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By Andrew M. McCosh, Michael J. Earl

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Example text

Charlie is likely to be just as lucky the other way next time. He has to take the rough with the smooth. ' Mr Ward, after agreeing that the failure to spot the axle was unfortunate, added: 'This error is hardly my fault, however. Anyway, it is ridiculous that the service department should make a profit out ofjobs it does for the rest ofthe dealership. ' William Bultman, the general manager, was getting a litde confused about the situation. He thought there was a litde truth in everything that had been said, but he was not sure how much.

S. This strategy obviously involves very substantial financing operations. In most cases Burmah took the vessels on a long-term charter basis from speciaIly created financing corporations based in the United States. The contractual commitment payable during 1974 was reported at [53 million in the 1973 annual report. The commitments for 1975 were [63 million. The present value ofthe remaining contractual commitments extending up to the year 2003 was given in that annual report at [313 million. This corresponds to [48 million per annum or a total of [1341 million.

80 47·33 76 . g6 15. 026 686 5. 608 5. 610 893 11·559 5. 3 14 16·755 95. 4 2 7 5. 780 75. 732 44. 642 5. 028) 95. 56 22·93 9·43 Minority interests etc. 5 1 495. 66 17. 92 13. 66 15·77 17·45 4. 50 26·77 14·90 4. 45 15·95 Group cash flow from operations 4·86 7. 50 35-47 31. 53 9. 22 30 ·74P IO·97 25P 12. 2 Notes I As a result of the introduction of the new imputation tax system the figures for 1973 are not comparable with those for earlier years. However, for the purpose of comparison, the 1972 figures have been restated in aseparate column.

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