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Qualification DBA – Online Track

Unit Number and Title Advanced Accounting & Finance

Assignment Title Final Exam – Walgreens Pharmacies

General Company Information

The History of Walgreens

The Beginnings

Charles R. Walgreen bought the pharmacy he had been working at in 1901, and changed the

name to Walgreen’s, as it is known today. Eight years later he bought his second store, and

by 1915 he was operating five drugstores. His skill as an innovator helped to differentiate

Walgreens, and ultimately led to its success.

From the beginning Walgreen’s focused on the pharmacy as the heart of his business. He

saw the pharmacy as what gave the establishment its credibility, and then built upon that for the

rest of the store. He also was the first one to open up the actual pharmacy to the view of the

store. Before Walgreen’s there was a wall between customers and pharmacists, but

Walgreen wanted an open view of the pharmacy. He incorporated soda fountains into his stores

with nice wood counters, and created his own line of drugs. By having control over the medicine

he was selling, he was able to control their quality and offer the lowest prices he could.

By 1916 Walgreen’s owned nine stores, and consolidated them into Walgreens Co in order to

create economies of scale. At this point in time Walgreens was making $270,000 in annual

revenue. In the next three years alone Walgreens opened 11 more stores bringing the total to

20. During this time Walgreens opened their first photofinishing studio. In the years that

followed Walgreens experienced a boom of growth. Through continuing innovation Walgreens

created a successfully differentiated chain.

In 1922 Walgreen introduced a very popular milkshake to his stores’ fountain counters. To meet

the high demand and to control quality he opened his own ice cream manufacturing plants.

While the milkshakes helped Walgreens grow, so did the American Prohibition. While it was not

legal to buy alcohol for recreational use, for a price of about $40 today one could get a

prescription for medicinal liquor that allowed for about a pint a week. The medicinal use helped

pharmacies nationwide, but arguably none as much as Walgreens.

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Throughout the 20’s, Walgreens expanded into neighboring Missouri, Minnesota and

Wisconsin. The number of stores skyrocketed from 20 to almost 400 or 500 depending on the

historian. In 1927 the store moved to the East Coast, and opened its first store in New York City.

This was the same year the company went public. At the end of 1929 Walgreens was in 87 cities

with 397 total locations. Sales had soared to $47 million with net income of $4 million.

The Great Depression and the Recovery

When the Great Depression hit in 1929 Walgreens experienced little to no effects. Due to their

rapid growth during the 20’s and the help of the Prohibition. In 1930 they even saw an increase

in sales to $52 million. With this increase in sales they were able to open a 224,000 square foot

warehouse and lab in Chicago. This lab was built to help expand upon a project that would allow

independent pharmacies to sell Walgreen’s products. In 1931 they even became the first

pharmacy to advertise on the radio in America. However by 1932 they did feel the pinch of hard

times. They saw a dip in sales down to $47.6 million. To balance the decrease in sales they

instituted wage cuts. Even while feeling the effects of the depression they worked to help assist

and set up funds for their communities both inside and outside the company.

In 1933 Walgreens was able to pay its first dividend, and Charles Walgreen Jr. became VP.

They were also able to offset losses from 1932 by selling concessions at Chicago’s Century of

Progress exposition. While the repeal of the Prohibition meant no more medicinal alcohol,

Walgreen Co was granted liquor licenses and sold wine and whiskey in about 60 percent of its

stores. 1934 saw the beginning of the Walgreen Super Store. The concept included nearly

doubling the size of a typical store with a larger fountain and a more open layout. The first was

in Tampa, FL with stores following in Salt Lake City, Milwaukee, Miami and Rochester, NY. In

1934 Walgreens also began trading on the NYSE.

Walgreens had a fairly easy recovery from the Depression and by 1938 sales totaled $69

million. The founder, Charles Walgreen Sr. passed away in 1939, and his son, Charles

Walgreen Jr., succeeded him as president. He led the company into the 1940’s. As one of his

first moves as president, Charles Walgreen Jr. opened a superstore in downtown Chicago. It

featured the first two-way escalator in any drugstore. Beyond the escalator the store also had a

full service restaurant as well as a tearoom.

Walgreens participated in its first merger in 1940 with Dallas based Marvin Drug Co. Marvin

Drug Co added 8 stores as well as a warehouse. Walgreens established a pension plan for

employees during 1940 as well. The initial contribution of $500,000 for the fund came from

Charles Walgreen Sr.’s own life insurance policy.

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World War II and Effects

As the US entered World War II the company scaled down growth and put expansion on hold.

More than 2,500 Walgreens employees served in the war, but the company felt the effects in

other ways as well. Certain foods were scarce, as was tobacco and film used in their

photofinishing department. While some items became scarce, new items became available.

Walgreens became an important marketer of war bonds and stamps. They also opened a not-

for-profit pharmacy in the Pentagon in 1943.

1950’s – 199’s

The 1950’s saw a transition for Walgreens into self-service drug retailing. The first venture

into this area was in 1952 on Chicago’s South Side with a second following nearby in Chicago

’s Evergreen Mall. Because the stores were larger with more products they had more

employees, but were also able to offer lower prices. Just a year after the first self-service store

opened there were 22 countrywide. Conventionally formatted stores were gradually converted

into self-service, and underperforming conventional stores were closed. From 1950 to 1960

only 40 new stores opened, but sales grew at a rapid pace from $163 million to $312 in just ten

years. This massive growth is credited to lower prices, and the wider selection that the self-

service stores offered. By the end of 1960 self-service stores outnumbered the original

formatted stores, and Walgreens had also opened a store in Puerto Rico.

The 1960’s saw big changes for Walgreens. They ventured into their first foray with discount

department stores by purchasing United Mercantile Inc. in 1962 for $3 million. Walgreens

gained experience in operating larger stores and expanded on United Mercantile by opening

10 more stores throughout the Southwest. Under United Mercantile alone Walgreens was

making more than $120 million in sales. This experience enabled Walgreens to open

Walgreens Super Centers around the country. The first was opened in 1964 in Chicago, and by

1964 16 more had been opened all over the country. As they expanded into larger stores, they

also began to readjust the format and operation of its restaurants and soda fountains. With a

falling return on investment for their food operations, they decided not to include them in their

new stores and gradually began to remove them from their existing stores. Instead of

completely removing themselves from the food industry, they moved their restaurants outside

of their stores.

The first restaurant opened in Chicago and was called the Villager Room. Beyond the Villager

Room they also started a fast food chain called Corky’s as well as a medieval Robin Hood

themed restaurants. By 1970 there were 14 Corky’s and two Robin Hood restaurants.

1969 saw changes to Walgreen’s leadership. When his father became chairman of the board

C.R. Walgreen III was named the President of the company making Walgreens one of the few

companies headed by both the second and third descendants of the original founder. This

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followed Walgreen’s decision in 1963 to elect outside members to the Board of Directors for

the first time.

Continuing their foray into the food business, in the 1970’s Walgreens opened Wag

Restaurant. Wag was designed to be for the whole family, and many were open for 24 hours a

day. They also furthered their hold on the drugstore industry by purchasing the Ligget chain in

Florida. This acquisition added 29 new stores. Walgreens grew corporately by moving into a

new headquarters in Deerfield, IL. It also opened a new drug and cosmetics lab in Michigan,

expanded distribution centers in Berkeley and Chicago, IL, as well as replacing their plastic

container plant and photo processing facility with completely new ones. To accompany this

growth they hit the $1 billion sales mark in 1975.

The end of the 1970’s saw further change in the chain of command. Charles R. Walgreen III

succeeded his father as chairman of the board, and a Walgreens veteran named Robert L.

Schmitt assumed the role as president. As president Schmitt oversaw the liquidation of the

United Mercantile Inc chain as its return on investment had fallen, and was incurring losses. He

also focused on partnering with the St. Louis grocery chain Schnucks as well as putting optical

centers into stores. Unfortunately Schmitt died suddenly, and so in 1978 the relatively young

Fred F. Canning replaced him as president. Walgreens closed a very successful decade with

688 total drugstores and sales of $1.34 billion earning about $30.2 million in net income.

The 1980’s saw Walgreens refocusing on their drugstore business. In 1981 they ended many

partnerships including the one with Schnucks. They also removed the optical centers from their

stores. They scaled back their restaurant operations, and chose to focus on Wag’s. They

bought many drugstore chains throughout the 80’s including Rennehbohm’s and Kroger’

s SuperX. They remodeled many of their existing stores by adding photofinishing studios and

including fresh groceries in many urban area stores. They were also able to increase

communication in between stores by establishing an intercom system. This allowed customers

to use any Walgreens in the country to fill their prescriptions.

The eighties saw a huge milestone for Walgreens as they opened their 1000th store fittingly in

Chicago where it all began for them. They continued the pattern of focusing on the drugstore

business, and divesting themselves of businesses that were showing a loss. In 1986 they

completed their largest acquisition yet by purchasing the 66 stores of the Medi Mart chain. They

purchased another 25 stores from the chain Ribordy in Indiana, as well as opening 102 stores

on their own. These openings and acquisitions made 1986 Walgreen’s single largest year of

growth. They also continued to divest themselves of non-drugstore assets by selling the 87

Wag restaurants to Marriot.

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1990’s to the Present

Walgreens came into the 1990’s having seen unprecedented amounts of growth.

This trend only continued. At the end of 1989 Walgreens owned 1484 stores and by the end of

1997 they had 2,200. This almost 50 percent increase was accomplished almost completely

organically. They did have one acquisition in 1990 of Lee Drug, which only included nine stores.

The beginning of the nineties did see a change in management with Fred Canning retiring. L.

Daniel Jorndt was promoted from senior VP and treasure to president.

The 1990’s saw a lot of change to the pharmacy industry as whole. The amount of people over

the age of 50 was growing rapidly which led to more prescriptions being filled. While this made

pharmacies evermore important it also led to increased competition between chains.

Walgreens saw great competition from Wal-Mart specifically. The amount of healthcare plans

also grew leading to a demand for cheaper prescriptions. Walgreens invested more in

technology and development in order to take of the new trend of managed healthcare. To

respond they formed a subsidiary called Healthcare Plus as their answer to a mail-order

pharmacy. They reached out to care providers through this business. On the technology side

of their business they improved on inventory management by implementing point of sale

scanning equipment in every store. They then completed an installation of Strategic Inventory

Management System, which united every element of the purchasing-distribution-sales cycle.

They also updated their already installed intercom system. It allowed customers to simply refill

their medicines by a push button. All these additions worked to cut wait time in half.

To support their massive growth they opened two more distribution centers in Pennsylvania

and California to cater to both sides of the country. These two centers brought the total to eight.

They continued their expansion into new markets such as Detroit, Portland, Kansas City and

Las Vegas to name a few. They worked towards opening more freestanding stores rather than

locating stores in shopping centers. This freestanding format allowed for the emergence of

drive-through pharmacies that furthered enforced to the public the image of Walgreens as the

epitome of convenience. In just 10 years they had doubled their sales to $11.78 billion.

The end of the nineties saw a shift of leadership as Charles R. Walgreen III retired and Jorndt

succeeded him as CEO, and a year later also took over as chairman.

Throughout the decade Walgreens continued its path of steady growth both physically and in

sales. Profits jumped from $511 million in 1998 to close to $1.2 billion in 2003. In 2000 they

opened their 3000th store in Chicago followed by their 4000th in 2003 in Van Nuys, California.

In 2002 a lifelong Walgreens employee, David Bernauer, succeeded Jorndt as CEO. They also

added new distribution center in Florida, Texas, Ohio and California. These new centers helped

support their growing online pharmacy business.

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While their competitors took a more aggressive stance toward growth through acquisition,

Walgreens took a much more organic approach. They carefully selected their locations, which

allowed for a quicker transition of the location to a Walgreen’s formatted store. It also allowed

for more locations to be located on busy corners to allow for more convenience for the

customer. They aimed to have mostly freestanding locations with drive through. This format is

still present in today’s Walgreen’s as they have continued on the same path. The pharmacy

was at the heart of the business when Charles R. Walgreen began in 1901, and over 100 years

later it stays the focus.

Walgreens’s Operations

Core Business

At the core of Walgreens’s business is their pharmacy. They have focused on this aspect of

their business since the inception of their company. In past years they have adopted the saying

“The Corner of Healthy and Happy”. This phrase completely summarizes how and what

Walgreens sees as their main business and their goals. They aim to be a leader in health and

wellness. They have one reportable segment, and consider themselves a part of the retail

drugstore business. They sell prescription drugs, non-prescription drugs and retail

merchandise. Prescription is the largest selling with over 699 million prescriptions filled in 2014,

followed by general merchandise and then nonprescription drugs. They are a US focused firm

with stores in all fifty states plus Guam, Puerto Rico and the US Virgin Islands. All of their

revenue in the past three years has been generated within those countries, as they have had

no export sales. Beyond their brick and mortar stores they also have a strong online presence

through multiple domain names. They served an estimated 59.7 million visits to their websites

a month in 2014.

Their online business is supported by their mobile app that makes prescription refilling very

easy. They also have a balance reward program that as of 2014 had 82 million users. They

recently acquired a controlling interest in the British company Boots opening up the potential

for expansion into Europe.

Manufacturing Centers and Corporate Headquarters

To support their US stores Walgreens operates 19 major distribution centers (10K). Thirteen

are wholly owned by Walgreens, and the remaining locations are leased. They range is location

from California, Arizona, Texas, Illinois, Minnesota, Wisconsin, Ohio, Georgia, South Carolina,

Pennsylvania, Florida and Connecticut. All of the distribution centers are outfitted with modern

systems for order processing, and allow for the rapid delivery of merchandise to stores.

AmerisourceBergen substantially distributes all Walgreens brand and generic prescriptions.

Their merchandise is purchased from many suppliers both foreign and domestic.

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This diversification has taken risk out of losing one or a group of them. Walgreens is

headquartered in the Chicago suburb of Deerfield, and operates 34 principal offices. They own

thirteen of them, and lease the remaining. They also operate two mail service facilities and own

one of them.

Walgreens’s Mission and Strategy

“To be the most trusted, convenient multichannel provider and advisor of innovative

pharmacy, health and wellness solutions, and consumer goods and services in communities

across America. A destination where health and happiness come together to help people get

well, stay well and live well.”

Walgreen’s purpose is to help people get well, stay well and live well. Their vision is to become

“America’s most loved pharmacy-led health, wellbeing and beauty enterprise”

(Walgreens.com). They plan to accomplish this through innovative pharmacy, health and

wellness solutions, as well as through offering advice and consumer goods across America.

Their website clearly states their four values.

Beyond their goals centered in the US it is necessary to note that after the 2014 fiscal year

Walgreens bought a controlling share in Alliance Boots. Walgreens initially purchased a 45

percent stake in Alliance Boots in 2012 with the option of purchasing a controlling share by the

end of 2014. By completing the transaction they established a new company, Walgreens Boots

Alliance. Walgreens Boots Alliance is the first ever global pharmacy, health and wellbeing

enterprise. Walgreens stated goals of establishing an “Efficient Global Platform” in the 2014

10-K, and became one step closer to this goal through purchasing Boots Alliance. The

combined company now operates over 12,800 stores worldwide in over 25 countries.

Walgreens came under some speculation before the purchase for suggesting that they may

move their headquarters out of the US for tax purposes, but they later announced that they are

staying headquartered in Deerfield, I.L.While this transaction had a great effect on Walgreens,

this paper will focus on Walgreens as one entity from their founding in 1901 to the most recent

annual report in 2014.

Strategic Position in the Market and Competition

Walgreens operates in the highly competitive US pharmacy and retail drug store industry. As a

leader in both pharmaceuticals and general merchandise retail Walgreens competes with a

variety of companies. By being one of the oldest pharmacies in the United States and the

largest, Walgreens is among the leaders in its industry. Their format has been copied

throughout history. CVS Caremark is their largest competitor as they also sell both

pharmaceuticals and general retail in stores with a similar format. Rite Aid is a similar

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competitor, however it occupies a smaller market share. Walgreens also competes with in store

pharmacies such as those found at Target and Wal-Mart. Mail order pharmacies cause intense

competition as well. Independent, smaller chains that may be locally owned also are

competitors for Walgreens in individual markets. The “geographic dispersion” of Walgreens

helps to offset the impact of any adverse economic conditions caused by the local competition.

Due to this level of competition, Walgreens differentiates on a basis of “service, convenience,

variety and price”. They have worked to position themselves as the most convenient of

drugstores and general merchandisers. Walgreens came under fire in a 2013 CNN Money

article that claimed that at some Walgreen’s locations retail may be priced up to 55 percent

more than it would be at the local Wal-Mart (Miller). This article operated under the assumption

that a company must price every item the same from location to location. In actuality Walgreens

is using its pricing strategy to capitalize on the strengths and weaknesses of demand of different

markets. Since Walgreens has a product mix of normal necessities as well as inferior goods

they can capitalize by offering convenience items such as coffee, gum or cereal at higher prices.

Consequently when someone comes in to pick up a prescription or shampoo they are likely to

pick up a convenience item as well and pay the added cost because of the convenience. As

long as this strategy is implemented correctly Walgreens, and their stakeholders will benefit.

In fact this variable pricing is part of Walgreens’s business model. They realize that there are

different costs associated with selling at different locations (Miller). Different aspects factor into

these costs such as real estate prices, hours of operation and employees. Walgreens does

strive to be price competitive, but locally rather than across the board nationally. However, this

does mean that they are not the low cost leader in their sector, so they have strived to

differentiate themselves on a basis of convenience and service. They have included healthcare

clinics in over 400 locations called the Healthcare Clinic. These clinics are managed by the

wholly owned subsidiary Take Care Health Systems, and offer service comparable to most

nurse practitioners. Walgreens has also differentiated on their health and wellness platform.

Porter’s Five Forces

Since Walgreens has a product mix ranging from groceries, cosmetics to prescription drugs

they deal with a wide range of suppliers. Their inventories are purchased from “numerous

domestic and foreign suppliers” (2014 10-K). Due to the number and range of suppliers they

do not anticipate that the loss of any one group would have a materially adverse effect on their

retail business.

General merchandise however only made up 26 percent of total sales in 2014. Prescription

drugs were the largest selling, making up 64 percent of sales in the same year. While many of

the prescription drugs fall into the category above, Walgreens sources its own brand name

drugs from one source. For branded and generic drugs Walgreens uses one provider. In March

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of 2013 they entered into a ten-year agreement with AmerisourceBergen. If anything were to

happen to this relationship it would adversely affect their ability to provide cheaper drugs to their

customers.

Their supply of employees is large. There is a debate currently whether there is a surplus of

pharmacists, or if the demand is just leveling off (Covington). Either way the supply is high to

meet Walgreens’s demand. Cashiers and managers to work in the stores are all abundant, as

the jobs need little training and minimal skill.

On the demand side, since they are a retail store, they are mainly selling to customers.

Customers’ demand will be based on their disposable income as well as competition from

similar stores. The growing number of people over the age of 65 will help in the demand for

prescription drugs.

Walgreens’s SWOT Analysis

Strengths

Walgreens has been in

operations since 1901. This long-

standing history has created a

feeling of integrity and trust with

its customers. The name

Walgreens has become a strong

brand name recognizable to

nearly everyone. As the market

becomes more saturated, this

history is very important when a

customer is choosing a

drugstore. Due to their long

history they have time to perfect

their operations. Through their

smaller store format in contrast to

larger stores today, such as Target and Wal-Mart, Walgreens is able to hone in on service. They

can offer an array of services at a more personal level. Also through their small format they can

focus in on the theme of wellness. They are able to allocate a larger percentage of their store to

their brand as the corner of happy and healthy. Walgreens has also taken advantage of the

growing number of people over the age of 65 by allowing their Balance Rewards card to be

linked with their AARP Card.

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Weaknesses

In the recent past, Walgreens has taken an organic method to growth. This means that while

they have been open since 1901, much longer than any other drugstore, they are not the largest

in the US. They take the time to build their own stores from the ground up rather than buying

another chain and building from there. CVS holds a larger market share as they have taken a

more aggressive path towards growth. Walgreens is in danger of cannibalizing their own

market as they do have so many locations close to each other.

Opportunities

After the 2014 fiscal year Walgreens bought a controlling share in Alliance Boots. For the past

three years Walgreens has had no export sales, however this purchase will help change that by

opening up a window into the market outside of the US. Walgreens now has an opportunity to

make itself a global brand. As mentioned earlier with the population over 65 growing they have

the opportunity to market to that generation as well.

Threats

As in any saturated market, Walgreens is constantly dealing with threats from many angles.

The emergence of grocery store pharmacies is a major threat. They offer many of the

conveniences that Walgreens has branded itself on in the past. They also are faced with the

issue of generic inflation. The cost of generic drugs increased throughout 2014 and in some

cases significantly. This inflation is expected to continue across the board throughout the fiscal

year 2015.

Financial Statement 2014

The attached are the major financial statements and necessary financial data as of 31/12/2014

as required by the prerequisites of this case study.

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Reference Financial Information

1- Debt to Equity Ratio

2014 2013 2012 2011 2010

.81 .82 .84 .85 .83

2- Current Ratio

2014 2013 2012 2011 2010

1.38 1.34 1.23 1.52 1.60

3- Working Capital

2014 2013 2012 2011 2010

3347 2991 2038 4239 4489

4- Earnings per Share – EPS

2014 2013 2012 2011 2010

2.03 2.59 2.43 2.97 2.13

5- Accounts Receivable Turnover

2014 2013 2012 2011 2010

26.12 30.1 30.72 29.18 27.52

6- Accounts Receivable Collection Period (DOH)

2014 2013 2012 2011 2010

15.37 13.30 11.04 12.63 13.26

7- Inventory

2014 2013 2012 2011 2010

6076 6852 7036 8044 7378

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8- Gross Margin

2014 2013 2012 2011 2010

.282 .292 .284 .284 .282

9- Inventory Turnover

2014 2013 2012 2011 2010

8.48 7.36 6.80 6.70 6.56

10- Fixed Asset Turnover

2014 2013 2012 2011 2010

6.23 5.95 5.95 6.26 6.03

11- Dividends

Walgreens has however consistently

issued cash dividends every year since

1933. They issue dividends quarterly in

February, May, August, and

November. The chart below shows the

cumulative yearly dividend. As the

chart shows dividends have grown for

the past five years. Beyond what is

shown in the chart dividends have also

been growing consistently since 2001.

The constant dividends show that Walgreens is a mature company comfortable with declaring

dividends rather than reinvesting the money.

12- Return on Equity

2010 2011 2012 2013 2014

14.53% 18.56% 12.86% 13.00% 10.15%

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13 – Net Operating Profit Margin – NOPM

2010 2011 2012 2013 2014

3.18% 3.82% 3.05% 3.37% 3.40%

14- Market Statistics

2010 2011 2012 2013 2014

Beta 1.2 1.35 1.26 1.3 1.23

Market Rate 12% 13.5% 14% 13.75% 14.25%

NRFR 8% 8.25% 7.8 8.2% 8.5%

15- Cash Conversion Cycle Matrices

Case Study Requirements

Using the data depicted,

1- Write a short statement explaining how you perceive the performance of Walgreens during

2014, and assess the management strategy in managing key performance indicators.

2- Using the following Data:

Leverage 0 25% 50% 100%

Equity

Debt

Total

EBIT@ 12%

Cost of Equity

Cost of Debt 10% 10% 10% 10%

Market Value of Debt

Market Value of Equity

Value of Walgreens

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Calculate:

1. Missing Data in the Table

2. The Weighted Average Cost of Capital under Different Leverage Scenarios.

How do you assess Walgreens financial performance under the above statistics, and

performance measures?

Assess the best “Dividend Payment Scheme”, and explain why.

Using The Following Table, Calculate :

The Value of the Firm

The Fair Price per Share

The WACC

Comment on the results of your calculations, and suggest corrective actions if needed.

Bonus Question:

If you are the CFO of Walgreens, and you are inclining an expansion in the pharmaceutical

products, The company needs financing, and you are examining the available alternatives,

what would you suggest to compare between the alternatives and one what bases would you

select the most proper financing mix for Walgreens.,

Reminder: Best Practice in Writing Up a Case Study Report

Writing a case study report involves following a few rules. These are as follows:

A case study report is not an essay: it is a call for action, to be read by the company’s

managers and executives. Thus, it is of the utmost importance to state immediately, in the

introduction, the report’s conclusion (the action to be considered). This will avoid lengthy

argument and digression. The report should then set out the reasons for this recommendation,

rather than being written in an “investigative” mode which only identifies the solution at its

conclusion.

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A written report is a means of communication: to facilitate this, it should include a table of

contents, page numbering, and all the other basic requirements of a properly formatted

document.

Finally, some pitfalls to avoid:

 A case study report should not simply paraphrase the text provided. Avoid at all costs

rewriting the case word-for-word, or copying figures, tables or graphs already included in

the case study.

 The presentation style of a document is as important as its content: both elements affect

the reader’s perception of the analysis proposed. The report should be written in a simple,

direct and concise style.

 Lastly, subjective phrases such as “it seems”, “I (we) believe”, “in my (our) opinion

”, and “it is obvious that” should be avoided.

Sources of information:

1- Lecture Handouts.

2- Economic reviews issued by world practitioners and educational houses

3- Business Journals.

4- Online articles

5- Public data available about the Company.

Guide Lines:

1. Show clearly your reference in accordance to the standard report writing.

2. All tasks should not exceed 25Slides Tops.

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