Luận văn này được tiến hành để tìm ra ảnh hưởng của chính sách vốn luân chuyển và khả năng sinh lợi của công ty. Tuy nhiên, có rất nhiều phương pháp có thể được sử dụng để đo lường khả năng sinh lợi của các doanh nghiệp như khả năng sinh lợi trên tài sản, khả năng sinh lợi trên vốn, khả năng sinh lợi hoạt động gộp, khả năng sinh lợi thuần hoạt động, …. Do đó, luận văn không thể sử dụng và xem xét tất cả các nhân tố phản ánh khả năng sinh lợi. Nói cách khác, luận văn chỉ chọn ROA là một thước đo của khả năng sinh lợi để tìm hiểu mối quan hệ giữa QTVLC và khả năng sinh lợi.
Hơn nữa, một giới hạn của dữ liệu đó là với mục đích của nghiên cứu, chỉ có 22 công ty ngành thực phẩm & đồ uống Việt Nam niêm yết trên hai sàn HOSE và HNX nên chưa thể cho ra kết quả thực sự chuẩn xác.
Bài nghiên cứu chỉ sử dụng dữ liệu thứ cấp, dựa trên những thông tin có sẵn của các công ty cổ phần được công bố trên các website, mặt khác các số liệu thu thập trong trang web này đã được làm tròn nên các tính toán trong bài nghiên cứu sẽ có sai số so với thực tế.
DANH MỤC TÀI LIỆU THAM KHẢO Tiếng Anh
[1]. Akoto, R., Vitor, D., & Angmor, P. (2013), “Working capital management and profitability: Evidence from Ghanaian listed manufacturing firms”, Journal of Economics and International Finance, Vol. 5(9), pp. 373-379.
[2]. Ali, W., & Hassan, S. H. U. (2010), “ Realationship between the profitability and working capital policy of swedish companies”,
Umea School of Business paper.
[3]. Angahar, P., & Alematu, A. (2014), “Impact of working capital on the profitability of the Nigerian Cement industry” European Journal of Accounting Auditing and Finance Research, Vol.2(7), pp.17-30. [4]. Brealey et al(2006), “Working Capital Management: The Effect of
Market Valuation and Profitability in Malaysia”, International Journal of Business and Management, Vol. 5(11), pp. 140 - 147. [5]. Daniel Mogaka Makori (2013), “Working Capital Management and Firm
Profitability: Empirical Evidence from Manufacturing and Construction Firms”
[6]. Deloof, M. (2003), “Does Working Capital Management affect Profitability of Belgian Firms”, Journal of Business Finance and Accounting, pp. 573-587.
[7]. Gakure, R., Cheluget, K. J., Onyango, J. A., & Keraro, V. (2012), “Working capital management and profitability of manufacturing firms listed at the Nairobi stock exchange” Prime Journal of Business Administration and Management (BAM), Vol. 2(9), pp. 680 - 686.
[8]. Gill, A., Biger, N., & Neil, M. (2010), “The Relationship Between Working Capital Management And Profitability Evidence From The United States”, Business and Economics Journal.
[9]. Izadinia, N., & Taki, A. (2010), “Investigation of the impact of working capital management on the profitability potential of the companies listed in Tehran Stock Exchange”, Journal of science research financial accounting, pp. 120 - 139.
[10]. Lazaridis, I., & Tryfonidis, D. (2006), “The relationship Between Working Capital Management and Profitability of Listed Companies in the Athens Stock Exchange”, Journal of Financial Management and Analysis, Vol. 19 .
[11]. Lorenzo A. Preve Virginia Sarria- Allende (2010), “Working Capital Management”
[12]. Makori, D. M., & Jagongo, A. (2013), “Working Capital Management and Firm Profitability: Empirical Evidence from Manufacturing and Construction Firms Listed on Nairobi Securities Exchange, Kenya”
International Journal of Accounting and Taxation, Vol. 1(1).
[13]. Mansoori và Muhammad (2012), “The effect of working capital management on firm’s profitability: Evidence from Singapore”
Interdisciplinary journal of contemporary research in business, Vol. 4
[14]. Mathuva, D. M. (2010), “The influence of working capital managements on corporate profitability: A survey of keyan listed firms”, Research Journal of Business Management, Vol. 4(1), pp. 1 - 11.
[15]. Mohamad, N., & Saad, N. (2010), “Working Capital Management: The Effect of Market Valuation and Profitability in Malaysia.”,
International Journal of Business and Management, Vol. 5(11). [16]. Napompech, K. (2012), “Effects of Working Capital Management on
the Profitability of Thai Listed Firms” International Journal of Trade, Economics and Finance, Vol. 3(3).
[17]. Nazir, M., & Afza, T. (2009), “Impact of Aggressive Working Capital Management Policy on Firms’ Profitability”, The IUP Journal of Applied Finance, Vol. 25 (8), pp. 19 - 30.
[18]. Nobanee et al (2011), “Effects of Working Capital Management on the Profitability of Thai Listed Firms”, International Journal of Trade, Economics and Finance, Vol.3
[19]. Nousheen Tariq Bhutta1, Arshad Hasan (2013), “Impact of Aggressive Working Capital Management Policy on Firms’ Profitability.”, The IUP Journal of Applied Finance, Vol. 25 (8), pp. 19 - 30.
[20]. Padachi, K. (2006), “Trends in Working Capital Management and its Impact on Firms”, International Review of Business Research
Papers, Vol 2 (2), pp. 45-58.
[21]. Raheman, A., & Nasr, M. (2007), “Working Capital Management and Profitability - Case Of Pakistani Firms”, International Review of Business Research Papers, Vol. 3(1), pp. 279 - 300.
[22]. Pouraghajan, A., & Emamgholipourarchi, M. (2012), “Impact of Working Capital Management on Profitability and Market Evaluation: Evidence from Tehran Stock Exchange” International Journal of Business and Social Science, Vol. 3(No. 10).
[23]. Rezazadeh, J., & Heydarian, J. (2010), “The impact of working capital management affect profitability of Iranian companies”, Accounting Research.
[24]. Robert Alan Hill (2006), “Working Capital Management - theory and stratetry”
[25]. Shin, H.H and Soenen, L. (1998), “Efficiency of working capital and corporate profitability”, Finalcial Pratice and Education, pp. 37-45. [26]. Taani, K. (2012), “Impact of Working Capital Management Policy and
Financial Leverage on Financial Performance: Empirical evidence from Amman Stock Exchange – listed companies”, International Journal of Management Sciences and Business Research, Vol. 1(8). [27].Turuel và Solano (2007), “Impact of Working Capital Management Policy and Financial Leverage on Financial Performance: Empirical evidence from Amman Stock Exchange – listed companies”,
International Journal of Management Sciences and Business Research, Vol.2
[28]. Zariyawati, M., Annuar, M., Taufiq, H., & Abdul Rahim, A. (2009), “Working capital management and corporate performance: Case of Malaysia”, Journal of Modern Accounting and Auditing, Vol. 5(11), pp. 47 - 54.
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PHỤ LỤC
MCK SCK NAM KPT HANGTONKHOTONGTAISANTSNH TONGNO NONGANHANPHAITRA DOANHTHUGIAVONLNST ROA DAR DINV DAPD CCC CR LEV FS GROWTH
BBC HOSE 2005 27897 61414 178652 100830 86887 83286 45356 287092 216296 12318 0.07 35.47 103.64 76.54 62.57 1.21 0.49 12.57 0.19 BBC HOSE 2006 32341 63823 242945 156275 59586 56407 41244 343061 254909 19183 0.08 34.41 91.39 59.06 66.74 2.77 0.25 12.75 0.33 BBC HOSE 2007 30318 86851 379172 179079 172177 141006 72214 456850 335662 25152 0.07 24.22 94.44 78.53 40.14 1.27 0.45 13.03 0.19 BBC HOSE 2008 80918 86640 606168 402269 111738 101122 57437 545208 420514 20851 0.03 54.17 75.20 49.85 79.52 3.98 0.18 13.21 0.16 BBC HOSE 2009 43236 70835 736809 341516 213556 157211 75147 631962 441049 57293 0.08 24.97 58.62 62.19 21.40 2.17 0.29 13.36 0.25 BBC HOSE 2010 78425 117411 758841 333373 214267 183691 96205 792664 578217 41778 0.06 36.11 74.12 60.73 49.50 1.81 0.28 13.58 0.27 BBC HOSE 2011 229705 120841 786198 421797 211891 209357 92477 1009368 709973 46369 0.06 83.06 62.12 47.54 97.65 2.01 0.27 13.82 -0.07 BBC HOSE 2012 201227 120093 768378 380697 189325 187575 81797 938970 664229 25886 0.03 78.22 65.99 44.95 99.27 2.03 0.25 13.75 0.13 BBC HOSE 2013 191466 87596 808294 450597 213413 211942 68006 1059259 721264 44880 0.06 65.98 44.33 34.41 75.89 2.13 0.26 13.87 0.07 BBC HOSE 2014 191217 86170 896272 571077 256263 238694 66426 1132669 735130 57417 0.06 61.62 42.78 32.98 71.42 2.39 0.29 13.94 0.04 BBC HOSE 2015 203669 83489 1006902 723053 301304 281964 69030 1178139 764731 85815 0.09 63.10 39.85 32.95 70.00 2.56 0.30 13.98 CAN HNX 2005 15400 32957 82062 61563 32851 23164 12056 191544 154267 7345 0.09 29.35 77.98 28.52 78.80 2.66 0.40 12.16 0.07 CAN HNX 2006 17534 37600 85594 65227 33495 23008 6939 204612 161416 8331 0.10 31.28 85.02 15.69 100.61 2.83 0.39 12.23 0.51 CAN HNX 2007 25636 48389 124390 93859 42869 31268 12714 309680 257786 10051 0.08 30.22 68.51 18.00 80.73 3.00 0.34 12.64 0.35 CAN HNX 2008 22998 76783 156500 111759 77210 63309 15729 418974 348859 12053 0.08 20.04 80.34 16.46 83.91 1.77 0.49 12.95 -0.01 CAN HNX 2009 29631 74494 165255 119906 79431 69141 12267 415975 345018 12392 0.07 26.00 78.81 12.98 91.83 1.73 0.48 12.94 0.29 CAN HNX 2010 55695 57851 196890 132664 102941 85268 17636 535377 437788 15191 0.08 37.97 48.23 14.70 71.50 1.56 0.52 13.19 0.55 CAN HNX 2011 45253 124121 255207 179220 139983 124568 18103 828357 683183 32245 0.13 19.94 66.31 9.67 76.58 1.44 0.55 13.63 -0.19 CAN HNX 2012 35919 112543 228394 161089 126280 123237 1568 673330 558618 10756 0.05 19.47 73.54 1.02 91.98 1.31 0.55 13.42 -0.28 CAN HNX 2013 9792 87391 179336 121759 72582 72311 24083 484487 365147 12737 0.07 7.38 87.36 24.07 70.66 1.68 0.40 13.09 -0.14 CAN HNX 2014 19560 98613 196978 137414 80629 80346 41158 419067 294755 18372 0.09 17.04 122.11 50.97 88.18 1.71 0.41 12.95 GTA HOSE 2006 7433 20044 158741 88610 48683 48627 19971 182162 164477 13849 0.09 14.89 44.48 44.32 15.06 1.82 0.31 12.11 -0.26 GTA HOSE 2007 21775 44283 199777 108330 92682 92679 15877 133960 118020 14848 0.07 59.33 136.95 49.10 147.18 1.17 0.46 11.81 0.22 GTA HOSE 2008 25056 58887 193545 103039 37100 37071 9336 163592 146956 7631 0.04 55.90 146.26 23.19 178.98 2.78 0.19 12.01 0.75 GTA HOSE 2009 33880 84094 218816 134758 63026 62954 26823 286363 272151 9206 0.04 43.18 112.78 35.97 119.99 2.14 0.29 12.57 0.39 GTA HOSE 2010 24375 85008 199377 125480 42142 42000 20403 396711 371216 12240 0.06 22.43 83.58 20.06 85.95 2.99 0.21 12.89 0.17 GTA HOSE 2011 40180 65854 216886 143277 61275 61145 15693 464129 424294 11278 0.05 31.60 56.65 13.50 74.75 2.34 0.28 13.05 0.15
MCK SCK NAM KPT HANGTONKHOTONGTAISANTSNH TONGNO NONGANHANPHAITRA DOANHTHUGIAVONLNST ROA DAR DINV DAPD CCC CR LEV FS GROWTH HAT HNX 2008 10736 701 55783 29368 7834 7789 695 237014 198290 17524 0.31 16.53 1.29 1.28 16.54 3.77 0.14 12.38 0.26 HAT HNX 2009 1647 540 84360 33914 21099 21056 7821 298879 257519 18271 0.22 2.01 0.77 11.09 -8.31 1.61 0.25 12.61 0.09 HAT HNX 2010 3958 1592 84515 32062 17208 17120 547 325247 281361 14293 0.17 4.44 2.07 0.71 5.80 1.87 0.20 12.69 -0.01 HAT HNX 2011 832 1825 91171 40078 18328 18187 31 323514 273403 15902 0.17 0.94 2.44 0.04 3.33 2.20 0.20 12.69 0.20 HAT HNX 2012 910 2373 105920 48883 31304 31304 3009 389252 328662 12553 0.12 0.85 2.64 3.34 0.15 1.56 0.30 12.87 0.07 HAT HNX 2013 790 1623 114294 61473 34151 34151 497 417973 341674 15032 0.13 0.69 1.73 0.53 1.89 1.80 0.30 12.94 0.16 HAT HNX 2014 198 1633 137097 90922 43330 43330 2856 484829 400262 22382 0.16 0.15 1.49 2.60 -0.97 2.10 0.32 13.09 HHC HNX 2005 28158 65866 157177 108364 93944 73023 29566 332839 284388 14756 0.09 30.88 84.54 37.95 77.47 1.48 0.60 12.72 -0.01 HHC HNX 2006 36027 63456 166853 120227 94032 77038 33662 329840 274458 15026 0.09 39.87 84.39 44.77 79.49 1.56 0.56 12.71 0.04 HHC HNX 2007 24666 60298 197190 112788 91851 72475 35704 344275 279834 21145 0.11 26.15 78.65 46.57 58.23 1.56 0.47 12.75 0.22 HHC HNX 2008 25060 76931 205289 126806 97360 71663 31981 418811 348615 18993 0.09 21.84 80.55 33.48 68.90 1.77 0.47 12.95 0.10 HHC HNX 2009 27809 70987 192350 125348 74810 72406 27264 460375 383760 20363 0.11 22.05 67.52 25.93 63.63 1.73 0.39 13.04 0.15 HHC HNX 2010 23956 100970 224397 156894 96633 93506 49066 530851 447912 18908 0.08 16.47 82.28 39.98 58.77 1.68 0.43 13.18 0.21 HHC HNX 2011 23132 100951 288333 173101 109507 105616 53703 641070 544348 20251 0.07 13.17 67.69 36.01 44.85 1.64 0.38 13.37 0.06 HHC HNX 2012 28328 86312 300326 197119 115481 115188 63183 681225 573562 21887 0.07 15.18 54.93 40.21 29.90 1.71 0.38 13.43 0.09 HHC HNX 2013 33287 83871 315210 207745 120112 119820 71229 742432 602642 23761 0.08 16.36 50.80 43.14 24.02 1.73 0.38 13.52 0.05 HHC HNX 2014 52811 82058 337102 227546 127718 127302 7332 780461 641740 26514 0.08 24.70 46.67 4.17 67.20 1.79 0.38 13.57 HNM HNX 2005 18849 91949 207546 117499 155025 130893 22778 288076 216741 20105 0.10 23.88 154.85 38.36 140.37 0.90 0.75 12.57 0.15 HNM HNX 2006 21606 47118 206205 78863 87924 66672 7597 332279 248215 7260 0.04 23.73 69.29 11.17 81.85 1.18 0.43 12.71 -0.40 HNM HNX 2007 40942 40077 272550 134105 98519 90284 5846 200123 275631 4001 0.01 74.67 53.07 7.74 120.00 1.49 0.36 12.21 0.77 HNM HNX 2008 8660 71719 214540 86071 84446 80996 7576 353856 284417 -37277 -0.17 8.93 92.04 9.72 91.25 1.06 0.39 12.78 -0.19 HNM HNX 2009 25308 53548 213202 99860 57707 55899 16660 286235 202007 12861 0.06 32.27 96.75 30.10 98.92 1.79 0.27 12.56 0.13 HNM HNX 2010 36234 56762 218711 114395 86874 83912 21027 324094 257916 -21813 -0.10 40.81 80.33 29.76 91.38 1.36 0.40 12.69 -0.13 HNM HNX 2011 59183 52534 213998 121574 81759 81759 16404 282444 219520 1577 0.01 76.48 87.35 27.28 136.56 1.49 0.38 12.55 -0.17 HNM HNX 2012 67331 49329 213884 128891 81516 81037 8772 234863 188823 1217 0.01 104.64 95.35 16.96 183.04 1.59 0.38 12.37 0.05 HNM HNX 2013 84039 18269 227732 117394 93725 93725 26656 246373 172676 3034 0.01 124.50 38.62 56.35 106.77 1.25 0.41 12.41 -0.06 HNM HNX 2014 84730 46883 337294 225684 125013 118994 38417 232443 155173 161 0.00 133.05 110.28 90.36 152.96 1.90 0.37 12.36 KDC HOSE 2005 215989 65953 784247 380346 269845 207990 97150 803559 568943 94757 0.12 98.11 42.31 62.33 78.09 1.83 0.34 13.60 0.25 KDC HOSE 2006 195881 120403 936372 460247 351070 303771 99577 1001867 716854 170666 0.18 71.36 61.31 50.70 81.97 1.52 0.37 13.82 0.24
MCK SCK NAM KPT HANGTONKHOTONGTAISANTSNH TONGNO NONGANHANPHAITRA DOANHTHUGIAVONLNST ROA DAR DINV DAPD CCC CR LEV FS GROWTH KDC HOSE 2009 825183 162476 4247601 2510074 1767440 1632683 127404 1539223 1023963 522943 0.12 195.68 57.92 45.41 208.18 1.54 0.42 14.25 0.26 KDC HOSE 2010 1018355 434328 5039864 2329537 1185452 1033997 271.379 1942808 1248244 578612 0.11 191.32 127.00 0.08 318.24 2.25 0.24 14.48 1.20 KDC HOSE 2011 724911 398032 5809421 2558533 1959475 1783560 274134 4278052 2573746 278635 0.05 61.85 56.45 38.88 79.42 1.43 0.34 15.27 0.01 KDC HOSE 2012 882114 316606 5514704 2289383 1469331 1353060 274618 4311914 2416752 357430 0.06 74.67 47.82 41.48 81.01 1.69 0.27 15.28 0.08 KDC HOSE 2013 859893 303698 6378246 3208952 1495030 1265590 283772 4674796 2584485 492793 0.08 67.14 42.89 40.08 69.95 2.54 0.23 15.36 0.10 KDC HOSE 2014 765817 326722 7890913 4334455 1597637 1532563 278039 5160848 2832193 547025 0.07 54.16 42.11 35.83 60.44 2.83 0.20 15.46 KMR HOSE 2005 20089 4550 140619 27651 75880 63321 29856 80185 68270 831 0.01 91.44 24.33 159.62 -43.85 0.44 0.54 11.29 0.07 KMR HOSE 2006 28802 12622 165954 43605 95481 82625 38638 85437 69544 5767 0.03 123.05 66.25 202.79 -13.50 0.53 0.58 11.36 0.53 KMR HOSE 2007 47091 14819 239346 110814 72080 63130 3029 131133 92495 20876 0.09 131.07 58.48 11.95 177.60 1.76 0.30 11.78 0.30 KMR HOSE 2008 77262 16452 268992 98159 82778 80463 28169 170718 125877 14817 0.06 165.19 47.71 81.68 131.21 1.22 0.31 12.05 0.11 KMR HOSE 2009 141075 54042 520006 210415 156656 141323 14350 189933 123134 29481 0.06 271.11 160.19 42.54 388.77 1.49 0.30 12.15 1.13 KMR HOSE 2010 241172 70269 613348 330073 181265 170875 17959 405164 292064 36450 0.06 217.26 87.82 22.44 282.64 1.93 0.30 12.91 -0.10 KMR HOSE 2011 240526 118769 623594 381604 180806 173883 21510 363540 294661 3937 0.01 241.49 147.12 26.64 361.97 2.19 0.29 12.80 -0.04 KMR HOSE 2012 113200 193023 603319 340833 174552 172006 20054 349395 279614 -14090 -0.02 118.26 251.97 26.18 344.04 1.98 0.29 12.76 -0.03 KMR HOSE 2013 68566 149508 599898 247948 153126 152863 16831 338397 270986 19274 0.03 73.96 201.38 22.67 252.66 1.62 0.26 12.73 0.02 KMR HOSE 2014 90246 162431 650935 277548 137878 137468 15127 346617 279084 8859 0.01 95.03 212.44 19.78 287.68 2.02 0.21 12.76 SAF HNX 2005 15257 13402 48168 31601 21146 21126 15193 203984 188627 8944 0.19 27.30 25.93 29.40 23.83 1.50 0.44 12.23 0.33 SAF HNX 2006 17674 15558 56944 39125 18625 18334 10840 272164 255179 9040 0.16 23.70 22.25 15.51 30.45 2.13 0.33 12.51 0.22 SAF HNX 2007 25514 25457 74570 59762 30618 30273 20177 333275 313289 10852 0.15 27.94 29.66 23.51 34.09 1.97 0.41 12.72 0.23 SAF HNX 2008 24399 9081 61826 44356 19886 19564 9632 411194 382674 11182 0.18 21.66 8.66 9.19 21.13 2.27 0.32 12.93 -0.13 SAF HNX 2009 30269 14207 92101 76007 44163 43882 22192 357537 313388 13978 0.15 30.90 16.55 25.85 21.60 1.73 0.48 12.79 0.20 SAF HNX 2010 35037 30684 105959 85784 45609 45430 23360 427766 383604 15394 0.15 29.90 29.20 22.23 36.86 1.89 0.43 12.97 0.18 SAF HNX 2011 41911 35721 127976 105638 50416 50049 25324 506781 450190 19367 0.15 30.19 28.96 20.53 38.62 2.11 0.39 13.14 0.07 SAF HNX 2012 39779 46401 126483 102327 43737 43527 18015 540145 471459 19964 0.16 26.88 35.92 13.95 48.86 2.35 0.35 13.20 0.16 SAF HNX 2013 39185 47127 134213 114281 48705 48526 22936 627192 549900 20441 0.15 22.80 31.28 15.22 38.86 2.36 0.36 13.35 0.06 SAF HNX 2014 28209 60258 144473 126247 49368 49188 22764 667082 581248 23927 0.17 15.43 37.84 14.29 38.98 2.57 0.34 13.41 SCD HOSE 2005 29307 35991 130493 96022 31358 30015 30015 150705 96954 18751 0.14 70.98 135.49 113.00 93.48 3.20 0.24 11.92 0.31 SCD HOSE 2006 22676 19226 151671 107341 40084 38888 17822 196933 122915 18733 0.12 42.03 57.09 52.92 46.20 2.76 0.26 12.19 0.22
MCK SCK NAM KPT HANGTONKHOTONGTAISANTSNH TONGNO NONGANHANPHAITRA DOANHTHUGIAVONLNST ROA DAR DINV DAPD CCC CR LEV FS GROWTH SCD HOSE 2010 35879 26097 203383 148629 50635 50479 21404 378400 281401 26109 0.13 34.61 33.85 27.76 40.70 2.94 0.25 12.84 0.12 SCD HOSE 2011 20082 36250 231843 179268 62869 62714 34583 422812 327660 22763 0.10 17.34 40.38 38.52 19.19 2.86 0.27 12.95 -0.21 SCD HOSE 2012 20734 39695 232646 188626 55810 55654 21718 333990 241428 25074 0.11 22.66 60.01 32.83 49.84 3.39 0.24 12.72 0.25 SCD HOSE 2013 10299 40501 306320 260051 121337 121181 45713 418984 298168 26220 0.09 8.97 49.58 55.96 2.59 2.15 0.40 12.95 0.02 SCD HOSE 2014 85019 23386 293726 230373 103016 103016 56442 426248 290500 22219 0.08 72.80 29.38 70.92 31.27 2.24 0.35 12.96 SGC HNX 2005 16061 8834 72718 47019 17364 13511 714 98543 76578 15500 0.21 59.49 42.11 3.40 98.19 3.48 0.24 11.50 -0.10 SGC HNX 2006 14067 7148 78360 53849 12827 10715 971 88898 64942 17981 0.23 57.76 40.17 5.46 92.47 5.03 0.16 11.40 0.34 SGC HNX 2007 21874 11577 83630 54359 10097 8686 1592 118943 93280 18794 0.22 67.12 45.30 6.23 106.20 6.26 0.12 11.69 -0.08