UNIT 1 ASSIGNMENT 1

ASSIGNMENT FRONT SHEET Qualification BTEC Level HND Diploma in Business Unit number and title Unit 1: Business and Business Environment Submission date July 5th, 2020 Date Received 1st submission Re-submission date Date Received 2nd submission Student Name Bao Minh Nguyen Student ID BDGF190001 Class BD-BF-2005-1 Assessor name Thanh Long Nguyen Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism I understand that making a false declaration is a form of malpractice Student’s signature Grading grid P1 P2 P3 M1 M2 D1 r Summative Feedback: r Resubmission Feedback: Grade: Assessor Signature: Internal Verifier’s Comments: Date: Signature & Date: BUSINESS AND BUSINESS ENVIRONMENT Before getting started the meeting Let me introduce myself Currently, I’ve been working as an analyst JP Morgan, an investment bank that aims to find out dynamic companies around the world to invest in This time, I’ve new According to some recent statistics, The United investment chances for our enterprise In this States and EU are on the top of the number of difficult time, Corona Virus (COV 19) has been COVID 19 cases To human beings now, a surgical spreading out worldwide More than million mask is supposed that the most effective method people are being affected heavily, and 367.402 of preventing the widespread of the epidemic is the death toll by Coronavirus, with no sign more The number of surgical masks has been sold reduction extremely quickly as soon as they are offered taken responsibility for finding Photoshop by me It will be a potential opportunity if our organization invests in medical service and public health More specifically, not only we pour money into manufacturing surgical masks and all kinds of medical equipment industry but also we support medical After days of studying and analyzing the market, I gained some information that may be very useful to our investment that I will shortly present below Photoshop by me businesses to find out clean materials for manufacturing procedures Due to being related to people’s health, business ethics should be put on the top Make sure that it is effective and profitable Why is the medical business which we choose to make an investment coming from Vietnam? Let me explain this First of all, Vietnam is recognized as one of a few countries tightly controlling the pandemic the most effective According to statistical data, for more than six weeks, Vietnam has not taken any infected cases by COVID 19 of community Especially, no death toll caused by COVID 19 in Vietnam so far Most of the number of infected new cases are traced back from someone who comebacks Vietnam from the pandemic centre These would be useful for our investment Why I say that? In this difficult time, Vietnam has emerged to be the guiding light of preventing pandemic campaign It would not be exaggerative to say that most people around the world see Vietnam in a distinct aspect I can say for sure that people’s behaviour must be changed considerably They are also likely to make some questions such as why Vietnamese people preventing the pandemic effectively more than developed countries ranked of the best healthcare system such as the UK, Switzerland, Germany,…? They also wonder if any marvellous things existing in the quality of medical service in Vietnam And something like that Like what we see in the first picture, the company which we plan to invest in having a headquarter in Hanoi capital, Vietnam It is known as the main source providing most all field hospitals, drug stores, quarantine stations with million tons of surgical masks and all kinds of medical equipment Photoshop by me The type of enterprise Japan Vietnam Medical Instrument JSC (JVC) joined the healthcare industry in 2001 Over 20 years of constant efforts, it has transformed itself into an expert in Medical instrument sale, Consumables sale, Profit sharing, Technical Services and Clinic, acknowledged by their valued customers and partners Besides, its business is also so proud of energetic staffs, experienced expert in the medical field and public health even professors that work in research institutes, big hospitals Embracing the message “Fostering sustainable values”, JVC has been delivering its core values to its employees, partners, customers, shareholders and society It aims to manufacture and serve medical organizations, hospitals, field hospitals, pharmacies, etc with all various kinds of medical equipment, to create profit Besides, JVC also operates a chain of polyclinics in Vietnam, etc [1] To summarize JVC is considered as a profit organization day| week| month| months| months| year| years *First trading date: 21/6/2011 *Closing price for the first trading session (thousand VND): 24.8 *The mass of listed shares for the first time: 24,200,000 The technical graph Based on the chart, we can see that the shares of J&V Medical Instrument were traded on the stock market for [2] the first time in 2011 Therefore, we conclude that this enterprise must be a public organization [3] Unit KLg: 10,000cp Since none of the state ownership in the shareholder structure We have enough proof for claiming that JVC is a private enterprise Vision and mission The enterprise’s vision is to be the top-ranked medical supplier in [4] Vietnam What has it been doing to pursue this vision? Photoshop by me [5] All numerical data pointed out that the value of JVC’s stock tends to increase in recent month Nevertheless, this enterprise’s revenue seems not to be stable The diagram indicates that net revenue which ranges from 2013-2014 increased aggressively and then reached the climax in 2014 From that time, it’s tended to decrease but more stable, with no dramatic increase or The diagram of revenue, and profit from 2013-2016 [6] decrease Net profit decreased dramatically from 2014-2015 and reached the climax in 2015 The quarterly operational matter Net revenue and net profit[7] According to statistical data from MBS, JVC’s net revenue considerably increased in one year (Q2/2016 – Q2/2017) and then reached the climax in Q1/2017, the stability of increase still maintained to Q2/2017 For net profit, recognize that the increase in net profit is not stable One billion VND is an amount of money (after taxes) which JVC had earned before the dramatic increase occurred Specifically, within three months, JVC’s gained a massive net profit, 15 billion VND (net profit increased from 1-16 billion VND) And from that time, JVC’s net profit lessened intensely and 2.7 billion VND are net profit which JVC reached respectively in two first quarters of 2017 As far as we know, Hitachi is known as an official partner of JVC Companies such as GE, Siemens, Phillips usually choose 2-3 partners nationwide, but Hitachi only cooperates with JVC While market share comes from GE, Phillips is so massive respectively 21.4% and 18.8% Hitachi’s market share accounts for 2.7% only It is undenied truth that Hitachi is still ranked top 10 of global diagnostic equipment [8] market share According to MBS, Vietnam’s medical equipment market growth is intense and expected to [9] exceed $1 billion in 2018 JVC's business results showed a positive recovery in the first six months of 2017, JVC reached VND 256 billion in net revenue, a slight increase of 3% over the [10] same period And then we can compute its market share (256 billion VND/ $1 billion) JVC’s market share accounts for 1.11% in Vietnam’s medical equipment market By what I’ve analyzed, we see that JVC has been making efforts to reach its vision proposed even though sometimes, it’s not easy for it Whatever troubles are likely to happen anytime Mobile medical examination and treatment of JVC also trusted by National against Tuberculosis in being a supplier of X-Ray service for lung-tuberculosis investigation in more than 40 provinces in Vietnam *Technical and technological base JVC’s workforce includes 35 engineers experienced technicians who were special-trained by the top of medical equipment cooperation in the world JVC is a unique one that is capable of transmitting maintenance operation [13] Hitachi does not develop the maintenance department in Vietnam, it uses JVC’s enterprise only And it would be wrong if we did not mention JVC’s social responsibility Source: JVC in Community program: Mobile examination *Social responsibility JVC is aware that development has to come with social responsibility all the time because of present and future life In addition to its contribution to the state budget through taxes, creating jobs for the workforce in its country JVC is also supposed to be so active in participating medical examination and treatment that aims to raise public health around its country; especially in remote areas which are in economic conditions JVC sponsored mobile checkup bus and combined doctor teams coming from Hanoi in a program called ’For Vietnamese health’ This program is held to check, treat and give medication to more than 1000 patients in poor towns and remote areas *With all these proofs I have analyzed, I conclude that JVC is following its mission proposed 10 Orientation, Strategy and Development Objectives in 2019 *For medical equipment business activities, the company aims to focus on diagnostic image and infection control devices, simultaneously seek new products The company will implement various technology, solutions and equipment to be suitable for each customer segmentation The company plans to cooperate with the top general hospital and medical specialist to bring kinds of sophisticated medical equipment from Japan to Vietnam *For consumables, the company plans to extend categories of products *For investment affiliate, the company promotes to carry out new joint-venture projects based on comprehensive evaluation about potential development *For technical service, the company aims to enhance sales quality via warranty contracts and maintenance medical equipment contracts *For the mobile medical check-up, the company will implement new medical examinations combined with top general hospital and medical specialist, expand kinds of service and target customer Source of JVC’s annual report in 2019 Hitachi highly appreciated JVC in expanding its market share in Vietnam JVC saw off the delegation that takes responsibility for taking a chest X-ray of units under the ministry of public security JVC welcomed the chairman and leader of Sakura Global at Hanoi headquarter on March 22 nd 2019 JVC awarded medical supplies for preventing COVID 19 11 Summary of financial information for years[14] Look back on in 2018, to complete the tasks in 2018 of the General Meeting of Shareholders; the Board of Directors and all employees made efforts to their best Eventually, they acquired many achievements and reception and trust from partners and customers JVC ‘s business results in 2018 achieved as follows: Financial results: +Net revenue in 2018: 615,074,047,088 VND, reaching 90% of the 2018 AGM plan, increasing growth of 13% compared to 2017 +Profit after-tax 2018: 11,445,660,829 VND, reaching 72% compared to the General Meeting of Shareholders' plan in 2018, an increase of growth of 28% compared to 2017 +Although the BOD has not reached 100% what the General Meeting of Shareholders proposed, the BOD assessed the business results 2018 has made complete progress The Board of Directors highly appreciates the efforts, dedication and overcoming difficulties of the Board of Directors Director and all employees, and completely trust in the forceful development in these next year Non-financial results: +About brands of suppliers and the company: partners, customers have received and trusted The firm with many advances in business activities & efficient, professional and dedicated customer service +Regarding corporate governance: the Board of Directors and Board of Directors have been orienting, developing and adjusting management structure of their enterprise 12 3/ The size and scope of JVC The size v By what I’ve analyzed in the previous page that includes a summary of financial information for three years, the results which JVC achieved in 2018 consist of financial even non-financial results JVC’s total revenue in 2018 is 615.074.047.088 VND, equivalently to $26.742.350 (1) *The formula for revenue Revenue= Turnover – (Discount+ Sale of goods+ Return, etc) (2) From (1) & (2), we not find it hard to realize that turnover must be far more than revenue Simultaneously, based on the type of enterprise classification below and the latest data about JVC total number of employees in 2019 is 314 people [15] I’ve got enough all evidence to claim that JVC is a medium-sized enterprise v The scope Ø Geographic locations JVC clinic in Hanoi Capital The scope of JVC is supposed rather large Its headquarter and branch placed in the two largest and most developed cities in Vietnam, respectively Hanoi capital and Ho Chi Minh city JVC 's headquarter and clinic both are on Lang Thuong ward, Dong Da district, Hanoi capital, but a specific distinct is ones' location While its headquarter located on 24th of ICON building, at 243A De La Thanh, JVC clinic placed on the 7th floor, Dong Loi building, at 2+4 in an alley, Lang street Its branch is on 5th of Central Garden building, 328 Vo Van Kiet Street, Co Giang ward, District 1, Ho Chi Minh city [16] 13 Ø Market [17] *Thanks to constant support from major shareholders- strategic Japanese partner and efforts of a new board of director, JVC’s has been recovering prestige toward its customers, suppliers and banks step by step Its official partner, Hitachi handed distribution right in Southern market over to JVC since March 2017 This market had been out of contract in 2016, and then its partner was going to invest another supplier *The lasting for payment time and credit line were also accepted In summary, JVC has still maintained its base in the market and made its business settle back in Partners decided on cooperating tightly with JVC again Hitachi handed over operation right in 14 provinces to the South of Vietnam to JVC Simultaneously, raise relationships based on new belief *Besides, its partner, Fujifilm stabilized its distribution channel of the film in North of Vietnam even though formerly, JVC’s right was taken away and Fujifilm planned to give another partner since 2016, the period that JVC was in crisis *JVC also executed the extending product category campaign such as infection control system, Sakura; portable ultrasound SonoSite Fuji (Top in market share) Ø JVC’s typical suppliers [18] The cooperation spanning 20 years and the years to come is a strong evidence for the good relationship between JVC and its main suppliers such as Hitachi, Fujifilm, Konica, etc Here are official JVC’s partners Being selected as the exclusive distributor of these well-known firms, JVC is highly appreciated for its market potential and capabilities in brand development, customer attraction and market expansion in Vietnam With specific strategies and actions, optimal resources have been provided by partners to support JVC in promoting its business activities in a professional and sustainable way in the future 14 Ø Target customer Since JVC [19] mainly aims to distribute medical equipment to medical organization such as hospitals, medical universities, etc Therefore we seem to be less effort to realize that the majority of its customers is business Here are some JVC’s customers These consist of Hanoi medical university, Bach Mai hospital, friendship Viet Duc hospital, 103 hospital- Military Institution Besides, the other customers also come from the Northern provinces of Vietnam and areas that are near Hanoi By what I’ve analyzed in the previous page In addition to medical equipment suppliers to medical enterprises, JVC also participated market share of the clinic since 2009 • In my opinion, with all above proofs which I’ve analyzed, I jump to the conclusion that the size and scope of JVC are compatible with the matter of achieving its set objectives and products or services even though this enterprise’s finance is not stable Specifically, the period of crisis in 2016 Afterwards, all problems fixed and its business operation completely recovered after one year, in 2017 The functions of JVC JVC’s management structure consists of a board of director, a board of supervisor, CEO, Ho Chi Minh branch and other departments which are under the control of the CEO v The board of director [20] [21] ØMr Hosono Kyohei: Chairman (appointed on Oct 2018) • Certification: Post-graduate • Specialization: Public policy • Work experience: worked lots of years at Dream Incubator Inc (Tokyo- Japan; Vietnam) • Current position at another organization: CEO of Dream Incubator Inc (Tokyo- Japan) 15 Ø Mr The Huong Nguyen: Chairman (appointed on Sep 2018, and dismissed on Oct 2018), independent member of BOD (appointed on Sep 2016) • Certification: Master • Specialization: Financial management • Work experience: 20 years’ experience at: Deloitte Vietnam Co., Ltd; GAPIT Communication JSC, Viet Anh Auditing Co., Ltd • Current position at another organization: Deputy Director cum Member of the BOD of Quoc Huy Joint Stock Company Ø Mr Manh Cuong Nguyen: Independent member of BOD (appointed on Sep 2016) • Certification: Master • Specialization: Accounting, auditing, Business Administration • Work experience: 15 years’ experience at: Ernst & Young Co., Ltd in Vietnam, Coca-Cola Beverage Ltd in Vietnam, Servier Ltd in Vietnam, Innoviet Ltd • Current position at another organization: Managing director of Scivi Ltd Ø Madam Hoai Thanh Le Thi: : Independent member of BOD (appointed on Sep 2016, dismissed on Dec 2018) • Certification: Bachelor • Specialization: Accounting • Work experience: 20 years’ experience at: Thanh Danh Trading Co., Ltd; Crown Joint Venture and Ltd in Hanoi, JVC Ø Madam Thanh Thao Nguyen Thi: Independent member of BOD (appointed on Sep 2016) • Certification: Master • Specialization: Accounting, auditing • Work experience: many years’ experience at Ernst & Young Co., Ltd in Vietnam vBoard of Supervisor[23] vCEO[22] Madam Thuy Hang Vu Thi Madam Kim CEO (appointed on Aug 2018) Thanh Luong Head of Supervisor (appointed on Aug 2018) • Certification: Master • Certification: Post-graduate • Specialization: Finance, Business Administration • Specialization: Finance • Work experience: 15 year’s experience at: Joint • Work experience: 15 year’s experience at: Stock Commercial Bank for Investment and Dream Incubator JSC in Vietnam, Ernst & Young Development of Vietnam, JVC Ltd in Vietnam Mr Khang Bui Madam Ha Giang Dang Thi Member Mr Van Deputy director (appointed on Apr 2018) Deputy director (appointed on Dec 2018) of BOS (appointed on Sep 2016) Member of BOS (appointed on Sep 2016) • Certification: Bachelor • Certification: Master, Doctor Madam Van Anh Vuong • Specialization: Financial enterprise, Hung Ngo • Certification: Bachelor • Certification: Bachelor • Specialization: Public health care • Specialization: Economy • Specialization: Accounting • Work experience: • Work Finance, Accounting • Work experience: Many years’ experience as a manager and leader at PricewaterhouseCoopers Ltd in Vietnam, Dream Incubator JSC in Vietnam, JVC Many years’ experience at Hanoi medical university, Global medicine organization experience: experience at Many 24h advertising company JSC; JVC years’ stream • Work experience: experience at Many Thanh years’ Quang Commercial and Transport service, investment affiliate J&V medical equipment JSC field 16 v The main function of various key department Ø Top management They are leaders who take responsibility for operating, managing, making their decision on issues which is directly related to JVC, etc • Their influences on the marketing department Censor all marketing strategy and decide whether choosing or not • Converse impacts of marketing department on them The marketing department is responsible for making an advertising strategy and hand in them to managers Ø Finance They are tasked with acquiring funds for the firm, managing funds within the organization and planning for the expenditure of funds on various assets • Their influences on the marketing department They take responsibility for setting up 5-10 years plans • In contrast, the marketing department is subject to them to make revenue’s growth Ø R&D Their mission is researching and develop their enterprise’s products and services that aim to meet customers’ need • Their influences on the marketing department Develop enterprise products accordingly to data that marketing department gains from marketing research • The marketing department is tasked with surveying market, gaining database, insights of customers to meet researching and developing of R&D 17 Ø Purchasing A key sales function is following up with the leads generated by a marketing department • Their influences on the marketing department If plans which marketing department proposes can meet profit satisfaction of their enterprise, it will be maintained If not, the Sales department have to inform marketing department immediately for an innovation • Converse impacts of marketing department on them Marketers take responsibility for planning and communicating their plans to the sales department Ø Accounting department This department is responsible for computing, managing account payable even account receivable, and tracking revenue Make sure that all employees are paid accurately and timely Besides, they have to perform reporting and financial statements on time without any mistake, etc • Their influences on the marketing department They must work closely with the marketing department to monitor trends in the business as well as manage the efficiency of sales promotions initiated by their company • Marketing department’s impacts on them After proposing a marketing strategy and being censored by the finance department, marketers require accounting sections to give them an amount of money to execute proposed strategies 18 General Meeting of Shareholder Board of Supervisor The board of Director CEO Ho Chi Minh branch Medical Investment IT Market equipment affiliate Service support Consumables Technical Service Purchasing Polyclinic Accounting Market development Administration & Personnel Clinical Application JVC is characterized based on the functional and divisional structure Let me make the statement clear v For functional structure, less effort to realize that the general meeting of shareholders is the most powerful agency in JVC’s administration system All tasks of election or dismissing any member of the board of Director and Supervisor have to be passed by the general of the shareholder Each department undertakes a distinctive function and is under the control of the CEO Departments of JVC include polyclinic, market development, market support, purchasing, accounting, investment affiliate, technical service, IT service, clinical application 19 v For divisional structure, we not find it hard to realize that each division in this structure can correspond to either products or geographies of JVC ØFirst, we consider JVC’s product departmentalization, based on the administration system on the previous page; we can analyze the structure as follows: • Each department in this structure undertakes each distinct task, but if we analyze extensively, it will not be so hard for us to discover that some departments in this system such as medical equipment, consumables, administration & personnel built up separately based on products, services that JVC aims to Particularly here are some sections integrated inside the following divisions Set an example for medical equipment, less effort to realize that manufacturing, R&D, accounting, finance, marketing department and customer services play a vital role in operating medical equipment manufacturing system It would not be exaggerative to say that each division which is structured accordingly to the divisional structure will not be able to run smoothly without one of the departments that I mentioned above Ø How have the two following structures of JVC been affecting this enterprise? • First of all, we all together analyze some advantages of them * For functional structure § JVC is run by powerful leaders who have many years’ experience in the medical field and large corporations in Vietnam and Japan Especially, the current chairman of JVC, Hosono Kyohei whose a large amount of contribution for recovering JVC after the crisis in 2016 For recent years, he proposed many methods to grow revenue and profit, repay more than 60 billion VND of budget, pay off long-term debts of up to 90 billion VND § The team members work with other people in the field and it allows sharing of thoughts and knowledge to support each other to learn new skills § The staff members get lots of opportunities for getting promoted their functional areas which is the reason keeps them stay a long term in JVC * For divisional structure § By what I’ve analyzed about the divisional structure on the top of the page We not find it hard to realize that each division built up as follow divisional structure works effectively and creates high productivity for the firm since each team or group stays focused on a specific product or service, etc 20 • How many strengths it has cannot fade its limitation out And then we turn our attention to some disadvantages that the two following structures bring to * For functional structure § As all tasks almost have to be passed by CEOs and BOS before they executed Therefore in some situations, Enterprise’s plans, projects are likely to be temporarily put off if the lack of leaders’ operation § Senior managers overburdened with routine matters and they tend to neglect strategic issues § It is likely to cause unhealthy competition working with the other areas For instance, the accounting department of JVC that is not prioritized to participate in the concerns of the sales department can financial pressure on the salesperson § Less flexibility and innovation in work § Each department structured accordingly to functional structure seems to find it hard to adapt to JVC’s innovation *For divisional structure § Duplication of central and divisional functions § Fragmentation and non co-operation § Danger of loss of central control 5/ Conclusion In summary, in this hard time, the COVID 19 age, investing in a medical enterprise is supposed to be a possible project that each investor needs to implement Although some limitations have remained inside JVC’s system such as financial issues, the lack of stability of profit, loose administration system, we cannot deny an apparent truth that JVC is one of the most potential medical enterprises in Vietnam Besides, being operated by experienced leaders in the medical field and cooperating Hitachi, Fujifilm, Konica are considered to be enormous advantages to make sustainable growth ØWith the view of an investor, making an investment in JVC is worth 21 v REFERENCES Ø See things in a general introduction in JVC’s official website Ø https://s.cafef.vn/hose/JVC-cong-ty-co-phan-thiet-bi-y-te-viet-nhat.chn Ø https://www.stockbiz.vn/Stocks/JVC/MajorHolders.aspx Ø See things in vision and mission in JVC’s official website Ø https://s.cafef.vn/Lich-su-giao-dich-JVC-1.chn Ø More details in page https://static.tinnhanhchungkhoan.vn/Uploaded/BCPT/2018_01_02/baocaocapnhatjvc_B MBT.pdf Ø See details in page https://static.tinnhanhchungkhoan.vn/Uploaded/BCPT/2018_01_02/baocaocapnhatjvc_B MBT.pdf Ø See things in this link: https://www.bvsc.com.vn/Reports/5737/bao-cao-cap-nhat-jvc-112017-buc-tranh-loi-nhuan-ky-vong-se-ngay-cang-sang-hon.aspx *Download to see Ø See things in the first page of MB SECURITIES’s report Ø 10 Numerical data gained in page of MB SECURITIES’s report Ø 11 See things in the first page of MB SECURITIES’s report Ø 12; 13 More details in the fifth page of MB SECURITIES’s report https://static.tinnhanhchungkhoan.vn/Uploaded/BCPT/2018_01_02/baocaocapnhatjvc_B MBT.pdf Ø 14 See more details in page 6; and of JVC’s annual report 2018 http://www.ytevietnhat.com.vn/CMS/Content/Tai%20lieu%20Thong%20tin%20co%20don g/Bao%20cao%20thuong%20nien/JVC%20-%20Bao%20cao%20thuong%20nien%202018%20%2020092019.pdf Ø 15 Gained from https://www.psi.vn/Overview.aspx?Symbol=JVC Ø 16 See things at the footer of JVC’s official website http://www.ytevietnhat.com.vn/ Ø 17 See things at the bottom of page and the header of page of MB SECURITIES’s report https://static.tinnhanhchungkhoan.vn/Uploaded/BCPT/2018_01_02/baocaocapnhatjvc_B MBT.pdf 22 Ø 18; 19 Particularly described in the introduction section at JVC’s official website http://www.ytevietnhat.com.vn/ Ø 20 Gained from administration system of JVC’s official website http://www.ytevietnhat.com.vn/he-thong-quan-tri Ø 21; 22; 23 See things in page 10; 11 of JVC’s annual report 2019 http://cmsv5.stoxplus.com/medialib/Crawler/2019/2019-07/2019-0722/20190722_20190722 JVC BCTN-Nam-2018Nien-Do-01042018-Den-31032019.pdf ... Ø 21; 22; 23 See things in page 10 ; 11 of JVC’s annual report 2 019 http://cmsv5.stoxplus.com/medialib/Crawler/2 019 /2 019 -07/2 019 -0722/2 019 0722_2 019 0722 JVC BCTN-Nam-2 018 Nien-Do- 010 42 018 -Den- 310 32 019 .pdf... 2 018 achieved as follows: Financial results: +Net revenue in 2 018 : 615 ,074,047,088 VND, reaching 90% of the 2 018 AGM plan, increasing growth of 13 % compared to 2 017 +Profit after-tax 2 018 : 11 ,445,660,829... headquarter on March 22 nd 2 019 JVC awarded medical supplies for preventing COVID 19 11 Summary of financial information for years [14 ] Look back on in 2 018 , to complete the tasks in 2 018 of the General