on corporate strategy and governance, it has shown a negative impact on present firm’s value, thus the recommendation for consideration of a new effective strategy to be implemented across the board. List of References BAE Systems (2010) Annual Report 2009.[PDF] Available from < http://bae-systems-investor- relations-2009. production. investis. com/results-reports-and-presentations. aspx> [09 May 2010]. Brylawski, M. (1995). Developing a circumstance-based Innovation Strategy for a Midsized Aerospace Manufacturer:Fostering Entreprenuership, Opening Boundaries and Seeding Disruption. [PDF] Available from . [09 May 2010]. Bild, M. , Guest,P. , Cosh, A. , and Runsten, M. (2002). Do takeovers create value? A residual income approach on UK data. [PDF] Daily Mail (2010). BAE flies into storm with shareholders. Available from . [09 May 2010]. Dodd, J. (2001). Operating income, residual income and EVA: Which metric is more value relevant. Journal of Managerial Issues. Financial Education (2010). The Residual Income Valuation Model. Available from < http://financial-education. com/2007/10/30/the-residual-income-valuation-model/> [09 May 2010]. Financial Times (2010). FT Market Data BAE Systems. Available from < http://markets. ft. com/ft/tearsheets/analysis. asp? s=BA.:LSE>. [09 May 2010]. Nation’s Business (1996). 10 ways to increase your firm’s value – Net Worth. Available from < http://findarticles. com/p/articles/mi_m1154/is_n11_v84/ai_18818240/>. [09 May 2010]. Palmgren, B. (1999). The Need for Financial Models. Available from < http://www. ercim. eu/publication/Ercim_News/enw38/palmgren. html>. [09 May 2010]. Smith, T & Frost,L. (2008). BAE Buys Tenix Defence to Double Sales in Australia. [Online] Available from [09 May 2010]. Wachman, R. (2010). BAE Systems hit by defence cuts. Available from < http://www. guardian. co. uk/business/2010/mar/22/bae-systems-defence-spending-cuts> [09 May 2010]. West, K (2010). BAE goes top of the global arms league. [Online] Available from [09 May 2010]. Appendices Appendix 1 Five year Summary Income Statement of BAE Systems. Source: retrieved 9 May 2010 Extract from Annual Report 2009 http://bae-systems-investor-relations-2009. production. investis. com/financial-information/five-year-summary. aspx Appendix 2 Group Income Statement. Source: Extract from Annual Report 2009 for the year ended 31 December. Retrieved 10 May 2010 http://bae-systems-investor-relations-2009. production. investis. com/financial-information/group-income-statement. aspx Notes 2009 ?m Total 2009 ?m 2008 ?m Total 2008 ?m Continuing operations Combined sales of Group and equity accounted investments 3 22,415 18,543 Less: share of sales of equity accounted investments 3 (2,041) (1,872) Revenue 3 20,374 16,671 Operating costs 4 (20,060) (15,386) Other income 5 465 415 Group operating profit excluding amortisation and impairment of intangible assets 2,038 2,003. Amortisation 11 (286) (247) Impairment 11 (973) (56) Group operating profit 779 1,700 Share of results of equity accounted investments excluding finance costs and taxation expense 233 132 Financial (expense)/income of equity accounted investments 6 (7) 44 Taxation expense of equity accounted investments (23) (37) Share of results of equity accounted investments 14 203 139 Goodwill impairment in respect of equity accounted investments 14 – (121) Contribution from equity accounted investments 203 18 EBITA1 excluding non-recurring items 2,220 1,897 Profit on disposal of businesses2 9. 68 238 Pension curtailment gains2 261 – Regulatory penalties3 (278) – EBITA1 2,271 2,135 Amortisation (286) (247) Impairments (973) (177) Financial (expense)/income of equity accounted investments 6 (7) 44 Taxation expense of equity accounted investments (23) (37) Operating profit 3 982 1,718 Finance costs 6 Financial income 1,573 3,380 Financial expense (2,273) (2,727) (700) 653 Profit before taxation 282 2,371 Taxation expense 8 UK taxation (105) (351) Overseas taxation (222) (252) (327) (603) (Loss)/profit for the year (45) 1,768 Attributable to: BAE Systems shareholders (67) 1,745 Minority interests 22 23 (45) 1,768 (Loss)/earnings per share 10 Basic (loss)/earnings per share (1. 9)p 49. 6p Diluted (loss)/earnings per share (1. 9)p 49. 5p Appendix 3 Group Balance Sheet as at 31 December. Source: Extract from Annual Report 2009. Retrieved 10 May 2010 http://bae-systems-investor-relations-2009. production. investis. com/financial-information/balance-sheet. aspx Notes 2009 ?m 2008 Restated ?m Fixed assets Tangible assets 2 4 5 Investments in subsidiary undertakings 3 7,070 5,663 7,074 5,668 Current assets Debtors due within one year 4. 7,468 9,339 Debtors due after one year 4 14 3 Other financial assets due within one year 262 703 Other financial assets due after one year 5 179 478 Cash at bank and in hand 5 2,804 1,988 10,725 12,511 Liabilities falling due within one year Loans and overdrafts 6 (37) (49) Creditors 7 (14,490) (12,873) Other financial liabilities 5 (255) (598) (14,782) (13,520) Net current liabilities (4,057) (1,009) Total assets less current liabilities 3,017 4,659 Liabilities falling due after one year Loans 6 (233) (258) Creditors 7 (3) (6) Other financial liabilities 5 (327) (574). (563) (838) Provisions for liabilities and charges 8 (61) (120) (2,393) (3,701) Capital and reserves Issued share capital 10 90 90 Share premium account 12 1,243 1,238 Statutory reserve 13 202 202 Other reserves 12 119 164 Profit and loss account 12 739 2,007 Equity shareholders’ funds 2,393 3,701 Appendix 4 Group Cash Flow for the year ended 31 December. Source: Extract from Annual Report 2009. Retrieved 10 May 2010 http://bae-systems-investor-relations-2009. production. investis. com/financial-information/cash-flow. aspx Notes 2009 ?m 2008 ?m (Loss)/profit for the year (45) 1,768. Taxation expense 327 603 Share of results of equity accounted investments 14 (203) (139) Net finance costs 700 (653) Depreciation, amortisation and impairment 1,600 755 Gain on disposal of property, plant and equipment 4, 5 (17) (33) Gain on disposal of investment property 5 – (5) Gain on disposal of businesses 5 (68) (238) Cost of equity–settled employee share schemes 52 51 Movements in provisions 52 (115) Decrease in liabilities for retirement benefit obligations (657) (272) Decrease/(increase) in working capital: Inventories 6 46 Trade and other receivables 52 (5). Trade and other payables 433 246 Cash inflow from operating activities 2,232 2,009 Interest paid (250) (249) Interest element of finance lease rental payments (2) (5) Taxation paid (350) (261) Net cash inflow from operating activities 1,630 1,494 Dividends received from equity accounted investments 14 77 89 Interest received 66 156 Purchases of property, plant and equipment (483) (520) Purchases of intangible assets (42) (32) Proceeds from sale of property, plant and equipment 36 44 Proceeds from sale of investment property – 5 Purchase of subsidiary undertakings 27, 29 (357) (1,078). Cash and cash equivalents acquired with subsidiary undertakings 27 33 2 Purchase of equity accounted investments 27 (1) (12) Proceeds from sale of subsidiary undertakings 9 2 131 Cash and cash equivalents disposed of with subsidiary undertakings – (60) Proceeds from sale of equity accounted investments 9 70 16 Net proceeds from (purchase)/sale of other deposits/securities (209) 164 Net cash outflow from investing activities (808) (1,095) Capital element of finance lease rental payments (13) (18) Proceeds from issue of share capital 5 16 Purchase of own shares (25) (43) Equity dividends paid 28. (534) (478) Dividends paid to minority interests (5) (11) Cash inflow/(outflow) from matured derivative financial instruments 36 (440) Cash (outflow)/inflow from movement in cash collateral (11) 106 Cash inflow from loans 920 – Cash outflow from repayment of loans (133) (306) Net cash inflow/(outflow) from financing activities 240 (1,174) Net increase/(decrease) in cash and cash equivalents 1,062 (775) Cash and cash equivalents at 1 January 2,605 3,046 Effect of foreign exchange rate changes on cash and cash equivalents 11 334 Cash and cash equivalents at 31 December 3,678 2,605.