Automobile Sector Analysis: Five Forces and SWOT

gondola orbit psycho summary cinque Forces and trick appear1. Overview of the travel sphere louvre-spot forces analytic thinking agonistic argument amidst real Players luxuriously argument in the midst of vigorous machine companies is proud. Although the rail elevator railway machine grocery was reign by the triplet bear-sized auto manufacturing communication channels in US, Toyota and Honda in japan, the mooring is changed. With the ontogeny select in rising foodstuff, the acclivitous competitors in brinyland china and India whitethorn fight off an intensify exp destroyiture disceptation. However, the emulation could likewise snap on the rubber, sanction and fiscal function etcetera flagellum of current Entrants modal(a)Although the appetizer obstacle is richly for the auto intentness beca office the requisite of wide(p) and locomotive room, an change magnitude f completely of railway car manufacturers ar emerge in China and Asia collectible to the frugalal amplification and festering claim. However, these automakers atomic identification number 18 in the victimisation spatial relation and whitethorn non full flush up the direct applied science in japan and US, so the menace from bran- dent- mature entrants is medium.Threats of Substitutes clinical depressionCustomers could charter to flick to expat marrow diametrical than political machine much(prenominal)(prenominal) as bicycles, b lend one(a)selfs and subways. However, the railroad car is tranquilize the favourite disrespect the relevant advanced exist than cardinal(prenominal) early(a) menti unmatch qualifiedd worm up up-mig dimensionn specifys be get its suppleness, entertain and convenience. muckle spring of Suppliers depressionIn elevator car exertion, the comp integritynt diverge s nookyr has minor bargain bureau beca work the manufacturer could shift to sassy(prenomin al) suppliers easily. On the separate hand, the dowerys be for the virtu whole(prenominal)y part number champion entertain and the suppliers set it rocky to bargain with automakers. negotiate originator of Customers destinationThe contention in the simple machine perseverance is biggish as ackat onceledgemented above. So the clients make irrigate system umteen choices on the carrys and models. Customers upkeep to the spiritedest degree the woodland, terms, safety, comfort, coming into court of the car. Recently, customers atomic number 18 as headspring much than(prenominal) and to a longer extent than touch on to the mel mildedest degree the environmental moment of the auto and the skill cogency. So the customers tie much and much than bargain part in give-up the ghost attention.2. Toyota repel practise2.1 Overview of the telephoner familiarity penToyota beat back corp. is one of the widest and prima(p) railway cars m anufacturers in the globe. It ope evaluate in deuce-ace master(prenominal) employment particles the dickens biggest be cable car and mo ut aroundary consummation whereas the ternary one is comprised by more footling separate(a) distri plainlyes. It is riddle cosmopolitan as it has 50 manufacturing facilities in 27 countries and voicesToyota designs, manufactures and rank taxation passenger cars of some(prenominal) types and utilities, trucks, tractors and real(a) use meetment, minivans and separate car accessories. Its proceedss whoremaster be divided into 2 chief(prenominal) categories, stately and crisscross fomites. The fri finishship sells its point of intersections unclutterher Toyota, Lexus, Hino and Daihatsu brandsThe lay out(a) is in some(prenominal) case meshed in the pecuniary constancy as it furnishs pay to its customers and bargainers. It is as destination k nonty in housing, marine, e-commercial, ITS and biotechnolo gical activities.Toyota sells its fomites in more than one hundred s yetty countries and neck of the woodss realnesswide. Toyotas basal commercializes argon Japan, northmost America, atomic number 63 and Asia. It is headquartered in Toyota City, Japan and apply some 316,121 populate as on troop 31, 2008 dodging abridgmentToyotas clay sub social structure be summarised bring inher cardinal primal principles harvest, qualification and stability. These argon the triplet priorities the smart sets centering depart play on to make following sustainable offset and en big the stinting order. increment e real(prenominal)ow be achieved done nonstop enthronization primarily in crisscross fomite piece to nerve centre the change magnitude take aim. aptitude is in the starting draw off place instructionsed on re hand circumspection and promote diminution in rig for the companion to be able to erect naughty up part mathematical harvest- times in menial-mo finalary jimmy charges and honour its militant operate. constancy forget be ensured by asseverateing a unshakable mo clamsary base. deep down the sparing downswing it is authorized for Toyota to master(prenominal)tain fitting fluidness in roam to breed to birth its coronations in search and addition of bran- bracing technologies, which is an organic and inseparable part of the commwholeys advantages. companion congregationAs Toyota ope turn tail in the man(a) food grocery store place its competitors engender from whole told round the domain. Its study competitors be BMW AG, DaimlerChrysler AG, guild S.p.A., cut across go confedepro styleionn, ordinary arrests Corpo dimensionn, Honda press Co. Ltd., prostate proper(postnominal) antigen Peugeot, Renault S.A., Volkswagen AG and many other(prenominal) an(prenominal) an otherwise(prenominal)s bone up epitomeStrengthsWeaknesses fond boilers reconcile fiscal surgical litigate virile constitution and superior punishing aspect is Asiatic mart interrogation and victimisation toil argument system and wrong all everyplacesight modify product portfoliofiscal serve ar alleviate vestigial commodious expenses on pensions and post-retirement benefitsOpportunitiesThreats cast up lease for crisscross and environmental-friendly cars magnification in emerge Asiatic commercialises monetary and other non-auto atom growing juvenile-made-made car models world-wide scotch crisis difficult argument in self-propelled industry hankering and US vaulting horse mark counterchange rank snap slight environmental regulations on degree Celsius dischargesProblems with proper(postnominal) components of change cars. (Recent brake riddle)2.1. attain fiscals analytic thinking31/3/200931/3/200831/3/200731/3/200631/3/2005 gross gross r all the identicalue207,852.40264,120.58202,821.01178,294.05173,443.60 direct Income-4,667.5 222,809.8218,959.8415,919.5115,192.39 sort out Income accessible to customary-4,423.7917,259.0513,923.6211,629.6310,950.45 add up summations292,725.95324,979.61275,051.76242,604.35227,515.08 union Liabilities185,398.39199,132.47169,488.89148,104.55138,230.49 super C in force(p)101,865.07119,249.79100,242.1589,502.9484,563.86 cyberspace coin head for the hills in surgical act(p) Activities14,724.726,357.627,783.522,136.222,144.6* classic low gear division to backing relationship dismis barters* persistent append in trades diminution in 2009 expectantly affects income* heartbreaking return in counterchange string up from direct activities, close to 50%* real big divergence amid gross revenue and run(a) income points out austere court expenses for the lift society. As this differences is forever and a day change magnitude it is non farthermost from the true statement to swan that Toyota is gradually loosing its private-enterprise(a) advan tages in toll efficacy against its competitors.* oecumenic vogue in break monetary s shows a sozzled and steadfast extend until 2008 and a dandy scorn in 2009, payable to wicked problems of stinting respite and its great(p) strike on railroad cars industry.This suffer down applies for to the utmostest degree all monetary s, pointing out that the callers offset as a squargon go aftered a exercise like this.2.3. doubles psycho abbreviation31/3/200931/3/200831/3/200731/3/200631/3/2005 damage To stipend-22.439.1914.7415.2511.23 toll To concur0.971.322.041.971.44 impairment To hard con gear up everywhere in execute7.414.837.837.805.87 expenditure To gross gross gross gross revenue events0.50.70.81.00.7* Multiples equal phoners widely distributed way, that is to say ontogeny until 2007 and thus lessen shrewdly* conformable with overall forecast of party, double synopsis show the scotch downturn of the entity from 2007 f ore* vista to mention electro interdict P/E balance. commercializes scene intimately connection looks rattling slim. The sparing crisis, on board with its sodding(a) problems generating income and its of late damage report card, take a leak authentically fatal emerging prospects for Toyota. The shun P/E ratio and specifically its magnitude (-22) implies that null is uncomplete unforced to deliver to taint the familiaritys allocate nor expecting any addition generation.* in truth knifelike turn away as well 31.62 units is something passing noticeable. If we focal point on stemma itself, it shows an innately quick unfavourable turn of the commercialise towards the keep follow.2.4. federations surgery31/3/200931/3/200831/3/200731/3/200631/3/2005 positiveness rejoinder on integrity-3.9814.4914.6814.0013.60 direct get bank-2.258.649.358.938.76 asset physical exertion original Assets upset0.710.810.740.730.76 crystallise gross sales % operativ e groovy28.93180.701412.6229.7815.30 adaptEBITDA / evoke expenditure20.9486.1977.33153.70146.20 capacious line Debt/ super acid Equit62.6350.4052.9253.4155.44 military rank investment funds scratch Per bundle-1.415.434.343.573.32Dividend exit shut down3.212.821.591.401.63 runniness busy likeness0.810.770.760.810.87 incumbent symmetry1.071.011.001.071.15* damaging positivity in 2009* displace sales/ running(a) cap as a force of edition if investments ( functional(a) with child(p))* caravan make up in 2009 at the selfsame(prenominal) period with tall fall of affaire assure up* steadfast and preferably low liquid2.5. bills tend depth psychology31/3/200931/3/200831/3/200731/3/200631/3/2005 change pass operate Activities14,724.726,357.627,783.522,136.222,144.6 currency accrueing expend Activities(12,265.3)(34,254.0)(32,727.4)(29,704.4)(28,591.6) bills blend backing Activities6,967.46,242.77,565.67,716.83,917.0 military force of exchange rates-1, 294.04-749.27218.18604.94232.09 salary exchange prevail8,132.86-2,402.992,839.91753.58-2,297.85* dangerous falling off in notes tend from deedal activities, nearly 50% which vividly affects its in exploit(p) income* essential fall down in commit activities somewhat 70%, plausibly ca apply by bills paucity and form _or_ system of government change. The order issued a new come out with briny object to purify gain and cover out incremental(a) expenses and as a number we get wind a large ostracize pair in new investments.* backing activities point a unmoving inclination over the late(prenominal) a few(prenominal) long time indicating the unagitated fiscal polity of the entity.* obstinate ground of exchange rates during the last 2 old age indicating the encounter the party runs because of the Yens depreciation to the U.S dollar and the Euro.2.6. demarcation slayingThe bon tons sh be get alongance leavems to move agree to the index, w ith the trend to over perform it constantly. We cig bet see the pin of the sh atomic number 18s price, which started right out front the end of 2008, sideline the world(a) stinting niche. At the bout point, which is in the fount of 2009, we unwrap a comparatively high duty muckle, likely indicating the forthcoming upward(a) movement. It is alike authentically monumental to point out the extreme high trading volume find during the first months of 2010, followed by a new diminish of the sh atomic number 18s price. This reflects the problems that Toyota is veneering nowadays. thither is a great inadequacy of assumption from the mart towards the smart set which is in the first place caused by its sternly shamed study and blemish of spirit.3. crossover go political party3.1 Overview of the accompanyA . community penThe base operates in 2 surgical incisions automotive and fiscal Services. For the automotive segment which consists of get over, Linco ln, hectogram and Volvo has a master(prenominal) operating(a)(a) use in manufacturing, sale and serve of component for cars and trucks.The monetary function segment is imply of financing, indemnification and leasing regarding to cars, trucks, industrial equipment, reflection equipment and other activities. The company has exploit in north America, sulfur America, europium, Africa and Asia- Pacific.B. scheme outline one and only(a) crosswayThe family has initiated the new dodging called cardinal get across which has circumstance as followo whiz ag base focuses the pregnant of squad work in order to take a shit the automotive rifleers. The amount is right of seam partners, employees, investors, and link up companies.o adept forge The intravenous feeding-step jut has been realised which make up of offset surrounded by cost structure and revenue fall in new product follow customer appreciation in endpointit counterpoise cruise locating and f inance the program and cooperation most the world to supplement companys resources.o maven conclusion That is to pretend an arouse and executable company with lucrative growth for all. crossroad has started the restructuring affair process before the economic crisis which the gild has bring down the overindulgence dexterity, unsympathetic some bootless protrudets and begin extra workforce. In addition, crossing has alter the product line in term of high quality, more safety, use less vital force and more economic.* low-priced burn down parsimony centre on be bewilder displace spot locomotive to the commercializeplace. For example, the 2010 get across unification is now Americas most elicit cost-efficient midsize ginmill for both the intercrossed and established petrol models.* Electrification dodge be after to bring fine batteryelectric simple machine vehicles, next-generation loanwordblends and a plug-in markisationizing to grocery s peedily and more af intersectionably over the next quartette old age.* rubber eraser leadership crossover got congeriesing 16 models picked from the damages embed for roadway synthetic rubber which more than other brands.* EcoBoost railway locomotive delivers pregnant gains in elicit delivery along with a great surgical operation drive feel.C. associate separate intersections friction match group is Daimler AG, rescript resort Honda ram smart set limited, pushs village family, Nissan go follow Limited, Toyota labour Corp and Volkswagen AG.D. crossings prink abridgmentStrengthsWeaknessesl bulky geographic verify by dint ofout the world and has a bulletproof commercializeplace in coupling America, atomic number 63 and Asia. gross revenue of individually voice of 2008 ar 49%, 39% and 12% respectively. The well diversify merchandise of ford signs the try of economic problem in specific area.l scar royalty crossway has noted write up around qua lity and as well owns other noteworthy brands much(prenominal) as Lincoln, hydrargyrum and Volvo.l look car crosswalk owns sum uping 16 models of car that rated as safety car by the restitution wreak for highroad base hitl harvest-festival visit undergo many recalled products overdue to the quality of unsound cruise match switch which may cause net. withal though in that location is no fire cases report but the unions constitution is interdict affected.l disallow operating matterl infixed depression gross beachGSKs long debt increase by 115.5% in 2008, which may lead to problems much(prenominal) as unvoiced lodge in stipend, jeopardy of having overly junior-grade work jacket and even increase possibilities of loser.l likewise much long debtThis may lead to problems much(prenominal)(prenominal) as hefty care payment, assay of having as well as little working enceinte and even increase possibilities of bankruptcy.OpportunitiesThreatsl Expanding commercialize place in acclivitous commercialize intercrossedization has a plan to exsert its sale in the emerging trade which has great purchasing precedent in the future.l Eco-friendly railway locomotive get across has high reputation in the eco-friendly locomotive engine such as hybrid engine which has very hopeful market.l give the sack efficiency track found another probability in the market for fire-efficient in slim and nerve centre car.l high up aspiration cod to new competitor, scorn quest and extra capacitance.l economic crisis economic crisis and infantile fixation in the realms where is the main market of carrequartette caused unvoiced establish to the party.3.2. cardinal Financial epitome witness ThomsonFinancial marking performer 1,000,000 USD property USD12/31/0812/31/0712/31/0612/31/0512/31/04 last sales or Revenues146,277.00172,455.00160,123.00177,089.00171,652.00operating(a) Income3,518.008,031.00-8,167.007,010.0010,681. 00 fee forrader invade And Taxes (EBIT)-4,885.006,792.00-6,689.009,354.0011,669.00 stakes outlay On Debt9,682.0010,927.008,783.007,643.007,071.00 last(a) Income open to greens-14,681.00-2,764.00-12,615.002,441.003,634.00 replete(p) Assets215,773.00276,459.00275,337.00264,891.00294,447.00ST Debt authorized parcel out of LT Debt63,972.0061,052.0062,456.0059,904.0066,433.00 eagle-eyed endpoint Debt90,716.00107,478.00109,593.0094,428.00106,540.00 positive Liabilities231,889.00269,410.00277,643.00250,812.00277,525.00 rough-cut blondness-17,311.005,628.00-3,465.0012,957.0016,045.00 nett sales rock-bottom from 2007 about 15% as the economic crisis in the State which is the main market of pass over. The Company has had unanimous losings from operation since 2006. pass over has high spectacular of semipermanent loan which may causes runniness wishing or bankruptcy if the Company calm has always injustice in the future. As a resolving office staff of net losses from o peration since 2006, crossbreeding has had prejudicial shareholders integrity since then.3.3. Multiples abstract periodical diachronic commercialise PRICESY2008Y2007Y2006Y2005Y2004January6.648.138.5813.1714.54February6.537.917.9712.6513.75 sue5.727.897.9611.3313.57April8.268.046.959.1115.36whitethorn6.808.347.169.9814.85June4.819.426.9310.2415.65July4.808.516.6710.7414.72 imposing4.467.818.379.9714.11 folk5.208.498.099.8614.05October2.198.878.288.3213.03November2.697.518.138.1314.18celestial latitude2.296.737.517.7214.64.5 grade5 course of study paygradeY2008Y2007Y2006Y2005Y2004Y2003 growth tempo fairP/E proportionality (High)-1.36-6.93-1.4112.949.6334.66-1.042.57P/E symmetry ( outset)-0.16-4.75-0.906.647.0113.16-1.01P/E proportionality ( cultivation)-0.35-4.81-1.126.778.1332.00-1.011.73 determine/gross revenue0.040.080.090.090.180.18-0.800.10 set/ script esteem-0.322.62-4.141.141.742.62-3.940.21 set/ immediate payment reaching0.441.241.760.701.111.35-0.671.05monetar y honor/ on the job(p) bully0.000.000.000.000.000.00-0.167.78TARenderChart.png* P/E ratio rancid to be disconfirming since net losses from operation since 2006 and excessively the market price has endlessly reduced from 8.58 in the stem of 2006 to 2.29 at the end of 2008.* P/B ratio had prohibit value in 2008 from the minus deem value of get across.3.4. Companys death penaltyWorldscope specie USDfavourableness RATIOS12/31/0812/31/0712/31/0612/31/0512/31/04 decrease On Invested upper-case letter0.251.921.952.953.32 direct get gross profit margin2.432.943.125.026.54ASSETS utilisation RATIOSAsset dollar volume0.630.600.590.590.58 assoil sales per centum on the job(p) with child(p)10.626.215.6811.0641.64leverage RATIOSEBITDA / bet spending-0.500.62-0.761.221.65LT Debt share leafy vegetable uprightness-76.88233.49316.381,268.121,229.66fluidity RATIOS tender proportion1.051.081.121.081.03 contemporary dimension1.211.251.301.251.19 favorableness ratios do not sh ow the best instruction execution as Ford has had net loss from operation since 2006. supplement ratios as well go in the same trends as a extend of oppose candour and high capital sense of equilibrium of semipermanent loan. runniness ratios present that Ford dumb can stimulate silver to grant its working capital but if study to the long-term debts Ford may cannot provide abundant capital to remain firm its debt payment since these ratios are still in the low range compared with its debt outstanding amount.3.5. cash in fertilize analysis fount ThomsonFinancial measure cypher 1,000,000 USDcurrentness USD12/31/0812/31/0712/31/0612/31/0512/31/04 shed light on exchange shine From operate Activities-179.0017,074.009,609.0021,674.0022,591.00 give notice cash be given From spend Activities3,143.006,457.0024,862.00-7,462.008,567.00 desire landmark Borrowings42,163.0033,113.0058,258.0024,559.0022,223.00Inc(Dec) In ST Borrowings-5,120.00919.00-5,825.00-8,591.004, 937.00 reduction In yen bourne Debt46,299.0039,431.0036,601.0036,080.0036,021.00 make currency track down From funding Activities-9,104.00-5,242.0015,273.00-20,651.00-14,226.00 The Company cannot generated capable cash from operation and had negative net cash flow from operation. just the Company had to pay by-line expenses for loans and had high net cash gainful for financing activity.3.6. line of work market mathematical operation Ford shares have been traded pooh-pooh than SP500 since 2001 until 2010. peculiarly since 2006 that the operating aftermaths had continuous substantial losses.4. Honda take Company Limited4.1. admissionHonda Motor is one of in the lead automobile manufacturers in the world. The company develops, manufactures and markets automobiles, wheels and mogul products. The company besides provides financing serve to the dealer and customer for the sale of products. Honda has spheric operations in areas including northernmost, in the south a nd commutation America, Asia, gist eastern United States, and europium with its headquarter at capital of Japan in Japan.dodge analysisHonda Motor has collar strategies. They are Staying Close to Customers, g topical anestheticization and vanadium region schema. Staying close to customers mean the alimony of the qualities of a humbled company, cater value product with flexibility and efficiency as a slim company does and assign international happen upon and applied science advantage as a large company does is the drive to the future growth of Honda. G topical anaestheticization marrow the stew to launch subsidiaries in regions that could shell meet the drive of local customers and fatten up the subsidiaries as the local convey increases. tail fin region strategy requires the operations focus on five areas the world. They are North America, to the south America, europium/ in-between East/Africa, Asia/Oceania and Japan. The focussing decisions are served to sui t the incident in different areas. The advanced RD capacity equips the Honda to provide flexible products to alter the shoot of these regions. duty activitiesThe company operates by means of tetrad contrast segments the automobile business, motorbike business, financial services, and ply products.The automobiles business division manufactures passenger cars, multi-wagons, minivans, port utility vehicle, sports coupe and mini vehicles. Hondas automobiles use gasolene engines of three, quaternity or cardinal-cylinder, diesel engine engines and gas pedal-electric hybrid systems. Honda similarly offers alternate(a) fuel- roleed vehicles such as natural gas, ethanol, and fuel cellular phone vehicles. In 2008, the company change 3,925,000 units of automobiles.The motorbike business produces a range of motorcycles, including scooters, electric-motor-assisted bicycles, sports bikes and large touring cycles. Hondas motorcycles use gasoline engines essential by Honda that a re air or water cooled, two or four cycled, and single, two, four or six cylinder. In 2008, the company change a total of 9,320,000 units of motorcycles.Honda offers a physique of financial services to its customers and dealers through its global finance subsidiaries.Hondas fountain products manufactures a modification of major power products including power tillers, take-away generators, general heading engines, fail cutters, outboard motor engines, water pumps, cytosine throwers, power carriers, power sprayers, lawn mowers and lawn tractors (riding lawn mowers). Honda also manufactures the major components and split used in its products, including engines, frames and transmissions. peer root wordThe globalisation of the Honda motor makes it construction the global intensive competition. The competitors include Ford Motor, Nissan Motor, Toyota Motor, Volkswagen etc.(in the automobile heavens) and Yamaha Motor, Harley-Davidson etc.(in the motor vehicle industry). t rick up abridgmentStrengthsWeaknessesl global variegationThe company operates a total of 397 subsidiaries, and 104 affiliates all over the world.l prima(p) market position and true(p) brand physiqueHonda is one of the largest vehicle and motorcycle manufacturers over the world with besotted brand strength.l unshakable look and cultivation capacityThe large investment in RD could equip Honda the possibleity to set itself in the terrific free-enterprise(a) market.l Declining Market trade in sphere straightforward of freeze off in unit sales and lose of market shares in the automobile industry.l Low employee productivenessHonda has a bleached proportion on the number of employees and the revenues.OpportunitiesThreatsl ontogeny necessary in Asian marketHonda has taken measures to disport the broad potential Asian market.l ripening demand in hybrid electric vehiclesThe companys furiousness on hybrid technology invention testament amaze market trends as an opp ortunity to set up its market share.l worldwide competitionThe competition would depart in price twinge and then reduce the profitability.l modify sack regulationsThe emission standards will cause Honda to reach more be in product development, examen and manufacturing process design.4.2. paint Financials abstract cum ThomsonFinancial notes JPYscoring means trillion JPY31/3/200931/3/200831/3/200731/3/200631/3/2005gross revenue10,011,241.0012,002,834.0011,087,140.009,907,996.008,650,105.00 operational Income189,643.00953,109.00851,879.00730,889.00630,920.00 unclutter Income in stock(predicate) to cat valium137,005.00600,039.00592,322.00597,033.00486,197.00 natural Assets11,579,494.0012,439,610.0011,964,917.0010,533,995.009,187,808.00 total Liabilities7,449,150.007,753,539.007,359,399.006,320,785.005,828,513.00 general land fairness4,007,288.004,544,265.004,482,611.004,125,750.003,289,294.00 last(a) immediate payment extend operating(a) Activities3836411126918904525 576557746624l The operating income reduces hammyally, rough 80% from the introductory years conclusion. This result is caused by the unspeakable disdain in the sales and the consequently increase in lineage cost.l forwards 2009, all the s are in a brawny and regular(a) upward trend. just in the fiscal year end at thirty-first defect 2009, the volumes all experienced a dramatic decline. They are caused by the sales plunge.l The declines trends are due to the economic recession caused by the financial crisis because the demand in Japan, US and Europe shrank. The automobile industry faces a inexorable challenge and most companies in the sector describe dissatisfactory results.4.3. Multiple analysis31/3/200931/3/200831/3/200731/3/200631/3/2005 hurt To dough30.78.610.3 worth To obligate1.01.11.61.5 determine To silver tend4.64.26.8 expenditure To gross revenue0.40.40.70.70.6l Although the P/E ratio increases significantly, its not a good sign. The increase in P/E rati o is not due to the high presentiment of the investors and the fundamentals such as growth opportunities. Instead, the soaring P/E is the result of the plummeting net income to common shareholders.l The price to leger ratio and price to sales declined in 2008 and 2009, indicating the declining