Avesta Sheffield AB, Interim Report for April - September 2000.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--Nov. 9, 2000 The Avesta Sheffield AB (publ) financial year 2000 is from 1 April to 31 December 2000. Avesta Sheffield and Outokumpu Steel have announced merger plans to form AvestaPolarit which will become the world's second largest stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. producer. The merger will represent a major strategic step forward for Avesta Sheffield, creating a world class company with a low cost base, efficient distribution network and reduced business risk. It will also create a firm platform for future growth. The result after financial items for the second quarter was a profit of SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 323 million (37m). This corresponds to earnings per share after tax of SEK 1.49 (0.20). The result after financial items for the half year was a profit of SEK 870 million (96m). This corresponds to earnings per share after tax of SEK 4.08 (0.41). Market demand has remained subdued sub·due tr.v. sub·dued, sub·du·ing, sub·dues 1. To conquer and subjugate; vanquish. See Synonyms at defeat. 2. To quiet or bring under control by physical force or persuasion; make tractable. 3. following the summer vacation Summer vacation (also called summer holidays or summer break) is a vacation in the summertime between school years in which students are off for 3 months, depending on the country and district. . This is a period of order and stock adjustment but demand is expected to recover after the year end. The global outlook for coil products remains firm.
April April
2000- 1999-
Sept Sept
2000 1999
Net sales (SEKm) 9,942 7,025
Operating result before (SEKm) 1,197 380
depreciation
Result after financial (SEKm) 870 96
items
Net result for the period (SEKm) 644 65
Earnings per share after (SEK) 4.08 0.41
tax
Return on equity after (%) 15 2
tax
Return on capital (%) 18 3
employed
Net borrowings at period (SEKm) -2,112 -1,216
"The most significant event during the quarter was the announcement of the proposed merger with Outokumpu Steel to form AvestaPolarit. This is the final step in completing our Cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to Strategy announced in 1998. The merger represents an excellent opportunity for Avesta Sheffield to further advance its recent improvement by combining its strong distribution system with Outokumpu Steel's low cost and efficient production. Our task over the coming months will be to plan for the launch of this new Group in early 2001. We must, at the same time, continue to drive forward our existing business to improve its efficiency and maximise profitability," says Avesta Sheffield's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Stuart Pettifor. Outokumpu Steel and Avesta Sheffield to form AvestaPolarit Outokumpu and Avesta Sheffield announced in September that they propose to set up a leading pure-play stainless steel company called AvestaPolarit. The company will be the world's second largest stainless steel producer with net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in excess of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 3 billion. It will have some 8 700 employees on its payroll and major production facilities in Sweden, UK, Finland and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . At first, Outokumpu is to own 55 per cent of the company, but it has agreed to reduce its holding to no more than 40 per cent within the next three years in order to increase the liquidity of the share. The planned combination will take place via an exchange offer in which Avesta Sheffield shareholders will be offered one Outokumpu Steel share in exchange for each Avesta Sheffield share. Later on, Outokumpu Steel will be renamed AvestaPolarit and listed on the OM Stockholm Exchange. The offer is conditional upon the necessary regulatory approvals and at least 90 per cent acceptance by Avesta Sheffield shareholders. GROUP Market European demand for coil products fell during the quarter in line with seasonal trends, but was up approximately 9 per cent compared to the corresponding period last year. Quarto quar·to n. pl. quar·tos 1. The page size obtained by folding a whole sheet into four leaves. 2. A book composed of pages of this size. plate demand followed a similar trend, with 6 per cent growth in European shipments over the same quarter last year. French and German cold rolled consumption was particularly firm growing by approximately 16 per cent compared to the same period last year. This was balanced by more marginal increases in Italy and the UK, where economic growth was less robust. The strong rise in US consumption during the first six months of the year slowed over the summer, reflecting quieter market conditions and a declining nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. price. Consequently there was a period of inventory readjustment re·ad·just tr.v. re·ad·just·ed, re·ad·just·ing, re·ad·justs To adjust or arrange again. re during the second quarter. Activity in South East Asian markets also slowed in response to steadily declining nickel prices and the continuation of import restrictions into China, which has lead to a degree of inventory build in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and South Korea. Despite slightly weaker market conditions in South-East Asia South-East Asia n → le Sud-Est asiatique South-East Asia south n → Südostasien nt South-East Asia n → , there were further signs of improvement in Japan as local demand increased, reflecting a gradual improvement in the domestic economy. Average European coil base prices have increased by around 15 per cent since April 2000, with most of these increases taking place as expected in the first quarter. However, the falling nickel price (from USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4.64 per lb at its peak, it is now below USD 3.10 per lb) is causing buyers, particularly stockists, to reduce orders and stocks. This is causing downward pressure on base prices for future deliveries. In the US market the strong US dollar has encouraged the continuation of high levels of imports, despite a slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in consumption. In response there has been a downward correction of selling prices during the last quarter to pre-April levels. Seen overall, effective prices in South East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. also declined, reflecting lower nickel price levels and weaker levels of activity. Demand for precision strip products has remained strong, giving rise to improvements in base prices. Demand for long products was good and in line with expectations, but tubular tubular /tu·bu·lar/ (too´bu-lar) 1. shaped like a tube. 2. of or pertaining to a tubule. tubular 1. pertaining to renal tubules. 2. pertaining to fallopian tube. demand continued to be subdued in the absence of any strong pick up in project investment. Net sales Delivered tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. of 460,000 (422,000) tonnes for the half year was a 9 per cent increase compared with last year. Delivered tonnage of 200,000 (196,000) tonnes for the second quarter was a 2 per cent increase compared with last year. Deliveries for the second quarter were lower than the previous quarter as a result of the summer vacation but also because of reduced order intake from customers. The largest percentage improvement for the half year compared with last year was in Asia.
Net sales / deliveries (April to Sept.)
Net Sales, SEKm Change Net Deliveries, Change
Market in % Kton in %
2000 1999/2000 2000 1999/2000
Europe 7,674 5,30 45 357 329 9
5
North 1,501 1,293 16 60 62 -3
America
Asia 543 260 109 32 21 52
Rest of 224 167 34 11 10 10
World
Total Sales/
Net 9,942 7,025 42 460 422 9
Deliveries
Net sales for the half year were SEK 9,942m (7,025m), which was an increase of 42 per cent compared with last year. Net sales for the second quarter were SEK 4,539 (3,282m). Of the 38 per cent increase in net sales in the second quarter compared with last year, 2 percentage points relates to higher volumes and 39 percentage points to mix and price improvements, including the beneficial effect of the Alloy alloy (ăl`oi, əloi`) [O. Fr.,=combine], substance with metallic properties that consists of a metal fused with one or more metals or nonmetals. Adjustment Factor, offset by a deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of 3 per cent as a result of adverse exchange rate movements. Raw Materials Nickel prices continued to fluctuate through the quarter, ranging between USD 3.37 per lb and USD 4.05 per lb. This price volatility was caused by several factors. These included the increased availability of stainless scrap, the impact of destocking at stainless producers and customers, speculative activity and the strike at the Falconbridge plant in Canada. London Metal Exchange London Metal Exchange (LME) A market for trading base metals, where traded options contracts are available against the underlying futures contract. nickel stocks also continued to reduce through the period, reaching a nine year low. Nickel prices have now fallen back to below USD 3.10 per lb. Analyst's views are generally that there will be a supply surplus in 2001. The Group continued to benefit from the increased use of stainless steel scrap in its production and prices for this material tended to follow the movement in primary nickel prices. Chromium chromium (krō`mēəm) [Gr.,=color], metallic chemical element; symbol Cr; at. no. 24; at. wt. 51.996; m.p. about 1,857°C;; b.p. 2,672°C;; sp. gr. about 7.2 at 20°C;; valence +2, +3, +6. and molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. prices remained relatively steady through the quarter. There was a nil effect from price change in inventory (280m) for the half year. The negative effect from price change in inventory of SEK 122m (183m) for the second quarter was principally the result of reducing nickel prices through to August. As stated earlier, nickel prices remain volatile and volatility will therefore also be seen in the effect of price change in inventory. Result The operating result, for the second quarter was a profit of SEK 363m (54m). The result after financial items was a profit of SEK 323m (37m). The operating result for the half year was a profit of SEK 949m (127m). The result after financial items was a profit of SEK 870m (96m).
The improvement in the operating result for the half year compared
to the same period last year was principally the result of:
- A 9 per cent increase in delivered tonnage to 460,000 tonnes,
which improved the result by SEK 185m.
- Increased conversion margins (the difference between net selling
prices and raw material costs) totalling SEK 1,200m, mainly
resulting from the improvement in base selling prices across the
Group's product range.
- Net cost reductions of an estimated SEK 150m after taking into
account additional costs this year related to the acquisition of
Lee Steel Strip Limited, UK, and Smidesbolaget L. Persson AB,
Sweden, offset by reductions following the sale of Avesta
Sheffield Inc. (Canada).
These positive effects were offset by:
- A nil effect from price change in inventory compared with SEK 280m
for the first half of last year.
- Adverse exchange rate movements, principally related to the
weakness of the euro, the net cost of which is estimated at SEK
-460m compared with last year.
The share of profits of associated companies associated company associate n → Partnerfirma f associated company n → società collegata for the half year was SEK 9m (-12m). Financial expenses were higher than last year because of increased borrowings. Financial Position There was a cash inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. from operations of SEK 847m (-214m), after non-recurring expenditure of SEK 32m on items provided against profits in prior years. Net borrowings (interest bearing liabilities less liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. ) were SEK 2,112m as at 30 September 2000, compared with net borrowings of SEK 2,343m as at 31 March 2000. The gross interest bearing liabilities as at 30 September 2000 were SEK 2,659m (2,903m at March 2000) and liquid assets were 547m (560m at March 2000). The Group's debt/equity (gearing) ratio has improved to 24 per cent from 28 per cent at March 2000. The solvency ratio Solvency Ratio One of many ratios used to gauge a company's ability to meet long-term obligations. Notes: Derived by taking a company's net worth and dividing by total assets. See also: Asset, Asset Valuation, Balance Sheet, Fundamental Analysis, Income Statement has improved marginally since March 2000 to 54 per cent.
Sept. March March
2000 2000 1999
Solvency % 54 53 56
Gearing % 24 28 14
During the quarter, there was a cash receipt of SEK 72m in respect of the SPP (1) (Scalable Parallel Processor) A multiprocessing computer that can be upgraded by adding more CPUs. (2) (Standard Parallel Port) The Centronics parallel port that was used on the first PCs. refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies of surplus accounted for as profit in 1999/2000. Working capital increased in the half year by SEK 245m to SEK 6,157m adjusted for the acquisition of Smidesbolaget L. Persson AB and exclusion of corporation tax in receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and payables. Inventories remained high because of destocking by customers and slow recovery of demand following the summer vacation. Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying reduced from March as payments were received for high deliveries made earlier in the year. However, this reduction was partly offset by a reduction in accounts payable. Capital employed Capital Employed 1. The total amount of capital used for the acquisition of profits. 2. The value of all the assets employed in a business. 3. Fixed assets plus working capital. 4. Total assets less current liabilities. increased in the half year by SEK 205m to SEK 11,342m. Investments and acquisitions Capital expenditure for the half year totalled SEK 262m (204m). Capital expenditure began to increase through the second quarter as the major projects approved in late 1999 and early 2000 were progressed. These projects are consistent with the joint Business Plan developed for AvestaPolarit, the proposed merger with Outokumpu Steel. Good progress was made on capital projects through the summer vacation period. The new ladle arc furnace arc furnace Type of electric furnace in which heat is generated by an arc between carbon electrodes above the surface of the material (commonly a metal) being heated. at Avesta commissioned ahead of programme. The acquisition of the Deroulinox stainless steel service centre in Tours in France was successfully completed on 2 November 2000. This was after the end of the reporting period. The purchase price was FFR FFR Federation Francaise de Rugby (French National Rugby Team) FFR FlashFlashRevolution (website) FFR Flash Flash Revolution (computer game) 22 million and this acquisition will strengthen the Group's position in France. In June the Group announced that it was investigating the possible sale of its tubular products business located in Wildwood Wildwood, city (1990 pop. 4,484), Cape May co., SE N.J., on an island off Cape May; settled 1882, inc. as a city 1911. It has large commercial fisheries and is a popular summer seaside resort with many vintage motels and other buildings from the 1940s–60s. , USA. After careful analysis, it has now been determined that the tubular products business will be retained as part of the Group's North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. . Personnel The number of employees at the end of September 2000 totalled 6,465, a net increase of 157 from March 2000. This net increase includes 70 additional employees related to the acquisition of Smidesbolaget L. Persson AB and, more significantly, temporary summer vacation employees in Sweden. PARENT COMPANY The Parent Company reported net sales during the second quarter of SEK 1,952m (1,227m). Net sales for the half year were SEK 4,499m (2,785m). The result after financial items for the second quarter was SEK 77m (-34m). The result after financial items for the half year was SEK 287m (-10m). The improvement in net sales and profitability compared with last year was attributable to substantially the same items as explained earlier in this report. Capital expenditure totalled SEK 138m (91m) and liquid assets stood at SEK 824m (224m) as at 30 September 2000. MARKET OUTLOOK The outlook for the world economy remains positive for 2001, with growth in both GDP GDP (guanosine diphosphate): see guanine. and industrial production in Europe and South-East Asia expected to continue at good levels. Even in the USA, where there are signs that the economy is slowing, growth of around 3 per cent is expected next year. As a result the global outlook for the coil products market is reasonably firm. Capacity utilisation, especially at the slab melting stage, is expected to continue to rise for the remainder of the year and into 2001. In the short term, there is likely to be a period of nervousness as inventories are brought more into balance with demand and the market adjusts to the lower nickel price. In North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. consumption is expected to slow in response to the slowing economy, but in Asia the recent decline in stainless steel consumption is expected to reverse early next year as industrial activity in the region picks up. Quarto plate demand has improved slightly in recent months and it is hoped that higher energy prices will encourage further project related investment growth, particularly in the offshore industry. Two other sectors where growth opportunities are positive are the pulp and paper sector and chemical tankers
Ocean-going chemical tankers generally range from 5,000 to 40,000 dwt in size, which is considerably smaller than the average . Demand for precision strip remains buoyant Buoyant The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength. Notes: These types of markets can be very volatile as the prices are rapid to rise and fall with investor sentiment. , and this trend is expected to continue well into next year. Further base price improvements should be achieved during the next two quarters. Long products demand is also expected to remain firm during the final quarter of 2000. FINANCIAL REPORTS The year-end report (April - December 2000) will be 22 February 2001. If the merger with Outokumpu Steel is successfully concluded in early 2001, Avesta Sheffield AB will become a subsidiary of Outokumpu Steel and will subsequently be de-listed from the OM Stockholm Exchange. Outokumpu Steel will be renamed AvestaPolarit and listed on the OM Stockholm Exchange. In those circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , there will be no Interim Report issued by Avesta Sheffield AB (publ) for any period after 31 December 2000. AVESTA SHEFFIELD AB (publ) Stuart Pettifor President and Chief Executive Officer REVIEW REPORT We have carried out a review of this half year report of Avesta Sheffield AB (publ) for the period 1 April 2000 to 30 September 2000 in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the recommendation issued by the Swedish Institute The Swedish Institute (Svenska Institutet, SI) is a Swedish government agency with the responsibility to spread information about Sweden abroad, to promote Swedish interests, and to organise exchanges with other countries in different areas of public life, in particular in of Authorised Adj. 1. authorised - endowed with authority authorized lawful - conformable to or allowed by law; "lawful methods of dissent" legitimate - of marriages and offspring; recognized as lawful Public Accountants, FAR. A review is significantly limited in comparison with an audit. Nothing has come to our attention which could cause us to believe that the half year report does not meet the requirement of the Swedish Securities Exchange Act and Annual Accounts Act. Ohrlings PricewaterhouseCoopers Matts Edin Authorised Public Accountant
CONSOLIDATED INCOME STATEMENT
SEK million July- July- April- April- Jan- April
Sept Sept Sept Sept Sept 1999-
2000 1999 2000 1999 2000 March 2000
Net sales 4,539 3,282 9,942 7,025 15,221 16,093
Operating -4,047 -3,102 -8,745 -6,645 -12,877 -14,280
expenses
Depreciation -124 -118 -257 -241 -382 -491
according to
plan
Share of result
in associated -5 -8 9 -12 4 -31
companies
Operating result 363 54 949 127 1,966 1,291
Financial items -40 -17 -79 -31 -109 -85
Result after 323 37 870 96 1,857 1,206
financial items
Tax -85 -6 -219 -28 -400 -235
Minority -3 0 -7 -3 -12 -6
interests
Net result for 235 31 644 65 1,445 965
the period
Key numbers
Earnings per share 1.49 0.20 4.08 0.41 9.15 6.11
after tax (SEK)
Return on equity 11 2 15 2 24 13
after tax (%)
Return on capital 14 3 18 3 25 14
employed (%)
Equity/share (SEK) 54.5 45.66 54.53 45.66 54.53 51.70
3
Number of shares 158 158 158 158 158 158
(million)
Definition of key numbers Key Numbers® A system devised by West Group involving the classification of legal subjects that are organized within their publications according to specific topics and subtopics. Return on equity after tax The result after taxation as a percentage of the average equity. Return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). The result before financial items plus financial income as a percentage of the average capital employed. Equity per share Equity divided by the number of shares at the period end. Avesta Sheffield has chosen to report equity per share rather than net worth per share. To be able to report net worth, it is necessary to establish with reasonable certainty an objective market value for the (fixed) assets. The value of the asset should thus be largely independent of the company's business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets .
SUMMARY OF THE BALANCE SHEET
SEK million 30.09.2000 30.09.1999 31.03.2000
ASSETS
Fixed assets
Intangible assets 114 12 105
Tangible assets 5,563 5,275 5,435
Financial assets 336 335 322
Total fixed assets 6,013 5,622 5,862
Inventories 5,096 3,571 4,427
Current receivables
Accounts receivable 3,834 2,781 4,183
Other receivables 402 210 495
Prepaid costs and accrued 177 175 151
income
Total current receivables 4,413 3,166 4,829
Short-term investments 169 258 79
Cash and bank 378 476 481
Total current assets 10,056 7,471 9,816
TOTAL ASSETS 16,069 13,093 15,678
EQUITY AND LIABILITIES
Equity 8,615 7,214 8,168
Minority interests 68 63 66
Provisions
Provisions for pensions and 528 376 522
similar commitments(1))
Provisions for deferred 951 583 800
taxation
Other provisions 215 452 235
Total provisions 1,694 1,411 1,557
Long-term liabilities
Liabilities to credit 1,805 1,188 2,203
institutions
Other liabilities - interest- 31 134 112
bearing
Other liabilities - non- 58 68 52
interest-bearing
Total long-term liabilities 1,894 1,390 2,367
Current liabilities
Accounts payable 1,986 1,600 2,145
Liabilities to credit 439 295 235
institutions
Other liabilities- non- 445 378 357
interest-bearing
Accrued costs and prepaid 928 742 783
income
Total current liabilities 3,798 3,015 3,520
TOTAL EQUITY AND LIABILITIES 16,069 13,093 15,678
(1))Provisions include SEK 384m (333m at 30.09.99 and 353m at
31.03.00) of interest-bearing pension liabilities
CASH FLOW STATEMENT
SEK million April- April- Jan- April
Sept Sept Sept 99-
00 99 00 March00
Operating income and costs
Result before appropriations and tax 870 86 1,857 1,206
Non-cash items 233 242 268 311
Paid tax -11 -89 -27 -28
1,092 239 2,098 1,489
Working capital
Increase(-)/reduction(+) in -664 -539 -722 -1,336
inventories
Increase(-)/reduction(+) in 413 9 -363 -1,529
interest-free receivables
Increase(+)/reduction(-) in 6 77 -80 560
interest-free liabilities
-245 -453 -1,165 -2,305
From operations 847 -214 933 -816
Change in fixed assets -242 -185 -354 -365
Sale/Acquisition of subsidiary -58 - -58 -135
companies
-300 -185 -412 -500
Cash Flow 547 -189 521 -1,316
External financing -560 330 -374 1,283
Change in liquid assets -13 141 147 -33
LIQUID ASSETS AT PERIOD END 547 734 547 560
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