PROJECT:   CENTURY PACIFIC FOOD, INC.

AND SUBSIDIARIES
FINANCIAL STATEMENT ANALYSIS REPORT 2020

  
 
“ADVANCED FINANCIAL MANAGEMENT” 
 
 
 
 
 

Submitted in Partial Fulfillment  

of the Requirements for 
 

Advanced Financial Management 
CBMB 513 
 
 

 
 
    
Robert A. Borromeo 
(Professor) 
Graduate Business 
Adventist University of the Philippines 
 
 

 
 
  
 
 
 
Ivy R. Pulido 
Student 
(Master in Business Administration) 
 

 
First Semester, 2021 
 TABLE OF CONTENTS

Introduction ----------------- 1
Analysis ----------------- 3
Conclusion ----------------- 17
Recommendation ----------------- 18
References ----------------- 19

1
 INTRODUCTION

Financial statements are means of communication to internal and external about the firm’s

financial position and performance necessary to make financial decisions. We recognize that

accounting numbers are often just pale reflections of economic reality, but they frequently are the

best available information (Ross, Westerfield, & Jordan, 2017).

Analysis of financial statements is the process of evaluating the relationship between

component parts of financial statements to obtain a better understanding of the firm’s position and

performance. The focus of financial analysis is on key figures in the financial statements and the

significant relationship that exists between them. The first task of the financial analyst is to select

the information relevant to the decision under consideration from the total information contained

in the financial statements. The second step is to arrange the information in a way to highlight

significant relationships. The final step is interpretation and drawing of inferences and conclusions.

In brief, financial analysis is the process of selection, relation and evaluation. (Khan & Jain, 2007).

This study selected the balance sheet and income statement of Century Pacific Food, Inc.

and Subsidiaries as of December 31, 2020 and 2019 and for the years ended December 31, 2020

and 2019 and 2018 and aims to analyze the said consolidated financial reports by conducting ratio

analysis, horizontal, and vertical analysis. Ratio analysis is the process of determining and

presenting the relationship of items and groups of items in the financial statements. There are five

categories of financial ratios, namely; liquidity ratios, asset management ratios, capital structure

(debt management ratios), profitability ratios, and market value ratios. Horizontal or trend analysis

where current financial data is compared to previous accounting periods. During the analysis, any

change of from one period to another must be identified. Vertical analysis or common size analysis

1
where a single column period of financial statement is scrutinize using a base figure such as sales

or total assets.

Century Pacific Food, Inc. (the “Parent Company”) was incorporated and registered with

the Philippine Securities and Exchange Commission (SEC) on October 25, 2013. The Parent

Company is primarily engaged in the business of buying and selling, processing, canning and

packaging and manufacturing all kinds of food and food products, such as, but not limited to fish,

seafood and other marine products, cattle, hog and other animals and animal products, fruits,

vegetables and other agricultural crops and produce of land, including by-products thereof.

The Parent Company’s shares of stocks were listed in the Philippines Stock Exchange

(PSE) on May 6, 2014 through initial public offering (IPO) and listing of 229.65 million shares in

the PSE at a total value of P3.3 billion. The Parent Company is 68.71% and 68.71% owned

subsidiary of Century Pacific Group, Inc. (CPGI) the ultimate parent, as at December 31, 2020 and

2019, respectively. CPGI is a corporation registered with SEC and is domiciled in the Philippines.

The Parent Company’s registered office and principal place of business, is located at 7th floor,

Centerpoint Building, Julia Vargas St., Ortigas Center, Pasig City (https://centurypacific.com.ph).

2
 ANALYSIS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - HORIZONTAL ANALYSIS

December 31
%
2020 2019 Change
ASSETS

Current Assets
Cash and cash equivalents 1,229,381,273 1,607,844,054 -23.54%
Trade and other receivables - net 7,599,984,172 7,000,528,129 8.56%
Due from related parties 280,788,885 261,588,910 7.34%
Inventories-net 14,313,100,885 11,781,872,041 21.48%
Biological assets 65,726,630 33,380,356 96.90%
Prepayments and other current asset- net 484,492,819 829,609,933 -41.60%
Total Current Assets 23,973,474,664 21,514,823,423 11.43%

Non-current Assets
Property, plant and equipment - net 7,290,756,893 6,414,543,344 13.66%
Intangible assets - net 3,448,276,612 3,504,492,460 -1.60%
Right-of-use assets - net 678,300,084 705,437,893 -3.85%
Deferred tax assets 752,107,229 359,681,319 109.10%
Other non-current assets 133,450,144 89,793,109 48.62%
Total Non-current Assets 12,302,890,962 11,073,948,125 11.10%

36,276,365,626 32,588,771,548 11.32%

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables 9,670,565,636 6,832,729,150 41.53%
Borrowings - current portion 3,533,466,680 2,433,508,587 45.20%
Income tax payable 194,877,487 148,438,723 31.28%
Due to related parties 75,894,675 19,706,847 285.12%
Lease liabilities - current portion 271,207,134 269,082,105 0.79%
Total Current Liabilities 13,746,011,612 9,703,465,412 41.66%

Non-Current Liabilities
Borrowings - net of current portion - 3,086,500,000 -100.00%

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Retirement benefit obligation 618,902,329 160,025,025 286.75%
Lease liabilities - net of non-current
portion 465,842,247 484,103,079 -3.77%
Deferred tax liability 9,398,845 360,285 2508.73%
Total Non-current Liabilities 1,094,143,421 3,730,988,389 -70.67%

14,840,155,033 13,434,453,801 10.46%

Equity
Share Capital 3,542,258,595 3,542,258,595 0.00%
Share premium 4,936,859,146 4,936,859,146 0.00%
Share-based compensation reserve 8,211,398 8,211,398 0.00%
Other reserves 30,628,942 30,628,942 0.00%
Currency translation adjustment 23,818,317 25,440,484 -6.38%
Retained earnings 12,894,434,195 10,610,919,182 21.52%
Total Equity 21,436,210,593 19,154,317,747 11.91%

36,276,365,626 32,588,771,548 11.32%

The 2020 total assets and liabilities and equity increased by 11.32% compared to 2019.

The increase in total assets is almost equally contributed from both current and noncurrent, 11.43%

and 11.10% respectively. Although there is significant decrease in cash and cash equivalents of

23.54% and prepayments and other current assets of 41.60%, these was reciprocated with the high

increase in biological assets of 96.90% and deferred tax assets of 109.10%. The current liabilities

increased by 41.66% but the non-current liabilities decreased by 70.67% which resulted to total

liabilities increase of 10.46%. Under the equity section, only retained earnings increased by

21.52% and minimal decreased of currency translation adjustment of 6.38%.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - HORIZONTAL

ANALYSIS

For the years ended December 31

%
2020 2019 Variance
Net Sales 48,301,741,084 40,560,362,956 19.09%

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 Cost of Goods Sold 36,374,034,421 30,836,294,070 17.96%
Gross Profit 11,927,706,663 9,724,068,886 22.66%
Other Income 615,688,399 536,291,593 14.80%
Operating Income 12,543,395,062 10,260,360,479 22.25%
Operating Expenses 6,350,811,842 5,332,262,089 19.10%
Finance Costs 261,151,374 369,427,817 -29.31%
Other Expenses 803,600,697 519,677,568 54.63%
Total expenses 7,415,563,913 6,221,367,474 19.20%
Profit Before Tax 5,127,831,149 4,038,993,005 26.96%
Income Tax Expense 1,248,387,296 890,031,995 40.26%
Profit for the Year 3,879,443,853 3,148,961,010 23.20%

Other Comprehensive Income

(Loss)
Item that will not be Reclassified Subsequently to Profit or
Loss
Re-measurement gain (loss) on
retirement benefit obligation -
net of tax -320,715,746 -64,171,850 399.78%
Item that will be reclassified subsequently to Profit or
Loss
Exchange differences on
translating foreign operations -1,622,167 -17,072,597 -90.50%
-322,337,913 -81,244,447 296.75%

Total Comprehensive Income 3,557,105,940 3,067,716,563 15.95%

Overall change in the company’s comprehensive income is favorable of 15.95% despite

the 399.78% increase in loss of re-measurement on retirement benefit and 90.50% increase in loss

of exchange differences on translating foreign operations. Net sales and other income both

increased by 19.09% and 14.80% respectively. The operation income of 2020 improved by 22.25%

compared to 2019. Although the rest of the expenses increased, finance cost of 2020 is lower by

29.31% compared to 2019.

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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - VERTICAL
ANALYSIS

December 31, 2020

Amount %
ASSETS

Current Assets
Cash and cash equivalents 1,229,381,273 3.39%
Trade and other receivables - net 7,599,984,172 20.95%
Due from related parties 280,788,885 0.77%
Inventories-net 14,313,100,885 39.46%
Biological assets 65,726,630 0.18%
Prepayments and other current asset- net 484,492,819 1.34%
Total Current Assets 23,973,474,664 66.09%

Non-current Assets
Property, plant and equipment - net 7,290,756,893 20.10%
Intangible assets - net 3,448,276,612 9.51%
Right-of-use assets - net 678,300,084 1.87%
Deferred tax assets 752,107,229 2.07%
Other non-current assets 133,450,144 0.37%
Total Non-current Assets 12,302,890,962 33.91%

36,276,365,626 100.00%

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables 9,670,565,636 26.66%
Borrowings - current portion 3,533,466,680 9.74%
Income tax payable 194,877,487 0.54%
Due to related parties 75,894,675 0.21%
Lease liabilities - current portion 271,207,134 0.75%
Total Current Liabilities 13,746,011,612 37.89%

Non-Current Liabilities
Borrowings - net of current portion - 0.00%
Retirement benefit obligation 618,902,329 1.71%
Lease liabilities - net of non-current portion 465,842,247 1.28%

6
 Deferred tax liability 9,398,845 0.03%
Total Non-current Liabilities 1,094,143,421 3.02%

14,840,155,033 40.91%

Equity
Share Capital 3,542,258,595 9.76%
Share premium 4,936,859,146 13.61%
Share-based compensation reserve 8,211,398 0.02%
Other reserves 30,628,942 0.08%
Currency translation adjustment 23,818,317 0.07%
Retained earnings 12,894,434,195 35.55%
Total Equity 21,436,210,593 59.09%

36,276,365,626 100%

For the year 2020, total assets are composed of 66.09% current and 33.91% non-current.

Among the current assets, inventories take the biggest size of the pie of 39.46% then 20.95%

trade and other receivables-net. Property, plant, and equipment-net is 20.10% of the total asset

and the rest of the assets are less than 10%. Trade and other payables is 26.66% of the total

liabilities and equity and retained earnings is 35.55%.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME -

VERTICAL ANALYSIS

For the years ended December 31,

2020
2020 %
Net Sales 48,301,741,084 100.00%
Cost of Goods Sold 36,374,034,421 75.31%
Gross Profit 11,927,706,663 24.69%
Other Income 615,688,399 1.27%
12,543,395,062 25.97%
Operating Expenses 6,350,811,842 13.15%
Finance Costs 261,151,374 0.54%
Other Expenses 803,600,697 1.66%
7,415,563,913 15.35%

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 Profit Before Tax 5,127,831,149 10.62%
Income Tax Expense 1,248,387,296 2.58%
Profit for the Year 3,879,443,853 8.03%

Other Comprehensive Income (Loss)

Item that will not be Reclassified Subsequently to Profit or Loss
Re-measurement gain (loss) on
retirement benefit obligation - net of
tax -320,715,746 -0.66%
Item that will be reclassified subsequently to Profit or Loss
Exchange differences on translating
foreign operations -1,622,167 0.00%
-322,337,913 -0.67%

Total Comprehensive Income 3,557,105,940 7.36%

The total comprehensive income is 7.36% of the net sales while profit before tax is

10.62%. Cost of goods sold of the company is at 75.31% which results to gross profit of 24.69%.

Other expenses are higher than other income of 0.39% and the tax expense is 2.58% of the net

sales.

RATIO ANALYSIS

2020 2019
LIQUIDITY

Current Ratio
Current Assets 23,973,474,664 21,514,823,423
Current Liabilities 13,746,011,612 9,703,465,412

= 1.74 2.22

Current ratio measures the company’s ability to meet its short-term obligations by using

only current assets. Also, it is a measure of margin of safety to the creditors. The current ratio of

Century Pacific Food, Inc. and Subsidiaries decreased by 0.48 from 2.22 in 2019 to 1.74 in 2020.
8
In terms of pesos, the company increased its current liabilities at the same time, current assets are

also increased. It can settle all current liabilities using current assets and still have a remaining

current assets of 74% of the liabilities. Unlike in 2019 where the current assets are more than two-

fold of the current liabilities.

Quick Ratio
(Cash and cash equivalents + Trade
Accounts Receivable) 9,110,154,330 8,869,961,093
Current Liabilities 13,746,011,612 9,703,465,412

= 0.66 0.91

Quick (Acid-Test) Ratio measures liquidity by considering only quick assets. Differences

in structure of assets may require calculating the quick ratio. Some assets are more liquid than

others are. The quick ratio provides, in a sense, a check on the liquidity of a company as shown by

its current ratio. The quick ratio is a more rigorous and penetrating test of the liquidity position of

a company (Tekatel, 2019). The quick ratio means that for every 1-peso current liability of the

company, it has 0.66 cents of cash and cash equivalents and trade accounts receivable to pay. This

liquidity test decreased from 0.91 in 2019 by 0.25 in 2020.

Cash Ratio
Cash and cash equivalents 1,229,381,273 1,607,844,054
Current Liabilities 13,746,011,612 9,703,465,412

= 0.09 0.17

Cash Ratio, also known as absolute liquidity ratio is the most liquid assets of the company

are cash and financial instruments. These assets have an absolute liquidity and allow redeeming

all obligations in no time (Khan & Jain, 2007). The cash and cash equivalent of Century Pacific

9
Food, Inc. and Subsidiaries is only 9% of its currents liabilities in 2020 which is lower than 8%

lower than 2019 of 17%. The decrease is obvious in the peso value which cash and cash equivalents

of 2020 is lower than 2019 but the current liabilities of 2020 increased compared to 2019.

ASSET MANAGEMENT RATIO 2020 2019

Asset Turnover
Net Sales 48,301,741,084 40,560,362,956
Average Total Assets 34,432,568,587 31,463,036,964

= 1.40 1.29

The total assets turnover ratio measures the ability of a company to use its assets to generate

sales. It measures a company's efficiency at using its assets in generating sales or revenue - the

higher the total assets turnover ratio, the more efficient is the management and utilization of the

assets while low total assets turnover ratios are indicative of underutilization of available resources

and presence of idle capacity (Gitman, 2004). As the total assets increased from 2019 to 2020, its

net sales also increased which results to 1.40 turnover in 2020 that is higher than 2019 of 1.29.

The company’s utilization of its assets to generate sales improved by 20%.

Fixed Asset Turnover

Net Sales 48,301,741,084 40,560,362,956
Average Fixed Assets 6,852,650,119 5,936,306,392

= 7.05 6.83

Fixed assets turnover ratio measures the company's effectiveness in generating sales from

its investments in plant, property, and equipment. It is especially important for a manufacturing

firm that uses a lot of plant and equipment in its operations to calculate its fixed asset turnover

ratio. If the fixed asset turnover ratio is low as compared to the industry or past years of data for

10
the firm, it means that sales are low or the investment in plant and equipment is too much. This

may not be a serious problem if the company has just made an investment in fixed asset to

modernize (Schall and Haley, 1991). The net sales and property, plant, and equipment increased

in 2020 compared to 2019 which turns its fixed asset turnover to 7.05 from 6.83.

Inventory Turnover
Cost of Goods Sold 36,374,034,421 30,836,294,070
Average Inventory 13,047,486,463 11,718,792,128

= 2.79 2.63

Inventory turnover ratio is calculated by dividing sales by inventories. It indicates how

many times inventory is turned over during the year (Bringham and Houston, 2017). The inventory

turnover ratio of 2020 is higher than 2019 which tells that products are sold 2.79 times in a year

which is faster than prior year of 2.63. If this is converted to number of days to identify how long

does an inventory is sold, it refers to the days in the inventory which is computed as follows:

Days in Inventory
365 365 365
Inventory Turnover 2.79 2.63

= 130.93 138.71

2020 has shorter days in inventory of 134 days compared to 139 days in 2019. This

means that inventory stays for 134 days before it is sold.

Receivable Turnover
Net Sales 48,301,741,084 40,560,362,956
Average Trade and other receivables 7,300,256,151 7,038,452,304

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 = 6.62 5.76

Days in Receivable
365 365 365
Receivable Turnover 6.62 5.76

= 55.17 63.34

Accounts receivable turnover represents the number of times the amount of accounts

receivable is collected throughout the year. It indicates how many times, on average, accounts

receivables are collected during a year. The accounts receivable turnover ratio works with the

average collection period ratio to determine the quality of a firm's receivables and the efficiency

of the firm's collection and credit policies. A high turnover ratio is generally a good thing since it

means that customers are paying their bills on time. The Days in Receivables ratio provides an

estimate of the number of days, on average, what it takes for customers to pay their account (Schall

and Haley, 1991). Century Pacific Foods, Inc. and Subsidiaries increased its accounts receivable

turnover in 2020 compared to 2019 thus shorten the days in receivables of sales on account from

63 days in 2019 to 55 days in 2020.

DEBT MANAGEMENT RATIO 2020 2019

Debt Ratio
Total Liabilities 14,840,155,033 13,434,453,801
Total Assets 36,276,365,626 32,588,771,548

= 40.9% 41.2%

Interest Coverage Ratio

Earnings before interest and taxes 5,388,982,523 4,408,420,822
Interest Expense 261,151,374 369,427,817

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 = 20.64 11.93

Debt ratio measures the percentage of the firm’s capital provided by creditors. Times-

Interest-Earned (TIE) Ratio is the ratio of earnings before interest and taxes (EBIT) to interest

charge that measures the firm’s ability to meet its annual interest payments. (Bringham and

Houston, 2017). This means that 40.9% of the capital is borrowed. Compared to prior year, the

decrease is minimal of 0.3% only. The company almost doubled its earnings to settle finance costs

for 2020 than its ability in 2019. The increased of interest coverage ratio is caused by the decrease

in interest expense and increase in earnings before interest and taxes.

PROFITABILITY RATIO 2020 2019

Gross Profit Margin

Gross Profit 11,927,706,663 9,724,068,886
Net Sales 48,301,741,084 40,560,362,956

= 24.69% 23.97%

Operating Profit Margin

6,192,583,220 4,928,098,390
Operating income-operating expense
48,301,741,084 40,560,362,956
Net Sales
12.82% 12.15%
=
Net Profit Margin
Net profit 5,127,831,149 4,038,993,005
Net Sales 48,301,741,084 40,560,362,956

= 10.62% 9.96%
Return on Assets
Net profit 5,127,831,149 4,038,993,005
Total Assets 36,276,365,626 32,588,771,548

= 14.14% 12.39%

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 Return on Equity
Net profit 5,127,831,149 4,038,993,005
Total Equity 21,436,210,593 19,154,317,747

= 23.92% 21.09%

Gross Profit Margin measures the percentage of sales money remaining after the firm has

paid for its goods. The higher the gross profit margin, the better and the lower the relative cost of

sales. A company should have a reasonable gross margin to ensure adequate coverage for operating

expenses of the company and sufficient return to the owners of the business, which is reflected in

the net profit margin (Tekatel, 2019). The company has more gross profit in 2020 than 2019. It has

minimal increase from 23.97% on 2019 to 24.69% on 2020.

Operating Profit Margin measures the percentage of each monetary unit from sales

remaining after all costs and expenses other than interest, and taxes are deducted. Net Profit Margin

is the net profit margin measures the percentage of each monetary unit from sales remaining after

all costs and expenses, including interest, and taxes have been deducted (Gitman, 2004). Although

the operating profit substantially increased from 2019 to 2020, its operating profit margin

increased minimally from 12.15% on 2019 to 12.82% on 2020. Subsequently, the net profit margin

also increased to 10.62% on 2020 from 9.96% on 2019.

Return on Total Assets (ROA) is the ratio of net income to total assets; it measures the rate

of return on the firm’s assets. Return on Common Equity (ROE) is the ratio of net income to

common equity; it measures the rate of return on common stockholders’ investment (Bringham

and Houston, 2017). The return on assets of Century Pacific Foods, Inc. and Subsidiaries increased

from 12.39% on 2019 to 14.14% on 2020. The same with the return on equity increased to 23. 92

on 2020 from 21.09% on 2019.

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 MARKET VALUE RATIO 2020 2019

Price earnings ratio

Common stock price 1.00 1.00
Company's earnings per share 1.095 0.89

= 0.91 1.12
Dividend yield ratio
Annual dividend per share 0.36 0.18
Company's shares price 1.00 1.00

= 0.36 0.18
Dividend payout ratio
Annual Dividends 1,275,213,094 637,606,547
Net Profit 5,127,831,149 4,038,993,005

= 0.25 0.16

The Notes to Financial Statements of Century Pacific Foods, Inc. and Subsidiaries indicates

the following:

29. DIVIDENDS

On July 1, 2019, a cash dividend was declared by the Parent Company’s Board of
Directors to stockholders of record as of July 31, 2019 for a total amount of
P637,606,547.

On June 30, 2020, a cash dividend was declared by the Company’s Board of Directors
to stockholders of record as of July 30, 2020 for a total amount of P1,275,213,094.

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 Price earnings ratio measures relationship between the stock price and the company’s

earnings. Dividend Yield Ratio is a financial ratio that tells the percentage of a company's share

price that it pays out in dividends each year. Dividend Payout Ratio is the ratio of the total amount

of dividends paid out to shareholders relative to the net income of the company. It is the percentage

of earnings paid to shareholders via dividends. In 2020, the dividend paid is twice the dividend

16
paid in 2019 in terms of the company’s share which is 0.36 in 2020 and 0.18 in 2019. In relation

to its net profit, the dividend paid also increase from 0.16 in 2019 to 0.25 in 2020.

CONCLUSION

This study of the financial statement of Century Pacific Foods, Inc. and Subsidiaries

come up with the following findings:

○ The current year showed improvement in terms of financial performance and position based on

the increase of majority of the items in the balance sheet and income statement resulting from the

horizontal analysis of 2019 and 2020.

○ The liquidity minimally decreased compared to prior year due to material increase of current

liabilities specifically the Due to related parties.

○ Asset management for 2020 is relatively better than 2019 evidenced by shorter days in inventory

and days in receivable thus increasing the total asset turnover, fixed asset turnover, inventory

turnover and receivable turnover.

○Although the liabilities increased, the assets increased too which results to favorable debt ratio

and the finance cost is very low compared to the earnings before tax and interest expense.

○The company is profitable in 2020 than in 2019 evidenced by improved return on assets, return

on equity, and all other profitability ratios.

○The overall market value also increased per dividend yield and dividend payout ratios.

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 RECOMMENDATION

The following recommendations, based on the above research findings, are presented to

further improvement the financial performance and position of Century Pacific Foods, Inc. and

Subsidiaries:

The deferred tax assets are very high compared to deferred tax liabilities hence there is a

need to review the said amount at the end of each reporting period and reduced to the extent that

it is no longer probable that sufficient taxable profit will be available to allow the benefit of part

or all of that deferred tax asset to be utilized. Any such reduction is subsequently reversed to the

extent that it becomes probable that sufficient taxable profit will be available.

Strategies should be implemented to increase its cash and cash equivalents by increasing

more the inventory and receivables turnover and maximizing the credit terms of payables. Selling

prices should also be reviewed in relation to the cost of goods sold because it can still increase its

gross profit margin which will aim to increase its net profit margin.

18
 REFERENCES

Bringham, E.F. and Houston, J. F. (2017). Fundamentals of Financial Management 15th edition.

Cengage Learning, Inc.

Audited Consolidated Financial Statements as of December 31, 2020.

https://centurypacific.com.ph

Gitman, L.J. (2004). Principles of Managerial Finance 10th Edition. S. l, Pearson Education.

Khan, M.Y. & Jain, P.K. (2007). Financial Management 5th edition. Tata Mc-Graw Hill.

Ross, S.A, Westerfield, Randolph and Jordan, Bradford (2017). Essentials of Corporated Finance

9th Edition. McGraw-Hill Education.

Schall, L.D. and Haley, C. W. (1991). Introduction to Financial Management 6th Edition.

McGraw-Hill.

Tekatel, W. L. (2019). Financial Performance Analysis: A study on Selected Private Banks in

Ethiopia. http://dx.doi.org/10.13140/RG.2.2.33643.39203

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