Financial management assignment

Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis of the financial statements. From your analysis, give your advice to share investors.In Ho Chi Minh City, taxis are considered as a second ways of passengers’ public transportation after bus transportation. As of May 2010, there are 36 enterprises and cooperatives in the taxi service business with 12,550 registered taxis transporting 400,000 passengers per day, occupy 30% of the carried volume of public passenger transportation. There are big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi, and Saigon Air; each of these companies has at least 100 taxis with the number rising every year. In addition, there are 2,000-3,000 illegal taxis outside the authority’s control.

MASTER OF BUSINESS ADMINISTRATION INTERNATIONAL PROGRAM ASSIGNMENT Subm itted to: Dr. Phan Dinh Nguyen Submitted by: Huynh Thi My Dieu ID No.: CGSVN00014998 Class: MBAOUM 0313 Ho Chi Minh City, October MASTER OF BUSINESS ADMINISTRATION INTERNATIONAL PROGRAM FINANCIAL MANAGEMENT itted to: Dr. Phan Dinh Nguyen Submitted by: Huynh Thi My Dieu ID No.: CGSVN00014998 0313 – K08A Ho Chi Minh City, October 2013 i MASTER OF BUSINESS ADMINISTRATION A completed report would not be done without any assistance. First of all, I would like to express my endless thanks to support and continuous advices went through the process of comp Without his motivation and instructions, the report could not be done effectively. My special thanks approve to my parents for their endless love, care and have most assistances an d motivation me brothers and sister for their support and care me all the time. As last, my deeply thanks come to all gave me strength and lift me up all the trouble for the rest of my life. Acknowledgement would not be done without any assistance. First of all, I would express my endless thanks to lecturer Dr. Ph an Dinh Nguyen support and continuous advices went through the process of completion of my motivation and instructions, the report could not be done effectively. My special thanks approve to my parents for their endless love, care and have most d motivation me. I also would like to explain my thanks to my siblin brothers and sister for their support and care me all the time. my deeply thanks come to all colleagues. Their kindly help, care, motivation gave me strength and lift me up all the trouble for the rest of my life. With kindest regards, Huynh ii would not be done without any assistance. First of all, I would an Dinh Nguyen . His kindly letion of my report. motivation and instructions, the report could not be done effectively. My special thanks approve to my parents for their endless love, care and have most . I also would like to explain my thanks to my siblin gs, colleagues. Their kindly help, care, motivation With kindest regards, Huynh Thi My Dieu Part 1: Introduction Part 2: General Introduction of VINASUN Part 3: Analysis of Financial statement for VINASUN Part 4: Conclusion and Policy Recommendation References Table 3.1: Balance Sheet of VINASUN from 2009 Table 3.2: Cash Flow of VINASUN from 2009 Table 3.3: Business Result of VINASUN from 2009 Table 3.4: Financial Ratio of each indicator Table 3.5: Summarize actual Table 3.6 Peers comparison with VINASUN in the same industry Table 4.1: Forecasted C ash flow in the next 4 years Table 4.2: Business plan of VINASUN Chart 1: Growth in Taxi number in HCM City from 2007 Chart 2: Revenue and profit after Tax of VINASUN Chart 3: Growth in ROA and ROE of VINASUN from 2009 Table of Contents General Introduction of VINASUN Part 3: Analysis of Financial statement for VINASUN Part 4: Conclusion and Policy Recommendation List of Tables Sheet of VINASUN from 2009 – 2012 Cash Flow of VINASUN from 2009 – 2012 Business Result of VINASUN from 2009 – 2012 Financial Ratio of each indicator for VINASUN from 2009 – 2012 actual and forecasting VINASUN’s business per forman Peers comparison with VINASUN in the same industry ash flow in the next 4 years Business plan of VINASUN List of Charts Chart 1: Growth in Taxi number in HCM City from 2007 – 2012 Revenue and profit after Tax of VINASUN Growth in ROA and ROE of VINASUN from 2009 – 2014F iii 1 3 5 14 17 5 6 7 2012 8 forman ce 9 13 15 16 2 10 11 ANALYSIS OF FINANCIAL STATEMENT FOR VIETNAM SUN CORPORATION (V Question: Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis of the financial statements. ANALYSIS OF FINANCIAL STATEMENT FOR VIETNAM SUN CORPORATION (VINASUN Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis of the financial statements. From your analysis, give your advice to share investors. iv ANALYSIS OF FINANCIAL STATEMENT INASUN ) Chooses one of firms listed in Hochiminh City’s Stock Exchange to give an analysis From your analysis, give your advice to share investors. Nowadays, citizens prefer to start using public transportation more because of rising petrol prices, unavoidable traffic jams and growing environmental pollution. In the long run, private car ownership will rise, although much of the current generation has calculated that t not make sense. In general, Vietnam’s roads are poor and complex. Despite of concerning on construction new highway, only 13.5% of the road network is considered to be in good condition, 26% has two or more lanes and 29% is tarred (BMI report). Ru taxi industry varies from city to city. While almost all cities have had no licensing requirements, larger urban areas had the strictest regulations. Currently, HCM City, Hanoi and Danang have licensing regulations in force to regulate Over the last five years, Vietnam’s taxi transportation sector in Ho Chi Minh City has grown at a remarkable 16% CAGR in terms of cab numbers (from 6,000 in 2005 to 12,550 as of May 2010). The industry is expected to maintain an average grow over the 2010- 2015 periods. Rising living standards and high capita per cab (800 in HCMC versus 210 in Singapore) underpin growth. In Ho Chi Minh City , taxis are considered as a second ways of passengers’ public transportation afte r bus transportation. As of May 2010, there are 36 enterprises and cooperatives in the taxi service business with 12,550 registered taxis transporting 400,000 passengers per day, occupy 30% of the carried volume of public passenger transportation. There ar e big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi, and Saigon Air; each of these companies has at least 100 taxis with the number rising every year. In addition, there are 2,000 Part I: Introduction prefer to start using public transportation more because of rising petrol prices, unavoidable traffic jams and growing environmental pollution. In the long run, private car ownership will rise, although much of the current generation has calculated that t not make sense. In general, Vietnam’s roads are poor and complex. Despite of concerning on construction new highway, only 13.5% of the road network is considered to be in good condition, 26% has two or more lanes and 29% is tarred (BMI report). Ru li ng of the Vietnam varies from city to city. While almost all cities have had no licensing requirements, larger urban areas had the strictest regulations. Currently, HCM City, Hanoi and Danang have licensing regulations in force to regulate taxi numbers. Over the last five years, Vietnam’s taxi transportation sector in Ho Chi Minh City has grown at a remarkable 16% CAGR in terms of cab numbers (from 6,000 in 2005 to 12,550 as of May 2010). The industry is expected to maintain an average growth rate of 10% annually 2015 periods. Rising living standards and high capita per cab (800 in HCMC versus 210 in Singapore) underpin growth. , taxis are considered as a second ways of passengers’ public r bus transportation. As of May 2010, there are 36 enterprises and cooperatives in the taxi service business with 12,550 registered taxis transporting 400,000 passengers per day, occupy 30% of the carried volume of public passenger transportation. e big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi, and Saigon Air; each of these companies has at least 100 taxis with the number rising every year. In addition, there are 2,000 -3,000 illegal taxis outside the authority’s c ontrol. 1 prefer to start using public transportation more because of rising petrol prices, unavoidable traffic jams and growing environmental pollution. In the long run, private car ownership will rise, although much of the current generation has calculated that t his does not make sense. In general, Vietnam’s roads are poor and complex. Despite of concerning on construction new highway, only 13.5% of the road network is considered to be in good ng of the Vietnam varies from city to city. While almost all cities have had no licensing requirements, larger urban areas had the strictest regulations. Currently, HCM City, Hanoi Over the last five years, Vietnam’s taxi transportation sector in Ho Chi Minh City has grown at a remarkable 16% CAGR in terms of cab numbers (from 6,000 in 2005 to 12,550 as of th rate of 10% annually 2015 periods. Rising living standards and high capita per cab (800 in HCMC , taxis are considered as a second ways of passengers’ public r bus transportation. As of May 2010, there are 36 enterprises and cooperatives in the taxi service business with 12,550 registered taxis transporting 400,000 passengers per day, occupy 30% of the carried volume of public passenger transportation. e big market players in taxi sector such as Mai Linh, Vinasun, Savico, Future taxi, and Saigon Air; each of these companies has at least 100 taxis with the number rising every ontrol. Source: Ho Chi Minh Department of Transportation, Mekong Securities The growth rate of taxi at current development phase. For example, in the study proposed to the Prime Minister approved at Decisio n dated 22/1/2007 101/QD and vision after 2020, the expected number of taxis for period 2010 vehicles. But at the present , the actual figure is exceeding 13 The se rvice sector is one of the growth sectors likely positive. Most of the macroeconomic situations in the country at present prove proof thanks to (1) increase per capita income, (2) the cost of buying a car individu expensive, (3) the development of public transport plus not enough to meet the needs of the whole market. However, the growth rate of taxi service in Vietnam may be leveling off in to time by the limitations of transport infrastructure as well traffic. Cab number (units) 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Growth in Taxi numbers in HCM City, 2007 Source: Ho Chi Minh Department of Transportation, Mekong Securities of taxi at current is much faster than expected pace through each development phase. For example, in the study proposed to the Prime Minister approved at n dated 22/1/2007 101/QD -TTg on the HCMC Transport Develop ment Plan to 2020 and vision after 2020, the expected number of taxis for period 2010 - , the actual figure is exceeding 13 ,000 units (up to rvice sector is one of the growth sectors likely positive. Most of the macroeconomic situations in the country at present prove proof s to estimate the market taxi steady growth thanks to (1) increase per capita income, (2) the cost of buying a car individu expensive, (3) the development of public transport plus not enough to meet the needs of the whole market. However, the growth rate of taxi service in Vietnam may be leveling off in to time by the limitations of transport infrastructure as well as restrictions HCM City 2007 2008 2009 2010 2011 2012 Cab number (units) 8,000 9,395 10,710 11,500 12,550 13,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Chart 1: Growth in Taxi numbers in HCM City, 2007 - 2012 2 Source: Ho Chi Minh Department of Transportation, Mekong Securities is much faster than expected pace through each development phase. For example, in the study proposed to the Prime Minister approved at ment Plan to 2020 2015 was 9,500 to 26.9%). rvice sector is one of the growth sectors likely positive. Most of the macroeconomic to estimate the market taxi steady growth thanks to (1) increase per capita income, (2) the cost of buying a car individu al are quite expensive, (3) the development of public transport plus not enough to meet the needs of the whole market. However, the growth rate of taxi service in Vietnam may be leveling off in to HCM City 's taxi 2012 13,000 Part 2: General introduction of Stock Code: VNS, Stock Floor: Industrials: Taxi Transportation Services Charter Capital: VND 300 billions Add: 306 Dien Bien Phu, Ward 22, B District, Ho Chi Minh City. Phone: +84 (8) 382-77178 Fax: +84 (8) 395-26410 E-mail: contact@vinasuncorp.com Employees: 13,488 (2012) Branches: 11 Website: http://www.vinasuncorp.com  Business sectors: - Operating in taxi transportation with the brand- name Taxi Vinasun; - Operating in travel, air travel with the brand name Vinasun Travel; - Operating in restaurants, food and beverage; - Operating in real estate. Currently, the company investe d constructing the Tan Da Retail Center with a total area of 1,200m The residential project at 103 Truong Dinh Hoi in District 8 with an area of 2,659 m land locates at 26-28-30- 32 Thu Khoa Huan. The memorable numbers of Vinasun Taxi in 2012: - Average revenue was VND1,828 million/ day/ car (increase of - 27,154 calls for services/ day, up 6.6% compared to 2011; - Above 90 million was the number of customers served - VND7.2 million/ month is the average income of directly driving staff; - VND5 million/ month is the average inc introduction of Vietnam Sun Corporation ( VINASUN Code: VNS, Stock Floor: HOSE Industrials: Taxi Transportation Services Charter Capital: VND 300 billions 306 Dien Bien Phu, Ward 22, B inh Thanh contact@vinasuncorp.com http://www.vinasuncorp.com  Shareholders Structure: - State Property: 0% - Property Abroad: 20.68% - Other Property: 79.32% Whereas: - Management: 34% - Vietnam Investment Fund: 9% - PCA International Fund SPC: 5% - Satra: 10% - Prudential VN Assurance PLC: 5% - Others: 37% Operating in taxi transportation with the name Taxi Vinasun; Operating in travel, air travel with the brand - Operating in restaurants, food and beverage; Operating in real estate. Currently, the d constructing the Tan Da Retail Center with a total area of 1,200m 2 . The residential project at 103 Truong Dinh Hoi in District 8 with an area of 2,659 m 2 and 32 Thu Khoa Huan.  Board of manager: - Dang Phuoc Thanh: Chairman - Huynh Van Minh: Vice Chairman - Dang Thi Lan Phuong Member of BOM - Ta Long Hy: Member of BOM - Truong Dinh Quy: Member of BOM  Board of director: - Dang Thi Lan Phuong : CEO - Ta Long Hy: Deputy General Director - Truong Dinh Quy: Deputy General Director - Ngo Thi Thuy Van: Deputy General Director - Huynh Van Sy: Deputy General Director - Tran Anh Minh: Deputy General Director - Dang Phuoc Hoang Mai: Deputy General Directo The memorable numbers of Vinasun Taxi in 2012: Average revenue was VND1,828 million/ day/ car (increase of 11.13% compared to 2011); calls for services/ day, up 6.6% compared to 2011; Above 90 million was the number of customers served in 2011; VND7.2 million/ month is the average income of directly driving staff; VND5 million/ month is the average income of indirect staff, directly operating and business 3 VINASUN ): Shareholders Structure: Vietnam Investment Fund: 9% PCA International Fund SPC: 5% Prudential VN Assurance PLC: 5% Chairman Vice Chairman Dang Thi Lan Phuong Member of BOM Member of BOM Member of BOM : CEO Deputy General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director Mai: Deputy General Directo r 11.13% compared to 2011); ome of indirect staff, directly operating and business support; - 13, 488 personnel as of 31/12/2012; - 7,287 employees must pay income tax on individuals while employees; - 4,622 is the number of Vinasun taxi vehicles up to da Source: VNS prospectus, HOSE VINASUN is a Vietnam- based passenger transportation services provider. company is the Trade Travel Services and Investment Consulting Vietnam Sun established on 15/06/1995 , with Company renamed to Vietnam Sun Joint Stock Company with registered capital of VND8 billion. On 25/5/2006, the Company increased its chartered capital to VND 16 billion to invest in new vehicles for ta xi services. values to increase charter capital to VND 100 billion to restructure debt and invest more cars in the year of 2007. To 10/2007, the Company issued investors; in crease the Company's share capital to VND In addition, the c ompany has its presence in development of commercial and residential buildings as supporting a ctivities to tourism operation. listed its shares on the stock exchange in operation contributed to 97% of total revenue shares to increase charter capital to VN increased to more than VND On 3/09/2013 , Forbes Vietnam, the Vietnamese version of the leading business magazine in the world, announced the list of 50 best listed companies on the st This is the first company ranked by Forbes Vie 488 personnel as of 31/12/2012; income tax on individuals while 6,779 of them are direct 4,622 is the number of Vinasun taxi vehicles up to da te 31/12/2012. Source: VNS prospectus, HOSE based passenger transportation services provider. Predecessor of the company is the Trade Travel Services and Investment Consulting Vietnam Sun , with registered capital of VND300 million. On 17/7/2003, the Company renamed to Vietnam Sun Joint Stock Company with registered capital of VND8 On 25/5/2006, the Company increased its chartered capital to VND 16 billion to xi services. On 2/2007, the Company issued VND values to increase charter capital to VND 100 billion to restructure debt and invest more cars 10/2007, the Company issued VND 70 billion face value for big crease the Company's share capital to VND 170 billion. ompany has its presence in development of commercial and residential ctivities to tourism operation. On 29/7/2008, the company officially listed its shares on the stock exchange in Ho Chi Minh City. As of December 31, 2008, taxi operation contributed to 97% of total revenue . In 9/2009, the company issued additional shares to increase charter capital to VN D 200 billion. T he charter capital of the company 299 billion on 7/2010. , Forbes Vietnam, the Vietnamese version of the leading business magazine in the world, announced the list of 50 best listed companies on the stock market in Vietnam. This is the first company ranked by Forbes Vietnam perform research. Vietnam Sun 4 are direct ly driving Predecessor of the company is the Trade Travel Services and Investment Consulting Vietnam Sun Co. Ltd., was On 17/7/2003, the Company renamed to Vietnam Sun Joint Stock Company with registered capital of VND8 On 25/5/2006, the Company increased its chartered capital to VND 16 billion to VND 84 billion par values to increase charter capital to VND 100 billion to restructure debt and invest more cars 70 billion face value for big ompany has its presence in development of commercial and residential On 29/7/2008, the company officially As of December 31, 2008, taxi 9/2009, the company issued additional he charter capital of the company , Forbes Vietnam, the Vietnamese version of the leading business magazine in ock market in Vietnam. tnam perform research. Vietnam Sun Joint Stock Company (Vinasun Corp.) was ranked at 34 VND 1,701 billion; revenue in 2012 was However, the author still expect Vinasun sustain current growth while promoting activities in the nea rby market access as Binh Duong Part 3: Analysis of financial statements FINANCIAL SUMMARIZ E: BALANCE SHEET Property Assets Cash and cash equivalents The short-term receivables Inventory Other short-term assets TOTAL ASSETS The long-term receivables Fixed assets (Accumulated depreciation) Real Estate Investment Long-term financial investments Total other long-term assets TOTAL ASSETS Liabilities Short-term debt Long-term debt Total Debt Sources of capital Equity Funds and other funds Total Sources of Funds The interests of minority shareholders TOTAL RESOURCES Stock Company (Vinasun Corp.) was ranked at 34 th on the list with a market capitalization of revenue in 2012 was VND 2,713 billion. still expect Vinasun sustain current growth while promoting activities in rby market access as Binh Duong , Dong Nai and Vung Tau. Analysis of financial statements for VINASUN E: Table 3.1 : Balance Sheet of VINASUN from Unit: VND Million 2009 2010 2011 59,257 62,994 38,484 52,147 95,715 123,553 903 2,017 3,642 23,883 32,163 40,819 136,190 192,888 206,499 5,234 2,864 1,119 962,312 1,545,634 1,558,471 -236,454 -422,606 - 614,825 197,210 11,570 11,570 2,400 1,660 1,140 6,268 7,133 9,117 1,309,615 1,761,749 1,787,916 48,772 183,999 170,879 548,784 749,799 753,346 597,556 933,798 924,225 703,465 819,978 855,868 8,594 N/A 712,059 819,978 855,868 The interests of minority shareholders N/A 7,973 7,824 1,309,615 1,761,749 1,787,916 5 on the list with a market capitalization of still expect Vinasun sustain current growth while promoting activities in : Balance Sheet of VINASUN from 2009 – 2012 2011 2012 38,484 28,298 123,553 138,199 3,642 4,291 40,819 33,095 206,499 203,883 1,119 11 1,558,471 1,560,312 614,825 -891,065 11,570 11,570 1,140 540 9,117 5,819 1,787,916 1,782,135 170,879 177,607 753,346 664,227 924,225 841,833 855,868 936,220 N/A N/A 855,868 936,220 7,824 4,081 1,787,916 1,782,135 Table 3.2: Cash Flow of VINASUN from Business Results Net sales Cost of goods sold Gross Profit Operating expenses Financial expenses Cash Flow Indirect Cash flow from operating activities 1. Net profit before tax 2. Adjustments - Depreciation and amortization - Provisions - Profit(Loss) from investing activities - Interest expense 3.Operating profit before working capital changes - Increase/decrease in receivables - Increase/decrease in inventories - Increase/decrease in payables - Increase/decrease in pre- paid expense - Interest paid - Business income tax paid - Other payments from operating activities Net cash flow from operating activities 1. Purchases of fixed assets Net cash flow from investing activities 1. Purchase issued shares from other entities 2. Repayments of financial lease 3. Dividends paid 4. Minority equity in joint venture Net cash flow of the year VINASUN from 2009 – 2012 Unit: VND Million 2009 2010 2011 1,068,603 1,643,696 2,274,328 881,627 1,380,614 1,954,709 186,975 263,082 319,619 36,502 81,339 125,257 2009 2010 2011 Cash flow from operating activities 143,821 239,875 177,993 117,872 173,258 340,445 115,680 197,424 257,488 958 676 715 Profit(Loss) from investing activities -35,267 -105,441 - 42,494 36,502 80,599 124,737 3.Operating profit before working capital changes 261,693 413,134 518,438 Increase/decrease in receivables -21,493 -51,698 - 25,899 inventories -625 -1,113 - 1,626 -12,041 40,652 - 82,196 paid expense 1,821 -11,038 - 6,290 -36,502 -77,546 - 123,788 -29,058 -62,929 - 41,005 Other payments from operating activities -16,598 -22,451 - 26,348 Net cash flow from operating activities 159,277 249,825 230,699 -456,415 -696,509 - 264,087 from investing activities -376,541 -408,481 - 201,155 Purchase issued shares from other entities -1,807 -27,575 -23,124 - 46,882 -30,698 -54,506 - 30,688 Minority equity in joint venture 8,000 50,630 3,737 - 24,510 6 2012 2,274,328 2,713,311 1,954,709 2,257,708 319,619 455,603 125,257 113,492 2012 177,993 204,000 340,445 393,899 257,488 291,200 715 164 42,494 -10,355 124,737 112,890 518,438 597,899 25,899 -4,344 1,626 -649 82,196 -4,448 6,290 -452 123,788 -111,739 41,005 -48,387 26,348 -24,849 230,699 421,986 264,087 -298,485 201,155 -283,686 -4,000 46,882 -35,613 30,688 -76,014 24,510 -10,187 [...]... EPS = 18,148/ 5,051 = 3.6 times (***) Book Price = Total equity/ Volume = 93 936,220,000,000/ 29,999,997 = 31 997 31.207 (VND) From the Financial Statement for year 2009 – 2012 periods, we estimate the growth rate for each of the following indicators indicators: 7 Financial ratios: No 2009 2010 2011 2012 1 Assets / Total Assets 10% 11% 12% 11% 2 Long-term assets / total assets term 90% 89% 88% 89%... 6% 10% 12% 7% 8% 17% 23% 16% 17% 15 16 The rate of financial growth 1 Return on invested capital (ROIC) 12% 13% 7% 7% 2 Revenue growth rate 29% 53.82% 38.36% 19.30% 3 Profit per share (EPS) 121% 44% -25% 14% 4 Equity 33% 15% 4% 9% 5 Cash 587% 6% -39% -26% 22% 10% 15% 20% 165% 8% -27% 34% Income ratio 1 Cash Dividends 2 Share price growth Table 3.4: Financial Ratio of each indicator for VINASUN from... about VND 70 investment after-tax 70-80 billion Third, promote the efficiency of financial leverage Characteristic of the taxi business is large fixed costs due to the initial investment system vehicles for main business operations Structure of equity capital of approximately 30% - 50% is considered successful in the use of % financial leverage VINASUN debt/equity rate accounted for 70.44% and debt/ total... Ratio (=Current Asset/ Current Liability) is bigger than 1 (> 1) means that the Current Assets > Liabilities, while the available shortiabilities, term Assets is greater than the short term needs, so the financial situation of the comp short-term company is at least healthy in short-term Furthermore, due to the Current Assets > Liabilities means that Fixed Asset < Long-term Liabilities + Equity, therefore... liabilities) is also greater than 0.5 as required dedicated the good trend with acceptable ratio of the company in term of its ability to repay the debt To have a better view of VINASUN’s business and its financial situation, we summarize some basic indicators as well as make forecasting for next year as the following: Basic Indicator Revenue (VND Billion) 2009 107.47 2013F 2014F 38.36% 19.30% 11.48% 10.00%...Of which: Interest expense 36,502 80,599 124,737 112,890 4,549 5,895 6,849 94,025 Enterprise cost management 38,119 46,561 57,254 63,938 Total Operating Expenses 79,170 133,795 189,360 271,455 2,193 5,264 3,109 1,118 109,998 134,551 133,369 185,265 33,822 105,324 44,624 18,735 143,821 239,875 177,993 . receivables -2 1,493 -5 1,698 - 25,899 inventories -6 25 -1 ,113 - 1,626 -1 2,041 40,652 - 82,196 paid expense 1,821 -1 1,038 - 6,290 -3 6,502 -7 7,546 - 123,788 -2 9,058. 230,699 -4 56,415 -6 96,509 - 264,087 from investing activities -3 76,541 -4 08,481 - 201,155 Purchase issued shares from other entities -1 ,807 -2 7,575 -2 3,124 - 46,882 -3 0,698