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organisation and the extremely rigorous management of costs and stocks throughout all our businesses, enabled us to preserve an excellent level of profitability at Group level. This has resulted in an operating margin of nearly 20% and significantly improved cash flow. A commitment to youth: LVMH’s “Discovery and Learning” classes organized during exhibits supported by the Group have been attended by over 20,000 children to date. Dozens of school groups took advantage of this special educational program

home furnishing retailer. It has grown rapidly since it was founded in 1943 with its headquarters in Denmark. Today it is the world's largest furniture retailer, recognised for its Scandinavian style. The majority of IKEA's furniture is flat-pack, ready to be assembled by the consumer. This allows a reduction in costs and packaging. IKEA carries a range of 9,500 products, including home furniture and accessories. This wide range is available in all IKEA stores and customers can order much of the range

Est-ce que tu vas prendre un avion ou un train? Are you going to take a plane or train? Es-tu seul ici? Are you here alone? Est-ce que tu as faim? Are you hungry? Es-tu marié? Are you married? Ça va? Are you okay? Est-ce que tu es prêt? Are you ready? Es-tu malade? Are you sick? A quelle heure? At what time? Appelle-moi. Call me. Appelle la police. Call the police. Est-ce que je peux avoir accès à l'internet ici? Can I access the Internet here? Est-ce que je peux emprunter de l'argent? Can

or shortfall of cash flows, in present value (PV) terms, once financing charges are met. By definition: NPV = Present value of Net Cash Flows. For computing the NPV, each cash inflow is discounted back to its present value (PV) This means that every future expected inflow is diminished proportionally, according to a tax rate (usually inflation rate) so as to obtain its value in the present. Then all the cash inflows are summed. Therefore: Where t - the time of the cash flow; T - the

changes, but not necessarily, are an easy availability of credit, new technology, and an increase of new companies[3]. The bubble of nickel price in 2007 : Synthesis of the 2007 Nickel Bubble [pic] (Source : London Metal Exchange - Nickel - Cash Buyer) 2006 and 2007 have seen nickel prices sky-rocketing on the London Metal Exchange from $ 8.000/t up to $55.000/t in less than 2 years, then in May 2007, prices have begun to plunge quickly to lower levels (around $25.000). At the time of

$0.59 $0.30 Diluted $0.57 $0.29 Weighted average shares outstanding: Basic 2,587 2,604 Diluted 2,651 2,738 APPENDIX 2 Condensed Consolidated Balance Sheet and Related Financial Highlights (in $millions) Assets: Current Assets: Cash and cash equivalents 2002 4,034 2001 3,442 Short term investments 270 309 Accounts receivable, net 2,661 2,303 Inventories, net 307 269 Other 1,483 1,377 Total current assets 8,755 7,700 Property, plant and equipment, net 882 806 Investments

14 Pricing 15 Promotion 15 Sales and Distribution 16 OPERATIONAL PLAN 18 Production 18 Premises, Plant and Equipment 18 FINANCE PLAN 19 Capital Requirements and Funding Proposal 19 Current Financial Position 19 Financial Assumptions 19 Cash-flow Projection 21 Projected Profit and Loss 21 RISKS 22 Risk Identification and Mitigation 22 STRUCTURE AND MANAGEMENT 23 Organisational Structure 23 Key Personnel 25 PROJECT PLAN 26 Action Plan 26 BUSINESS SUMMARY |

expecting higher earning growth in the future. Kraft’s price-sales ratio is greater than 1 meaning that its market capitalization is bigger than its sales. In comparison with its industry, the company’s price-to-sales ratio is similar. Kraft’s price-cash flow ratio is slightly higher than the industry standard. However, it is significantly lower than the S&P 500 average, which again suggest that the company is undervalued relative to the rest of the market. Kraft’s dividend yield of 3.9% is considered

Maison (€ m) 2010 2009 2008 551 587 625 Other Businesses (€ m) 2010 2009 2008 584 632 630 • Sales at € 5 176 million reflected a decline of 4 per cent. • Operating margin was 16 per cent of sales. • Cash flow from operations was € 1 464 million compared to € 819 million in 2009. • Net cash position improved by € 1 074 million to € 1 896 million. • Proposed dividend: CHF 0.35 per share, representing an increase of 17 per cent. Richemont Annual Report and Accounts 2010 1 Executive Chairman

price-marked flick-knife displayed in shop window seller prosecuted under Offensive weapons Act 1961 Acquitted as 'display of article with a price on it in a shop window is merely an invitation to treat' Pharmaceutical Society of Great Britain v Boots Cash Chemists (Southern) [1953]: in 1933 a provision of pharmacy in its section 18 prohibited selling drugs without the supervision of a registered pharmacist. Boots is a self service store, so the customer could take drugs and take it himself to the cashier