Jetzt massiv eindecken ?

Diese Aktie ist nur etwas für Leute, die nicht wissen wohin mit ihrem Geld. Ich bin relativ von Anfang an in dieser Aktie investiert und sehe seitdem nur eine Abwärtsbewegung. Ich habe wie viele an diese tolle, erfolgsvesprechende Geschichte geglaubt, aber was nun übrig bleibt ist ein Haufen Scherben. Finger weg von diesem Titel kann ich nur jedem raten. Ich dachte permanent "schlimmer geht's nimmer" und das war bei Euro 2,87, "vielleicht schafft sie es ja doch noch" etc. bla bla bla. So ein Mist! Wahrscheinlich fühlen sich hier jetzt wieder einige auf den Schlips getreten, weil dies wenig produktives mit sich zieht, aber ich kann auch nicht mehr die schlauen Sprüche von den Leuten hören, die auch nur noch einen ct. auf diese Aktie verwetten.

 

www.alibaba.com

 Bist du denn noch investiert?

Es gibt doch nur zwei Möglichkeiten: 1. Entweder verkaufen und Verluste realiesieren.

2. Nachkaufen, um den Durchschnittspreis zu senken.

Ich bin auch ungefähr auf deinem Niveau eingestiegen, habe aber nachgekauft und liege nun im Durchschnitt bei 1 € je Aktie. Das sieht dann schon nicht mehr ganz so düster aus.

Gruss Hr.Rossi

 

Sieht doch ganz so aus. Alibaba wird trotz des mächtige Rebounds wohl nicht gleich zu neuen Höhen stürmen. Mit der Zeit wird sich die Marktdominanz aber immer mehr herauskristalisieren, was den Kurs mittelfristig auch über die höchsten IPO-Kurs bringen sollte.
Bei Alibaba.com wird sich den Netzwerkeffekt in den nächsten Jahren deutlich bemerkbar machen und mehr Kunden bringen. Das Exportgeschäft wird an Bedeutung zurückgehen und der Import nach China an Bedeutung gewinnen. In 2009 rechne ich aufgrund der vielen Initiativen mit deutlichem Wachstum. Lt. Alibaba dauert die Wirkung immer ca. 1 Jahr bis solche Dinge Früchte tragen. Und davon gab es nicht wenige
1) Expansion nach Indien, Großbritannien, Taiwan und Japan
2) Export to China , Trustpass for Individuals
3) Winport
und und und....
Ich habe zumindest bei Ausverkaufskursen verbilligt, so dass mein durchschnittlicher Kaufkurs inzwischen bei 0,71 Euro liegt.  

schwer zu glauben Durchschnitt nun bei 71ct !

Weiß nur, das mir das nicht gelungen ist .........obwohl mein erster Kauf bei nur 1,8€ waren......

um da auf 71ct zu kommen ..........da braucht man ordentliches Paket ....und den richtigen Zeitpunkt weit unter dem jetzigen Kurs...

sehen werden. diese scheiss krise nervt langsam.  

irgendwann ist Schluß mit lustig....

Seh nur das meine Verluste immer größer wären...hätte ich Sie noch gehalten...

So ein dercks Teil
wir sehen sicherlich noch die 0,30 euro cent bis ende des jahres

sollte die Finanzkriese beendet sein dann ist Alibaba sicherlich wieder interessant
aber das dauert noch Monate

 

die wirst Du auch brauchen

... gute Zeichen für eine Trendwende.  

nur mit Dachziegeln... die Ton-Preise steigen...

:)

Alibaba´s Business wäre von einer weltweiten Rezession betroffen. Ist die zu befürchten ? Nein !
Was ist den schon groß passiert ?
-Rohstoffe sind günstiger geworden - gut für die Unternehmen
-Nachfrage aus Schwellenländern stimmt weiterhin optimistisch
-Bekommen die Firmen noch genug Geld von den Banken ?
Ja - die Krise betrifft bisher nur die Finanzbranche. Hierdurch werden große M&A-Deals schwiriger zu finanzieren sein aber SMEs haben damit nicht viel am Hut.

Ergo - ich rechne innerhalb dieser Woche mit eine vorläufigen Ende des Abwärtstrends. Hier wird bei vielen Unternehmen deutlich übertrieben.
 

.. das es bei Alibaba wohl kaum einen gibt, der noch im Plus ist.
Im Moment wird alles verkauft wo noch Gewinn drauf ist.  

 

ob hier jemand im Plus ist oder nicht, wichtiger ist, das diese weltweit negative Stimmungs-Phase endlich ein Ende findet und die Märkte langsam zur Ruhe kommen!
Dann wird sich auch die Lage bei Alibaba wieder normalisieren . . .
Ich hoffe wir werden dann eine ganz andere Banken und Finanzwirtschaft vorfinden, die endlich Hagesfonds und Ähnliches verbieten . . .
Es muss endlich wieder der normale Sachverstand, Realität und Logig in den Chefetagen vorherschen, nur dann, werden auch wieder normale Bedingungen da sein worauf jeder aufbauen kann . . .  

Ein Trend ist erst beendet wenn er beendet ist. Leider war ich etwas früh in Alibaba engagiert. Ich sehe aber nach wie vor Alibaba als eines der aussichtsreichsten Investments der nächsten Jahre. Alle unterstützenden Trends zeigen mittelfristig deutlich nach oben, nur kurzfristig gibt es ein schwächeres Gewinnwachstum.
Wenn aber die Aussagen des Vorstands stimmen, dass sich Investitionen immer mit einem Jahr Verzögerung in den Zahlen auswirken, dann dürfte 2009 recht erfreulich enden. Man sollte auch bedenken, das Alibaba bei einer derzeitigen Marktkapitalisierung von etwas über 2 Mrd EUR noch ca. 800 Mio. in der Kasse hat und damit bereits die halbe Marktkap. mit Cash unterlegt ist.
Insbesondere die Marktstellung von Alibaba ist eine Kaufargument. Im B2B-Segement ist weit und breit keine ernsthafte Konkurrenz zu entdecken, selbst der zweitgrößte Player Global Sources fällt immer deutlicher hinter Alibaba zurück. Daneben hat Alibaba im Reich der Mitte mit den Schwesterunternehmen Taobao und Alipay eine herausragende, marktdominierende Unterstützung beim weiteren Wachstum in China. Mittelfristig erwarte ich eine weitere Verzahnung der Geschäfte von Alibaba und Taobao, die in China nahezu konkurrenzlos den Bereich der Online Auktionen anführen. Jack Ma sieht man mit der chinesischen Führung von einem internationalen Wirtschaftsevent zum nächsten reisen. Die politische Unterstützung dürfte da wohl ebenfalls gesichert sein. Auf Übernahmen zur Ankurbelung des Wachstums sollte man nicht hoffen, da das Geld wohl im internen Wachstum deutlich besser angelegt ist als sonstwo.
Wer auf Fonds keine Lust hat und sich trotzdem langfristig aussichtsreich für die Abgeltungssteuer positionieren will, der sollte noch vor Jahresfrist zugreifen.
 

Der jüngste kräftige Kursaufschwung signalisiert m.E. eine beendete Bodenbildung.
Von jetzt an dürfte die Rchtung klar nach oben zeigen !  

Habe  am 26.01.09 einmal auf Verdacht 10 000 Aktien zum Kurs von 0,57 € zugelegt. Ganz einfach, weil die 30 Tage Linie von unten auf  die 100 Tage Linie zukam. Nun zocke ich aber nicht gerne. Darum suche ich jetzt verzweifelt nach Umsatz und Gewinn für diese Aktien. Das einzige was ich finden kann sind KGV`s für 2009 und 2010. Diese Vorhersagen sind aber so genau wie der Wetterbericht für 2010. Die einzigen Nachrichten die ich finden konnte sind, dass die ihren Mitarbeiterstamm in 2009 von 12 000 auf 17 000 erhöhen wollen oder von einer Gewinnverdopplung träumen, aber ich investiere gerne nach Zahlen, die nachvollziebar sind. Aussagen wie, bei Alibaba dürfe man nicht mit KGV und Umsatzrendite rechnen, trete ich skeptisch gegenüber, denn das gleiche hörte ich auch im Jahr 2000, als ich den "neuen Markt" Scheiß verkaufte. Damals lachten Kollegen über mich, weil ich nicht kapierte, dass da Visionen gehandelt werden. Also bitte, wo gibt es Zahlen über Alibaba?  

JP Downgrade To Underperform  

 Adds To GS Conviction Sell List

 

 

EPS up 57% and net profit up 49% year-on-year
Company authorized to buy back up to HK$2 billion of its own shares

 

Hong Kong, November 11, 2008 – Alibaba.com Limited (HKSE:1688), the world's leading B2B e-commerce company, today posted financial results for the quarter ended September 30, 2008. The company also announced that its board of directors has authorized a share repurchase program of up to HK$2 billion (approximately US$258 million) through the end of 2009.

 

Third  Quarter 2008 Highlights

 

• Delivered continued strong revenue and profit growth with total revenue of RMB780.2 million, an increase of 37% year-on-year; EPS (diluted) of 6.96 Hong Kong cents, up 57% year-on-year; and net income (profit attributable to equity owners) of RMB308.6 million, an increase of 49% year-on-year.
• Expanded our market leadership by adding 3.1 million registered users, 393,142 storefronts and 30,345 paying members during the quarter.
• Achieved a record increase of 1.3 million registered users on our international marketplace during the quarter, up 74% year-on-year, reflecting strong international buyer activity.
• Increased penetration of domestic online trade continued to drive revenue from our China marketplace, which grew 79% year-on-year and contributed 38% of total revenue in the third quarter, compared to 29% a year ago.
• Finished the quarter in an exceptionally strong financial position with third quarter recurring free cash flow of RMB410 million, and over RMB6.1 billion of cash and bank deposits on the balance sheet and no debt.

   

Key  Operating Data

 

• As of September 30, 2008, our combined marketplaces had 35.6 million registered users, an increase of 40% year-on-year and 10% quarter-on-quarter. We had 6.9 million registered users on our international marketplace and 28.7 million registered users on our China marketplace.
• As of September 30, 2008, the total number of storefronts on our marketplaces grew to 4.2 million, an increase of 54% year-on-year and 10% quarter-on-quarter. We had 868,379 storefronts on our international marketplace and 3.3 million storefronts on our China marketplace.
• The number of paying members of our combined marketplaces was 398,351, an increase of 46% year-on-year and 8% quarter-on-quarter. Paying members consisted of 30,836 Gold Supplier members and 15,016 International TrustPass members from the international marketplace, and 352,499 China TrustPass members from the China marketplace.

 

"While the global economy is facing extraordinary challenges, our business continues to grow at a steady pace and we delivered another solid performance in the third quarter. Through the first nine months of the year, our net profit grew 100% year-on-year," said David Wei, chief executive officer of Alibaba.com. "The network effect of our marketplaces continues to strengthen, with the number of registered users, storefronts and paying members all increasing. Our international marketplace attracted a record number of registered users in the third quarter, increasing 74% year-on-year, suggesting that small businesses worldwide are increasingly turning to the Internet as a new channel for international commerce."

"China's economy remains one of the relative bright spots in the world economy, driven by domestic investment and consumption growth. Our China marketplace for domestic trade was the main driver of revenue growth during the quarter, and its revenue increased 79% over last year. The China marketplace accounted for 38% of our revenue during the quarter, up from 29% from a year ago. This reflects the success of our strategy to achieve a more balanced mix of revenues from our two core marketplaces.

"We believe that the current difficulties in the macro-economic environment present us with unprecedented opportunities to strengthen our business and build long-term shareholder value. We recently launched two major initiatives to benefit buyers and suppliers on our international marketplace: a Quality Supplier Program, which is aimed at improving the buyer experience, and a new entry-level product, Gold Supplier Starter Pack, which will extend our premium storefront service to a broader group of export suppliers in Greater China. In 2009, we will be investing in a number of areas to support our growing community of members, including user loyalty, customer acquisition and service, product development, technology infrastructure and staff development. We have been encouraged by recent moves of the Chinese government to stimulate the economy and help the local export sector. In the long run we are confident that China will retain its position as the world's leading export center. With our strong financial foundation and leadership position, we are in an excellent position to capture the opportunities ahead. Our recent initiatives reflect our optimism for China's e-commerce development and our commitment to being a major driver of this development."

Third  Quarter 2008 Financial and Operating Results

Paying Members and Revenue

Alibaba.com had 398,351 paying members as of September 30, 2008, representing a 46% increase from the third quarter of 2007 and an 8% increase from the second quarter of 2008.

As a  result of the higher number of paying members, Alibaba.com reported total revenue of RMB780.2 million in the third quarter of 2008, up 37% from the same period of 2007 and 6% from the second quarter of 2008. The company's investment in China domestic trade has increased the significance of the China marketplace, which contributed 38% of total revenue for the current quarter, compared to 29% in the third quarter of 2007 and 36% in the second quarter of 2008.
 
  International  Marketplace

Revenue from the company's international marketplace was RMB484.5 million for the third quarter of 2008, an increase of 19% year-on-year and 3% quarter-on quarter, accounting for 62% of total revenue. The growth was primarily due to an increase in the number of Gold Supplier members and sales of value-added services.

As of September 30, 2008, the international marketplace had 30,836 Gold Supplier members, a net increase of 6,713 from the third quarter of 2007 and a net increase of 1,070 from the prior quarter. The company believes that its newly launched entry-level product, Gold Supplier Start Pack, will enable it to capture a significantly broader group of new customers. This potential customer base will include nimble and entrepreneurial companies that are transforming their business models to find buyers through the Internet in the current economic environment.

The number of International TrustPass members reached 15,016 as of September 30, 2008, a net increase of 3,653 from the third quarter of 2007 and a net increase of 1,104 from the preceding quarter. The company is making significant commitments to explore the India market and has made steady progress towards its customer acquisition initiative through a re-seller arrangement with Infomedia India.

China Marketplace

The company's China marketplace continued to experience robust growth and has become a more important revenue contributor as the growth of China's domestic trade outpaced exports. During the third quarter, revenue from the China marketplace increased to RMB295.7 million, an increase of 79% year-on-year and 11% quarter-on-quarter. The China marketplace accounted for 38% of total revenue in the current quarter, compared to 29% in the same period last year and 36% in the second quarter of 2008.

Alibaba.com's China marketplace had 352,499 paying China TrustPass members at the end of the third quarter, a net increase of 115,256 from the third quarter of 2007 and a net increase of 28,171 from the second quarter of 2008. The growth of China TrustPass members was driven by the network effect of our China marketplace, our extensive sales and re-seller programs and the launch of our China TrustPass for Individual membership package, which helped us tap into a new market segment of sole proprietors and smaller businesses.

Financial Results

Gross profit for the third  quarter of 2008 was RMB681.6 million, an increase of 38% year-on-year and 6%  quarter-on-quarter. Gross margin stayed  at 87%, which was the same as the third quarter of 2007 and slightly lower than  88% in the second quarter of 2008.

Profit from operations in the current  quarter was RMB364.2 million, representing a 54% increase year-on-year and a 7%  increase quarter-on-quarter. Operating  profit margin increased to 47% in the current quarter from 41% in the same  period last year and from 46% in the second quarter of 2008.
 
  Profit from operations before share-based  compensation expense (non-GAAP) was RMB402.8 million in the current  quarter, an increase of 49% year-on-year and a 4% increase quarter-on-quarter. Operating margin excluding share-based  compensation expense (non-GAAP) was 52% in the current quarter, up from 47% in the same period of 2007 and declined slightly from 53% in the second quarter of 2008.

Net income  (profit attributable to equity owners) was RMB308.6 million in the period, representing a 49% increase year-on-year and a 22% decrease compared to the second quarter of 2008. The company's third quarter net income included a RMB8.5 million loss from its associated company, Alibaba.com Japan, and lower net finance income compared to the second quarter of 2008.
   
    Earnings per share, basic and diluted, was 6.97 Hong Kong cents and 6.96 Hong Kong cents, respectively, an increase of 57% compared to 4.43 Hong Kong cents (both basic and diluted) in the third quarter of 2007, and a decrease of 21% compared to 8.80 Hong Kong cents (basic) and 8.79 Hong Kong cents (diluted) in the second quarter of 2008.

Deferred revenue and customer advances was RMB2,047.0 million as of September 30, 2008, a 23% increase compared to RMB1,659.5 million as of September 30, 2007 and a 3% increase compared to RMB1,987.8 million as of June 30, 2008.

Recurring free cash flow (non-GAAP) in the  period was RMB410.1 million,  representing a 36% increase year-on-year and a 49% increase compared to the second  quarter of 2008.

Cash and bank deposits were RMB6,143.6 million as of September 30, 2008 compared to RMB5,772.5 million as of June 30, 2008. As of September 30, 2008, 74.1% of the company's cash and bank balance was in Renmibi, 25.2% in United States dollars and 0.7% in Hong Kong dollars.

HK$2  Billion Share Buy-Back

Today, Alibaba.com's board of directors authorized the repurchase of up to HK$2 billion (approximately US$258 million) of the company's ordinary shares, subject to market conditions and at the discretion of the company. The share-buy back plan is based on the repurchase mandate approved by shareholders at the company's Annual General Meeting on May 5, 2008, and will remain in effect through the end of 2009, subject to renewal of the repurchase mandate by the shareholders at the next Annual General Meeting.
"We believe a buy-back program is appropriate at this time, and it demonstrates the directors' confidence in the fundamentals of our business. With the strong free cash flow of our business, this share buy-back will leave us more than sufficient cash for operations and future business investments, including the ability to be opportunistic about organic and non-organic growth initiatives." said Wei.

About  Alibaba.com Limited

Alibaba.com Limited (HKSE:1688) is the world's leading B2B e-commerce company. It connects millions of buyers and suppliers from around the world every day through three marketplaces: an English-language marketplace (alibaba.com) for global importers and exporters, a Chinese-language marketplace (alibaba.com.cn) for domestic trade in China, and, through a joint venture, a Japanese-language marketplace (alibaba.co.jp) facilitating trade to and from Japan. Together, its marketplaces form a community of 36 million registered users from over 240 countries and regions. Headquartered in Hangzhou, Alibaba.com has offices in more than 30 cities across mainland China as well as in Taiwan, Hong Kong, Europe and the United States.

For  investor inquiries please contact:
  Lindy Lau
  Tel: +852 2215 5215
  lindylau@alibaba-inc.com

For  media inquiries please contact:
  Jasper Chan
  Tel: +852 2215 5213
  jasperchan@alibaba-inc.com

For  photos and broadcast-standard video supporting this press release, please visit www.thenewsmarket.com/alibaba.  If you are a first-time user, please take a moment to register. If you have any  questions, please email journalisthelp@thenewsmarket.com.

   

 

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

	3Q2008	3Q2007	Change	2Q2008	Change
Revenue (RMB million)	780.2	570.5	+36.8%	735.1	+6.1%
Operating income (RMB million)	364.2	236.2	+54.2%	339.1	+7.4%
Profit attributable to equity owners (RMB million)	308.6	207.3	+48.9%	396.5	-22.2%
Earnings per share, basic (HK$)	6.97 cents	4.43 cents	+57.3%	8.80 cents	-20.8%
Earnings per share, diluted (HK$)	6.96 cents	4.43 cents	+57.1%	8.79cents	-20.8%
Registered users	35,645,270	25,519,254	+39.7%	32,523,290	+9.6%
International marketplace	6,912,692	3,979,612	+73.7%	5,614,887	+23.1%
China marketplace	28,732,578	21,539,642	+33.4%	26,908,403	+6.8%
Storefronts	4,163,756	2,705,244	+53.9%	3,770,614	+10.4%
International marketplace	868,379	648,302	+33.9%	802,286	+8.2%
China marketplace	3,295,377	2,056,942	+60.2%	2,968,328	+11.0%
Paying Members (Note 1)	398,351	272,729	+46.1%	368,006	+8.2%
Gold Supplier	30,836	24,123	+27.8%	29,766	+3.6%
International TrustPass	15,016	11,363	+32.1%	13,912	+7.9%
China TrustPass	352,499	237,243	+48.6%	324,328	+8.7%

 

Notes:
1. Include paying members with active storefront listings on our international and China marketplaces as well as paying members who have paid membership package subscription fees but whose storefronts have not been activated.

 

 

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE QUARTER ENDED   SEPTEMBER 30, 2008

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

	3Q 2008	3Q 2007		3Q 2008	2Q 2008
	RMB'000	RMB'000		RMB'000	RMB'000
Revenue
- International marketplace	484,509	405,762		484,509	469,358
- China marketplace	295,656	164,724		295,656	265,726
Total revenue	780,165	570,486		780,165	735,084
Cost of revenue	(98,552)	(76,566)		(98,552)	(91,638)
Gross profit	681,613	493,920		681,613	643,446
Sales and marketing expenses	(278,295)	(178,853)		(278,295)	(240,762)
Product development expenses	(49,636)	(36,289)		(49,636)	(37,457)
General and administrative expenses	(77,912)	(58,889)		(77,912)	(76,909)
Other operating income, net	88,468	16,271		88,468	50,819
Profit from operations	364,238	236,160		364,238	339,137
Finance income, net	19,396	11,884		19,396	115,073
Share of loss of associated companies,       net of tax	(8,543)	-		(8,543)	-
Profit before income taxes	375,091	248,044		375,091	454,210
Income tax charges	(66,493)	(40,775)		(66,493)	(57,746)
Profit attributable to equity owners of the   Company	308,598	207,269		308,598	396,464
Earnings per share, basic (RMB)(Note   2)	RMB 6.11 cents	RMB 4.30 cents		RMB 6.11 cents	RMB 7.85 cents
Earnings per share, diluted (RMB)(Note 2)	RMB 6.10 cents	RMB 4.30 cents		RMB 6.10 cents	RMB 7.84 cents
Earnings per share, basic (HK$)(Note   2)	HK$6.97 cents	HK$4.43 cents		HK$6.97 cents	HK$8.80 cents
Earnings per share, diluted (HK$)(Note 2)	HK$6.96 cents	HK$4.43 cents		HK$6.96 cents	HK$8.79 cents

 

Notes:
2. The translation of Renminbi amounts into Hong Kong dollars has been made at the rate of RMB 0.8769 to HK$1.0000 for the third quarter of 2008 (third quarter of 2007 and second quarter of 2008: RMB 0.9695 and RMB 0.8920 to HK$1.0000 respectively). No representation is made that the Renminbi amounts have been, could have been or could be converted to Hong Kong dollars or vice versa, at that rate, or at any rate or at all.

 

 

ADDITIONAL FINANCIAL DATA (UNAUDITED)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

	3Q 2008	3Q 2007		3Q 2008	2Q 2008
	RMB’000	RMB’000		RMB’000	RMB’000
Revenue
International marketplace
Gold Supplier	467,287	394,418		467,287	452,529
International TrustPass	10,723	8,383		10,723	9,282
Other revenue (Note 3)	6,499	2,961		6,499	7,547
	484,509	405,762		484,509	469,358
China marketplace
China TrustPass	278,237	156,622		278,237	248,449
Other revenue (Note 4)	17,419	8,102		17,419	17,277
	295,656	164,724		295,656	265,726
Total	780,165	570,486		780,165	735,084
Recurring Free Cash Flow (Non-GAAP)
Net cash generated from operating activities	440,312	314,739		440,312	303,672
Purchase of property and equipment, excluding payment for land use rights and construction costs of corporate campus project	(30,222)	(13,357)		(30,222)	(27,475)
Other non-recurring operating expense	-	499		-	-
Total	410,090	301,881		410,090	276,197
Share based compensation	38,526	33,772		38,526	49,225
	As of             September 30, 2008	As of             September             30,2007		As of             September 30, 2008	As of             June 30,             2008
	RMB’000	RMB’000		RMB’000	RMB’000
Cash and bank balance	6,143,613	1,643,431		6,143,613	5,772,480
Deferred revenue and customer advances	2,046,998	1,659,547		2,046,998	1,987,830