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The corporate financial analysis
The concept and purpose of the corporate financial analysis

1. Concept
First, the analysis is understood as the division of phenomena, objects into
parts or components, which recognize the shape, size and nature of the subjects
they study and see the impact of relationship between them. Simultaneous analysis
is to see the movement and development trend of the rules of phenomena
Financial activities is one of the basic content of business operations of the
business to resolve relationships arising in the business process which are
expressed in monetary form
Analysis of the financial situation is consider the review of checking
process, collate and compare financial data on current and past. Over there we can
recognize and evaluate the potential, effectiveness as well as the risks and
prospects of the business in the future. Financial analysis gives a correct and
comprehensive view about financial situation of business, helping the owners and
managers make decisions correctly in overall economic management, including
financial management.
2. Purpose
Awareness and comprehensive assessment objectively and true about
financial situation and the financial management of the business, through that see
 These properties of results achieved in financial management
 These contradictions exist about the reason which effect negative and
have impact to financial situation
 Accurate assessment, comprehensive about the financial situation in
many ways: mobilizing capital distribution, use and manage the
capital in production and business
 Assessing receivable and payable, debt solvency, capital preservation
and growth of the capital of business

1

 Assessing the efficiency use of capital and general business
efficiency in particular parts
 Provide full, accurate and timely information necessary for business
owners, investors and users of financial information of the business
 Provides information about the use of capital, the ability to exploit
capital, solvency, efficiency business to help businesses overcome the
existing shortcomings
 Provides information about the debt situation. the ability to consume
goods and profitability as well as the impact of changing business
conditions of manufacturing helping businesses predict accurately
their future
In summary the most important purpose of financial analysis is help decision
makers choose the optimal business plan and have accurate assessment of the
financial situation and potential of the business
I. The significance of analyzing the financial position of enterprise
The analysis of the financial situation of enterprise play an important role in the
collecting of information of DIRECTORS, investors, credit lenders, managers ...
through which they may take the true and fair view of the financial picture of this
business as well as every aspect of the overall .
1. For the business owners and the managers of the business:
One of the most considered thing of them is profit-seeking and the company’s
ability to pay off the debts. Business owners and managers alway concern about
the financial position of the business which can make them to be able to
understand and accurately assess the financial ability and help them make the right
decisions during the operations.
The regular analyzing the financial position of enterprises will be:
 An orientation for the decision of the BOARD OF DIRECTORS and CFO:
investment decisions, funding, distribution of dividends.

 As a basis for forecasting financial investment : the cash budget
 As a tools to control operations management.

2


2. For the banks and the creditors:
Their main concern is the company’s ability to pay off its debts, so they pay
attention to the amount of cash and the business’s ability to quickly convert assets
into cash. The amount of company’s equity is an insurance for its detbs when they
meet risk.
 The quick (acid) ratio is the one which the banks and the creditors want to
pay attention in case of the short term loans.
 In case of long term loans, the banks and the creditors would like to take
care about the abilities to settle and to generate the profit of the company on
the loans it takes.
2. For the supplier :
Just like the creditors or bankers, the supplier are also interested in settlement
ability, especially in case of purchase of goods on credit.
4. For the investors:
They will care about: the risks, payback period, present value of the company,
net profit of investment, profitability ... so they need information about the
financial condition, operations, and the earnings growth potential.
There are also a lot of different groups who interested in the financial position of
the business: agency financial, tax authority, employee ...
In summary, due to a lot of different purposes of each group they would consider
the financial information on the different sides and angles. Such financial analysis
is not only important for the businesses themselves but also have significant
meaning for other stakeholder who related directly or indirectly to the enterprise.

1. Analysis of generalized fluctuation about assets and capital

3


 Purposes: Awareness, an overall assessment on the mobilization of
capital and capital distribution, use and management of capital in the
production process of enterprise business
 Based on the aggregate data on capital and capital on the balance sheet
and the accounting indicators reflecting business results such as revenue,
profitability and sales service provider ..., earnings and other profits.
Method of analysis which often be used is comparison.We can compute
the target growth rate, the difference between rises and falls, the
coefficients reflect the general financial situation.
 Analysis of generalized fluctuation of corporate assets
 Analysis of generalized fluctuation of corporate capital
 Analysis of the relationship between assets and capital
2. Analysis of the management and usage of assets
The assets of the business are labor of production enterprises. Assets are
classified into current assets and fixed assets
 Analysis of the management and usage of current assets
 Analysis of capital situation by cash
 Analysis of debts situation
 Analysis of invetory situation
3. Analysis of the management and usage of fix assets
4. Analysis of the management and usage of capital
The capital of the business including two basic sources: the liabilities and
owners' equity
 Analysis of the liabilities
 General analysis

 Analysis of needs and solvency
 Analysis of owners' equity
 General analysis
 Analysis of profitability of owner's equity
 Analysis of the ensure capital situation for production and business
activities
5. The sources and methods used in the analysis of corporate finance
The methods:
 Comparison
4


 Ratio Analysis
 Balance
 Form
6. Resource analysis
It should be based on many different sources, which are mainly the financial
statements. The financial statements are prepared based on the accounting
methods which synthesize data according to financial indicators arise at the
time, a certain period => help me identify financial situation to make good
decisions . Financial statements must ensure system synchronization, accurate
data.
7. Balance Sheet
As financial statements reflecting general existing assets and resources which
constitute assets of the business at a certain time and a certain currency. The
balance sheet structure consists of two parts: Assets and liabilities and equity
8. Report the results of operations and business
As financial statements reflecting the overall process of production and
business activities in the accounting period and the obligations to the
goverment. Operating Results Report can be divided into 3 parts:

 Profit and loss statement
 The obligations to the Government
 Value-added tax is deducted, refund, remission
9. Others sources
Cash flow statement, the notes to the financial statements and the reports to
explain the increase or decrease capital asset

5


COMPANY OVERVIEW
Name: DOAN XA PORT JOINT STOCK COMPANY
Abbreviation: DOAN XA PORT
Stock code (HOSE): DXP
Address: 15 Ngo Quyen Street, Ward Van My, Ngo Quyen District, Hai Phong
Tel: (031) 3765029 / (031) 3767969 Website:
Certificate of business registration: 0203000123 by Hai Phong Authority for
Planning and Investment registered in November 27th 2001 and the 4th
amendment was October 12, 2011 with new code 0200443827.
Activities
- The lines of business of the Company is: Loading and unloading; warehousing
and storing goods; transportation in coastal and ocean; transportation in road;
shipping services, agency services, ocean freight.
Places: Hai Phong
1) Company profile (History):
The process of formation and development
- DXP was formed known as Doan Xa Port Stevedoring firms Xa, unit of Hai
Phong Port, was established under No. 334 / DOP-LD on 06/28/1995 Vietnam
Maritime Administration.
- 2001 October 19th, follow Prime Minister signed No. 1372 / QD-TTg, turned into

DXP with Charter capital reached VND 35bik, in which government capital was
17.85bil, account for 51%.
- 2005 December 12th, Ha Noi Stock Exchange certified: Cong Doan Xa Port Joint
Stock Company listed on HNX since 12/12/2005. Stock code: DXP.
- 2006 November 13th, 2006, the State Security Commission of Vietnam certificate
DXP listed HOSE from 2006 November 13th. The first trading day on HOSE was
11/12/2006.
6


- 2007 December 25th, 2007, DXP issued bonus shares to increase its charter
capital from VND 52.5 billion development fund and profit after tax in 2007
according to the resolution on 2007 November 20th of the General Meeting of
Shareholders with VND 26.775bil of the goverment capital was 51% officialy in
January 25th 2008.
- 2009 May 5th, HNX certified DXP on HNX since 21/05/2009. The first trading
day on the Hanoi Stock Exchange is 8/06/2009
- 2011 March 16rth, the Company issued bonus shares at the ratio of 2: 1 from the
development fund, increased its charter capital from VND 52.5 bil to 78.74972 bil
according to the resolutions of the Annual General Meeting in 2011 May 18th.
Number of additional shares listed HNX on 2011 December 16th.
- 2011 March 3th, the company has been awarded Labor Medal by the President by
virtue of having outstanding achievements in their work and contributing to build
Socialism and defend the nation
- Establishment of branch DXP- Enterprise Transport Services Multi-Method from
No. 17 / QD-09 by Board of Directors on 22 May 2011
- Establishment of branch DXP – Loading and Unloading Services from No. 18 /
QD-09 by Board of Directors on 22 May 2011
.- 2011 August, based on earnings growth, sales growth, return on equity in the past
3 years (2008-2010), the ability to overcome economy crisis and global financial

crisis began in 2008, the company has been honored in Forbes 200 best small and
medium enterprises in Asia, in that Vietnam has 10 companies on the list above.
- 2013 January, the Company was awarded the Prime Minister's Emulation Flag
because of outstanding achievements, leading the Patriotic of Ministry of Transport
in 2012.
- 2014 January, the company was awarded 13 by the Prime Minister's Emulation
Flag of Ministry of Transport according to No. 47 / QD-BGTVT 01.07.2014.

7


2) The structure of the company (Board of Directors, Supervisory Board, Board
of Directors / general manager / plant, branch, subsidiary)
- The governance model include: General Meeting of Shareholders, the Board
of Directors, Supervisory Board, the Executive Board by the Board of Directors
appointed.

Content analysis of financial statements

I) Analysis of balance sheet

1.1 Assets
enterprise(Assets
structure)

8

a) Assets used in
operating activities
b) Assets not used for

business purposes:


Equity
1.2. Sources of support

Liabilities

1.3 Debt levels and the ability of suffering from risk

1.4 The ability to due debts

1.5 Changes in financial position

II. Analysis of reporting business performance

2.1 Analysis the business performance of Doan Xa
Port.

2.2 Operating expenses of Doan Xa Port.

2.3 Doan Xa Port’s net profit.

III. Analysis of cash flows

1.

Cash flow and objectives of cash flow

Conclusion

1.

Evaluation of the company’s financial
situation

2. Financial advice

3. Advice for Enterprise

4. Stock evaluation

9


I) Analysis of balance sheet
1.1 Assets enterprise
Analysis of data over the years shows that the total value of assets increased by
43.627 billion. In particular, the increase was mainly due to Enterprise investing in
short-term assets. Specifically, short-term assets increased by 60,652 billion on the
other hand long-term assets decreased by 17,025 billion.
In 2011, the assets of the company were 219 415 795 357 VND, in which shortterm assets are 84,822,765,816 VND accounted for 38.7% of total asset value. At
the end of 2013, enterprise owns 263 042 643 176 VND of fixed assets, including
short-term assets 145 474 784 857 VND accounted for 55.3% of total property
value. Consequently, there was a modification in the asset structure which is
increasing short-term assets, reducing long-term assets. Fixed assets in 2013
decreased due to depreciation of fixed assets. This demonstrates the ability to
expend and payment of enterprise is better and enterprise tends to invest in shortterm assets.
Assets structure
a) Assets used in operating activities: cash, inventories, short-term receivables…

According to data table, cash and cash equivalent increase during the period 20112012. Specifically, total assets increased were 43,627 billion, including 42,575
billion of cash and cash equivalent increased. This indicator increased primarily
due to reduced customer liabilities and relaxation policies implemented by
investment in machinery and equipment in 2013. In addition, the inventory
situation and short-term receivables are relatively stable in the 3-year cycle. Since
we can evaluate the sales abilities and provide the company's services are still kept
steady growth.
b) Assets not used for business purposes: investments in short-term and longterm. Long-term investment stayed the same during this period, but Short-term
financial investments tend to increase from 10 billion in 2011 to 25 billion in 2013
(an increase of 15 billion that equal to 150% increasing). It can be concluded
financial investment activities of enterprises focus primarily on short-term
investments in the 3-year period from 2011 to 2013. Efficient using assets in 2013
10


was 0.76 which was down 24% compared in 2012 as a result from from total
revenues decreased total.
1.2. Sources of support
Equity of the Company increased from 189 653 264 VND to 231 847 125 314
VND mainly from the increase in fund development. Liabilities did not increase
significantly from 29,762,530,883 to 31,195,517,862 VND. Business activity of
the company based on the basis of equity and loan capital. The proportion of equity
/ liabilities is 7.43: 1 that indicate that it is easy for the company to pay debts.
Equity accounted for 86.43% in 2011 corresponding to 189 653 264 474 VND,
decreased to 84.97% in 2012 corresponding to 223 144 910 135 VND, increased to
88.14% in 2013.
The increase in equity proves that company is reducing a loan. Thereby, investors
can find out an independent financial situation and does not depend on the
corporate debt.
Liabilities

Liabilities accounted for a small proportion of corporate financial structure only
from 11.86% to 15.03%. The company has been rarely under pressure to pay debts
even if the service provider does not achieve good results. A special thing on the
financial statements of Doan Xa is no long-term debts item. It means that the
company has only short-term debts and rarely borrow money from external. This
suggests that this is a company worthy of investor attention because of the ability
to pay debts.
1.3 Debt levels and the ability of suffering from risk
Working capital= Current assets- Current liabilities=23, 847-117,567=114, 28
(billion). Working capital is more than liabilities (31,195 billion)
Conclusion: The low level of corporate debt and the ability for suffering from the
risk of the business is very high.
1.4 The ability to due debts

11


The significantly increasing in indicators of quick ratio proves that the company's
payment is very good. There was this result is due to short-term assets of the
company continued to increase while current liabilities decreased.
An indicator of capital structure continued to decline over the years proved
effective operation of the business when the debt diminished as assets and equity
increased continuously.
Indicators of profitability over the years from 2011 to 2013 with no major
fluctuations, was maintained at approximately 0.3 to 0.4. This means that the
business activities of the company are still profitable prospects.
1.5 Changes in financial position
Cycle of inventory has declined over the years from 2011 to 2013 but goods were
not stagnant and rapid consumption. The inventory costs will be lower that leads to
the prospects in corporate money flowing high.

II. Analysis of reporting business performance
2.1 Analysis the business performance of Doan Xa Port.
Revenue from sales of goods and rendering services is a kind of Doan Xa Port’s
revenue which has the largest proportion of the revenue structure of business.
The company’s revenue increased from 2011 to 2012 but decreased sharply in
2013, with revenue increasing from 179.809.088.916 VND to 249.347.647.665
VND and then reduced to 190.113.340.986 VND. The size of capital increased
with the growth rate of revenue is 10.304.252.070 VND in the period 2011-2013.
Doan Xa Port’s one of the companies which had quite high revenue growth rate in
the period 2011-2013 in Viet Nam. The main reason of company’s high revenue
growth rate is the needs of the market share increased in that period. On the other
hand, the company also implemented the right policies in the direction specified
investment and development.
2.2 Operating expenses of Doan Xa Port.
Ratio of cost of goods sold compared to net revenues from sales of goods and
rendering of services fell sharply from 64% in 2011 to 6% in 2013. This suggests
that companies are managed and used costs to generate business activites better.
2.3 Doan Xa Port’s net profit.
12


The company’s profit compared to net sales accounted for a high proportion with
37% in 2011 and increased to 42% in 2013.
Net profit after tax of the company’s growth in 2011-2013, rose high from 49
billion dong to 54 billion dong.
Earnings per share also increased from 6.227 VND in 2011 to 6.875 VND in 2013.
Cost of goods sold had a very large proportion, however, the period 2011-2013, the
contribution of cost of sales to net sales decreased (6% in 2013).
Revenue from financial activities is very low proportion which is less than 1% in
all three years. This suggests that company used effectively their capital and there

is no surplus capital to provide loans.
Financial expenses decreased sharply from 440.000.596 VND in 2011 to 197.674
VND in 2013. This suggests that company did not use a large amount of loan for
their business activities. Therefore, the company was less pressure on interest
payment. This had little effect on the rate of growth as well as profitability of the
company’s business in the future.
III. Analysis of cash flows
1. Cash flow and objectives of cash flow
In 2011, in terms of cash flow from operations, pretax profit from operating
activities is the lowest in three years. In addition, the company suffered a
loss in investment activities in the period from 2011 to 2013. Therefore, cash
flows tend to go out of business. Income from dividend is also lower
compared to the others year. In 2012, the company made a quantum leap in
business. Profit before tax has increased almost 1.7 times. Hence dividend
payable to holders is also higher. However, the amount of cash and cash
account at maturity has increased more than 2 compared to the beginning
(from 34.900 to 74.095). In 2013, the business of the company is no longer
as good as 2012 since pre-tax profits fell sharply. The amount of cash flow
during this period is negligible.
Conclusion
1. Evaluation of the company’s financial situation
In the past 3-year period (2011-2013), general financial condition of the
Doan Xa join stock company is considered quite good. Through the analysis
13


of the report, investors may find out the financial indicators of the company
still promises a business context prospects. Especially in 2012, due to the
state policy of allowing the company to keep the order as well as gain
greater profits from port charges, the company has prospered the most in the

fiscal year during 2011-2013. However, in 2013 the advantages of port
operations were not to continue as 2012. The northern port enterprises
compete strongly to maintain market share. In 2013, company almost do not
conduct investment business expansion. Fixed assets and long-term
investment of the DXP virtually unchanged from a year earlier. Fixed assets
and long-term investment of the DXP virtually unchanged from the
beginning of year. Doan Xa Port has experienced a relatively difficult year.
Revenue and profits of the company have fallen significantly compared to
2012. In the explanatory text results 4Q own business, Doan Xa said that the
quantity of goods and container with cold retention time decreased over the
same period in 2012. Net sales in 2013 of DXP only reaches 190 million,
down 23.7% compared to 2012. Despite the significant reduction of
expenses, profit still Xa Port inevitable decline. Results Xa Port's net profit
was 54 billion, down 30.8% compared to 2012. EPS decreased with the
same rate, from 9,957 dong / share to 6,875 VND / share. Despite the sharp
decline, compared with 70 billion EBT, Doan Xa Port was fitting finish with
71.5 billion.
2. Financial advice
In the 3-year period from 2011 to 2013, the company used the tightening
fiscal policy which does not expand the scope of business-service delivery
and cut costs. One thing especially on the balance sheet of the company is
absolutely no long-term debt as well as financial investments. This means
that company used typically equity to business. Well, it seems this is a
safety. However, considering the views "have the right business loan ', the
company really has not been successful in managing and regulating their
financial resources. The decline in profit in 2013 is resulted from company
did not expand port infrastructure as well as upgrading old items, while the
other firms in the industry have done this job.
3. Advice for Enterprise
In the coming years, especially in 2014, the company should improve

management capacity and efficient use of resources, efficient use of capital
14


owners. Can enterprise think about the short-term financial investments and
long-term. Moreover, the company can raise loans and loans used to expand
the business and provide services. In particular, in this 2014, the company
should expand the port building and capacity building activities of the port.
4. Stock evaluation
DOAN XA JOINT STOCK COMPANY was voted the one of the 200 best
small and medium companies in Asia by prestigious economic magazine
Forbes, including 10 Vietnamese companies on this list. Moreover, Board of
Directors are complying with the regulations of economic law, especially the
payment of dividends to investors always full and on time. But in 2013, the
company's profitability indicators have been reduced. However, Quick
payment indicators as well as the ability to pay debts of the company are still
very good. This illustrates the safety of investing in shares of the company.
Moreover, comparing to other firms in the same industry, the financial
indicators of the company remains in top. Especially, Doan Xa Port is
profitable quarter 2014 reached 12.5 billion and second-quarter profit more
than 13.4 billion. This is a good sign for those who invest in company's
stock. In short, this is a worth investment company, especially those who
referred the safety and stability. On the other hand, in another aspect,
although the Doan Xa's stock is safe and stable, on the stock market, the
stock is not really attractive because they have not made much of mutations.
Company profits generally stable over the years. This is not satisfy the desire
to get rich "quick" through investment in direct financing on the stock
market. Stock of Doan Xa also not reflect totally the dynamism,
competitiveness and risk of the stock which is a financial tool. The investors
in Doan Xa stocks do not usually spend a lot of time to predict trends and

tend to hold stocks for dividend but profitability is not high.

15


Appendix 1
Table 1
Cash and cash
equivalents
Inventory
Short-term receivables
Investments in shortterm
Investments in longterm
Current assets
Long-term assets
Total value of assets
% Increase in total
value of assets (2011 is
base year)

2011
34.990.194.96
1
2.580.446.986
36.958.044.80
9
10.000.000.00
0
35.584.573.92
0

84 822 765
816
134 593 029
541
219 415 795
357
--------------------

2012
74.094.997.382

2013
77.565.264.500

2.624.363.046
41.039.815.374

2.672.289.770
39.855.136.348

0

25.000.000.000

35.584.573.920

35.584.573.920

118 240 178 157

145 474 784 857

144 361 335 991

117 567 858 319

262 601 514 148

263 042 643 176

19,7%

19,9%

Table 2
Equity
Liabilitie

2011
189 653 264
474
29 762 530 883
16

2012
223 144
910 135
39.456.604.

2013

231.847.125.314
31.195.517.862


s
Surplus
equity
Fund
development
Profit
after tax
retained
Fund
financial
reserve
Table 3

013
1.352.660.4
54
62.442.706.
284
72.897.965.
402

1.352.660.454
44 982 320 384
59 277 825 103

5 250 000 000

1.352.660.454
79.552.032.473
64.317.740.387

7.701.857.9
95

7.874.972.000

2011

2012

2013

Current Ratio

2,85

3,00

4,66

Quick Ratio

2,79

2,93

4,58

Liabilities-to-asset ratio

0,14

0,15

0,12

Liabilities-to-equity ratio

0,16

0,18

0,13

ROS

0.27

0.31

0.28

ROE

0.26

0.35

0.23

ROA

0.22

0.3

0.21

Gross Margin

0.34

0.41

0.37

Liquidity Ratios

1) Capital Structure Ratios

2) Profitability Ratio

Table 4
2011
1. Inventory
17

2012

2013


Inventory turnover

50,46

52,23

42,11

Sale-to-equity

0.82

0.95

0.72

Appendix 2
Table 1
2013
Revenue 190.113.340.986
from
sales of
goods
and

renderi
ng
services
Deducti
ble
amounts
Net
190.113.340.986
revenue
from
sales of
goods
and
renderi
ng
services
Cost of
11.528.579.
goods
370
sold
Gross
78.584.761.
profit
616
from
sales of
goods
and
renderi

ng of

2012
249.347.647.
665

2011
179.809.088.
916

-

-

249.347.647.665

18

179.809.088.916

35.926.475.9
33

114.394.843.
561

13.421.171.7
32

65.414.245.3

55


services
Table 2
Doan Xa Port’s Income Statement

C
o
d
e

Year
2013

Year
2012

Year
2011

Revenu
e from
sales of
goods
and
renderi
ng
services

0 190.113.340.98
16

1 249.347.647.66
05
0
%

1 179.809.088.91
06
0
%

10
0
%

Deducti
ble
amount
s

0
2

0
%

0
%

-

0
%

Net
revenue
from
sales of
goods
and
renderi
ng
services
(10=01-

1 190.113.340.98
06

1 179.809.088.91
06
0
%

10
0
%

-

-

1 249.347.647.66
05
0
%

19


02)
Cost of
goods
sold

1
1

11.528.5
79.370

Gross
profit
from
sales of
goods
and
renderi
ng of

services
(20=101)

2 78.584.761.616
0

Revenu
e from
financia
l
activitie
s

6
%

114.394.
843.561

64
%

4 13.421.171.732
2
%

6 65.414.245.355
%

37

%

2 8.365.459.145
1

5 1.432.725.037
%

1 8.791.400.909
%

5
%

Financi
g costs

2
2

0 71.081.312
%

0 440.000.596
%

0
%

Manage

ment
costs

2 16.305.586.221
5

9 21.855.267.129
%

9 13.299.066.167
%

8
%

Profit
from
operatio
ns
(30=20+
(21-2)-

3 70.644.436.866
0

3 102.897.548.32
88
%

4 60.466.579.501

2
%

34
%

197.674

20

35.926.4
75.933

1
5
%


(24+25))
Other
income

3 1.132.549.609
1

0 57.060.694
%

0 798.730.276
%

1
%

Other
costs

3 325.785.012
2

0 20.537.245
%

0 220.262.322
%

0
%

Other
profit
(40=3132)

4 806.764.597
0

0 356.523.449
%

0 578.467.954

%

0
%

Total
profit
before
tax
(50=30+
40)

5 71.451.201.463
0

3 103.254.071.77
87
%

4 61.045.047.455
2
%

34
%

Income
tax

5 17.316.085.005

1

1 24.846.827.583
0
%

1 12.007.887.560
0
%

7
%

Profit
after
tax
(60=5051)

6 54.135.116.458
0

2 78.407.24.194
9
%

3 49.037.159.895
2
%

27

%

Earning
s per
share

7
0

0
%

0
%

0
%

6.875

Table 3

21

9.957

6.227


2013

2012

2011

Cost of goods
sold/ Net
revenues

6%

15%

64%

Management
costs/ Net
revenues

9%

9%

8%

22