IFriedman Industries (NYSE:FRD) yiprosesa yekhoyili eqengqelekayo eshushu. Le nkampani ithenga iikhoyili kubavelisi abakhulu ize izicubungule ukuze ziphinde zithengiswe kubathengi bokugqibela okanye kubathengisi.
Le nkampani igcine ubulumko kwezemali nokusebenza ukuze ingachaphazeleki kakhulu kukwehla koqoqosho. Enyanisweni, iminyaka elishumi phakathi kokuphela kwengxaki yezemali nokuqala kwengxaki ye-COVID yayingeyiyo intle kangako kwiimpahla ngokubanzi, kodwa ingeniso ephakathi yenkampani yayiyi-$2.8 yezigidi.
Uluhlu lwee-FRDs luhlala lunxulunyaniswa namaxabiso entsimbi, njengoko amaxabiso aphezulu entsimbi ethetha inzuzo ephezulu kunye nokwanda kwemfuno yeemveliso ze-FRD. Ukugqitywa kokugqibela kwamaxabiso entsimbi kwiinyanga ezili-12 ezidlulileyo bekungafani.
Umahluko ngeli xesha kukuba imeko yezoqoqosho isenokuba itshintshile, nto leyo ebonisa ukuba amaxabiso eemveliso aphakamileyo ngokomndilili kunokuba ebenjalo kwiminyaka elishumi edlulileyo. Ukongeza, i-FRD inyusa imveliso ngokwakha iifektri ezintsha kwaye iqalile ukuthintela amanye amashishini ayo, ngeziphumo ezahlukeneyo.
Olu tshintsho lunokubonisa ukuba i-FRD iya kukwazi ukufumana imali engaphezulu kwiminyaka elishumi ezayo kunokuba ibinjalo ngaphambili, ngaloo ndlela, ithethelele ixabiso layo langoku lesabelo. Nangona kunjalo, ukungaqiniseki akukasonjululwa, kwaye sikholelwa ukuba isitokhwe esinolwazi olufumanekayo sibiza kakhulu.
Qaphela: Ngaphandle kokuba kuchazwe ngenye indlela, lonke ulwazi luvela kwiifayile ze-SEC ze-FRD. Unyaka-mali we-FRD uphela nge-31 kaMatshi, ngoko ke kwingxelo yayo ye-10-K, unyaka-mali wangoku ubhekisa kunyaka-mali odlulileyo, kwaye kwingxelo yayo ye-10-Q, unyaka-mali wangoku ubhekisa kunyaka-mali wangoku.
Naluphi na uhlalutyo lwenkampani olugxile kwimpahla ejikelezayo okanye iimveliso ezinxulumene nayo alunakuwukhuphela ngaphandle umxholo wezoqoqosho apho inkampani isebenza khona. Ngokubanzi, sikhetha indlela esezantsi ukusuka phezulu ukuya phezulu kunokuvavanya ixabiso, kodwa kolu hlobo lwenkampani, indlela esezantsi ukusuka phezulu ayinakuphepheka.
Sigxila kwixesha eliqala ngoJuni 2009 ukuya kuMatshi 2020. Ngokwazi kwethu, eli xesha, nangona lingafani, laphawulwa kukwehla kwamaxabiso eemveliso, ingakumbi amaxabiso amandla, amazinga enzala aphantsi, kunye nemigaqo-nkqubo yokwandisa imali kunye nokuhlanganiswa korhwebo lwehlabathi.
Itshati engasezantsi ibonisa ixabiso le-HRC1, ikhontrakthi yasekhaya ye-hot rolled coil futures enikezelwa yi-FRD ikakhulu. Njengoko sinokubona, ixesha esigqibe ngalo ukuhlalutya amaxabiso agubungeleyo aqala kwi-$375 ukuya kwi-$900 ngetoni. Kuyabonakala kwitshati ukuba isenzo sexabiso emva koMatshi 2020 sahlukile kakhulu.
I-FRD yiprosesa esezantsi, oko kuthetha ukuba yiprosesa esondele kakhulu kumthengi wokugqibela wemveliso yentsimbi. I-FRD ithenga ii-hot rolled coils ngobuninzi kwiifektri ezinkulu, ezithi emva koko zisikwe, zibunjwe okanye ziphinde zithengiswe njengoko zinjalo kubathengi bokugqibela okanye abarhwebi.
Le nkampani okwangoku ineendawo ezintathu zokusebenza eDecatur, eAlabama; iLone Star, eTexas; kunye neHickman, eArkansas. Izityalo zaseAlabama naseArkansas zizinikele ekusikeni iikhoyili, ngelixa isityalo saseTexas sizinikele ekwenzeni iikhoyili zibe ziityhubhu.
Ukukhangela okulula kwiGoogle Maps kwisakhiwo ngasinye kubonise ukuba zonke ezi zakhiwo zintathu zikufutshane neefektri ezinkulu zeempawu ezaziwayo kweli shishini. Isakhiwo seLone Star sikufutshane nesakhiwo semveliso ye-US Steel (X). Zombini izityalo zeDecatur kunye neHickman zikufutshane kakhulu nesityalo seNucor (NUE).
Indawo yeyona nto ibalulekileyo kwixabiso kunye nokuthengisa, njengoko uthutho ludlala indima enkulu kwiimveliso zentsimbi, ngoko ke ukugxila kuyanceda. Iifektri ezinkulu zisenokungakwazi ukucubungula intsimbi ngokufanelekileyo ehlangabezana neemfuno zabathengi bokugqibela, okanye zinokugxila kuphela ekulinganiseni iindawo ezimbalwa zemveliso, zishiya iifektri ezincinci ezifana ne-FRD zikwazi ukusingatha ezinye.
Njengoko ubona kwitshathi engezantsi, kwiminyaka elishumi edlulileyo, imajini iyonke ye-FRD kunye nenzuzo yokusebenza ziye zahamba kunye namaxabiso entsimbi (itshathi yayo yamaxabiso ikwicandelo elingaphambili), njengayo nayiphi na enye inkampani esebenza kwimpahla zorhwebo.
Okokuqala, zimbalwa kakhulu amaxesha apho ii-FRD zigcwele khona. Rhoqo, i-operating leverage yingxaki kwiinkampani ezisebenzisa kakhulu ii-asethi. Iindleko ezizinzileyo ezibangelwa zizibonelelo zenza utshintsho oluncinci kwingeniso okanye inzuzo epheleleyo zinempembelelo enkulu kwingeniso yokusebenza.
Njengoko itshathi engasezantsi ibonisa, i-FRD ayibaleki kule nyaniso, kwaye intshukumo yengeniso iyanda njengoko ingxelo yengeniso isiya isihla. Okukhethekileyo nge-FRD kukuba ayilahlekelwa yimali eninzi xa amaxabiso eemveliso zayo ehla. Oko kuthethiweyo, nangona i-FRD ichaphazeleka yimpembelelo yokusebenza, iyakwazi ukumelana nemijikelo yeshishini esezantsi.
Inkalo yesibini enomdla kukuba ingeniso ephakathi ye-FRD yokusebenza ngelo xesha yayiyi-$4.1 yezigidi. Ingeniso ephakathi ye-FRD ngelo xesha yayiyi-$2.8 yezigidi, okanye i-70% yengeniso yokusebenza. Umahluko kuphela phakathi kwengeniso yokusebenza ye-FRD kunye nengeniso epheleleyo yirhafu yengeniso ye-30%. Oku kuthetha ukuba inkampani ineendleko ezimbalwa zemali okanye ezinye iindleko, kwaye kwelinye icala inciphisa amandla okusebenzisa imali (kule meko yezemali). Oku kungenxa yokuba i-FRD ayinatyala lemali ngeli xesha.
Okokugqibela, umndilili wonyaka wokuhla kwexabiso kunye nokuhlawula amatyala akwahlukanga kakhulu kwiindleko zemali ngexesha eligutyungelweyo. Oku kusinika ukuzithemba kokuba inkampani ayichazanga ngokuchanekileyo iindleko zayo zemali, kwaye ke ngoko isebenzise iindleko ukuphucula ingeniso ngokusebenzisa ubalo-mali.
Siyaqonda ukuba iindleko zemali ezisemgangathweni kunye nenkxaso-mali ziye zagcina i-FRD inenzuzo ngamaxesha anzima kushishino lwentsimbi. Le yinto ebalulekileyo eqinisekisayo xa kucingwa nge-FRD.
Injongo yolu hlalutyo ayikokuqikelela ukuba kuya kwenzeka ntoni kwizinto ezingalindelekanga ezifana namaxabiso eemveliso, amazinga enzala kunye norhwebo lwehlabathi.
Nangona kunjalo, singathanda ukuphawula ukuba imeko esikuyo kunye nemeko-bume enokwenzeka ukuba iphuhle kwiminyaka elishumi ezayo ibonakalise iimpawu ezicacileyo kakhulu xa kuthelekiswa nemeko kwiminyaka elishumi edlulileyo.
Ngokuqonda kwethu, nangona sithetha ngezinto ezingakhange zicace, ezi zinto zintathu zahlukile kakhulu.
Okokuqala, ihlabathi alibonakali ngathi liya phambili ekudibaneni ngakumbi korhwebo lwamazwe ngamazwe. Oku kubi kuqoqosho luphela, kodwa kulungile kubavelisi beempahla ezingachaphazeleki kangako lukhuphiswano lwamazwe ngamazwe. Oko ngokucacileyo kuyinzuzo kubenzi besinyithi baseMelika, abanengxaki yokhuphiswano oluphantsi, uninzi lwabo luvela eTshayina. Kakade ke, ukwehla kwemfuno okubangelwe kukwehla korhwebo nako kube nefuthe elibi kwimfuno yentsimbi.
Okwesibini, iibhanki eziphambili kwezoqoqosho eziphucukileyo ziye zayishiya imigaqo-nkqubo yemali yokwandisa eziye zayisebenzisa kwiminyaka elishumi edlulileyo. Asiqinisekanga ukuba inokuba yintoni impembelelo kumaxabiso eemveliso.
Okwesithathu, kwaye ngokunxulumene nezinye ezimbini, ukunyuka kwamaxabiso kumazwe aphucukileyo sele kuqalile, kwaye akukho kungaqiniseki malunga nokuba kuya kuqhubeka na. Ukongeza kwiingcinezelo zokunyuka kwamaxabiso, izohlwayo zakutshanje kwiRashiya nazo zichaphazele imeko yedola njengemali egciniweyo yamazwe ngamazwe. Zombini ezi nkqubela zibe nefuthe elinyukayo kumaxabiso eemveliso.
Kwakhona, injongo yethu asikokuqikelela amaxabiso entsimbi yexesha elizayo, kodwa kukubonisa ukuba uqoqosho olukhulu lutshintshe kakhulu xa kuthelekiswa nemeko ephakathi kowama-2009 nowama-2020. Oku kuthetha ukuba ii-FRD azinakuhlalutywa ngenjongo yokubuyela kumaxabiso eemveliso kunye nemfuno yeshumi leminyaka elidlulileyo.
Sikholelwa ukuba utshintsho oluthathu lubaluleke kakhulu kwikamva le-FRD, ngaphandle kotshintsho kwixabiso kunye nobungakanani obufunekayo.
Okokuqala, i-FRD ivule indawo entsha kwicandelo layo lokusika iikhoyili eHinton, eTexas. Ngokwengxelo yenkampani ye-10-Q yekota yesithathu ka-2021 (ngoDisemba 2021), ixabiso lilonke lendawo eliyi-$21 yezigidi lichithwe okanye liqokelelwe nge-$13 yezigidi. Inkampani ayikabhengezi ukuba le ndawo iza kuqala nini ukusebenza.
Esi sakhiwo sitsha siza kuba nesinye sezona matshini zokusika zikhulu ehlabathini, nto leyo eyandisa kungekuphela nje imveliso kodwa noluhlu lweemveliso ezinikezelwa yinkampani. Esi sakhiwo sikwikhampasi yeSteel Dynamics (STLD), eqeshiselwe inkampani nge-$1 ngonyaka kangangeminyaka engama-99.
Esi sakhiwo sitsha sikhula kwifilosofi efanayo yesakhiwo sangaphambili kwaye sikufutshane kakhulu nomvelisi omkhulu ukusingatha imveliso echanekileyo kakhulu kuloo mvelisi.
Xa kuthathelwa ingqalelo ixesha lokwehla kwexabiso leminyaka eli-15, esi sakhiwo sitsha siza kuyiphinda kabini indleko yokwehla kwexabiso yangoku ye-FRD ukuya kwi-$3 yezigidi. Oku kuya kuba yinto embi ukuba amaxabiso abuyela kumanqanaba abonwe kwiminyaka elishumi edlulileyo.
Okwesibini, i-FRD iqalile imisebenzi yokukhusela ukusukela ngoJuni ka-2020, njengoko kubhengezwe kwingxelo yayo ye-FY21 10-K. Ngokuqonda kwethu, ukukhusela kwazisa umngcipheko omkhulu wezemali kwimisebenzi, kwenza ukutolikwa kweengxelo zemali kube nzima ngakumbi, kwaye kufuna umgudu wolawulo.
I-FRD isebenzisa i-hedge accounting kwimisebenzi yayo yokukhusela, evumela ukuba ilibazise ukuqatshelwa kweenzuzo kunye nelahleko kwi-derivatives de kube kusebenze i-hedged operation, ukuba ikhona,. Umzekelo, masithi i-FRD ithengisa isivumelwano esilungisiweyo se-HRC esilungisiweyo kwisithuba seenyanga ezintandathu nge-$100. Ngomhla isivumelwano silungisiwe ngawo, ixabiso elimiselweyo yi-$50. Inkampani emva koko yabhalisa i-$50 kwii-asethi ze-derivative ezithengiswayo kunye ne-$50 kwiinzuzo ze-derivative ezingazalisekanga kwezinye ingeniso epheleleyo. Intengiselwano yokwenyani ye-hedge yenzeka ngaloo mini ngexabiso elimiselweyo le-$50, kwaye inzuzo ye-OCI emva koko iguqulwa ibe yingeniso eseleyo yonyaka ngokongeza i-$50 kwintengiso.
Ukuba nje umsebenzi ngamnye wokukhusela ekugqibeleni uhambelana nomsebenzi wokwenyani, yonke into iya kusebenza kakuhle. Kule meko, zonke iinzuzo kunye nelahleko kwi-derivatives zincitshiswa kakhulu ziinzuzo kunye nelahleko kurhwebo lokwenyani. Abafundi banokuqhelisela ukuthenga nokuthengisa ukukhusela njengoko amaxabiso enyuka okanye ehla.
Iingxaki ziqala xa iinkampani zigqithisa ukhuseleko kwishishini elingayi kwenzeka. Ukuba isivumelwano esiphuma kwisivumelwano sibangela ilahleko, sidluliselwa phambili kwinzuzo engenanto ngaphandle kokuba umntu omelene naso ukuze asirhoxise. Umzekelo, masithi inkampani iceba ukuthengisa iikhoyili ezili-10 kwaye ke ngoko ithengise iikhoyili ezili-10 ezihlawulelwe ngemali. Ukunyuka kwexabiso eliyi-20% kwixabiso eliyi-spot kubangela ilahleko ye-20% kwisivumelwano ngasinye (i-leverage ayiqwalaselwa ngokulula). Ukuba iikhoyili ezili-10 ezilandelayo zithengiswa ngexabiso eliyi-spot, akukho lahleko. Nangona kunjalo, ukuba inkampani igqibela ithengisa iikhoyili ezi-5 kuphela ngexabiso eliyi-spot, kufuneka iqonde ilahleko yeekhoyili ezisele.
Ngelishwa, kwiinyanga ezili-18 kuphela zokusebenza kokukhusela, i-FRD iqaphele ilahleko yokukhusela engaphezulu kwe-10 yezigidi zeerandi (xa kuthelekiswa ne-7 yezigidi zeerandi kwimpahla yerhafu efunyenweyo). Ezi azifakwanga kwingeniso okanye kwiindleko zeempahla ezithengisiweyo, kodwa zifakiwe kwenye ingeniso (akufuneki zidideke neminye ingeniso epheleleyo). Nakweyiphi na imeko, kuya kuba yimpazamo embi ukuqaphela ngokukodwa kwiingxelo zemali kunye nokuzibophelela kwenkampani ekuhlaziyeni umgaqo-nkqubo wayo wokukhusela. Ngenxa yokuba i-FRD yenze imali eninzi kulo nyaka kwaye ilahlekelwe kancinci, i-FRD ikhankanywa kwisiqendu esinye kuphela.
Iinkampani zisebenzisa uthango ukwandisa ukusebenza kakuhle kwaye ngamanye amaxesha zenze inzuzo ngokuthengisa ngexabiso elingcono xa imveliso ingafumaneki. Nangona kunjalo, sikholelwa ukuba umngcipheko owongezelelweyo awufuneki kwaye, njengoko sibonile, unokuvelisa ilahleko enkulu. Ukuba isetyenziswa, umsebenzi wothango kufuneka ube nomgaqo-nkqubo ongqongqo kakhulu, ungavumeli umsebenzi wothango ukuba udlule umda omncinci wokuthengisa kwangaphambili de ezo ntengiso zibe ziqinisekile.
Ngaphandle koko, imisebenzi yokukhusela iza kuba yingozi enkulu xa iinkampani zifuna uncedo kakhulu. Isizathu kukuba ukubalwa kwe-hedge accounting kuyasilela xa inani le-hedges lidlula umsebenzi wokwenyani, okwenzeka kuphela xa imfuno yemarike ihla, nto leyo ebangela ukuba amaxabiso athile ehle. Ngenxa yoko, inkampani iya kuba kwimeko yokuncipha kwengeniso kunye nenzuzo ngelixa kufuneka ihlawule ilahleko ezongezelelweyo zokukhusela.
Okokugqibela, ukuze kuxhaswe ukhuseleko lwayo, iimfuno ezikhulayo zezinto ezisetyenzisiweyo kunye nokwakhiwa komzi-mveliso omtsha, i-FRD isayine isivumelwano semali mboleko ne-JPMorgan Chase (JPM). Phantsi kwale ndlela, i-FRD inokuboleka ukuya kuthi ga kwi-$70 yezigidi ngokusekelwe kwixabiso leempahla zayo zangoku kunye ne-EBITDA kwaye ihlawule i-SOFR + 1.7% kwibhalansi eseleyo.
Ukususela ngoDisemba ka-2021, inkampani yayinemali eseleyo ye-$15 yezigidi kwiziko. Le nkampani ayikhankanyi ixabiso le-SOFR eliyisebenzisayo, kodwa umzekelo, izinga leenyanga ezili-12 yayiyi-0.5% ngoDisemba kwaye ngoku yi-1.5%. Kakade ke, eli nqanaba lenkxaso-mali lisancinci, njengoko utshintsho lwamanqaku ayi-100 luza kubangela kuphela iindleko ezongezelelweyo zenzala ze-$150,000. Nangona kunjalo, kwiinyanga ezimbalwa ezizayo, amanqanaba etyala kuya kufuneka ajongwe ngokusondeleyo.
Sele sikhankanyile ezinye zeengozi ezisemva kwemisebenzi ye-FRD, kodwa sifuna ukuzibeka ngokucacileyo kwicandelo elahlukileyo size sixoxe ngakumbi.
Njengoko besitshilo, i-FRD ine-leverage yokusebenza, iindleko ezizinzileyo, kwiminyaka elishumi edlulileyo, kodwa oko akuthethi ukuba kukho ilahleko enkulu nakwiimarike ezimbi kakhulu. Njengoko kukho esinye isityalo esakhiwayo esinokongeza i-$1.5 yezigidi ngonyaka ekuncipheni kwexabiso, oko kuza kutshintsha. Le nkampani kuya kufuneka ifumane i-$1.5 yezigidi ngonyaka kwingeniso ngaphandle kweendleko eziguquguqukayo. Le ngozi ichaphazela ingeniso ye-accounting, kungekhona imali engenayo, njengoko isityalo sinokuhlawulwa ngokupheleleyo kulo nyaka.
Sikwakhankanye nokuba i-FRD ayinatyala, nto leyo ethetha ukuba akukho nzuzo yemali kwindlela yokunyuka okanye yokwehla. Ngoku, inkampani ityikitye isivumelwano setyala esidityaniswe neeasethi zayo ezimanzi. Umgca wetyala uvumela iinkampani ukuba ziboleke ukuya kuthi ga kwi-$75 yezigidi ngenzala elingana ne-SOFR +1.7%. Ekubeni izinga le-SOFR lonyaka ngeli xesha liyi-1.25% (libalwa kusetyenziswa i-CME futures, kuba i-SOFR isenaso isakhiwo sexesha), i-FRD ihlawula i-$295,000 ngenzala kuyo yonke i-$10 yezigidi ezibolekiweyo. Njengoko izinga le-SOFR linyuka ngamanqaku esiseko ayi-100 (1%) ngonyaka, i-FRD iya kuhlawula i-$100,000 eyongezelelweyo. I-FRD okwangoku inetyala le-$15 yezigidi, nto leyo ethetha ukuba yindleko yenzala yonyaka ye-$442,000, eyayingekho kwizibalo zeshumi leminyaka elidlulileyo.
Ukudibanisa ezo ntlawulo zimbini kunye, kunye nokunyuka kwexabiso nge-1% kwisithuba esiseleyo sika-2022, inkampani kuya kufuneka ifumane inzuzo eyongezelelweyo ye-$2 yezigidi kwinzuzo yokusebenza xa kuthelekiswa noko yayikuko ngaphambi kotshintsho lwakutshanje kwi-COVID. Ewe, oko kuthathelwa ingqalelo ukuba inkampani ayihlawuli amatyala ayo okanye ibolekise imali engaphezulu.
Emva koko sikhankanye umngcipheko wokukhusela, okunzima ukuwulinganisa kodwa uthatha impembelelo enkulu xa iinkampani zisengozini enkulu. Umngcipheko othile wenkampani uxhomekeke kakhulu ekubeni zingaphi iikhontrakthi ezivuliweyo nangaliphi na ixesha kunye nendlela amaxabiso entsimbi ahamba ngayo. Nangona kunjalo, ilahleko engenakuthelekiswa nanto ye-$10 yezigidi eziqinisekisiweyo kulo nyaka kufuneka ithumele ukungcangcazela emngciphekweni womtyali-mali. Sicebisa ukuba iinkampani zibeke imida ethile yemigaqo-nkqubo kwimisebenzi yazo yokukhusela. Lo ngumngcipheko omkhulu ojongene nenkampani ngoku.
Ngokuphathelele ukutsha kwemali, ulwazi esinalo kwikota yesithathu ka-2021 (ngoDisemba 2021) alulunganga kangako. I-FRD ayinayo imali eninzi, yi-$3 yezigidi kuphela. Le nkampani kwafuneka ihlawule i-$27 yezigidi kwiimali eziqokelelweyo, uninzi lwazo luvela kwisakhiwo sayo esitsha eTexas, kwaye yayine-$15 yezigidi kwityala layo elingekahlawulwa.
Nangona kunjalo, i-FRD ikwanyuse utyalo-mali lwayo kwimpahla kunye neemali ezifunyenweyo kulo nyaka njengoko amaxabiso entsimbi ayenyuka. Ukusukela nge-3Q21, inkampani yayinerekhodi ye-$83 yezigidi kwimpahla kunye ne-$26 yezigidi kwimali ezifunyenweyo. Njengoko inkampani ithengisa ezinye iimpahla, kufuneka ifumane imali. Ukuba imfuno iyancipha kangangokuba impahla ye-FRD iqala ukuwohloka, inkampani inokuboleka okungakumbi kumgca wetyala we-JPMorgan, ukuya kuthi ga kwi-$75 yezigidi. Ewe, oku kuya kubangela iindleko ezinkulu zemali, ngesantya sangoku se-$2.2 yezigidi ngonyaka. Eli lelinye lamanqaku aphambili ekufuneka livavanywe xa kuvela iziphumo ezintsha ngo-Epreli.
Okokugqibela, i-FRD sisitokhwe esithengiswa kancinci, esinomthamo oqhelekileyo wemihla ngemihla omalunga nezabelo ezingama-5,000. Esi sitokhwe sikwanayo nesabelo se-ask/bid se-3.5%, esithathwa njengesiphezulu. Yinto abatyali-mali abafanele bayikhumbule, kodwa ayinguye wonke umntu oyibona njengengozi.
Ngokwembono yethu, ishumi leminyaka elidlulileyo libonisa imeko-bume engathandekiyo kubavelisi beempahla, ingakumbi ishishini lesinyithi laseMelika. Kule meko, ukukwazi kwe-FRD ukuqhuba inzuzo ngengeniso yonyaka ephakathi ye-$2.8 yezigidi luphawu oluhle.
Kakade ke, nokuba sicinga ngamanqanaba amaxabiso eminyaka elishumi edlulileyo, asinakukwazi ukuqikelela ingeniso efanayo ye-FRD ngenxa yotshintsho olukhulu kutyalo-mali lwemali kunye nemisebenzi yokukhusela. Oko kuthethiweyo, nokuba sicinga ngokubuyela kwimeko yangaphambili, umngcipheko wenkampani uba mkhulu.