Macmillan Education - Class_Audio_3-15 | Текст песни

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• Macmillan Education
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As you know, this year Calisto has lost one point five million dollars. Obviously this situation cannot continue. Unless we take action now, we will go out of business next year. We have several options to consider. Our first option is to adopt the same strategy as IMM. IMM have reduced their operating expenses by 20% over the last two years. However, they have achieved this by ruthlessly cutting jobs: one fifth of IMM's staff have been made redundant. Here at Calisto we have a long tradition of looking after our staff, and I do riot wish to choose this option unless there is no other alternative.
Our second option is to follow the example of our friends at Reysonido, and buy European technology, which would reduce our cost of sales by 10-15%. However, we estimate that this investment would increase our ope¬rating by half a million dollars a year. A third option is to cut our prices in order to increase sales. We estimate a price cut of 10% might increase next year's sales to $ 16.5 million - assuming, of course, that our competitors do not reduce their prices. However, our cost of sales would increase to just under nine million dollars.
My friends, there are three more options which I have not yet discussed with you, but which I would like you to consider carefully. Option number four is a merger. IMM have offered us three million dollars, which, in view of our desperate situation, is a very reasonable offer. If we agreed to a merger with IMM, the new company would be the new market leader, and be in a far better position to compete with Dylan. However, there would no doubt be some redundancies in order to make economies of scale
As I said at the beginning of my presentation, I will take questions at the end. Now, option five. This is a high risk strategy, but we must consider al possible solutions In order to compete with Dylan, we need to be bigger, one way to obtain this critical size is by acquisition. Our fifth option is to acquire Reysonido.
Reysonido are likely to accept a takeover bid of around four million dollars As well as synergy and economies of scale, this acquisition would also give us another bonus: access to the technology which means Reysonido's cost of sales is 10% lower than our own.
Of course we would need to borrow the money, and the repayments would represent around half a million dollars per year over ten yeas: not so unrealistic with combined sales of 25 million, I believe
The final option is one which I sincerely hope you win not choose That is, to close the company, and sell off our assets to pay our debts. I have kept it until last in order to stress that it is a serious option.
All right I am sure you are anxious to ask questions. After that, I would like us to consider all the options in detail; everybody's contribution will be valuable. Thank you.


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