Managing people and developing, leading team Essay

Managing people and developing, leading team - Essay Example I am a member of the Libyan students’ society in Leicester; I was involved in a social program that was working with young Libyan people. The organizations involved in coordinating the social program were Libyan Red Crescent and some civil society organizations. The main objective of working with the civil society was to carry out charity works and equip community members with assertive skills with respect to observance of civil rights. Working with young Libyan people was both fun and challenging at the same time because of the stubborn nature of young men when they grow up. This program offered a platform to sharpen my skills, as they will be needed during the next visit. It was crucial that we avoid past mistakes and use new techniques. I worked with young Libyan people in Libyan secondary school in Leicester and Taiba mosque near Libyan school. The project was organized based on the presumption that most young people need some motivations to navigate life and still lead he althy lives. The charity programs helped to reduce the desperation of the locals who were faced with a high rate of unemployment. I applied my aesthetic skills in helping restore the dignity of girls who have been victims of rape and other abuses. There were a lot of activities that indulged young Libyan people, for example, participating in lectures about first aid, playing football, visiting interesting places and others. In order to accomplish the project’s objectives, there was need to partition ourselves into various teams and use the teams as a means of getting to the end. We organized ourselves into strategic teams, which were headed by my fellow colleagues. There was a need to identify common values, goals, and objectives. This was crucial in the management of conflicting interests and desires. The boys were teenagers in their early and late teens, and had a lot of enthusiasm for fun games. Our aim was to use the principles

History and Archives Essay Example for Free

History and Archives Essay She was born in Moscow, Russia and spent all her childhood and most of her young years in the Soviet Union. She went to school in Moscow from 1973 to 1983, for 10 years. At school she was very interested in history especially in ancient history. She loved to read books about history of Egypt, Italy and Mexico and also started to develop an interest in how the people live in different countries and why they all are different in some ways and the same in other ways. During her childhood every summer she went to different camps, where she met new people from different republics (that now after the crash of the USSR they are all different countries. In 1983 she was admitted to Moscow Order of Honor State University of History and Archives. She was there for 6 years and received a Diploma for Master of History and Archival Science. While at the University she witnessed the last years of the Great Empire of the Soviet Union and its Collapse. She saw how people started to change when their lives were drastically changed by Perestroika. She saw how families collapsed under the strains of a new social and economic system which imposed new financial hardship and drastic even overnight changes in societal norms. She saw how children from those families reacted to escalating divorce rates and how their lives changed for the worse. Deep interest in history and cultures of different countries led her to explore on human behavior, their similarities and differences. †¢ Having grown up in a totalitarian system and experiencing the perceived freedoms we enjoy here, she have an appreciation for issues related to how human beings deal with different pressures and expectations. †¢ In the time that she was with people from other cultural backgrounds, she developed a great appreciation for the differences in cultural traditions and social behavior. †¢ She pursued this interest and took up a master’s course in History and Archival Science. †¢ As she witnessed the tragic collapse of her nation, she saw how society as a whole abandoned the notion of Social responsibility and any feelings of obligation to others that were mandated by the government at one time were replaced with a vacuum that left many in search of a new vision of their place in society. †¢ She observed how people react when their dreams and expectations taste the bitterness of reality and adjust to changes and stress and most of the times take up the negative route and enter into alcoholism, drug abuse, prostitution, felony. Personality The collapse of society happened almost overnight. It was shocking to her that the transformation of millions within such a short time, and to the extent of that transformation. Unfortunately it did not getting better; in fact it started to affect her. She now faced to adapt to her changing environment after adhering so closely to my traditional beliefs of honor and respect. Later she adapted to a new marriage and followed her spouse to the US. The move to the US was a very drastic change for her at that time. A totally different country, traditions, language and social norms. She had some difficult time in adjusting and understanding that country. Yet another adaptation was required of her. Her daughter was born and once again she was entering a different world with no guidance. She found her â€Å"loving† husband of 20 years cheating on her with another woman. This was not what she expected in the least. Her life made no sense. Her beliefs that were honed for so many years were critically tasked. This new information made the pathways in her brain over taxed. This was not what she could accept. But she had too. There was no other reality. Still it took her years to grasp with that reality. Much as others deal with change she had trouble. It was her dispassionate belief that with coaching, that people could deal with a fast changing environment, including a new economic and social reality. She ended with a divorce. She then even had to adjust and live with the situation when her little girl was taken from her based on fraudulent allegations that swayed a person (one of many) who was the judge. Her heart was cut; she was drowning in ocean of emotions, and ones again in her life for the purpose to survive. †¢ After the collapse of her nation, she began reading books on psychology, philosophy and religion, in order to adjust to the drastic change and realized that adaptation was the greatest tool that humans possessed. †¢ For the purpose of dealing with the new challenges confronting her after the birth of her daughter, she began to educate herself through reading in order to learn more about the child development and psychology. †¢ When she found her husband cheating on her, she could not accept it. But she had too. There was no other reality. She took years to grasp with that reality. She faced troubles initially but dispassionately believed that with coaching, that people can deal with a fast changing environment, including a new economic and social reality. †¢ To get through her divorce, she returned to reading books on psychology and started to speak with counselors and therapists. She learned an incredible amount of practical applications of behavioral and cognitive tools she could use to adapt to this latest crisis. By reading and learning more she developed the desire to help and support people who face change and find it hard to adapt. She learnt enough to allow her to make a greater impact on how to teach people from an early age to handle change and look for ways to adapt that benefit society has a whole. She realized that her way, she and many others can adapt to new environmental stresses can and must be influenced by people who can motivate people who can show them how to deal with situations that were never expected. Whether it is dealing with a Cultural Revolution, and actual revolution, a great upheaval, a great loss, or a custody battle in a divorce or more recently fuel prices that will effect the poor’s heating in Northern states, peoples’ financial stresses; people need to have help in guiding them through these transitions, and she wanted to make a difference in this way. She understood how different people are and how the behaviors of various groups are allowed to flourish. This dichotomy intrigued her as it would seem that a healthy society had to strike for some balance. She loved to explore the issue at greater length and have some guidance in understanding socio-psychological issues. She was not so much interested in pathology as she was in theoretical psychology of social norms and patterns along with how to setup systems to manage the needs of individuals along with the pressures of societal needs and peaceful coexistence. She wished to use adaptation tool to grow as a person. She looked for something to help her on this journey and I thought a respected school and her desire together could be used to help other’s who have undergone serious social stresses in life, while maintaining a positive social framework in which they can function. In this way she was on her way to growth. References Pavlov, â€Å"Conditioned Reflex† (1903), [Internet], Available at http://www. pbs. org/wgbh/aso/databank/entries/bhpavl. html, Accessed on: 3 August 2009 Skinner,† The Behavior of Organism† (1936), [Internet], Available athttp://www. pbs. org/wgbh/aso/databank/entries/bhskin. html, Accessed: on 3 August 2009

How the Environment Effects Food and Supply

How the Environment Effects Food and Supply Introduction The purpose of this report is to discuss the current state of food and environment in the field of natural resources like soil, ocean, climate and melting glaciers and their affects. By examining a range of academic articles in summary books, newspaper articles and internet sites on the topic of food and environment, this report states the situation of natural resources, environment pollution, over development and some global phenomenon caused by global worming and melting glaciers. The report then considers the further development and global worming, melting glaciers effect on food and environment. Floods and droughts In the beginning of this essay, the issue of how environmental disasters impact food will be discussed. It is clear that our Mother Earth is getting hotter, with the effect of global warming. It is because of Greenhouse effect which is due to the massive and rapid development of several industries from developing countries. It was proved that the amount of CO2 in the atmosphere has increased from 316 ppm in 1958 to 385 ppm in 2008 (Kirkham 2011, p.370). It has worsened the issue of melting glaciers; which, in turn, causes flooding and droughts over many areas in the world. The high percentage of glacier melting is the main reason of the rise of sea level which causes floods in over the world. Unexpected floods could impact seriously on crops growth, it can have a negative effect on the financial performance of farming as a result of crop damage à ¢Ã¢â€š ¬Ã‚ ¦ reduced crop and livestock yield and quality/condition (Thorne, Evans and Rowsell 2007, p.130). It means that flooding does not only affect the quantity but the quality of food source as well. For instance, a recent flooding that happened in 25th of August in 2012 in Burma after several weeks of continuously raining has driven eighty-five thousands of people homeless as well as more than two hundred thousand hectares of rice field have been swamped (The Guardian 2012). It was also expected to require a long time for the people and fields to recover. While there are countries that are struggling with floods, drought is also a problem in others because the weather changes wind patterns that moves cloud and humidity through the air that causes the imbalance in water distribution. Since May this year, North Korea has been suffering the most severe drought in 105 years which threatened to damage this countrys breadbasket, especially when this country has already experienced a critical lack of food. North Korean was also notified an estimate amount of 3.5 million people are with the risk of malnutrition and famine (The Telegraph 2012). Because of these destructions, it is possible that in the near future, countries using rice as a main food will have to face with a huge shortage of food, while Burma and North Korea are considered sources for rice suppliers. Furthermore, even if the amount of food could be sustained, its quality is unsure due to the pollution issues. Marine pollution Marine pollution can be traced back as early to the Roman times. Industrial waste, farm runoff and trash dumping into the oceans have caused much imbalance to the ecosystem in which many organisms thrive in. Despite many efforts made by eco-friendly organizations and campaigns to reduce pollution, it is still happening at a large scale. Pollution is essentially the introduction of harmful contaminants not part of a natural ecosystem. They may range from the man-made pollutants like chemicals, pesticide, industrial residue, oil, sewage, plastics and other solids. These contaminants end up contaminating not only the water in which much of the marine life live in but they also cause a disruption in the global food chain. When fish consume these contaminants, humans are simultaneously affected as they catch and eat the fish. Therefore, radioactive or poisonous contaminants may drastically harm us and as such pollution does affect us as much as it does the marine ecosystem. Excessive pollution may even cause any entire ecosystem to collapse and thus fishing may be near impossible once this happens. Fish will become scarce as an entire food chain will be broken beginning with water in the ocean being unsuitable for inhabiting. Oil spills Oil spills are usually the most common of all marine pollution. Much of it comes from spillage from large ships and vessels as well as oil rigs. In addition, drainages and rivers also transport oil into the oceans from cities and industry. As oils density is lesser than water, it usually stays at the surface which causes sea mammals and birds to be affected much more than fishes as it causes these animals to die when they drink the water or come out to the surface to die due to the toxins of the oil. Sewage disposal Another cause of pollution if sewage disposal. Much urban sewage that is dumped into the ocean is untreated or under treated. Sewage alone contains much bacteria and even diseases. Fishes may sometimes eat these sewage and the bacteria may then thrive in them. This affects us when we catch and later consume the fishes, causing the bacteria to then be transferred into our bodies. Aside from affecting us in that manner, humans may also be affected by the diseases in the water and beaches closures may occur. Toxic chemicals Toxic chemicals make up the bulk of marine pollution. Much of these toxic chemicals are dumped into the oceans deliberately despite much international laws banning such dumping. Accidental leakages from industries also cause these chemicals to disseminate through soil, water and through water vapour in the air. From the tiniest organisms in the ocean such as plankton to larger animals up the food chain like polar bears. They become affected by these chemicals as they are able to travel long distances through currents in the ocean. People, who are at the highest end of the food chain, end up consuming the highest chemical load as it is multiplied up the food chain. To conclude, our food is largely dependent on the physical environment that it comes from. Pollution causes much disarray to the purity and freshness of our food as it affects us directly once we eat them. Fish that has been tainted by toxins from chemicals may cause cancer, damage to immune systems, behavioral problems, reduced fertility and even death in extreme cases. Global warming and its effects on sea levels Global warming is causing a drastic problem to humans and their food source alike, namely fish, by causing alarming increases in sea levels. The cause of global warming is initiated by the greenhouse effect. The greenhouse effect is when the suns heat is trapped in the earths atmosphere when greenhouse gases cause it to be radiated back to earth. Normally, some heat from the sun is absorbed into the earths surface while the rest is radiated back to space. When humans burn fossil fuels like petroleum, natural gas and coal, they create excessive amounts of carbon dioxide which are the major components of greenhouse gases. When excessive heat is trapped in the earths atmosphere, this causes our earth to heat up beyond normal temperatures. This increase in temperature is causing ice caps on Mount Kilimanjaro and ice sheets in Antarctica and Greenland to melt. When this happens, water levels will rise which will cause many problems which will upset the balance in nature. Cold water fish will not be able to survive as the water would be too warm. This would cause problems for people fishing them as a food source. Even coral reefs are dying as a result of the increase in water temperatures. This in turn could cause many species of fish who call it home to die which could in turn affect humans fishing for them. Another great drastic issue is raising water levels. Research has shown that low lying nations like the Maldives could be completely submerged should this occur. Such a rise would have a devastating impact on low-lying island countries, such as the Indian Oceans Maldives, which would be entirely subm erged. (Stefan Lovgren, 2004). Densely populated areas like Nile Delta and Bangladesh would become uninhabitable as well. Not only will fishing be difficult but people will have a greater problem at finding higher ground suitable for living. An imbalance in natures food chain would be caused by global warming that could drastically affect fishes as food source. As ice sheets melt in the Antarctic, the polar bears living would be adversely affected as the temperature would be increasingly too warm for them to live in. Polar bears are entirely dependent on sea ice, you lose sea ice, you lose polar bears. (Jay Malcolm, 2004). Hence, they may not be able to survive and the seal and sea lion population that would otherwise be controlled by the polar bears as part of their diet would multiply and overpopulation may occur resulting in many fishes being eaten and depleted. This depletion would be a negative factor for fisheries and human civilizations living in the northern hemisphere would have to then look for an alternative food source which would be difficult as their main source of protein and food are fish. Intrusion of sea water The rise in sea level also leads to the intrusion of sea water. As the development environment for rice crops is the fresh water, the increased salinity in soil can hinder rice growth and affect rice production. A study carried out by World Bank (2000) indicates that increased salinity alone from a 0.3 meter sea level rise will cause a net decrease of 0.5 million metric tons of rice production. Some low-lying deltas (which are the major rice crops in the world) of such river systems as the Ganges, the Mekong, the Nile, the Yellow, and so forth, have been affected by tidal wave. For example, as reported by FAO (1998), there were estimated amounts of 650,000 ha of saline soils along the coastal belt in the Mekong River Delta and 350,000 ha in the Red River Delta of Vietnam. The release of pesticides Water in lakes or rivers where the melting glacier flows through can be contaminated with pesticides. Some types of pesticides which contained harmful elements used to be used in agricultural production but they then were banned worldwide years ago. Most of the pesticides evaporated into the air and were finally trapped in layers of glaciers. Now, the rapid glacial melting is causing these hazardous chemicals to be released back into the environment, lakes, and rivers. For example, organochlorine is a type of pesticide having harmful contents. It was banned in entire USA due to its bad effects on humans health like leading to headache, dizziness, muscle weakness, or even cancer (Delaware Health and Social Services, 2010). This chemical, according to Blais (2001), shows an increase in one of the sub-alpine lakes in Canada. Such type of contamination can bring about negative impacts on the underwater ecology and creatures, while at the same time affects the source of water used for hum ans life as well as farming. Global Solution The only way to slow down glaciers melting is to slow global warming. The global greenhouse effects requires a global solution, which requires the participation of the entire global community. (Rogers, 2012) We only have one earth, the protection for it need all citizen take part in. Humankind has become dependent on burning fossil fuels to support our way of life, but it increases global warming at an unnatural rate. To restore the glaciers we need to utilize alternative energy sources, increase our energy efficiency and decrease our individual carbon output. (Rae, 2012) There are many alternative energy available. Solar panels are made up of solar cells that trap the heat from the sun and convert it into energy. Wind turbines are towers that use the kinetic energy from the wind to generate power. Biofuels such as ethanol can be produced in your back yard by fermenting and mixing vegetable, fruit and grain waste; ethanol is used to make biodiesel fuel, a clean burning fuel for diesel engines. Electric cars are battery-powered instead of relying of the highly polluting internal combustion engine. Tidal and wave power utilize the massive power of the ocean by harnessing the energy with generators placed on the ocean floor. (Rae, 2012) For individuals, try to take public transportation instead drive ourself; ride a bicycle if it helps; walk or jog to destination is also a good way to save time and strengthen body. Save power at home by taking shorter showers, recycling used water, turning off power for resting television, computers. Little things can make a big difference if done in a large scale, and theyll go a long way toward reducing carbon footprint and saving the glaciers, slow down other effects of global warming. Conclusion This report has stated the currently major effects that environment made to the food growth and supply. They are the field pollution due to over fertilization, unbalance of marine organism caused by over fishing, air pollution because of industrialization and urbanization. And even the melting glaciers which is a result of global warming has being a big concern: When we see melt in places that we havent seen before, at least in a long period of time, it makes you sit up and ask whats happening. said NASA chief scientist Waleed Abdalati. Its a big signal, the meaning of which were going to sort out for years to come. It is not only simply the food or the environment that we should think about, but also the connection between. More systematic development need to be considered by government, organizations and companies.

The Contributions of Homers Book XXIV :: Greek, Odyssey

Greek literature, in particular, Homer’s Odyssey, remains a masterpiece because of its structure. Additionally, an abundance of wisdom pours forth from its pages. Aristophanes and Aristarchus, two Greek critics, claimed that Homer’s Odyssey ended with the lines, â€Å"Rejoicing in each other, they returned to their bed, the old familiar place they loved so well† (XXIII: 337-338). While, at first glance, Book XXIV appears unnecessary, entirely omitting it leaves Homer’s work unfinished. Book XXIV features a wonderful study of the human condition. The initial encounter between Achilles and Agamemnon appears of little significance, but the overall concept lends importance to the book. Since The Odyssey meditates on the nature of civilization, it corresponds that Homer concludes his epic with a lesson addressing mankind’s inherent qualities. At the beginning of the book, Homer’s character, Achilles, accurately brings to light that life does not happen as planned and, in turn, this becomes a downfall of man. First, Homer calls attention to the human thought process. Achilles tells Agamemnon that â€Å"we thought† a different fate awaited Agamemnon because of his circumstances (XXIV: 25-31). Homer also identifies the tendency to dwell on a different aftermath. He illustrates this claiming that â€Å"if only† Agamemnon died differently, the possibility of glory and fame awaited his son (XXIV: 32-35). Finally, Homer concludes his lesson proclaiming man’s way of thinking as incorrect and â€Å"not so†. He charges Agamemnon â€Å"fated† to whatever destiny befell him (XXIV: 36). Homer also has his character, Amphimedon, highlight another human trait: the inclination to blame others for the outcome of actions, even when knowingly committing a wrongdoing. Homer illustrates this behavior as he writes how Amphimedon charges Penelope with the fault of his death because of her indecision, even after he admits that he made her finish her weaving â€Å"against her will† and â€Å"forced her† (XXIV: 161). Amphimedon also attributes his demise to Odysseus because of trickery. He condemns Odysseus for disguising himself (XXIV: 171-177), although Amphimedon openly admits he attacked Odysseus (XXIV: 178). In trading these stories (XXIV: 1-226), Homer imparts his knowledge on life, responsibility, and accountability. Since writing about the nature of civilization, Homer needs to feature the importance of the family relationship. As a result, the epic necessitates Odysseus’ visit to his father to let Laertes know of his well-being.

Bidding on the Yell Group Essay

1. Introduction Yell Group consists of two businesses that are operating across countries. Yellow Page is a classified directory business in the UK, while Yellow Book is an independent directory business in the USA. These businesses are currently owned by British Telecom which is under pressure to reduce its heavy debt load and had been wavering for months about the future of these two Yellow Pages divisions. Apax Partner and Hick Muse are two private equity firms that are interested in the acquisition of the Yell Group by using debt for a majority of the purchase price and equity for the remainder. The deal is crucially important to both Apax and Hicks Muse because of its high visibility — simply by virtue of its size and complexity, it will leave its mark on the reputations of both PE firms. But the team faces a challenge when valuing a cross border business involved in the LBO. Not only are those business located in different markets, but they also are characterized by different growth rat es and cash flow characteristics. Furthermore, each business unit faces an immediate uncertainty. 2. Overview of LBO The Equity Sponsor borrows the debt portion of the purchase price, typically through public or private bonds and bank loans issued by the company and contribute the equity portion typically through a private fund. Debt is serviced and repaid with the company’s operating cash flows. The buyer later sells all or a portion of the company and realizes a return on its initial equity investment — Sale of Sponsor equity typically through an initial public offering or a sale to a strategic buyer or another LBO firm. The LBO transaction focuses on cash flows generated by operations and the use of the cash to pay down debt, thereby increasing equity value. Additionally, improvements in operating performance can increase value. Assuming the enterprise value remains unchanged, as debt is repaid, value reverts to the equity holders, thereby generating equity returns. Through this cross-border LBO, our team wants to achieve three fundamental goals: a) Determining the enterprise value of Yell Group by measuring its ability to generate sufficient cash flows to meet required equity returns while complying with leverage parameters. b) Calculating financial ratios and other measurements to determine the balance sheet and credit impact of the LBO c) To justify whether they can get reasonable returns given financial projections and leverage assumption in the model. Our team is aim to use as much leverage as possible to minimize initial equity check and create an aggressive financing structure that can be eff ectively syndicated to the market. 3. Yell Operations When valuing Yell, we find that Yell currently has two well-established business lines in two different markets. While the environment is different in each market, Yell’s business lines achieve somewhat steady cash flows that are on pace with market growth, even the OFT is expected to recommend the imposition of a limit on the annual increase in rates for advertising in the U.K. market. The projected EBITDA for both BT Yellow Pages in the U.K. and Yellow Pages USA combined are more than enough to cover the considerable interest expense. Furthermore, with the ambitious growth plan, Yellow Book hopes to capture much of the predicted market share gains. A good LBO candidate should have some characteristics on its business specific and industry specifics. That means, the underlying Yell fundamentals and competitive advantage should be much more scrutinized by the team. Indeed, BT Yellow Pages as a market-leader in the classified directory business and Yellow Pages USA as a market leader in the independent publisher of business directories. Finally, shortly before Apax and Hicks Muse had initiated talks with BT executives about the future of Yell, the telecom giant had announced plans to pay down its debt, so this deal should be a fire-sale transaction, the sale of Yell is good for BT and its shareholders. However, BT Yellow Pages and Yellow Book USA represent two very different businesses. The U.K. business is subject to heavy regulation which will restrict the price. Thus the only way to expand profits is through the advertisement volume. Unfortunately, the growth in the classified directories advertising market has been declining over the last few decades and will probably continue in this tendency even though the total advertising market has seen increasing growth. The potential good opportunities for this business could be the additional divisions that BT Yellow Pages owned. Prospective investment indicated these businesses are in the early stages. The U.S. market is an important source of new business for SMEs throughout the country and the independents are projected to increase their market share from 11% to 30% over the 2000 — 2005 period. For Yellow Book, this growth is to be fueled by expansion efforts as launching new directories into contiguous markets and launching wide area books into cities without an independent presence. In terms of the industry life cycle, BT Yellow Pages is most likely in the late maturity / early decline stage while Yellow Pages USA was still in the growth phase. These factors combined with the buyers’ investment horizon will influence their exit strategy. Yell Group Ltd. provided Apax and Hicks Muse team with projections for both BT Yellow Pages and Yellow Book USA based on what a potential growth in the upcoming years. Since Yell is trying to sell their business, we have to be careful about the assumptions used to come up with these projections. As a financial buyer, we tend to leave the day-to-day operations with management and thus would hope that they can meet their projections. These numbers should be viewed conservatively, as Yell would want to make the company look as attractive as possible to potential buyers. For BT Yellow Pages, their growth is dependent on the number of advertisements sold in a given year and the advertisements’ prices. Thus, as a potential buyer, these areas need to be scrutinized to come up with a reasonable projection. The growth rate (nominal) of advertisement volume from 2001 to 2007 may be as high as the rate of past years at 6.6%, and for SMEs, BT Yellow Pages were considered a â€Å"must buy†, since the yellow pages are their principal means of reaching customers in UK. Yellow pages advertising expenditures tends to be more stable than other forms of media advertising and do not fluctuate widely with economic cycles. For advertisement prices, the trend is slightly increasing from 2001 to 2003 and flat thereafter. Yell’s management seems to be too optimistic here as the OFT is expected to announce its new recommendation for the following years soon. Since the cap is 6% below the inflation rate and the projections for inflation is 2.4% in 2002, 2.3% in 2003, and 2.0% thereafter, the advertising prices should be expected to show a decreasing trend. For example, the Weighted Average Advertisement Fee in 2002 should be 621.78 = 645 x (1 + 2.4% – 6%). The year-over-year revenue growth for Yellow Book USA ranges from 10.0% to 15.0% with an average of 12.5% and a compound average growth rate of 12.4%. Organic growth in the US market is 4-5% and so the additional growth for Yellow Book USA must be coming from new market launches as well as increasing market share as an independent publisher. The growth rates seem quite aggressive and so additional new market launches may be required in years 2005 and 2006, currently not projected, to ensure that there is a buffer to hit revenue projections. It may make sense to also decrease the revenue growth rate to be more realistic and use yell’s projection as an upper limit case. We think it important to segregate organic revenues from new launch revenues and only apply an EBITDA margin to organic sales while separately adding in the impact of new launches in order to roll the two very different types of markets together. This approach also affords an opportunity to give a more sophisticated treatment to operating income from new launches. We believe that a 17% EBITDA margin on organic sales is a more realistic target for 2002, improving at a 2% increase per year as business goes up until the 25% target rate is hit in 2005 and maintained thereafter. Capital Expenditure and depreciation also need to be reviewed as they are somewhat positively related, which means an increase in Capital Expenditure usually results an increase in depreciation and vice versa. Overall, the numbers for both markets should be viewed with skepticism as these are Yell’s projections and may not reflect the buyer’s expectations in terms of the growth in the market. 4. Transaction Assumption The following transaction assumptions must be considered at the beginning of LBO analysis: a) BT Yellow Pages has its price adjusted for inflation as stated by the OFT. b) The U.K. discount rate is calculated using the comps Telefonica Publicidad e Informacion and Enriro. c) The U.S. discount rate is calculated using McLeod USA and World Pages. d) The model assumes the debt is held in the U.K. and the U.S. business line will have its cash flows converted to U.K. denominated pounds at the spot rate- For the base case, the terminal value growth rate of BT Yellow Pages is 3.47% which is a forecast of the compound average growth rate of FCF from 2002 to 2007 based on our projection. Sensitivity analysis should be applied to see how the growth rate of terminal value would affect the overall valuation. e) For the base case, the terminal value growth rate of Yellow Book USA is 4.3% which is the historical growth of the RBOCs. Sensitivity analysis should be applied to see how the growth rate of terminal value would affect the overall valuation. f) New launches in the U.S. are fore casted to return 5% EBITDA to Sales in the first year. This is a conservative estimate and sensitivity analysis should be applied to see how the EBITDA margin of new launches would affect the overall valuation. g) Once launched, the new markets are assumed to reach organic EBITDA margins in the following year. h) The risk premium of both markets is set as 6.5% and sensitivity analysis should be applied to see how the risk premium would affect the overall valuation. 5. Valuation Method It is accepted that CCF valuation is widely used for LBO. WACC is not applicable here because the calculation of WACC assumes constant D/E ratio. Based on the debt repayment schedule, it is unlikely that the firm will be able to maintain a constant ratio. CCF is ideal for this transaction because the debt repayment schedule is known in advance. CCF separates the calculation into two parts: unlevered cash flow using unlevered cost of equity and tax shield using the unlevered cost of equity. For our calculation, CCF is more suitable due to the known debt repayment schedule and the more conservative valuation. Coming up with an accurate valuation becomes more complex when dealing with different currency of cash flows from cross border assets. Yell’s two business line, BT Yellow Pages and Yellow Book USA, operates and generates revenue from their respective countries; therefore, we must look each asset as a separate part. We could do a separate valuation on each asset based on the home country’s currency and financial projections. To determine a representative discount rate, we used betas and Debt/EV ratios of comparable listed companies in Exhibit 10 from each region. For example, for Yellow Book USA, we only used betas and Debt/EV of comparable American firms and not European firms and we assume the risk premium is 6.5%. We also had to take into account difference in risk-free rates by looking at country-specific yield on 30 years Treasury Bills when calculating the cost of equity for each asset. Depending on the capital structure, each asset may have tax benefit from tax-deductible interest payments. The interest tax shield must be calculated using the local country’s corporate tax rate; therefore, each business line may have different cost of debt. At Yell, we used the U.K. tax rate of 30% because the acquired company is incorporated in the U.K. thus everything is consolidated in pound. When building a valuation model, we also consider the growth potential of each asset separately as well. We take into account the firm’s local business strategy, competitors, and overall market potential to develop a representative perpetuity growth rate. Once we get the enterprise values for both assets, we can then use the spot rate to convert the enterprise values into pound for comparison. All these factors play a vital role when forecasting revenue growth / free cash flows, determining the discount rate and eventually calculating a fair enterprise value for the firm. Using our pro forma assumptions and CCF valuation, the total acquisition fee is  £2.09 billion (shown in excel). The U.S. business is valued and converted to the pound to reach a total valuation. These values include the 5% in transaction fees. 6. Sensitivity Analysis Sensitivity is done on five major variables. The first variable is the terminal growth rate of the U.K. business since BT Yellow Pages represents a huge part of the total valuation (see excel file for the sensitivity of growth rate on BT Yellow Pages valuation). If the terminal growth rate is 5%, the total acquisition price with fees is  £2.28 billion, compared to the  £2.09 billion with the base case of 3.47% growth rate. The second variable is the terminal growth rate of Yellow Book USA. This scenario analysis doesn’t affect the overall valuation much as the Yellow Book USA only accounts for a small fraction of the overall valuation. For the third variable, the analysis performed is the change in regulatory imposition when keeping the terminal growth rate of UK business at 3.47%. Currently the base case is that revenue decreases by the inflation subtracting 6% annually. The results are shown in Sheet ‘Sensitivity Tables’. When there is no regulatory imposition applied and the price grows with inflation, the acquisition price with fees is 3.01 billion. If they can negotiate with the UK government to reduce the rate to 5%, instead of 6%, the acquisition price with fees is 2.30 billion. It is highly sensitive to the change in regulatory imposition. This implies there is significant upside if the regulatory imposition is lower than 6%. For the fourth variable, we change the projections of Yellow Book USA’s EBITDA margin of new launches in order to create a range where revenue projections are uncertainty. But there is not much of a difference among those valuations. The last scenario analysis performed is the risk premium for both markets, at the very beginning we assumed a 6.5% risk premium, but we also want to get a range of the valuation as the numbers changes. The results are from 2.4 billion to 1.85 billion. Overall, we are confident that the bid would be somewhere between  £1.85 billion to  £2.3 billion. 7. Conclusion For this financial acquisition, we are more opportunistic and thereby looking for value creation based on the assets itself in order not to overvalue the target firm and thus overbidding for the company. In addition, we are looking to expand its presence on the European LBO market. We viewed Yell as a compelling investment opportunity, particularly in light of the company’s growth potential, low valuation and leverage capacity. This deal will leave its mark on the reputations of both PE firms.

The Linked History of the Flashlight and the Battery

The Linked History of the Flashlight and the Battery The flashlight was invented in 1898 and patented in 1899. The biblical quote let there be light was on the cover of the 1899 Eveready catalog advertising the new flashlight.   Eveready Founder Conrad Hubert In 1888, a Russian immigrant  and inventor named Conrad Hubert founded the  American Electrical Novelty and Manufacturing Company (later renamed Eveready). Huberts company manufactured and  marketed battery-powered novelties. For example, neckties and flower pots that lit up. Batteries were still a novelty at that time, then only recently introduced to the consumer market. David Misell, Inventor of the Flashlight A flashlight by definition is a small, portable lamp usually powered by batteries.  While  Conrad Hubert might have known  the flashlight was a bright idea, it was not his. British inventor David Misell, who was living in New York, patented the original flashlight and sold those patent rights to the Eveready Battery Company. Conrad  Hubert first met Misell  in 1897. Impressed with his work,  Hubert  purchased all of Misells previous patents related to lighting, Misells  workshop, and his then-unfinished invention, the tubular flashlight. Misells patent was  issued on January 10,  1899.  His portable light was  designed in the now familiar tube-shape and used three D batteries  placed in a line, with a lightbulb at one end of the tube.   Success Why  was the flashlight called a flashlight? The first flashlights used batteries that did not last very long. They provided a flash of light, so to speak. However, Conrad  Hubert continued to improve his product and made the flashlight a commercial success. It helped make Hubert a  multi-millionaire, and  Eveready a huge company. Source: Utley, Bill. History of the First Tubular Flashlight. CandlePowerForums, May 20, 2002.