Chapter 1-Introduction

Bangladesh is an industry friendly country. There are many industries in Bangladesh. Both
domestic and foreign investors have vast opportunity to fund or make industries. The
pharmaceutical industry is one of the most popular and big industry in Bangladesh. It is one of
the most developing sectors of Bangladesh. The pharmaceutical industry of Bangladesh is
growing very faster. Those are fulfilling domestic demand and exporting in international market.
This sector provides 97% of the total medicinal requirement of the local market. There is a huge
share of Bangladeshi medicine in international market. The pharmaceutical has a huge in GDP of
Bangladesh. In 2016-2017, the pharmaceutical industry contributed 1.85% of the GDP. There are
257 licensed companies, at present 150 are functional. The research on pharmaceutical industry
in Bangladesh is very limited and there is a problem I have identified. There is a problem of
investing in pharmaceutical industry. I cannot make decision investment in pharmaceutical
industry. I want to know the solution through measuring the financial performance of
pharmaceutical industry. I want to know is it good or not to invest in the pharmaceutical industry
and this research is very helpful such as investors, regulators and pharmaceutical companies.
This research is analyzed how well the companies are performing the pharmaceutical industry.
This research measure financial performance of some companies in the pharmaceutical industry
and determines profitability in this sector. Performance evaluation of a company is usually
related to how well a company can use its assets, shareholder equity and liability, revenue and
expenses. It can help to understand the financial position of a company. Financial ratio analysis
is one of the best tools of performance evaluation of any company. Ratio analysis is an analytical
tool that a company can use to see how its business’s financial affairs compare year to year and
to other business firms in the same industry. In order to determine the financial position of the
pharmaceutical company and to make a judgment of how well the pharmaceutical company
efficiency, its operation and management and how well the company has been able to utilize its
assets and earn profit, ratio analysis as a tool for measurement. So I have measured some
company’s financial performance through ratio analysis.
1.1 Introduction to the topic:

Financial Statement Analysis: Financial statement analysis (or financial analysis) is

the process of reviewing and analyzing a company's financial statements to make better
economic decisions. These statements include the statement, sheet, statement and
statement. Financial statement analysis is a method or process involving specific
techniques for evaluating risks, performance, financial health, and future prospects of an
organization.

Financial statement analysis should focus primarily on isolating information useful for
making a particular decision. The information required can take many forms but usually
involves comparisons, such as comparing changes in the same item for the sane company
over a number of years, comparing key relations within the same year or comparing the
operations of several different companies in the same industry.

Methods of Analysis: The method which I have used in this research is Ratio
Analysis.

Ratio Analysis: Ratio analysis is a quantitative method of gaining insight into a

company's liquidity, operational efficiency, and profitability by studying its financial
statements such as the balance sheet and income statement.

Investors and analysts employ ratio analysis to evaluate the financial health of companies
by scrutinizing past and current financial statements. Comparative data can demonstrate
how a company is performing over time and can be used to estimate likely future
performance. This data can also compare a company's financial standing with industry
averages while measuring how a company stacks up against others within the same sector.

Investors can use ratio analysis easily, and every figure needed to calculate the ratios is
found on a company's financial statements. Ratios are comparison points for companies.
They evaluate stocks within an industry. Likewise, they measure a company today against
its historical numbers. In most cases, it is also important to understand the variables driving
 ratios as management has the flexibility to, at times, alter its strategy to make its stock and
company ratios more attractive. Generally, ratios are typically not used in isolation but
rather in combination with other ratios. Having a good idea of the ratios in each of the four
previously mentioned categories will give you a comprehensive view of the company from
different angles and help you spot potential red flags.
Capital Budgeting Technique: Capital budgeting is the process a business undertakes to
evaluate potential major projects or investments. Construction of a new plant or a big investment
in an outside venture are examples of projects that would require capital budgeting before they
are approved or rejected.

As part of capital budgeting, a company might assess a prospective project's lifetime cash
inflows and outflows to determine whether the potential returns that would be generated meet a
sufficient target benchmark. The capital budgeting process is also known as investment
appraisal.

Payback Period: The payback period refers to the amount of time it takes to recover the cost
of an investment. Simply put, the payback period is the length of time an investment reaches
a point. The desirability of an investment is directly related to its payback period. Shorter
paybacks mean more attractive investments. Although calculating the payback period is useful in
financial and capital budgeting, this metric has applications in other industries. It can be used by
homeowners and businesses to calculate the return on energy-efficient technologies such as solar
panels and insulation, including maintenance and upgrades.

Discounted Payback Period: The discounted payback period is a capital budgeting

procedure used to determine the profitability of a project. A discounted payback period gives the
number of years it takes to break even from undertaking the initial expenditure, by discounting
future cash flows and recognizing the time value of money. The metric is used to evaluate the
feasibility and profitability of a given project. The more simplified payback period formula,
which simply divides the total cash outlay for the project by the average annual cash flows,
doesn't provide as accurate of an answer to the question of whether or not to take on a project
because it assumes only one, upfront investment, and does not factor in the time value of money.
Net Present Value (NPV): Net present value (NPV) is the difference between the present
value of cash inflows and the present value of cash outflows over a period of time. NPV is used
in capital budgeting and investment planning to analyze the profitability of a projected
investment or project.

Internal Rate of Return: The internal rate of return is a metric used in financial analysis to
estimate the profitability of potential investments. The internal rate of return is a discount
rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash
flow analysis. IRR calculations rely on the same formula as NPV does.
Profitability Index: The profitability index (PI), alternatively referred to as value investment
ratio (VIR) or profit investment ratio (PIR), describes an index that represents the relationship
between the costs and benefits of a proposed project. It is calculated as the ratio between the
present value of future expected cash flows and the initial amount invested in the project. A
higher PI means that a project will be considered more attractive.

1.2Introduction to the company:

About Square Pharmaceuticals Company: SQUARE today symbolizes a name – a
state of mind. But its journey to the growth and prosperity has been no bed of roses. From the
inception in 1958, it has today burgeoned into one of the top line conglomerates in Bangladesh.
Square Pharmaceuticals Ltd., the flagship company, is holding the strong leadership position in
the pharmaceutical industry of Bangladesh since 1985 and is now on its way to becoming a high
performance global player.

SQUARE Pharmaceuticals Limited is the largest pharmaceutical company in Bangladesh and it

has been continuously in the 1st position among all national and multinational companies since
1985. It was established in 1958, converted into a public limited company in 1991 and listed with
stock exchanges in 1995. The turnover of Square Pharma was BDT 50.87 Billion (US$ 609.18
million) with about 16.95% market share having a growth rate of about 10.85% (July 2018– June
2019).
SQUARE Pharmaceuticals Limited has extended its range of services towards the highway of
global market. It pioneered exports of medicines from Bangladesh in 1987 and has been
exporting antibiotics and other pharmaceutical products. Present export market covers 42
countries. This extension in business and services has manifested the credibility of Square
Pharmaceuticals Limited.

About Beximco Pharmaceuticals Company: Beximco Pharmaceuticals Ltd (Beximco

Pharma) is a leading manufacturer and exporter of medicines in Bangladesh. Incorporated in the
late 70s, Beximco Pharma began as a distributor, importing products from global MNCs like
Bayer, Germany and Upjohn, USA and selling them in the local market, which were later
manufactured and distributed under licensing arrangement. Since then, the journey continued,
and today, Beximco Pharma is one of the largest exporters of medicines in Bangladesh, winning
National Export Trophy (Gold) a record five times.

The company continues to adhere to the global standards and its manufacturing facilities have
been already certified by the regulatory authorities of USA, Europe, Australia, Canada, Latin
America and South Africa. Over the last three decades Beximco Pharma has grown from
strength to strength but the simple principle on which it was founded remains the same:
producing high quality generics and making them affordable. Ensuring access to quality
medicines is the powerful aspiration that motivates more than 3,800 employees of the company,
and each of them is guided by the same moral and social responsibilities the company values
most.
Beximco Pharma was founded in 1976 and started operations in 1980, manufacturing products
under the licenses of Bayer AG of Germany and Upjohn Inc. of United States. Today Beximco
Pharma manufactures and markets its own branded generics for several diseases including AIDS,
cancer, asthma, hypertension, and diabetes for both national and international markets. It was the
first drug company from Bangladesh to sell its products in the US.
 Chapter 2-Literature Review
The pharmaceutical industry in Bangladesh is one of the most developed technology sectors
within Bangladesh. Manufacturers produce insulin, hormones, and cancer drugs. This sector
provides 97% of the total medicinal requirement of the local market. The industry also exports
medicines to global markets, including Europe. Pharmaceutical companies are expanding their
business with the aim to expand the export market.

The Industry exports active pharmaceutical ingredients (APIs) and a wide range of
pharmaceutical products, covering all major therapeutic classes and dosage forms, to 79
countries. Along with regular forms like tablets, capsules and syrups, Bangladesh also exports
specialized products like HFA inhalers, CFC inhalers, suppositories, nasal sprays, injectable, IV
infusions, etc. These products have been well accepted by medical practitioners, chemists,
patients and the regulatory bodies of all of their importing nations. The packaging and the
presentation of the products of Bangladesh are comparable to any international standard.

The industry continues its strong research orientation in generic formulation development and
has already proven its skills with successful development of specialized, high-tech formulations
which are very difficult to imitate. Leading companies have focused on specialized dosage
delivery systems to create strong differentiation and successfully developed metered dose inhaler
(MDI), dry powder inhaler (DPI), lyophilized injectable, sterile ophthalmic, prefilled syringes,
oral thin films, multi-layer tablets, biological products, including insulin, vaccines etc.

The pharmaceutical industry in Bangladesh is one of the most developed technology sectors
within Bangladesh. Manufacturers produce insulin, hormones, and cancer drugs. This sector
provides 97% of the total medicinal requirement of the local market. The industry also exports
medicines to global markets, including Europe. Pharmaceutical companies are expanding their
business with the aim to expand the export market.The Pharmaceutical sector of Bangladesh has
been transforming and evolving since the early 80s. The sector has grown from strength to
strength over the last 4 decades. Since this is a technology and knowledge based sector; the
journey was not an easy one for a LDC country faced with enormous economic challenges. Now,
Bangladesh proudly stands alone as the only LDC that has a well-developed pharmaceuticals
sector.
 Chapter 2-Literature Review
The study mainly based on secondary data which is collected from the annual financial reports of
pharmaceutical company. The research problem was identified before. So the research is
conclusive research which is done through measuring ratio analysis to evaluate the performance
of pharmaceutical industry.
3.1 Project Design: This project is evaluating financial performance of Square
Pharmaceuticals and Beximco Pharmaceuticals Company. Here at first I have discussed about
the topic of this project in details and then about the two pharmaceuticals company. Then I
discuss the about the industry in the literature review. After the Methodology, I will the analysis
of the project where I have compared the performance between Square and Beximco
Pharmaceuticals Company and try to give recommendation and conclusion.This project is
conclusive project. The problem of this project identified before when I was studying Bachelors
of Business Administration at Eastern University. The research technique is convenience
sampling. I have selected the sample which data is available and easy to collect considering the
sampling frame. The sample size for this research is two where I have selected two companies
from the sampling frame where having two groups. From each group I have selected one sample.
I have selected two pharmaceuticals company; these are Square Pharmaceuticals, Beximco
Pharmaceuticals.

3.2 Approach: This project data will be mixed approach where having combination of
qualitative and quantitative data. There will be ratio analysis, graph and chart which is done with
quantitative data and some information about the companies and working with its that’s will be
the qualitative data where I have to make some decision which will be qualitative data.

3.3 Limitations: I have faced some problems while conducting the study some of which are
as follows:

 I did not get much time to complete the study.

 I did not get enough relevant information for the study.
 If I get enough time, we could improve good quality of our study.
 Relevant information was not as available as required.
 Limited analytical tools have been used due to practical experience and time constraint.
 Due to lack of practical experience, some errors might be occurred during the study.
Therefore maximum efforts have given to avoid mistake.
 Chapter 4- Analysis:
The ratios which I have used in this project in described in the below:
 Liquidity Ratios: Liquidity ratios are an important class of financial metrics used to
determine a debtor's ability to pay off current debt obligations without raising external
capital.

1.Current Ratio: The current ratio is a liquidity ratio that measures a company's ability to
pay short-term obligations or those due within one year. It tells investors and analysts how a
company can maximize the current assets on its balance sheet to satisfy its current debt and other
payables.

Current Ratio
Current Assets
Current Ratio= Current Liabilities
Square Pharma.(2019) Beximco Pharma. (2019)
38411642036 13264161542
Current Ratio = Current Ratio=
2971088529 12745832154
=12.93 times = 1.04 times
14
Current Ratio
12

10

12.93
6

1.04
0
Square Pharma Beximco Pharma

Interpretation: The current ratio square pharmaceuticals company is better than Beximco
Pharmaceuticals Company. But Square Pharmaceuticals Company should invest its current asset
to another project which can generate huge profit to the Square Pharmaceuticals company. The
Beximco Company try reduce their current liabilities which sometimes stop their daily activities
to meet short term finance obligations.

2.Quick Ratio:

Quick Ratio
Current Assets−Inventory
Quick ratio= Current Liabilities
Square Pharma(2019) Beximco(2019)
Quick Ratio = Quick Ratio=

38411642036−4596512673 13264161542−5924031678
2971088529 12745832154
=11.38 times = 0.57 times

Quick Ratio
12 11.38

10

2
0.57
0
Square Pharma Beximco Pharma

Interpretation: The quick ratio of Square Pharmaceuticals is about 11.38 which is excellent
performance. On the other hand, the Beximco Pharmaceuticals is about 0.57 where the company
has huge inventory. The performance of Beximco pharmaceuticals is not enough good. They
should try to focus on their inventory management.

 Financial Leverage Specturm:

1.Debt Ratio: Debt ratio is a ratio that indicates the proportion of a company's debt to its total
assets. It shows how much the company relies on debt to finance assets. The debt ratio gives
users a quick measure of the amount of debt that the company has on its balance sheets
compared to its assets. The higher the ratio, the greater the risk associated with the firm's
operation. A low debt ratio indicates conservative financing with an opportunity to borrow in the
future at no significant risk.

Debt Ratio
Total liabilities
Debt Ratio= total assets
Square Pharma. (2019) Beximco Pharma. (2019)
4265435402 19349768523
Debt Ratio = Debt Ratio=
721460525774 49214092360
=5.91% = 39.31%

Debt Ratio
45.00%
40.00%
35.00%
30.00%
25.00%
20.00% 39.31%
15.00%
10.00%
5.00%
5.91%
0.00%
Square Pharma Beximco Pharma

Interpretation: In debt ratio, the Square pharmaceuticals company’s performance is very good.
The debt ratio of Square Pharmaceuticals is 5.91% which is very good for the company. Another
Beximco is also doing well in the debt ratio. We know the less than 50% debt ratio in standard,
so all the company’s performance is very good. Here square pharma should invest it’s assets to
another project or it’s can be reinvest its assets which may generate more profit.

2. Time Interest earned ratio:

The times interest earned (TIE) ratio is a measure of a company's ability to meet its debt
 obligations based on its current income. The formula for a company's TIE number is
earnings before interest and taxes (EBIT) divided by the total interest payable on bonds and
other debt.

Time Interest Earned Ratio

EBIT
TIE Ratio= Intere st expenses
Square Pharma. (2019) Beximco Pharma. (2019)
14142449357 5066173567
TIE Ratio = TIE Ratio=
95196 1029762542
=148561.38 times = 4.91 times

Time Interest Earned Ratio

160000
140000
120000
100000
80000 148561.38
60000
40000
20000
0 4.91
Square Pharma
Beximco Pharma

Interpretation: The time interest earned ratio help to know ability to meet how many times the
company can meet its finance cost. Here we can see that the square pharmaceuticals can able to
meet 14861.38 times which is very good for the company because the company has less liability
and assets are too high. If we go to another company, Beximco Pharmaceuticals should reduce
the operating costs to improve time interest earned ratio .So if go to the industry average; we can
say the Pharmaceuticals industry can meets finance cost because of their solvency.

 Activity Ratio:Activity ratios measure a firm's ability to convert different accounts

within its balance sheets into cash or sales. Activity ratios measure the relative efficiency
of a firm based on its use of its assets, leverage, or other similar balance sheet items and
 are important in determining whether a company's management is doing a good enough
job of generating revenues and cash from its resources.

Inventory Turnover
Inventory turnover is a ratio showing how many times a company has sold and replaced
inventory during a given period. A company can then divide the days in the period by the
inventory turnover formula to calculate the days it takes to sell the inventory on hand. It is
calculated as sales divided by average inventory. Calculating inventory turnover can help
businesses make better decisions on pricing, manufacturing runs, how to leverage promotions to
move excess inventory, and how and when to purchase new inventory. Inventory turnover may
also be found by dividing cost of goods sold with average inventory.

Inventory Turnover
Costs of Goods Sold
Inventory Turnover= Inventory
Square Pharma. (2019) Beximco Pharma. (2019)
2201384351 12196286770
Inventory Turnover= Inventory Turnover=
4596512673 5924031678
=4.80 times = 2.05 times
6
Inventory Turnover
5

4.8
2

1 2.05

0
Square Pharma Beximco Pharma

Interpretation: The more inventory turnover, the better. Here Inventory turnover of Square
Pharmaceuticals Company is about 4.8 and Beximco Pharmaceuticals Company’s inventory
turnover is about 2.05 where Square Pharmaceuticals company performance is good. The
Beximco Pharmaceuticals Company should increase sales and focus on inventory management.
Receivable Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio
that measures how many times a business can turn its accounts receivable into cash during a
period. In other words, the accounts receivable turnover ratio measures how many times a
business can collect its average accounts receivable during the year.

Receivable Turnover
Sales
Receivable Turnover = Accounts Receivable
Square Pharma. (2019) Beximco Pharma. (2019)
50866867352 22816629795
Receivable Turnover = Receivable Turnover =
1561818167 3334958905
=32.56 times = 6.84 times
35
Receivable Turnover
30

25

20

32.56
15

10

5
6.84

0
Square Pharma Beximco Pharma

Interpretation: We know the more receivable turnover the better. Here Square pharmaceuticals
receivable turnover is about 32.56 and Beximco Pharmaceuticals Company’s receivable turnover
is about 6.84 where the square pharmaceuticals performance is very good. The Beximco
Pharmaceuticals should reduce their account receivable. They should sales in cash.

Days sales in Receivable

The average collection period is the amount of time it takes for a business to receive payments
owed in terms of accounts receivable. The average collection period is calculated by dividing the
average balance of accounts receivable by total net credit sales for the period and multiplying the
quotient by the number of days in the period.
 Day’s Sales in Receivable
365
Day’s Sales in Receivable= Receivable Turnover
Square Pharma. (2019) Beximco Pharma. (2019)
365 365
Day’s Sales in Receivable = Day’s Sales in Receivable=
32.56 32.56
=11 Days = 53 Days
60
Day's Sales in Receivable
50

40

30
53
20

10
11
0
Square Pharma Beximco Pharma

Interpretation: We know the less Day’s Sales in Receivable, the better. Here Square
Pharmaceuticals day’s sales in receivable are about 11 days and for Beximco is about 53 Days.
Here Square Pharmaceuticals performance is better than Beximco Pharmaceuticals. The
Beximco Pharmaceuticals should sales in cash.

Asset Turnover Ratio

The asset turnover ratio measures the value of a company's sales or revenues relative to the value
of its assets. The asset turnover ratio can be used as an indicator of the efficiency with which a
company is using its assets to generate revenue.

Asset Turnover Ratio

 Sales
Asset Turnover Ratio= Total Assets
Square Pharma. (2019) Beximco Pharma. (2019)
50866867352 22816629795
Asset Turnover Ratio = Asset Turnover Ratio=
72146052574 49214092360
=70.05% = 46.36%

80.00%
Asset Turnover Ratio
70.00%

60.00%

50.00%

40.00%
70.50%
30.00%
46.36%
20.00%

10.00%

0.00%
Square Pharma Beximco Pharma

Interpretation: The more asset turnover ratio, the better. Here the asset turnover ratio of square
pharmaceuticals is about 70.5% and the Beximco Pharmaceuticals asset turnover ratio is about
46.36%. The square pharceuticals company’s performance is better than the Beximco
Pharmaceuticals Company. The Beximco Pharmaceuticals should increase its sales which can
lead to generate huge profit with its assets.

 Profitability Ratio: Profitability ratios are a class of financial metrics that are used to
assess a business's ability to generate earnings relative to its revenue, operating costs, balance
sheet assets, or shareholders' equity over time, using data from a specific point in time.
Gross Profit Margin: Gross Profit margin is one of the commonly used profitability
ratios to gauge the degree to which a company or a business activity makes money. It
 represents what percentage of sales has turned into profits. Simply put, the percentage figure
indicates how many cents of profit the business has generated for each dollar of sale.

Gross Profit Margin

Gross profit
Gross profit margin= Net Sales
Square Pharma. (2019) Beximco Pharma. (2019)
44033634269 10620343025
Gross P.M. = Gross P.M.=
50866867352 22816629795
=86.56% =46.54%

Gross Profit Margin

100.00%
90.00%
80.00%
70.00%
60.00%
50.00%
40.00% 86.56%
30.00%
20.00% 46.54%
10.00%
0.00%
Square Pharma Beximco Pharma

Interpretation: Here the three company’s performance is good. The square pharmaceuticals
company has the highest gross profit margin which is 86.56%, an excellent performance for this
company. The Beximco and Pharmaceuticals Company is also doing well with gross profit
margin. If we go the industry average, we can say that the pharmaceuticals industry is enough
profitability with its gross profit margin.

Operating Profit Margin: Operating profit margin measures how much profit a company
makes on a dollar of sales after paying for variable costs of production, such as wages and raw
materials, but before paying interest or tax. It is calculated by dividing a company’s operating
income by its net sales.
 Operating profit margin
Operatingincome
Operating Profit Margin= Sales
Square Pharma. (2019) Beximco Pharma. (2019)
14142449257 5066173567
O.P.M. = O.P.M =
50866867352 22816629795
=27.80% = 22.20%

Operating Profit Margin

30.00%

25.00%

20.00%

15.00% 27.80%
10.00% 22.20%

5.00%

0.00%
Square Pharma Beximco Pharma

Interpretation: The operating profit of the three companies is very good. Here is the
dramatically changes if we go to compare the gross profit margin and operating profit margin
which we can see that the operating cost is too high in the square pharmaceuticals so there is
huge differences between gross profit margin and operating profit margin. If we go to consider
the industry average, the pharmaceuticals industry performs very well. Any investor can invest
the pharmaceuticals investor.

Return on Assets: Profitability is assessed relative to costs and expenses and analyzed in
comparison to assets to see how effective a company is deploying assets to generate sales and
profits. The use of the term "return" in the ROA ratio customarily refers to net profit or net
income—the value of earnings from sales after all costs, expenses, and taxes. ROA is net income
divided by total assets.
 Return on Assets
Net income after tax
Return on Assets= total assets
Square Pharma. (2019) Beximco Pharma. (2019)
11720694839 3040402954
ROA = ROA=
72146052574 49214092360
=16.24% =6.17%

Return on Asset
18.00%
16.00%
14.00%
12.00%
10.00%
8.00% 16.24%
6.00%
4.00%
6.17%
2.00%
0.00%
Square Pharma Beximco Pharma

Interpretation: The highest return on assets, the better. Here we can see that the square pharma
is pretty well whereas Beximco Pharmaceuticals Company has comparatively low. If we
compare with the industry average we can find out that the performance of pharmaceuticals
industry is very well in Return on Assets. The company should generate huge profit to improve
the Return on assets. On the hands, the company should reinvest their current assets to improve
return on Assets.

Return on Equity: ROE is a key ratio for shareholders, as it measures a company's ability to
earn a return on its equity investments. ROE is net income divided by shareholders' equity. ROE
may increase without additional equity investments, as the ratio can rise due to higher net income
due to a larger asset base funded with debt.

Return on Equity
 Net income after tax
Return on Equity= Share holders Equity
Square Pharma. (2019) Beximco Pharma. (2019)
11720694839 3040402954
ROE = ROE=
67880617172 29864323837
=17.26% = 10.18%

Return on Equity
20.00%
18.00%
16.00%
14.00%
12.00%
10.00%
8.00% 17.26%
6.00%
10.18%
4.00%
2.00%
0.00%
Square Pharma Beximco Pharma

Interpretation: Here the return on equity of the two companies is very good. Surprisingly,
Square Pharmaceuticals Company has the higher return on equity which is 17.26% because there
is a less shareholders equity which can help to generate more return on asset. If we go to average
the two company’s performance, the pharmaceuticals industry’s performance of return on equity
is very good. So we can say above the analysis that the profitability of pharmaceuticals industry
is excellent.

Chapter 5- Conclusion:
Bibliography:

Appendices: