Professional Documents
Culture Documents
Objectives
The objectives of this unit are to:
Structure
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
1.10
1.11
1.12
Introduction
Definition of Working Capital
Constituents of Working Capital
Types of Working Capital
Cyclical Flow and Characteristics of Working Capital
Planning for Working Capital
Working Capital and Inflation
Trends in Working Capital
Summary
Key Words
Self Assessment Questions
Further Readings
1.1 INTRODUCTION
Financial management can be divided into two broad areas of responsibility as the
management of long-term capital and the management of short-term funds or
working capital. The management of working capital which constitutes a major
area of decision-making for financial managers is a continuous function which
involves the control of the every ebb and flow of financial resources circulating
in the enterprise in one form or another. It also refers to the management of
current assets and current liabilities. Efficient management of working capital is
an essential prerequisite for the successful operation of a business enterprise
and improving its rate of return on the capital invested in short-term assets.
Virtually every business enterprise requires working capital to pay-off its shortterm obligations. Moreover, every firm needs working capital because its not
possible that production, sales, cash receipts and payments are all instantaneous
and synchronised. There elapses certain time for converting raw materials into
finished goods: finished goods into sales and finally realisation of sale proceeds.
Hence, funds are required to support all such activities in the firm. A number of
terms like working funds, circulating capital, temporary funds are used
synonymously for working capital. However, the expression, Working Capital, is
preferred by many due to its popularity and simplicity.
Like, most other financial terms the concept of working capital is used in
different connotations by different writers. Thus, there emerged the following two
concepts of working capital.
i)
Profits are earned with the help of the assets which are partly fixed and
partly current. To a certain degree, similarity can be observed in fixed and
current assets in that both are partly borrowed and yield profit over and
above the interest costs. Logic then demands that current assets should be
taken to mean the working capital of the corporation.
ii) With every increase in funds, the gross working capital will increase while
according to the net concept of working capital there will be no change in
the funds available for the operating manager.
iii) The management is more concerned with the total current assets as they
constitute the total funds available for operating purposes than with the
sources from which the funds came, and that
iv) The net concept of working capital had relevance when the form of
organisation was single entrepreneurship or partnership. In other words a
close contact was involved between the ownership, management and control
of the enterprise and consequently the ownership of current and fixed assets
is not given so much importance as in the past.
Net concept:
Contrary to the aforesaid point of view, writers like Smith, Guthmann and
Dongall. Howard and Gross, consider working capital as the mere difference
between current assets and current liabilities. According to Keith. V. Smith, a
broader view of working capital would also include current liabilities such as
accounts payable, notes payable and other accruals. In his opinion, working
capital management involves the managing of individual current liabilities and the
managing of all inter-relationships that link current assets with current liabilities
and other balance sheet accounts. The net concept is advocated for the following
reasons:
i)
in the long-run what matters is the surplus of current assets over current
liabilities.
ii) it is this concept which helps creditors and investors to judge the financial
soundness of the enterprise.
iii) what can always be relied upon to meet the contingencies is the excess of
current assets over current liabilities, since it is not to be returned; and
iv) this definition helps to find out the correct financial position of companies
having the same amount of current assets.
and liabilities. On the contrary, the net concept is said to be the point of view of
an accountant. In this sense, working capital is viewed as a liquidation concept.
Therefore, The solvency of the firm is seen from the point of view of this
difference Generally, lenders and creditors view this as the most pertinent
approach to the problem of working capital.
2)
3)
Inventories:
a)
b)
Work-in-progress
c)
Finished/Traded goods
d)
Sundry Debtors:
a)
b)
Other debts
b)
in Current accounts
ii)
in Deposit accounts
With others
i)
4)
in Current accounts
Secured Advances
b)
ii)
Deposits
iii)
received
Current liabilities: The following items are included under this category.
1)
2)
Current Liabilities:
a)
Sundry creditors
b)
c)
b)
c)
3)
Provisions:
a)
For Taxation
b)
Proposed Dividend
i)
on preference shares
ii)
on equity shares
Besides, items like prepaid expenses, certain advance payments are also included
in the list of current assets. Similarly, bills payable, income received in advance
for the services to be rendered are treated as current liabilities. Nevertheless,
there is difference of opinion as to what is current. In the strict sense of the
term, it is related to the, operating cycle, of the firm and current assets are
treated as those that can be converted into cash within the operating cycle. The
period of the operating cycle may be more or less compared to the accounting
period of the firm. In case of some firms the operating cycle period may be
small and in an accounting period there can be more than one cycle. In order to
avoid this confusion, a more general treatment is given to the, currentness, of
assets and liabilities and the accounting period (generally one-year) is taken as
the basis for distinguishing current and non-current assets.
ii)
Permanent Working Capital: Though working capital has a limited life and
usually not exceeding a year, in actual practice some part of the investment in
that is always permanent. Since firms have relatively longer life and production
does not stop at the end of a particular accounting period some investment is
always locked up in the form of raw materials, work-in-progress, finished stocks,
book debts and cash. The investment in these components of working capital is
simply carried forward to the next year. This minimum level of investment in
current assets that is required to continue the business without interruption is
referred to as permanent working capital. While suggesting a methodology for
financing working capital requirements by commercial banks, the Tandon
committee has also recognised the need to maintain a minimum level of
investment in current assets. It referred them as, hard core current assets. The
Committee wanted the borrowers to meet this portion of investment out of their
own sources and not to depend on commercial banks.
Variable Working Capital: This is also known as the circulating or transitory
working capital. This is the amount of investment required to take care of the
fluctuations in the business activity. While permanent working capital is meant to
take care of the minimum investment in various current assets, variable working
capital is expected to care for the peaks in the business activity. While
investment in permanent portion can be predicted with some probability,
investment in variable portion of working capital cannot be predicted easily as
sudden changes in the business activity causes variations in this portion of
working capital.
One of the implications of the division of working capital into two types is to
understand its behaviour over a period of time. Investment in working capital is
related to sales volume. A variation in sales volume over time would consequently
bring about a change in the investment of working capital. This is said to vary
depending upon the type of working capital. These variations with respect to
different types of firms are presumed to vary as indicated in Fig. 1.1
Figure 1.1 exemplifies the behaviour of different types of working capital in
diverse firms affected by seasonal and cyclical variations in production or sales.
In case of non-growth non-seasonal and non-cyclical firms, all the working capital
can be considered permanent as shown in (A). Similarly, growing firms require
more working capital over a period of time, but fluctuations are not assumed to
occur. As such, in this case also, no variable portion of working capital is
present. In the third case (growing seasonal and non-cyclical firms), there are
two types of working capital. On the contrary, in case of growing, seasonal and
cyclical firms, all the working capital is assumed to be of varying type.
Fig. 1.1: Behaviour of Working Capital
wo
rk
in
Pe
Ca rma
pit ne
al nt
Permanent
W.C
Variable
W.C.
Perma
.C
nent W
Variable W.C.
Time (years)
Activity 1.1
Mention the points of differentiation between
i) Gross concept and Net concept
.......................................................................................................................
.......................................................................................................................
.......................................................................................................................
.......................................................................................................................
1.5
For every business enterprise there will be a natural cycle of activity. Due to the
interaction of the various forces affecting the working capital, it transforms and
moves from one to the other. The role of the financial manager then, is to ensure
that the flow proceeds through different working capital stages at an effective
rate and at the appropriate time. However, the successive movements in this
cycle will be different from one enterprise to another, based on the nature of the
enterprises. For example:
i)
ii)
iii) If the enterprise is a purely financing enterprise, the cycle is still shorter and
it can be shown as:
Cash(sanction of loans)Debtors(collections)Cash.
But in real business situations, the cyclical flow of working capital is not simple
and smooth going, as one may be tempted to conclude from these simple flows.
This cyclical process is repeated again and again and so do the values keep on
changing as they move through the cash to cash path. In other words the cash
flows arising from cash sales and collections from debtors will either exceed or
be lower than cash outflows represented by the amounts spent on materials,
labour and other expenses. An excess cash outflow over cash inflow is a clear
indication of the enterprise having suffered a loss. Thus it is apparent, that the
amount of working capital required and its level at any particular time will be
governed directly by the frequency with which this cash cycle can be sustained
and repeated. The faster the cycle the lesser will be the investment needed in
working capital.
Form the aforesaid discussion, one can easily identify three important
characteristics of working capital, namely, short life span, swift transformation and
interrelated asset forms and synchronization of activity levels.
1. Short-life Span
Components of working capital are short-lived. Typically their life span does not
exceed one year. In practice, however, some assets that violate this criterion are
still classified as current assets.
2. Swift Transformation and Inter-related Asset Forms
6
In addition to their short span of life, each component of the current assets is
swiftly transformed into the other asset. Thus cash is utilised to replenish
inventories. Inventories are diminished when sales occur that augment accounts
receivable and collection of accounts receivable increases cash balances. Thus a
natural corollary of this quick transformation is the frequent and repetitive
decisions that affect the level of working capital and the close interaction that
exists among the members of the family of working capital. The latter entails the
assumption that efficient management of one asset cannot be undertaken without
simultaneous consideration of other assets.
comparision of estimated cash inflows and outflows for a particular period such
as a day, a week, a month, a quarter or year. Typically Cash budget is designed
to cover oneyear period and the period covered is sub-divided into intervals. It
can be prepared in various ways like the one based on cash receipts and
disbursements method, or the adjusted net income method, or the working capital
differential method.
The budgeting process begins with the beginning balance to which are added
expected receipts. This amount is reached by multiplying expected cash receipts
by the probability distribution that the management budgetary will prevail during
the budgetary period. If outlays exceed the beginning balance plus anticipated
receipts the difference must be financed from external sources. If an excess
exist, management must make a decision regarding its disposal either in terms of
investing in short-term securities, repaying the existing debts or returning the
funds to the share-holders.
The preparation of the cash budget helps management in many ways.
Management will be able to ward off the disadvantages of excessive liquidity,
since there will be information on how and when such cash results in. Similarly it
will be able to contact different sources of finance to tide over a situation of
cash shortage and can avoid rushing to obtain finance at whatever cost. It allows
the management to relate the maturity of the loan to the need and determine the
best source of funds, since the information furnished by the budget reflects the
amounts and time for which funds are needed. Further, cash Budget establishes a
sound basis for controlling the cash position.
Of the several methods of preparing the cash budget, Receipts and Payments
method is popular among many undertakings. Moreso the preparation of cash
budgets in the organisations was an integral part of the budgetary process, since
the whole of the budgetary structure was divided into revenue budgets,
expenditure budgets and cash budgets. Cash budget was prepared by the
organisations by borrowing figures from various other budgets which they
prepared such as the:
i) Production budgets.
ii) Sales budget.
iii) Cost of production estimates with its necessary subdivisions for example.
a) materials purchase estimates:
b) labour and personnel estimates:
c) plant maintenance estimates: etc.
iv) Manpower budget.
v) Township and welfare estimates
vi) Profit and loss estimates.
vii) Capital expenditure budget.
Thus, cash budget is prepared as a means of identifying the past cash flows and
determine the future course of action. Cash budgets, generally are prepared by
all enterprises on yearly basis having monthly breakups.
Medium term planning : In the medium term determining appropriate level of
working capital is considered a focal point. In unit 3 of this course on
Determination of working Capital, we have discussed in detail the following
three approaches to determine optimum investment in working capital.
1)
2)
3)
Therefore, students are advised to refer to that particular unit and hence
discussion on them is not repeated here.
CVP Analysis: As a measure of long term planning, macro- level techniques like
C-V-P and funds flow are considered helpful in making an effective planning.
These are helpful not only for working capital planning but also for the entire
financial planning. At the level of working capital planning, we are required to
establish relationships between costs, volume and profits. Though the regular
break-even point is used to determine that level of sales or production which
equals total costs, in the area of working capital, we can be cautious about the
costs and revenues akin to working capital items such as inventory, receivables
and cash. Firms often face a dilemma of whether to place an order to keep a
particular level of inventory or not and whether a customer be provided credit or
not. These matters can be effectively dealt with orientation towards the C-V-P
relationships.
In this context, a distinction may be made between cash break even point and
profit break-even point, which represents liquidity and profitability respectively.
Cash break-even point, which is defined as that level of sales per period for
which sales revenue just equals the cash outlays associated with the product or
business. This kind of an analysis helps in focusing on the areas of cash deficit
and cash surplus leading to better liquidity management. When we appreciate the
fact that working capital is a liquidation concept, the utility of CVP concept in
making better exercise in planning for working capital needs no special emphasis.
Funds Flow: Funds flow is yet another tool used in the long run to analyse the
financial position of a company. Though the term funds can be understood to
include all financial resources, preparation of funds flow statements on working
capital basis are more common in finance. The preparation of such flow
statements gives an idea as to the movement of funds in the organisation. The
particulars relating to the funds generated from operations and changes in net
working capital position are highly relevant in this analysis. A firms capacity to
pay off its current debts depends mainly on its ability to secure funds from
operations. The prime objective of funds flow statement (prepared on the basis of
working capital movements) is to show the ebb and flow of funds through
working capital and to shed light on factors contributing to the movements. As a
matter of fact the internal movement of wealth (to a large extent) usually takes
place among working capital items. An analysis of these movements therefore
would provide an understanding of the efficiency of working capital management.
Whereas the schedule of working capital is designed to measure, the flow of
funds through working capital. For that matter, one has to ascertain changes in
current assets and current liabilities during the two balance sheet dates and
record variations in working capital. This would help in identifying the net
changes. i.e., increases and decreases in working capital position.
In India, the rate of inflation was more grievous than in many other countries,
and the wholesale prices rose by almost 32 percent during 1956-61, by slightly
less than 30 percent during 1961-66, and 25 percent during the Annual Plan
periods (1966-69). Besides fluctuations the annual rate of rise in the wholesale
price was exceptionally high and in 1974-75, almost alarming. Inflation rate based
on Wholesale Price Index (WPI) averaged around 9 per cent during 1970-71 to
1990-91. Again it touched the highest level of the decade in 1991-92 at 16.7
percent, when the economic activity was at its lowest ebb. Consequent upon the
reforms, there has been some recovery in the economy and the rate of inflation
has come down to even 2 percent during 1998-99, threatening the regime of
deflation. Nevertheless, there is no consistency in the performance of the
economy. Again the rate of inflation is moving towards an average of 4-5
percent. Alongside these indices there are some hidden inflationary potentials
which are not apparent. Prominent among these are generous subsidies, changing
international prices of crude oil and petroleum products and the administered
prices for certain other products. The combined impact of these factors is
definitely seen on the inflation. The impact of inflation on working capital be
understood in the following manner.
1.7.2
Besides the problem of increased demand for funds there would be a reduction
in the availability of such funds associated with higher costs during inflation.
There would be no problem if the working capital funds were available to an
unlimited extent at a reasonable cost, regardless of the economic condition
prevailing in the economy. In reality, the situation is completely the opposite as
both internal and external sources of funds for financing working capital become
scarce.
As pointed out earlier, during inflation the availability of internal sources gets
reduced because of the maintenance of records on historical cost basis. On the
other hand, the position with regard to external sources of funds is equally
10
disheartening. The rapid increase in inflation has given rise to the formulation of
tight money policy by the Reserve Bank of India with a view to restricting the
flow of credit in the economy. Consequently, the extension of credit facilities
from banks have become extremely limited. Further, the diversion of bank funds
to priority sectors, after nationalisation has made it more difficult to raise funds
from banks.
Till recently, companies depended heavily on public deposits for meeting their
working capital requirements. Their availability however was reduced due to the
restrictions imposed by the RBI on the companies for the mobilisation of deposits
from public, particularly since 1978. Further the advent of Government companies
into the capital market for accepting public deposits made it more difficult to
attract funds from the public.
Coming to the trade credit, one must note that it may not be available for long
periods, and the suppliers of goods tighten the credit facilities during inflationary
period. The issue of long term loans may also be slackened, as the investors
would be less attracted by investments offering a fixed return like debentures and
preference shares. This is so because in terms of purchasing power the principal
amount of investment as well as the interest would dwindle. Thus, these
restrictions and limitations on the availability of working capital from internal and
external sources makes it difficult for the finance manager to raise funds during
inflation.
ii)
It results in shortages.
Very few firms realise the impact of inflation on the valuation of inventory and
the extent to which it contributes to unrealised profits. In other words, inflation
affects the valuation of inventories, affecting thereby the amount of profits
reported in the financial statements.
Not only inflation affects the inventory, but inflation itself is also increased due to
the inefficient management of inventory. Delivering the keynote address at a
National Convention on the subject of, Curbing Inflation through Effective
Materials Management, Shri P.J.Fernandes put forward the following five
propositions to show the impact of inflation on the materials management.
a) The stocks which are held by the enterprises have a direct and immediate
relationship to general price levels.
b) The price level in any country is to a great extent determined by the cost of
production. The cost of production is to a great extent determined by the
cost of inputs. Hence, if the cost of inputs goes up, the cost of production as
well as the price level also goes up.
c) An effective system of materials management must necessarily result in an
increase in production.
d) The materials manager can have a total and absolute impact on production
outside his unit, and
e) It is the materials management, which can reduce the crushing burden of
credit expansion, and the money supply, which again will have a direct and
absolute impact on inflationary tendency.
Finally, it may be considered with the help of the following illustration how
inflation renders the traditional inventory control techniques ineffective.
Assumptions
1)
Annual consumption
Rs. 1,00,000
2)
Rs. 3,125
3)
4)
Ordering cost
5)
Carrying cost
6)
32
7)
Price rise
month.
b)
3125
25
Carrying costs = = Rs 390.63
2
100
c)
If 32 orders are placed in a year, the distribution of the same in each month and
the material cost month-wise would be as given below.
12
No. of orders
Material cost
3125 2 1.00 =
6,250.00
2nd Month
3125 3 1.05 =
9,843.75
3rd Month
4th Month
3125 2 1.15 =
5th Month
6 Month
7th Month
8th Month
3125 2 1.35 =
9th Month
10 Month
11th Month
12th Month
3125 2 1.55 =
th
th
32
7,187.50
8,437.50
9,687.50
1,27,656.25
Based on the EOQ formula, if one places orders as shown in the example, the
total material cost comes to Rs. 1,27,656.25 (i.e., Material Cost + Ordering Costs
+ Inventory Carrying Costs). In contrast, If the firm in question does not apply
the EOQ technique and simply resorts to buying at the single stretch or lot
buying, the total material cost would be only Rs. 1,12,520/- as worked out below:
1)
2)
3)
4)
5)
6)
Thus, it would appear that the conventional inventory control technique of EOQ is
not really valid under the assumed conditions.
Receivables
The effect of inflation on the receivables is felt through the size of investment in
receivables. The amount of investment in receivables varies depending upon the
credit and collection policies of the organisation. Evidently, during the periods of
inflation the higher the amount involved in the receivables the greater would be
the loss to the company, since the debtor would be paying cheaper rupees.
Likewise, the length of the time too makes the firm lose much in the transaction.
For instance, if the firm in the beginning made a credit sale of about Rs. 1,00,000
with an allowed credit period of three months, assuming a 20 percent inflation in
the economy, the amount the company receives in real terms after the allowed
credit period becomes only Rs. 95,000. Here, even considering the same time lag
between delivery and realisation, as between debtors and creditors, sundry
debtors would create bigger problem than the sundry creditors, because the
declining value of sundry debtors would affect adversely the anticipated
13
14
Further, the relation between current assets and current liabilities (as depicted
through current ratio) is sending a signal of poor liquidity. Accepting that a 2:1
relation between current assets and current liabilities as comfortable in exhibiting
adequate liquidity, the public limited companies have never been closer to this
standard. It was varying between the lowest of 1.23:1 and the highest of 1.52:1
during the period, 1992-98. In case of individual industries too none of them could
achieve this mark except shipping industry. (See Table 1.2).
1.9 SUMMARY
This unit has aimed at providing a conceptual understanding of the issues involved
in working capital. Thus, it started with the discussion on definition and ended
with the trends in working capital in Indian companies. There is a clear
difference in the understanding of the concept of working capital among
accountants and economists. This unit has attempted to highlight this aspect.
Similarly, what constitutes working capital is discussed to enhance the
understanding of the readers. Though there is a broad consensus, there are a
few differences in identifying the constituents, particularly in the area of
investments and advance payments. Attempt has also been made to highlight the
significant characteristics of working capital. Working capital planning is
considered yet another issue, which engages the attention of corporate managers.
The discussion is further strengthened to incorporate matters on inflation and
trends. At the end, a synoptic view is presented of the working capital trends, as
compiled from the data of RBI.
15
Funds flow
1)
Tea
38.1
34.6
41.2
38.8
36.2
39.5
38.6
36.5
35.6
2)
Sugar
62.6
58.9
60.4
56.3
56.2
54.8
55.4
56.8
57.6
3)
Tobacco
68.5
66.3
66.7
67.6
61.8
60.0
4)
Cotton Textiles
51.7
53.5
53.5
53.2
51.8
50.7
42.1
41.6
41.8
Silk Rayon
50.1
48.4
49.3
35.9
30.8
28.9
5)
Textiles
6)
Engineering
62.2
58.3
58.4
57.3
52.5
49.2
7)
Chemicals
45.0
44.3
42.8
41.5
37.3
36.1
45.5
45.4
46.1
8)
Rubber
57.3
56.5
55.6
60.0
58.0
56.8
46.8
47.9
46.3
9)
Paper
47.3
43.8
44.7
43.4
34.5
37.6
34.3
35.3
32.7
10) Construction
74.5
71.6
71.7
50.9
66.5
37.1
66.3
64.5
65.5
11) Electricity
23.6
16.1
19.6
23.8
29.4
23.9
61.5
58.7
57.4
12) Trading
79.2
77.7
79.5
80.9
79.1
80.1
82.5
83.5
81.6
13) Shipping
28.6
30.6
38.8
36.9
37.0
36.6
50.4
47.3
45.4
47.5
45.0
44.3
48.9
43.7
40.8
36.8
43.1
42.6
Source: RBI Bulletins, October 1997, October 1999 and October 2003.
Table 1.2 : Current ratio among different industry groups in public limited companies in India
Sl. Industry
1)
Tea
1.56
1.60
1.96
1.5
1.4
1.7
1.6
1.4
1.4
2)
Sugar
1.16
1.32
1.35
1.2
1.1
1.1
1.2
1.1
1.0
3)
Tobacco
1.22
1.34
1.30
1.3
1.3
1.3
4)
Cotton Textiles
1.26
1.33
1.35
1.4
1.4
1.3
1.2
1.2
1.0
5)
Silk Rayon
1.43
1.64
1.72
1.6
1.0
0.8
1.44
1.3
1.3
1.2
Textiles
16
6)
Engineering
1.35
1.36
7)
Chemicals
1.41
1.43
1.54
1.5
1.5
1.3
1.3
1.3
1.2
8)
Rubber
1.36
1.38
1.54
1.6
1.4
1.4
1.3
1.3
1.2
9)
Paper
1.17
1.34
1.52
1.3
1.3
1.2
1.1
1.1
0.8
10) Construction
1.09
1.04
1.09
1.1
1.5
0.9
1.3
1.3
1.1
11) Electricity
1.00
0.98
1.18
1.3
1.1
1.4
1.4
1.3
1.3
12) Trading
1.21
1.29
1.28
1.4
1.5
1.4
1.4
1.4
1.4
13) Shipping
1.28
1.64
2.29
2.1
2.1
1.9
1.4
1.2
1.2
14) Diversified
1.84
1.73
1.82
1.4
1.3
1.2
1.0
1.1
1.2
Companies
1.
Inventories
39.8
33.3
32.5
34.5
32.2
32.0
33.8
33.7
31.8
2.
Receivables
50.9
47.5
52.9
53.2
56.3
55.2
53.4
53.7
54.3
3.
11.8
7.4
4.9
4.8
3.5
4.9
5.5
5.5
4.
Advance of
Income tax
0.1
0.1
0.2
0.1
0.1
0.1
0.4
0.4
5.
6.6
7.3
6.9
7.3
6.6
9.2
7.5
6.7
8.4
Total
100.00
100.00
100.00
100.00
100.00
Current Assets
(67558)
Source: RBI Bulletins, October, 1997, October 1999 & October 2003.
A. Short term
borrowings
from Banks
01-02
33.2
28.3
29.5
29.7
29.8
29.3
32.0
37.5
40.0
B.
Unsecured loans
from Companies
and others
6.5
8.4
9.4
8.9
13.4
15.6
C.
59.7
62.7
60.6
60.7
55.9
54.0
63.1
55.2
53.2
1.Sundry creditors
38.5
39.2
34.2
37.6
35.2
20.2
37.5
33.8
31.7
2.Others
21.2
23.5
26.4
23.1
20.7
31.8
25.6
21.4
21.5
0.6
0.6
0.5
0.7
1.0
1.0
4.9
5.4
9.8
100.0
100.0
100.0
100.0
100.0
(48089)
(54307)
(67618)
D.
Provisions
17