Physioex 9.0 exercise 4 activity 1 Essay

Your answer : b. The hypophysectomized (Hypox) rat’s BMR will be higher than the normal rat’s BMR. Predict Question 2: What do you think will happen after you inject thyroxine into the three rats? Your answer : a. The normal rat will become hyperthyroidic and develop a goiter. Predict Question 3: What do you think will happen after you inject TSH into the three rats? Your answer : a. The normal rat will become hyperthyroidic and develop a goiter. Predict Question 4: Propylthiouracil (PTU) is a drug that inhibits the production of thyroxine by blocking the attachment of iodine to tyrosine residues in the follicle cells of the thyroid gland (iodinated tyrosines are linked together to form thyroxine). What do you think will happen after you inject PTU into the three rats? Your answer : d. The normal rat will become hypothyroidic and develop a goiter. Stop & Think Questions: 1h. Calculate the oxygen consumption per hour for this rat using the following equation. ml O2 consumed/1 minute x 60 minutes/hour = ml O2/hour Enter the oxygen consumption per hour in the field below and then click Submit to display your results in the grid. You answered: 420 ml O2/hr 1i. Now that you have calculated the oxygen consumption per hour for this rat, you can calculate the metabolic rate per kilogram of body weight with the following equation (note that you need to convert the weight data from grams to kilograms to use this equation). Metabolic rate = (ml O2/hr)/(weight in kg) = ml O2/kg/hr Enter the metabolic rate in the field below and then click Submit to display your results in the grid. You answered: 1673.306773 ml O2/kg/hr 2h. Calculate the oxygen consumption per hour for this rat using the following equation. ml O2 consumed/1 minute x 60 minutes/hour = ml O2/hour Enter the oxygen cnsumption per hour in the field below and then click Submit to display your results in the grid. You answered: 384 ml O2/hr 2i. Now that you have calculated the oxygen consumption per hour for this rat, you can calculate the metabolic rate per kilogram of body weight with the following equation (note that you need to convert the weight data from grams to kilograms to use this equation). Metabolic rate = (ml O2/hr)/(weight in kg) = ml O2/kg/hr Enter the metabolic rate in the field below and then click Submit to display your results in the grid. You answered: 1567.346939 ml O2/kg/hr 3h. Calculate the oxygen consumption per hour for this rat using the following equation. ml O2 consumed/1 minute x 60 minutes/hour = ml O2/hour Enter the oxygen consumption per hour in the field below and then click Submit to display your results in the grid. You answered: 378 ml O2/hr 3i. Now that you have calculated the oxygen consumption per hour for this rat, you can calculate the metabolic rate per kilogram of body weight with the following equation (note that you need to convert the weight data from grams to kilograms to use this equation). Metabolic rate = (ml O2/hr)/(weight in kg) = ml O2/kg/hr Enter the metabolic rate in the field below and then click Submit to display your results in the grid. You answered: 1549.180328 ml O2/kg/hr Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800). The normal rat is You correctly answered: b. euthyroid Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800). The thyroidectomized (Tx) rat is You correctly answered: a. hypothyroid Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800). The hypophysectomized (Hypox) rat is You correctly answered: a. hypothyroid Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800) after the thyroxine injection. The normal rat is You correctly answered: c. hyperthyroid Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800) after the thyroxine injection. The thyroidectomized (Tx) rat is You correctly answered: c. hyperthyroid Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800) after the thyroxine injection. The hypophysectomized (Hypox) rat is You correctly answered: c. hyperthyroid Which of the rats developed a goiter after injection with thyroxine (select all that apply)? You correctly answered: d. None of the rats developed a goiter with this injection. Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800) after the TSH injection. The normal rat is You correctly answered: c. hyperthyroid Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800) after the TSH injection. The thyroidectomized (Tx) rat is You correctly answered: a. hypothyroid Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800) after the TSH injection. The hypophysectomized (Hypox) rat is You correctly answered: c. hyperthyroid Which of the rats developed a goiter after injection with TSH (select all that apply)? You correctly answered: a. the normal rat c. the hypophysectomized rat Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800) after the PTU injection. The normal rat is You correctly answered: a. hypothyroid Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800) after the PTU injection. The thyroidectomized (Tx) rat is You correctly answered: a. hypothyroid Judging from their basal metabolic rates (an indicator of thyroid function), categorize the rats as hypothyroid (low thyroid levels; BMR below 1600), euthyroid (â€Å"good,† or normal, thyroid levels; BMR = 1650-1750), or hyperthryoid (high thyroid levels; BMR above 1800) after the PTU injection. The hypophysectomized (Hypox) rat is You correctly answered: a. hypothyroid Which of the rats developed a goiter after injection with PTU (select all that apply)? You correctly answered: a. the normal rat

Figures of Speech in the Waste Land

Some figures of speech in the wasteland Figures of speech comprise two main categories. One category twists the meaning of words to wrest a new non-literal meaning from words that, when phrased together, have a very different literal meaning, as in the idiomatic figure of speech, â€Å"He died from laughter. † Literally, this means a man met his demise due to laughter. Figuratively (i. e. , non-literally), this means he laughed with vigor for a long time. Figures of speech that twist meaning are classified as  tropes.The other category enhances meaning by arranging and rearranging words and word order to dramatize, emphasize or more elegantly express the point at hand. For example, an analogy may be more dramatically made by using a  chiasmus  that inverts parallelism in a typical abba component arrangement. For example, consider the inverted parallelism of this: The day [a] but shines [b], but glows [b] the night [a]. Figures of speech that enhance through words, sounds , letters, word order and syntax are classified as word schemes, or justschemes.It is clear from this brief explanation of figures of speech that  The Wasteland, with a figure of speech as its very title, will be replete with figures of speech of both kinds,  tropes and schemes. In this format, I can identify a few prominent ones, the first being the title. The Wasteland  is the overarching figure of speech (trope/metaphor) that shapes this entire poetic treatise on the state of the world in Eliot's day. The title of Part I, â€Å"The Burial of the Dead,† is itself a significant figure of speech, also a metaphor, that establishes the central idea of the work.For Eliot, following World War I (1914-1918), Earth itself was ravaged, torn and dead, â€Å"Lilacs out of the dead land †¦. † This figure of speech signifies that death resulting from WWI encompasses the dead who died in battle and the dead who still breath though dead inside from horror and from the lo ss of dead Earth: A crowd flowed over London Bridge, so many, 62 I had not thought death had undone so many. â€Å"Son of man† is another important figure of speech, an allusion and metaphor, as this is to whom portions of Part I are addressed: Son of man, 20You cannot say, or guess, for you know only A heap of broken images, Another important figure of speech (trope/analogy and symbol) found in Part III, â€Å"The Fire Sermon,† is Tiresias, the blind old man who sees â€Å"At the violet hour†: I Tiresias, though blind, throbbing between two lives, †¦ can see At the violet hour, the evening hour that strives 220 Homeward, †¦ This figure of speech is important because it represents Eliot's point and belief that the living dead cannot see, can no longer perceive, what is around them, what is true.This is also an allusion to the Biblical precept that those who see are blind, that is, cannot see spiritual truth. Figures of speech of the  scheme  kind a re also present, though seemingly less prominent and used for elegance and compression rather than for significance. An example is found in Part III: â€Å"the young man carbuncular. † Here the word order is changed so that the adjective modifier â€Å"carbuncular† follows the head noun (â€Å"man†) of the noun phrase. Standard word order would be â€Å"the carbuncular young man. † This sort of rearrangement of word order, with the adjective coming after the noun, is called an  anastrophe

Content Comprehension and Analysis Task Assignment - 2

Content Comprehension and Analysis Task - Assignment Example The authors argue that with a diverse environment employees are able to learn and benefit from the uniqueness of others ideas. A myriad of businesses across the globe have appreciated and recognized the need to heavily invest in inclusion and diversity as part of talent management within the organization. It is an important concept as organizations can interact with people from different cultures, resulting to an upsurge in the level of creativity, global understanding, and productivity, and greater agility, development of new attitudes, new solutions and innovation that will lead to the growth of the company. Organizations that have not incorporated diversity as part of its talent management strategy have failed to attract the best skills across the globe. Some of the benefits of diversity include; (Yukl, 2002) Increased productivity – The inclusion of pe ople from diverse backgrounds working towards a common goal improves their level of loyalty. They employ peculiar skills to improve the performance of the company. Diverse experience-; People from different backgrounds bring unique understanding of concepts and experiences to the table. By bring the teams together; employees are able to deal with changing conditions. Every employee has a weakness and strengths derived from their cultural backgrounds, when managed properly their strengths can be leveraged and strengths can be complemented to enhance their performance. Increased creativity and problem solving- With a number of different unique and diverse minds, coming together, it is likely that solutions will be adopted since individuals bring unique way of thinking, operating and handling issues. (Yukl, 2002) Attract and retain talent- The attraction of the best employees to the organization will give it a competitive edge over others. The feeling f inclusion and appreciation enhances the feeling of belonging and loyalty to the organization. The

In what ways do language and the use of language influence news Use an Essay

In what ways do language and the use of language influence news Use an example of a contemporary controversial topic to illustrate your argument - Essay Example This implies that the language employed by the journalists must enhance the understanding of the news. Among the basic objectives of journalists is to inform the public. The communication technique journalists adopt in this context is direct and simple as they use direct quotes and simple grammatical structures. Journalists deliberately minimize the use of jargons in a bid to enhance the public’s understanding of the news. As explained, language helps define the target audience, the level of technicality in language siphons particular individuals from the public who comprehend the type of language used by a media. This helps siphon the public thereby influencing the audience for each media. Different newspapers have audiences most of who identify with the type of language that the media uses in preparing its news. The combination of words that journalists use in presenting their news influences the consumption of the news contents by the audience. Among the key journalistic principles is objectivity a feature that commands that journalists provide a factual presentation of the events they cover. The selection and combination of words influences the level of objectivity in news presentation a feature that dictates that journalists consider various factors before using a word. Some words are sensational thereby portraying the either the journalist or particular media institutions as biased. Journalists strive to minimize sensationalism in news coverage as they strive to remain both objective and detailed as they present their news articles. Journalists must desist from taking sides while covering events. Language can easily portray one as biased despite the absence of such motives especially when covering such vital topics as terrorism. Currently, the missing Malaysian plane is a major international news with different groups of

Reading critically and interpreting literature Term Paper

Reading critically and interpreting literature - Term Paper Example The Yellow Wallpaper, published in 1892 and written by Charlotte Perkins Gilman, charts a young woman's development into deep depression, enabled by her well-intentioned but misguided husband, who is a doctor. The main character, who remains nameless (but may be called Jane, as a reference at the very end of the story, and she will be referred to as such in this essay at times), struggles against the popular contemporary concept of the 'rest cure,' a 'medical' treatment for the â€Å"temporary nervous depression – a slight hysterical tendency† (Perkins Gilman) which nineteenth-century women were frequently diagnosed with. Her gender- and educational-based fight is against the system, represented by her husband, for a cure which is catered to her own wants and needs rather than a blanket treatment which oppresses her and worsens her condition. Yukio Mishima's 1966 Patriotism also focuses on a woman's struggle, although his is a very different perspective. Written in the third person, unlike The Yellow Wallpaper which is from the main character's point of view, Patriotism records the evening of a happily married couple's suicide pact, in grim and gory detail. Reiko and her husband reduce their world to their small house, decrease the world's population to just themselves, and then struggle wordlessly against their own concepts of a peaceful death, both mentally and physically. Their passive acceptance of a frightening situation, a reflection of Mishima's complicated feelings on contemporary Japanese morality, resists the classification of a 'struggle,' and a critic is forced to admit that the story's struggle is deeper than vocalization. It appears that it is a tract against suicide, but the author's deep-seated, somewhat twisted love for his country, and the fact that he also chose to commit seppuku, is difficult to reconcile with the repellent nature of this amazingly-written story. Mishima was also an ardent supporter of the samurai honor code. L ike the narrator of The Yellow Wallpaper, Reiko's struggle is both gender- and educationally-based, although her experience is more totally a reflection of Mishima's internal problems rather than a struggle of her own. This essay will show how setting, tone and irony in The Yellow Wallpaper and Patriotism reveal the struggles enacted through their main women characters, and how these stories reflect their author's respective fears. The setting of The Yellow Wallpaper becomes the focus of Jane's struggle against her husband's medical and frankly misogynistic beliefs. It is is the most important motif of the story, in that the narrator believes that the cause of her descent into madness is the wallpaper – its colour, pattern and even its smell. The narrator and her husband have taken â€Å"ancestral halls† (Perkins Gilman) as their summer holiday home; the â€Å"place has been empty for years† (Perkins Gilman) and as such, presumably, is old and run-down. Jane is enclosed in the large room at the top of the house, even though she fervently expressed a desire to stay in one of the rooms downstairs. The old, â€Å"atrocious† (Perkins Gilman) yellow room both entraps her and symbolizes that entrapment: John coerces her to stay alone in the room, on the basis of his educational and emotional authority, against her will. Just as the protagonist cannot overcome him, nor can she fight against the mores of the society which dismisses her

Prostitution Research Paper Example | Topics and Well Written Essays - 1250 words

Prostitution - Research Paper Example Most people begin masturbation at a tender age as they explore their changing bodies. At first they may not have sexual fantasies, but at the onset of adolescence the feelings become more sexual. Secondly, Psychologists believe that children begin to discover their sexuality in their phallic stage. This is a stage characterized by putting fingers in their mouth, anus and more so touching their genitals. This explains why the behavior is common in children and teens. Thirdly sexual feelings are instinctive and they just set in due to the pornographic nature of humans. For instance, a child will want to know where they came from by posing questions that are aimed at making discoveries or just out of curiosity. This eagerness is only met when a reliable answer is given. Most common reasons people masturbate are to relieve tensions of sexual feelings, to achieve sexual pleasure, have sexual satisfaction when partners are not available and also to relax their mind. In fact, most people th ink that it is only meant for those without sexual partners, but even people with regular sex partners are equally involved in the act. The behavior is shaped by body hormones responsible for sexual arousal and the higher the release the frequent the desire (Publishing)There are proven facts about benefits of masturbation most of which are believed to be healthy sex life, safe and totally harmless. In this project, I critically seek to examine these facts and see why this behavior is wide spread in social framework. According to (John, Mulhall and Incrocci) it is found that men who masturbate more than five times a week have a third less likelihood to develop prostate cancer. This is because disease causing toxins may not build up in the urogenital tract as they get flushed out of the system. It makes one release hormone of wellbeing like dopamine and oxytocin that lifts spirits, activates the reward circuit of the brain and promotes satisfaction. In fact a brain scan of someone hav ing orgasm is similar to that of a heroin addict due to the non-drug blast effect of dopamine. It is truly a safer form of sex that has no risk of sexually transmissible infections or unplanned pregnancies. In this regard, it helps those without partners to relieve their sexual tension by themselves and explore their sexuality in their best way. It contributes to strengthened immune system due to increased release of hormone cortisol following ejaculation. This hormone helps to regulate and maintain immunity in small doses. Other medical beneficial facts associated with masturbation include: release of tension and stress, sperm donation and treatment for sexual dysfunction. On the contrary, there are often many stereo types associated with this act. In some communities it is seen as a big abomination, ungodly and a selfish avenue for self-sexual satisfaction. The following are the major facts against it. Most people who indulge in this behavior have a feeling of guilt later after do ing it because they believe it is bad. Most of those feeling were inflicted by religion and traditional taboos. It is also true that this is the least talked about topic and doing it means to be haunted by guilt. Like any other form of indulgence, masturbation can grow to uncontrollable excessive levels. At this stage it becomes chronic and a habit that is difficult to break

United Nations and Human Ritghs Research Paper Example | Topics and Well Written Essays - 1250 words

United Nations and Human Ritghs - Research Paper Example The purpose of establishing this organization by Kofi Annan is "Preventing conflicts so that we can live in a world free of fear." (Role of United Nations) United Nation is playing a great role in tackling the catastrophes and mass murders that are taking place all around the world. The role of United Nations has however been criticized by many individuals in certain instances. It is believed that they have not fully come up to fulfill the roles that were assigned to the organization when it came into existence. These nations which had joined hands together initially decided to take organizations which had hold internationally to help them out on certain matters concerning welfare. Through this effort various agencies which specialized in various areas were established. In the year 1865 the ' International Telecommunication Union' which was initially the 'International telegraph union' was formed. Apart from that the 'universal postal union' also came into existence in the year 1874. (History of United Nations) A conference was organized in The Hague in the year 1899 in order to discuss and draft their stance on how to settle problems peacefully and to overcome prevailing crisis. The reason behind this conference was to prevent wars and to generate the basic rules that governed warfare. The major achievement of this conference was that it developed the 'Permanent Court of Arbitration' which started to function in the year 1902. This court was majorly influenced by the 'Pacific Settlement of International Disputes'. The United Nation takes its existence from the League of Nations which was established during the First World War to overcome the massacre that took place. This organization was not successful and therefore was dissolved. It was also formed with the purpose of maintaining peace and security as well as to establish cooperation internationally. This organization that is the United Nations was established in the year 1945 on 24th of October. This organi zation was formed by the consent of veto powers such as China, United Kingdom, United States of America, Soviet Union and other member countries who signed the resolution. Every year the 'United Nations Day' is celebrated on 24 of October. After this organization was established it was realized that a code of conduct needs to be derived so that the rights of human beings remains protected and no human is a victim of ill treatment what so ever. Therefore realizing this United Nations developed a charter which contained the basic rights which are the inborn right of each and every individual of the signatories as well as the countries that come under their jurisdiction. This law was formerly known as the 'The Universal Declaration of Human Rights'. This declaration was passed so that the wrong that was being done to humans previously like they were being deprived of their basic necessities. Power was being exercised unjustly; slavery was at its peak. Considering all these circumstance s where human beings were being treated worse than animals then it was realized that certain initiates need to be taken that would protect the sovereignty and dignity of individuals and no individual would have the right to oppress any human irrespective of power, position etc. In simpler words this organization was established with the following motto, "Whereas recognition of the inherent dignity and of the equal and inalienable rights of all members of the human

Advanced Fire Administration Essay Example | Topics and Well Written Essays - 1500 words - 1

Advanced Fire Administration - Essay Example This is because of the increase in population attributed to the dynamic nature of it and also the issue of developmental growth. Every city is expected to show some growth, and this growth must be maintained and planned parallel. In the first part of the paper, an overview is sampled on what is expected in five to ten years based on an expert view. The main objective of the paper is to evaluate how and the measures that are put in place during planning; these facts have a direct impact on how the city will be able to respond to disaster in the future. Also, to show how the administrative body will ensure infrastructures that are coming up are abiding to the planning regulation. Planning is the most essential element of any development, proper planning focus on the future outcome and incorporates the concept of growth, a city cannot remain static it must be dynamic either negatively or positively. Use of proper planning tools is essential because bad planning always leads to disorganised results that conflict with each other. The person that I interviewed is a county planner, his works entails planning for the future and he gave me an overview of what is expected in 5 to 10 years to come. A proper planner should focus on the future rather than the immediate situation. Population is dynamic and would not remain the same as today therefore in about five to ten years to come, the number of people living per square kilometre will have increased and so the urge of new resources. The current resources cannot be able to serve the number that was available at that time, so need to keep changing resources as the demand will go higher. Different measure has been incorporated that relate to fire management in case of a disaster. One of the measures that have been addressed in the plan is buying and upgrading the number of capabilities of fire responses. The higher the population the more the administrative body requires necessary

An Analysis of Womens Mindset About Plastic Surgery Essay Example for Free

An Analysis of Womens Mindset About Plastic Surgery Essay Based on Wikipedia, the free encyclopedia stated that beauty is a value that related to emotional aspect that mean vitality, fertility, health, happiness, goodness, and love. â€Å"Beauty is commonly defined as a characteristic present in objects, such as nature, art work, and a human person, that provides a perceptual experience of pleasure, joy, and satisfaction to the observer, through sensory manifestations such as shape, color, and personality. Beauty thus manifested usually conveys some level ofharmony amongst components of an object† (New World Encyclopedia). Thomas Aquinas (1225 1274), wrote on the essence of beauty. He thought that beauty was the result of three prerequisites: wholeness (lat. integritas) or perfection, harmony (lat. proportio) and clarity or brightness† (Pentti Rautio, 2007). For many centuries, people and philosophers have expressed their definition of beauty. They show their own argument with different definition. However, nowadays we can not get the really means of beauty, because beauty has been lost over time. It just leaves a word ( Nancy Etcoff, 1999, p. 69). Everyone want to be beautiful, especially for women. They make themselves as beautiful as they can. For being beautiful, they have an icon to be followed. They use a Barbie dolls as a fashion icon because they think that Barbie is the image of beauty woman. Barbie has thin and tall body, flawless skin, long hair and big eyes. It shows that Barbie is perfect creature. Because of it, Barbie has affected a lot of women through its beauty. Barbie become the image of beauty by its history. Barbie is named by Ruth Handler which comes from his daughter’s name Barbara. Barbara is the same as another child that play with a toys but she always use a paper to make a dolls. During a trip to Europe with her child Barbara in 1956, Ruth Handler came across a German and found a doll called Bild Lilli. The Bild Lilli doll was very popular at that time, it was made based on a character in a comic strip drawn by Reinhard Beuthin for the newspaper Die Bild-Zeitung. In 1955, The Bild Lilli doll was initially sold to adults and became popular with children who enjoyed dressing up. On her return to the United States, Ruth Handler tried to redesign the Bird Lilly doll with help from Jack Ryan that works as an engineer. Moreover, the doll that was redesign by Ruth handler was given a new name ‘Barbie’, after Ruth Handler’s daughter Barbara. The Barbie doll made its first debut at the American International Toy Fair in New York on March 9, 1959. This date is also used as Barbie’s birthday. The Bird Lilli doll production was stopped in 1964 and the first Barbie doll wore a black and white zebra striped swimsuit and signature topknot ponytail. The doll was marketed as a â€Å"Ten-age Fashion Model† with her clothes created by Charlotte Johnson. The first Barbie dolls were manufactured in Japan, with their clothes hand-stitched by Japanese home workers. Around 350,000 Barbie dolls were sold during the first year of production. Barbie was the first toy that has a marketing strategy on television advertising. It is estimated that over a billion Barbie dolls have been sold out in over 150 countries and every second three Barbie dolls are sold. Barbie products include not only the range of dolls with their clothes and accessories, but also a large range of Barbie branded goods such as books, apparel, cosmetics and video games. Barbie has appeared in a series of animated films and is a supporting character in â€Å"Toy Story 2† and â€Å"Toy Story 3†. Barbie has been given honors and become cultural icon that is rare in the toy world. In 1974 a section of Times Square in New York City was renamed Barbie Boulevard for a week. In 2009, Barbie celebrated her 50th birthday. The celebrations included a runway show in New York for the Mercedes-Benz Fashion Week and others event that used Barbie as the icon (James Penn, 2001). Barbie became a popular toy in America and the figure that was used by Mattel dolls and accessories. For five years, Barbie has been an important part of toy fashion doll market. However, behind its popularity, Barbie also became controversies because its life style. From a young age, children play with toys like Barbie dolls and burly action figures, with bodies that are physically impossible to achieve. Exposure to these â€Å"ideals† is damaging to the self-esteem of youths† (MelodyBee, 2008). Usually, most of children play Barbie, especially for girls. They make Barbie as beautiful as they can. However, playing a Barbie doll can give bad influence for children. The Barbie’s clothes or the other things in Barbie’s world have affected the girls who playing Barbie think how importance of physical appearance. Barbie has affected them in terms of fashion. They be dressed precocious because the influence of Barbie. Without realizing it, they are growing-up skipper. According to Marilyn Ferris Motz, he suggested, â€Å"Barbie has other messages for us and that the doll’s influence is more problematic, especially for children. † It means that Barbie has bad side effect for children. Not only children, but nowadays the girls or women also make Barbie as woman figure that they want. Because of the figure of Barbie and other figures of beauties, women are convinced to believe that one must look like these images to be beautiful. The easiest way to achieve this is by having plastic surgery. Plastic surgery is a type of surgery that can involve both women’s appearance and ability to function. Society today has influence women to believe that in order for a person to look beautiful, they must look like the images that are seen on television, in movies, and on the cover of magazines. Some of them are even willing to suffer in order to achieve their desired beauty. Although plastic surgery can improve women’s appearance, but it can induce a lot of detriments which may lead to dangerous risk, even death. From the description, I will analyze women’s mindset about plastic surgery.

Republic Day Essay Example for Free

Republic Day Essay Republic Day is one of the three national holidays of India and the greatest festival celebrated in the country. It is celebrated every year on January 26, in New Delhi with great pomp, fanfare and pageant. While in the capitals of the States and other headquarters, it is marked with patriotic fervor. The most spectacular celebrations are marked by the Republic Day Parade that takes place in the capital of New Delhi at Rajpath. It includes march past of the three armed forces, massive parades, folk dances by tribal folk from different states in picturesque costumes marking the cultural unity of India. Further, the streak of jet planes of Indian Air Force, leaving a trial of colored smoke, marks the end of the festival. It was the Lahore Session of the Indian National Congress at midnight of December 31, 1929 January 1, 1930, that the Tri-Color Flag was unfurled by the nationalists and a pledge was taken that on January 26 every year, Republic Day would be celebrated and that the people would unceasingly strive for the establishment of a Sovereign Democratic Republic India. The professed pledge was successfully redeemed on January 26, 1950, when the Constitution of India framed by the Constituent Assembly of India came into force, although the Independence from the British rule was already achieved on August 15, 1947. It is because of this fact that August 15 is celebrated as Independence Day, while January 26 as Republic Day. The festivity of Republic Day concludes officially with the intriguing Beating Retreat ceremony on the evening of 29th January. This enthralling ceremony is performed by the military, the Indian Air Force, India Navy and India Army in the Raisina Hills, New Delhi, in front of the President of India as the Chief Guest.

Simulated Moving Bed Technology

Simulated Moving Bed Technology 1. Introduction 1.1. Continuous counter current chromatography Continuous industrial-scale adsorption processes are well known for their efficiency. Very often, the Height Equivalent of a Theoretical Plate (HETP) in a batch operation is roughly three times higher than one find for the continuous mode (Gembicki et al., 2002). The operation of continuous chromatographic counter current apparatus (here-by referred as True Moving Bed, TMB) in particular, maximizes the mass transfer driving force providing a better utilization of the adsorbent, and thus, allowing the use of lower selectivity materials (Ruthven and Ching, 1989) as to operate with an increased productivity (i.e., higher processed throughput using less packing material). A scheme of a TMB unit is shown in Figure 1. Figure 1 A four section True Moving Bed (TMB) unit for the separation of A and B with D as eluent or desorbent (Fructose/Glucose separation). If we define section as the part of the TMB unit where the fluid flow rate is approximately constant (section limited by inlet/outlet streams), then, it is possible to find four different sections with different roles: Section I: Regeneration of the adsorbent (desorption of A from the solid); Section II: Desorption of B (so that, the extract is not contaminated by the less retained component); Section III: Adsorption of A (raffinate clean from the more adsorbed species); Section IV: Regeneration of the eluent/desorbent (adsorption of B from the fluid phase). From Figure 1, one can observed that the counter-current movement of the solid, with respect to the fluid phase, allows continuous regeneration of both the adsorbent in section I as the eluent/desorbent in section IV. Also, the moving bed arrangement allows the achievement of high purity even if the resolution of the two peaks is not excellent, since only the purity at the two tails of the concentration profiles, where the withdrawal ports are located, is of interest. This is contrary to batch chromatography where high resolution is vital in order to achieve high purity. Nevertheless, with this counter current mode of operation is necessary to circulate not only the fluid phase but also the solid. The solid motion inside of the column and the consequent recycle presents some technical problems, namely: equipment abrasion, mechanical erosion of adsorbent and difficulties in maintaining plug flow for the solid (especially in beds with large diameter). From a technical point of view, this clearly limits the implementation of such technology. 1.2. The Simulated Moving Bed (SMB) concept In order to avoid this issue, a sequence of fixed bed columns was conceived (Broughton and Gerhold, 1961) in which the solid phase is at rest in relation to a fixed referential, but where a relative movement between both phases is experienced by switching the inlet and outlet fluid streams to and from the columns from time to time (in the direction of the fluid flow). In the simplest operating mode, the period that a certain operating configuration prevails is called the switching time, . Since the solid flow is avoided, although a kind of counter-current movement is created relatively to the fluid, this technology is called Simulated Moving Bed (SMB). Consider that at certain moment in the operation of an SMB, the positions for the inlet of feed and desorbent and outlet of products is represented by Figure 2a. Assume also the simplest operating mode (synchronous advance of all streams) and one column per section. After a period of time equal to the switching time, the injection and withdrawn points all move one column in the direction of the fluid flow (Figure 2b). When the initial location of injection/collection of all the streams is reencountered, we have completed one cycle (in a four equally zoned SMB, it takes to complete one cycle, where is the number of columns in each one of the four sections). As it is possible to see in Figure 2, during one cycle the same column is in different sections, assuming therefore different roles in the separation process. Figure 2 Schematic representation of a 4 columns SMB unit operating over a complete cycle, from 0to (with representing the ports switching time); (a) period of the first switch; (b) period of the second switch and (c) a TMB unit. As mentioned before, the continuous movement of inlet and outlet lines into and from the column is almost impractical, therefore discreet jumps (with the length of one bed, during ) have to be applied. The analogy between SMB and the TMB is then possible by the introduction of the relative velocity concept, where , with the fluid interstitial velocity in each section in the TMB, the interstitial velocity in the SMB unit and the solid interstitial velocity in the TMB. The solid velocity is evaluated from the switching time interval value in the SMB as , being the column length. As consequence, The internal flow rates in both apparatus are not the same, but related by where and represent the internal liquid flow-rates in the SMB and TMB, respectively, is the bulk porosity and the column volume. 1.3. SMB Applications Industrially, SMB applications can be regarded as â€Å"Old† and â€Å"New†, associated with petrochemical and pharmaceutical/fine chemistry fields, respectively (Sà ¡ Gomes et al., 2006d). Among the first applications of SMB technology (back to 1960s) are the ones implemented by the UOP Inc. (Des Plaines, IL-USA) with the Sorbex ® processes, such as: the Parex ® unit for separation of p-xylene from mixtures with its C8-isomers (Broughton et al., 1970), separation also performed by the Aromax ® process from Toray Industries (Tokyo, Japan) (Otani et al., 1973) and the Eluxyl ® process by Axens/IFP (Institut Franà §ais du Pà ©trole, France) (Ash et al., 1994); the Ebex ® for the separation of EthylBenzene (EB) from a mixed of C8-aromatic isomers (Broughton, 1981); the Molex ® for the separation of n-paraffins from branched and cyclic hydrocarbons; and the Olex ® process to separate olefins from parafins; the Cresex ® and Cymex ® for the separation of p-cresol and p-cymene from its isomers, respectively. The application of SMBs in the sugar industry is also substantial, with the Sarex ® process, for the separation of fructose from the corn syrup with dextrose and polysaccharides on polystyrene-divinylbenzene resins in calcium form (Broughton, 1983); or as patented by Japan Organo Co. (Japan), (Heikkilà ¤ et al., 1989); by Amalgamated Sugar Company LLC, also known as the Snake River Sugar Company (Boise, ID-USA), (Kearney and Mumm, 1990, , 1991). In the last decade, particularly in the area of drug development, the advent of SMB has provided a high throughput, high yield, solvent efficient, safe and cost effective process option. Although it had long been established as a viable, practical, and cost-effective liquid-phase adsorptive separation technique, the pharmaceutical and biomolecule separations community did not show considerable interest in SMB technology until the mid-1990s. The application of the SMB concept to the fine chemical separations in the earlier 90s, led to the second â€Å"boom† on the number of applications of SMB technology (Negawa and Shoji, 1992; Nicoud et al., 1993; Kusters et al., 1995; Rodrigues et al., 1995; Cavoy et al., 1997; Francotte and Richert, 1997; Guest, 1997; Pais et al., 1997a; Pais et al., 1997b; Francotte et al., 1998; Grill and Miller, 1998; Lehoucq et al., 1998; Pais et al., 1998; Dapremont et al., 1999; Miller et al., 1999; Nagamatsu et al., 1999; Nicoud, 1999a, 1999b; Pedefe rri et al., 1999; Strube et al., 1999; Juza et al., 2000; Kniep et al., 2000; Wang et al., 2001), among other â€Å"pioneers†. Daicel Chemical Industries, Ltd (Japan) first published the resolution of optical isomers through SMB (Negawa and Shoji, 1992). Since then, several are the SMB based processes already approved by the Food and Drug Administration (FDA) and others regulatory agencies. Examples includes renowned products such as: Biltricide (Praziquantel) Cipralex/Lexapro (Escitalopram), Keppra (Levetiracetam), Modafinil/Provigil, Taxol (Paclitaxel), Xyzal (Levocetirizine), Zoloft (Sertraline), Zyrtec (Cetirizine), Celexa/Citrol/Cipram (Citalopram), Prozac (Fluoxetine hydrochloride), (Abel and Juza, 2007) o paper de real SMB e rajendran, among others biological separation, with a particular emphasis in protein separations meteer referencias a biologias e proteinas. Given the importance of such technique, this work reviews different operating SMB modes; design, modeling and optimization techniques; and addresses an example of the design, construction and operation of an SMB unit. 2. SMB modes of operation So far, only the so-called conventional SMB mode of operation has been considered, which indeed means that each section has a fixed number of columns and there is no variation on the pre-established inlet/outlet flow rates or the switching time value. However, over the last decades some non-conventional SMB operating modes were proposed, developing the range of the applications of SMB technology and extending further its potential. Some of these operating modes, worthy of note, are listened in the following Sections. 2.1. Asynchronous shifting SMB (the Varicol ® process) The asynchronous shifting SMB or Varicol ® process (Adam et al., 2000; Bailly et al., 2000; Ludemann-Hombourger et al., 2000; Ludemann-Hombourger et al., 2002) commercialized by Novasep (Pompey, France), became one of the more studied and used processes of the so-called non-conventional SMB modes of operation. Instead of a fixed unit configuration with constant section length, the Varicol ® operating mode is performed by the implementation of an asynchronous inlet/outlet ports shift, providing a flexible use of each section length, Figure 3. Figure 3 [11.51.51] Asynchronous SMB for a complete cycle; section II has 1 column during the first half of the switching time and 2 columns in the remaining time (within a switching time period), thus 1.5 columns; the opposite happens to section III. By means of Varicol ® mode of operation it is possible to increase the productivity value up to 30% more than the classical SMB apparatus, principally when operating under a reduced number of columns (Toumi et al., 2002; Zhang et al., 2002b; Pais and Rodrigues, 2003; Subramani et al., 2003b, 2003a; Toumi et al., 2003; Yu et al., 2003b; Sà ¡ Gomes et al., 2006d; Mota et al., 2007b; Rodrigues et al., 2007a; Sà ¡ Gomes et al., 2007b; Zhang et al., 2007). 2.2. Partial-Feed, Partial-Discard With the Partial-Feed mode of operation two additional degrees of freedom are introduced: the feed length and the feed time (Zang and Wankat, 2002a; Zang and Wankat, 2002b). Feed during a given feed length period will consequently influence the raffinate and extract flow rates are along the time. Also referred in the literature is the Partial-Discard (or partial withdraw) operating mode, where just a part of the outlet products is used in order to improve the overall purity (Zang and Wankat, 2002b; Bae and Lee, 2006), or with the partial recirculation of the outlet products back to the feed (Kessler and Seidel-Morgenstern, 2008a; Kessler and Seidel-Morgenstern, 2008b; Seidel-Morgenstern et al., 2008). The ISMB (Improved SMB) mode of operating, commercialized by the Nippon Rensui Co. (Tokyo, Japan) and FAST â€Å"Finnsugar Applexion Separation Technology†, now Novasep-France, is also well known (Tanimura et al., 1989). In this process, during a first step the unit is operated as a conventional SMB but without any flow in section IV; in the second step the inlet and outlet ports are closed and the internal flow through the four sections allowing the concentration profiles to move to adjust their relative position with respect to the outlet ports (Rajendran et al., 2009). Meter referencias do mazzotti e nova de sa gomes Another novel non-conventional mode of operation, the Outlet Swing Stream-SMB (OSS) (Sà ¡ Gomes and Rodrigues, 2007), was developed under the framework of this thesis and is latter detailed in Chapter 3. 2.3. PowerFeed and ModiCon The modulation of the section flow rates (PowerFeed) was originally proposed by Kearney and Hieb (1992) and later studied in detail by other authors (Kloppenburg and Gilles, 1999b; Zhang et al., 2003b; Zhang et al., 2004b; Kawajiri and Biegler, 2006b). Another SMB operating concept, based on the feed concentration variation within one switching interval, was suggested by Schramm et al., (2002; 2003b) known as the ModiCon. The use of auxiliary feed tanks, where section flow rate flows into a tank to dissolve solid raw materials and fed into section III, has also been studied (Wei and Zhao, 2008). The cross combination of PowerFeed, Modicon and Varicol modes of operation is also a recurrent research matter, principally of optimization studies (Zhang et al., 2004a; Arau?jo et al., 2006a; Rodrigues et al., 2007b), providing more degrees of freedom and allowing better performance values. 2.4. Two Feed or MultiFeed SMB and Side Stream SMB Recently, the introduction of multi feed streams in the SMB area, by analogy with distillation columns, led to the formulation of the Two Feed SMB, or MultiFeed, operating mode presented by Kim (2005) and later studied by Sà ¡ Gomes and Rodrigues (Sà ¡ Gomes et al., 2007b; Sà ¡ Gomes and Rodrigues, 2007). Also multi extract/raffinate are referred in the literature (Mun, 2006), known as side stream SMB (Beste and Arlt, 2002). These techniques, combined with the distillation know-how for the optimum location of multiple feeds, can allow the development of more efficient SMB processes. 2.5. Semi Continuous, Two and Three zones SMB There are several semi continuous SMB apparatus that operate with two-zone, two or one-column chromatograph, with/or recycle, analogous to a four-zone SMB(Abunasser et al., 2003; Abunasser and Wankat, 2004; Arau?jo et al., 2005a; Arau?jo et al., 2005b; Jin and Wankat, 2005b; Mota and Arau?jo, 2005; Arau?jo et al., 2006b; Arau?jo et al., 2007; Rodrigues et al., 2008b), that allow a reasonable separation, some allowing centre cut for ternary or quaternary separations (Hur and Wankat, 2005b, 2005a, , 2006a, 2006b; Hur et al., 2007), under reduced equipment usage. The discontinuous injection in a system with 2 or more columns, based on the concept of simulated adsorbent movement, as been applied by Novasep under the denomination of Cyclojet ®, Hipersep ®, Supersepâ„ ¢ (Supersep MAXâ„ ¢ with Super Critical CO2) and Hipersep ®, (Grill, 1998; Valery and Ludemann-Hombourger, 2007). 2.6. Gradient SMB As a further possibility for increasing the productivity, the introduction of gradients in the different separation sections of the SMB process is also described in literature. The gradient mode was suggested firstly for the SMB-SFC (SMB-supercritical fluid chromatography) process, where the elution strength can be influenced by a pressure gradient (Clavier and Nicoud, 1995; Clavier et al., 1996). Nowadays, there are more gradient-variants that allows the variation solvent elution strength by changing the temperature, the pH-value, the content of salt or the modifier concentration (Jensen et al., 2000; Antos and Seidel-Morgenstern, 2001; Migliorini et al., 2001; Abel et al., 2002; Antos and Seidel-Morgenstern, 2002; Abel et al., 2004; Ziomek and Antos, 2005; Mun and Wang, 2008a), or as in Rodriguess group with the purification of proteins by Ion Exchange-SMB (IE-SMB) (Li et al., 2007; Li et al., 2008). Also worth of note is the MCSGP (Multicolumn Counter-current Solvent Gradient Puri fication) process (Aumann and Morbidelli, 2006; Strohlein et al., 2006; Aumann and Morbidelli, 2007; Aumann et al., 2007; Aumann and Morbidelli, 2008; Mà ¼ller-Spà ¤th et al., 2008), commercialized by ChromaCon AG (Zà ¼rich, Switzerland), which combines two chromatographic separation techniques, the solvent gradient batch and continuous counter-current SMB for the separation of multicomponent mixtures of biomolecules. 2.7. Hybrid-SMB: SMB combined with other processes It is possible to improve the performance of SMB units by integrating it with other different separation techniques. The more simple application of this approach is to combine in series the two different processes and then recycle back the outlets between (or within) the different units (Lorenz et al., 2001; Amanullah et al., 2005; Kaspereit et al., 2005; Amanullah and Mazzotti, 2006; Gedicke et al., 2007). Among these, an interesting hybrid SMB was presented by M. Bailly et al., (2005; Abdelmoumen et al., 2006), the M3C process; or the similar process: Enriched Extract operation (EE-SMB) (Paredes et al., 2006), in which a portion of the extract product is concentrated and then re-injected into the SMB at the same, or near to, the collection point. The use of SMB-PSA apparatus is also referred in the literature for gas phase separations, (Rao et al., 2005; Sivakumar, 2007; Kostroski and Wankat, 2008). The use of two SMB units with concentration steps between, for the separation of bi nary mixtures, was also developed under the denomination of hybrid SMB-SMB process (Jin and Wankat, 2007a). 2.8. The SMBR multifunctional reactor The integration of reaction and separation steps in one single unit has the obvious economical advantage of reducing the cost of unit operations for downstream purification steps. Besides reactive distillation, reactive extraction or membrane reactors, the combination of (bio)chemical reaction with SMB chromatographic separator has been subject of considerable attention in the last 15 years. This integrated reaction-separation technology adopts the name Simulated Moving Bed Reactor (SMBR). Several applications have been published considering the SMBR: the enzymatic reaction for higher-fructose syrup production (Hashimoto et al., 1983; Azevedo and Rodrigues, 2001; Borges da Silva et al., 2006; Sà ¡ Gomes et al., 2007a); meter a dos FOS the esterification from acetic acid and -phenethyl alcohol and subsequent separation of the product -phenetyl acetate (Kawase et al., 1996), or methyl acetate ester (Lode et al., 2001; Yu et al., 2003a); the synthesis and separation of the methanol fro m syngas (Kruglov, 1994); the esterification of acetic acid with ethanol (Mazzotti et al., 1996b); the lactosucrose production (Kawase et al., 2001); the MTBE synthesis (Zhang et al., 2001); the diethylacetal (or dimethylacetal) synthesis (Silva, 2003; Rodrigues and Silva, 2005; Silva and Rodrigues, 2005a; Pereira et al., 2008); the ethyl lactate synthesis from lactic acid and ethanol (Pereira et al., 2009a; Pereira et al., 2009b); the biodiesel synthesis (Geier and Soper, 2007) falta uma; or the isomerization and separation of p-xylene (Minceva et al., 2008) faltam os franceses, are examples that prove the promising potential of this technique. Depending on the reactive system some interesting arrangements of the general SMBR setup can be found in the literature, a more detailed review of several SMBR applications can be found elsewhere (Minceva et al., 2008). 2.9. Multicomponent separations The application of SMB technology to multicomponent separations has also been an important research topic in the last years. The common wisdom for such multicomponent process is the simple application of SMB cascades (Nicolaos et al., 2001a, 2001b; Wankatt, 2001; Kim et al., 2003; Kim and Wankat, 2004); nevertheless, there are some non-conventional operation modes that proved to have interesting performance, as the one introduced by the Japan Organo Co. (www.organo.co.jp), called JO process (or Pseudo-SMB); this process was discussed in detail (Mata and Rodrigues, 2001; Borges da Silva and Rodrigues, 2006, , 2008) and (Kurup et al., 2006a). The process is characterized by a 2-steps operation: (a) in the first step the feed is introduced while the intermediary product is recovered with the whole unit working as a fixed bed; (b) during the second step the feed stopped, the unit works as a standard SMB and the less and more retained products are collected, see Annex I for details. The u se of two different adsorbents (Hashimoto et al., 1993), two different solvents (Ballanec and Hotier, 1992), or a variation of the working flow rates during the switching period (Kearney and Hieb, 1992), were also proposed. 2.10. SMB Gas and Super Critical phases Most of the industrial applications of SMB technology operate in the liquid phase; nevertheless, SMBs can also be operated under supercritical conditions; where a supercritical fluid, typically CO2, is used as eluent offering a number of advantages namely reduction of eluent consumption, favourable physicochemical properties and lower pressure drop and higher column efficiency (Clavier and Nicoud, 1995; Clavier et al., 1996; Denet and Nicoud, 1999; Depta et al., 1999; Denet et al., 2001; Johannsen et al., 2002; Peper et al., 2002; Peper et al., 2007). Also in the gas phase the recent developments have been remarkable (Storti et al., 1992; Mazzotti et al., 1996a; Juza et al., 1998; Biressi et al., 2000; Cheng and Wilson, 2001; Biressi et al., 2002; Rao et al., 2005; Lamia et al., 2007; Mota et al., 2007b; Sivakumar, 2007; Kostroski and Wankat, 2008). Meter a do propano propylene 3. SMB design, modeling, simulation and optimization Over the last 50 years, design, modeling, and optimization of chromatographic separation processes have been frequent research subjects. As consequence, several modeling methods, strategies and approaches have been developed, the more relevant are reviewed in this section. 3.1. Design strategies The design of an SMB based separation involves taking decisions at many levels, from the configuration of the unit (number of columns per section, column and particle size) to operating conditions (feed concentration, switching time, internal flow rates). Although simulation can be exhaustively done until the right combination of parameters is found for the expected performance, it is useful to have a design method that will provide a preliminary estimation of the optimum operating point, followed by simulation and/or optimization, (Sà ¡ Gomes et al., 2009a). The equivalence between TMB and SMB can be quite useful in the SMB design procedure. Recalling the role of each SMB section (Figure 2c), one can state a set of constraints that will limit the feasible region and allow a complete separation (recover of the more retained species (A) in the extract stream, the less retained one (B) in the raffinate port, and regeneration of the solid in section I as fluid in section IV). Where represents the solid flow rate, the average solid concentration of species in section and the bulk fluid concentration of species in section . The flow rates constraints in Eq. 1b and 1.c will identify the separation region (section II and III), while Eq. (1 a) and Eq. (1 d) the regeneration one (section I and IV). Usually, the fluid and solid velocities in each section are combined into one only operating parameter, such as the from Morbidellis group or the , as used by Ruthven (1989). The identification of constrains, Eq. (1 a) to Eq. (1 d), led to the appearance of several design methodologies, which are usually approximated and/or graphical, providing a better insight to the possible operating regions. From the plates theory and McCabe-Thiele diagrams (Ruthven and Ching, 1989); passing by the analytical solutions for a linear adsorption isotherms system in presence of mass transfer resistances (Silva et al., 2004); to the determination of waves velocities as in the Standing Wave Design (SWD) methodology (Ma and Wang, 1997; Mallmann et al., 1998; Xie et al., 2000; Xie et al., 2002; Lee et al., 2005). A particular emphasis should be given to the strategy developed for binary and multicomponent separations modeled by linear and non-linear isotherms as in (Storti et al., 1989b; Storti et al., 1 993; Mazzotti et al., 1994; Storti et al., 1995; Mazzotti et al., 1996c; Mazzotti et al., 1997b; Chiang, 1998; Migliorini et al., 2000; Mazzotti, 2006b), the so-called â€Å"Triangle Theory†, where the term is treated by assuming that the adsorption equilibrium is established everywhere at every time (Equilibrium Theory, (Helfferich, 1967; Klein et al., 1967; Tondeur and Klein, 1967; Helfferich and Klein, 1970), resulting in a feasible separation region formed by the above constraints Eq. (1 b) and Eq. (1 c), which in the case of linear isotherms takes the shape of a right triangle in the plane, Figure 4, (or a triangle shaped form with rounded lines in non-linear isotherms case), and a rectangular shape in the plane. Recently, this methodology was also extended for the design of SMB units under reduced purity requirements, in which the separation triangle boundaries are â€Å"stretched† to account for different extract and/or raffinate purities (Kaspereit et al., 2007; Rajendran, 2008). Figure 4 â€Å"Triangle Theory†, separation and regeneration regions for linear isotherms, where represents the Henry constant for linear adsorptions isotherms (A: the more retained and B: the less retained species), is the intraparticle porosity; case of (S,R)Tetralol enantiomers, see Section 4.3.2. Nevertheless, the inclusion of mass transfer resistances can deeply affect the result of the design. By taking into account all mass transfer resistances, and running successive simulations, it is possible obtain more detailed separation/regeneration regions, as well as the separation study carried out for three different sections (II, III and I) or (II, III and IV) allowing the analysis of solvent consumption or solid recycling, as proposed in the â€Å"Separation Volume† methodology, (Azevedo and Rodrigues, 1999; Rodrigues and Pais, 2004a), or the influence of the solid flow rate in the separation region (Zabka et al., 2008a). 3.2. Modeling and simulation Generally, one can model a chromatographic separation process, and consequently an SMB unit, by means of two major approaches: by a cascade of mixing cells; or a continuous flow model (plug flow or axial dispersed plug flow, making use of partial differential equations derived from mass, energy and momentum balances to a differential volume element ), (Rodrigues and Beira, 1979; Ruthven and Ching, 1989; Tondeur, 1995; Pais et al., 1998). Each of these approaches can include mass transfer resistances, thermal, and/or pressure drop effects. Nevertheless, most of the recent literature concerning SMB processes just makes use of the continuous approach, detailing the particle diffusion and/or film mass transfer (the Detailed Particle Model), or using approximations to the intraparticle mass transfer rate in a similar way as the Linear Driving Force (LDF) approach presented by Glueckauf (1955a), (Guiochon, 2002). One can argue that an SMB unit is no more than the practical implementation of the continuous counter current TMB process, Figure 2. Consequently, the equivalence between the TMB and a hypothetical SMB with an infinite number of columns can be used in the modeling and design of SMB units. However TMB model approach will just give reasonable results if a considerable number of columns per section is present. The SMB model approach represents an SMB unit as a sequence of columns described by the usual system equations for an adsorptive fixed bed (each column ), thus represented by a PDE system. Nevertheless, the nodes equations can be stated to each section, making use of the equivalence between the interstitial velocity in the TMB and SMB, and thus: The issue here is that, due to the switch of inlet and outlet lines, the boundary conditions to a certain column are not constant during a whole cycle but change after a period equal to the switching time. Since the model equations are set to each column , one will obtain the concentration of species in the begin of each section , , from the following node mass balances: Considering now . This set of equations continues to progress in a similar way (shifting one column per ), until , repeating then from the first switch. As for the TMB model approach, both the Detailed Particle Model and LDF approach can be used with the SMB model approach; nevertheless, and for the sake of simplicity, just the last is detailed in this work. The LDF approximation can now be obtained from , and thus obtaining for the bulk fluid mass balance: and for the mass balance in the particle, with the respective initial: and boundary conditions: where the adsorption equilibrium isotherm is: As a consequence one obtains discontinuous solutions, reaching not a continuous Steady State but a Cyclic Steady State (CSS). By applying the SMB model approach, both the Detailed Particle as LDF strategies, to the case study mentioned before, one obtains the CSS concentration profiles over a complete switching time, Figure 6. 3.3. Performance parameters The performance of the SMB unit for a given separation is usually characterized by the following parameters: purity, recovery, productivity per the amount adsorbent volume and eluent/desorbent consumption per mass of treated product. The definitions of all these performance parameters, for the case of a binary mixture, are given bellow: Purity (%) of the more retained (A) species in extract and the less retained one (B) in the raffinate stream, over a complete cycle (from to ): Recovery (%) of more retained (A) species in extract and the less retained one (B) in raffinate stream, again over a complete cycle: the productivity per total volume of adsorbent : the eluent/desorbent consumption : These parameters hold for both SMB and TMB model approaches; nevertheless, one can simplify: in the SMB model strategy the same equations can be stated for a switching time period (from to ) if the unit is symmetrical, i.e., there are no differences between each switching time period (either due to the implementation of non-conventional modes of operation, or to the use of more detailed models accounting for dead volumes or switching time asymmetries); in the TMB model approach there is no need of the integral calculation, since the solutions from this model strategy are continuous and thus, the performance parameters constant over the time (at the steady state). 3.4. Optimization Usually one can classify the optimization of SMB units according to the type of objective functions: (i) optimization of performance parameters (productivity, adsorbent requirements or desorbent/eluent consumption for given purities and/or recovery requirements); (ii) optimization based on the separation cost. In case (i) each objective function, based on a different set of performance parameters, can lead to a different optimum solution; therefore multi-objective functions procedure should be considered; in the second case (ii) all those different performance parameters can be homogenized/normalized by the separation cost, where separation dependent costs (adsorbent, plant, desorbent/eluent recovery cost, desorbent/eluent recycling, feed losses) and separation independent costs (wages, labour, maintenance, among others) are taken into account and weighted by cost factors, which sometimes are difficult to characterize (Jupke et al., 2002; Chan et al., 2008). To solve these problems, the use of powerful optimization algorithms, such as: IPOPT (Interior Point OPTimizer, (Wa?chter and Biegler, 2006), employed for liquid as gas phase SMB separations (Kawajiri and Biegler, 2006b, 2006a; Mota et al., 2007a; Mota and Esteves, 2007; Rodrigues et al., 2007b; Kawajiri and Biegler, 2008a, 2008b); the commercial package gOPT from gPROMS with a Single (or Multiple) Shooting-Control Vector Parameterization, used in the two level optimization of an existing Parex ® unit (Minceva and Rodrigues, 2005), for ageing analysi

William Faulkner Essay -- Biography

The South is known for its many astounding artists, novelists, and writers; however, William Faulkner is uniquely categorized by many as one of the most influential writers of the twentieth century. Faulkner became known for his diction and literary techniques. William Faulkner chronicled the history of Mississippi: however, his choice of universal themes made him a literary giant around the world. Faulkner achieved many great accomplishments without a high school diploma or college degree. Faulkner had proved to the world that Southern writers were not as substandard as many viewed them to be. They were, in fact, quite phenomenal. William Faulkner born on September 25, 1897 to Murry Cuthbert Falkner, a railroad employee and Maud Butler, an amateur painter (Minter, 755). Faulkner was born in New Albany, Mississippi ; however, he spent most of his life in Oxford, Mississippi (Polk, 55). In Oxford, Faulkner began listening to many stories told at small family gatherings as well as large reunions. Many stories told by Faulkner’s family originated from adventures of Faulkner’s great-grandfather, Colonel William Clark Falkner . Since Faulkner was disappointed and embarrassed by the meager success of his own father, he drew closer to his grandfather, but it was his great-grandfather who he saw as a model and rival ( Minter, 755). Faulkner was an excellent student throughout the first several grades; however, he quit school in 1915 without a diploma disappointing his family. Even though Faulkner dropped out of school, he read avidly (Minter, 755). Faulkner made a habit of hanging around places where people gathered to swap tales ; After Faulkner began writing about north Mississippi , a friend remarked that, â€Å" he seemed to know e... ...y two of his novels received Pulitzer Prizes. In 1924 Faulkner received the Nobel Prize for literature for his unique contribution to the modern American novel. After Faulkner donated his Nobel winnings to establish a fund to support and encourage new fiction writers, the PEN/Faulkner Award for fiction was established. Whenever Faulkner’s involvement in the early phases of the civil rights movement evoked, he and Estelle moved to Charlottesville, Virginia , where Faulkner became writer-in-residence at the university of Virginia (minter, 760). In conclusion, William Faulkner, the Southern writer , Nobel and Pulitzer prize winner, sweep the nation with his diction and literary techniques. With his fictional stories he laid literary hands on Mississippi and narrated the universe throughout its culture. His universal themes made him a literary giant around the world.

Ancient Greece: A Time Of Great Cities And Lives :: Ancient Greece Essays

Ancient Greece: A Time Of Great Cities And Lives Ancient Greece was an interesting time and place with huge markets in which people could sell items of every kind. Strict laws with even stricter penalties if broken, a place where women were did not have as many rights as they do today, and along with the most outstanding army in their time. A quote that goes along with this time is; "I have killed one I have killed two -- the vampire who said he was youo." - Sylvia Platts. Likewise in the Ancient Greeks so called modern civilization, which has often been compared with the Nazi Germanies ethics of male domination. very cruel and yet enticing time to be alive. "Get your pots and pans..." Compared to today Ancient Greece was a city far ahead of its time and possibly the time in which people now live. Down in the streets of there was always someone willing to buy, trade or sell anything that you had or desired. With Ancient Greeks booming economy it's no wonder that it attracted almost one quarter of the worlds businesses and various smiths. These included bronze smiths, tanners and potters. It is no wonder that Ancient Greece was in its time considered the beginning of the of a new era that would be recognised as the centre of the worlds economy and was to be home to more than twice as many shops and people than the city already held. Although women in the world today are always talking about women and their rights and how they deserve to be equal in everything that they do and receive, it was not a problem to Greeks in their society which has been described as a place where women's freedom was restricted and their lives were restricted to that of a slave in some cases but was really no different than a women's freedom in today's society. In Greece it was a mans world in which a man could do what he pleased to a certain extent of the law. Which is better than today due to women's rights movements and decency laws that have been implemented in the past years. It also would have been interesting to see how the women really were treated instead of from books and and assignments. Along with all of the amazing feats that Greeks accomplished it is of no surprise that they had one of the strongest and most feared armies in all of the world in its time. Of all the battles and wars that the Ancient Greeks army had Ancient Greece: A Time Of Great Cities And Lives :: Ancient Greece Essays Ancient Greece: A Time Of Great Cities And Lives Ancient Greece was an interesting time and place with huge markets in which people could sell items of every kind. Strict laws with even stricter penalties if broken, a place where women were did not have as many rights as they do today, and along with the most outstanding army in their time. A quote that goes along with this time is; "I have killed one I have killed two -- the vampire who said he was youo." - Sylvia Platts. Likewise in the Ancient Greeks so called modern civilization, which has often been compared with the Nazi Germanies ethics of male domination. very cruel and yet enticing time to be alive. "Get your pots and pans..." Compared to today Ancient Greece was a city far ahead of its time and possibly the time in which people now live. Down in the streets of there was always someone willing to buy, trade or sell anything that you had or desired. With Ancient Greeks booming economy it's no wonder that it attracted almost one quarter of the worlds businesses and various smiths. These included bronze smiths, tanners and potters. It is no wonder that Ancient Greece was in its time considered the beginning of the of a new era that would be recognised as the centre of the worlds economy and was to be home to more than twice as many shops and people than the city already held. Although women in the world today are always talking about women and their rights and how they deserve to be equal in everything that they do and receive, it was not a problem to Greeks in their society which has been described as a place where women's freedom was restricted and their lives were restricted to that of a slave in some cases but was really no different than a women's freedom in today's society. In Greece it was a mans world in which a man could do what he pleased to a certain extent of the law. Which is better than today due to women's rights movements and decency laws that have been implemented in the past years. It also would have been interesting to see how the women really were treated instead of from books and and assignments. Along with all of the amazing feats that Greeks accomplished it is of no surprise that they had one of the strongest and most feared armies in all of the world in its time. Of all the battles and wars that the Ancient Greeks army had

Natural Law versus Utilitarian Law

Abortion and Homosexuality, for many years, still remain one of the most crucial social and ethical issues of modern times. It has divided societies. Advocates and opponents continue to collide over debates, rallies, and violent confrontations trying to exert their rights to these practices. Both sides have valid arguments that led to legal battles and state legislation.Abortion is legal in 54 countries while it is illegal in 97 countries. Approximately 46 million abortions are performed worldwide every year, averaging 126,000 a day. In the United States, 1,370,000 occur annually. Since its legalization in 1973, there are more than 40 million cases reported. Many women use abortion as birth control while others because of rape or incest. Women decide to abort in order to postpone childbearing, cannot afford a baby, too young, will disrupt education or career, risk to fetal health, and risk to maternal health.Each year almost 26 million women obtain legal abortions while 20 million ot hers obtain it illegally in countries that prohibit the practice. Moral considerations in abortion include: Is the fetus a person? What stage of development does it become human? Does the pregnant woman have the right to decide whether she wants the baby or not? Not allowing a woman to end her unwanted pregnancy violates her human rights? Are laws controlling abortion violates privacy? Would abortion be allowed to women who are victims of rape or incest?On the other hand, homosexuals are well-known throughout history and now becoming a phenomenon these days. Their fashionable lifestyle is now acceptable. Recent studies show that the prevalence of homosexuality in adult males of Western societies ranges from 2% to 8%, indicating that a significant number of the population have homosexual tendencies. Homosexuals are now found in all walks of life, in all kinds of families, in many religions and races. Homosexuality is illegal in 80 countries, 42 of these outlaw male-to-male sex.The le gal status of homosexuals varies. In some countries, homosexual acts are prosecuted under morality law or public indecency and even put to death. In 2001, Netherlands became the first country to legalize same-sex marriages followed by Belgium in 2003, Spain and Canada in 2005, and the US State of Massachusetts in 2004. Among the strongest issue against homosexuals is that they are obsessed with sex, having little self-control or morality.Their promiscuous living enables them to have multiple partners as many as 100, making them vulnerable to and carriers of sexually transmitted diseases. Homosexuals continue their struggle for recognition. They fight for equal rights to employment opportunity, better access to health and insurance, freedom to marry, legislation for child custody, and the repealing of laws that ban transvestitism and cross-dressing among others.Considering these scenarios, different views and laws come into play, for or against: The Natural Law versus the Utilitarian Law. Both sides are trying to justify the actions. Natural law uses the principle of Double Effect wherein a person may lawfully perform an action from which two effects will follow, one bad, the other good. This principle states that evil must never be willed or voluntary or used as an end or means to an end.To determine whether the action is right the act itself must be morally good or neutral, the motivation may not positively intend the bad effect but may permit it only to attain the good effect, the good effect must be desired to compensate for allowing the bad effect, and there must be serious reason to allow the evil effect. The Utilitarian, in contrast, uses the principle of Utility that such action is right or moral when it promotes happiness or pleasure, and decreased the unhappiness or pain of individuals affected by the action. This principle is commonly known as achieving the greatest good for the greatest number. The law believes that all individuals are equal when de termining the consequences of any given action and decides which action to take, of all the possible actions, to do the right thing.Abortion and the Utilitarian Law. The central arguments of this law in favor of abortion is that the woman has the right to control her own body, that abortion is a just exercise of this right, and that the law should recognize the right of choice. Denial of this right encourages illegal abortion and causes psychological anguish for women, especially those who are victims of rape or incest. The fetus, according to this theory, only becomes a person when it is viable in 23 weeks.At this time, the fetus has no legal rights. The rights only belong to the woman who can decide if she wants the baby or not. Reproductive freedom is a basic right. Abortion is justified if done within the period when the fetus is not fully developed. In this case, abortion is only terminating the pregnancy, not killing a child. Under its guiding principle of maximizing total hap piness, denying a woman to end her unwanted pregnancy will cause her unhappiness and increase her pain. In addition, the baby will inflict physical and psychological harm as well as affect the woman’s mental health.If she is forced to care for the child, it will be a burden because she is not ready for the responsibility. She will be distressful in the future. Along the process, the child may suffer. Unhappiness will rule the lives of both mother and child, and the people around them. This law also compares abortion to self-defense. That if the baby poses a threat to the life or health of the woman, abortion will be the best possible action to take out the threat.Abortion and the Natural Law. The central arguments of this law against abortion is the notion that human life begins at conception, that abortion is a deliberate act of killing the life in progress, and that the law must prohibit unjust violations of the right to live. Nature has provided women wombs to create life, eliminating life would be unnatural. The act of abortion is evil because its motivation is willful and pre-meditated in terminating an innocent being.Under this theory, undergoing an abortion procedure is not allowed. However, other medical procedures could be morally good if only to save the life of a mother even if it resulted in the unintended death of the unborn child. The death of the child is not intentional but allowed to happen as a by-product of the action. Good acts must not be accomplished by evil deeds nor evil must not become an element in achieving the good. Abortion should not be used for family planning or prevent birth defects. If during treatment of a deadly disease such as cancer, through chemotheraphy or hysterectomy, the unborn child dies.The death of the child is not a mean to cure the illness. If there is a choice in getting the good effect without the bad effect, then this must be taken. If the action will result in lesser good and greater evil, the evil wil l be considered accidental or incidental. If a woman aborts her child to avoid embarrassment or maintain a shapely figure, this is not a reason of unintentional death but a planned one. All possible acts must be pursued to preserve life, but during the course of action one life is lost, the act is permissible and acceptable.Homosexuality and the Utilitarian Law. Referring to its principle that such action is morally right if it produces the greatest happiness for the greatest number of people, then homosexuality would be acceptable because homosexuals generate a lot of pleasure to a lot of people. As stated earlier, their practices allow them to experience various relationships with different partners.To this extent, homosexuality should be acceptable. This theory has three features on the issue: consequence, welfare, and sum-ranking. The act is moral if its consequences contribute to the happiness (welfare) of many people (sum-ranking). On this account there is no action that is ne ither right nor wrong. Homosexual acts are moral as long as they maximize happiness. All that matter is that their actions are right if it pleases everyone. The law also believes that homosexuality is a normal human condition not only brought about biologically or the environment but can affect early childhood. It covers every culture and age.Homosexuality and the Natural Law. In this theory, homosexuality is not acceptable because it simply does not conform in accordance with nature. A man and a woman are designed to complement each other in sex and marriage, to produce offspring and raise a family. Their bodies are intended for that purpose. Homosexuality defeats that purpose but only abuses the human body. Two men or two women cannot reproduce. Thus, it is considered unnatural and immoral because it destroys the essence of family life.Through adoption, gay couples may have the possibility to raise their own families. However, as a consequence, the children will grow up in an inap propriate living condition, bombarded by intrigues and unusual behavior of their so cold parents. Definitely, their way of thinking and behavior will likewise be influenced.   In this set up, the act imposes bad effects for the children. Conflicts may arise soon when the children reached the age of reason that perhaps will give way for separation and unhappiness.Legalizing homosexuality will affect the conduct and judgment of children as well as spread immorality. Its acts contradict all conditions of the double effect principle. There is no good effect, only evil effect. Homosexual act by itself is not good and its motivation is for self satisfaction not for the benefit of others. The gay ideology only reduces the human dignity.Their promiscuous acts not only create scandals that shook institutions like the church or government but give rise to a number of diseases that plague many nations. The practice of homosexuality presents lethal consequences to other people. As a result, t he act results in a number of sexually transmitted diseases.   The Center for Disease Control cited that homosexuals make up 80% of all AIDS cases in America. People with same sex attraction are said to have personality problems and deserve to be treated.ReferencesGrisez, G.G. (1970). Toward A Consistent Natural Law: Ethics of Killing. (Reprinted). The American Journal of Jurisprudence. Vol. 15. [Electronic version]. Retrieve May 9, 2006, from http://faculty.msmary.edu/Conway/PHIL%20400x/Grisez%20Toward%20A%20Consistent.pdf#search='the%20utilitarian%20law%20on%20abortion'Alstad, D. Abortion and The Morality Wars: Taking The Moral Offensive. National Abortion Rights Action League, 1997. Retrieve May 9, 2006, from http://www.rit.org/editorials/abortion/moralwar.htmlHinman, L.M. (2000). Contemporary Moral Issues: Diversity and Consensus. (2nd Ed.). Prentice Hall College Div; 1 edition (December 22, 1995). University of San Diego. Upper Saddle River, NJ: Prentice-Hall, 2000Smart, J. J . C., Williams, B. (1973). Utilitarianism : For and Against. Cambridge University Press. United Kingdom.Finnis, J. (1980). (Natural Law and Natural Rights. Clarendon Law Series. Oxford University Press, USA (March 20, 1980).Ruse, M. (1993). Homosexuality: Right or Wrong? Free Inquiry. Volume: 13. Issue: 2. Spring 1993. Council for Democratic and Secular Humanism, Inc.

Air Asia vs. Qantas Essay

1. Overview 1.1 Qantas-Main business and strategies The main business of Qantas airways limited is the transportation of passengers. Their core strategy of Qantas is profitably grows and the longer-term strategy of Qantas is to reorganize its business structure in order to eliminate mounting losses. The strategy that implement by company is to reduce the capital intensity of the business by forging partnerships with carriers in certain sectors that are uneconomical. (Qantas, 2012) Such as cooperate with British Airways. Qantas use two complementary airline brands; these two brands are used to touch different customers. Two brands operating together has occupied 65% market share in Australia, (Qantas, 2012) because, two brands provide flexibility in varying market conditions. Qantas, (2011 pp. 4) On the other hand, these two brands practice some sub-strategies to support its main strategy. These appropriate sub-strategies are the key success for point that lead to Qantas continually expansion in the world. | Qantas| Jetstar| Sub-Strategy| * Premium full service * Maximized profitability| * Cost leadership * Low fare airline| Operational improvement| * Enhanced customer service focus| * Expand locally and into international leisure markets | In statistics of 2012, Qantas has full-employees for 33,584. Flights over 550 airports and passengers carried are 44,456,000, which increase the 5.06% base on the year 2011. (Qantas, 2012) 1.2 Air Asia-Main business and strategies Air Asia is the largest low-cost flyer carrier in the world. It is establishing with the dream of making flying possible for everyone. On the other hand, it is not only focusing on the cost factor, but also safety first. The Air Asia has operated around 11 years, but it’s still keep high grow rate. The Air Asia is the regional carrier with the largest destination network, highest flight frequencies and high aircraft utilization.( Air Asia, 2012) Air Asia was named the 2012 World’s Best Low Cost Airline in the annual World Airline Survey by Skytrax for three consecutive years. There are some actions that support its main strategy in order to make it success. Such as the lost cost model is based on: (Hill, C. W. 1988). * Single passenger class * Flying to cheaper, less congested secondary airports * A single type of airplane in order to reducing training and servicing cost * Point to point flights with no transfers In statistics, Air Asia has full –employees for 4346. Passengers carried are around 22,474,620 in 2012, which increase more than 10% base on the year 2011. Services network over 216 routes covering destinations in and around world. The below picture has shown that air Asia are trying to get more market share in the southwest of Asia, there are more than 143 routes in southwest of Asia out of 216. This is the developing direction of the Air Asia in recent years. (Air Asia, 2012) 2. Industry analysis 2.1 Overview Goble airlines markets & PESTLE mode analysis The Lift side is show that, the air travel remains a growth market. This forecast mentions that air traffic will double in the next 15 years, which means, the external environment still keep optimistic. Both of Qantas and Air Asia have same opportunity. (Airbus, 2012) The PESTLE model lists the factors or driver for growth, external environment can be reasonably expected as optimistic. but this chart showed that real GDP 2011-2031 by region, the economic growth is a key driver for air traffic growth, increasing urbanization will also drive economic growth and the propensity to fly. (Airbus, 2012) PESTLE model PESTLE model| Political * Stable political environment * Deregulation| Economic * Global financial crisis * Rising currency * Rising fuel cost| Social * Changing consumer demographics * Increasing travel lifestyle * Changing consumer preferences| Technology * Internet * Surface transport investments * Efficient aircrafts| Legal * Legislation compliance requirements * Allegations of misleading advertising| Environmental * Greenhouse and carbon emissions * Tourism saturation * Shortage of infrastructure capacity| 2.2 Overview Australia airline markets Qantas is the biggest airline operator in Australia, which represent as 75.6% for domestic market, but Qantas still has some competitors in Australia, such as Virgin blue (14.4%), Skywest (1.3%), Tiger (1.0%) and others (6.3%). We should understand it operate environment before we going to depth analysis, because the every company is restricted by external environment. PESTLE model clearly show Qantas operating external environment According to this chart, we can conclude that the overall environment is good and stable, but overall industry still facing some problem, the biggest issues has shown at lift picture, which is purchases, purchases of fuel. (Australia government 2013) 2.3 Qantas SWOT analysis Strength: 1. As one of the biggest Airline in the world, QAN has large quantity of flight customers and business relationships. Large scale could bring more benefits. 2. Qantas operates in a sea of business activities in different sectors. But all of them the support activities of the aviation industry, such as catering, engineering and baggage handling. Thus operation contributes to helping control supplier and aircraft maintenance costs. 3. Qantas Airways, Canada airlines, United Kingdom airline, United States airlines and Cathay Pacific founded a management company called One world Alliance. This centrally is to help each other in non-core business activities, such as marketing and online ticketing, in purpose of reducing costs and thereby cutting ticket prices. Members of the Union may also transfer passengers for connecting flights. 4. As monopolizing in Australian Market, Qantas has a home advantage. Thus its subsidies could provide better resources for its business. Weakness: Without the authorization of the trade union officials, workers in Qantas took an action called Wild Cat Strikes. Qantas was damaged by that action in delaying flights, exploring its issues between employees and the company. Besides, QAN Company is too concentrated on Australia side. Opportunities: As publishing of Open sky police, such as Pricing determined by market forces, Fair and equal opportunity to complete, Cooperative marketing arrangements, QAN could be beneficial from international aviation liberalization and downsizing in government intervention. In addition, more international destinations especially in Asia are developing. Due to Australia Market is less tapped so far, QAN could get a better chance to gain a major market shares than other airline companies. Moreover, QAN found a new opportunity of new market and created Jetstar witch is a low budget airline to attract potential large quantities of customers. Threat: With the result of merging between n United Airlines and Continental, Qantas is under threat because United Airlines- Continental is planning to penetrate into Australian market. One of Qantas most important international routine, between Australia and USA, will be affected. Unfortunately, large fluctuation in oil prices, together with global financial crisis, big airline companies was affected seriously due to rising operation and labor costs. Increasing Australia Airline market completion also will be a threat for QAN developing. 2.4 Overview Southwest of Asia markets The main competitors of Air Asia are Thai airways, Nok air, One Two GO Airline, and Singapore airlines, among of them SIG is the main competitor with Air Aira, in order to compete with Air Asia, SIG introduced 2 budget airlines; Valu Air and Tiger Airways, both of them are practice as the low-cost position. AIRASIA SWOT Analysis: Strength: AIRASIA has a well-known name and it is famous for its low cost operation. in accordance with the 2011-2012 year financial report, the company’s non-fuel costs fell 3%, suggesting that companies continue to implement cost control; in 2011-2012, the company plans to non-fuel unit costs to fall by 5%. While ancillary revenue rose 23%, which helps companies to achieve annual revenue growth targets Moreover, it has the first-mover advantage of first low cost airline company in Asia. After that, AirAisa has strong promotional strategies for general promotion and media advertising. In addition, they companying with other service providers, such as hotel) and credit cards create a unique image among customers. Because of its punctual performance, AirAsia was offered honor of five-star service and flashes. AIRASIA has developed a well-established distribution channel in its products and services. Moreover, it is always using single type of airplane, thus minimizing maintenance fees. Weaknesses Due to the report, Aircraft leasing costs increased by 8% since the number of aircraft increased by 8 per cent while leasing costs and depreciation of the dollar, allowing the company to save rental costs. Airport and operating costs increased by 12%, reached 444.34 million dollars. Other expenses have increased by 14%. As the economic condition recovery, how to control the rising costs becomes o one of the most serious challenges faced by AIRASIA. Because of the lower cost, AIRASIA has limited service resources. Thus also is related to being lack of ability of handling irregular situation. Government interference regulates airports. In addition, AIRASIA receives a lot of complaints from customers such flight delays and not able to change flight. When competition is getting intense, good customer service and management is especially important. Opportunity With having first-move advantages, AIRASIA could be more possible to survive and win under the big intense environment such as rising oil price and government regulation. There is another opportunity for AIRASIA is cooperating with other low cost airlines such as Jetstar. The significant action could help tap into their strength and resources. Besides, larger population of customers is willing to choose cheaper flight. Threat In nowadays, lots of low cost airline companies are appeared such as Jetstar, Virgin, and Southwest. These companies improve that AIRASIA’s low cost strategy could not be a strong competitive advantage in the industry. It could be copied easily. Many kinds of expenses such as security fees and landing fees are out of control. Moreover, unstable economic conditions in the world have impacted on airline industry. Thus treat is same with questions facing by Qantas. 3. Accounting policies analysis 3.1 Basis of preparation of the financial statements The accounting policies are the procedures that used by a company to prepare its financial statements. Qantas’ reports basically are prepared in accordance with AASBs, but also following the IFRS (Qantas, 2012 pp.78). Air Asia prepared their reports following the MASBs and also in conformity with IFRS. IFRS is the general guide for these two companies when they prepared their report. It means not only significantly enhance comparability of financial reporting between these two companies, but also decrease our uncertainty, increase the reliability and accurately of analysis. (Burgstahler, D. C., Hail, L., & Leuz, C. 2006) These two companies are running same business industry and prepare report in accordance with IFRS, so there are some accounting policies are similar, the following lists show the similarities of accounting policies practiced as these two companies 3.2 Similarities of accounting policies (Qantas, 2012 pp.80, Air Asia, 2012 pp.73) * Reports on the basis of historical costs except in accordance with relevant accounting policies where assets and liabilities are stated at their fair values * Main revenue recognition-The value of seats sold for which services have not been rendered is included in current liabilities as sales in advance * Other revenue-such as fuel surcharge, insurance surcharge, administrative fees, excess baggage and baggage handling fees, are recognized upon the completion of services rendered. * Residual value-the changing estimates are based on historical experience and various other factors that are believed to be reasonable under the circumstances * PPE-Depreciation is used the straight-line method * Inventory-The values of inventories are reported as weight average cost. * Repair and maintenance expenditure, repair treat as cost, deduct in the same period. Maintenance, if it changes in the using life of equipment, it will be treat as capitalization. Even these policies are similar, but they still have some flexibility, such as the report can be influenced by changing accounting estimates. The following table has been showed that there are totally different use for life and residual values between these two companies’ assets. These two factors are depended on the judgment and estimate of management. Matsumoto, D. A. (2002) mentions that management’s estimates and judgments involved in the accounting policies which have significant potential impact on their financial statements, because these matters are really uncertainty. Finally, this uncertainty will reflect on the ROA, ROE, even if these two ratios increase or decrease, it does not necessarily because of changing in the company’s profitability. (Lev, B., Li, S., & Sougiannis, T. 2010). | Qantas| As Asia| | Use for life(Years)| Residual values| Use for life (Years)| Residual values| Buildings| 10-40| 0%| 28.75-50| 0%| Passenger aircraft and engines| 2.5-20| Up limited 10%| 7-25| Adjusting according to a prospective basis (note1)| Air spare parts| 15-20| Up limited 20%| 10| Adjusting according to a prospective basis (note1)| Note1ï ¼Å¡Estimates and judgments are continually evaluated by the Directors and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (Air Asia, 2012 pp. 77) 3.3 Main different accounting policies 3.3.1 Receivable Qantas and Air Asia receivables contain of trade debtors, other debtors and loans owing from related parties. Normally, the net receivable is recognized as its original amount less a provision for uncollectible debts. Qantas make an estimate for doubtful debts when collection of the full amount is no longer probable. The estimation of provision of doubtful debt relative to receivable is regularly reviewed. Bad debts are written off as incurred (Qantas, 2012 pp.101). As result, it is a risky way for the company not to assign provision of bad debts according to the percentage of credit sales. In Air Asia, they assign provision of bad debts according to the percentage of credit sale, (Air Asia, 2012 pp. 98) company will operate more stable, less risk then Qantas, but allowance will decrease its operating asset, reflect on the ATO, as result influence ROE. (Davidson & Thompson 1962) 3.3.2 Discount Rate Discount rate is the interest rate that used in discounted cash flow analysis to determine the present value of future cash flows. (Qantas, 2012 pp.101) Changing discount rate will influence the company’s pension plan. Normally, pension is company’s liability; it is measured by three factors, PBO, ABO and VBO. Either PBO, ABO, should be discounted before reported. Due to particular category of pension plan, company just reports the different between the pension benefits and pension obligation on the financial report, if the benefits are greater than obligations it will be reported on the assets side, on the opposite, it will be reported on the liabilities side. (Wiener 1995) So the effect will directly reflect on its ROA and ROE. Discount rate of Qantas is based on the risk-free rate for the ten-year Australian Government Bonds adjusted for a risk premium that represented as 10.5% percent per annum (Qantas, 2012 pp.103). Air Asia use weight average effective interest ra te that represent as 10% per annum. The changes in discount rates of Qantas in 2011 to 2012 that lead to decrease in the Workers ’ Compensation provision of $15 million and an increase in the long service leave provision of $45 million. The net effect of these changes was a $30 million increase in provisions as at 30 June 2012. (Qantas, 2012 pp.103) as results, the changing of provision will reflect on the ROE of Qantas, because provision is comprised of liability. Finally, the ratio analysis will lack of comparability. 4. Ratio analysis: 4.1 Return on equity analysis: The ROE changing line of Qantas Airline limited (QAN) has a sharp fluctuation during year 2009, which has reached the top point of almost 60%. Then ROE index declined until 16.89% after the top and maintained about the level figure of 20% from year 2010. Compared with QAN, Aireys Berhad (AIRASIA) has a relative complicated ROE line. AIRASIA started from -50% from end of year 2008, afterwards got to the first top of 35.37% in 2010. After that the concave curve reached the bottom of 14.28%, and was back to the top at point of 37.39%. As personal opinion, AIRASIA has a brighter future than QAN on ROE side due to its growing trend ROE ratio from year 2011 though it had a negative number from the beginning point. In addition, with the research of 5 year average ROE rate, the total airline industry index is 26.9%, which is higher than QAN and lower than AIRAISA (StockCentral, 2013). AIRAISA is doing a better job in using investors’ money and attracting more investing capital. 4.2 Leverage affect From above two graphs, different index reflect different relationships. On QAN side, ROE rates changing are mainly due to changing in return of asset rate. It is indicating that QAN achieved a better effect of asset utilization by increasing revenue and saving asset funds to raise ROE ratio up. Different with QAN, AIRAISA’s ROE rate is primarily rely on financial leverage, which is equal to net financial liabilities / equity. Overwhelming other related facts, higher financial leverage rates mean stronger power of using liabilities to create profit. From this aspect, it is not hard to disclose different profit channels between two companies. 4.3 Borrowing cost driversï ¼Å¡ Downsizing of borrowing cost rate gives opportunities to raise ROE ratio. In QAN, from year 2011 the borrowing rates have been continuously declining which gave contributions to profit gaining. From AIRASIA side, borrowing cost rate kept on level of 3%-4% in recent two years, which may weaken ROE performance competing with QAN. 4.4 Operating profit drivers Return on asset ratio, which could be divided in asset turnover and profit margin directly, affects the performance of ROE. Compared with two companies, ATO ratio gave more impacts on ROA in past five years in QAN. Relatively much higher ATO ratio of QAN reflects that business higher speed of asset utilization from input to output for the period, better enterprise’s assets management quality and efficiency. Downsizing in ATO rate will directly influence ROA rate, obviously between year 2008 and 2009. In AIRASIA side, ROA ratio variation mainly affect by PM ration. On whole, PM ratio curve indicates increasing trend in the 5-year period, though a slight drop in year 2011. Higher PM ratio compared with QAN could give evidences that AIRASIA has better ability to recover kinds of expenditures and cost of goods sold, benefiting from the low cost strategy. Low costs give contributions to gaining higher ROA ratio of AIRASIA than QAN in recent year. 4.5 Cost structure These two graphs are drawn on the base of revenue as 100%. According to two graphics, we can easily see that After deduct COGS, Air Asia reported Gross profit around 50% over 5 years, but Qantas just has less than 20% for Gross profit, Air Asia practices cost-lead ship strategy, so COGS and its selling & administration expense is significantly lower than Qantas. So the Air Asia control its COGS are better than Qantas. But however, the selling & administration expense of Qantas (around 11% of 100% revenue) less then Air Asia (around 26% of 100% revenue), which mean Qantas, is good at management. Thus trend indicates that low-costs of airline industry would be bafflement for increasing profit. Compared with two companies’ gross profit and gross margin ratio curve, Qantas has been suffered drop trend in five-year gross profit due to its downsizing revenue and high cost of goods sold. AIRASIA has optimistic trends both in gross profit and gross margin. The company was engaged in e xpanding sales and revenue, improving cost management level and seeking appreciate company strategy at the same time. Higher gross profit and gross margin indicate company could have higher possibilities to gain profit. 4.6 Average industry analysis The first graph shows the ROE of Air Asia in the Malaysia airline industry, after 2009, the ROE of Air Asia is significantly higher than average. The second procure compare the Qantas with Australia airline industry, if we calculate the average ROE of Qantas, the result is a little bit lower than average. The last graph we put two-airline companies in the Asia- pacific region, the graph has shown that Qantas’ operating is lower than the average, after 2009, Air Asia is keeping upward. 5. Conclusion After our analysis, due to applying different policies and strategies, two airline companies did different performance in gaining profits. we think that even though Air Asia just set up around 11years, and its size of the company is quite less than Qantas. But they have been adapted to the turbulent global environment. Its strategy has fitted with external environment, the advantage of small company is easy to change its management control system to response with the turbulent environment and better to keep consistent with its strategy. Finally, the whole company will be easier to achieve the goal. As result, AIRASIA seems to be better in raise ROE ratios, benefiting from its increasing sales and costs controlling. So we can concluded that AIRASIA’s performance is better than Qantas. Reference: Qantas, (2012) â€Å"Qantas Annual Report 2012† Qantas Airways Limited Qantas, (2011) â€Å"Qantas Group presentation December 2011† Qantas Group www.qantas.com. Air Asia, (2012) â€Å"Air Asia Annual Report 2012† Air Asia Airways Limited www.airaisa.com Airbus, (2012) â€Å"Navigating the future† Global Market Forecast 2012-2031 www.airbus.com â€Å"Domestic airline activity, Department of Infrastructure and Transport†, Australia government, update 19 August, 2013 www.bitre.gov.au Qantas Customers 2012, by Segment 2012, Statistic, viewed 8 May 2012, Qantas’ Situation: Yesterday, Today and Tomorrow 2011, The Age, viewed 8 May 2013, Stockcentral (2013), industry averages. Available from: http://www.stockcentral.com/?utm_source=iclubindustryaverages&utm_mdium=link [Accessed: August 17, 2013]. Burgstahler, D. C., Hail, L., & Leuz, C. (2006). The importance of reporting incentives: earnings management in European private and public firms. The accounting review, 81(5), 983-1016. Lev, B., Li, S., & Sougiannis, T. (2010). The usefulness of accounting estimates for predicting cash flows and earnings. Review of Accounting Studies, 15(4), 779-807. Kotlikoff, L. J., & Wise, D. A. (1989). Employee retirement and a firm’s pension plan. Hill, C. W. (1988). Differentiation versus low cost or differentiation and low cost: a contingency framework. Academy of Management Review, 13(3), 401-412. Matsumoto, D. A. (2002). Management’s incentives to avoid negative earnings surprises. The Accounting Review, 77(3), 483-514. Cyert, R. M., Davidson, H. J., & Thompson, G. L. (1962). Estimation of the allowance for doubtful accounts by Markov chains. Management Science, 8(3), 287-303. Scott, T. W. (1994). Incentives and disincentives for financial disclosure: Voluntary disclosure of defined benefit pension plan information by Canadian firms. Accounting Review, 26-43. Wiener, H. J.(1995), †Pension Plan Strategy† A Comprehensive Guide to Retirement Planning for physicians and Other Professionals 7(2), 101-212. Appendix Air Asia ANALYSIS| 　| 　| 　| 　| 　| 　| REFORMULATED BALANCE SHEET| | 12/31/2012 USD| 12/31/2011 USD| 12/31/2010 USD| 12/31/2009 USD| 12/31/2008 USD| Operating Assets| | | | | | | Net Receivables| | 315,898,627| 176,713,880| 158,421,275| 170,371,203| 262,514,740| Total Inventories| | 7,758,339| 6,223,975| 5,692,557| 6,093,458| 5,978,035| Prepaid Expenses| | 240,199,477| 149,035,647| 105,739,906| 73,305,199| 32,597,110| Other Current Assets| | 0| 198,398,423| 174,299,659| 180,913,551| 212,788,150| Net Property, Plant & Equip.| | 3,200,140,615| 2,744,062,776| 3,021,904,005| 2,319,564,252| 1,905,866,763| Other Assets| | 863,519,621| 282,959,621| 106,643,425| 141,351,051| 40,122,254| | | 4,627,516,678| 3,557,394,322| 3,572,700,827| 2,891,598,715| 2,459,867,052| Operating Liabilities| | | | | | | Accounts Payable| | 21,299,542| 25,636,593| 17,245,987| 26,411,507| 31,597,399| Accrued Payroll| | 0| 0| 0| 0| 0| Income Taxes Payable| | 1,674,951| 0| 529,269| 2,869,159| 0| Dividends Payable| | 0| 0| 0| 0| 0| Other Current Liabilities| | 606,007,521| 479,045,110| 400,453,705| 312,255,549| 322,342,775| Provisions for Risks & Charges| | 0| 0| 0| 0| 0| Deferred Income| | 0| 0| 0| 0| 0| Deferred Taxes| | -118,180,510| -162,807,571| -233,260,905| -219,414,136| -247,430,347| Other Liabilities| | 166,843,689| 154,044,479| 146,867,196| 0| 0| | | 677,645,193| 495,918,612| 331,835,252| 122,122,079| 106,509,827| Net Operating Assets| | 3,949,871,485| 3,061,475,710| 3,240,865,575| 2,769,476,636| 2,353,357,225| | | | | | | | Financial Assets| | | | | | | Cash & Short Term Inv.| | 730,127,861| 666,457,098| 487,957,516| 217,964,953| 44,439,884| | | 730,127,861| 666,457,098| 487,957,516| 217,964,953| 44,439,884| Financial Liabilities| | | | | | | Short Term Debt and Current LTD| | 368,264,879| 187,454,574| 179,660,126| 157,788,551| 157,243,353| Long Term Debt| | 2,381,682,472| 2,267,166,877| 2,368,374,899| 2,064,168,224| 1,776,526,012| | | 2,749,947,351| 2,454,621,451| 2,548,035,025| 2,221,956,776| 1,933,769,364| Net Financial Liabilities (Assets)| | 2,019,819,490| 1,788,164,353| 2,060,077,509| 2,003,991,822| 1,889,329,480| Shareholders’ Equity| | 1,930,051,995| 1,273,311,356| 1,180,788,066| 765,484,813| 464,027,746| check| | 0| 0| 0| 0| 0| REFORMULATED INCOME STATEMENT| | | | | | | Sales| | 1,617,426,750| 1,418,025,552| 1,280,394,033| 914,982,769| 761,470,520| Total Costs| | 864,089,928| 1,074,545,110| 934,371,331| 648,407,418| 932,758,092| Earnings before Interest and Taxation (EBIT)| 753,336,821| 343,480,442| 346,022,701| 266,575,350| -171,287,572| Tax| | 56,556,246| 69,934,700| 12,143,668| 33,884,638| -107,697,977| Income after Taxation| | 696,780,576| 273,545,741| 333,879,034| 232,690,713| -63,589,595| Net Interest| | 97,912,688| 98,364,669| -10,343,765| 84,832,360| 79,925,723| Net Income (before Pref Dividends & Minority Interests)| 598,867,888| 175,181,073| 344,222,799| 147,858,353| -143,515,318| TAX-SHIELD| | | | | | | Effective Tax Rate| | 7.5%| 20.4%| 3.5%| 12.7%| 62.9%| Net Interest| | 97,912,688| 98,364,669| -10,343,765| 84,832,360| 79,925,723| Tax Shield| | 7,350,728| 20,027,643| -363,014| 10,783,119| 50,253,725| TAX-ADJUSTED OPERATING INCOME| | | | | | | Operating Income (with tax shield)| | 689,429,848| 253,518,098| 334,242,048| 221,907,593| -113,843,321| Net Financing Costs| | 90,561,960| 78,337,026| -9,980,751| 74,049,241| 29,671,997| Net Income| | 598,867,888| 175,181,073| 344,222,799| 147,858,353| -143,515,318| AVERAGED BALANCE SHEEETS| | | | | | | Operating Assets| OA| 4,092,455,500| 3,565,047,574| 3,232,149,771| 2,675,732,883| 1,298,921,526| Operating Liabilities| OL| 586,781,902| 413,876,932| 226,978,666| 114,315,953| 65,446,413| Net Operating Assets| NOA| 3,505,673,597| 3,151,170,642| 3,005,171,105| 2,561,416,930| 1,233,475,113| Financial Assets| FA| 698,292,480| 577,207,307| 352,961,235| 131,202,419| 26,432,942| Financial Liabilities| FL| 2,602,284,401| 2,501,328,238| 2,384,995,900| 2,077,863,070| 991,642,182| Net Financial Liabilities (Assets)| NFL(NFA)| 1,903,991,922| 1,924,120,931| 2,032,034,666| 1,946,660,651| 965,209,240| Shareholders’ Equity| SE| 1,601,681,676| 1,227,049,711| 973,136,439| 614,756,279| 268,265,873| check| | 0| 0| 0| 0| 0| Sales| SA| 1,617,426,750| 1,418,025,552| 1,280,394,033| 914,982,769| 761,470,520| Operating Income (with tax shield)| OI| 689,429,848| 253,518,098| 334,242,048| 221,907,593| -113,843,321| Net Financing Costs| NFC| 90,561,960| 78,337,026| -9,980,751| 74,049,241| 29,671,997| Net Income| NI| 598,867,888| 175,181,073| 344,222,799| 147,858,353| -143,515,318| ROE DECOMPOSITION| | | | | | BASIC ANALYSIS| | | | | | | ATO (sales / net operating assets)| | 0.46| 0.45| 0.43| 0.36| 0.62| PM (operating income / sales)| | 42.63%| 17.88%| 26.10%| 24.25%| -14.95%| ROA (operating income / net operating assets)| 19.67%| 8.05%| 11.12%| 8.66%| -9.23%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| CLEV (net operating assets / equity)| | 2.19| 2.57| 3.09| 4.17| 4.60| ILEV (operating income / net income)| | 1.15| 1.45| 0.97| 1.50| 0.79| ROE ( net income / equity)| | 37.39%| 14.28%| 35.37%| 24.05%| -53.50%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| SPREAD ANALYSIS| | | | | | | ROA| | 19.67%| 8.05%| 11.12%| 8.66%| -9.23%| Borrowing Rate (net financing costs / net financial liabilities)| 4.76%| 4.07%| -0.49%| 3.80%| 3.07%| Spread (ROA – financing costs)| | 14.91%| 3.97%| 11.61%| 4.86%| -12.30%| FLEV (net financial liabilities / equity)| | 1.19| 1.57| 2.09| 3.17| 3.60| Leveraged Spread| | 17.72%| 6.23%| 24.25%| 15.39%| -44.27%| ROE| | 37.39%| 14.28%| 35.37%| 24.05%| -53.50%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| Qantas ANALYSIS| 　| 　| 　| 　| 　| 　| REFORMULATED BALANCE SHEET| | 06/30/2012 NZD preliminary| 06/30/2011 NZD| 06/30/2010 NZD restated| 06/30/2009 NZD| 06/30/2008 NZD| Operating Assets| | | | | | | Net Receivables| | 1,138,830,550| 1,099,506,200| 918,979,200| 914,755,950| 955,587,900| Total Inventories| | 385,418,800| 398,263,200| 269,443,350| 269,443,350| 202,112,500| Prepaid Expenses| | 410,020,000| 434,663,600| 326,034,900| 326,034,900| 0| Other Current Assets| | 89,179,350| 23,553,200| 86,154,300| 90,377,550| 287,808,200| Net Property, Plant & Equip.| | 14,493,181,950| 14,615,831,200| 10,571,639,400| 10,571,639,400| 9,826,709,750| Other Assets| | 1,618,553,950| 1,675,489,000| 1,319,343,300| 1,319,343,300| 1,558,691,600| | | 18,135,184,600| 18,247,306,400| 13,491,594,450| 13,491,594,450| 12,830,909,950| Operating Liabilities| | | | | | | Accounts Payable| | 661,157,250| 639,148,200| 506,790,000| 506,790,000| 482,644,650| Accrued Payroll| | 0| 0| 0| 0| 337,932,100| Income Taxes Payable| | 0| 0| 0| 0| 0| Dividends Payable| | 0| 0| 0| 0| 4,042,250| Other Current Liabilities| | 5,488,117,700| 5,418,306,600| 4,232,541,150| 4,241,832,300| 4,111,776,700| Provisions for Risks & Charges| | 755,461,850| 692,678,200| 473,004,000| 473,004,000| 430,903,850| Deferred Income| | 1,164,456,800| 1,189,436,600| 901,241,550| 914,755,950| 1,024,306,150| Deferred Taxes| | 660,132,200| 821,150,200| 603,924,750| 603,924,750| 490,729,150| Other Liabilities| | 229,611,200| 527,805,800| 195,114,150| 195,114,150| 216,664,600| | | 8,958,937,000| 9,288,525,600| 6,912,615,600| 6,935,421,150| 7,098,999,450| Net Operating Assets| | 9,176,247,600| 8,958,780,800| 6,578,978,850| 6,556,173,300| 5,731,910,500| | | | | | | | Financial Assets| | | | | | | Cash & Short Term Inv.| | 3,573,324,300| 4,083,268,400| 3,325,387,050| 3,325,387,050| 3,377,704,100| | | 3,573,324,300| 4,083,268,400| 3,325,387,050| 3,325,387,050| 3,377,704,100| Financial Liabilities| | | | | | | Short Term Debt and Current LTD| | 1,147,030,950| 617,736,200| 532,129,500| 522,838,350| 491,537,600| Long Term Debt| | 5,566,021,500| 5,839,052,400| 4,320,384,750| 4,306,870,350| 3,957,362,750| | | 6,713,052,450| 6,456,788,600| 4,852,514,250| 4,829,708,700| 4,448,900,350| Net Financial Liabilities (Assets)| | 3,139,728,150| 2,373,520,200| 1,527,127,200| 1,504,321,650| 1,071,196,250| Shareholders’ Equity| | 6,036,519,450| 6,585,260,600| 5,051,851,650| 5,051,851,650| 4,660,714,250| check| | 0| 0| 0| 0| 0| REFORMULATED INCOME STATEMENT| | | | | | | Sales| | 16,117,886,200| 15,945,516,400| 11,632,519,800| 11,632,519,800| 11,764,564,400| Total Costs| | 16,221,416,250| 15,412,357,600| 11,379,969,450| 11,379,969,450| 11,506,668,850| Earnings before Interest and Taxation (EBIT)| -103,530,050| 533,158,800| 252,550,350| 252,550,350| 257,895,550| Tax| | -107,630,250| 79,224,400| 52,368,300| 52,368,300| 46,890,100| Income after Taxation| | 4,100,200| 453,934,400| 200,182,050| 200,182,050| 211,005,450| Net Interest| | 254,212,400| 187,355,000| 102,202,650| 102,202,650| 111,566,100| Net Income (before Pref Dividends & Minority Interests)| -250,112,200| 266,579,400| 97,979,400| 97,979,400| 99,439,350| TAX-SHIELD| | | | | | | Effective Tax Rate| | 104.0%| 14.9%| 20.7%| 20.7%| 18.2%| Net Interest| | 254,212,400| 187,355,000| 102,202,650| 102,202,650| 111,566,100| Tax Shield| | 264,280,218| 27,839,900| 21,192,523| 21,192,523| 20,284,745| TAX-ADJUSTED OPERATING INCOME| | | | | | | Operating Income (with tax shield)| | -260,180,018| 426,094,500| 178,989,527| 178,989,527| 190,720,705| Net Financing Costs| | -10,067,818| 159,515,100| 81,010,127| 81,010,127| 91,281,355| Net Income| | -250,112,200| 266,579,400| 97,979,400| 97,979,400| 99,439,350| AVERAGED BALANCE SHEEETS| | | | | | | Operating Assets| OA| 18,191,245,500| 15,869,450,425| 13,491,594,450| 13,161,252,200| 6,415,454,975| Operating Liabilities| OL| 9,123,731,300| 8,100,570,600| 6,924,018,375| 7,017,210,300| 3,549,499,725| Net Operating Assets| NOA| 9,067,514,200| 7,768,879,825| 6,567,576,075| 6,144,041,900| 2,865,955,250| Financial Assets| FA| 3,828,296,350| 3,704,327,725| 3,325,387,050| 3,351,545,575| 1,688,852,050| Financial Liabilities| FL| 6,584,920,525| 5,654,651,425| 4,841,111,475| 4,639,304,525| 2,224,450,175| Net Financial Liabilities (Assets)| NFL(NFA)| 2,756,624,175| 1,950,323,700| 1,515,724,425| 1,287,758,950| 535,598,125| Shareholders’ Equity| SE| 6,310,890,025| 5,818,556,125| 5,051,851,650| 4,856,282,950| 2,330,357,125| check| | 0| 0| 0| 0| 0| Sales| SA| 16,117,886,200| 15,945,516,400| 11,632,519,800| 11,632,519,800| 11,764,564,400| Operating Income (with tax shield)| OI| -260,180,018| 426,094,500| 178,989,527| 178,989,527| 190,720,705| Net Financing Costs| NFC| -10,067,818| 159,515,100| 81,010,127| 81,010,127| 91,281,355| Net Income| NI| -250,112,200| 266,579,400| 97,979,400| 97,979,400| 99,439,350| ROE DECOMPOSITION| | | | | | BASIC ANALYSIS| | | | | | | ATO (sales / net operating assets)| | 1.78| 2.05| 1.77| 1.89| 4.10| PM (operating income / sales)| | -1.61%| 2.67%| 1.54%| 1.54%| 1.62%| ROA (operating income / net operating assets)| -2.87%| 5.48%| 2.73%| 2.91%| 6.65%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| CLEV (net operating assets / equity)| | 1.44| 1.34| 1.30| 1.27| 1.23| ILEV (operating income / net income)| | 1.04| 1.60| 1.83| 1.83| 1.92| ROE ( net income / equity)| | -3.96%| 4.58%| 1.94%| 2.02%| 4.27%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| SPREAD ANALYSIS| | | | | | | ROA| | -2.87%| 5.48%| 2.73%| 2.91%| 6.65%| Borrowing Rate (net financing costs / net financial liabilities)| -0.37%| 8.18%| 5.34%| 6.29%| 17.04%| Spread (ROA – financing costs)| | -2.50%| -2.69%| -2.62%| -3.38%| -10.39%| FLEV (net financial liabilities / equity)| | 0.44| 0.34| 0.30| 0.27| 0.23| Leveraged Spread| | -1.09%| -0.90%| -0.79%| -0.90%| -2.39%| ROE| | -3.96%| 4.58%| 1.94%| 2.02%| 4.27%| check| | 0.00| 0.00| 0.00| 0.00| 0.00| Company | Return On Equity Per Share[Y2008]| Return On Equity Per Share[Y2009]| Return On Equity Per Share[Y2010]| Return On Equity Per Share[Y2011]| Return On Equity Per Share[Y2012]| 1| 　| 　| 　| 　| 　| 2| -27.03| 25.33| 33.93| 14.46| 36.86| 3| 6.1| 20.38| 10.32| -18.51| -27.24| | 　| 　| 　| -16.22| 6.01| Malaysia industry average| -10.47%| 22.86%| 22.13%| -6.76%| 4.81%| | | | | | | 1| 17.02| 2| 1.89| 4.09| -4.07| 2| 22.45| 19.73| 18.2| 11.46| 15.25| 3| 11.61| -21.09| 2.26| -7.32| 2.36| Austrilia industry average| 17.03%| 0.21%| 7.45%| 2.74%| 4.51%| | | | | | | | 　| 　| 　| 　| 　| | Return On Equity Per Share[Y2008]| Return On Equity Per Share[Y2009]| Return On Equity Per Share[Y2010]| Return On Equity Per Share[Y2011]| Return On Equity Per Share[Y2012]| 1| -37.81| 22.91| 39.91| 17.15| 10.29| 2| 14.73| 1.33| 5.13| 5.29| 4.46| 3| -27.03| 25.33| 33.93| 14.46| 36.86| 4| 15.02| -1.08| -13.73| 4.69| 5.27| 5| -19.27| 11.89| 29.11| 9.99| 1.62| 6| -76.38| 57.88| 57.42| 19.5| 17.28| 7| -70.4| -11.18| 23.64| -4.06| 0.1| 8| -51.42| 4.23| 34.87| 17.31| 8.15| 9| -27.96| -10.48| 33.11| 0.5| 1.31| 10| 19.69| 39.08| 9.61| 13.94| 10.66| 11| -20.6| 5.01| 30.35| 19.6| 10.79| 12| -20.47| -30.29| -21.4| -5.16| -14.43| 13| -26.05| -3.37| 14.11| -9.31| 9.83| 14| 6.1| 20.38| 10.32| -110.51| -27.24| 15| -0.11| -13.94| 9.05| 85.17| -13.52| 16| 17.02| 2| 1.89| 4.09| -4.07| 17| 22.45| 19.73| 18.2| 11.46| 15.25| 17| 16.21| 43.36| 56.31| 44.68| 25.97| 18| 13.1| 7.31| 1.58| 7.88| 2.48| 19| -37.71| 14.89| 24.31| -14.64| 9.45| 20| -14.02| 0.34| 17.5| 10.69| 1.37| 21| 11.61| -21.09| 2.26| -7.32| 2.36| Asia & Pacific Region industry average| -13.33%| 8.37%| 18.98%| 6.15%| 5.19%|