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Interpretation of financial statements



                           Limitations of analysis of financial


                           statements



               5.1 Overview of limitations


                                                           No

                                                       predictive
                           Year-end                      value                      Ignore
                          figures not                                           management
                         representative                                             action






                                           Limitations of analysis of

                                               financial statements




                        Distortion by                                               Window

                         related party                                            dressing by
                         transactions                  Different                  management
                                                      accounting

                                                       policies




























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