Reinsurance Business :: GCSE Business Marketing Coursework

Reinsurance Business ARTICLE I – PARTIES TO AGREEMENT This Agreement is solely between the Company and the Reinsurer and the performance of obligations of each party under this Agreement shall be rendered solely to the other party. In no instances shall anyone other than the Company or the Reinsurer have any rights under this Agreement except recognizing the Company has the sole responsibility for the evaluation and appointment of the Underwriting Manager, Managed Care Concepts of Delaware, Inc. (MCCI). Further, it is agreed that Associated Accident and Health Reinsurance Underwriters (AAHRU), a participating Reinsurer, is deemed to be the Lead Reinsurer. In that capacity, any and all actions of the Lead Reinsurer shall be made in the best interest of this Agreement and binding upon the other reinsurers. Should the Company appoint a new Underwriting Manager, the Reinsurer must approve any change in the Underwriting Manager, otherwise the Reinsurer has the right to cancel at the time of change. This Agreement shall be binding upon the parties, their heirs, and successors, if any. ARTICLE II – BASIS OF REINSURANCE On and after the effective date of this Agreement, the Company shall cede and the Reinsurer shall accept as reinsurance, a Quota Share portion, as shown within ARTICLE XXXII – EXECUTION, of the liability on policies, binders, contracts or agreements of insurance, hereinafter referred to as policies, issued or renewed by the Company on or after the effective date of this Agreement and underwritten for and on behalf of the Company by the Underwriting Manager and classified as Basic College Accident and Sickness Medical Expense Insurance, as described below: ï‚ · Basic College Accident and Sickness Medical Expense Insurance: Excess of all other valid and collectible insurance issued to the eligible students (various classes including, domestic undergraduate, domestic graduate and foreign students) and their eligible dependents. If the eligible student does not have primary insurance, this plan will be primary. Some plans may be written on a primary basis for which benefits will then be coordinated with any other plan in which the student is covered as a dependent. Premiums must be paid before insurance is in force and valid. The maximum benefit per individual covered insured is $500,000. ARTICLE III – RETENTION AND LIMIT The Reinsurer agrees to accept a fixed proportion of 85% of the first $500,000 per person per risk for all business subject to this Agreement.

Macro and Micro Environmental Factors Essay

There are many other products to choose in the soft drink market include Pepsi Co product , the different is those products are cheaper than Gatorade * In order to attract more customers, Gatorade has improved its product quality and spent lots of money on advertising. -Selling products Gatorade mostly is the imported product so most distributor afraid that they can’t sell Gatorade because of Gatorade price * Gatorade has increased the supplier’s commission. -Publics: The customers in the last 1 year with the developing of VN economic has begun to care about their health lately. Many sport center, fitness club, etc†¦ has been opened in the last 15 years. * The big, potential market for energy beverage drink such as Gatorade to grow. As the result, Pepsi has built up many small, convenient store around those places. * Advertising and promoting trough sport events. Gatorade is also focus on McKinsey’s structure include: structure, strategy, and skill, staff, and style, system and share value. + Style: Gatorade is one of the company which have style. It helps Pepsi too adopted to changes so it can reach and fix it quickly. + Strategy: Improve the sport drink market in VN * Improve both product quality and price * Has an production line in VN with cheap resources and good materials but still guarantee the quality. So as to compete, Pepsi has advertised its product a lot and had various surveys to research what their consumer’s needs and produce healthy products are. Macro environment -Political : VN has been the 150th member of WTO so it has attracted many big investors all over the world. The government has supported many enterprises and business investments by changing to the international law, this has led to more active business action which the consumers can approach to the local products and costumers can have more choice within all the global products too. * Pepsi Co considered about importing more Gatorade in each trip to reduce to price and earn more revenue or adding no more product. -Technology: Consumers now mostly pay all the products by credit, master or visa card which allows company to narrow the distance between producer and buyer. > It invests not only in one country but open up many branches all over the world and there must be decision whether to use capital for hiring staff, advertising the product, etc†¦. or not – Economics environment: The average income of a Vietnamese is affected by inflation and economic ciao. So, the number of selling product s are also decrease. Pepsi has made a decision to having more and more promotion, and held lots of social event to refresh the consumer’s comments about the company to set up a good new one. Environment: The environment issue in VN is becoming more and more serious. This problem is can’t be avoid in developing country. It’s the result of industrialize and modernization. To reduce pollution government has set up a law in order to protect the environment. Even though, Vietnamese’s awareness isn’t as high as other country but the law has been enforced a great punishment to those who pollute the environment. * This make Pepsi spent lots of money in buy new green-facilities , and providing the idea of protecting the nvironment to not only their staff but also their customers. Both help to protect the environment and stil l promote Pepsi good fame. Bargaining Power of Supplier: the soft drink market in VN and foreign isn’t the exclusive market. Bargaining Power of Consumers: * Industries facing powerful buyers: Distributors have the power to negotiate with the company on price, product quality, as well as marketing policy. * Industries facing weak buyers : have little impact on the market, Each buyers will buy the products with different purposes. Some bought to sell, others for political purpose . Numbers of require products is too much for the producer to still keeping it product quality. So that, the pressure is heavy too Threat of entry: Gatorade has many competitors. Competition from substitutes: Gatorade should be change product when customer want and need, also price and quality. Competition between firms: Gatorade have many competitor in Vietnam. Gatorade should always pay attention to your competitors.

Analysis of Obama’s Victory Speech

The presidential victory speech delivered by Barack Obama who is the president to be was held on November 4, 2008, in Grant Park, Chicago. It is about his won election for the office as the president. I will take a closer look on how Obama emphasizes his speech with stylistic devices. The speech is divided into four parts. The first part is from ll. 1-26, the second from ll. 27- 70, the third from ll. 71-9 and the last from ll. 95-105. In the first part of the speech Obama uses many stylistic devices. He makes repetitions (â€Å"three hours, four hours†, l. 0), (â€Å"Blue States†, l. 20, â€Å"United States†, l. 21) to underline his ideas and to emphasize that people waited long to have the chance to vote even for the first time (ll. 7-13) and that the USA is one state (ll. 18-21). He also uses a metaphor (â€Å"arc of history†, l. 25) to evoke the picture of a unity that hopes together and that believes as one in the American Dream. Obama also refers to the American Dream in the first lines where he wants the audience to think about it and he wants the listeners to ask themselves if they believe in it.He tries to get the attention by addressing the audience (â€Å"If there is anyone out there†¦ †, l. 1). In addition to that he makes many anaphoras (â€Å"who still†, ll. 1,3,4) to underline the importance of the American Dream to the Nation. With an enumeration (ll. 14-17) he shows that everyone not only the rich but also the poor have something to say and have a choice. In the middle section of the speech Obama uses personifications (â€Å"†¦ the enormity of the task that lies ahead. †, l. 40) to point out the importance of the things that have to be done.With an enumeration (â€Å"l. 45) he involves the audience to show them which work they have to expect. Another point is that he uses repetitions (â€Å"I will† , ll. 51, 52, 53) and (â€Å"There†, l. 50) to make the listeners understa nd that he will be there for everyone and that he will never leave them with no hope. With a metaphor (â€Å"†¦ if Americas beacon still burns as bright-†¦ †, l. 67) he tries to give the people hope that America will always be the same strong Nation as it was.The third part starts with an example of a women (ll. 3-79) with which Obama wants the listeners identify with him and wants to show that he is just a human being as everyone else. After the example fallows an enumeration (ll. 80- 82) which emphasizes the strengths with which the women stands for her country because there were many things which she had seen but it is an example which says that she never lost her faith and that everyone else should act like her. The repetition (â€Å"New†, l. 86) shows that Obama wants to create something new and wants the audience to feel so, too.He arouses the audience`s emotions in giving the anaphora â€Å"Yes we can† (ll. 82, 84, 86, 88, 90, 94, 104) which he uses very often to stabilize the feeling of triumph in the listeners and to make them want to feel supported that they want to and can change something. With another enumerations (ll. 91-92) Obama wants to tell everyone what happened in the world which was from importance and that this little thing a women did (â€Å" And in this year, in this election, she touched her finger on a screen, and cast her vote,†¦ †, ll. 92. 3) is as important as moving events in the world`s history.The last part is emphasized by Obama because he gives rhetorical questions (â€Å"†¦, what change will they see? †, l. 97, â€Å"What progress will we have made? †, ll. 97-98) that should make the people think about what they did, what they changed and what they will change. In the last sentences Obama uses many anaphoras (â€Å" This is our†, l. 99), and repetitions (â€Å"to†, ll. 99, 100, 101, â€Å"we†, l. 102) to give the importance of his last words an d to make the readers listen to what he has to say what is important.He tries to wake the readers up and wants to give the message of of his speech across. That nobody has to be afraid to loose because if he tries he can win. In the last sentence he thanks the audience in the way if saying that God watches everyone. To say this he uses another repetition (â€Å"God†, l. 105) to make the audience clear that he really wants the best for everyone. To conclude Obama wants to make his speech understood and he wants to get his message across by using many stylistic devices and examples where he always refers to the American Dream.

The effects of Vitamin D deficiency in pregnant women The WritePass Journal

The effects of Vitamin D deficiency in pregnant women 1. INTRODUCTION The effects of Vitamin D deficiency in pregnant women ).   This shall be considered by undertaking an empirical study into whether or not 10 micrograms of Vitamin D should be taken by women during pregnancy. 2. INTRODUCTION TO THE STUDY This study shall be completed by undertaking an empirical study.   This will seek to ascertain if pregnant patients that take the recommended dosage of 10 micrograms attain the benefits, which are stated by the National Health Service (NHS, 2013).   This could help to identify if the recent research, which has been published by the University of Bristol and the University of East Anglia, is correct.   The ‘Avon Longitudinal Study of Parents and Children (ALSPAC) which is also known as Children of the 90s is a long-term health research project.   More than 14,000 mothers enrolled during pregnancy in 1991 and 1992, and the health and development of their children has been followed in great detail ever since ‘ (ALSPAC, 2013). 3. PROBLEM STATEMENT During pregnancy, many women have been told by medical practitioners that they should take the recommended dosage of 10 micrograms of Vitamin D to ensure that their unborn chid develops strong bones and does not develop rickets (NHS, 2013).   However, results from the ALSPAC longitudinal study shows that the benefits from taking Vitamin D at the recommended dosage of 10 micrograms during pregnancy may not be so beneficial (Lawlor, Wills and Fraser, 2013).   This research seeks to ascertain if these claims are correct and whether or not the recommended dosage of Vitamin D needs to be changed for pregnant women. 4. RESEARCH AIMS AND OBJECTIVES In conjunction with the problem statement above, the following aims have been formulated: To use available and relevant data, to investigate whether the recommended dosage of 10 micrograms for pregnant women is correct To use the findings from the above aim to make recommendations for how the dosage needs to be altered for pregnant women. Additionally, the following objectives have been developed: To evaluate how a dosage of 10 micrograms of Vitamin D benefits pregnant women. To evaluate how changing the dosage of Vitamin D benefits pregnant women. To make recommendations for the appropriate dosage of Vitamin D which should be taken by pregnant women? 5. PROPOSAL STRUCTURE The proposed outline of the dissertation is described in the next section. 6.LITERATURE REVIEW To date, in the United Kingdom the National Health Service has recommended that the effects of a 10 microgram dose of vitamin D is essential to ensure that unborn children develop healthy bones. This is also supported by evidence in the existing academic literature (see as an example: Dror, 2013; Kovacs, 2008; Stephenson, 2006).   Therefore, medical practitioners have advised all pregnant women that this is how what they should take during pregnancy (Bui Christin-Maitre, 2011; NHS, 2013).   However, recent research, which was published in March 2013, has contradicted this information (ALSPAC, 2013: Lawlor, Wills and Fraser, 2013).  Ã‚   These findings need to be explored further as many other research studies have not reached these conclusions.   Therefore, to seek to ensure that the correct advice is given to women who are pregnant, it is important that this study is undertaken. 6.1. RESEARCH QUESTIONS In line with the findings from the literature review above, provisionally, the following research questions have been developed. How does a dosage of 10 micrograms of Vitamin D benefits pregnant women How does changing the dosage of Vitamin D benefit pregnant women? What is the appropriate dosage of Vitamin D, which should be taken by pregnant women? 6.2. METHODOLOGY This study shall be based on a number of patient records, which shall be chosen at random.   In examining the records, it is hoped that a comparison between these pregnant women that took a 10-microgram dosage, those that took other amounts and those that took nothing may be compared.   Form here it will be possible to seek to understand how much Vitamin D pregnant women should be taking during their pregnancy so that new recommendations may be made if necessary. 6.3. RESEARCH PHILOSOPHY The research philosophy, which has been adopted for this study is positivism.   This will allow the empirical investigation to be undertaken and it will be derived from a critical and objective based method (Sundars, 2003). 6.4. RESEARCH APPROACH The research approach, which has chosen for this study is quantitative in nature, as it will be based on a review of existing patient records and undertaking statistical analyses. This will allow the researcher to explore the problem, which was outlined above and to see if any new recommendations should be made to pregnant women. 6.5. RESEARCH STRATEGY The research strategy, which has been chosen for this study is a review of existing patient records.   Therefore, a documentation review shall be undertaken. 6.6. DATA COLLECTION The review of patient records shall be undertaken by contacting medical practitioners and patients to seek to attain permission to their records, once this has been achieved, a number of records shall be chosen at random these shall be used to collect information to investigate the research problem. 6.7. DATA ANALYSIS All analyses shall be based on the patient records, which are used during the data collection phase of this study.   Statistical tools such as, SPSS shall be utilised to undertake analyses of the results from these patient records. 6.8. ACCESS Access to this these records shall be established by contacting medical practitioners and patients, to identify patients who have been pregnant who are willing to take part in tis research. 6.9. RELIABILITY, VALIDITY, AND GENERALISABILITY The findings from this study should be reliable and repeatable, as patient records shall be chosen at random and empirically analysed.   This will ensure that the parameters of the study are net and that the results can be generalised to wider populaces. 6.10. ETHICAL ISSUES Issues such as, patient confidentiality and privacy shall be considered during the design and implementation of this research to seek to ensure that all participants’ details remain confidential and that they are all fully aware of the nature of the research and why it is being conducted. 6.11. RESEARCH LIMITATIONS As this research is based on secondary sources, the data, which is available, may limit the findings.   However, if this is the case then the parameters of the study shall be re-examined to seek to ensure that these limitations are minimised where possible. 7 CONCLUSION In conclusion, this study shall be undertaken by seeking to identify and critically evaluate a number of patient records.   This will enable the researcher to understand how much vitamin D pregnant women should take to help to ensure that their unborn child has healthy bones. Then a number of recommendations may be made where this is appropriate. 8 TIME CHART Tasks Task Lead Start End Literature Review Researcher 01/08/2013 29/01/2013 Write Up Results Researcher 29/08/2013 30/09/2013 Write Methodology Researcher 21/09/2013 21/10/2013 Contact Subjects Researcher 21/10/2013 21/01/2014 Collate Data Researcher 21/01/2014 21/10/2014 Examine Data Researcher 21/10/2014 21/12/2014 Write up results Researcher 21/12/2014 21/02/2015 Write discussion Researcher 21/02/2015 21/04/2015 Write conclusions Researcher 21/04/2015 21/08/2015 REFERENCES ALSPAC (2013). Avon Longitudinal Study of Parents and Children.   Available from bristol.ac.uk/alspac/ (Accessed 01/08/2013) Bui, T., Christin-Maitre, S. (2011, October). Vitamin D and pregnancy]. In Annales dendocrinologie (Vol. 72, p. S23). Dror, D. (2013). Vitamin D in pregnancy. In Handbook of vitamin D in human health (pp. 670-691). Wageningen Academic Publishers. Kovacs, C. S. (2008). Vitamin D in pregnancy and lactation: maternal, fetal, and neonatal outcomes from human and animal studies. The American journal of clinical nutrition, 88(2), 520S-528S. Lawlor DA, Wills AK, Fraser A, (2013) Association of maternal vitamin D status during pregnancy with bone-mineral content in offspring: a prospective cohort study. The Lancet. Published online March 19 2013. NHS (2013) Doubt cast on the benefit of Vitamin D during Pregnancy.   Available from nhs.uk/news/2013/03March/Pages/doubt-cast-on-benefit-of-vitamin-D-in-pregnancy.aspx Accessed (01/08/2013) NICE (2013) Vitamin D and pregnancy. Available from nice.org.uk Accessed 01/08/2013 Saunders, M. (2003) Research Methods for Business Students.   South Africa: Pearson Education. Stephenson, J. (2006). Vitamin D and Pregnancy. JAMA: The Journal of the American Medical Association, 295(7), 748-748.

The Top Careers for Women in 2017

The Top Careers for Women in 2017 New year, new you. Or, if you’re anything like me, it’s more like new year, slightly-different-ish you, despite the best intentions. Either way, you get props for aspiring to change this year. One of the best ways to effect personal change is to look at your career- where it is, what your current trajectory is, and where you want to be by this time next year. If you’re doing this self-audit, we’ve got your covered on your next steps! Check out all TheJobNetwork has to offer for you to either find a career path, or continue successfully along the one you’re currently traveling.Build Your RoadmapOnce you’ve decided that you need a new job (or an entirely different career path), it’s important to know where you’re going and how to get there. Otherwise, inertia and do-it-later-itis kick in, and your progress goals just don’t get met. If you’re at a loss on how and where to get started, check out the following links to help you find your way. You’ll need a plan- don’t get started without one.5 Steps to Create Your Own Career PathHow to Create a 2017 Jobs RoadmapHow Do I Find the Right Job for Me? (A Comprehensive Guide)Think Outside the BoxWe’ve made a lot of strides, career-wise, to the point where people are not as likely to classify work as â€Å"women’s jobs† or â€Å"men’s jobs.† Still, there are plenty of areas where women haven’t started working in big numbers, even when they have the skills and experience to do the job. Nontraditional jobs are a huge source of potential for women this year, if you just look for opportunities you might not have considered before. One major example of this: trucking. Commercial driver’s licenses have no gender, yet it’s still a male dominated field, rife with opportunities for women who want to take their driving and logistical skills to the open road.How Women in the Workplace are Finding Success in Nontraditional JobsAdvice for Women Who Want to Become TruckersWomen in Trucking: By Women, For WomenWomen Needed: Consider a Career in TruckingIn 2017, there’s less reason than ever to assume that you shouldn’t even be considering a job because it seems too much like a â€Å"man’s† job or a â€Å"women’s† job. Find a field that’s growing and hiring, and go for it!It’s a Digital World, We Just Live In ItRight now, tech is the hot spot when it comes to jobs, followed closely by data analysis. The U.S. Bureau of Labor Statistics predicts huge growth for tech jobs over the next ten years, so it’s time to take those technical skills (or go out and learn how to code), and look to the tech sector for your next big opportunity.Top 5 Hottest Jobs with the Most Potential in 2017Top 7 Trends That Will Help You Find a Job Next YearIf your background isn’t in app development or IT, don’t worry- you can stil l get into hot tech companies through jobs like marketing management, social media management, or operations. Whatever your background and skill set, it’s time to see how you can take them and apply them to the digital-focused fields that are hiring this year.Expert Interview: How to Search for Jobs in Digital Marketing  Watch U.S. Job TrendsIt’s not just the career world that’s changing this year- there are big changes in the overall U.S. landscape as well this year. Two of the most prominent careers that will be changing this year are healthcare and manufacturing, so it’s important to stay on top of those trends.3 Hot Industries to Watch in Trump’s AmericaWhether you agree with the changes or not, you can focus how you can benefit from hiring booms and shifts in conventional wisdom. Always know what’s going on in either your industry, or an industry you’re looking to break into.  Find the Right Work-Life BalanceIf you want your career to balance better with other obligations this year, like family, think about looking for part-time or flexible work so that you can tailor your schedule to your own needs. More and more, flex work is finding a place in many people’s lives, and companies know they have to tinker their offerings to find and keep the top  people. Gone are the days where the best and brightest must put in 60-hour weeks to show their worth. You can find and build a career while maintaining a non-work life, as well.Top 4 Part-Time Jobs for Moms10 Jobs Where You Can Telecommute and Make a Great SalaryTop 12 High Paying Part-Time Jobs With Good Work-Life Balance10 Companies with Amazing Benefits for Part-Time EmployeesAs companies look for ways to save overhead costs, working remotely could be one of the prime areas of opportunity in 2017.  You Don’t Always Need a DegreeIf you don’t have a degree from a four-year college, you still have tons of jobs available to you. Never co unt yourself out- more an more, companies are valuing actual skills and work experience. The actual degree is not the first thing they look for anymore when making hiring decisions. If you present yourself as savvy, with great people skills and a willingness to learn (either on the job, or in continuing ed classes), you can absolutely be a competitive candidate for many jobs.Top 5 Jobs in 2017 That Don’t Require a College DegreeDo Good, Earn WellFinally, if you’re interested in a career where you can benefit others, there are growing opportunities to do that in the nonprofit sector.10 High-Paying Jobs Where You Can Help PeopleNo matter what you’re interested in doing, 2017 has amazing potential. If you keep your eyes open to opportunities around you, by this time next year, you could be reflecting on how much your professional landscape has changed in such a short time. Good luck!

Management of Human Resources (MBA) Essay Example | Topics and Well Written Essays - 750 words

Management of Human Resources (MBA) - Essay Example Building rentals accounted for 1.8% of sales in the late 1970's. This was the lowest level for major discounters. Additional building rentals of Wal-Mart took it up by only 0.1%. Wal-Mart was able to keep it's cost of goods as low as possible. It had a centralized purchasing network, and therefore purchased in bulk. It also had distribution centers and a good distribution network that ensured it's stores always had a consistent supply of stock. These steps further reduced cost greatly. Wal-Mart had Goodwill in cities where it was established because of their promotional strategy which was tailored by it's philosophy of "Everyday low prices". It had a high sales turnover and spent just 1.1% of it's net sales in the second half of the 1970's. Costs were greatly reduced here too. Wal-Mart undertook capital investments to improve labor productivity. Salaries and wage expense had declined to 10.1% of sales by 1985. This reduced cost, however employee incentives, like profit sharing were enabled to ensure employee satisfaction. Their employees put in their best to satisfy Wal-Mart customers in return. Cost is minimized as much as possible, allowing for continuous reduction in prices of commodities. The reduction in prices led to increased sales and a high rate of turnover, hence increased profits and more operating income for expansion and performance. How does Wal-Mart have superior profitability Exhibit 2 (page 10) is a financial performance that compares Wal-Mart's performance with that of it's competitors from 1974 to1984 in (%) 2. Wal-Mart has superior profitability because of the high percentage of sales. It was very competitive in terms of prices, Wal-Mart was able to sell at very low prices governed by it's philosophy of "Everyday low prices". It ran a lot of promotional sales and was able to balance this with a low cost profile. Increased sales brought in more profit, Wal-Mart had the highest return on equity of 33.0%, sales growth of 40.3% and earnings per share growth of 38.8%. How do Wal-Mart's retail prices compare to those of it's competitors Wal-Mart was very competitive in terms of prices. The store managers had the liberty to set prices as compared to their counterparts that didn't have. This latitude in price setting enabled prices to be set uniquely to a particular location, while having the overall objective of the organization in mind. In a comparism by Sachs in late 1983 and early 1983 on a location

Lafarge Financial Statements Case Study Example | Topics and Well Written Essays - 2250 words

Lafarge Financial Statements - Case Study Example The trend analysis of Lafarge's P&L statement shows that the increase in company's sales has been stable over the years with a hike in sales by about 17% in 2005. The cost of sales has also been rising with the increase in sales and they have finally mounted by about 17% during the last financial year. It reflects that the percentage change in sales is almost same as the percentage change in cost of sales, however a reduction in depreciation account by 4.1% has magnified the company's gross profit by 22% in 2005. The SG&A have expanded drastically during the year 2005 i.e., by 13% (1.2% in 2004). However, due to a substantial increase in gross profit, the company managed to display a rise in the operating income by about 32%. The company has had a substantial decline in the interest payable for two years, however it seems to have rebuilt during 2005. The company's pre-tax income had declined by almost 3% in 2004, which recovered surprisingly with an increase of 36% in 2005 as compare d to the year 2003. With a 50% increase in net income, the company's retained earnings has flourished by 54% while the dividend distributed have increased by 41%. Thus, an analysis of profit and loss suggests that the company has risen up from the decline that took place in its financial performance in 2004. Three-Year Earning Per Share Analysis EPS 2005 2004 2003 Earning Per Share 6.39 5.16 4.92 "Common shareholders and potential investors in common stock first look at a company's earning record" (Meigs & Meigs, p934, 1993). The EPS analysis of Lafarge's financial statements reflects that the company has had an increasing trend in the earnings per share for the last three years. The company's EPS increased by 4.8% in the year 2004, which further rose by almost 24% in 2005. This sudden enhancement of the company's earnings has also been evident in its P&L statement, which highlights a pleasant reform in the company's financial performance in the year 2005 owing to a drastic increase in sales revenue. EBITDA Analysis EBITDA 2005 2004 2003 Lafarge Group 14.8% 14.7% 14.2% Cement 23.3% 23.0% 23.0% Aggregates & Concrete 7.4% 7.1% 6.3% Gypsum Products 10.3% 9.6% 7.0% Roofing 6.5% 10.0% 9.4% Speciality products -285.7% -128.3% -38.7% EBITDA refers to the Earnings Before Interest, Taxation, Depreciation and Amortization. Therefore this analysis takes into account all the major costs and expenses other than the items mentioned above. The EBITDA margins presented in the above graph reflect a segregated view of the company's earnings in terms of the group as a whole and its subsidiaries (on the basis of products). The group's EBITDA margin represents a stable and subtle rise in the company's earnings, which is a sum up of its subsidiaries. Cement and A&C are also having a stable uplift in earnings, while Gypsum products section is showing a remarkable growth in terms of EBITDA. Roofing's earnings have declined in the year 2005 whereas the specialty products section has had a substantial increase in the declining state of earnings, which