Английский язык. Практический курс для решения бизнес-задач

M.A.: In addition to creativity, you need some basic economics. You sell a product at a certain price, but costs for the Customer are higher, because there are expenses of its installation, training of personnel, and so on. The Customer buys a product only if its value is greater than its cost. You cannot do much about the price. So, you have to increase value for the Customer and do it during presentation. You can describe different types of value, that is business, financial and personal (image). You can remind that cost comes only once, at the beginning, and value will stay for a long time. Many presentations fail because presenters are unable to show value.

R.P.: What about questions and objections?

M.A.: The number of questions indicates success of your presentation. Do not be afraid of objections: they mean that the Customer is interested. To deal with them you use reframing. Usually, people object that the price of Schlumberger product is too high. You restate the objection: «Do you really think the price is too high?» without getting on the defensive and explain pitfalls of false economy – would you like to fly in a plane with inferior but cheap landing gear?

R.P.: Do you use slides during presentation?

M.A.: Not if I can avoid it. Presenters often use presentation software as a crutch – a flipchart is better because an audience likes to watch you draw and write. Make PowerPoint slides only when you cannot do without them. They must be brief – do not put more words on them than you can put on your T-shirt.

And remember, your presentation will succeed only if you truly believe that you have an excellent product to sell (and you do have!)

Source: Russian Panorama (Schlumberger Quarterly Magazine)

Lesson 40

Financial Statements

Study the following financial statements of an oil major and learn terms from the Essential Vocabulary.

Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements

The Board of Directors and Stockholders

We have audited the accompanying consolidated balance sheets of XYZ Company as of December 31, 2007 and 2006, and the related consolidated statements of income, changes in common stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2007. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of XYZ Company at December 31, 2007 and 2006, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2007, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of XYZ company internal control over financial reporting as of December 31, 2007, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 26, 2008 expressed an unqualified opinion thereon.

Auditor.

I. Consolidated Income Statement XYZ company

II. Consolidated Balance Sheet XYZ company

III. Consolidated Statement of Cash Flows XYZ Company

IV. Consolidated Statement of Changes in Common Stockholders’ Equity XYZ company

Essential Vocabulary

1. statement of changes in common stockholders’ equity – отчет о движении капитала акционеров за год

2. material a – зд. существенный