Overview

As you get ready to review and analyze the financial performance of the company you work for in Project Two, it would be helpful to analyze another company and learn from their business model, especially related to corporate social responsibility (CSR), sustainability, and activism.

Therefore, you will review Patagonias activism and corporate social responsibility initiatives and identify potential key financial performance indicators (KPIs).

Being a privately held company, Patagonias financial records are not available in the public domain. So, you are required to analyze the mission, vision, values, CSR initiatives, and financial records of the health and beauty company you work for as well as the company you chose in Module One. You will then deduce which financial key performance indicators likely align with a companys mission, vision, values, and CSR initiatives.

1. Review the resources you will be using in Project Two: Assessing Financial Performance.
   • Marketing and sales executive summary
   • Vision, mission, and values of your company
   • Consolidated balance sheet of your company
   • Consolidated cash flow statement of your company
   • Consolidated income statement of your company
   • Balance sheet of your chosen company
   • Cash flow statement of your chosen company
   • Income statement of your chosen company
2. Review information related to Patagonias corporate social responsibility and activism, as well as their mission, vision, and values. Use the following resources to help guide your research:
   • WileyPlus: Patagonia Case Analysis
   • Patagonias Corporate Social Responsibility and Activism
   • PatagoniaOur Footprint
   • PatagoniaMission, Vision, Values
3. Evaluate how Patagonias CSR activism has led to a better brand image and better financial results for them. In your evaluation, address the following question:
   1. What can your current company learn and apply from Patagonia in meeting its own KPIs?

Executive Summary Sales and Marketing Proposal to Increase Rewards Memberships in Low-income Markets The US Federal Government's definitions of low income are tied to regional income demographics. For our campaign, we define low income as being at 100-200% of the national average poverty line for the 48 contiguous states: Persons in Household 48 Contiguous States and D.C. Poverty Guidelines (Annual) 100% 133% 138% 150% 200% 1 $12.760 $16.971 $17,609 $19,140 $25,520 2 $17,240 $22,929 $23,791 $25,860 $34,480 3 $21,220 $28,888 $29,974 $32,500 $43,440 4 $26,200 $34 846 $36,156 $39,300 $52,400 5 $30,680 $40,804 $42,338 $46,020 $61 360 6 $35,160 $46.763 $48,521 $52,740 $70,320 7 $39,640 $52.721 $S4 703 $59,460 $79 280 8 $44,120 $58,680 $60,886 $66,180 $88,240 Source: 2020 Health & Human Services Poverty Guidelines Federal Poverty Levels According to the US Census Bureau, the total percent of households with incomes up to $49,999 is 37.1% Low-income populations represent a large untapped market for our company's rewards membership program, However , drawing customers of limited means to this program will require marketing and sales strategies that are creative, ethical, and mutually beneficial What We Are Proposing Our loyalty membership program is proposing a marketing and sales initiative to increase loyalty card memberships in low-income neighborhoods. Specifically, we aim to improve the quality of life for both our customers/members and their communities through incentives tied to the membership Our consumers would earn points based on their individual purchases. Their communities would earn points based on both the number of members in the community and the total purchases those loyalty members make. Low-income consumers would realize the benefits of points earned through our program membership. At the same time, points earned in aggregate by communities via purchases would be converted into charitable donations to nonprofit organizations or schools that serve the neighborhoods or regions of our low-income members . Considerations of the Target Market As previously mentioned, a key consideration of this initiative is eliminating barriers to access According to the Pew Research Center, among households with incomes below $30,000 a year in 2019, roughly 30% did not own a smartphone, 46% did not have a desktop or laptop computer, and 44% did not have broadband Internet access. According to recent survey by the FDIC, 25% of U.S. households are unbanked" or underbanked. An "unbanked consumer has no bank accounts of any kind- no savings, no checking no loans. An underbanked"consumer may have a savings and/or a checking account but may also use nonbanking financial outlets such payday loan or check-cashing services. In contrast, our current typical rewards member has a household income of $85,000 a year and purchases their membership online with a credit or debit card. Most purchases and points redemptions made through this membership are also done online. How to Reach Our New Target Market While social media marketing strategies should still be employed, the missing or reduced access to Internet technologies among low-income populations indicate a need for additional channels. Direct mailing to individuals in the targeted areas will be one option. But because many of the members of the community may not be on the mailing lists, we will want to go beyond direct mail We would also use a temporary hiring agency to recruit members of the community to distribute leaflets and fliers to their neighbors, and to place them in community centers and other public spaces. By other public spaces, we include such strategies as tacking or taping fliers on trees and buildings in the neighborhood, placing fliers under car windshield wipers, handing fliers out on busy intersections, creating doorknob tags, or stuffing flers into mailboxes. Which combination of outreach tactics we use would depend on the geography and infrastructure of the community To augment the youth market outreach, we propose two approaches. First, we will partner with high schools to create a card that can be customized to use school colors, logos, and mascots. In return, the schools will receive a regular donation from us based on a percent of sales generated by those who carry and use the school-associated loyalty card As an extension of the school partnership, we will identify students who are influencers among their peers. We wil recruit them to be ambassadors via discounted memberships and membership points awards credited to their accounts. Because we want to reach younger adults who are emerging buyers, these ambassadors will receive t- shirts branded with our logo and the school's mascot so that being a part of the rewards program is associated with peer activities and considered "cool." The rewards to ambassador accounts will be based on the growth of memberships associated with the high school card. Memberships can come from other students or their family members. Secondly, we also propose partnering directly with brick-and-mortar merchants to set up kiosks with information about the rewards program and ways to sign up in person. We plan to identify merchants who own local businesses or franchises- a corner grocer, for example Our employees representing the diversity of the community served would also be available to give presentations at stores and community centers Combining the Rewards Program with other Sales Initiatives We currently run ad campaigns in local newspapers, via social media, and other distribution channels that target low-income consumers with discount coupons. We recognize that low-income rewards members may make Consolidated Balanc....xlsx nen MBA 500 Projects o....pdf POE purchases that combine the use of the membership card with the use of the discount coupon. That is ittwoor more hems are purchased, it is possible that one of them will have a coupon For award points accounting simplicity, we propose to base awards points on having the coupon discount rate apply to the entire purchase and not just to the one item the coupon was for. This practice is known as pro-rata coupon occounting and is a common rewards program accounting method. Here is an example of how it works Imagine a customer purchases two items: Item A at $10 and item B at $20. In a non-coupon transaction, the customer would have 530 applied to their rewards points. If the customer uses a 20% off coupon for Item B, the final purchase price is $26. However, in pro-rata coupon accounting the discount rate is applied to the entire 530 for rewards purposes, meaning the customer will be credited for a $24 purchase. The efficiencies of this method will reduce accounting costs, offsetting some of the increased costs associated with reliance on our paper based marketing campaigns. Selling and implementing the Program The same brick and mortar small business partners who market the program could also enable sales to cash customers and provide a physical card for customers without smartphone access to earn or redeem points. These key partners would receive an incentive in two ways. First, our credit fees are 2.5% for swiped cards and 35% for keyed-in transactions. We would offer our partners 2% for each cash transaction Second, we would give each participating local business owner partnera gratis loyalty membership. In addition to that free membership, for every 25 rewards memberships a partner seils, we would provide $50 in bonus points to their loyalty membership account Third, because many of these consumers will be new customers, we would tailor the membership application to collect useful engagement data. For example, we can ask for mailing addresses, the option for parents to provide the names and birthdates of children so that we can send them discounts codes and coupons for age-appropriate merchandise as birthdays approach Ad Lines for the Marketing and Sales Campaign We propose the following marketing and sales themes and campaign lines. We know from demographic research that many low-income communities have people and families who are supportive of others: they donate to foodbanks, run errands for neighbors, and help in emergencies. These following lines appeal to these qualities and instincts while capturing the benefits of membership and the savings members accrue. Membership pays for itself Purchases become rewards The more you buy, the more you give to your (school). [community[local charities] There is no better way to give The best way to help your neighbor is to help yourself to our loyalty membership . . . Individual incentives The key to this program's success is proper selection of brick-and-mortar partnerships. We need to be where our customers go to shop, such as grocery stores, gas stations, and local retailers Individual rewards redemptions would focus on any purchase of our products or services, It is essential to distinguish between rewards earned by individuals and rewards earned for the community. The value of community-based incentives would be determined by the number of customers enrolled in a given community, while the distribution of incentives could be selected by the consumer or based upon the type of purchase made. For example, grocery store purchases could earn points for local food banks and homeless shelters, sporting good purchases could benefit community recreation centers, and educational and technology purchases could benefit focal schools. And as stated earlier, the membership card for young adults tied to the high school would benefit the high school specifically, Why We Are Doing This: Benefits to TBL in accordance with our commitment to corporate social responsibility, we are evaluating all initiatives against the three Ps of the triple bottom line (TBL): People, Planet, and Profit. This initiative should be viewed as both a moral and economic opportunity. We must be alert to the profit opportunities in providing affordable products and services to a previously overlooked population At the same time, we must approach this opportunity in such a way that the rewards we offer to low income populations benefit them and their communities. If we do this right, we foresee the dual benefits of increased profits while helping people who are struire Finally, we must ensure that the measures we take to market are environmentally neutral. If properly implemented, profits realized through this program could be reinvested with companies that support green Initiatives, further enhancing our positive impact on the planet. 500 (280) Cost Analysis: High-Level Projected sales and Expenses in Smilions, rounded for a campaign in the 48 contiguous United States Projected Sales Revenue Total Sales and Marketing Expenses Total Research and Development Expenses Total General and Administrative Expenses Gross Profit Total Operating Expenses Net Profit (6) (2) 212 (112) 100 Vision, Mission, and Values Statements Our Vision (best future state) To become the global leader in business-to-consumer sales while producing and supporting products and initiatives that sustain the health of our people and the planet. Our Mission (credible, meaningful purpose) Provide high-quality health and beauty products and exceptional customer service that delight customers, deliver value, and inspire loyalty. Our Values We are committed to- People: Caring for employees, shareholders, and the community. Planet: Sourcing and disposing in an environmentally friendly manner. Profit: Providing shareholder value and long-term growth. Consolidated Income Statement for Rewards Product Line ( Protected View - Excel (licend Product He In Page Layout Formulas Data Review View Help Tell me what you want to do BOTECTED VIEW de calles from the Internet can contain viruses. Unless you need to edit it safe to stay in Protected View Enable Editing OTICE Most ratures are disabled because your Office product is inactive. To use for free sign in and use the Web version Activate Useat ofhion.com A D E F G H Consolidated Income Statement for the year ended 31 December $ million 2018 S million 2017 S million 2016 even 55.950 50,12 52.715 Chestions to come se proportiver it yes, the means the company and in its expens Arrower your growth in revenue! this growth attributable part is our Car Toler Operating profil 3,100 12.619 3,957 627 Net finance costs Finance Income 1.000 157 CON 135 718 25 -621 - -36 382 Questions to come the properties, this means the company ang revenue and mig pense Are we are growth in reve. Is this growth attributable in part to our CSI and Tots? 12 122 176 155 Pensions and similar obligations Net finance cost non-underlying items Non-underlying item net monetary/loss) arising from hyperinflationary economies Share of net pront/loss of joint ventures and associates Which includes non underlying item credits/(charge of Other income/loss) from non current investments and associates Profit before tastion Taxation Which includes tax impact of non-underlying items of Netpro Attributable to: Non-controlling interests Shureholders' equity 185 32 22 12,360 2572 289 2,263 113 TA 10126 1.670 655 6,456 6,026 3,78 401 433 419 9,309 5,625 6,023 Question to consider: This item is ved to estimate corporate valuehed on protit per stock prol). There is improving profil Combined earnings per share lamings per share (5) Otodamning per shares 2.15 2.14 3.49 3:48 2.15 2.14 D Consolidated Cash Flow Statement for the year ended 31 December million 2018 millon 2017 Reststed) 3,780 2,512 million 2018 Reststed) 6,856 16TO 6,026 2,263 -176 -201 -173 -22 1004 0.957 2,025 627 8.TOS 1,582 -3 313 445 123 -260 7 60 151 2 Net proto time of prota) of low interessochtend tomar fram tinct datos Nur Mooi gron our com Notico Opusti proti Duprecio mortation imprint Change leerlingespielt tid Traded the recebe Tradi pred other listi Pension sad obligations lote Previsions de patats Elination of profesores on disperas Nonce charge for the based compensation Other dut) Cui low from pursting stivities Incotax puid Net cask Hewfren operating activities troud Purch ogible Purchase of property, plot od equipment Dispora of property, plot adquip PM Wed Diporw of bij onsists Acquisition of other current invest Disposal of other non-current investments SOCIAL (Purch of financial set activities Didade puido ediwy we capital et paid Purdue of nuci Nedge in the sun borrowing Additional abilities Repost officials Copernate puma Buck of protech Report of the O yuae 10.641 -2,532 7.103 146 -210 -1,316 Quero con the company How is the com Aperar 608 12.633 2,216 -783 -411 -1230 976 -128 55 -4.315 136 -260 3,612 -2,254 6,310 110 -200 -1525 100 1,336 1.095 -94 162 145 -10 4.635 -4,066 -571 -1248 4,026 10,215 6594 -481 -104 -506 502 -304 200 -298 284 -153 10,043 -2,964 6,015 154 -158 1505 46 -4,036 561 -317 -1,122 177 -160 189 -149 How is the company 120 -68 -2281 -4,209 -634 -1021 337 3,311 -4,312 -435 -30 -574 -1502 2635 7,832 2,604 -497 -448 -5.014 204 -309 -2.379 20 3.138 -201 -464 -6,020 -257 -693 12.493 begining of the year Elfogadungsrus chingu -6667 1,205 3,030 -175 3,169 12 3,090 3.162 960 Consolidated Balance Sheet million million 31-Dec-18 31-Dee 17 Assets million 1-Jan- None TED 12.352 311 16.067 DET TER Othe ON TOE TOO 15 2,022 L336 Durant PL 653 46.876 390 LIT COTT ga ar Cerest 4.30 Teid teen Cena: 4,166 5.655 391 4. 840 301 412 0.230 DO LICE Punta Ort Autor 14 TAT 130 20 Els 15,430 62,306 11.4T 58.611 5.50 13.150 Liabilities Carretitie Faso Yender porables de 3651 14.768 8:38 620 1 13.30 20 14,450 1445 624 11 TO 13.425 1,050 22 15.05 23,366 182 20.05 14 Nescarreat liabilities ra Newt Find probabil Powded plaisir Udplus From Daftur 200 1330 29 LIST 1,461 664 2,573 339 23.342 43.320 900 346 28.04 41,934 1225 1503 134 1888 TOO 24210 16.000 Total liabilities Equity araldurity Culid pe ar: 464 48 420 134 -5,554 11,212 12,132 654 184 to 15.181 -15.20 33053 w Net Total 0.381 120 TLT SH 12.450 150 10 12.886 6,506 000 BS Type here to search BI 2 Executive Summary Sales and Marketing Proposal to Increase Rewards Memberships in Low-income Markets The US Federal Government's definitions of low income are tied to regional income demographics. For our campaign, we define low income as being at 100-200% of the national average poverty line for the 48 contiguous states: Persons in Household 48 Contiguous States and D.C. Poverty Guidelines (Annual) 100% 133% 138% 150% 200% 1 $12.760 $16.971 $17,609 $19,140 $25,520 2 $17,240 $22,929 $23,791 $25,860 $34,480 3 $21,220 $28,888 $29,974 $32,500 $43,440 4 $26,200 $34 846 $36,156 $39,300 $52,400 5 $30,680 $40,804 $42,338 $46,020 $61 360 6 $35,160 $46.763 $48,521 $52,740 $70,320 7 $39,640 $52.721 $S4 703 $59,460 $79 280 8 $44,120 $58,680 $60,886 $66,180 $88,240 Source: 2020 Health & Human Services Poverty Guidelines Federal Poverty Levels According to the US Census Bureau, the total percent of households with incomes up to $49,999 is 37.1% Low-income populations represent a large untapped market for our company's rewards membership program, However , drawing customers of limited means to this program will require marketing and sales strategies that are creative, ethical, and mutually beneficial What We Are Proposing Our loyalty membership program is proposing a marketing and sales initiative to increase loyalty card memberships in low-income neighborhoods. Specifically, we aim to improve the quality of life for both our customers/members and their communities through incentives tied to the membership Our consumers would earn points based on their individual purchases. Their communities would earn points based on both the number of members in the community and the total purchases those loyalty members make. Low-income consumers would realize the benefits of points earned through our program membership. At the same time, points earned in aggregate by communities via purchases would be converted into charitable donations to nonprofit organizations or schools that serve the neighborhoods or regions of our low-income members . Considerations of the Target Market As previously mentioned, a key consideration of this initiative is eliminating barriers to access According to the Pew Research Center, among households with incomes below $30,000 a year in 2019, roughly 30% did not own a smartphone, 46% did not have a desktop or laptop computer, and 44% did not have broadband Internet access. According to recent survey by the FDIC, 25% of U.S. households are unbanked" or underbanked. An "unbanked consumer has no bank accounts of any kind- no savings, no checking no loans. An underbanked"consumer may have a savings and/or a checking account but may also use nonbanking financial outlets such payday loan or check-cashing services. In contrast, our current typical rewards member has a household income of $85,000 a year and purchases their membership online with a credit or debit card. Most purchases and points redemptions made through this membership are also done online. How to Reach Our New Target Market While social media marketing strategies should still be employed, the missing or reduced access to Internet technologies among low-income populations indicate a need for additional channels. Direct mailing to individuals in the targeted areas will be one option. But because many of the members of the community may not be on the mailing lists, we will want to go beyond direct mail We would also use a temporary hiring agency to recruit members of the community to distribute leaflets and fliers to their neighbors, and to place them in community centers and other public spaces. By other public spaces, we include such strategies as tacking or taping fliers on trees and buildings in the neighborhood, placing fliers under car windshield wipers, handing fliers out on busy intersections, creating doorknob tags, or stuffing flers into mailboxes. Which combination of outreach tactics we use would depend on the geography and infrastructure of the community To augment the youth market outreach, we propose two approaches. First, we will partner with high schools to create a card that can be customized to use school colors, logos, and mascots. In return, the schools will receive a regular donation from us based on a percent of sales generated by those who carry and use the school-associated loyalty card As an extension of the school partnership, we will identify students who are influencers among their peers. We wil recruit them to be ambassadors via discounted memberships and membership points awards credited to their accounts. Because we want to reach younger adults who are emerging buyers, these ambassadors will receive t- shirts branded with our logo and the school's mascot so that being a part of the rewards program is associated with peer activities and considered "cool." The rewards to ambassador accounts will be based on the growth of memberships associated with the high school card. Memberships can come from other students or their family members. Secondly, we also propose partnering directly with brick-and-mortar merchants to set up kiosks with information about the rewards program and ways to sign up in person. We plan to identify merchants who own local businesses or franchises- a corner grocer, for example Our employees representing the diversity of the community served would also be available to give presentations at stores and community centers Combining the Rewards Program with other Sales Initiatives We currently run ad campaigns in local newspapers, via social media, and other distribution channels that target low-income consumers with discount coupons. We recognize that low-income rewards members may make Consolidated Balanc....xlsx nen MBA 500 Projects o....pdf POE purchases that combine the use of the membership card with the use of the discount coupon. That is ittwoor more hems are purchased, it is possible that one of them will have a coupon For award points accounting simplicity, we propose to base awards points on having the coupon discount rate apply to the entire purchase and not just to the one item the coupon was for. This practice is known as pro-rata coupon occounting and is a common rewards program accounting method. Here is an example of how it works Imagine a customer purchases two items: Item A at $10 and item B at $20. In a non-coupon transaction, the customer would have 530 applied to their rewards points. If the customer uses a 20% off coupon for Item B, the final purchase price is $26. However, in pro-rata coupon accounting the discount rate is applied to the entire 530 for rewards purposes, meaning the customer will be credited for a $24 purchase. The efficiencies of this method will reduce accounting costs, offsetting some of the increased costs associated with reliance on our paper based marketing campaigns. Selling and implementing the Program The same brick and mortar small business partners who market the program could also enable sales to cash customers and provide a physical card for customers without smartphone access to earn or redeem points. These key partners would receive an incentive in two ways. First, our credit fees are 2.5% for swiped cards and 35% for keyed-in transactions. We would offer our partners 2% for each cash transaction Second, we would give each participating local business owner partnera gratis loyalty membership. In addition to that free membership, for every 25 rewards memberships a partner seils, we would provide $50 in bonus points to their loyalty membership account Third, because many of these consumers will be new customers, we would tailor the membership application to collect useful engagement data. For example, we can ask for mailing addresses, the option for parents to provide the names and birthdates of children so that we can send them discounts codes and coupons for age-appropriate merchandise as birthdays approach Ad Lines for the Marketing and Sales Campaign We propose the following marketing and sales themes and campaign lines. We know from demographic research that many low-income communities have people and families who are supportive of others: they donate to foodbanks, run errands for neighbors, and help in emergencies. These following lines appeal to these qualities and instincts while capturing the benefits of membership and the savings members accrue. Membership pays for itself Purchases become rewards The more you buy, the more you give to your (school). [community[local charities] There is no better way to give The best way to help your neighbor is to help yourself to our loyalty membership . . . Individual incentives The key to this program's success is proper selection of brick-and-mortar partnerships. We need to be where our customers go to shop, such as grocery stores, gas stations, and local retailers Individual rewards redemptions would focus on any purchase of our products or services, It is essential to distinguish between rewards earned by individuals and rewards earned for the community. The value of community-based incentives would be determined by the number of customers enrolled in a given community, while the distribution of incentives could be selected by the consumer or based upon the type of purchase made. For example, grocery store purchases could earn points for local food banks and homeless shelters, sporting good purchases could benefit community recreation centers, and educational and technology purchases could benefit focal schools. And as stated earlier, the membership card for young adults tied to the high school would benefit the high school specifically, Why We Are Doing This: Benefits to TBL in accordance with our commitment to corporate social responsibility, we are evaluating all initiatives against the three Ps of the triple bottom line (TBL): People, Planet, and Profit. This initiative should be viewed as both a moral and economic opportunity. We must be alert to the profit opportunities in providing affordable products and services to a previously overlooked population At the same time, we must approach this opportunity in such a way that the rewards we offer to low income populations benefit them and their communities. If we do this right, we foresee the dual benefits of increased profits while helping people who are struire Finally, we must ensure that the measures we take to market are environmentally neutral. If properly implemented, profits realized through this program could be reinvested with companies that support green Initiatives, further enhancing our positive impact on the planet. 500 (280) Cost Analysis: High-Level Projected sales and Expenses in Smilions, rounded for a campaign in the 48 contiguous United States Projected Sales Revenue Total Sales and Marketing Expenses Total Research and Development Expenses Total General and Administrative Expenses Gross Profit Total Operating Expenses Net Profit (6) (2) 212 (112) 100 Vision, Mission, and Values Statements Our Vision (best future state) To become the global leader in business-to-consumer sales while producing and supporting products and initiatives that sustain the health of our people and the planet. Our Mission (credible, meaningful purpose) Provide high-quality health and beauty products and exceptional customer service that delight customers, deliver value, and inspire loyalty. Our Values We are committed to- People: Caring for employees, shareholders, and the community. Planet: Sourcing and disposing in an environmentally friendly manner. Profit: Providing shareholder value and long-term growth. Consolidated Income Statement for Rewards Product Line ( Protected View - Excel (licend Product He In Page Layout Formulas Data Review View Help Tell me what you want to do BOTECTED VIEW de calles from the Internet can contain viruses. Unless you need to edit it safe to stay in Protected View Enable Editing OTICE Most ratures are disabled because your Office product is inactive. To use for free sign in and use the Web version Activate Useat ofhion.com A D E F G H Consolidated Income Statement for the year ended 31 December $ million 2018 S million 2017 S million 2016 even 55.950 50,12 52.715 Chestions to come se proportiver it yes, the means the company and in its expens Arrower your growth in revenue! this growth attributable part is our Car Toler Operating profil 3,100 12.619 3,957 627 Net finance costs Finance Income 1.000 157 CON 135 718 25 -621 - -36 382 Questions to come the properties, this means the company ang revenue and mig pense Are we are growth in reve. Is this growth attributable in part to our CSI and Tots? 12 122 176 155 Pensions and similar obligations Net finance cost non-underlying items Non-underlying item net monetary/loss) arising from hyperinflationary economies Share of net pront/loss of joint ventures and associates Which includes non underlying item credits/(charge of Other income/loss) from non current investments and associates Profit before tastion Taxation Which includes tax impact of non-underlying items of Netpro Attributable to: Non-controlling interests Shureholders' equity 185 32 22 12,360 2572 289 2,263 113 TA 10126 1.670 655 6,456 6,026 3,78 401 433 419 9,309 5,625 6,023 Question to consider: This item is ved to estimate corporate valuehed on protit per stock prol). There is improving profil Combined earnings per share lamings per share (5) Otodamning per shares 2.15 2.14 3.49 3:48 2.15 2.14 D Consolidated Cash Flow Statement for the year ended 31 December million 2018 millon 2017 Reststed) 3,780 2,512 million 2018 Reststed) 6,856 16TO 6,026 2,263 -176 -201 -173 -22 1004 0.957 2,025 627 8.TOS 1,582 -3 313 445 123 -260 7 60 151 2 Net proto time of prota) of low interessochtend tomar fram tinct datos Nur Mooi gron our com Notico Opusti proti Duprecio mortation imprint Change leerlingespielt tid Traded the recebe Tradi pred other listi Pension sad obligations lote Previsions de patats Elination of profesores on disperas Nonce charge for the based compensation Other dut) Cui low from pursting stivities Incotax puid Net cask Hewfren operating activities troud Purch ogible Purchase of property, plot od equipment Dispora of property, plot adquip PM Wed Diporw of bij onsists Acquisition of other current invest Disposal of other non-current investments SOCIAL (Purch of financial set activities Didade puido ediwy we capital et paid Purdue of nuci Nedge in the sun borrowing Additional abilities Repost officials Copernate puma Buck of protech Report of the O yuae 10.641 -2,532 7.103 146 -210 -1,316 Quero con the company How is the com Aperar 608 12.633 2,216 -783 -411 -1230 976 -128 55 -4.315 136 -260 3,612 -2,254 6,310 110 -200 -1525 100 1,336 1.095 -94 162 145 -10 4.635 -4,066 -571 -1248 4,026 10,215 6594 -481 -104 -506 502 -304 200 -298 284 -153 10,043 -2,964 6,015 154 -158 1505 46 -4,036 561 -317 -1,122 177 -160 189 -149 How is the company 120 -68 -2281 -4,209 -634 -1021 337 3,311 -4,312 -435 -30 -574 -1502 2635 7,832 2,604 -497 -448 -5.014 204 -309 -2.379 20 3.138 -201 -464 -6,020 -257 -693 12.493 begining of the year Elfogadungsrus chingu -6667 1,205 3,030 -175 3,169 12 3,090 3.162 960 Consolidated Balance Sheet million million 31-Dec-18 31-Dee 17 Assets million 1-Jan- None TED 12.352 311 16.067 DET TER Othe ON TOE TOO 15 2,022 L336 Durant PL 653 46.876 390 LIT COTT ga ar Cerest 4.30 Teid teen Cena: 4,166 5.655 391 4. 840 301 412 0.230 DO LICE Punta Ort Autor 14 TAT 130 20 Els 15,430 62,306 11.4T 58.611 5.50 13.150 Liabilities Carretitie Faso Yender porables de 3651 14.768 8:38 620 1 13.30 20 14,450 1445 624 11 TO 13.425 1,050 22 15.05 23,366 182 20.05 14 Nescarreat liabilities ra Newt Find probabil Powded plaisir Udplus From Daftur 200 1330 29 LIST 1,461 664 2,573 339 23.342 43.320 900 346 28.04 41,934 1225 1503 134 1888 TOO 24210 16.000 Total liabilities Equity araldurity Culid pe ar: 464 48 420 134 -5,554 11,212 12,132 654 184 to 15.181 -15.20 33053 w Net Total 0.381 120 TLT SH 12.450 150 10 12.886 6,506 000 BS Type here to search BI 2