Investment Analysis and Portfolio Management

This report covers financial and strategic analysis of Commonwealth Bank of Australia and The A2 Milk Co Ltd, including trade war effect and ethical behavior. It also covers liquidity, efficiency, and capital structure ratios.

Running Head: Investment Analysis and Portfolio Management
1
Project Report: Investment Analysis and Portfolio Management

Investment Analysis and Portfolio Management
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Contents
Introduction.......................................................................................................................3
Financial analysis..............................................................................................................3
Strategic analysis............................................................................................................10
COMMONWEALTH BANK OF AUSTRALIA.......................................................10
THE A2 MILK CO LTD............................................................................................11
Trade war effect..............................................................................................................11
Ethical behavior..............................................................................................................12
Conclusion......................................................................................................................12
References.......................................................................................................................14
Appendix.........................................................................................................................16

Investment Analysis and Portfolio Management
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Introduction:
Investment analysis is a wide approach which encompasses various factors of a
business in terms of investment. It could include evaluation of past financial statement and
past return from a business to forecast the future returns and performance of the business.
Selection on the type of investment such as equity, bond or debt is also important for the
investors (Kurth, 2013). It depends upon the choice and needs of the investors. Investment
analysis could help the business to determine that how the business would likely to perform
in the future and whether it is suitable for the investors or not.
In investment analysis, various tools are used by the analyst to identify the future
prediction about the performance and position of the business. It measures the financial
position, stock position, external factors of the business, strategically position of the business
etc to reach over a conclusion that whether the investment into the company is a good choice
or not. It also offers the suggestion about the buy or sells the security in the market.
Financial analysis:
Financial analysis is a tool to evaluate the financial transaction, performance and
position of a business in order to get an outcome about the investment and financial strategies
of the business. This analysis tool makes it easier for the investors to make an outcome about
the sell or buy the stock of the company. “Ratio analysis” is one of the important tools of
financial analysis to identify the profitability, liquidity, solvency, efficiency etc position of
the business (Krantz, 2016). Ratio analysis of both the companies is as follows:
Profitability ratios:
Profitability ratios are part of ratio analysis which evaluates the profit generation
ability of a business. It evaluates the total profit of the business and forecast the future
performance of the business.
Return on total assets:
Return on total assets measures the profit making ability of a business against the
available total assets. It identifies that how much profit could be made by the business against
the resources. In case of CBA, it has been found that the return on total assets of the business
is lower which has been even reduced in 2018 to 0.96%. Further, in case of A2M, it has been

Investment Analysis and Portfolio Management
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found that the company has managed a great level of profitability position. The profits of the
business are continuously improving and the current ROA of the company is 27.08%.
CBA
Profitability Ratios: 2016 2017 2018
Return on Total
assets
Net profit / 9,227,000 9,928,000 9,329,000
Total Assets 933,078,000 976,374,000 975,165,000
Answer: % 0.99% 1.02% 0.96%
A2M
Profitability Ratios: 2016 2017 2018
Return on Total
assets
Net profit / 29,017 86,330 179,477
Total Assets 200,355 327,552 662,733
Answer: % 14.48% 26.36% 27.08%
(Morningstar, 2018)
Return on equity:
Return on total equity measures the profit making ability of a business against
the available equity. It identifies that how much profit could be made by the business
against the total funds from the equity resources. In case of CBA, it has been found that
the return on equity has been even reduced in 2018 to 13.9% (Kinsky, 2011). Further, in
case of A2M, it has been found that the company has managed a great level of
profitability position. The profits of the business are continuously improving and the
current ROE of the company is 35.2%.
Profitability Ratios: CBA 2016 2017 2018
Rate of return on
ordinary equity
Net profit / 9,227,000 9,928,000 9,329,000
Total equity 60,206,000 63,170,000 67,306,000

Investment Analysis and Portfolio Management
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Answer: 15.3% 15.7% 13.9%
A2M
Profitability Ratios: 2016 2017 2018
Rate of return on
ordinary equity
Net profit / 29,017 86,330 179,477
Total equity 126,874 229,983 509,684
Answer: 22.9% 37.5% 35.2%
Gross profit margin:
Gross profit margin measures the gross profit of a business against the total
turnover of the business. It identifies that how much gross profit could be made by the
business against the sales. In case of CBA, it has been found that the gross profit margin
of the business is lower which has been even improved in 2018 to 53.1%. Further, in
case of A2M, it has been found that the company has managed a great level of
profitability position. The profits of the business are continuously improving and the
gross profit margin of the company is 50.3%.
Profitability Ratios: 2016 2017 2018
Gross profit margin
Gross profit / 16935000 17600000 18341000
Sales Revenue 33817000 33293000 34543000
Answer: 50.1% 52.9% 53.1%
A2M
Profitability Ratios: 2016 2017 2018
Gross profit margin
Gross profit / 143966 250970 425891
Sales Revenue 336068 523092 845963
Answer: 42.8% 48.0% 50.3%
Net profit margin:

Investment Analysis and Portfolio Management
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Net profit margin measures the net profit of a business against the total turnover
of the business. It identifies that how much net profit could be made by the business
against the sales (Horngren, 2009). In case of CBA, it has been found that the net profit
margin of the business is lower which has been even improved in 2018 to 27.01%.
Further, in case of A2M, it has been found that the company has managed a great level
of profitability position. The profits of the business are continuously improving and the
gross profit margin of the company is 21.22%.
Profitability Ratios: CBA 2016 2017 2018
Net profit margin
Net profit / 9,227,000 9,928,000 9,329,000
Sales Revenue % 33,817,000 33,293,000 34,543,000
Answer: 27.29% 29.82% 27.01%
A2M
Profitability Ratios: 2016 2017 2018
Net profit / 29,017 86,330 179,477
Sales Revenue % 336,068 523,092 845,963
Answer: 8.63% 16.50% 21.22%
On the basis of the profitability ratio evaluation, it has been measured that the
performance of A2M is better than CBA in terms of managing the profitability level.
Liquidity ratio:
Liquidity ratios are part of ratio analysis which evaluates the short debt payment
ability of a business. It evaluates the current and quick assets of the business against the
current liabilities in order to forecast the risk position and liquidity level of the business.
CBA
Liquidity Ratios 2016 2017 2018
Current Ratio
Current Assets / 706,989,000 741,799,000 752,587,000
Current liabilities 829,316,000 865,483,000 864,397,000
Answer: 0.85 0.86 0.87
Quick ratio
Current Assets - 695,398,000 731,762,000 743,365,000

Investment Analysis and Portfolio Management
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Inventory /
Current Liabilities 829,316,000 865,483,000 864,397,000
Answer: 0.84 0.85 0.86
A2M
Liquidity Ratios 2016 2017 2018
Current Ratio
Current Assets / 173,918 245,989 464,149
Current liabilities 73,227 97,474 152,939
Answer: 2.38 2.52 3.03
Quick ratio
Current Assets -
Inventory / 123,812 218,906 405,357
Current Liabilities 73,227 97,474 152,939
Answer: 1.69 2.25 2.65
The current ratio and quick ratio of both the companies have been measured. In case
of CBA, it has been found that the current and quick level of the company is almost similar
and it shows that the company is required to improve in the level to manage the performance.
Further, in terms of A2M market, it has been found that the current ratio and quick ratio, both
are in the favour of the company. The level of current and quick assets of the company is
higher than the current liabilities of the business. However, the assets level of the business is
higher which lead to higher working capital.
On the basis of evaluation on both the companies, it has been measured that the
liquidity level of A2M is way better than CBA as the A2M has succeeded in managing the
risk level of the business.
Efficiency ratio:
Efficiency ratios are part of ratio analysis which evaluates the working capital
management and efficient level of a business. It evaluates the debtors, creditors and
inventory level of the business against the sales and cost of sales in order to forecast the
efficiency level of the business (Drury, 2013).
CBA
Asset Efficiency Ratios 2016 2017 2018

Investment Analysis and Portfolio Management
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Inventory Turnover
(days)
Average Inventory / 11,591,000 10,037,000 9,222,000
Cost of Sales
#
days 16,935,000 17,600,000 18,341,000
Answer: (note the above
needs to be x 365) 249.82 208.15 183.52
Receivables Turnover
(days)
Average trade debtors /
11,591,00
0
10,037,00
0
9,222,00
0
Sales revenue (note used
operating revenue)
#
days
103,762,00
0
110,891,00
0
110,768,00
0
Answer: (note the above
needs to be x 365) 40.77 33.04 30.39
A2M
Asset Efficiency Ratios 2016 2017 2018
Inventory Turnover (days)
Average Inventory / 50,106 27,083 58,792
Cost of Sales
#
days 192,102 272,123 420,072
Answer: (note the above needs
to be x 365) 95.20 36.33 51.08
Receivables Turnover (days)
Average trade debtors /
42,63
5
65,54
1
54,88
0
Sales revenue (note used
operating revenue)
#
days
127,12
8
230,07
8
509,79
4
Answer: (note the above needs
to be x 365) 122.41 103.98 39.29
The inventory turnover and receivable turnover ratio of both the companies have been
measured. In case of CBA, it has been found that the company has been reduced the days of
inventory turnover and debtor’s turnover to manage the working capital and improve the cash
conversion cycle of the business. Further, in terms of A2M market, it has been found that the

Investment Analysis and Portfolio Management
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company has also been reduced the days of inventory turnover and debtor’s turnover to
manage the working capital and improve the cash conversion cycle of the business.
On the basis of evaluation on both the companies, it has been measured that the assets
efficiency level of A2M is way better than CBA as the working capital level and efficiency
position of business is better than CBA.
Capital structure ratio:
Capital structure ratios evaluate the various sources of funds which improves the
capital position of the business. It evaluates the debt, assets, equity etc level of the
business in order to forecast the cost and return level of the business.
CBA
Capital Structure
ratio 2016 2017 2018
Debt to asset ratio
Total debt 15,544,000 18,726,000 22,992,000
Total assets 933,078,000 976,374,000 975,165,000
Answer: 0.017 0.019 0.024
Interest cover ratio
EBIT / 16,935,000 17,600,000 18,341,000
Interest expenses 16,882,000 15,693,000 16,202,000
Answer:
1.00
3
1.12
2
1.13
2
Gearing ratio
Long term liabilities / 15,544,000 18,726,000 22,992,000
Capital employed 103,762,000 110,891,000 110,768,000
Answer:
0.15
0
0.16
9
0.20
8
A2M
Capital Structure
ratio 2016 2017 2018
Debt to asset ratio
Total debt 254 95 110
Total assets 200,355 327,552 662,733

Investment Analysis and Portfolio Management
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Answer: 0.001 0.000 0.000
Interest cover ratio
EBIT / 72,012 132,952 277,360
Interest expenses 195 129 127
Answer:
369.29
2
1,030.63
6
2,183.93
7
Gearing ratio
Long term liabilities / 254 95 110
Capital employed 127,128 230,078 509,794
Answer:
0.00
2
0.00
0
0.00
0
The debt to assets ratio, interest coverage ratio and gearing ratio of both the
companies has been measured. In case of CBA, it has been found that the company has
improved the capital level in order to manage the optimal capital ratio. Further, in terms of
A2M market, the debt level of the company is quite lower than the asset position which leads
to the business towards the lower position of the business (Bhimani, Horngren, Datar and
Foster, 2008).
On the basis of evaluation on both the companies, it has been measured that the
capital structure position of CBA is way better than A2M as the capital structure level has
been maintained by the company in better way,
Strategic analysis:
Strategic analysis depicts to the procedure of conducting the research on a company
and it operates the environment of a business to formulate the strategy.
COMMONWEALTH BANK OF AUSTRALIA:
The commonwealth bank of Australia is a multinational bank in Australian market. It
also operates its business across the Asian, New Zealand, United Kingdom and United States
market. The main financial services of company include the retail business and institutional
banking. The other services of the business are fund management, insurance, superannuation,
broking services etc. It is the largest Australian bank which is listed in ASX. It has been

Investment Analysis and Portfolio Management
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founded in 1911 by the Australian government (Home, 2018). In 1996, it has been fully
privatised. Headquarter of the business is in Darling Harbour, Sydney, Australia.
The strategic analysis of CBA has been measured and it has been found that the main
strength of the business is that bank owns various branches, bank is operating its business
into various countries, bank is among the four major banks, revenue and profits of the
business are also higher etc. The main weakness of the business is financial strength rating,
banks’ involvement in various controversies, loan impairment expenses etc. (Morningstar,
2018).
The main opportunity of the business is implementation of technology, initiative such
as “one common bank” and expansion of services in Asian market and long term growth in
the business etc. And the threat of the business is investor’s confidence in the global
economy, huge risk in foreign exchange rates etc.
THE A2 MILK CO LTD:
The A2 MILK CO LTD is a multinational company in Australian market. It operates
its business across the Australia, New Zealand, United States of America, United Kingdom
and China. The main product of the business is A2 milk, infant formula, dairy etc. It mainly
focuses on the milk related products like infant formula (Home, 2018). It has been founded in
2000 in New Zealand. Headquarter of the business is in Sydney, Australia.
The strategic analysis of A2M has been measured and it has been found that the main
strength of the business is highly skilled workforce, strong dealer community, strong free
cash flow, successful track record, reliable suppliers, superb performance in the market, high
level of customer satisfaction etc. The main weakness of the business is limited success
outside the core business, high attraction rate in labour, worst profitability rate, gaps in the
product range etc. (Ackert and Deaves, 2009).
The main opportunity of the business is decreasing the cost of transpiration due to the
slower shipping prices, stable free cash flow, new environment policies, lower inflation rate,
new taxation policy, market development etc. And the threat of the business is raising pay,
liability laws, new technologies, increased trend, no regular supply etc.
Trade war effect:

Investment Analysis and Portfolio Management
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The trade war of Australian market has been identified and it has been found that the
Trump government has tried to reduce the trade with Australian market so that the
economical performance of the business could be reduced. Because of this, few changes have
occurred into the trade position (SMH, 2018). However, it has not impacted much on the
performance of the business.
On the basis of the trade war analysis, the equity analysis of the Australian market has
been done and it has been concluded that the trade war has not impacted much on the
Australian equity market. The performance of the market is still better because of the
diversity of the exported market of Australia (Garrison, Noreen, Brewer and McGowan,
2010). However, the investors are required to identify the business’s activity market. If the
business is operating into various markets than the equity investment into that business is a
better choice for the market.
It becomes important for the investor to identify that whether the business is operating
its business in the US market, if yes, than how much impact of trade war has been done on
the Australian market (Elton, Gruber, Brown and Goetzmann, 2009). On the basis of the
analysis, investors are suggested to check the activity market of the business and make
decision.
Ethical behavior:
Fund managers and the professionals are required to embrace an ethical approach
towards their work. Ethics in the fund management industry is a straight forward affair. It has
been agreed that fund managers must act in the best interest of the clients as there is no
shortage of legislation and rules in the fund management industry (Hansen, Mowen and
Guan, 2007).
It is expected from the fund professionals to give better advices to the related parties
about the investment into equity or assets in an ethical way. The main principle of ethics in
fund management industry is to offer fair information to the investors so that they could make
better decision about the performance of the business. A recent report of CFA institute has
shown that the trust level of investors on the financial professionals have improved from 50%
in 2016 to 61% in 2018 (Funds Europe, 2018). It leads to the discussion that the transparency
has been improved in the industry which leads to the better performance of the business.

Investment Analysis and Portfolio Management
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On the basis of the discussion on the ethical behaviour of professionals, it has been
concluded that the trust level of the investors have been improved. Along with that, it became
important for the fund managers to maintain the dignity and ethical behaviour so that the
overall position and performance could be managed.
Conclusion:
On the basis of the study on CBA and A2M companies as well as Australian trade war
and ethical behaviour of fund managers, it is concluded that the performance of the
professionals have been improved which led to more trust and transparency into the
professional reports. On the basis of the study on both the companies, it has been concluded
that both the company’s strategies are quite competitive. However, the A2M business has
been succeeded in managing the performance of the financial position in better way.
The profitability, liquidity and efficiency level of the business is quite better. In
addition, the CBA performance explain that the company has not been able to manage the
financial performance which has lead to lower profitability, liquidity and efficiency level of
the business. However, the capital of the business has been maintained in an efficient way by
the business. It lead to the conclusion that the business should sell the shares of CBA and
must buy the share of A2M as it would help the investors to get extra return from the
companies and the investment position of the investors would also been improved.

Investment Analysis and Portfolio Management
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References:
Ackert, L. and Deaves, R. 2009. Behavioral Finance: Psychology, Decision-Making, and
Markets. Cengage Learning.
Bhimani, A., Horngren, C. T., Datar, S. M., and Foster, G. 2008. Management and cost
accounting (Vol. 1). Pearson Education.
DRURY, C. M. 2013. Management and cost accounting. Springer.
Elton, E.J., Gruber, M.J., Brown, S.J., and Goetzmann, W.N. 2009. Modern Portfolio Theory
and Investment Analysis. John Wiley and Sons.
Funds Europe. 2018. Fund management rules. [online]. Available at: http://www.funds-
europe.com/march-2016/17822-ethics-in-fund-management-there-s-more-to-good-behaviour-
than-rules (accessed 2/9/18).
Garrison, R. H., Noreen, E. W., Brewer, P. C., and McGowan, A. 2010. Managerial
accounting. Issues in Accounting Education, 25(4), 792-793.
Hansen, D. R., Mowen, M. M., and Madison, T. 2010. Cornerstones of cost
accounting. Issues in Accounting Education, 25(4), 790-791.
Home. 2018. A2M company limited. [online]. Available at: https://thea2milkcompany.com/
(accessed 2/9/18).
Home. 2018. Commonwealth bank of Australia. [online]. Available at:
https://www.commbank.com.au/ (accessed 2/9/18).
Home. 2018. Wesfarmers limited. [online]. Available at: http://www.wesfarmers.com.au/
(accessed 25/5/18).
Horngren, C. T. 2009. Cost accounting: A managerial emphasis, 13/e. Pearson Education
India.
Kinsky, R. 2011. Charting Made Simple: A Beginner's Guide to Technical Analysis. John
Wiley and Sons.
Krantz, M. 2016. Fundamental Analysis for Dummies. John Wiley and Sons.
Kurth, S. 2013. Critical Review about Implications of the Efficient Market Hypothesis. GRIN
Verlag.

Investment Analysis and Portfolio Management
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Morningstar. 2018. A2M company limited. [online]. Available at:
https://financials.morningstar.com/income-statement/is.html?t=0P00015NU3&culture=en-
US&ops=clear (accessed 2/9/18).
Morningstar. 2018. Commonwealth bank of Australia. [online]. Available at:
https://www.morningstar.com/stocks/xasx/cba/quote.html (accessed 2/9/18).
SMH. 2018. Trade war of australia. [online]. Available at:
https://www.smh.com.au/business/markets/how-trade-war-with-us-can-hurt-china-and-
economies-including-australia-20180706-p4zpv2.html (accessed 2/9/18).

Investment Analysis and Portfolio Management
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Appendix:
COMMONWEALTH BANK OF AUSTRALIA (CBA) CashFlowFlag
INCOME STATEMENT
Fiscal year ends in June. AUD in
thousands except per share data. 2016-06 2017-06 2018-06
Revenue
Interest income
Other assets 33817000 33293000 34543000
Total interest income 33817000 33293000 34543000
Interest expense
Other expense 16882000 15693000 16202000
Total interest expense 16882000 15693000 16202000
Net interest income 16935000 17600000 18341000
Noninterest revenue
Commissions and fees 5540000 5097000 3779000
Other income 1750000 2392000 3510000
Total noninterest revenue 7290000 7489000 7289000
Total net revenue 24225000 25089000 25630000
Provisions for credit losses 1256000 1095000 1079000
Noninterest expenses
Compensation and benefits 6164000 6268000 5939000
Tech, communication and equipment 1060000 1038000 1059000
Professional and outside services 365181 501810 849537
Amortization of intangibles 393000 790000 440000
Other expenses 5327000 4710000 2656000
Total noninterest expenses 13309181 13307810 10943537
Income (loss) from cont ops before
taxes 9659819 10686190 13607463
Provision (benefit) for taxes 3607000 3992000 4026000
Other income (expense) 3174181 3233810 -206463
Income from discontinued ops -46000
Net income 9227000 9928000 9329000
Net income available to common
shareholders 9227000 9928000 9329000
Earnings per share
Basic 5.42 5.77 5.34
Diluted 5.29 5.59 5.17
Weighted average shares outstanding
Basic 1692000 1719000 1746000
Diluted 1742587 1775711 1802009

Investment Analysis and Portfolio Management
17
COMMONWEALTH BANK OF AUSTRALIA (CBA) CashFlowFlag
BALANCE SHEET
Fiscal year ends in June. AUD in
thousands except per share data. 2016-06 2017-06 2018-06
Assets
Cash and due from banks 23372000 45850000 22897000
Federal funds sold 13520000
Trading assets 34067000 32704000 32303000
Derivative assets 46567000 31724000 32133000
Debt securities 82378000 84646000 82449000
Loans 695398000 731762000 743365000
Net loans 695398000 731762000 743365000
Receivables 11591000 10037000 9222000
Premises and equipment 3940000 3873000 2576000
Goodwill 7925000 7872000 6941000
Other intangible assets 2459000 2152000 2082000
Other assets 25381000 25754000 27677000
Total assets 933078000 976374000 975165000
Liabilities and stockholders' equity
Liabilities
Deposits 588045000 626655000 630358000
Derivative liabilities 39921000 30330000 28472000
Payables 38635000 40464000 32495000
Short-term borrowing 162715000 168034000 173072000
Long-term debt 15544000 18726000 22992000
Other liabilities 27462000 28449000 19916000
Total liabilities 872322000 912658000 907305000
Stockholders' equity
Common stock 33845000 34971000 37270000
Other Equity 1822000 1189000 993000
Retained earnings 23627000 26330000 28360000
Accumulated other comprehensive
income 912000 680000 683000
Total stockholders' equity 60206000 63170000 67306000
Total liabilities and stockholders'
equity 932528000 975828000 974611000
THE A2 MILK CO LTD (A2M) CashFlowFlag INCOME
STATEMENT
Fiscal year ends in June. AUD in
thousands except per share data.
2016-
06
2017-
06
2018-
06
Revenue 336068 523092 845963
Cost of revenue 192102 272123 420072

Investment Analysis and Portfolio Management
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Gross profit 143966 250970 425891
Operating expenses
Research and development 4005
Sales, General and administrative 61264 86354 132898
Other operating expenses 10690 31663 11627
Total operating expenses 71954 118017 148531
Operating income 72012 132952 277360
Interest Expense 195 129 127
Other income (expense) -21955 -109 -17459
Income before taxes 49861 132715 259774
Provision for income taxes 20844 46386 80297
Other income 0 0
Net income from continuing operations 29017 86330 179477
Net income 29017 86330 179477
Net income available to common
shareholders 29017 86330 179477
Earnings per share
Basic 0.04 0.12 0.25
Diluted 0.04 0.12 0.24
Weighted average shares outstanding
Basic 686870 716047 724685
Diluted 706011 737229 744101
EBITDA 52670 135405 261895
THE A2 MILK CO LTD (A2M) CashFlowFlag BALANCE SHEET
Fiscal year ends in June. AUD in
thousands except per share data.
2016-
06
2017-
06
2018-
06
Assets
Current assets
Cash
Cash and cash equivalents 66127 115257 312258
Total cash 66127 115257 312258
Receivables 42635 65541 54880
Inventories 50106 27083 58792
Prepaid expenses 14395 34245 33032
Other current assets 655 3863 5187
Total current assets 173918 245989 464149
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 11911 13081 15356
Accumulated Depreciation -4191 -5121 -6459
Net property, plant and equipment 7720 7960 8898

Investment Analysis and Portfolio Management
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Equity and other investments 59094 171386
Goodwill 9897 9563 9363
Intangible assets 5656 3086 4479
Deferred income taxes 3163 1861 4458
Other long-term assets 0 0 0
Total non-current assets 26436 81564 198584
Total assets 200355 327552 662733
Liabilities and stockholders' equity
Liabilities
Current liabilities
Accounts payable 31958 32461 60604
Deferred income taxes 10144 29522 46370
Other current liabilities 31125 35491 45965
Total current liabilities 73227 97474 152939
Non-current liabilities
Deferred taxes liabilities 36
Other long-term liabilities 217 95 110
Total non-current liabilities 254 95 110
Total liabilities 73481 97570 153049
Stockholders' equity
Common stock 124462 127907 129841
Other Equity 6875 9275 11328
Retained earnings 4167 90492 266625
Accumulated other comprehensive income -8630 2309 101890
Total stockholders' equity 126874 229983 509684
Total liabilities and stockholders' equity 200355 327552 662733
THE A2 MILK CO LTD (A2M) Statement of CASH FLOW
Fiscal year ends in June. AUD in
thousands except per share data.
2016-
06
2017-
06
2018-
06
Cash Flows From Operating Activities
Cash Flows From Investing Activities
Investments in property, plant, and
equipment -1117 -1571 -2317
Purchases of investments
-
46359 -14742
Purchases of intangibles -841 -782 -2128
Other investing activities 0 0
Net cash used for investing activities -1958
-
48712 -19186
Cash Flows From Financing Activities
Common stock issued 42182 3575 6662
Net cash provided by (used for) 42182 3575 6662

Investment Analysis and Portfolio Management
20
financing activities
Effect of exchange rate changes -378 -848 1818
Net change in cash 39847
-
45985 -10706
Cash at beginning of period 5808 66058 110997
Cash at end of period 45654 20073 100291
Free Cash Flow
Capital expenditure -1958 -2353 -4445
Free cash flow 18515 92830 207523