PT INDUSTRI JAMU DAN FARMASI SIDO MUNCUL TBK Update - 1 st Quarter 2014 1
PT INDUSTRI JAMU DAN FARMASI SIDO MUNCUL TBK
Update - 1st Quarter 2014
1
Disclaimer
No representation or warranty is made as to the accuracy, completeness or reliability of the
information in the presentation. No copy or use of this presentation should occur without the
permission of PT Industri Jamu Dan Farmasi Sido Muncul Tbk. This presentation should not be
relied upon as a recommendation or forecast by PT Industri Jamu Dan Farmasi Sido Muncul Tbk.
Nothing in this release should be construed as either an offer to buy or sell or a solicitation of an
offer to buy or sell shares in any jurisdiction.
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LIST OF CONTENT
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1
3
2
4
5
COMPANY OVERVIEW
BUSINESS OVERVIEW
OVERVIEW OF
HERBAL MEDICINE INDUSTRY
FINANCIAL HIGHLIGHTS
INVESTMENT HIGHLIGHTS
COMPANY OVERVIEW
COMPANY OVERVIEW
The Company was established in 1975 and is domiciled in
Semarang and is primarily engaged in pharmaceutical and herbal
medicine industry and general trading.
Currently, the Company operates a factory located at Jl. Soekarno
Hatta km 28, Bergas Sub-District, Klepu, Semarang. The total area
of the Company’s factory is 34 Ha with total building area of
approximately 8,6 Ha
The Company has a distribution network that is divided into 3 areas,
covering west Indonesia, middle Indonesian and East Indonesia.
Currently, the Company also distribute its products to several
countries in America, Europe, Australia, Asia and Africa.
The Company continues to maintain product quality and innovation,
creating safe and efficacious products in order to accommodate the
health need of public.
5
6
1940
The company began
as a home industry
managed by Mrs.
Rahkmat Sulistio in
Yogyakarta
COMPANY’S HISTORY
1951
Sido Muncul was established as a
modest company which means
"A dream comes true"
1970
A limited partnership was established
under the name CV Industri Jamu &
Farmasi Sido Muncul.
1984
Pabrik was transferred to Lingkungan Industri
Kecil in Jl Kaliwage, Semarang to increase the
production capacity.
1997-2000
To anticipate the improvement in the future,
Company built a larger factory and modern
in 1997 in Klepu, Ungaran. The factory was
inaugurated in 2000.
2009
The Company established
PT Semarang Herbal Indo Plant
which has business activity of
processing extract herbal, trading,
land transportation, and agriculture
2013
� Initial Public Offering of
Company
1986
The Company established PT Muncul Mekar
which has business activities of trading,
transportation, and agriculture
1975
The business of herbal medicine industry transformed into a
limited liability company under the name PT Industri Jamu &
Farmasi Sido Muncul
MANAGEMENT TEAM
THE MANAGEMENT OF THE COMPANY HAS DEEP UNDERSTANDING & LONG EXPERIENCE
IN JAMU & HERBAL MEDICINE INDUSTRY IN INDONESIA
7
Irwan Hidayat
President DirectorSofyan Hidayat
Director
David Hidayat
Director
Revi Firmansjah
Director
Sigit Hartojo Hadi Santoso
President Commissioner
Johan Hidayat
Commissioner
Budi Setiawan Pranoto
Independent Commissioner
BOARD OF COMMISSIONER
BOARD OF DIRECTORS
8
VISION DAN MISSION
Become herbal medicine, health food-
beverage and herbal raw material processing
company that provides benefit to the society
and environment.
VISION MISSION
�Develop herbal-based products that are rational, safe and
truthful and are based on scientific research.
�Develop continuous research on herbal medicines
�Assist and encourage the government, educational
institutions, medical professionals to play more active roles in
research and development of traditional medicines and
medications.
�Improve public awareness on the importance of maintaining
health through healthy lifestyle, the use of natural ingredients
and naturopathy medication.
�Conduct intensive corporate social responsibility (CSR)
�Manage an environmentally friendly company
�To become a worldwide herbal medicine company
DESY SULISTIO
HIDAYAT
IRWAN
HIDAYAT
SOFYAN
HIDAYAT
JOHAN
HIDAYAT
SANDRA LINATA
HIDAYAT
DAVID
HIDAYAT
9
COMPANY SHAREHOLDING STRUCTURE
AFTER INITIAL PUBLIC OFFERING
PUBLIC
40.05% 8.10% 8.10% 8.10% 8.10% 8.10%
99.99%99.99%
19.00%
INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS
11
Product innovation
Strong brand equity and market share leader
Largest herbal medicine and healthy products Company with solid and long track record
Strong distribution network
Vertically integrated business model
Intensive R&D
1
2
3
4
5
6
BUSINESS OVERVIEW
13
COMPANY’S PRODUCTS
HERBAL MEDICINE CATEGORIES
HEALTHY DRINK CANDY & DRINKS SUPPLEMENTS & OTHERS
The Company has over 200 products. The followings are some examples of the Company’s major selling products.
Tolak Angin Variants
ENERGY DRINK
Traditional Herbal Medicine
14
PRODUCTION FACILITIES AND SUPPORT
SEMARANG
Company has equipped the factory with various supporting facilities which have been fulfilled the pharmacy standard. Those are the supporting facilities in
the factory:
Currently, Company has a factory
in Jalan Soekarno Hatta Km. 28
Kecamatan Bergas - Klepu,
Semarang.
Currently, Company has a factory
in Jalan Soekarno Hatta Km. 28
Kecamatan Bergas - Klepu,
Semarang.
FACILITIES AND PRODUCTION MACHINE
WITH CPOB DAN CPOTB STANDARIZATIONCERTIFIED LABORATORY ISO-17205
DEMINERALIZATION WATER
TREATMENT AND DISPOSAL
HOLISTIC CLINIC AGROWISATA LAND
15
SIMPLICIASIMPLICIA
DRYINGDRYING
SORTINGSORTING
CLEAN SIMPLICIACLEAN SIMPLICIA
WASHINGWASHING
RAW MATERIAL HANDLING
16
FORMULATIONFORMULATION
PERCOLATIONPERCOLATION
STERILIZATIONSTERILIZATION
CLEAN SIMPLICIACLEAN SIMPLICIA
DRYINGDRYING
ROUGH
MILLING
ROUGH
MILLING
EVAPORATIONEVAPORATION
PACKAGINGPACKAGING
MILLINGMILLING
LIQUID &
CONDENSED
EXTRACT
LIQUID &
CONDENSED
EXTRACT
PACKAGINGPACKAGING
POWDER
EXTRACT
POWDER
EXTRACT
EXTRACTION PROCESS
17
RAW
MATERIAL
RAW
MATERIAL
ROUGH
MILLING
ROUGH
MILLINGFORMULATIONFORMULATION
SIEVINGSIEVING
DRY FRYINGDRY FRYING
FINE MILLINGFINE MILLINGMIXINGMIXINGPACKAGINGPACKAGING
POWDER HERBAL MEDICINE PROCESS
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EXTRACTEXTRACT
DRYINGDRYING MILLINGMILLING MIXINGMIXING
Others Material Others Material
SIEVINGSIEVING
PACKAGINGPACKAGING
MIXINGMIXING
INSTANT POWDER HERBAL MEDICINE PROCESS
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EXTRACTEXTRACT DRYINGDRYING
Others Material
MIXINGMIXING
PACKAGINGPACKAGING
MOULDINGMOULDING
EXTRACTEXTRACT DRYINGDRYING
Bahan Pembantu
MIXINGMIXING
PACKAGINGPACKAGING
MOULDINGMOULDING
PILL PROCESS
TABLET PROCESS
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EXTRACTEXTRACT
DRYINGDRYING
Others Material
MIXINGMIXING
PACKAGINGPACKAGING
FILLINGFILLING SORTINGSORTING
CAPSULE PROCESS
21
EXTRACTEXTRACT
COOKINGCOOKING
Others Material
MIXINGMIXING
QUARANTINEQUARANTINE
FILLINGFILLINGCOOLINGCOOLING
PACKAGINGPACKAGING
LIQUID PROCESS
22
EXTRACTIONEXTRACTION
COOKINGCOOKING
Others Material
MIXINGMIXING MOULDINGMOULDING COOLINGCOOLING
PACKAGINGPACKAGING
CANDY PROCESS
DISTRIBUTION SYSTEM
23
JAKARTA & WEST INDONESIA EAST JAVA & EAST INDONESIA
FACTORY
MAIN DISTRIBUTION
CENTRAL JAVA
WHOLESALE, SUPERMARKET, STORE, RETAILER
END CUSTOMER
JAKARTA & WEST
INDONESIA
EAST JAVA & EAST
INDONESIACENTRAL JAVA
Tangerang, Kebon Jeruk, Bekasi,
Cipete, Karawang, Cawang,
Tambun, Pondok Labu, bangka,
Belitung, Padang, Jambi,
Bengkulu, Pontianak, Palembang,
Pekanbaru, Bandar Lampung,
Batam, Ketapang, Medan
Yogyakarta, Tegal, Solo,
Rembang, Majenang, Semarang,
Kebumen, Cilacap, Purwokerto
Surabaya, Jember, Panorogo,
Tuban, Bali, Kediri, Banyuwangi,
Madura, Bojonegoro, Jombang,
Sidoarjo, Gresik, Banjarmasin,
Sampit, Pangkalan, Bundar,
Samarinda, Berau, Tarakan,
Lombok, Sumbawa, Pasuruan,
Lumajang, Malang, Kupang,
Atambua, Ruteng, Ende,
Maumere, Makassar, Kendari,
Palu, Gorontalo, Manado, Luwuk,
Ternate, Tobelo, Ambon, Sorong,
Nabire, Jayapura, Biak, Merauke,
Manokwari, Timika
Medan
Batam
PadangBangka
Belitung
Palembang
Bandar Lampung
Bengkulu
Jambi
Samarinda
Tarakan
Pontianak
Ketapang
Banjarmasin
Manado
GorontaloPalu
Kendari
Makassar
Ambon
Tobelo
Ternate
BiakSorong
Manokwari
Nabire
Timika
Jayapura
Merauke
Atambua
KupangSumbawa
LombokBali
Jakarta
Surabaya
YogyakartaSolo
Cilacap
Tangerang
Purwakarta
Cilacap
Madura
Jombang
The Company is supported by over 108 Sub-Distributors and over 160,000 wholesalers that cover 76 major cities in Indonesia
24
INTERNATIONAL DISTRIBUTION NETWORK
The Company products are sold in some countries in America, Europe, Asia, Africa and Australia due to the higher demand of Company’s products.
AFGANISTANALGERIA
AMERIKA SERIKAT
BRUNEI DARUSSALAMMALAYSIA
AUSTRALIA
GHANA
HONGKONG
JORDAN
KANADA
KOREA
MAURITIUS
SINGAPURA
MONGOLIA
NIGERIA
QATAR
SURINAME
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MARKETING STRATEGY
PRODUCT
The Company has succesfully implemented Integrated Marketing Communication Plus (5PTR) Strategy to maximize the brand equity and sales.
5PTR
RELATIONSHIP
The Company has received over 100 certifications and awards from various parties. The following are selected certifications, awards, and recognitions
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AWARDS AND CERTIFICATIONS
MINISTRY OF HEALTH
CPOB AND CPOTB CERTIFICATE
The first Herbal Company in Indonesia with
pharmacy standard
CONSULTING GROUP
MARKETING MAGAZINE IN
COLLABORATION WITH FRONTIER
CONSULTING GROUP
TOP BRAND AWARD 2013
Tolak Angin and Kuku Bima
MARKETEERS MAGAZINE IN
COLLABORATION WITH MARKPLUS
INSIGHT
INDONESIA BRAND CHAMPION
Herbal Medicine Category 2013 and
Minor Health Category Pro 2013 – Tolak
Angin
BLOOMBERG BUSINESSWEEK &
FRONTIER CONSULTING GROUP
CORPORATE IMAGE AWARD
Traditional Herbal Medicine Category 2012
FRONTIER CONSULTING GROUP
& SWA MAGAZINE
ICSA 2012
The Best in Achieving Total Customer
Satisfaction – Kuku Bima TL
SWA & MARS MAGAZINES
INDONESIA BEST BRAND AWARD 2012
Tolak Angin
HERBAL INDUSTRY AT A GLANCE
24
75
8 15 91
9 4
55
183
222
275
38
297
10 1633
111
1 4
39
3 817
Ace
h D
aruss
alam
Su
mat
era
Uta
ra
Su
mat
era
Bar
at
Jam
bi
Ria
u
Ban
gk
a B
elit
un
g
Su
mat
era
Sel
atan
Lam
pu
ng
Ban
ten
Jaw
a B
arat
DK
I Ja
kar
ta
Jaw
a T
eng
ah
DI
Yo
gy
akar
ta
Jaw
a T
imu
r
Bal
i
Kal
iman
tan
Bar
at
Kal
iman
tan
Sel
atan
Kal
iman
tan
Ten
gah
Kal
iman
tan
Tim
ur
Nu
sa T
engg
ara
Bar
at
Nu
sa T
engg
ara
Tim
ur
Su
law
esi
Sel
atan
Su
law
esi
Ten
gg
ara
Su
law
esi
Uta
ra
Mal
uk
u
Jumlah Perusahaan
No. Province Company Brand
1. North Sumatera 41 125
2. Banten 43 404
3. West Java 124 1,044
4. DKI Jakarta 114 785
5. Central Java 112 2,443
6. DI Yogyakarta 35 208
7. East Java 131 992
8. Bali 4 27
9. South Kalimantan 10 46
10. South Sulawesi 16 29
DISTRIBUTION OF TRADITIONAL MEDICINE AND BPOM REGISTERED
PRODUCT COMPANIES (2012)
SUMMARY OF DISTRIBUTION OF TRADITIONAL
MEDICINE AND BPOM REGISTERED PRODUCT
COMPANIES (2008-2013)
In 2012, there are 1,358 herbal medicine companies where about 78% from total is from Java and there are 6,176 registered herbal medicine brand
in BPOM (Indonesia’s Food & Drug Administration) during the period 2008 – May 2013.
28
DOMESTIC SUPPLIES
Source: Capricorn Indonesia Consult, September 2013Source: Capricorn Indonesia Consult, September 2013
Number of Company
HERBAL MEDICINE PRODUCTION GROWTH IN INDONESIA
29
HERBAL MEDICINE PRODUCTION GROWTH
The higher demand of herbal medicine market has prompted some big herbal
medicine companies increase their production by continuing to research and
improvements in production technology. In this condition, the production of
Indonesian herbal medicine in the last 5 years has increased quite high,
averaging 34% per year (CAGR).
Source: Capricorn Indonesia Consult, September 2013
GROWTH OF HERBAL MEDICINE CONSUMPTION IN
INDONESIAGROWTH OF HERBAL MEDICINE CONSUMPTION BASED ON TYPE
� Consumption of herbal medicine in Indonesia in the period 2008-2012 increased by 35.1%
� Consumption of herbal liquid and tablet continues to rise, while the powder type tends to fall. The medicine herbal consumers lately tend to
prefer the practical way consumption in liquid and tablet/caplet form.
(in kilograms)(in kilograms)
30
HERBAL MEDICINE CONSUMPTION AND PHARMACY
Source: Capricorn Indonesia Consult, September 2013 Source: Capricorn Indonesia Consult, September 2013
6,246,899
8,486,411
11,655,233
15,504,572
20,818,639
2008 2009 2010 2011 2012
4,153,752
5,650,233
7,768,761
10,336,958
13,888,553
1,968,2162,680,585
3,637,594
4,846,384
6,298,019
124,931 155,593 248,879 321,229 632,067
2008 2009 2010 2011 2012
Liquid Powder Tablet
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COMPANY’S POSITION – HERBAL MEDICINE COLD SYMPTOMS
Increased consumption of herbal medicine coupled with an increasingly modern production technology has led to the production of herbal medicine increased
rapidly. In the period 2008-2012, the production of herbal medicine colds recorded increased an average of 34% per year. Production of herbal medicine which in
2008 amounted to 3,941.8 tonnes in 2012 has increased to 12,709.1 tons
PRODUCTION OF HERBAL MEDICINE COLD SYMPTOMS
(in kilogram)
TOLAK ANGIN MARKET SHARE
No. Company BrandMarket
Share
1. Sidomuncul Tolak Angin 75.10%
2. Competitor 1 Herbal Medicini 1 5.00%
3. Competitor 2 Herbal Medicine 2 2.00%
4. Competitor 3 Herbal Medicine 3 1.02%
5. Others (below 1%) - 16.88%
Source: Capricorn Indonesia Consult, September 2013
Sumber: Capricorn Indonesia Consult, September 2013
3,941,845
5,291,927
7,203,371
9,518,534
12,709,147
2008 2009 2010 2011 2012
32
COMPANY’S POSITION – ENERGY DRINK
PRODUCTION OF ENERGY DRINK ENERGY DRINK MARKET SHARE
(in liters)
No. Company BrandMarket
Share
1. Sidomuncul Kuku Bima Ener-G 60.02%
2. Competitor 1 Energy Drink 1 12.01%
3. Competitor 2 Energy Drink 2 8.01%
4. Competitor 3 Energy Drink 3 4.01%
5. Competitor 4 Energy Drink 4 2.32%
6. Others (below 1%) 13.63%
Source: Capricorn Indonesia Consult, September 2013
Source: Capricorn Indonesia Consult, September 2013
Market demand and industry developments have prompted increased production of energy drinks in Indonesia. During the period 2008-2012 the production of
energy drinks in Indonesia on average each year increased 23.9%. Production of energy drinks in 2008 amounted to 425.8 million liters, and continue to
increase to 1 billion liters by 2012.
425,820,849
528,904,296
651,359,970
832,834,638
1,001,966,600
2008 2009 2010 2011 2012
FINANCIAL PERFORMANCE
34
PRODUCT CONTRIBUTION
PRODUCT CONTRIBUTION TO SALES
Per 31 Mar 2014 (Unaudited)
GROSS PROFIT MIXSales Mix
26% 27% 33% 43% 42% 46%
64% 61%53%
43% 40%37%
7% 10% 11% 7%10% 7%
2% 1% 2% 6% 8% 8%1% 0% 1% 1% 1% 1%
2010 2011 2012 2013 Mar-13 Mar-14
47% 47% 56% 66% 62% 67%
47% 46%
35%
24%21%
22%
2% 4% 4% 3%7%
3%3% 2% 4% 5% 9% 7%1% 1% 1% 2% 1% 1%
2010 2011 2012 2013 Mar-13 Mar-14
PRODUCT CONTRIBUTION TO GP
Per 31 Mar 2014 (Unaudited)
Herbal
Medicine
67%
Energy Drink
22%
Beverage &
Confectioner
y
3%
Healthy Drink
7%Others
1%
Herbal
Medicine
46%
Energy Drink
37%
Beverage &
Confectionery
8%
Healthy Drink
8%
Others
1%
(Unaudited) (Unaudited)
35
PRODUCT CONTRIBUTION (in Million Rupiah)
GROSS PROFIT MIXSales Mix
(Unaudited)
482,523 586,722 785,253 1,030,507 238,200 241,055
1,201,982 1,339,653
1,266,185
1,013,114 223,090 192,153
139,762 229,729 266,666
159,646 54,672
38,963
30,068 32,282 59,149 148,717 42,857 42,725
12,203 9,887 14,414 20,380 4,823 5,131
2010 2011 2012 2013 Mar-13 Mar-14
319,913 412,108 512,577 662,244 111,252 131,704
321,891 401,669
321,243
243,988 37,926
42,273
17,093 36,857 41,376 33,031
13,122
5,844
17,421 19,116 34,039 53,616 16,285
13,672
9,616 7,939 11,412 17,374 1,687 2,618
2010 2011 2012 2013 Mar-13 Mar-14
(Unaudited)
29
0,2
02
1,1
68
,65
8
2,1
50
,99
9
2,9
51
,50
7
1,9
80
,97
5
2,9
46
,02
5
34
6,4
09
53
5,3
44
1,3
04
,65
1
2,6
25
,45
6
1,4
52
,67
1
2,7
41
,36
6
2010 2011 2012 2013 Mar-13 Mar-14
Asset Equity
(in million Rupiah)
� The Company’s Asset & Equity increased in the last four years, with CAGR of assets and equity respectively 117% and 96%.
� The Company’s Asset & Equity growth y.o.y Mar 2014 respectively 49% and 89%
36
BALANCE SHEET ANALYSIS
(Unaudited)
23
7,1
69
33
9,9
35
38
7,5
38
40
6,9
36
78
,32
0
11
5,9
10
2010 2011 2012 2013 Mar-13 Mar-14
1,8
66
,53
8
2,1
98
,27
3
2,3
91
,66
7
2,3
72
,36
4
56
3,6
42
52
0,0
27
2010 2011 2012 2013 Mar-13 Mar-14
SALES NET PROFIT
(in million Rupiah)
� The Company’s sales y.o.y Mar 2014 decline by -8% and net profit growth by 48%.
� The increasing of Company’s net profit y.o.y Mar 2014 caused by sales mix and the increase of financial income..
(in million Rupiah)
37
INCOME STATEMENT ANALYSIS
-8%
(Unaudited)(Unaudited)
38
FINANCIAL RATIO ANALYSIS
Description31 March 2014
(Unaudited)31 December 2013 31 December 2012 31 December 2011 31 December 2010
Sales Growth, yoy -7.7% -0.8% 8.8% 17.8% n.A
Gross Profit Growth, yoy 8.8% 9.8% 4.9% 28.0% n.A
Operating Profit Growth, yoy 19.0% 2.4% 14.9% 31.0% n.A
Net Profit Growth, yoy 48.0% 5.0% 14.0% 43.3% n.A
Gross Margin 37.7% 42.6% 38.5% 39.9% 36.7%
Operating Margin 23.0% 21.8% 21.1% 20.0% 18.0%
Pre-tax Margin 28.3% 24.6% 21.5% 20.7% 18.2%
Net Profit Margin 22.3% 17.2% 16.2% 15.5% 12.7%
Return On Assets - 13.8% 18.0% 29.0% 26.6%
Return on Equity - 15.5% 29.7% 63.5% 68.4%
39T H A N K Y O U
Main Office:
Gedung Menara Suara Merdeka Lantai 16
Jl Pandanaran No.30
Semarang 50134, Indonesia
Phone: (+6224) 7692-8811
Fax: (+6224) 7692-8815
Website: www.sidomuncul.com
Factory:
Jl Soekarno Hatta km 28
Kecamatan Bergas, Klepu
Semarang 50552, Indonesia
Phone: (+62298) 523-515
Fax: (+62298) 523-509
40
BALANCE SHEET
Description31 March 2014
(Unaudited)
31 December
2013
31 December
2012
31 December
2011
31 December
2010
ASSET
Current Asset 2,201,449 2,366,910 1,584,850 743,798 639,127
Non-Current Asset 744,576 584,597 566,149 424,860 251,075
LIABILITIES
Current Liabilities 205,710 324,747 837,684 360,667 267,357
Non-Current Liabilities -1,051 1,304 8,664 272,647 276,436
EQUITY 2,741,366 2,625,456 1,304,651 535,344 346,409
TOTAL LIABILITIES AND
EQUITY2,946,025 2,951,507 2,150,999 1,168,658 890,202
(in million Rupiah)
41
INCOME STATEMENT
(in million Rupiah)
Description31 March 2014
(Unaudited)
31 December
2013
31 December
2012
31 December
2011
31 December
2010
Sales 520,028 2,372,364 2,391,667 2,198,273 1,866,538
Cost of Goods Sold (323,915) (1,361,583) (1,471,020) (1,320,584) (1,180,604)
Gross Profit 196,113 1,010,781 920,647 877,689 685,934
Selling and Marketing Expenses (53,455) (341,463) (336,690) (337,612) (218,599)
General and Administrative Expenses (23,196) (152,907) (79,604) (101,128) (132,263)
Other Finance Income 28,559 134,601 5,905 11,215 6,653
Other Finance Cost (1,999) (13,256) (708) (606) (3,875)
Other Income 2,196 23,869 6,628 7,754 5,694
Other Expense (1,264) (78,967) (2,557) (2,268) (4,353)
Profit before Income Tax 146,953 582,658 513,621 455,044 339,191
Income Tax Expenses (31,043) (176,715) (126,083) (115,109) (102,022)
Other Comprehensive Income - 993 - - -
Comprehensive Income for the
Year
(Net of Tax)
115,910 406,936 387,538 339,935 237,169
42
CASHFLOW STATEMENT
(in million Rupiah)
Description31 March 2014
(Unaudited)
31 December
2013
31 December
2012
31 December
2011
31 December
2010
Net Cash Provided by
Operating Activities(14,934) (54,114) (16,446) 182,793 299,321
Net Cash Used in
Investing Activities34,246 (193,475) (179,925) (206,780) (95,542)
Net Cash Used in
Financing Activities- 1,185,813 485,527 (131,755) (55,465)
NET INCREASE IN CASH
AND CASH EQUIVALENTS19,312 938,224 289,157 (155,742) 148,314
CASH AND CASH
EQUIVALENTS
AT BEGINNING OF YEAR
1,348,955 410,731 121,574 277,316 128,767
CASH AND CASH
EQUIVALENTS
AT END OF YEAR
1,368,267 1,348,955 410,731 121,574 277,316