Financial

Financial Management

Part A

The case study solution will be based on the Hallenstein Company. The different goals of the company including the financial goals and objectives of the company will be analyzed in this report. Different methods of analyzing the financial statements will be analyzed here. The business of HallensteinCompany will be discussed. The main business of the company is for the retail clothing for men and women. This is a New Zealand based company. The company operates total 112 stores. It also operates 3 stores in Australia and the company also possesses an online e-commerce platform for selling different clothing. The financial statement of this company will be analyzed to understand the profitability of the company.

 

Part B

Stakeholders mean the people to whom the profitability of the company matters. There are two types of stakeholders available.

Internal stakeholders

The internal stakeholders are employees, stakeholders and owners. The focus of the employees is to improve the financial and operational health of the company. The company operates through the third party retailer as well as their flagship store.

External stakeholders

Customers are the external stakeholders of the company. The major focus of the company is to provide best services to the customers of the company. The company is mainly dependent on its customers. The company tries to provide the best services for the customers and it gives values to its employees. The company always concentrates on maintaining their customers. The quality of services of the company is high. It keeps the online store also upgraded. Suppliers are the external stakeholders of the company.

 

This company has its some principals such as its shareholders. Shareholders are the one who invested their money in our company.

The agents of the corporation are considered as the board of directors, Chief Executive Officers, Chief Financial Officer,other officers and some other persons, who are officially authorized to deal with the situations on its behalf.

 

Part C

There are different economic factors available that impact the business environment. The tax rate, inflation of the economy affects the business of the organization in different ways. The demand of supply and the elasticity of the market help to decide the productivity and cost of the business. Economic factors have a huge impact on every business. The sales and the revenue of the business are dependent on different economic decisions of the country (Mellon,2016). The regulation of the country also affects the business in several ways. The rules and regulation of the business should be made according to the rules and legislation of country. There are different rules and regulation that should be maintained by the business for the good of the society.The company deals with various several financial institutions such as banks, super market, and foreign exchange. These institutions decide financialgrowth and transactions.

 

Part D

Debt and Equity Consideration

Debt Equity Ratio Total liabilities/ Total equity 0.25815 0.31196 0.28935

 

Years 2018 2017 2016
Total liabilities 23,781 26,671 22,751
Total equity 68,340 58,823 55,877

 

WACC:

WACC = E / (E + D) * Cost of Equity + D / (E + D) * Cost of Debt * (1 – Tax Rate)
= 0.5735 * 4.49% + 0.4265 * 2.7197% * (1 – 27.645%)
= 3.41%

Table 1: WACC calculation

 

Part E

Calculation of the profit of the firm:

Month Amount (In $) Seasonal funding  (In $) Permanent Requirement(In $)
January 2,000,000 2,000,000 0
February 2,000,000 2,000,000 0
March 2,000,000 2,000,000 0
April 4,000,000 2,000,000 2,000,000
May 6,000,000 2,000,000 4,000,000
June 9,000,000 2,000,000 7,000,000
July 12,000,000 2,000,000 10,000,000
August 14,000,000 2,000,000 12,000,000
September 9,000,000 2,000,000 7,000,000
October 5,000,000 2,000,000 3,000,000
November 4,000,000 2,000,000 2,000,000
December 3,000,000 2,000,000 1,000,000
Total 24,000,000 48,000,000
Average 2,000,000 4,000,000

 

As per above table, it is identified that the average permanent requirement is $2,000,000 and average seasonal requirement is $4,000,000.

Aggressive Strategy

Formula: Permanent funding * fix capital

= 2,000,000*17% = 340,000

Formula: Seasonal funding * short term funding

=4,000,000*12%= 480,000

Conservative Strategy

Formula: (permanent funding + seasonal fund) * fixed of capital

= (2,000,000+4,000,000) * 17% = 1,020,000

Aggressive Strategy total of cost = 340,000+480,000= 820,000

In addition, the Conservative Strategy total of cost = 1,020,000

Recommendation-As per the above calculation, it can be recommended that the aggressive strategy is appropriate for the firm due to having less cost. In this, the conservative strategy has cost of $1020000which is higher than aggressive strategy $820000.

 

Part F

Acquisition cost per user New customers Total customers Average revenue per user Cost per user Fixed costs Inflows
Year 0 ($100,000)
Year 1 $100 100 100 $360 $100 $1,000 $35,000
Year 2 $100 200 300 $360 $100 $1,000 $35,000
Year 3 $100 300 600 $360 $100 $1,000 $35,000
Year 4 $100 400 1000 $360 $100 $1,000 $35,000
Year 5 $100 500 1500 $360 $100 $1,000 $35,000
Totals 1500 NPV $414,730.43
IRR 72%

 

Table 4: NPV and IRR calculation

Formula

NPV = F / [ (1 + i)^n]

PV = (Cash Flow/ (1 + i )^n)

F = Future payment (Cash flow)

i = Discount rate (or interest rate)

n = the number of periods in the future cash flow

IRR =

Ct = Net cash inflow during the period t

C0 = total initial investment cost

r = the discount rate

 

The above table explains the NPV and IRR of the company. The NPV of the company is positive and it denotes that the company is in good situation. The IRR of the company is also high. The amount of NPV and IRR of the company denote that the inflow of the company is higher than the outflow of the company.

Part G

Liquidity ratios:

 

Ratio analysis Hallenstein brothers 2018 2017 2016
Liquidity ratios Formula      
Current ratio Current Assets/Current Liabilities 1.91 1.43 1.74
Calculation      
Current assets 4,53,46,000 3,80,47,000 3,96,17,000
Current liabilities 2,37,81,000 2,66,71,000 2,27,51,000
Quick ratio (Acid test) (Total current assets-inventory-prepaid expenses)/Total Current liabilities 1.03 0.65 0.86
Calculation 45346000/23781000 38047000/26671000 39617000/22751000
Inventory 2,09,59,000 20605000 2,00,01,000
Current assets 4,53,46,000 3,80,47,000 3,96,17,000
Current liabilities 2,37,81,000 2,66,71,000 2,27,51,000
Prepaid expenses 3,871 3,873 3,419
Proprietary ratio Equity/Total assets 0.74 0.69 0.71
Calculation 68340000/92121000 58823000/85494000 55877000/78628000
Total equity 6,83,40,000 5,88,23,000 5,58,77,000
Total assets 9,21,21,000 8,54,94,000 7,86,28,000

 

(Source: Annual Report, 2017 and 2018).

The amount of liquidity in the company is standard. It denotes the company is capable enough to maintain the balance of the current assets and current liabilities. The company can invest the assets in the beneficiary funds and the liquidity amount of the company is also maintained.  From the above liquidity ratios, it can be determined that current ratio of the firm is more than one showing the ability of the firm to meet its short term obligations. There is fluctuation in the current ratio as but overall this ratio is showing an increasing trend from year 2016 to year 2018 indicating the increasing ability of the firm to meet its short term obligations. It may be due to increasing cash and cash equivalents. Apart from this, quick ratio increased from 0.86 in year 2016 to 1.03 in year 2018 with a decline to 0.65 in year 2017. Overall, it shows an increasing trend in this ratio indicating the increasing ability of the firm to meet its short term obligations in even contingency. In addition, proprietary ratio increased during this period indicating the increasing ability of the firm to have amount of capitalization currently used to support its business. However, it is lower than 1 showing risk of having the financial difficulty.

Efficiency ratios:

Efficiency ratios Formula 2018 2017 2016
Days  inventory outstanding (Inventory /Costs of goods sold) *365 71.12 76.47 75.32
Calculation (20959000/107567000)*365 (20605000/98350000)*365 (20001000/96920000)*365
COGS 107567000 98350000 96920000
Inventory 2,09,59,000 20605000 2,00,01,000
Days receivable outstanding (Avg. account receivable/Sales) *365 0.24 1.19 2.71
Calculation (182000/277642000)*365 (779000/239004000)*365 (1660000/223510000)*365
Account receivable 182000 779000 1660000
Sales 27,76,42,000 23,90,04,000 22,35,10,000
Pay outstanding period (Avg. account payable/Sales) *365 7.24 14.00 12.94
Calculation (5506000/277642000)*365 (9169000/239004000)*365 (7921000/223510000)*365
Account payable 55,06,000 91,69,000 79,21,000
Sales 27,76,42,000 23,90,04,000 22,35,10,000
Assets turnover Net sales/ Average total assets 3.01 2.80 2.84
Calculation 277642000/92121000 239004000/85494000 223510000/78628000
Sales 27,76,42,000 23,90,04,000 22,35,10,000
Total assets 9,21,21,000 8,54,94,000 7,86,28,000
Fixed asset turnover ratio Net sales/ fixed assets 5.94 5.04 5.73
277642000/46775000 239004000/47447000 223510000/39011000
Fixed assets 4,67,75,000 4,74,47,000 3,90,11,000
Sales 27,76,42,000 23,90,04,000 22,35,10,000

 

(Source: Annual Report, 2017 and 2018).

From the above calculated ratios, it can be depicted that days inventory outstanding declined from 75.32 days in 2016 to 71.12 days in 2018 means the management efficiency of the company declined in managing the inventory and converting it into the sales. At the same time, days receivable outstandingalso declined from 2.71 days to 0.24 during this period as the firm have started to collect the payment from customers quickly to maintain the cash position. In addition, decline in pay outstanding period shows that the firm has reduced its time duration of paying to suppliers to maintain good relationship. At the same time, assets turnover shows that it has increased from 2.84 in 2016 to 3.01 in 2018 indicating the improving efficiency of the management to convert or utilize the assets to generate revenues. In addition, fixed asset turnover also increased showing the improvement in efficiency of the company to utilize the fixed assets to convert into sales. Overall, efficiency ratios show the improving efficiency of the management to utilize its resources to generate sales.

Profitability ratios:

Profitability ratios Formula 2018 2017 2016
Gross profit margin (Gross profit/ Revenue)*100 61.26% 58.85% 56.64%
Calculation (170075000/ 277642000)*100 (140654000/239004000)*100 (126590000/223510000)*100
Gross profit 17,00,75,000 14,06,54,000 12,65,90,000
Revenue 27,76,42,000 23,90,04,000 22,35,10,000
Net profit margin (Net profit/Revenue)*100 9.85% 7.23% 6.12%
Calculation (27361000/277642000)*100 (17269000/239004000)*100 (13679000/223510000)*100
Net profit 2,73,61,000 1,72,69,000 1,36,79,000
Revenue 27,76,42,000 23,90,04,000 22,35,10,000
Operating profit margin (Operating profit/Revenue)*100 13.62% 9.97% 8.39%
Calculation (37819000/277642000)*100 (23831000/239004000)*100 (18743000/223510000)*100
Operating profit 3,78,19,000 23831000 1,87,43,000
Revenue 27,76,42,000 23,90,04,000 22,35,10,000
Return on equity ratio (Net income/ Shareholder’s equity)*100 40.04% 29.36% 24.48%
Calculation (27361000/68340000)*100 (17269000/58823000)*100 (13679000/55877000)*100
  Net income 2,73,61,000 1,72,69,000 1,36,79,000
Shareholder’s equity 6,83,40,000 5,88,23,000 5,58,77,000

 

(Source: Annual Report, 2017 and 2018).

Based on the above calculated ratios, it can be analyzed that all the profitability ratios including gross profit margin, net profit margin, operating profit margin and return on equity ratio increased from year 2016 to year 2018. Regarding this, it can be depicted that the ability of the firm to keep the operating expenses to low has improved as firm has reduced the operations costs during this period that has improved the profits of the firm. At the same time, return on equity has increased from 24.48% to 40.04% showing the improved ability of the firm to generate sufficient returns for the shareholders. So, it can be stated that the firm is quite effective to generate profits or returns on investment made by the investors.

Leverage Ratios:

Leverage ratios
Debt ratio Total liabilities / total assets 0.26 0.31 0.29
Calculation 23781000/92121000 26671000/85494000 22751000/78628000
Total liabilities 23781000 26671000 22751000
Total assets 9,21,21,000 8,54,94,000 7,86,28,000
debt to equity Total liabilities / total equity 0.35 0.45 0.41
Calculation 23781000/68340000 26671000/58823000 22751000/55877000
Total liabilities 23781000 26671000 22751000
Total equity 6,83,40,000 5,88,23,000 5,58,77,000
       
Debt-to-capital Ratio Total Debt / (Total Debt + Total Equity) 0.26 0.31 0.29
Calculation 23781000/(23781000+68340000) 26671000/(26671000+58823000) 22751000/(22751000+55877000)
Total liabilities 23781000 26671000 22751000
Total equity 6,83,40,000 5,88,23,000 5,58,77,000
Asset-to-Equity Ratio Total Assets / Total Equity 1.35 1.45 1.41
Calculation 92121000/68340000 85494000/58823000 78628000/55877000
Total assets 9,21,21,000 8,54,94,000 7,86,28,000
Total equity 6,83,40,000 5,88,23,000 5,58,77,000

 

From the leverage ratio, it can be determined that how the firm uses the capital to finance its activities. Based on the calculated leverage ratios, it can be determined that company uses more equity than debt to enhance the creditworthiness in the future contingency. However, this ratio declined from 2016 to 2018 showing the more focus on the equity to finance its operational and investment activities. At the same time, the assets values are more than equity with declining pattern with some fluctuations showing the ability of the firm to pay shareholders with sufficient assets in downsizing or closure of the business.

Part H

There are several factors that impact the business decisions. The decision-making is always a dependent variable. The decision-making of a business is highly influenced by different factors.

Capital rationing vs. unlimited funds

Types of funds impact the company in different ways. There are two types of funds that impact the business of the organization. One type of fund is capital rationing and the unlimited funds. The capital rationing helps to make the spending structure in a limited way but the unlimited funds of the company helps the company to use the spending in several ways.

Independent vs mutually exclusive projects

The business type is influenced by the types of projects. There are mainly two types of projects. One is independent projects and the other project is the mutually exclusive projects (FOOK, 2016). The independent project do not bounded by any rule. It can operate independently and the mutually exclusive projects are dependent on each other and the starting of this kind of project is dependent on the ending of other types of projects.

Expansion vs replacement projects

Another important factor that influences the projects are the expansion and the replacement. The decision of expansion needs new market and new strategy of expansion. On the other hand, some loss making company wants to replace their projects.

Part I

Delphi
Probability Return in $m Returns
1 0.2 20 4
2 0.6 40 24
3 0.2 60 12
Average 13.3333333
Standard Deviation 10.0664459

 

Oracle
Probability Return in $m Returns
0.5 30 15
0.3 40 12
0.2 65 13
Average 13.33333
Standard Deviation 1.527525

Part J

Taxation                

In concern of taxation, it is analyzed that taxes play an important role in the organization as it creates the huge impact over the organization in concern of its financial decision making. At the same time, the most crucial objective of taxation is to raise the needed revenues in respect to meet the organizational expenditures. In addition, tax rates vary to the different countries and that is why, taxation has favorable as well as unfavorable effects on the distribution of income and wealth of an organization. Hallenstein operates business in NZ and Australia. The company tax rates vary as 28% in New Zealand and 30% in Australia. It means difference in tax rates may also impact the profitability of the company in different countries. When Hellenstein invests in different projects in other countries, when tax rate is higher, they will get less return and less cashflow from the project similar to AU subsidiary. For example, in New Zealand, the firm pays less tax as it enhances the returns and cash flows as compared to Australia. In this way, company has to pay the tax on their incomes which reduces the net profit of the company or profits attributed to the shareholders.

Part K

The students have engaged the stakeholders by their research methodology and the other questionnaire. The students have mainly engaged the employees and the customers of the company. The students have made interesting questionnaire for the stakeholders as in the customers and the employees.The students interviewed all the stakeholders of the company. It has helped the students to engage the stakeholders for the research.

Internal stakeholders like fashion designers were interviewed. The questions are:-

Operation:How the Hallensteins brothers manage to stay according to the latest fashion trends?

Accounting: how does the accountant manage or handle the accounts of every Hallensteins store?

Sales and marketing: how do you promote your products or your store?

Human resources: what qualities do you look while hiring a new staff?

Risk management: how do you identify the risk and how do you mitigate it?

 

Mail

Hallensteinsbrothers.co.nz

Subject: regarding the important questions to fashion designer

Hi sir I am sending you a mail related to the assignment project. I just want you to ask that the Hallensteins brother is a very famous fashion retail company so how do you manage to stay according to the latest trends or how do you maintain your company according to the customer’s preference or choice.

Thanks

Regards

Pankaj

Mail to main stakeholder:

Supplier

Subject: regarding the supply of the goods

Hi sir I am sending you an email related to the assignment project. I have got the permission from the Hallensteins company manager regarding this. I just wants to know that how do you supply the goods and products in terms of quantity, price and need.

Thank you

Regards

Pankaj

Part L

Students need to ensure that all the organizational policies and procedures are feasible as per the internal as well as external requirements of the business entity while accomplishing the process of decision making process and forecasting process clearly. A direct meeting was conducted by the student to the management to accomplish the decision making process and forecasting. At internal level, the student contacted with the employees and managers and ensured them about the privacy and confidentiality of their data which they provided. It was assured them that their information will be used only for the academic purpose and will not be disclosed to another party without their permission.

In addition, information provided in the documents and reports was not used for non-academic purpose and harming the reputation of the company in the market. There will no harm to the company and its members through this study as all the information given will be used only for completing the assignment given by the University.

For this, ethical policy or code of conduct of the company was considered as evidence at internal level that reflects the consideration of the ethics while studying (See: Appendix 3). At external level, Audit – Companies Act 1993 and Financial reporting act 2013 are complied during this study.

Audit report of the annual report considers the fair financial reporting of the company to comply with the acts and laws related to financial reporting (See: Appendix 4).

From the independent auditor’s report given by PWC, it is evaluated that the firm has complied with NZ IFRS and IFRS along with internal standards on auditing and ethical standards while reporting its transactions in the financial report.

Part M

The creativity of the student has been applied in the questionnaire of the stakeholders. The annual report analysis has been portrayed the analytical skills of the students. The critical thinking of the students has been applied in the other calculations.

The data analysis and research has been done to find out the information related to the company. The communication skills of the students have been applied at the time of questioning the stakeholders.

Analytical skills:

Communication: The communication skills have been applied at the time of getting the permission from the tutors to select the organization and at the time of questioning the stakeholders and the organizations employees regarding the performance of the organization.

Problem solving skills:

Data analysis and search: Data analysis and search skills have been applied during the time of gathering the information about the company. The skills helped to get the information which is essential for the project and during the research I also get the more knowledge about company
performance in the market.

References

Dudin, M., Kucuri, G., Fedorova, I., Dzusova, S., &Namitulina, A. (2015). The innovative business model canvas in the system of effective budgeting.

FOOK, Z. (2016, June). Business & Economics. In 24th Annual Beacon Conference June 3, 2016 (Vol. 113, p. 64).

Mellon, A. W. (2016). Taxation: the people’s business. Pickle Partners Publishing.

Gorisek, A. and Pahor, M., 2017. Missing Value Imputation Using Contemporary Computer Capabilities: An Application to Financial Statements Data in Large Panels. Economic and Business Review for Central and South-Eastern Europe19(1), p.97.

Manea, L., 2017. How to use financial statements within the global economic analysis trend. Internal Auditing and Risk Management45(1), pp.16-24.

Kew, J. and Stredwick, J., 2017. Business environment: managing in a strategic context. Kogan Page Publishers.

Eruemegbe, G.O., 2015. Impact of Business Environment on Organization Performance in Nigeriaa Study of Union Bank of Nigeria. European Scientific Journal, ESJ11(10).

Annual Report (2018). Hallenstein brothers. Retrieved from: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%202018.pdf

Annual Report (2017).Hallenstein brothers. Retrieved from: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report.pdf

 

 

Appendices

Financial Statements:

Income Statement 2018 2017 2016
Total Revenue 277,642 239,004 223,510
Cost of Revenue 107,567 98,350 96,920
Gross Profit 170,075 140,654 126,590
Operating Expenses
Research Development
Selling General and Administrative 133,076 117,777 108,631
Non Recurring
Others -780 -781 -784
Total Operating Expenses 239,863 215,346 204,767
Operating Income or Loss 37,779 23,658 18,743
Income from Continuing Operations
Total Other Income/Expenses Net 291 412 318
Earnings Before Interest and Taxes 37,779 23,658 18,743
Interest Expense
Income Before Tax 38,070 24,070 19,061
Income Tax Expense 10,709 6,801 5,382
Minority Interest
Net Income From Continuing Ops 27,361 17,269 13,679
Non-recurring Events
Discontinued Operations
Extraordinary Items
Effect Of Accounting Changes
Other Items
Net Income
Net Income 27,361 17,269 13,679
Preferred Stock And Other Adjustments
Net Income Applicable To Common Shares 27,361 17,269 13,679

 

Balance Sheet 2018 2017 2016
Current Assets
Cash And Cash Equivalents 17,453 12,552 14,191
Short Term Investments
Net Receivables 182 779 1,660
Inventory 20,959 20,605 20,001
Other Current Assets 2,881 238 346
Total Current Assets 45,346 38,047 39,617
Long Term Investments
Property Plant and Equipment 36,811 36,400 36,227
Goodwill
Intangible Assets 560 539 493
Accumulated Amortization
Other Assets 9,404 10,508 2,291
Total Fixed Assets 46,775 47,447 39,011
Deferred Long Term Asset Charges 940 2,044 2,291
Total Assets 92,121 85,494 78,628
Current Liabilities
Accounts Payable 5,506 9,169 7,921
Short/Current Long Term Debt
Other Current Liabilities 13,489 13,002 10,901
Total Current Liabilities 23,781 26,671 22,751
Long Term Debt
Other Liabilities
Deferred Long Term Liability Charges
Minority Interest
Negative Goodwill
Total Liabilities 23,781 26,671 22,751
Stockholders’ Equity
Misc. Stocks Options Warrants
Redeemable Preferred Stock
Preferred Stock
Common Stock 29,279 29,279 29,279
Retained Earnings 23,019 17,271 17,826
Treasury Stock 16,042 12,273 8,772
Capital Surplus
Other Stockholder Equity 17,503 14,282 10,402
Total Stockholder Equity 68,340 58,823 55,877
Net Tangible Assets 67,780 58,284 55,384

 

Cash Flow 2018 2017 2016
Net Income 27,361 17,269 13,679
Operating Activities, Cash Flows Provided By or Used In
Depreciation 7,652 7,294 7,220
Adjustments To Net Income 390 -778 670
Changes In Accounts Receivables 599 427 -3,762
Changes In Liabilities -787 3,798 -1,887
Changes In Inventories -354 -604 -174
Changes In Other Operating Activities
Total Cash Flow From Operating Activities 35,312 29,195 14,101
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures -9,312 -12,138 -5,917
Investments
Other Cash flows from Investing Activities 499 105 228
Total Cash Flows From Investing Activities -8,325 -11,970 -5,556
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid -22,069 -18,491 -17,895
Sale Purchase of Stock
Net Borrowings
Other Cash Flows from Financing Activities 177 175 149
Total Cash Flows From Financing Activities -22,086 -18,864 -18,074
Effect Of Exchange Rate Changes
Change In Cash and Cash Equivalents 4,901 -1,639 -9,530

 

 

 

Ratio calculation:

(Source: Annual Report, 2017 and 2018)

2018 2018 2018
277,642 239,004 200,366
107,567 98,350 89,133
170,075 140,654 111,233
133,076 117,777 102,478
-780 -781 -782
239,863 215,346 190,829
37,779 23,658 9,537
291 412 533
37,779 23,658 9,537
38,070 24,070 10,070
10,709 6,801 2,893
27,361 17,269 7,177
27,361 17,269 7,177
27,361 17,269 7,177
2018 2017 2016
17,453 12,552 7,651
182 779 1376
20,959 20,605 20,251
2,881 238 -2,405
45,346 38,047 30,748
36,811 36,400 35,989
560 539 518
9,404 10,508 11,612
46,775 47,447 48,119
940 2,044 3148
92,121 85,494 78,867
5,506 9,169 12,832
13,489 13,002 12,515
23,781 26,671 29,561
23,781 26,671 29,561
29,279 29,279 29,279
23,019 17,271 11,523
16,042 12,273 8,504
17,503 14,282 11,061
68,340 58,823 49,306
67,780 58,284 48,788
2018 2017 2016
27,361 17,269 7,177
7,652 7,294 6,936
390 -778 -1946
599 427 255
-787 3,798 8383
-354 -604 -854
35,312 29,195 23,078
-9,312 -12,138 -14,964
499 105 -289
-8,325 -11,970 -15,615
-22,069 -18,491 -14,913
177 175 173
-22,086 -18,864 -15,642
4,901 -1,639 -8,179

 

Ethical policy:

(Source: Annual Report, 2018)

Auditor’s Report:

(Source: Annual Report, 2018)

 

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