Inthe contemporary business setting, many models are adopted inevaluating the performance of an organization. The metrics usedinclude employees’ appraisal, organization valuation, usingindustrial indicators, trailing the industrial index, evaluating thecompany’s stock performance and assessing the organizationalpositioning in the market and its market share compared to the maincompetitors (Lootsma 2009, Pg. 29). Financial performance is theconventional method that is used as the primary indicator of theorganization performance. Many companies use financial performance tomeasure the success of the business because the main objective of theorganization is to maximize the wealth of the shareholders throughincreased profitability.
Whileanalysing the financial performance, the organization considers thetrend in statement of the financial position, statement of income andthe cash flow statement. A statement of the financial performancegives the trend of the company in terms of the total assets growthand the growth or decline in shareholders’ equity and liabilitiesof a specified period of time. The statement of income indicates howthe company has been fairing in terms of profitability, growth insales, growth in the cost of sales and expenses. On the other hand,the statement of the cash flow indicates how various sources of cashto the company have been contributing to the general liquidity of thecompany.
Thisreport will evaluate the performance of Watsons Ltd over the lastfour years. In the analysis, key performance ratios of the companyshall be analysed. The ratios that will form the basis of the reportare Profitability, liquidity, investment, gearing and efficiencyratios. Then the report gives an analysis of the company’sperformance using other indicators other than ratios. After theanalysis, the report gives the recommendations to be implemented inmaking the company remain in line with its mission and vision. Thereport concludes by giving the summary of the key ideas that arepresented in the report.
2.0Ratio Analysis of the Watsons Ltd
Thispart covers the ratio analysis of the Watsons Ltd. The ratiosanalysed are profitability, efficiency, investment, gearing andliquidity ratios.
Profitability Ratio Analysis of Watsons Ltd
Theseratios are used to give the efficiency with which a given companymanages its resources. In evaluating the periodic performance ofWatson Ltd, return on shareholders fund, gross profit margin, profitafter tax and operating margin.
Returnon shareholders fund ratio: this ratio indicates how the company hasbeen giving the returns to the investors. Investors compare thereturns of the company with the returns of other possible investmentsthat are risk free such as government bonds (Siddiqui and Siddiqui2011, Pg. 96). In the year 2010, Watsons Ltd had a return onshareholders fund of 0.204, the return increased in the year 2011 to0.235 and decreased in the year 2012 to 0.211. This indicates thatthe company has been performing well. In the year 2010, the companygive £ 0.204 for every £ 1 invested by the shareholders. This is arelatively high return, which indicates that the company ismaximizing the shareholders wealth. However, the returns have beenreducing over the years. In the year 2012 the return on shareholderwealth decreased by 10.21% from that of the year 2011, andconsequently the returns reduced by 21.5% in the year 2013. This is anegative sign to the shareholders and can inhibit the access of theorganization to the capital in the capital market.
Returnin capital employed: this ratio indicates the ability of the companyto turn the invested capital into profit (Helfert 2011, Pg. 193). Thecompany performed well in the years 2010 and 2011. The companyrecorded an increased return in capital employed. In the year 2010,the company had 26.13% return on capital, which increased, to 29.69%in the year 2011. This represents a 13.62% increase in return oncapital employed. However, in the year 2012, the return on capitalemployed decreased by 15.29% to 25.15% and decreased further in theyear 2013 by 47.7% in the year 2013. This indicates that the companyhas been performing poorly over the time. The returns of 26.13% inthe year 2010 meant that the company generated £ 0.26 for every £ 1of the capital employed. The performance was good, but the continueddecrease in return on capital employed is the red light to thecompany.
GrossProfit Margin: This ratio shows the amount of gross profit that wasearned without taking into consideration the indirect costs (Siddiquiand Siddiqui 2009, Pg. 198). The company earned 61.98%, 62.33% and61.49% gross profit margin over the years 2010, 2011 and 2012respectively. The performance is efficient for the company however,the reducing trend is not healthy for the sustainability of thecompany’s growth. The gross profit margin of the company has beendecreasing at an average rate of 0.8% per annum. A small change inthe gross profit affects the profitability of the company. Thedecrease in the gross profit margin of the company shows that thecompany is having lower ability to cater for its indirect costs.
Profitafter tax ratio: The profit after tax of Watsons Company has beendecreasing slightly over the years. Profit after tax is used by thecompany to appropriate to its shareholders and for expansion of thecompany’s development programmes. In the year 2010, 2011 and 2012,Watsons Company recorded a profit after tax of 5.36%, 5.82% and 4.95%respectively. This shows that the profit after tax increased by 0.46%before decreasing by 0.875 in the year 2012. The company has overall0.32% decrease in profit after ratio, which can be attributed to bothinternal and external factors.
Operatingmargin: The Company’s operating margin increased from the year 2010to the year 2011 before having a slight decrease in the year 2012.For years 2010, 2011 and 2012, the company had 7.67%, 8.4% and 7.05%respectively. This indicates that the operating margin of the companyincreased between the year 2010 and 2011 and decreased in the year2012. The overall decrease in operating margin of the company overthe last four years is 0.56%. The low operating margin indicates thatthe company is having high operational costs. The reduction in theoperating margin and other profitability ratios indicate that theprofitability of the company is decreasing over the time. Thedecrease in profitability threatened the sustainability and continuedcompetitiveness of the company over the years against othercompanies.
Liquidity ratio Analysis of Watsons Ltd
Theliquidity ratios indicate whether the company has enough money tomeet the daily obligations. The ratios considered are current ratioand acid test ratio.
Currentratio: this ratio indicates the current assets of the company incomparison with the current liabilities (Miller 2007. Pg. 156-201).The current ratio of Watsons was 1.96, 1.75 and 2.27 for the years2010, 2011 and 2011. A current ratio of 1.2 and 2 is usually a goodindication of to the company. Watson Ltd has been able to maintain acurrent ratio of more than one in the past four years, which showsthat the company is sound in terms of its ability to meet the currentliabilities should they fall due. The company has a growing trend inits liquidity, which means that it has stable liquidity.
Acidtest ratio: this ratio indicates whether the company has the abilityto meet the immediate need of the company. A quick ratio of more thanone is considered favourable for the company. Watsons Company had aquick ratio of more than one for the past four years, which meansthat it is in a better position to meet its immediate needs shouldthey fall due. In the year 2010, 2011 and 2012, the company obtained1.34, 1.17 and 1.42 respectively. The company recorded an incrementin the amount of liquidity between the year 2010 and year 2011however, the liquidity of the company reduced slightly in the year2012 and 2013. The company has enough cash to cater for its immediateneed but the reduction in the quick ratio of the last years indicatesthat the company should act appropriately to improve the situation.
Efficiency Ratio Analysis of Watsons Ltd
Theseratios indicate how the company is utilizing the assets and managingits liabilities. The stock turnover of Watsons Ltd was 70.52, 69.72and 81.64 in the year 2010, 20111 and year 2012 respectively. Stockturnover indicates the number of days that were taken to convert thestock into sales. High number of days indicate that the company isperforming dismally Watsons company increased the number of days thatare taken to sell its stock from 70.52 in the year 2010 to 81.64 inthe year 2012. This means that the stock of the company is takingmore time to be sold than in earlier years. The debtors’ days (daystaken to collect a debt) increased between the years 2010 and 2012.In the year 2010 the company took 35.46 on average to collect a debt,34.45 in the year 2011 and 48.36 in the year 2012.
Theincrease in the days taken to collect a debt is not a good indicationto the company. The company also recorded and increment in thecreditors days. In the year 2010, the creditor days were 43.13 days,43.41 in the year 2011 and 45.05 in the year 2012. This shows thatthe company is having more days that it is taking to pay for itsdebt, which is not very favourable for the future business of thecompany with the creditors. The asset turnover of the companyincreased between the year 20.10 and the year 2011 and decreased forthe financial year 2012. In the year 2010, the asset turnover was3.14, 3.65 in the year 2012 and 3.57 in the year 2012. This indicatesthat the company generated efficient turnover over each pound ofassets that were used, however, the turnover has been decreasing withtime. Despite the average decrease in asset turnover sales peremployee for Watsons Ltd increased from 29031 in the year 2010 to32357 in the year 2012. This shows that the productivity of thecompany’s employees increased considerably.
Gearing Ratio Analysis Of Watsons Ltd
Thisratio shows the company’s equity in comparison to the totalliabilities. The ratio gives the leverage degree of the company.Watsons Ltd had a gearing ratio of 10.45%, 9.60% and 16.2% in theyears 2010, 20111 and 2012 respectively. This shows that thecompany’s reliance on debt capital has been increasing over theyears as compared to the capital. Increased debt reliance increasescompany’s obligations that accrue from interest rates charged andother limitations. As such, Watson Ltd capital structure as shown bythe gearing ratio is not health for the company.
Investment Ratio Analysis of Watsons Ltd
Thedividend pay-out of the company increased in the year 2011 anddecreased in the year 2012. In the year 2010 the dividend pay-out was30.32%, 52.55% in the year 2011 and 48.52% in the year 2012. On theother hand, the dividend cover was 3.3 in the year 2010, 1.9 in theyear 2012 and 2.07 in the year 2012. The earning per share of thecompany was £ (pence) 263.1, 322.12, and 303.5 for the years 2010,20111 and 2012. The investment ratios indicate that the companyperformed well in the year 2011, however, the year 2012 was notfavourable to the shareholders.
3.0Watsons Ltd Performance Evaluation
WatsonLtd had a poor year 2012 but the year 2013 marked the increasedprofitability of the company. The company increased the amount ofrevenue to £ 789823 from 661019 in the year 2010. Despite theincreased revenue, the company had the high cost of sales, which madeits profitability decrease considerably. Low profitability for theyear 2012 and year 2013 resulted into low dividend pay-out to theshareholders. The company increased its long-term borrowing at ahigher rate that the shareholders equity increased. This led to anincrease in the debt ratio in the company’s capital structure.
Thecompany should reduce its reliance on long-term debt because theinterest rate obligations cuts in the profitability of the companyand in the long run reduces its credit worthiness. The company hadhigh sales in the year 2013 but the cost of sales was also high whichoffset the high profit that would have been derived. In order to dealwith the increasing cost of sales, the company should considerrevising upward the price of its commodity. This should be done inpartnership with all the stakeholder of the company. In order torestore the confidence of the investors in the company, the companyshould adopt a dividend policy that gives constant amount of dividendwith a bonus upon good performance. This will help the investors toknow the returns that they expect to get from the company band,therefore, be more willing to invest in the company. This willfacilitate the generation of capital from the capital Market insteadof overreliance on the debt capital.
WatsonsCompany recorded a decreased performance over the last four years interms of profitability, despite slight increase in the year 2011 fromyear 2010. This means that the company should analyse itscompetitors, current market trends, the business environment and itsmanagement structure. Reviewing both internal and external factorswill help the company discover the main cause of the dismalperformance and how to deal with it. Analysing the competitors willhelp the company to know hoe position itself well in the market andknow the strategies that are used by the competitors to win themarket share. There is a slight decrease in the performance, whichcan slur the expectation of the shareholders and potential investors.Despite this, the company has continued to perform well recordingprofitability in every year. As such, Watsons has the ability toovercome the business challenges and remain competitive.
SECTIONB (Part One)
Budgetis a very essential tool to the organization. The budget allows forprioritization and trade-off of different programs in order to ensurethat the formulated budget fits the priorities and policies of theorganization. The budget gives the most cost-effective variants andmeans of increasing operational efficiency in the organization. Theframework within which the budget is formulated provides for settingof fiscal targets and their commensurate expenditures, formulatingthe policies for expenditures, allocating the available resources inconformity to the fiscal targets and policies and addressing theperformance issues and operational efficiency (Dugdale and Lyne 2010,Pg. 98). The approach used in budgeting affects the company’sability to attain set targets, and there affects the evaluation ofthe company’s performance and efficiency.
Thereare many types of budgeting approaches that can be used whichinclude, beyond budgeting, zero budgeting, fixed budgeting andincremental budgeting approaches. Each approach adopted presents itspeculiar challenges and advantages to the organization. This reportwill evaluate the challenges that incremental budgeting approachpresents to the Woodturners Ltd. Woodturners Company operates in afurniture industry, and has been using the incremental budgetingapproach to set its financial targets. The study starts by analysingthe advantages of incremental budgeting approach to the company. Thestudy then analyses the disadvantages and challenges that this typeof budgeting approach presents to the company. The report then givesthe recommendations on the ways in which the company can improve itsbudget. Beyond budget, approach is then reviewed in terms of itsappropriateness to be used by Woodturners Ltd. The report ends bygiving the summary of the main assessment of the company’s currentbudgeting approach and proposed improvements.
Underthe incremental budgeting approach, Woodturners Ltd uses the prioryear’s performance of the company as a base for the new budget. Thecompany managers make the appropriate adjustment to the performanceof the prior year based on the information that they have. Thisbudgeting approach presents the following challenges to the company:
Challengespresent to Woodturners Ltd
Themain challenge that incremental budgeting approach presents toWoodturners Ltd is time consumption. Under this approach, the companytakes about 4 to 6 weeks in order to come up with the budget. Evenafter the end of the budgeting process, the Woodturners Ltd isusually not sure that the budget developed will be beneficial to thecompany. The amount of time consumed in the preparation of the budgetcould be used productively within the company. Another flaw of theincremental budgeting approach to the Woodturners Ltd is lack ofadaptability. This budgeting approach does not offer a chance for thecompany to adjust it based on the changing circumstances. Thisapproach takes into consideration the prior year’s performance andadjustment as per the projected estimates without integrating thecompany’s policies (Hjartåker and Kristiansen 2013, Pg. 1.3-566).
Usingthe incremental budgeting approach does not encourage Woodturners Ltdto have production cost saving. When the Woodturners Ltd managementare preparing the budget using the incremental mental method, theymight come across one of its division, which is not using the fullamount allocated. Under the incremental approach, the management willcut the budget for the division in the succeeding year. The divisionmanagement, on the other hand, might use the extra budget tounproductive operations in order to prevent cutting of the budget.This makes the company to spend in activities that are not productiveand therefore fail to save on the cost.
Incrementalbudgeting approach as adopted by Woodturners Ltd assumes that all theprevious year’s activities will be relevant in the current yearwithout evaluating them in detail. The manager does not have to givethe justification of any cost. The set targets are usually notchallenging enough as they are based on the last year’s performancewith only slight increment. The last challenge presented toWoodturners Ltd by using incremental budgeting approach is the lackof accurate projection. The company uses the last year’s annualproduction set of accounts making inaccurate adjustments to suit theprojection of the current year (Hjartåker and Kristiansen 2013, Pg.1.3-566).
Meritsof Incremental Budgeting To Woodturners Ltd
Themain merit of the incremental budgeting approach to the WoodturnersLtd is its easiness of preparation. This approach is well set, andits preparation can be delegated to the junior members of theWoodturners Ltd. The approach is also easy to understand has lowpreparation costs and prevent conflict between different divisionsbecause Woodturners Ltd uses consistent budgeting approach across allthe divisions. The impact of any change in the organization is easilyseen in the budget and easily absorbed.
Theincremental budgeting approach presents many challenges to theWoodturners Ltd. The company should improve its budgeting approach byusing the methods that can cater for all the factors and therebyassuring the company of the accuracy of the projections given. Thebest way for a company to improve its budgeting is to adopt thebeyond budgeting approach.
Thetraditional budgeting approach is to fix the decision of the companyin the present day ever-changing business environment. Adoption ofthe beyond budgeting approach will allow Woodturners Ltd to be ableto factor in all the factors both inherent to the company and fromthe market in setting its targets. Beyond budget will allow themanagers of the Woodturners Ltd to take into consideration thecurrent and future threats and opportunities and consider all othernon-financial drivers of success in setting a target. Under theapproach Woodturners Ltd will evaluates their production stages andadopt a suitable budgeting approach, which will ensure that company,has the best results that adheres to the company’s goals and settargets (Pfläging, 2013, Pg. 13). The company can use approacheslike zero budgeting, score card budgeting or activity based budgetingapproach.
Appropriatenessand Implementation Of Beyond Budget Approach to Woodturners Ltd
Thebeyond budget approach will help the company to foster and create aperformance environment which is based on competitive success. In thesetting of the targets, the company will be analysing all theexternal and internal factors as opposed to looking at the lastyear’s performance. The focus of the divisional heads will focusfrom competing with the managers of other divisions to competing inthe market with other external competitors. The approach will act asa source of motivation to the staffs by giving them challenges,guidelines and responsibilities (Bhat 2008, Pg. 23). The teams willbe given team-based rewards as opposed to single person reward. Thisencourages people to work together for the development of thecompany. The devolvement of responsibilities makes the employees bemore accountable and see their contribution to the organization.
Beyondbudget approach will eliminate the resource constraint to thedivisional heads. The approach allows the use of the key financialratios, for example, a manager can use the gearing ratio to knowwhether there is enough money to cater for the company’sliabilities, rather than having a detailed line-by-line budget. Theaccess of the resources by the divisional managers will be on theagreed parameters as oppose to the traditional one where it is basedon the line-by-line budget authorization. This will facilitate quickresponses to the threats posed by the environment and speed up theexploitation of the opportunities presented the environment. Theapproach will also create a customer focus where each employee willbe accountable for the outcomes derived from the customers (Bhat2008, Pg. 65). The beyond budget approach will create an openinformation and transparent system within the organization which willfacilitate sharing of the ideas and efficient communication.
ImplementationOf Beyond Budget by the Woodturners Ltd
InWoodturners Ltd, beyond budget approach should be implemented as amanagement model rather than budgeting process. The company shouldimplement the approach based on two sets principles, that is,devolution based principles and adaptive management process. theadaptive management process should be implemented based on the sixprinciples, that is, the goals should be set based on their potentialto maximize performance, the reward and evaluation should be based onrelative improvement contracts and making the planning of the actionsa continuous and inclusive process. Other principles will entailmaking the resources available to every department as needed, havinga coordinated cross company effort in addressing the customers’needs and basing the company’s control on effective governance,which is in the range of relative indicators of performance (Bhat2008, Pg. 78).
Onthe other hand, the devolution-based process should be implementedbased on the six principles. These principles are giving thegovernance framework, which is based on well-set principles, creatinga climate of high performance, which is based on the relativesuccess, and allow the employees to make local decisions, which arein line with the principles of governance and set organizationalgoals. Other principles include creating the responsibility formaking the value creation decisions on the front line teams, makingthe employees accountable for the outcomes derived from the customersand supporting the ethical informational system, which has the samefocus, values and goal Bhat, 2008, Pg. 98).
Implementationof the beyond budget will help Woodturners Ltd to overcome thecurrent challenges that are presented by the incremental budgetingapproach. The approach will create more innovation in the company,high customer loyalty, faster Reponses to the external factors andwill lower the operational costs within the company. in implementingthe beyond the budget approach, Woodturners Ltd should define how thewhole case for change and give a clear vision, convince the board ofits appropriates, start by setting the prerequisite, design nod applythe new processes, inform the employees and integrate it with thecurrent budgeting system. They should then analyse the benefits ofthe approach nod then consolidate the gains, which are derived fromthe application of the approach. By implementing beyond budgetapproach, Woodturners Ltd stands a good chance of having a holisticimprovement not only in the budgeting process but also in the mannerin which the operations are carried out within the organization.
SECTIONB (Part Two)
WoodturnersLtd aggregate performance is affected by the performance of each ofeach of its divisions, that is, household, garden office and highend, bespoke furniture divisions. The diversification into fourdivisions helps the company to mitigate against the loss that mightaccrue from one division. When a division makes loss, the profit ofthe other division offsets the loss and the company perform wellaggregately. This has made the company remain profitable despitehaving challenging recent years. In the year under consideration, thecompany had a total profit of £ 1174 000 despite sustaining a lossin the office and garden furniture divisions.
Thisreport covers the analysis of the four divisions. The aim of theanalysis is to review whether the each division is contributingfavourably to the company or it should be discontinued. The studywill look at each division separately and then as part of the wholecompany. Recommendations will then be given on the best approach thatthe company should use in order to ensure that it remains in businessfor the foreseeable future and caters for the interest of all thestakeholders. The ensuing segment covers the analysis of thehousehold furniture department of the Woodturners Ltd.
Household Furniture Division
Theoperating self-efficiency of this division was 1.65. The operatingself-sufficiency ratio indicates the extent to which division is ableto cater for its expenses without relying on other divisions tosupport its operations (Pandey, 2006, Pg. 56). A healthy divisionshould have a minimum of 1.0 self-sufficient ratio and therefore,Households furniture division is sufficient. The gross profit marginof household furniture division was 0.56. This shows that thedivision was able to generate considerable profit when the indirectcosts are not considered. The gross profit margin is positiveindicating that the division has the ability to cater for itsindirect cost.
Thenet profit margin of household furniture division was 0.22. Thisindicates that the division made £ 0.22 more on each unit of salesthat was made, therefore, the division has the ability to cover allits costs, indirect costs included and have a surplus. The operatingexpenses ratio was 0.34. A lower operating expenses ratio is anindication of division’s efficiency. This shows that the divisionhas been efficient for the company. The division had the secondhighest expenses, which can be attributed to its high sales. However,in overall the division performed better and realized a profit of £485 000.
Garden Furniture Division
Thisdivision had realised operating self-efficiency of 0.65. This meansthat the division was not able to meet its expenses and could notfunction independent of other divisions. The garden furnituredivision is not sufficient. The gross profit margin of this divisionwas 0.46. This indicates that the company earned a very small profitwithout considering the indirect costs. Though the gross profitmargin is positive, it indicates that the profit cannot be able topay for the division’s indirect cost. The net profit margin of thedivision was -0.24. This indicates that the division was making aloss of £ 0.24 for every 1 £ of the furniture sales. The operatingexpense ratio of the division was 0.7. This indicates that thedivision has high costs as compared to the total revenue. As such,the division is not efficient and productive to the company. On topof the above indicators, the division made a loss of £ 230000. Thiswas the longest loss for the company. Although the division did nothave high costs, the high cost of sales and low profit margincontributed to this loss.
Office Furniture Division
Theoffice furniture division recorded a net loss of £ 60000. This wasthese and loss from that of the garden furniture division. Theoperating self-sufficiency of the division was 0.94 for the yearunder consideration. The self-sufficient of this division was lessthan one indication that it generated very little revenue that coulduse to cater for the indirect cost. Although the division generatedhigh sales, the cost of sales was equally high, and the division hadhigh expenses accruing from storage, advertising and the cost of thesalesman. The gross profit margin of the division was 0.6. Thisindicates that the division had very small allocation of revenue tocater for its indirect costs.
Highoperating and other indirect costs contributed to the division’s-0.04 net profit margin ratio. This ratio indicates that of thedivision’s cost were high than the revenue generated. Despite thehigh costs, if the fixed advertising, salesman and driver costs wereallocated as variable, the division would have a better valuation ofits cost, which would have reduced the loss. The operating expenseratio of the division was 0.64. This is the second highest ratioafter that of garden furniture division. This indicates that thedivision is slightly underperforming.
High-End, Bespoke Furniture Division
High-End,Bespoke furniture division generated the highest profit for thecompany. The division generated £ 979 000. This led to thegeneration of the gross profit margin of 0.76. The division highgross profit indicates that it has high ability to cater for itscoast. This is well illustrated by the net profit margin of 0.37. The net profit margin of 0.37 indicates that for every expenseincurred, the division was able to generate a £ 0.37 profit. Thedivision can function independent of other divisions. Theself-efficiency ratio of the division was 1.96. Usually the operatingefficiency is considered health when it is above one. As such, thedivision had an operating efficiency of more than one, which showsthat it performed exemplary well. The operating expense ratio of thedivision was 0.39. This shows that the division was very efficientfor the year under consideration.
Fromthe analysis above the company would perform better by closing downthe garden furniture division. The closure of the division wouldincrease the aggregate profitability of the company. However, beforethe division is discontinued, the company should analyse itsperformance of the last few years. This is because the performance ofone year cannot give the true picture of the division. The companyshould analyse the main internal factors that led to its poorperformance. The internal factors other than financial that should beanalysed include the division’s management and the productionprocess. The external factors that should be considered include, themarket share of the division, the future projections, the ability ofthe division to perform to perform better ion the future and thecompetitiveness. The company should also evaluate the trend in themarket, the opportunities that are available and the potentialthreats, the strength of the division and its weakness.
Theanalysis of these factors will help the company to come up with aninformed decision of whether the division performed dismally becauseof the factors that can be changed or the poor performance isexpected to continue. If the division shows the likely hood ofperforming better in the future and expanding in the market, thecompany should not discontinue the division. The profitability of adivision or company is affected by many factors other than thefinancial ones. If the management of the division is not making thesound decisions, which would lead into the profitability of thedivision, the company restructure the management and let the divisionremain operation. However, if the future projections, the marketcompletion and the market trend indicates that there division isexpected to perform poorly, then the company should discontinue itand go on with operations in other divisions.
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