Engineering Ethics - 601 Words

Engineering dilemma. ‘Engineering ethics’ refer to the ethical issues involved in the engineering profession. Ethics are concerned with moral decisions in professional behaviour. Whilst morality generally refers to any aspect of human action, ethics is concerned with making the ‘right’ decisions in a professional context. Engineering ethics and consideration of the impact of engineering on the environment are issues of relevance and importance to any engineer or engineering student. Ethics is concerned with utilitarianism – the production of the greatest good for the greatest number. A contentious ethical issue for engineers is when to privilege their work over the environment. Engineering impacts both positively and negatively on the†¦show more content†¦Implementing engineering practice in some areas may destroy or change the natural balance and way of natural working, resulting in devastation of the environment as a regrettable consequence. Engineers must strive to find practicable solutions to reduce their collective ‘carbon footprint’ and to redress the harm of past action, for example forward looking initiatives such as the conversion of mine waste into low cost housing materials and recycling schemes implemented in many residential areas. The ever present ethical dilemma of an engineer is when to privilege profit and productivity over issues such as pollution, habitat destruction and soil infertility. When the pros and cons are weighed up against each other the ultimate rule to be followed is the golden rule, â€Å"hurt not others with that which pains yourself†. When undertaking decisions concerned with environmental impact, both long term and short term effects must be taken into consideration. Excessive farming and processing of fertile land may eventually render the same land infertile. The use of fossil fuels may not have had an immediate effect on the environment but now we understand their impact in the form of greenhouse gasses and their great contribution to global warming. Extensive research must be undertaken in an attempt toShow MoreRelatedEthics And Ethics Of Engineering Ethics2079 Words   |  9 Pagesaddresses the importance of engineering ethics as it pertains to the health, safety, and well-being of not only individuals but society. By beginning with the root needs of engineering ethics by first discussing its history and then moving on to how unethical choices can and have had a deadly impact on communities. Once a basis is established the document states the core fundamentals, instructions, and responsibilities of engine ering ethics. I. INTRODUCTION What is engineering ethics and what is its importanceRead MoreEngineering : Engineering And Ethics917 Words   |  4 PagesWhat is Engineering? Engineering is a profession in which knowledge of mathematical and natural sciences gained by study, experience and practices is applied with judgement to develop ways to utilize, economically, the materials and forces of natures for the benefits of Mankind – (Accreditation Board for Engineering and Technology-ABET) Sara Pfatteicher in her book Introduction to post disaster engineering and ethics describes engineers as â€Å"design under constrains†. She describes the main threeRead MoreEngineering Ethics Of The Engineering Profession1814 Words   |  8 Pages Engineering is a pylon of human development and technology,having a significant impact on people’s daily lives. Engineering has improved humanity in every aspect (e.g. transportation, communication, medicine) and it has the potential to overcome the challenges that mankind still faces. However, engineers have responsibility for their actions and they must learn to follow a set of ethical principles relating to their work. All of which have to be followed to the letter otherwise there can beRead More Engineering Ethics Essay1653 Words   |  7 Pagesthe primary goal of a course on engineering should be to teach students the standards of professional conduct as set out by major engineering codes of ethics, or if they sh ould think autonomously about moral issues. The speaker in the essay question suggest that the former argument is correct, and that engineering courses should have the goal of teaching students to master the standards set out by codes of ethics as following these is what engineering ethics consists of. This means that studentsRead MoreComputer Engineering Ethics4002 Words   |  17 Pagesbetween a patent, a trademark, and a copyright ï‚ · Identify some ways of credentialing a person to practice computer engineering ï‚ · Describe issues that contrast risk issues with safety issues ï‚ · Identify some issues in computer engineering that address privacy ï‚ · Describe whistle blowing and the conflicts between ethics and practice that may result from doing so ï‚ · Describe how computer engineering uses or benefits from social and professional issues. 2.2 Reasons for Studying Social and Professional Issues Read MoreEthics in Engineering Essay1469 Words   |  6 PagesEthics is the moral behavior that guides our actio ns; it motivates us in our personal behavior and is relevant in a business setting as well. Many organizations have set forth a set of guidelines known as a â€Å"Code of Ethics†. The Institute of Electrical and Electronic Engineers, being one of these organizations, has set forth their code as a requirement for students and engineer members to adhere to. Heading towards a career in electrical engineering I choose this organization to elaborate on forRead MoreEngineering Ethics And Why Engineers Essay2007 Words   |  9 PagesEngineering ethics and why engineers are expected to use the highest standards of honesty and integrity. Introduction Engineering is a very important part of society, all types of engineers are important for our world to keep running smoothly, from civil engineers designing, planning and overseeing structures like dams and bridges. Mechanical engineers who design, develop and build mechanical and thermal devices, including tools, engines and machines. They are the reason we have safe and comfortableRead MoreEngineering Ethics Within The Scope Of Engineering Essay1991 Words   |  8 Pagesstill a key aspect of engineering. Engineers advance society with their technological feats, but research is what advances engineering itself. As it is the case that research is so central to engineering, it makes sense to explore research ethics within the scope of engineering. Engineering ethical codes, such as the NSPE code, do not make explicit mandates regard- ing research. However, their fundamental canons are certainly general enough to preclude malpractice in engineering research. For all ofRead MoreEthics And The Field Of Engineering1783 Words   |  8 PagesScholars and practitioners in the field of engineering identified as depicting high level interest in the question, ‘Do professional duties of an engineer go beyond conscientiously and effectively carrying out the instructions of their employer? If so, why and how? If not, why not? The general relevance of the question is identified in terms of ethics playing role in the field of engineering. In general terms, it deals with the nature and impact of the engineering technology on society. The researchersRead MoreThe Gold And Engineering Ethics932 Words   |  4 PagesGilbane Gold and Engineering Ethics Ethics are fundamental in all human interaction; they guide or beliefs and behaviors, therefore fundamentally affecting how we live life. As Christians, it is especially important to live a life of ethics in order to follow the standard to which God has called us with the words: â€Å"Do all things without grumbling or disputing; so that you will prove yourselves to be blameless and innocent, children of God above reproach in the midst of a crooked and perverse generation

The Economics of Running a Genomics Company Free Essays

string(76) " in that any other firm could discover the gene’s function and patent it\." Genset IPO Prof. Nahata FIN 9774 1. What are the economics of running a genomics company? What is the role of large pharmaceuticals in genomics? How competitive is the genomics industry? Running a genomics company is extremely capital intensive. We will write a custom essay sample on The Economics of Running a Genomics Company or any similar topic only for you Order Now Research and development, patenting, and developing marketable products cost a lot of money. The associated dangers of working with patents are also at issue here. Genset must be able to defend its patent in court against patent trolls, which can layer additional costs upon the capital intensive primary business activities of the firm. At this point in time, the patent situation surrounding mapped genes is also tentative. The US courts have yet to rule on the patent status of genes, making the market for patented genes suspect. The other difficulty of the genomics industry is turning research into revenue. It takes a very long time to turn a patented gene into a medical product, which has to pass through several rounds of scrutiny before entering the market. Even if Genset is able to find a major gene, they might not see returns for several years. Large pharmaceutical companies are integral to the genomics industry. Genset researches genes that are related to a wide variety of diseases. However, many mapped genes will not be linked to any underlying genetic disorder. The genes that are linked to treatable disorders must be researched to discover chemical compounds that interact with genes to treat the underlying disorder. While Genset has the intellectual capability to research the genes, they are not capable of developing drugs to interact with the genes they have mapped. Through licensing agreements, genomics companies could decrease the risk and amount of time before they could report positive earnings. The licensing agreements generated revenue immediately by selling some or all of the rights to future applications of specific genes. Thus the genomics companies did not have to wait for the future applications to mature before they could realize positive earnings. The industry is also extremely competitive. There are 114 biotechnology companies in France, with an additional 1,050 in the United States. Several genomic companies have already passed through their IPOs with mixed success. Competition is fierce to discover every human gene. It is a race to see who finds and catalogues all the human genes by the end of the millennium. By early 1996, there was an intense race to map all genes and genomics companies were getting closer to finishing the task every day. There is also heavy competition between the genomic companies and pharmaceutical companies. 2. What is happening at other genomics companies? What is Genset’s competitive position in the genomics industry? Many genomics companies have passed through IPOs and private funding rounds. At 250 employees, Genset is larger than all the other comparable companies provided in the case. Many other companies are operating in the sequencing business, developing libraries of sequenced genes. Beyond private companies, many research universities, government-sponsored facilities, and research institutions are also sequencing genes. While progress has not been lightening fast, it is worth noting that there is a finite supply of genes in the human genome. The amount of genes that are functional from Genset’s perspective is unknown. While competition to discover every gene was fierce, Genset was engaged in the systematic and comprehensive analysis of the genetic map of the humans to identify and patent genes and regulatory regions related to selected common diseases. Genset was a unique firm because it was both creating a library of genes and researching the genetic causes of diseases. They intended to discover drugs to treat these diseases and enter into strategic partnerships with pharmaceutical companies to develop and market these drugs. Genset not only researches genes, but it also is the world’s largest creator of synthetic DNA. Bradys believes that this line of business is extremely important to Genset’s future. Part of the desired $70 million will be devoted to tripling the output of synthetic DNA by updating its sequencing machines and increasing its workforce. Part of the money was needed to finance more equipment purchases and further research for its DNA mapping and sequencing operations to beat its competition. The industry is expanding quickly, with many small, nascent firms popping up, searching for private funding. The landscape is expanding quickly, with each firm trying to find ways to monetize their findings as quickly as possible. 3. What are the key success factors in genomics? What are the risk factors? What is the nature of cash flows in genomics? To be successful in genomics, a firm must have capital to acquire the necessary equipment and personnel to quickly map and patent genes. Given the finite amount of genes available to map, the genomics industry is truly deadlocked in a race to sequence the human genome. While raising the necessary capital is difficult, the more difficult aspect of the genomics industry is finding ways to monetize their research. Genset is fortunate to be the world leader in synthetic DNA. While their research may take years to pay off, their synthetic DNA operation gives them a reliable revenue stream. Genset is unique within the genomics industry in that respect and another: they are not just sequencing genes; they are also researching the genetic causes of diseases. This additional research makes their genetic patents and research more valuable to pharmaceutical companies that will be assured that they are pursuing worthwhile genes. To achieve profitability, Genset needed to successfully discover genes related to particular diseases, find partners to develop the products, conduct clinical trials, get regulatory approvals, and successfully manufacture and market such products. But the risk with this plan was that, Genset was based in France and patented its discoveries in France and the Euro zone countries. They were also unsure if the discovered gene fragments or genes (without known functions) could be patented. This was a BIG risk, in that any other firm could discover the gene’s function and patent it. You read "The Economics of Running a Genomics Company" in category "Papers" Also since they did not have any patents in America, where they were considering raising money put a big question on the viability of the plan. There was also the possibility that the patents, mainly on which the firm’s value was based on, were broad enough to give the firm a competitive advantage besides any patent could be challenged, invalidated or circumvented by others. . Are Genset’s cash flow projections reasonable? How much cash does the company need and when? To achieve profitability, Genset needed to successfully discover the genes associated with particular diseases and find appropriate strategic partners to develop products, conduct clinical trials and obtain regulatory approva ls. Genset entered into a three-year strategic alliance with Syntehlabo SA which focused on discovering genes associated with prostate cancer. They were also under discussions with an affiliate of Johnson Johnson to target schizophrenia. Their financial projections showed that in the future the company expected its revenues to come primarily from these types of contract revenues. The company has also filed three patent applications in France relating to its gene sequencing techniques. They are projecting their revenues based on successfully discovering these genes. Genset is looking to acquire approximately $70 million to finance more equipment purchases and further research. The company needed $30 million for capital expenditures including expansion of its TGS high throughput sequencing facility, the construction of a new mapping facility and polymorphism scanning lab. Another $40 million would fund ongoing research and development expenses. The funds were needed almost immediately. Without this technology and research, Genset would fall behind with no chance to recover. Raising this capital would be Genset’s largest financing project and would augment the $54. 2 million of funding raised through private equity (70. 4%), bank loans (13. 5%), government bonds (7. %) and other loans (8. 9%). We believe that Genset’s cash flow projections could be overstated since a major part of their cash flow source is contract revenues which would have to be made with Pharmaceutical firms. The case mentions that currently all the patents that Genset has are registered and protected in Europe. Most pharmaceutical firms on the other hand are based in North A merica with it being the largest market and unless all the patents that Genset are are registered and protected in North America, we believe they would not be in a position to achieve those cash flows. Hence we have discounted these cash flows by 40% initially. Also we believe that post an IPO and strategic investors from North America, Genset will develop the capability and expertise to pursue these patents listed in N. A and achieve the growth that they expect now. Thus we have a terminal growth rate of 5% factored in our model. However we have factored in the capital expenditure schedule that the firm has planned on the onset and that has been factored in the model since these expenses are essential in the pursuit of the firm’s future projections. 5. What is the current state of the financial markets? Are they conducive for an initial public offering by Genset? Would a private placement be a better alternative? The current state of the financial markets is healthy. Recent IPOs by other genomics firms have fared very well, despite the inherent risk in the business. Gene research is seen as the future of science, just as physics was the driving science of the early twentieth century. Given the success of recent offerings (with Human Genome Sciences and Myriad Genetics being the most successful), Genset is correct o investigate the possibility of a public offering. US capital is flowing into genomics at a steady clip, making it an appealing source of funding. The conditions associated with private funding make it less appealing to Genset. Genset is also unlikely to be able to raise their capital requirements through private funding alone. They have already received $54. 2 million in private funding, with 59. 3% of their shares owned by private investors. Private investment in biotechnology is at an all-time high, but funds are restricted from putting more than 10% of their total capital into any one business. This may require that Genset form deals with multiple funds, further dividing their remaining equity. Also there is a possibility that post these deals, while Genset would further dilute their equity there could be a situation where they could again be short of funds and raising funds in the future via this route could/could not be difficult. However once you access the public markets there is always the option of accessing the markets continuously for multiple capital raising activities. Thus going public sounds much more attractive. Also in the future, given the right strategic partner and if making continued contract revenue agreements becomes difficult they could also enter into a partnership or joint venture. Given that the firm would then have stock that is listed on the bourses makes this much more easier and hence going public is an extremely attractive choice. 6. Should Brandys take such extreme measures to issue stock in both France and the US? Why is he doing it? What additional costs and requirements are raised in doing so? Bradys is understandably weary about issuing stock in both France and the US. The offering would cost Genset twice as much, losing roughly 20% of their raised capital to fees and services. Before the offering, Genset would need to review their financials and prepare their past statements to comply with both US and French law. They would also need to secure accountants, lawyers, and underwriters in both France and the US, which will cost the firm a hefty price. Bradys is pursuing this option to expose the firm to as many possible sources of funding as possible. The US capital market is deeper than that of France. However, since the firm is French, it is able to draw some of the most talented French scientists to its firm. The US genomics market is deeper, making the pursuit of human capital more difficult. Bradys understands that if he were to only make an offering in France, he would be incapable of raising their required funds. Bradys needs the US market not just for capital. He also needs the US pharmaceutical industry and patent protection. By having American capital, Genset can more effectively lobby the US government for the patent protection they need to make their mapped genes intellectual properties. It is also worth noting that Genset has plenty of cash reserves and is not as badly in need for capital as Bradys believes. While the US has yet to weigh in on patent protection for genes, the increased amount of commerce on the side of genomics indicates that the courts will most likely uphold the rights of companies to patent their library of genes alongside their patented processed. 7. Why is Genset going public now? Does it make sense? Genset is going public now because they need $70 million in capital to advance their research and to not fall behind other genomics companies. There are some positive points to going public now. Tapping into the US market makes sense because of the higher amount of venture capital expenditures over their native France. If Genset does not find a way to raise this capital, they will most likely fall out of competition among their direct competition. The drawbacks to going public are many. No other similar genomics business has raised $70 million in their IPO. The highest previous offering was by Human Genome Sciences, which raised $66. 7 million. However, Human Genome Sciences did not face the challenges of Genset. Most offerings lose 10% of their raised capital to offering related services. Genset could conceivably lose 20% of their offering value, as they must prepare for offerings in both France and the US. A dual offering would require accountants, lawyers, and services for two different markets in two different languages. If Genset were to achieve their desired level of $70 million, they would need to raise roughly $87. 5 million in capital, before related costs are tabulated. It makes sense that Genset go forward with an IPO at this time, although it is not without its dangers. If their IPO fails, the firm would be tainted and they would be hard pressed to raise capital elsewhere. They could instead seek more private capital, which would not preclude an IPO in the future. Even if another round of private capital falls short of the $70 million mark, they could receive bridge funds that would carry them to another round of funding through venture capital or an IPO. However, given the amount of firms entering the market, Genset could easily hurt their value by waiting. The markets could grow weary of genomics companies and fail to pony up capital to even the best companies. Genset should strike while the iron is hot, not wait until the market has cooled down. Genset must firmly trust their advantage of having the most talented French scientists in the US market. The flood of US-based genomics firm has diluted the talent pool of American scientists. Genset has a strong advantage in this respect. Coupled with their superiority in synthetic DNA and competitive edge in DNA sequencing, Genset is certain to be a much sought after stock. 8. What valuation would you put on Genset’s stock? Be sure to support your valuation with specific analysis. You could try to be creative here! We estimate Genset’s stock to be priced at $10. 57 per share. We are using a beta of 1. 6 which is based on the weighted market capital of all comparable companies. The reasoning behind this is that the majority of the listed firms are in the US and hence it is difficult to find closely comparable firms. We also use the P/E based valuations since the value of the firm will also depend on how the comparable firms have performed in the market post IPO. The terminal growth rate is 5% which is reasonable since we haven’t accepted the revenue streams given to us by the firm. We have reduced them to 60% of the firm’s estimates since the numbers look highly optimistic and could be difficult to achieve given the fact that the firms’ patents are registered only in Europe and could not be easily marketable in the US where most development and pharmaceutical firms are based. The revenues depend on agreements with pharmaceutical firms and if these agreements are subjective then the associated revenues will also be subjective. The core valuation itself comes from a variety of inputs that we considered. While we also did comparable company valuations, we agreed upon considering using the adjusted present values method which realizes a share price closest to that using a range of share prices obtained using the multiples method. We used a range of discount rates and P/E values associated with them, from the range of comparable firms given to us. We believe this gives us a range of valuations and taking out the High-Low values, we use the median Net Present Value of the firm and the associated stock price derived from it thus ending with a share price of $10. 57 and a NPV of $44. 796mn. We believe this is fair onservative valuation and reflective of the risk as well as the potential associated with the firm. This reflects a good middle ground for the investors to get in on a company with great potential as well as for the firm to capitalize on its unique position in the biomedical space. Adjusted Present Value Approach Inputs Tax Rate Unlevered Cost of Capital Cost of Debt Growth Rate (Product Sales – 2001 – 2003) Terminal Growth rate Other Income/Loss Depriciation (Straight Line) CAPEX (every year) All Value in Thousands 40% Asset Beta (comps) Risk Free Rate Market Risk Premium Terminal growth rate 1. 7 6. 05 7. 09 13. 62% 16. 2% 15. 00% 5. 00% 0 20% 3% $10,000. 0 DEBT 20,000 Adjusted Present Value (APV) (A) NPV of Unlevered Investment Date Revenues Expense Other Income/Loss Depreciation and Amortization EBIT EBIT(1-T) Add: Depreciation Gross Cash Flow Less: Capex Less: Change in WC Free Cash Flow Terminal Value PV Factor PV of Future Cash Flows (at time 0) NPV of Unlevered Investment (B) PV of Interest Tax Shields Date Debt (D) Interest Expense Tax Shield Terminal Value of Tax Shield PV Factor PV of Tax Shields (at time 0) NPV of Tax shield Infinite Horizon 1996 1 $12,700. $23,300. 0 $0. 0 $15,662. 6 $26,262. 6 $15,757. 6 $15,662. 6 $95. 0 $20,000. 0 $0. 0 $20,095. 0 1997 2 $21,300. 0 $26,800. 0 $0. 0 $17,662. 6 $23,162. 6 $13,897. 6 $17,662. 6 $ 3,765. 0 $10,000. 0 $0. 0 $6,235. 0 1998 3 $44,600. 0 $31,500. 0 $0. 0 $19,662. 6 $6,562. 6 $3,937. 6 $19,662. 6 $15,725. 0 $10,000. 0 $0. 0 $5,725. 0 1999 4 $68,600. 0 $36,700. 0 $0. 0 $21,662. 6 $10,237. 4 $6,142. 4 $21,662. 6 $27,805. 0 $10,000. 0 $0. 0 $17,805. 0 2000 5 $129,200. 0 $46,500. 0 $0. 0 $10,000. 0 $72,700. 0 $43,620. 0 $10,000. 0 $53,620. 0 $10,000. 0 $0. 0 $43,620. 0 2001 2002 2003 6 $148,580. $53,475. 0 $0. 0 $12,000. 0 $83,105. 0 $49,863. 0 $12,000. 0 $61,863. 0 $10,000. 0 $0. 0 $51,863. 0 7 $170,867. 0 $61,496. 3 $0. 0 $10,000. 0 $99,370. 8 $59,622. 5 $10,000. 0 $69,622. 5 $10,000. 0 $0. 0 $59,622. 5 8 $196,497. 1 $70,720. 7 $0. 0 $10,000. 0 $115,776. 4 $69,465. 8 $10,000. 0 $79,465. 8 $10,000. 0 $0. 0 $69,465. 8 $673,852. 8 0. 3601 $267,668. 6 $71,549. 8 0. 8801 $17,686. 4 $331,280. 9 0. 7747 $4,829. 9 0. 6818 $3,903. 3 0. 6001 $10,684. 5 0. 5282 $23,038. 3 0. 4649 $24,108. 7 0. 4091 $24,393. 8 1 $12,163. 2 $1,965. 0 $786. 0 2 $33,437. 2 $5,401. 9 $2,160. 7 3 $4 2,913. $6,932. 8 $2,773. 1 4 $41,347. 9 $6,679. 9 $2,671. 9 5 $27,550. 7 $4,450. 9 $1,780. 4 6 $20,000. 0 $3,231. 1 $1,292. 4 7 $20,000. 0 $3,231. 1 $1,292. 4 8 $20,000. 0 $3,231. 1 $1,292. 4 $8,000. 0 0. 860916465 0. 74117716 0. 63809162 0. 54934358 0. 47293893 0. 407160916 0. 350531536 $676. 68 $1,601. 50 $1,769. 49 $1,467. 82 $842. 00 $526. 22 $453. 04 0. 301778371 $2,804. 25 $10,141. 00 NPV of Project $341,421. 92 total debt market cap genome therapeutics 1. 4 131. 4 human genome sciences 6 697. 4 incyte pharmaceuticals 0. 1 244. 8 millenium pharmaceuticals. 2 7 myriad genetics 0. 307 sequana therapeutics 4. 1 189. 9 cash 0. 01065449 0. 008603384 0. 000408497 0. 002931596 0. 021590311 9 107. 5 41 17. 8 72. 5 41. 3 EV (calc) 123. 8 595. 9 203. 9 -10. 6 235. 4 152. 7 revenue 11. 2 9. 6 11. 1 22. 9 3. 6 12. 4 revenue multiple (calc) EBITDA 11. 05357143 0. 6 62. 07291667 -31. 1 18. 36936937 -10. 1 -0. 462882096 65. 38888889 -5. 2 12. 31451613 -6. 1 28. 12273006 0. 053571 -3. 23958 - 0. 90991 0 -1. 44444 -0. 49194 EBITDA multiple (calc) 206. 3333333 -19. 1607717 -20. 18811881 -45. 26923077 -25. 03278689 19. 33648503 MEAN MEDIAN HIGH LOW 28. 12 15. 34 65. 39 -0. 46 19. 4 -20. 19 206. 33 -45. 27 Base Case Total Revenue Total Expense Depreciation Taxable Income Taxes After Tax Depreciation Capital Expenditures FCF Terminal Value FCF Post Terminal Value PV – 1996 5. 84 2173. 6575 0. 6771654 1996 12700 23300 15662. 6 -26262. 6 0 -26262. 6 15662. 6 20000 -30600 -30600 $313,353. 57 1997 21300 26800 17662. 6 -23162. 6 0 -23162. 6 17662. 6 10000 -15500 -15500 1998 44600 31500 19662. 6 -6562. 6 0 -6562. 6 1999 68600 36700 21662. 6 10237. 4 3378. 342 6859. 058 2000 129200 46500 10000 72700 23991 48709 0. 596237 0. 30626 depreciation capex Depreciation 1992 1991 0. 19413 0. 016384 0. 017899 0. 107211 0. 053256 0. 080234 includes patent purchase+investing activities 1 2 3 4 5 6 20 32 19. 2 11. 52 11. 52 5. 76 19662. 6 21662. 6 10000 10000 3100 18521. 658 10000 10000 4 8709 593323. 1 3100 18521. 658 642032. 1 51144. 45 Conservative 1996 Total Revenue Total Expense Depreciation Taxable Income Taxes After Tax Depreciation Capital Expenditures FCF Terminal Value FCF Post Terminal Value (B) PV of Interest Tax Shields Date Debt (D) Interest Expense Tax Shield NPV of Tax Shields FCF including tax shield Total Net income NPV of Plan $44,796. 5 7620 23300 15662. 6 -31342. 6 0 -31342. 6 15662. 6 20000 -35680 -35680 1997 12780 26800 17662. 6 -31682. 6 0 -31682. 6 17662. 6 10000 -24020 -24020 1998 26760 31500 19662. 6 -24402. 6 0 -24402. 6 19662. 6 10000 -14740 -14740 1999 41160 36700 21662. 6 -17202. 6 0 -17202. 6 21662. 6 10000 -5540 2000 77520 46500 10000 21020 6936. 6 14083. 4 depreciation capex Depreciation 1992 1991 0. 019413 0. 016384 0. 017899 0. 107211 0. 053256 0. 080234 includes patent purchase+investing activities 1 2 3 4 5 6 20 32 19. 2 11. 52 11. 52 5. 76 10000 10000 14083. 171549. 5 -5540 185632. 9 14787. 57 1 $12,163. 2 $1,970. 4 $788. 2 $10, 143. 89 ($34,892) 2 3 $33,437. 2 $42,913. 2 $5,416. 8 $6,951. 9 $2,166. 7 $2,780. 8 4 5 $41,347. 9 $27,550. 7 $6,698. 4 $4,463. 2 $2,679. 3 $9,785. 3 20000 $3,240. 0 $1,296. 0 $8,000. 000 $16,084 ($21,853) ($11,959) ($2,861) $23,869 PV – 1996 Shares Outstanding Share Price $34,652. 16 4,574 $7. 58 Present Value $28,139. 37 $118,630. 13 $7,862. 21 $68,507. 03 Rate 0. 2 0. 2 0. 3 0. 3 PE 11 25 11 25 Share Price $6. 15 $25. 94 high $1. 72 low $14. 98 10. 57 median How to cite The Economics of Running a Genomics Company, Papers

Social Issues Explored in Bruce Dawes Poetry free essay sample

This represents the marginalised soldiers from the Vietnam War, for the War Veterans from WW1 and WW2 had always traditionally returned home to a hero’s welcome, greeted at the airway and society’s full support to the brave soldiers who had risked and possibly given their lives for the country. Weapons Training is another war poem, but this time targets young soldiers pre-war on what can be assumed as a final addressing before taking into the ranks, this poem however various from the previous, the soldiers would have gone into the War with the expectation of being given thanks and praise for their bravery, instead they were barked at, abused and insulted. Dawe has represented both of the marginalised soldiers in both of the respective poems through his use of literary devices which can all fall under the brackets of a) Imagery and b) language, integrating into some finer details. We will write a custom essay sample on Social Issues Explored in Bruce Dawes Poetry or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Bruce Dawe’s poem ‘homecoming’ is littered with imagery throughout the passage. The poem is set in the mid 1950’s, which was historically a very patriarchal time. This sense of accomplishment had been earned through the hard work and sacrifices that soldiers had gone through during the horrific events of world war one and two. Thus, when war veterans- alive, dead or injured- returned from another significant war; Vietnam, a logical person would also expect the same ‘hero’s welcome’ that was given to all the past oldiers. Sadly, this was not the case, and their efforts went on unrecognised. Dawe’s vivid use of imagery is a blatant illustration of this. For example, the soldiers (those they could find) were â€Å"piled on the hulls of Grants, in trucks, in convoys†¦ zipping them up in green plastic bags†. The words ‘Grants, trucks and convoys’, paint the picture that the soldiers are just like cargo, or prod uce, which is usually associated with such vehicles. And the fact that they were ‘piled on’ conveniently. The ‘objects’ that were piled on were not just another cargo, they were human beings, not just any human beings (which in its merit still would not condone their actions) but the bravest of human beings, people who had given their life to help preserve their country, and this treatment is simply insulting. In the next line, Dawe again cuts one deeper at the idea, mentioning they were ‘zipping them up in green plastic bags’. This idea of the ‘green plastic bags’ is associated with garbage. Simply Insolent. The reader’s perception is challenged by this use of language, especially since these events were in living memory of the audience. When the realisation that these Soldiers were treated like ‘garbage’ the audience is struck with a wave of guilt, which has been cleverly constructed by Dawe. Another example of an attack on society’s method of dealing with the situation is the second shortest line in the poem (the primary being the significant â€Å"they are bringing them home†) â€Å"raise muzzles in mute salute†. This line is very cutting, for when the plane carrying the deceased landed in their home, the only mention of any recognition is from the ‘raised muzzles’. The raised muzzles of dogs, which are portrayed by Dawe as the only stable and loyal companions in the nation, snubbing the human race as a whole, for the respect given- or lack of. Furthermore, Dawe has utilised the literary device of language to help give voice to the marginalised soldiers. The main idea created through the use of language is again how ill treated they were, not only on their return but the way their bodies were treated. One key example of language that thrusts a shameful feeling upon their audience is the repetition of ‘they’re’ in the opening of the poem. This repetition emphasises the dryness of their activities involved with war. Additionally, in tandem with such lines as ‘all day, day after day’, the audience feels like the action being described s monotonous- it’s a common task-one that is done conveniently- by ‘zipping’ them (and by describing such actions such as ‘bringing, zipping, tagging and giving’, Dawe has used lively verbs, to juxtaposition their real state of being). In contrast, it is quite the opposite; it is the furthest thing from ‘common task’. They are collecting human corpses. Because in today’s society human life (death) is held with such a high preservance, the news of any unforseen or mass death is a world talking point, and thousands flock from all over the nation to pay their respects, even if they had no contact with the deceased. So when a modern society reads how monotonous these people’s jobs were being taken and the lack of respect to the homecoming of our dead soldiers it is staggering. Another example of a literary device associated with language is the influence and impact of the title; ‘Homecoming’. â€Å"The title is used to contrast the traditional universal implications of the word with shockingly reality of soldiers flown home. † http://www. writework. om/essay/analysis-poem-homecoming-bruce-dawe) It preconceives the idea of some glorious return, or appraisal- as the society had been accustomed to reading, however this assumption is the furthest thing from the true details of the poem. Finally, there most obvious or noteworthy part of this poem is the lack of punctuation and full stops; representing the never ending rest of the war victims, but know, after all the fighting, and their death, they can finally rest, represented by the first and final full stop. Weapons Train ing’, also by Bruce Dawe, is scattered with imagery, imagery that is startling and imposing upon the audience. The images in this poem are â€Å"base, crude and apply to the visceral rather than the heart and never any near the cerebral. † (http://neboliterature. mrkdevelopment. com. au/poetry/dawe/weapons=training. html) The general conceived idea of society is that soldiers when being addressed prior to war, they would be treated with the utmost admiration and commendation for these brave soldiers who are risking their lives for their country. However, this poem negates this way of thinking. Instead these soldiers are ‘barked’ and ‘shouted’ at. As you can imagine, the soldiers would have not been expecting this kind of welcoming, represented in the way the general shouts â€Å"you there what’s the matter/ why are you looking at me are you queer? † This abrupt nature creates the vision of a young men wide eyed/mouth gaping staring at these hands on commander with utter shock and a sense of fear at how they are being addressed. The commander is in a sense, trying to instil mechanical features into the humans, to erase the human error, and thus the soldiers becoming one with their gun, moving like clockwork. So when the general commands â€Å"And when I say eyes right I want to hear/those eyeballs click†, he is attempting to obtain a mechanical-unnatural squadron. Almost as if to kill all of their human identity, symbolising their inevitable end, and raises the question, without any human difference, are they really alive? Humans are separated from animals and to a lesser extent machinery by our ability to think to feel; our individuality. When a soldier-to-be first conjured up the thought of joining, the thought was and would be one of everlasting freedom, and a place to complete heroic acts, but in this passage all these dreams have been crushed- represented when the general commands â€Å"Remember the cockpit drill† it is a monotonous movement, precise natures of the orders, which should be spontaneous, but is instead mechanical. Similarly to Dawe’s other poem, Homecoming, ‘Weapons Training’ is a transparent example of how language can be applied to represent a marginalised group in such a way that has been seen otherwise. The poem is also arguable Dawe’s most evident use of structure to help convey this point. Firstly, language is at the forefront in the second line where the general sates â€Å"and the gentle pitter-patter of falling dandruff†. The use of onomatopoeia here is apparent and the ‘pitter-patter’ sound has been used to represent the tentativeness of the soldiers as they march onwards. A sense of cautiousness has been created throughout the crew, almost as if to signify what the realisation of what they are risking. The ‘tt’ sound is also quite representative of machine-like figures that these soldiers have become, as described in the previous paragraph. Furthermore, ‘dandruff’ has negative connotations in today’s society, representing unhealthy living conditions and contaminated scalp. When today’s audience reads that dandruff is falling as they simply move it is very uneasy feeling in the readers mind. Similarly to Homecoming, this poem lacks in punctuation, the narrator only stopping to catch his breath when he asks a rhetorical insulting question to one of the privates such as â€Å"you a queer† These short pauses serve as a solitary moment where the verbal onslaught commences before the general launches into another volley on insults, commands and war notes. The lack of full stops serves as to resemble a life in the ranks, one that is always ongoing and without rest and respite. Finally, the repetition of ‘dead, dead, dead at the conclusion of the poem is vital. These serve as to be the last words we hear in the poem, and they are hammered into the audience to enforce a reflection on the whole poem negative and sorrowful way (towards the soldiers). Structurally, this is a very unique poem for Dawe. Firstly, it is written in dramatic monologue- the poem starts with ‘And’ as if the general is mid sentence, this beginning really thrusts and imposes on the reader and immediately catches their attention. (Http://lardcave. et/hsc/english. 2ug. dawe. weaponstraining. html) This style of writing in tandem with the Title; Weapons Training’ has an immediate effect on the audience. The audience were assuming the poem would be about these brave faced soldiers given weapons and being taught how to use them whilst a feeling of comradely and admiration flows through the air. Instantaneously these assumptions are once again proved incorrect, and mo re so they are omitted instantly. It is also noteworthy that ‘Weapons Training’ was Dawe’s only rhythmic poem. This is key, as the rhythm and rhyme in this poem serves to exaggerate the fact that as much as society would like everything ‘just-so’ this can’t be the case. Even though the narrator’s speech is rhythmic, what he is saying is very cutting, contradicting the traditional romantic or heroic rhythmic poems. In conclusion, Bruce Dawe’s foremost war poems- ‘Homecoming’ and ‘Weapons Training’ are transparent examples oh how literary devices have been utilised to represent marginalised groups in ways that challenge their readers perceptions. Such literary devices include Imagery, Language are evident and in ‘Weapons Training’ Structure cannot be ignored. ‘Homecoming’ criticises the monotonous actions that are involved with the taking home of deceased soldiers, along with the fact of the respect- or lack of there are handled with on their journey home and also their arrival. ‘Weapons Training’ is a dramatic monologue of what can be presumed as wide eyed young soldiers being addressed by a general before they enter the war zone, which

SubSaharan Africa1 essays

SubSaharan Africa1 essays Cultural determinants of fertility 5 Women's Time, and Their Role in Rural Production and Household Maintenance Systems 7 Promoting Environmentally Sustainable Agriculture 8 Infrastructure Development and Settlement Policy 10 Africa's hopes for a better future depend in large part on improving the health of its people. Sub-Saharan Africa is experiencing a period of extraordinary change. Across the continent, policy reforms are contributing to dynamic economic growth. Greater political openness has strengthened the commitment of African governments to meeting the basic needs of their people. Despite these positive trends, sub-Saharan Africa faces a development challenge greater than any other region. Much of the continent's population remains desperately poor. With record numbers of adolescents entering their childbearing years, in less than three decades Africa's population is projected to double again from the current level of 620 million. Meanwhile, many African nations are struggling to provide health and education services to populations expanding at a small percent a year. In many countries, rapid population growth is contributing to degradation of the environment and undermining prospects for prosperity. Africa's hopes for a better future depend in large part on improving the health of its people. Better access to good quality reproductive health services, particularly family planning, is key to improving health status - especially for women. The reality of reproductive health in Africa, however, is far from ideal. Women begin child-bearing in their teens an d have an average of six children. Meanwhile, AIDS has struck hard in Sub-Saharan Africa, where roughly 1 in 10 adults - both men and women - are infected with HIV. Yet traditional attitudes favoring large families are changing rapidly, owing to the growth of cities, the rising cost of living and lower child death rates, among other factors. De...

Netherlands - Geography, Government and History

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Waste equals Food Essay Example | Topics and Well Written Essays - 750 words

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Braided River System in South-Eastern Spain Essay

Braided River System in South-Eastern Spain - Essay Example Landcover is mostly low bush and grasses with or without trees (Prakash, 2005). Land usage includes agriculture (barley and others under irrigated conditions), grazing, mining (gypsum, gravel and sand) and tourism (movie-making and others) (Prakash, 2005). The gypsum karst of the Tabernas-Sorbas basin of SE Spain is a Neogene intramontane one in the Betic mountain range and is composed of significant deposits of evaporates from the Messinian period (Calaforra and Pulido-Bosch, 2003). The semi-arid environment in the region has assisted in conserving the large numbers of surface and underground gypsum karstic forms and the speleogenetic processes characteristic of such a region (Calaforra and Pulido-Bosch, 2003). In essence, this implies that, at least for this field study at the Western edge of this karstic formation, a semi-confined status existed upon the gypsum strata (Calaforra and Pulido-Bosch, 2003) through which the old braided river section flowed and it is possible that only those speleogenetic processes characteristic of a karst region such as this have been influential in the accretion process of sediment evident today. In study of fluvial systems such as rivers the term 'braided' implies a low proportion of flood-plain mudstones and a high one of sedimentary sand elements like sandstone (Adams and Bhattacharya, 2005). There is characteristic distinction which states that 'meandering' channels have high mudstone-to-sandstone ratios and tend to have high sinuosity combined with single channel flows (Adams and Bhattacharya, 2005). In contrast, 'braided' channels have a high sandstone-to-mudstone ratio and tend to have multiple channel flows (Adams and Bhattacharya, 2005). This distinction is blurred at times by continuity of variables (Adams and Bhattacharya, 2005) but, for the purpose of this field study, it is accepted that the study area comprised of a 'braided' channel portion. Of eminent interest to this study are the depositional and erosional patterns of the river at the meandering stage and the braided one. It has single-layered laterally accreting patterns with similar eroding ones in the me andering stage while accretional patterns in the braided stage are multi-layered and vertical (Adams and Bhattacharya, 2005). Field Work Rationale: To test whether 'braided' stream sections have lateral and/or vertical sorting/fining tendencies. Methodology: Six different randomly selected channels of the known old braided river system in the Urra Field Centre were chosen. From each channel, three samples from the left and right banks and the centre of the stream were taken. Sample bags were used to collect the pebbles from the sample-taking areas. A tape measure was also used to measure the channel sections. A pebble template and a grain size chart were used to size up the collected pebbles. Additionally, a camera was used to collect photos of the sample-taking areas to provide rough assessment of the pebble characteristics at each site. The pebble sizes were measured and the data tabulated as per each site characteristic. In this part of the study the data shall be analysed through multiple statistical descriptive tests such as mean