LTPB Template Apa 6e Compliant-Draft9

Running head: LTP COMPREHENSIVE FINANCIAL ANALYSIS PAPER 1
LTP Comprehensive Financial Analysis Paper

Doris Davis
Jennifer Dobbs
Douglas McCray
Siena Heights University
LDR 640 Financial Systems Management
Prof. Lihua Dishman
May 25, 2013
LTP COMPREHENSIVE FINANCIAL ANALYSIS PAPER 2
Abstract
From a humble beginning the Procter and Gamble Company was founded by two men who
merely met by chance. What began as a small family soap business grew through the process of
innovation, creativity, marketing and two men forming a partnership agreement to become the
worlds largest consumers goods in the industry. As a result of this meeting by chance the
company was born in October 31, 1837 by William Procter and James Gamble. The purpose of
this descriptive study is to examine the financial performance of the Procter and Gamble
Company and to assess its financial position and competitive ability as comparable to its
competitors, Johnson and Johnson and Kimberly Clark, which are in the same industry. The
financial ratios were used to analyze the performance of Procter and Gamble during a three-year
period and to compare the company with two other competitors in the same industry. The trend
and industry analysis were used in order to provide accurate results. The findings of this paper
indicated that the debt ratio for the Procter and Gamble Company is the lowest among the two
competitors in the industry. Also, the Procter and Gamble Company have the lowest current ratio
in comparison to its competitors. The Procter and Gamble Company are similar to the two
competitors in terms of times interest earned ratio. During the three year period the company had
large growth in sales due to their cost of goods sold. The total assets turnover ratio of the Procter
and Gamble Company decreased from 2012 through 2013. Recommendations and suggestions
for improving the future financial performance of the Procter and Gamble Company will be
discussed.
Keywords: Procter & Gamble, Kimberly Clark, Johnson & Johnson, profitability ratios,
financial ratios, industry analysis


LTP Comprehensive Financial Analysis Paper
The following sections will go into detail the financial ratios of Proctor and Gamble from the
findings in there SEC filings in years 2011-2013. In addition there are comparisons to their two
closest competitors Johnson and Johnson and Kimberly Clark. As we take a closer look at these
ratios we are able to see how P&G is performing financially over the past three years and in
comparison to the rest of the industry.
Proctor and Gamble 2013 Financial Statements
Tables below present balance sheet, income statement and statement of cash flows of our chose
company - Proctor and Gamble.
Table 1
P&G Balance Sheet 2013 (Amounts in millions $)

2013 2012
Assets
CURRENT ASSETS
Cash and cash equivalents $5,947 $4,436
Accounts receivable 6,508 6,068
INVENTORIES
Materials and supplies 1,704 1,740
Work in process 722 685
Finished goods 4,483 4,296
Total inventories 6,909 6,721
Deferred income taxes 948 1,001
Prepaid expenses and other current
assets
3,678 3,684
TOTAL CURRENT ASSETS 23,990 21,910
NET PROPERTY, PLANT AND
EQUIPMENT
21,666 20,377
GOODWILL 55,188 53,773
TRADEMARKS AND OTHER
INTANGIBLE ASSETS, NET
31,572 30,988
2013 2012
OTHER NONCURRENT ASSETS 6,847 5,196
TOTAL ASSETS 139,263 132,244

Liabilities and Shareholders' Equity
CURRENT LIABILITIES
Accounts payable 8,777 7,920
Accrued and other liabilities 8,828 8,289
Debt due within one year 12,432 8,698
TOTAL CURRENT LIABILITIES 30,037 24,907
LONG-TERM DEBT 19,111 21,080
DEFERRED INCOME TAXES 10,827 10,132
OTHER NONCURRENT LIABILITIES 10,579 12,090
TOTAL LIABILITIES 70,554 68,209
SHAREHOLDERS' EQUITY
Convertible Class A preferred stock,
stated value $1 per share (600 shares
authorized)
1,137 1,195
Non-Voting Class B preferred stock,
stated value $1 per share (200 shares
authorized)

Common stock, stated value $1 per
share (10,000 shares authorized;
shares issued: 2013 - 4,009.2, 2012-
4,008.4)
4,009 4,008
Additional paid-in capital 63,538 63,181
Reserve for ESOP debt retirement (1,352) (1,357)
Accumulated other comprehensive
income (loss)
(7,499) (9,333)
Treasury stock, at cost (shares held:
2013 - 1,266.9, 2012 - 1,260.4)
(71,966) (69,604)
Retained earnings 80,197 75,349
Noncontrolling interest 645 596
TOTAL SHAREHOLDERS' EQUITY 68,709 64,035
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
$139,263 $132,244

Table 2
Statement of Cash Flow (Amounts in millions $)

2013 2012 2011
CASH AND CASH EQUIVALENTS,
BEGINNING OF YEAR
$ 4,436 $ 2,768 $ 2,879
OPERATING ACTIVITIES

2013 2012 2011
Net earnings 11,402 10,904 11,927
Depreciation and amortization 2,982 3,204 2,838
Share-based compensation expense 346 377 414
Deferred income taxes (307) (65) 128
Gain on sale of businesses (916) (2,106) (203)
Goodwill and indefinite-lived
intangibles impairment charges
308 1,576
Change in accounts receivable (415) (427) (426)
Change in inventories (225) 77 (501)
Change in accounts payable, accrued
and other liabilities
1,253 (22) 358
Change in other operating assets and
liabilities
68 (444) (1,221)
Other 377 210 16
TOTAL OPERATING ACTIVITIES 14,873 13,284 13,330
INVESTING ACTIVITIES
Capital expenditures (4,008) (3,964) (3,306)
Proceeds from asset sales 584 2,893 225
Acquisitions, net of cash acquired (1,145) (134) (474)
Purchases of available-for-sale
investment securities
(1,605)
Change in other investments (121) 112 73
TOTAL INVESTING ACTIVITIES (6,295) (1,093) (3,482)
FINANCING ACTIVITIES
Dividends to shareholders (6,519) (6,139) (5,767)
Change in short-term debt 3,406 (3,412) 151
Additions to long-term debt 2,331 3,985 1,536
Reductions of long-term debt (3,752) (2,549) (206)
Treasury stock purchases (5,986) (4,024) (7,039)
Impact of stock options and other 3,449 1,729 1,203
TOTAL FINANCING ACTIVITIES (7,071) (10,410) (10,122)
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS
4 (113) 163
CHANGE IN CASH AND CASH
EQUIVALENTS
1,511 1,668 (111)
CASH AND CASH EQUIVALENTS, END
OF YEAR
$ 5,947 $ 4,436 $ 2,768

SUPPLEMENTAL DISCLOSURE
Cash payments for:
Interest $ 683 $ 740 $ 806
Income taxes 3,780 4,348 2,992


2013 2012 2011

Table 3
P&G Income Statement 2013 (Amounts in millions $)

2013 2012 2011
NET SALES $ 84,167 $
83,680
$ 81,104
Cost of products sold 42,428 42,391 39,859
Selling, general and administrative
expense
26,950 26,421 25,750
Goodwill and indefinite lived
intangibles impairment charges
308 1,576
OPERATING INCOME 14,481 13,292 15,495
Interest expense 667 769 831
Interest Income 87 77 62
Other non-operating
income/(expense), net
942 185 271
EARNINGS FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
14,843 12,785 14,997
Income taxes on continuing
operations
3,441 3,468 3,299
NET EARNINGS FROM CONTINUING
OPERATIONS
11,402 9,317 11,698
NET EARNINGS FROM
DISCONTINUED OPERATIONS
1,587 229
NET EARNINGS 11,402 10,904 11,927
Less: Net earnings attributable to
noncontrolling interests
90 148 130
NET EARNINGS ATTRIBUTABLE TO
PROCTER & GAMBLE
11,312 10,756 11,797
BASIC NET EARNINGS PER COMMON
SHARE:

Earnings from continuing operations $ 4.04 $ 3.24 $ 4.04
Earnings from discontinued
operations
0.58 0.08
BASIC NET EARNINGS PER COMMON
SHARE
4.04 3.82 4.12
DILUTED NET EARNINGS PER
COMMON SHARE:

Earnings from continuing operations $ 3.86 $ 3.12 $ 3.85
Earnings from discontinued
operations
0.54 0.08
DILUTED NET EARNINGS PER
COMMON SHARE
3.86 3.66 3.93
DIVIDENDS PER COMMON SHARE $ 2.29 $ 2.14 $ 1.97

Financial Ratios
In this section we selected the following ratios to discuss; current, quick, debt, debt to equity,
times interest earned, inventory turnover, total asset turnover, return on sales, return on assets,
return on equity, earnings per share and price to earnings ratios
Liquidity ratios are examined to decipher a companys ability to pay off their short-term
obligations. The higher this ratios is the greater the companys ability is to pay off its short term
debts by selling off some of its assets and converting them to cash. The Liquidity ratios use the
companys most liquid assets, its short term liabilities. A high ratio is looked at favorably
because this indicates the company can pay off its short-term debt and fund ongoing operations.
In contrast, a low ratios means the company may have a hard time funding operations and
meeting other financial obligations.
The current ratio looks what which amount of current assets is available to cover current
liabilities. The short-term assets included in this ratio are cash, cash equivalents, marketable
securities, receivables and inventory. The short-term liabilities considered in this ratio are notes
payable, current portion of term debt, payables, accrued expenses and taxes.
The quick ratio is different from the liquidity ratio in that it looks at only the most liquid assets
and excludes the inventory and other current assets. The higher the quick ratio is the more liquid
the company is. The quick ratio can be looked at in concert with the current ratio. If the current
ratio is much higher than the quick ratio this shows that the company has much of its current
assets in its inventory. Below are the 2013 calculation for P&G Liquidity Ratios:
(2103) Current ratio = Current assets Current liabilities= 23,990 30,037 = 0.80
(2103) Quick ratio = Total quick assets Current liabilities = 12,455 30,037 = 0.41
These liquidity ratios indicate that P&G could have a difficult time meeting its liabilities
especially its short term liabilities give the low number of its quick ratio. These ratios also show
that about half of P&Gs assets available to cover its liabilities are short term or quick assets. The
difference could mean that P&G has much of its assets in the form of inventory, which is
considered very liquid.
Solvency ratios are used to measure how easily a company can cover its debt and other
obligations. Knowing these ratios can indicate if a companys cash flow is sufficient to meet its'
liabilities. The lower a company's solvency ratio, the greater the probability that it will default on
its debt obligations.
The Debt ratio measures the companys or consumers leverage. The higher this ratio, the more
leveraged the company and the greater its financial risk. Debt ratios differ greatly from industry
to industry so they should be compared with other companies in the same industry. If the debt
ratio is larger than one this means that a company has more debt than assets and in contrast a
debt ratio of less than one means it has more assets than debt. (Peavler, n.d.)
The debt to equity ratio is a measure of a company's financial leverage calculated by dividing its
total liabilities by stockholders' equity. It indicates what proportion of equity and debt the
company is using to finance its assets. High debt/equity ratio generally means that a company
has been aggressive in financing its growth with debt. This can result in volatile earnings as a
result of the additional interest expense. If a lot of debt is used to finance increased operations
(high debt to equity), the company could potentially generate more earnings than it would have
without this outside financing. If this were to increase earnings by a greater amount than the debt
cost (interest), then the shareholders benefit as more earnings are being spread among the same
amount of shareholders. However, the cost of this debt financing may outweigh the return that
the company generates on the debt through investment and business activities and become too
much for the company to handle. This can lead to bankruptcy, which would leave shareholders
with nothing. The Times Interest Earned Ratio is used to measure a company's ability to meet its
debt obligations. The TIE indicates how many times a company can cover its interest charges on
a pretax basis. A high ratio can indicate that a company has an undesirable lack of debt or is
paying down too much debt with earnings that could be used for other projects. Below are the
2013 Solvency Ratios for P&G:
(2103) Debt to capital = Total debt Total capital = 31,543 99,607 = 0.32
(2103) Debt to equity = Total debt Shareholders' equity attributable to parent
= 70554/68709 = 1.03
(2103) Interest coverage = EBIT Interest expense = 15,510 667 = 23.25

P&G has a fairly low Debt to Capital Ratio. This means they are not financing their capital with
a large amount of debt. They have a larger debt to equity ratio which indicates that the portion of
assets provided by creditors is greater than the portion of assets provided by stockholders, and a
majority of their equity is being financed by debt, because they also have a high interest
coverage ratio, this means they can easily cover the interest they are paying on the debt they do
have, and seem to be financially sound.
Asset management (turnover) ratios compare the assets of a company to its sales revenue.
Asset management ratios indicate how successfully a company is utilizing its assets to generate
revenues. Analysis of asset management ratios tells how efficiently and effectively a company is
using its assets in the generation of revenues. They indicate the ability of a company to translate
its assets into the sales. Asset management ratios are also known as asset turnover ratios and
asset efficiency ratios. Asset management ratios are computed for different assets. Common
examples of asset turnover ratios include fixed asset turnover, inventory turnover, accounts
payable turnover ratio, accounts receivable turnover ratio, and cash conversion cycle. These
ratios provide important insights into different financial areas of the company and its highlights
its strengths and weaknesses. High asset turnover ratios are desirable because they mean that the
company is utilizing its assets efficiently to produce sales. The higher the asset turnover ratios,
the more sales the company is generating from its assets.
(2013) Total Assets Turnover = Sales/Total Assets = 84.17/139.26 = .604
(2103) Inventory turnover = Cost of products sold Inventories = 42,428 6,909 = 6.14
P&G 2013 Asset Management Ratios show that they could be better at utilizing their assets to
get better sales. However their inventory turnover ratio is fairly high so this means that the assets
they have in inventory are moving quickly. P&G in 2013 was performing well in selling and
managing their inventory and stated earlier much of their assets is in their inventory.
Profitability ratios measure a companys ability to generate earnings relative to sales, assets and
equity. These ratios assess the ability of a company to generate earnings, profits and cash flows
relative to relative to some metric, often the amount of money invested. They highlight how
effectively the profitability of a company is being managed. (Financial Analysis and
Accounting Book of Reference: Statement of Financial Position | IFRS Statements | IFRS
Reports | ReadyRatios.com, n.d.) Different profitability ratios provide different useful insights
into the financial health and performance of a company. For example, gross profit and net profit
ratios tell how well the company is managing its expenses. Return on capital employed (ROCE)
tells how well the company is using capital employed to generate returns. Return on investment
tells whether the company is generating enough profits for its shareholders.
For most of these ratios, a higher value is desirable. A higher value means that the company is
doing well and it is good at generating profits, revenues and cash flows.
(2013) ROA = Net Income/Total Assets =11.31/139.26 = .082
(2013) ROS = Net Income / Sales = 11.31/84.17 = .1344
(2013) Total Assets Turnover = Sales/Total Assets = 84.17/139.26 = .604
The financial ratios for Proctor & Gamble do display fluctuations in some categories. The
following information was obtained from P&G financial statements for the year 2013. The
statements show there has been increase in all areas except in the area of Total Assets Turnover
Ratio.
Market value ratios evaluate the economic status of your company in the wider marketplace.
Market value ratios include the earnings per share, price earnings ratio, the price/cash ratio,
dividend yield, book value per share, market value per share, and the market/book ratio. Market
value ratios give management an idea of what the firm's investors think of the firm's performance
and future prospects. Market value ratios are pertinent to the publicly traded firm. If the rest of
the company's ratios are good, then the market value ratios should reflect that and the stock price
of the firm should be high. Market value ratios measure different ways of looking at the relative
value of a company's stock. (Peavler, n.d.)
(2013) Return on Equity = Return on Net Assets (RONA) = EAT / Total equity = 1834/68709 =
.02669 = 26.69%
(2013) Earnings Per Share = EAT / Number of shares of common stock outstanding =
1834/5990.8 = .306
(2013) Price/Earnings Ratio = Price per share / Earnings per share = PPS / EPS= 1/.306 =
3.26797
Proctor and Gamble generated a 26% return for every $1 in shareholders stock in 2013. To be
able to pay their common stocks outstanding it seems that they are able to set aside enough of
their profit to pay the common stock outstanding on their shares, by using a little less than half of
their earnings to pay this back, although their investors are seeing a high return on their
investment.
Proctor and Gamble has been holding financially stable for the last three physical years in
regards to their liquidity ratios. This means that they have been able to meet their requirements
for paying their debt. These ratios show P&G has a good balance of current debt and current
liabilities and has kept this pretty consistent regardless of changing financial decisions and other
Table 4

Proctor and Gamble 2011-2013 Financial Ratios
Financial Ratios 2013 2012 2011
Current Ratio 0.80 0.88
0.80
Quick Ratio 0.51
0.61 0.53
Debt Ratio 0.32
0.52 0.51
Debt to Equity Ratio 1.03 1.07 1.03
Times Interest Earned Ratio 23.25 16.63 18.28
Inventory Turnover Ratio 6.14 6.31 5.52
Fixed Asset Turnover 60.44% 63.00% 59.00%
Return on Sales Ratio 13.44% 10.90% 14.20%
Return on Assets Ratio 8.12% 6.90% 85.30%
Return on Equity Ratio 0.27 0.15 0.17
Earnings Per Share Ratio 0.31 1.55 1.95
Price to Earnings Ratio 3.27 0.64 0.51
industry and marketing changes. From 2012 to 2013 the Total Assets Turnover Ratio
experienced a decrease of 2.84%. In all other areas the company reported increases of at least
.49% and as great as 7.02%. Proctor and Gamble has seen an increase in their return on equity
which means shareholders are seeing a return on their shares, and this means that they are able to
generate more profit with less capital. However, they are using less than half of their earnings to
pay common stock outstanding, which has slowly decreased over the last three years. Their Price
to Earnings ratio has increased which means that its investors are seeing a greater return than
they did three years ago.
Table 5
Peer Group Analysis of P&G, Johnson and Johnson and Kimberly
Clark

P&G JJ KC
Current Ratio 0.80 2.2 1.06
Quick Ratio 0.51 1.6 0.6
Debt Ratio 0.32 0.44 0.75
Debt to Equity Ratio 1.03 0.18 1.15
Times Interest Earned Ratio 23.25 33.1 11.29
Inventory Turnover Ratio 6.14 2.91 5.97
Fixed Asset Turnover 60.44% 53.71% 11.80%
Return on Sales Ratio 13.44% 19.41% 10.20%
Return on Assets Ratio 8.12% 10.42% 11.31%
Return on Equity Ratio 0.2669 0.18677 0.392
Earnings Per Share Ratio 0.306 0.155 0.312
Price to Earnings Ratio 3.267 86.80 0.275
Ratios are derived from P&Gs, Kimberly Clark and Johnson and Johnsons 2013Financial
Statements


Figure 1

P&G has the lowest current ratio of its competitors in. In addition to it being the lowest Proctor
and Gamble was actually below 1.0 which could indicate that they would have a difficult time
meeting its debt obligations over the next twelve months. There current assets are not as great as
their current liabilities. To further support the notion that P&G has a large number of current
liabilities in comparison to its competitors it also has the lowest Quick Ratio. This means them
more current liabilities then quick assets that could cover those short term financial obligations.
P&G is in line with its competitors Times Interest Earned Ratios. This is calculated by taking
earnings before interest and taxes (EBIT) and dividing it by the total interest payable on bonds
and other contractual debt. This ratio shows that P&G is able to cover their interested payments
to the debt holders and is using its earnings to cover projects that could yield a greater return by
investing into projects instead of borrowing at higher rates. Amongst its competitors P&G is in
line with their Debt to Equity ratios. P&G along with its competitors are financing a lot of its
growth with debt. The debt ratio for P&G is the lowest amongst its competitors. This means that
it may not be financing with as much debt as its competitors and they overall they are not
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
Peer Group Analysis
P&G JJ KC
leveraged as much and have a lower risk. When we take this into consideration with their quick
and current ratio we can now derive that while they have a lot of liabilities those may not all be
related to debt, they could be accounts payable, or accrued liabilities. P&G has the highest
turnover rate amongst its competitors. A high ratio implies either strong sales or ineffective
buying. For P&G this likely indicates strong sales, because if we look at a trend of the COGS
sold over the last three years we can see a steady increase. Johnson and Johnson, the nearest
competitor of Proctor & Gamble has a reported greater income for the year 2013, however,
Proctor & Gamble maintains greater numbers in areas of sales and total assets.
Analytical Report
Proctor and Gamble has been able to stay ahead of its competitors in competitive international
and domestic market. Over the past three years P&G has been able to increase the profitability
for its investors while making wiser investment choices, taking on less debt overall and
increasing their capital. P&G has the lowest current ratio of its competitors in. P&G is in line
with its competitors Times Interest Earned Ratios. Amongst its competitors P&G is in line with
their Debt to Equity ratios. P&G along with its competitors are financing a lot of its growth with
debt. The debt ratio for P&G is the lowest amongst its competitors. This means that it may not be
financing with as much debt as its competitors and they overall they are not leveraged as much
and have a lower risk. P&G has the highest turnover rate amongst its competitors. A high ratio
implies either strong sales or ineffective buying. They have been able to out earn and out
perform their competition in many areas.
What P&G Can Do Differently
Emphasis must be place on the recognized market segment.
Then the market is identified by geography and the density of the population whether it is urban
or rural.
Demographic factors such as age, income, gender, and psychographics factors like moral values,
lifestyle choices are some things the company can and should focus on in the effort to do things
differently and serve the customer better than the competition.

Recommendations
Good companies are those that continue to increase their net income. Investors seek to invest in the
companies that are effective at making money. In the effort to increase their profits Proctor & Gamble
can:
Maintain their pricing structure and not increase their prices.
Offer customer rewards programs, offer free samples to their customer base and set up
sales incentives.
Know the customer and the customers buying patterns.
Protect the product performance, availability, and the personality of the company and
thereby maintain the momentum over the competition.
Conclusion
Proctor and Gamble is one of the strongest companies in its market. They has seen growth in the
right areas such as investors and inventory and are leveraging their goods in ways that are
helping them finance future investments. If Proctor and Gamble continues to invest and market
in sectors where they can see a profit they can continue to grow even if some of their other
products are no longer needed. They have a wide variety of products they offer, and have a
strong enough financial base that continuing to invest smartly, turn our product quickly and earn
a good return for investors they can continue to be successful for many years to come.
References
EDGAR Search Results. (n.d.). Retrieved May 26, 2014, from
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000080424&type=10-
k&dateb=&owner=exclude&count=40
Financial Analysis and Accounting Book of Reference: Statement of Financial Position | IFRS
Statements | IFRS Reports | ReadyRatios.com. (n.d.). Ready Ratios. Retrieved May 11,
2014, from
http://www.readyratios.com/reference/profitability/
Johnson & Johnson 2013 Annual Report. Retrieved May 23, 2014 from
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8ACB-EC2A967727E4/ar2013_JNJ.pdf
http://files.shareholder.com/downloads/JNJ/3182819775x0x644760/85FD0CFF-2305-4A02-
8294-2E47D0F31850/JNJ2012annualreport.pdf
http://www.investor.jnj.com/2011annualreport/index.html
Johnson & Johnson Annual Reports 2010 through 2013. Retrieved May 20, 2014 from
http://www.marketwatch.com/investing/stock/JNJ/financials/balance-sheet
Kimberly Clark 2013 Annual Report. Retrieved May 23, 2014 from
http://www.cms.kimberlyclark.com/umbracoimages/UmbracoFileMedia/2013%20Annual%20R
eport%20print-ready%20FINAL_20140220_umbracoFile.pdf
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mbracoFile.PDF
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mbracoFile.PDF
Kimberly Clark Annual Reports 2010 through 2013. Retrieved May 20, 2014 from
http://www.marketwatch.com/investing/stock/KMB/financials/balance-sheet
Peavler, R. (n.d.). What are Market Value Ratios? - Price Earnings Ratio - market ratios. What
are Market Value Ratios? Retrieved May 11, 2014, from
http://bizfinance.about.com/od/financialratios/f/what-are-market-value-ratios-how-are-they-
used.htm
Proctor & Gamble 2013 Annual Report. Retrieved May 23, 2014 from
http://www.pginvestor.com/Cache/1001180053.PDF?Y=&O=PDF&D=&fid=1001180053&T=&iid
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http://www.pginvestor.com/Cache/1001174630.PDF?Y=&O=PDF&D=&fid=1001174630&T=&iid
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http://www.marketwatch.com/investing/stock/PG/financials

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Running head: LTP COMPREHENSIVE FINANCIAL ANALYSIS PAPER 1

LTP Comprehensive Financial Analysis Paper

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