Ship Leases under IAS 17, case Fortum Shipping

International accounting standards will be applied from the1st of January 2005 in accounting of member states of the EU with a view of harmonizing the accounting practices in Europe, and on the long term even more widely. The purpose of adopting IAS accounting standards is to make the financial statements and financial information received from companies more comparable and more transparent for investors and other interest groups. IAS 17 introduces the treatment of a lease agreement in the light of the new accounting standards. Finnish companies have used finance leases widely as an alternative, off-balance sheet form of financing capital investments consistently with Finnish GAAP. Along with the appliance of IAS 17 the off-balance-sheet financing possibility of leases classified as finance leases will no longer exist. IAS 17 states that finance leases are going to be recognized in the balance sheet as both assets, in form of fixed assets, and loans in liabilities classified as long and short term loans. IAS 17 will make two major changes to the income statement. Firstly, the lease payments formerly treated as variable costs are moved below the operating profit level to finance costs. Secondly, the depreciations from the leased assets are also introduced. The effects to the case company's, Fortum Shipping's, income statement and balance sheet are remarkable. Along with the appliance of IAS Fortum Shipping's net assets are somewhat going to be doubled, the amount of liabilities increases significantly and the earnings before interests and taxes increases moderately. The preceding factors have a big effect on the case company's financial key figures. So, the IAS originated effects on balance sheet and income statement have essential impacts on a company's key financial indicators. Most significant changes can be found in key ratios measuring profitability, capital structure, and efficiency. This means that when comparing the IAS calculated profits of companies with the profits calculated prior with Finnish GAAP, the analysis should be made with prudence because the figures are not comparable on straight-forward basis.

Correlation between charge transport and electroluminescence properties of Si-rich oxide/nitride/oxide-based light emitting capacitors.

The electrical and electroluminescence (EL) properties at room and high temperatures of oxide/ nitride/oxide (ONO)-based light emitting capacitors are studied. The ONO multidielectric layer is enriched with silicon by means of ion implantation. The exceeding silicon distribution follows a Gaussian profile with a maximum of 19%, centered close to the lower oxide/nitride interface. The electrical measurements performed at room and high temperatures allowed to unambiguously identify variable range hopping (VRH) as the dominant electrical conduction mechanism at low voltages, whereas at moderate and high voltages, a hybrid conduction formed by means of variable range hopping and space charge-limited current enhanced by Poole-Frenkel effect predominates. The EL spectra at different temperatures are also recorded, and the correlation between charge transport mechanisms and EL properties is discussed.

Pellettien laatu ja ominaisuudet eri raaka-aineilla ja niiden seoksilla

Diplomityö tehtiin osana Vapon toteuttamaa monivuotista pelletin kehitysohjelmaa. Kehitysohjelma koostuu useista pienemmistä osaprojekteista, jotka täydentävät toinen toisiaan. Pellettien raaka-ainepohjan laajentaminen on eräs näistä osaprojekteista. Tutkimustyön tavoitteena oli selvittää erilaisten potentiaalisten bioraaka-aineiden soveltuvuutta pelletointiin joko sellaisenaan tai erilaisina seoksina. Raaka-aineiden pelletoitavuutta tutkittiin kenttäolosuhteissa mobiilipelletointilaitoksella. Laitoksen pääkomponentit muodostivat Kahl C 38–780 tasomatriisipuristin, jäähdytin ja täryseula. Pelletointikokeissa tutkittuja raaka-aineita olivat mäntysahanpuru, männynkuori, harvennusranka, haapa, koivu, jyrsinturve ja ruokohelpi. Raaka-aineiden irtotiheys käyttökosteudessa vaihteli välillä 73–244 kg/m3 ja keskimääräinen kosteuspitoisuus 6,5–15 %. Useissa tapauksissa säkitettyjä raaka-aineita säkkikostutettiin haluttuun kosteuspitoisuuteen ennen pelletointia. Säkkikostutettujen raaka-aineiden kosteuspitoisuudet vaihtelivat tällöin välillä 12–14 m- %. Valtaosa tutkituista raaka-aineista ja niiden seoksista pystyttiin pelletoimaan puristimen matriisilla 8/40 mm, jossa puristuskanavan halkaisija oli 8 mm ja kanavan suoran osan pituus 40 mm. Vaikeuksia tuotti ainoastaan pelkän koivupurun ja ruokohelven pelletointi. Käytetty matriisi oli kanavapituudeltaan liian pitkä koivupurun pelletointiin nostaen puristusvastuksen suureksi. Ruokohelven pelletoinnin vaikeudet johtuivat pääasiassa pelletointiin liian karkeasta raaka-aineesta. Myös matriisia 8/55 mm kokeiltiin, mutta se osoittautui liian ”tiukaksi” valtaosalle puuraaka-aineista. Ainoastaan jyrsinturpeen pelletointi onnistui tällä matriisilla. Männynkuoren pelletointia ei matriisilla 8/55 mm yritetty. Kenttäkokeissa valmistetuista pelleteistä määritettiin erilaisia ominaisuuksia, kuten keskipituus, kosteuspitoisuus, irtotiheys, hienoaineksen määrä ja käsittelykestävyys. Lujuus mitattiin sekä Ligno-testillä että CEN-rummutuslujuuden määrityksellä. Lisäksi pelleteille määritettiin alkuaineanalyysi, tuhkapitoisuus ja lämpöarvo ENAS Oy:n laboratoriossa Jyväskylässä. Ligno-testauksessa parhaimman luokan pelletin tulee yltää arvoon 97,5 %. Pelletoitaessa raaka-aineita ja niiden seoksia tasomatriisikoneella sopivalla matriisilla yllettiin usein näihin tai parempiin tuloksiin. Puumateriaaleilla raaka-aineen optimaalinen lähtökosteus oli välillä 12–14 m- % ja turpeella sekä ruokohelvellä 14–16 m- %. Pelletointi onnistui tällöin vaivattomasti, kunhan sopivat puristimen ajoparametrit oli löydetty. Pellettiä alkoi muodostua matriisin puristuskanavien lämpötilan kohotessa noin 70 ºC. Pellettien lämpötila stabiilitilanteessa heti pelletoinnin jälkeen oli useissa tapauksissa 80–90 ºC. Pelletoinnin aikainen tehontarve vaihteli välillä 90–150 kWh/t, ollen suurimmillaan irtotiheydeltään keveillä materiaaleilla. Raaka-aineen suuri partikkelikoko kasvatti puristimen tehontarvetta. Tämä havaittiin selvästi lisättäessä karkeaa ruokohelpisilppua eri raaka-aineiden joukkoon. Kestävyydeltään erinomaisia pellettejä saatiin, kun raaka-aineena oli jyrsinturve, harvennusranka tai mäntypuru. Varsinkin jyrsinturpeen ja harvennusrangan seoksesta valmistetut pelletit osoittautuivat erittäin kestäviksi. Myös jyrsinturpeen ja ruokohelven sekä mäntypurun ja ruokohelven seoksien pelleteille määritettiin hyviä kestävyysarvoja. Männynkuoresta valmistetut pelletit jäivät Ligno-testauksessa kestävyydeltään alle 97,5 % rajan. Pääsyynä tähän oli kuoren pelletointiin käytetyn matriisin 8/40 mm liian lyhyet puristuskanavat.

Sensing the light environment in plants: photoreceptors and early signaling steps.

Plants must constantly adapt to a changing light environment in order to optimize energy conversion through the process of photosynthesis and to limit photodamage. In addition, plants use light cues for timing of key developmental transitions such as initiation of reproduction (transition to flowering). Plants are equipped with a battery of photoreceptors enabling them to sense a very broad light spectrum spanning from UV-B to far-red wavelength (280-750nm). In this review we briefly describe the different families of plant photosensory receptors and the mechanisms by which they transduce environmental information to influence numerous aspects of plant growth and development throughout their life cycle.

The long run impact of mergers and acquisitions on performance – empirical study in the pulp and paper industry

Mergers and acquisitions (M&A) have played very important role in restructuring the pulp and paper industry (PPI). The poor performance and fragmented nature of the industry, overcapacity problems, and globalisation have driven companies to consolidate. The objective of this thesis was to examine how PPI acquirers’ have performed subsequent M&As and whether the deal characteristics have had any impact on performance. Based on the results it seems that PPI companies have not been able to enhance their performance in the long run after M&As although the per-formance of acquiring firms has remained above the industry median, and deal characteristics or the amount of premiums paid do not seem to have had any effect. The statistical significance of the results was tested with change model and regression analysis. Performance was assessed with accrual, cash flow, and market based indicators. Results are congruent with behavioural theory: managers and investors seem to be overoptimistic in determining the synergies from M&As.

Brightness of multilayer boards

A good appearance of a package enhances the sale of the product. The packing gives information about the content and instructions for the usage. In this master’s thesis, the optical properties of multilayer packaging board is studied. Especially means of increasing brightness of the multilayer board are evaluated. In the literature part, the effect of different factors on optical properties of a multilayer board are evaluated with the help of light scattering and absorption coefficients. The Kubelka-Munk theory can be used also in modelling brightness of the multilayer board. A large variety of different process factors, chemical aids and machine variables affect optical properties of board. In the experimental part, different methods to increase brightness of a 3-layer board were evaluated. It was discovered that brightness variation of broke (30 % share of the center layer pulp) have only minor influence on brightness of the board. The brightness variation must be high, roughly 9 % in order to alter brightness of the board by 1 %. Higher brightness can be achieved by bleaching the pulp, which holds the largest share of the center layer pulp. Here, 2,6 % increase in brightness of the pulp (60 % share of the center layer pulp) increased brightness of the board by 1 %. In a trial run at a board machine, there was no indication of decreased bulk of the board due to extended bleaching of the pulp. With pulp dyeing appearance and optical properties of a multilayer board can be influenced. By using bluish dyes the natural yellowness of pulps can be decreased and impression of whiteness is then increased. Brightness may deteriorate though, because of increasing light absorption of the dyed pulps. When the yellowness comes from the center layer pulp, the dye should be introduced there. Then the brightness decreasing effect of the dye decreases brightness of the board less. It was noticed that it is more important to maintain brightness of the top layer than brightness of the center layer, because the top layer pulp affects on brightness of the board the most. By introducing fillers into the top layer of a multilayer board it is possible to increase brightness of the board. Fillers with the highest light scattering increased the brightness of the board the most. Increasing light scattering increases brightness and also opacity. Higher opacity in the top layer decreases also the darkening effect of the center layer. Calcinated kaolin and PCC was found to increase the light scattering of the top layer the most at the filler comparison. Introducing fillers into the top layer of multilayer board may decrease bulk and modulus of elasticity of the top layer. This could lead to deteriorated bending stiffness.

Biomechanical Changes During a 50-minute Run in Different Footwear and on Various Slopes.

The effects of footwear and inclination on running biomechanics over short intervals are well documented. Although recognized that exercise duration can impact running biomechanics, it remains unclear how biomechanics change over time when running in minimalist shoes and on slopes. Our aims were to describe these biomechanical changes during a 50-minute run and compare them to those observed in standard shoes. Thirteen trained recreational male runners ran 50 minutes at 65% of their maximal aerobic velocity on a treadmill, once in minimalist shoes and once in standard shoes, 1 week apart in a random order. The 50-minute trial was divided into 5-minute segments of running at 0%, +5%, and -5% of treadmill incline sequentially. Data were collected using photocells, high-speed video cameras, and plantar-pressure insoles. At 0% incline, runners exhibited reduced leg stiffness and plantar flexion angles at foot strike and lower plantar pressure at the forefoot and toes in minimalist shoes from minute 34 of the protocol onward. However, only reduced plantar pressure at the toes was observed in standard shoes. Overall, similar biomechanical changes with increased exercise time were observed on the uphill and downhill inclines. The results might be due to the unfamiliarity of subjects to running in minimalist shoes.

Comparison of acute non-visual bright light responses in patients with optic nerve disease, glaucoma and healthy controls.

This study examined the effect of optic nerve disease, hence retinal ganglion cell loss, on non-visual functions related to melanopsin signalling. Test subjects were patients with bilateral visual loss and optic atrophy from either hereditary optic neuropathy (n = 11) or glaucoma (n = 11). We measured melatonin suppression, subjective sleepiness and cognitive functions in response to bright light exposure in the evening. We also quantified the post-illumination pupil response to a blue light stimulus. All results were compared to age-matched controls (n = 22). Both groups of patients showed similar melatonin suppression when compared to their controls. Greater melatonin suppression was intra-individually correlated to larger post-illumination pupil response in patients and controls. Only the glaucoma patients demonstrated a relative attenuation of their pupil response. In addition, they were sleepier with slower reaction times during nocturnal light exposure. In conclusion, glaucomatous, but not hereditary, optic neuropathy is associated with reduced acute light effects. At mild to moderate stages of disease, this is detected only in the pupil function and not in responses conveyed via the retinohypothalamic tract such as melatonin suppression.

The activation of the atypical PKC zeta in light-induced retinal degeneration and its involvement in L-DNase II control.

Light-induced retinal degeneration is characterized by photoreceptor cell death. Many studies showed that photoreceptor demise is caspase-independent. In our laboratory we showed that leucocyte elastase inhibitor/LEI-derived DNase II (LEI/L-DNase II), a caspase-independent apoptotic pathway, is responsible for photoreceptor death. In this work, we investigated the activation of a pro-survival kinase, the protein kinase C (PKC) zeta. We show that light exposure induced PKC zeta activation. PKC zeta interacts with LEI/L-DNase II and controls its DNase activity by impairing its nuclear translocation. These results highlight the role of PKC zeta in retinal physiology and show that this kinase can control caspase-independent pathways.

Retinal damage induced by commercial light emitting diodes (LEDs).

Spectra of "white LEDs" are characterized by an intense emission in the blue region of the visible spectrum, absent in daylight spectra. This blue component and the high intensity of emission are the main sources of concern about the health risks of LEDs with respect to their toxicity to the eye and the retina. The aim of our study was to elucidate the role of blue light from LEDs in retinal damage. Commercially available white LEDs and four different blue LEDs (507, 473, 467, and 449nm) were used for exposure experiments on Wistar rats. Immunohistochemical stain, transmission electron microscopy, and Western blot were used to exam the retinas. We evaluated LED-induced retinal cell damage by studying oxidative stress, stress response pathways, and the identification of cell death pathways. LED light caused a state of suffering of the retina with oxidative damage and retinal injury. We observed a loss of photoreceptors and the activation of caspase-independent apoptosis, necroptosis, and necrosis. A wavelength dependence of the effects was observed. Phototoxicity of LEDs on the retina is characterized by a strong damage of photoreceptors and by the induction of necrosis.

Brief report : Academic amotivation in light of the dark side of identity formation

The study intended to determine motivational profiles of first-year undergraduates and aimed their characterization in terms of identity processes. First, a cluster analysis revealed five motivational profiles: combined (i.e., high quantity of motivation, low amotivation); intrinsic (i.e., high intrinsic, low introjected and external regulation, low amotivation); "demotivated" (i.e., very low quantity of motivation and amotivation); extrinsic (i.e., high extrinsic and identified regulation and low intrinsic and amotivation); and "amotivated" (i.e., low intrinsic and identified, very high amotivation). Second, using Lebart's (2000) methodology, the most characteristic identity processes were listed for each motivational cluster. Demotivated and amotivated profiles were refined in terms of adaptive and maladaptive forms of exploration. Notably, exploration in breadth and in depth were underrepresented in demotivated students compared to the total sample; commitment and ruminative exploration were under and overrepresented respectively in amotivated students. Educational and clinical implications are proposedand future research is suggested.