Post on 24-Jun-2020
transcript
Company PresentationSeptember 2019
Company Overview
Company Overview
Pioneer in ultra high temperature ("UHT") processing in Indonesia,
partnering with Tetra Pak since 1975.
Largest manufacturer of UHT liquid milk in Indonesia
Market share of 40% in UHT liquid milk products¹
Largest manufacturer of RTD tea in carton packs in Indonesia
Market share of 71% in the ready-to-drink ("RTD") tea in
carton pack segment¹
Also produces, directly or through JVs, or toll manufactures sweetened
condensed milk, health drinks, cheese products, powdered milk and
juices
Partnerships / agreements with leading multinationals including
Unilever, Mondelez International, and Sanghiang Perkasa
Vertically integrated and highly automated production process
Best practices and stringent quality controls over the entire
production chain
Extensive sales and distribution network throughout Indonesia
9M2019 Revenue: IDR 4,585 bnvs. LY +13.4%
9M2019 EBITDA: IDR 1,106 bnEBITDA margin: 24.1%
vs. margin LY 21.4%
9M2019 Net income: IDR 821 bnNet income margin: 17.9%
vs. margin LY 15.4%
1
2
3
4
5
Notes:1. Based on Nielsen data, UHT liquid milk market share by volume in Sept 2019 and RTD tea in carton pack market share by volume in Sept 2019
01
02
03
Dairy• #1 in UHT liquid milk with 40% market share• Offer a variety of products with different flavours and target customers
Ultra Milk brand for adults and young children, Low Fat Hi Cal brand for health conscious customers Ultra Ultra Mimi brand for young children Sweetened condensed milk under our own Cap Sapi brand
• In 9M2019 total Dairy achieved sales of IDR 3,245 mio – 71.0% of total net sales
Tea and Health Drink• # 1 in RTD tea in carton packs with 71% market share• Offer a variety of products UHT RTD tea drinks in various packaging options
Teh Kotak Jasmine Regular and Less Sugar brands as primary UHT tea drinks sold in carton packs Teh Kotak Rasa brand for flavored UHT tea drinks Offer a variety of UHT health drinks, such as mung bean, tamarind drinks and juices
• In 9M2019 total Tea and Health drinks achieved sales of IDR 1,021 mio –22.0% of total net sales
Other• Tolling agreement for production of powdered milk for an affiliate of PT Sanghiang Perkasa• Tolling agreement for production of UHT fruit juice under the Buavita brand for PT Unilever Indonesia
Tbk• Exports to several countries in Asia, Middle East, Pacific Island, Nigeria, Australia and America• In 9M2019 total Other achieved sales of IDR 319 mio – 7.0% of total net sales
Business Overview
SABANA PRAWIRAWIDJAJA
PT NIKOS INTERTRADE
PT KRAFT ULTRAJAYA INDONESIA
PT NIKOS DISTRIBUTION
INDONESIA
PT ITO-EN ULTRAJAYA WHOLESALE
PT ULTRA SUMATERA
DAIRY FARM
PT ULTRA PETERNAKAN
BANDUNG SELATAN
MONDELEZ INTERNATIONAL INDIVIDUAL
PT TOLL INDONESIA
ITO-EN
ASIA PACIFIC
HOLDING
PT TIRTA TALAGA JAYA
KOPERASI PETERNAKAN
BANDUNG SELATAN
21%
50%70%30%
32%32%
70% 30% 40% 31%50% 25%
85% 75%
Data per 30 September 2019
PT PRAWIRAWIDJAJA PRAKARSA PT INDOLIFE PENSIONTAMA PUBLIC
15%
PT ULTRAJAYA MILK INDUSTRY & TRADING COMPANY Tbk.
69%
15%
INDIVIDUAL PT KARYA PUTRAJAYA PERSADA INDIVIDUAL
Associated Company & Subsidiaries
60%
Business Strengths
0102
03
0405
06
07
08
03. PRESENCE IN MULTIPLE CATEGORIES AND TRACK RECORD OF PRODUCT DEVELOPMENT
05. STRINGENT QUALITY CONTROLS ACROSS ENTIRE PRODUCTION CHAIN
01. INDUSTRY FUNDAMENTALS ARE STRONG
06. EXTENSIVE NATIONWIDE DISTRIBUTION NETWORK
04. VERTICALLY INTEGRATED AND HIGHLY AUTOMATED PRODUCTION
08. HIGHLY EXPERIENCED MANAGEMENT TEAM
07. GROWING SUPPLY OF HIGH QUALITY FRESH MILK
02. LEADING MARKET POSITION POISED TO CAPTURE CONTINUED GROWTH
Business Overview
01. Robust Industry FundamentalsAlthough growth has reduced, Indonesia has shown fast real GDP growth and has significant potential in GDP per capita growth. In addition, Indonesia has the largest population in SEA and increasing urbanization will drive consumer demand going forward
Continued GDP Growth (World Bank) Significant potential in GDP per capita growth (US) (2018, US$)
Largets population in SEA – 2018 population (million) Expanding urban population - % of total population
Source: World Bank
4.9% 6.2%
6,1%
6,0% 5,5%
5,0%
4,7%
5.1%
5.2%
10 11 12 13 14 15 16 17 18
Singapore,64,582
Korea Rep.,31,363
Malaysia,11,239
China,9,771
Thailand,7,274
Indonesia,3,894
Philippines,3,103
Vietnam,2,564
Indonesia, 268
Philippines, 107 Vietnam,96
Thailand,69 Malaysia,
32 Singapore,6
53.5%53.9%
54.4% 54.8% 55.3%
2014 2015 2016 2017 2018
01. Robust Industry Fundamentals (cont.’)Especially the liquid milk market in Indonesia, will continue to demonstrate strong growth
DAIRY
Market size Liquid Milk (IDR mln.) 2018 consumption per capita (L)
57.4
0
15
30
45
75
Malaysia Thailand Philippines Indonesia
37.2 15.6
60
Key characteristics / trends
Urbanization and increasing disposable income strengthening drinking milk demand
Health and wellness trend driving growth
Liquid milk outpacing powdered milk
– Higher quality / perceived health benefits of liquid milk
– Substitution of powdered milk to RTD liquid milk
UHT makes up the largest segment of liquid milk
Young adults are getting more accustomed to drinking milk compared to their parents
7,843 8,626
9,725
3Q2017 3Q2018 3Q2019
Source: Nielsen Source: Tetra Compass
RTD TEA
Market size RTD Tea (IDR mln.)
717 772
852
3Q2017 3Q2018 3Q2019
RTD CP TEA
Source: Nielsen
Key characteristics / trends
Various packaging segments targeting different consumer needs, e.g.
– Cup – low end positioning
– Carton – primarily convenience, home and school consumption, impulse consumption
– PET – primarily impulse consumption
Black tea is the largest product segment strong growth in niche segment
15.6
4,439 4,599
5,017
3Q2017 3Q2018 3Q2019
RTD PET TEA
Largest in UHT milk and RTD tea in carton packs segments
Trusted brands among consumers with strong brand equity
High quality and healthy positioning allowing us to capture expected segment growth
Competitive landscape and market share in 3Q2019
UHT milk volume share2
RTD tea in carton pack volume share3
Ultra Milk40%
Frisian Flag21%
Indomilk18%
Milo5%
Real Good4%
Others12%
02. Leading Market Position to capture position expected growthWe are a leading player in fast growing consumer segments in Indonesia with award-winning brands
Volume market growth Liquid Milk in 2017-2019¹
3Q2017 3Q2018 3Q2019
Growth 6.2% Growth 7.7%
Liquid milk increase 7.7% in 3Q2019
UHT milk increases faster than sterilized milk
RTD TEA increase 1% during 3Q2019 vs last
year
Notes: 1,2,3 Source: Nielsen
Teh Kotak71%
Teh Sosro25%
Fruit Tea2%
Yeos0%
Others2%
03. Presence in multiple categories and track record of product development
Brand Awards/ Certifications
Top 10 Strongest Local Brand 2018
RTD Flavoured Milk WOW Brand 2017
Most Recommended Brand UHT category 2015
Most Recommended Brand UHT category 2015
Indonesia Best Brand 2014
"Ultra Milk" – Top Brand 2013
Most Chosen Brand 2019
Most Supportive Sponsor 2019
03. Presence in multiple categories and track record of product development (con’t)Ultrajaya Milestone
We have continued to introduce new product categories and have developed products for different segments to expand our product reach.
2019
Additional 1.600 cows arrived in USDF
04. Vertically integrated and Highly-Automated production facilitiesOur production process is highly-automated with UHT treatment technology and an integrated aseptic packaging system
Vertically integrated production process across all products
Highly-automated production process with minimal human intervention
Utilizes state-of-the-art production equipment and aseptic packing to ensure high quality standards
Efficient Automated Storage and Retrieval System ("ASRS") implemented at warehouse using Automated Guided Vehicles ("AGVs")
Production processing overview1
Raw materials delivery, cooling and storage
Formulation,
purification,
homogenization and
pasteurization
UHT treatmentAseptic storage
and packaging
Packaging and
warehouse storage
HIGHLY-AUTOMATED
Note: 1. UHT milk production process used for illustrative purposes
05. Stringent quality controls across entire production chainWe consistently produce high quality products by implementing strict monitoring and quality control
systems throughout our operations
Full traceability and tracking of our products1
Quality checks at multiple stages2
3 No product recall since establishment
4 FSSC 22000:2010 Certificate
5 No additives or chemicals added to products
Multiple stages of testing throughout our operations
Inspection and testing of raw materials upon delivery
Highly-automated – minimal human contact
Products tested at multiple stages of processing
Testing of product samples and packaging
Products quarantined for incubation and testing
Raw materials delivery, cooling
and storage
Raw materials delivery,
cooling and storage
UHT treatment
Aseptic storage and packaging
Packaging and warehouse
storage
Electronic tagging of product labels
Electronic tagging of
product labels
We operate an extensive nationwide distribution network both in Java and to other regions
Our extensive nationwide distribution network
Within Java – sales to modern retail through our own sales force and to traditional retail through our subsidiary – approximately 65,000 points of sale
Outside Java – we utilize approximately 61 distributors to reach retail outlets throughout the country
22 Sales Office in Java
Approximately 65,000 points of sale in Java
Approximately 61 distributors outside Java
14 distributors for overseas
Bandung
6. Extensive nationwide distribution network
7. Growing Supply of high quality raw milk
We maintain a collaborative relationship with local dairy farmers to ensure consistent supply of high quality raw milk
Dairy Farmers Cooperatives – majority of raw milk supply
Our Model Dairy Farm – part of 20% of raw milk supply
UPBS – joint venture with KPBS to operate a model dairy farm
In 2019 with approximately 3,300 animals
Exclusive supply for Ultrajaya
Managed by experienced professionals in dairy farm operations
We provide guidance, education, technical and managerial training as well as financing programs to local farmers
We maintain long-term relationships with several local dairy farmers cooperatives to ensure stable and high quality raw milk supply
We have strong relationship with South Bandung Farmers’ Cooperative ("KPBS"), which is a cooperative of dairy farmers in the Pangalengan area in West Java
We have a dedicated team to work with local farmers for training and knowledge
Secure, stable and long-term supply*
Access to high quality raw milk*
Cooperative arrangement*
Improved dairy farming methods*
Replication of best practice and improvement of product quality at large scale
*
Higher quality raw milk and higher output level
*
7. Consistent Supply of high quality raw milk cont’
We maintain a collaborative relationship with local dairy farmers to ensure consistent supply of high quality raw milk
Our farm in Berastagi, North Sumatera
● We have identified the need to further invest in milk availability
● Climate in area is favorable
● Capitalize on expertise gained in model farm
● Large scale farm with high yield international quality cows
● > 400 productive cows + 1,600 to calve early 2020
Control on supply and quality*
Joint venture, shared investment*
Unlock potential of Sumatera*
Other initiatives
Educate farmers on technique, hygiene, feed
Smaller scale initiatives in South Bandung area (‘colony’ with cooperatives for up to 350 cows, started end of 2016)
CSR with student contribution learning-working.
Increase milk security*
Benefit company and country*
We do not consider ourselves to be dairy farming company, focus remains on manufacturing, branding and selling.
*
BO
AR
D O
F D
IREC
TOR
SSEN
IOR
MA
NA
GEM
ENT
Sabana PrawirawidjajaFounder & President Director
• Founded Ultrajaya and has been holding the currentposition since 1971
• Also serves as the Commissioner of PT Kraft UltrajayaIndonesia since 1994 and President Commissioner of PTCampina Ice Cream Industry since 1995 until 2017
Samudera PrawirawidjajaDirector
Jutianto IsnandarDirector
• Has been with Ultrajaya since 1974 as ProductionManager, Assistant to the Plant Manager, Sales &Distribution Manager and now as a Director
• Previously worked at PT Indomilk• Also serves as a President Commissioner of PT
Campina Ice Cream Industry since 2017.
Rob NieuwendijkChief Financial Officer
• Has been with Ultrajaya since 2011• Previously held senior management positions for leading dairy
companies including FrieslandCampina and Royal Numico NV
Lorem Ipsum
Lorem ipsum dolor sit amet, nibh est. A magnamaecenas, quam magna nec quis, lorem nunc..
7. Highly experienced Management Team
• Over 25 years of experience with Ultrajaya since 1989• Also serves as President Director of PT Campina Ice
Cream Industry
Siska SuryamanHead of Marketing Department• Has been with Ultrajaya since 2010• Previously held marketing positions at Mead Johnson Nutrition, Citibank
Indonesia, Bentoel Prima and Kalbe Nutritional
Rachmat SuhappyHead of Manufacturing
• Has been with Ultrajaya since 2017.• Previously held several position in Production, Industrial and Operation of local
companies as well as multinational companies such as Numico and Danone
Flemming SchmidtGeneral Manager Engineering
• Has been with Ultrajaya since 1987, responsible for investments in newequipment
• Experienced in engineering and equipment
• Has been with Ultrajaya since 2008• Previously held various supply chain management positions with Toll Asia
Logistics and Cold Storage Chain
Henry KhorGeneral Manager Supply Chain
Strategies
Strategies01 Further expand our distribution platform
Within Java
FOCUS: Increase penetration of modern and traditional retail
PLANS:
Expand the sales team on the ground
Continuously investing in training and in the quality of sales force
Improve sales efficiency through investing in IT and technology
Outside Java
FOCUS: Support distributors expanding their reach
PLANS:
Focus on distribution in Sumatra and Kalimantan
Help distributors secure financing to sell more of our products
Achieve IT connectivity with all of our distributors
02 Further expand our distribution platform
Increasing Capacity
To increase capacity at our existing production facility
On-going investment in new packaging lines from Tetra Pak and Combibloc
New Distribution Centre
To help enhance distribution efficiency and speed to market
Plan to start building new distribution centre within the Greater Jakarta area in 2020
New Production Facility
To support longer term growth and expansion
Planning of new modern and automated production facility to commence building in 2019/2020
Expected to be fully operational by 2021
Strategies cont’03 Continued focus on new product development
Joint Venture with Ito En
Combine significant product expertise Ito En with ouron the ground presence and knowledge
Explore opportunities in new tea categories
Be flexible on where opportunities exist
Focus is on unsweetened category
Outsource until volumes justify investing in ownfactory
New products in the dairy segment
Monitor customer preferences and identify newpossibilities
Introduced new flavours, to further develop the categoryand offer a wider range of products, also to improvepresence on the shelves
Develop Tea Segment in carton pack
Continue to monitor the market for new opportunities forpotential product launches
Look to develop and launch new products
Functional and value-added products
Consider launching products at the appropriate time, forexample
Yoghurt drinks
Pasteurized milk
Introduced new flavours in the growing liquid milk segment:Ultra Milk Taro and Caramel
Strategies cont’04 Expansion of Dairy Farming operations to secure supply source
Dairy fam JV in Sumatra
Long term plan for farm with 6,000 milking cows
Short term plan 2019-2020 to get phase I operational with 2,000 milking cows
69-31JV with PT Karya Putrajaya Persada, a local partner
International technology and equipment
In addition, we plan to build a new modern automated production facility and warehouse once the farm achieves a certain operating capacity
Working together with dairy farmers
Continue to look for ways to work together andassist dairy farmers and investing in raw milk supplyto secure a consistent supply of high quality freshmilk
05 Continued investment to improve operational efficiency
Production Quality Control Waste Management
Invest in upgrading to new equipment for production and packaging
Invest in waste management processes such as recycling of waste and reducing waste water
Invest in new technology to improve efficiency and effectiveness of quality control procedures
Financial Highlights
Financial strategiesHistorically, our business has been demonstrating strong growth momentum and robust profit generation capability. In 2019 sales growth has accelerated, but with pressure on margin mainly due the depreciation of the value of the IDR against the USD
Sales and growth (IDR bn, %) Gross Profit and Margin (IDR bn, %)
4,879 5,472
4,044 4,585
2017 2018 3Q2018 3Q2019
12.2%
1,836 1,956 1,456 1,717
2017 2018 3Q2018 3Q2019
35.7%36.0% 37.4%
EBITDA ¹ and Margin (IDR bn, %) Profit after tax and Margin (IDR bn, %)
1,114 1,035
865
1,106
2017 2018 3Q2018 3Q2019
22.8%18.9%
21.4%
Sales growth 2019 continues to be good. Price increase (± 2%) in September’2019
Margins remain on historical strong levels
There needs to be some caution going forward
As costs remain controlled, profit margin can further improve in Q3. Note:1 EBITDA= Earning (Net Income) except costs/expense interest, Tax, Depreciation and Amortization
13.4%
37.6%
24.1%
718 702622
821
2017 2018 3Q2018 3Q2019
12.8%14.7%15.4%
17.9%
Segments Net Sales breakdownOur own branded products for the Indonesia market have performed strongly. Key factors for growth remain. Tea sales has turned around from seemingly saturated be strong growth
Dairy (IDR bn, %) Tea and Health drinks (IDR bn, %) Other (IDR bn, %)
3,514 3,904
2,886 3,245
2017 2018 3Q2018 3Q2019
12.5%
1,020 1,182 871 1,021
2017 2018 3Q2018 3Q2019
345 386 287 319
2017 2018 3Q2018 3Q2019
11.0%zz
15.9%17.2%
11.9% 11.1%
Continued strong sales growth primarily driven by volume increase
There is price increase in Q3 2019
Demand for our products is still strong
Further investments in capacity are done
Continued strong growth in 2019 by Teh Kotak
Although new flavours continue to perform well, the standard 300 ml, remains by far the largest SKU
Development UHT Toll manufacturing is good
Exports slightly behind.
COGS BreakdownWe have seen increasing gross margins due to favorable development in direct material costs due to exchange rates and better deals with suppliers.
COGS Breakdown (IDR bn) COGS Breakdown as % of Net Sales
2017 2018 3Q2018 3Q2019
Direct materials Direct Labour
Depreciation Electricity and Energy
Repair and Maintenance Salary and wages
Others
3,044
3,517
2,5882,868
As % of net sales 2017 2018 3Q2018 3Q2019
Direct Materials 51.0% 53.2% 53.1% 52.0%
Direct Labor 0.6% 0.5% 0.6% 0.6%
Depreciation 2.7% 2.5% 2.5% 2.0%
Electricity and Energy 2.0% 2.0% 2.0% 1.8%
Repair and Maintenance 1.9% 2.0% 1.7% 1.9%
Salary and Wages 1.1% 1.0% 1.0% 1.0%
Others 3.0% 3.1% 3.1% 3.2%
Other COGS (excl direct materials)
11.4% 11.1% 10.9% 10.6%
Total COGS 62.4% 64.3% 64.0% 62.6%
Majority of COGS comprise direct materials – a.o raw milk, tea leaves, sugar, milk powder and packaging
In 2019 Direct raw materials decrease with more than 1% points compare with net sales– Development in direct raw materials in 2019 driven by exchange rate, world market prices, deals with suppliers
Other COGS declining as % of NS, especially taking into account volume growth, inflation and lower depreciation costs– Conversion costs as a % of sales at 10.9% in 3Q2018 and 10.6% in 3Q2019
Operating ExpensesOperating expenses are under control
Selling expenses breakdown (IDR bn, % of NS) General and admin expenses breakdown (IDR bn,% of NS)
2017 2018 3Q2018 3Q2019
A&P Logistics-Freight Out Others
690
855
599
2017 2018 3Q2018 3Q2019
Salary Others
172197
619
14.1%15.6%
14.8%13.5%
Advertising & Promotion (A&P) spend, which is the largest selling expense, has only slightly increase in Q3 2019 but will increase in Q4
Logistics costs increasing with volumes and fuel prices
Other selling costs largely comprise salary and rent expenses and increased at lower pace than sales
3.5% 3.6%
135148
3.3% 3.2%
Salary expenses are the largest component of general and administrative expenses and have remained relatively stable
General and administrative costs on relatively low level, although some increases have happened
Operating Cash Flow and Capex
Operating Cash Flow (IDR bn)
Cash flows historically have been sufficient to fund capex requirements
Cash flows from operating activities increased in 2018 corrected for 735 bio IDR invested in government bond
We are able to generate sufficient cash flow to meet ST investing and financing requirements.
Capex (IDR bn)
Major capex projects mainly as project development (DC, office, Long Term additional manufacturing)
USDF as a 69-31 joint venture has until now been fully financed with capital contributions and shareholder loan
1,072
576 675 637
2017 2018 3Q2018 3Q2019
352 348 315
171
2017 2018 3Q2018 3Q2019
Summary Highlights
Full Year, Quarter 3
(IDR million)2017 2018 2018 2019
Revenue 4,879,559 5,472,882 4,044,312 4,585,139
COGS (3,043,936) (3,516,606) (2,587,891) (2,868,423)
Gross profit 1.835,623 1,956,276 1,456,421 1,716,716
Selling expenses (689,769) (855,358) (599,245) (619,375)
General & administrative expenses (172,082) (196,900) (134,788) (148,193)
Other expenses (5,477) (11,453) 30,115 44,590
Total (867,328) (1,063,711) (703,918) (722,978)
Operating Income 968,295 892,565 752,503 993,738
Finance income 70,510 60,084 47,673 70,801
Finance cost (1,497) (2,107) (224) (1,269)
Shares of net (loss) in associates or JV (2,116) (1,524) 6,523 7,647
Profit Before Income Tax 1,035,192 949,018 806,475 1,070,917
Income tax expenses (316,790) (247,411) (184,589) (250,348)
Profit after tax 718,402 701,607 621,886 820,569
Profit attributable to:
Owners of the parent 708,192 697,784 609,806 814,318
Non-controlling interest 10,210 3,823 12,080 6,251
EBITDA 1,113,867 1,035,324 865,234 1,105,805
Income Statement
Balance SheetAs of December 31st As of September 30st
(IDR million) 2017 2018 2019
Current assets
Cash 2,120,400 1,444,310 1,682,562
Trade receivables 504,629 530,498 626,090
Inventories 682,624 708,773 832,215
Others 132,337 109,940 360,815
Total current assets 3,439,990 2,793,521 3,501,682
Non-current assets
Fixed assets 1,336,398 1,453,135 1,546,542
Investment in associates 81,530 101,506 109,154
Other non-current assets 317,978 1,207,709 1,233,543
Total non-current assets 1,735,906 2,762,350 2,889,239
Total assets 5,175,896 5,555,871 6,390,921
Current liabilities
Trade and other payables 534,492 302,403 443,245
ST loans 2,234 26,397 2,665
Current portion of LT Loans 26,520 27,153 20,081
Other current liabilities 563,246 279,208 382,719
Total current liabilities 820,625 635,161 848,710
Non-current liabilities
LT debt 56,821 31,787 9,660
Deferred tax 25,588 14,762 7,796
Other 73,266 99,205 79,245
Total non-current liabilities 157,560 145,754 96,701
Total Liabilities 978,185 780,915 945,411
Minority interest 121,118 114,684 109,535
Equity 4,076,593 4,660,272 5,335,975
Cash Flow StatementFull Year Quarter 3,
(IDR million) 2017 2018 2018 2019
Cash flow from operations
Cash receipts from operating activities 1,264,458 719,629 728,162 794,558
Interest income 80,355 60,084 47,673 70,801
Interest expense (1,500) (1,247) (224) (1,268)
Income tax (347,000) (291,922) (190,493) (152,536)
Others 76,203 89,279 89,715 (74,560)
Net cash generated from operating activities 1,072,516 575,823 674,833 636,995
Cash flow from investing
Capex (351,804) (348,138) (308,264) (162,444)
Others (47,883) (741,048) (9,087) 1,472
Net cash from investing activities (399,687) (1,089,186) (317,351) (160,972)
Cash flow from financing
ST loans1 (470) 24,163 112 (23,732)
LT loans - - - -
Others (73,331) (186,890) (135,160) (214,039)
Net cash from financing activities (73,801) (162,727) (135,048) (237,771)
Net increase/(decrease) in cash 599,028 676,090 222,434 238,252
Cash at beginning of year/period 1,521,372 2,120,400 2,120,400 1,444,310
Cash at end of year/period 2,120,400 1,444,310 2,342,834 1,682,562