Diels alder reaction Essay

Result: For the Diels-Alder response: Maleic corrosive is 0.002 mol 2,3-dimethyl-1,3-butadiene is 0.002 mol The hypothetical yield is 0.36g Cycloaddition item is 0.358g (possibly it was not totally dry when I weighted.) The % yield of Diels-Alder response is 99.4% For the hydrolysis: The hypothetical yield of hydrolysis is 0.396g The trial item yield is 0.28g (some strong left on the channel paper and some for the softening point estimation.) The % yield of hydrolysis is 70.7% The cycloaddition of a conjugated diene and a dienophile, which is drove by shaping new ÏÆ'-bonds from Ï€-electrons of the diene and dienophile, which are vigorously more steady than the Ï€-bonds. During the Diels-Alder response, the temperature ought to be kept between 60-70 â„Æ'. Since the breaking point of the butadiene is low and don't allow it to disintegrate. After cycloaddition, empty the response blend into 50 ml water under room temperature, the item would hasten as a result of the low temperature. The corrosive included for the hydrolysis part is significant in light of the fact that acids have been utilized to quicken the pace of the intra-sub-atomic Diels-Alder response. The PEG 200 utilized in this analysis as the dissolvable for maleic anhydride isâ make the investigations progressively green, which is not so much destructive but rather more natural cordial. The softening point estimation is helping us to figure out what we get fundamentally. Contrast and the IR spectra I got, the top at 1792.62 cm-1 in the first spectra express the C=O obligations of the underlying cycloaddition item, and the top at 1697.14 cm-1 in the second IR spectra shows the C=O obligations of carboxylic corrosive ( RCOOH) of the last item.

Shakespeares Sonnets Essay Example for Free

Shakespeares Sonnets Essay In this article I will depict the topics of Shakespeares works, the structure and the symbolism in the poems. The primary topics of the pieces are love, magnificence, impermanence and passing. The works are practically completely developed from three four-line verses and a last couplet formed in predictable rhyming with the rhyme conspire abab cdcd efef gg, this is the structure of the greater part of his poems and I will portray the impact of the structure in his pieces. I will likewise expound on the symbolism in the pieces which is generally spun around nature, climate and the seasons consistently. Shakespeares works are pretty much love sonnets and I will discuss who they may or probably won't have been for in my article. Work 18, potrays the young people of marriage, he utilizes portrayals of nature, and the force and pictures that they suggest, and legitimately analyzes them to the force the youngster has in his childhood. In Sonnet 18, Shakespeare gives us that his affection will be saved through his everlasting lines of verse by contrasting his adoration and verse and a summers day. Shakespeare at that point utilizes embodiment to accentuate these correlations and make his topic more clear. Shakespeare additionally utilizes redundancy of single words and thoughts all through the poem so as to pressure the topic that his adoration and verse are unceasing, not normal for different parts of the common world. Utilizing the gadgets of illustration, embodiment and reiteration, Shakespeare uncovers his topic that the regular world is flawed while his affection is made unceasing through his lines of verse. In any case, thy endless summer will not fade, Nor lose ownership of that reasonable thou owst, Nor will Death boast thou wandrest in his shade, When in unceasing lines to time thou growst Shakespeare announces that his affection is perpetually enduring and relates his emotions to summer, which is splendid, warm and clear. Shakespeare likewise discusses the excellence of the youngster he is writing to and says that he could never lose ownership of his magnificence. The way that Shakespeare decided to contrast his adoration with a summers day and not a day of another season assists with stressing the unfathomable length of time of his affection and his sonnets. Throughout the late spring, the days are longer than in some other season. Shakespeare looks at a human life to the summers day when he talks about thy unceasing summer. This accentuates again Shakespeares thought that his adoration is everlasting, not normal for other regular things that age and rot. In Sonnet 73, That season, the piece obviously depicts the symbolism of nature, periods of the year and climate. Shakespeare shows his inclination that he has not long to live as he portrays the season as Winter. All the pictures in this poem recommend looming demise. The period of Winter mirrors that he has not long to live and as nature gradually bites the dust in the Winter, so will he. In the main quatrain, the writer looks at himself to pre-winter leaves, however he can't pinpoint their careful number, similarly as he can't decide that he is so near death: When yellow leaves, or none, or few, do hang Upon those limbs which shake against the cold In the subsequent quatrain, he discusses nightfall, which is not long before night. This demonstrates light is almost gone and obscurity will devour him. Shakespeare is near death now as he envisions demise twice increasingly, first as dark night and afterward as rest, Deaths second self. He portrays himself as a fire going out and he pines for his childhood as his remains covers it. This thou perceivst, which makes thy love progressively solid, To adore that well which thou must leave ere long. In the couplet, Shakespeare proclaims his affection for his childhood and accepts he will before long bite the dust and never observe the youngster again. In perusing Shakespeares poems I found that they were very fascinating and were fundamentally spun around affection, magnificence, nature and time. The stucture continued as before in practically all the sonnets which underscored the state of mind of Shakespeare that there was a fixed way or routine in his life. The symbolism in his poems was basically identified with nature and his general surroundings, utilizing nature references to contrast his adoration with youth or the youngster he expounds on. I think Shakespeares works were pleasant to peruse and he potrays his feelings to his perusers obviously.

Result and Discussion of Qualitative Analysis †MyAssignmenthelp.com

Question: Examine about the Result and Discussion of Qualitative Analysis. Answer: Presentation: This area of the examination uncovers the discoveries of the information. The exploration system has embraced both subjective and quantitative methodologies and the investigation will be made on the two kinds of essential information gathered. For the investigation of the quantitative examination mangement, so as to comprehend the relationship of the monetary state of the understudies that spurs them to make scholastic progress, SPSS Moderator Hierarchical Regression Analysis utilizing Pearson Correalation and ANOVA has been utilized. For the subjective investigation, the critical explanations from the information transcript have been taken and topic based examination has been finished. Quantitative investigation: Model Summaryc Model R R Square Balanced R Square Sexually transmitted disease. Mistake of the Estimate Durbin-Watson 1 .404a .163 .156 9.36791 2 .409b .167 .153 9.38486 1.850 Table: Model Summary (Source: As made by the creator) a. Indicators: (Constant), Average score of Satisfaction b. Indicators: (Constant), Average score of Satisfaction, Average score of FS c. Subordinate Variable: Average score of AM Investigation: For the main model, the budgetary quality is appeared as a non-critical patron on scholarly inspiration, R2 = .001, F (1, 121) = .112, p = .738. The money related quality records for 0.1% of the minor departure from scholastic inspiration. For the subsequent model, one of the two givers is critical and represents 16.7% of the minor departure from scholarly inspiration the executives, R2 = .167, F (1, 120) = 23.94, p .001 For the third model, a couple of the three givers is a non critical patron on scholastic inspiration. A couple of the three givers represents 18.2% of the minor departure from scholarly inspiration, R2 = .182, F (1, 119) = 2.21, p = .194 ANOVAa Model Total of Squares df Mean Square F Sig. 1 Relapse .113 1 .113 .112 .738b Leftover 121.887 121 1.007 Absolute 122.000 122 2 Relapse 20.384 2 10.192 12.036 .000c Leftover 101.616 120 .847 Absolute 122.000 122 3 Relapse 22.236 3 7.412 8.841 .000d Lingering 99.764 119 .838 All out 122.000 122 Table: ANOVA (Source: As made by the creators) a. Subordinate Variable: Zscore (Average score of AM) b. Indicators: (Constant), Zscore (Average score of FS) c. Indicators: (Constant), Zscore (Average score of FS), Zscore (Average score of Satisfaction) d. Indicators: (Constant), Zscore(AveragescoreofFS), Zscore(AveragescoreofSatisfaction), balance As indicated by this table, when the money related quality factor was examined, the outcome demonstrated that the budgetary quality was not a critical patron on scholastic inspiration, p = .738 At the point when understudy fulfillment factor was included, the outcome shows p esteem was noteworthy, p .001. In this way, one of the two variables is a huge benefactor on scholarly inspiration. At the point when cooperation factor (money related quality x understudy fulfillment) was included, the outcomes shows p esteem was critical, p .001. In this way, one of the three components could be a noteworthy benefactor on scholarly inspiration. Coefficientsa Model Unstandardized Coefficients Normalized Coefficients t Sig. Connections Collinearity Statistics B Sexually transmitted disease. Mistake Beta Zero-request Incomplete Part Resilience VIF 1 (Steady) - 2.357E-015 .090 .000 1.000 Zscore (Average score of FS) - .030 .091 - .030 - .335 .738 - .030 - .030 - .030 1.000 1.000 2 (Steady) - 2.010E-015 .083 .000 1.000 Zscore (Average score of FS) - .063 .084 - .063 - .751 .454 - .030 - .068 - .063 .994 1.006 Zscore (Average score of Satisfaction) .409 .084 .409 4.893 .000 .404 .408 .408 .994 1.006 3 (Consistent) - .008 .083 - .098 .922 Zscore (Average score of FS) - .055 .083 - .055 - .657 .513 - .030 - .060 - .054 .990 1.010 Zscore (Average score of Satisfaction) .385 .085 .385 4.554 .000 .404 .385 .378 .959 1.042 control .104 .070 .126 1.486 .140 .198 .135 .123 .963 1.038 Table: Coefficient (Source: As made by the creator) a. Subordinate Variable: Zscore (Average score of AM) Examination: As per this table, the p esteem for the monetary quality factor was p = .738 at the principal model, p = .454 at the subsequent model and p = .513 at the third model. Subsequently, it very well may be unmistakably expressed that monetary quality is definitely not a huge factor that add to the scholastic inspiration. The p esteem for the understudy fulfillment factor was p .001 for the second and third model. Subsequently, it tends to be said that understudy fulfillment is a huge factor on scholastic inspiration. The p esteem for the communication factor was p = .140 at the third model. Subsequently, cooperation is another factor that shows critical benefactor on scholarly inspiration. Subjective examination: Four subjects have been chosen to investigate the subjective information the board. The conversation can be made underneath: Great learning condition: While leading the meeting, one of the respondents said that they discover the talk notes extremely accommodating as it informs us in insights about the theme and made things understood that isn't upheld from the general reading material. Actually, the staffs of the University likewise help the Students from multiple points of view consequently decreasing the additional weight from them. High Self-Efficiency: The Students are additionally spurred when they get high confidence and better self assurance. As per one of the respondents, it is the point at which the circumstance gets great as far as picking up trust in oneself; one gets prepared to confront any sort of difficulties throughout everyday life. These difficulties may likewise incorporate fiscal limitations however the circumstances can be handily taken care of by them. Social Support: The different social help thoughts incorporate strong companions, accommodating friends, steady guardians and steady family. It has been as of now saw that the training quality generally relies upon the social condition where the specific understudy lives or studies. So as to perform better, it is imperative to get steady help from the individuals who are the precious ones. Scholastic situated Goals: The scholarly objectives incorporate the longing of a specific understudy to read further for instance the craving to do Master certificate or PHD (Blackwell Pinder, 2014). This naturally makes an inclination among the understudies that they need to perform better in the investigation and it is the main way that they can get fruitful in their lives. Nothing else truly matters to them. As per the respondents, it has been realized that they are a lot of sure about themselves that in the event that they finish their instruction appropriately, they can accomplish everything without exception in their life. This inspiration is the way in to their prosperity. Conversation: It has been unmistakably noticed that budgetary condition isn't the main significant persuading factor for an understudy to continue studies and instruction. A person needs different elements to get satisfied too so as to be energized towards contemplates. On meeting, it has been discovered that there are sure factors separated from the monetary condition that really inspire the understudies to concentrate better. These elements are useful talks, steady talks, a lot of chances accessible to the understudies, when the University is extremely strong and if the understudies get great offices and great staffs to manage (Venkatesh, Croteau Rabah, 2014). From the writing, it has been realized that trust in an understudy is significant so as to conquer any difficulty (Hamayan et al., 2013). In the event that they get this certainty, they can perform better in their investigations. As per the intellectual hypothesis too, it has been expressed that when one beginnings having faith in self, th ere remain no issues to the understudy and they are increasingly disposed towards accomplishing their life objectives and destinations (Acar, 2014). On the off chance that an understudy gets the help of the loved ones, they make certain to perform superior to something else (Hitka BalÃ¥ ¾ov, 2015). Subsequently, it very well may be handily said that financial help as well as passionate help is similarly significant. Along these lines, the individuals who get the help from their families and companions, they are found to perform better in their examinations. Numerous understudies are discovered who are self inspired and need to carry on training as their lone intention in their life (Ahmad Buchanan, 2017). This is the explanation, it tends to be obviously expressed that money related inspiration can't be viewed as the main inspiration for considering. End: From the nitty gritty examination, obviously money related quality isn't at all a noteworthy factor that spurs the understudies to contemplate. There are unquestionably different elements that really help them to be increasingly disposed towards their objectives and goals of life. These are enthusiastic and strong elements the executives that really help them to handle the existence upsets and help them to think

Business Model Karaoke Business Opportunity In Hobart Tasmania - 4675 Words

Business Model: Karaoke Business Opportunity In Hobart Tasmania (Research Paper Sample) Content: Name: Instructor: Course: Date: Karaoke Business in Hobart Tasmania Introduction A packaged business investment that gives an entrepreneur a chance to start a business is known as the business opportunity (Hart, p.2). However, after one identifies the business opportunity, he/she plans on how they will generate revenue and profit. This is achieved through a process known as a business model. A business model is a plan for a successful business operation which identifies the source of capital, targeted customer, goods and services of the business and the details of business financing. A business model provides into details the intended goods and services that the entrepreneur plans to produce and the strategies of producing them including all the expected expenses. Business opportunity, however, has got different meaning depending on the views of different people. However, a business opportunity requires a lease/sale of any product service or product that will enable the entrepreneur to start a business (Baron, p.106). More so, the entrepreneur needs a genuine s upplier of his goods or services as well as a suitable location for his venture. In addition, the business opportunity has to guarantee an income higher than the buying price of the goods and services as well as having a ready market (Hart, p.1). However, since business is all about risk-taking, every business opportunity must have insurance such that if the customers do not like goods and services, the supplier is willing to change and improve on the quality and quantity and at sometimes even compensate the entrepreneur for the loss. On the other hand, before one decides on the kind of business opportunity to venture in, he/she must consider several factors (Ucbasaran, el at., p.34). These include the cost of setting up and running the business, the passionate of the business, availability of the customers and business location, and market competition of the business. This will help an entrepreneur to come up with the best business opportunity among the available business opportunities (Baron, p.105). In this paper in-depth analysis of karaoke business opportuni ty in Hobart Tasmania is discussed. In addition, the business model for the business is discussed. Karaoke business in Hobart Tasmania Karaoke is a form of entertainment that originated from Japan. In this form of entertainment recordings of the music which does not include the words of the favorite songs are played such that the words can be sung by the audience (Badger, p.3). In Hobart Tasmania, karaoke business is very down since very few people that have ventured into the market although they are other forms of entertainment in the town. There are only two commonly known pubs in the city that undertakes the karaoke business, that is, the Montgomery's Hobart Hotel and Carlyle Hotel. Karaoke is a fun form of entertainment that many people love both locally and internationally (Ruismà ¤ki el at., p.23). Therefore, seeing that very few clubs have this form of entertainment, it creates a big opportunity for one to start such a business. The competition for this kind of activity in Hobart is meager, and therefore one expects to get customers much more comfortable. Furthermore, it is forms of business that is relatively inexpensive and which one can start on his own and start earning immediately. More so it is easier to start the business since it is not a must for one to rent a house for the business. This is because one can organize and be hosting his shows on clubs, pubs, hotels, and restaurant for specific days of the week. In addition, one can network with the event planners such as a wedding, birthday baby shower among other events who can recommend for him/her for Karaoke nights. However, some people establish karaoke as fulltime business while others like bars and clubs host occasional karaoke nights through hireling a third party to take responsibility of the night and its occasion (Badger, p.13). Due to this fact, a lot of opportunities are created for investors to establish a business that will cater to karaoke events in such bars, clubs, restaurant and any other kind of party. This kind of activity is expected to prosper through wor d of mouth publicity. In addition, in order to create attention and to attract a lot of customers, a karaoke entrepreneur can host theme nights. This will in addition help in being competitive in the industry of entertainment. Resources will be needed to capitalize on karaoke business Karaoke is a widespread occurrence that allows people to sing their favorite music in front of audiences. The first thing an entrepreneur needs to do is to decide on which type of music they want to be performing in their karaoke business. This will give him/her the content of his business. Besides the entrepreneur has to consider the cost of buying the music/his content as continues expense since the music keeps changing and he has to go by the trend. The music can be purchased or downloaded from the online platform. It can either be a CDG disc or digital system. Since we are the world where technology has prevailed, the digital system is the best to go for in order to cater to all kinds of clients. However, the primary requirement for a karaoke business is the equipment used to give the experience. This equipment includes a music player, sound mixer, video monitor and stand, microphone, speaker, content, and equipment cases (Badger, p.12). The music player is the crucial instrument for any karaoke business since it helps to display song lyrics as well as play the music for the performer. The music player uses DVDs as the source of the audio. However, the digital layer system where the song files are stored on a laptop/computer. This saves an individual from the stress of carrying so many discs into each gig he/she is to perform. In addition, it makes it easy to search for the songs by use of a simple graphic interface. In addition, the karaoke business needs a sound mixer. This is to allow the operator to control the volume of the music separate from the volume of the singer. By use of the sounder mixer, an experienced operator can make the resulting sound perfect. Some of the hardware players are made with in-built mixers while others don't and thus require an external device for mixing. The usual mixer contains inputs for the music layer and microphones along with outputs that send the mixed audio signal to the speakers. Some of which got special effects that can be used to boost the sound of the singer, for example, reverb or echo effects. However, the microphones are used to enhance the volume of the voice of the singer, and they are usually plugged into the mixer board or music player. Besides, when choosing the microphone to use in the karaoke business, one has to consider the one designed for singing and not for spoken words. To enhance the conformability of the performer, one may also opt t o buy the wireless microphone to make it easy for the performer to move across the stage. On the other hand, for the purposes of those that do not like to step up and down the scene or hold the microphone with their hands, they should also be a microphone stand for them. However, in all karaoke systems, there should be a video monitor where the performer will be reading the lyrics of the song he/she is performing. The monitor is usually attached to a wheeled monitor stand. The stand is adjustable in order to help in adjusting the height of the screen to the most appropriate position for the performer. However, in order to create the mood for music entertainment, the karaoke business needs speakers. For the entrepreneurs that decide to be hosting their business in bars and restaurants are advantaged since most of them have permanent sound systems that can be used for karaoke. While as for the person that may decide to have his speakers for business there are two main options. One, a person can choose to buy the powered speakers. This type of speakers does not require an external amplifier and can be powered by being plugged into any wall outlet through an extension cord. Therefore they are easy to install and use. The second option is buying passive speakers. This type of speakers does not require power, but they need a signal that is processed by an external amplifier. This makes it more complicated to use since one has to do a complicated installation at each show. Finally, after purchasing all the equipment required for a karaoke business one has to consider what to use when transporting his/her material from one place to another. In order to make sure your equipment is in order and secure one should use a proper case. However, having the equipment and a place to carry out the karaoke business cannot make it successful without considering the workforce or the person to carry out the business. The performer/singer requires being a person that is extrovert, can entertain others and knows how to sing. In addition, the performer must be confident. This is Because he/she will be interacting with so many people and of a different kind every day from different parts of the world than usual. It would be more suitable if the owner/performer of the business has experience in the industry from the past. This would give him/her courage as he/she is aware of what expected of him by the audience. More so one has to have the knowledge of what is being charged for the entertainment, being a new singer one may be required to cost lesser in order to remain competitive in the industry and win more customers. The business model for karaoke business in Hobart Tasmania Founding in the karaoke bar industry primarily provides entertainment inform of Karaoke together with drinks and food. As one of the ways of increasing the revenue for the company, the business offers limited drinks and food services. The karaoke bar is expected to focus carefully on their target market. Establishin...

Drug Abuse Has Become A Real Problem - 1235 Words

Heroin In the world today, drug abuse has become a real problem. In the 1800s there was a drug called opium that was commonly used. Opium came from the poppy seed plant and became very popular here in America, starting in the west. There used to be opium dens where cowhands would stop and stay and smoke opium. From opium, along came the drug morphine. Morphine was derived from the drug opium and was also introduced in America in the 1800s. Morphine became a very popular pain killer in America during that time, and it still is today. During the Civil War is when people started to realize how addictive the morphine was. There was a huge morphine epidemic in America after the Civil War and doctors did not know how to treat it. In 1874,†¦show more content†¦Although heroin is illegal in the United States, the number of heroin addicts in the US is increasing. â€Å"According to the 2011 Survey on Drug Use and Health by the US Substance Abuse and Mental Health Administration, it is estimated that 607,000 persons per year used heroin in the years 2009-2011† (Anderson). A lot of people who try heroin for the first time have no idea what they are dealing with. The drug is so strong that if someone takes too much then they could easily overdose or even die on just the first time trying it. The age group that has increased the most on heroin abuse is young adults from the ages of nineteen to twenty-eight (Anderson). Although that is the age group affected most, there are still younger teenagers and older adults who have used heroin. Heroin can be taken many different ways. It can be injected, smoked, snorted, or just ingested like food. Many heroin users start off by either smoking or snorting it, but they begin to become tolerant to the high that it produces. The most common way of using heroin is by injecting it with a needle into your bloodstream. Out of all the ways to take heroin, injecting it has to greatest risk of lethal overdose. This is because of the large amounts of heroin that is going directly into the bloodstream (Nadelmann). There are a lot of different spots on the body that people can use to inject heroin. Some of the more common places are on the arms and legs. People can

Is Global Warming Real or Not - 766 Words

Is Global Warming Real or Not? 70% of people in the world think that global warming is real and 12% say its not happening at all. Well to you non-believers did you ever wonder way places that were beautiful arent so beautiful now? For example the Arctic a winter wonderland now big, huge, super deep, pool almost gone. Its happening everywhere and it affects everything and everyone. There are tons of thoughts on Global Warming(G.W) on if its happening or not. Not many people believe in climate change(G.W), â€Å"but the people who do believe want the government to take part or take some kind of action and help make it more serious matter†( Scott Clement-Washington Post). They think it should be a one if the number one priority. 34% of people say GW is a big serious threat to the world and 64% of people say that it is no threat whats so ever. You would also think that people would believe in what scientist say because they’re the exports and theyre the ones with the money to conduct the experiments to see whats happening, no, 35% of americans have little faith in scientists and 26% think that they are telling the truth. â€Å"Not to mention no more than 16% of american say there will be no effect of G.W in their lifetime and about 8% say it will happen, they think that its going to happen in the distant future not the present† (Karlyn Bowman and Jennifer Marsico from Forbes.com). What they don’t realize that G.W is already affecting us. people who think its not going to happenShow MoreRelatedIs Global Warming Real1810 Words   |  8 Pages|Is Global Warming Real | |Environment Society | | | | In this research paper we will be discussing is global warming real. There| |are many people who do not believe that it is happening. 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Yet, it is complicated finding a solution for it because of all the factors that are at play and the opposition of people who do not believe it is a real issue. Many countries rely on fossil fuels to both produce goods and generate power for homes, and it would cost a vast number of money to change to different alternatives. As a result human activity would have to decreaseRead MoreGlobal Warming Is A Real Problem1796 Words   |  8 PagesClimate Change is an important topic that everyone should be well versed on. Global warming was denied as being a real problem for many years, but the proof cannot be hidden anymore and countr ies around the world are acknowledging that global warming does exist. It is my pleasure to know that our country will participate in the United Nations Climate Summit. As the CEO of an environmentally conscious company, it is my honor to represent the United States of America at the Summit. Climate ChangeRead MoreGlobal Warming Is A Real Phenomenon2326 Words   |  10 PagesINTRODUCTION Global warming has become a central problem in the scientific community, while viewed as more of a severe problem by some people and policy makers than other, the consensus in the scientific community is that global warming is a very real phenomenon. Although the global warming is still debated as far as how fast and severe the problem is, scientific data has shown that the average global temperature has increased by 0.4 to 0.8 Celsius during the last 100 years (http://www.livescience

Financial Performance Of NEXT Plc †Free Sample Solution

Question: Write a business report of your FR unit leader analysing the financial performance and position of NEXT plc for the year ended 24th January 2015 compared to the previous year. For this assignment assume the role of a financial analyst. Answer: Introduction NEXT Plc is a leading retailer of UK, specializing in exquisite and trendy apparel, shoes and fashion accessories for men and women. The retailer is also widely known for its home interior products. NEXTs important segments include NEXT Retail, NEXT Directory and NEXT International Retail. NEXT Retail is a large chain of more than 500 stores in the UK and Eire. The segment contributes almost 60% of the group revenue. NEXT Directory is the home shopping division with more than 4 million customers in the UK and overseas. The segment has grown by over 150% in the last decade and accounts for 40% of the groups revenue. NEXT International Retail comprises of nearly 200 franchised stores and contributes nearly 2% of the group revenue. NEXT Sourcing is involved in the strategizing, sourcing and acquisitions of NEXT branded products. Lipsy deals with the designing and sale of Lipsy branded younger womens fashion products with nearly 40 stores, online, and wholesale and franchise channels. The segment contributes around 2% of the group revenue. Analysis of the financial performance Working capital serves as the best measure to gauge a companys short-term well-being and efficiency. Net working capital is arrived at after deducting the current liabilities from the current assets and helps us understand that whether the companys short-term assets are enough to take care of the day-to-day running of the business. NEXT has maintained a net working capital turnover of 12.4 and 13 in FY15 and FY14, respectively, which is pretty decent. NEXTs gross profit margin has remained pretty stable at ~33%. The gross profit of the company was 1.3 billion while the cost of sales was 2.6 billion in FY15, and 1.2 billion and 2.5 million, respectively in FY14. Therefore, the retailer needs to improve its cost of sales which is eating away more than 66% of its revenue of 4 billion in FY15 against 3.7 billion in the previous fiscal. NEXT needs to restructure its purchasing policies and inventory management approach. NEXT should aim towards increasing its sales volumes, keeping the cos ts under control, ensuring better profitability and lower cost to sales ratio. After all the record sales figures hold no value if the cost of sales are consuming more than 60% of the revenue and leaves back nothing for the company. The operating profit margin is the best indicator of the effectiveness of the administrative costs over sales. The growth of more than 12% in the y/y operating profit bears testimony to the fact that the retailer has been able to control its selling and administrative costs to some extent, thereby helping it to maintain a consistent operating profit margin of 20%. The fiscal witnessed an additional profit of 57 million from new retail space, existing stores and additional online sales. Cost curtailment, savings and other group profits contributed another 30 million. The cumulative result of which was a y/y growth of 12.5% in Profit before tax and exceptional items to 782 million. However, we can see that the companys operating costs relative to its operating profit is 67% in FY15 and needs to be controlled by bringing down the cost to sales ratio. Hence, the company can resort to better energy efficient machinery and better management techniques for cost reduction. Net profit margin enables outsiders to determine the effectiveness of the operations of the company and profitability of the various segments in the business. Therefore analysis via net profit helps the investors or creditors to understand how the company is performing relative to its cost of operations. The net profit margin has been consistently increasing over the last 5 years. The net profit of 635 million in FY15 has posted a y/y growth of ~13%. The NEXT Directory results were mainly triggered off by the growth of over 8% and 61% sales in UK and overseas online sales, respectively. It witnessed a growth of over 11% in its active customer base in FY15. Consistent increase in Next and franchise stores have contributed hugely towards the improved margins. Thus, it contributed to a very healthy bottom-line with a y/y growth of 12.5%. The retailer has maintained immense consistency in its net margin growth over the last 5 years, with a growth of 38%. The retailer has successfully cut down on its raw material costs as well as store costs on one hand, while it has also managed to estimate its future sales leading to excellent inventory management. However, there is even further scope for improvement through innovative supply chain management and technology leading to minimisation of wastes. Costs could also be brought down further and better marketing techniques could be adopted leading to improved sales volumes and better pricing strategies. Return on capital employed assumes immense importance in determining the efficiency of the firm relative to the investment in the company. Therefore, every company strives for a higher return. NEXTs ROCE for FY15 was 58% versus 55% in the previous fiscal. The retailer has always maintained a Return on Capital Employed of over the 50% mark in the last 5 years which clearly denotes the efficient utilization of funds. The company has also maintained a Return on Equity of more than 230% over the last 5 years which is phenomenal and speaks lengths as to the efficient utilization of resources. Analysis of financial position The current ratio and the quick ratio are the key determinants of the financial well-being of the company. They go a long way in determining that whether a company will be able to honor its day-to-day financial obligations or not. Investors and creditors therefore hugely rely on the liquidity ratios before taking any decision. Ideally they expect a current ratio of greater than one, which signifies positive cash flows. NEXT Plcs current ratio has been steadily increasing over the last 5 years. A current ratio of 1.82 in FY15 and 1.76 in the last fiscal reflect a very strong liquidity position of the company. The retailer has managed to maintain a current ratio of more than 1.20 over the past 5 years which has further consolidated the position of the company. Further the quick ratio of 1.34 and cash ratio of 0.38 clearly shows that NEXT Plc is adequately cushioned with cash and liquid assets to take care of the creditors. The quick ratio scores brownie points in determining the liquidity of the company as this ratio only considers the most liquid assets which are fastest converted into cash. The ratio excludes inventories from its calculation and we can see the consistency maintained by the company in its quick ratio, which was 1.30 in the last fiscal and has consistently shown an upward trend in the last 5 years. Summing up, we can assume that the company has a commanding liquidity base.However, it has also raised a question in the mind of analysts as to why the retailer is stacking up its cash base, which exactly is not reaping any returns. Every company strives for a lower average collection period and a longer average payment period. Unfortunately for NEXT, both the periods are too long. Despite such strong cash position, the average collection period of debtors of 75 days in FY15 and 74 days in the past fiscal is reflective of inefficient debt collection management. Same is the situation in case of average payment period of creditors of 84 and 82 day, respectively for the same periods. Unconditionally long collection periods are associated with higher chances of bad debts and purchasing power loss during inflation. At the same time, obnoxious long payment periods may deter potential creditors who opt for short period payments. Therefore, NEXT needs to attain a fine balance between the two and bring down its cash conversion cycle of 46 days in FY15 and 44 days in the past fiscal. Unless the company starts restructuring its cash flows, it may face problems during periods of stagnation and recession. The debt ratios play a very crucial role in determining the long term stability and sustainability of the company. The company is highly leveraged, which again is a cause of concern. A debt-equity of 261% in 2015 does leave the retailer in a very risky position. The company gets overburdened by high interest costs which eat away a significant part of the company profits. Long term debt comprise of more than 70% of the companys capital. Though the company has a flattering cash base but we need to keep in mind that it is meant to cover the day to day operations. The companys interest coverage ratio of ~26 is not adequate enough considering the high leverage of the company and can pose serious problems during recessionary or stagnating phases. It can signal liquidation during stagnation or recessionary phase. However, on the brighter side we can see that the company has been able to reduce its net interest expenses over the years from 0.71 million in FY11 to 0.43 million in the present fiscal. The high debt ratio is a precursor to the danger that the company might be subjected to.NEXT Plc should consider revising its capital structure by focusing on increasing its equity and retained earnings. The retailers fixed asset turnover ratio of 7.95 and 7.34, respectively for FY15 and FY14, reflect efficient utilization of assets. Same can be said about the total asset turnover of 1.75 and 1.74 for the same periods, respectively. The company has been able to bring down its capital expenditure as a percentage of sales over the years which have improved the cash flow from operations significantly. As a result the companys free cash flow as a percentage of sales and net profit has also improved over the years. Free cash flow (or the cash flow available to the company after expending off the money required to expand and maintain the companys assets), as a percentage of sales has increased from ~14% in the last fiscal to about 16% in the present fiscal. Free cash flow as a percentage of capital expenditure has also dipped over the years and has remained below 3% in the trailing 3 years. The companys free cash flow to net income ratio has increased from 0.92 to 1.0 in the present fiscal. Finally, the companys price to earnings ratio, which is extensively studied by investors and creditors for valuation of a company, has remained pretty stable at ~16 over the last 2 years which is a good sign. It can be improved further once the company starts issuing more shares, thereby raising the market capitalization and simultaneously make serious efforts to further improvise its earnings figures. Limitations of Financial Statement and Ratio Analysis Though ratios provide with an insight into the companys performance and position, they do not make complete sense on an absolute basis. They need to be compared with the industry average and other similar companies in the same or similar sector. Here lies the limitation as different companies have their different methodologies in terms of recording, accounting and valuation. Even the industry figures may not reflect the true position all the time.The historical data or the forecasted data on which the ratios are based may not be truly reflective of the future which will always remain uncertain and unpredictable. The principles of recording items in the income statement and the balance sheet are different. The income statement items are recorded at their current cost, while some of the balance sheet items are recorded at historical costs resulting in discrepancies.Seasonal factors like high level of inventory during summer may not reflect the true position of a company. External factors like inflation may cause discrepancies in the ratio and may make it difficult for the outsiders to gauge the actual position of the company. The ratio analysis is also rendered ineffective in case of companies with different strategies. A company with a low cost strategy cannot be compared with a company concentrating on a customer service strategy. The ratios may not always be reflective of the true position of the company. For example a company with a strong cash ratio, which is considered as an USP, may also symbolize the fact that it is no longer a growth company.Sometimes a mixture of good ratios and bad ratios render it difficult for the outsiders to value a company properly. Conclusion After analyzing the financial statements and ratios we can infer that the company has very good and promising fundamentals. The strong liquidity base of the company, backed by increasing efficiency in utilization of its capital and assets has cemented the companys position way above its peers. However, at the same time, the company should also focus towards striking a balance between its highly leveraged capital structures. The company should also further concentrate towards its credit collection and payment periods to improve its cash flows further. NEXT should start preparing itself beforehand to weather off the bad economic phases to keep itself at least at par, if not ahead of its peers. The retailer has recently repurchased shares valued 10 million for the seventh time after the share value dropped due to a disappointing Christmas season, thereby the repurchase value aggregating to 140 million. The company was also held guilty of breaching the Companies Act while paying special dividends. However, the NEXT has assured that the company is pretty confident that the payment of dividends will not affect the prospects of the company.The companys strong cash flows and the chilly weather of January are the two most important criteria that are being bet on. References Harvey Jones. (2016). Are Burberry Group plc, Marks Spencer Group Plc NEXT plc Back In Fashion?. Available: https://www.fool.co.uk/investing/2016/01/29/are-burberry-group-plc-marks-spencer-group-plc-next-plc-back-in-fashion/. Last accessed 30th January 2016. Leicester Mercury. (2016). Next splashes out another 10m in seventh share buyback this month Read more: https://www.leicestermercury.co.uk/spends-pound-115m-buying-shares/story-28594585-detail/story.html#ixzz3yj7zn3ZF Follow . Available: https://www.leicestermercury.co.uk/spends-pound-115m-buying-shares/story-28594585-detail/story.html. Last accessed 30th January 2016. Morningstar.com, (2016).https://financials.morningstar.com/ratios/r.html?t=NXGPY. [online] Available at: https://financials.morningstar.com/ratios/r.html?t=NXGPY [Accessed 30 Jan. 2016]. NesipNalcolu. (2014). In Depth Financial Analysis of the Next Plc. Available: https://www.academia.edu/14191077/In_Depth_Financial_Analysis_of_the_Next_Plc_2010-2014. Last accessed 30th January 2016. Nextplc.co.uk, (2016).Reports and presentations. [online] Available at: https://www.nextplc.co.uk/investors/reports-and-presentations/2014-15 [Accessed 30 Jan. 2016]. Telegraph.co.uk, (2016).Fundamentals for Next. [online] Available at: https://shares.telegraph.co.uk/fundamentals/?epic=NXT [Accessed 30 Jan. 2016].