Operational Performance And Market Analysis Report Commerce Essay

Published:

This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Calgon Carbon Corporation (CCC) is one the global chemistry industry leaders who offers services and products in purifying water and air. The company was founded in 1942 and is located in Pittsburgh, Pennsylvania. The operation system is comprised of three sections: activated carbon and service, consumer, and equipment. The first section is the activated carbon and service. This section is responsible for manufactures powered and granular activated carbon for use in applications in order to eliminate organic compounds from air, gases, water, and other liquids. The Consumer section mainly consists of new and existing consumer products as well as sale and make of carbon cloth. Last section is the Equipment section. It offers answers to customers who need water purification and have air problems by designing, selling equipment systems and installation, and fabrication, which use a combination of the company's latest technologies, including ultraviolet light (UV), carbon adsorption, and ISEP or advanced ion exchange separation. (Zacks Investment Research, 2009). In this analysis, the operation and market performance are evaluated to compare and contrast with one of its major competitors, MeadwestVaco Corporation.

OPERATIONAL PERFORMANCE RATIO ANALYSIS

Industry

Calgon Carbon

MeadWestvaco

Dec 09

Dec 09

Dec 08

Dec 09

Dec 08

Account Receivable Turnover

7.40

6.39

6.56

8.83

8.30

Inventory Turnover

6.20

2.74

2.84

7.20

8.01

Assets Turnover

0.80

0.99

1.03

0.72

0.78

The accounts receivable turnover ratio, inventory turnover ratio, and assets turnover ratios are keys to measure companies' effectiveness. The account receivable of Calgon Carbon and MeadWestvaco shows the healthy maintenance with minimal changes in fiscal year December 2008 and 2009. The collecting their account receivables of Calgon Carbon are 6.56 and 6.39 in December 2008 and 2009, respectively. These ratios remain nearly the industry ratio at 7.40.

Next, inventory turnover is one of important indicator ratios to review at sold or used inventory levels. At the end of December 2009, Calgon Cargo had 2.74 inventory turnover rates and MeadWestvaco showed much higher inventory turnover rate at 7.20. When look more closely at the Calgon Carbon, the ratio was implied strong turnover; however, the higher number in ratio of MeadWestvaco could indicate the higher demand in products and services.  

Finally, when look at the relationship between the asset and revenue, asset turnover of Calgon Cargo and MeadWestvaco was 0.99 and 0.72 at the ended of December fiscal year respectively. The asset turnover of MeadWestvaco was relatively lower than Calgon Cargo. Most likely MeadWestvaco made a higher profit margin on its products than the Calgon Cargo at the ended of the period in December 2009.

ANALYST'S DESCRIPTION OF OPEARTING EFFECTIVENESS

According to the article, Calgon Carbon 10Q Profit Rises 50% On Gains; Sales Up on online Wall Street Journal, the author contained the past financial activities information during first quarter in 2010. During first three months of the period is usually the slowest and weakest period; however, the Calgon Carbon Corporation has gained 50% profit on air and water purification. The company well performance is the good predictor toward the year ended financial statement. Even though the influenced globally economic and other factors beyond the control of company, the high demand for activated carbon, particularly in municipal market and in Asia for potable-water in treatment and for mercury removal at coal-fired power plants generated income by the acquisition in Asia and Europe. The author further disclosed that the company has gained "profits of $9 million, or 16 cents a share, up from 6 million, or 11 cents a share, a year earlier" (Stynes, 2010).

MARKETABILITY RATIO ANALYSIS

Marketability Ratio

Industry

Calgon Carbon

MeadWestvaco

Dec 09

Dec 09

Dec 08

Dec 09

Basic Earning per Share

N/A

0.72

0.86

1.89

Diluted Earning per Share

N/A

N/A

N/A

1.30

Price/Earnings

32.20

18.90

9.00

13.10

Dividend Payout

93.00

0.00

0.00

39.00

Dividend Yield

2.60

N/A

N/A

3.70

OVERALL CONCLUSIONS ON OPERATIONAL EFFECTIVENESS AND MARKETABILITY

According to the U.S. Securities and Exchange Commission, the Calgon Carbon Corporation's financial report for the year ended December 31, 2009 has shown that the company revenues increased by approximately 3% to 411.9 million dollars compared to last year ended period. Net income from continuing operations was 36% greater than last year to 39.2 million dollars. Activated Carbon & Service business had the most influential on the revenue and increases the sale. The net income also reveals a decrease in cost of products sold, lower interest expense, decreased loss on debt extinguishment and an increase in equity in income of equity investment.

The annual dividend of Calgon Carbon Corp is the total amount in dollars of dividends shareholder could expect to receive if he/she held the stock for a year. It was assumed no change in the company's dividend policy. The most important per-share data item is Earning Per Share (EPS), which was $0.72 per share, compared to MeadWestvaco at $1.29 per share. The EPS of MeadWestvaco stock ultimately had more stream value of earning attributable to that share at the ended of December 2009.

TREND OF STOCK PRICES FOR THE LAST 10 YEARS

Source: http://quote.morningstar.com/Stock/sp.aspx?t=CCC

The globally pollution control company like Calgon Carbon Corporation has been booming over the last decade. The graph shows the average volume of stock price had remained constant at approximately $8.0 per share from year of 2000 until 2007 with slight decreased in 2001, at end of 2003 and 2007 at approximately $5.0, $4.5, and $4.0 per share, respectively. However, the average volume of stock price had shapely increased after 2007 and reached its peak at approximately $22.5 per share before shapely dropped in mid 2008. In 2009 the global economy had significantly impacted on the demand in many of Calgon Carbon's market as a result the Activated Carbon and Service sales volume had dramatically declined again before remained slight change right after that (Zacks Investment Research, 2009).

Appendix - Company's Most Recent Annual Financial Statements

CALGON CARBON CORP (CCC) P. O. BOX 717, Pittsburgh

(NEW YORK STOCK EXCHANGE) Pittsburgh, PA 15230

http://www.calgoncarbon.com United States

Income Statement

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Sales

411.91M

400.27M

351.12M

316.12M

Cost of Sales

266.38M

266.88M

242.27M

236.67M

Gross Operating Profit

145.53M

133.38M

108.85M

79.45M

Selling, General, and Administrative Expenses

68.26M

64.15M

61.35M

62.00M

Research & Development

5.50M

4.13M

3.70M

4.25M

Operating Income before D & A (EBITDA)

71.78M

65.11M

43.80M

13.20M

Depreciation & Amortization

18.35M

16.67M

17.25M

18.94M

Interest Income

459.00K

1.50M

1.70M

822.00K

Other Income - Net

-2.69M

6.55M

-1.44M

-2.21M

Special Income / Charges

0.00

0.00

0.00

1.13M

Total Income Before Interest Expenses (EBIT)

51.20M

57.34M

28.79M

-5.71M

Interest Expense

286.00K

3.67M

5.51M

5.98M

Pre-Tax Income

50.91M

53.66M

23.28M

-11.69M

Income Taxes

11.75M

18.10M

7.83M

-2.68M

Minority Interest

0.00

0.00

0.00

0.00

Net Income From Continuing Operations

39.16M

35.56M

15.45M

-9.01M

Net Income From Discontinued Operations

0.00

2.79M

-166.00K

1.21M

Net Income From Total Operations

39.16M

38.36M

15.29M

-7.80M

Extraordinary Income/Losses

0.00

0.00

0.00

0.00

Income From Cum. Effect of Acct. Change

0.00

0.00

0.00

0.00

Income From Tax Loss Carryforward

0.00

0.00

0.00

0.00

Other Gains / Losses

0.00

0.00

0.00

0.00

Total Net Income

39.16M

38.36M

15.29M

-7.80M

Normalized Income

(Net Income From Continuing Operations,

Ex. Special Income / Charge)

39.16M

35.56M

15.45M

-10.14M

Preferred Dividends

Net Income Available To Common

39.16M

35.56M

15.45M

-9.01M

Basic EPS from Continuing Ops.

0.72

0.80

0.39

-0.23

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Basic EPS from Discontinued Ops.

0.00

0.06

0.00

0.03

Basic EPS from Total Operations

0.72

0.86

0.39

-0.20

Basic EPS from Extraordinary Inc.

0.00

0.00

0.00

0.00

Basic EPS from Cum Effect of Accounting Change

0.00

0.00

0.00

0.00

Basic EPS from Tax Loss Carryf'd.

0.00

0.00

0.00

0.00

Basic EPS from Other Gains (Losses)

0.00

0.00

0.00

0.00

Basic EPS, Total

0.72

0.86

0.39

-0.20

Basic Normalized Net Income/Share

0.72

0.80

0.39

-0.26

EPS fr Continuing Ops.

0.69

0.67

0.31

-0.23

EPS fr Discontinued Ops

0.00

0.05

0.00

0.03

EPS fr Total Ops.

0.69

0.72

0.31

-0.20

EPS fr Extraord. Inc.

0.00

0.00

0.00

0.00

EPS fr Cum Effect of Accounting Change

0.00

0.00

0.00

0.00

EPS fr Tax Loss Carfd.

0.00

0.00

0.00

0.00

EPS fr Other Gains (L)

0.00

0.00

0.00

0.00

EPS, Total

0.69

0.72

0.31

-0.20

Diluted Normalized Net Inc/Shr

(Net Income From Continuing Operations,

Ex. Special Income / Charge)

0.69

0.67

0.31

-0.26

Dividends Paid per Share

0.00

0.00

0.00

0.00

Source : http://www.thestreet.com/quote/CCC/details/income-statement.html

Balance Sheet

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Assets

Cash and Equivalents

38.03M

16.75M

30.30M

5.63M

Receivables

70.27M

64.52M

65.25M

62.61M

Inventories

84.59M

93.72M

81.28M

70.34M

Other Current Assets

7.47M

16.69M

3.60M

4.37M

Total Current Assets

221.84M

200.92M

189.68M

148.71M

Property, Plant & Equipment, Gross

457.26M

407.13M

394.41M

375.96M

Accumulated Depreciation & Depletion

302.16M

284.17M

288.90M

269.86M

Property, Plant & Equipment, Net

155.10M

122.96M

105.51M

106.10M

Intangibles

4.74M

5.93M

7.76M

8.52M

Other Non-Current Assets

14.49M

18.32M

10.93M

11.31M

Total Non-Current Assets

203.87M

186.67M

158.46M

173.65M

Liabilities & Shareholder Equity

Total Assets

425.72M

387.60M

348.14M

322.36M

Accounts Payable

54.33M

39.65M

43.16M

39.13M

Short Term Debt

0.00

10.38M

64.01M

0.00

Other Current Liabilities

7.69M

15.16M

9.18M

6.53M

Total Current Liabilities

62.02M

66.42M

119.76M

55.53M

Long Term Debt

0.00

0.00

12.92M

74.84M

Deferred Income Taxes

189.00K

242.00K

1.36M

1.68M

Other Non-Current Liabilities

56.42M

68.20M

41.84M

42.45M

Minority Interest

0.00

0.00

0.00

0.00

Total Non-Current Liabilities

56.61M

68.44M

56.13M

118.96M

Total Liabilities

118.63M

134.86M

175.89M

174.49M

Preferred Stock Equity

0.00

0.00

0.00

0.00

Common Stock Equity

307.09M

252.74M

172.25M

147.87M

Common Par

586.00K

570.00K

430.00K

425.00K

Additional Paid In Capital

164.24M

144.04M

77.30M

70.85M

Cumulative Translation Adjustment

0.00

17.09M

21.84M

19.28M

Retained Earnings

173.16M

143.19M

104.94M

94.04M

Treasury Stock

-29.90M

-28.62M

-27.42M

-27.24M

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Other Equity Adjustments

-1.01M

-23.54M

-4.83M

-9.48M

Total Capitalization

307.09M

252.74M

185.17M

222.71M

Total Equity

307.09M

252.74M

172.25M

147.87M

Total Liabilities & Stock Equity

425.72M

387.60M

348.14M

322.36M

Total Common Shares Outstanding

55.55M

54.06M

40.22M

39.73M

Preferred Shares

0.00

0.00

0.00

0.00

Treasury Shares

3.01M

2.90M

2.83M

2.82M

Basic Weighted Shares Outstanding

54.76M

44.68M

39.79M

39.93M

Diluted Weighted Shares Outstanding

56.53M

53.38M

50.56M

39.93M

Number of Employees

953

943

868

847

Number of Part-Time Employees

0

0

0

0

Source: http://www.thestreet.com/quote/CCC/details/balance-sheet.html

Cash Flow

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Cash Flow From Operating Activities

Net Income (Loss)

39.16M

38.36M

15.29M

-7.80M

Operating Gains/Losses

5.89M

-4.68M

1.72M

-13.17M

Extraordinary Gains / Losses

0.00

0.00

0.00

0.00

(Increase) Decrease In Receivables

2.16M

-9.98M

-811.00K

6.03M

(Increase) Decrease in Inventories

10.71M

-14.93M

-9.56M

-1.51M

(Increase) Decrease In Other Current Assets

0.00

-2.07M

0.00

0.00

(Decrease) Increase In Payables

3.06M

2.61M

5.39M

-6.63M

(Decrease) Increase In Other Current Liabilities

0.00

0.00

0.00

0.00

(Increase) Decrease In Other Working Capital

-6.27M

-6.13M

-7.79M

-11.69M

Other Non-Cash Items

3.64M

2.37M

4.72M

11.01M

Net Cash From Continuing Operations

79.06M

25.57M

29.41M

-5.78M

Net Cash From Discontinued Operations

0.00

0.00

0.00

0.00

Cash Provided By Investing Activities

Net Cash From Total Operating Activities

79.06M

25.57M

29.41M

-5.78M

Sale of Property, Plant & Equipment

0.00

910.00K

513.00K

1.20M

Cash Used for Investing Activities

Sale of Short-Term Investments

0.00

0.00

0.00

0.00

Purchases of Property, Plant & Equipment

-48.28M

-33.01M

-11.79M

-12.86M

Acquisitions

0.00

0.00

0.00

21.26M

Purchases of Short-Term Investments

0.00

0.00

0.00

0.00

Other Cash from Investing Activities

-5.56M

0.00

0.00

4.60M

Cash Provided by Financing Activities

Net Cash From Investing Activities

-53.84M

-32.10M

-11.28M

14.21M

Issuance of Debt

0.00

0.00

1.50M

156.52M

Cash Used for Financing Activities

Issuance of Capital Stock

957.00K

5.12M

3.09M

464.00K

Repayment of Long-Term Debt

-4.53M

-11.00M

0.00

-165.61M

Repurchase of Capital Stock

-1.28M

-1.19M

-187.00K

-108.00K

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Payment of Cash Dividends

0.00

0.00

0.00

0.00

Other Financing Charges, Net

-280.00K

2.12M

942.00K

0.00

Net Cash From Financing Activities

-5.13M

-4.95M

5.35M

-8.73M

Effect of Exchange Rate Changes

1.18M

-2.08M

1.19M

493.00K

Net Change in Cash & Cash Equivalents

21.28M

-13.55M

24.67M

185.00K

Source: http://www.thestreet.com/quote/CCC/details/cash-flow.html

MEADWESTVACO CORP (MWV) 501 South 5th Street

(NEW YORK STOCK EXCHANGE) Richmond, VA 23219

http://www.meadwestvaco.com United States

Income Statement

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Sales

6.05B

6.64B

6.91B

6.53B

Cost of Sales

4.59B

5.10B

5.19B

4.88B

Gross Operating Profit

1.46B

1.54B

1.72B

1.65B

Selling, General, and Administrative Expenses

823.00M

809.00M

882.00M

905.00M

Research & Development

0.00

0.00

0.00

0.00

Operating Income before D & A (EBITDA)

639.00M

727.00M

834.00M

743.00M

Depreciation & Amortization

443.00M

472.00M

520.00M

517.00M

Interest Income

0.00

39.00M

20.00M

20.00M

Other Income - Net

383.00M

-5.00M

287.00M

83.00M

Special Income / Charges

0.00

0.00

-2.00M

-20.00M

Total Income Before Interest Expenses (EBIT)

579.00M

289.00M

619.00M

309.00M

Interest Expense

204.00M

210.00M

219.00M

211.00M

Pre-Tax Income

375.00M

79.00M

400.00M

98.00M

Income Taxes

150.00M

-1.00M

115.00M

5.00M

Minority Interest

0.00

0.00

0.00

0.00

Net Income From Continuing Operations

225.00M

80.00M

285.00M

93.00M

Net Income From Discontinued Operations

0.00

10.00M

0.00

0.00

Net Income From Total Operations

225.00M

90.00M

285.00M

93.00M

Extraordinary Income/Losses

0.00

0.00

0.00

0.00

Income From Cum. Effect of Acct. Change

0.00

0.00

0.00

0.00

Income From Tax Loss Carryforward

0.00

0.00

0.00

0.00

Other Gains / Losses

0.00

0.00

0.00

0.00

Total Net Income

225.00M

90.00M

285.00M

93.00M

Normalized Income

(Net Income From Continuing Operations,

Ex. Special Income / Charge)

225.00M

80.00M

287.00M

113.00M

Preferred Dividends

Net Income Available To Common

225.00M

80.00M

285.00M

93.00M

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Basic EPS from Continuing Ops.

1.31

0.46

1.56

0.52

Basic EPS from Discontinued Ops.

0.00

0.06

0.00

0.00

Basic EPS from Total Operations

1.31

0.52

1.56

0.52

Basic EPS from Extraordinary Inc.

0.00

0.00

0.00

0.00

Basic EPS from Cum Effect of Accounting Change

0.00

0.00

0.00

0.00

Basic EPS from Tax Loss Carryf'd.

0.00

0.00

0.00

0.00

Basic EPS from Other Gains (Losses)

0.00

0.00

0.00

0.00

Basic EPS, Total

1.31

0.52

1.56

0.52

Basic Normalized Net Income/Share

1.31

0.46

1.57

0.63

EPS fr Continuing Ops.

1.30

0.46

1.56

0.52

EPS fr Discontinued Ops

0.00

0.06

0.00

0.00

EPS fr Total Ops.

1.30

0.52

1.56

0.52

EPS fr Extraord. Inc.

0.00

0.00

0.00

0.00

EPS fr Cum Effect of Accounting Change

0.00

0.00

0.00

0.00

EPS fr Tax Loss Carfd.

0.00

0.00

0.00

0.00

EPS fr Other Gains (L)

0.00

0.00

0.00

0.00

EPS, Total

1.30

0.52

1.56

0.52

Diluted Normalized Net Inc/Shr

(Net Income From Continuing Operations,

Ex. Special Income / Charge)

1.30

0.46

1.57

0.63

Dividends Paid per Share

0.92

0.92

0.92

0.92

Source: http://www.thestreet.com/quote/MWV/details/income-statement.html

Balance Sheet

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Assets

Cash and Equivalents

850.00M

549.00M

245.00M

156.00M

Receivables

935.00M

799.00M

1.01B

1.01B

Inventories

590.00M

695.00M

790.00M

715.00M

Other Current Assets

155.00M

118.00M

123.00M

133.00M

Total Current Assets

2.53B

2.16B

2.17B

2.02B

Property, Plant & Equipment, Gross

7.11B

7.00B

8.00B

8.02B

Accumulated Depreciation & Depletion

3.67B

3.48B

3.79B

3.50B

Property, Plant & Equipment, Net

3.44B

3.52B

4.21B

4.52B

Intangibles

0.00

1.34B

581.00M

0.00

Other Non-Current Assets

2.23B

634.00M

2.04B

1.90B

Total Non-Current Assets

6.49B

6.29B

7.67B

7.27B

Liabilities & Shareholder Equity

Total Assets

9.02B

8.46B

9.84B

9.28B

Accounts Payable

559.00M

567.00M

640.00M

552.00M

Short Term Debt

0.00

0.00

0.00

0.00

Other Current Liabilities

0.00

0.00

0.00

0.00

Total Current Liabilities

1.24B

1.27B

1.46B

1.46B

Long Term Debt

2.15B

2.31B

2.38B

2.37B

Deferred Income Taxes

1.03B

919.00M

1.23B

1.18B

Other Non-Current Liabilities

1.17B

986.00M

1.07B

738.00M

Minority Interest

0.00

0.00

0.00

0.00

Total Non-Current Liabilities

4.37B

4.21B

4.67B

4.29B

Total Liabilities

5.62B

5.49B

6.13B

5.75B

Preferred Stock Equity

0.00

0.00

0.00

0.00

Common Stock Equity

3.41B

2.97B

3.71B

3.53B

Common Par

2.00M

2.00M

2.00M

2.00M

Additional Paid In Capital

3.13B

3.11B

3.08B

3.37B

Cumulative Translation Adjustment

0.00

6.00M

257.00M

0.00

Retained Earnings

275.00M

207.00M

276.00M

168.00M

Treasury Stock

0.00

0.00

0.00

0.00

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Other Equity Adjustments

-1.00M

-356.00M

93.00M

-7.00M

Total Capitalization

5.56B

5.28B

6.08B

5.90B

Total Equity

3.41B

2.97B

3.71B

3.53B

Total Liabilities & Stock Equity

9.02B

8.46B

9.84B

9.28B

Total Common Shares Outstanding

171.25M

170.81M

173.84M

182.11M

Preferred Shares

0.00

0.00

0.00

0.00

Treasury Shares

0.00

0.00

0.00

0.00

Basic Weighted Shares Outstanding

171.30M

172.30M

182.60M

180.80M

Diluted Weighted Shares Outstanding

173.20M

172.70M

183.60M

181.20M

Number of Employees

20000

22000

24000

24000

Number of Part-Time Employees

0

0

0

0

Source: http://www.thestreet.com/quote/MWV/details/balance-sheet.html

Statement of Cash Flows

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Cash Flow From Operating Activities

Net Income (Loss)

225.00M

90.00M

285.00M

93.00M

Operating Gains/Losses

-83.00M

-106.00M

-307.00M

-131.00M

Extraordinary Gains / Losses

0.00

0.00

0.00

0.00

(Increase) Decrease In Receivables

-16.00M

125.00M

50.00M

-8.00M

(Increase) Decrease in Inventories

135.00M

2.00M

-36.00M

72.00M

(Increase) Decrease In Other Current Assets

0.00

0.00

0.00

0.00

(Decrease) Increase In Payables

114.00M

-99.00M

59.00M

68.00M

(Decrease) Increase In Other Current Liabilities

-51.00M

-3.00M

0.00

4.00M

(Increase) Decrease In Other Working Capital

0.00

0.00

72.00M

4.00M

Other Non-Cash Items

2.00M

-24.00M

13.00M

11.00M

Net Cash From Continuing Operations

876.00M

364.00M

641.00M

567.00M

Net Cash From Discontinued Operations

0.00

12.00M

0.00

0.00

Cash Provided By Investing Activities

Net Cash From Total Operating Activities

876.00M

376.00M

641.00M

567.00M

Sale of Property, Plant & Equipment

0.00

0.00

191.00M

165.00M

Cash Used for Investing Activities

Sale of Short-Term Investments

0.00

0.00

0.00

0.00

Purchases of Property, Plant & Equipment

-224.00M

-288.00M

-347.00M

-302.00M

Acquisitions

-20.00M

-33.00M

-52.00M

-714.00M

Purchases of Short-Term Investments

0.00

0.00

0.00

0.00

Other Cash from Investing Activities

35.00M

57.00M

-28.00M

90.00M

Cash Provided by Financing Activities

Net Cash From Investing Activities

-209.00M

192.00M

-236.00M

-761.00M

Issuance of Debt

250.00M

3.00M

350.00M

155.00M

Cash Used for Financing Activities

Issuance of Capital Stock

2.00M

0.00

162.00M

53.00M

Repayment of Long-Term Debt

-491.00M

-49.00M

-178.00M

-2.00M

Repurchase of Capital Stock

0.00

0.00

-486.00M

-47.00M

Payment of Cash Dividends

-157.00M

-159.00M

-169.00M

-167.00M

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Other Financing Charges, Net

-9.00M

5.00M

-18.00M

43.00M

Net Cash From Financing Activities

-405.00M

-200.00M

-339.00M

35.00M

Effect of Exchange Rate Changes

39.00M

-64.00M

23.00M

18.00M

Net Change in Cash & Cash Equivalents

301.00M

304.00M

89.00M

-141.00M

Source: http://www.thestreet.com/quote/MWV/details/cash-flow.html

Writing Services

Essay Writing
Service

Find out how the very best essay writing service can help you accomplish more and achieve higher marks today.

Assignment Writing Service

From complicated assignments to tricky tasks, our experts can tackle virtually any question thrown at them.

Dissertation Writing Service

A dissertation (also known as a thesis or research project) is probably the most important piece of work for any student! From full dissertations to individual chapters, we’re on hand to support you.

Coursework Writing Service

Our expert qualified writers can help you get your coursework right first time, every time.

Dissertation Proposal Service

The first step to completing a dissertation is to create a proposal that talks about what you wish to do. Our experts can design suitable methodologies - perfect to help you get started with a dissertation.

Report Writing
Service

Reports for any audience. Perfectly structured, professionally written, and tailored to suit your exact requirements.

Essay Skeleton Answer Service

If you’re just looking for some help to get started on an essay, our outline service provides you with a perfect essay plan.

Marking & Proofreading Service

Not sure if your work is hitting the mark? Struggling to get feedback from your lecturer? Our premium marking service was created just for you - get the feedback you deserve now.

Exam Revision
Service

Exams can be one of the most stressful experiences you’ll ever have! Revision is key, and we’re here to help. With custom created revision notes and exam answers, you’ll never feel underprepared again.