Critical Analysis of Buderim Ginger Financial Performance - Case Study Example

BUDERIM GINGER 2013 ANNUAL REPORT FOR THE PERIOD ENDED 30TH DECEMBER 2013 ASX Code: BUG ABN 68 010 978 800 MISSION: to be the leading global supplier of quality food products in our chosen market sectors.[Bud13]. Contents Executive Summary 3 Ethics & Corporate Governance 4 Environmental and Social Responsibility 4 Background 5 Financial position 6 Ethics and Corporate Governance 10 Auditor’s opinion 10 Environmental and Social Responsibility 11 Conclusions 12 Recommendations 12 References 13 Appendix 14 Executive Summary The following report shows a critical analysis of Buderim Ginger (BUG) financial performance for the year ended 30th December 2013.The main principle activities of the group include: Ginger processing and distribution, Macadamia operations based in Australia and Hawaii, Tourism operations as a jointly controlled entity and Baking operations (Discontinued operation segment). The report is divided into the following three segments. The first being a brief background of the report, the main purpose for the scope of business and nature of the decision options. Second one involves company’s major findings of the report and finally efficiency, profitability, cash flow position and efficiency analysis based on a 3 year trend analysis. Background and scope of the business report Trend analysis for the year ended 2011, 2012 and 2013 has been carried out to ensure effectiveness of the ratio analysis. The report has been based on both quantitative and qualitative information. The information presented is to help determine the best course of action for the proposed offer to Top Juices ltd based on two options: Forming a strategic alliance or indulging in a takeover bid. The financial statements in consideration are the balance sheet, income statement, statement of change in equity and the cash flow statement all for the same period. The statements are attached in the appendix section of the report. Main findings The financial position shows a decline in liquidity ratios. This shows a need for external financing which will enhance efficiency in the operations. The liquidity problems have been as a result of the discontinued operations which have been as a result of loss of contract in the year 2011 which led to massive decline in gains of 2012 by $10m.Its sale proceeds have been used to settle any liabilities arising from the operations. With some renewed focus on brands and products the BUG management feels they can re-introduce ginger to another level of consumers. Communication will be an important element of that process and work has begun on refreshing BUG’s digital media platform[Bud13].In the six months to Dec 2013 ,the company reduced its debt to $19.8m from $21.6m which is an improvement. Profitability-It can be broken down as follows: 2013 2012 2011 PBT (5,962.00) 3,008.00 1,829.00 PAT (4,679.00) 1,840.00 1,541.00 Efficiency as depicted by total asset turnover has decreased to 106% from 110% in the previous years. Inventory turnover also shows a decline to 250% from 308% due to the decreased sales volume from the baking industry and the dry season at Macfarm’s which reduced level of sales. The group also lost one of their diligent general managers at Macfarm’s late last year contributing to decline in output. Stability ratios all show a negative percentage attributed to loss for the period as well. Earnings yield decreased to 8.8 from a previous year 10.5.Basic EPS in cents also decreased to -22.3 from 8.9 in the year 2012.Market capitalization still stands at $12m with shares outstanding of approximately $21m. ‘The Directors, having made appropriate enquiries, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going-concern basis of accounting in preparing the annual financial statements.’ (BHP’s annual report 2010, P.179). Ethics & Corporate Governance Fair treatment of employees[Bar11]: Following discontinuation of the baking business, and its sale to Homestyle baking Company, the employees were absorbed in the new company which ensured they did not lose their jobs. The takeover company intended to capitalize on their experience. The management is also seeking to maximize shareholders wealth appropriately without any conflict of interest. For instance, there have been reassessment pertaining strengths of the brands as well as developing new products developments which is set to improve sales. ‘Last year ginger operations started a review of how to do things better. There are a number of opportunities. That review remains to be completed. The issue may become how to fund these things and the first challenge is to become financially stronger’[Bud13]. The management thanks all employees due to their hard work which has seen the group better its position with time, especially with the baking segment. There has been need for vertical integration which is proposed by management in order to establish the group as cost leadership. Environmental and Social Responsibility ‘The Buderim Ginger Limited’s operations are subject to a range of Commonwealth, State, Territory and international environmental legislation. Buderim Ginger Limited is a leading Ginger and macadamia produce company committed to creating a cleaner future.’ (Qantas’ annual report 2010, p.45) The group purchased a company in Fiji which will be ensuring that quality ginger is produced by growers which will translate to reasonable compensation to them as well as the company. Strategic alliance will do the company good. After the discontinuation of the loss making segment, the future of BUG is quite promising. With the appointment of new marketing manager, developing new product development, renewed focus on major core brands and plans to reintroduce to a whole different level of customers, efficiency and liquidity status will improve. The company is also considering a contract processing together with third parties to ease the Macfarm’s dry season effect on macadamia output. Background In January 2013, CEO Murray Richardson made known his resignation and a replacement was found in April 2013 by Roger Masters who is a former MD of Capilano Honey.[Bud13].The baking segment has also been discontinued after fruitless efforts to bring its profitability status. The remaining core business for the group is the Ginger and Macadamia segments. The management also agreed to change reporting date from 3oth June to 30th December every year. Macadamia seasonality has also posed a challenge to the overall group. High level of the Chinese interest in the local supply has been a competition threat. The BUG therefore plans to maximize on the Hawaii orchard to stable its supply. A marketing manager has been appointed to direct development the core business after a careful market research. Finally, ERP financial management system was proposed to be implemented to replace the old one. QAD which is used by majority of food industries has however been the final proposition which will cost the same as ERP. During the reporting period, a voluntary dissolution of Buderim Ginger (UK) ltd was passed.[Bud13]. There was not enough information to process a cash flow statement for the period ended 30th December 2013.The cash flow of up to 30Th June 2013 has been used instead due to changes in the reporting dates of the group. Financial position The financial position ratios and analysis of BUG can be summarized as below. Shareholders returns & performance measurements on a year accounts   2013 2012 2011 PBT/Revenue % -9% 4% 2% PAT/Revenue % -7% 2% 2% EBIT $ '000' (5,123.00) 4,194.00 3,241.00 Current ratio % 105% 156% 102% Net tangible asset backing (cents) 122 122 122 Basic EPS (Cents) (22.30) 8.9 8.8 Earnings yield 8.80 10.5 4 DPS 34% 34% 23% PBT-Profit before tax (5,962) 3,008 1,829 PAT-Profit after tax (4,679) 1,840 1,541 Market capitalization 12,000 12,000 12,000 Equivalent shares 20,649 20,649 20,649 *The NTAB excludes deferred taxes       Profitability The gross profit margin has reduced from 26% to 23%.The net profit after tax margin has also decreased to -7% from 2%.These ratio show the ability of a company to sustain and be a going concern in the future. If a company makes losses, future sustainability becomes questionable. However, the reduction in the ratios is attributed to discontinued loss making baking business which has been sold out to Homestyle Company. This was resolved by the shareholders unanimously. In addition, Macfarm’s dry season in 2012 led to a reduction in supply capacity reducing sales. Plans have been devised however to refreshed the product and capitalize at Hawaii orchard to stabilize the supply. Financial efficiency This is shown by asset utilization ratios. They include inventory and debtor’s turnover and days, fixed asset turnover and total asset turnover. Inventory turnover for the year 2011 has used sales divided by the stock for the period as there was no sufficient information to calculate average figure for the inventory. The company’s activity has dropped. Inventory turnover has reduced to 250% from 308%.Inventory days have increased to 146 days from 118 days. This shows that in year 2013, sales were slow and inventory was accumulating due to decreased level of activity. Total asset turnover has also decreased backing up claims of decreased activity. It dropped from 110% to 106%.Fixed asset turnover has also dropped from 221% to 219% in the year 2013.Debtors days shows a reduction of 2 days from the 2012 figure. This is a good indication that events of doubtful debts instances are being mitigated despite the receivables turnover showing an increase in debtors figure. Financial liquidity and solvency Short term solvency is measured using the working capital ratios. The current ratios and the acid test ratio. Evidently, the ratios have both deteriorated compared to financial year ended 2012 December 30th. Current ratio has decreased from 156% to 105% in year 2013.While the quick ratio decreased by 12% to 44%.Shortterm solvency is undermined by the above ratios. The group management is however convinced that they are still in the margin of meeting current obligations as and when they arise. The decrease in the ratio is due to sale of some asset to generate funds to finalize the baking industry sale. Current liability has also risen to$ 30,403,000 from $22,160,000 in year 2012.This is as a result of reclassification of long term portion as a current portion to avoid breach of covenant with the bank. The working capital surplus as shown in the appendix under summary of working capital has consequently reduced from $12,337,000 to $1,588,000 in year 2013. Both ratios show a decline from year 2012 to 2013 despite it having improved in 2012 from 2011. Long-term solvency Long term solvency has not improved considering short term solvency declined. The debt ratio has increased to 52.15% from 49.95% in year 2012.Between year 2011 and 2012 the ratio was relatively equal. The debt to equity ratio also shows an increase to 109% which is a warning sign of liquidity status. Net Gearing-Capital risk management Debts: 2013 2012 2011 Interest bearing loans and borrowings 19,837 17,403 19,712 Cash and cash equivalents (3,098) (1,230) (3,295) Net debt 16,739 16,173 16,417 Total equity 29,716 34,483 34,333 Total capital employed 46,455 50,656 50,750 Capital employed ratio 36.03% 31.93% 32.35% Debt to equity ratio 109.00% 99.80% 101.35% Assets funded by external stakeholders Total assets 62,107 68,898 69,128 Total liabilities 32,391 34,415 34,795 Debt ratio 52.15% 49.95% 50.33% The debt ratio has not improved showing an increase in financial risk of Buderim ltd. Several propositions have however been made by the management to mitigate liquidity risk. They include: Continuous monitor of actual as well as daily cash flows of the overall group entity. Monitor liquidity ratios effectively to avoid high financial risk Discuss credit period which leads to outflow and streamline it to industry’s practical days. Monitor key ratios for borrowing such as the Gearing, equity, EBIT/Interest and EBIT/sales ratios Financial return, Earnings per share and dividend yield The group has not declared any dividend for the current year due to the negative gain reported. Equity ratios 2013 2012 2011 EPS cents (22.30) 8.9 8.8 EATESH/O.S.C outstanding yield % 8.80 10.5 4 EPS/MPS DPS % 34% 34% 23% DPS/MPS DPS 5.5 5.5 1.8 MPS 0.610 From the above equity ratios, it’s evident that the company had been growing its dividend yield and earnings yield for the past 24months prior to the loss making year. A strategic alliance will help improve the image of the company to the public. Consequently, through efficient market hypothesis, its expected return for the shareholders will improve. Earnings yield comparison Earnings yield for half year to 2013 June was 4.9% Cash flow position. This serves the company to know whether it’s generating enough internal funds for the smooth running of the business besides profitability. The consolidated statement of cash flows shows an increase in cash and cash equivalents for the six months ended 30 June 2013 of $76k. Net cash flow from operating activities was a negative $1.8m due mainly to the completion of the annual ginger intake in the six month period. The excess of payments to suppliers over receipts from customers during this period also reflects high trading losses in the Baking segment. [Placeholder1].The ratio used in the report is as follows: Operating cash flows to net sales ratio: 2012-3% 2013- 3% Offer valuation Takeover offer To Juice BUG EATESH p.a 134,400 (4,679) No of ordinary shares 150,000 21,000,000 MPS 1 0.61 EPS 0.90 (0.00022) Offer price by BUG 0.75 Exchange rate=Offer price/MPS of predator New shares=Exchange rate *shares in acquired Exchange rate is therefore = 2.00 MPS of the predator=Offer price /Exchange rate 0.38 Combined EPS 0.0061 Current EPS 0.003 Top Juices liquidity ratio Current ratio 22 Quick ratio 5 Debt ratio 0.38 Debt to equity ratio 0.61 Ethics and Corporate Governance Compliance based on the requirements of the Corporations Law, the Listing Rules of the ASX, the recommendations of the ASX Corporate Governance Council, and other Australian and international guidelines has been observed.[Placeholder1].The reporting period structured with respect to the 8 Corporate Governance Council’s principles and recommendations.[Bud13].The board of directors unanimously complied with the adoption of the ASX corporate governance principles.’ However, this does not infer that the directors endorse all the recommended guidelines as being appropriate to the particular circumstances of the company. The directors are firmly of the opinion that these represent a transparent and comprehensive regime that provides a high level of assurance to all stakeholders’[Bud13]. However, there are some instances whereby due to the limited size of the Board, it is not considered economical or practical to implement some Recommendations.[Bud13]. Auditor’s opinion ‘In our opinion: a) The financial report of the Buderim Ginger Limited is in accordance with the Corporations Act 2001, including: (i) Giving a true and fair view of the Buderim Ginger Limited and consolidated entity’s financial position as at 30 December 2013 and of their performance for the year ended on that date; and (ii) Complying with IFRS, Australian Accounting Standards (including the CLERP 9 and Australian Accounting Interpretations) and the Corporations Regulations 2001; and (b) the consolidated financial report and notes also comply with International Financial Reporting Standards as disclosed in Note1 (a).’ (Commonwealth bank annual report 2010, p.235) ‘In our opinion, the remuneration report of the Buderim Ginger Limited for the year ended 30 December 2013, complies with section 300A of the Corporations Act 2001.’ (Commonwealth bank annual report 2010, p.235). Independence-In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. (Commonwealth bank annual report 2010, p.234) Unfavorable media release: In our opinion, the unfavorable media release would impair the judgment of stakeholders. The directors are however convinced that the baking industry sale will return the company to its original status and continue as a going concern and the bank loan contract breaches will not reoccur. BDO Audit Pty ltd P.A Gallagher Rahoul Chowdry Director Environmental and Social Responsibility A special compliance and audit committee is put in place to ensure that all regulations regarding taxes, environment and integrity of reporting is observed.’ In Australia, the consolidated entity holds licenses issued by the relevant government agencies which specify limits for discharges to the environment which are due to the consolidated entity’s operations. These licenses regulate the management of discharges to the air and storm water runoff associated with the ginger processing operations as well as the storage of hazardous materials.’[Placeholder1]. BUG retains highly skilled employees which ensures that the products produced are of high quality .the diversity of different customers is also respected. Buderim Ginger Limited considers a gender balanced diverse and inclusive workforce, where employee differences in areas of gender, age, culture, disability and lifestyle choice are valued, and in which everyone has the opportunity to fully participate and is valued for their individual inputs, a strategic asset for its business.[Bud13]. Safe working environment are provided to all employees. The company also incorporates flexible working hours to facilitate all round employees’ development. Inclusiveness is also in the company’s constitution that seeks to improve respectability and diversity virtues. Buderim Ginger offers flexible work Arrangements and support in special circumstances to help balance life priorities with work and to manage careers.[Bud13] Conclusions Based on the financial analysis in carried out in the report, the financial position of this company has been favorable from the trend analysis. The decline in 2013 is due to the loss making segment due to the loss in the large contract in year 2011 which led to drop in profits by up to $10m.Management have devised new ways to improve the working capital ratio to decrease its financial risk status. Its ethical and corporate governance performances are all complied with. Its environmental and social performance compliance is in check. A license exists to regulate its impact of its operations on the environment. An audit committee is also formed to reinforce the latter. Corporate governance 8 principles are also core to the group’s management where applicable. The proposed development onset is a strategic alliance venture to help in immediate market share penetration, new strategic product diversification and cost reduction as it will be shared. The partners of strategic alliance have to however be performers and an agreement should be drawn up to eliminate instances of conflict of interest in the mutually developed commodities. Recommendations A strategic alliance with BUG group is the proposed venture for Top Juices. The alliance will eliminate extra costs associated with take over process. A takeover has the possibility of worsening the group’s liquidity status especially now that most of the long-term debt has been classified as current. Combining the business efficiency and reputation will work well for both companies. To Juices will increase its monthly retained earnings as the group recovers from the baking industry losses. The company’s corporate governance is all complied with and are essential to the social standing of the company. Its social responsibility is also very much in check which has enhanced its image to the outside world about its operations. The employees have been very cooperative and supportive of the management and there are also no incidences of bad publicity about the company governance and operations. Provided that the company will implement the proposed changes to the working capital and liquidity status, powerful combinations will enhance both companies’ efficiencies and expand market share as well as enhance reputational level. This will result to an increase in shareholders wealth which is the key to any organization that is seeking growth and expansion. Unnecessary costs a takeover will be avoided and employees of To Juices will also be maximized and opened up to greater opportunities with a strategic alliance compared to a takeover. The following ratios should not be compromised for the alliance to work. Top Juices liquidity ratio Current ratio 22 Quick ratio 5 Debt ratio 0.38 Debt to equity ratio 0.61 References Bud13: , (Buderim Ginger ltd 2012 annual report, 2013, p. 3), Bud13: , (Buderim Ginger ltd 2012 annual report, 2013, p. 6), Bar11: , (Barry Elliott, 2011, p. 802), Bud13: , (Buderim Ginger ltd 2012 annual report, 2013, p. 5), Bud13: , (Buderim Ginger ltd 2012 annual report, 2013, p. 4), Placeholder1: , (Buderim Ginger ltd, 2013, p. 13), Placeholder1: , (Buderim Ginger ltd, 2013, p. 33), Bud13: , (Buderim Ginger ltd 2012 annual report, 2013, p. 33), Bud13: , (Buderim Ginger ltd 2012 annual report, 2013, p. 35), Placeholder1: , (Buderim Ginger ltd, 2013, p. 15), Bud13: , (Buderim Ginger ltd 2012 annual report, 2013, p. 38), Bud13: , (Buderim Ginger ltd 2012 annual report, 2013, p. 40), Appendix 2013 2012 2011 Liquidity ratio Current ratio 105% 156% 102% Current Assets/Current Liabilities Acid test ratio 44% 56% 55% Quick assets/Current liabilities Cash ratio N/A 11% 13% cash +marketable securities/Current liabilities Net W.C 5% 36% 2% Net working capital/Net Assets Net tangible asset backing 122 122 152 Asset utilization ratios Inventory turnover 250% 308% 540% Sales/Stock for 2011 & cost of sales/Av stock for 2012,2013 Inventory days 146 118 68 365/Inventory turnover Fixed asset turnover ratio% 219% 221% 204% Sales/Fixed asset Total asset turnover-% 106% 110% 111% Sales/Total Assets Receivables turnover-Times 6.97 6.71 6.08 Credit sales/Av. Debtors Debtors days 52.39 54.41 60.6 365/Debtors turnover Leverage ratios Debt ratios 52% 50% 50% percentage provided by non-owners Times interest earned ratio (6.11) 3.54 2.30 PAT/Finance cost Debt equity ratio 109% 65% 57% Debt/Equity Long-term debt ratio 7% 36% 12% Noncurrent liability/Total assets Profitability ratios ROE -16% 2% 3% Net PAT/Equity ROA -8% 3% 2% Net PAT/Total Assets Gross profit margin 23% 26% 25% Gross profit/Sales Net Profit after tax margin -7% 2% 2% Net PAT/Sales Equity ratios EPS cents (22.30) 8.9 8.8 EATESH/O.S.C outstanding Earnings yield 8.80 10.5 4 EPS/MPS DPS % 34% 34% 23% DPS/MPS 2013 2012 2011 $'000' $'000' $'000' PBT-Profit before tax (5,962) 3,008 1,829 PAT-Net profit after tax (4,679) 1,840 1,541 Market capitalization-From media sources 12,000 12,000 12,000 Equivalent shares 20,649 20,649 20,649 Balance sheet as at 31st December 2013 2013 2012 2011 CURRENT ASSETS $'000' $'000' $'000' Cash and cash equivalents 3,098 1,230 3,295 Trade and other receivables 8,961 10,012 12,678 Inventories 18,665 22,194 14,272 Current tax assets 749 187 275 Other current assets 506 846 804 Derivatives 12 28 16 TOTAL CURRENT ASSETS 31,991 34,497 31,340 NON CURRENT ASSETS Investment using equity method 1,176 1,186 1,213 PPE 22,637 25,727 28,801 Deferred taxes 4,288 3,455 3,742 Intangible assets 2,015 4,033 4,032 TOTAL NON CURRENT ASSETS 30,116 34,401 37,788 TOTAL ASSETS 62,107 68,898 69,128 CURRENT LIABILITIES Trade & other payables 9,921 12,501 10,103 interest bearing liabilities 19,665 8,771 19,635 Short-term provisions 814 852 812 Current tax liabilities 0 0 131 Derivatives 3 36 79 TOTAL CURRENT LIABILITIES 30,403 22,160 30,760 NON CURRENT LIABILITIES Interest bearing liabilities 172 8,632 77 Deferred tax liability 1,772 3,578 3,912 Long-term provisions 44 45 46 TOTAL NON CURRENT LIABILITIES 1,988 12,255 4,035 TOTAL LIABILITIES 32,391 34,415 34,795 NET ASSETS 29,716 34,483 34,333 EQUITY Contributed equity 28,044 28,044 28,044 Reserves 4,062 3,531 4,808 Retained earnings/Acc losses (2,390) 2,908 1,481 TOTAL EQUITY 29,716 34,483 34,333 Income statement for the period ended 30th December 2013 2013 2012 2011 $'000' $'000' $'000' INCOME Sale of goods 66,094.0 76102 77044 Cost of sales (51,001.0) -56220 -57885 Gross profit 15,093.0 19,882.0 19,159.0 Rental revenue 247.0 229 218 Other income 1,295.0 826 2317 Finance income 22.0 13 104 Total income 16,657.0 20,950.0 21,798.0 Share of profit of Joint ventures 40.0 53 33 Selling & dist. cost (6,493.0) -7858 -9857 Marketing expenses (371.0) -288 -344 Tourism expenses (2,332.0) -2195 -2019 Admn expenses (6,176.0) -6468 -6370 Other expenses (1,110.0) 0 0 Profit(loss) from discontinued operations (5,338.0) 0 0 EBIT (5,123.0) 4,194.0 3,241.0 Finance cost (839.0) -1186 -1412 EBT (5,962.0) 3,008.0 1,829.0 Income tax expense 1,283.0 -1168 -288 PAT (4,679.0) 1,840.0 1,541.0 Other comprehensive income Exchange difference in translation 299.0 (534.0) F.V changes in cash flow hedges 55.0 (43.0) Land f.v changes (2,411.0) 0.0 Income tax on comprehensive income 780.0 0.0 Total comprehensive income   (1,277.0) (577.0) Total net profit Attributable to Shareholders 1,840.0 1,541.0 Attributable to NCI - - Total net Comprehensive profit   1,840.0 1,541.0 Attributable to Shareholders 563.0 964.0 Attributable to NCI - -   563.0 964.0 Basic diluted earnings from discontinued operations -25.85 Basic diluted earnings from continued operations 3.19 EPS 8.91 8.79 Diluted EPS 8.91 8.79 Net Gearing-Capital risk management Debts: 2013 2012 2011 Interest bearing loans and borrowings 19,837 17,403 19,712 Cash and cash equivalents (3,098) (1,230) (3,295) Net debt 16,739 16,173 16,417 Total equity 29,716 34,483 34,333 Total capital employed 46,455 50,656 50,750 Capital employed ratio 36.03% 31.93% 32.35% Debt to equity ratio 109.00% 99.80% 101.35% Assets funded by external stakeholders Total assets 62,107 68,898 69,128 Total liabilities 32,391 34,415 34,795 Debt ratio 52.15% 49.95% 50.33% Summary of Working capital data 2013 2012 2011 $'000' $'000' $'000' Current Assets 31,991 34,497 31,340 Current Liabilities 30,403 22,160 30,760 Surplus(Deficits) 1,588 12,337 580 Current ratio 105% 156% 102% Quick ratio 44% 56% 55% Statement of cash flows 2013 6 months 2012 2011 $'000' $'000' $'000' Operating Activities Receipts from customers 34,354 78,923 77,289 Payment to suppliers (35,825) (75,789) (74,791) Other receipts 1,313 1,108 2,569 Interest received 21 13 104 Interest and finance cost paid (511) (1,186) (1,412) Income tax received 0 0 57 Income tax paid (1,164) (552) (110) Receipt of government grant 0 0 248 Net cash flow from operating activities (1,812) 2,517 3,954 Investing Activities Proceeds from sale of PPE (1,090) 0 1,900 Purchase of PPE 0 (2,084) (1,829) Sale of outside equity interest 0 0 64 Acquisition of outside entity interest 0 0 (97) Trademark registration 0 (3) (1) Dividend received from Joint venture 0 80 40 Net cash flow from investing activities (1,090) (2,007) 77 Financing activities Rights issue 0 0 4,956 Borrowings proceeds 4,721 1,730 1,057 Repayments of borrowings (1,124) (4,180) (7,973) Equity dividend paid (619) (413) 0 finance lease principle payment 0 0 (37) Net cash from financing activities 2,978 (2,863) (1,997) Net increase in cash for the year 76 (2,353) 2,034 Cash balance b/f 942 3,295 1,261 Cash balance c/f 1,018 942 3,295 Read More