Succeed in IELTS Academic Listening Test 7 (Online Test)

Presenter: Good morning and welcome to the programme. This week we're continuing our series of features on motor racing and I am delighted to welcome to the show, David McWilliams, widely recognised as the most knowledgeable motor racing historian in England. We've invited David in to talk to us about what is probably the most famous and prestigious motor racing championship in existence today; that is, of course, Formula One. David, Formula One is now a massive racing franchise, but how did it all begin?

David: Well, Formula One has its roots in the European Grand Prix Motor Racing championship which began in the 1920s. After World War Two, the Grand Prix was transformed into a new championship format, the one we are familiar with today, Formula One. The 'Formula' stands for the rules which all the drivers and manufacturers must respect. The 'One' signifies that this racing championship is regarded as the best in the world. The first world championship race was held in 1950 at Silverstone in England. It was won by Italian Guiseppe Farina, in his Alfa Romeo. Farina narrowly beat his teammate Juan Manuel Fangio of Argentina to the title, yet it was Fangio who would go on to dominate the sport for the rest of the decade winning five world championships. As the years went by, the sport became a global phenomenon and grew from strength to strength, becoming the biggest commercial sport on the planet.

Presenter: There's no doubt that Formula One is big business today David, but what about the real heroes, the great drivers of Formula One, past and present? Who stands out as the best, in your opinion?

David: That's an almost impossible question to answer, but I could narrow it down to three or four amazing drivers; take your pick from any one of them. I'll start with the grand master of Formula One, the great Fangio who I've already mentioned. He dominated the sport throughout the 1950s, winning 5 titles in all, his first in 1951, his last in '57, a record that stood for 46 years. Indeed, he was the first multiple championship winner. Fangio was a fiery and spirited Argentinian who never gave up. His greatest moment came in winning the 1957 championship when he came back from a disastrous pit stop to recover a 30-second deficit and take the championship on the last lap of the last race of the season. That was, of course, to be the last time he'd win the title.

Another undoubted great is Brazilian, Ayrton Senna. Senna won the world title three times, the first being in 1988, the last in 1991. Tragically, he died in a race crash the year after to the dismay of millions of fans watching the race unfold live on T.V. Senna was best known for his skills driving in the wet and he won the Monaco Grand Prix, on what is regarded as the most difficult race course in Formula One, more times than any other driver. Perhaps because of this, he is regarded as the most naturally gifted driver to have ever sat behind the wheel.

Another very talented driver was Frenchman, Alain Prost. Prost won the drivers' title four times during his career. His first title victory came in 1985 and his last arrived in 1993. Of course, Prost will always be remembered as the driver with the third highest number of championship victories, and, perhaps, even more for the fact that he was a great rival of Ayrton Senna. Those two had many great battles.

Last but not by, any means, least, Michael Schumacher is the most recent of these driving greats who deserves a mention. His first title was won in 1994, and he continued to dominate Formula One until he won his last title in 2004. Schumacher holds many driving records including most drivers' championships, race victories, fastest laps, pole positions, points scored and most races won in a single season. He is also regarded as the greatest driver on paper having won seven world titles.

Presenter: It sounds like Schumacher is in a league of his own; is he not clearly the best then, David, based on his record?

David: It's not that simple unfortunately. These drivers all raced in different eras with different cars and under different circumstances. I don't believe we can say one was the out and out best but rather that each was the best of his time. That's praise enough.

Mary: So ... let's go over this again. We don't want to make any mistakes and we all need to agree we're making the right decision.

John: Absolutely; we'd have to spend a lot of money to buy Bizz-Educators Inc; almost £10 million. So let's get this right, otherwise it'll be our necks on the line.

Dave: Well, I for one think this is an excellent opportunity for our company to expand and break into a new market. I say we should go ahead with the takeover. At £10 million, Bizz-Educators is good value for money.

Mary: Ok Dave, I know you're very much in favour of the acquisition. How about you summarise the plus points of this venture for us. Mark, you're less certain and you've highlighted some issues already. Will you summarise the downsides?

Mark: I'd be only too happy to.

John: Right then, Dave, let's start with you. Why is this proposal so attractive? What are the upsides?

Dave: It's simple economics. Bizz-Educators has a proven track record and is an industry leader. It is a well-respected company with a great name, has generated excellent goodwill, and has consistently made a gross profit of more than £500,000 per annum with a great shareholder return.

Mark: Yeah, but what about the net profit? That's not nearly as high. In fact, last year it made a net loss of £100,000.

Dave: Mark, that's only because it invested in a new manufacturing plant. That's a long-term investment to secure the company's future. In fact, it's a good thing, not a bad thing. It shows that the company has a clear and ambitious strategy going forward. Besides, a £100,000 loss is very small in real terms. It's hardly worth being concerned about. That loss will be clawed back within two years if the projected profits for 2012 and 2013 materialise. The forecast is for a net profit of £500,000 in 2012 and £1,000,000 in 2013. The figures speak for themselves. This is a sound investment.

John: I have to agree with Dave. Why are you so sceptical Mark?

Mark: I see where Dave is coming from, but we're overlooking some vital facts. First of all, this company wants to remain an independent entity. Hostile takeover bids are fraught with danger. We know from experience; remember Davidsville Inc.? We spent a fortune researching that company and creating a workable business plan only for the merger to fall through.

Mary: Mark's right, it is always difficult to buy a company that doesn't want to be sold. Davidsville was a disaster. Continue Mark.

Mark: That's not my only concern. I am also worried that Bizz-Educators is a production-based company. We have no experience running companies like that. Our market is investment banking and trading. We would have to hire outside managers to run Bizz-Educators for us. That's going to cost more money. Look, I'm not saying it can't be done; I'm just saying this is a high-risk venture. Plus there's no synergy. Our business is totally different, so we can't save costs by combining departments.

John: Well, we can certainly see that this decision is not straightforward, by any means.

Mary: Maybe, but we have to come to a conclusion soon; it's almost five o'clock.

Mark: What's the hurry? Can't we postpone our decision and discuss the takeover proposal again tomorrow?

Mary: Mark, have you forgotten that we have to have our conclusions ready for tomorrow's board meeting? That's when the official decision will be made.

Dave: Goodness, it almost slipped my mind. Well, we'd best move on. Mary, John, you were uncertain before. Now that you've listened to the pros and cons of the proposal, what do you think?

John: I think it's a great opportunity for our business. Bizz-Educators is definitely profitable and it is a business on the up, it's growing and is a very attractive takeover proposition for that reason.

Mary: No-one doubts that it's a very successful business, but the question is should we invest? I say we should, provided we can guarantee the following: First of all, I would like assurances that the management of Bizz-Educators won't oppose us outright. That would make the bid too difficult. Secondly, I think we need to ask an independent mediator to broker the deal on our behalf. Last time we tried to negotiate our own takeover it was a disaster, as Mark said.

John: I agree Mary. I'd also like us to carry out another audit of the company's books.

Mark: In fairness John, I don't think that's necessary. We've done a thorough audit already. It'll just cost more money. We must keep the deal secret until it goes through though; if this gets leaked to the press, Bizz-Educators won't be happy. That will make the management even more hostile towards us.

Dave: Good point, agreed. I don't think we need to be concerned about projected profit margins, goodwill or accounting issues. Bizz-Educators has kept very up-to-date account books.

Mary: Great, then we're all agreed the takeover should go ahead provided we proceed cautiously.

Tutor: I'd like you to give a warm welcome to our guest speaker today, Dr. Sophia Martin from the Faculty of Science. Dr. Martin is an expert in energy conservation and she's going to talk to us about ways we can conserve energy in the home. This is a very important subject as the world we live in is facing dramatic and potentially destructive climate change as a result of our excessive wastefulness and aggressive exploitation of natural resources.

Dr. Martin: Thank you for the kind words Alice. You are quite right, we face an unprecedented climate crisis and it is up to each and every one of us to do our bit to help stop global warming. Believe it or not, if we all took some simple steps, we could dramatically reduce our carbon footprint and help protect the environment. It is not a cliche, it is not silly nonsense talk, one person really can make a difference and I hope that after my speech today, you will understand how.

But first, what exactly is your carbon footprint? Basically, it's how much you pollute the environment as an individual, or rather what volume of greenhouse gas is emitted into the atmosphere because of your day-to-day activities. The key to stopping global warming is for each of us to reduce our carbon footprint, and if we conserve energy in the home, we can achieve some truly dramatic results.

Our homes are actually very inefficient from an energy conservation perspective. Indeed, more than 65% of all homes aren't insulated enough. This means that they lose heat and that homeowners waste a lot of energy, not to mention money, on heating during winter. So the first step is to fit adequate insulation in the attic and outer walls of your home. This can reduce your heating bills by as much as 25%. What's more, the government offers grants to people who want to have their homes reinsulated, so it isn't a very expensive process, and you will probably recoup your investment within a couple of years. I would encourage everyone to consider this course of action; both your wallet and the environment will thank you.

Believe it or not, there are even simpler things we can do. For a start, never paint your interior walls in dark colours. Dark colours absorb heat; therefore, you will waste more energy trying to keep your home warm. Always use light colours on interior walls.

Did you know, a dishwasher that is 50% full uses almost the same energy as one that is 90% full? The moral of the story is to wait until your dishwasher is packed before switching it on; it'll save you and the environment. The same is true of most household appliances, so try to use them only when necessary. Another startling fact is that replacing just one normal light bulb with an energy-efficient light bulb will save you £25 over the lifetime of the bulb. Now just imagine the savings if you replaced all the bulbs in your house.

Having large windows seems to be in fashion right now, yet it makes no sense whatsoever from an energy saving perspective. Windows are one of the biggest causes of heat loss. If you have large windows at home, my advice would be to close the curtains and blinds as often as possible. This will help your rooms retain heat. Another simple way to retain heat is to close all inside doors, especially ones which lead into cooler parts of the house. Carpets and rugs are great floor insulators. It's a good idea to have these fitted in rooms where heat retention is an issue.

I would strongly advise people to consider erecting solar panels on their roofs. You don't need to live in a constantly sunny place to reap the benefits of these; even our English weather will suffice. Solar panels can generate enough energy to heat your entire hot water supply, which is fantastic when you think how much you pay for this service at the moment. And, of course, I would encourage people to continue recycling and composting waste. The next generation will thank us if we act now and rightfully condemn us for failing to.

Well, I can only hope you have found this speech informative and that I have highlighted the importance of the individual to the cause of environmental protection. Thank you for your attention, I'll hand you back to Alice now....