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A thesis presented to The faculty of Management science Bahria institute of Management & computer science, Karachi
In Partial fulfillment of the Requirements for the egree Master in Business Administration By
Bahria Ins i ! " #f Mana$"%"n & '#%(! "r s'i"n'") Kara'hi
The purpose of this thesis is to present an approach for good practice !ith regards to using cost "enefit analysis as a #alue$adding acti#ity in the security in#estment process for large organi%ation& The thesis is aimed at "eing #alua"le to security professionals responsi"le for in#estments in security in#estment and to suppliers of information security ser#ices or products !ho !ant to "etter meet the needs of the customer companies& The suggested good practice gi#es an intuiti#e step$"y$step method for performing cost "enefit analyses& Its added #alue consists of com"ining generally accepted practices into a comprehensi#e approach including standard financial calculations, offering compara"le measures "et!een security and other in#estments of an organi%ation& It is supported "y empirical data& The in#estment decision is one of the most #isi"le and contro#ersial 'ey decisions in an organi%ation& (ome pro)ects are appro#ed, others are "ounced, and the rest enter the organi%ational equi#alent of suspended animation !ith the dreaded request from the decision ma'ers to *redo the "usiness case+ or *pro#ide more information&+ The concept of cost "enefit analyses of security in#estment helps management to ma'e decisions on !hich initiati#es to fund !ith ho! much, as there needs to "e an approach for measuring and comparing different alternati#es and ho! they meet "usiness o")ecti#es of the organi%ation& ,on$financial metrics are identified using different approaches- go#ernance effecti#eness, ris' analysis& The financial performance metrics are dri#en "y the main #alue disciplines of an enterprise& These lead to the use of formulas ena"ling the measurement of asset utili%ation, profit or gro!th- R.I /R.I01, ,P2, IRR /MIRR1, 303, 03, Pay"ac' Period, T0., TB., 42A, and R.(I& The suggested good practice presented in this thesis is summari%ed in four steps1& 5nderstand main rationale for the security in#estment 6& Identify sta'eholders and strategic goals 7& Perform 0ost Benefit Analysis /non$financial and financial performance metrics1 8& 2alidate that the results are rele#ant to sta'eholders and strategic goals
Cha( "r *
Pr#+,"% an- i s Ba'.$r#!n-
*. In r#-!' i#n *./ PSO 0a,!"s *.1 E0#,! i#n *.2 S a "%"n #f Pr#+,"% *.3 Si$nifi'an'" #f s !-4 *.5 D",i%i a i#n
*. In r#-!' i#n Pakistan state oil
Pa'istan state oil /pso1 is the oil mar'et leader in Pa'istan en)oying o#er 9: ; share of "lac' oil mar'et and <=; share of !hite oil mar'et& It is engaged in import storage, distri"ution and mar'eting of #arious P.> products, including Mogas, ?( , 3uel oil, )et fuel 'erosene, >P@, 0,@ and petro chemicals, this "lue chip company the !inner of *Karachi stoc' eAchange top companies a!ard+ and mem"er of !orld economic forum, has "een a popular topic of case studies in Pa'istan and a"road "ased on its radical corporate turnaround o#er the last fe! years&
E7'",,"n'" in '!s #%"r s"r0i'"6
P(. ser#ice a !ide range of customers throughout Pa'istan, including retail, industrial, a#iation and marine and go#ernment Bdefense sectors& Professionals at pso stri#e for pro#iding unmatched and di#erse ser#ices to the customers in line !ith "est international practices& P(.Cs state$of$the$art ne! #ision retail outlets are quipped !ith the most modern facilities, including auto car !ash, electronic dispensing units, con#enience stores, "usiness centre, internet facilities and easy payment centers for payment of utility and 0iti"an' credit card "ill& The concept of quic' oil lu"e #ans introduced "y P(., pro#ides the lu"e changes facilities at customers doorsteps& A"out 61 mo"ile quality testing units ensure top of the line quality of products and ser#ices& As inno#ati#e customer ser#ice initiati#es, P(. has launched loyalty card, corporate card, fleet card and prepaid card& These cards pro#ide added con#enience, fleAi"ility and security to the customers !hile ena"ling them to earn redeema"le loyalty points and a#ail attracti#e discounts for purchase of non$petroleum products at a large num"er of merchant outlets in #arious cities on use of loyalty and corporate cards
3or efficient handling of customer complaints, queries and suggestion, P(. has de#eloped customerCs ser#ice centers at all its 18 di#isional offices& 3ur"ished !ith a toll free telephone num"er /D=DD$D7DDD1 and automated customer feed"ac' registration system, these centers pro#ide and efficient system of 68 hours customer care& An attracti#e and comprehensi#e&
T# a, 8!a,i 4 '#n r#,6
P(. has "een meeting country fuel needs "y merging sound "usiness sense !ith national o"ligation& In order to satisfy the customers needs !hile ensuring the highest quality of products and ser#ices, P(. has introduced total quality management system in a operational acti#ities& 0onsistent conformance to prescri"e standards and specifications across the !hole range of acti#ities from receipt, storages, transportation and deli#ery of products in the corner store of P(.Cs quality management system& In addition to quality assurance un up'eep and maintenance of eAisting facilities compliance !ith quality standards is ensured in construction of ne! facilities li'e recently de#eloped state of the art facilities for a#iation customers at >ahore airport
C#r(#ra " s#'ia, r"s(#nsi+i,i 46
P(. is highly committed to fulfillment of its corporate social responsi"ility and "elie#es that the "enefits of the companyCs progress and financial gains must flo! do!n to pu"lic at large up to the grassroots le#els, particularly to the under$ pri#ilege and depri#ed sections of the populace irrespecti#e of ethnicity caste and creed& P(. has underta'en a !ide range of initiati#es to support se#eral social, health and educational programs& (uch initiati#es include instituting gold medals, cash a!ards and scholarships for top students of leading professional educational institutes, pro#iding computer training to students and other residents of Badin district in rural (indh pro#ince through a !ell facilitated training institute esta"lished for this purpose, pro#iding moral and financial support in form of donation on compassionate "asis to charita"le institutions, installing direction signs and traffic signals at ma)or streets and thoroughfares, supporting citi%en police liaison committee and sponsoring road a!areness programs li'e cara#an Karachi for the children& <
!hich has di#ided the companyCs ma)or operations into independent acti#ities supported "y the financial. information and other ser#ices& These acti#ities operate in an autonomous and collegial manner in the form of strategic "usiness units "ased on the clear and transparent allocation of responsi"ility& This structural change has "een reinforced and related chec's and "alance ha#e "een esta"lished "y putting in place se#eral corporate monitoring and control systems& . rationali%ation of staff. the company is pro#iding its employees the opportunities for continuous de#elopment and learning& 4ffecti#e implementation of corporate reform and "usiness de#elopment strategies in line !ith "est international practices has ena"led P(.Cs comprehensi#e and far$reaching corporate rene!al program resulting in dramatic corporate transformation has "een !idely appreciated at #arious national and international forums "y !orlds leading consulting and financial ad#isory firms and "y leading educational institutions. to maintain its mar'et leadership position in a highly competiti#e "usiness en#ironment E . This programme co#ers the re#amping of the organi%ational architecture. legal.Cs corporate structure has e#ol#ed into a matriA.Cs corporate reform is ?uman resource de#elopment& The company has underta'en se#eral initiati#es to ensure induction and training of professional !ith the o")ecti#e of ensuring high le#el of professionalism and producti#ity at all le#els of its employees& Through computer training.ne of the top priority areas of P(.R"f#r% #f '#r(#ra " G#0"rnan'"6 P(. employee empo!erment and de#elopment and efficiency and transparency in decision ma'ing through cross functional teams P(. #arious in house courses sponsorship of staff for studies at professional institutions and seminars.
VISION6 “To excel in delivering value to customers as an innovative and dynamic energy company that gets to the future first “ MISSION: “We are committed to leadership in energy market through competitive advantage in providing the highest quality petroleum products and services to our customers. !or'ing as a team in an en#ironment. !hich recogni%es and re!ards performance inno#ation and creati#ity and pro#ides for personal gro!th and de#elopment • >o!est cost operation and assured access to long term and cost effecti#e supply sources • • (ustained gro!th in earning in real terms ?ighly ethical. moti#ated !or'force. based on” • Professionally trained. high quality. safe en#ironment friendly and socially responsi"le "usiness practices 9 .
.1.ur foremost goal is to retain our corporate leadership C#h"si0"n"ss6 Fe endea#or to achie#e higher collecti#e and indi#iduals goals through team& This is inculcated in the organi%ation through effecti#e communication& R"s("' : Fe are an equal opportunity employer attracting and recruiting the fines people from around the country& Fe #alue contri"ution of indi#iduals and teams& Indi#idualCs contri"utions are recogni%ed through our re!ard and recognition programme& In "$ri 46 Fe uphold our #alues and "usiness ethics principles in e#ery action and decision professional and personal honesty.i 46 = . communities and the en#ironment& C#r(#ra " r"s(#nsi+i.pen and transparent "usiness practices are "ased on ethical #alues and respect for employees.2 PSO values: E7'"."n'"6 Fe "elie#e that eAcellence in our core acti#ities emerges from a passion for satisfying our customers need in terms of total quality management& . dedication and commitment are the landmar's or our success& .
creditors and society& 4ach of the sta'eholders sees the role of enterprise in a different !ay& (ound financial management is necessary for the sur#i#al of an enterprise and its gro!th& The type of questions that financial management see' to ans!er are as follo!s • • • • • Fhat percentage of funds needed "y the "usiness should "e o"tained from "orro!ing and !hat percentage should "e sourced from the o!nersG Fhat percentage of the annual profits should "e paid out to shareholders as di#idendsG Is it !orth !hile for the enterprise to replace its manufacturing machine !ith a computer$integrated systemG (hould !e allo! more paya"le days to the customersG ?o! can the deteriorating gearing le#el of an enterprise "e impro#edG : . a#oiding unnecessary eApansion programmes and maintaining the loyalty of eAisting customers& isco#ery of computer "rought "etter. ma'e internally or su" contract& A firm has a responsi"ility to!ards employees.1 E0#. !hat product need eApansion.! i#n6 &@ro!th in technological inno#ations and creation of ne! industry resulted in further need of funds. !here to o"tain funding. prompting the study of finance to emphasis on liquidity and financing of the firm& The depressions of the 7DCs meant firms had to concentrate on defensi#e aspect of sur#i#al preser#ation of liquidity and reconstruction& Business lac'ed funding.Fe promote health. shareholders. those institutions !hich !ere !illing to lend required eAor"itant interest rates& This time finance managers had a responsi"ility of ensuring that the enterprise !as ha#ing optimal usage of funds. disciplined and fruitful analysis of financial performance& 3inancial managers are in#ol#ed in decisions li'e. customers. safety and en#ironment culture "oth internally and eAternally& Fe emphasi%e on community de#elopment and aspire to ma'e society a "etter place to lice in& *.
")ecti#es of organi%ations !ill "e hea#ily influenced "y the HcoalitionC or sta'eholder groups that ha#e the most po!er& The theory of company finance is "ased on the assumption that the o")ecti#e of management is to maAimi%e the mar'et #alue of the companyCs shares& A company is financed "y the shareholders. its ordinary shareholders& These are sta'eholders !ho are su"ordinate to all other classes of sta'eholders as they !ill al!ays "e the last in distri"ution of funds as di#idend or sharing of liquidation proceeds& Any retained profits are undistri"uted !ealth of these shareholders and management is directly ans!era"le to them "ecause they are the ones !ho appointed them and ha#e po!ers to remo#e them& 1D . Mana$"%"n 6 • In#estment decision Allocation of capital to in#estment proposals Managing eAisting in#estments efficiently • 3inancing etermining the "est miA of capital structure Methods of o"taining long and short$term finance& • i#idend decisions Percentage of earnings to stoc'holders (ta"ility of a"solute di#idend (toc' di#idend and splits O+9"' i0"s #f h" Fir%6 • Ma7i%i:in$ s #'. <"a.Ar"as #f Finan'ia. h#. h .-"rs. loan stoc' holders and other long term and short term creditors& Profit or cash flo! generated "y the "usiness need to "e shared "y these sta'eholders& All surplus funds ho!e#er "elong to the legal o!ner of the "usiness.
comforta"le and safe !or'ing conditions.#4""s: A company might try to pro#ide good !ages and salaries." shar" The enterprise !ill set o")ecti#e to "e the mar'et leader or maintain its mar'et stand& The reason "ehind this o")ecti#e is that performance of the enterprise depends on "eing a"le to retain mar'et share "ut also "e a"le to capture other ne! customers& Survival: Fhere competition is stiff the firm may set as its o")ecti#e to sur#i#e& The firm may employ such tactics li'e maintaining a mar'et nicheI intensifying on "arriers to entry into the industry it is operating "ut also choosing non gro!th strategy to ensure that they are a"le to stic' to !hat they 'no!& Ma7i%i:in$ the profits: This is a complementary o")ecti#e to a"o#e primary o")ecti#e. many companies !ill pro#ide generous redundancy payments or spend money trying to find alternati#e employment for redundant staff& 11 . #+9"' i0"s6 A'hi"0in$ a ar$" %ar.• O h"r finan'ia. and good pensions& If redundancies are necessary. "ecause maAimi%ation of shareholders requires the "usiness to generate more profits& MaAimi%ation of profits !ill increase the mar'et #alue of the "usiness there"y increasing the shareholders fund& Non Financial b!ectives: Pr#0i-" <". good training and career de#elopment.far" #f "%(.
3 Si$nifi'an'" #f S !-46 16 . e#en though their decision !ill incur eApenditure and so reduce the profits& ?igh salaries.=". faced !ith the pro"lems of protecting the en#ironment and preser#ing the earthCs d!indling energy resources& Pr#0isi#n #f s"r0i'"s: The ma)or o")ecti#es of some companies !ill include the pro#ision of a ser#ice to the pu"lic& 4ntities li'e (hire "us lines much as they !ill "e loo'ing for profita"le "us routes they are supposed to pro#ide ser#ices to certain sections of the country regardless of the eApected profit or loss eApected from these ser#ices& >!a. oil companies are a!are of their role as pro#iders of energy for society. company cars and other per's are all eAamples of managers promoting their o!n interests& =".i 4 s"r0i'" # '!s #%"rs: Responsi"ilities to!ards customers include pro#iding a product or ser#ice of quality that customers eApect. and dealing honestly and fairly !ith customers& *.il+ *.far" #f s#'i" 4 as a <h#.": The management of some companies are a!are of the role that their company has to play in pro#iding for the !ell$"eing of society& As an eAample.far" #f %ana$"%"n : Managers !ill often ta'e decisions to impro#e their o!n circumstances.2 Statement of problemThe study has "een conducted to identify that ho! the cost "enefit analyses should "e done !hich !ill going to help in increasing our "usiness performance& (o the pro"lem statement is*Adding #alue to "usiness performance through security in#estment in Pa'istan (tate .
The in#estment decision is one of the most #isi"le and contro#ersial 'ey decision in an organi%ation& (ome pro)ects are appro#ed.o lia"ility is ta'en& The financial data !hich are using here is the 6DD9 "ecause the ne! data is not pu"lished yet& Fe ta'e some of those securities !hich they are traded not tal'ing all of them& 17 . others are "ounced.5 D". profit or gro!th. as there needs to "e an approach for measuring and comparing different alternati#es and ho! they meet "usiness o")ecti#es of the organi%ation& The financial performance metrics are dri#en "y the main #alue disciplines of an enterprise& These lead to the use of formulas ena"ling the measurement of asset utili%ation. and the rest enter the organi%ational equi#alent of suspended animation !ith the dreaded request from the decision ma'ers to *redo the "usiness case+ or pro#ide more information+ The concept of cost "enefit analyses of information security helps management to ma'e decisions on !hich initiati#es to fund !ith ho! much. .i%i a i#n6 This thesis is intended for academic purpose only and should not "e use for nay other purpose& The contents are not to "e considering legal or other!ise professional ad#ice& . internal Rate of return /IRR1.P21. Pay"ac' period& *. modified internal rate of return /MIRR1. Return on in#estment /R.et present #alue /.I1.
/ R"s(#n-"n #f h" s !-4 /.*.1 Uni Of ana.* R"s"ar'h D"si$n /.* E7 "n #f r"s"ar'h"r in "rf"r"n'" /.4sis /.Cha( "r / R"s"ar'h M" h#-#.*.1 Ins r!%"n s /.4sis 18 .*.Pr#'"-!r"s /.#$4 an.2 Tr"a %"n #f Da a? Inf#r%a i#n? Ana./ S !-4 s" in$ /.
*./.*. and from the employees of the financial department !hom !or' are related !ith it& 1< .*./ S !-4 s" in$6 **3ield study in natural en#ironment The study is underta'en in natural en#ironment and is co related and contri#ed /.ature+ most effecti#e design is chosen for research !or'& The design of the research is eAploratory or empirical in nature "ecause the aim of the study is actually practically see !hat the strategies are and financial tools use "y the company& /.* E7 "n #f r"s"ar'h"r in "rf"r"n'"6 *Minimum eAtent of interference * As I am going to interfere in the normal flo! of e#ents and I !ill )ust collect and analy%e the data therefore the eAtent of my interference is none& /.4sis6 *Indi#idual is the unit of analysis+ The unit of analysis !ould "e indi#iduals& The data collected from indi#iduals and their responses is treated as indi#idual data source& /.* RESEARCH DESIGN AND METHODS: An eAploratory study !ill "e underta'en The research is * escripti#e and eAploratory "y ./ R"s"ar'h M" h#-s The research method used is o"ser#ation and inter#ie! "ased on structured and direct questions& The inter#ie!s are ta'en from managers of P(.1 Uni Of ana.
The method of consulting this research is "ased on primary and secondary data& Arranging structured and un$structured inter#ie!s and o"ser#ation are the medium of collecting data& 3ocus is "eing equally concentrated on "oth secondary and primary data& /.1 R"s(#n-"n #f h" s !-4 The respondents are manager and employees of finance department "ecause this topic is identifying the "usiness performance through cost "enefit analysis& /.2 R"s"ar'h Ins r!%"n s . unstructured inter#ie! and o"ser#ation (econdary ata(econdary data is "een gathered through #arious article in ne!spapers and from internet& /.3 Tr"a %"n #f DATA The sample si%e is num"er of employees !or'ing in finance department in !hich managers and employees are included& The data shall "e gathered and analy%ed theoretically and graphically& 1E ."ser#ation Inter#ie! Primary dataPrimary data is "een collected "y using inter#ie!.
B"n"fi #f #<n"rshi( 1./ C#s +"n"fi ana.#< 1.@ Dis'#!n ".* F#r"i$n Li "ra !r" 1.4sis 1.s !-i"s 1.3 Finan'ia. M" ri's 1.A T# a.22.214.171.124 Th" MIO Ma ri7 1.3.in$ T"'hni8!"s 1.1 N" Pr"s"n Va.Ca(i a. ra " #f R" !rn 1.#< 1.3.2 In "rna.4sis 1.3.* R" !rn #n in0"s %"n 1. Ra " #f r" !rn 1.!" a--"1.** R" !rn #n S"'!ri 4 In0"s %"n 19 . 1.5 Fr"" Cash F.* D"'isi#n Ma.3 M#-ifi".3.In "rna.*C E'#n#%i' Va.* R" !rn On in0"s ". Ana.!" 1. C#s #f O<n"rshi( 1.'ash F.3.Cha( "r 1 R"0i"< #f Li "ra !r" an.3.B T# a.3.2 Ris.3./.
total "enefit of o!nership. such analysis has "een used in many areas of management /(uch as Mar'eting.* D"'isi#n Ma.on financial metrics are identified using different approach. it not only addresses asset utili%ation aspects. net present #alue. Total cost of o!nership. 4conomic #alue added or return on security in#estment& 1. 3ree cash 3lo!. and the rest enter the organi%ational equi#alent of suspended animation !ith the dreaded request from the decision ma'ers to *redo the "usiness case+ or *pro#ide more information+& The 0oncept of cost "enefit analysis of security helps management to ma'e decisions on !hich initiati#es to fund !ith ho! much. Return on In#estment. "ut also opens up for profita"le "usiness ena"lement and gro!th& 3rom Mar'et interaction organi%ation matriA /MI.perations& 1= . discounted cash flo!. profit or gro!th. this report is focus on the phase of strategic choices regarding organi%ation.4sis6 The cost "enefit analysis /0BA1 is a #alue$adding acti#ity in security in#estment process for large organi%ation& If the 0ost "enefit analysis in !ell implement. 3inance and operation1 . Internal Rate of return.1. Pay"ac' period. others are "ounced./ C#s B"n"fi Ana. systematically and correctly& It is also useful in communicating a"out decisions !ith others& Traditionally. and ris' analysis& The financial performance metrics are dri#en "e the main #alue discipline of an organi%ation& These lead to use of formulas ena"ling the measurement of asset utili%ation.1 perspecti#e. go#ernance effecti#eness.in$6 The in#estment decision is one of the most #isi"le and contro#ersial 'ey decision in an organi%ation& (ome pro)ects are appro#ed. i&e trying to find optimal in#estments for efficient . as there need to "e an approach for measuring and comparing different alternati#es and ho! they meet "usiness o")ecti#es of organi%ation& ItCs a decision ma'ing techniques that in#ol#es eAplicitly considering the position outcomes /"enefits1 as !ell as the negati#e outcomes /cost1 of different decision alternati#es& It is used to ma'e decision more consistently.
/. and amorti%ation 303 $ 3ree cash flo!I the sum of operating cash flo!. lia"ilities. taAes. and earnings "efore interest. "alance sheets. and shareholdersJ equity as they change from year to year. you can use hori%ontal analysis to compare the #alues of certain parts of assets. and in#estment cash flo! 4P( $ 4arning per shareI net earnings or profit di#ided "y the total num"er of shares issued • • 1: . or #ertical analysis to compare the percentages of different components of assets."s N# *6 DUn-"rs an-in$ Finan'ia. they are all related and contain information that ena"les you to calculate certain financial metrics used to e#aluate a company& Fhat is the relationship "et!een the different financial statementsG A cash flo! statement records all the cash going in and out of a company& This information can "e used to calculate the re#enue and eApenses recorded on an income statement& The total amount of cash a company has is recorded in its "alance sheet& Fhen eAamining "alance sheets.#< statements. and shareholdersJ equity as parts of the !hole& There are a large num"er of metrics deri#ed from financial statement to effecti#ely analy%e the performance of the company& Belo! is an important list of commonly used financial metrics and their definitions• 4BITB4BIT A $ 4arnings "efore interest and taAes. lia"ilities. S a "%"n sE Fritten "y Bennet @rill for @ae"ler 2entures Cash f. financing cash flo!. and income statements& These documents re#eal different information a"out a company. depreciation.1.* F#r"i$n Li "ra !r"6 Ar i'.
and decision ma'ing is no eAception& 0ost "enefit analysis does eAactly !hat it says.in$ Ca(i a.• PB4 Ratio $ Price to earnings ratioI the price of one share of a company di#ided "y its earnings per share . suffering from * analysis paralysis+ and ne#er getting anything off the ground due to fear of *-!hat ifCs+ or getting it !rong& 6D . !!!&mftrou&com Money ma'es the !orld go around.perating Margin $ . !hich is a #alua"le tool used in raising capital from in#estors& Ar i'.et =#r.cost "enefit analysis is not an eAact science& There is an element of guess!or' and su")ecti#ity !hich can ne#er "e erased& It is your )o" to use your s'ills and eAperience to ma'e your "est decision !ith the information you ha#e at the time& 0onsider the alternati#es K running a pro)ect !ith no idea of the financial impact or !orse still.et earnings di#ided "y total assets Return on 4quity /R." N# /6 DMana$"%"n f#r h" r"s #f !sE By lyndsay s!inton.et earnings di#ided "y shareholdersJ equity .41 $ . $ 0urrent assets minus current lia"ilities e"t Ratio $ Total de"t di#ided "y total assets e"tB4quity Ratio $ Total de"t di#ided "y shareholder equity Return on Assets /R.A1 $ .you analysis costs and "enefits and ma'e a decision accordingly& A !ord of !arning.perating earnings di#ided "y total re#enue 42B4BIT A $ 4nterprise #alue /price of the share times total shares issued1 di#ided "y 4BIT A • • • • • • • Kno!ing these financial metrics allo!s you to e#aluate your "usiness and compare it to others in the industry.
1 Th" MIO %a ri76 Market Fho Is "uying from usG Fhat are there alternati#esG Interaction Fhat Kmeans product. & competence !e are offeringG Fhat !ill "e efficient !ays to structure and process "usiness tomorro!G Fhat In#estments & appliances !ould "e optimal for efficient operationsG Fho "elong to the team responsi"leG Fhat is the "udget and time planG ?o! !ill political. promotion. capacity. & technological condition changesG Fhat mar'ets are !e interested inG Fhat mar'et position o !e aim atG Fhose Interest o !e !ant to attain no!G Present situation Analysis of the future 61 . social. eli#er and price !ill "e of interestG ?o! !ould !e li'e to form our customer relationships in the long runG Fhat means are !e to use to gain interest upcoming !ee'sG Organization Fhat are the capa"ility. places & pricesG o !e use todayG Fhat ne! offerings.1. !ays to communicate. economic.
thus shaping corporate strategy formation& These can "e the company la!. creditors. "ut also to "e dedicated to impro#ing the performance of the organi%ation in order to a#oid ha#ing a negati#e impact on its "usiness There are t!o complementary sides of corporate go#ernance. any in#estment made in go#ernance structures or the internal control en#ironment need not only meet these eAternal requirements. the a"ility to eAecute company strategies !ill depend on the effecti#eness !ith !hich they manage their infrastructure& Infrastructure management solutions !ill help organi%ation release capital to re$in#est in the core "usiness. increase employee producti#ity through "etter infrastructure performance.ormati#e side of corporate go#ernance*0orporate "eha#iors. securities regulation. impro#e o#erall operational effecti#eness "y reducing o#erhead eApenditures. also refers to the set of rules that frame these relationships and pri#ate "eha#iors. and plan and eAecute security upgrades more effecti#ely& To assess. the !ay managers and share holders "ut also employees. 11 Beha#ioral side of corporate go#ernance*0orporate go#ernance encompasses the relationships and ensuing patterns of "eha#ior "et!een different agents in a limited lia"ility corporation.(trategic 0hoices 0ampaigns An organi%ation !or' to impro#e the security of their !or'place assets. listing requirements& But they may also "e pri#ate self regulation&+ 66 . and communities interact !ith each other to form the strategy of the company&+ 61 . impro#e and monitor the operational effecti#eness and managementCs internal control en#ironment is essential in todayCs "usiness eAecution& Fith an increasing rate of regulatory requirements.
share opinions. recommends steps to mitigate the ris's. it could "e deemed superfluous "y management unless it is made transparent that the specific in#estment made an impact& . "ut cost$effecti#e& The terms ris' analysisI ris' assessment. ana. shared "y all& The ris' assessment process is a method of determining !hat 'ind of controls are needed to protect and organi%ationCs information systems and other assets and resources not )ust adequately. the ris' analysis identifies ris's. Medium.4sis6 A 'ey goal of security in#estment is to reduce ad#erse impacts on the organi%ation to an accepta"le le#el of ris'& Therefore. the fundamental purpose of internal control measure is to pre#ent or detect security "reaches& If the solution pre#ents most incidents "efore they materiali%e. in terms& e&g& *?igh.2 Ris. analysis the cost associated !ith that mitigation and correlates this information to determine feasi"ility& 1.n the other hand. M" ri's6 There are three alternati#e financial performance models !hich are most rele#ant-11 Asset utili%ation61 Profit 67 . "usiness impact analysis.1. an effecti#e security program !ill sho! a trend of impact reduction and quantitati#e measures can include trend analysis of impacts o#ertime as an alternati#e to the factors descri"e a"o#e& ?o!e#er. >o!+& 4#aluating ris's in this manner ena"les participants the opportunity to ha#e a focused discussion. "elie#ing the num"er of incidents ha#e risen& Ris' analysis is the most compleA method of estimating profits& ue to the uncertainties in#ol#ed in ris' measurement and the concept of "enefits "eing "ased on lo!ered *2alue$at$ris'+. there is a ris' that sta'eholders see this as a sign of ineffecti#e information security go#ernance. re#ie! facts and arri#e at a clearer definition and understanding of the ris's. the ris' are often assessed in a"stract. if the implemented solution detect numerous of incidents that !ere not pre#iously identified.3 Finan'ia. and threat$ or #ulnera"ility assessment are all use in this conteAt& Basically. or proprietary.
1.rgani%ations dri#en "y operational eAcellence should focus on asset utili%ation. e#aluate.3. gi#en the multiple interpretations and application in different industries& This lac' of consistency in the definition .I equation& D"fini i#n #f "r%s6 N" +"n"fi s.71 @ro!th Profit is the financial dimension to focus on& .I causes confusion !hen comparing the R. and compare the #alue of different in#estment options.f R. !hile companies dependent on product leadership should set their financial metrics at identifying potential for gro!th& Although many sta'eholders are important to the o#erall success of the organi%ation& The organi%ationCs management style and culture !ill also play a role in selecting effecti#e )ustification techniques.* R" !rn #n In0"s %"n 6 Return on In#estment is a straightfor!ard financial tool that measures the economic return of a pro)ect or in#estment& It is also 'no!s as return on capital employed& It measures the effecti#eness of the in#estment "y calculation the num"er of times the net "enefits reco#er the original in#estment& Return on in#estment has "ecome one of the most popular metrics use to understand. There are se#eral #ariations of the return on in#estment /R.I equation is usually calculated for the first year of in#estment& A one year time period has "ecome and industry standard since companies see' to reco#er their in#estment on the first year of operations of the pro)ect& This rule of 68 .Benefits minus costs& C#s s6 Initial and recurring costs& Ti%" ("ri#-6 The standard R.I1 equation.I #alues or se#eral pro)ects& Belo! are the most common #ariations of the R.
Present #alue of costs& 1. FROICG6 D"fini i#n #f "r%s: NOPAT.3.Ca(i a.P2 using the equations sho!n "elo!- 6< .6 Initial and recurring 0osts& D"fini i#n #f "r%s6 NPV FN" B"n"fi sG6 Present 2alue of "enefits minus present #alue of costs& PV FC#s sG .P21 of a pro)ect or in#estment is defined as the sum of the present #alues of the annual cash flo!s minus the initial in#estment& The annual cash flo!s are the .et Benefits /Re#enues minus 0osts1 generated from the in#estment during its lifetime& These cash flo!s are discounted or ad)usted "y incorporating the uncertainty and time #alue of money& . 1.Ca(i a.et Present 2alue /.P2 in#ol#es three simple yet nontri#ial steps& The first step is to identify the si%e and timing of the eApected future cash flo!s generated "y the pro)ect or in#estment& The second step is to determine the discount rate or the estimated rate of return for the pro)ect& The third step is to calculate the ./ R" !rn #n In0"s ".3.P2 is one the most ro"ust financial e#aluation tools to estimate the #alue of an in#estment& The calculation of .1 N" Pr"s"n Va.thum" may not "e applica"le across organi%ations "ut It can gi#e a first estimate of the "enefits of a pro)ect.et operating profit after taAes& In0"s ".!" FNPVG6 The .
P2 "y its initial cash outlay& The higher the . as they approAimate the ris' of the pro)ect to "e on a#erage the ris' of the company as a !hole& Ti%" F G6 This is the num"er of years representing the lifetime of the pro)ect& A company should in#est in a pro)ect only if the .P2 indeA. interest.P2 indeAes are calculated "y di#ing each pro)ectCs . soft!are licensing fees. companies usually employ a concept called .P2 is greater than or equal to %ero& If the . the greater the in#estment opportunity& 1. in0"s %"n . "ecause of capital or "udget constraints.P2 is less then %ero.2 In "rna."enefits minus costs& Ra " #f r" !rn /r1.The net cash flo! for each year of the pro)ect.et present #alue /.The rate of return is calculated "y loo'ing at compara"le in#estment alternati#es ha#ing similar ris's& The rate of return is often refereed to as the discount. the pro)ect !ill not pro#ide enough financial "enefits to )ustify the in#estment.This is the in#estment made at the "eginning of the pro)ect& The #alue is usually negati#e. or company cost of capital& 0ompanies frequently use a standard rate for the pro)ect.#<. and start up costs& Cash f. Ra " #f R" !rnThe internal Rate of Return /IRR1 is defined as the discount rate that ma'es the pro)ect ha#e %ero .3.P21& IRR is an alternati#e method of e#aluating 6E .P2 indeAes to prioriti%e pro)ects ha#ing the highest #alue& The . since most pro)ects in#ol#e an initial cash outflo!& The initial in#estment can include hard!are. hurdle rate. since there are alternati#e in#estments that !ill earn at least the rate of return of the in#estment& In theory a company !ill select all the pro)ects !ith a positi#e .OR. D"fini i#n #f "r%sIni ia.P2& ?o!e#er.
typically accomplish "y using the IRR function in spreadsheet program& There are some special situations !here the IRR concept can "e misinterpreted& This is usually the case !hen periods of negati#e cash flo! affect the #alue of IRR !ithout accurately reflecting the underlying performance of the in#estment& Managers may misinterpret the IRR as the annual equi#alent return on a gi#en in#estment& 1.3 M#-ifi".P2 negati#e1 if the MIRR !ere used& As a result.in#estments !ithout estimating the discount rate& IRR ta'es into account the time #alue of money "y considering the cash flo!s o#er the lifetime of a pro)ect& The IRR and . using the IRR could result in a positi#e .3.P2 equal to %ero.The in#estment at the "eginning of the pro)ect& Cash f. the modified IRR assumes that all cash flo!s are rein#ested at the firmCs cost of capital& Therefore.Internal Rate of Return n6 >ast year of the lifetime of the pro)ect& 0alculating the IRR is done through a trial and error process that loo's for the discount Rate that yields an . But it could turn out to "e a "ad pro)ect /.P2 /good pro)ect1. in0"s %"n . MIRR more accurately reflects the profita"ility of a pro)ect& Thus. using MIRR #ersus IRR "etter reflects the #alue of a pro)ect& 69 . Ra " #f R" !rn FMIRRG6 Fhile the internal rate of return /IRR1 assumes the cash flo!s from a pro)ect are rein#ested at the IRR.#<6 Measure of the actual cash generated "y a company or the amount of cash earned after paying all eApenses and taAes& IRR.P2 concepts are related "ut they are not equi#alent& 0ompanies should in#est in opportunities !ith rates of return higher than the interest rate paid on capital plus a premium for ris'& D"fini i#n #f "r%sIni ia.In "rna.
!hich is use to e#aluate the potential for in#estment& Most often discounted "y the !eighted a#erage cost of capital& I3 the #alue arri#ed at through 03 analysis is lo!er then the current cost of in#estment. it could "e a sign that a company is ma'ing large in#estments& If these in#estments earn a high return.@ Dis'#!n ".Cash F.#< FDCFG6 The iscounted cash flo! is #aluation method used to estimate the attracti#eness of an 03 analysis uses future free cash flo! pro)ections and in#estment opportunity& discounts the to arri#e at a present #alue. itCs tough to pursue ne! opportunities. pay di#idends.3.0ash flo! r6 iscounted rate / !eighted a#erage cost of capital1 6= .3.#<6 3ree cash flo! /3031 represents the cash that a company is a"le to generate after laying out the money required to maintainBeApand the companyCs asset "ase& 3ree cash flo! is important "ecause it allo!s a company to pursue opportunities that enhance shareholder #alue& Fithout cash.1. and reduce de"t& 4tc& It is important to note that negati#e free cash flo! is not "ad in itself& If free cash flo! is negati#e. ma'e acquisitions. the opportunity may "e a good one& The "asic formula is calculated as DCF = CF1 (1+r)1 + CF2 + CF n (1+r)2 (1+r)n D"fini i#n #f "r%sCF.5 Fr"" Cash F. the strategy has the potential to pay off in the long run& 1.
may yield the !rong conclusions if the goal is not to minimi%e costs "ut to maAimi%e the "enefits !ith the smallest num"er of resources& The T0. they are added up and di#ided "y the pro)ect duration.nce all the costs ha#e "een identified and compiled. training and ongoing support and maintenance& . equation is the sum of all pro)ect costs including one time as !ell as recurring costs& All these costs are determined "y loo'ing at each stage of a pro)ect. the o#erall financial analysis is simplified& T0.3. starting !ith planning.3. #alues& Because "enefits are not considered in T0.P2.1 can "e defined as the systematic qualification of all costs generated o#er the lifetime of a pro)ect& The goal of T0. calculated as- 6: . ("ri#-The easiest !ay to deal !ith the timing of future returns is to as the simple question.1. methodology !hen comparing similar products from different #endors& The product features among #endors may not "e much different "ut the quality and support of the products may yield considera"ly different T0. is to determine a figure that reflects the total cost of in#estment. '#s #f #<n"rshi(Total cost of o!nership /T0.. other methods of capital "udgeting li'e . design and installation.B T# a. not )ust the initial start$up cost& 0ompanies use the T0.ho! quic'ly do !e get our money "ac'G It is calculated as- Pay"ac' period L 0ost of pro)ect Annual cash inflo!s Fith all other things "eing equal. including one time purchases and recurring costs.A Pa4+a'. and mo#ing through integration. the "etter in#estment is the one !ith the shorter pay"ac' period& There are t!o main pro"lems !ith the pay"ac' period method1& It ignores any "enefits that occur after the pay"ac' period. and so does not measure profita"ility 6& It ignores the time #alue of money Because of these t!o reasons. IRR or 03 are generally preferred& 1.
ne time costs could include personnel training. equation is not a ne! or re#olutionary concept. B"n"fi #f O<n"rshi( FTBOG6 The TB. calculations across and enterprise& 1. "ut the "enefits of the pro)ect are calculated rather than the costs D"fini i#n #f T"r%s6 7D . such as customer satisfaction and product up$sells /persuading customers to "uy more eApensi#e items than they originally intended to "uy or ena"ling ne! "usiness channels1& The TB.3. "ut in recent years it has "een eApanded to include all the "enefits of a pro)ect& The idea is to emphasi%e that the "enefits of an implementation may "e greater if other hidden "enefits are included. equation.*C T# a.D"fini i#n #f "r%s: On" i%" '#s s6 these are the costs that are deri#ed at one stage during the implementation or operation of a pro)ect& . equation is eAactly the same as the T0. or in#estment in infrastructure assets& R"'!rrin$ '#s s6 these are costs that continue o#er time or repeat e&g& continuous monitoring of performance& Pr#9"' -!ra i#n6 this is the pro)ect lifespan or a standard duration that is used to normali%e all the T0. ne! processes "eing introduced that yield one time cost.
for the shareholders of a company& The "asic formula is calculated asEVA H FrI'G.PAT. or consolidation of assets& R"'!rrin$ +"n"fi s..** E'#n#%i' Va.!" A-. !or'ing capital management is useful to impro#e a firmCs financial performance metrics& 4conomic #alue added is a !ay to determine the #alue created.perating Profit after TaA c.On" i%" +"n"fi s6 These are the "enefits that are deri#ed at one stage during the implementation or operation of a pro)ect& 3or eAample.The return on capital employed /R.041 defined as ..et . such as impro#ements in producti#ity or performance.These are "enefits that continue o#er time or repeat.The .The Feighted A#erage 0ost of 0apital /FA001 K. or increases in customer satisfaction& Pr#9"' -!ra i#n6 This is the pro)ect lifespan or a standard duration that is used to normali%e all the TB. a"o#e the required return.FEVAG6 In the field of corporate finance. D"fini i#n #f T"r%s6 r. calculations across an enterprise& 1. process changes that yield one$time payoffs. H NOPAT J '.capital employed& (hareholders of the company !ill recei#e a positi#e #alue added !hen the return from the equity employed in the "usiness operations is greater than the cost of that capital& Any #alue o"tained "y employees of the company or "y product users is not included in the calculations& 71 . one$time "enefits could include personnel reductions.3..
1. or incidents.Fhat !e eApect to lose in a year /Annual >oss 4Apectancy1 76 . soft!are A is three times as #alua"le as soft!are B1& ifferent types of attac's. !ere assigned indi#idual costs& To #erify the model.it is "asically a *sa#ings+ in 2alue$at$Ris'I it comes "y reducing the ris' associated !ith losing some financial #alue& == It is calculated asROSI H R J FRIEG K T OR ROSI H R J ALE) <h"r" ALE H FR J EG K T D"fini i#n #f T"r%s ALE.*/ R" !rn #n S"'!ri 4 In0"s %"n FROSI13inancial performance measures do not consider security$specific data /e&g& threats. to see if the costs the simulation produced matched the theoretical costs& They did& etermining cost$ "enefit "ecame the simple tas' of su"tracting the security in#estment from the damage pre#ented& =9 The ris' mitigation effects sho! the "enefit of a security in#estment. for eAample. security managers K stri#ing to find #aria"les to )udge the need for a particular in#estment K ha#e de#eloped models in the field of security economics& The effects are the consideration of ris' effects and the a"ility to integrate in common accounting concepts& =E It is used !hat they found in the research area of information security in#estments and com"ined it !ith some of their o!n theories. #ulnera"ility. the team !ent a"out attac'ing an intrusion detection "oA they had "uilt. assigning #alues to e#erything from tangi"le assets /measured in dollars !ith depreciation ta'en into account1 to intangi"le assets /measured in relati#e #alue.3. and ris'1 as a decision #aria"le& As a #ehicle.
/ Ass" U i. N" Pr"s"n Va. Ra " #f R" !rn 77 .Ca(i a.1 In0"s %"n Ra i# 2.These are the financial annual sa#ings gained "y mitigating any num"er of incidents through the introduction of the security solution& T6 The annual cost of the security in#estment& Cha( "r 2 Pr"s"n a i#n Ana.3 2./ Ba.1 2.an'" sh"" 2.5 R" !rn #n in0"s %"n R" !rn #n In0"s "././././.R6 The cost per year to reco#er from any num"er of incidents& E.2 2.*.4sis 2.* Pr#fi a+i./ Ra i# Ana.i:a i#n Ra i# 2.* H#ri:#n a.!" In "rna.i 4 Ra i# 2.4sis 2.* In'#%" s a "%"n 2. ana.V"r i'a.*.2 L"0"ra$" Ra i# 2.4sis 2. an.
In'#%" s a "%"n F#r h" ("ri#.L!n" 1C h /CC@ IncreaseB ecrease 6DD9 6DDE 78 ."n-".
DE81 /:=1.779.6EE1 78:.D86.=97 /88.9=E /1.1=61 1&18 8E=:.E771 /:7<. 1E&E 19&E /=&11 17 19 6D /6:1 78&< D&:E 11 < <&7 /E:1 /1=1 /8&11 /6:1 71 /781 /E=1 /791 /791 /791 16&9 6 1< =< 91 7 D&71 169=.86D1 /E.1<=.:<E1 /E1.=171 19.RS.9:1.796 1.76=1 /69EE.<18.88E.161.7<1.9D1 .<7:.<6< /==8.:8:.9:= (ales >ess (ales taA Inland freight equali%ation margin .D7=.D=6.8:6.et sales 0ost of products sold 7< D&6= 1&E< D&D= 1&97 D&D= D&E9 D&68 D&69 D&1= 1&8E D&1D 6 .6<:.876.<=:1 /1.E1D1 9.6E7.76E /779. CCC 811D<9<:6 /<6.7861 886.=781 6:=. RS.71D1 /=:76.81=.6<D.6D9.DE<1 /9<<.9:1 11.66E :<D.7DE 9.D16.E761 /:.67= 9.=181 868.:791 /1.:76 /7E:.711 /7=:7.1161 E.:7: 11.7:81 /6.CCC 7<6. <=<8691: 16&E 6&9 1< =8 =D 8&= D&6E D&1D D&9D D&6E D&7D D&E: 6 D&16 7 D&6< 7 D&D6 7&6 1&1 6&1 9=9=E9= /9:668E1 9D=E876 <18<E6=9 <E8D8D=7 /8:899:E1 76=D=6 7<77 697871 8E78= <9E91 /19D<<111 /1768<6=1 /1=<<71 /771797:1 697:<: /7<=9E:=1 /9D=E771 /86:E7711 /18E186=1 /6=86:D71 .81=.<76.=<D /7E<.E98 77D.8ED.6D61 /<8.1<71 1D79:.9DE.18D.:711 /9.D7: /6=1.=:E 1 16.6E8.87D .96<.9:<1 /6.:=D D&D< /6.
Gr#ss (r#fi .perating costs Transportation costs istri"ution and mar'eting eApense Administrati#e eApense epreciation and amorti%ation .an'" sh"" As #n 1C h L!n" /CC@ 7E .ther operation income .ther operating eApense .ther income Pr#fi fr#% O("ra i#n 3inance costs (hare of profit of association Pr#fi +"f#r" a7a i#n TaAation Pr#fi f#r h" 4"ar Ba.
871.719 16E.<17.E8=.971 9.619 9E=.::8 1<<8.D9< E==.:<E 1<8.7D= 1.=E: 6D.:96 E<.69E E6.D79 16.91<.91<.DE7 6. CCC =&D16.D7D 6=.D78.E77 11.<E6.=18.1:= 1.<::. E&<E /1=1 /=1 /1D1 /111 /11 D&98 6&6= 8&:8 1E 76 66 = /1:1 9&9 E&< D D&EE D&ED 7&6 <&9 8&: 16&< /11&81 :&7 1=&< /:<1 :&1: E&< 6&< 6E 6: 1 6 7 << D&: 6 D&1 9 16 D&D : E: 1DD 6&8 69 6: 1&D E 6&6 7&6 9 <6 1&1 D&1 9 11 6&8 E9 1DD 79 .D86 169.CCC 9.668.E88.D<: 987.6:E 16.<=7.<16 171.9<1.668.:1: 1.=:8 <=.71< 11 D&1 E 8 D&= 8 D&D = D&< 7 1E D&1 9 8D 1= D&8 = 6 61 6 =7 1DD /CC5 Rs.1:D 1:.979.=8: 16<.E9< 9D.<68 1.E:<.<1=.<E6.E6= 1=:=.D<E.69=.=:7 6.791 81.616 6.1:D 1:.969 98.<:1 E69.18E 98.D<< 17.::D.:9D E:=.:EE 7E<.DE8. 11 D&6 6 < D&: : D&1 D D&< = 19 D&1 9 8D 19 D&7 : 1&= 7 61 6&9 =6 1DD In'r"as"? D"'r"as" 8:77E1 /6=EDE1 /6==79:1 /9D1981 /=98:1 /E:=:1 :D1:7 6=E1 17:7866 1==8D:= :D68< 6:ED6D 11==69D /79EE1=1 889=<:= 8<E=9:1 $$$$$ 16E1<= 16E1<= 68718 =:19D 1178=8 8E1EE97 /==9E81 1167D 181<=E6 /1E6<=<6 1 876:18: 8<E=9:1 .9=1 E:.6<D 89.1E=.D69 6D.96: 1.=E= 69<.<9= 9D.1E=.D:9.8D6 999.69E 16D.:17 1<.:E1 :.=:7 18.<66.177.6=9.979.EE6 8D=.=17.1E=<68 .=1: 7.==9 7E.71< 1.6:=.7=<. /CC@ Rs.7:= <1.816.=:1 6:.:98 1.697 98.91<.:7:.:17 8D1..
/ Ra i# Ana.Lia+i.i i"s >ong term deposits Retirement and other ser#ice "enefits C!rr"n .'#%%i %"n s 2./.4sis6 2.i 4 Ra i#6 7= .i i"s6 Trade and other paya"les Pro#isions Accrued interestB mar'$up (hort term "orro!ings TaAes paya"le C#n in$"n'i"s an. plant and equipment Intangi"les >ong term in#estments >ong term loans.Ass" s N#nIC!rr"n Ass" s Property.i i"s6 (hare 0apital Reser#es N#nI'!rr"n Lia+i.ther recei#a"les 0ash and "an' "alances E8!i 4 an.* Pr#fi a+i. (pares and loose tools (toc'$in$trade Trade de"ts >oan and ad#ances eposits and short term prepayments .ia+i. ad#ances >ong term deposits and prepayments eferred taA C!rr"n Ass" s (tores.
DDD .et profit A 1DD (ales L 8.9:=.76E.76E.@ross profit A1DD (ale L 16.(atisfactory profit so that the in#estors and shareholders !ill continue to pro#ide capital to it& A companyCs profita"ility is lin'ed to its liquidity "ecause earnings ultimately produce cash flo!& 3or these reasons ratios are important to "oth in#estors and shareholders& Fhen calculating profita"ility ratios !e al!ays use Profit on ordinary acti#ities "efore taAation "ecause there might "e unusual #ariations in the taA charge from year to year !hich !ould not affect the underlying profita"ility of the companyCs operation& Another important profit figure used should "e the Profit "efore interest and taA /operating profit1 !hich represents the profit generated "y the entity through its normal "usiness operations& Gr#ss (r#fi & N" (r#fi Mar$in6 These ratios are used to measure the financial performance of the "usiness& The ratios sho! ho! aggressi#e the entity !as in its sales promotion& 3or ser#ice sectors the gross profit margin !ill not "e calculated as it is not in#ol#ed in trading acti#ities& @ross profit Ratio.et profit Ratio. 7: . 78:.9DE.E=:.DDD A 1DD L 7&<.87D.6<:.DDD R" !rn #n E8!i 46 L1&78.9DE.DDD A 1DD 78:.
8D . too high.n the other hand.E=:. its cost of capital !ill "e too high hence its profit depressed& .4arning Before interest and TaA Total Assets L 8E=:.Measures again return on in#estment "ut targeting on ordinary shareholders& This ratio is specifically for shareholders and is aimed at measuring the return they should eApect from their shares in the "usiness./ Ass" U i.DDD R" !rn #n Ass" s6 Return on Assets. L E&69. or too lo! in #ie! of current and pro)ected sales le#elsG If the company has too many assets.et profit after taA & preference di#idend (hareholder 4quity L 8. ha#ing more recei#a"le the company may run the ris' of "ad de"ts "ut also "eing too strict !ith de"t repayment period may result in loss of customers& The asset management ratios are also 'no!n as !or'ing capital ratios or the efficiency ratios& The aim is to measure ho! effecti#ely the firm is managing its assets& These ratios are designed to ans!er this question.9:=.9:=..DDD 2. theft.does the total amount of each type of asset as reported on the "alance sheet seem reasona"le.DDD 98.71<./. insurance costs and stoc' losses& >i'e !ise ha#ing lo! stoc' le#els !ill distur" the production run of the company as it !ill regularly run out of in#entories there"y loosing important "usiness opportunities& The same can "e said of recei#a"les.i:a i#n6 Management is required to maintain an optimum le#el of !or'ing 0apital& Remem"er if an entity is ha#ing high in#entory le#els it !ill incur high storage costs. Return on 4quity. if asset are too lo!.619.DDD L 66&7:. profita"le sales !ill "e lost.:7:. 6D.979.
In0"n #r4 !rn#0"r Ra i#6 The ratio is aimed at chec'ing ho! #igorous the entity is trading& It measures approAimately the num"er of times an entity is a"le to acquire the in#entories and con#ert them into sales& A lengthening in#entory turno#er period from one accounting year to the neAt indicates1& A slo! do!n in tradingI or 6& A "uild in in#entory le#els.DDD 6==E<788DDD L 7ED L 7D&9: 11&E: days L11&E: A''#!n Pa4a+. perhaps suggesting that the in#estment in in#entories is "ecoming eAcessi#e& The higher turno#er ratio is good for the firm.88E. "ut se#eral aspects of in#entory holding policy ha#e to "e "alanced& • • • • • >ead times (easonal fluctuations in orders& Alternati#e use of !arehouse space& Bul' discounts& >i'elihood of in#entory perishing or "ecoming o"solete& In#entory Turno#er Ratio.0ost of good sold A#erage In#entory L 779." !rn#0"r ra i#6 Measures ho! long it ta'es for an entity to settle its creditors& The paya"le days should al!ays "e more than the recei#a"le days& Remem"er the cash recei#ed from the 81 .=:E.
97=.979.166.71<.(ales Total Asset L 2.n the other hand the "usiness !ith short paya"le days indicates that it is not trusted "y its suppliers& 5sually if the payment record of the "usiness has "een "ad suppliers !ill al!ays insist cash purchases from the "usiness& In ser#ice industries the ratio is of little rele#ance than in trading organi%ations& The ser#ice industries purchase consuma"les !hich are not the core of their "usiness unli'e in trading acti#ities !here the performance is "ased on the le#el of purchases made& e"tor Turno#er Ratio.1 In0"s %"n Ra i#The mar'et price of a companyCs shares is of interest to the analyst "ecause it represents !hat in#estors as a !hole thin' of the company at a point in times& Mar'et price is the price at !hich people are !illing to "uy or sell the shares& It pro#ides information a"out ho! in#estors #ie! the potential return and ris' connected !ith o!ning the companyCs shares& Mar'et Price "y itself ho!e#er is not #ery informati#e for this purpose& 78:./.Purchases A#erage Account paya"le L L 16918=:DD1DDD 7:.DDD A1DD L8&E9 98.<DD 7ED 76&8D Total Asset Turno#er Ratio.9DE.customers !ill "e used in settling the suppliers so it is imperati#e that the company should al!ays ensure than they secure more paya"le days than the days they allo! their customers& Increase in paya"le days may indicate that the "usiness is facing cash flo! pro"lems and !ill deter ne! and old suppliers from eAtending credit supplies to the "usiness& .DDD A1DD L11&D9 ays L76&8: 86 .76E.
E=:.0ompanies differ in num"er of outstanding shares and amount of underlying earnings and di#idends& Thus.DDD 191. mar'et price must "e related to earnings "y considering the price earning ratio and the di#idend yield& In#estment ratios are concerned !ith the return on in#estment for shareholders.9:=. L 69&78 Price 4arning Ratio.et profit after taA & preference di#idend .Mar'et price 4arning per share L 8DD L18&E7 87 .um"er of share outstanding L 8.. and !ith the relationship "et!een return and the #alue of an in#estment in companyCs shares& Earnin$ P"r Shar"6 4arnings are profits for the year a#aila"le to ordinary shareholders.DDD Pri'" Earnin$ Ra i#6 This ratio measures the in#estorsC confidence in a company& The PB4 ratio is useful in comparing the relati#e #alues placed on the earnings of different companies and in relation to the o#erall mar'et.<1=:D1. !hich can either "e paid out as di#idends to the shareholders or retained in the "usiness& 4P( measures the profit earned per share& The higher 4P( !ill attract more in#estors to acquire shares in the company as it indicates that the "usiness is more profita"le enough to pay the di#idends in time& But remem"er not all profit earned is going to "e distri"uted as di#idends the company also retains some profits for the "usiness& 4arning Per share.
69&78 i#idend per share."#iously di#idend yield is therefore an important performance measurement tool for shares& The company need to "alance the di#idend pay out and the retained profit& A company !ith high di#idend yield may "e considered as ris'y as it may imply that the company is returning a huge portion of profit "ac' to the shareholders as di#idends lea#ing less profit !hich is an important internal source of funds& i#idend yield is the return a shareholder is currently eApecting on the shares of a company& It is i#idend Payout Ratio.4i".i#idend per share A 1DD Mar'et price L 61 A1DD L <&6< 8DD 88 .Ra i#6 This eApresses di#idend per share as a percentage of the current share price& calculated as follo!s (hareholders loo' for "oth di#idend yield and capital gro!th& .i#idend paid ..um"er of share outstanding L 7ED71<E:61 191<1=:D1 L 61 Di0i-"n.
6000 5000 4000 3000 2000 1000 0 2002 2003 2004 2005 2006 2007 B onus D ividend 2.9=E.:8:. "ut also to pro#ide information that indicates !hether or not the "usiness !ill "e a"le to pay its creditors. so that a fall in PBIT !ould then ha#e a significant effect on profits a#aila"le for ordinary shareholders& Interest 0o#er in times./. loans falling due at correct times& A company may "e profita"le "ut if it fails to generate enough cash to settle its lia"ility is said to "e insol#ent& (uppliers and pro#iders of short term finance are interested in these ratios as are used in assessing the a"ility of the "usiness to settle its current lia"ilities In "r"s C#0"r in i%"s Ra i#6 If a "usiness is highly geared it !ill "e paying more interest& The ratio measures the a"ility of the "usiness to pay interest to its lenders& >o! interest co#er is associated !ith high gearing& The interest co#er ratio sho!s !hether a company is earning enough profits "efore interest and taA to pay its interest cost comforta"ly. or !hether its interest cost are high in relation to the si%e of its profit.2 L"0"ra$" Ra i#The "usiness should not only pro#ide information on its profita"ility.DDD L E&E= 11<=116.DDD 8< .4BIT Interest eApense L 9. eApenses.
medium in#entories /high in#entories "ut quic' turno#er1& Fhile as in a manufacturing 8E . a quic' ratio can "e less than 1 !ithout suggesting that the company should "e in cash flo! trou"le& Both current and quic' ratio offer an indication of the companyCs liquidity position.7=<. pro#ided creditors and de"tors are paid at approAimately the same time. ra i#6 This sho!s that. lo! cash.DDD L 1&61 <1. "ut the a"solute figures should not "e interpreted too literally& It is often theori%ed that an accepta"le figure should "e 6-1 for current ratio and 1.DDD A'i.1& Any ratio "elo! indicates that the entity may face liquidity pro"lem "ut also Ratio o#er 6.1 for quic' ratio "ut these should only "e used as a guide& ifferent "usinesses operate in #ery different !ays& A supermar'et group for eAample might ha#e a current ratio of &< and quic' ratio of &19& (upermar'ets ha#e lo! recei#a"les /as sales are usually made on credit1. a #ie! might "e made as to !hether the "usiness has sufficient liquid resources to meet its current lia"ilities& A company in the ser#ice industry !ill not ha#e in#entories as such current ratio !ill not significantly "e different from the current ratio& The calculation can "e asThis ratio should ideally "e 1 for companies !ith a slo! in#entory turno#er& 3or companies !ith a faster in#entory turno#er.969.<17.0urrent Asset 0urrent >ia"ility L E6.C!rr"n Ra i#6 This compares assets !hich !ill "ecome liquid !ithin approAimately t!el#e months !ith lia"ilities !hich !ill "e due for payment in the same period and is intended to indicate !hether there are sufficient short term assets to meet the short$ term lia"ilities& Recommended current ratio is 6."s Or >!i'.697.1 as a"o#e indicates o#er trading. that is the entity is under utili%ing its current assets 0urrent Ratio.
1 R" !rn #n In0"s %"n 6 R.DDD A1DD L E&::.DDD.<17.0urrent Asset K In#entory & prepayment 0urrent >ia"ility L E6. <61D==EE. 1.9:=.DDD Ca(i a. Nears L 8 89 .<8E.0urrent Asset K0urrent lia"ility E6.7=<.6 R.87.E=:.DDD 2.DD.company these ratios may "e regarded as sho!ing sol#ency pro"lems .DDD 2.I L 1D.697$169=:1$6:<E6D<< <1.I0 L 8.697.969.7=<.969 For'ing 0apital. Muic' Ratio.Ca(i a.<17.!"6 Initial In#estment L 1D.DDD K <1.169.DD. E7("n-i !r"6 2 50 0 2 00 0 1 50 0 1 00 0 50 0 0 1 43 0 16 43 LD&E7 2 09 6 15 06 1 60 9 71 7 Rs In m illion 20 02 2 00 3 20 04 2 0 0 52 00 6 20 07 2.3 N" Pr"s"n Va.DDD L 11.2 R" !rn #f in0"s ".DDD A 1DD L :.DDD Rate L 16.
DD. then on the a"o#e assumptions "uying the Machine !ould actually cause to lose money in present$#alue terms& sell After 7 years 1<D.DDD1 O 1.DDD.DD. DD.P2L /1D.DDD O 7.DDD O 77.DDD. Ra " #f R" !rn6 . DDDD 1<.DDD O:.DDD in fi#e years. DD.DD.#<6 03 L 77.DD.DDD L :118E&8< 2.DDD.DDD..DDD1O 1. 8= .DDD L 1<. 1&18<P A 1D. DD.Cash F.P2L /1D.DDD /1OD&1611 /1OD&1616 /1OD&1617 /1OD&1618 L 6:8E87= O 6E7D969 O 678==98 O 6D:961E L1D.DDD in three years or Rs1<D. DD.DDD <.DDD <D.e! Machine 1D.D67.DDD L /<E78=1 /1O&1616 11:<9:1 /1O&1617 /1O&1618 O 617<781O <91:EE7 2.DDD L <. Rate per annum 1<. DD.DD.DDD O 1<.@ Dis'#!n ".DDD O 77.DDD /1O&1611 L L L =:6=<9 O ::87E<6 ::87E<6$1D. DD.DDD.DDD L 676<<& .DDD in three years.DDD /1OD&11<11 /1OD&11<16 /1OD&11<17 /1OD&11<18 L =:E=ED&:=O16DE<7:&88O61E81:E&76O<=66:8:&9= L 1DD:118E K 1D.DDD.6<< K 1D.DDD Amorti%ed Implied Annual Rate of return 18&<.DDD present 2alue 16:<9<E R( 1<. DDDDD ApproAimately <.DDD.DDD O:.DDD.DDD.DDD.DD.DD.DDD O 1<.5 In "rna.DDD K 1D.DD. "ut R( 17. DD.DDD.DDD O 77.DDD O 7.
4stimated (tandard de#iation 18&:. 6<. DD.(IL /1.D"0ia i#n6 U1L V/1&8W1 /18&:W1 O E<XY L66&7E U6L V/D&=W1 /18&:W1 O6DXY L16&97 U7L V/1&7W1 /18&:W1 O8<XY L6D&< U8L V/D&:W1 /18&:W1 O68XY L18&6= U<L V/1&1W1 /18&:W1 O 8<XY L19&91 8: . E7("' ".2.6<DDD 8A per year L 1. R.16&<.DDD of 9<.DDD 2.DDD Ris' MitigateL 9<.@ 0 < 3au)i 3ertili%er Q Ri E 8 8&< D&= D&6 STi 1&8 D&= 1&7 D&:D 1&1 U6 ei E< 6D 8< 68 8< 4Apected Rate of Return.B P#r f#. DD.Ra " #f R" !rn6 R1 R6 R7 R8 R< LE L8 L8&< O 1&8 /16&<1 O D&= /16&<1 O1&7/16&<1 L 67&< L 18 L6D&9< L16&D< L17&:< L D&= O D&:/16&<1 L D&6 O1&1/16&<1 S an-ar.i# In0"s %"n 6 .1$ 6<DDD L 6DD..A R" !rn #n s"'!ri 4 In0"s %"n 6 Ris'.ame 1 @ Khan 0ement 6 A%gard nine 7 M0B 8 .
* S!%%ar4 #f Fin-in$s) 3.!si#n 3.1 R"'#%%"n-a i#n <D .!si#n & R"'#%%"n-a i#n 3./ C#n'.Cha( "r 36 S!%%ar4 #f Fin-in$) C#n'.
* S!%%ar4 #f fin-in$s6 The ma)or anticipation confirmed !as the applica"ility of standard financial calculations for security in#estments. I also gained ne! perspecti#es on ho! to measure the less tangi"le security in#estments in !ays that meet the needs of decision ma'ers and other sta'eholders& Based on the literature and Internet research performed.3. In#entory turno#er sho!s the holding time period of in#entory or the inter#al in#ol#ed "et!een the purchasing and selling good and in#entory& This is 7D days per month& The organi%ation allo!s the 11&D9 days "y the suppliers of materialBgoods to the company against credit purchase& The sales generated against the use of assets in terms of times "y the organi%ation are 8&E9. and the satisfactory limit is 7 times& The current ratio and quic' ratio indicate the quic' and current financial a"ility of the organi%ation to meet the current lia"ility& & <1 . ma'ing the need for *ne!+ or *unique+ !ays of measuring security in#estments o"solete& In the early stages of preparing the thesis. ris' analysis. "ut to identify models and methods that are "eing successfully used in the mar'et& Fhile preparing this thesis. I stri#ed to find a generally accepted approach for performing cost "enefit analyses& Being a practitioner. some are sho!ing the loss in there return or less profit then the other pro)ects& 0ompany gross profit has declined "y 6&6E.1 trying to measure different types of information security in#estments& The company has in#est some in different pro)ect "ut in my calculation !hich I did so far. due to increase in cost of good sold !hich made effect /decrease1 on net income "y 1&1=. I concluded that there is no single generally accepted approach. "ut rather four complementing families of methods or non$financial performance metrics /go#ernance effecti#eness.& 18&E7 rate of earning through ordinary shareholder or their share as per mar'et #alue and the amount recei#ed "y the shareholder on there in#estment is <&6< per share on the "asis of mar'et #alue of share& Interest co#ered in times is E&E9 !hich sho! the earning co#ered the claim of creditors in term of interest against earning. I focused on identifying not only research models and intellectual structures for assessing #alue of information security practices.
rgani%ation faced !ith a competiti#e mar'etplace made up of increasingly demanding customers.. of the Ris' and that the cost of the 4quipment is truly Rs6<.4 "y 17&=1.P2 is positi#e. the discounted "enefits eAceed the discounted costs& A pro)ect !ith an internal rate of return !hich is greater than the current discount rate for the organi%ation is economically feasi"le& The iscounted 0ash flo! assumptions of "uying the Machine !ould actually cause to lose money in present$#alue terms& if the machine is an undesira"le and the !as a"out to raise interest rates "y fi#e percentage points. ho! much return there !as on that in#estment during a specified period. DDD& In reality. P(.!si#n6 After e#aluation and measurement of all the pro)ects and in#estment of Pa'istan (tate oil !e ha#e analy%ed the loss and profit through #arious techniques !hich tell us the right path or the "etter gro!th in future& In all tools you must remem"er the financial and political situation of our country !hich ma'es effect on o#er results&.DD.A indicates the less profita"ility of the organi%ation& The current ratio and quic' ratio tell us that the organi%ation has enough cash a#aila"le to pay the "ills and enough liquidity to co#er its <6 . also calculate ho! long the pay"ac' period !ill "e for the in#estment& A pro)ect !ith a positi#e . then the pre#ious year& The organi%ation need to find the difficulty controlling the indirect cost "ecause of falling its operating margin& This organi%ation is less attracti#e to potential in#estors "ecause of decreasing in R.DDD in three years& Return on security in#estment sho!s to "e !orth the in#estment. DDD.I ena"les the manufacturer to determine ho! much !as in#ested.P2 is economically feasi"le& If the .& Fhich tell us that the cost are increasing faster then sales. and !hat the rate of return !as& Fith this information. continuous impro#ement can "e more than merely a formal system of "usiness management& R. "ut only "ecause !eJre assuming that the cost of a disaster is R(6<..3. and then the direct costs are out of control& The operating profit sho!s the management of o#erhead costs and itCs also decreasing "y D&9E./ C#n'. deteriorate net income !ill also !orsen the shareholdersC equity as the loss !ill "ecome to create lia"ility& ecreasing R. none of these num"ers are li'ely to "e #ery accurate& The gross profit margin is decreasing "y 1&8. that the 4quipment !ill !ould 9<.it might not "e possi"le for him to ma'e a profit in discounted terms e#en if he could sell the machine for Rs6D. then the ris' factor !ould "e a lot higher than <.
short term o"ligations& Increasing in#entory turno#er ratio sho! the efficiently in#entory is "eing managed& ?igh turno#er is generally good& ?o!e#er. is fore#er and al!ays at ris' of slipping an infinite numerator or a %ero denominator into those ratios& As R. then sales are not strong enough to meet daily cash o"ligations& Muic' cash management inter#ention is required& In !hich they can increase the current assets /increase turnaround on accounts recei#a"le1. can increase or ma'e "etter the current ratio position through increase current assets "y increasing profit. 0osts and "enefits must "e quantified in the same currency& Fhile this is easy !hen considering re#enue$ generating in#estments K money$in #ersus money$out K in the In#estment security !orld. the organi%ation "ecomes more attracti#e to potential in#estors& @enerally. !hat comes "ac' is sometimes hard to eApress in financial #alues& Therefore. high turno#er may also indicate that the organi%ation doesnCt ha#e enough merchandise and is losing sales& 3. "orro!ing additional long term de"t. in !hich I manifestation on its strengths and !ea'nesses and results yield during the preparation of the thesis& ?o!e#er. impro#ing net income !ill also impro#e shareholdersC equity as the profit !ill "ecome retained earnings& The organi%ation need to !atch current ratio closely "ecause if it "egins to go do!n. then an organi%ationCs cash position may erode quic'ly& The quic'est !ay to increase cash is to impro#e sales& The P(.1 R"'#%%"n-a i#nThe findings are summari%ed in a suggested good practice for cost "enefit analysis of security in#estments& After the suggested good practice has "een presented. although money goes in.4 Increase. decrease current lia"ilities /reduce short term de"t1. or disposing of unproducti#e fiAed assets and retaining proceeds& Reduce current lia"ilities "y retaining a greater portion of allocated sa#ings& A#oid financing non$ current assets !ith current lia"ilities& In the Muic' ratio is going do!n. cost "enefit analyses carry a fla! that can easily pro#e fatal. this is hard "ecause. Increase net income to impro#e cash flo! and <7 . the reader should 'eep in mind that a cost "enefit analysis. "ecause it demands a common currency. selling additional capital stoc'. a final section concludes the thesis.
reduce unproducti#e assets. increase ser#ice fees. placing historically trou"lesome accounts on a cash only policy. increase margins and other income !ith no increase in la"or costs& The common si%e analysis scaling effect highlights the most important eApense areas and can re#eal pro"lem areas that may not ha#e "een noticed "efore& It also pro#ides a !ay to compare year to year #ariation in financials& Account recei#a"les aging can "e impro#ed "y tightening the credit policy. and !riting off those dou"tful accounts that the manager feels !ill ne#er "e paid off& 0ollecting accounts recei#a"les can "e hard in a cooperati#e so "oard of directors need to pay close attention to account recei#a"le account& The in#entory turno#er reflects the num"er of times the in#entory is sold out during the year& Management can disco#er sales trends. /inno#ation. quality impro#ement1. reduce eApense. and !hat dead in#entory item they carrying "y paying close attention to the in#entory that is "eing sold out& Reducing o#erall in#entory le#els. getting dead items out of the !arehouse. and coordinating in#entory "et!een "ranches can impro#e it& The gross income ratio can "e impro#ed "y reducing o#ertime of employees !ho are *mil'ing the cloc'+. reduce la"or eApense "y reducing hours.impro#e !or'ing capital or reduce unprofita"le sales !hile maintaining !or'ing capital& To increase the profit margin and gross margin in the future. organi%ation need to increase margins. reducing unproducti#e employees or encouraging producti#ity and margins !ithout remo#ing any employees& Total asset turno#er can "e impro#ed "y increasing sales or "y reducing unproducti#e assets& The !or'ing capital ratio can "e impro#ed "y reducing accounts recei#a"le. reduce cost of goods sold. reducing short term de"t retaining a greater portion of allocated sa#ings and a#oiding financing long term assets !ith current lia"ilities& All of these can ma'e the "etter financial position of Pa'istan state oil through !hich they can maAimi%e the shareholderCs !ealth& <8 . reduce de"t load and impro#e profits& The organi%ation can impro#e their financial position and also can maAimi%e shareholderCs !ealth through impro#e sales. collecting past due accounts.
company.!". ra " #f r" !rn /IRR1 is a capital "udgeting metric used "y firms to decide !hether they should ma'e in#estments. M#-ifi".!" A--". Ra " #f R" !rn /MIRR1 is a financial measure used to determine the attracti#eness of an in#estment& In finance) the -is'#!n ".or EVA is an estimate of true economic profit after ma'ing correcti#e ad)ustments to @AAP accounting. used to e#aluate the efficiency of an in#estment in finance and economics& T# a.#< /or 031 approach descri"es a method of #aluing a pro)ect. Fr"" 'ash f. or asset using the concepts of the time #alue of money. including deducting the opportunity cost of equity capital& << .'ash f. an economic standard method for e#aluating competing long$term pro)ects in capital "udgeting& The in "rna. '#s #f #<n"rshi( FTCOG is a financial estimate designed to help consumers and enterprise managers assess direct and indirect costs& In corporate finance) E'#n#%i' Va. It is an indicator of the efficiency or quality of an in#estment.In "rna.D"fini i#n #f K"4 "r%s6 N" (r"s"n 0a.#< FFCFG is a cash flo! a#aila"le for distri"ution among all the security holders of a company& Return on In#estment or Rate of return.
"s?+!sin"ss?MaHA/B&:H2AG !ard (usan.perations and @o#ernment e"t Management. 0. Pam A "asic lesson in 0ash flo! management.#< . Ir#ing The theory of Interest.'#%?$!i-"s?s ar _+i:?/C5@3.'#.in'."s?+!sin"ss?MaH2@B&:H2A 1 0amp"ell Philip. h (6??<<<. 0ash flo! management& h (6??s+inf#'ana-a.<i. TreasurerCs 0ompanion.i?Cash_f.#<%$ . Tony *0ash 3orecasting+. 2&. a#id Marston and Ritu Basu /6DD11.h % <E .:a?ar i'. *Monetary . and @hiath (ha"sigh.Bo" 7D (eptem"er 6DDE Impro#ed cash flo!1 h (6??<<<.i#$ra(h46 (undarara)an. 1 [anuary 6DD9. /1::=1.FPB:=B188& /Fashington. IM3 For'ing Paper . e 0auA."n r"(r"n"!r%a$.IM3.'#.h %.#<_(r#9"' i#n 3isher.#r$?<i.<i. Z3inancial (ystem (tandards and 3inancial (ta"ility. (eptem"er1& (undarara)an. 3inance and 0apital& h (6??<<<.a+#! .#r$?<i.Bi+.The 0ase of Basel 0ore Principles+. a#id Marston.e!man.o& D1BE6 /Berna"ucci .i?Dis'#!n "-_'ash_f.i("-ia.:a?ar i'."n r"(r"n"!r%a$. 1:7D& h (6??"n. 2&.i("-ia.'#%?'s?%ana$"%"n ?$?'ashf. Association of 0orporate Treasurers) 6DD< h (6??"n.
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