Valentines Day Quotes to Share with Our Friends

Valentines Day is primarily for lovers. But you can also celebrate Valentines Day with your friends. Strengthen the bond of friendship with a simple act of love. Let your friend know how much you enjoy his or her companionship with these Valentines Day quotes for friends. Why We Need Friends It is important to remember our friends on Valentines Day, because they are close to our hearts, wherever they are, however long its been since weve seen them. And thats because... Friends are as companions on a journey, who ought to aid each other to persevere in the road to a happier life. — Greek philosopher PythagorasA friend is our alter ego — Greek philosopher ZenoA friend is a second self — Greek philosopher AristotleLove unlocks doors and opens windows that werent even there before. — American journalist Mignon McLaughlin, The Second Neurotics NotebookMiracles occur naturally as expressions of love. The real miracle is the love that inspires them. In this sense, everything that comes from love is a miracle. — American author Marianne WilliamsonThe cure for all ills and wrongs, the cares, the sorrows and the crimes of humanity, all lie in the one word love. It is the divine vitality that everywhere produces and restores life. — American abolitionist Lydia Maria ChildWalking with a friend in the dark is better than walking alone in the light. — Helen KellerHe who loves 50 people has 50 woes; he who loves no one has no woes. — Buddha, founder of Buddhism Why Friendship Is Better Than Love Lets face it: in our long lives, lovers come and go; love grows and fades and grows again. So there are significant reasons why our friends fill the gap that our lovers cant. Whether we have lovers or not, we still need friendship. Friendship always benefits; love sometimes injures. — Roman Stoic philosopher SenecaThere is an important difference between love and friendship. While the former delights in extremes and opposites, the latter demands equality. — Francoise DAubegne Maintenon, second wife to Louis XIV of FranceLove is life. And if you miss love, you miss life. — American writer Leo BuscagliaFriendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing. — American political activist Elie WieselFriendship is really the finest balm for the pangs of disappointed love. — British writer Jane Austen, Northanger Abbey.A friend who is far away is sometimes much nearer than one who is at hand. — Lebanese poet Kahlil Gibran Lovers as Friends Sometimes, if were very lucky, our lovers are also our best friends. Come, let us take our fill of love until the morning: let us solace ourselves with loves. — Bible (Book of Proverbs)Love is friendship, friendship is love. If love fails, friendship should remain. For friendship is the foundation of love. — Author UnknownMy love, you know you are my best friend. You know that Id do anything for you, and my love, let nothing come between us. My love for you is strong and true. — American songwriter Sarah McLachlanWe loved with a love that is more than love. — American novelist and poet Edgar Allan Poe, Annabel LeeTwo souls with but a single thought, /Â  Two hearts that beat as one. — Austrian poet Friedrich HalmWho would give a law to lovers? Love is unto itself a higher law. — Roman philosopher Boethius Lessons on Being a Friend We all need our friends; but how do we fulfill our side of the bargain? If you judge people, you have no time to love them. — Albanian-Indian Roman Catholic nun and missionary Mother TeresaLove does not dominate; it cultivates. — German writer and statesman Johann Wolfgang von GoetheSome people care too much, I think its called love. — fictional friend of A.A. Milnes young son Winnie the PoohWeve got this gift of love, but love is like a precious plant. You cant just accept it and leave it in the cupboard or just think its going to get on by itself. Youve got to keep watering it. Youve got to really look after it and nurture it. — British songwriter John LennonYou dont love someone for their looks or their clothes, or for their fancy car, but because they sing a song only you can hear. — British poet and playwright Oscar Wilde

The Nefarious Nature of Single Narratives - 1200 Words

The Nefarious Nature of Single Narratives The presentation of a single point of view results in assumptions and prejudices that do not account for the multifaceted nature of people and society. Considering Eugene and Father Benedict’s religious practices, oppression and intolerance of all things unchristian appears to be cemented into Nigerian Catholicism. However, this concept of a unilateral Catholic ideology is broken by Father Amandi, with whose tender acceptance of Igbo culture and loving nature, shines a light on the diversity of religious sentiments in Nigeria. Furthermore, Kambili’s father defies the usual mold of an antagonist. Eugene strives to show the truth through his newspaper and constantly helps those in need. Conversely,†¦show more content†¦Taught by missionaries that his own language and culture are religiously and intellectually inferior, Eugene suppresses his roots to the extent of changing his accent in the presence of caucasians. Eugeneâ €™s cultural self hatred is so great that he even takes it out on his family. However, this particular Nigerian Catholic view is not unanimous. Father Amandi retains far different views of God and the Church despite the Catholicism he shares with Eugene. While Eugene goes so far as to refer to his own father as â€Å"a heathen,† Amandi’s liberal views include acceptance of the pantheistic Papa-Nnukwu and appreciation of his own Igbo culture and music (62). These differing examples of Catholicism in Nigerian culture ensure Ngozi’s mission â€Å"that there is never a single story† of Nigerian religious views (Ted.com). Furthermore, religion is present as a force of growth and damage in Kambili’s life. Her father mentally and physically abuses her in an effort to save her from â€Å"Godlessness† resulting in crippling paranoia that prevents her from even speaking (). However, Catholic kindness wielded by the capably caring hands of Father Amandi propels Kambili to believe in herself and largely undoes the damage done by her father. Furthermore, the kindness and regularity of Papa-Nnukwu despite his pagan religion leads Kambili to a new, more loving, understanding of religion. When Kambili realizes â€Å"that there is never a single story† ofShow MoreRelatedThe Lottery Literary Analysis1538 Words   |  7 Pagesmisconception of the narrative to encompass climatic irony in the story. Throughout, Jackson saturates the story with symbols creating insight to the mystery of the animosity, tradition, and violence that takes place.   Ms. Jackson uses detailed theme, dramatic irony, and specific symbols to create a sense of horror and shock to reveal the her perception of the nefarious manner of human nature.   Ã‚  Ã‚   Various themes veiled throughout the story provide insight to Shirley Jackson’s notion of human nature. As a resultRead MoreEssay about The Canterbury Tales by Geoffrey Chaucer947 Words   |  4 PagesHis sermons are based on sound theology, but they are rendered hollow by his complete lack of integrity in applying them to his own life. He is a hypocrite - his root intention is to accrue money. Curiously, the Pardoner is openly honest about the nature of his operations. The portrait of the Pardoner in the General Prologue gives an overture to this character by stating simply what he does. He targets simple (often consequently poor) country people to sell false relics, and he uses his talentsRead MoreThe, A Good Man Is Hard, And Where Are You Going, Where Have You Been1676 Words   |  7 Pages Stanfield 1 The juxtaposing theme regarding the nature of evil is in all aspects, unmistakably, prominent within the two apologues A good man is hard to find and Where are you going, where have you been. In Flannery O Connor s A good man is hard to find, the audience can be apprised of the confrontation between Good vs. Evil. Comparable to Joyce Carol Oates Where are you going, where have you been, the reader is also presented with the strife of Good, alternative Evil. It is, withRead MoreAn Evaluation of an on-Farm Food Safety Program for Ontario Greenhouse Vegetable Producers; a Global Blueprint for Fruit and Vegetable Producers51659 Words   |  207 Pagesimplement the decisions; and, †¢ conduct an evaluation of the action’s results. In particular, the framework is conducted in collaboration with stakeholders and requires iterations if new information is developed that changes the need for, or nature of, risk management. Employing this framework as opposed to reactive measures is beneficial in managing risk situations as current solutions may become irrelevant if new scientific data are discovered. An iterative cycle that includes evaluation

The Silver Linings Playbook Chapter 43 Free Essays

string(16) " did say to me\." Best Intentions Pat, It’s been a while, hopefully long enough. If you haven’t ripped up this letter already, please read until the end. As you have discovered, I am a much better writer than I am a speaker at this point in my life. We will write a custom essay sample on The Silver Linings Playbook Chapter 43 or any similar topic only for you Order Now Everybody hates me. Did you know your brother came to my house and threatened to kill me if I made contact with you? His sincerity scared me – enough to keep me from writing earlier. Even my parents have reproached me for pretending to be Nikki. My therapist says my betrayal might not be forgivable, and by the way she kept repeating the word â€Å"unforgivable,† I could tell she was very disappointed in me. But the truth is, I did it for your benefit. Yes, I was hoping that once you found closure and got over Nikki, you would want to give me a shot – especially since we are such great dance partners, we both enjoy running, we are in similar housing situations, and let’s face it, we’re both fighting hard to maintain our grip on reality. We have a lot in common, Pat. I still believe you fell into my life for a reason. Because I love you, I want to tell you something I have never told anyone – except my therapist. It’s sort of screwed up, so I hope you will be able to handle it. At first I wasn’t going to tell you, but I figured the situation couldn’t get any worse, and maybe a little honesty could go a long way right now. I don’t know if you know this, but Tommy was a cop. He worked for the Meadowville Police Department and was assigned to the high school sort of as a counselor. So half of his hours were spent working with and counseling troubled teenagers, and the other half of his hours he was just a regular cop. I’m telling you this because it is important to understand that Tommy was a good man. He did not deserve to die, and his death absolutely proves that life is random and fucked-up and arbitrary, until you find someone who can make sense of it all for you – if only temporarily. Anyway, Tommy was really good with teenagers, and he even started a club at the high school designed to raise awareness about the dangers of drinking and driving. Many of the parents thought the club condoned underage drinking, because it was not an anti-underage-drinking club but just an anti-drinking-and-driving club, so Tommy had to fight really hard to keep it afloat. Tommy told me that a lot of the high school kids drank every weekend, and underage drinking was even condoned by many of the town’s parents. And the funniest thing to me was that the kids came to him and asked him to start the club because they were worried that someone was going to get hurt or die if their friends kept driving home after parties. Can you imagine talking to a cop like that when you were a teenager? That’s the kind of guy Tommy was, people trusted him instantly. So Tommy organized assemblies and even put together this teacher karaoke night where students could pay money to hear their favorite teachers perform the current hits. Tommy could talk people into doing things like that. I’d go to these events, and Tommy would be up on the stage with all those teenagers, and he’d be singing and dancing with the other teachers, all of whom he had convinced to dress up in wild costumes – and parents, students, administrators would be all smiles. You couldn’t help it, because Tommy was such a burst of positive energy. And he always gave speeches during these events – listing facts and statistics about drinking and driving. People listened to Tommy. People loved him. I loved him so fucking much, Pat. A funny thing about Tommy was he liked to have sex a lot. He always wanted to make love. I mean, as soon as he got home from work, his hands were all over me. I’d wake up every morning and he’d be on top of me. We could hardly eat a meal together without his hands sliding under the table, searching for my legs. And if Tommy was home, there was no way I’d ever get through a television show, because as soon as a commercial came on, he’d be rock hard and giving me that look. It was pretty wild, and I loved it for the first ten years of our marriage. But after ten years of nonstop sex, I got a little tired of it. I mean – life is more than sex, right? So one bright sunny morning, after we had just finished making love under the kitchen table, the teakettle whistled, so I stood and poured two cups. â€Å"I’m thinking maybe we should limit sex to so many times a week,† I said. I’ll never forget the look on his face. He looked as if I had shot him in the stomach. â€Å"Is something wrong?† he said. â€Å"Am I doing something wrong?† â€Å"No. It’s not like that at all.† â€Å"Then what?† â€Å"I don’t know. Is it normal to have sex several times a day?† â€Å"Don’t you love me anymore?† Tommy asked me with this wounded-little-boy look I still see whenever I close my eyes at night. Of course I told Tommy I loved him more than ever, but I just wanted to slow down a little with the sex. I told him I wanted to talk with him more, take walks, and find some new hobbies, so sex could be special again. â€Å"Having this much sex,† I told him, â€Å"sort of takes the magic out of it.† For some odd reason, I remember suggesting that we go horseback riding. â€Å"So you’re telling me the magic is gone?† he said, and that question was the last thing he ever did say to me. You read "The Silver Linings Playbook Chapter 43" in category "Essay examples" So you’re telling me the magic is gone? I remember talking a lot after he said that, telling him we could have sex as much as he wanted and that this was just a suggestion, but he was wounded. He was looking at me suspiciously the whole time, as if I were cheating on him or something like that. But I wasn’t. I just wanted to slow down a little so I could appreciate sex more. Too much of a good thing, was all I wanted to tell him. But it was clear I had hurt him, because before I could finish explaining, he stood up and went upstairs to take a shower. He left the house without saying goodbye. I got the call at work. All I remember hearing was that Tommy was hurt and had been rushed to West Jersey Hospital. When I got to the hospital, there were a dozen men in blue uniforms, cops everywhere. Their glistening eyes told me. Later I would find out that Tommy had gone to the Cherry Hill Mall during his lunch break. They found a Victoria’s Secret bag full of lingerie in his cruiser – every piece was my size. On his way back to Meadowville, he stopped on the highway to help an elderly woman whose car had broken down. Tommy called her a tow truck, but then he stood at the nervous old lady’s window chatting with her, keeping her company while she waited. Tommy was always chatting with people like that. The cruiser was behind him, the lights were going, but he was standing at the edge of the highway’s breakdown lane. Some driver who had drunk his lunch dropped his cell phone, and when he bent down to pick it up, he pulled the wheel to the right, crossed two lanes, and †¦ The lead in the local paper read â€Å"Police Officer Thomas Reed – who was responsible for starting Meadowville High School’s Anti-Drinking-and-Driving Club – was killed by a drunk driver.† It was all so ironic, almost funny in a sadistic way. There were so many cops at his funeral. Kids from the high school made our front lawn into a living memorial – they stood on the sidewalk with candles and flowers. When I refused to go outside, these teenagers sang so sweetly to me through the first few evenings, a chorus of sad, beautiful voices. Our friends brought food, Father Carey talked to me about heaven, my parents cried with me, and Ronnie and Veronica stayed at our house for the first few weeks or so. But the only thing I could think about was how Tommy died believing I no longer wanted to have sex with him. I felt so guilty, Pat. I wanted to die. I kept thinking he would not have gone to Victoria’s Secret on his lunch break if we had not had the fight, and then he would have never passed the old woman in the broken-down car, which meant he would not have been killed. I felt so guilty. I still feel so fucking guilty. After a few weeks I went back to work, but everything in my mind got switched up. My guilt turned to need, and suddenly I was craving sex very badly. So I started to fuck men – any man who was game. All I really had to do was look at a man in that certain way, and within a few seconds I knew if they were going to fuck me. And when they did, I would close my eyes and pretend it was Tommy. To be with my husband again, I’d fuck men anywhere. In a car. In the coatroom at work. In an alley. Behind a bush. In a public restroom. Anywhere. But in my mind, it was always under the kitchen table, and Tommy had come back to me, and I had told him I wasn’t tired of having sex, but would make love to him as many times as he needed, because I loved him with all my heart. I was sick. And there was no shortage of men who were eager to capitalize on my sickness. There were men everywhere who – with glee – would fuck this mentally ill woman. Of course this led to my losing my job, therapy, and many medical tests. Luckily, I did not contract any diseases, and I’d be happy to get tested again if that ever becomes an issue for us. But even if I had contracted AIDS or whatever, it would have been worth it to me at the time, because I needed that closure. I needed that forgiveness. I needed to live out the fantasy. I needed to fuck away my guilt so I could break out of the fog I was in, to feel something, to feel anything, and begin to start my life again, which I am only now beginning to do – since we became friends. I have to admit that during Veronica’s dinner party I only thought of you as an easy lay. I sized you up in your stupid Eagles jersey and figured I could get you to fuck me, so I could pretend you were Tommy. I hadn’t done it in a long time. I no longer wanted to have sex with strangers, but you weren’t a stranger. You were handpicked by my own sister. You were a safe man with whom Ronnie was trying to set me up. So I figured I would begin to have sex with you regularly, just so I could fantasize about Tommy again. But when you held me in front of my parents’ house, and when you cried with me, things changed – in a very dramatic way. I did not understand it at first, but as we ran together and ate raisin bran at the diner and went to the beach and became friends – simply friends, without any sex to complicate things – it was sort of nice in a way I hadn’t anticipated. I just liked being around you, even if we didn’t say anything. I knew I had feelings for you when I began to cringe inwardly at the sound of Nikki’s name. It was obvious you were not ever going to get back together with your wife, so I called your mom and got her drunk at the local bar, and she told me everything about you. You didn’t see me, but I was in the driveway when she came home so loaded and you helped her into the house. I drove her home that night. After what happened to Tommy, I don’t drink at all. We’ve been meeting every week since, Pat. She needed a friend; she needed to talk to someone about your father. So I listened. At first I was just using her for information, but now we are sort of girlfriends. She did not know about the letters I was writing as Nikki, and she was really mad at me for a while after the Christmas episode, but she knows about this letter obviously, since she delivered it for me. She is a very strong and forgiving woman, Pat. She deserves better than your father, and maybe you deser ve better than me. Life is funny like that. I wrote those letters hoping to provide you with the closure I somehow found through casual sex after Tommy died. Please know I began the liaison scheme only after I was certain that Nikki would never agree to talk to you again under any circumstance. Maybe you will never be able to forgive me, but I wanted you to know I had the best intentions – and I still love you in my own fucked-up way. I miss you, Pat. I really do. Can we at least be friends? Tiffany How to cite The Silver Linings Playbook Chapter 43, Essay examples

Bw/Ip International free essay sample

Assumption: Tax rate: 38%. From 1991 to 1993, the tax rate remains to be constant, which is 38%. And we assume that the tax rate will continue to be 38%. Exhibit 1 shows the process of calculating tax rate: Growth rate:We assume the project will last for infinity, and grow in perpetuity after year 1992. And we use the average annually growth rate from 1990 to 1993 as our perpetuity growth rate, which is 2. 3%. Change in NWC:We subtract cash from NWC provided in the case and we get the adjusted change in NWC. The calculation is presented in Exhibit 2. Discount rate:Typically, the investment horizon of a common leverage buyout range from 5 to 10 years, so we use the ten years treasury yields, ending at 1987 as the risk free rate, which is 8. 79%. For the market return, we use the Samp;P 500 index in 1980s, which is 12. 79%. Thus, we can easily get the risk premium. Exhibit 3 shows the process of calculating discount rate. Tax shields:Giving the interest paid schedule, we can figure out the tax shield each year from 1988 to 1993 at the tax rate of 38%. Discount rate: with a pre-determined debt and interest paid, we should use the cost of debt to get the present value of interest tax shield, because the risk of tax shield is moving together with the risk of the loan (debt), instead of the total assets. We assume the corporate borrowing rate is the same with BBB long-term bond, which is the cost of debt, 10. 63%. Thus the present value of tax shield from 1988 to 1993 is 31. 91. We assume perpetual debt from the year 1994, and the same growth rate, which is 2. 3%. Exhibit 4 shows the processing of calculating tax shields. The FCF is presented in Exhibit 5. Sensitivity Analysis for BW/IP is presented in Exhibit 6 2? We favor the proposed acquisition of UCP. The primary sources of value in the transaction include: * Low capital or cash requirement UCP is a small firm, which would require additional borrowing by BW/IP of only 13 million. * Synergy and efficient gains. UCP’s product line complemented BW/IP’s extremely well because UCP’s most attractive feature was its installed base in the petroleum industry and together they would have the largest installed base in the petroleum segment. Improved management Takeover can improve management because interest and principal payments can force management to improve performance and operating efficiency. The proposed price is reasonable, because it is higher than the levered value of the project, which is 48. 17. Method: APV: VL=VU+PV (ITS). Assumption: Tax rate: Tax rate=38%, which is the same as the tax rate for BWIP. Growth rate: We use t he average annually growth rate from 1991 to 1993 as ourgrowth rate,which is 6%. Discount rate: We use the ten years treasury yields, ending at 1988 as the risk free rate, which is 9. 4%. Exhibit 7 shows the calculation of Vu Exhibit 8 shows the calculation of PV(ITS) Sensitivity Analysis for UCP/IP is presented in Exhibit 6 3. How do the various features of the BW/IP buyout affect the company’sdecisions about long-horizon opportunities such as the UCP acquisition? What are the advantages and disadvantages of the 1987 buyout, viewed as afinancial program? After the buyout, BW/IP became a privately owned company which was less dependent from Borg-Warner Corporation than before in decision making. For the opportunities that the managers favored, such as the UCP acquisition, the company had more chance to carry on the deal. However, for the case in which larger amount of financing is required, the company may not be competitive enough without Borg-Warner’s financial support. The buyout could generateda better and a more efficient management, by changing the corporate structure (including modifying and replacing executive and management staff, unnecessary company sectors, and excessive expenditures), BW/IP can revitalize itself and earn substantial returns. However, since the 1987 buyout is highly leveraged, the new company has a high debt-to-equity ratio, which means the company needs to achieve required return to pay the cost of debt or faced the chance of bankruptcy. Besides, the leveraged buyout is also considered to be a risky project, which may be easily affected by economics environment. The chance of success tends to be larger under steadily growing economy, while smaller in recession periods. 4. As one of BW/IP’s bankers, would you approve the company’s request for a waiver of covenants and financing of the UCP acquisition? Yes. A banker will not approve to finance a project unless he has confidence in the profitability of the project and in that he can get his money back. The projected NPV of the UPC deal is 48. 17 million dollars, which is far bigger than the offer 18. 5 million dollars. To analyze this qualitatively, the expected success of the UCP acquisition comes from several aspects. Undeniably, the economic and industrial forecast is against financing a risky project . However, the deal will generate positive synergies since UCP’s product line complemented BW/IP’s extremely well. BW/IP will raise its competence in both original equipment and aftermarket sector domestically as well as internationally after acquiring UPC. Besides, as mentioned in the case, the good credibility of Mr. Valli and his team and that Camp;D’s principals were experienced and respected in the financial community will affect bankers’ attitude. Exhibit 1: Tax rate | 1987| 1988| 1989| 1990| 1991| 1992| 1993| EBT| -9. 56| -0. 001| 8. 91| 12. 95| 17. 31| 19. 49| 23. 57| Income tax| 2. 8| 0| 0| 3. 61| 6. 58| 7. 41| 8. 96| Tax rate| -29%| 0%| 0%| 28%| 38%| 38%| 38%| Exhibit 2: Change in NWC AR| 58. 68| 53. 1| 51. 69| 55. 08| 59. 11| 63. 6| 67. 91| 72. 54| INV| 58. 5| 58. 39| 60. 72| 64. 66| 69. 57| 75. 46| 80. 29| 85. 53| Other current asset| 3. 91| 3. 49| 4. 42| 4. 7| 4. 99| 5. 31| 5. 64| 5. 99| AP| 15. 78| 18. 12| 19. 73| 20. 94| 22. 32| 23. 78| 25. 19| 26. 69| Other current liabilities| 14. 92| 17. 29| 15. 19| 16. 12| 17. 1| 18. 23| 19. 36| 20. 56| NWC| 90. 39| 79. 57| 81. 91 | 87. 38| 94. 25| 102. 32| 109. 29| 116. 81| Change in NWC| | -10. 82| 2. 34| 5. 47| 6. 87| 8. 07| 6. 97| 7. 52| Exhibit 3: Cost of capital Cost of capital| 17. 5%| CAPM| Rf| 8. 79%| Exhibit 7 | ?a| 1| Hint| Market return| 12. 79%| Samp;P 500 index in 1980s| Risk premium| 4. 00%| | Exhibit 4: Interest tax shield | 1988| 1989| 1990| 1991| 1992| 1993| Total interest paid| 0. 63| 1. 75| 1. 66| 1. 51| 1. 4| 1. 22| ITS: tax [emailprotected]%| 0. 24| 0. 67| 0. 63| 0. 57| 0. 53| 0. 46| Cost of debt 10. 63%| | PV (ITS) 1988-1993| 31. 91| PV (Terminal value)| 37. 1| Total PV (ITS)| 69. 00| Exhibit 5: Free cash flow | 1986| 1987| 1988| 1989| 1990| 1991| 1992| 1993| FCF| | 39. 37| 26. 8| 24. 62| 24. 11| 24. 57| 24. 72| 25. 8| Growth rate| 2. 3%| Terminal Value| 270| VU| 232. 89| PV (ITS)| 69| VL| 301. 89| Exhibit 6: Sensitivity analysis for BW/IP * Buyout| | * NPV| * % change of NPV| * Growth rate| * 0. 00%| * 32. | * -47. 91%| | * 2. 30%| * 62. 39| * 0. 00%| | * 4. 60%| * 109. 5| * 75. 51%| * Discount rate| * 10. 79%| * 81. 5| * 32. 52%| | * 12. 79%| * 61. 5| * 0. 00%| | * 14. 79%| * 44. 5| * -27. 64%| * Cost of debt| * 9. 63%| * 64. 5| * 4. 88%| | * 10. 63%| * 61. 5| * 0. 00%| | * 11. 63%| * 59. 5| * -3. 25%| Exhibit 7:The calculation of Vu | 1988| 1989| 1990| 1991| 199 2| 1993| EBIT| -1. 15| 2. 59| 3. 29| 3. 96| 4. 34| 4. 74| Income tax @| -0. 44| 0. 98| 1. 25| 1. 50| 1. 65| 1. 80| NI| -0. 71| 1. 61| 2. 04| 2. 46| 2. 69| 2. 94| FCF| | | | | | | Depreciation| 0. 48| 0. 6| 0. 99| 0. 90| 0. 84| 0. 84| Change in NWC| | | | | | | Change in AR| 1. 13| -0. 15| -0. 22| -0. 20| -0. 13| -0. 14| Change in inventory| -0. 36| 0. 68| -0. 21| -0. 18| -0. 12| -0. 13| Change in other asset| 1. 73| 0. 00| 0. 00| 0. 00| 0. 00| 0. 00| Change in current liability| 0. 27| 0. 18| -0. 01| -0. 35| -0. 04| -0. 04| Change in NWC| 2. 23| 0. 35| -0. 42| -0. 03| -0. 21| -0. 23| Capital expenditure| 0. 18| 1. 20| 0. 40| 0. 40| 0. 40| 0. 40| FCF| -2. 64| 1. 02| 3. 05| 2. 99| 3. 34| 3. 61| Growth rate| | | | -2%| 12%| 8%| Average growth rate| 6%| | | | | | Terminal value| | | | | 53. 15| | FCF| -2. 64| 1. 02| 3. 05| 2. 99| 56. 9| | VU| 40. 28| | | | | | Exhibit 8:The calculation of PV(ITS) | 1988| 1989| 1990| 1991| 1992| 1993| Interest | 0. 63| 1. 75| 1. 66| 1. 51| 1. 40| 1. 22| ITS: tax [emailprotected]%| 0. 24| 0. 67| 0. 63| 0. 57| 0. 53| 0. 46| Terminal value| 2. 18| | | | 10. 01| | PV (ITS)| 7. 97| | | | | | Exhibit 9: Sensitivity analysis for UCP/IP UCP| | NPV| % Change of NPV| Growth rate:| 0. 00%| 14. 35| -51. 76%| | 6. 00%| 29. 75| 0. 00%| | 12. 00%| 278. 5| 836. 13%| Discount rate:| 10. 79%| 46. 5| 57. 63%| | 12. 79%| 29. 5| 0. 00%| | 14. 79%| 20. 21| -31. 49%| cost of debt:| 9. 63%| 30. 5| 3. 39%| | 10. 63%| 29. 5| 0. 00%| | 11. 63%| 27. 5| -6. 78%|