Florence Nightingales free essay sample

Songbird can be named the pioneer of the nursing calling. Her hypothesis of the effect of nature to human wellbeing made history is as yet utilized today. Her attention is on making a perfect, solid, quieting condition to advance a quick and beneficial recuperation. After Florence Nightingale thought of her hypothesis she put together a school of nursing with respect to it. This nursing hypothesis is significant even in today’s human services framework. In this article I will portray Florence Nightingales hypothesis and the effect it has on the nursing calling. In the 1800’s, during the Crimean War, there was little social insurance for the wiped out and harmed fighters. That is until Florence Nightingale came into the image. In 1854, Florence Nightingale prepared 38 ladies to become medical caretakers and they set off to think about harmed warriors. During when Nightingale was at the filthy, unsanitary hospital she saw that the passing pace of men kept on climbing, regardless of what the medical caretakers did. We will compose a custom paper test on Florence Nightingales or on the other hand any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page As indicated by Harkreader, Hogan, and Thobaben, â€Å"She (Nightingale) accumulated insights on the demise rate in the emergency clinic when nursing intervened† (p. 8). â€Å"She was our first scholar, perceiving the significance of the earth and putting together he hypothesis with respect to it† (Harkreader, Hogan, and Thobaben, 2007, p78). That is about when she saw that the men were being dependent upon poor situations and poor sustenance. This is when Florence Nightingale started to have a noteworthy effect in human services. Florence Nightingale is the author of nursing as we probably am aware it. She built up the main nursing hypothesis that says there is an immediate relationship between's the earth and the wellbeing and prosperity of a wiped out person. Her meaning of nursing was not normal for any other individual. As indicated by Nightingale (1860), â€Å" (Nursing) It should connote the correct utilization of natural air, light, warmth, tidiness, and the best possible choice and organization of diet-all in any event cost of fundamental capacity to the patient† (p. 3). She made it her obligation to turn into a backer to clean day to day environments for the debilitated and harmed. She felt that a debilitated people condition ought to remain scent free with great ventilation, have decreased commotion, solid food to eat, and clean water to drink. These basic yet significant thoughts lead to an intense improvement in the human services setting. Florence Nightingale was a genuine motivation to the nursing calling. Her hypothesis on how nature impacts the wellbeing and prosperity of a wiped out individual is the fundamental structure squares of nursing. I consent to the fullest that the condition an individual is in directs their result. An evil individual that is in a spotless, clamor free, all around ventilated zone, and is getting acceptable sustenance will mend a lot quicker than an evil individual is a messy, boisterous, undesirable condition. Songbirds hypothesis is impeccable the manner in which it is. There is nothing that should be changed. This hypothesis demonstrates that nursing is put aside separated from other clinical experts. It shows that care, sympathy, and a spotless domain is similarly as significant if not a higher priority than the other clinical mediations. The most intriguing piece of Nightingales story is that one lady set out to have any kind of effect and become a pt advocate for hundreds and thousands of wiped out and harmed individuals. Her energy prompted the formation of the fundamental structure squares of nursing which are as yet utilized today. She demonstrated that by causing basic yet significant changes and advances in a patients domain to can be the distinction between last chance. Florence Nightingales hypothesis motivated me to think about the patient as well as give a quiet and caring condition to facilitate the torment and desolation they might be feeling. Her hypothesis has encouraged me consider some fresh possibilities with the goal that the evil customer can have a feeling of prosperity and recuperate in an ideal way

Women behave ambitiously and aggressive Essay Example | Topics and Well Written Essays - 250 words

Ladies carry on eagerly and forceful - Essay Example On a similar note, Sandberg’s individual experience shows that ladies are similarly serious as their male partners (5). In this regard, ladies ought to benefit from their desire and forceful working environment conduct in guaranteeing that they run the world close by men. Ladies are not seen decidedly in the work environment since they have surrendered to the generalization dangers where they accept that they can't be on equivalent levels with the men adjusting family and work duties and thus wind up surrendering. This is additionally fortified by the way that ladies who are driven to be pioneers are disheartened, disgraced and even called hostile names. This add to slamming their driven dreams and they leave to working at the lower levels in any work environment and letting he men start to lead the pack. Despite the fact that aggressive ladies are not seen emphatically in each workplace, it is significant for ladies not to surrender. Battle for governmental policy regarding minorities in society and advancement of ladies rights has been dynamic in the course of the most recent quite a few years, a perception that events ladies to stay positive over their aspirations (Fels 120). In today’s society, there are numerous ladies CEOs than any time in recent memory recorded ever. Likewise, Shafer (72) fights that ladies have progressively taken up political administration positions the world over. This shows being goal-oriented and forceful is certain, and ladies ought to permit the world to progress to this contemporary reality. In the event that ladies see their desire to be certain, the worldwide populace will follow the equivalent

Simple Housekeeping Tips For Less Stress

Simple Housekeeping Tips For Less Stress Stress Management Household Stress Print Simple Housekeeping Tips For Less Stress By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Updated on February 02, 2020 Creative RM / Kactus / Getty Images More in Stress Management Household Stress Effects on Health Management Techniques Situational Stress Job Stress Relationship Stress Most people don’t’ realize how much clutter causes stress, but it’s true that living in a mess can drain you of time, energy, and even money, creating significant amounts of additional stress. Unfortunately, a cluttered home is the norm. But while stressed, overscheduled people have little time to clean, given the value of having your home as a sanctuary from stress, as well as what you save by being organized, it makes sense to keep your house clean. The key is to be smart about cleaning, and clean in a way that causes little additional stress, or actually help you reduce stress while you clean. There are many specific tips on how to declutter a space or an entire home, but one important aspect of cleaning that shouldnt be overlooked is keeping things low-stress and as enjoyable as possible so you dont mind the chore. If youre able to do this,  youll be more likely to clean on a more regular basis and this can reduce the stress of cleaning as well. Tips for Low-Stress, Easier Housekeeping The following low-stress housekeeping tips can help you do all of this: Put on Some Music There are many proven benefits of music for stress relief, and music is even used to promote wellness in the form of music therapy. Music can actually calm you down or energize you, depending on what type of music you choose. You can harness the stress-relieving and energy-inducing powers of music to help your cleaning efforts so that you’re actually less stressed (or at least no more stressed and tired) when you’re finished, plus you’ll get a boost from the great feeling you get from your cleaner space. Pare Down and Organize Toss or donate everything that you don’t need or love. Find a place for everything that’s left, so it’ll be easier to clean up. And don’t buy new things unless you absolutely need them. These simple guidelines will leave you with less stuff to clutter up your space and make cleaning quicker and easier. Make Small, Consistent Goals When creating new habits of any type, it’s good to make realistic goals, work toward them consistently  and reward yourself for even the smallest progress. This is also true for cleaning. Breaking down cleaning into chunks of quick daily or weekly tasks can make these chores feel less overwhelming and help you fit cleaning into your day. If you set small, doable cleaning goals, such as 30-second chores (a list of chores that can be done quickly so that you can knock a bunch out when you have a few free minutes), or a daily cleaning list (which is a group of lists that cover all chores so that youll keep your house clean over the course of a week or month if you just do a few a day), you won’t get overwhelmed by the work. Enjoy Your Results Clean a little bit every day, and you just may have the magic formula for a cleaner, stress-free living environment. Further your rewards and keep your motivation up by enjoying your home when your work is done! If you clean your bathroom, give yourself a regular home spa experience so you can really appreciate all of your hard work. Enjoy a candlelit dinner in your kitchen, burn essential oils to enjoy aromatherapy, and decorate in a way that really makes your heart smile. Once you get used to having your home as a sanctuary from stress instead of another cause of it, you’ll probably be hooked!

Animal Rights in Germany vs. Switzerland - 1901 Words

For the second and final country journal assignment of the semester, I elected to compare and contrast the statutes regarding animal rights in Germany and Switzerland. While conducting my research, I came to the realization as a whole, both Germany and Switzerland often rank in the top 5 countries worldwide when it comes to discussions and statistics on environmental policies and animal rights and are considered progressive in these areas. However, though both are considered progressive countries, the methods used to enforce animal regulations, as well as the history behind the current statues, are quite different. Animal rights activists have played a major role in changing how animals are viewed and treating in many countries,†¦show more content†¦Activist across the country call for the preservation of the dignity of animals on the basis that animals are sentient living beings, much like humans. While there is no origin for the nationwide support of animal rights, much of the country is in favor of the amendments and animal protection acts that have been established throughout Switzerland. In a 2010 poll, 70% of the population was in favor of the government hiring numerous lawyers to go to defend the rights of animals. According to researchers, the movement for animal rights in Germany found its justification in a different area; xenophobia. Within Nazi Germany there was a definite emphasis on labeling Jewish shechita as â€Å"wrong† and associating vivisection with their culture (Evans 1). This association was widely accepted by the anti-Semitic Nazi supporters. Similarly, in 2002, public uproar occurred after the Supreme Court granted a practicing Muslim the permission to perform a ritual slaughter involving â€Å"unnecessary cruelty†. Animal activist used the public outcry to increase awareness of the constitutional amendment for animal rights and claimed that the animals had been denied basic constitutional rights. This event led t o public support for an amendment that stated that both the environment, and animals, are to be afforded protection by the German government and places them on the same level as Basic Human Rights. WithShow MoreRelatedNra1731 Words   |  7 Pagesrepresentatives of gun manufacturers and promote extremist values regarding the Right to Bear Arms that have no consideration to the safety or violence in our society. This is not their purpose, however, and they are not just a faceless Association. They are composed of over 3 million law abiding American citizens that have the common goals of encouraging safe and responsible gun ownership and of helping protect constitutional rights. (web wonks. org) One of these 3 million NRA members, Gary L. SimmonsRead MoreThe National Rifle Association (NRA) Essay1774 Words   |  8 Pagesrepresentatives of gun manufacturers and promote extremist values regarding the Right to Bear Arms that have no consideration to the safety or violence in our society. This is not their purpose, however, and they are not just a faceless Association. They are composed of over 3 million law abiding American citizens that have the common goals of encouraging safe and responsible gun ownership and of helping protect constitutional rights. (web wonks. org) One of these 3 million NRA members, Gary L. SimmonsRead MoreThe Effects Of Music On Children On Music And Understanding The Awesome Power Of It2695 Words   |  11 PagesThe brain is a complex organism that is stuffed in our skull to help up to move, think, learn, live. As the brain progresses through the stages of development, one of the things that really helps to have it develop right is music. Have you ever noticed how expecting mothers listen to music during pregnancy. This has many benefits, for one it helps the child bond with the mother, knowing her type of music and getting to know what she likes and her strengths and weaknesses. This makes for a strongerRead MoreGenocide : An International Crime2054 Words   |  9 PagesGenocide is a horrific, systematic destruction of people that affects the international community because of its severity and violation of human rights. Genocide is considered an international crime because its consequences rattle the world. Genocid e can occur for many reasons. The reasons vary from a group feeling threatened, to sending a warning to others, or to simply gain power among the community. Another reason for the occurrence of genocide may be to gain wealth, whether it is economicalRead MoreCosmetics’ Green Marketing as the Best Marketing Approach in 20th Century4243 Words   |  17 Pagesformulas in the early and mid 1970s, and a second similar but stronger phenomenon that began in the mid-1980s and has carried through to today. In both waves some of the stimulation came from Europe, where plant-based ingredients in Italy, Switzerland and Germany, marine-derived ingredients (including phytoplankton and algae derivatives from companies such as SECMA and Alban Muller) in France, led to the creation of many interesting new concepts. Also providing strong motivation to copying during theRead MoreThe Nature Nurture Controversy : 20th Century Present3499 Words   |  14 Pagessterilized by 1935. Similar laws for similar categories of people were also enforced in Canada, Denmark, Norway, Switzerland, Sweden and Germany. In Sweden, 60, 000 young women were sterilized between 1935 and 1976 for being judged as mentally defective or otherwise disabled. What is interesting is that sterilization laws remained in Swedish statue books until 1976 (Galton, 2005). Germany, of course has infamously been synonymous with eugenics. After the National Socialists seized power in 1933, theyRead MorePharmaceutical Price Controls in the Oecd Countries47662 Words   |  191 PagesDaily Dose Drug Master File European Economic Area European Medicines Agency European Patent Convention Food and Drug Administration gross domestic product U.S. Department of Health and Human Services International Monetary Fund intellectual property rights Korean Food and Drug Administration kilogram lowest transaction price Ministry of Health, Labor, and Welfare Medicines and Healthcare Products Regulatory Agency Ministry of Health and Welfare Mutual Insurance Funds New Active Substances National DrugRead MoreAruna Shanbaug Case - Supreme Court of India14522 Words   |  59 PagesSupreme Court of India Aruna Ramchandra Shanbaug vs Union Of India amp; Ors. on 7 March, 2011 Bench: Markandey Katju, Gyan Sudha Misra REPORTABLE IN THE SUPREME COURT OF INDIA CRIMINAL ORIGINAL JURISDICTION WRIT PETITION (CRIMINAL) NO. 115 OF 2009 Aruna Ramchandra Shanbaug .. Petitioner -versus- Union of India and others .. Respondents J U D G M E N T Markandey Katju, J. amp;quot;Marte hain aarzoo mein marne ki Maut aati hai par nahin aatiamp;quot; -- Mirza Ghalib 1. Heard Mr. Shekhar NaphadeRead More Cultural Change and Survival in Amish Society Essay5626 Words   |  23 Pagessplit in the Anabaptist movement nor between the Amish. Eventually, both Mennonites and Amish were forced, due to persecution, to flee from Switzerland to Germany. It is from the German dialects (high German) the Amish spoke in Germany and Switzerland, that Pennsylvania Dutch originates (more on this later). The Amish, subjected to persecution in Germany during the 18th century, were forced to flee once again; this time to the United States to seek religious freedom. The Amish settled in PennsylvaniaRead MoreGainesboro Machine Tools Corporation9292 Words   |  38 Pagesamount without producing unacceptable side effects. The entire FDA approval process could take from 8 to 15 years and involve several thousand patients.1 After a pharmaceutical company discovered a new drug and completed pre-clinical testing on animals in the laboratory, an Investigational New Drug application was filed with the FDA. The drug then passed through three phases of clinical testing on humans. Before beginning each subsequent phase, the drug company had to submit additional regulatory

Child Abuse And Its Effects On Children - 895 Words

Abuse is an issue that has been and is still currently prevalent in our society today. Abuse is defined as, â€Å"the use of force in order to try to dominate a child, to compel him/her to do dangerous things that he/she does not want to do, expose him/her to hazardous situations perceive by him/her as dangerous† (Rus Galabeaza, 2013). Child abuse in particular, is a common issue that occurs in families of all backgrounds. There are several types of abuse, which include: physical, emotional, and sexual abuse. When it comes to impact abuse can have on children, it was stated that, â€Å"abused children suffer from anxiety and depression more frequently than other children and often show a very low level of self-esteem (Rus Galabeaza, 2013). Physical abuse is considered to occur, â€Å"when a child undergoes or presents with a serious risk of being subjected to physical violence or when he or she is faced with unreasonable disciplinal methods† (Fontaine Nolin, 2012). â€Å"Since physical abuse is a violent action, it is often believed that its effects are easier to detect† (Fontaine Nolin, 2012). This particular article also compared physical abuse to neglect. The article stated that, â€Å"Neglect is defined as a lack of action or attention, and is the most common form of child maltreatment† (Fontaine Nolin, 2012). Another article defined physical abuse as, â€Å"the use of physical force against children and subjecting them to hard work that exceed their capabilities, actions that result inShow MoreRelatedThe Effects Of Child Abuse On Children935 Words   |  4 PagesChild abuse has been an issue in America since the beginning of time, but lately there has gradually been an increase in reporte d incidents of abuse. There are several types of child abuse that are present in today’s society. The different types of abuse include physical, emotional and sexual abuse. Of the different maltreatment types, four-fifths (78.3%) of unique victims were neglected, 17.6 percent were physically abused, 9.2 percent were sexually abused, 8.1 percent were psychologically maltreatedRead MoreChild Abuse And Its Effects On Children Essay1489 Words   |  6 Pagesindividuals corrected. However, there are cases that have not been solved or not stopped by the law. Child abuse is common. Child abuse can be caused by a variety of reasons. Scientist have been studying and they have some ideas on what prompt people to harm children (Ian Hacking). They are trying to end child abuse, but there is so much they can do. Many children abuse incidents are not reported. Child abuse may have many causes as in way the abuser does it. One specific factor is the background of theRead MoreChild Abuse A nd Its Effects On Children913 Words   |  4 Pagesseveral types of abuse, there’s physical, emotional, verbal and several others abuses. But the abuse I would like to focus on is child abuse. Domestic violence towards children is important because there is a way to prevent it from happening. Typical parents and caregivers do not intend to abuse their children. Abuse is mainly directed toward the behaviors that are given off towards one another. Author David Gil defines child abuse as an occurrence where a caretaker injures a child, not by accidentRead MoreChild Abuse Is An Effect On Children1657 Words   |  7 PagesIn 2010 according to the census bureau there were 74,100,000 U.S children between the ages of 0-17 being abused and 3.3 million referrals. This effected on average 1-10 U.S families and children, there were more than 32,200,000 U.S families with children under the age of 18 according to the 2010 census bureau. From the 3.3 million hotline calls in 2010 there we re less than 475,000 sustained cases (2010 NCANDS: 436,321 sustained +24,976 indicated = 461,297 total) resulting in about 15% of hotlineRead MoreChild Abuse And Its Effects On Children1317 Words   |  6 PagesChild abuse has long been an ongoing social problem; this abuse has been one of the repeatedly difficult accusations to prove in our criminal justice system. Child abuse causes many years of suffering for victims. Children abused suffer from chemical imbalances, behavioral issues and are at high risk for becoming abusers or being abused in adult relationships. This cycle of learned behavior and suffering will be a hopeless reoccurring problem unless the criminal justice system and protocols for abusersRead MoreChild Abuse And Its Effects On Children1488 Words   |  6 Pages â€Æ' In addressing child abuse we are confronted with a series of problems. On the one hand, there is a lack of the true extent of the phenomenon because no data are available and that the issue, often refers to the most intimate spaces of family life. Furthermore, cultural and historical traditions affect the way each society faces this problem. Finally, there are varying opinions as to its definition and classification, as well as the consequences of child abuse may have and its subsequent therapeuticRead MoreChild Abuse And Its Effects On Children1263 Words   |  6 Pages Child Abuse Child abuse is any behavior which, by action or omission, produces physical or psychological damage to a person less than 18 years, affecting the development of his personality. In homes, it is believed that the most effective way to educate children is using the abuse. This form of punishment it used as an instrument of correction and moral training strategy as it is the first and most persistent justification of damage and maltreated mothers parents inflict on their children. SocietyRead MoreChild Abuse And Its Effects On Children1160 Words   |  5 PagesMost parents and other caregivers do not intend to hurt their children, but abuse is defined by the effect on the child, not the motivation of the parents or caregiver. Tens of thousands of children each year are traumatized by physical, sexual, and emotional abusers or by caregivers who neglect them, making child abuse as common as it is shocking. Most of us can’t imagine what would make an adult use violence against a child, and the worse the behavior is, the more unimaginable it seems. ButRead MoreChild Abuse And Its Effects On Children1227 Words   |  5 Pagesreports of child abuse are made involving more than 6 million children. The United States has one of the worst records of child abuse losing 4-7 children a day to the abuse. Abuse is when any behavior or action that is used to scare, harm, threaten, control or intimidate another person. Child abuse is a behavior outside the norms of conduct and entails substantial risk of causing physical or emotional harm. There are four main types of child abuse; physical abuse, sexual abuse, emotional abuse, andRead MoreChild Abuse And Its Effects On Children1132 Words   |  5 PagesIntroduction Child abuse takes many different forms. Including physical, sexual, emotional, or neglect of a children by parents, guardians, or others responsible for a child s welfare. Regardless of the type of abuse, the child’s devolvement is greatly impacted. The child’s risk for emotional, behavioral, academic, social, and physical problems in life increase. According to the Child Maltreatment Report by the Children’s Bureau (1999) the most common form of child abuse in the United States is

Week 2 Free Essays

Assignment: * Collaborate with your learning team to discuss the previous week’s objectives. * Discuss what you learned, what could be applicable to your workplace or personal life, and how your knowledge has increased as a result of what you experienced through the learning activities in the previous week. * Submit your team summary of the discussion in a 1- to 2-page Microsoft ® Word document. We will write a custom essay sample on Week 2 or any similar topic only for you Order Now In week two I learned a lot about how different databases reflect in different ways according to the different business needs. During the second discussion question I learned about how the two major databases, Microsoft Access and Oracle are leading the top businesses today. There were many differences between the two and I found that in my career I have been using both without knowing it at first. The individual assignment was probably the most informative portion of the week because I was able to learn more about the business systems and am now able to apply them to where I work now. What I learned from week one: This week I learned about the top two databases, different types of information systems, and the benefits they have in today’s businesses and the competition. I’m remembering how much planning must go into creating a business and the need for a full business plan detailing every single aspect of what will be required such as the information system used. Databases can hold many terabytes of data and can easily be backed up for emergencies which is especially helpful as data increases or rots over time. They sort information, eliminate mistakes and, track data, generate knowledge and utilize a variety of applications. Almost all organizations are using databases. Warehouses use them to analyze data to generate information in order to decide how well they are doing, what they need to do, and how to best utilize their assets in order to expand. Additionally, I learned that the system and applications used in a business depend on the need and expenses of the business. Conclusion: How to cite Week 2, Essay examples

Punishment, Is The Execution Of Criminals By The State, For Essays

Punishment, is the execution of criminals by the state, for Capital Punishment deters murder, and is just Retribution. Capital committing crimes, regarded so heinous, that this is the only acceptable punishment. Capital punishment does not only lower the murder rate, but it's value as retribution alone is a good reason for handing out death sentences. Support for the death penalty in the U.S. has risen to an average of 80% according to an article written by Richard Worsnop, entitled "Death penalty debate centers on Retribution", this figure is slightly lower in Canada where support for the death penalty is at 72% of the population over 18 years of age, as stated in article by Kirk Makir, in the March 26, 1987 edition of the Globe and Mail, titled "B.C. MPs split on Death Penalty". The death penalty deters murder by putting the fear of death into would be killers. A person is less likely to do something, if he or she thinks that harm will come to him. Another way the death penalty deters murder, is the fact that if the killer is dead, he will not be able to kill again. Most supporters of the death penalty feel that offenders should be punished for their crimes, and that it does not matter whether it will deter the crime rate. Supporters of the death penalty are in favor of making examples out of offenders, and that the threat of death will be enough to deter the crime rate, but the crime rate is irrelevant. According to Isaac Ehrlich's study, published on April 16, 1976, eight murders are deterred for each execution that is carried out in the U.S.A. He goes on to say, "If one execution of a guilty capital murderer deters the murder of one innocent life, the execution is justified." To most supporters of the death penalty, like Ehrlich, if even 1 life is saved, for countless executions of the guilty, it is a good reason for the death penalty. The theory that society engages in murder when executing the guilty, is considered invalid by most supporters, including Ehrlich. He feels that execution of convicted offenders expresses the great value society places on innocent life. Isaac Ehrlich goes on to state that racism is also a point used by death penalty advocates. We will use the U.S. as examples, since we can not look at the inmates on death row in Canada, because their are laws in Canada that state that crime statistics can not be based on race, also the fact that there are no inmates on death row in Canada. In the U.S. 16 out of 1000 whites arrested for murder are sentenced to death, while 12 of 1000 blacks arrested for murder were sentenced to death. 1.1% of black inmates on death row were executed, while 1.7% of white inmates will die. Another cry for racism, as according to Ehrlich, that is raised by advocates of the death penalty is based on the color of the victim, for example "if the victim is white, it is more likely that the offender will get the death penalty than if the victim had been black". This is true, if you look at the actual number of people who are murder. More people kill whites and get the death penalty, then people who kill blacks and get the death penalty. The reason for this is that more whites are killed, and the murders captured. Now if we look at the number of blacks killed it is a lot less, but you have to look at these numbers proportionately. Percent wise it is almost the same number for any race, so this is not the issue. In a 1986 study done by Professor Stephen K. Layson of the University of North Carolina, the conclusions made by Ehrilich were updated, and showed to be a little on the low side as far as the deterrence factor of capital punishment. Professor Layson found that 18 murders were deterred by each execution is the U.S. He also found that executions increase in probability of arrest, conviction, and other executions of heinous offenders. According to a statement issued by George C. Smith, Director of Litigation, Washington Legal Foundation, titled "In Support of the Death Penalty", support for the death penalty has grown in the U.S., as the crime rate increased. In 1966, 42% of Americans were in favor of capital punishment while 47% were opposed to it. Since the crime rate United States has increased, support for the capital punishment has followed suit. In 1986, support for capital punishment was

Free Essays on What Do You Say After You Say Hello

â€Å"What do you say after you say hello†, by Eric Berne,M.D. What do you say after you say hello? This question is asked all over the world by different people and the reason it can’t be answered is the basic psychological garbage we all have inside our heads. Our mothers, fathers, grandmothers, grandfathers, and anyone else who has a predetermine thought about how people should live their lives. Berne says that people have an illusion on how we react to each other. Such as if you meet a person and we talk to them as what we call â€Å"normal† voice and looking them straight in the eyes and then find out he/she is dying we get up set because we feel that we did not give them the respect that was need like in a low voice with our heads down and not looking them in the eyes. We forget that they are living now in the present and not in the past or in their heads. We have a predetermined attitude towards that person. Berne’s theory is that we have had to learn these notions about people from our family and the ancestral attitu des. Berne also writes about the different types of scripts that people have such as; the winners, losers, non winners, sex scripts, and the clock time and goal time. The most typical scripts that most people are; little pink riding hood or the waif, Sisyphus or they you go again, little miss miffit or you cant scare me, old soldiers never die or who needs me, the dragon slayer or daddy knows best, Sigmund or if you cant do it one way try another, Florence or see it through, and tragic. Dr Berne’s conclusion was that the harder the script that the person has is the easies to talk to a stranger. Oedipus, who got away with the one liners to women and men as well as the robber who says shut- up. Though most people go through six different situations to talk to someone and they are; 1st a structured setting, 2nd a social setting, 3rd an unstructured setting, 4th where one word is needed to talk to someone like at a... Free Essays on What Do You Say After You Say Hello Free Essays on What Do You Say After You Say Hello â€Å"What do you say after you say hello†, by Eric Berne,M.D. What do you say after you say hello? This question is asked all over the world by different people and the reason it can’t be answered is the basic psychological garbage we all have inside our heads. Our mothers, fathers, grandmothers, grandfathers, and anyone else who has a predetermine thought about how people should live their lives. Berne says that people have an illusion on how we react to each other. Such as if you meet a person and we talk to them as what we call â€Å"normal† voice and looking them straight in the eyes and then find out he/she is dying we get up set because we feel that we did not give them the respect that was need like in a low voice with our heads down and not looking them in the eyes. We forget that they are living now in the present and not in the past or in their heads. We have a predetermined attitude towards that person. Berne’s theory is that we have had to learn these notions about people from our family and the ancestral attitu des. Berne also writes about the different types of scripts that people have such as; the winners, losers, non winners, sex scripts, and the clock time and goal time. The most typical scripts that most people are; little pink riding hood or the waif, Sisyphus or they you go again, little miss miffit or you cant scare me, old soldiers never die or who needs me, the dragon slayer or daddy knows best, Sigmund or if you cant do it one way try another, Florence or see it through, and tragic. Dr Berne’s conclusion was that the harder the script that the person has is the easies to talk to a stranger. Oedipus, who got away with the one liners to women and men as well as the robber who says shut- up. Though most people go through six different situations to talk to someone and they are; 1st a structured setting, 2nd a social setting, 3rd an unstructured setting, 4th where one word is needed to talk to someone like at a...

Life-Changing Things to Do in Puerto Rico Top 10 List

Life-Changing Things to Do in Puerto Rico Top 10 List SAT / ACT Prep Online Guides and Tips Puerto Rico tops my list of favorite Caribbean destinations. Not only does it have beautiful beaches and sunshine, but it’s also full of fascinating history, art, and architecture. Combine all this with great food and the chance to practice Spanish, and you’ve got a place that appeals to any traveler. Did I mention that U.S. travelers don’t need to bring a passport or exchange money? You can forego the usual hassles of leaving the mainland while still getting an incredible international experience. If you’re planning your trip or just curious about the â€Å"Island of Enchantment,† read on for 10 unforgettable things to do in Puerto Rico! #1: Admire the Architecture in Old San Juan The blue, cobblestoned streets of old San Juan, Puerto Rico wind through pastel buildings from the 16th and 17th century. As you stroll past cafes, shops, and historic plazas, you’ll find a mix of Gothic, Renaissance, and Baroque architecture with a distinctly Spanish feel. As a National Historic Landmark, the area looks much the same as it did 400 years ago. Where to Go: Meander through the streets of old San Juan and soak up history, culture, and color. The entire historic area will have you taking photographs left and right, but there are a few stops you shouldn’t miss: Calle del Cristo (Cristo Street): Cristo Street is one of the oldest and best preserved streets in old San Juan. You’ll find a mix of old churches, tree-shaded parks, and lively shops and restaurants. San Juan Cathedral: San Juan Cathedral, built in 1540, sits at one end of Calle del Cristo. Once inside, you’ll find the tomb of Ponce de Leon, the mummy of St. Pio, and rich stained glass windows. San Jose Church: This church, first built in 1532, is the oldest in San Juan, as well as one of the oldest examples of Spanish Gothic architecture in the Western Hemisphere. La Fortaleza: This residence of the governor of Puerto Rico has been in continuous use since the mid-1500s. It remains the official residence of the governor of Puerto Rico, and it’s a UNESCO World Heritage Site. Old San Juan is a small, walkable area of criss-crossing streets. How to Get There: Old San Juan is an island linked to the mainland by three bridges. You might take a taxi, bus, or rent a car and drive. Taxis from San Luis Munoz Airport should have a set fare around $20, with an additional dollar or two for luggage. Buses are typically less than $1.00, but they don’t go direct; you’ll have to change lines to make it into old San Juan. If you opt to rent a car and drive, you may look for parking lots off Recinto Sur and Norzagaray Street, as well as La Puntilla lot. Parking rates are reasonable at less than $5 for five hours and 50 cents for each additional hour. If the lots are full, though, then you may have a hard time finding parking on the narrow streets. What to Know: Old San Juan is just an eight to ten block area, but you can easily spend at least a day exploring its nooks and crannies on your own or with a guided walking tour. Surrounded by stone walls, the historic district is known as The Walled City, or La Ciudad Amurallada. The area is very walkable, but it’s also hilly and hot. Wear light clothing, comfortable shoes, and sunscreen. If you get tired, you can hop on the free trolley service that drives throughout the city! #2: Time Travel in 17th Century Forts Old San Juan is surrounded by fortifications and old stone walls that protected the city from invasions between the 16th and 19th centuries. These massive structures encircle the historic city and offer gorgeous views over the blue waters of the Atlantic. As UNESCO World Heritage Sites, they’re well preserved today. Where to Go: Castillo de San Felipe del Morro: This 16th century citadel sits grandly on the northwest coast of old San Juan. Once you get in, you can explore the cliff-side barracks, turrets, and dungeons with a tour group or on your own. Castillo de San Cristobal: This fortification is located on the northeast side of old San Juan, a 17-minute walk or 9-minute drive from San Felipe del Morro. It’s larger, slightly less crowded, and offers panoramic views across the coastline of Puerto Rico. Fortà ­n San Juan de la Cruz (El Caà ±uelo): This fort, also known as El Caà ±uelo, is a stout, square fortification that sits at the entrance of San Juan Harbor on Isla de Cabras (Goat Island). Unlike the other forts, it’s a half hour drive from old San Juan. How to Get There: If you’re in old San Juan, Puerto Rico, you can easily walk to both Castillo de San Felipe del Morro and Castillo de San Cristobal. The free trolley also stops at both forts, or you can take a taxi. To get to El Caà ±uelo, you’d need to drive 20 to 30 minutes from old San Juan along Route 22. A lot of travelers leave this small fort off their itinerary, but it could be worth a stop if you’re visiting the nearby Bacardi Factory in the same day. What to Know: The fortifications that surround old San Juan are impressive examples of 16th century Spanish military architecture. Over the years, the fortifications helped ward off attacks from the British, the Dutch, and the U.S. You can buy a pass to explore all of these National Historic Sites for just $5. Kids under the age of 15 are free. The forts are open everyday from 9 AM to 6 PM. #3: Relax on World-Renowned Beaches If Puerto Rico’s gorgeous white sand beaches are your top priority, you won’t be disappointed. Several of its more than 300 beaches have been named Blue Flag Beaches, which are the best beaches in the world. I’ve picked out the top three, but there are so many more. Where to Go: Flamenco Beach, Culebra: My personal favorite, Flamenco Beach, is your quintessential, perfect Caribbean Beach. With its white sand and turquoise waters, you can easily spend the day switching between sunbathing and swimming. One weird/cool feature: there are washed up U.S. tanks from WWII on one end of the beach (now decorated with colorful graffiti). Luquillo Beach: Like Flamenco Beach, Luquillo is classified as a Blue Flag Beach. On Puerto Rico’s east coast, Luquillo has a long shoreline, calm waters, lots of water activities, and an abundance of food kiosks for mid-day seafood or ice cream. El Escambrà ³n, San Juan: If you’re staying around San Juan, then you should head to El Escambrà ³n for your beach day. You can rest in the shade of palm trees, float in the calm waters, and hang out with locals. Finding your perfect beach could take you all over the island of Puerto Rico and beyond. How to Get There: The easiest way to access Puerto Rico’s beautiful beaches is by car. You can rent a car for about $40 a day, and the roads are easy to navigate. To get to Culebra (with Flamenco Beach) or other islands, you’ll need to hop on a ferry. Small buses will be waiting when you land to take you to the beach. Ferries are $4.50 round trip; the shuttle is $2. Just make sure you arrive well ahead of time so you don’t get stuck! What to Know: With over 300 beaches, you can find whatever you’re looking for- long shorelines, secret swimming spots, family friendly destinations, or posh areas surrounded by resorts. The northern beaches touch the Atlantic, while southern beaches border the Caribbean Sea. Depending on where you’re traveling in Puerto Rico, some other top beaches are La Playuela (especially good for hiking), Blue Beach, La Posita, and Sandy Beach. If you’re looking to surf, head to the northwest coast; Rincon is the place for big waves. #4: Kayak in a Bioluminescent Bay David Resz/Flickr If it’s not already, kayaking in a bioluminescent bay should definitely go on your bucket list. Drifting along a lake at night while sparkly phytoplankton trails from your fingers is a surreal experience. Puerto Rico’s bays have some of the most striking bioluminescence on earth. Where to Go: Mosquito Bay in Vieques: Mosquito Bay is on the south shore of the island of Vieques. Don’t be scared off by the name, but do remember to wear bug spray. Many consider Mosquito Bay to be Puerto Rico’s best and brightest bio bay. Laguna Grande in Fajardo: I chose to kayak in Laguna Grande, as it’s easily accessible by car from San Juan with a drive of a little over an hour. The bio bay was other-worldly. I went on a cloudy night, so it looked like the stars had disappeared overhead and gotten captured in the sparkling water below my kayak. La Parguera: This bay is on the southern shore of Puerto Rico. You’ll find several tours, but La Parguera hasn’t been as well preserved as the other two. It’s a good option if you’re in the area, but if you’re not limited by location, then I’d suggest Mosquito Bay or Laguna Grande. How to Get There: To get to Vieques, you can fly or take a ferry. The ferry takes off from Fajardo, which is about an hour’s drive south of San Juan. The ferry typically departs around three or four times a day and costs only $2.00 each way. You can also book a bio bay tour that includes ferry, bus, and a meal. Driving is the best way to get to Fajardo and La Parguera. Starting from San Juan, it’s about an hour and 15 minutes to Fajardo and two hours and 15 minutes to La Parguera. What to Know: Bioluminescence is the light emitted by microorganisms when they move. You can’t swim in the bays, as the ecosystems are protected. All three of the bio bays are popular and offer eco-friendly night kayak tours for around $45 to $70 per person. Some of the best tour groups are Island Adventures and Abe’s Biobay Tours in Mosquito Bay; Kayaking Puerto Rico and Yokahu Kayaks in Laguna Grande; and Aleli Tours and Rincon Vacations in La Parguera. You’ll likely go in double kayaks and paddle through narrow channels lined by mangroves to get to the open bay. The darker it is, the better you can see the bioluminescence, so the best time to go is during the new moon. #5: Enjoy the Local Cuisine As someone who travels on her stomach, I almost considered putting Puerto Rican cuisine at the top of this list! You’ll find a great diversity of delicious food with Caribbean, Spanish, African, U.S., and indigenous Taà ­no influences. Your trip may take you all over the island, but since most people spend some time in San Juan, I’ve narrowed my top picks to the capital city. Where to Go: El Jibarito: Located in the heart of old San Juan, El Jibarito has a large menu with Puerto Rican mainstays, like mofongo (mashed plantains with meat, shrimp, or vegetables), alcapurrà ­as (meat or yucca-stuffed fritters), seafood, and local cervezas at reasonable prices. Marmalade: For those looking for a fancy night out, Marmalade is considered one of San Juan’s best restaurants. The frequently changing menu plays with new fusions and traditional Puerto Rican flavors. Entrees range between $20 and $35, and it’s definitely advisable to make a reservation. Cafe Manolà ­n: This cafe’s a great stop in old San Juan if you’re looking for a quick lunch or breakfast. It has yummy omelettes, fresh fruit juices, and an array of traditional Puerto Rican dishes, like mofongo, shrimp in garlic, and fried plantains, all at reasonable prices. Farmer's Market at Park La Ventana al Mar: If you’re willing to travel to the neighborhood of Condado, just over the bridge from old San Juan, then you’ll find an awesome outdoor market full of artisanal food and products. Beyond the fresh, locally produced coffee, honey, fruits, vegetables, and sangria, you’ll see food carts with delicious snacks and meals. The market’s open from 9 to 5 on the first Sunday of every month. How to Get There: There’s no shortage of great Puerto Rican restaurants in old San Juan; El Jibarito, Marmalade, and Cafe Manolin are just three of many. Since the historic center is only an eight block area, all of the restaurants can be reached by walking. You could also take advantage of the free trolley service that goes around the city. To get to the farmer’s market at Condado, you could drive, take a taxi for $10 to $15, or take a bus from old San Juan for less than a dollar. What to Know: Seafood, pork, rice, garlic, and plantains are all key ingredients in Puerto Rican cuisine. You should definitely try mofongo, mashed plantains that are typically combined with chicharron, or pork cracklings, and covered in broth. You might also enjoy plenty of spicy rice and beans with a side of pasteles, meat wrapped in vegetable dough and boiled in banana leaves. Many restaurants will make their own hot sauce, or pique, for you to add to dishes. This vinegar and red pepper sauce can range from mildly spicy to life-threatening, so proceed with caution (and no, that wasn’t meant to be a challenge!). #6: Drink Rum and Coffee + Get Behind the Scenes Whether you want to wake up with caffeine or relax with a pià ±a colada, Puerto Rico’s got you covered. Beyond the old-timey bars and cafes, you can get behind the scenes to see how some of the best rum and coffee in the world is made. If you’d rather skip the tour and go straight to the bar or cafe, I’ve got a couple suggestions for those stops, too. Where to Go For Rum: Casa Bacardà ­: If you’re a fan of rum, then you should definitely set aside an afternoon to spend at the Bacardi Factory. You can learn about the history of the company, tour the distillery, take a mixology class, and sample different rums. After the tour, relax on the open-air pavilion with a cocktail or two and enjoy a panoramic view of old San Juan. Cost of tours: $15 for historical tour; $45 for rum tasting and mixology tours. Barrachina: There are plenty of bustling spots for nightlife in San Juan, but Barrachina has one particular claim to fame: it claims to have served the first ever pià ±a colada in 1963. Stop here at the beginning of your night so you can forever say that you’ve tasted the first rum, coconut, and pineapple cocktail. Caribe Hilton: While Barrachina invented the pià ±a colada in 1963, Caribe Hilton invented it in 1954. Wait, what? As it turns out, both bars claim credit for the invention of this tropical cocktail. You may not find the true origin story, but you can sample both while in Puerto Rico and see which you like better! Where to Go for Coffee: Hacienda Pomarrosa: At the top of curvy mountain roads stands Hacienda Pomarrosa, known for its gourmet coffee and conservation work. Make a reservation to take a tour and learn how coffee is grown and roasted. You can also stay overnight in the cottages and enjoy great local food and sweeping views over the Puerto Rican countryside. Hacienda Buena Vista: This fully functioning, 19th century coffee plantation was restored by the Conservation Trust of Puerto Rico. You’ll learn about the history of the 87-acre farm, its conservation efforts, and the hydro-power that runs all the machinery on tours available in both Spanish and English. Caficultura: This artsy cafe in old San Juan serves excellent coffee in all different varieties. You can also enjoy local foods, fresh fruit juices, and homemade crepes as you sip your cafe con leche outdoors or inside under the glass chandelier. Cafà © Don Ruiz Coffee Shop: Don Ruiz cafe, tucked in a plaza across from Castillo del Morro in old San Juan, serves rich and flavorful coffee grown on the owners’ farm. It also has a collection of photos and antiques to teach you about coffee production and the history of the Don Ruiz plantation. How to Get There: As with most destinations outside of San Juan, the easiest way to arrive at Casa Bacardà ­ or the coffee plantations is by car. You can follow the route on Google Maps, plus check the websites for detailed directions. Casa Bacardi is less than half an hour from San Juan, while the coffee plantations are an hour and a half to two hours southwest of the capital city. Some of the roads are windy with steep drop-offs, which can be a little nerve-wracking, but they do offer gorgeous views of the jungle scenery. What to Know: Puerto Rico is famous for its locally-produced rum and coffee, both of which are some of the best in the world. Enjoy pià ±a coladas and cappuccinos at the artisan cafes in San Juan, or go straight to the source for a tour of Casa Bacardi or a coffee plantation in the mountains. The drinking age in Puerto Rico, by the way, is 18. #7: Hike the Trails of El Yunque In the northeast corner of Puerto Rico sprawls the tropical rainforest, El Yunque. The only tropical rainforest in the U.S. National Forest System, El Yunque has miles of hiking trails. It’s the perfect day trip to get outdoors while taking a break from the sun under the cool, dense canopy. Where to Go: Hiking trails: There are several hiking trails in El Yunque, ranging from easy to difficult. A few short hikes are Angelito Trail, Caimitillo Trail, and El Portal Trail. The hikes to the waterfalls are a little longer and can get crowded. More challenging hikes take you up the mountains: Mt. Britton, La Roca, Los Picachos, and El Yunque Peak, which is the tallest at 3,496 feet. Visitor Center: Stop at the Visitor Center for a map and information on El Yunque’s flora and fauna. I was glad to learn there were no bears or poisonous snakes, just lots of frogs and birds. La Coca and La Mina Waterfalls: Do go chasing waterfalls! Hike 0.7 km to get to La Mina Falls or 1.8 miles to get to the less popular La Coca Falls. Once there, you can swim beneath the falls, but a word of caution- the water can be crazy cold. Yokahu Observation Tower: This tower, built in 1936, is easy to access, as it’s just about 30 feet from a parking lot. After climbing a little over 90 stairs, you can enjoy 360 views over the lush green forest and mountains. How to Get There: El Yunque is about a one-hour drive from San Juan along highway 26. You can drive right into the park; entrance and parking are both free. What to Know: The park is open from 7:30 AM to 6:00 PM everyday. It's home to over 50 species of birds, 11 species of bats, and 13 species of coquà ­, or tree frogs. You’ll hear the coquà ­s â€Å"singing† in the morning and evening. There aren’t any accommodations in El Yunque, but you can get a permit to camp in the forest if you want to rough it. The trails can be challenging and muddy, so make sure to bring good sneakers, as well as a towel and change of clothes if you want to swim. #8: Adventure in the Great Outdoors Are you looking for outdoor adventure? With its diverse ecosystems, from beach to jungle to misty mountain- Puerto Rico has a huge outdoor adventure industry. In addition to all the hiking you can do in El Yunque, you can also find climbing, ziplining, rapelling, caving, snorkeling, hang gliding, and kite boarding. Where to Go: Acampa Nature Adventure Tours: Acampa’s tours will have you ziplining over the jungle, rappelling into caves, and climbing up waterfalls. Along with the adrenaline rush, you’ll get a side of historical and environmental education. Rocaliza Adventure Tours: Rocaliza is a great tour for climbers, as they take you to the best spots for top roping, lead climbing, and bouldering. You’ll climb up-river, rappel down a waterfall and into a canyon, and go zip lining over the jungle. Rincon Surf School: The oldest surfing school in the area, Rincon Surf School offers solo and group lessons, along with guided adventures. It caters to beginners and advanced surfers. 15 Knots: Kite-boarding, or kite-surfing, has you riding the waves with the help of a kite catching the wind. 15 Knots teaches people of all levels how to catch the wind and learn this unique water sport. There’s no shortage of outdoor adventure companies in Puerto Rico. Some other highly rated groups are Aventuras Tierra Adentro, Toro Verde, Campo Rico Ziplining Adventure, Ecoquest Adventures Tours, and Batey Zipline Adventures. How to Get There: There are adventure tours all over the island; some of the most popular ones take you to El Yunque, the Camuy Caves, Rincon, Culebra, or Vieques. Most of the adventure tours will pick you up bright and early from your hotel if you’re staying in or around San Juan. What to Know: All of these tours are open to complete beginners, so you don’t have to be an experienced climber or outdoor enthusiast to sign up. Most outdoor adventure tours pack a full itinerary of hiking, climbing, rappelling, swimming, and climbing into a day tour, plus they include transportation and lunch. Make sure to make reservations in advance, wear good sneakers, and pack a change of clothes, bug spray, and sunscreen. #9: Spend the Day Shopping for Caribbean Clothes and Crafts The Puerto Rico shopping scene includes everything from traditional handicrafts to high-end luxury brands. You can find authentic souvenirs in the shops and markets of old San Juan or head to familiar stores at the Caribbean’s largest shopping mall. Plus, you can easily find some of the world’s best rum, coffee beans, and hand-rolled cigars. Where to Go: Puerto Rican Arts and Crafts: This large shop is full of handmade jewelry, traditional carvings, native foods, ceramics, sculptures, paintings, and silkscreens. Located in the heart of San Juan, Puerto Rican Arts and Crafts rests in a restored Spanish colonial building. Address: 204 Calle de la Fortaleza, Old San Juan. Ole Curiosidades: If you’re looking for a hat to shade your face from the sun, then you should head to Ole Curiosidades. It’s known for its Panama hats and attentive merchants who will help you find the perfect fit. The shop also has Puerto Rican and Latin American art and antiques. Address: 105 Calle de la Fortaleza, Old San Juan. Caribbean Trading Company: This multi-room store is packed full with local souvenirs, including clothing, jewelry, arts and crafts, hot sauces, and rum cake. It lands firmly on the touristy side of things, but it has good prices and is a nice stop if you’re going to or leaving the rainforest, El Yunque. Address: 4 Calle Principal, Rio Grande. The Poet’s Passage: This artsy spot in old San Juan is a shop, gallery, and cafe all in one that hosts frequent poetry readings. You can enjoy the coffee, browse paintings by local artists, and order personalized crafts, like a colorful â€Å"Door of San Juan.† Address: 203 Calle de la Cruz, Old San Juan. Plaza Las Americas: If you’re looking for some serious shopping, then you should head to Plaza las Americas, the largest shopping mall in the Caribbean. It has over 300 stores, (the usuals, like Macy’s, Ann Taylor, Zara, etc.), plus a big local artisan section on the third floor. It’s also packed full of restaurants and a movie theater, Caribbean Cinemas. Address: 525 Roosevelt Avenue, Hato Rey, San Juan. How to Get There: Puerto Rican Arts and Crafts, Ole Curiosidades, and The Poet’s Passage are all located in old San Juan. As you now know, walking or hopping on the free trolley is the best way to get around the historic district. Caribbean Trading Company is just a few minutes from El Yunque, so it’s a great stop on your way to the jungle or after your hiking trip. Finally, Plaza de las Americas is about a 15-minute drive from San Juan at the intersection of Routes 18 and 22. What to Know: Since Puerto Rico is a transportation hub and popular stop for cruise ships, it has a big shopping scene. You can find lots of authentic handicrafts and artisanal products, as well as big brand department stores, like Macy’s, or luxury stores, like Louis Vuitton. Two traditional handicrafts that you’ll find are caretas, masks for Carnival, and santos, carvings of patron saints in wood, stone, or gold. Puerto Rico is also known for its handmade lace, or mundillo. On my trip, I got a wood carving of a coquà ­ (tree frog) that now hangs on my wall at home. #10: Road Trip on the Panoramic Route Winding 167 miles across the island, Puerto Rico’s Panoramic Route leads you into rural Puerto Rico. This one of a kind road trip will take you past roadside barbecues, sprawling coffee plantations, and cascading waterfalls. If you’re looking to get off the beaten track and find some spectacular views, then you’ll enjoy this scenic route from east to west and back again. Where to Go: Carite Forest Reserve: Carite is the first of four forest reserves along the Panoramic Route, and it’s a beautiful stop to stretch your legs under the palm trees. Just five minutes along the main trail is Charco Azul, a natural, bright blue creek pool that’s great for swimming. Aibonito: The highest village in Puerto Rico at 2,500 feet, Aibonito is known for its flowers. In fact, it’s nicknamed the City of Flowers and has a flower festival every June. From here, you can also explore the cliffs and waterfalls of San Cristobal Canyon. Maricao: The mountain town of Maricao will be your last stop on the Panoramic Route. Surrounded by huge coffee plantations, Maricao is known as La Ciudad del Cafà ©, or the City of Coffee. After you’ve reenergized with caffeine, you can go hiking in the nearby Monte del Estado Forest, Puerto Rico’s largest state forest. How to Get There: The Panoramic Route slices east to west across Puerto Rico, starting in Mayaguez and ending in Maunabo. It’s made up of Routes 105, 143, and 182 and takes you over mountains and through valleys. You can start in San Juan and move west, perhaps staying overnight in the mountain town of Jayuya. Since there’s a tangle of numbered roads along the way, it’s often better to follow the sign for a town than for the route itself. More importantly, bring a map and pre-loaded GPS or Google Maps directions. If you’re driving the Panoramic Route, GPS will be your friend. What to Know: The Panoramic Route takes you into the heart of rural Puerto Rico. Some of the roads are narrow and winding, so take it slow and honk when turning blind corners. Because of the twisting, hilly roads, this trip might not be a favorite for those prone to motion sickness. For anyone who wants to go deeply into the Puerto Rican countryside, this road trip will dazzle you with misty mountains, dense rainforest, and patchworks of coffee farms. Since you’ll be venturing off the beaten path, you may benefit from brushing up on a few Spanish phrases! So there you have it- the top 10 unforgettable things to do in Puerto Rico and the 41 best places to do them! As you can see, there’s a huge number of places to see and experiences to have in Puerto Rico. To help you put it all together, consider this brief itinerary for a week on the Island of Enchantment. 1 Week in Puerto Rico: Your Itinerary Now that you have a sense of the top things to do in Puerto Rico, how can you make a plan that includes all your favorites? That all depends on how much time you have, but here’s one suggested itinerary for travelers who are in Puerto Rico for about a week. Day 1: Fly into San Luis Muà ±oz Marà ­n International Airport. Pick up your rental car, and drive into old San Juan. Spend the afternoon strolling around the historic district, eating Puerto Rican food, and shaking off any jet lag or traveling fatigue. Day 2: Explore old San Juan. Admire the colorful buildings, go shopping, and take a tour of Castillo de San Felipe del Morro and Castillo de Cristobal. Punctuate your day with good coffee, food, and the world’s best pià ±a coladas. Day 3: Beach day! Head to a beach in San Juan, like El Escambrà ³n, or road trip down to Fajardo and take a ferry to Culebra. Swim, snorkel, sunbathe, repeat. If you stick close to San Juan, then head to Casa Bacardi and sample rum in the afternoon. Day 4: Go hiking. Drive to El Yunque in the morning and spend the day hiking the trails and swimming under waterfalls. You might stop at the Caribbean Trading Company to buy souvenirs for yourself, friends, and family. If you want more of an outdoor adventure experience, go on a ziplining and caving tour. Day 3 or 4 are also good times to go kayaking in a bioluminescent bay. Tours usually depart at 6 or 8 PM. Day 5: Road trip. Set out bright and early on the Panoramic Route. Go hiking in a national forest, walk around the City of Flowers, and explore the San Cristobal Canyon. Alternate plans: go on an outdoor adventure tour, visit a new beach or coffee plantation, or spend the day shopping. Day 6: Road trip, part 2. Continue west to explore the rural Puerto Rican countryside and coffee plantations along the Ruta Panoramica. If the Panoramic Route isn’t your thing, you could also spend the day hiking, snorkeling, and swimming at a beach or visiting art museums. Day 7: Take any last-minute photos of the Spanish colonial architecture or massive stone forts. Enjoy your last delicious cup of coffee in an outdoor plaza while watching the passersby. Finally, figure out when you can get yourself back to Puerto Rico. Of course, you could also throw the itinerary out the window and spent your days relaxing on the beach with a bottomless pià ±a colada in hand. Or you might eschew schedules altogether and just see where your adventure takes you! Planning Your Puerto Rico Vacation Whether you want to adventure in the great outdoors, spend your days at the beach, or admire art and architecture, Puerto Rico has got you covered. Its beaches are world-renowned, and its centuries-old plazas and fortresses transport you to a Spanish colonial past. While Puerto Rico’s now a commonwealth of the U.S., it has its own cultural identity shaped by Spanish, African, Caribbean, and Taà ­no influences. The streets of old San Juan feel Caribbean and European at once, and you don’t even have to bring a passport or exchange money. Learning a few Spanish phrases, if you don’t know them already, could be helpful, although you’ll find that lots of people speak excellent English. Depending on what you’re looking for, your trip can feel as familiar or as exotic as you want it to. Puerto Rico allows travelers to find their perfect balance of beach holiday, cultural excursion, and outdoor adventure. Its versatility, combined with delicious food and sunshine, makes Puerto Rico a destination that you’ll never forget.

History of Wireless Electricity Research Paper Example | Topics and Well Written Essays - 2000 words

History of Wireless Electricity - Research Paper Example When Maxwell presented a theory about electro-magnetic theory it stimulated the scientific environment and scientific investigators from all over the world started to look for its experimental proof or authentication. In fact, the scientists and investigators were sure about that it can be survived and achieved in an environment of keen anticipation, strangely encouraging to the response of any proof to this conclusion. Without a doubt, the history of science reveals that ideas and concepts are unpreserved. In fact, every new idea and concept beings improved perspective and understanding of nature and the environment and as a result of this improvement our thoughts and concepts are adapted and improved (Tesla, 2006; Bomber, 2006; Shinohara, 2010). Actually, in the 1891, Dr. Hertz did not present a new theory or an opinion. On the other hand, he just presented his ideas regarding equipment and how it supports to the theory which had already been presented by some other scientists. If we would have taken notice of it then it was not surprising that an electric circuit, processed through an interrupted current, release a wide variety of space signals, however nobody else ever tried to understand their character. So, Dr. Hertz was the first who actually presented a practical authentication that there were transversal signals and waves in the atmosphere. In this scenario, the majority of people considered this thought as his huge achievement. However, in actual fact it can be seen that the eternal value of this theory or idea was not so much in this theory as in the getting the concentration of investigators on the actions are being performed in the ambient means Hence, it gave the Hertz-wave theory a huge importance in the history of wireless energy transmission, in view of the fact that its charming control over the thoughts, had hushed resourceful endeavor in the wireless energy sector as well as retained it for more than twenty-five years (Tesla, 2006; Bomber, 2 006; Shinohara, 2010). However, in contrast, it does not seem feasible to allow too much for the positive and valuable consequences of the influential motivations that it has given in a number of fields. In fact, with regards to the transmission of signals and wires without using wires, the use of these radiations of this operation was absolutely clear. In addition, many times Dr. Hertz was asked the questions about the feasibility and usefulness of such kind of transmission model, and he never thought so, however in the end he was accurate in his prediction. In this scenario, one of the best ways that someone might have anticipated was a way of transmission of signals and communication like the heliographic and causes to experience the same or even more restrictions (Tesla, 2006; Bomber, 2006; Shinohara, 2010). Figure 1Tesla Tower, Image Source: (Mohammed, Ramasamy, & Shanmuganantham, 2010) It was the spring of 1891 when Dr. Nikola Tesla delivered a presentation using a high freque ncy machine at the American Institute of Electrical Engineers (AIEE) at Columbia College. This demonstration actually formed the basis of an original and hopefully departure. Even though, at that time there had been presented a large number of theories and laws on the subject of electrical resonance, however none of the theory actually focused on experimental and practical authentication of these facts. Hence, it is believed that the experiments performed by Dr. Nikola Tesla are believed to be the first public demonstration

Memory and Attention and Intelligence Research Paper

Memory and Attention and Intelligence - Research Paper Example A breakdown of the assembly process of memory and lack of attention power are found as people get older. When people begin to age, their memory power becomes weaker and this condition can be directly attributed to the faltering of synapses. In addition, some parts of the brain like hippocampus which are very crucial to effective memory are highly vulnerable to aging. Moreover, as people get older, their brain shrinks itself and becomes less efficient. Similarly, cultural differences can influence the power of memory and attention to a great extent. For instance, individuals from western cultures concentrate more on object based and self relevant events whereas individuals from eastern cultures focuses more on contextual details and similarities. Culture and attention also maintains a similar connection. To be specific, culture influences attention which in turn impacts other cognitive and social processes. Studies have proven that gender differences may also influence human memory an d power of attention. Scholars opine that males have a better short term memory than females while females have a better long term memory than males. Researchers opine that males stand one step ahead of females in the case of power of attention.

Bhoodan Movement Essay

Bhoodan Movement Essay Vinoba Bhave was one of the great spiritual leaders reformers of modern India,who was loved by countless indians. Born in 1895, at the tender age of ten, Vinoba took a vow life-long celibacy selfless service. and then he met Gandhi and joined him in his struggle for freedom. As Vinoba himself put it: I experienced with Gandhi the peace of the Himalayas the revolutionary spirit. Peaceful revolution, revolutionary peace, the two streams united in Gandhi in a way that was altogether new. Gandhi also wrote to Vinobas father, At a tender age, Vinoba has acquired a degree of spirituality ascetism that took me years of patient labour. In 1940 Gandhi chose Vinoba to be the first Satyagrahi, to offer non-violent resistance to the British regime. Vinoba respected other religions also and studied them. Vinobas life shows the harmony of a great man, and his commitment to non-violence, and power of love. After independence of india when gandhis idea started to fade from peoples memory, vinoba started his bhoodan movement. And in a period of twenty years, he travelled all across india by foot. Persuading landlords to give their land to poor people and he successfully distributed four million of land among poor people. A BRIEF HISTORY OF THE BHOODAN-GRAMDAN MOVEMENT The Bhoodan Movement or Land Gift Movement was initiated and inspired by Vinoba Bhave 1951. It was a land reform movement. And it helped in bringing Vinoba to the limelight. In 1951,the Third Annual Sarvodaya Conference was held at Shivarampali, a village a few miles south of the city of Hyderabad in South India. Vinoba left to attend the meeting and walked three hundred miles to Hyderabad. At that time there was communist rebellion in telangana. This army had tried to break the land monopoly of the rich landlords by driving them out or killing them and distributing their land.Vinoba thought that in future there was a contest between principles of Gandhi and marx. In Hyderabad vinobas and other gandhians got their faith in non violence tested. On April 11th 1951, the final day of conference,Vinoba said that he would tour the areas where communism was at peak in telangana. On April 18th 1951, was the day when Bhoodan movement started, when Vinoba entered Nalgonda district, where communist were in force. there he was confronted by local landless people and they gave him a warm reception. Vinoba visited harijans colony and later in day harijans came to ask him for eighty acres of land. Then Vinoba suggested that of government is not giving land then possibly villagers can help each other. And then Vedre Ramachandra Reddy Bhoodhan, the local landlord promised to give hundred acres of land. This incident which was neither planned nor imagined was the very outset of the Bhoodan movement and it made Vinoba bhave think that this method can be used to solve the biggest root of poverty in india that is land less people. The root of land monopoly, he reasoned, is greed. If greed can be removed from peoples mind,it would lead to end of the exploitation of poor people. As he later put it, We do not aim at doing mere acts of kindness, but at creating a Kingdom of K indness. This movement later on went to become more radical program and turned into village gift or Gramdan movement. This movement was a part of a comprehensive movement which led to the establishment of a Sarvodaya Society, both in India outside India. In the United States, major articles on Vinoba appeared in the New York Times, the New Yorker-Vinoba even appeared on the cover of Time. Some argue that the land given as a gift is often poor quality, barren, rocky and uncultivable. But its said that no land can be called useless. He used to say that more than the quality of the land,it should be seen that there is willingness among people to give their property for a social cause.and that is the seeds of a mighty revolution. And the poor quality land could be utilized for pastures, afforestation, the rehabilitation of displaced people. The movement had its ups and downs. Vinoba went on to demand fifty million acres of land from whole of india for the landless people by 1957. And hence a movement which was personal became a mass movement. But its downfall started in 1971 and it collapsed under its own weight. And the land gift movement got changed into village gift or gramdan. In gramdan major part of village was donated by majority of villagers in favour of distribution of land equally among all villages families. Meanwhile the land gift was still there but it was neglected. The main reason for the decline was the fact that it was not popular in non -tribal areas. There were other programs also such as Sampattidan (Wealth-gift), Shramdan(Labour-gift), Jeevandan ( Life-long commitment to the movement by co-workers), Sadhandan (gift for agricultural operations).There were questions as to why the sampattidan, for example, was not launched at the same time as the bhoodan. As the Landless people receiving land due to bhoodan cant work on it unless they have the required materials. But acharya ji said he knew it from the beginning, but he chose to follow the formula which says attend yet to the root and all else will grow automatically. As everyone knows that fundamental problem is land. The movement not only brought land to landless people but it also helped in igniting interest of people in gandhian philosophy as educated people were overlooking those ideas if not considering irrelevant. Many people got moved by this movement among the prominent were Jayaprakash Narayan, a renowned Marxist, and a Socialist. He was a big leader in politics before and even after indias independence. He came close to the movement and realized that it was a very good idea which had its basis on gandhian philosophyand he devoted his life for sarvodaya society. The movement was attracting not only attention from indian people but also from foreigner. Louis Fischer, the famous American said: Gramdan is the most creative thought coming from the East in recent times. Hallam Tennyson, the grandson of the English poet, Alfred Tennyson, wrote a book, The Saint on the march in which he shared his experiences as he travelled with vinoba bhave in rural india. And American ambassador to India Chester Bowles, said in his book, The dimensions of peace: We experienced in 1955, the Bhoodan Movement it is giving the message of Renaissance in India. It offers a revolutionary alternative to communism, as it is founded on human dignity. The British Industrialist, Earnest Barder was so much impressed by the Bhoodan movement that he implemented the Gandhian concept and alloted 90% share of his company to his industrial workers. Arthur Koestler, in 1959 wrote in London Observer, that the Bhoodan Movement was presenting itself as a substitute to the Nehruvian model of Western development. To conclude it can be said that even after having its limitations bhoodan movement was a splendid attempt for soving land problems thorough means of gandhian philosophy. And it helped in construction if socio-economic-political order of relevance and significance.

Financial Analysis of Carrefour

Chapter 5 Carrefour S. A. Teaching Note Version: March 2007 Introduction The Carrefour case is a financial analysis case. Carrefour S. A. is one of the world’s largest retailers. During the first half of the 2000s, the company’s share prices steadily declined, despite the fact that the company reported above-average returns on equity. Students are asked to analyze Carrefour’s financial statements and segment data to find explanations for the company’s poor share price performance and to make recommendations for the future. The discussion of the financial analysis is preceded by a discussion of Carrefour’s strategy and accounting.Both the accounting analysis and the financial analysis are affected by Carrefour’s switch from French GAAP reporting to IFRS reporting in 2005 but specialist knowledge of French GAAP and IFRS (and first-time adoption) is not required. Questions for students 1. 2. Analyze Carrefour’s competitive and corporate s trategy. What are the key risks of the company’s strategy? Analyze Carrefour’s accounting (including the effects of Carrefour’s switch to IFRS-based financial reporting). Are any adjustments to Carrefour’s financial statements necessary?Analyze Carrefour’s operating management, financial management and investment management during the years 2001 to 2005, making use of both financial statement data and segment data. What are the primary drivers of the company’s poor share price performance? Summarize the key findings of the financial analysis and provide recommendations for improvement to Carrefour’s management. What actions could management take to regain the confidence of Chrystelle Moreau and her fellow investors? 3. 4. Case analysis Question 1 Key characteristics of Carrefour’s strategy and the associated risks are the following: – Competing on price and product.Carrefour follows a strategy that combines some elements of a differentiation strategy with elements of a cost leadership strategy, especially in its hypermarkets. Specifically, the hypermarkets differentiate themselves from competitor supermarkets (1) by offering a much broader assortment (more product categories (food and non-food) as well as a wider choice of brands within one product category (including its own brands)) and (2) investing in customer loyalty programs (e. g. , the â€Å"Pass† card). This strategy is backed up by a strong marketing campaign.At the same time, however, Carrefour realizes that—especially during economic downturns—its customers have low switching costs and are relatively price – sensitive. The company therefore wishes to keep the prices in its hypermarkets at economic levels. The way in which the company can achieve this is by: o Keeping a close eye on what consumers want (through customer surveys and building a â€Å"customer behavior database† using data gathered through , for example, the company’s customer loyalty card) and by timely adjusting its assortment and pricing to changes in consumers’ preferences. Having a well developed logistics network. This keeps turnover high and helps to control costs. o Benefiting from economies of scale, not only in logistics but also in purchasing of supplies (aggregation of purchasing; international negotiations with suppliers). o Selling low-priced products under Carrefour’s own brand name. An important risk of following a combination of strategies is that Carrefour’s hypermarkets become â€Å"stuck in the middle. † The planned changes that Jose Luis Duran—the new CEO—announced after replacing Daniel Bernard suggest that this happened during the first half of the 2000s.While many of Carrefour’s competitors, such as Leclerc, Auchan, Aldi, and Lidl, were able to aggressively lower their prices during the economic downturn, according to Duran Carrefour had f ocused too much on differentiation and improving its margins per square meter of store space (which mixes percentage margins and asset turnover). Consequently, the company lost its competitive edge to price discounters (by losing its reputation for low prices), which slowed down Carrefour’s growth and harmed its domestic market share. International growth.When large companies such as Carrefour start to obtain a dominant position in their domestic markets, they may be â€Å"forced† to expand overseas or enter other industries. Carrefour’s corporate strategy is to expand overseas rather than diversify. More importantly, as indicated above, achieving growth is an essential part of Carrefour’s strategy because (international) growth helps the company to obtain economies of scale in purchasing, logistics and the development of Carrefourbranded products. For example, Carrefour sells its own branded products in the same packaging worldwide (of course printed in different languages).The company’s overseas retailing operations are, however, more risky than its domestic operations. First, to some extent retailing remains a local business because consumers’ tastes differ substantially across countries. Profitable expansion outside Carrefour’s domestic market is only possible if the company has good knowledge about local customers’ preferences and tastes. Consequently, a slightly safer way to expand abroad is to acquire local supermarket chains. A disadvantage of this strategy is, however, that acquisition premiums have to be paid, which can also drive down profits.Second, many of Carrefour’s â€Å"intercontinental† hypermarkets are located in countries where the economic environment is risky: consumers in economically less developed countries are likely to be more price sensitive; East Asian and South American countries tend to have more bureaucracy and stronger government protection of local firms. Th ird, in several countries, Carrefour has to compete with other multinationals such as Tesco and Wal Mart, who are trying to gain a strong market position (mostly through severe price competition).In sum, Carrefour’s overseas operations tend to be in countries where consumers are likely more price sensitive, several multinationals engage in severe price competition, and the economy is less stable. Note, for example, that Carrefour generated 10 percent of its fiscal 2005 profits (before interest and taxes) in South America and East Asia, although the company generated close to 15 percent of its fiscal 2005 sales in these areas. Question 2 In 2005, Carrefour changed its accounting policies from French GAAP to IFRS.This change affected the company’s financial statements and, consequently, could affect the analysis of Carrefour’s historical performance. More specifically, to improve comparability across years the analyst must assess how Carrefour’s pre-2004 pe rformance and financial position would have been under the newly adopted accounting standards. When doing so, the following changes are important to consider: – Under French GAAP, Carrefour was required to amortize goodwill. IFRS does not allow goodwill amortization but requires companies to regularly test goodwill for impairment.The elimination of goodwill amortization increased Carrefour’s net profit in 2005 by close to 25 percent (and ROA by 0. 8 percentage points). Pre-2004 earnings figures might be understated because of goodwill amortization charges. However, amortization charges may have replaced/prevented impairment charges in these years. Hence, the net effect on net profits is likely to be (significantly) less than 0. 8 percent of total assets. – French GAAP based earnings did not include an expense for stock option grants to Carrefour’s employees.Because such a grant imposes costs on Carrefour’s shareholders, IFRS requires that the Black & Scholes value (or the value from another accepted option valuation model) of these option grants is recognized as expense in the income statement during the vesting period. In 2005, Carrefour’s stock option expense had a negative effect on net profit of 1. 4 percent (and a negligible effect on ROA). – The switch from French GAAP to IFRS has resulted in negative adjustments to both inventories and cost of sales in 2004.The reason for these adjustments (which was not explicitly mentioned in Carrefour’s 2005 financial report) is that under IFRS, inventories include amounts for (inventory-related) services that Carrefour billed to its suppliers. That is, instead of recognizing the amounts as revenues in the period of billing (as the company did under French GAAP), Carrefour now delays the recognition of these to the period in which the associated inventories are sold. This change of treatment reduced end-of-year inventories in 2004 by 10. 2 percent (and equity by 5. 7 percent).In addition, cost of sales in 2004 increased because the amounts billed for services related to the beginning-of-year inventories were smaller than those related to the end-of-year inventories. More specifically, the adjustment reduced net profit by 3. 3 percent. During years in which Carrefour’s inventories (as well as the services that Carrefour provides to its suppliers) increase, the IFRS treatment will most likely result in higher cost of sales than the French GAAP treatment. In the 3 years immediately prior to 2004, inventories decreased by fairly small amounts.It is therefore unlikely that during these years the French GAAP treatment of inventories had created significant differences between reported net profits and net profits that would have been reported under IFRS. The French GAAP treatment did, however, result in higher inventories (and equity and deferred tax liabilities) than those that would have been reported under IFRS. Assuming that during the se years, the overstatement of inventories due to the immediate recognition of revenues from services provide to suppliers has been around â‚ ¬500 million, the overstatement of equity has been in the range of 4-5 percent.Under IFRS Carrefour has to recognize (slightly) greater employee benefit obligations and classify (slightly) more leases as finance leases (hence reported on the balance sheet) than under French GAAP. In 2004, employee benefits have resulted in a negative adjustment of end-of-year equity (by close to 4 percent) and a positive adjustment of end-of-year non-current liabilities (by close to 3 percent). Financing lease adjustments affected primarily non-current assets and current liabilities.In addition to the changes mandated by IFRS, Carrefour made one voluntary change in its estimates of the economic useful lives of buildings: the company increased the depreciation period from 20 to 40 years. Assuming that this change was justified, depreciation of buildings prio r to 2004 was overstated. In particular, Note 15 indicates that the difference between restated accumulated depreciation and â€Å"original† accumulated depreciation on buildings at the end of 2004 was â‚ ¬158 million. This suggests that depreciation in 2004 was initially overstated by â‚ ¬158 million, resulting in an understatement of ROA of close to 0. percentage points (all under the assumption that the new policy is correct). In summary, under French GAAP, return on (total) assets may have been â€Å"understated† by, at maximum, 1. 2 percentage points because of â€Å"overstated† goodwill amortization and buildings depreciation. In addition, under French GAAP equity may have been â€Å"overstated† by at maximum 8 percent because of its accounting for inventories and employee benefits, but, at the same time, may have been â€Å"understated† because of (an unknown amount of) â€Å"overstated† goodwill amortization.Note that the adjus tments that Carrefour made to its financial statements because of the change in estimates are not the same as the adjustments that an analyst would make if he/she would assume that Carrefour had always depreciated its buildings over a period of 40 years. Carrefour does not â€Å"restrospectively† adjust its financial statements, but uses the new 40-year depreciation period only for 2004 and later fiscal years. At the end of 2005, Gross Buildings equaled â‚ ¬8,031 million.Unfortunately, the carrying value of Net Buildings is not disclosed, making it impossible to derive the average age of Carrefour’s buildings and forcing the analyst to make a crude assumption. Under the assumption that the average age of Carrefour’s buildings is 5 years, the carrying value of Net Buildings would have to be increased by an amount of â‚ ¬1,004 million ((5/20 – 5/40)x8,031) to retrospectively adjust Carrefour’s financial statements.Similarly, under the assumptio n that the average age of Carrefour’s buildings is 10 years, the carrying value of Net Buildings would have to be increased by an amount of â‚ ¬2,008 million ((10/20 – 10/40)x8,031) to retrospectively adjust Carrefour’s financial statements. In addition to the overly conservative depreciation rate on buildings, Carrefour’s noncurrent assets may be understated because the company has operating leases. At the end of 2005, Carrefour had large operating lease commitments. Exhibit TN-1 estimates the net present value of these commitments.The estimated NPV of Carrefour’s operating lease payments is approximately â‚ ¬3. 1 billion, which is equivalent to slightly more than 48 percent of Carrefour’s net non-current debt in 2005 (3,121/[10,443 – 226 – 3,773]) and implies an understatement of Carrefour’s non-current tangible assets by approximately 18 percent (3,121/[13,864 + 3,121). The use of operating leases is not abnorma l in the retailing industry. For example, at the end of the fiscal year ending on February 26, 2006 (labeled fiscal 2005), Tesco, one of Carrefour’s U. K. based competitors had operating leases for an estimated amount of ? 2,718 million, which was equivalent to slightly less than 75 percent of Tesco’s net non-current debt in 2005 (2,718/[4,958 – 1,325]) and implied an understatement of Tesco’s non-current tangible assets of approximately 15 percent (2,718/[15,882 + 2,718). – In summary, Carrefour’s non-current tangible assets appear to be understated by an amount in the range of â‚ ¬4 – 5 billion (or 22 – 27 percent (versus 15 percent for Tesco)). Question 3 Carrefour versus Tesco Exhibit TN-2 displays a set of ratios for Carrefour and Tesco.The ROE decomposition indicates that Carrefour has lower operating profit margins than Tesco but higher asset turnover. The net effect is that Carrefour has a moderately lower operating ROA than Tesco. Although Carrefour’s Operating ROA is lower than Tesco’s, Carrefour has a higher return on equity than Tesco, both in 2005 and 2004. The reason for this is that Carrefour is more leveraged than Tesco. Note that operating returns on assets are substantially greater than returns on assets. This is because both Carrefour and Tesco make much use of vendor financing, which makes their working capital negative.This emphasizes the importance of recasting the financial statements and using the alternative approach to ROE decomposition. The differences in the components of ROE between Carrefour and Tesco may find their origin in the strategic differences between both companies. However, they may also reflect differences in the effectiveness of operating management, investment management and financing decisions. We will discuss each of these sources below. Strategic differences. – Carrefour focuses more on creating a reputation for low prices and engages m ore in price competition with discounters than Tesco.Consequently, Carrefour’s profit margins are likely to be smaller at the benefit of higher asset turnover. – Tesco has a lower presence in non-European markets (such as Asia and South America) than Carrefour. Especially in these markets, entering multinational retailers such as Carrefour, Tesco and Wal Mart strongly compete on price to become the dominant market player. Operating management. – As indicated, Carrefour’s net operating profit margin is lower than Tesco’s, possibly because Carrefour engages in price competition more than Tesco. The ratio Cost of materials/sales indeed confirms this.In 2005, this ratio was 3. 6 percentage points higher for Carrefour than for Tesco, which illustrates the margin-reducing effect of price competition. Possibly because Carrefour competes less on product and services than Tesco, its personnel expenses as a percentage of sales were 1. 2 percentage point lowe r than Tesco’s. Depreciation and amortization charges as a percentage of sales are approximately equal for both competitors. Investment management. – The PPE/Sales ratio suggests that Tesco has invested a substantially larger amount in property, plant and equipment.There are various reasons for this difference: o Part of the difference between Carrefour and Tesco is due to the fact that Carrefour has a slightly greater proportion of its PP&E financed under operating lease agreements. Tesco’s decision to sell and leaseback a substantial proportion of its property suggests that Tesco’s management believes that Tesco does not yet optimally benefit from lease financing. In addition, Carrefour’s depreciation of buildings has been overly conservative in the years prior to 2004. Consequently, Carrefour’s understatement of non-current – – angible assets is estimated to be approximately 10 percent greater than Tesco’s (see also q uestion 2). o Statistics disclosed in the notes to the financial statements suggest that Tesco owns significantly more expensive stores (possibly at significantly more expensive locations) than Carrefour. In particular, the cost price of Tesco’s land and buildings per square meter equals ? 2,778 p. sq. m. (14,247/5. 129), or â‚ ¬4,086 p. sq. m. , whereas the same statistic equals â‚ ¬1,005 p. sq. m. (11,141/11. 08) for Carrefour (in fiscal 2005). o Sales per average square meter in fiscal 2005 was â‚ ¬6,850 (76,496/[0. x11. 08 + 0. 5Ãâ€"10. 671]) for Carrefour versus ? 8,140 p. sq. m. (39,454/[0. 5Ãâ€"5. 129 + 0. 5Ãâ€"4. 565]), or â‚ ¬11,972 p. sq. m. , for Tesco. Hence, although Carrefour’s square meters of store space are substantially less expensive, Carrefour needs, on average, more square meters than Tesco to generate a euro of sales. Although Carrefour’s PPE/Sales ratio is substantially lower than Tesco’s, the companies’ net no n-current asset/sales ratios are almost equal. (Note that part of the remaining difference is explained by the fact that Carrefour’s non-current assets are more understated than Tesco’s. The explanation for this is that Carrefour has a much greater amount of goodwill recognized on its balance sheet. This amount of goodwill has primarily arisen from the acquisitions of Compoirs Modernes (1998/99: â‚ ¬2,356m), Promodes (1999: â‚ ¬3,032m), GS (2000: â‚ ¬3,136m), and GB (2000: â‚ ¬1,128m). The negative effect of goodwill on asset turnover illustrates that Carrefour (past) strategy of growth through acquisitions has a downside: organic growth is typically more profitable than growth through acquisitions (see also question 2). Carrefour’s working capital turnover is substantially lower than Tesco’s.More specifically, it takes Carrefour approximately twice as much time as Tesco to sell its inventory. For a retailer, this is important because inventor ies comprise a large proportion of the company’s assets. This may be due to a difference in strategies: the company that sells relatively more non-food products will also have lower inventory turnover. Historically, Carrefour has been the European leader in selling a mix of food and non-food products. During the past decade Tesco has added more and more nonfood products to its assortment.Although both companies are not very open about their reliance on non-food sales, there are some (older) statistics available. In 2004, about 46 percent of Carrefour’s hypermarket sales came from dry grocery, 16 percent from fresh food, 17 percent from consumer electronics, 7 percent from apparel, and 14 percent from general merchandise. In comparison, 22 percent of Tesco U. K. sales came from non-food sales in 2004. Under the assumptions that (1) Carrefour sold its non-food products only in hypermarkets (which generated 8 percent of total 2004) and (2) Tesco sold a similar percentage of non-food products in its non-U.K. markets, the contribution of non-food products to the companies’ total sales is fairly comparable: 22 percent (0. 58 x [7% + 17% + 14%]) versus 22 percent. Carrefour’s trade receivables turnover is also substantially lower than Tesco’s. An important reason for this difference is that Carrefour’s financing company provides consumer credit to Carrefour’s customers. This credit has been extended to Carrefour’s customers through point-of-sale financing (offering a credit facility that enables customers to amortize the cost of their purchases over a longer period) or private credit cards.The short-term portion of this credit has been classified as trade receivables. Point-of-sale financing and private credit cards were common especially in Carrefour’s domestic market, France. Carrefour may therefore need to supply these financial services in order to effectively compete with its French industry peers. F inancial management. – Carrefour is more leveraged than Tesco. Carrefour’s degree of leverage is, however, not abnormal for a retailer. This is illustrated by the fact that Tesco has planned to sell and leaseback a substantial amount of property (more than ? billion) and return the proceeds of this transaction to its shareholders. The net effect of these transactions will be that Tesco’s leverage will get closer to Carrefour’s. In addition, Carrefour’s interest coverage ratios are—although lower than Tesco’s—sufficient, indicating that Carrefour experiences no problems to meet its interest obligations. Carrefour’s performance over time When analyzing Carrefour’s financial performance over time, the analysts has to take into account that Carrefour applied IFRS for the first time in 2005.A pragmatic approach to account for this is analyze year-to-year changes in ratios that are based on the same accounting standards (change in 2005 = IFRS-based change from 2004 to 2005; change in 2004 = French GAAP-based change from 2003 to 2004). Exhibit TN-3 displays the year-to-year changes in various ratios. The following changes are noteworthy: – Operating management. Both personnel expenses and cost of materials as a percentage of sales have increased during the past two years. As indicated, this most likely illustrates the margin-decreasing effect of severe price competition. – Investment management.In 2004, Carrefour managed to increase asset turnover, which mitigated the negative effect of the operating margin decrease on operating return on assets. In 2005, both margin and turnover decreased, suggesting that Carrefour has been unable to effectively compete on price. – Financial management. Leverage (as well as Carrefour’s financial leverage gain) decreased for three consecutive years. This seems inefficient because Carrefour’s spread is still positive and its intere st coverage is still sufficient. On the other hand, Carrefour’s financial spread, and with that the benefits of leverage, has decreased over the past two years.Analysis of Carrefour’s segment information Exhibit TN-4 displays several ratios that have been calculated using Carrefour’s segment information. Based on the segment analysis (at least) the following conclusions can be drawn: – The comparison of Carrefour’s with Tesco’s asset turnover illustrated that Carrefour’s sales per square meter of store space was substantially less than Tesco’s. The segment analysis shows that this difference in turnover is primarily caused by the underperformance of Carrefour’s stores outside France: o In 2005, sales per square meter was â‚ ¬10. 6 thousand in France versus â‚ ¬5. 90 thousand, â‚ ¬3. 13 thousand, and â‚ ¬3. 55 thousand in the Rest of Europe, South America, and Asia, respectively. o In 2005, fixed asset turnove r was 4. 51 in France versus 2. 18, 2. 62, and 2. 59 in the Rest of Europe, South America, and Asia, respectively. – EBIT margins were also much lower in Carrefour’s foreign markets than in its domestic market. However, like turnover, Carrefour’s profit margins declined in its domestic market after 2003. – There has been a strong decline in sales per square meter in France after 2002.This decline can possibly be attributed to Carrefour’s loss of market share in its domestic market. – During the first half of the 2000s, Carrefour primarily invested outside France. – It is puzzling that sales per square meter is substantially lower in hard discount stores (where one would expect low margins and high turnover) than in hypermarkets. Analysis of Carrefour’s cash flow performance Exhibit TN-5 displays Carrefour’s standardized cash flow statements. Between 2002 and 2005, Carrefour’s operating cash flow before working cap ital investments ranged from â‚ ¬3. 6 billion (in 2005) to â‚ ¬3. 9 billion (in 2003).In 2006, Carrefour will have (at least) the following uses of its cash flows: – Carrefour’s management announced in the company’s 2005 financial report that capital expenditures in the years 2006-2008 would be close to â‚ ¬3. 3 billion per year (on average). – Dividend payments equaled â‚ ¬758 million in 2005. Given the pattern of dividend increases over time, dividend payments in 2006 are likely to exceed â‚ ¬800 million. If in 2006 operating cash flow before working capital investments will be similar to historical values, Carrefour will need additional sources of cash to finance its investments and dividends.The question therefore arises as to what sources of cash flow might be available to the company: – Carrefour’s management is likely resist cutting dividends or raising new equity as this may put further pressure on the company’s share prices. – Like in previous years, the amount of net investments in non-current assets will be less than the amount of capital expenditures. This is so because Carrefour will divest stores that are underperforming. However, as restructuring progresses cash inflows from divestments can be expected to decrease. This illustrates the necessity for Carrefour to improve its cash flow from operations.As argued above, possible ways to do this is by improving margins outside France or by regaining market share in France. In addition, the company may reduce its investments in inventories either by improving logistics or by improving knowledge of customer preferences. Question 4 Analyst Chrystelle Moreau could use the following summary of key issues (and potential recommendations) arising from the analysis of Carrefour’s (and Tesco’s) financial statements: 1. The analysis suggest that Carrefour’s management should take actions to improve operations management. In particular: a. Carrefour’s low inventory turnover (relative to Tesco’s) suggests that the company needs to improve logistics. This would improve asset turnover, improve cash flow from operations and help the company to more effectively compete on price. b. Carrefour could also make better use of vendor financing. The company’s trade payables turnover is relatively high compared to Tesco’s. Vendor financing may help the company in lowering its net debt (and interest expense). 2. Compared to Tesco’s, Carrefour’s sales per square meter is too low: a.The decrease in France suggests that management should take action to regain market share in France (in accordance with its announced intentions). b. The observation that sales per square meter (and margins) are especially low in Carrefour’s foreign markets suggests that in those markets operations need to be improved. 3. It is questionable whether a focus on growth by adding stores is the most appropriate strategy for the near term. Given the low level of sales per square meter, a less expensive way of growing might be to focus on improving sales levels in Carrefour’s current stores.In addition, as indicated, asset turnover could be improved by improving logistics and, consequently, increasing inventory turnover. Finally, a substantial proportion of Carrefour’s net assets consists of goodwill. Adding more goodwill would probably have a further negative effect on the company’s abnormal profitability. One way to provide a powerful positive signal to investors about Carrefour’s future cash flow generating ability is to follow Tesco’s example in selling and leasing back a substantial proportion of the company’s property. (Analysts estimate Carrefour’s property to be worth â‚ ¬25 billion. The proceeds from this transaction could then be used to return cash to investors. Because future lease payments discipline managemen t’s actions and forces management to improve operating performance (see cash flow analysis), the transaction would signal management’s confidence in Carrefour’s future performance and has the potential to put an end to the company’s share price decline. Subsequent developments Carrefour continued the refocusing of its growth strategy under the adagio of â€Å"more square meters in fewer countries†. Carrefour expanded its store network primarily in Europe (especially outside France).The company disposed of its stores in underperforming markets, such as Mexico, Japan, Czech Republic, Slovakia, and South Korea and increased its store space in well-performing markets such as Poland, Italy, Turkey, Romania, Brazil, China and Taiwan. For example, in December 2006, Carrefour acquired all of Ahold’s Polish supermarkets and hypermarkets for the amount of â‚ ¬375 million. In September 2006, Carrefour announced its earnings for the first half year o f 2006. Both sales and net profit had increased relative to the first half of 2005. In particular, net profits had increased from â‚ ¬637 million to â‚ ¬706 million.The increase in net profits was, however, lower than analysts expected. On January 12, 2007, Carrefour announced that its fourth-quarter sales in 2006 had decreased by 1. 5 percent in comparison with fourth-quarter sales in 2005. Following this announcement, Carrefour’s share price decreased by 5 percent to â‚ ¬44. 50. On March 8, 2007, Carrefour’s President of the Supervisory Board (and protege of the company’s primary shareholder, the Halley Family), Luc Vandevelde, resigned, possibly as a result of a disagreement with the Halley Family. Vandevelde was replaced by Robert Halley.On the same day, private equity investor Bernard Arnault and US Fund Colony Capital acquired a 9. 8 percent stake in Carrefour. Analysts expected that they were planning to force Carrefour to sell (and lease back) i ts valuable property (estimated to be worth â‚ ¬25 billion). – – – – Exhibit TN-1 (1) Calculating the interest rate implicit in finance leases (implicit rate = 9. 6%) and (2) calculating the present value of operating lease payment using the implicit rate of 9. 6% Year Reported Payment finance leases â‚ ¬52 196 in 5 y. 196 in 5 y. 196 in 5 y. 196 in 5 y.PV Assumed PV PV Reported Assumed Payment factor finance Payment Payment operating finance leases operating operating leases leases leases leases â‚ ¬52 0. 9552 49. 7 751 751 717. 4 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 39. 2 8. 2 0. 8715 0. 7952 0. 7255 0. 6620 0. 6040 0. 5511 0. 5028 0. 4588 0. 4186 0. 3819 0. 3485 0. 3180 0. 2901 0. 2647 0. 2415 0. 2204 0. 2011 0. 1834 0. 1674 0. 1527 34. 2 1780 in 5 y. 31. 2 1780 in 5 y. 28. 4 1780 in 5 y. 26. 0 1780 in 5 y. 23. 7 1780 in 5 y. 21. 6 2670 in 7. 5 y. 19. 7 2670 in 7. 5 y. 18. 0 2670 in 7. 5 y. 6. 4 2670 15. 0 2670 13. 7 2670 12. 5 2670 11. 4 2670 10. 4 9. 5 8. 6 7. 9 7. 2 6. 6 1. 3 372. 6 in in in in in 7. 5 7. 5 7. 5 7. 5 7. 5 y. y. y. y. y. 356 356 356 356 356 356 356 356 356 356 356 356 178 310. 3 283. 1 258. 3 235. 7 215. 0 196. 2 179. 0 163. 3 149. 0 136. 0 124. 1 113. 2 51. 6 2006 2007 2008 2009 2010 2011 196 in 5 y. 2012 and 557 in 14. 2 y. subsequent (557/39. 2) 557 in 14. 2 y. 557 in 14. 2 y. 557 557 557 557 557 557 557 557 557 557 557 557 in in in in in in in in in in in in 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 14. 2 y. y. y. y. y. y. y. y. y. y. y. y. 3,132. 1Exhibit TN-2 Carrefour versus Tesco 2005 IFRS Traditional Decomposition of ROE Net profit margin (ROS) Asset turnover =Return on assets xFinancial leverage =Return on equity (ROE) 1. 9% 1. 61 3. 1% 5. 52 17. 1% 2004 IFRS 2. 2% 1. 73 3. 8% 6. 06 22. 9% Carrefour 2004 2003 French French GAAP GAAP 1. 9% 1. 86 3. 6% 5. 16 18. 4% 2. 3% 1. 80 4. 2% 5. 51 23. 0% Tesco 2002 French GAAP 2. 0% 1. 77 3. 5% 5. 88 20. 7% 2001 French GAAP 1. 8% 1. 60 2. 9% 5. 89 17. 2% 2005 IFRS 4. 0% 1. 75 7. 0% 2. 41 16. 7% 2004 IFRS 4. 0% 1. 68 6. 7% 2. 34 15. 6% Distinguishing Operating and Financing Components in ROE Decomposition Net operating profit margin 2. % 2. 6% 2. 3% xNet operating asset turnover 3. 55 3. 91 4. 65 =Operating ROA 8. 1% 10. 1% 10. 9% Spread 6. 0% 7. 7% 7. 0% xFinancial leverage 1. 50 1. 67 1. 07 =Financial leverage gain 9. 0% 12. 8% 7. 5% ROE = Operating ROA + Financial leverage gain 17. 1% 22. 9% 18. 4% Asset Management Ratios Operating working capital/Sales Net non-current assets/Sales PP&E/Sales Operating working capital turnover Net non-current asset turnover PP&E turnover Accounts receivable turnover Inventory turnover Accounts payable turnover Days' accounts receivable Days' inventory Days' accounts payable . 8% 4. 37 12. 4% 8. 3% 1. 28 10. 6% 23. 0% 2. 7% 4. 09 10. 9% 6. 4% 1. 54 9. 9% 20. 7% 2. 6% 4. 00 10. 5% 4. 9% 1. 35 6. 7% 17. 2 % 4. 2% 2. 69 11. 3% 9. 6% 0. 56 5. 4% 16. 7% 4. 2% 2. 56 10. 9% 8. 8% 0. 54 4. 8% 15. 6% -9. 2% 37. 3% 18. 6% -10. 9 2. 7 5. 4 12. 8 9. 6 7. 0 28. 1 37. 5 51. 5 -10. 1% 35. 7% 18. 0% -9. 9 2. 8 5. 5 15. 2 10. 1 8. 2 23. 7 35. 5 43. 8 -11. 7% 33. 2% 17. 7% -8. 5 3. 0 5. 6 23. 8 9. 1 7. 5 15. 2 39. 7 48. 1 -10. 0% 32. 9% 17. 4% -10. 0 3. 0 5. 8 22. 2 9. 6 7. 7 16. 3 37. 5 46. 7 -9. 5% 33. 9% 18. 0% -10. 5 2. 9 5. 5 21. 8 9. 3 8. 0 16. 38. 7 44. 8 -10. 3% 35. 3% 19. 6% -9. 7 2. 8 5. 1 23. 6 9. 1 7. 3 15. 3 39. 5 49. 3 -8. 3% 45. 5% 40. 3% -12. 0 2. 2 2. 5 44. 2 20. 2 3. 2 8. 1 17. 8 113. 9 -9. 2% 48. 3% 42. 9% -10. 9 2. 1 2. 3 44. 0 19. 3 2. 9 8. 2 18. 6 122. 6 Exhibit TN-3 Carrefour’s performance over time 2003 to 2004 2004 to French 2005 GAAP IFRS Common-sized Income Statement: percentage point changes in†¦ Sales 0. 0% 0. 0% – Cost of Sales -0. 2% -0. 3% – SG -0. 1% 0. 1% – Depreciation and Amortization 0. 3% 0. 0% – Other Operating Income, Ne t of Other Operating Expenses -0. 4% -0. % – Net Interest Expense or Income 0. 0% 0. 1% – Investment Income 0. 0% 0. 0% – Tax Expense 0. 0% 0. 0% – Minority Interest 0. 0% 0. 0% Net Profit -0. 3% -0. 4% Pro forma income statement items: percentage point changes in†¦ – Cost of Materials (nature) -0. 2% -0. 3% – Personnel Expenses (nature) -0. 5% -0. 2% – Depreciation and Amortization 0. 3% 0. 0% 2002 to 2003 French GAAP 0. 0% -0. 1% 0. 3% 0. 1% -0. 1% 0. 2% -0. 1% -0. 1% 0. 1% 0. 3% 2001 to 2002 French GAAP 0. 0% 0. 2% 0. 3% 0. 1% -0. 2% 0. 1% 0. 0% -0. 2% 0. 0% 0. 2% -0. 1% -0. 1% 0. 1% 0. 2% 0. 1% 0. 1%Distinguishing Operating and Financing Components in ROE Decomposition: percentage (point) changes in†¦ Net operating profit margin -0. 3% -0. 5% 0. 2% 0. 0% xNet operating asset turnover -9. 1% 6. 6% 6. 7% 2. 2% =Operating ROA -2. 0% -1. 5% 1. 5% 0. 4% Spread -1. 7% -1. 3% 1. 9% 1. 5% xFinancial leverage -10. 4% -16. 4% -16. 9% 13. 5% =Financial leverage gain -3. 8% -3. 2% 0. 7% 3. 2% ROE = Operating ROA + Financial leverage gain -5. 8% -4. 6% 2. 2% 3. 6% Asset Management Ratios: percentage (point) changes in†¦ Operating working capital/Sales 0. 9% Net non-current assets/Sales 1. 6% PP/Sales 0. % Operating working capital turnover 10. 1% Net non-current asset turnover -4. 4% PP turnover -3. 1% Accounts receivable turnover -15. 7% Inventory turnover -5. 5% Accounts payable turnover -14. 9% Days' accounts receivable (change in days) -1. 2 Days' inventory (change in days) 4. 4 Days' accounts payable (change in days) 2. 1 -1. 8% 0. 4% 0. 4% -15. 2% -1. 1% -2. 0% 7. 2% -5. 6% -2. 8% -1. 1 2. 2 1. 3 -0. 5% -1. 1% -0. 6% -4. 8% 3. 2% 3. 6% 1. 7% 3. 3% -4. 0% -0. 3 -1. 2 1. 9 0. 9% -1. 4% -1. 6% 9. 1% 4. 1% 8. 9% -7. 6% 1. 9% 10. 0% 1. 3 -0. 7 -4. 5 Exhibit TN-4 Segment analysis France 4. 1% 5. 50% 6. 00% 5. 88% 5. 55% 5. 16% 3. 62% 4. 51 5. 09 5. 23 5. 17 4. 95 4. 57 4. 11 2. 22% 2. 45% 2. 29% 1. 73% 2. 26% 2. 00% 4. 04% Rest of Europe 4. 22% 3. 94% 3. 73% 3. 37% 3. 31% 3. 69% 2. 15% 2. 18 2. 31 2. 19 2. 01 1. 93 1. 55 1. 88 4. 40% 3. 72% 4. 58% 5. 18% 6. 49% 6. 10% 14. 00% Latin America 2. 62% 1. 06% 0. 28% 0. 43% 0. 63% 2. 47% 3. 48% 2. 62 2. 33 2. 26 2. 48 2. 16 1. 73 1. 44 4. 89% 4. 89% 6. 39% 5. 13% 4. 38% 5. 19% 19. 25% Asia 3. 22% 2. 92% 3. 08% 3. 04% 2. 93% 2. 49% 1. 54% 2. 59 2. 56 2. 44 2. 37 2. 20 2. 19 1. 50 6. 63% 6. 59% 9. 40% 7. 65% 6. 96% 9. 02% 23. 10%EBIT margin 2005 2004 2003 2002 2001 2000 1999 2005 2004 2003 2002 2001 2000 1999 2005 2004 2003 2002 2001 2000 1999 Fixed asset turnover CAPX to sales Exhibit TN-4 Segment analysis (continued) France Sales per sq. m. 2005 2004 2003 2002 2001 2000 1999 10. 96 11. 69 12. 23 12. 62 12. 64 12. 62 NA Rest of Europe 5. 90 6. 36 6. 39 5. 70 5. 90 5. 84 NA NA Latin America 3. 13 2. 55 2. 43 3. 00 4. 73 5. 58 NA Asia 3. 55 3. 41 3. 78 4. 41 5. 08 5. 21 Hypermarket 6. 18 6. 12 6. 39 6. 56 7. 23 7. 40 7. 49 Supermarket 5. 71 5. 64 5. 57 5. 80 6. 38 6. 59 5. 65 Hard discount 3. 85 3. 97 3. 93 5. 03 4. 8 5. 01 4. 58 Sales per store 2005 2004 2003 2002 2001 2000 1999 21. 38 23. 41 24. 66 26. 49 26. 41 19. 80 20. 50 6. 61 7. 09 7. 08 6. 94 6. 95 5. 64 4. 83 6. 21 5. 52 5. 67 7. 72 12. 98 16. 72 18. 98 13. 55 15. 00 23. 30 37. 72 43. 50 43. 99 32. 47 52. 21 53. 08 55. 45 57. 60 62. 40 67. 04 66. 83 8. 73 8. 75 8. 63 8. 63 10. 29 10. 26 10. 20 1. 49 1. 35 1. 41 1. 74 1. 66 1. 67 1. 46 Sq. m. per store 2005 2004 2003 2002 2001 2000 1999 1. 95 2. 00 2. 02 2. 10 2. 09 1. 57 NA NA 1. 12 1. 12 1. 11 1. 22 1. 18 0. 96 NA 1. 98 2. 17 2. 34 2. 57 2. 74 3. 00 NA 3. 82 4. 40 6. 17 8. 54 8. 56 8. 45 . 45 8. 67 8. 68 8. 78 8. 64 9. 06 8. 93 1. 53 1. 55 1. 55 1. 49 1. 61 1. 56 1. 81 0. 39 0. 38 0. 36 0. 35 0. 34 0. 33 0. 32 Exhibit TN-5 Cash flow analysis 2005 IFRS Net profit Profit before taxes minus Taxes paid After-tax net interest expense (income) Non-operating losses (gains) Non-current operating accruals Operating cas h flow before working capital investments Net (investments in) or liquidation of operating working capital Operating cash flow before investment in non-current assets Net (investment in) or liquidation of non-current operating assets Free cash flow available to debt nd equity After-tax net interest expense (income) Net debt (repayment) or issuance Free cash flow available to equity Dividend (payments) Net share (repurchase) or issuance Net increase (decrease) in cash balance 2004 IFRS 2004 French GAAP 1,509. 1 2003 French GAAP 1,737. 6 2002 French GAAP 1,539. 4 2001 French GAAP 1,438. 5 1,943. 0 263. 6 (206. 0) 1,564. 0 3,564. 6 175. 0 3,739. 6 (2,617. 0) 1,122. 6 (263. 6) 428. 0 1,287. 0 (758. 0) 88. 0 617. 0 1,723. 0 279. 7 (103. 0) 1,939. 0 3,838. 7 875. 0 4,713. 7 (2,148. 0) 2,565. 7 (279. ) (1,723. 0) 563. 0 (677. 0) (368. 0) (482. 0) 317. 7 (117. 9) 2,102. 2 3,811. 1 841. 2 4,652. 3 (2,146. 6) 2,505. 7 (317. 7) (1,675. 0) 513. 0 (608. 9) (367. 6) (463. 5) 368. 9 (253. 7) 2,066 . 0 3,918. 8 323. 0 4,241. 8 (1,966. 2) 2,275. 6 (368. 9) (855. 4) 1,051. 3 (522. 5) 17. 3 546. 1 453. 4 (344. 6) 1,950. 0 3,598. 2 (149. 0) 3,449. 2 (3,163. 7) 285. 5 (453. 4) (1,541. 1) (1,709. 0) (475. 5) 300. 4 (1,884. 1) 550. 3 (1,193. 9) 2,537. 8 3,332. 7 837. 9 4,170. 6 (1,005. 6) 3,165. 0 (550. 3) (559. 4) 2,055. 3 (424. 6) 183. 7 1,814. 4