Financial Executives International
Working Capital Management
June 14, 2001
r
Juan Colina - Vice President and Principal
REL Consultancy Group
2 Eliot Street - Sherborn, MA 01770
(508) 647-1076
juan.colina@relconsult.com
Beijing • Chicago • Cologne • Johannesburg • London • Madrid • Mexico City • Milan • New York • Paris • San Francisco • Sao Paulo • Singapore
Introduction - REL’S Presence
REL is the world’s only consulting firm to provide a global service that focuses upon
working capital improvement
Madrid
London
Paris
Mexico City
San Francisco
© REL Consultancy Group - Company Confidential
Chicago
New York
São Paulo
Cologne
Milan
2
Singapore
Beijing
Introduction
Understanding Total Working Capital
The Role of Finance
© REL Consultancy Group - Company Confidential
3
Understanding Total Working Capital Management
A Narrow “Accounting” Definition of Working Capital can lead to unforeseen risks
Definition
Implication
Risk
• “Working Capital is
Current Assets minus
Current Liabilities.”
• “Working Capital is
a Balance Sheet
Issue.”
• “Ignores operational drivers
and opportunities (e.g.,
customer service, revenue
growth, profit enhancement)
A Business Process Definition of Working Capital can identify and avoid risks.
Definition
Implication
•
•
Working Capital Management is the
act of bringing under control all
processes involving Receivables,
Payables & Inventory through:





Quote-to-Cash
Purchase-to-Pay
Order-to-Delivery (Supply Chain)
© REL Consultancy Group - Company Confidential
Working Capital Management is:



4
Determined by business owners and
processes outside of Finance’s control
A driver of revenue and expense
A driver of cash flow
A driver of customer service
A driver of Shareholder Value
Working Capital Management is cross functional and extends
well beyond the traditional areas controlled by Finance…...
Customer
Strategy
Sales
Management
ec
un
ts
R
or
nt
co
Ac
Customer
Service
Billing
Accounts Payable
Sales Order
Cash
Processing
Management
Credit
Order
Check
Fulfillment
Payment
Issuance
From Quote to Cash
Production
Contract
Management
Invoice
Processing
Purchasing
Strategy
EXPENDITURE
MANAGEMENT
Receiving &
Evaluating
SUPPLY CHAIN
MANAGEMENT
Production
Planning
Budgeting &
Forecasting
Originating
Requirements
Selecting &
Negotiating
Discrepancy
Management
Forecasting
Warehousing
y
Cash
Collection
REVENUE
MANAGEMENT
Product Range
Management
ve
Risk
Management
Product
Development
In
Receipt &
Allocation
of Cash
Distribution
eiv
ab
le
Cash
Management
Raw Material
Planning
Sales Order
Processing
Production
Scheduling
From Order to
Distribution
Ordering &
Contracting
From Purchase to Pay
. . . BUT IS OFTEN NOT MANAGED AS SUCH.
© REL Consultancy Group - Company Confidential
5
Role of Finance - Evolution
The role of Finance is evolving from control and transaction focus to
creating shareholder value and adding value to operations
Movement
to shareholder value
based on performance
measures, emphasises
the need for both
balance sheet & P&L
management.
Increasingly global
competition puts pressure
on companies to measure
performance gaps & move
to world-wide best practice
efficiencies through
benchmarking.
ROLE OF
FINANCE
Incentives, both personal
& business based, are
increasingly being used
to encourage alignment
with shareholder value
creation.
Computer technology
has increased the
availability of financial
information & enabled
transaction process to
be automated.
TECHNOLOGY
FROM
THROUGH
TO BEST
PRACTICE
FINANCE’S ROLE
Financial Reporting
Risk Management
Business Decision
Support
FOCUS
Transaction
Dollar Economic
Value
Customer Service &
Shareholder value
POLICY
Loosely Defined
Rigid Adherence,Well
Defined Triggers & Controls
Automated Control
Points and Escalation
PROCESS
Reactive, Lacking
Prioritization
Focused & Efficient
Proactive
ORGANIZATION
Autonomous
Functions
Cross-functional
Customer Oriented
Team
TOOLS
Multiple NonIntegrated Systems
Multiple Integrated
Systems
Common Systems
METRICS
Results Oriented
Process Oriented
Forecasted
© REL Consultancy Group - Company Confidential
6
INCENTIVES
COMPETITION
MEASUREMENT
Review of Quote to Cash - Agenda
Definition
Impact
Drivers
Improvement Areas
Examples
Summary
© REL Consultancy Group - Company Confidential
7
Understanding Quote to Cash - Definition
Definition
Implication
Quote to Cash The processes and activities
ranging from issuing a sales
quote through collecting the
cash which resulted from
the delivery of products and
services.
Quote to Cash is:
© REL Consultancy Group - Company Confidential





Controlled by processes outside of Finance
A driver of revenue and expense
A driver of cash flow
A driver of customer service
A driver of Shareholder Value
8
Quote to Cash Process - Overview
Customer Strategy
Sales Management
Cash Management
Receipt and Allocation
of Cash
Risk Management
Cash Collection
Contract
Customer Service
Sales Order
Invoice
Billing
Credit Check
Order Fulfilment
© REL Consultancy Group - Company Confidential
9
Review of Quote to Cash
Definition
Impact
Drivers
Improvement Areas
Examples
Summary
© REL Consultancy Group - Company Confidential
10
Understanding Quote to Cash - Drivers
Three major trends explain increased client interest in improved Quote to Cash capabilities
MAJOR TREND
• Development of system
solutions, such as ERP, CRM
and web-enabled revenue
management applications
•
Evolution of client to supplier
partnerships
•
Creation of Shared Service
Centers for credit, billing,
collection and customer service
© REL Consultancy Group - Company Confidential
EXPANSION
• What: ERP Systems: Oracle, PeopleSoft, SAP.
Credit & Collection tools: GetPaid, eCredit,
internally developed applications
• Why: Systems as enablers to consolidate
information, improve productivity and service
• What: From transaction based relationships to
strategic alliances
• Why: Better inventory control to reduce carrying
costs, resulting in increased profits
•
•
What: Consolidating back office processes and/or
outsourcing certain aspects
Why: Technology enables “decentralization” and
automation for efficiencies
11
Pre-existing material
Review of Quote to Cash
Definition
Impact
Drivers
Improvement Areas
Examples
Summary
© REL Consultancy Group - Company Confidential
12
Understanding Quote to Cash - Improvement Areas
Typical high level Quote to Cash problems



OPERATIONAL


Lack of Key Performance Indicators with clearly established targets
Lack of process measures
No portfolio “balanced scorecard”
Lack of company wide credit policies and procedures
Lack of compliance with established sales terms
Metrics
Policy/Procedure

Process

Org/People
System/Tools






© REL Consultancy Group - Company Confidential
Incentives are revenue focused and not linked to timely account
settlement
Paper intensive process with multiple inadequate controls
Activity is not prioritized leading to lost sales
Decentralized activities with little coordination
Inadequate skills (too administrative)
Different systems not integrated
Few automation tools for low value, high volume
No simple automated analysis
13
Understanding Quote to Cash - Improvement Areas
Improving the Quote to Cash process requires an integrated program, not a point solution.
Companies can be evaluated against the Top 10 Best Practices
1- A well defined Executive driven Sales and Marketing Strategy
2- Established working capital Targets and Metrics
3- 80/20 Prioritization Rule with a focus on high value accounts
4- Risk Assessment and Control to minimize company’s exposure
5- Proactive Collection program to contact key accounts
6- Integrated Systems for all revenue management processes
7- Dispute Management to eliminate discrepancies at the source
8- Customer Master File integrity
9- Automation of low value, high volume transactions
10- Reconciliation Program focused on past due accounts
© REL Consultancy Group - Company Confidential
14
Understanding Quote to Cash - Improvement Areas
What are the benefits?
Marketing
& Sales
Order Entry
Billing /
Invoicing
Cash
Application
Collections
Dispute
Management
COST
CASH FLOW
PRODUCTIVITY
CUSTOMER SERVICE
 Time required per FTE  Improved DSO
 # of transaction per  Cycle time actual vs.
to process transactions  Increased collection
FTE (invoice,
target (dispute resolution)
collections)
 Streamline processes
rate
 Exception and
 % Electronic
Discrepancy Key
 Reduced bad debt
transaction (EDI,
Performance Indicators
Others,…)
 Delivery lead time vs.
 First time match
agreed lead time
rate
 Delivery quantity vs.
actual quantity
© REL Consultancy Group - Company Confidential
15
Review of Quote to Cash
Definition
Impact
Drivers
Improvement Areas
Examples
Summary
© REL Consultancy Group - Company Confidential
16
Quote to Cash- Summary
CASH
PRODUCTIVITY
COST

Generous and unclear payment
terms

Sales on defensive when
negotiating price increases

Poor prioritisation of collection
activity

Reactive collection process

Lost sales

Focus on low value activity e.g.
cash allocation

No process to identify and resolve
disputes

Reduced customer retention level


Margin erosion through discounts
Sales resolve disputes instead of
winning orders

Receivables manage disputes
instead of collecting cash

Backlog of customer disputes

Delayed and inaccurate billing
CUSTOMER SERVICE

Aggressive collection and credit policy resulting in customer being placed on stop order unnecessarily

High level of disputes due to poor pricing, billing and order fulfillment processes
© REL Consultancy Group - Company Confidential
17
Review of Purchase to Pay - Agenda
Definition
Impact
Drivers
Improvement areas
Examples
Summary
© REL Consultancy Group - Company Confidential
18
Understanding Purchase to Pay - Definition
By defining Purchase to Pay too narrowly companies will ignore the root causes of profit leakage
and process inefficiencies
A narrow definition
• The steps and processes
from raising a purchase
order to paying an invoice
An extended definition
• The steps and processes from defining and
agreeing on a need to buy, selecting the best
supplier, through the actual payment of that
supplier and the tracking of that expenditure
against a budget
Implications : The Purchase to Pay Cycle is



A comprehensive program rather than a point solution
Controlled by business owners and processes outside of Finance
A driver of profitability, cash flow, customer service and ultimately
Shareholder Value
© REL Consultancy Group - Company Confidential
19
Purchase to Pay Process - Overview
Purchasing Strategy
Cash Management
Budgeting &
Forecasting
Payment Issuance
Originating
Requirements
Invoice Processing
Selecting &
Negotiating
Discrepancy
Management
© REL Consultancy Group - Company Confidential
Receiving &
Evaluating
20
Ordering &
Contracting
Review of Purchase to Pay
Definition
Impact
Drivers
Improvement areas
Examples
Summary
© REL Consultancy Group - Company Confidential
21
Understanding Purchase to Pay - Impact
For most companies, the largest single cost category is for goods and services, which is primarily
operating expense
Where the spend is going
Net Income
6%
Taxes
11%
Depreciation
6%
Production
Expenses
23%
Other
55%
Wages
20%
Non-core purchases such as:
Small $ items
Prof. Services
Support (IT, HR, Marketing,…)
Packaging/Freight...
Source: NAPM - 1997
© REL Consultancy Group - Company Confidential
Operating
Expenses
34%
22
Review of Purchase to Pay
Definition
Impact
Drivers
Improvement areas
Examples
Summary
© REL Consultancy Group - Company Confidential
23
Understanding Purchase to Pay - Drivers
3 major trends explain why interest in improving Purchase to Pay capabilities is high today
MAJOR TREND
• Development of system tools
solutions (ERP and web-enabled
procurement systems)
EXPANSION
• What: Intelisys, Ariba, CommerceOne,
Procurework, ERP (Oracle, SAP,..),
• Why: system as an enabler to consolidate
information, reduce cost and increase service
•
•
Evolution of client/supplier
relationships
•
•
The development of Shared
Services Centres and
outsourcing capabilities for
Procurement and Payables
© REL Consultancy Group - Company Confidential
•
•
What: from one-off relationship to strategic
alliance
Why: suppliers add competitive advantage in the
Supply Chain
What: consolidating back office processes and/or
Outsourcing certain aspect of it
Why: technology enables decentralization and
automation
24
Review of Purchase to Pay
Definition
Impact
Drivers
Improvement areas
Examples
Summary
© REL Consultancy Group - Company Confidential
25
Understanding Purchase to Pay - Improvement Areas
Typical high level Purchase to Pay problems



OPERATIONAL


Lack of Key Performance Indicators with clearly established targets
Lack of process measures
No supplier performance “balanced scorecard”
Low interest in Purchasing at company level
Lack of Purchasing and Payment Policies/Guidelines
Metrics

Policy/Procedure
Process


Purchase to Pay seen as a transaction factory with little perceived
value added to the business
Paper intensive process with multiple inadequate controls
No differentiated channel for standard and non-standard expenditure
Org/People
System/Tools





© REL Consultancy Group - Company Confidential
Decentralised activities with little co-ordination
Inadequate skills (too administrative)
Different systems not integrated
Few automation tools for low value, high volume
No simple automated analysis
26
Understanding Purchase to Pay - Improvement Areas
Improving the Purchase to Pay process requires an integrated Program rather than a point solution.
The following are the top 10 high level best practices against which companies may be evaluated
1- Executive driven adherence to strong purchasing principles
2- Strategic alliances and preferred vendor programs
3- Integrated systems, including on-line requisition and procurement
4- Requester-focused ordering; Purchasing-focused sourcing
5- Purchasing involvement in budgeting and planning of total spend
6- Performance tracking, spend analysis and process measurement
7- Automation/Outsourcing of small value, high volume transactions
8- AP and Purchasing as information providers to decision makers
9- Co-ordinated Purchasing, Receiving and Payable processes
10-Authorization managed at budget-holder level
© REL Consultancy Group - Company Confidential
27
Understanding Purchase to Pay - Improvement Areas
Where are the benefits?
Budgeting and
Forecasting
(Strategy)
Originating
Requirements
PURCHASING COST
- 3% to 5% by
consolidating
expenditure on preferred
suppliers and changing
buying habits
 Volume rebate
 Price discount
Supplier
Selection and
Negotiation
Ordering and
Contracting
CASH FLOW
+ 10% to 25%
 Better negotiated
terms (including
term discounts)
 Increased early
payment discount
effectiveness
 Reduce premature
payment
© REL Consultancy Group - Company Confidential
Receiving and
Evaluating
PRODUCTIVITY
+ 25% to 50%
 Transactions
processed,
automated match
rate within payables
 Rework reduction,
by preventing root
cause of
discrepancies
28
Payment
Processing
Continuous
improvement
CUSTOMER SERVICE
Improved Quality and
Customer Service
 Approval cycle time
reduction, improve
visibility of requisition
 Reduce void checks
and duplicate payment
Review of Purchase to Pay
Definition
Impact
Drivers
Improvement areas
Examples
Summary
© REL Consultancy Group - Company Confidential
29
Summary- Purchase to Pay
CASH
PRODUCTIVITY
COST

Non competitive payment terms

“Everybody can buy”!

Low level of automated
transactions

Lack of term discount negotiation

Purchases performed without
proper controls


Payment before supplier terms
Excessive volume of invoice and
payment

No internal controls or procedures
to capture discounts
Poor negotiation with lack of
"total cost" vision

Paper intensive and duplicate
efforts
Insufficient leveraging of volume
and market position

High volume of expedited
payments
Lack of mechanism to revisit
supplier performance

High % of after the fact POs



CUSTOMER SERVICE (INTERNAL AND SUPPLIERS)

High level of rework due to recurring discrepancies (authorization, classification,…)

Inefficient internal processes creating late payment to suppliers and missed discount opportunities
© REL Consultancy Group - Company Confidential
30
Review of Supply Chain - Agenda
Definition
Impact
Drivers
Improvement areas
Examples
Summary
© REL Consultancy Group - Company Confidential
31
Understanding Order to Distribution - Definition
By defining Order to Distribution too narrowly, companies will miss opportunities to gain full
inventory reduction opportunities as well as minimizing profit leakage and process inefficiencies
A narrow definition
• The processes and steps
from receiving a customer
order to distributing the
ordered product to the
customer
An extended definition
• Working with customers to understand their
production/customer forecasts to plan your
own operations, thus making the “supply
chain” more effective and efficient
Implications : The Order to Distribution Cycle is



A comprehensive program and not a point solution
Operates on processes outside of finance, and even the business
(customers & suppliers)
A driver of profitability, cash flow, customer service and ultimately
Shareholder Value
© REL Consultancy Group - Company Confidential
32
Order to Distribution Process - Overview
Supply Chain Strategy
Product Management
Distribution
Warehousing
Forecasting
Production
Sales Order Processing
Production Scheduling
Production Planning
Raw Material Planning
© REL Consultancy Group - Company Confidential
33
Review of Order to Distribution
Definition
Impact
Drivers
Improvement areas
Examples
Summary
© REL Consultancy Group - Company Confidential
34
Understanding Order to Distribution - Drivers
3 major trends explain why interest in improving Order to Distribution capabilities is high today
MAJOR TREND
• Development of system tools
solutions (ERP and web-enabled
systems)
EXPANSION
• What: ERP (Oracle, SAP, MFG/PRO,BAAN..)
• Why: system as an enabler to consolidate
information, reduce cost and increase service
•
•
Evolution of client/supplier
relationships
•
•
•
Postponement of product
conversion and commitment
© REL Consultancy Group - Company Confidential
•
What: from one-off relationship to strategic
alliance - both suppliers and customers
Why: partnerships add competitive advantage in
the Order to Distribution
What: holding product at its most flexible state
and least cost
Why: enables organizations to “customize”
product quickly according to the market/customer
demand
35
Review of Order to Distribution
Definition
Impact
Drivers
Improvement areas
Examples
Summary
© REL Consultancy Group - Company Confidential
36
Understanding Order to Distribution - Improvement Areas
Typical high level Order to Distribution problems



OPERATIONAL
Metrics
Policy/Procedure
Process
Org/People
System/Tools











© REL Consultancy Group - Company Confidential
Lack of Key Performance Indicators with clearly established targets
Lack of process measures
No recognition of inventory & customer service relationship
Low interest at company level
Lack of Order to Distribution Policies/Guidelines
Individual processes with their own goals that conflict with overall
corporate objectives
Paper intensive process with multiple inadequate controls
No differentiated policies for high and low value items
Decentralised activities with little co-ordination
Inadequate skills
Lack of overall Order to Distribution awareness
Different systems not integrated
No simple automated analysis
Little sharing of information across the whole process
37
Understanding Order to Distribution - Improvement Areas
Improving the Order to Distribution process requires an integrated Program rather than a point
solution. The following are high level best practices against which companies may be evaluated
12345678-
Executive driven adherence to strong supply chain objectives
High Customer Service Levels and accurate available-to-promise
Inventory Levels, in accordance with corporate targets
Strategic alliances with both suppliers and customers
Integrated systems, including sales, inventory, shipping, & purchasing
Performance tracking, and process measurement
High Data Integrity, inventory accuracy, Bill of Materials, lead times
Co-ordinated supply chain processes - forecasting, purchasing, planning,
manufacturing and shipping
9- Balanced production, based on capacity constraints
10-Product rationalization, reducing low margin, low selling products
© REL Consultancy Group - Company Confidential
38
Understanding Order to Distribution - Improvement Areas
Where are the benefits?
Forecasting
(Strategy)
Order
Entry
Purchasing
Requirements
Master
Planning
OPERATING COST
CASH FLOW
-3% to -5%
+ 10% to 25%
 Improved productivity will
 Improved inventory
reduce labor hours (FTE
management
and overtime)
 Improved forecasting
 Improved forecasting and
 Calculated
inventory management will
manufacturing and
require less “re-balancing”
purchasing lot sizes
of product between
 Reduced leadtimes
warehouses (transportation
costs)
 Elimination of distribution
costs will reduce operating
costs
© REL Consultancy Group - Company Confidential
Production
Scheduling
Warehousing
& Distribution
Continuous
improvement
ADMINISTRATION
CUSTOMER SERVICE
PRODUCTIVITY
Improved Quality and
+ 10% to 15%
Customer Service
 Increased information
 Cycle time reduction
sharing
resulting in reduced lead
times
 Administrative time spent
more effectively managing  Better order fill rates
important items rather than increase customer
“fire-fighting”
satisfaction and customer
retention
39
Review of Order to Distribution
Definition
Impact
Drivers
Improvement areas
Examples
Summary
© REL Consultancy Group - Company Confidential
40
Summary - Supply Chain
CASH
PRODUCTIVITY
COST

Imbalance between safety stock and
demand profiles

Requirement for increased
warehousing space

labor intensive production
planning/forecasting process

Proliferation of product and pack
items

Need for higher levels of
production capacity

Expedition of customer orders
result in change-over's and poor
plant utilisation

Batch quantities > order quantities

Last minute changes to production
plan resulting in panic buying


Inaccurate forecasting process
Raw material shortages lead to poor
plant utilisation

High levels of stock

High inventory levels need double
handling of stock

Requirement to write-off or
discount slow moving and
obsolete stock
CUSTOMER SERVICE

Shortages of stock to satisfy customer demand resulting in lost sales and poor service

Late and incomplete shipments to customers resulting in rejected orders
© REL Consultancy Group - Company Confidential
41
Total Working Capital Management - Summary
To best control Working Capital, companies must balance all of the operational elements of
their business.
ORG / PEOPLE
SYSTEMS
PROCESS
PROCEDURES
METRICS
PERFORMANCE
© REL Consultancy Group - Company Confidential
42
Extract of the REL 1000 - www.relconsult.com
3 Year average performance ending December 2000
O v e ra ll
R a nk
C o m pa ny N a m e
P re v io us
Year
S a le s
C a s h C o nv e rs io n
E f f ic ie nc y
CCE
R a nk
D a ys Wo rk ing
C a pit a l
D WC
R a nk
D a ys S a le s
O ut s t a nding
D SO
R a nk
Inv e nt o ry T urns
D a ys P a ya ble
O ut s t a nding
T urns
DP O
R a nk
R a nk
27
CISCO SYSTEM S INC
$ 18,928
34%
20
54
486
46
464
7
473
12
940
77
12 8
ELI LILLY & CO
WA SHINGTON P OST CO
$ 10,003
$ 2,412
28%
13%
29
257
69
5
6 17
68
67
44
766
436
2
76
956
38
36
42
300
2 17
14 7
17 1
GENERA L M OTORS CORP
GENERA L ELECTRIC CO
$ 184,632
$ 129,853
11%
20%
357
10 5
(1)
60
43
537
11
175
97
993
13
10
242
309
35
138
340
6
19 2
2 14
EXXON M OB IL CORP
WM WRIGLEY JR CO
$ 228,439
$ 2,146
9%
18%
427
13 1
5
62
69
558
32
32
282
281
11
4
280
8 18
41
15
224
896
227
232
DUKE ENERGY CORP
P ROCTER & GA M B LE CO
$ 47,730
$ 39,951
11%
13%
356
254
21
39
18 4
342
57
27
631
2 19
33
6
92
503
45
21
18 3
751
304
3 13
CM S ENERGY CORP
CORNING INC
$ 8,998
$ 7,127
10%
18%
380
13 9
38
84
327
745
56
70
6 17
805
9
4
326
692
41
36
228
3 12
346
375
A LCOA INC
E I DU P ONT DE NEM OURS & CO
$ 22,936
$ 28,268
13%
17%
242
15 8
66
89
595
790
52
64
562
734
7
4
462
748
27
34
532
358
398
407
M INNESOTA M INING & M A NUFA CTURING CO
TRW INC
$ 16,724
$ 17,231
17%
7%
16 2
578
92
37
805
320
64
52
730
560
4
15
771
19 5
23
34
685
346
433
477
DOW CHEM ICA L CO
M CCORM ICK & CO INC
$ 23,008
$ 2,124
12%
10%
299
421
68
61
6 12
547
49
44
507
441
5
5
586
6 15
33
29
367
472
497
543
GEORGIA P A CIFIC CORP
HEWLETT P A CKA RD CO
$ 22,218
$ 48,782
9%
9%
448
455
62
67
553
609
40
52
387
566
7
6
452
560
19
33
805
382
574
586
EA TON CORP
B ETHLEHEM STEEL CORP
$ 8,309
$ 4,197
8%
7%
479
572
69
63
6 19
569
52
19
567
15 9
7
4
474
723
23
35
676
336
609
6 14
UNITED TECHNOLOGIES CORP
TENNECO A UTOM OTIVE INC
$ 26,583
$ 3,549
10%
5%
404
689
82
56
731
506
60
52
680
568
5
6
606
526
30
41
433
221
657
7 10
INTERNA TIONA L B USINESS M A CHINES CORP
M OTOROLA INC
$ 88,396
$ 30,931
11%
6%
332
631
96
76
826
683
105
61
962
686
11
5
283
639
29
31
458
4 14
851
897
FORTUNE B RA NDS INC
CA RP ENTER TECHNOLOGY CORP
$ 5,845
$ 1,096
8%
7%
490
606
115
118
895
902
62
57
709
625
3
3
891
856
18
26
828
567
964
SEA RS ROEB UCK & CO
$ 40,937
8%
5 16
165
976
194
996
5
628
77
35
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