Ministre de lenseignement suprieur et de la recherche

122 ANGLAIS APPLIQUE AUX AFFAIRES

2009-2010
N de repre 1221AC1209
Sance 12
Application 12

CORRIGE

Sance de rvisions

Denis BOODHU et Odile MARIE

Institut National des Techniques Economiques et Comptables

40, rue des Jeneurs
75002 PARIS

htpp://intec.cnam.fr
Accueil pdagogique : 01.58.80.83.34
122 Anglais appliqu aux affaires 2009/2010

1. Complete this letter to shareholders. Use appropriate forms of these verbs

rely on combine with consist of advise on succeed in

budget for spend on account for compete with invest in

Dear shareholder

I write to inform you that the Board has received information of a takeover bid for

your company. This consists of an attempt by Armstrong Engineering to acquire a

controlling interest by offering to purchase shares at a price of 725 pence. We have

brought a team of consultants to advise on the tactics we should use to resist the bid.

Although the offer seems attractive, it does not reflect the true value of the

company or take into account our future prospects. We have budgeted for a major

programme of expansion. During the next three years we plan to invest in new

plant and equipment. We have also allocated funds to spend on a new

computerised stock control system which will allow us to compete with our

much larger rivals. Furthermore, we plan to combine with a machine tool company

in a joint venture in China. We are confident this will allow the company to succeed

in opening up new markets in Asia.

Policies like these account for our success to date and contribute to our

vision of the future. Therefore we strongly advise you not to accept

Armstrong Engineerings offer. You can rely on the Board to keep you

fully informed of any future developments, but for the present we advise you

to take no action in relation to the offer.

Yours faithfully

John Chambers
John Chambers
Chairman

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122 Anglais appliqu aux affaires 2009/2010

2. Correct the following sentences and translate them.

1. Did they phoned Vepro Consultants regarding the joint-venture agreement?

Did they phone Vepro Consultants regarding the joint-venture agreement?

Ont-ils appel Vepro Consultants au sujet de laccord pour la coentreprise.*

2. The domestic market accounts 59% of the sales.

The domestic market accounts for 59% of the sales.

Le march intrieur reprsente 59% des ventes.

3. The industry does not rely such unreliable figures to make performance comparison.
The industry does not rely on such unreliable figures to make performance comparison.

Le secteur ne repose pas sur des chiffres aussi peu fiables pour comparer les performances.

4. They are waiting your answer on the take-over proposal.

They are waiting for your answer on the take-over proposal

Ils attendent votre rponse sur la proposition de reprise/ rachat.

5. In order re-focus the group, several businesses have been sold off.
In order to re-focus the group, several businesses have been sold off.

Afin de recentrer le groupe, on a vendu plusieurs affaires.

6. They build up a 30% stake in the company and then took it over.
They built up a 30% stake in the company and then took it over.

Ils ont accumul 30% des parts de la socit et puis ils lont rachete.

7. The discount on bonds, which was issued during the year, was written off to profits.
The discount on bonds, which were issued during the year, was written off to profits.

La prime de remboursement sur les obligations qui ont t mises dans lanne a t amortie
dans les bnfices.

8. They made an overall loss, despite their overseas operations were highly profitable.
They made an overall loss, even though / although their overseas operations were highly
profitable.

Globalement ils ont connu une perte, mme si leurs oprations ltranger ont t
extrmement rentables.

9. Even they set aside $20 million to cover the expected costs of severance pay, the company
showed a profit.
Although /even though / despite the fact that they set aside $20 million to cover the
expected costs of severance pay, the company showed a profit.

Bien quelle ait provisionn 20 millions de dollars pour les indemnits de licenciement, la
socit a ralis des bnfices.

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122 Anglais appliqu aux affaires 2009/2010

10. The US dollar used to be much strong than many other currencies.
The US dollar used to be much stronger than many other currencies.

Le dollar amricain tait autrefois beaucoup plus fort que bien dautres devises.

11. The International Accounting Standards Committee is trying to tighten up standards for
investors be able to compare the performance of different companies.

The International Accounting Standards Committee is trying to tighten up standards for

investors to be able to compare the performance of different companies.

Le IASC tente dtre rigoureux sur les normes (comptables) afin que les investisseurs puissent
comparer la performance de diffrentes entreprises.

12. The accounting department is made up 4 sections.

The accounting department is made up of 4 sections.

Le service comptabilit se compose/ comprend 4 sections.

13. Both of companies have excess plant capacity and underutilised equipment.
Both companies have excess plant capacity and underutilised equipment.

Les deux socits disposent dun trop grand espace de production et dquipements sous
utiliss.

14. Due sickness, the meeting was cancelled.

Due to sickness, the meeting was cancelled.

La reunion a t annule pour cause de maladie

* joint venture: entreprise commune ou coentreprise cre par deux entreprises (ou plus)
dtenue parts variables par ces dernires (gales ou non)

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122 Anglais appliqu aux affaires 2009/2010

3. PROFITABILITY

Read the short text. Match the underlined phrases (a to i) to phrases with a similar
meaning in the box.

budgeted income statement current liabilities

stock capital employed turnover
debtors current assets
work in progress net income

1. Assessing the strength of a company

Two documents provide the necessary information for the most important decisions about
the strength of a business: a (a) budgeted income statement and the present balance sheet.

2. Profitability

A study of profitability must look at the relationship between:

(b) net income and (c) turnover;

net income and the amount of (d) capital employed.

3. Liquidity

A study of a companys ability to make enough cash should show if:

the planned cash balance is satisfactory;

(e) debtors;
(f) work in progress or (g) stock will one day be sold;
the relationship between fixed assets and (h) current assets is satisfactory;
the relationship between current assets and (i) current liabilities is satisfactory,
i.e. current assets should be much greater than liabilities.

Management should be careful with forecasts, because budgeting is not a science

and forecasts cannot be exact.

Document de travail rserv aux lves de lIntec Toute reproduction sans autorisation est interdite 5