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Managing job applications Essay

Introduction The staffing process of firefighters involves spirited applicant assessment, especially because of the intricate nature of the services they are required to offer. This calls for a number of tests to be performed on aspiring candidates so as to establish their appropriateness for the job. In this paper, three types of job applicant tests will be discussed together with their legal and ethical impacts. The specific employment law and the adverse impact created by each test will also be discussed. Cognitive ability test This is the test that looks into the ability of the candidate to reason (Hunter
The eighteenth century was one of the epochs of human history that had the greatest revolutionary happenings that transformed the entire world and the way things are handled. It is the period of human existence that experienced the highest number of performers in all areas of academic study, literary art, economic empowerment and philosophical advancement emerge to prominence coming up with some of the greatest concepts and philosophies that have been invaluable to our general understanding of the metaphysical world that we live in now. This paper is a study of different aspects of the eighteen century revolution and in doing so, it will respond to different questions about various issues that were pertinent during that epoch of human development. How did the First Scientific Revolution Energize economics and society? Scientific Revolution was a period in man’s revolutionary history when there was a profuse arising of new ideas and concepts in all the scientific fields such as astronomy, physics, human anatomy, biology, chemist among other sciences which abolished most of the unauthenticated concepts and doctrines that had been in operation from the times of the Ancient Greece to the Middle Ages.[1] This revolution saw to fruition concepts that had been suppressed by religious groups which held promising results for the new Science Age that was now dawning in. It was the base of what is now called Modern Science where superstition and religious dogmas were replaced with scientific reason and knowledge that would explain every single happening on the basis of empirical evidence supporting such notions. The accompanying new concepts in physics, biology, astronomy and metaphysical world soon became central in the understanding of universal social concerns and economic trends of the time. Studies were developed steered towards attempting to unite the world into a global market that would transact business with the main reason being to edify human life and alleviate poverty. These concepts were adopted by scientists who were involved in social sciences and economics to transform the period’s economic trends in investment and way of conducting businesses thereby beginning the concept of universal congruence in economic undertakings. From this, business transactions were encouraged to be geared towards profiting the society in which they thrive and thus societal development was also a key area that was developed in this period.[2] How did Absolutism assert itself in Europe? Absolutism was a concept that was fronted by H. G. F. W. Hegel as a philosophical account of how understanding of the being can be attained as a whole. According to Hegel, for the subject that is thinking (that is the human) to be able to understand the object (that is the world in which he lives), the subject has to have some sort of identity of being and thought.[3] This was a fascinating philosophical idea that received a lot of attention in the time setting stage for the development of modern philosophy of absolutism in many other respects. Get your 100% original paper on any topic done in as little as 3 hours Learn More Absolutism within the first decade of its invention as a philosophical train of thought, it attracted a lot attention among the contemporaries and therefore was taken up by storm by many philosophers of the time. The concept entered Europe from Germany, US and Britain where it had first been accepted. It was out of the influence of such philosophers like Meister Eckhart that the concept entered Europe. Within the first two decades of its inception in Europe, Absolutism greatly became the center-stage concept that was referred to in almost every philosophical argument. This made its assertion easy and appropriate since it would explain many humanistic concerns such as religion, government systems and human activism.[4] How did Enlightenment Thinkers conceive of Improvements of Human society? Enlightenment thinkers were a group of scientists and reformists who believed in science and acquisition of knowledge as the way to respond to all the challenges facing humanity. They spent a lot of time devising philosophies and concepts that would explain all human experiences with empirical evidence to clearly outline the details of every explanation in accordance to scientific research methodology.[5] These thinkers therefore perceived the society as being capable of standing on itself and creating responses to solve any difficult it faced. Improvements in the human society were thought to be driven by personal ambition and objective of equality among all people as well as creating avenues through which the society would be taught to attain education. In a snapshot, these improvements were thought to be realized through education and brotherhood which was a concept that favoured equity and equitable distribution of resources and opportunities to all people in the society. How did Democratic forms of Government spread in the West? The spread of democratic forms of government into the West was as a result of the oppression that had been seen during the world wars which had painted dictatorial leaderships as tyrannical and oppressive. Human rights activism albeit in its infant stage, had began coming up with the creation of world organizations that fronted for equality and these compelled government leaders to be accountable to the citizenry to whom they (government officials) were responsible to. We will write a custom Assessment on History to the Eighteenth Century specifically for you! Get your first paper with 15% OFF Learn More Democratic form of government was a concept that proved very promising as it required that political leaders be led by ideologies which they would sell to the citizenry and competitively seek for votes by convincing the voters of what their parties would do to improve the living standards of the citizens.[6] Democratic form of government also refuted harshly tyrannical leaderships and oppression as it gave the populace the express right to elect public servants into offices and remove them from these offices when voting time came again. This created responsibility for these leaders thereby making them more accountable to the citizenry.[7] This is how democratic form of government spread in the West. Bibliography Chambers, Mortimer, Barbara Hanawalt, Theodore Rabb, Isser Woloch, Raymond Grew and Lisa Tiersten. The Western Experience, Volume 1, with Primary Source Investigator and PowerWeb. New York: McGraw-Hill, 2006. Jürgen, Habermas. The Structural Transformation of the Public Sphere. Cambridge: Cambridge University Press, 1989. Toby, Huff. The Rise of Early Modern Science: Islam, China and the West. Cambridge: Cambridge University Press, 2003. Footnotes Mortimer Chambers, Barbara Hanawalt, Theodore Rabb, Isser Woloch, Raymond Grew and Lisa Tiersten, The Western Experience, Volume 1, with Primary Source Investigator and PowerWeb (New York: McGraw-Hill, 2006), 124. Ibid,183. Ibid,192. Habermas Jürgen, The Structural Transformation of the Public Sphere (Cambridge: Cambridge University Press, 1989). Ibid, 78. Huff Toby, The Rise of Early Modern Science: Islam, China and the West (Cambridge: Cambridge University Press, 2003), 54. Ibid, 55.

Case Analysis – Wal-Mart Case Study

Table of Contents Introduction Wal-Mart history Industry description Competition Wal-Mart SWOT analysis Conclusion References Introduction Wal-Mart is one of the leading retailers in the world. The company is incorporated in the US and operates international outlets in a number of countries across the world too. It employs many people through its numerous facilities in the US and other nations. Wal-Mart history Wal-Mart dates started in the early 1960s when the discount retail industry had started picking up. In 1962, Sam Walton risked all is property to secure finances to start-up a new venture in the discounts retail industry. In the same year, three other discounts retail stores commenced their operations. These stores included Kmart, Target, and F.W. Woolworth (Wal-Mart, 2012). The first Wal-Mart was started in Rodgers, Arkansas. The company seemed less likely to succeed as compared to the other discount retail stores. Aware that the business was bound to face stiff competition from new entrants in the industry, Sam sought to expand and grow Wal-Mart as quick as possible to seize the available opportunities. For this reason, Wal-Mart expanded to other towns such as Oklahoma, Missouri, and Kansas. By the year 1967, Wal-Mart had 19 stores and recorded sales of $9 millions. Kmart, the industry leader at the time, had 290 stores and a sales volume of $800 million in the same period (Wal-Mart, 2012). Get your 100% original paper on any topic done in as little as 3 hours Learn More Wal-Mart was plagued with many challenges in the early years of its operation that rendered its growth difficult. Sam was so much in debt that available funds were not sufficient to sustain business growth beyond Arkansas, Missouri, and Oklahoma. Furthermore, Wal-Mart also faced with high costs of operation. Large vendors were unwilling to deal with Wal-Mart, and if they agreed to supply stocks, they dictated the prices and the quantities of the items that were sold in stores. Additionally, distributors were discriminative in the way they handled their services to Wal-Mart compared to other large competitors in the industry (Wal-Mart, 2012). Sam Walton issued Wal-Mart shares to the public in an effort to counter the above challenges. This enabled the business stock offerings to increase in value from $1,650 to over $3,000,000 during the early 1990s. Additionally, the store decided to build its own warehouse to enable purchase of voluminous merchandize at attractive prices. This led to a considerable reduction in costs. By the year 1985, the company had expanded and increased its stores from 32 in 1970s to 859. In the years between 1985 and 1990s, Wal-Mart had expanded from small towns in the South where it had a strong presence throughout big cities and towns in the US. In late 1990s and early 2000s, Wal-Mart was the top discount retailers in the US. During this period, Wal-Mart reduced the number of stores by converting them to supercenters, which increased by almost six times to an approximate of 2,843 stores by the year 2006. At the same time, Wal-Mart also operated 607 Sam’s Clubs by the year 2010. We will write a custom Case Study on Case Analysis – Wal-Mart specifically for you! Get your first paper with 15% OFF Learn More Industry description Wal-Mart operates in discount retailing industry within the US. The discount retailing industry in the US has evolved tremendously over the last half century. Customers were never allowed to pick products by themselves from the shelves. However, the sale clerks served them directly over the customer. Discount traders started emerging in 1950s were characterized by low commodity prices, limited credit to customers, and low return privileges. The retail stores during these early stages were categorized into general and specialty chains. Specialty chains mostly dealt with narrow product lines such as sporting and office products. General Chain carried a wide assortment of product range. Discount stores enjoyed much success due to low prices and their emphasis on customer convenience, value, and quality. Major players in the general chain discount retailers were established in 1960s. These players include Kmart, Wal-Mart, Target, and Woolworth. Over the past decades, the discount retailing has witnessed sporadic industry boom in the US. Numerous retail stores have mushroomed and gained substantial growth across the US. The industry in the modern days has become consumer-driven hence creating market challenging conditions. Technology has accelerated the rate of discount retailing industry. Over the years, many stores have heavily invested in sophisticated management systems, state-of-art distribution centers, and other technological platforms have enabled the industry to grow tremendously. These innovative technologies have reduced operation cost significantly in distribution, marketing and so much more. Competition Wal-Mart faces stiff competition from both general and specialty discount retailers. Over the years, Kmart has been the most dominant Wal-Mart competitor. The onset of discount retailing industry in 1962, Kmart was the leading industry performance and Wal-Mart was thrown to the periphery for quite some time until Sam Walton successful turnaround of the store. Not sure if you can write a paper on Case Analysis – Wal-Mart by yourself? We can help you for only $16.05 $11/page Learn More Kmart was hard-hit severely by crises that enabled Wal-Mart to catch up and become the industry leader successfully. Kmart tried to imitate Wal-Mart strategies but could not catch up. Kmart suffered dramatic losses as high as $300 million in the period between 1993 and 1995. Kmart successfully managed to turnaround through restructuring of the business, but only little impact was felt by the year 2004. By the year 2010, Kmart operated 1,300 stores with sales volume of $17.2 billions. Target is the second fiercest Wal-Mart rival in the industry. Over the years, Target Company has attracted and retain customer through offering upscale product mix. Furthermore, Target has been able to attract a considerable clientele through store ambience that is greatly superior its entire rival in the market. Target has been also been able to overshadow its competitors through designer products. The introduction of Target Guest Card has critically enabled Target Company to differentiate itself from its competitors. Currently, the major Wal-Mart competitors include Kmart, Target, Khol’s Corporation, Sears, Woolworth, and many other stores. Wal-Mart SWOT analysis SWOT analysis is critical in the strategic management of organizations. SWOT is an integrated approach that analyses the internal strength and weaknesses of a company (Hill

Economic Profits and Accounting Profits

order essay cheap Economic Profits and Accounting Profits. I’m trying to study for my Economics course and I need some help to understand this question.

What is the basic economic problem that all persons, businesses and countries face? What are the differences in the way a market process vs. a command process attempt to deal with the basic economic problem? What is the difference between Economic Profits and Accounting Profits? Discuss the importance of taking into account the opportunity costs (implicit costs) in investment decisions. Illustrate you discussion with examples.

700 words. APA format. References must be scholarly/academic journals and no earlier than 2010
Economic Profits and Accounting Profits

Should public schools be required to restore physical education classes to the curriculum? Research Paper

Introduction The occurrence of obesity prevalence in children, in the U S, can be associated with the removal of physical education courses in public school curriculum. These courses were serving a lot in reducing the numbers of children suffering from obesity and obesity related illnesses. This was so because the students were passed through a curriculum that worked out their mental and body strength. They were able to burn the extra calories that would have other wise accumulated in the body causing obesity. Currently the students are not involved in any physical course. As a result, there is a high rate of obesity prevalence in children, in America. It is estimated that of all children under the age of 12 in America 30% are obese. This is an alarming signal to the authority concerned (Axelrod, Cooper

Financial Report on the Financial Performance of Kingspan PLC

Kingspan is an Irish Public Limited Company with its global head quarters in County Cavan. They have revenue of €3.7 billion (2017), and an operating income of €377.5 million (2017). Kingspan have over 13,000 employees globally. This report will take a brief look a Kingspan’s company profile. It will focus on the company financial reporting show a financial analysis of the 2017 audited accounts, including financial ratios. This report will examine how the company is currently financed and look at possible future financing option and investment sources that might be available to the company and look at what effect, if any, these will impact the current financial systems. Kingspan – Company background Kingspan was founded in the 1960’s by Eugene Murtagh, existing chairman of the company, Kingspan manufactures insulation materials and building envelope solutions for the construction industry. The company was floated on the stock exchange in 1989 with a company value of €20 Million Irish punts. The company now trades in over 70 countries globally. It has quickly grown to be one of Irelands top ten companies with a turn over of €3.7 million. Even with Brexit looming just around the corner, this hasn’t affected the share price of the company , Peter Hamiltion of the Irish Times writes(29/3/19) “Brexit uncertainty failed to trouble the Republic’s share index with Kingspan shares advancing 2.13% to a value of €41.26” . Kingspan – Recent developments In very recent news Building materials group Kingspan has made an offer to Belgian company Recticel to purchase its entire insulation and flexible foams divisions for a total consideration of €700m.( RTE Tuesday, 16 Apr 2019 17:59) Kingspan said the offer is made subject to approval by the board of Recticel. In a brief statement, Kingspan said that is the deal goes ahead, it has agreed an exclusive back to back deal with a third party for the disposal of all of the flexible foams businesses. A spokesperson for the company stated that “There can be no certainty that the offer to the board of Recticel will result in an agreement being concluded or, if concluded, receiving regulatory approvals,” It said that a further announcement will be made if and when appropriate. Recticel’s core portfolio is organised around four divisions – flexible foams, insulation, bedding and automotive. Europe accounts for around 93% of its net sales, while it also sells in the US and Asia. The deal would tighten Kingspan’s grip on the European insulation market, where Recticel’s unit has manufacturing facilities in Belgium, France, Britain and Slovenia. Kingspan generates around a fifth of its sales in Britain, although that reliance has been falling as it diversified further into Europe. The flexible foams business made up 41% of Recticel’s €1.5 billion of annual sales in 2017, with the insulation unit contributing 18%. The remainder was made up from its bedding and automotive units. Kingspan has spent just over €1 billion on a number of acquisitions over the last two years, mainly building up a presence in North, Central and South America. Acquisitions contributed 17% to Kingspan’s sales growth last year, when it recorded record annual revenues of €4.4 billion. Recent purchases including Spain’s Synthesia group and Balex Metal, a Polish based manufacturer of insulated products, helped push the contribution from mainland Europe to almost half of all sales. 1.0 Profitability Note all Financial information used in this report is taken directly from the 2017 audited accounts of Kingspan plc. Profit margin is a percentage measurement of profit that expresses the amount a company earns per euro of sales. If a company makes more money per sale, it has a higher profit margin. Gross profit margin and net profit margin, on the other hand, are two separate profitability ratios used to assess a company’s financial stability and overall health. Gross Profit Margin Gross profit margin is a measure of profitability that shows the percentage of revenue that exceeds the cost of goods sold. It illustrates how successful a company’s executive management team is in generating revenue from the costs involved in producing their products and services. In short, the higher the number, the more efficient management is in generating profit for every euro of labour cost involved. The gross profit margin is calculated by taking total revenue minus the cost of goods sold and dividing the difference by total revenue. The gross margin result is typically multiplied by 100 to show the figure as a percentage. The cost of goods sold is the amount it costs a company to produce the goods or services that it sells. Operating Profit Margin differs from Net Profit Margin as a measure of a company’s ability to be profitable. The difference is that the one is based entirley on its operations by excluding the financing and all the associated costs like interest payments and taxes. Operating profit is calculated by subtracting all COGS, depreciation and amortization, and all relevant operating expenses from total revenues. Operating expenses include a company’s expenses beyond direct production costs – such things as salaries and benefits, rent and related overhead expenses, research and development costs, etc. The operating profit margin calculation is the percentage of operating profit derived from total revenue. For example, a 10% operating profit margin is equal to €0.10 operating profit for every €1 of revenue. A company’s operating profit margin is indicative of how well it is managed because operating expenses such as salaries, rent, and equipment leases are variable costs, rather than fixed expenses. A company may have little control over direct production costs such as the cost of raw materials required to produce the company’s products, but the company’s management has a great deal of discretion in areas such as how much they choose to spend on building rent / rates, office equipment, and staffing required to run the business. Therefore, a company’s operating profit margin is usually seen as a best indicator of the strength of a company’s management team, as compared to gross or net profit margin. ​ 3. Return on Capital Employed – R.O.C.E. Return on capital employed (ROCE) is a financial ratio that measures a company’s profitability and the efficiency with which its capital is used. This ratio measures how well a company is generating profits from its capital. The ROCE ratio is considered an important profitability ratio and is used often by investors when screening for suitable investment candidates. Capital Employed Earnings Before Interest and Tax (EBIT) = Total assets − Current liabilities 3. Return on Capital employed Kingspan Group Return on Capital Employed 2017 Operating Profit €362.40 x100 14.79 % L.T.C.E. (Total Assets – Current Liabilities) €2,449.50 Operating Profit €328.40 x100 14.67 % 2016 L.T.C.E. (Total Assets – Current Liabilities) €2,238.90 Efficiency Ratios Efficiency ratios measure of a business’s ability to utilize its assets and liabilities to generate sales. When using assets, efficiency ratios compare an aggregated set of assets to sales or the cost of goods sold. For liabilities, the main efficiency ratio compares payables to total purchases from suppliers A Debtor Days – Kingspan Group Debtor Days Formula Calculation Debtor Days Trade Receivables x365 675.9 365 67.26 Days 2017 Sales Revenue 3668.1 Debtor Days Trade Receivables x365 601.9 365 70.68 Days 2016 Sales Revenue 3108.5 The Debtor Days ratio shows the average number of days your customers are taking to pay you what they owe. As the formula show its calculated by dividing debtors(trade Receivables) by average daily sales(Sales Revenue). You can see by the spreadsheet above Kingspan Reduced its Debtor Days in 2017 from 70.68 days to 67.25. Debtor days vary in length depending on the company, smaller businesses temd to have shorter debtor days . Longer debtor days effects cash flow If you have long payment terms, it means that you will have to use more credit to pay for your companies business expenses etc. Businesses that has a shorter period for debtor days tend to do better because their cash flow is stronger. Less purchases need to be bought on credit this is also a more cost effective method of payment, as there are no interest charges. All outstanding invoices that a business have are only finalised when the payment hits your bank account. B Creditor Days Creditor days number is a similar ratio of debtor days (a above) and it gives an insight into whether a business is utilizing a facility credit available to it. Creditor days estimates the average time it takes a business to pays any outstanding debts with their suppliers. You can see from the spread sheet below that Kingspan group became a little more efficient paying its Creditors in 2017 with Creditors days Down to 90 Days compared to 98.5 Days in 2016. Kingspan group Creditor Days Formula Calculation Debtor Days Trade Payables x365 645.2 365 90 Days 2017 Cost of Sales 2615.4 Debtor Days Trade Payables x365 585.2 365 98.5 Days 2016 Cost of Sales 2168.3 Liquidity Liquidity is a measure of how easily a business can exchange an asset for money. A liquidity ratio assesses whether a business have sufficient cash or assets that they can convert to cash in order to pay its debts when they are due to be paid. The figure required to calculate this are in the balance sheet. Current Ratio = Current Assets / Current Labilities. Current Ratios Kingspan Group 2017 Current Assets €1,299.70 1.65 :1 Current Liabilities €786.10 Current Assets €1,197.80 1.56 :1 2016 Current Liabilities €765.70 Acid Test Ratio The Acid Test Ratio is a more realistic view on how Liquid a business is , although a business have property and fixed assets that can be sold , these however could take a time to equate to sales the Acid test ratio considers that stock or inventories are not money and forecast are just that, forecast and predictions. The Formula to calculate this Ratio are Current Assets – Inventories Current Liabilities. Acid Test Ratio – Kingspan Group 2017 Current Assets- Inventories €852.60 1.08 :1 Current Liabilities €786.10 2016 Current Assets- Inventories €832.30 1.09 :1 Current Liabilities €765.70 There is a small variation in the ratio year on year which reads well for investors as this show company stability. A rule of thumb is that a quick ratio greater than 1.0 means that a Kingspan are sufficiently able to met all its short term obligations. EARNINGS PER SHARE Earnings per share increased for Kingspan shareholder over the 12 months with the Basic earnings per share rising from €14.38 to €15.90 and the diluted basic share earnings increasing from €14.16 to €15.73. It is evidence of Kingspan’s growth and profitability. These figures should please shareholders and highlight to future investors the benefits in investing in Kingspan. The Calculations of Earnings per share are based on the following – Kingspan Group 2017 2018 € m’s € m’s Profit to Ordinary share Holders 284.3 255.4 Number of Shares(‘000’s) 2017 2016 Weighted average number of ordinary shares for 178,854 177637 the calculation of B.E.P.S. Diluted effect of share options 1856 2677 Weighted Average number of Ordinary shares 180,710 180,314 for the calculation of diluted earnings per share The Table Below shows how the Earnings per share Ratios were carried out EARNINGS PER SHARE RATIO – Kingspan Group Basic Earnings Per Share 2017 2016 E .P.S. = Earnings Available to Ordinary Shareholders €159.24 €143.78 Number of Ordinary Shares Diluted Earnings Per Share 2017 2016 E .P.S. = Earnings Available to Ordinary Shareholders €159.24 €143.78 Number of Ordinary Shares Adjusted basic earnings reflects the profit is accountable for ordinary shareholders after taking out the effect of Tax and non trading items and kingspan’s intangle amortisation charge. Kingspan Financing The Kingspan group funds itself through a combination of Debt and equity. The debt is funded through syndicated and bilateral bank facilities and private loan notes. The principle debt facility is a half a billion revolving credit facility, which is underdrawn at the end of the year. This matures in June 2022. At the end of Dec 2017 Kingspan group committed bilateral bank facilities were €50 million , none of whichwas drawn down. Private placement loan notes if just over 6 years including a recent prive placement of 175 million completed on on the 8th December 2017. This was drawn in Jan 18. The Kingspan group had significant available undrawn facilities and cash balances which, in aggregate, were circa 900 million euro at the year end 2017 these provide appropriate financial space for and development funding. €440 of this is doing to be used in the purchase of Synthesia and Balex, the acquisition detailed above. Net debt Net debt increased by Net debt increased by 36.00 during 2017 to €463.9 mIllion €427.9 Million in 2016. The Net debt is analysed below: Movement in Nett Debt – Kingspan 2017 2016 €M’s €M’s Free Cashflow 198.5 206.6 Acquisitions -168.2 -254.4 Share Issues 0.2 3.2 Rep Repurchase of shares -1.5 -1.3 Dividends paid -61.7 -48.4 Cashflow movement -32.7 -94.3 Exchange movements on translation -3.3 -5.6 Increase in nett Debt -36 -99.9 Net debt at the start of the Year -427.9 -328 Net debt at the End of the Year -463.9 -427.9 Gearing Ratios Gearing ratios are a way to let shareholders compare equity to company debt in different ways in order to assess the company’s amount of leverage and financial stability. Gearing shows how a company’s day to day operation costs are funded using debt versus the funding received from shareholders as equity. Gearing ratios are a great comparative tool to see how one business is performing against another . Gearing Ratios – Kingspan 2017 2016 Debt to equity Total Liabilities 1667.6 52% 1806.8 60% Total Assets 3235.6 3004.6 Equity ratio Equity 1568 48% 1471.5 49% Assets 3235.6 3004.6 4. Capital structure and Group financing Kingspan funds itself through a combination of equity and dept. The Debt is funded through syndicated and bilateral bank facilities and private loan notes. ( Kingspan.ie) The Main bank debt facility is €500 million revolving credit facility, which is underdrawn at the end of the fiscal year , this matures in June 2022. At 31st December 2017, Kingspan groups committed bilateral bank facilities were €50 million , none of these monies were drawn down. Other sources of funding include private placement loans totalling €633.2 Million. The maturity on these loans these are 6 and a half years, including a new private placement of €175 million completed in December 2017. This money was drawn I January of 2018. The Group had vast amount of available undrawn facilities and cash balances which combined were approx. €900 million at the year end 2017, this allows for great scope for operational needs and funding for developments. Future Developments funding initiatives, of the €900 million of undrawn facilities an estimated €440 million is ear marked to help complete the acquisition of Synthesia Group and Balex Group. Synthesia gives Kingspan a leading position in insulated boards and panels and gives the Group a stronger standing in central and south America. The acquisition of Balex a polish based insulated panel manufacturer, this will see further growth in the European market Financial Review This Financial Review provides an overview of the Groups financial performance for the year ended December 2017 and Kingspan Group’s financial position at the date. Overview of Results There was a Revenue increase from the previous year (2016) up 18% to €3.67 Billion (€3.11 bn 2016) and trading profit increased by 10.7% to €3.77.5 Million(€340.9 Million). Basic EPS for the year was 150.9 cent an increase of 10.6% on the same time last year (143.8 cent). The Groups sales and trading profit growth by division are set out below: SALES SALES UNDERLYING CURRENCY ACQUISITION TOTALS Insulated Panels 12% -2% 7% 17% Insulation Boards 15% -3% – 12% Light and Air 1% -1% 170% 170% Environmental 2% -5% 14% 11% Access Floors 4% -4% 1% 1% Group 11% -2% 9% 18% TRADING PROFIT UNDERLYING CURRENCY ACQUISITION TOTALS Insulated Panels -1% -2% 7% 4% Insulation Boards 20% -4% – 16% Light and Air 75% -1% 237% 311% Environmental 35% -5% 13% 43% Access Floors -1% -4% – -5% Group 6% -3% 9% 12% The Groups trading profit measure is earnings before interest tax, amortisation of intangible and non-trading items: Net Debt Net Debt increased by 36.0 million during 2017 to €427.9 million. This is analysed in the table below. Movement in Net Debt 2017 2016 €Million’s €Million’s Free Cashflow €198.50 €206.60 Acquisitions €168.20 €254.40 Share Issues €0.20 €3.20 Repurchase of Shares €1.50 €1.30 Dividends paid €61.70 €48.40 Cashflow movement €32.70 €94.30 Exchange movements of translation €3.30 €5.60 Increase in nett Debt €36.00 €99.90 Net Debt at the start of the year €427.90 €328.00 Net debt at the end of the year €463.90 €427.90 Key financial covenants The Majority of Kingspan Groups borrowings are subject to financial covenants calculated in accordance with lenders facility agreements: Maximum nett debt to EBITDA ratio of 3.5 times; and a min EBITDA to net interest coverage of 4 times. The 2017 performance against these covenants in the current year is set out below 2017 2016 Covenant Times Times Net debt / EBITDA Maximum 3.5 1.05 1.06 EBITDA/Net interest Minimum 27.8 28.3 Share Price and market capitalisation Company Shares traded in the range of €25.80 to €37.00 during the year 2017. The share price at the 31 December was €36.41( Dec 16 €25.80) giving a market capitalisation at that time of Kingspan Group PLC Group Condensed Income statement for the year ended 31st December 2017 2017 2016 €M’s €M’s REVENUE €3,668.10 €3,108.50 Cost of sales €2,615.40 €2,168.30 GROSS PROFIT €1,052.70 €940.20 Operating Costs, ex intangible amortisation €675.20 €599.30 TRADING PROFIT €377.50 €340.90 Intangible amortisation €15.70 €12.60 Non Trading items €0.60 €0.00 OPERATING PROFIT €362.40 €328.30 Finance expense €16.40 €14.40 Finance income €0.50 €0.10 PROFIT FOR THE YEAR BEFORE INCOME TAX €346.50 €314.00 Income tax expense €60.60 €58.50 NET PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS €285.90 €255.50 Attributable to owners of Kingspan Group PLC €284.30 €255.40 Attributable to non-controlling interests €1.60 €0.10 €285.90 €255.50 ERNINGS PER SHARE FOR THE YEAR Basic 159.0c 143.8 c Diluted 157.3c 141.6c Overall Conclusions Kingspan Group are a market leader in the in the insulation and building envelope solutions, some key financial Highlights from this report. Revenue up 18% to €3.7 billion Trading Profit up 11% to €377.5 million Acquisitions contributed to 9% to sales growth and 8% to trading Profit growth in the year. Financial dividend per share of26.0 cent. Total dividend for the year up 10% to 37cent Year net debt of €463.9 Million, nett debt to EBITDA of 1.05x Kingspan group are operating well , with positive expansion plans and acquisitions of over €600 seeing the company expand globally into south America and taking a strong foothold into the European market. Light and Air sales of over €200 million in its first years trading was further proof that the global expansion plan is very successful. However with the future un certainty with Brexit and the slow down in the construction industry in the UK as a direct result of this contingency plans will need to be made in the event of a hard Brexit, as this could have a effect on the impost and export of materials to and from the UK. In conclusion Kingspan continue to be a profitable company and a global leader in the insulation market, expansion into south American and western and central Europe are a positive move. The Company is financially very liquid and are profits are increasing year on year. Kingspan are a very strong performing global company . All financial Information obtained was taken from Kingspan Group plc Annual Report Statements 2017 and 2016 (Anon., n.d.) References Anon., n.d. [Online] Available at: http://www.top1000.ie/kingspan Anon., n.d. [Online] Available at: https://www.irishtimes.com/business/markets/brexit-uncertainty-fails-to-dent-irish-stocks-1.3843353 Anon., n.d. [Online] Available at: https://www.rte.ie/news/business/2019/0416/1042891-kingspan-recticel-deal/ Anon., n.d. [Online] Available at: https://annualreport.kingspan.com/2017/