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Energomera Insurance Company
Business Plan
OWNERS
Alexandr Akimenko Oleg KotovPage 2 of 25
I.Table of Contents
I.Table of Contents....................................................................................................................................2
II.Executive Summary................................................................................................................................3
III.Business Description..............................................................................................................................5
IV.Business Environment Analysis............................................................................................................8
V.Marketing Plan.......................................................................................................................................10
VI.Operational Plan....................................................................................................................................12
VII. Financial Plan.........................................................................................................................................15
XI.Appendices.............................................................................................................................................23Page 3 of 25
II.Executive Summary
Energomera Insurance Company is JSC Energomera Corporation captive company. It will be formed as an open joint-stock company. This plan is written as a guide for financing, start-up and management of this new business and will also serve as the basis for measurement. The following is a summary of the main points of this plan.
Energomera Insurance Company is a start-up provided insurance services for JSC Energomera Corporation and small business companies.Attracting of the new client provided by efficient marketing plane which was made by top managers of the company and some specialists and experts who was engaged to analyze market situation and create marketing plan.The keys to success for Energomera Insurance Company are quality of business services and products, personal contact, timely and accurate service, development of one-to-one relationships, and a reputation of honesty and integrity.Energomera Insurance Company has efficient structure. It is not many employee in the company, so it is very efficient-controlled organization.
1.1 Objectives
The main objectives Energomera Insurance Company are:
Profit - to create enough prosperity for the owner and employees to have a secure and comfortable lifestyle.
Growth - to grow the business at a rate that is both challenging and manageable.
Assistance - to assist in JSC Energomera Corporation further growth.
1.2 Mission
Energomera Insurance Company is dedicated to providing insurance products and business services that provide high quality, protection, and value pricing. We wish to establish a successful cooperation with our mother company that respects its interests and goals.
1.3 Keys to SuccessPage 4 of 25
The keys to the success Energomera Insurance Company are:
A high quality of business services and insurance products that are affordable, available and understandable.
Personal contact and service that meets or exceeds the expectations of our clients.
Services and products that are delivered with accuracy and timeliness.
Relationships with our clients that fosters renewal business.
A reputation in the community for it's honesty and integrity.
In conclusion, as shown in the highlights chart below, this plan projects rapid growth over the next three years with a profit forecasted in the second year of operation and continuing into future years of operation. Based on the realistic sales projections and conservative forecasts, Energomera Insurance Company will achieve profitability in the second year of operation. Monthly profitability is first achieved in the next year, but due to reserve funds accumulation and developing a customer base, the first year of operations reflect a loss. After the second year of operation, the reserve fund will reach 324 million rubles. The amount of insurance payments is assumed to be 150 million rubles Net profit will reach 104 million rubles. Implementing this plan, will ensure that Energomera Insurance Company becomes a profitable venture.
400000
350000
300000
250000
200000
150000
100000
50000
0
-50000Year 1Year 2Year 3
Yearly netprofit, thousand rubles
Gross margin, thousand rubles
Reserves, thousand rublesPage 5 of 25
III. Business Description
Energomera Insurance Company is a start-up company located in Stavropol, Stavropol Region. Captive Energomera provides insurance services for JSC Energomera Corporation and small business organizations.
Company Ownership
Energomera Insurance Company is open joint-stock company. Authorised capital of the Company divided into shares 90% of which are owned by JSC Energomera Corporation. 10% of the shares divided between 3 top Managers of the company.
Start-up Summary
Energomera Insurance Company start-up costs include different kinds of expenses.
Marketing Services costs include research and analysing of the market and business environment; different kinds of promotion and positioning.Website Development: professionally developed business website on the Internet. Business Cards: the printing of business cards with company logo.Brochures: development and printing of brochures for marketing the business.
Exhibitions one of the most important part of our promotion. Thats why organizing of the impressive pavilion is important part of costs.Office inventory. Other costs
Services
Energomera Insurance Company provides insurance services for:
its mother company - JSC Energomera Corporation; small business companies of the Stavropol Region.Page 6 of 25
Depending of the companies Energomera Insurance Company provides:
For JSC Energomera Corporation we insure Actives of the company, production lines, some trade actions and trade contracts with suppliers and customers, different kinds of risks.
For small business our main insurance services are insure of trade actions and trade contracts with suppliers and customers and some kind of risks.
In the future we intend to offer the following services:
Making of the concrete recommendations to deal with risks.
Control of the recommended actions execution and making adjustments. Risk management system in the company.
Our principles of risk management:
create value
be an integral part of organizational processes be part of decision making explicitly address uncertainty be systematic and structuredbe based on the best available information be tailoredtake into account human factors be transparent and inclusivebe dynamic, iterative and responsive to change
be capable of continual improvement and enhancement
Business Philosophy:
Efficiency of work. Energomera Insurance Company should make profit not only for itself, but for every client.New technologies. Using of the new technologies should make Energomera Insurance Company work faster. Economic. Only economic methods of making business.Range of options. All clients can choose different kinds of services. Gain of work. Good work good payment.Original. Original and innovation area of work and methods of work. Market. Market oriented work.Page 7 of 25
Ease of work. Only ease atmosphere of work can create efficient nice impression. Risks. Risks one of the main factor which we consider every day.Actual. All our work must be interesting for the market.
The most important strength of Energomera Insurance Company is situation when this company is only one company in Stavropol Region which main specialty and alignment is small business (now we dont speak about JSC Energomera Corporation).
Even if new companies choose the same business, Energomera Insurance Company would have a big advantage time.
Energomera Insurance Company top managers are one of the best specialists. And their skill would play great role in Energomera Insurance Company business.Page 8 of 25
IV. Business Environment Analysis
JSC Energomera Corporation is our mother company which is the main sphere of our activity.
Joint-Stock Company Energomera Corporation was founded in January, 1994, in the south of Russia in Stavropol. Today there are more than 6000 people working at enterprises. The Corporation consists of top-rated Russian enterprises: measuring equipment factory Energomera, electronic materials factory Monocrystal and, finally, electro-technical factory Energomera.
Product portfolio includes complete model range of electronic devices and energy measuring systems, service and metrology equipment, equipment for electrochemical protection of underground pipelines from corrosion. It has gained the leading positions in Russia in terms of sales revenue and technical level of the products.
Here are its main financial results of activity:
Results of Activity, thousand rubles RevenueGross margin % from revenueOperating income % from revenue EBITDA% from revenue
Net profit per ordinary share, rub
4 728 911 1 481 493 31 ,3874 623 18,41 143 892 24,20,48
Basic Data of Consolidated Balance Sheet, thousand rubles
Non-current assets Fixed assets Intangible assets Current assetsFunds and their equivalents Total assetsShareholders' of the parent company capital
Total: commitment, taking into account the minority interestTotal: loans and credits, including short-term 3 344 315 2 526 253 811 887 4 186 927 402 043 7 531 242 2 859 013 4 672 229
4 077 667Page 9 of 25
Insurance market of Stavropol Region is in a complex contradictory development reflecting and reacting to all the processes occurring both in politics and economy of the region and Russia.
In the 1991 as a result of de-monopolization of the insurance business the number of insurance companies branches increased, insurance services market was created. Reinsurance and investment activities of insurance companies have developed. At the same time, it is worth noting that the de-monopolization was carried out without a clear program of market development, without sufficient prorated insurance legislation and government regulation. In this regard, currently the regional insurance market is characterized by a number of problems:
minor of the capital in insurance companies; low degree of their self-organization;weak insurance culture of the potential consumers; low purchasing power of people and companies.
Stavropol Region has high percent of the compulsory insurance in the structure of insurance payments 72.3%.
Insurance companies realize their activities by 41 thousand of agreements, three quarters of which were concluded with companies.
About 50% of insured generally not satisfied with the quality of services of their insurance company. In basically, this dissatisfaction is associated with bureaucracy and a large number of documents that must be completed, as well as the excessive length of proceedings. Two other fairly significant factor of dissatisfaction with insurers - partial payment of insurance money and lack exactly those services that are needed to insured.
The level of awareness about insurance is low: less than half insurance services to assess their knowledge in this area as satisfactory.
When choosing an insurance company for the insured the most important criteria are the personal recommendations, the duration of the company in the market, clarity insurance conditions, reliability and known company.Page 10 of 25
V.Marketing Plan
The main aim of our company is to keep financial resources of the JSC Energomera Corporation in the company. Another aim is to attract new clients from small business in our region. So we have two markets: JSC Energomera Corporation and small businesses in Stavropol Region.
All in all small business market in Stavropol Region is 12.7 thousands companies. But we are interesting more in manufacturing industry. And this market is much more smaller 1.7 thousands companies. If we could attract a third of this companies it would be a great success.
And we have big chance to achieve this aim because niche of the insurance in the small business is not very developed in Stavropol region.
The main idea of our marketing strategy to attract new client.
Product of our company is insurance services of business sales, cargo, equipment and responsibility of contract members.
If we draw attention on the today situation on the market, we can see that many companies make many deals with big risk. If one side of the contract havent done conditions of contract, it is a big problem to restore rights of another.
But if client came in our company, made a contract and choose interesting for him services, we would help him to restore all his rights.
How our company would attract clients?
We must say that our business is quite new for our region and many potential clients know nothing about it. Thats why direct marketing is the most efficient way to attract clients. More than that for the initial period we can ourselves invite those client whom we are interested in.
Another way to attract clients is to take part in different conferences and fairs. Only when we could explain all pluses for our clients we can attract them to trust our company.
And one of the main systems which would help us to contact with our clients would be website of our company. Full information about our business, different economic articles, including articles of our managers, system question-answer and more would be available for our clients and people who are interested in.
SWOT-AnalysisPage 11 of 25
If we speak about different sides of our business we must say some words about Strengths and Weaknesses.
As we said one of the main strength of Energomera Insurance Company is its new services in Stavropol Region. Thats why at the beginning our company would be only one insurance company with same specialty.
Another strength is that every time we have a constant client JSC Energomera Corporation. Thats why we would have a real profit always.
Energomera Insurance Company is not very big. Thats why it is efficient and well controlled.
What about weaknesses? The main weakness is that Energomera Insurance Company is a new company and we should do big work to attract new clients.
But Energomera Insurance Company has real opportunities to open new services if it would be necessary. Real opportunities of growth are other strengths.
Main threats of our company depend mainly on the economic and political situation. Different crises or new laws can make big organization problem.
Calculation of expenses on marketing campaign
#Type of marketing
1 Web-site 2 Brochures3 Business cards 4 ExhibitionsTOTAL: Quantity per year, pcs.1
200 10004 Price, rub
40 000 112
15 000 Costs, rub
40 000 2 200 2 810 60 000105 010Page 12 of 25
VI. Operational Plan
Location
The office of Energomera Insurance Company will be situated in the Stavropol business centre. Required space is going to be 192 m2. There is going to be 3 private offices for chief officers, 3 rooms for managers, 1 reception room, 1 canteen, 1 WC and 1 pantry. The estimated rent cost is 78 000 rubles per month, maintenance is 10 000 rubles per month, the business hours from 9 a.m. to 7 p.m. 5 day business week.
Legal Environment
Licensing and bonding requirements:
documents confirming state registration; approved charter of the company;decision of founders on firm establishing; business plan;documents confirming payment of at least 50% of the share capital of the firm; evidence of payment of state taxes;layout of insurance reserves;
rules for the types of insurance according to the insurance laws and the general conditions of the validity of deals.
samples of insurance contracts and certificates
Personnel
Organizational structurePage 13 of 25
Chief Executive Officer
Chief Accounting OfficerChief Financial OfficerOffice Manager (agent) Sales Manager (agent) (2)
Assistant Manager (agent) Marketing Manager Assistant Manager (agent)
Chief Executive Officer - Ivan Kovalev. Ivan Kovalev was graduated from Moscow State University in 1985, where he studied Economics. He has 20 years experience in insurance sphere. Before his appointment to Energomera Insurance Company he was chief operating officer in Capital Insurance Company and prior to that he held positions with Max Insurance Company of chief financial officer.
Chief Accounting Officer Oleg Kotov. Oleg Kotov was graduated from from Moscow State University in 1998, where he studied Economics. Before his appointment to Energomera Insurance Company he was chief accounting officer in JSC Energomera Corporation.
Chief Financial Officer Alexandr Akimenko. Alexandr Akimenko was graduated from Moscow State University in 1998, where he studied Economics. He has 9 year experience in financial sphere. He worked as a head of department in the Ministry of Finance.
Calculations of annual payroll of the staff of Energomera Insurance Company
# Post
1 CEO 2 CAO 3 CFO4 Office Manager
5 Marketing Manager 6 Sales Manager7 Assistant Manager
Total: Category
Chief Chief Chief Employee Employee EmployeeSpecialist Number of staff units1
1 1 2 1 1 29 Monthly wage, rub 45 000
40 000 40 000 25 000 20 000 20 000 15 000205 000 Annual payroll, rub
540 000 480 000 480 000 600 000 240 000 240 000 360 0002 940 000
Bonuses
TOTAL: 30% of Annual Payroll882 000
3 822 000Page 14 of 25
Inventory
Calculations of depreciation deduction per year
Name of equipmentCost, rub Standard period of usage, years Quantity of equipment, pcs. Depreciation deduction per year, rub
Apple iMac 21' 55 600 5 6 66 720 Apple MakBook Pro 15' 50 000 4 2 25 000 hp 2015 11 550 8 1 1 443 Lighting system 20 000 10 1 2 000 Office furniture 20 000 10 7 14 000 Canteen furniture 80 000 10 1 8 000 TOTAL: 117 163The aggregate value of property of the firm will be 685150 rubles.
Risk assessment
Risk assessment in insurance activity
Risk factor
Natural disasters
Armed conflicts
Failure of conditions of contacts by contactors Strikes
Insufficient information to form a business plan Changing the tax codeTOTAL Probability
0,25
0,20 0,15
0,10
0,15
0,15
1 Time loss (person-days)40
80 15
100
180
100 Expected damage, rub*
44 000
88 000 16 500
110 000
198 000
110 000 Damage, taking into account the probability, rub11 000
17 600 2 475
11 000
29 700
16 500
88 275 Actions to reduce damage
Creation of equalization paymentsExpansion of services
Penalties in contracts with contractors
Penalties in contracts with supporting firms Informational system improvement
Creation of equalization payments
* expected damage was calculated according to the average daily labor productivity (1100 rub)Page 15 of 25
VII. Financial Plan
The most important part of our plan is calculation of insurance premiums of JSC Energomera Corporation. These premiums will be the base of our insurance and financial activity. After the identification of potential risks we assessed them as to their potential severity of loss and to the probability of occurrence. The table below is combined project of calculations of expected damages and insurance payments for the first year.
# Groups of risk factorsInsurance rates Time loss (person-days) Expected physical damage, thousand rubles Expected damage, thousand rubles * Damage, taking into account the probability and insurance rates, thousand rubles
1 Industry risks:0,50%3 000-249000012 450
supply and demand fluctuations;sales and profit decline;competitors' positions' strengthen;2 Country and regional risks
3 Financial risks:currency risks;changing of interest rate;inflation;timeliness of consumers payments;4 Legal risks:imperfection of Russian legal system;imperfection of judicial remedies;unreasonable actions of state institutions;5 Production risks spoilage;production breaks; 6 Property risks
7 Life insurance
TOTAL:
0,50% 4 400 1,90% 4 500
0,50%3 500
1,90%1 100
1,50%1 900
1,00%2 200
--
-
4 184 000
2 526 253
-
3 652 000 18 260 3 735 000 70 965
2 905 00014 525
5 097 00096 843
4 103 253 61 548 1 826 000 18 260292 851
* Expected damage was taken according to the average daily labor productivity (830 rub) and expected physical damage.Page 16 of 25
To ensure that the implementation of insurance obligations of insurance company on such terms and conditions established by the legislation of the Russian Federation, we will form the following insurance reserves:
1. Life insurance reserve
2. Unearned premiums reserve 3. Losses reserve
Insurance reserves formed according to the methods of forming insurance reserves, regulated by Federal Service for Insurance Supervision. Reserves are determined on the basis of information on the flow of insurance premiums, pay structures and other indicators of the insurance company.
Insurance reserves structure for the first year (in thousand rubles):
ost item:
Life insurance reserve
59337
Unearned premiums reserve77656 Losses reserve 156976 TOTAL: 293969
12-Month Profit and Loss Projection
Based on the realistic sales projections and conservative forecasts, Energomera Insurance Company will achieve profitability in the second year of operation. Monthly profitability is first achieved in the next year, but due to reserve funds accumulation and developing a customer base, the first year of operations reflect a loss.
Net Profit Monthly, thousand rubles
0
-500
-1000
-1500
-2000Page 17 of 25
Gross Margin Monthly, thousand rubles
0
-500
-1000
-1500
Three-Year Profit Projection
After the second year of operation, the reserve fund will increase on 10% and reach 324 million rubles. The amount of insurance payments is assumed to be 150 million rubles Net profit will reach 104 million rubles.
In the second year of operation, the reserve fund will increase on 11% and reach 360 million rubles. The amount of insurance payments is assumed to be 165 million rubles Net profit will reach 104 million rubles.
Net Profit Yearly, thousand rubles
140000 120000 100000 80000 60000 40000 20000 0-20000Year 1Year 2Year 3Page 18 of 25
Gross Margin Yearly, thousand rubles
200000
150000
100000
50000
0
-50000Year 1Year 2Year 3
Reserve Funds Yearly, thousand rubles
400000 350000 300000 250000 200000 150000 100000 50000 0Year 1Year 2Year 3
Losses reserve
Unearned premiums reserve
Life insurance reserve
#Indicators
1Income from insurance premiums
1.1. Insurance premiums from Energomera Corporation
1.2. Insurance premiums from local companies Year 1
293 969 000
292 851 000
1 118 000 Year 2
324 372 100
322 136 100
2 236 000 Year 3
359 939 710
354 349 710
5 590 000Page 19 of 25
2Expenses
2.1. Insurance payments 2.2. Rent payments2.3. Depreciation
2.4. Salaries and bonuses 2.5. Marketing2.6. Other costs
Total Operating Expenses
-
936 000 117 163 3 822 000 105 000 36 0005 016 163
150 000 000 945 360 117 1634 204 200 105 000 7 736 000163 107 723
165 000 000 954 813 117 1634 624 620 105 000 36 000170 837 596
3Reserves
3.1. Life insurance reserve
3.2. Unearned premiums reserve 3.3. Losses reserve4Taxes 4.1. Social tax4.2. Property tax 4.3. Profits tax5Gross margin 5.1Gross margin,% 6Net profit6.1Net profit, % 293 969 000 59 337 000 77 656 000 156 976 000 1 351 4031 337 700 13 7030 -5 016 163-2% -6 367 566-2% 324 372 100 65 473 799 85 687 401 173 210 899 27 657 428 1 471 470 13 70326 172 255 130 861 277 40%103 203 848
32% 359 939 710 72 653 043 95 083 080 192 203 585 32 339 220 1 618 617 13 70330 706 900 153 534 503 43%121 195 282
34%
Projected Cash Flow
Start-up costs come to 69 million rubles of which 62 million rubles are Authorised capital which will be on 90% financed by JSC Energomera Corporation and on 10% by the Energomera Insurance Company top managers. 7 million rubles will be borrowed from bank.Page 20 of 25
Cash
7000 6000 5000 40003000Net Cash Flow, thousand rubles 2000Cash Balance, thousand rubles 10000 -1000 -2000
Cash received
Income from insurance premiums
Insurance premiums from Energomera CorporationInsurance premiums from local companies
Subtotal cash received ExpendituresExpenditures from Operations Cash spendingBill payments
Reserve Accumulations Additional Cash Spent TaxesPrincipal Payment of Current borrowing Other Liabilities Principal Repayment Long-Term Liabilities Principal Repayment Purchase Other Current AssetsPurchase Long-term Assets DividendsSubtotal Cash Spent Net Cash FlowCash Balance Year 1
293 969 000 292 851 000
1 118 000 293 969 000
5 016 163 293 969 000 01 351 403 0 0 0 0 0 0300 336 566 -6 367 566632 434 Year 2
324 372 100 322 136 100
2 236 000 324 372 100
155 407 723 30 403 100 027 657 428 0 07 700 000 0 0 0221 168 251 103 203 848103 836 282 Year 3
359 939 710 354 349 710
5 590 000 359 939 710
170 837 596 35 567 610 032 339 220 0 0 0 0 0 0238 744 427 121 195 282225 031 565Page 21 of 25
Balance Sheet for the first year
Assets
Current Assets CashAccounts Receivable Other Current Assets Total Current Assets
Long-term Assets DepreciationTotal Long term Assets Total Assets
Liabilities and Capital Current LiabilitiesAccounts Payable Current BorrowingsOther Current Borrowings Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities
Authorised capital
Retained Earnings (Reserves) EarningsTotal Capital
Total Liabilities and Capital
369866687 0 0369866687
685150 117163 802313 370669000
6367566 0 0
7700000 14067566
62000000 293969000 632434 356601434370669000
Break-Even Analysis
Break-Even Point is 25 761 503 rublesPage 22 of 25
70000
60000
50000
40000
30000
20000
10000
0
Fixed Costs, thousand rubles
VariableCosts, thousand rublesPage 23 of 25
VIII.Appendices
Pro Forma Profit and Loss
#IndicatorsMonth 1Month 2Month 3Month 4Month 5Month 6Month 7Month 8Month 9MonthMonthMonthTOTAL: 101112
1
Income from insurance
24414250
24439250
24449250
24482250
24495250
24492250
24505250
24526250 24539250
24529250
24544250
24552250
293969000
premiums
1.1.Insurance premiums24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 292851000 from JSC EnergomeraCorporation1.2.Insurance premiums1000035000450007800091000880001010001220001350001250001400001480001118000 from local companies2 Expenses
2.1.Insurance payments
2.2. Rent payments ---
780007800078000 --
7800078000 --
7800078000 --
7800078000 --
7800078000 --
78000936000
2.3. Depreciation
2.4. Salaries and bonuses 2.5. Marketing2.6. Other costs
2.7. Total Operating Expenses3 Reserves
3.1.Life insurance reserve
3.2. Unearned premiums reserve3.3. Losses reserve
4 Taxes 4.1.Social tax4.2. Property tax 4.3. Profits tax5 Gross margin
6 Net profit 9763,583 245000 8750 3000 344513,6
24414250 4927963 6449364
13036923 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24439250 4933009 6455968
13050273 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24449250 4935028 6458609
13055613 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24482250 4941689 6467327
13073235 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24495250 4944313 6470761
13080176 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24492250 4943707 6469968
13078574 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24505250 4946331 6473403
13085516 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24526250 4950570 6478950
13096730 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24539250 4953194 6482384
13103672 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24529250 4951175 6479743
13098332 85750 857500 0-344514
-430264 9763,583 245000 8750 3000 344513,6
24544250 4954203 6483705
13106342 85750 857500 0-344514
-430264 9763,583 1127000 8750 3000 1226514
24552250 4955818 6485818
13110614 408153 394450 137030 -1226514-1634667 117 163 3 822 000 105000 36000 5016163
293969000 59337000 77656000
156976000 1351403 1337700 137030 -5016163-6367566Page 24 of 25
Pro Forma Cash Flow
IndicatorsMonth 1Month 2Month 3Month 4Month 5Month 6Month 7Month 8Month 9Month 10Month 11Month 12
Cash received
Income from insurance24414250 24439250 24449250 24482250 24495250 24492250 24505250 24526250 24539250245292502454425024552250 premiumsInsurance premiums from24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250244042502440425024404250 Energomera CorporationInsurance premiums from100003500045000780009100088000101000122000135000125000140000148000 local companiesSubtotal cash received24414250 24439250 24449250 24482250 24495250 24492250 24505250 24526250 24539250245292502454425024552250
Expenditures
Expenditures from Operations
Cash spending Bill paymentsReserve Accumulations Additional Cash Spent TaxesPrincipal Payment of Current borrowingOther Liabilities Principal RepaymentLong-Term Liabilities Principal Repayment Purchase Other Current AssetsPurchase Long-term Assets
Dividends
Subtotal Cash Spent Net Cash FlowCash Balance
344513,6 24414250 085750 0
0
0
0
0 024844514 -4302646569736
344513,6 24439250 085750 0
0
0
0
0 024869514 -4302646139473
344513,6 24449250 085750 0
0
0
0
0 024879514 -4302645709209
344513,6 24482250 085750 0
0
0
0
0 024912514 -4302645278946
344513,6 24495250 085750 0
0
0
0
0 024925514 -4302644848682
344513,6 24492250 085750 0
0
0
0
0 024922514 -4302644418419
344513,6 24505250 085750 0
0
0
0
0 024935514 -4302643988155
344513,6 24526250 085750 0
0
0
0
0 024956514 -4302643557891
344513,6 24539250 085750 0
0
0
0
0 024969514 -4302643127628
344513,6 24529250 085750 0
0
0
0
0 024959514 -4302642697364
344513,6 24544250 085750 0
0
0
0
0 024974514 -4302642267101
1226514 24552250 0408153 0
0
0
0
0 026186917 -1634667632434Page 25 of 25
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