电子地图EXAM

电子地图电子地图系统是指在计算机软硬件的支持下，以地图数据库为基础，能够进行空间信息的采集、存储、管理、分析和显示的计算机系统。

电子地图系统由硬件、软件、数据和人员等部分组成。

这里着重介绍电子地图的软件组成与主要功能。

软件系统包括操作系统、地图数据库管理软件、专业软件以及其他应用软件。

在电子网络地图系统中地图数据库管理软件是它的核心，它具有构建，管理，检索查询，数据更新等功能：地图构建功能:允许用户根据设计方案选择内容、比例尺、地图投影、地图符号、颜色等，生产预想的地图，以满足需要。

从发展的角度来看，电子地图将成为新的地图制图平台，“地图制图平民化”的趋势也将越来越明显。

地图管理功能:除包含空间数据、属性数据和时间数据外，电子地图还包含多种数据源的数据，因此需要使用地图数据库管理这些复杂、大量的数据。

检索查询功能:可以根据用户需求来检索信息，并以多媒体的形式显示查询结果，包括图形到属性的查询，属性到图形的查询，图形、属性综合查询以及拓扑查询。

数据更新功能:能提供强有力的数据输入、编辑能力，以确保即时地更新数据，保证电子地图的现势性，并为再版地图创造优越的制图环境。

电子地图的图种较多,应用也非常广泛.现在我们来了解一下电子地图家族里的导航图,多媒体地图,网络地图的特点及行业应用.1.导航图现代交通发展以后，出现了复杂的公路体系。

这种公路错综复杂、四通八达，而周围景象往往千篇一律，不容易辨识。

地图是开车行路的必备工具，因此电子导航地图应运而生。

一张CD一ROM能装下全国的所有大大小小的道路数据，开车时携带便携式计算机，就能随时查阅地图。

不过这种电子地图并不像用一张光盘替代一本地图集这么简单，它还有更多的功能，如路径选择：出发前想去哪里，先告诉电子地图，它会帮助选择出一条最快捷的路线。

不一定必须知道目的地在地图上何处，只要有个地址电子地图用地理编码技术就能够自动找目标到并精确定位。

还有详细的资料库能辅助决定旅行计划，如它会告知旅途中会路过哪些名胜景点。

精准电子地图简易制作教程来源:原创作者:feiyudz 浏览:37次日期:04-12本文配合专门视频教程，讲解利用GoogleEarth软件生成MapInfo格式电子地图的步骤。

Tips1：本方法可用于几公里乃至十几公里半径区域的电子地图制作。

Tips2:小区域范围里可以把经纬线看成是直线。

Tips3:jpg格式图片下载完成之前都不要关闭GoogleEarth，GetScreen只是调用GoogleEarth 但不能独立运行！Tips4:Windows图片像素坐标以左上角顶点为原点，向右为x轴正方向，向下为y轴正方向。

Tips5：所有地图，包括电子地图的方向顺序是：上北下南，左西右东。

Tips6：如果你做出来的区域地图明显不是矩形显示的，那么你还是重新再做一遍吧！因为你的地图肯定没有配准好坐标！！先来看看视频教程。

PS：由于还要开屏幕录软件，以及好久没整理系统的原因，录像里的程序运行会显得比较慢。

另：我是刚刚才摸索出的这种方法，所以操作起来不是很熟练，也出现了一些误操作，然后多了些改正的环节。

因为上传容量有限制，录像是经过高倍压缩的，有点模糊，但配合着下文的文字解说应该就没问题了。

我晚点试着重新压制或重新录制，看能不能换个更清晰更简洁的版本。

一、软件准备。

1、Google Earth Pro 4.2.0205.5730参考下载地址：:8080/系统工具/系统其他/0510/Google%20Earth%20Pro%204.2.0205.5730.rar可能是网站代码的问题，大家注意要把从“http”开始到“.rar”的整个链接都拷全了，才能下到正确的文件哦！PS：我用的是这个版本。

换成5.0就不行了。

可能需要升级GetScreen吧。

细节自己研究。

2、GetScreen参考下载页面：我自己用的这个版本的软件我忘了下载地址，但这里有相关介绍，也许有点帮助。

另:如果无法运行，请务必安装net framework后再试。

北斗星通产品手册PRODUCTS BROCHURE OF BDStar共同的北斗 共同的梦想w w w .B D S t a r .c o mO U R B E I D O U O U R D R E A M北斗星通北京北斗星通导航技术股份有限公司（简称“北斗星通”，股票代码：002151）成立于2000年9月25日，是我国卫星导航产业首家上市公司。

北斗星通因“北斗”而生，在我国首颗北斗卫星发射前夕注册成立。

20年来，北斗星通伴“北斗”而长，推动并见证了我国卫星导航及相关产业发展。

今天的北斗星通，已经成为一家员工人数超5000人的国际化产业集团，形成了卫星导航基础产品、汽车智能网联与工程服务、信息装备、行业应用及运营服务四大业务板块，面向卫星导航、通信、汽车智能网联等行业领域，为用户提供卓越的产品、解决方案及服务。

面向未来，北斗星通将继续高擎“共同的北斗，共同的梦想”旗帜，顺应用户需求与商业模式变革、技术融合发展等趋势，大力推进“1+1”业务布局（云+IC/端 +汽车智能网联），矢志成为客户信赖、员工自豪、受人尊重、国际一流的百亿级产业集团。

该手册按GNSS高精度产品、GNSS导航型产品、特种产品、通信及物流相关产品、汽车智能网联产品、汽车工程服务与产品、系统解决方案对北斗星通集团四大业务板块中典型产品、方案、服务等进行了归纳整理。

共同的北斗 共同的梦想O U R B E I D O U O U R D R E A M目录CONTENTS01GNSS 高精度产品PAGE模块/ 02板卡/ 02接收机/ 03天线/ 03/ 07无线数据传输电台惯性导航系统/ 0810GNSS 导航型产品PAGE芯片/ 11模组/ 11天线/ 13车载信息娱乐系统 IVI/ 37T-BOX/ 37DA / 37全液晶数字仪表/ 38/ 38HUD智能座舱/ 3836汽车智能网联产品PAGE工程服务/ 40测试及仿真产品/ 4139汽车工程服务与产品PAGE模组/ 15板卡/ 15天线/ 16/ 19/ 23/ 25/ 27终端微波组件系统其他电子元件/ 29通信模块/ 29板卡/ 31/ 31/ 32/ 33通信天线物流终端其他14特种产品PAGE28通信及物流相关产品PAGE北斗船联网/ 45智能驾考/ 46物流信息化解决方案/ 4744系统解决方案PAGE面向高精度应用领域，北斗星通自主研发的导航定位芯片、模块、板卡、天线、接收机等产品全面领跑行业，代表了我国在该领域的最高水平，具备了较强的全球竞争力。

MOCK EXAM SolutionsYou can download Mock Exam Questions on:/acca/PAPER F9FINANCIAL MANAGEMENT This material is © protected and is licensed by Kevin J Kelly to Live Online tuition includes•Focused advice & help on WHAT and HOW to learn for the December F9 Exam, plus targeted EXAM TIPS•Revise a topic that you nd di fficult,•Essential THEORY skills – I will teach you theAPPROACH required to be MARK – TIMEaware in the exam … don’t lose easy marksanymore. Instead, let me show you how to pick up the easy marks to help you passrst time! Students frequently forget that inF9 50% of the marks are available fortheory!•Essential NUMERIC skills – don’t risk failing theexam because you have got bogged down on aparticular numeric question in the exam. Do you have a reliable and structured approach for dealing with important numerical questions on Investment Appraisal, Financial Analysis, Working Capital Management, Cost of Capital, calculating WACC, Foreign Exchange calculations, etc., ? I will teach you essential numeric skills quickly and e ffectively using my unique “TEMPLATES ”.Can you provide your answers to numeric and theory questions at speed, demonstrating e ffective planning & logical layout? If not, let me show you how.•EXAM TECHNIQUE skills signi cantly improved – students often frequently under-perform in the exam when dealing with questions on Financial analysis, Investment Appraisal. Calculating WACC, Forex, etc., •Past F9 Exam Papers - explained in a simple and easy to understand fashionone-to-one tuition with ACCA Tutor Kevin Kelly For further information email Kevin Kelly: info@ or visit: Paper F9Book your one-to-one tuition with ACCA F9 Tutor, Kevin Kelly,(You choose any topic from within the F9 syllabus)Available Live on-line now £9.99 for 15 minutes or only £35.00 for 1 hr (All you will need is access to the internet and Skype)Contact: info@ or Mock Exam Service – Correction, Feedback and Assessment•Mock exam Assessment and Feedback. Correction Service for only £3.00 per question (£9.99 per paper - 4 questions). Marked and returned to you with DETAILED comments and suggestions for improvements online within 24 hours.•Revision questions marked and returned to you with comments and suggestions forimprovements £3.00 per question (£9.99 per paper - 4 questions)Mock Exam Assessment From only £3.00Solution 1Cost of Capital and Investment AppraisalBefore attempting this question you are advised to have carefully revised the following chapters of the Course NotesChapter 6 Management of Working Capital (4) - CashChapter 7 Investment AppraisalChapter 8 Relevant Cash Flows for DCFChapter 11 Sources of Finance - EquityChapter 12 Sources of Finance – DebtChapter 14 The Valuation of Securities – theoretical approachChapter 15 The Valuation of Securities – practical issuesChapter 16 The Cost of CapitalChapter 17 When (and when not!) to use the WACC for Investment AppraisalSolution 1a)Calculate the after-tax weighted average cost of capital of Orihuela SA (6 marks)*Tutors Note: Firstly, let’s recap on the procedure (Answer Plan) to follow in the exam … so that you produce an answer with a well structured layout that the marker can easily follow.WACC procedure may be summarised under the following headings. You will then only need to decide on which components of the following structure will be relevant to answering our specific exam question.WACC states: Ko = Ke (%) + Kdat (%)Approach / Procedure in the EXAMKe DVM (Growth or no Growth in Dividends?)P/E modelCAPMNPV # 1 Kdat Redeemable => IRR => NPV # 2InterpolateIRRedeemable => IRR => CI (1-t) / MV Weightings Preferably Market Values*Tutors Note: Looking at our question it is easily apparent that in our answer we will need to calculate Ke (the cost of equity) by reference to a suitable Dividend Valuation Model (DVM.. in this case Gordon’s Dividend Growth Formula) and the Kdat (the cost of redeemable debt AFTER TAX) by reference to first principles, using IRR.1This material is © protected and is licensed by Kevin J Kelly to Ke - Cost of EquityGordon’s formula states that Ke = Do (1+g) + gPe*Tutors Note: “Just Paid” = Do = $53, Current MPS = $18, Growth = g = 0.06Filling in the blanks we get:Ke = 3.0 (1+.06) + .0618Ke= 23.67%KDAT - Cost of Redeemable Debt*Tutors Note: We calculate Kdat from first principles - based on examination of the Relevant Cash Flows (Relevant Costs) associated with the bond. These c/f’s may be summarized as followsCalculation of NPV @ say 5%Table of Relevant Cash FlowsT o t1t2!!!.>t10Cost (MV) (93)Coupon Interest (1-t) 4.2 4.2……..> 4.2Redemption @par 100Redemption premium 10% 10Net Cash Flows (93) 4.2 4.2……. 114.20Df @5% 1 0.952 0.907 …. 0.614P.V. (93) 4.0 3.81 ……. 70.12NPV = 6.97*Tutors Note: Within the strict time constraints of the exam it would be a little time consuming to work out the NPV in this “normal” fashion. Clearly, it would be more efficient to use the Cumulative Discount Tables (or Annuity Factor Tables) to work out the Present Value of the constant CI cash flow ($4.20) between years 1 & 10 as follows:KDAT- Cost of Redeemable DebtCalculation of NPV @ say 5%Summary of Relevant Cash FlowsPVCost T o (93) x 1.00 (Real Cost) (93)CI after tax t1 to t10 4.20 x 7.722 (AF for 10 yrs) 32.43 Redemption t10 110 x .614 (df for yr 10) 67.54NPV+ 6.972This material is © protected and is licensed by Kevin J Kelly to This material is © protected and is licensed by Kevin J Kelly to 3*Tutors Note: The 2nd approach to calculating the NPV is much faster in this instance. Therefore, I will derive the 2nd NPV in this way also.Calculation of NPV @ say 10%Summary of Relevant Cash Flows PV Cost T o (93) x 1.00 (Real Cost) (93)CI after tax t 1 to t 10 4.20 x 6.145 (AF for 10 yrs) 25.81Redemption t 10 110 x .386 (df for yr 10) 42.46NPV - 24.73NPV = (24.73)*Tutors Note: We can now proceed to INTERPOLATE in order to estimate the Cost of Capital (df) that gives us a breakeven NPV … => the Kdat (of Redeemable Debt).*Tutors Note: The Formula for the IRR is either:IRR !- or if you prefer -Difference in Pos. NPV IRR ! Pos. Coc + Coc X Sum of NPV’s Where:L = Lower rate of InterestH = Higher rate of InterestN L = NPV @ Lower rate of InterestH L = NPV @ Higher rate of InterestInterpolateKdat = IRR ! ! 6.10%Weightings (based on Market Values)Market# ‘000 MPU Value %[E ] Equity 1,500 18.00 27,000 85.31[D ] Debt 5,000 93% 4,650 14.69[V ] Value 31,650 100%WACC states: Ko = Ke (%) + Kdat (%)*Tutors Note: Now, filling in the blanks in the formula we get:! Ko = 23.67(.8531) + 6.10(.1469) ! 21.09%Solution 1 contd.,(b)Advise the MD of Orihuela SA, with reasons, whether or not you believe theinvestment appears worthwhile. (6 marks) *Tutors Note: Questions of this nature, which question the economic value of investments (whether or not they are worthwhile) require you ALWAYS (unless you are instructed otherwise) to calculate the NPV of the investments. The DECISION CRITERION is then to choose the investment with the highest NPV.Why is this? The answer is simple, NPV is THEORETICALLY, the superior decision making technique.Calculation of NPVBased on examination of the Relevant Cash Flows (Relevant Costs)Table of Relevant Cash Flows- 000’s -t0 t1 t2 t3 t4 t5 t6Cash from Operations:Operating cash flows 710 745.5 782.8 821.9 863Tax - Payable (213) (223.6) (234.8) (246.6) (258.9) - Saved on CA’s (W1) 225 168.7 126.6 94.9 248.8 Other Relevant Cash Flows:Cost (3,000)Scrap Value 120Working Capital (W2)(390) (19.50) (20.5) (21.5) (22.5) 474Net Cash Flow (3,390)690.5 737 706.4 691.2 1305.3(10.1)d.f @21%(W3) 1.0 .826 .683 .564 .466 .385 .319P.V. (3,390) 570.3 503.4 398.4 322.1 502.5 (3.2) NPV = (1,096) Negative REJECT(W1)Calculation of Tax Relief on Capital AllowancesTaxYear WDV CA Relief Timing1 3,000 750 225 t22 2,250 562.5 168.75 t33 1,687.5 421.9 126.57 t44 1,265.6 316.4 94.92 t55 949.2 *829.2 248.76 t6Total Entitlement 2,880 x 30% 864This material is © protected and is licensed by Kevin J Kelly to 4* Calculation of Balancing Allowance / ChargeTax WDV of 949.2 – Sale Proceeds of 120 = Balancing Allowance of 829.2(W2)Calculation of annual Incremental Working Capital requirementBeginning Opening AnnualYear Balance Increment Timing1 390 (390) t02 409.5 (19.5) t13 429.975 (20.475) t24 451.474 (21.499) t35 474.047 (22.573) t4End of year 5 Repayment 474.047 t5(W3)Calculation of an appropriate df (Discount Factor) to use in the evaluationAssumption: that 21.09%, the WACC calculated in part (a) rounded to 21%, is the correct average cost of capital (df) to use in this instance. This assumption is based on the assertion that the new investment will have the same Business Risk (same Industry) and will be financed in the same way (the same Financial Risk / same Financing mix of capital, D:E) as the company’s existing operations. Consequently, it is considered appropriate to use the existing company WACC. If both of these conditions were not met then a project specific WACC would have to be calculated using CAPMAdvise the MD, with reasons, whether or not you believe the investment appears worthwhile.Purely on financial grounds I would advise the MD not to proceed with the proposed investment.The principle reason is that, in THEORY, proceeding with the proposed investment will result in an immediate DECREASE in shareholders wealth in the amount of $1,096,000.This advice however ignores consideration of a range of non-financial and/or qualitative factors which will necessarily be an important part of the strategic decision making process of the MD and the board of Orihuela Plc in this instance.*Tutors Note: Refer to the points listed under part ( c) below for further information on non-financial/qualitative factors.5This material is © protected and is licensed by Kevin J Kelly to Solution 1 contd.,(c)Advise the Managing Director on what factors he should consider before decidingon a “correct” buying price to pay for the target company. (3 marks) *Tutors Note: It is important to appreciate, when considering what price the predator company should pay for the target company, that questions about “correct price” are like trying to consider “how long is a piece of string”! There are many practical considerations to take into a/c, each varying in importance depending on the circumstances or motivations surrounding the takeover discussions. There are financial considerations (valuation methods, funding issues, stock market & share price reaction, synergies,…) as well as non-financial considerations (strategic, managerial, operational issues,…) to take into a/c. Suffice it to say that every minute aspect of the business and the industry in which it operates in are likely to be considered. …… Thus following on from this logic you should now be able to appreciate that there is NO SUCH THING as a “correct buying price” – in the final analysis it will depend on the negotiation skills of the people involved and sitting around the table! Having said all this an acceptable answer for 3 marks might look like this:(i) Range of Prices - Valuation methodsThere are several possible valuation models available, each of which have different underlying assumptions and thus each model will produce a different BUYING PRICE. For example, there are;•Dividend valuation models•Price / Earnings models•Discounted Cash Flow Models•Net Asset based modelsThe Net Assets or Balance Sheet approaches are often quite useful in these types of negotiations; the Net Realizable Value basis can provide a useful MINIMUM PRICE and the Net Replacement Cost basis can provide a useful MAXIMUM PRICE….around which the negotiations can take place.The other bases (P/E, DVM and DCF models) tend to provide prices which lie between the two extremities of the price range provided by the NRV and NRC.As I have stated above, the FINAL or “correct” buying price will be a matter of judgment and will very much depend on the negotiation skills of the people involved in the discussions.*Tutors Note: To recap:EQUITY valuation models include:•Dividend valuation models•Price / Earnings models•Discounted Cash Flow Models•Net Asset (Balance Sheet) based models providing valuations based on:N.B.V !Little useN.R.V !Min. (Seller)N.R.C !Max. (Buyer)6This material is © protected and is licensed by Kevin J Kelly to (ii) Other Financial considerationsCosts (accountants, legal, brokers, underwriting), Goodwill, stock marketreaction, EPS, Share Price, Funding arrangements,(iii) Other Non-Financial considerationsStrategic (rapid growth, acquire expertise, diversification, enhance EPS),Managerial & Operational….Solution 1 contd.,(d)(i)Calculate the theoretical ex-rights price of an ordinary share. (2 marks) Theoretical ex-rights price per ordnary share.Shares Price MVExisting (original) holding 4 2.80 11.20Rights Issue 1 2.20 2.2013.40TERP=> 13.40/5= $2.68*Tutors Note: => this implies that the value of the rights are $2.68 -$2.20 = $0.48 for every 4 shares held or new share acquired.(d)(ii)H ow will the wealth of an investor holding 10,000 ordinary shares in Murcia Plc be affected by the rights issue if they take up their rights to buy new shares or decline the option to do so. (3 marks) Expected effect on Wealth of Shareholders - Wealth -$ 10,000 sharesBefore $Current position (as above) 4 x 2.80 = 11.20 28,000Take up RightsNew position 5 x 2.68 = 13.40Cost of new share 1 x 2.20 = (2.20)Wealth 11.2028,000Before = 11.20After = 11.20of the ShareholderDecline Rights Issue offer but sells rightsNew value of existing sh/holding 4 x 2.68 = 10.72Proceeds from sale of rights 1 x 0.48 = 0.48Wealth 11.20 28,000 Before = 11.20 After = 11.20of the ShareholderThis material is © protected and is licensed by Kevin J Kelly to 7Decline Rights Issue offer and does nothing (does not sell rights)New value of existing sh/holding 4 x 2.68 = 10.72 26,800Before = 11.20After = 10.72 Wealth of the*Tutors Note: => this implies that the Wealth of the shareholder has decreased by the value of the rights that have not been taken up ($2.68 -$2.20 = $0.48). On 10,000 shares this is a fall in wealth of 2,500 shares x $0.48 = $1,200.To recap: In THEORY, the only way the investor can lose is if he IGNORES the rights issue offer and neglects to SELL the rights. Consequently, in THEORY, there is NO EFFECT on the wealth of the shareholder whether he decides to take up the rightsand/or sells the rights. But, from the point of view of retaining some influence within the company however, the decision whether to invest in the rights or not would be an important one.Solution 1 contd.,(e)Explain what you understand by the term “Funding Gap” and suggest remediesthat an SME (small or medium sized enterprise) finding itself in this positionmight consider. (5 marks) *Tutors Note: Given the economic climate that exists within the UK and Europeat present, it would be unwise not to be prepared for a question that refers to the current“Liquidity Crisis”, “Banking Crisis” or “Credit Crisis”.More than ever before, if companies are to survive these harsh economic times it is imperative that they operate sound principles of working capital management – note specifically that from a practical point of view good Cash Management involves knowing not only how to raise more money and/or spend less money but also importantly an understanding of the variety of Sources of Finance available through the EQUITY Markets, BOND Markets, MONEY MARKETS and central and regionalGovernment/European initiatives.As a corollary, part (e) should be an important part of your THEORY preparations for the forthcoming December 2010 examination. For this reason I am providing you with a solution that goes WAY BEYOND what might be expected in the exam for 5 marks but nevertheless I hope that you find this summary of Sources of Finance generally useful and that it helps to “bring together” what is an otherwise potentially expansive part of the syllabus.The FUNDING GAP ... facing SME’sThis material is © protected and is licensed by Kevin J Kelly to 8Funding Gap…. arises when the SME wants to expand beyond its existing Funding Capacity and finds that it is unable to access suitable Debt and/or Equity Finance to do so.•For investments below £500,000 most SME’s can access an informal funding network of their friends, families and business angels. Once companies requirefunding above £2m they are usually quite established and therefore perceived as lower risk and therefore are more likely to be able to secure funding frominstitutional investors.•The gap between these two finance situations is known as the Funding Gap.Maturity Gap……arises because LT loans are easier to raise than MT or ST loans.•LT loans can be secured against Personal Property and/or other assets via Mortgages.•Banks are basically unwilling to lend further without a corresponding increase in SECURITYEquity Gap…..arises out of the difficulty associated with obtaining additional Equity Finance beyond the Initial equity finance injected by the Owners and/or BUSINESS ANGELS… many assets are intangible.Compounding the Funding Gap difficulties being faced by SME’s are also the following:SecurityLack of suitable assets available to PLEDGE as security on Bank Borrowings - Fixed and/or Floating Charges on assetsSizeUsually SME is un-quoted…..a draw back to raising D and EUn-quoted (normally the SME is unquoted)•Greater difficulty in raising finance thru a Rights Issue or a Placing …. often family and friends will be exhausted (as well as financially!) from the SME.•Other external Investors are difficult to attract because of greater perceived Systematic Financial Risk and Systematic Business RiskTrack RecordYoung Entrepreneurial companies often have no or limited borrowing history / track record.Competitive Market Place for FinanceLarge quoted companies, government all competing for a limited pool of deposits.Lack of Financial ExpertiseDeficit of knowledge in identifying and raising suitable sources of financeRisk•Both D and E Investors consider SME’s more risky investments•High Failure rate of start-ups and SME’sUncertaintyNo or Poor Credit Rating with Credit Rating Agencies or the Banks themselves.Lack of adequate MIS or FISDetailed Accounting Records, Fixed Asset Registers (re; Fixed or Floating Charges), Projections, Budgets, Business Plans, suitably Qualified Directors with Financial Skills (ACCA qualified accountants)Exit Route• A problem for Equity Investors as the company is usually Un-quoted.•If company tries to buy back its own shares this can often just exacerbate C/F problemsPotential Sources of Finance for SME’s ….. REMEDIAL ACTIONEquity (E)Debt (D)Government AidShare Issues R.E’s ST LTOwners Div Policy B/Overdraft Loans (SFLGS)Business Angels Operating Lease Finance LeaseRI (Rights Issue) Factoring Mortgage LoansPrivate Placing Invoice Discounting MezanineFinanceVenture Capital Commercial Paper Franchise Finance(see definition in OT Course Notes) Trade Credit Sale & Lease back Flotation (IPO on AIM or maybe Official List) Euro-CurrencyLoansAfter Flotation could lead to: Working Capital mgt PreferenceShares- Offer for Sale -by Tender Cash Operating Cycle Public Debt- Offer for Sale -@ Fixed Price Debentures - if SME isquotedScrip DividendsIrredeemable DebenturesConvertible DebenturesDebentures with WarrantsZero Coupon BondsDeep Discount BondsJunk Bonds- SFLGS- Govt Grants- Govt.Loans- Govt. Tax Incentives- E.C.F’s (Enterprise Capital Funds)Government AidThe assistance available, in order to encourage Loans and/or Equity Investment into SME’s, is very Country Specific …. the various schemes available in the UK can differ to the variety and extent of the schemes available in Ireland, Spain, Germany, etc.,Considering the UK situation.., the main points to consider are:SFLGS- Definition. .. The Small Firms Loan Guarantee Scheme is designed to help Small Firms get a loan from the bank…..especially when they lack the SECURITY the Bank ordinarily needs.- Under the scheme, the bank can lend up to £250,000 without SECURITY over PERSONAL assets or a PERSONAL GUARANTEE being required of the borrower.- All available BUSINESS assets must be used as security if required by the bank.- The Government will guarantee 75% of the Loan.- A PREMIUM of 2% is payable on the guaranteed part of the loan.GRANTS- Definition…a CAPITAL or REVENUE Grant is a sum of money given to an individual or business for a specific project or purpose. The Grant usually covers only part of the total costs involved.- Grants to help with Business Development are available from a variety of sources such as the following sources:•Government•European Union•Regional Development Agencies•Business Link•Local Authorities•Charitable Organisations- Grants are awarded on the basis of:•Business Activity•Specific Industry Sector (e.g. Technology)•Geographical Area (e.g. areas in need of economic Regeneration or Regional Development)- Examples of various Government Grant schemes:•RSA – REGIONAL SELECTIVE ASSISTENCE SCHEME•RIG – REGIONAL INNOVATION GRANTS•ENTERPRISE GRANTS- Examples of various Government Loan schemes:•SFLGS – SMALL FIRMS LOAN GUARANTEE SCHEME•STFL – SMALL FIRMS TRAINING LOANS•EIB – EUROPEAN INVESTMENT BANK•EIF – EUROPEAN INVESTMENT FUND- Examples of various Government Tax Incentive schemes:•EIS – ENTERPRISE INVESTMENT SCHEME•VCT – VENTURE CAPITAL TRUSTS•EMPLOYEE SHARE INCENTIVE SCHEMES•DECREASING CORPORATION TAX THRESHOLD•INCREASING SALES TAX THRESHOLD•ECF - ENTERPRISE CAPITAL FUNDS- Definition…ECFs were launched in the UK in 2005. ECF’s are designed to becommercial funds, investing a combination of private and public money/funds in high-growth businesses.- Each ECF will be able to make Equity investments of up to 2 million intoeligible SMEs that have genuine growth potential but whose funding needs arenot currently met.Further Points to remember on the …“Equity” Sources of Finance mentioned above Business AngelsHigh net worth individuals who invest in Start-Ups and Development Stage of SMEs Usually have very good knowledge / expertise of INDUSTRY ( BUSINESS RISK ) they are buying into…..do you watch ‘Dragons Den” ? !RIThe key points to remember with Rights Issues are:Voting Rights remain Unchanged / RIs are at Directors Discretion / Rarely Fails / Cheaper / Pre-emption RightsVCDefinition…Venture Capital is the provision of Risk Finance to young Entrepreneurial Companies on a 5 – 7 year investment time horizon.Consider the following points in Choosing between Sources (E -v- D) Finance •Amount of Finance (Loan or Equity) required•Cost (Interest Rates – Fixed or Floating - versus Dividends)•Term Structure of Interest Rates (The Yield Curve)•Duration / Maturity / Redemption•Gearing / Capital Structure (Optimal balance reached?)•Accessibility•Control•Dividend Policy•Memorandum and Articles of Association•Debt CovenantsSolution 2Working Capital Management & Financial AnalysisBefore attempting this question you are advised to have carefully revised the following chapters of the Course NotesChapter 3 Management of Working Capital (1)Chapter 4 Management of Working Capital (2) - Inventory Chapter 5 Management of Working Capital (3) – Receivables & Payables Chapter 6 Management of Working Capital (4) - CashChapter 11 Sources of Finance - EquityChapter 12 Sources of Finance - DebtChapter 13 Capital Structure and Financial RatiosChapter 18 Cost of Capital – the Effect of Changes in Gearing Solution 2(a)Comment on why you think the bank has refused the additional loan facilityrequested and advise on what remedial action you think might be available.(13 marks) Tutor’s note: a discussion on the working capital financing policy, capital structure and the financial performance of UK Plc is required hereFirstly, a quick Tutorial on RatiosFINANCIAL ANALYSIS: SOME BASIC EXAMPLESRatios are potentially useful in financial analysis since they help summarize extensive amounts of data in a meaningful format.Ratios may be grouped into 5 broad categories:1. Profitability }Return on Capital employed (ROCE) + Return on Equity (ROI)2. Liquidity3. Working Capital4. Capital Structure5. Investor RatiosTutor’s note: There is no universal agreement on the definitions of the ratios to use here. Different textbooks/professors utilize alternative measures and even use alternative grouping schemes. For the purposes of ACCA F9 this classification is fine.Remember1.Be Selective……. Choose to calculate /use those ratios that will help you toanswer what you want to know:1.How well is the Company managed?2.How well is the Working Capital managed?3.How is the company financed?4.How good is the company’s Liquidity?5.How good an Investment is the company?2.Individual Ratios are of little use…... Look at the (a) TREND over timeand/or (b) inter-company comparisons within the SAME INDUSTRY and/or (c) BUDGETS.3.Look at trends over time in terms of ……..1. E.P.S.2.Dividends3.Sales4.Do not forget to adjust for INFLATION5.Look out for OVER-TRADING….. a successful company with insufficientinvestment in w/c (under-capitalized for Working Capital).Symptoms:1)HIGH ROCE2)POOR Liquidity Ratios3)POOR Creditors day ratio6.Working Capital Management can be assessed by an analysis of the CashOperating Cycle+ Debtors + Trade Debtors * 365 = x daysAnnual Credit Sales+ Stocks + Raw Material Stocks *365 = x daysAnnual Purchases+ Work in Progress *365 = x daysCost of Sales+ Finished Goods Stocks *365 = x daysCost of Sales- Creditors - Trade Creditors *365 = (x days)Annual Purchases…………Length of Cash Operating (W/C) Cycle X……….7.If a company Requires Finance consider:!Equity!Debt - rem: Loan Guarantee Scheme!Factoring / Invoice Discounting!Better Debtors Control!Better Stock management!Take more Credit from supplier!Sale and lease-back of Free Hold property!Sale of Investments and / or Assets!“Management-Buyout” …. Sell–off one of your divisions for cash.Finally, remember that in a Financial Analysis (ratio analysis) question you can expect the marks for the CALCULATIONS and the marks for COMMENTS to be broadly evenly split. In other words, expect a MAXIMUM of 50% of the marks for the calculations….. You have been warned!Tutor’s note: For those of you who find answering exam questions on Financial Analysis difficult can I suggest that you Study and Learn the following TEMPLATE and I hope you will thus find that your understanding and approach to answering questions on Financial Analysis improves accordingly. Use this template approach to practice ALL previous ACCA F9 questions on Financial Analysis so far examined.Financial Analysis TEMPLATE for UK Plc。

《学用电子地图》学习任务单一、学习目标1、了解电子地图的基本功能和特点。

2、掌握常见电子地图软件（如百度地图、高德地图等）的操作方法。

3、学会利用电子地图进行路线规划、地点搜索和周边查询。

4、能够根据实际需求灵活运用电子地图解决生活中的出行和导航问题。

二、学习内容1、电子地图的基础知识（1）电子地图的定义和分类（2）电子地图与传统纸质地图的比较（3）电子地图的优势和局限性2、常见电子地图软件的介绍（1）百度地图的功能和特点（2）高德地图的功能和特点（3）其他电子地图软件（如腾讯地图等）的简单介绍3、电子地图的操作方法（1）软件的下载、安装和注册（2）地图的缩放、平移和旋转操作（3）地点的搜索和定位（4）路线规划的方法（驾车、步行、公交、骑行等）（5）导航功能的使用（语音导航、实时路况等）（6）周边查询（餐饮、购物、娱乐、加油站等）4、电子地图的实际应用（1）日常出行（上班、上学、购物等）的导航规划（2）旅游出行（景点查询、路线安排）（3）寻找特定地点（如医院、银行、政府部门等）三、学习资源1、在线教程和视频（1）各大视频网站上关于电子地图使用的教学视频（2）电子地图官方网站上的帮助文档和教程2、手机应用商店中的电子地图软件（1）下载并安装百度地图、高德地图等软件进行实际操作练习3、相关书籍和文章（1）图书馆或书店中关于地图和导航的书籍（2）网络上关于电子地图使用技巧的文章四、学习活动1、自主学习（1）观看在线教程和视频，学习电子地图的基础知识和操作方法。

（2）阅读相关书籍和文章，加深对电子地图的理解。

2、实践操作（1）在手机上安装电子地图软件，进行地点搜索、路线规划和导航等操作练习。

（2）结合实际生活需求，如出行、旅游等，运用电子地图解决问题。

3、小组讨论（1）与同学或朋友组成小组，分享使用电子地图的经验和技巧。

（2）讨论在使用电子地图过程中遇到的问题及解决方法。

4、案例分析（1）分析一些利用电子地图成功解决出行问题的案例，学习他人的经验。