Essay Topics on Sustainability - Two Tips to Get Started

<h1>Essay Topics on Sustainability - Two Tips to Get Started</h1><p>How do you locate the best exposition subjects on maintainability? It tends to be hard, on the off chance that you have never managed these points. What's more, regardless of whether you have, how would you continue composing when you don't know what to compose about?</p><p></p><p>The uplifting news is that there are two different ways to discover exposition themes on supportability. You can compose your own papers (an overwhelming undertaking for a first time client) or you can recruit an independent essayist. In any case, you'll be inquiring about a subject with a ton of interruptions to battle with.</p><p></p><p>One extraordinary spots to begin is to look on the web. Composing an exposition for the web is simpler than it sounds and you can truly benefit as much as possible from the internet searcher results, given that you adhere to a couple of stra ightforward guidelines. How about we investigate the absolute best paper subjects on sustainability.</p><p></p><p>Sustainable living may sound excessively broad. In any case, with regards to evaluating an individual's way of life and his duties to the earth, a speculation is the main conceivable methodology. These specific articles will require significantly more idea. On the off chance that you locate a subject that intrigues you locate the correct point, you can consider going on a workshop or visit to discover a gathering of natural specialists who may work with you to build up your essay.</p><p></p><p>If you discover your advantage is in Alaska, you can look at the Seattle School. They offer a Master of Environmental Studies with a significant in practical turn of events. They will likely assist understudies with creating individual objectives that manage them in their careers.</p><p></p><p>Another spot to s earch for exposition subjects on supportability is on the web. There are numerous sites that offer a scope of subjects, all from an assortment of viewpoints. By exploiting these choices, you might not need to confront the weight of picking between two of your most loved topics.</p><p></p><p>As you can see, there are many paper subjects on maintainability. When you pick a theme, make sure to remain centered and think about the foundation of your subject. The better you know the point, the simpler it will be to settle on an educated choice about which article themes to write.</p>

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What Information Is Required in a Business to Business E Commerce Term Paper

What Information Is Required in a Business to Business E Commerce Term Paper?Business to business e commerce term papers tend to be more lengthy than those in the mail service. They include a lot of relevant information, and many of them include an analysis of the market in the United States. These have the effect of expanding the size of the market on which a new business can operate, although the effect is only small.An extensive study is often involved in the process of writing a business to business e commerce term papers. It is very necessary for a person interested in the subject to obtain as much information as possible. There is a great deal of research to be done, and not just about the consumer, but also about the supply of goods and services, and the distribution of those goods and services.Business to business e commerce term papers also require detailed investigation of the potential of a new product or service. The use of the internet for business to business e commerce term papers can make it easier for a person to enter into a partnership with another person. Such a case may be advantageous to the customer, but the price will be lower for the business to business e commerce term paper writer.A new product may prove to be less of a success, however, than some of the existing products. Sometimes a new product has to compete with the product that already exists, and an examination of the existing products will assist the writer in choosing the proper subject for a business to business e commerce term paper. This information may include the nature of the customers, the amount of competition, and the prices that have been charged for the existing products.There are certain items that must be included in a business to business e commerce term papers, especially those dealing with the marketing of the product. A person writing such a paper is not likely to go into the details of the price, but he will examine how the product will be marketed. The write r will usually check on the reliability of the manufacturer, the selling price, and other details.Particular attention should be given to the customer in business to business e commerce term papers. In order to market a product the writer must understand the customers needs, his preferences, and his wants. He will also examine the details of how the customer will be served by the product.The potential client in a new product will want to be able to buy the product from the manufacturer at a price that will not be too high. He will not have as much difficulty, for example, as he might have in obtaining a car from an automobile manufacturer. He will also be able to use the product without having to return it.No matter what type of business to business e commerce term papers one writes, the information that is obtained will be helpful. The writer will also be able to assess the problems that will result from introducing the product to the market. Whether one writes a business to busine ss e commerce term paper or one dealing with a new product, the information obtained will be useful.

Financial Growth Of Sainsburys Tesco And Morrisons Example For Free - Free Essay Example

Sainsburys Supermarkets is the UKs longest standing major food retailing chain. The company has its headquarter in Holborn Circus London, England. The values of Sainsbury brand is made upon serving of customers with healthy, safe, fresh and tasty food. Sainsbury believes on providing quality and fair prices for their customers. The company is providing services to over 18.5 million customers per week. The company have a market share of around 16 per cent. Sainsburys stores have about 30,000 products and complementary non-food products and services. Sainsburys also serving in clothing with name of TU clothing. With a range of clothes, having five years in cloths market it is getting popularity day by day. The company is also providing an internet-based home delivery shopping service which is available to almost 90 per cent of UK households. J Sainsbury plc comprises of Sainsburys a chain of 525 supermarkets and 303 convenience stores and Sainsburys Bank. Sainsbury have two competitors, Morrison and Tesco which are compared in this report. Morrison is the UKs fourth largest food retailer with  403 stores. Their business is mainly food and grocery. It has 11.8%, market shares in grocery market. Tesco plc is a Brit ish international grocery and general merchandising retail chain. It is the largest British retailer by both global sales and domestic market share, and the third largest global retailer based on revenue. 1.1 HISTORY OF THE COMPANY Sainsburys was founded in 1869 by John James and Mary Ann Sainsbury. In 1882 company started own label products, with first product bacon. In 1916 Sainsburys set up a training school. In 1950s first self service store was started. 1961 it became the first food retailer to computerise the distribution of goods to its stores. In 2004 company launched TU fashion range, which included menswear, womenswear, kidswear and etc. Sainsburys were the first to launch own brand 1% fate milk in 2008. In 2009 Sainsburys was the largest retailer to completely remove battery farmed eggs from its shelves. In the same year Sainsburys awarded the compassion in world farming Good egg award. 1.2 GOAL AND VALUES Sainsburys delivers an ever-improving quality shopping experience for their customers with great products at fair prices. The company aims to exceed customer expectations for healthy, safe, fresh and tasty food, making their lives easier everyday. The values of the Sainsburys brand passion for healthy, safe, fresh and tasty food, focus is on delivering great products at fair prices. 1.3 MARKET SHARE According to the kantarworldpanel, Sainsburys have a market share of 16.3% which makes it fourth largest grocery company of UK. Tesco is leading with 30.4%, and ASDA is at 2nd number with 17%. Morrisons have 12.3% market share. (Figures of March 2010) (For market share of last five years of Tesco, ASDA, Sainsbury and Morrison, see Appendix 1) 2.0 FINANCIAL RATIO ANALYSIS Financial ratio analysis is the calculation and comparison of ratios which are derived from the information in a companys financial statements. The level and historical trends of these ratios can be used to make inferences about a companys financial condition, its operations and attractiveness as an investment. To know the financial position of Sainsburys plc, the ratios of most recent year 2009 and the previous years (2005, 2006, 2007, and 2008) have been calculated and weighed against each other. These ratios are also compared with other two companies Tesco and Morrison to understand the financial analysis of the Sainsburys. 2.1. PROFITABILITY 2.1.1 RETURN ON ORDINARY SHAREHOLDERS FUND (IN PERCENTAGE) Company Year 2005 2006 2007 2008 2009 Sainsburys -1.15 1.14 7.86 7.08 6.21 Tesco 16.19 17.46 19.03 19.03 17.46 Morrisons 2.58 -6.54 6.55 13.34 10.34 Figure 2.1.1 shows the ROSF ratio trends ANALYSIS This ratio measures the rate of return on the ownership interest (shareholder equity) of the common stock owners. ROSF shows how well a company uses investment funds to generate earnings growth. When this ratio is increasing, it shows a positive sign for company. According to this ratio Sainsbury position is improving from 2006 to 2007 but going down up to 2009. Tesco and Morrison ratios are also in decline after 2008. In 2009 Tesco and Morrison are in a better position. The net profit of Sainsbury is also decreased in 2009 as compared to 2008. The Sainsbury could not control its direct cost which resulted to reduce its profitability. 2.1.2 RETURN ON CAPITAL EMPLOYED (IN PERCENTAGE) Company Year 2005 2006 2007 2008 2009 Sainsburys 2.25 4.36 9.04 8.53 8.42 Tesco 16.65 18.84 20.66 18.82 15.92 Morrisons 5.03 -4.12 8.09 11.89 11.93 Figure 2.1.2 shows the ROCE ratio ANALYSIS ROCE ratio is an indicator of how well a company is utilizing capital to generate revenue. When this ratio is increasing, it indicates a positive sign for company.According to this ratio Sainsburys position is not so good at end of 2009 as compared to other two companies. The net profit is decreased and long term liabilities increased in 2009. Tesco trend is decreasing from last three years but Morrison is slightly better than last year. 2.1.3 NET PROFIT MARGIN (IN PERCENTAGE) Company Year 2005 2006 2007 2008 2009 Sainsburys 0.93 1.61 3.41 3.43 3.25 Tesco 6.29 6.28 6.73 6.45 6.32 Morrisons 2.31 -1.98 3.62 5.18 4.92 Figure 2.1.3 shows the NPM ratio ANALYSIS This ratio shows what percentage of sales become net income. Tesco and Morrison trends are going down in last years, Sainsbury position is also going down in 2009. Overall Tesco and Morrison are at good position in 2009. This ratio shows that Sainsbury makes 3.25 pence on every  £1.00 of sales in 2009 2.1.4 GROSS PROFIT MARGIN (IN PERCENTAGE) Company Year 2005 2006 2007 2008 2009 Sainsburys 4.33 6.64 6.83 5.62 5.48 Tesco 7.78 7.67 8.12 7.67 7.76 Morrisons 24.88 24.58 5.1 6.31 6.28 Figure 2.1.4 shows the GPM ratio ANALYSIS This ratio shows what percentage of sales become gross income. According to this ratio Sainsbury position is not so good as compared to last years and other companies are in better position as compared to Sainsbury. The performance of the company is decreased in last two years. Tesco`s performance is also decreased in 2008 but slightly improved in 2009. Morrison`s performance is almost unchanged from 2008 to 2009. The sales trend of Sainsbury is increasing in last five years, so the management of the Sainsbury have to control their cost. It is not a good sign ( decline in GPM) according to shareholders and managers point of view. 2.2. EFFICIENCY 2.2.1 AVERAGE INVENTORIES TURNOVER PERIOD Company Year 2005 2006 2007 2008 2009 Sainsburys 14.03 14.04 13.48 14.76 14.07 Tesco 15.3 14.67 17.89 20.34 19.44 Morrisons 17.03 12.17 11.36 13.28 13.24 Figure 2.2.1 shows the ITP ratio trends ANALYSIS This ratio shows how many times companys  inventory is sold and replaced over a period. As the ratio is low simultaneously the company is performing well. According to graph of last five years Sainsbury inventory turnover is good but Morrison position is better than Sainsbury. Sainsbury have almost a static trend in inventory days during last five years. There is a small increase in 2008 and then slightly decreased in 2009. Tesco and Morrison have same trends as Sainsbury from 2007 to 2009. Inventory days increased for these two companies in 2008 and then in 2009 there is a small decrease in the ratio. In overall Morrison has low inventory days as compare to Tesco and Sainsbury. 2.2.2 AVERAGE SETTLEMENT PERIOD FOR RECEIVABLES Company Year 2005 2006 2007 2008 2009 Sainsburys 0.65 0.75 0.64 0.65 0.95 Tesco 8.29 8.25 9.24 10.12 12.08 Morrisons 1.13 2.51 2.28 2.59 5.56 Figure 2.2.2 shows the SPR ratio trends ANALYSIS This ratio measures the average number of days customers take to pay their bills. When this ratio is high among other competitors it means company is not performing well. According to this ratio Sainsbury position is at best , even though there is a increase in settlement time for receivables in 2009. Receivables time for Tesco is significantly high as compared to Morrison and Sainsbury. From 2008 to 2009, Tesco and Morrison ratios rose sharply. 2.2.3 SALES REVENUE TO CAPITAL EMPLOYED Company Year 2005 2006 2007 2008 2009 Sainsburys 2.41 2.7 2.66 2.49 2.59 Tesco 2.65 3 3.07 2.92 2.52 Morrisons 2.18 2.08 2.23 2.3 2.42 Figure 2.2.3 shows the SRCE ratio trends ANALYSIS It is the ratio of sales revenue to the capital employed which tells whether the capital is properly employed or not and how much sales generated from employed capital. According to this ratio Sainsbury position is improving in last years and its position is best as compared to other companies. Company sales trend in last five years is increasing and at higher rate than the capital employed. Tesco ratio is falling after 2007, while Morrison is continuously improving in terms of sales return on capital employed, which shows a positive trend for company. 2.2.4 SALES REVENUE PER EMPLOYEE Company Year 2005 2006 2007 2008 2009 Sainsburys 156078 166954 179592 184648 194358 Tesco 139378 144507 133972 136789 149244 Morrisons 126956 130211 147213 154880 161683 Figure 2.2.4 shows the SRPE ratio trends ANALYSIS The ratio indicates that the company is utilizing their employee effectively in the generation of sales. It specifies the revenue generated per employee. Sainsbury employees are generating more income as compared to other two companies. Sainsburys ratio is increasing during 2005 to 2009 smoothly and it is at best position after 2009. Whereas Tesco trend is gone down from 2006 to 2008 and slightly increased after 2008. Morrison is also performed well during last five years. 2.2.5 AVERAGE SETTLEMENT PERIOD FOR PAYABLES Company Year 2005 2006 2007 2008 2009 Sainsburys 34.96 34.54 38.97 36.92 35.29 Tesco 32.95 28.38 30.73 32.94 34.59 Morrisons 44.99 32.19 30.96 34.6 38.68 Figure 2.2.5 shows the SPP ratio trends ANALYSIS This ratio shows the average time taken for a business to pay its trade payables. Decreasing trend in this ratio means the company is performing well. Sainsbury has performed well from 2007 to 2009 with a flat decrease in the RPP ratio. Other two competitors Tesco and Morrison are not good in last few years as the trend of both companies is increased. 2.2.6 OPERATING CYCLE Company Year 2005 2006 2007 2008 2009 Sainsburys -20.28 -19.77 -24.85 -21.5 -20.27 Tesco -9.36 -5.46 -3.6 -2.49 -3.06 Morrisons -26.84 -17.51 -17.31 -18.74 -22.88 Figure 2.2.6 shows the OC ratio trends ANALYSIS This ratio gives the average time period between purchase of commodity and receiving cash after its sale. If a company has long operating cycle it means they are not performing well. Usually in grocery market, companies like Sainsbury, Tesco and Morrison has their operating cycle in negative value which indicates that company may be utilizing cash generated after sales for their business. Which does not leaves a good impact of company in the market and in stakeholders. Sainsbury and Morrison have a high operating cycle as compare to Tesco. Sainsburys operating cycle is decreased after 2007 where Morrison`s trend for OC is increase during 2008 and 2009. 2.3. LIQUIDITY 2.3.1 CURRENT RATIO Company Year 2005 2006 2007 2008 2009 Sainsburys 0.59 0.8 0.71 0.65 0.55 Tesco 0.57 0.52 0.56 0.61 0.78 Morrisons 0.53 0.49 0.41 0.45 0.77 Figure 2.3.1 shows the CURRENT ratio trends ANALYSIS This ratio give an idea about company`s ability to pay back its short term liabilities with its short term assets. According to this ratio Sainsbury position is declining from 2006 to 2009. It is not a good trend so managers of Sainsbury should take action to control their short term loans. Tesco Morrison trends are increasing. In overall Tescos position is best as compared to other two companies. 2.3.2 ACID TEST RATIO Company Year 2005 2006 2007 2008 2009 Sainsburys 0.48 0.68 0.5 0.39 0.31 Tesco 0.34 0.33 0.32 0.38 0.63 Morrisons 0.53 0.23 0.21 0.25 0.28 Figure 2.3.2 shows the ATR ratio trends ANALYSIS The acid test ratio is more narrow measure of liquidity than the current ratio. This ratio tells whether the company have enough short term assets to pay back its liabilities without selling its inventories. Sainsbury position is declining during last years but it is still better than Morrisons. however Tesco position is best. 2.4. GEARING 2.4.1 GEARING RATIO (IN PERCENTAGE) Company Year 2005 2006 2007 2008 2009 Sainsburys 28.45 36.65 38.8 35.43 37.54 Tesco 35.69 28.47 29.86 36.82 57.48 Morrisons 35.67 34.22 28.49 24.87 28.07 Figure 2.4.1 shows the GR ratio ANALYSIS This ratio is about the involvement of long term loaner to the total long term capital of a company This shows that a company with high gearing (high leverage) is more vulnerable to downturns in the business cycle. Sainsburys ratio is increased in 2009 but over all it is in between Tesco and Morrison. Tesco has a very high ratio in 2009. Morrison is at good position in 2009. Sainsburys ratio shows that it has more long term stability compared Tesco. 2.4.2 INTEREST COVER RATIO Company Year 2005 2006 2007 2008 2009 Sainsburys 1.12 1.67 5.46 4.63 4.15 Tesco 9.06 10.27 13.28 12.21 7.18 Morrisons 3.23 -3.27 6.01 11.2 11.92 Figure 2.4.2 shows the ICR ratio ANALYSIS This ratio is used to determine how easily a company can pay interest on outstanding debt. According to this ratio Sainsbury position is almost unchanged during last 3 three years. It is showing that company is able to pay back interests from its profit. Morrison has continuously increasing trend where as Tesco is going down which indicates that there interests are increasing according to their profit. 2.5. INVESTMENT 2.5.1 DIVIDEND PAYOUT RATIO Company Year 2005 2006 2007 2008 2009 Sainsburys 416.39 225.86 43.21 54.1 75.43 Tesco 40.33 38.79 37.32 37.29 40.86 Morrisons 196.76 -39.07 39.52 19.49 28.48 Figure 2.5.1 shows the DPR ratio trends ANALYSIS It is the ratio which gives the relationship between the dividends announced for the year to the profit after taxation. According to investor point of view this ratio should be high. Sainsbury has a decline from 2005 to 2007 but it is improving after 2007 which is a good sign for investors. Tesco has a still trend during last 5 years where Morrisons trend in last 3 years is nearly equal to Tesco. Sainsbury has a better position among these three companies. 2.5.2 DIVIDEND YIELD RATIO Company Year 2005 2006 2007 2008 2009 Sainsburys 4.44 2.56 2.71 3.4 4.14 Tesco 1.93 2.2 2.46 2.78 3.05 Morrisons 1.42 1.42 1.53 1.84 2.22 Figure 2.5.2 shows the DYR ratio trends ANALYSIS Dividend yield ratio is an investment ratio which shows the company`s dividend per share to existing share price. From graph it is clear that Sainsbury has a very good position as compared to Tesco and Morrison. DYR ratio is increasing from last 3 years which is a positive trend for shareholders. Sainsburys investor are getting more dividend returns. Tesco and Morrison trends are also increased in last few years. This ratio presents that all three companies are improving in terms of dividends per share. 2.5.3 EARNINGS PER SHARE Company Year 2005 2006 2007 2008 2009 Sainsburys 3.49 3.45 19.16 19.14 16.62 Tesco 17.44 20.07 23.84 26.95 27.5 Morrisons 4.14 -9.46 9.33 20.79 17.39 Figure 2.5.3 shows the EPS ratio trends ANALYSIS This ratio shows the earnings available to share holders to the number of ordinary shares in issue. Tesco`s trend is continuously increasing during last five years but Morrison has variations and after 2008 it has decreasing trend. Sainsburys has increased in 2006-2008 but in 2009 its trend also decreased. According to investors point of view Sainsburys managers should take immediate action to increase their earnings per share. 2.5.4 PRICE/EARNINGS RATIO (P/E) Company Year 2005 2006 2007 2008 2009 Sainsburys 97.05 97.93 17.66 17.67 20.35 Tesco 24.95 21.68 18.25 16.15 15.83 Morrisons 70.2 -30.71 31.12 13.97 16.7 Figure 2.5.4 shows the P/E ratio trends ANALYSIS This investment ratio shows the market value of a share to the earnings per share. To know the company position P/E ratio is compared with other companies. High ratio gives an idea that in future investors can expect higher earnings. The graph is representing that all three companies has almost same ratios after 2007. But still Sainsbury has little edge over Tesco and Morrison. LIMITATIONS Financial ratios are not true representative of the financial situation of a company. These have certain limitations which are enlisted below. Financial ratios are calculated on the basis of income statement and balance sheet, which may not represent the actual year ending figures. Financial ratios only concerned with the numeric figures, these numbers cannot give the actual factors which are behind these trends. If a calculated ratio is giving a negative trend, it does not mean that the business has problems. May be there are some managerial or business reasons which can favour the decisions of management. Every analyst has different approach for calculating financial ratios, which leads to different calculation results. Financial ratios show the historical position of the company, so the future position can not be assessed appropriately. CONCLUSION From analysis of the financial ratios it is very clear that Tesco is leading in most of the ratios, while Morrison has some positive trends in its ratios. Sainsbury is performing well as compared to Morrison. Ratio analysis also shows that Sainsburys is improving its performance after 2007. Meanwhile company have to improve some financial figures. The cost of sales of Sainsburys is increased during last years and the net profit is decreased. In fact in 2009 the net profit margin and gross profit margin of the company is decreased which is not a good sign according to stakeholders point of view. But interestingly the dividend payout ratio has an increasing trend which is a good indication for investors who already have shares or they are interested to invest in Sainsburys. Looking the operating cycle of all three companies Tesco has a better operating cycle. The Sales revenue to capital employed of Sainsburys is increased as compare to Tesco which is going down. It is observed that Sainsburys is investing in UK to have a greater share in the market. If over all performance of the company is observed, it has an improvement in last few years. Sainsburys is slightly behind ASDA and there is a possibility that in near future Sainsbury will become at the 2nd position in UK grocery market. So having future stability of the company in mind, it is suggested that the share holders and investor should take an optimistic and positive approach towards investment in the company. APPENDICES APPENDIX 1 THE MARKET SHARE OF SAINSBURYS, TESCO AND MORRISONS MARKET SHARE (in %) DATE SAINSBURYS MORRISONS TESCO Mar 10 16.30 12.30 30.40 Nov 08 15.90 11.40 30.90 July 08 15.90 11.40 31.20 Nov 07 16.0 11.20 31.30 June 07 16.22 11.22 31.55 Jun 06 16.04 11.32 31.38 (https://www.kantarworldpanel.com, accessed on 27th April 2010) APPENDIX 2 CALCULATIONS FOR SAINSBURYS RATIOS OF 2009 1. Return on Shareholders Funds = 100 *(Net Profit after Taxation Preference Dividends) / (Ordinary Share Capital + Reserves) = 100*(289-0) / [(4376+4935)/2] = 6.21 % 2. Return on Capital Employed = 100*(Profit before interest taxation) / (Share capital + Reserves +Long term Liabilities) = 100*(614) / [(4376+4935)/2 + (2738+2528)/2] =8.42% 3. Net Profit Margin = 100*(Profit before interest taxation) / (Sales revenues) = 100*(614) / (18911) = 3.25% 4. Gross Profit Margin = 100*(Gross Profit) / (Sales revenue) = 100*(1036) / (18911) = 5.48% 5. Average Inventories Turnover Period = 365 *(Inventori es held) / (cost of Sales) = 100*(689) / (17875) = 14.07 days 6. Average Settlement Period for Trade Receivables = 365*(trade receivables) / (Sales revenue) = 365*(49) / (18911) = 0.95 days 7. Sales Revenue to Capital Employed = (Sales Revenue) / (Share capital + reserves + long term liabilities) = (18911) / [(4376+4935)/2 + (2738+2528)/2] = 2.59 times 8. Sales Revenue per Employee = (Sales Revenue)/ (number of employees) = 18911/97300 =  £194358 per employee 9. Average Settlement Period for Trade Payables = 365*(trade payables)/ (cost of Sales) = 365*(1728) / (17875) =35.29 days 10. Operating Cycle = AITP + ASPR ASPP = 14.1 + 0.94 35.29 = 20.25 days 11. Current Ratio = (Current Assets) / (Current Liabilities) = (1591) / (2919) = 0.55 times 12. Acid Test Ratio = (Current Assets Inventories) / (Current Liabilities) = (1591-689) / (2919) = 0.31 times 13. Gearing Ratio = 100*(Long term Liabilities) / (Shar e capital + reserves + Long term liabilities) = 100*(2738) / [(4376+4935)/2 + (2738+2528)/2] =37.54% 14. Interest Cover Ratio = (Profit before Interest and taxation) / (Interest payable) = (614) / (148) = 4.15 times 15. Dividend Payout Ratio = 100*(Dividend for the year) / (Net profit after taxation) = 100*(218) / (289) = 75.43% 16. Dividend Yield Ratio = 100*[(Dividend per share) / (1-t)] / (Market share value) Where t = 10%, = 0.1 (dividend tax credit) = 100*(12.6 / 0.9) / (338.3) =4.14% 17. Earnings per Share = (net profit after taxation) / (Number of ordinary shares in issue) = (289) / (1738.50) = 16.62 pence 18. Price/Earnings (P/E) Ratio = (Market share value) / (Earnings per share) = (338.3) / (16.62) = 20.35 times APPENDIX 3 VALUES OF SAINSBURYS USED FOR ABOVE CALCULATIONS SAINSBURYS ( 2004 2010) VARIABLE NAME 2009 2008 2007 2006 2005 2004 Cost of Sales 17875 16835 15979 14994 14544 Current Assets 1591 1722 1940 3845 2988 Current Liabilities 2919 2652 2721 4810 5036 Dividend for the Year 218 178 140 131 254 Dividend per Share 12.6 10.35 8.25 7.8 13.51 Gross Profit 1036 1002 1172 1067 658 Interest Payable 148 132 107 155 127 Inventories 689 681 590 576 559 Long Term Liabilities 2738 2538 2506 2178 1793 1766 Market Value per Share (on 30th April 10) 338.3 338.3 338.3 338.3 338.3 Net Profit after Taxation 289 329 324 58 61 Number Of Employees 97300 96600 95500 96200 97400 Number Of Shares 1738.5 1718.7 1691.3 1679 1749.9 Preference Dividends 0 0.2 0.4 1 113 Profit Before Interest And Taxation 614 611 584 259 142 Sales Revenue 18911 17837 17151 16061 15202 Trade Payables 1728 1703 1706 1419 1393 Trade Receivables 49 32 30 33 27 Capital Employed + Reserves 4376 4935 4349 3886 4027 5018