Analyse the financial performance & position of Intercontinental Hotel Essay

Analyse the financial performance & position of Intercontinental Hotel Group plc and explain and evaluate the treatment intangib - Essay Example Background Information Intercontinental Hotel Group Plc. owns one of the leading brand and chain of hotels and resorts across continents. The group’s registered corporate office is located in Denham, United Kingdom and the group has a history of almost 60 years of delivering the highest level of quality of customer service which has permitted the group to achieve phenomenal growth over the last few decades. The group operates not only by owing hotels and resorts completely and also by entering into franchise agreements with other companies to operate hotels and resources The group has more than 4,500 hotels which are operating in different countries. The group operates hotels brands including Crown Plaza Hotel, Holiday Inn Express, Staybridge Suites, Candlewood Suites and others. These brands are arranged in a way that they reflect both luxury and budget hoteling facilities for guests. The group offers a hotel loyalty program through which it has achieved 63 million members wh o received updates and discounts on bookings and other privileges (Yahoo Finance, 2012). Financial Ratios Analysis For the purpose of analyzing Group’s financial performance in the last two years, following ratios have been determined and a discussion for them is presented while considering additional supporting information available in the Group’s annual report. It is pertinent to mention here that there are material exceptional items in the financial statements of IHG (InterContinental Hotels Group, 2011). These exceptional items are not considered for the purpose of calculating ratios. However, the impact of these exceptional items has been evaluated at the end of financial analysis. Profitability of IHG Keeping in view the profitability ratios as calculated below for the Group, it is noted that the Group has improved its performance in terms of returns. Apart from the continuing effects of recent global financial distress, the Group has managed to report growth in its profits. As evidenced by the gross and operating margins presented below, the Group has been able to report considerable growth in its gross and operating profits. One of the main reasons for this growth has been increase in total revenues of the Group. On the other hand, it is worth mentioning here that IHG’s cost of sales declined in 2011 whereas revenues climbed up, thus signifying the level of operational efficiency reached by the Group. Following this improvement in cost of sales figure in 2011 and gross profits, the trend translated into operating profits also, due to which the Group has been able to report higher operating margin for the year ended 2011 (Peterson & Fabozzi, 2012; Warren et al., 2011; InterContinental Hotels Group, 2011). Profitability Ratios Ratio 2011 2010 Return on Capital Employed 17.35 % 12.29 % Return on Equity 67.93 % 97.59 % Operating Profit Margin 21.32 % 17.44 % Gross Profit Margin 56.39 % 53.75 % Source: (InterContinental Hotels Group, 20 11) In addition to this, the returns on capital employed and on total equity of the Group have also shown favorable changes. With the increase in profits attributable to shareholders of the Group, the return on equity and capital employed also increased, and this increase in net profits for the Group has been such that it overcame the impact of increase in capital employed

Exploring changes in futures prices - Financial Market Essay

Exploring changes in futures prices - Financial Market - Essay Example This report aims at solving issues and problems related to future price changes and how best they can be used to best suit the needs of the market. Future contracts A future is contract between two parties to buy or sell a financial asset or instrument at a fixed future date and at a predetermined price as argued by Chandra, (2008). Futures are traded in the exchange which acts as an intermediary between the two parties. The terms of future contracts are standardized as they indicate what is to trade, when to trade and where to trade. There are three types of protections built-in to ease credit risk in the futures. One, the daily settlement which is is usually settled in cash basis is a major protection that plays a significant role in easing credit risk. Two, margin which the balance is kept in the accounts to cover several days’ worth of potential market to market transfers. It is necessary for every trader to understand this aspect of margin in reference to credit risk. Fin ally, the clearing house which guarantees transactions by insures daily settlement on market gains and losses. Forward contacts are not investments as a result it costs nothing to enter into the legally binding agreement. There are three ways of settling or closing out a contract. First, enter in an offsetting transaction. Two, make or taking physical delivery of the underlying commodity. Finally, cash settlement is another aspect that should be elaborated to traders entering into any form of future contracts. Over the counter forward contracts are flexible but they have their own disadvantages. They are unregulated as no formal body regulates the players in the market and they are only designated for specific needs. History of future contracts The first standardized future to be listed in the exchange was the Chicago Board of Trade (CBOT) in the year 1848 in the United States. Other major exchanges in U.S include New York Mercantile Exchange (1872), Chicago Mercantile Exchange (187 4) and Kansas City Board of Trade (1882). In Europe futures contracts in the Exchange include London international financial futures Exchange (LIFFE) and Amsterdam, Paris, Belgium exchanges merged with LIFFE to create Euronext LIFFE. This also merged with the Lisbon Stock Exchange. Types of future contracts There are two types of futures, those that provide cash settlement and those that provide physical delivery for commodity. Commodity futures such as coffee require physical delivery on the agreed day. Stock index future contract is an example of a cash settlement contract. They are settled on cash on the basis of index number at the closing day. Treasury bond futures are settled through physical delivery of treasury bonds. Upon maturity, they have to convert into deliverable bond. A holder of short must deliver 100 treasury bonds must mature for at least 15 years. Treasury bill futures. Treasury bills matures after 3 months and that’s when the holder delivers its face valu e Currency futures. Most of the currencies are traded at banks on a cash basis. Usefulness of future contrac

Feminist Reading Of Aunt Jennifers Tigers English Literature Essay

Feminist Reading Of Aunt Jennifers Tigers English Literature Essay Short poem by Adrienne Rich called Aunt Jennifers Tigers consists only of three stanzas but it tells the entire story of aunt Jennifers life. Hard life of women in male-oriented society is the main theme of the poem. The author does not express her ideas directly but makes the readers to understand her through allusions and symbols. Bright images and deep symbolism help readers to get the authors message. The author creates a picture of life of aunt Jennifer. There are several places in the poem which give allusion that aunt Jennifer is unhappily married and that she is oppressed by her husband. In the end of the second stanza Rich writes: The massive weight of Uncles wedding band Sits heavily upon Aunt Jennifers hand (Rich). These words show that wedding ring is a heavy burden which makes aunt Jennifer unhappy. This woman is not satisfied with her life and her husband but she has no power to change it. In the society governed by men women have little freedom and independence. The author does not show all circumstances of Aunt Jennifers life but she very vividly illustrates that this women is unhappy in her family life and she can not change it by her death. In the beginning of the third stanza Rich writes: When Aunt is dead, her terrified hands will lie Still ringed with ordeals she was mastered by. And this is another allusion on hard family life she can not escape. The image of ring, which becomes a symbol of oppression and torture of women is vivid. The author speaks about the wedding ring as about the kind of shackles which make women totally controlled by men. The author shows that marriage is one of many ways men use to oppress women. The image of tigers is more complicated for the interpretation. From the one side it symbolizes hidden aggression. Aunt Jennifer has to suppress her negative feelings in order not to make anger her husband. Like many women aunt Jennifer probably has to stand many humiliations from her husband. Bad attitude of her husband and unhappy family life result in negative feelings aunt Jennifer can not express feely. She expresses these feelings in her works. The line They do not fear the men beneath the tree may be interpreted as hidden fear of her husband. Tigers, which are mighty and strong animals are described by the author as way poor woman uses to express her true feelings and attitudes. In her dreams she possesses the power and ability to confront humiliation and oppression she experiences from men. The motif of hidden aggression is very transparent. The contrast between such peaceful occupation as knitting and the image which is knitted is stunning. The author contrasts a typical female occupation to the image which symbolizes strength and protest. Tigers symbolize not only suppressed feelings, but also become the symbol of great power and protest. They know no fear and they are totally free. They are not afraid of man behind the tree and They pace in sleek chivalric certainty. From these lines it becomes evident that tigers possess qualities aunt Jennifer desperately lacks in her own life. She can not manifest these qualities in her everyday life and they become objects of her art. The author of the poem gives her readers an opportunity to enter inner world of ordinary wom en. This life may seem happy and easy at the first glance but the author shows the truth to her readers. Aunt Jenifer has no way to express her temper and her desires in her everyday life. Her strong characters and personal characteristics are suppressed in male-oriented society. In this society women are give definite roles and they can not break the rules and play any other roles. Aunt Jennifer is trapped by social norms and regulations and has not way to express her inner world. Prescribed social role limit womens abilities to express themselves. Passion and desires are expressed in knitting. Aunt Jennifer shows her true feelings, needs and desires in her knitting. The poem is based on the contrast. The first stanza shows free and mighty animals, who know no fear and doubts. The tigers are free in their choices and they are not afraid of anything. In the second and third stanzas the author shows how the world of dreams may differ from reality. The image created by aunt Jennifer s ignificantly differs from her own life. aunt Jennifer is oppressed by her life and she has no way to realize herself as personality. She does not feel free to express her feelings and desires. The author vividly illustrates that not only hard house work and burden of everyday responsibilities may limit female life. She shows that aunt Jenifer has free time for knitting but still she does not feel satisfied with her life and with her family relations. In reality she can not control her life and her free time and she has to limit herself by social roles defined by the society, which is controlled by men.

the meaning of life Essay example -- essays research papers

The Meaning of life What is the meaning of life. The meaning of our lives, the purpose, and the dreams both dashed and realized, and the expectations forced upon us by others. In other words how do you "translate" what life is? "Translation" means to explain in simple terms. What is it supposed to be about? There are different answers for different people at different times in their lives. A person's lifetime is filled with self-examination. Why am I here? What am I doing? Is this as good as it gets? You have a beginning. You're in the middle, and your story hasn't ended yet. If one would recognize the greatest things we have in life, they would not be asking this question. These great things are faith, hope, and love. Faith is the one that can keep one from asking questions. If God wanted us to know something, then we would know it. In most religions, Christian ones in particular, the question of meaning in life is inextricably wrapped up in a relationship with God. Living in, for, with, and through him. Therefore, how one answers the meaning of life question bears directly the existence of God. Soren Kierkegaard said to be the "father" of existentialism maintains that there are three basic answers to the question of the meaning of life. He called these "stages" of life, because he believed that people "progressed" from one stage to the next. Whether or not that is true, there do seem to be at least three fundamental outlooks on life. One is a life devoted to pleasure. This value perspective can be shown by a person whose only concern is for what they are doing now. They would rather gain from pleasures in life without any regards to how they might affect their future. Another stage is those choosing ethical and moral paths. People who are honest and loyal demonstrate this in their everyday lives. Finally, there is a live religiously. This has been the popular way of life for many of us. It is going to church and practicing your faith Stace argues, the present age has begun to weaken faith in God. The concept of a supernatural person has begun to seem unlikely to many people. The Bible no longer seems as respected for many Catholics. While many peopl... ...ve the opportunity to choose either Him or evil, thereby proving our love for Him. If His were the only game in town, then there would not be a free will conscious choice for Him. It is evident that the meaning of life has to far to complex for any one to fully understand or agree on the same answer. All these ideas of these different philosophers are not necessarily inaccurate, just incomplete. All pieces to a puzzle that one has no way of fully figuring out. No one has seemed to accomplish this yet in life. There are so many obstacles that we face as we try to achieve a higher good. Many of these are based in the fact that we are human beings, and because of that are flawed by the ways of our culture. Things such as self-doubt, worry, ignorance, and the values put into our heads since the day we were born all are roadblocks on our way to a higher level. Also being human beings makes vulnerable to the ways of the world around us, so it is not easy to block these things out of our lives. This life is a stage in which we are to develop our minds, bodies, and souls to their highest potential in preparation for the afterlife. Only God could ever really show anyon e true meaning.

Reading of Jane Austen(TM)s short stories Essay

‘From a reading of Jane Austen’s short stories what do we learn about women’s lives in the late eighteenth century?’ In Jane Austen’s a collection of short stories â€Å"Love and Friendship†, she shows us the lives of women in the late eighteenth century, and what they have to deal with. These short stories are written in epistolary (letter) form between women who were friends at the time, these letters show us what their lives were about and what was considered to be important to them. Jane Austen writes about marriage, status, personal views and the attitude to what she saw, she also uses humour in her letters showing us how shallow women were in that time. For young women in the late eighteenth century marriage was very important and a woman who did not get married was considered worthless, all women were expected to get married. There were many important reasons to get married for a woman living in this time, the most important reason being having money. If a woman had no money she would be considered as having a bad status, because women when they were with their parents had no possession of their own. In the three sisters Mary is not sure about marrying Mr Watts she does not like him but she still considers marring him because he has a lot of money. â€Å"He has a large fortune and will make great settlements on me.† â€Å"I hate him more than anybody else in the world.† This shows us the amount of money he has is more important than the relationship and how happy they will be together. She decides to marry him if he will give her all she wants, this shows us how shallow the women could be and what they will do for possessions, she demands â€Å"a new carriage hung as high as the Duttons’, and blue spotted with silver; and I shall expect a new saddle horse, a suit of fine lace, and an infinite number of the most fine jewels†¦must always let me do just as I please and make a very good husband.† This shows us all the things she expects to get in marring him they are all but one material goods. This shows us that women in the eighteenth century were very much focused on marriage and how much money they could get out of it. If a woman did not get married she would either have to live with her mother or a paid female companion. Another alternative was to be a governess to a wealthy family; this was not a good thing to be because you would be treated a little better than a servant, they would neither be on the same level as the servants or the family. Young women in the late eighteenth century were considered well educated if they had plenty of accomplishment, these were things like sewing, singing, reading and entertaining their guests at a dinner party. In ‘Lesley Castle’, Margaret Lesley was writing to Charlotte Lutterell tell her what they did to pass the time in Scotland and what they do is â€Å"we read, we work, we walk and when fatigued with these employments we relieve our spirits, either by a lively song, a graceful dance or by some smart bon-mot and witty repartee.† This shows us that they did not do any challenging or intelligent type of work. The women in the late 18th century were also polite this shows us that this mattered in this time; we can see they are polite because they write long pleasant letters to each other. ‘Lesley Castle’ demonstrates that it is important to have accomplishments in this time and it allowed them to get into a good marriage which was the most important thing in a young lady’s’ life in the late eighteenth century. Not many girls of the time attended school but the few that did attended boarding school, would not learn to be clever they would only learn things like sewing and singing. Margaret Lesley and Charlotte Lutterell both went to boarding school together, â€Å"it is four years since my removal from school.† School was mostly for boys, some girls went to boarding school but the education was not very good because they did not need lessons and the teachers did not know what to teach them. Women in the late eighteenth century did not own anything or have any property for themselves. A woman’s inheritance would be given to a distant male relative the woman would never be given the whole of the money. The only way women could get money was through marriage, Mary only wants to marry Mr Watts because â€Å"he has a large fortune and will make great settlements on me.† She also expects the pinmoney; two hundred a year.† Which Mr Watts only want to be â€Å"a hundred and seventy-five.† When Mary agrees to marry Mr Watts she expects him to build her â€Å"an elegant greenhouse and stock it with plants†¦ a room on purpose and a theatre to act plays in.† she also expects to be allow out of the house all the time she insists on spending â€Å"every Winter in Bath, every Spring in town, every summer in taking some Tour, and every Autumn at a watering place.† Mary’s mother is set on not letting â€Å"such an opportunity escape of settling one of my daughters so advantageously.† This shows us that money was not only important to the woman but also important to the rest of their family, to ensure that the family would stay with money. It would also be in a mans interest to marry someone with lots of money because some of the family money would be given to him for marring into the family. Marriage was based on material goods not on a relationship. If you did not marry you would have no money and possessions you could have from your father. In Lesley castle Charlotte Lutterell is worried what will happen if â€Å"by this second marriage sir George should have a second family, our fortunes must be considerably diminished †¦ those jewels which once adorned our mother †¦ Matilda would no longer sit at the head of her father’s table.† This shows us how easy it is to loose money and financial security. Female friendship in the late 18th century come over as shallow, because they are always judging each other Margaret Lesley calls her mother-in-law â€Å"an insignificant dwarf.† Where their mother-in-law Susan Lesley calls Margaret and Matilda â€Å"scotch giants† and continues â€Å"I am sure they would frighten you out of your wits.† This show us that women in the 18th century judge each other and think they look better than each other. There is also a lot of rivalry between friends Mary in â€Å"The Three Sisters†, says â€Å"how I will triumph over the Duttons† and the two families were friends; this shows us that was even rivalry between friends and even though they were nice to them to their faces they were horrible behind people’s backs. Manners and etiquette were more important than actual friendship; Susan Lesley and Charlotte Lutterell are only friends even though they are feed up with each other because â€Å"she is too polite and I am too civil to say† they still write letters which â€Å"are still as frequent and as affectionate.† This show us that women in the late eighteenth century are very selfish, and their lives were very shallow. We have learnt from reading Jane Austen’s short stories that women in the late eighteenth century had very little choice to what they could do because they had to marry to ensure that they would still have enough money to live. Life in the late eighteenth century for women was very much ‘everyone out for themselves’ and they all had to fight over having a rich man and material goods better than everyone else’s. Jane Austen did not like living in this time we can tell this because of the humour she uses with the women to show how important money was to them in â€Å"The Three Sister† Mary is very indecisive whether she should marry Mr Watts or not. Today we find it hard to compare with how they lived in the late eighteenth century because it is so different to how we live now. I am glad that we live in a society today which is more accepting to women and how both male and female should be treated the same. I also believe that Jane Austen would prefer to live in the society that we live in today because Jane Austen always humours the women in her collection of short stories.

Food Safety Act Essay

Food safety regulations places an obligation on food business operators to ensure that all their activities are carried out in a hygienic way and make it an offence to supply food which is unsafe or harmful to human health, this applies to all premises that provide food whether money is exchanged or not. The food safety team is responsible for ensuring that businesses comply with these requirement under the food safety act 1990 and food hygiene (England) regulations 2006 they deal with hygiene except at primary production (farms) where trading standards and other bodies have responsibility. Food safety The council sets the following standards for food. * Food businesses are registered. * Food is correctly labelled and described, and meets quality standards. *Manufactures and retailers of food are regularly inspected. * Restaurants and other food premises meet strict hygiene standards. * Food is safe to eat. The food safety team is responsible for the inspection of food retailers and providers in the borough; they ensure that the food hygiene and quality being made available in premises meets legal requirements. It is also responsible for ensuring food is correctly labelled and compositional standards are met. The cook in charge has to make sure all the fridges are set at the right temperature. All food that is cooked is set at the right temperature, is cooked to the right temperature before it is served. All dates are monitored regularly, only order what is needed. Documentation is filled in properly. The kitchen is kept clean. Gloves, hats and aprons are worn, hair tied back. Regular food and hygiene courses, all equipment is kept clean and stored in the correct place. Colour coded chopping boards are used. Inspectors can visit you at anytime to make sure you are doing your job to a high standard.

Free Essays on Masque Of The Red Death

In the "Masque of the Red Death", Poe uses his imagination throughout the story (Rogers 43). A plague has devastated the entire country. It takes only half an hour tofor the course of the disease to run. At first one feels sharp pains and dizziness. Then one starts bleeding at the pores. The disease results in death. Prince Prospero has ordered one thousand lords and ladies to the deep seclusion of one of his abbeys. The building was built by the Prince and is filled with his exotic ornaments. It is sealed from the outside world by a huge wall with iron gates. Inside the building are dancers, musicians, and everything they need in order to stay secluded until the plague runs its course. After six months of seclusion, the Prince decides to hold a masked ball. The ball is held in a suite with seven rooms. Each room is decorated in a single color. The last room is decorated in red. Within this room stands a huge clock that strikes the hour with a heavy clang. The rooms are very crowded for the ball. At the stroke of midnight, a guest is seen in a costume of the red death itself and This frightens the other guests. The Prince is angered at what he believes to be a practical joke. He orders the stranger seized and hanged from the battlements. Prince Prospero follows the stranger into the red chamber. It is there that Prince Prospero falls dead at the feet of the stranger. The others capture the unknown person in the costume. To their horror they find there is no living form in the costume. One by one they die until no one else remains. Death is king of all (Rogers 41). "The horror abysmal darkness, and absolute helplessness befalling the victims are described with vivid accuracy in tales such as 'The Fall of the House of Usher,' 'The Cask of Amontillado,' and 'The Premature Burial' (Perry XI-XII)." In "The Fall of the House of Usher," the narrator visits his ... Free Essays on Masque Of The Red Death Free Essays on Masque Of The Red Death Honestly, fiction stories are not my favorite type of genre. I would much rather read a biography on one of my favorite athletes or a novel based on a true story. However, Edgar Allen Poe’s use of setting made â€Å"The Masque of the Red Death† a very enjoyable story for me. I really feel the story come alive as I read it. The enormous amount of detail that Poe uses, truly demonstrates his descriptive abilities. The details make the story believable, add irony, and create an atmosphere appropriate for the â€Å"Red Death.† Even though â€Å"The Masque of the Red Death† is a fictional story, Poe makes it seem very realistic. His description of the setting paints such a clear image of the scene that one cannot help but to believe it is true. This manipulation is due to the great detail the writer focuses on throughout the story. Seemingly, more of the story is setting, rather than actual action. With descriptions of things such as the Red Death and the imperial suite, the author creates a believable image in the mind of the reader. This creation of images is very important to the story. Without these images, things such as the arrival of the Red Death would not be credible. Poe also creates irony throughout the story. His description of the castle states that â€Å"a strong and lofty wall girdled it,† and that the gates were welded shut (327). This causes the reader to believe that nothing can happen to the prince and his people as long as they are inside. Ironically, the wall and gate which were intended to keep the Red Death outside of the castle, actually trap it inside. Poe leaves clues that suggest that this may occur. He mentions that the welded gates prevented egress as well as ingress. This means that if something has already entered, there is no way for it to get out. In this way, Poe uses his setting to create irony in his story. Poe also does a great job of creating an appropriate atmosphere for the Red D... Free Essays on Masque of the Red Death In the "Masque of the Red Death", Poe uses his imagination throughout the story (Rogers 43). A plague has devastated the entire country. It takes only half an hour tofor the course of the disease to run. At first one feels sharp pains and dizziness. Then one starts bleeding at the pores. The disease results in death. Prince Prospero has ordered one thousand lords and ladies to the deep seclusion of one of his abbeys. The building was built by the Prince and is filled with his exotic ornaments. It is sealed from the outside world by a huge wall with iron gates. Inside the building are dancers, musicians, and everything they need in order to stay secluded until the plague runs its course. After six months of seclusion, the Prince decides to hold a masked ball. The ball is held in a suite with seven rooms. Each room is decorated in a single color. The last room is decorated in red. Within this room stands a huge clock that strikes the hour with a heavy clang. The rooms are very crowded for the ball. At the stroke of midnight, a guest is seen in a costume of the red death itself and This frightens the other guests. The Prince is angered at what he believes to be a practical joke. He orders the stranger seized and hanged from the battlements. Prince Prospero follows the stranger into the red chamber. It is there that Prince Prospero falls dead at the feet of the stranger. The others capture the unknown person in the costume. To their horror they find there is no living form in the costume. One by one they die until no one else remains. Death is king of all (Rogers 41). "The horror abysmal darkness, and absolute helplessness befalling the victims are described with vivid accuracy in tales such as 'The Fall of the House of Usher,' 'The Cask of Amontillado,' and 'The Premature Burial' (Perry XI-XII)." In "The Fall of the House of Usher," the narrator visits his ...