Multiples modification in assessment of M&A processes

PE multiple and EBITDA multiple are the most popular multiples used in corporate valuation. These measures are used in M&A processes and in a quick assessment of attractiveness of takeover candidates. In a basic multiple approach it is assumed a straightforward extrapolation of previous financial results. In M&A cases there are many significant changes of fundamental numbers. It refers to the amount of available cash flow, debt and risk level. Therefore, it is necessary to modify cash flows, paying attention to synergy effects (cash flow increase), changes of cost of equity and weighted average cost of capital. EBITDA multiple modification needs to take into consideration the changes of cash flow available to all suppliers of capital. PE multiple should be modified due to changes of cash flow available to equity holders and changes of cost of equity and debt level.company valuation, multiple valuation, mergers & acquisitions

Znaczenie resekcji guza pierwotnego u chorego na raka jelita grubego w IV stopniu zaawansowania

Kwestia resekcji guza pierwotnego w przypadku współwystępowania nieresekcyjnych przerzutów odległych raka jelita grubego budzi wiele kontrowersji, zwłaszcza gdy guz nie daje objawów klinicznych. Nie wiadomo, czy w takim przypadku należy najpierw wykonać paliatywną resekcję, a następnie wdrożyć leczenie systemowe, czy odroczyć operację do czasu wystąpienia objawów ze strony guza i rozpocząć leczenie od chemioterapii, licząc na powstrzymanie progresji nowotworu. Jak dotąd, nie ma wyników badań randomizowanych, które wskazywałyby, jaka opcja postępowania byłaby najlepsza. Istnieje wiele argumentów przemawiających za rozpoczęciem leczenia od paliatywnej resekcji, ale krytyczna analiza opublikowanych badań (w większości retrospektywnych) wskazuje, że dotyczy to określonej grupy chorych. Celem niniejszego opracowania jest przegląd literatury dotyczącej tego zagadnienia oraz próba nakreślenia strategii postępowania, która dawałaby największą korzyść choremu

Niedziela w życiu Kościoła partykularnego

The local Synods which took place after the Council, have given us an insight into the importance of Sunday. The diocesan Synods took place in Włocławek, Poznań, Gdańsk, Warszawa, Katowice, Kraków, Gniezno, Tarnów, Częstochowa, Lublin, Koszalin-Kołobrzeg, Lubaczów, Płock, Kielce, Wrocław in Poland in period of 1967–1994. The Synods’ documents talk about the role of Sunday in the Christian life. According to the documents, the faith grows througth the new experience of celebration of Pascha and reneval of the convenant with God. This leads to joy in God, hope and peace as the Christians engage more in the community and in the apostolate. A local synod does self-reflection and explains the need for change in the Christian life on Sunday. The parishes should activate the pastoral teams, the ecclesial movements and the liturgical services on Sundays. There are some new pastoral problems such as holiday vacation and trips on the Sundays. Some Sunday habits need to be improved, but some should be rejected. TEOLOGIA_The local Synods which took place after the Council, have given us an insight into the importance of Sunday. The diocesan Synods took place in Włocławek, Poznań, Gdańsk, Warszawa, Katowice, Kraków, Gniezno, Tarnów, Częstochowa, Lublin, Koszalin-Kołobrzeg, Lubaczów, Płock, Kielce, Wrocław in Poland in period of 1967–1994. The Synods’ documents talk about the role of Sunday in the Christian life. According to the documents, the faith grows througth the new experience of celebration of Pascha and reneval of the convenant with God. This leads to joy in God, hope and peace as the Christians engage more in the community and in the apostolate. A local synod does self-reflection and explains the need for change in the Christian life on Sunday. The parishes should activate the pastoral teams, the ecclesial movements and the liturgical services on Sundays. There are some new pastoral problems such as holiday vacation and trips on the Sundays. Some Sunday habits need to be improved, but some should be rejected. TEOLOGIA

Leczenie chirurgiczne raka jelita grubego w Polsce

Współczesne leczenie raka jelita grubego ma charakter skojarzony. W określonych stopniach zaawansowania choroby nowotworowej stosuje się leczenie operacyjne, radioterapię i chemioterapię. Za najważniejsze czynniki radykalnego leczenia chirurgicznego uważa się: odpowiednią długość marginesów resekcji, całkowite usunięcie mezorektum według zasad techniki TME (total mesorectal excision) oraz odpowiedni zakres limfadenektomii. Wyniki leczenia chirurgicznego zależą w znacznej mierze od doświadczenia chirurga i specjalizacji ośrodka prowadzącego leczenie. W ośrodkach specjalistycznych u 50% chorych z guzem położonym w odległości do 6 cm od brzegu odbytu, możliwe jest wykonanie operacji oszczędzającej zwieracze, zaś odsetek nawrotów miejscowych wynosi mniej niż 10%. W artykule przedstawiono także dane epidemiologiczne dotyczące standaryzowanego współczynnika zgonów (na 100 000 mieszkańców) z powodu raka okrężnicy i odbytnicy z podziałem na poszczególne województwa, co może w przybliżeniu nakreślać sytuację dotyczącą skuteczności leczenia w poszczególnych regionach kraju

Oak and others, new to Poland, hosts of mistletoe Viscum album subsp. album in the city of Toruń and its immediate vicinity

The paper presents the distribution of localities of seven tree taxa, identified as new hosts of mistletoe in Poland, in the city of Toruń. Particular attention was paid to the description of a site with mistletoe on an oak identified as Quercus x rosacea. The reason for this is that native oaks are rare hosts of mistletoe in Central and Eastern Europe and this is the first finding of such a host–parasite association in Poland. The occurrence of all eight host species at 14 sites was compared with the distribution and description of localities and morphological characteristics of both host–mistletoe association components presented in the botanical, ecological and forestry literature

Zelotes erebeus (Thorell, 1871) (Araneae: Gnaphosidae) in Poland and its distribution in Europe

Zelotes erebeus (Thorell, 1871) is a thermophilic species occurring in southern, western and central Europe. It was excluded from the checklist of Polish spiders because of synonymization issues. This paper corrects the published data and lists new localities in western and central Poland. The sites of Z. erebeus discovered near Swinoujscie, Czarnków and Torun, move northwards the northern range limit of this thermophilous species in Europe. Data on the distribution of this species in eastern Europe and the Caucasus are also corrected - these records relate to the closely related species Z. khostensis Kovblyuk & Ponomarev, 2008. Figures of female and male genitalia of Z. erebeus are presented

Occurrence of Viscum album subsp. album L. on Laburnum anagyroides Medik. in Toruń, Poland

This short note presents two localities of the common mistletoe growing on the common laburnum found in central Poland in the city of Toruń in 2020. The common laburnum is one of the rare hosts of this recently rapidly spreading semi-parasite. The presented relationship between the two species has so far been reported in only several publications, mostly from the late 19th and early 20th century

Effects of selection for yolk cholesterol on growth and meat quality in Japanese quail (Coturnix coturnix japonica)

Descendants () of S18 generation of Japanese quails (Coturnix coturnix japonica), selected for low (line 11, n=15) or for high (line 12, n=6) yolk cholesterol content were used for this experiment. The high (12) and low (11) lines were developed from a control egg type (line13) wild color plumage stock 07, from Poultry Breeding Station in Ivanka at Danube (Slovakia) that was maintained without conscious selection. The results of selected lines were compared to this one from unselected lines, egg type (line 13, n=15) and meat type (line 8, n=15), to study productive performance (growth and carcass weight) as well as meat quality traits (intramuscular collagen properties, fatty and cholesterol content). The birds were grown up to 35 days of age. Quails were fed ad libitum with commercial diets according to their ages. Animals had free access to water during the experiment. The body weight of the quails was controlled every week (from week 1 to 5). At the slaughter (at avg. weight of 104.0, 107.7, 110.6 g vs 209.3 g for lines 11, 12, 13 vs 8, respectively; P<0.05) the hot carcass weight was recorded and dressing percentage was calculated. Pectoralis superficialis muscles were removed from the carcasses to assess intramuscular collagen (IMC) properties (collagen and crosslink concentrations), intramuscular lipid and cholesterol contents. Growth and slaughter performance, intramuscular fat percentage and IMC properties of Pectoralis superficialis were not different between the birds selected for low (line 11) and high (line 12) yolk cholesterol content and were also found to be similar between the quails of egg type and those selected for yolk cholesterol content (lines 11 and 12). Compared to the birds of egg type line and those selected for yolk cholesterol content, the quails of meat type had higher growth and carcass traits (P<0.05), while meat quality traits were found to be similar. The meat of the quails selected for low cholesterol in the egg yolk (line 11) had lower (P<0.05) cholesterol (-35.9%) than that of the birds characterized by high cholesterol in the egg yolk (line 12). In conclusion, divergent selection for yolk cholesterol content did not significantly influence growth and slaughter traits, intramuscular fat and IMC properties of Japanese quail, while it affected the amount of cholesterol in meat. The quails of meat type showed the highest growth and slaughter traits

Automated geometric features evaluation method for normal foot skeleton model

Normal foot model is a geometric model of a healthy human foot. As the comparison of the processed feet requires a reference ideal healthy foot parameterization it was necessary to create such a model by defining skeleton geometric features and generating the feature set on a dataset population. Manual positioning of such number of landmarks is both a complex and time consuming task for a skilled radiologist, not to mention the total cost of such a procedure. Thus it was recommended to formulate an automated computer algorithm to perform this procedure with accuracy at a comparable level as the manual process. The following paper describes our approach based on automatic landmark positioning in a volumetric foot dataset. The proposed automated procedure is based on four main steps: manual landmark positioning on a reference dataset, registration of the reference dataset with the examined study, transformation of landmark positions from the reference dataset space into the examined dataset space, and calculation of the geometric features on the basis of landmarks positions. The results of our algorithm are presented and discussed in the context of pros and cons of the automated method itself as well as in the context of the generated normal foot model