Mills Utilitarianism Essay Example for Free

Mills Utilitarianism Essay In the beginning of Utilitarianism John Stuart Mill states that throughout history very little progress has been made towards developing a set of moral standards to judge what is morally right or wrong. Although a certain disagreement about such foundations can also be found in the most â€Å"certain† sciences, in those areas truths can still have meaning without understanding the principles underlying them. On the other hand, in philosophy, where all actions exist to proceed towards a particular end, statements unfounded upon a general principle have very little validity. Therefore Mill says that in order to know what morality dictates, it is necessary to know by what standard human actions should be judged. He rejects the idea of a moral instinct inherent in human mind, which supplies us with this ability to judge. Even if such a sense would exist, it wouldn’t show us whether something is right or wrong in a particular matter. Instead, Mill assumes that right and wrong are questions of experience and he tries to show that the principle of utility or â€Å"the greatest happiness principle† is the foundation of this distinction. In Chapter two, Mill tries to reply to some common misconceptions about utilitarianism. He claims that many people mistake utility as the rejection of pleasures, whereas in reality, it is pleasure itself, promoting happiness. He thus defines utilitarianism as the creed which â€Å"holds that actions are right in the proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness†. Accordingly pleasure and absence of pain are the only goals that are inherently good and desirable in themselves. Every other action or experience is only insofar good as it promotes pleasure. However, it is wrong to assume people should only do what makes them personally happy. Instead the standard of judging an act is the happiness of all people. Therefore people shouldn’t distinguish between their own happiness and the happiness of others. The motives underlying a certain act are of no importance in utilitarianism. Instead only the results of our conduct, or more specifically the impact on the general happiness, are to consider. In continuing, Mill states that some pleasures are more valuable than others, so not only the quantity but also the quality of pleasures resulting from a certain act determines its moral rightness. We can experience this difference in quality when we give one pleasure a clear preference over another, although it comes along with a greater amount of discomfort, and would not dismiss it for any quantity of the other pleasure. Mill claims that, given equal access to all kinds of pleasures, every man or woman gives priority to those employing their higher faculties. Appropriately he writes that †it is better to be a human being dissatisfied than a pig satisfied; better to be Socrates dissatisfied than a fool satisfied. And if the fool, or the pig, is of a different opinion, it is because they only know their own side of the question. Thus only people who have experienced both the higher and the lower pleasures are qualified to judge the quality of a pleasure. But by what extent are pleasures measurable or comparable? And what is it that makes a â€Å"higher† pleasure superior over a â€Å"lower†? Another criticism Mill responds to is that happiness can’t be the goal of human actions, since it’s unattainable. Moreover, detractors of the utilitarian moral state that a life without happiness is quite possible, and all noble beings have become virtuous by renunciation. Mill objects that if happiness is defined as moments of rapture, â€Å"in an existence made up of few and transitory pains† and not as a â€Å"continuity of highly pleasurable excitement† happiness is quite attainable. The only reason why mankind is not yet in this condition of happiness is because our education and our social arrangements are inadequate. Concerning the objection that virtuous men renounced happiness Mill asserts that those noble men acted as martyrs, sacrificing their own happiness in order to increase the happiness of other people. However, such a sacrifice is not in itself an act of good but only insofar as it helps others. Mill presents a couple of other misapprehensions of utilitarian ethics, which he says are obviously wrong but which many people nevertheless believe. First, utilitarianism is often accused to be godless, because its foundation is human happiness, and not the will of god. But if we assume that god desires in the first instance the happiness of his creatures, then utilitarianism is more profoundly religious than any other doctrine. Another objection holds that there is not enough time to outweigh the effects on the general happiness prior to every action taken. Mill replies that such a claim also implies that if our conduct is guided by Christianity we’d have to read the Old and New Testament every time before we act. Obviously this is not possible. Instead he asserts that we had the entire duration of human existence to learn by experience which actions lead to certain results. The last critique Mill responds to is that utilitarianism legitimates immoral tendencies by justifying the break of rules by referring to an increase of utility. He replies that this problem can not only be found in utilitarianism but also in every other creed. Does this argument really dispel misconceptions about utilitarianism? In the beginning of chapter three Mill asserts that every moral philosophy needs some source of obligation in order to be binding. Regarding utilitarianism this binding force consists of internal and external sanctions. External sanctions include â€Å"the hope of favour and the fear of displeasure from our fellow creatures or from the Ruler of the Universe†. Internal sanctions on the other hand, are feelings in our own conscience and create a pain if we violate duty. This second type of sanction is considered to be more powerful. Thus to provide a force which is binding enough to influence people’s conduct, utilitarianism needs to appeal to people’s inner sentiment. Mill claims that in fact every moral sentiment could be cultivated, no matter how bad it is. However such â€Å"artificial† feelings, will eventually crumble when they are analyzed thoroughly. The utilitarian morality on the other hand, emerges as a particularly strong foundation because it’s consistent with the social nature of human sentiments: every one of us has an innate â€Å"desire to be in unity with our fellow creatures†. Mill finally emphasizes that this natural sentiment needs to be nourished through education and law. [ 1 ]. John Stuart, Mill, Utilitarianism, ed. Mary Waldrep (Mineola: Dover Publications, Inc. , 2007), 1. [ 2 ]. Mill, 6. [ 3 ]. Mill, 8. [ 4 ]. Mill, 11. [ 5 ]. Mill, 11. [ 6 ]. Mill, 24. [ 7 ]. Mill, 27.

Reality of Sports :: Movies Film Basketball Essays

Reality of Sports Upon watching the films during this course we see many strong women. Female Athletes whose bodies are in peak condition from the real life champions in the documentary to the female boxer in Girl Fight and the passionate basketball player in Love and Basketball. However stories of real women are not always as ideal as those of Hollywood. Failure, both mentally and physically, is at times a harsh reality. Sometimes when somebody is physically injured it keeps an athlete from the game entirely, if the injury is severe enough. But one may recover physically and never have quite the same mental attitude. The main character in this plot will encounter both physical and mental set backs and either triumph over her hardships or be defeated. A fourteen-year old girl runs into the gymnasium of her middle school with her teammates. They do their warm up routine to stretch their muscles. Form one of two sets of bleachers a handful of people cheer, mostly bored younger siblings and parents supporting their little girls. The baskets have been lowered at opposing ends of the court. The referee sounds her whistle for the game to begin. The two tallest girls from either team stand toe to toe posed for the toss up. Third quarter, the away team has the advantage. The fourteen year old is playing with all of her strength of body and heart. The ball is thrown; she intercepts it. Dribbling down the court, she goes for the open lay up. In mid air she is struck by a vengeful for whom threw the misguided pass. They take a hard fall jumbled on the floor, out of bounds. The girl from the visiting team stands up. The other does not. She is on the floor grabbing her knee. The coaches run out to her, and lift her up to take her back to the b ench. The game continues as she sits with a towel over head to hide the tears of anguish. A few doctors later and her joint is still not quite the same. She struggles in high school trying to get back on a team, but her knee fails her. Eventually she becomes scared to even hoops in her backyard for fear of hr knee's health. She does not want to continue injuring the same knee for fear of becoming crippled. Eventually she gives up on joining a team.

Life in the Universe: The Significance of Planet X

The Internet is replete with sites touting proof of extraterrestrial life in the universe; television programs found on channels with a scientific slant, such as Discovery, The Learning Channel, The History Channel, SciFi, and Nova, explore the possibilities of extraterrestrial life on a regular basis; a slew of books have been published by those claiming to have had close encounters with alien beings, or to have witnessed events that suggest the presence of such. Many of these claims have been proven fraudulent or misinterpreted, yet some remain persuasive. Currently, there is some compelling evidence that extraterrestrial beings might not only exist, but might also have visited our planet throughout history. While a great majority of this evidence can be dismissed as the meanderings of the bored, mentally ill, or those interested in making money on the naivetà © of others, some of it is not so easily discharged. As far back as recorded history exists, there are suggestions of extraterrestrial visitations; artistic renderings of strange objects in the sky, beings that do not look human, and societies who function at a technological level that defies the development of the era. While modern technology might afford us evidence considered more empirical or irrefutable, in the past, no such evidence could be had. Historically, there are numerous depictions in art that suggest an awareness of alien beings or spaceships. One such painting entitled The Madonna with Saint Giovannino by the 15th century artist Domenico Ghirlandaio, depicts a flying saucer type object in the sky over Mary's shoulder, and a man with his dog, staring up at it. It seems clearly to be an alien spacecraft. Now, while paintings are clearly not the same as photographs, but merely renderings from the psyche of the artist, there still has to be some pertinent reason why an artist would place something so odd in his painted sky. The obvious suggestion here, is that he might have seen such an object, or the consciousness of the time was at least partly centered on these things. In 1486, Carlos Crivelli's painting, The Annunciation with Saint Emidius depicts a spaceship that is sending a beam of light to the head of Mary. But what if faith is not the only avenue toward belief? What if scientific data in the form of archeology, astronomy, physics and other disciplines point to the truth of extraterrestrial presence on our planet? Numerous hieroglyphs have been found that are clearly representations of objects in the ancient sky, objects that suggest a technology far advanced for the era. The fact that these objects were airborne at all, was of course cause for investigation. One such relief carving found in the beams of the ceiling of the New Kingdom Temple at the Giza Plateau in Egypt, clearly depicts a modern day helicopter, a submarine, a glider or perhaps a space shuttle (Crystal). It would be difficult to explain these images away as anything other than what they appear to be. Delving deeper into the antecedents for these ideas leads to examination of advanced cultures of the past. The Sumerian culture is one of the most advanced cultures ever known, yet they existed during a time period where most people lived in a primitive fashion. Still, they created many mathematical concepts, geometry, algebra, and were the first to develop the zodiac, dividing the heavens into the 12 houses; the first to develop 400 characters of cuneiform writing, and the first to display a complete understanding of astronomy. â€Å"Ooparts is the term used to describe the purportedly out of place in time artifacts, toys, tools, technical devices, depictions and documents which have come to light through archaeological excavation or discovery† (Freer). The Sumerians' culture is filled with ooparts that cannot be explained in any way other than they were influenced by another species from a more advanced culture. Sumerians recorded a great deal of their own history, even the day to day mundane events. It is clear from their records that they lived among beings they referred to as the Anunnaki. These beings were purportedly from the plant Nibiru, and had come here to colonize. This is where the Sumerians gained their incredible knowledge base, apparent in all their artifacts and records. For instance, the Sumerians knew the number of planets and the distance of the planets from Earth—how? We didn't even know that until we sent probes in the 1970's. How could they know so much about astronomy? All of this knowledge, though, is authenticated by artifacts left behind (AncientX). Religion aside, the theory with the most veracity, also seems the most far-fetched: that an alien race colonized our planet half a million years ago, and we are a product of genetic engineering and cross breeding. Russian-born archeologist Zecharia Sitchin, not only believes that, but has presented an impressive amount of data that would seem to prove his theory. Sitchin was raised in Palestine, gaining a formidable knowledge of ancient Hebrew, among other languages, and is â€Å"one of the few scholars who is able to read and understand Sumerian† (XFacts). Through study of Sumerian culture and artifacts, he has pieced together the historical details that explain this outlandish postulate. According to Sitchin, the Sumerians spoke of 12 planets in the solar system, contrary to our current knowledge of nine. They counted the sun and moon in that number, so according to them, there is one other planet in our solar system. This planet was known as Nibiru by the Sumerians, and current day references are usually â€Å"Planet X† which is a play on both the unknown and the fact that â€Å"X† is the Roman numeral for â€Å"ten,† and Nibiru would be the tenth planet, if we continue to discount the sun and moon as planets. Modern science has discovered that â€Å"the human genome contains 223 genes that do not have the required predecessors on the genomic evolutionary tree (Sitchin)† The question then becomes: where did those mysterious genes come from? Another interesting indicator is that lead NASA scientists believe there is another planet beyond Pluto, based on the inability of Pluto's mass to cause certain disturbances in orbit, referred to as perturbances, and wobbling movements of that planet. These movements suggest a gravitational pull beyond Pluto that can only be explained by the presence of another large planet, two to five times the size of earth. Scientists have also recently put forth the Orpheus Theory—that a rogue planet collided with Earth, and this created a new version of Earth, and our current moon, and also explains the asteroid belt, among other things. This theory supports what the Sumerians recorded 6,000 years ago (XFacts), which would suggest strongly that the Sumerians had knowledge of many things that cannot be explained other than with the input from another race from another planet. This information alone, should be enough to justify further investigation into not only the presence of a 10th (or 12th) planet, but the possibility that there are other lifeforms that have come from that planet to Earth in the past, and could do it again in the future. Further along in the historic timeline, we have discovered more tangible reasons to explore the idea of intelligent life in the universe aside from our own.   In 1938, an archeological dig in the Baian-Lara-Ula mountain between China and Tibet, produced a collection of graves in a series of interlocking caves. On the walls, were pictograms of the celestial sky, connected by dots. In the graves, were the remains of humanoids that were not like any known. The skeletons had oversized craniums, and short, spindly limbs, and all were much shorter than normal.   The team members considered that maybe these were the skeletons of apes, but as the archeologist Dr. Chi Pu Tei reportedly said, â€Å"Whoever heard of apes burying each other?† Soon afterward, Dr. Tei, discovered a disk-shaped stone in the floor of the cave which had a perfectly round hole in the center and an engraved line spiraling outward on the stoneThe team unearthed hundreds of these ancient carved stones buried in the floor of the cave, obviously remnants of a people who lived 12,000 years ago. With a magnifying glass, closer inspection was done of the groove in the stones, which so resembled an ancient phonograph record. It was a record, but not of the musical variety, unless you count the strange tone it made when they later spun the stone on a makeshift turntable. The score (pun intended) was really a continuous line of hieroglyphics. In 1962, Dr. Tsum Um Nui began to transcribe the writings, and decode them. He discerned that the stones told the story of the Dropa, who came down from the clouds in their aircraft† (AncientX). As the story went, they were stranded after a crash-landing, and before the local people understood that they were peaceful, and were repulsed by their appearance, so they hunted them down and even killed some. The Dropa were unable to repair their aircraft in order to return to their home planet. Today, it is known that there are two tribes indigenous to the area who possess odd anatomical features—larger heads, shorter bodies, yellowish skin. The local lore about these â€Å"invaders that came from the sky† matches the bodies found in the cave. Nui composed a paper for submission to the university, regarding the contents of the Dropa Stone messages but was denied publication by the Academy of Prehistory, and he was even told not to discuss his findings. The University felt that the world could not be told of the story of the Dropa, who apparently came to earth from another planet in a space craft, crash-landed and were subsequently stranded. But the information did beg the question about possible descendants having survived, and the connection this information might have with the history of the ancient Sumerians. All cultures since then commonly believed that they were descended from â€Å"heavenly beings.† This is perhaps an indication of the accuracy of oral tradition. But many other hieroglyphs and petroglyphs and petrographs around the world speak of this event, and often depict spacecraft and other-worldly beings. Contrary to our wishes, there can be no absolutes in some perennial questions. The possibility that alien life forms visited the Earth is one of those examples. I don't believe anyone has enough empirical evidence to take a staunch position on the existence of extraterrestrial visitations, versus the non existence of them.   Therefore , conclusions one way or another are merely postulates, theories and entertainments. What can be known, is that technologically advanced cultures have existed in antiquity, and that there is compelling evidence that these might have been influenced by intelligent life from another planet. Without empirical proof, however, the questions remain a mystery. There are other considerations that must be addressed. The capability of aliens to visit our planet, would naturally suggest a technologically advanced civilization far exceeding our own. Therefore, had they wanted to make themselves clearly known, they could have. The fact that they haven't revealed themselves boldly, can mean either they do not wish to for whatever reason, or that â€Å"they† do not exist. With mounting evidence indicating the existence of these other worldly beings, it becomes more and more difficult to ignore the possibilities, and more and more likely that we may all find ourselves questioning the paradigm of our ultimate source. With the elliptical orbit of Planet X/Nibiru expected to make its 3600 year pass near Earth in 2013, we may be doomed to another impact that will create a new Earth 3, or we may find ourselves shaking hands with a visiting delegation of Anunnaki. Either way, nothing will ever be the same again. Works Cited AncientX: Jason Martell's Research. â€Å"The 12,000 Year Old Dropa Stones.† 2006. Retrieved on 22 October 2006 from ;http://ancientx.com/nm/anmviewer.asp?a=61;. Crystal, Ellie. â€Å"Ancient Egyptian Flying Vehicles.†. Crystalinks. 2006. Retrieved on 21 October 2006 from ;http://www.crystalinks.com/ancientaircraft.htm;. Freer, Neil. â€Å"Sumerian Culture and the Anunnaki.† UFO Evidence. 2006. Retrieved on 20 October 2006 from ;http://www.ufoevidence.org/documents/doc147.htm;. Sitchin, Zecharia. â€Å"The Case of Adam's Alien Genes.† 2001. Retrieved on 21 October 2006 from ;http://www.sitchin.com/adam.htm;. XFacts Research. 2003. Retrieved on 21 October 2006 from ;http://xfacts.com/x.htm;. ;

Catering Business Plan - 2620 Words

Table of Contents * Company Description†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.2 * Mission Statement†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦2 * Value Statement......................................................................................................2 * Vision Statement †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦2 * Company Development†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦2 * Company Status†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦2 * Future Plans and Opportunities†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦3 * Industry Analysis.....................................................................................................3 * Future Trends†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦3 * Strategic†¦show more content†¦Future Plans and Opportunities Within the next five years of the company, we are putting forth a plan to achieve a catering department. We want to be able to provide the planning and set up of the events that we offer, as well as the food for our clients. Our plan is to lease a kitchen facility big enough to house our staff and store our products while working out of the kitchen. During this five year goal, we plan on opening a second branch in the Chicago Illinois area, while having our branch in Erie, PA still running. Industry Analysis The events industry is an ever growing part of the hospitality world. There is a bigger need for the attention to detail than most people will think about, and event planners are trained to think about these issues. Event planners have to be able to handle budgets that the clients will set for them while still maintaining a high quality of service. The events industry is an ever-growing business. There is always something new that people will want and request at their parties. There is a big need for tight budgets within the economy as well as some weddings that will be very extravagant. Future Trends Once our catering department is added to our company, we will start to look at the trends that the food industry is currently providing. These trends will include things such as healthier options for courses as well as smaller portions. 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William Blake s Poetry Of Innocence And Happiness

William Blake was a poet, painter, and engraver, who was born in Soho, London on November 28th 1757. Blake lived in London at a time of great political and social change. The Industrial Revolution took place in 1760, the American Revolution began in 1775, and the French Revolution began in 1789, and all of these revolutions greatly influenced William Blake’s writing. Blake wrote his world famous Songs of Innocence in 1789 and later combined it with additional poems titled Songs of Innocence and of Experience in 1794. In this collection of romantic poems Blake conveyed that he is writing about innocence and happiness, but on the contrary they convey quite the opposite. Blake’s poems represent a state of the human soul and incorporate evil, suffering of human beings, injustice and a fallen world altogether. These poems represent the disease, poverty, prostitution, war, social repression, sexual repression, institutional repression that befell London at the time of his wri ting. 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The Civil War And World War One, By Arnold Gesell, And...

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Financial Statement of Billabong International

Question: Discuss about the Financial Statement Analysis of Billabong International. Answer: Introduction Gordon Merchant founded Billabong in 1973 in Queensland, Australia. It was basically a surf company producing skateboards, snowboards, cloths and backpacks etc. Billabong is traded on Australian Securities Exchange from 11th August 2000. By the late 1980s Billabong started to export its products outside Australia after its success in Australia. In its expansion strategy, it acquired Von Zipper an eyewear brand, Kustom Surf Shoe a shoe brand, Nixon Inc. a watch and accessories brand in the boards sports market till 2004. In 2007 it acquired the retail operations of the Quiet Flight an American retail company to operate in New York City. Further advancing in retail markets, Billabong acquired a UK based 13 store retail chain Two Seasons and a US based online retailer Swell. Operating Financial Review Group Overview: The Group Billabong International Limited operated 424 retail stores as at 30th June 2014 but on the Financial Year ending 30th June 2015 these stores remained 404 in numbers. The downfall in different regions is as follows: North America: Only 60 stores in 2015 remained as these were 64 in 2014. Europe: Only 102 stores in 2015 remained as these were 111 in 2014. Australia: Only 123 stores in 2015 remained as these were 128 in 2014. New Zealand: Only 30 stores in 2015 remained as these were 35 in 2014. Japan: 46 stores in 2015, one store has increased as these were 45 in 2014. South Africa: Only 23 stores in 2015 remained as these were 27 in 2014. Only one store increased over financial year 2014 in Japan during financial year 2015 and 21 stores over the entire world closed down during financial year 2015. (Investopedia, n.d.) Consolidated Income statement Revenue from continuing operations remained to $ 1,056,130,000 only for the year ended 30th June 2015 as this were $ 1,125,454,000 for the year ended 30th June 2014. The revenue from continuing operations has fallen down by $ 69,324,000 in financial year 2015; this may be the result of the closure of 25 stores of the group over the entire world and significant locations. This fall down of 6.16 % in revenue is a big loss to the company in 2015, the company should consider it as a serious threat. (Accounting Tools, n.d.) Other incomes for the company were $ 10,790,000 for the year ended 30th June 2014 as this remained to only $ 10,553,000 for the year ended 30th June 2015. The company should consider increasing its other revenues to grow and prosper and to get competitive advantage. This downfall of $ 237,000 in its other revenues is a bad symbol for the companys future prospect. Cost of goods sold for the year ended 30th June 2014 were $ 555,758,000 over the revenue of $ 1,125,454,000 while it was $ 495,308,000 for the year ended 30th June 2015 over the revenue of $ 1,056,130,000. The cost of goods sold for the year ended 30th June 2014 was 49.38 % of that years revenue while this was 46.90 % for the year ended 30th June 2015. This shows the good performance of the company towards achieving efficiency in its operations. The company is working towards achievement for perfect efficiency and to be a cost leader in the industry by cutting down its costs. (Investopedia, n.d.) Selling, general and administrative Expenses amounted to $ 466,634,000 for year 2014 and $ 429,614,000 for the year 2015. These were 41.46 % of the revenue for the year 2014 and 40.68% of the revenue for the year 2015. The company was able to cut down its expenses in the year 2015 as compared to year 2014 relatively. This shows the commitment towards obtaining efficiency in expenditures. The other expenses for the company amounted to $ 166,722,000 for the year 2014 and $ 127,681,000 for the year 2015, on comparing these expenses according to the revenues this come as 14.81% for the year 2014 and 12.09% for the year 2015. This again is the result of the companys commitment towards achieving the efficiency in expenditures and cutting down the different costs of the company. (Accounting Tools, n.d.) Finance Cost of the company amounted to $ 82,366,000 for the year 2014 and $ 34,275,000 for the year 2015. The company was able to cut down the finance cost for the year 2015 by $ 48,091,000 which is very helpful to get the better returns for the owners of the company and increasing its net wealth. This will help directly in increasing the net profits of the company or reducing the net losses of the company. In the year ending 30th June 2014, the company had a net loss for the year amounted to $ 239,933,000 which shows the companys bad performance and inability to generate wealth for the company and its owners, while for the year ending 30th June 2015, the company earned a net profit of $ 2,552,000, which shows the companys better performances over the last year. This is the result of the companys strategy to achieve the efficiency in its operations and cutting down its expenditures. The company is improving as compared to last year and earning the wealth for the company. (Bhatia, A., 2012) Consolidated Balance Sheet On analyzing the Balance Sheet of the Company for the two years, the intangible assets of the company had increased from $ 143,664,000 to $ 161,534,000 during the year 2014-15. This is due to profit on account of translation differences of $ 21,386,000 mainly and a very short addition in the finite life intangible assets of $ 3,207,000 WIP of $ 6,255,000. The Non Current Receivables of the company was $ 7,202,000 for the year 2015 and $ 10,275,000 for the year 2014, the company was able to recover the receivables of the worth $ 3,073,000. This will help the company to grow as this will add to the funds of the company and will equip the company with better investing options. The trade and other receivables of the company have increased from $ 153,850,000 in 2014 to $ 164,504,000 in 2015 this shows the poor collection mechanism of the company for the trade receivables. The trade receivables management should work towards this area of the company for the better results and to increase the resources of the company for its working capital requirements. The working capital is much needed to finance the operations of the company and to prosper in the market efficiently. (Bhatia, A., 2012) The Inventories of the company have increased to $ 187,125,000 in the year 2015 from $ 180,222 in the year 2014. This will increase the storage cost of the company and shows poor inventory turnover. The inventory management of the company should work towards this area to minimize the different costs associated with the inventory and work towards better inventory turnover ratio. Out of the inventories stored by the company, the inventory of the finished goods is more than the Raw materials and WIP items; the sales department is also responsible for the low inventory turnover of the finished goods. The other current assets of the company show the Forward foreign exchange Contracts with the company in the year 2015 for $ 3,879,000 which was $ 91,000 only in the year 2014. This is the better financial position of the company as this will generate revenues for the company in the near future. The property, Plant and equipments of the company include an increase in the furniture fittings in the year 2014 for $ 15,975,000 and for $ 21,243,000 in the year 2015, and disposals in furniture fittings worth $ 467,000 in the year 2014 and $ 1,216,000 in the year 2015 except these there were no addition and no disposals in the fixed assets of the company. The Trade and Other Payables of the company have increased from $ 185,687,000 in the year 2014 to $ 207,917,000 in the year 2015 which is a very high increase in the liabilities of the company and affects the financial position of the company adversely. Financial Ratio Analysis Further we can analyze the financial performance financial position of the company with the help of financial ratio: 1. Current Ratio Particulars 2015 2014 2013 2012 Current Assets ($000) 5,23,753.00 4,95,801.00 6,22,368.00 8,98,921.00 Current Liabilities ($000) 2,39,045.00 2,25,671.00 6,12,495.00 6,11,443.00 Current Ratio [(Current Assets/Current Liabilities *100)] 2.19 2.20 1.02 1.47 Current Ratio measures the liquidity of the company. With the help of current ratio the liquidity position of the company is being measured. What is the position of the liquid fund in the company? According to the above observation Liquidity position of the company is strong. Liquidity position of the company is positive as compared to last year. According to the industry standard Current Ratio should be 2 and the same is high in case of company. Hence we can conclude the liquidity position of the company is sound. 2. Quick Ratio Particulars 2015 2014 2013 2012 Liquid Assets ($000) 3,36,628.00 3,15,579.00 3,55,562.00 6,05,720.00 Current Liabilities ($000) 2,39,045.00 2,25,671.00 6,12,495.00 6,11,443.00 Liquid Ratio [(Liquid Assets/Current Liabilities *100)] 1.41 1.40 0.58 0.9 Quick Ratio of the company is used to measure real liquidity position of the company. It measures the highly liquid fund if the company. In this case liquidity ratio of the company is showing increasing trend. The Quick ratio should be near 1.5 as per industry standard. Thus in this case the company is having sound liquidity ratio. 3. Debt to Equity Ratio Particulars 2015 2014 2013 2012 Debt ($000) 2,59,950.00 2,12,033.00 5,916.00 2,49,069.00 Equity ($000) 2,81,584.00 2,59,036.00 3,12,067.00 10,72,261.00 Debt to Equity Ratio 0.92 0.82 0.02 0.2 Debt to Equity ratio measures the capital structure position of the company. How much debt is in the proportion of equity in the capital structure of the company is being measured. Proportion of debt is increased in the capital structure of the company as compared to last years. This represents that the risk is increased and cost of the fund is minimized by the company. According to industry standard it should be 0.5 and in this case it is high. (My Accounting Course, n.d.) 4. Debt to Asset Ratio Particulars 2015 2014 2013 2012 Debt ($000) 2,59,950.00 2,12,033.00 5,916.00 2,49,069.00 Asset ($000) 8,03,980.00 7,51,866.00 10,19,292.00 20,80,684.00 Debt to Asset Ratio 0.32 0.28 0.01 0.12 Debt to Asset Ratio represents the percentage of debt in relation to total assets. Debt should be low and in this case debt is low but the same is increased as compared to last year. The company is trying to increase debts in the capital structure. The ratio is 0.32 in the year 2015 as compared to 0.12 in the year 2012. (Accounting Coach, n.d.) 5. Gross Profit Ratio Particulars 2015 2014 2013 Gross Profit 5,60,822.00 5,69,696.00 5,66,026.00 Sales 10,56,130.00 11,25,454.00 11,07,492.00 GP Ratio [(Gross Profit/Sales *100)] 53.10 50.62 51.11 Gross Profit Ratio of the company represents how much the company is earning on the product without deducting any administrative or indirect expenditure. It represents the difference between revenue and cost of goods sold. The Company is earning with a growth rate as compared to last years. Gross Profit ratio of the company is 53.10 in the year 2015 as compared to last year 50.62 which is showing increasing trend. If the company is showing increasing trend that means company is growing and growth of the company in future will be in multiplier. (My Accounting Course, n.d.) 6. Net Profit Ratio Particulars 2015 2014 2013 Net Profit 2,552.00 -2,39,933.00 -8,63,002.00 Sales 10,56,130.00 11,25,454.00 11,07,492.00 NP Ratio [(Net Profit/Sales *100)] 0.24 -21.32 -77.92 Net Profit of the company is representing what the company is earning in net to provide return to its shareholders. The Company is bearing losses continuously in the year 2013 and 2014. In the year 2015 company is earning profit or we can say company is over Break Even Point. The Company is earning with increasing rate which is showing that growth of the company is high in the future. Net Profit Ratio of the company is 0.24 in the year 2015 as compared to losses in the previous years. (My Accounting Course, n.d.) 7. Debtors Turnover Ratio Particulars 2015 2014 2013 Sales 10,56,130.00 11,25,454.00 11,07,492.00 Accounts Receivables 1,64,504.00 1,53,850.00 2,04,429.00 Debtors Turnover Ratio [(Sales/Accounts Receivable)] 6.42 7.32 5.42 Debtors Turnover Ratio of the company is represent the times in which debtors are converted into sales. According to the industry it should be high. In this case it is 6.42 in the year 2015 as compared to 7.32 in the year 2014. It is low as compared to last year. The Company is not performing well in the year 2015. The Company should try to improve its debtors turnover ratio so that profits will increase. (My Accounting Course, n.d.) 8. Stock Turnover Ratio Particulars 2015 2014 2013 Sales 10,56,130.00 11,25,454.00 11,07,492.00 Stock 1,87,125.00 1,80,222.00 2,66,806.00 Debtors Turnover Ratio [(Sales/Accounts Receivable)] 5.64 6.24 4.15 Stock turnover ratio represents the no. of times stock has been converted into sales. It should be high as high ratio is preferable. If ratio is high the profits are also high. The Company should perform to increase its Stock turnover Ratio. Stock Turnover Ratio of the company is 5.64 in the year 2015 as compared to 624 in the year 2014. It is showing decreasing trend which is presenting poor performance of the company. The company should try to improve its performance. (Accounting Coach, n.d.) Conclusion and Recommendation: The Financial Performance of the company is sound. The Financial Performance is showing increasing trend. However the company was bearing losses up to 2014. It is represented from the financial statement of the company that company is growing over the period. With the help of Growth rate in previous year it can be presented that the company will grow with a multiplier rate in the future. The Company should increase its sales revenue. From the point of view of investor i suggest that investment should be made in the company as company is growing with a constant rate. Financial position of the company is also sound. It is reflected from the capital structure ratios that the company is increasing debts in its capital structure and trying to minimize the cost of fund. It is in the benefit of its stakeholders. I recommend to invest into the company to earn more return and fund is also secured. The Company is also having highly liquid fund and the investor should invest into the company. References: Investopedia, n.d., Financial Statement Analysis, [Online], Available at https://www.investopedia.com/terms/f/financial-statement-analysis.asp [Accessed on 23/01/2017] Accounting Tools, n.d., Financial Statement Analysis, [Online], Available at https://www.accountingtools.com/financial-statement-analysis [Accessed on 23/01/2017] Ready Ratio, n.d., Financial Statement Analysis, [Online], Available at https://www.readyratios.com/reference/analysis/financial_statement_analysis.html [Accessed on 23/01/2017] Bhatia, A., 2012, Financial Statement Analysis, [Online], Available at https://www.slideshare.net/AnujBhatia3/financial-statement-analysis-15102101 [Accessed on 23/01/2017] My Accounting Course, n.d., Ratio Analysis, [Online], Available at https://www.myaccountingcourse.com/financial-ratios/ [Accessed on 23/01/2017] Investopedia, n.d., Ratio Analysis: Using Financial Ratios, [Online], Available at https://www.investopedia.com/university/ratio-analysis/using-ratios.asp [Accessed on 23/01/2017] Accounting Coach, n.d., Ratio Analysis, [Online], Available at https://www.accountingcoach.com/financial-ratios/explanation [Accessed on 23/01/2017]