...British Airways Plc Annual Report and Accounts Year ended 31 December 2012 Company registration number: 1777777 This page has been intentionally left blank Contents Officers and professional advisers 1 Business review and Directors’ report Business review Management review Financial review Internal controls and risk management Directors’ report 2 5 8 12 Directors’ responsibilities statement in relation to the financial statements 14 Independent auditors’ report 15 Group financial statements Group consolidated income statement Group statement of other comprehensive income Balance sheets Cash flow statements Statements of changes in equity Notes to the accounts Operating and financial statistics Fleet table Principal investments Glossary Subsidiary undertakings 16 17 18 19 20 21 79 80 81 82 83 British Airways Plc Officers and professional advisers Directors Sir Martin Broughton Alison Reed Keith Williams Nick Swift Andrew Crawley Frank van der Post Enrique Dupuy de Lôme Ken Smart Gavin Patterson Garrett Copeland Julia Simpson Secretary Kulbinder Dosanjh (Chairman) (Deputy Chairman) (Chief Executive Officer) (Chief Financial Officer) Registered office Waterside PO Box 365 Harmondsworth UB7 0GB Parent company International Consolidated Airlines Group S.A. Calle Velázquez 130 Madrid, 28006 Spain Independent auditors Ernst & Young LLP 1 More London Place London SE1 2AF 1 British Airways Plc Business review and Directors’ report ...
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...British Airways Plc Annual Report and Accounts Year ended 31 December 2011 Company registration number: 1777777 Contents Officers and professional advisers 1 Directors’ report and business review Business review Management review Financial review Internal controls and risk management Directors’ report 2 4 6 9 Directors’ responsibilities statement in relation to the financial statements 12 Independent auditors’ report 13 Group financial statements Group consolidated income statement Statement of other comprehensive Income Balance sheets Cash flow statements Statement of changes in equity Notes to the accounts Operating and financial statistics Fleet table Principal investments Glossary Subsidiary undertakings 14 15 16 17 18 19 75 77 78 79 80 British Airways Plc Officers and professional advisers Directors Sir Martin Broughton (Chairman) Alison Reed (Deputy Chairman) Keith Williams (Chief Executive Officer) Nick Swift (Chief Financial Officer) Andrew Crawley Frank van der Post Rafael Sánchez-Lozano Turmo Enrique Dupuy de Lôme Ken Smart Gavin Patterson Secretary Alan Buchanan Registered office Waterside PO Box 365 Harmondsworth UB7 0GB Parent company International Consolidated Airlines Group S.A. Calle Velazquez 130 Madrid, 28006 Spain Independent auditors Ernst & Young LLP 1 More London Place London SE1 2AF 1 British Airways Plc Directors’ report and business review The Directors present their annual report and the audited...
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...Sixth Edition INTERNATIONAL FINANCIAL MANAGEMENT Cheol S. Eun Bruce G. Resnick International Financial Management Sixth Edition The McGraw-Hill/Irwin Series in Finance, Insurance, and Real Estate Stephen A. Ross Franco Modigliani Professor of Finance and Economics Sloan School of Management Massachusetts Institute of Technology Consulting Editor FINANCIAL MANAGEMENT Adair Excel Applications for Corporate Finance First Edition Block, Hirt, and Danielsen Foundations of Financial Management Fourteenth Edition Brealey, Myers, and Allen Principles of Corporate Finance Tenth Edition Brealey, Myers, and Allen Principles of Corporate Finance, Concise Second Edition Brealey, Myers, and Marcus Fundamentals of Corporate Finance Sixth Edition Brooks FinGame Online 5.0 Bruner Case Studies in Finance: Managing for Corporate Value Creation Sixth Edition Chew The New Corporate Finance: Where Theory Meets Practice Third Edition Cornett, Adair, and Nofsinger Finance: Applications and Theory First Edition Cornett, Adair, and Nofsinger Finance: M Book First Edition DeMello Cases in Finance Second Edition Grinblatt (editor) Stephen A. Ross, Mentor: Influence through Generations Grinblatt and Titman Financial Markets and Corporate Strategy Second Edition Higgins Analysis for Financial Management Ninth Edition Kellison Theory of Interest Third Edition Kester, Ruback, and Tufano Case Problems in Finance Twelfth Edition Ross, Westerfield, and Jaffe Corporate Finance Ninth Edition...
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...plus quasi money − broad money − the International Monetary Fund − Exchange Rate Mechanism II − the Federal Reserve System © The Bulgarian National Bank, 2009 © 2009 by Tsvetan Manchev et al. ISBN 978-954-8579-30-8 Published by the Bulgarian National Bank 1, Knyaz Alexander I Square 1000 Sofia telephone +359 2 9145-750 facsimile +359 2 980 2425, 980 6493 www.bnb.bg 2 International Foreign Exchange Reserves Contents Introduction ......................................................... 11 PART ONE. Chapter 1. 1. 2. 3. 4. 5. THE THEORETICAL FOUNDATIONS Nature and Function .......................................... 19 Definition ............................................................. 19 Gold as a Foreign Reserve Assets ...................... 20 Reasons to Own and Use Foreign Reserves ...... 23 The Functions of Foreign Reserves ..................... 24 Exchange Rate Policy, Monetary Policy, and Foreign Reserves ......................................... 26 6. Foreign Reserve Adequacy ................................ 31 1. 2. 3. Financial Asset Risk and Return ........................ 36 Financial Assets .................................................. 36 Types of Asset Risk...
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...London, the world’s biggest premium travel market. We also operate a worldwide air cargo business, largely in conjunction with our scheduled passenger services. Operating one of the most extensive international scheduled airline route networks, together with our codeshare and franchise partners, we fly to more than 300 destinations worldwide. In 2009/10, we carried nearly 32 million passengers. We support the UK economy by providing vital arteries for trade and investment, meeting the demand for business travel and leisure travel for holidays and family reunion. In 2009/10, we earned £8 billion in revenue, down 11 per cent on the previous year. Passenger traffic accounted for 87 per cent of this revenue, while 7 per cent came from cargo and 6 per cent from other activities. We carried 760,000 tonnes of cargo to destinations in Europe, the Americas and throughout the world. At the end of March 2010 we had 238 aircraft in service. British Airways 2009/10 Annual Report and Accounts 1 2 British Airways at a glance 4 Financial and operational highlights 5 Chairman’s statement 9 Chief Executive’s statement overview 15 Chief Financial Officer’s statement 21 The markets we operate in 27 Our strategy and objectives 32 Our Key Performance Indicators 33 Principal risks and uncertainties 35 Running a responsible business 37 –...
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...Grant Writing FOR DUMmIES 3RD ‰ EDITION by Dr. Beverly A. Browning, MPA, DBA Grant Writing For Dummies® 3rd Edition , Published by Wiley Publishing, Inc. 111 River St. Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2009 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600. Requests to the Publisher for permission should e addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201)748-6008, or online at http:// www.wiley.com/go/permissions. Trademarks: Wiley, the Wiley Publishing logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com, Making Everything Easier, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/ or its affiliates in the United States and other countries, and...
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...business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2009, 2006, and 2003. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 0 ISBN MHID 978-0-07-813672-6 0-07-813672-5 Vice President & Editor-in-Chief: Brent Gordon Vice President of EDP: Sesha Bolisetty Editorial Director: Stewart Mattson Sponsoring Editor: Dick Hercher Marketing Manager: Sankha Basu Editorial Coordinator: Rebecca Mann Project Manager: Erin Melloy Design Coordinator: Brenda A. Rolwes Cover Designer: Studio Montage, St. Louis, Missouri Production Supervisor: Sue Culbertson Media Project Manager: Balaji Sundararaman Compositor: MPS Limited, A Macmillan Company Typeface: 10/12 Times New Roman Printer: R. R. Donnelley-Willard All credits appearing on page or at the end of the book are considered to be an extension of the copyright page. Library of Congress Cataloging-in-Publication Data Zimmerman...
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...business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2009, 2006, and 2003. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 0 ISBN MHID 978-0-07-813672-6 0-07-813672-5 Vice President & Editor-in-Chief: Brent Gordon Vice President of EDP: Sesha Bolisetty Editorial Director: Stewart Mattson Sponsoring Editor: Dick Hercher Marketing Manager: Sankha Basu Editorial Coordinator: Rebecca Mann Project Manager: Erin Melloy Design Coordinator: Brenda A. Rolwes Cover Designer: Studio Montage, St. Louis, Missouri Production Supervisor: Sue Culbertson Media Project Manager: Balaji Sundararaman Compositor: MPS Limited, A Macmillan Company Typeface: 10/12 Times New Roman Printer: R. R. Donnelley-Willard All credits appearing on page or at the end of the book are considered to be an extension of the copyright page. Library of Congress Cataloging-in-Publication Data Zimmerman...
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...in the global marketing process. Global marketing therefore reflects the trend of firms selling products and services across many countries. Drawing on an incomparable breadth of international examples, Svend Hollensen not only demonstrates how global marketing works, but also how it relates to real decisions around the world. This book offers a truly global approach with cases and exhibits from all parts of the world, including Europe, the Middle East, Africa, the Far East, North and South America. It provides a complete and concentrated overview of the total international marketing planning process, along with many new, up-to-date exhibits and cases, which illustrate the theory by showing practical applications. • Extensive coverage of hot topics such as glocalization, born globals, value creation, value net, celebrity branding, brand piracy, and viral marketing, as well as a comprehensive new section on integrated marketing communication through social networking. • Brand new case studies focus on globally recognized brands and companies operating in a number of countries, including Build-A-Bear Workshop, Hello Kitty, Ralph Lauren and Sony Music Entertainment. • Global Marketing ‘Svend Hollensen writes with real authority and insight having been involved in global marketing both as a manager and academic. His book provides a framework within which managers can develop their own approach to overseas markets, and is illustrated with cases ...
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...ch03.qxd 9/27/04 4:06 PM Page 86 CHAPTER Q1 Q2 Q3 Q4 Q5 Q6 Cost-Volume-Profit Analysis In Brief Managers need to estimate future revenues, costs, and profits to help them plan and monitor operations. They use cost-volume-profit (CVP) analysis to identify the levels of operating activity needed to avoid losses, achieve targeted profits, plan future operations, and monitor organizational performance. Managers also analyze operational risk as they choose an appropriate cost structure. This Chapter Addresses the Following Questions: What is cost-volume-profit (CVP) analysis, and how is it used for decision making? How are CVP calculations performed for a single product? How are CVP calculations performed for multiple products? What is the breakeven point? What assumptions and limitations should managers consider when using CVP analysis? How are margin of safety and operating leverage used to assess operational risk? ch03.qxd 9/27/04 4:06 PM Page 87 COLECO: FAULTY FORECASTS n the early 1980s, personal computers were still somewhat a novelty. At that time, Coleco manufactured a small computer called Adam. In addition, it sold Colecovision games for home computers. Coleco marketed Adam and its computer games heavily, hoping in 1982 for a hot seller during the Christmas and holiday gift season. However, Adam and Colecovision did not sell well. Coleco found itself close to bankruptcy. Then in 1983 Coleco purchased the license to manufacture Cabbage Patch Dolls. It began production...
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...PART 2 The Global Marketing Environment CHAPTER 2 The Global Economic Environment Case 2-1 The Global Economic Crisis I n his 1997 book One World, Ready or Not, William Greider described the United States as “the buyer of last resort.” Greider explained that, for many years, the United States was the only nation that was willing to absorb production surpluses exported by companies in Europe, Asia, and Latin America. Greider asked: “Who will buy the surpluses when the United States cannot?” The conventional wisdom has long held that strong spending by consumers in other nations would keep the world economy humming. However, by 2008, Greider’s question was taking on a new urgency and the conventional wisdom was being tested. An economic crisis that had its roots in lax subprime mortgage lending practices began to spread around the globe. In the United States, where the crisis began, economic misery was widespread: The housing market collapsed, real estate values plummeted, credit tightened, and job growth slowed (see Exhibit 2-1). As the price of oil passed the $100 per barrel benchmark, the average price of a gallon of gasoline rose to $4. American consumers were, indeed, less willing and less able to buy. However, the crisis was not confined to the United States alone. Consumer-goods exporters in Asia, which Exhibit 2-1: The bursting of the global real estate bubble was only one aspect of the worst recession in decades. The ripple effects from the economic...
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...comprehend the content, and achieve higher outcomes in the course. Our new Intelligent Response Technology-based content offers students an intelligent homework experience that helps them stay focused on learning instead of navigating the technology. Finally, McGraw-Hill’s adaptive learning component, LearnSmart, provides assignable modules that help students master core concepts and come to class more prepared. LearnSmart with Lanen is an introductory managerial accounting review, providing students with a refresher on these topics for their cost accounting course. PROVEN EFFECTIVE Get Connected. FEATURES Intelligent Response Technology Intelligent Response Technology (IRT) is Connect Accounting’s new student interface for end-of-chapter assessment content. Intelligent Response Technology provides a general journal application that looks and feels more like what you would find in a general ledger software package, improves answer acceptance to reduce student frustration with formatting issues (such as rounding), and, for select questions, provides an expanded table that guides students through the process of solving the problem. LearnSmart™ McGraw-Hill LearnSmart™ is an adaptive learning program that identifies what an individual student knows and doesn’t know. LearnSmart’s...
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...ROBERT F. HARTLEY • Cindy Claycomb 12th Edition T W E L F T H E D I T I O N MARKETING MISTAKES AND SUCCESSES Robert F. Hartley Late of Cleveland State University Cindy Claycomb Wichita State University VICE PRESIDENT & EXECUTIVE PUBLISHER SENIOR EDITOR PROJECT EDITOR EDITORIAL ASSISTANT ASSOCIATE DIRECTOR OF MARKETING MARKETING MANAGER MARKETING ASSISTANT DESIGN DIRECTOR PRODUCT DESIGNER SENIOR PRODUCTION MANAGER ASSOCIATE PRODUCTION MANAGER PRODUCTION EDITOR COVER DESIGNER George Hoffman Franny Kelly Brian Baker Jacqueline Hughes Amy Scholz Kelly Simmons Marissa Carroll Harry Nolan Allison Morris Janis Soo Joel Balbin Eugenia Lee Kenji Ngieng This book was set in 10/12 New Caledonia by Aptara®, Inc. and printed and bound by Courier/Westford. The cover was printed by Courier/Westford. This book is printed on acid-free paper. Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live and work. In 2008, we launched a Corporate Citizenship Initiative, a global effort to address the environmental, social, economic, and ethical challenges we face in our business. Among the issues we are addressing are carbon impact, paper specifications and procurement, ethical...
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...MODERN DATABASE MANAGEMENT / JfFFREY A. HOFFER . Warehousing Success 426 Data Warehouse Architectures 428 Generic Two-Level Architecture 428 Independent Data Mart Data Warehousing Environment 426 429 C O NTENTS Dependent Data Mart and Operational Data Store Architecture: A Three-Level Approach Logical Data Mart and Real-Time Data Warehouse Architecture 432 Three-Layer Data Architecture 435 Role of the Enterprise Data Model 435 Role of Metadata 436 Some Characteristics of Data Warehouse Data Status Versus Event Data 437 Transient Versus Periodic Data 438 An Example of Transient and Periodic Data 438 Transient Data 438 Periodic Data 439 Other Data VVarehouse Changes 440 The Reconciled Data Layer 441 Characteristics of Data after ETL 441 The ETL Process 442 Extract 442 Cleanse 444 Load and Index 446 Data Transformation 447 Data Transformation Functions 448 Record-Level Functions 448 Field-Level Functions 449 More Complex Transformations 451 Tools to Support Data Reconciliation 451 Data Quality Tools 451 Data Conversion Tools 452 Data Cleansing Tools 452 Selecting Tools 452 The Derived Data Layer 452 Characteristics of Derived Data 452 The Star Schema 453 Fact Tables and Dimension Tables 453 Example Star Schema 454 Surrogate Key 455 Grain of Fact Table 456 Duration of the Database 456 Size of the Fact Table 457 Modeling Date and Time 458 Variations of the Star Schema 458 Multiple Fact Tables 458 Factless Fact Tables...
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...Markus Heitkoetter V1.0 Edited by Nicole Quinlan This book may not be reproduced, transmitted, or stored in whole or in part by any means, including graphic, electronic, or mechanical without the express written consent of the publisher except in the case of brief quotations embodied in critical articles and reviews. ISBN: 978-1-4196-9563-6 PRINTED IN THE UNITED STATES OF AMERICA To my family for supporting me even in my craziest moments. Table of Contents PREFACE......................................................................................................... VIII INTRODUCTION : WHY DAY TRADING?................................................................... XI HOW TO GET THE MOST OUT OF THIS BOOK..................................................... XVII PART 1: DAY TRADING BASICS – WHAT YOU SHOULD KNOW ......................... 1 WHAT IS DAY TRADING?....................................................................................... 2 WHO SHOULD BE DAY TRADING?.......................................................................... 4 IS IT REALLY POSSIBLE TO MAKE A LIVING AS A DAY TRADER?................................ 8 HOW TO GET STARTED - DEFINE YOUR GOALS AND MAKE A PLAN.......................... 15 1.) Define Your SMART Goal ................................................................... 16 2.) Make a...
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