Are you leaving cash on the table? Working capital management report

Transcription

1 Are you leaving cash on the table? Working capital management report 2018

2 Contents

3 Foreword...04 Executive summary...06 Need for a focus on working capital...08 Working capital overview for India...10 Sector insights...18 Impact of the Goods and Services Tax (GST)...22 Working capital financing...24 Delivering working capital excellence...26 Industry views...28 How we can help?...30

4 Foreword

5 Efficient working capital management is one of the fundamental elements for the financial and operational success of any business. Transformational value can be created by effectively combining the strengths of people, process and technology to improve the balance between profitability and liquidity. In current times, managing cash and liquidity effectively is imperative given the significant increase in non-performing assets and ballooning corporate balance sheets. Further, the recent implementation of the Goods and Service Tax (GST), technological advancements and alternative sources of debtfunding are providing companies and opportunity to rethink their approach towards resourcefully and most effectively managing their working capital. In this context, the theme of our annual working capital management report this year is Are you leaving cash on the table? In this edition, we have analyzed the working capital performance of leading companies in India for FY17 and Q18. Based on our research, we have discovered and analyzed some of the key trends across industries and the potential opportunities for corporate India to release trapped cash from their working capital. As per our findings, the overall cash-to-cash (C2C) deteriorated by 4% in FY17 vis-a-vis FY16 and payables are being stretched to fund working capital requirements. Also, Indian companies continue to have a longer C2C cycle compared to their global peers across a number of sectors. This presents corporate India with significant opportunities for working capital optimization. Our analysis shows that by adopting better working capital practices, India Inc. can release INR1.8 trillion of cash trapped in the corporate balance sheets. We believe this report can benefit both industries and practitioners in their analysis and decision-making processes by providing the requisite insights into managing capital better. It is our endeavor to help contribute to Indian corporates release cash and support investments in growth. Naveen Tiwari Partner and Leader, Working Capital Advisory Services, EY India

6 Executive S There is a considerable need for Indian companies to focus on working capital optimization Deteriorated Improved 4 pp* Increase in C2C days in FY17 compared to FY pp* Increase in short-term debt as a percentage of sales in FY17 as compared to FY16 Sufficient cash on the table improves return on capital employed and credit profile, and increases cash availability for all stakeholders Payables are being stretched in order to manage working capital Large firms have significantly more efficient working capital management as compared to the smaller firms 5 days Increase in payables in FY16 as compared to FY14 54 days Difference between the C2C of large and small firms Timely payment to vendors can have a positive impact on margins due to improved supplier relationship (from discounts, rebates etc.) In addition to better negotiating leverage, larger companies adopt better operating practices, which drive improved working capital *percentage point

7 ummary Top 3 sectors with the highest C2C in FY17 Engineering and Pharmaceuticals Engineering, Procurement, and Construction (EPC) companies Chemicals Compared to other regions, there appears to be a significant scope of optimizing working capital for India Inc. by adopting efficient working capital practices The overall cash opportunity for India Inc. INR1.8 trillion GST can prove to be both a challenge and an opportunity to effectively manage working capital Impact of GST on working capital performance: Supply chain efficiencies Timing of tax payments Utilization of input credits Difference in tax rates Restriction on utilization of duty credit scrips Refund of export claims Managing the complexities and extracting maximum benefits from the working capital opportunities presented by the GST regime would be a key area of focus in the short-term Cash on the table!

8 Are you leaving cash on the table? 1 Need for a focus on working capital There is a considerable need for Indian companies to focus on working capital optimization.

9 Working capital management report While the overall free cash flow (FCF) has improved since 2014, it declined by about 20% (0.7ppts) between 2016 and This was combined with an increase in the C2C cycle over the same period. In order to fund the increased cash needs, there has been a significant increase in short-term borrowings. However, the ability of the firms to service the debt (interest coverage) has been steadily declining over the years. There is a great need for the top management teams to focus on optimizing working capital. Having sufficient cash on the table provides numerous advantages: Better return on capital employed Reduce interest expense, thus increasing cash flow to shareholders Better credit profile Positive impact on margins due to improved supplier relationships (i.e. discounts from timely payments) Increased cash availability to fund growth initiatives (e.g. capex and acquisitions) Need to focus on working capital optimization FCF (% of sales) Short-term debt (% of sales) 12.4% 3.4% 2.7% 11.0% 11.3% 2.2% 9.6% % C2C (days) 3.6 Interest coverage ratio (EBIT/Interest expense)

10 Are you leaving cash on the table? 2Working capital overview for India Cash-to-cash (C2C) cycles for India inc. has deteriorated by 4% in FY17 cycle as compared to FY16.

11 Working capital management report Payables are being stretched in order to manage working capital While there have been year-on-year variations, the overall C2C cycle broadly remained stable between 2014 and However, on closer inspection, there was a significant deterioration in receivables, which was countered by an almost equivalent increase in payables. It appears that companies in India find it easier to manage their cash needs by stretching payables rather than bringing in operational efficiencies across the board. In FY17, an increase in DPO (days payable outstanding) was observed in 14 out of the top 25 sectors analyzed. Companies miss out not only on immediate opportunities such as early payment discounts but also on the opportunity to get further discounts from suppliers by using credit terms effectively. Inventory levels have also increased in FY17 as compared to FY16. In addition to inefficiencies in the supply chain, inventory levels appear to have been impacted by the recent increase in underlying input prices (e.g. oil, steel, coal etc.). Our analysis estimates that about INR1.8 trillion of cash is on the table for India Inc., to be released if companies were to adopt efficient working capital practices. India Working capital metrics C2C DSO DIO DPO

12 Are you leaving cash on the table? Large firms have significantly more efficient working capital management as compared to smaller firms Our analysis shows that the C2C for larger companies (top one-third by revenue) is significantly lower than for smaller companies (bottom one-third by revenue). Larger companies have better negotiating leverage and operating efficiencies, thus driving improved collections and relatively lower inventory levels. The larger firms appear to be relatively well managed which means that in addition to having a better working capital performance, they also have better profitability and higher return on capital. Performance comparison between large, mid-sized and small Indian companies Top Mid Low EBITDA margin 16% 14% 14% PAT margin 7% 3% 2% Interest coverage ROCE 6% 3% 2% WC comparison between large, mid-sized and small companies Days Top Mid Low C2C DSO DIO DPO Note: Top: Top 166 companies by revenue in FY17 Mid: Top companies by revenue in FY17 Low: Top companies by revenue in FY17

13 Working capital management report There is a significant scope of optimizing working capital for India Inc. across certain sectors when compared with other regions WC performance across geographies India US Europe China Brazil C2C DSO DIO DPO Working capital performance across geographies for top sectors Compared to developed economies, Indian companies appear to have a longer C2C cycle, signifying opportunities to adapt better working capital practices, thus releasing trapped cash. Specifically, significant working capital improvement potential exists across sectors including the engineering and EPC services, technology, chemicals and auto parts as compared to some of the other regions like the US, Europe etc. Receivables for Indian engineering and EPC services companies were more than two times those of companies in the US, Europe and China. Delays in project execution combined with inadequate documentation have led to stretched receivables for Indian companies. High DSO days for technology companies in India predominantly drive a longer C2C cycle compared to other developed regions. Outstanding Government subsidies for fertilizer and agrochemical manufacturers in India contribute to high DSO days for the chemicals sector. Similarly, higher levels of inventory and faster vendor payments by Indian auto parts companies have driven higher working capital needs as compared to the US, Europe and China.

14 WC comparison across sectors and geographies Oil and gas Metals and mining Automobile manufacturers Technology India C2C DSO DIO DPO US C2C DSO DIO DPO Europe C2C DSO DIO DPO China C2C DSO DIO DPO Brazil C2C DSO DIO DPO

15 Accessories and luxury goods Utilities Engineering and EPC services Chemicals Auto parts Pharmaceuticals

16 Are you leaving cash on the table? YTD working capital overview An analysis of the working capital metrics of the available data set in India (219 firms of the top 500 firms) as at 1H18 shows marginal improvement in working capital performance as compared to H1 FY17. The C2C movement of the top companies between H1 FY17 and H1 FY18: Most of the sectors showed an improvement in C2C in H1 FY C2C DSO DIO DPO H1 FY17 H1 FY18

17 Working capital management report WC performance, H1-FY18 Sectors C2C H1 FY18 C2C change (vs. H1 FY17) Metals and mining 27-36% Oil and gas (19) 75% Automobile manufacturers 2-588% Technology 68 2% Accessories and luxury goods 23 80% Pharmaceuticals 109 6% Engineering and EPC services 31-19% Telecommunications (78) 40% Chemicals 69-17% Utilities (15) 147% Auto parts 38 4% Cement and building products 43-9% Distributors 36-23% Food producers 45-14% Textiles 92 0% Electrical components and equipment 111 5% Diversified industrial products 89-6% Media and entertainment 63 49% Logistics and transportation 47 0% Consumer products (non durable) 19-44% Retail 24-24% Consumer products (durable) 32-8% Improved Deteriorated

18 Are you leaving cash on the table? 3 Sector insights C2C performance varies across sectors and is impacted by changes in government regulations, commodity price fluctuations and the changing business environment, in addition to the inherent inefficiencies in the system.

19 Working capital management report Working capital performance varied significantly across sectors in FY17. Many sectors recorded an improvement in working capital performance as compared to FY16 but many sectors operated at higher working capital levels as compared to FY14. There is a significant correlation between a change in working capital and a change in short-term debt used by companies. For instance, sectors such as oil and gas and metals and mining display a significant increase in C2C days with a corresponding increase in the short-term debt, signifying increased funding needs. Working capital performance across sectors, FY17 Engineering and EPC services 137 Pharmaceuticals 102 Chemicals 89 Technology 75 Metals and mining 49 Utilities 48 Auto parts 48 Accessories and luxury goods 20 Oil and gas 19 Automobile manufacturers C2C (days)

20 Are you leaving cash on the table? Change in C2C and short-term debt (FY17 vs. FY16), and free cash flow (% of FY17 sales) Oil and gas 10 Change in C2C days (vs. FY16) 5 0 Engineering and EPC services Technology Automobile manufacturers Metals and mining -5 Chemicals Utilities Auto parts -10 Pharmaceuticals Accessories and luxury Goods -15-4% -2% 0% 2% 4% 6% 8% Change in short-term debt as a % sales (vs. FY16)

21 Improved Deteriorated Oil and gas Number of companies with improved/ deteriorated WC w.r.t. FY C2C DSO DIO DPO There was significant deterioration in C2C days between FY16 and FY17. This was mainly driven by an increase in DIO by 10 days, which appears to be due to the increase in underlying oil prices, thus impacting both inventory value and volume. Metals and mining Number of companies with improved/deteriorated WC w.r.t. FY C2C DSO DIO DPO The metals and mining sector saw a deterioration in C2C in FY17 mainly due to an increase in the working capital of steel companies. This appears to have been driven by disruption in coke/coal imports impacting inventory values and payables. Engineering and EPC service Number of companies with improved/deteriorated working capital w.r.t. FY C2C DSO DIO DPO The overall C2C reduced in FY17 across the construction and engineering sector primarily due to improvement in inventory days. While the receivables days also decreased, receivables management continues to be a significant challenge for the sector. This sector continues to be troubled by project delays, liquidity crunch and inherent inefficiencies in the system, leading to a C2C cycle of over four months. Pharmaceuticals Number of companies with improved/deteriorated WC w.r.t. FY C2C DSO DIO DPO The pharmaceuticals sector witnessed a large improvement in C2C days in FY17 as compared to FY16. While this is an improvement over FY16, the overall working capital performance is broadly in line with the average performance across FY14 and FY15. Some of the improvements in FY17 over FY16 were driven by companies engaging in factoring and bill discounting to reduce receivables. Auto components Number of companies with improved/deteriorated WC w.r.t. FY C2C DSO DIO DPO The auto components sector experienced a marginal improvement in C2C days in FY17 mainly due to an increase in payable days, which was partially offset by an increase in inventory days. A significant increase in key input commodity prices (steel, rubber, copper etc.) along with an increase in imports impacted the payables. Chemicals Number of companies with improved/deteriorated WC w.r.t. FY C2C DSO DIO DPO The overall C2C days across the chemicals sector reduced in FY17 largely driven by a significant decrease in receivables. The fertilizers and agrochemicals and diversified chemical sectors demonstrated a reduction in DSO, which was partly driven by a reduction in outstanding subsidies.

22 Are you leaving cash on the table? 4Impact of the Goods and Services Tax GST can prove to be both a challenge and an opportunity to effectively manage working capital.

23 Working capital management report Managing the complexities and extracting the maximum benefits from the working capital opportunities presented by the GST regime would be key areas of focus for businesses in the short-term. The transition from the old tax structure to GST initially impacted the working capital cycle of companies. In India, transitional credit in some cases has been delayed due to system-related glitches and lack of data readiness. Firms with strong working capital management are expected to tackle the short-term disruption better than firms with lesser focus on cash management. GST impact Impact on supply chain The implementation of a nationwide tax structure is expected to bring supply chain efficiencies such as network consolidation and manufacturing footprint rationalization, and enable free flow of goods across states. GST will present firms with an opportunity to not only optimize costs but to also have a lean supply chain with lower required inventory levels. However, taxing stock transfers, though credit is available, has added extra working capital requirement considering the disposal cycle of the goods received via the stock transfer mode. Impact on receivables and payables With the credit eligibility restricted to making payments within 180 days, firms would be required to optimize their procure-to-pay processes to optimally utilize the available input credit. On the other hand, firms suppliers would have to bring in process efficiencies to optimize invoicing processes and to take maximum advantage of this favorable regulation. Impact due to refund of export claims Due to system-related issues, there has been a delay in disbursement of export refund claims for exporters. This has caused a strain on working capital in the initial months of the GST implementation for firms with substantial exports. Impact due to restriction on utilization of duty scrips Duty credit scrips issued under the Foreign Trade Policy are not allowed to be used for payment of GST in the current regime. This could also have an impact on working capital where there has been a reliance on duty scrips for the payment of the applicable taxes/ duties in the earlier regime. Impact on the timeline of tax payment Earlier, there were different dates of cash outflow for various taxes levied such as excise duty, service tax and VAT. Under GST, the consolidated tax will have to be paid at once. On the one hand, firms will need to manage the cash flow to support the increased outflow at one go, while on the other hand, firms would be able to enjoy additional float for the amounts that they would have paid at multiple points in time in the earlier regime. Impact of difference in tax rates Under the erstwhile tax regime, firms were required to pay a service tax of 15% on the procurement of services as against GST of 18% thereof under the current regime. The additional tax component would also contribute to an increased cash flow requirements of firms where there is a substantive procurement of services. Similarly, where the effective rate on goods is higher under the GST regime as compared to the erstwhile regime, there could be a cash flow impact to the extent GST is a game-changing reform for the Indian economy. For businesses, GST has opened up avenues for efficiencies, reducing the cascading of taxes across the supply chain. A study of the working capital scenario could help the industry optimize the benefits of GST by undertaking relevant changes to mitigate negative impacts, if any. Suresh Nair Partner, Indirect Tax, EY India

24 Are you leaving cash on the table? 5Working capital financing In addition to operational efficiencies, CFOs are continuously exploring new ways of financing working capital needs.

25 Working capital management report All businesses need funds to run their operations. Traditionally, working capital funding has been arranged through banks using instruments such as overdrafts, cash credit and line of credit. Over the years, firms and banks have come up with new ways of working capital financing that are attractive and accessible to a wider set of companies. Debt capital markets There has been a significant increase in stressed assets (NPAs and restructured assets), which has led to a decline in new lending. Lending from banks to Indian corporations declined by 5.2% in FY17 as compared to a growth of 2.8% in FY16, which has had an impact on both short and long-term financing*. Alternative funding solutions such as corporate bonds and commercial papers have emerged as short-term funding instruments. Consequently, as per RBI's annual report,the share of banks in credit decreased from 50% to 38% in FY17. Commercial papers are generally bought by mutual funds and as these are unsecured, funding through commercial papers is largely available to companies with a healthy credit rating. However, due to the impact of the recent monetary policy announcements, companies may have to pay a higher rate of interest for short-term borrowing through commercial papers. *Source: 'We need a bank just for long-term credit - C Rangarajan and S Sridhar, Published in the Business Line Supply chain financing Channel financing has been employed in India for quite some time as an alternate means of raising working capital finance for dealers and suppliers of firms. This provides the dealers and suppliers with a line of credit through their relationships with corporates (based on the corporate credit rating), which, on a standalone basis, would be difficult to obtain. For corporates, this helps mitigate the risk of short supplies or loss of sales due to a lack of funds in its supply chain. The traditional approach to channel financing is changing. Fintech firms are developing technology platforms that are intended to help MSMEs sell their receivables at a discount, thus freeing up cash for operational needs. Such platforms and technologies are already well established in developed markets. Further, RBI has come up with Trade Receivables Discounting Systems (TReDS) which acts as an exchange for MSMEs to discount their invoices. A few businesses are also currently experimenting with disruptive technologies such as blockchain to streamline the vendor payment processes.

26 Are you leaving cash on the table? 6Delivering working capital excellence Increasing use of analytics and technological advances are assisting to drive working capital excellence.

27 Working capital management report A working capital optimization drive requires strategic and disciplined efforts from the leadership team and needs to be communicated to all work streams and business units. Technology plays a key role in driving working capital optimization in several ways, such as by providing real-time and clearer insights on the working capital position, enabling better decision-making. Process improvements aimed at the lead time reduction, better customer engagement and improved vendor relations have a direct impact on reducing working capital. Last, but most importantly, when an organization decides to implement a working capital improvement program, people across functions should be pulling in the same direction with a strong internal leadership. Automation in supply chain: Leverage upcoming advances such as drone technology in warehousing and logistics Customer engagement: Facilitate greater collaboration with customers, resulting in better payment terms and collection efficiencies. Analytics: Use big data to enhance control through improved visibility, and decision support Robotic process automation(rpa): Use emerging technologies such as RPA for automating repetitive transactional processing Agile supply chain: Conduct robust sales and operations planning combined with flexible supply chain to meet dynamic demand requirements System Process People Supplier management: Leverage timely payments as a tool to develop better supplier relationship and reduce sourcing costs Enhanced role of finance: Move from a transactional approach to business partnering to help functions manage trade-offs between cost and cash Cash culture: Embed a cash culture in the organization across functions Organization structure: Establish adequate role definitions and clearly defined RACI Digitization: Implement an end-to-end integration application to eliminate manual processes Governance: Establish a robust governance structure, metrics and regular reporting Management focus: Strike a balance between competing priorities and appropriate incentives for cash focus

28 Industry insights Selection of a funding mechanism for working capital may also have negative tax effects. In a multinational corporate environment, generally the infusion of working capital is done through a related party arrangement. This should be evaluated for the recent changes in the tax regime from the transfer pricing perspective regarding deduction of interest expense from the taxable income and consequently the higher effective tax rate. Recent regulatory changes have made working capital management highly vulnerable. Another important aspect for working capital management within organizations is the efficient management of some hidden elements in working capital, for example, timely utilization of available input tax credits (indirect taxes) and MAT credits (direct tax). If not managed efficiently, at times these elements are large enough to make a dent in the profitability via higher interest costs on borrowed funds/loss of opportunity cost on own funds. Sanjeev Agarwal Head of Finance of a major auto company

29 Working capital management is critical to any organization, whether in the past, current or future, since it has a direct impact on fund management, policies, discipline, interest cost and the overall profitability of the company. Working capital management is a controllable factor and is the lifeline for any organization. It requires complete focus by all in the organization. The key factors in our sector (electronics retail) are inventory and receivables. As we are growing, we are trying to ensure that our trade partners also focus on efficient working capital management to achieve higher turnover and rotation of funds. We try to arrange funds at competitive rates under the channel finance program of banks and NBFCs for our trade partners to match our growth. For efficient working capital management, many controls are centralized in spite of decentralized branch operations. We continue to focus on our credit rating to ensure adequate facilities at competitive rates. Post GST implementation, there was some initial impact on cash flow due to IGST on imports and stock transfer, but it should streamline in a few months. Sanjay Bhargava Director, CFO and Company Secretary, Sony India Working capital management has become more critical than ever before for us. The telecom sector has seen more than its fair share of turmoil and consolidation resulting in cash becoming king more than ever before. Debtors and inventory of fixed assets are the critical components in our sector (telecom tower) that impact working capital within any telecom firm. The key strategies employed by management to optimize working capital are mainly around engaging with customers to ensure prompt payments, having a hard look at inventory norms, aging of inventory and pulling back of the same. In the future, working capital requirements will influence many decisions, including new projects. To get working capital financing, it is easy for well-rated firms as there is more money chasing fewer good assets. Things have become more difficult for corporates/firms which may not have good ratings. Working capital management has become more challenging than ever. Demonetization did have an impact on working capital of many firms and the jury is still out if all of the impact is behind us or not. However, GST will have a permanent impact as corporates/firms will not be able to take credit of taxes if matching has failed. They will also then need to engage with their partners to ensure that the GSTN portal is corrected before the corporate/firm can take credit. Hemant Kumar Ruia CFO, Indus Towers

30 How we can help EY s India team of dedicated working capital professionals can help you identify, evaluate and prioritize realizable improvements to liberate significant cash tied up in working capital. We assist organizations in their transition to a cashfocused culture and help implement the relevant metrics to prioritize focus on working capital. We also identify areas for improvement in cash flow forecasting practices and assist in implementing processes to improve forecasting and frameworks to sustain those improvements. In addition to increased levels of cash, implementation of working capital improvement initiatives results in significant economic benefits from productivity improvements, reduced transactional and operational costs, lower levels of bad and doubtful debts, and reduced inventory obsolescence.

31 EY s working capital optimization framework Process and practice Order to cash (OTC) Cash flow management Sales mgmt. Contractual terms Credit risk mgmt. Order processing Invoice processing Collections strategies Dispute resolution Cash application 13-week rolling cash forecast Forecast to fulfil (FTF) Product range mgmt. Demand forecasting Planning, purchasing and replenishment Supplier mgmt. Order processing and distribution Customer service and inventory levels Cash flow budgeting and planning Managing dayto-day cash flow operations Procure to pay (PTP) Procure -ment planning Supplier rationalization Purchase request and order fulfilment Goods and invoice receipt Invoice processing Supplier terms Sourcing and contracting Payment processing Finance function effectiveness People and organization Systems and tools

32 Methodology The report contains findings of an analysis of the working capital performance of the leading 500 companies (by sales of FY17) headquartered in India. All the data points have been sourced from S&P Capital IQ. This analysis excludes sectors such as financial institutions, infrastructure and real estate corporations, and companies that were listed after FY14 (as their data for historical comparison was not available). Our overall analysis draws on companies latest fiscal 2017 reports and compares performance in 2017 with that in 2016 and in some instances with that of a further three previous years. The analysis is segmented by country, sector and company. It uses metrics to provide a clear picture of overall working capital management and to identify resultant levels of cash opportunity. The analyzed numbers have been calculated on a sales-weighted basis. Each of the companies analyzed in this research has been allocated to an industry. The opportunity of cash release through working capital optimization has been computed by comparing the C2C days of a company with the average C2C days for its sector. The total cash release opportunity highlighted in this report is the sum of potential cash release opportunities for companies were they to operate at their respective sector C2C averages. Glossary Days sales outstanding (DSO): year-end trade receivables divided by full-year sales and multiplied by 365 (expressed as the number of days of sales, unless stated otherwise) Days inventory outstanding (DIO): year-end inventories divided by full-year sales and multiplied by 365 (expressed as the number of days of sales, unless stated otherwise) Days payable outstanding (DPO): year-end trade payables divided by full-year sales and multiplied by 365 (expressed as the number of days of sales, unless stated otherwise) Cash-to-cash (C2C): equals DSO plus DIO minus DPO (expressed as the number of days of sales, unless stated otherwise) Percentage of EBITDA/sales: EBITDA (earnings before interest, tax, depreciation and amortization) divided by full-year sales (expressed in percentage) Return on capital employed (ROCE): full year PAT (Profit after tax), divided by yearend capital employed (sum of total equity and debt), expressed in percentage O&G: oil and gas M&M: metal and mining IT: information technology WC: working capital TWC: trade working capital

33 Working capital: Self-diagnostic center C2C DSO DIO DPO Sector Q1 Median Q3 Q1 Median Q3 Q1 Median Q3 Q1 Median Q3 Oil and gas Metals and mining Automobile manufacturers Technology Accessories and luxury goods Utilities Engineering and EPC services Chemicals Auto parts Pharmaceuticals Telecommunications Cement and building products Food producers Distributors Diversified industrial products

34 Working capital: Self-diagnostic center C2C DSO DIO DPO Sector Q1 Median Q3 Q1 Median Q3 Q1 Median Q3 Q1 Median Q3 Consumer products (non durable) Electrical components and equipment Textiles Retail Logistics and transportation Airlines Media and entertainment Consumer products (durable) Ports and shipping Ecommerce Healthcare Paper and forest products Aerospace and defense Restaurants

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