Strategic Marketing Evaluation

This document provides an in-depth analysis of strategic marketing evaluation, focusing on BYD Energy. It covers the company's mission, growth strategies, critical competitive analysis, and customer analysis. The document also discusses the Resource Based View model and the challenges faced by BYD Energy in the future.

Strategic Marketing
Evaluation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
PART 1............................................................................................................................................1
Critical company analysis of BYD Energy..................................................................................1
Critical Competitive Analysis......................................................................................................5
Critical Customer analysis...........................................................................................................6
PART 2............................................................................................................................................7
Examination of TWO module key topics....................................................................................7
Consideration of the challenges BYD will face in future............................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
APPENDICES...............................................................................................................................13

INTRODUCTION
Strategic marketing is mentioned as the way a company effectively differentiate itself
from rivals through capitalising on current addition to potential strengths for offering consistent
values to customers in better manner than the competitors. It assist entities to discover areas that
are influenced by business growth and creating effective plan in order to cater customer
requirements (Avraham and Ketter, 2016). Organisations undertakes various activities for
strategic marketing evaluation so that ineffective marketing strategies are eliminated and suitable
decisions are implemented for obtaining competitive edge within selected market. For
understanding about strategic marketing evaluation, BYD Energy is selected. It is one of high
tech entity that is devoted for technological innovation towards better life. It is dedicated for
catering zero emission solutions for energy. The report is bifurcated in two parts. First part of the
report covers mission/vision of company, growth as well as directional strategies, competitive
advantages through application of Resource Based View. Further, it includes critical competitive
analysis and critical customer analysis. In addition, second part of the report examines two key
topics and challenges facing BYD enery in future.
MAIN BODY
PART 1
Critical company analysis of BYD Energy
Mission or vision of company
Build Your Dreams (BYD) Energy was established in 1995 as high-tech institution
devoted for technological innovations towards better life. The main workings are to build safe,
stable addition to efficient storage solvents for renewable energy. It is more dedicated towards
catering solutions in context to zero- emission energy. The business focuses on manufacturing
electric bicycles, automobiles, rechargeable batteries together with trucks, buses and so on. Its
existing automobile model range comprises of plug-in hybrids, petrol engined vehicles as well as
electric vehicles. Mission of BYD Energy is to create clean energy eco-system which reduces
reliance on petroleum for the world. In addition, creating provision of non-toxic energy solutions
with zero pollution together with zero emission. Passion, excellence, innovation and pragmatism
are some of its core values.
Directional and Growth strategies
1

Directional strategy
It is mentioned as strategy which is entailed by enterprise to take net long together with
short position within a market (Blakeman, 2018). It is implemented for enhancing profits,
accomplishing objectives and business growth. In present era, institutions creates own directional
strategies as per the business cope and aim. However, basic directional strategies are
retrenchment strategy and stability strategy that are discussed below:
Retrenchment strategy: It is the strategy which is basically designed for faltering
entities to improve poor performance. It is turnaround tactic which assists in regaining company'
strength along with financial stability through scaling back weaker operations and emphasising
on areas that supports to generate profits. When chosen business will use the strategy, it can
reduce operational costs as well as capacities by divesting underperforming areas and
outsourcing functions in the direction of success.
Stability strategy: The strategy that assist managers to stop investment of expansions
and make expenditures to for business stability in current market. With this strategy, managers of
BYD Energy will emphasis more on maintaining existing position and incrementing
improvements through changing operations as per perspective of targetted customer groups.
From above directional strategies, management team of BYD Energy follows stability
strategy so that they can cut investment expenses and make directions for maintaining strong
position in current market place.
Growth strategy
It is said to the strategy which is set with the aim to win larger shares of market.
Moreover, it is action plan which allows businesses to gain higher market shares against the
current ones so that business attains expansion objectives (Growth strategies. 2020). There are
various ways for a business concern to achieve growth aspects. Some includes investing towards
customer acquisition, adding new locations, expanding product line and so on. By using various
growth strategies, managers of BYD Energy make plans for advancing further together with
accomplishing enterprise growth in field of technological innovation. Some of growth strategies
are discussed below:
Concentration strategy: The strategy that is majorly used when organisational products
have huge growth potentials is termed as concentration strategy. It is pursued prior to
diversification within growing market place. Further, it is bifurcated into two types that are
2

vertical concentration strategy and horizontal concentration strategy. In context to vertical
strategy, growth can be achieved through internally through expanding operations of company.
Similarly, horizontal strategy is employed for expansion of products into new markets and
enhancing target audience size. In relevance to BYD Energy, adoption of concentration strategy
will assist in expanding existing operations and increasing customer size.
Diversification strategy: Strategy which focus towards characteristics which provide
competitive advantages to entity is diversification strategy (Friedman, 2018). It involves
concentric diversification and conglomerate diversification. Enterprises that uses conglomerate
strategy only works in current industry despite of expanding in new one. However, Businesses
which opts concentric strategy majorly secure strategic fit within new industry about which they
posses significant knowledge as well as development capability. When managers of respective
firm will use diversification strategy then they will be able to diversify the business and gain
competitive advantage.
From the discussed growth strategy, BYD Energy pursues its workings through
diversification strategy for developing the business and widening product scope across distinct
market sectors. Moreover, diversification strategy opens various new opportunities for the entity
and expansion of business horizons offers wide competitive advantages to it.
Resource based View
The model which sees organisational resources as key against performance of other
businesses. It is a framework or theory that firms uses for determining exploitation of its strategic
resources with purpose of achieving competitive benefits. The framework only emphasises on
managerial attentions towards internal resources for the effort to determine assets, capabilities
along with competencies for catering superior competitive advantages (Ghosh, 2017). In
comprises of intangible addition to tangible resources including knowledge, information, skills,
assets, an processes. When all the internal resources are integrated in proper manner then it
provides competence to company. The main areas on which the model relies are tangible,
intangible, immobile and heterogeneous resources that have some unique attributes and provide
competitive advantage to the company. Managers of BYD Energy uses the model so to emphasis
on key aspects of the areas through which they can gain competence and competitive advantages
in the dynamic market. The description of all the areas in terms of chosen business are following:
3

Tangible resources: These are physical things of company. All the assets including
equipments, land, buildings, capital and many more are tangible resources of a specific business
(Hall, 2017). The tangible resources that provide competence to BYD Energy are its capital, land
and building, furniture, securities in terms of cash, bond and stocks, machinery and so on. The
company can easily bought these resources from the market and these provides little
competences as others can also acquire identical tangible resources whenever they want.
Intangible resources: The resources which posses no physical appearance but are owned
by institution to gain advantages in competition. Few intangible resources includes intellectual
property, trademarks along with brand reputation. These resources aids managers ability for
thorough delivering of strategies and making customer relationships. In association to BYD
Energy, it have skills, brand reputation, patents for producing technological innovation, customer
lists, goodwill and trademarks that comparable companies cannot purchase on market. They have
more chances to stay with organisation and are considered as main sources that aids competitive
advantages.
Heterogeneous resources: These are based on assumption that capabilities, skills as well
as other resources which are with other companies are different that that of other institutions
Kono, 2016.). If companies will have same amount addition to similar mixture of resources then
they will not compete in market. So, the resource view model views that BYD Energy achieve
competitive advantage through different resource bundles. As chosen company deals in
technological innovation as well as have effective marketing assets and uses them as key
resource to gain competence in market.
Immobile resources: Resources which lacks movement from company to company are
categorised into immobile resources. Because of this, companies unable to replicate resources of
others which provides huge competitive advantages to a particular business. Intangible resources
including intangible property, brand equity and many more are immobile.
The above mentioned resources helps companies to gain competitive advantage in the
dynamic environment. BYD Energy have all types of resources that provides its critical
competitive advantage to sustain against competitors. Its few of resources are also covered in
Appendices in its cash flow statement, income statement and balance sheet.
4

Critical Competitive Analysis
Competitive analysis is assessment of current as well as potential competitors of
business. With this analysis, organisational managers collects information about offensive
addition to defensive contexts so that they can identify various opportunities and threats to
compete with them. The two competitors of BYD Energy are as examined below:
Valence technology: Valence technology is manufacturer of energy storage solutions. It
provides various custom lithium phosphate energy storage systems as well as lithium magnesium
phosphate technology in market. It was established in 1989 and have headquarters in Austin. The
main products of the company are majorly used in plug-in hybrid vehicles that are motorbikes,
cars and other commercial vehicles (Valence Technology. 2020). It facilitates its services across
the nation and major areas includes Las Vegas, Northern Ireland, China, Nevada and Suzhou.
The main directional strategy that the company has adopted is retrenchment strategy in which it
withdraws its selling from certain market with its specialised products for gaining beneficial
turnaround. Moreover, its resources includes assets, knowledge, market information and
machines which provide competitive advantage to it. It is considered as biggest competitors of
BYD Energy as it have strong competitive position in technology industry that is gained by
selling high quality batteries commodities needed in various vehicles. As BYD Energy offers
high and low voltage products for commercial purposes and its projects are related to gaining
large revenues. However, Valence Technology needs to make various improvements within its
quality of batteries for competing with selected business.
Daimler: It is another competitors of BYD Energy that is headquartered at Germany
since 1929. It is leading multinational automotive corporation who owned shares in number of
motorcycle, car and bus vehicles of various brands (Daimler. 2020). Its products includes auto-
mobile as well as commercial vehicles including buses, passenger cars, vans and trucks. It is
leading manufacturer of premium cars as well as commercial vehicles having global reach. Fleet
management, financing, insurance, innovative mobility along with licensing are some its
competence services that differentiate it from BYD Energy. At present, Daimler company uses
wide diversification strategy so to diversify the business with new products across overseas. The
company have made strong competitive position in the automotive industry through offering
digital mobility services and wide types of solutions towards using energy in products.
5

Critical Customer analysis
Customer analysis is one of most important aspect for the business to analyse the
customers, their needs and demands and emerging trends of market in order to serve consumers
in proper manner (Macchion, Fornasiero and Vinelli, 2017). In context of BYD which is a high
tech company contributed towards technological innovation to raise living standard of people. To
serve consumers in best manner needed to study properly about consumers and their behaviour
that are as follows:
Key target customer segments:
BYD aimed to build the efficient, safe and stable storage solutions for renewable energy.
The major consumers of respective organisation is CARTA, Marin Transit, Kern Transit and
PSTA many more which majorly are operator of mass transportation that focus on using the
renewable energy. BYD segmented their suppliers and distributors to purchase products and
services to them. They operated in the business world by providing batteries and renewable
energy that is cost effective that is lower than their major competitors.
Value:
Value regards the products and services offered by the organisation to their consumers in
order to satisfy their needs and wants in positive manner (Mahoney and Tang, 2016). It is very
much important for organisation to understand the consumers needs and wants and accordingly
provide the products to them. Such as their majorly consumers are operated of bus transportation
in which required batteries are different from truck or cars. It is very significant for BYD to
identify the place where they can sell the products and services. In that regards they importantly
collect information about vendors, suppliers and manufacturers to serve consumers in best
manner.
Behaviour:
The behaviour of BYD consumers are that use the renewable energy by using batteries
that cost effective in nature and enhance value of products and services. The consumers of BYD
are always prefer to purchase most cost effective products and services that saves cost positively.
Factors issues:
Trends:
The batteries and renewable energy that are trendy in market as in today's competitive
environment consumers are very much aware about environment (Moutinho and Vargas-
6

Sanchez, 2018). So it is potential for them to focus on the range, speed and acceleration in their
products and services to meet the consumers needs and wants in proper manner. The another
major trend is digitization that fuel sharing of economies in positive way that helps to reach at
large no. of consumer base positively.
Issues:
The major issues faced by the organisation which are related with the promotions and
distribution of products and services into the marketplace (Nagle and Müller, 2017). The
promotional tool which is used by BYD is not so much effective to make people aware regarding
the products and services regarding organisational goods that hinders their self interest in gaining
desirable outcomes. With sometimes they not able to supply the products and services to the
ultimate consumers in specified time period that create dissatisfaction in their consumers. So it is
very much important for them to evaluate the major areas in which they can improve and provide
delighted experiences to their potential consumers.
PART 2
Examination of TWO module key topics
Strategy is the a method or plan which is used by organisation to bring out the desire
future by completing task and objectives. When organisation faces different types of problems
then strategy suggest what need to do, how and when for the purpose of completing task
effectively. In other words, an art and science of planning and marshalling resources that helps to
make effective resources in order to attain the business goals (Nijssen, 2017). Build Your
Dreams Energy is a high tech organisation which is devoted to technology innovation for better
life. The main aim of organisation is to build efficient, safe and stable storage solutions for
renewable energy. This company dedicates to provide zero emission energy solutions .
Innovation strategy
This is a plan and strategy which is used by organisation to grow market share and
profits through product and service innovation. Innovation refers as to bring something new and
modify the existing product according to needs and wants of people (Palmatier and Sridhar,
2017). By innovation a organisation can attracts customers that processes to high productivity.
This strategy is helpful to create a solution, product improvement and disruptive the innovation
that helps to work accordingly. Innovation strategy is consider as plan, made by corporation in
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order to enhance product range by using new technology and services by investing money and
resources. This is important for organisation to evaluate the organisational performance and
adopt innovation strategy that can help to provide competitive advantages. With the help of
innovation strategy value of product and services can be increase as customers get influence and
they make decision to buy the products. For instance, Build Your Dream organisation uses
innovation strategy at the time of bringing innovation in its existing products and services as per
customer need that satisfied customers and increases organisational profitability. If innovation is
not adopting by company then it can be difficult for company to take competitive advantages.
The new ideas and creative thoughts is developed by management in context to chosen
organisation that helps to deliver that kind of products and services for profits. Under innovation
the management try to bring something new that is advantageous for business organisation. For
instance Build Your Dream is using innovation strategy to produce the electrical batteries by
brining innovation in existing products. This strategy will help to develop electrical vehicle that
can help to provide healthy and pollution free environment (Renz, 2016). Energy storage
solution can also be provided by organisation with the help of electric batteries. The mission of
BYD is to change the world by creating a complete, clean energy ecosystem that helps to reduce
the world's reliance petroleum. Employees are trained on time to time basis for the purpose of
introducing new technology and implement it within organisation. To innovate the electric
batteries, innovation strategy involves different types of strategies that are as defined:
Proactive – This strategy is related to research and orientation whi9ch helps to get the
knowledge and ideas about customer's choice and competition then research is required
accordingly. This is challenging strategy and interventions that is used on ongoing basis to
reduce the likelihood of occurrence of challenging behaviour (Sahaf, 2019). This helps to gain
the knowledge through various resources that create highly risk for organisation. In this strategy,
radical and incremental technology is used by organisation in order to produce new product and
develop it. Build Your Dream organisation can use this strategy in order to gain the competitive
advantages by producing electric batteries that helps to increase the profits.
Active – This strategy is related to responds which given by organisation on various
changes, existing technology, markets and customer needs. This helps to get the broad
knowledge about a particular product and reduce the risk of innovative product. With the help of
active strategy it generate maximum value of innovative product and portfolio. In this, BYD can
8

analysis that there are large number of organisation who are producing batteries so, this supports
to develop a unique batteries that can attracts customers.
Reactive – In this strategy, organisation bring innovation with the help of followers,
focusing on operations and taking a wait for plans that helps to complete the task. By using this,
BYD can produce products at lower risk and provide better quality of products.
Passive – This is not suitable for all organisation when they are going to innovate
something new in market. There is need to accept the changes frequently as per customer
demand. Therefore, BYD has an option to use this strategy by understanding customers demand
and taste.
Social and ethical strategy
 The Social strategy in context to innovating electric batteries are as defined:
 To reduce the carbon emission errors from environment (Tajeddini and Ratten,
2017).
 To keep clean and healthy environment.
 To reduce the cost of organisation and provide suitable products to customers.
 To provide high satisfaction to customers and accept challenges effectively.
 Increase willingness to pay for helping people and improving their living
standard.
 To maintain good relations between customers and organisation.
BYD is using ethical and social strategy in which needs and wants are identified by
management and products are developed accordingly. Moreover, effective media channel is used
by such organisation which increases awareness and make efforts to complete the goals (Wirtz
and Lovelock, 2016). Moreover, organisation is following rules, legislations, values, norms and
beliefs that helps to maintain the good performance and accept the challenges effectively.
Consideration of the challenges BYD will face in future
To adopt innovation strategy and produce electrical batteries there are many challenges
which can be faced by BYD organisation in future that are as defined:
Finance - This is main issue which can arise in future while producing electrical batteries
and other products. This is first required for BYD organisation to adopt new technology, research
& development, expanding in new market and developing new product which can be possible
9

through only having funds. Therefore, this is important for BYD to arrange the funds for its
operation and developing products in future otherwise it can creates difficulties.
Marketing strategy – This is another challenge for organisation which is required to
attract the customers and sale them products and services effectively. In context to BYD there is
needed to have strong marketing policy that can help to introduce from new product and services
in market effectively. This can be challenge for BYD in future to understand the marketing
strategy and make plans accordingly that can help to to provide information and achieve business
goals.
Political- Political factors are government regulations and legislations that influences the
operations of business positively and negatively. Any company that does business in the market
has to perform its working within these regulations only. With respect of the company, build
your own dreams, the political factors will affect the business (Wood and Jobber, 2016). For
example, if the political party decrease the rates of taxes or electronics raw material which are
used in manufacturing or give any kind of relaxations or subsidiaries to companies dealing with
eco friendly products can help in the reduction in prices of the product. This will ultimately
increases the demand in market place. Political parties will also promote such products because it
is good for our environment. Hence, affecting the price, product & promotion marketing mix
variables.
Cultural- Cultural factors include the taste, trends, preferences, values, ethics, customs
and religions. By evaluation of above factors, business can know more about its target market
and work accordingly. As in case of Build your own dreams, the company analyse the need for
eco friendly auto mobile which saves energy, reduces emissions of vehicles, and improve quality
of life in cities. It analyse the need and want of customer as well as of environment and build the
product accordingly. The company will promote its product such that it set a need for the product
such that it creates an urge to purchase in customer mind. To sell its products at a heavy volume
the company needs to set its product prices accordingly. Hence, affecting the price, product &
promotion marketing mix variables.
CONCLUSION
From the report it can be concluded that organisation should make strategic plans that can
helps to attain the business goals. Marketing strategies are developed by marketers by identifying
needs and wants of customers then it make decision to develop products accordingly. To run a
10

business and bringing innovation there is need to have proper marketing planning and skills that
can help to adopt new technology and introduce from new products. Organisation is having
tangible and intangible resources which are used to run a business and to sustain in competitive
market. Innovation strategies are used to develop a new product and increase brand image
effectively. Moreover, ethical and social strategies are used to develop the new product and get
competitive advantages by reducing cost and satisfying customers.
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REFERENCES
Books and Journals:
Avraham, E. and Ketter, E., 2016. Tourism marketing for developing countries: Battling
stereotypes and crises in Asia, Africa and the Middle East. Springer.
Blakeman, R., 2018. Integrated marketing communication: creative strategy from idea to
implementation. Rowman & Littlefield.
Friedman, D., 2018. The double auction market: institutions, theories, and evidence. Routledge.
Ghosh, C., 2017. A study on-evaluating marketing strategies adopted by home appliance for
economic development in India. International journal of social sciences and
humanities. 1(1). pp.9-15.
Hall, S., 2017. Innovative B2B marketing: new models, processes and theory. Kogan Page
Publishers.
Kono, T., 2016. Strategy and structure of Japanese enterprises. Routledge.
Macchion, L., Fornasiero, R. and Vinelli, A., 2017. Supply chain configurations: a model to
evaluate performance in customised productions. International Journal of Production
Research. 55(5). pp.1386-1399.
Mahoney, L. M. and Tang, T., 2016. Strategic social media: From marketing to social change.
John Wiley & Sons.
Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI
Tourism Texts. Cabi.
Nagle, T. T. and Müller, G., 2017. The strategy and tactics of pricing: A guide to growing more
profitably. Routledge.
Nijssen, E. J., 2017. Entrepreneurial marketing: an effectual approach. Routledge.
Palmatier, R. W. and Sridhar, S., 2017. Marketing strategy: Based on first principles and data
analytics. Macmillan International Higher Education.
Renz, D. O., 2016. The Jossey-Bass handbook of nonprofit leadership and management. John
Wiley & Sons.
Sahaf, M. A., 2019. Strategic marketing: making decisions for strategic advantage. PHI
Learning Pvt. Ltd..
Tajeddini, K. and Ratten, V., 2017. The moderating effect of brand orientation on inter-firm
market orientation and performance. Journal of Strategic Marketing, pp.1-31.
Wirtz, J. and Lovelock, C., 2016. Services marketing: People, technology. World Scientific
Publishing Company.
Wood, M. B. and Jobber, L., 2016. The marketing plan handbook. Pearson.
Online:
Daimler. 2020. [Online]. Available through: <https://www.daimler.com/en/>
Growth strategies. 2020. [Online]. Available through: <https://www.frog-dog.com/strategies-for-
growth>
Valence Technology. 2020. [Online]. Available through:
<https://www.crunchbase.com/organization/valence-technology#section-overview>
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APPENDICES
Resource based views:
Statement of financial position
BYD CO LTD
Fiscal year ends in December. CNY in millions
except per share data. 2018-12 2017-12
Assets
Current assets
Cash
Cash and cash equivalents 13052 9903
Short-term investments 0 1
Total cash 13053 9904
Receivables 49284 51881
Inventories 26330 19873
Prepaid expenses 359 849
Other current assets 26185 20178
Total current assets 115211 102684
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 53362 50981
Net property, plant and equipment 53362 50981
Goodwill 66 66
Intangible assets 16698 14199
Deferred income taxes 1388 1580
Other long-term assets 7845 8589
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Total non-current assets 79361 75415
Total assets 194571 178099
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 37789 35775
Accounts payable 46283 40274
Taxes payable 1081 951
Other current liabilities 31416 27997
Total current liabilities 116569 104997
Non-current liabilities
Long-term debt 13924 10862
Deferred taxes liabilities 66 610
Minority interest 5496 4953
Other long-term liabilities 3317 1673
Total non-current liabilities 22804 18098
Total liabilities 139373 123095
Stockholders' equity
Common stock 2728 2728
Additional paid-in capital 24524 24474
Retained earnings 20498 19236
Accumulated other comprehensive income 7447 8566
Total stockholders' equity 55198 55004
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Total liabilities and stockholders' equity 194571 178099
Cash flow statement
BYD CO LTD CLASS H
Fiscal year ends in December. CNY in
millions except per share data. TTM 2018-12 2017-12
Revenue 134895 130055 105915
Cost of revenue 112377 108725 85775
Gross profit 22518 21329 20139
Operating expenses
Research and development 5342 4989
Sales, General and administrative 8930 8490 11711
Other operating expenses -301 -183 81
Total operating expenses 13970 13296 11792
Operating income 8547 8033 8347
Interest Expense 3168 3119 2343
Other income (expense) -1260 -529 -383
Income before taxes 4119 4386 5621
Provision for income taxes 814 829 704
Net income from continuing
operations 3305 3556 4917
Other -477 -776 -850
Net income 2827 2780 4066
Net income available to common
shareholders 2827 2780 4066
15

Earnings per share
Basic 0.95 0.93 1.4
Diluted 0.95 0.93 1.4
Weighted average shares outstanding
Basic 2967 2989 2905
Diluted 2967 2989 2905
EBITDA 7287 16903 15047
Income statement
BYD CO LTD CLASS
Fiscal year ends in December. CNY
in millions except per share data. TTM 2018-12 2017-12
Cash Flows From Operating
Activities
Net income 3556 4917
Depreciation & amortization 9399 7084
Investments losses (gains) -241 324
Deferred income taxes 112 -166
Change in working capital -4473 -8196
Inventory -6585 -2727
Other working capital 2112 -5469
Other non-cash items 4170 2404
Net cash provided by operating
activities 12523 6368
16

Cash Flows From Investing
Activities
Investments in property, plant, and
equipment -20712 -17842 -14777
Property, plant, and equipment
reductions 403 3936 214
Acquisitions, net -2 433
Purchases of investments -928 -829 -1607
Sales/Maturities of investments 72 98 55
Other investing activities -768 -26 151
Net cash used for investing
activities -21934 -14231 -15964
Cash Flows From Financing
Activities
Debt issued 86249 67065 50533
Debt repayment -73074 -57557 -36249
Dividend paid -4152 -3918 -3148
Other financing activities -774 -1674 32
Net cash provided by (used for)
financing activities 8249 3917 11168
Effect of exchange rate changes -34 6 6
Net change in cash -13719 2215 1577
Cash at beginning of period 13552 8936 7359
Cash at end of period -167 11151 8936
Free Cash Flow
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Operating cash flow 12523 6368
Capital expenditure -20712 -17842 -14777
Free cash flow -11006 -5319 -8409
18