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Sheet Tab
Contents
Summary
Transaction Assumptions
Operating Assumptions
Sources and Uses and Goodwill
Pro-Forma Balance Sheet
Target Company
Acquiring Company
Consolidated
Standalone Sensitivity
Economic Value Sensitivity
Rate of Return Sensitivity
Accretion Sensitivity
Tornado Chart
Scenario Analysis
Model Tests
Bond Rating Standards
Chart5
Chart4
Chart20
Chart2
Chart12
Chart3
Chart6
Chart13
Chart14
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Chart18
Chart19
Chart1
DCF
Stock Price
Financials
File Name:
Description
C:\Users\Nelson Mandela\Documents\Courses\1. Models and Slides\Course Materials\3 M&A Templates and Exercises\Examples\M&A - Retail
Colour Codes
Date
25-Jan-11
Author
ela\Documents\Courses\1. Models and Slides\Course Materials\3 M&A Templates and Exercises\Examples\M&A - Retail Stores.xls
Contents
Acquisition Assumptions
Cash Value Per Share Paid
New Shares Issued
Debt Issued in Transaction
Premium Paid per Share
Operating Assumptions
Traffic per Store
Margin per Store
Cap Exp per New Store
Growth Rate in Stores
22.49
6,000.00
7,294.80
36%
230,000
30.00%
850,000
4.0%
9.80%
8.00
17.30
29
TRUE
800.00
0.00%
6.70%
0.00%
-
Standalone Valuation
Equity Consideration
Enterprise Value Paid
Implied P/E Ratio
Implied EV/EBITDA Ratio
Implied M/B Ratio
DCF Value - Enterprise Value
DCF Value - Equity Value
Rate of Return From Transaction
IRR - Overall
IRR - Equity P/E
IRR - Equity Market to Book
Capital Structure
Debt to Capital after Acq - Target
Debt to EBTIDA after Acquistion
Consolidated Debt to Captial
Consolidated Debt to EBITDA
Synergy and Premium
After Tax PV of Synergies
Value of Premium
Net Value of Transaction
16,320.00
17,819.19
18.13
8.10
1.57
1.80
1.60
1.40
1.20
1.00
0.80
0.60
16,916.97
18,116.97
0.40
0.20
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
9.66%
11.75%
12.51%
54.7%
4.17
Rating Target
50.0%
Business Profile
40.0%
38.9%
2.10
30.0%
20.0%
3,674.18
4,320.00
(645.82)
10.0%
Maximum
Minimum
FFO to Debt
0.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Rating Target
Business Profile
Contents
Model OK
Transaction Assumptions
Consideration for Equity
Exchange Rate
7.00
400
22.49
8,995.6
6,000.0
8.55
1.22
7,324.38
18.31
Total Consideration
Total Consideration per Target Share
Pre-Acquistion Share Price of Target
Premium Percent
Premium Value
Implied Transaction Multiples
Net Income of Target
EBITDA of Target
Existing Book Value per Share
P/E
Market/Book Ratio
EV/EBITDA
Existing Debt Repaid
Financing of Transaction
New Debt Issued
Term of New Debt
LIBOR
Credit Spread
16,320.00
40.80
30.00
36%
4,320.00
900.00
2,200.00
25.95
18.13
1.57
8.10
800
7,294.80
15
2%
Debt to EBITDA
From
To
0
2
3
4
600
1600
800
0.00
9%
7.00
Fees on Transaction
2
3
4
Fees on Debt
Advisory Fees as Pct of Consideration
1.25%
2.50%
10.00
40.00
800.00
400.00
TRUE
30%
1,000.00
3,333.33
7,166.67
1,240.00
240.00
Valuation Assumptions
Residual Year
EV/EBITDA
P/E Ratio Assumption
MB Ratio Assumption
29.00
8.00
17.30
2.16
4%
9.80%
120%
20%
Synergy Assumptions
Revenue Synergy
Operating Expense Synergies
Capital Expenditure Synergies
Cost to Achieve
Percent
0.00%
6.70%
0.00%
Amount
484.09
0.01
Cash Consideration
Comments
Percent
1%
1.50%
2.00%
3.50%
65
173
216
Growth Rate
1%
1%
1%
22.48904
0
67
0
15.00%
18.13 EV/EBITDA
1.57
36
98
Contents
Operating Assumptions
Exiting Stores
Retirement of Exiting Stores
Growth Rate in Number of Stores
20,000
800
From
1
4
11
20
230,000
$2.00
30.00%
15
2,666.67
850,000
To
3
10
2,000
610
5%
Age
-30
1
2
3
20
21
3%
6%
4%
40%
10.00
5.00
60.00
10%
10%
15%
13%
4%
5%
Usage Pct
0%
40%
60%
100%
100%
0%
Growth
4.00%
4.00%
2.00%
10%
60,000.00
40,000.00
20,000.00
0.00
1
11 13 15 17 19 21 23 25 27 29
5000
4000
3000
2000
1000
0
1
11 13 15 17 19 21 23 25 27 29 31
Total Retirements
2,500
2,000
1,500
1,000
500
0
1
11 13 15 17 19 21 23 25 27 29 31
Sens
Scenario
40
45
230
230000
30
0.3
850
850000
Contents
Sources and Uses of Funds
Comments
Uses of Funds
Consideration
Advisory Fees
Debt Issuance Fees
Debt Retirement
Total Uses of Funds
Sources of Funds
New Shares Issued
Target Company Cash
Target Company Investments
New Senior Debt
New Subordinated Debt
Joint Venture Partner
Total Sources of Funds
Test
16,320.00
408.00
91.19
800.00
17,619.19
7,324.38
600.00
1,600.00
7,294.80
800.00
17,619.19
TRUE
Goodwill Analysis
Consideration
Less: Existing Equity of Target Company
Add: Advisory Fees
Less: Plant Write-up
Less: Intangibles
Less: Inventory Write-up
Add: Accounts Receivable Write-down
Less: Deferred tax Write-down
Goodwill
16,320.00
10,380.00
408.00
800.00
400.00
10.00
40.00
1,000.00
4,178.00
Fee Pct
1.25%
Comments
(1/pct-1)
79
Contents
Comments
Balance Sheet
Existing
Assets
Current Assets
Cash
Accounts Receivable
Inventories
Other
Total Current Assets
Long-term Assets
Fixed Assets - Gross
Accumulated Depreciation
Net Plant
Financial Investments
Fair Value of Derivatives
Other Investments
Intangible Assets
Goodwill
Debt Issuance Costs
Total Other Investments
Total Assets
1,200.00
160.00
30.00
300.00
1,690.00
12,000.00
-1,500.00
10,500.00
Accounting
-600.00
800.00
2,400.00
1,600.00
700.00
-1,600.00
400.00
240.00
4,178.00
4,940.00
17,130.00
550.00
800.00
1,350.00
Long-term Liabilities
Long-Term Debt
Pension Obligations
Deferred Taxes
Other Liabilities
Total Long-term Liabilities
Minority Interest
Common Equity
10,380.00
17,130
4,000.00
300.00
1,000.00
100.00
5,400.00
TRUE
400
Use of Cash
-40.00
10.00
Goodwill
-1,000.00
Retire Debt
Issue of
New Debt
Remove
Existing Eq
New Equity
Issued
91.19
-800.00
7,294.80
-10,380.00
800.00
7,324.38
Total
Adj
Restated in
Currency
7.00
-600.00
-40.00
10.00
0.00
0.00
600.00
120.00
40.00
300.00
1,060.00
4,200.00
840.00
280.00
2,100.00
7,420.00
800.00
0.00
0.00
12,800.00
-1,500.00
11,300.00
89,600.00
-10,500.00
79,100.00
-1,600.00
0.00
0.00
400.00
4,178.00
91.19
800.00
1,600.00
700.00
400.00
4,418.00
91.19
8,009.19
5,600.00
11,200.00
4,900.00
2,800.00
30,926.00
638.30
56,064.30
3,239.19
20,369.19
142,584.30
0.00
-800.00
0.00
550.00
0.00
550.00
3,850.00
0.00
3,850.00
7,294.80
0.00
-1,000.00
0.00
0.00
800.00
-3,055.62
11,294.80
300.00
0.00
100.00
11,694.80
800.00
7,324.38
79,063.62
2,100.00
0.00
700.00
81,863.62
5,600.00
51,270.68
3,239.19
20,369.19
142,584.30
TRUE
6,000
New
Balance
6,000
TRUE
Acquiring
Company
Consolidated
49,380.00
4,200.00
840.00
280.00
2,100.00
56,800.00
120,881.00
(51,681.00)
69,200.00
210,481.00
(62,181.00)
148,300.00
2,344.00
211,091.00
7,944.00
11,200.00
23,886.00
73,981.00
30,926.00
638.30
148,575.30
353,675.30
36,914.00
8,853.00
45,767.00
40,764.00
8,853.00
49,617.00
34,810.00
3,354.00
972.00
10,359.00
49,495.00
34,192.00
81,637.00
113,873.62
5,454.00
972.00
11,059.00
131,358.62
39,792.00
132,907.68
211,091.00
353,675.30
18,986.00
71,181.00
92,511.00
TRUE
17,891
23,891
Contents
Year
Explicit Valuation Phase
Stable Valuation Year
Teminal Switch
Working Analysis
Number of Stores
Opening Balance
Add: New Stores
Less: Retirements of Existing Stores
Less: Retirements of New Stores
Closing Balance
Exiting Stores
New Stores
Total Retirements
2009
0
TRUE
FALSE
FALSE
2010
1
TRUE
FALSE
FALSE
20,000
20,000
20,000
1,410
610
FALSE
20,800
19,390
1,410
610
230,000
4,589,420,000
$2.00
9,178,840,000
Margin
Total Variable Costs
30.00%
6,425,188,000
15
300,000.00
2,666.67
800,000,000
1,410
850,000
2,000
40,000,000
1,238,500,000
EBITDA
1,953,652,000
1,953.65
1,238.50
9,178.84
7,225.19
3%
1.03
Revenue Percent
Revenue Syenrgies
Growth
Revenue Synergies
0.00%
1.00%
-
Expense Percent
Expense Synergies
Growth
Expense Synergies
6.70%
484.09
1.00%
484.09
0.00%
0.00
1%
0.00
Cost to Achieve
Revenues - Inflated
Operating Costs - Inflated
Cap Exp Inflated
9,454.21
6,957.86
1,275.66
Working Capital
A/R Days
A/R as Pct of Revenues
Total Revenues
Level of A/R
10.00
2.74%
9,454.21
120.00
Inventory Days
Inventories as Pct of Op Exp
Total CGS
Level of Inventories
Other Current Assets
259.02
5.00
1.37%
7,225.19
40.00
98.98
300.00
300.00
A/P days
A/P as Pct of Total Costs
Total Op Exp
60.00
16.44%
7,225.19
Level of A/P
550.00
1,187.70
-90.00
-529.71
-439.71
Assets
Plant Balance - Existing
Opening Balance
Add: Capital Expenditures
Less: Retirements
Closing Balance
Depreciation Rate
12,800.00
12,800.00
512.00
12,288.00
5%
640.00
Accumulated Depreciation
Opening Balance
Add: Depreciation Expense
Less: Retirements
Closing Balance
-1,500.00
(1,500.00)
(640.00)
(512.00)
(1,628.00)
11,300.00
10,660.00
Book Life
New Assets
Opening Balance
Add: Cap Exp
Less: Retirements
Closing Balance
20
1,275.66
FALSE
1,275.66
Depreciation Rate
Depreciation Expense
0.05
-
Accumulated Deprecaition
Opening Balance
Add: Depreciation Expense
Less: Retirements
Closing Balance
Net Plant
1,275.66
7,166.67
512.00
6,654.67
7,166.67
13%
895.83
8
1,275.66
FALSE
1,275.66
Depreciation Rate
Depreciation Expense
Intangible Assets
Opening Balance
Amortiztion Rate
Amortization Expense
Accumulated Amortization
0.13
-
400.00
400.00
15%
60.00
Opening Balance
Add: Amortization Expense
Closing Balance
Net Intangible Assets
Debt Issuance Costs
Opening Balance
(60.00)
(60.00)
400.00
340.00
91.19
91.19
Amortization Rate
Amortization Expense
6.67%
6.08
Accumulated Amortization
Net Debt Issuance Cost
Derivative Assets
Goodwill
Other Assets
Debt Balance
Exiting Long-term Debt
Opening Balance
Less: Repayment
Closing Balance
6.08
91.19
85.11
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
4,000.00
4,000.00
400.00
3,600.00
Interest Rate
Interest Expense
10%
400.00
7,294.80
486.32
6,808.48
7,294.80
Debt to EBITDA
LIBOR
Credit Spread
Interest Expense
2.5
0.00
Interest Rate
Interest Expense
Total Debt Balance
Total Long-term Interest Expense
Debt Balance Test
Net Cash Position
2.5
2.00%
1.50%
255.32
0.00
0.00
0.00
0.00
9%
0.00
11,294.80
TRUE
10,408.48
Opening Balance
Add: Net Cash Flow
Closing Balance
1,400.00
1,400.00
-439.24
960.76
Surplus Cash
Short-term Debt
1,400.00
0.00
960.76
0.00
4%
6%
56.00
0.00
300.00
100.00
300.00
100.00
Income Statement
Revenues
Less: Operating Expenses
EBITDA
Less: Depreciation - Book
Less: Amortization
EBIT
Less: Interest on Long-term Debt
Less: Interest on Short-term Debt
Add: Interest Income
EBT
Less: Taxes - Book
Net Income Before Minorty Interest
Less: Minority Interest
Net Income to Common Shareholders
9,454.21
6,957.86
2,496.35
640.00
66.08
1,790.27
655.32
56.00
1,190.95
357.29
833.67
82.09
751.58
Tax Analysis
Taxes Paid
EBT - Books
Add: Book Depreciation
Less: Tax Depreciation
EBT - Taxes
1,190.95
640.00
895.83
935.12
Taxes Paid
280.54
76.75
0.00
76.75
76.75
0.00
2,496.35
-439.71
280.54
2,655.52
1,275.66
1,379.87
655.32
0.00
56.00
886.32
32.84
300.63
(439.24)
7,324.38
7,324.38
751.58
300.63
7,775.33
800.00
800.00
82.09
32.84
849.25
1,400.00
120.00
40.00
300.00
1,860.00
960.76
259.02
98.98
300.00
1,618.76
12,800.00
-1,500.00
11,300.00
13,563.66
-1,628.00
11,935.66
1,600.00
700.00
400.00
4,418.00
91.19
7,209.19
1,600.00
700.00
340.00
4,418.00
85.11
7,143.11
20,369.19
20,697.52
550.00
0.00
550.00
1,187.70
0.00
1,187.70
11,294.80
300.00
10,408.48
300.00
Deferred Taxes
Other Liabilities
Total Long-term Liabilities
Minority Interest
Common Equity
Total Liabilities and Equity
0.00
100.00
11,694.80
800.00
7,324.38
8,124.38
20,369.19
Difference
76.75
100.00
10,885.23
849.25
7,775.33
8,624.58
20,697.52
Test
TRUE
Aggregate Test
TRUE
Ratios
Credit Ratios
Debt to EBITDA
FFO to Debt
Interest Coverage
TRUE
4.17
20%
2.73
Debt to Capital
Return on Equity
Return on Invested Capital
54.7%
9.95%
6.93%
199.32%
751.58
7.00
5,261.03
6,000.00
0.88
Existing EPS
Existing Earnings
Existing Shares
Existing EPS
11,471.52
17,891.13
0.64
New EPS
Total Earnings
Total Shares
New EPS
16,732.55
23,891.13
0.70
Existing EPS
New EPS
0.64
0.70
30%
8.00
2,496.35
1,275.66
(439.71)
537.08
76.75
1,200.07
1,200.07
1.20
0.20
1,200.07
4.0%
14,754.81
7,324.38
800.00
11,294.80
17,819.19
-17,819.19
1,200.07
9.66%
10.00%
$16,916.97
1,200.00
18,116.97
17.30
2.16
Dividends
300.63
Earnings
Terminal Equity Value
751.58
0
300.63
7,324.38
-7,324.38
11.75%
300.63
7,775.33
-7,324.38
12.51%
300.63
Synergies
Total Pre-Tax Synergies Net of Cost to Achieve
Tax Rate
After Tax Synergies
484.09
30%
338.86
Terminal EV/EBITDA
Terminal Value of Synergies
8.00
-
338.86
3,674.18
4,320.00
(645.82)
2011
2
2012
3
2013
4
2014
5
2015
6
2016
7
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
20,800
1,473
641
FALSE
21,632
21,632
1,538
673
FALSE
22,497
22,497
1,606
706
FALSE
23,397
23,397
1,677
741
FALSE
24,333
24,333
1,752
779
FALSE
25,306
25,306
1,829
817
FALSE
26,318
18,750
2,883
641
18,077
4,420
673
17,371
6,026
706
16,629
7,704
741
15,851
9,455
779
15,033
11,285
817
230,000
4,642,435,000
230,000
4,826,661,550
230,000
5,018,208,828
230,000
5,217,334,769
230,000
5,424,342,407
230,000
5,639,533,828
$2.00
9,284,870,000
$2.00
9,653,323,100
$2.00
10,036,417,655
$2.00
10,434,669,538
$2.00
10,848,684,815
$2.00
11,279,067,655
30.00%
6,499,409,000
30.00%
6,757,326,170
30.00%
7,025,492,359
30.00%
7,304,268,676
30.00%
7,594,079,370
30.00%
7,895,347,359
15
312,000.00
2,666.67
832,000,000
15
324,480.00
2,666.67
865,280,000
15
337,455.00
2,666.67
899,880,000
15
350,955.00
2,666.67
935,880,000
15
364,995.00
2,666.67
973,320,000
15
379,590.00
2,666.67
1,012,240,000
1,473
850,000
1,538
850,000
1,606
850,000
1,677
850,000
1,752
850,000
1,829
850,000
2,000
41,600,000
2,000
43,264,000
2,000
44,994,000
2,000
46,794,000
2,000
48,666,000
2,000
50,612,000
1,293,225,000
1,350,160,250
1,410,222,563
1,472,633,991
1,537,467,990
1,605,651,590
1,953,461,000
2,030,716,930
2,111,045,297
2,194,520,861
2,281,285,444
2,371,480,297
1,953.46
1,293.23
9,284.87
7,331.41
2,030.72
1,350.16
9,653.32
7,622.61
2,111.05
1,410.22
10,036.42
7,925.37
2,194.52
1,472.63
10,434.67
8,240.15
2,281.29
1,537.47
10,848.68
8,567.40
2,371.48
1,605.65
11,279.07
8,907.59
3%
1.0609
3%
1.092727
3%
1.12550881
3%
1.159274074
3%
1.194052297
3%
1.229873865
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
488.93
1.00%
493.82
1.00%
498.76
1.00%
503.74
1.00%
508.78
1.00%
513.87
1.00%
-
1.00%
-
1.00%
-
1.00%
-
1.00%
-
1.00%
-
9,850.32
7,288.96
1,371.98
10,548.45
7,835.61
1,475.36
11,296.08
8,421.32
1,587.22
12,096.64
9,048.85
1,707.19
12,953.90
9,721.14
1,835.82
13,871.83
10,441.34
1,974.75
10.00
2.74%
9,850.32
10.00
2.74%
10,548.45
10.00
2.74%
11,296.08
10.00
2.74%
12,096.64
10.00
2.74%
12,953.90
10.00
2.74%
13,871.83
269.87
289.00
309.48
331.41
354.90
380.05
5.00
1.37%
7,331.41
5.00
1.37%
7,622.61
5.00
1.37%
7,925.37
5.00
1.37%
8,240.15
5.00
1.37%
8,567.40
5.00
1.37%
8,907.59
100.43
104.42
108.57
112.88
117.36
122.02
300.00
300.00
300.00
300.00
300.00
300.00
60.00
16.44%
7,331.41
60.00
16.44%
7,622.61
60.00
16.44%
7,925.37
60.00
16.44%
8,240.15
60.00
16.44%
8,567.40
60.00
16.44%
8,907.59
1,205.16
1,253.03
1,302.80
1,354.54
1,408.34
1,464.26
-534.86
-5.15
-559.61
-24.75
-584.75
-25.14
-610.25
-25.50
-636.08
-25.83
-662.19
-26.11
12,288.00
11,796.48
11,324.62
10,871.64
10,436.77
10,019.30
491.52
11,796.48
471.86
11,324.62
452.98
10,871.64
434.87
10,436.77
417.47
10,019.30
400.77
9,618.53
5%
5%
5%
5%
5%
5%
614.40
589.82
566.23
543.58
521.84
500.96
(1,628.00)
(614.40)
(491.52)
(1,750.88)
(1,750.88)
(589.82)
(471.86)
(1,868.84)
(1,868.84)
(566.23)
(452.98)
(1,982.09)
(1,982.09)
(543.58)
(434.87)
(2,090.81)
(2,090.81)
(521.84)
(417.47)
(2,195.18)
(2,195.18)
(500.96)
(400.77)
(2,295.37)
10,045.60
9,455.78
8,889.54
8,345.96
7,824.12
7,323.16
1,275.66
1,371.98
FALSE
2,647.64
2,647.64
1,475.36
FALSE
4,122.99
4,122.99
1,587.22
FALSE
5,710.21
5,710.21
1,707.19
FALSE
7,417.40
7,417.40
1,835.82
FALSE
9,253.22
9,253.22
1,974.75
FALSE
11,227.96
0.05
63.78
0.05
132.38
0.05
206.15
0.05
285.51
0.05
370.87
0.05
462.66
(63.78)
(63.78)
(63.78)
(132.38)
(196.16)
(196.16)
(206.15)
(402.31)
(402.31)
(285.51)
(687.82)
(687.82)
(370.87)
(1,058.69)
(1,058.69)
(462.66)
(1,521.36)
2,583.85
3,926.83
5,307.90
6,729.57
8,194.52
9,706.61
6,654.67
491.52
6,163.15
6,163.15
471.86
5,691.29
5,691.29
452.98
5,238.30
5,238.30
434.87
4,803.44
4,803.44
417.47
4,385.97
4,385.97
400.77
3,985.19
13%
831.83
13%
770.39
13%
711.41
13%
654.79
13%
600.43
13%
548.25
1,275.66
1,371.98
FALSE
2,647.64
2,647.64
1,475.36
FALSE
4,122.99
4,122.99
1,587.22
FALSE
5,710.21
5,710.21
1,707.19
FALSE
7,417.40
7,417.40
1,835.82
FALSE
9,253.22
9,253.22
1,974.75
FALSE
11,227.96
0.13
159.46
0.13
330.95
0.13
515.37
0.13
713.78
0.13
927.17
0.13
1,156.65
400.00
15%
60.00
400.00
15%
60.00
400.00
15%
60.00
400.00
15%
60.00
400.00
15%
60.00
400.00
15%
40.00
(60.00)
(60.00)
(120.00)
(120.00)
(60.00)
(180.00)
(180.00)
(60.00)
(240.00)
(240.00)
(60.00)
(300.00)
(300.00)
(60.00)
(360.00)
(360.00)
(40.00)
(400.00)
280.00
220.00
160.00
100.00
40.00
0.00
91.19
91.19
91.19
91.19
91.19
91.19
6.67%
6.08
6.67%
6.08
6.67%
6.08
6.67%
6.08
6.67%
6.08
6.67%
6.08
12.16
18.24
24.32
30.40
36.47
42.55
79.03
72.95
66.87
60.79
54.71
48.63
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
3,600.00
400.00
3,200.00
3,200.00
400.00
2,800.00
2,800.00
400.00
2,400.00
2,400.00
400.00
2,000.00
2,000.00
400.00
1,600.00
1,600.00
400.00
1,200.00
10%
360.00
10%
320.00
10%
280.00
10%
240.00
10%
200.00
10%
160.00
6,808.48
486.32
6,322.16
6,322.16
486.32
5,835.84
5,835.84
486.32
5,349.52
5,349.52
486.32
4,863.20
4,863.20
486.32
4,376.88
4,376.88
486.32
3,890.56
2.5
2.00%
1.50%
238.30
2.5
2.00%
1.50%
221.28
2.5
2.00%
1.50%
204.25
2.5
2.00%
1.50%
187.23
2.5
2.00%
1.50%
170.21
2.5
2.00%
1.50%
153.19
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9,522.16
8,635.84
7,749.52
6,863.20
5,976.88
5,090.56
960.76
-886.92
73.84
73.84
-852.68
-778.84
-778.84
-841.39
-1,620.23
-1,620.23
-827.16
-2,447.39
-2,447.39
-809.15
-3,256.54
-3,256.54
-799.75
-4,056.28
73.84
0.00
0.00
778.84
0.00
1,620.23
0.00
2,447.39
0.00
3,256.54
0.00
4,056.28
4%
6%
38.43
0.00
4%
6%
2.95
0.00
4%
6%
0.00
46.73
4%
6%
0.00
97.21
4%
6%
0.00
146.84
4%
6%
0.00
195.39
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
9,850.32
7,288.96
2,561.36
678.18
66.08
1,817.09
598.30
38.43
1,257.23
377.17
880.06
86.66
793.40
10,548.45
7,835.61
2,712.84
722.21
66.08
1,924.55
541.28
2.95
1,386.23
415.87
970.36
95.55
874.81
11,296.08
8,421.32
2,874.76
772.38
66.08
2,036.30
484.25
46.73
1,505.31
451.59
1,053.72
103.76
949.96
12,096.64
9,048.85
3,047.79
829.09
66.08
2,152.62
427.23
97.21
1,628.18
488.45
1,139.72
112.23
1,027.50
12,953.90
9,721.14
3,232.76
892.71
66.08
2,273.97
370.21
146.84
1,756.91
527.07
1,229.84
121.10
1,108.74
13,871.83
10,441.34
3,430.49
963.63
46.08
2,420.79
313.19
195.39
1,912.20
573.66
1,338.54
131.80
1,206.74
1,257.23
678.18
991.29
944.12
1,386.23
722.21
1,101.35
1,007.09
1,505.31
772.38
1,226.79
1,050.91
1,628.18
829.09
1,368.56
1,088.70
1,756.91
892.71
1,527.60
1,122.02
1,912.20
963.63
1,704.90
1,170.93
283.24
302.13
315.27
326.61
336.60
351.28
93.93
113.74
136.32
161.84
190.47
222.38
76.75
93.93
170.68
170.68
113.74
284.42
284.42
136.32
420.75
420.75
161.84
582.59
582.59
190.47
773.06
773.06
222.38
995.44
2,561.36
-5.15
283.24
2,283.27
1,371.98
2,712.84
-24.75
302.13
2,435.46
1,475.36
2,874.76
-25.14
315.27
2,584.62
1,587.22
3,047.79
-25.50
326.61
2,746.68
1,707.19
3,232.76
-25.83
336.60
2,921.98
1,835.82
3,430.49
-26.11
351.28
3,105.32
1,974.75
911.29
598.30
0.00
38.43
886.32
34.66
317.36
(886.92)
960.11
541.28
0.00
2.95
886.32
38.22
349.92
(852.68)
997.41
484.25
46.73
0.00
886.32
41.50
379.98
(841.39)
1,039.50
427.23
97.21
0.00
886.32
44.89
411.00
(827.16)
1,086.16
370.21
146.84
0.00
886.32
48.44
443.50
(809.15)
1,130.57
313.19
195.39
0.00
886.32
52.72
482.69
(799.75)
7,775.33
793.40
317.36
8,251.37
8,251.37
874.81
349.92
8,776.25
8,776.25
949.96
379.98
9,346.23
9,346.23
1,027.50
411.00
9,962.73
9,962.73
1,108.74
443.50
10,627.97
10,627.97
1,206.74
482.69
11,352.01
849.25
86.66
34.66
901.25
901.25
95.55
38.22
958.58
958.58
103.76
41.50
1,020.83
1,020.83
112.23
44.89
1,088.17
1,088.17
121.10
48.44
1,160.83
1,160.83
131.80
52.72
1,239.91
73.84
269.87
100.43
300.00
744.14
0.00
289.00
104.42
300.00
693.42
0.00
309.48
108.57
300.00
718.05
0.00
331.41
112.88
300.00
744.29
0.00
354.90
117.36
300.00
772.26
0.00
380.05
122.02
300.00
802.07
14,444.12
-1,814.66
12,629.45
15,447.61
-2,065.01
13,382.61
16,581.85
-2,384.41
14,197.44
17,854.17
-2,778.63
15,075.54
19,272.52
-3,253.87
16,018.65
20,846.49
-3,816.72
17,029.77
1,600.00
700.00
280.00
4,418.00
79.03
7,077.03
1,600.00
700.00
220.00
4,418.00
72.95
7,010.95
1,600.00
700.00
160.00
4,418.00
66.87
6,944.87
1,600.00
700.00
100.00
4,418.00
60.79
6,878.79
1,600.00
700.00
40.00
4,418.00
54.71
6,812.71
1,600.00
700.00
0.00
4,418.00
48.63
6,766.63
20,450.63
21,086.97
21,860.36
22,698.62
23,603.62
24,598.47
1,205.16
0.00
1,205.16
1,253.03
778.84
2,031.87
1,302.80
1,620.23
2,923.03
1,354.54
2,447.39
3,801.93
1,408.34
3,256.54
4,664.88
1,464.26
4,056.28
5,520.55
9,522.16
300.00
8,635.84
300.00
7,749.52
300.00
6,863.20
300.00
5,976.88
300.00
5,090.56
300.00
170.68
100.00
10,092.84
901.25
8,251.37
9,152.62
20,450.63
284.42
100.00
9,320.27
958.58
8,776.25
9,734.83
21,086.97
TRUE
420.75
100.00
8,570.27
1,020.83
9,346.23
10,367.06
21,860.36
TRUE
582.59
100.00
7,845.79
1,088.17
9,962.73
11,050.90
22,698.62
TRUE
773.06
100.00
7,149.94
1,160.83
10,627.97
11,788.80
23,603.62
TRUE
995.44
100.00
6,486.00
1,239.91
11,352.01
12,591.93
24,598.47
TRUE
TRUE
3.72
18%
3.04
3.47
20%
3.56
3.26
22%
3.83
3.05
24%
4.10
2.86
26%
4.40
2.67
28%
4.76
51.0%
9.90%
6.84%
49.2%
10.28%
7.04%
47.5%
10.48%
7.22%
45.7%
10.64%
7.40%
43.9%
10.77%
7.57%
42.1%
10.98%
7.80%
202.30%
204.28%
205.50%
205.91%
205.65%
204.93%
793.40
7.00
5,553.80
6,000.00
0.93
874.81
7.00
6,123.67
6,000.00
1.02
949.96
7.00
6,649.72
6,000.00
1.11
1,027.50
7.00
7,192.47
6,000.00
1.20
1,108.74
7.00
7,761.16
6,000.00
1.29
1,206.74
7.00
8,447.16
6,000.00
1.41
12,836.67
17,891.13
0.72
14,473.43
17,891.13
0.81
16,279.15
17,891.13
0.91
18,408.16
17,891.13
1.03
20,690.02
17,891.13
1.16
23,280.22
17,891.13
1.30
18,390.47
23,891.13
0.77
20,597.11
23,891.13
0.86
22,928.86
23,891.13
0.96
25,600.63
23,891.13
1.07
28,451.18
23,891.13
1.19
31,727.38
23,891.13
1.33
0.72
0.77
0.81
0.86
0.91
0.96
1.03
1.07
1.16
1.19
1.30
1.33
30%
8.00
30%
8.00
30%
8.00
30%
8.00
30%
8.00
30%
8.00
2,561.36
1,371.98
(5.15)
545.13
93.93
2,712.84
1,475.36
(24.75)
577.37
113.74
2,874.76
1,587.22
(25.14)
610.89
136.32
3,047.79
1,707.19
(25.50)
645.79
161.84
3,232.76
1,835.82
(25.83)
682.19
190.47
3,430.49
1,974.75
(26.11)
726.24
222.38
743.33
798.61
838.11
882.16
931.04
978.00
743.33
1.20
0.20
743.33
798.61
1.20
0.20
798.61
838.11
1.20
0.20
838.11
882.16
1.20
0.20
882.16
931.04
1.20
0.20
931.04
978.00
1.20
0.20
978.00
743.33
IRR on Investment
798.61
838.11
882.16
931.04
978.00
850,000
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
317.36
349.92
379.98
411.00
443.50
482.69
793.40
0
874.81
0
949.96
0
1,027.50
0
1,108.74
0
1,206.74
0
317.36
349.92
379.98
411.00
443.50
482.69
317.36
349.92
379.98
411.00
443.50
482.69
8,251.37
-
8,776.25
-
9,346.23
-
9,962.73
-
10,627.97
-
11,352.01
-
317.36
349.92
379.98
411.00
443.50
482.69
488.93
30%
342.25
493.82
30%
345.67
498.76
30%
349.13
503.74
30%
352.62
508.78
30%
356.15
513.87
30%
359.71
8.00
-
8.00
-
8.00
-
8.00
-
8.00
-
8.00
-
342.25
345.67
349.13
352.62
356.15
359.71
2017
8
2018
9
2019
10
2020
11
2021
12
2022
13
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
26,318
1,911
858
FALSE
27,371
27,371
1,996
901
FALSE
28,466
28,466
2,085
946
FALSE
29,605
29,605
1,586
994
FALSE
30,197
30,197
1,647
1,043
FALSE
30,801
30,801
1,711
1,095
FALSE
31,417
14,175
13,196
858
13,274
15,192
901
12,327
17,278
946
11,334
18,863
994
10,291
20,510
1,043
9,195
22,222
1,095
230,000
5,863,256,119
230,000
6,095,855,325
230,000
6,337,722,391
230,000
6,534,645,111
230,000
6,711,024,066
230,000
6,838,174,570
$2.00
11,726,512,238
$2.00
12,191,710,650
$2.00
12,675,444,783
$2.00
13,069,290,222
$2.00
13,422,048,133
$2.00
13,676,349,139
30.00%
8,208,558,567
30.00%
8,534,197,455
30.00%
8,872,811,348
30.00%
9,148,503,155
30.00%
9,395,433,693
30.00%
9,573,444,398
15
394,770.00
2,666.67
1,052,720,000
15
410,565.00
2,666.67
1,094,840,000
15
426,990.00
2,666.67
1,138,640,000
15
444,075.00
2,666.67
1,184,200,000
15
452,955.00
2,666.67
1,207,880,000
15
462,015.00
2,666.67
1,232,040,000
1,911
850,000
1,996
850,000
2,085
850,000
1,586
850,000
1,647
850,000
1,711
850,000
2,000
52,636,000
2,000
54,742,000
2,000
56,932,000
2,000
59,210,000
2,000
60,394,000
2,000
61,602,000
1,677,267,569
1,751,552,648
1,829,445,680
1,406,991,864
1,460,604,957
1,516,353,505
2,465,233,671
2,562,673,195
2,663,993,435
2,736,587,067
2,818,734,440
2,870,864,742
2,465.23
1,677.27
11,726.51
9,261.28
2,562.67
1,751.55
12,191.71
9,629.04
2,663.99
1,829.45
12,675.44
10,011.45
2,736.59
1,406.99
13,069.29
10,332.70
2,818.73
1,460.60
13,422.05
10,603.31
2,870.86
1,516.35
13,676.35
10,805.48
3%
1.266770081
3%
1.304773184
3%
1.343916379
3%
1.384233871
3%
1.425760887
3%
1.468533713
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
519.01
1.00%
524.20
1.00%
529.44
1.00%
534.73
1.00%
540.08
1.00%
545.48
1.00%
-
1.00%
-
1.00%
-
1.00%
-
1.00%
-
1.00%
-
14,854.79
11,212.90
2,124.71
15,907.42
12,039.51
2,285.38
17,034.74
12,925.11
2,458.62
18,090.95
13,768.14
1,947.61
19,136.63
14,577.71
2,082.47
20,084.18
15,322.74
2,226.82
10.00
2.74%
14,854.79
10.00
2.74%
15,907.42
10.00
2.74%
17,034.74
10.00
2.74%
18,090.95
10.00
2.74%
19,136.63
10.00
2.74%
20,084.18
406.98
435.82
466.71
495.64
524.29
550.25
5.00
1.37%
9,261.28
5.00
1.37%
9,629.04
5.00
1.37%
10,011.45
5.00
1.37%
10,332.70
5.00
1.37%
10,603.31
5.00
1.37%
10,805.48
126.87
131.90
137.14
141.54
145.25
148.02
300.00
300.00
300.00
300.00
300.00
300.00
60.00
16.44%
9,261.28
60.00
16.44%
9,629.04
60.00
16.44%
10,011.45
60.00
16.44%
10,332.70
60.00
16.44%
10,603.31
60.00
16.44%
10,805.48
1,522.40
1,582.86
1,645.72
1,698.53
1,743.01
1,776.24
-688.55
-26.37
-715.13
-26.58
-741.87
-26.74
-761.34
-19.47
-773.47
-12.13
-777.97
-4.50
9,618.53
9,233.79
8,864.44
8,509.86
8,169.46
7,842.68
384.74
9,233.79
369.35
8,864.44
354.58
8,509.86
340.39
8,169.46
326.78
7,842.68
313.71
7,528.98
5%
5%
5%
5%
5%
5%
480.93
461.69
443.22
425.49
408.47
392.13
(2,295.37)
(480.93)
(384.74)
(2,391.55)
(2,391.55)
(461.69)
(369.35)
(2,483.89)
(2,483.89)
(443.22)
(354.58)
(2,572.54)
(2,572.54)
(425.49)
(340.39)
(2,657.63)
(2,657.63)
(408.47)
(326.78)
(2,739.33)
(2,739.33)
(392.13)
(313.71)
(2,817.76)
6,842.23
6,380.54
5,937.32
5,511.83
5,103.36
4,711.22
11,227.96
2,124.71
FALSE
13,352.68
13,352.68
2,285.38
FALSE
15,638.06
15,638.06
2,458.62
FALSE
18,096.68
18,096.68
1,947.61
FALSE
20,044.28
20,044.28
2,082.47
FALSE
22,126.76
22,126.76
2,226.82
FALSE
24,353.57
0.05
561.40
0.05
667.63
0.05
781.90
0.05
904.83
0.05
1,002.21
0.05
1,106.34
(1,521.36)
(561.40)
(2,082.75)
(2,082.75)
(667.63)
(2,750.39)
(2,750.39)
(781.90)
(3,532.29)
(3,532.29)
(904.83)
(4,437.12)
(4,437.12)
(1,002.21)
(5,439.34)
(5,439.34)
(1,106.34)
(6,545.68)
11,269.92
12,887.67
14,564.39
15,607.16
16,687.42
17,807.90
3,985.19
384.74
3,600.45
3,600.45
369.35
3,231.10
3,231.10
354.58
2,876.52
2,876.52
340.39
2,536.13
2,536.13
326.78
2,209.35
2,209.35
313.71
1,895.64
13%
498.15
13%
450.06
13%
403.89
13%
359.57
13%
317.02
13%
276.17
11,227.96
2,124.71
FALSE
13,352.68
13,352.68
2,285.38
1,275.66
14,362.40
14,362.40
2,458.62
1,371.98
15,449.04
15,449.04
1,947.61
1,475.36
15,921.29
15,921.29
2,082.47
1,587.22
16,416.55
16,416.55
2,226.82
1,707.19
16,936.17
0.13
1,403.50
0.13
1,669.08
0.13
1,795.30
0.13
1,931.13
0.13
1,990.16
0.13
2,052.07
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
0.00
0.00
0.00
0.00
0.00
0.00
91.19
91.19
91.19
91.19
91.19
91.19
6.67%
6.08
6.67%
6.08
6.67%
6.08
6.67%
6.08
6.67%
6.08
6.67%
6.08
48.63
54.71
60.79
66.87
72.95
79.03
42.55
36.47
30.40
24.32
18.24
12.16
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,200.00
400.00
800.00
800.00
400.00
400.00
400.00
400.00
-
0.00
-
0.00
-
0.00
-
10%
120.00
10%
80.00
10%
40.00
10%
0.00
10%
0.00
10%
0.00
3,890.56
486.32
3,404.24
3,404.24
486.32
2,917.92
2,917.92
486.32
2,431.60
2,431.60
486.32
1,945.28
1,945.28
486.32
1,458.96
1,458.96
486.32
972.64
2.5
2.00%
1.50%
136.17
2.5
2.00%
1.50%
119.15
2.5
2.00%
1.50%
102.13
2.5
2.00%
1.50%
85.11
2.5
2.00%
1.50%
68.08
2.5
2.00%
1.50%
51.06
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
4,204.24
3,317.92
2,431.60
1,945.28
1,458.96
972.64
-4,056.28
-799.01
-4,855.30
-4,855.30
-771.12
-5,626.42
-5,626.42
-787.32
-6,413.74
-6,413.74
266.98
-6,146.76
-6,146.76
265.26
-5,881.50
-5,881.50
243.08
-5,638.42
0.00
4,855.30
0.00
5,626.42
0.00
6,413.74
0.00
6,146.76
0.00
5,881.50
0.00
5,638.42
4%
6%
0.00
243.38
4%
6%
0.00
291.32
4%
6%
0.00
337.58
4%
6%
0.00
384.82
4%
6%
0.00
368.81
4%
6%
0.00
352.89
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
14,854.79
11,212.90
3,641.89
1,042.32
6.08
2,593.49
256.17
243.38
2,093.94
628.18
1,465.76
144.33
1,321.43
15,907.42
12,039.51
3,867.90
1,129.32
6.08
2,732.50
199.15
291.32
2,242.04
672.61
1,569.43
154.54
1,414.89
17,034.74
12,925.11
4,109.62
1,225.12
6.08
2,878.42
142.13
337.58
2,398.71
719.61
1,679.10
165.34
1,513.76
18,090.95
13,768.14
4,322.81
1,330.33
6.08
2,986.40
85.11
384.82
2,516.47
754.94
1,761.53
173.46
1,588.08
19,136.63
14,577.71
4,558.92
1,410.69
6.08
3,142.16
68.08
368.81
2,705.27
811.58
1,893.69
186.47
1,707.22
20,084.18
15,322.74
4,761.44
1,498.47
6.08
3,256.89
51.06
352.89
2,852.94
855.88
1,997.06
196.65
1,800.41
2,093.94
1,042.32
1,901.64
1,234.62
2,242.04
1,129.32
2,119.14
1,252.22
2,398.71
1,225.12
2,199.19
1,424.64
2,516.47
1,330.33
2,290.70
1,556.11
2,705.27
1,410.69
2,307.18
1,808.78
2,852.94
1,498.47
2,328.24
2,023.17
370.39
375.67
427.39
466.83
542.63
606.95
257.80
296.95
292.22
288.11
268.95
248.93
995.44
257.80
1,253.23
1,253.23
296.95
1,550.18
1,550.18
292.22
1,842.40
1,842.40
288.11
2,130.51
2,130.51
268.95
2,399.46
2,399.46
248.93
2,648.39
3,641.89
-26.37
370.39
3,297.87
2,124.71
3,867.90
-26.58
375.67
3,518.82
2,285.38
4,109.62
-26.74
427.39
3,708.97
2,458.62
4,322.81
-19.47
466.83
3,875.45
1,947.61
4,558.92
-12.13
542.63
4,028.42
2,082.47
4,761.44
-4.50
606.95
4,159.00
2,226.82
1,173.16
256.17
243.38
0.00
886.32
57.73
528.57
(799.01)
1,233.44
199.15
291.32
0.00
886.32
61.82
565.95
(771.12)
1,250.35
142.13
337.58
0.00
886.32
66.14
605.50
(787.32)
1,927.84
85.11
384.82
0.00
486.32
69.38
635.23
266.98
1,945.94
68.08
368.81
0.00
486.32
74.59
682.89
265.26
1,932.18
51.06
352.89
0.00
486.32
78.66
720.16
243.08
11,352.01
1,321.43
528.57
12,144.87
12,144.87
1,414.89
565.95
12,993.80
12,993.80
1,513.76
605.50
13,902.05
13,902.05
1,588.08
635.23
14,854.90
14,854.90
1,707.22
682.89
15,879.23
15,879.23
1,800.41
720.16
16,959.47
1,239.91
144.33
57.73
1,326.51
1,326.51
154.54
61.82
1,419.24
1,419.24
165.34
66.14
1,518.44
1,518.44
173.46
69.38
1,622.51
1,622.51
186.47
74.59
1,734.40
1,734.40
196.65
78.66
1,852.39
0.00
406.98
126.87
300.00
833.85
0.00
435.82
131.90
300.00
867.72
0.00
466.71
137.14
300.00
903.85
0.00
495.64
141.54
300.00
937.19
0.00
524.29
145.25
300.00
969.54
0.00
550.25
148.02
300.00
998.27
22,586.46
-4,474.31
18,112.16
24,502.49
-5,234.28
19,268.21
26,606.54
-6,104.83
20,501.71
28,213.75
-7,094.76
21,118.99
29,969.44
-8,178.67
21,790.77
31,882.55
-9,363.43
22,519.12
1,600.00
700.00
0.00
4,418.00
42.55
6,760.55
1,600.00
700.00
0.00
4,418.00
36.47
6,754.47
1,600.00
700.00
0.00
4,418.00
30.40
6,748.40
1,600.00
700.00
0.00
4,418.00
24.32
6,742.32
1,600.00
700.00
0.00
4,418.00
18.24
6,736.24
1,600.00
700.00
0.00
4,418.00
12.16
6,730.16
25,706.56
26,890.41
28,153.95
28,798.49
29,496.55
30,247.55
1,522.40
4,855.30
6,377.70
1,582.86
5,626.42
7,209.27
1,645.72
6,413.74
8,059.46
1,698.53
6,146.76
7,845.29
1,743.01
5,881.50
7,624.51
1,776.24
5,638.42
7,414.66
4,204.24
300.00
3,317.92
300.00
2,431.60
300.00
1,945.28
300.00
1,458.96
300.00
972.64
300.00
1,253.23
100.00
5,857.48
1,326.51
12,144.87
13,471.38
25,706.56
1,550.18
100.00
5,268.10
1,419.24
12,993.80
14,413.04
26,890.41
TRUE
1,842.40
100.00
4,674.00
1,518.44
13,902.05
15,420.50
28,153.95
TRUE
2,130.51
100.00
4,475.79
1,622.51
14,854.90
16,477.41
28,798.49
TRUE
2,399.46
100.00
4,258.42
1,734.40
15,879.23
17,613.63
29,496.55
TRUE
2,648.39
100.00
4,021.03
1,852.39
16,959.47
18,811.86
30,247.55
TRUE
TRUE
2.49
31%
5.19
2.31
34%
5.57
2.15
37%
6.00
1.87
42%
6.35
1.61
49%
7.19
1.39
57%
8.06
40.2%
11.25%
8.06%
38.3%
11.26%
8.19%
36.5%
11.26%
8.30%
32.9%
11.04%
8.51%
29.4%
11.11%
8.81%
26.0%
10.97%
8.97%
203.84%
202.37%
200.68%
146.40%
147.62%
148.61%
1,321.43
7.00
9,249.99
6,000.00
1.54
1,414.89
7.00
9,904.20
6,000.00
1.65
1,513.76
7.00
10,596.30
6,000.00
1.77
1,588.08
7.00
11,116.53
6,000.00
1.85
1,707.22
7.00
11,950.52
6,000.00
1.99
1,800.41
7.00
12,602.86
6,000.00
2.10
26,171.22
17,891.13
1.46
27,335.79
17,891.13
1.53
28,629.36
17,891.13
1.60
28,918.26
17,891.13
1.62
29,297.34
17,891.13
1.64
29,751.32
17,891.13
1.66
35,421.21
23,891.13
1.48
37,239.99
23,891.13
1.56
39,225.66
23,891.13
1.64
40,034.79
23,891.13
1.68
41,247.86
23,891.13
1.73
42,354.18
23,891.13
1.77
1.46
1.48
1.53
1.56
1.60
1.64
1.62
1.68
1.64
1.73
1.66
1.77
30%
8.00
30%
8.00
30%
8.00
30%
8.00
30%
8.00
30%
8.00
3,641.89
2,124.71
(26.37)
778.05
257.80
3,867.90
2,285.38
(26.58)
819.75
296.95
4,109.62
2,458.62
(26.74)
863.53
292.22
4,322.81
1,947.61
(19.47)
895.92
288.11
4,558.92
2,082.47
(12.13)
942.65
268.95
4,761.44
2,226.82
(4.50)
977.07
248.93
1,023.29
1,086.30
1,106.43
1,786.86
1,814.88
1,810.99
1,023.29
1.20
0.20
1,023.29
1,086.30
1.20
0.20
1,086.30
1,106.43
1.20
0.20
1,106.43
1,786.86
1.20
0.20
1,786.86
1,814.88
1.20
0.20
1,814.88
1,810.99
1.20
0.20
1,810.99
1,023.29
1,086.30
1,106.43
1,786.86
1,814.88
1,810.99
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
528.57
565.95
605.50
635.23
682.89
720.16
1,321.43
0
1,414.89
0
1,513.76
0
1,588.08
0
1,707.22
0
1,800.41
0
528.57
565.95
605.50
635.23
682.89
720.16
528.57
565.95
605.50
635.23
682.89
720.16
12,144.87
-
12,993.80
-
13,902.05
-
14,854.90
-
15,879.23
-
16,959.47
-
528.57
565.95
605.50
635.23
682.89
720.16
519.01
30%
363.31
524.20
30%
366.94
529.44
30%
370.61
534.73
30%
374.31
540.08
30%
378.06
545.48
30%
381.84
8.00
-
8.00
-
8.00
-
8.00
-
8.00
-
8.00
-
363.31
366.94
370.61
374.31
378.06
381.84
2023
14
2024
15
2025
16
2026
17
2027
18
2028
19
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
TRUE
FALSE
FALSE
31,417
1,778
1,150
FALSE
32,045
32,045
1,849
1,208
FALSE
32,686
32,686
1,922
1,268
FALSE
33,340
33,340
1,999
1,332
FALSE
34,007
34,007
2,078
1,398
FALSE
34,687
34,687
2,162
1,468
FALSE
35,381
8,045
24,000
1,150
6,837
25,849
1,208
5,569
27,771
1,268
4,237
29,770
1,332
2,839
31,848
1,398
1,371
34,010
1,468
230,000
6,967,496,598
230,000
7,099,052,728
230,000
7,232,858,064
230,000
7,368,972,168
230,000
7,507,360,976
230,000
7,648,080,725
$2.00
13,934,993,196
$2.00
14,198,105,456
$2.00
14,465,716,129
$2.00
14,737,944,335
$2.00
15,014,721,952
$2.00
15,296,161,450
30.00%
9,754,495,237
30.00%
9,938,673,819
30.00%
10,126,001,290
30.00%
10,316,561,035
30.00%
10,510,305,367
30.00%
10,707,313,015
15
471,255.00
2,666.67
1,256,680,000
15
480,675.00
2,666.67
1,281,800,000
15
490,290.00
2,666.67
1,307,440,000
15
500,100.00
2,666.67
1,333,600,000
15
510,105.00
2,666.67
1,360,280,000
15
520,305.00
2,666.67
1,387,480,000
1,778
850,000
1,849
850,000
1,922
850,000
1,999
850,000
2,078
850,000
2,162
850,000
2,000
62,834,000
2,000
64,090,000
2,000
65,372,000
2,000
66,680,000
2,000
68,014,000
2,000
69,374,000
1,574,343,080
1,635,534,534
1,699,196,261
1,765,450,474
1,834,425,498
1,907,106,073
2,923,817,959
2,977,631,637
3,032,274,839
3,087,783,301
3,144,136,586
3,201,368,435
2,923.82
1,574.34
13,934.99
11,011.18
2,977.63
1,635.53
14,198.11
11,220.47
3,032.27
1,699.20
14,465.72
11,433.44
3,087.78
1,765.45
14,737.94
11,650.16
3,144.14
1,834.43
15,014.72
11,870.59
3,201.37
1,907.11
15,296.16
12,094.79
3%
1.512589725
3%
1.557967417
3%
1.604706439
3%
1.652847632
3%
1.702433061
3%
1.753506053
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
550.94
1.00%
556.45
1.00%
562.01
1.00%
567.63
1.00%
573.31
1.00%
579.04
1.00%
-
1.00%
-
1.00%
-
1.00%
-
1.00%
-
1.00%
-
21,077.93
16,104.45
2,381.34
22,120.19
16,924.69
2,548.11
23,213.23
17,785.31
2,726.71
24,359.58
18,688.31
2,918.02
25,561.56
19,635.57
3,122.99
26,821.91
20,629.25
3,344.12
10.00
2.74%
21,077.93
10.00
2.74%
22,120.19
10.00
2.74%
23,213.23
10.00
2.74%
24,359.58
10.00
2.74%
25,561.56
10.00
2.74%
26,821.91
577.48
606.03
635.98
667.39
700.32
734.85
5.00
1.37%
11,011.18
5.00
1.37%
11,220.47
5.00
1.37%
11,433.44
5.00
1.37%
11,650.16
5.00
1.37%
11,870.59
5.00
1.37%
12,094.79
150.84
153.71
156.62
159.59
162.61
165.68
300.00
300.00
300.00
300.00
300.00
300.00
60.00
16.44%
11,011.18
60.00
16.44%
11,220.47
60.00
16.44%
11,433.44
60.00
16.44%
11,650.16
60.00
16.44%
11,870.59
60.00
16.44%
12,094.79
1,810.06
1,844.46
1,879.47
1,915.09
1,951.33
1,988.19
-781.74
-3.77
-784.72
-2.98
-786.87
-2.14
-788.12
-1.25
-788.40
-0.28
-787.66
0.75
7,528.98
7,227.82
6,938.71
6,661.16
6,394.71
6,138.92
301.16
7,227.82
289.11
6,938.71
277.55
6,661.16
266.45
6,394.71
255.79
6,138.92
245.56
5,893.37
5%
5%
5%
5%
5%
5%
376.45
361.39
346.94
333.06
319.74
306.95
(2,817.76)
(376.45)
(301.16)
(2,893.05)
(2,893.05)
(361.39)
(289.11)
(2,965.32)
(2,965.32)
(346.94)
(277.55)
(3,034.71)
(3,034.71)
(333.06)
(266.45)
(3,101.32)
(3,101.32)
(319.74)
(255.79)
(3,165.27)
(3,165.27)
(306.95)
(245.56)
(3,226.66)
4,334.77
3,973.38
3,626.45
3,293.39
2,973.65
2,666.71
24,353.57
2,381.34
FALSE
26,734.91
26,734.91
2,548.11
FALSE
29,283.02
29,283.02
2,726.71
FALSE
32,009.73
32,009.73
2,918.02
FALSE
34,927.75
34,927.75
3,122.99
FALSE
38,050.74
38,050.74
3,344.12
FALSE
41,394.86
0.05
1,217.68
0.05
1,336.75
0.05
1,464.15
0.05
1,600.49
0.05
1,746.39
0.05
1,902.54
(6,545.68)
(1,217.68)
(7,763.36)
(7,763.36)
(1,336.75)
(9,100.10)
(9,100.10)
(1,464.15)
(10,564.25)
(10,564.25)
(1,600.49)
(12,164.74)
(12,164.74)
(1,746.39)
(13,911.13)
(13,911.13)
(1,902.54)
(15,813.66)
18,971.55
20,182.92
21,445.48
22,763.01
24,139.61
25,581.20
1,895.64
301.16
1,594.49
1,594.49
289.11
1,305.37
1,305.37
277.55
1,027.82
1,027.82
266.45
761.38
761.38
255.79
505.59
505.59
245.56
260.03
13%
236.96
13%
199.31
13%
163.17
13%
128.48
13%
95.17
13%
63.20
16,936.17
2,381.34
1,835.82
17,481.69
17,481.69
2,548.11
1,974.75
18,055.05
18,055.05
2,726.71
2,124.71
18,657.05
18,657.05
2,918.02
2,285.38
19,289.69
19,289.69
3,122.99
2,458.62
19,954.06
19,954.06
3,344.12
1,947.61
21,350.57
0.13
2,117.02
0.13
2,185.21
0.13
2,256.88
0.13
2,332.13
0.13
2,411.21
0.13
2,494.26
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
0.00
0.00
0.00
0.00
0.00
0.00
91.19
91.19
91.19
91.19
91.19
91.19
6.67%
6.08
6.67%
6.08
6.67%
-
6.67%
-
6.67%
-
6.67%
-
85.11
91.19
91.19
91.19
91.19
91.19
6.08
0.00
0.00
0.00
0.00
0.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
0.00
-
0.00
-
0.00
-
0.00
-
0.00
-
0.00
-
10%
0.00
10%
0.00
10%
0.00
10%
0.00
10%
0.00
10%
0.00
972.64
486.32
486.32
486.32
486.32
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.5
2.00%
1.50%
34.04
2.5
2.00%
1.50%
17.02
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
486.32
0.00
0.00
0.00
0.00
0.00
-5,638.42
224.66
-5,413.76
-5,413.76
201.45
-5,212.31
-5,212.31
656.93
-4,555.38
-4,555.38
629.94
-3,925.44
-3,925.44
597.72
-3,327.72
-3,327.72
558.08
-2,769.63
0.00
5,413.76
0.00
5,212.31
0.00
4,555.38
0.00
3,925.44
0.00
3,327.72
0.00
2,769.63
4%
6%
0.00
338.31
4%
6%
0.00
324.83
4%
6%
0.00
312.74
4%
6%
0.00
273.32
4%
6%
0.00
235.53
4%
6%
0.00
199.66
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
21,077.93
16,104.45
4,973.47
1,594.13
6.08
3,373.27
34.04
338.31
3,000.92
900.28
2,100.64
206.85
1,893.80
22,120.19
16,924.69
5,195.50
1,698.14
6.08
3,491.28
17.02
324.83
3,149.44
944.83
2,204.61
217.09
1,987.52
23,213.23
17,785.31
5,427.92
1,811.09
3,616.84
312.74
3,304.10
991.23
2,312.87
227.75
2,085.12
24,359.58
18,688.31
5,671.27
1,933.54
3,737.72
273.32
3,464.40
1,039.32
2,425.08
238.80
2,186.28
25,561.56
19,635.57
5,925.99
2,066.12
3,859.87
235.53
3,624.34
1,087.30
2,537.04
249.82
2,287.22
26,821.91
20,629.25
6,192.66
2,209.48
3,983.18
199.66
3,783.51
1,135.05
2,648.46
260.79
2,387.67
3,000.92
1,594.13
2,353.98
2,241.07
3,149.44
1,698.14
2,384.52
2,463.05
3,304.10
1,811.09
2,420.05
2,695.13
3,464.40
1,933.54
2,460.61
2,937.33
3,624.34
2,066.12
2,506.38
3,184.08
3,783.51
2,209.48
2,557.46
3,435.54
672.32
738.92
808.54
881.20
955.22
1,030.66
227.95
205.92
182.69
158.12
132.08
104.39
2,648.39
227.95
2,876.34
2,876.34
205.92
3,082.26
3,082.26
182.69
3,264.95
3,264.95
158.12
3,423.07
3,423.07
132.08
3,555.14
3,555.14
104.39
3,659.54
4,973.47
-3.77
672.32
4,304.92
2,381.34
5,195.50
-2.98
738.92
4,459.57
2,548.11
5,427.92
-2.14
808.54
4,621.53
2,726.71
5,671.27
-1.25
881.20
4,791.32
2,918.02
5,925.99
-0.28
955.22
4,971.05
3,122.99
6,192.66
0.75
1,030.66
5,161.25
3,344.12
1,923.59
34.04
338.31
0.00
486.32
82.74
757.52
224.66
1,911.46
17.02
324.83
0.00
486.32
86.83
795.01
201.45
1,894.82
312.74
0.00
91.10
834.05
656.93
1,873.29
273.32
0.00
95.52
874.51
629.94
1,848.06
235.53
0.00
99.93
914.89
597.72
1,817.13
199.66
0.00
104.32
955.07
558.08
16,959.47
1,893.80
757.52
18,095.75
18,095.75
1,987.52
795.01
19,288.26
19,288.26
2,085.12
834.05
20,539.34
20,539.34
2,186.28
874.51
21,851.11
21,851.11
2,287.22
914.89
23,223.44
23,223.44
2,387.67
955.07
24,656.04
1,852.39
206.85
82.74
1,976.49
1,976.49
217.09
86.83
2,106.75
2,106.75
227.75
91.10
2,243.39
2,243.39
238.80
95.52
2,386.67
2,386.67
249.82
99.93
2,536.56
2,536.56
260.79
104.32
2,693.04
0.00
577.48
150.84
300.00
1,028.32
0.00
606.03
153.71
300.00
1,059.74
0.00
635.98
156.62
300.00
1,092.60
0.00
667.39
159.59
300.00
1,126.98
0.00
700.32
162.61
300.00
1,162.93
0.00
734.85
165.68
300.00
1,200.53
33,962.73
-10,656.40
23,306.33
36,221.72
-12,065.42
24,156.30
38,670.89
-13,598.96
25,071.92
41,322.46
-15,266.06
26,056.40
44,189.66
-17,076.39
27,113.26
47,288.22
-19,040.32
28,247.90
1,600.00
700.00
0.00
4,418.00
6.08
6,724.08
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
31,058.72
31,934.04
32,882.53
33,901.38
34,994.19
36,166.43
1,810.06
5,413.76
7,223.81
1,844.46
5,212.31
7,056.77
1,879.47
4,555.38
6,434.85
1,915.09
3,925.44
5,840.53
1,951.33
3,327.72
5,279.05
1,988.19
2,769.63
4,757.82
486.32
300.00
0.00
300.00
0.00
300.00
0.00
300.00
0.00
300.00
0.00
300.00
2,876.34
100.00
3,762.66
1,976.49
18,095.75
20,072.25
31,058.72
3,082.26
100.00
3,482.26
2,106.75
19,288.26
21,395.01
31,934.04
TRUE
3,264.95
100.00
3,664.95
2,243.39
20,539.34
22,782.73
32,882.53
TRUE
3,423.07
100.00
3,823.07
2,386.67
21,851.11
24,237.78
33,901.38
TRUE
3,555.14
100.00
3,955.14
2,536.56
23,223.44
25,760.00
34,994.19
TRUE
3,659.54
100.00
4,059.54
2,693.04
24,656.04
27,349.08
36,166.43
TRUE
TRUE
1.19
67%
9.06
1.00
79%
10.21
0.84
95%
11.57
0.69
115%
13.68
0.56
142%
16.39
0.45
179%
19.95
22.7%
10.80%
9.09%
19.6%
10.63%
9.19%
16.7%
10.47%
9.26%
13.9%
10.31%
9.29%
11.4%
10.15%
9.29%
9.2%
9.97%
9.26%
149.38%
150.05%
150.56%
150.92%
151.15%
151.35%
1,893.80
7.00
13,256.57
6,000.00
2.21
1,987.52
7.00
13,912.64
6,000.00
2.32
2,085.12
7.00
14,595.85
6,000.00
2.43
2,186.28
7.00
15,303.99
6,000.00
2.55
2,287.22
7.00
16,010.53
6,000.00
2.67
30%
8.00
30%
8.00
30%
8.00
30%
8.00
30%
8.00
4,973.47
2,381.34
(3.77)
1,011.98
227.95
5,195.50
2,548.11
(2.98)
1,047.39
205.92
5,427.92
2,726.71
(2.14)
1,085.05
182.69
5,671.27
2,918.02
(1.25)
1,121.32
158.12
5,925.99
3,122.99
(0.28)
1,157.96
132.08
2,387.67
7.00
16,713.68
6,000.00
2.79
30%
8.00
6,192.66
3,344.12
0.75
1,194.95
104.39
1,811.88
1,808.90
1,800.99
1,791.30
1,777.40
1,757.23
1,811.88
1.20
0.20
1,811.88
1,808.90
1.20
0.20
1,808.90
1,800.99
1.20
0.20
1,800.99
1,791.30
1.20
0.20
1,791.30
1,777.40
1.20
0.20
1,777.40
1,757.23
1.20
0.20
1,757.23
1,811.88
1,808.90
1,800.99
1,791.30
1,777.40
1,757.23
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
757.52
795.01
834.05
874.51
914.89
955.07
1,893.80
0
1,987.52
0
2,085.12
0
2,186.28
0
2,287.22
0
2,387.67
0
757.52
795.01
834.05
874.51
914.89
955.07
757.52
795.01
834.05
874.51
914.89
955.07
18,095.75
-
19,288.26
-
20,539.34
-
21,851.11
-
23,223.44
-
24,656.04
-
757.52
795.01
834.05
874.51
914.89
955.07
550.94
30%
385.66
556.45
30%
389.51
562.01
30%
393.41
567.63
30%
397.34
573.31
30%
401.31
579.04
30%
405.33
8.00
-
8.00
-
8.00
-
8.00
-
8.00
-
8.00
-
385.66
389.51
393.41
397.34
401.31
405.33
2029
20
TRUE
FALSE
FALSE
2030
21
TRUE
FALSE
FALSE
2031
22
TRUE
FALSE
FALSE
2032
23
TRUE
FALSE
FALSE
2033
24
TRUE
FALSE
FALSE
2034
25
TRUE
FALSE
FALSE
35,381
2,079
1,371
36,089
36,089
2,132
0
1,410
36,811
36,811
2,209
0
1,473
37,547
37,547
2,289
0
1,538
38,298
38,298
2,372
0
1,606
39,064
39,064
2,458
0
1,677
39,845
0
36,089
1,371
0
36,811
1,410
0
37,547
1,473
0
38,298
1,538
0
39,064
1,606
0
39,845
1,677
230,000
7,814,631,878
230,000
7,981,026,899
230,000
8,134,893,000
230,000
8,289,541,550
230,000
8,446,818,828
230,000
8,606,844,769
$2.00
15,629,263,755
$2.00
15,962,053,799
$2.00
16,269,786,000
$2.00
16,579,083,100
$2.00
16,893,637,655
$2.00
17,213,689,538
30.00%
10,940,484,629
30.00%
11,173,437,659
30.00%
11,388,850,200
30.00%
11,605,358,170
30.00%
11,825,546,359
30.00%
12,049,582,676
15
530,715.00
2,666.67
1,415,240,000
15
541,335.00
2,666.67
1,443,560,000
15
552,165.00
2,666.67
1,472,440,000
15
563,205.00
2,666.67
1,501,880,000
15
574,470.00
2,666.67
1,531,920,000
15
585,960.00
2,666.67
1,562,560,000
2,079
850,000
2,132
850,000
2,209
850,000
2,289
850,000
2,372
850,000
2,458
850,000
2,000
70,762,000
2,000
72,178,000
2,000
73,622,000
2,000
75,094,000
2,000
76,596,000
2,000
78,128,000
1,838,088,474
1,884,378,000
1,950,847,000
2,020,340,250
2,092,924,563
2,167,817,991
3,273,539,127
3,345,056,140
3,408,495,800
3,471,844,930
3,536,171,297
3,601,546,861
3,273.54
1,838.09
15,629.26
12,355.72
3,345.06
1,884.38
15,962.05
12,617.00
3,408.50
1,950.85
16,269.79
12,861.29
3,471.84
2,020.34
16,579.08
13,107.24
3,536.17
2,092.92
16,893.64
13,357.47
3,601.55
2,167.82
17,213.69
13,612.14
3%
1.806111235
3%
1.860294572
3%
1.916103409
3%
1.973586511
3%
2.032794106
3%
2.09377793
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
584.83
1.00%
590.68
1.00%
596.59
1.00%
602.55
1.00%
608.58
1.00%
614.66
1.00%
-
1.00%
-
1.00%
-
1.00%
-
1.00%
-
1.00%
-
28,228.19
21,730.98
3,319.79
29,694.12
22,880.65
3,505.50
31,174.59
24,046.98
3,738.02
32,720.25
25,265.72
3,987.32
34,341.29
26,544.40
4,254.48
36,041.64
27,886.14
4,538.93
10.00
2.74%
28,228.19
10.00
2.74%
29,694.12
10.00
2.74%
31,174.59
10.00
2.74%
32,720.25
10.00
2.74%
34,341.29
10.00
2.74%
36,041.64
773.38
813.54
854.10
896.45
940.86
987.44
5.00
1.37%
12,355.72
5.00
1.37%
12,617.00
5.00
1.37%
12,861.29
5.00
1.37%
13,107.24
5.00
1.37%
13,357.47
5.00
1.37%
13,612.14
169.26
172.84
176.18
179.55
182.98
186.47
300.00
300.00
300.00
300.00
300.00
300.00
60.00
16.44%
12,355.72
60.00
16.44%
12,617.00
60.00
16.44%
12,861.29
60.00
16.44%
13,107.24
60.00
16.44%
13,357.47
60.00
16.44%
13,612.14
2,031.08
2,074.03
2,114.18
2,154.61
2,195.75
2,237.61
-788.45
-0.79
-787.65
0.79
-783.90
3.75
-778.62
5.29
-771.91
6.71
-763.70
8.21
5,893.37
5,657.63
5,431.33
5,214.07
5,005.51
4,805.29
235.73
5,657.63
226.31
5,431.33
217.25
5,214.07
208.56
5,005.51
200.22
4,805.29
192.21
4,613.08
5%
5%
5%
5%
5%
5%
294.67
282.88
271.57
260.70
250.28
240.26
(3,226.66)
(294.67)
(235.73)
(3,285.59)
(3,285.59)
(282.88)
(226.31)
(3,342.17)
(3,342.17)
(271.57)
(217.25)
(3,396.48)
(3,396.48)
(260.70)
(208.56)
(3,448.62)
(3,448.62)
(250.28)
(200.22)
(3,498.68)
(3,498.68)
(240.26)
(192.21)
(3,546.73)
2,372.04
2,089.16
1,817.59
1,556.89
1,306.61
1,066.35
41,394.86
3,319.79
FALSE
44,714.65
44,714.65
3,505.50
1,275.66
46,944.49
46,944.49
3,738.02
1,371.98
49,310.54
49,310.54
3,987.32
1,475.36
51,822.50
51,822.50
4,254.48
1,587.22
54,489.76
54,489.76
4,538.93
1,707.19
57,321.51
0.05
2,069.74
0.05
2,235.73
0.05
2,347.22
0.05
2,465.53
0.05
2,591.12
0.05
2,724.49
(15,813.66)
(2,069.74)
(17,883.40)
(17,883.40)
(2,235.73)
(1,275.66)
(18,843.48)
(18,843.48)
(2,347.22)
(1,371.98)
(19,818.72)
(19,818.72)
(2,465.53)
(1,475.36)
(20,808.90)
(20,808.90)
(2,591.12)
(1,587.22)
(21,812.80)
(21,812.80)
(2,724.49)
(1,707.19)
(22,830.10)
26,831.25
28,101.01
29,491.81
31,013.60
32,676.96
34,491.40
260.03
235.73
24.30
24.30
24.30
-
0.00
-
0.00
-
0.00
-
0.00
-
13%
32.50
13%
3.04
13%
-
13%
-
13%
-
13%
-
21,350.57
3,319.79
2,082.47
22,587.89
22,587.89
3,505.50
2,226.82
23,866.58
23,866.58
3,738.02
2,381.34
25,223.26
25,223.26
3,987.32
2,548.11
26,662.47
26,662.47
4,254.48
2,726.71
28,190.25
28,190.25
4,538.93
2,918.02
29,811.15
0.13
2,668.82
0.13
2,823.49
0.13
2,983.32
0.13
3,152.91
0.13
3,332.81
0.13
3,523.78
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
0.00
0.00
0.00
0.00
0.00
0.00
91.19
91.19
91.19
91.19
91.19
91.19
6.67%
-
6.67%
-
6.67%
-
6.67%
-
6.67%
-
6.67%
-
91.19
91.19
91.19
91.19
91.19
91.19
0.00
0.00
0.00
0.00
0.00
0.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
0.00
-
0.00
-
0.00
-
0.00
-
0.00
-
0.00
-
10%
0.00
10%
0.00
10%
0.00
10%
0.00
10%
0.00
10%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-2,769.63
812.46
-1,957.17
-1,957.17
859.21
-1,097.96
-1,097.96
852.41
-245.54
-245.54
841.33
595.79
595.79
818.94
1,414.74
1,414.74
789.20
2,203.94
0.00
1,957.17
0.00
1,097.96
0.00
245.54
595.79
0.00
1,414.74
0.00
2,203.94
0.00
4%
6%
0.00
166.18
4%
6%
0.00
117.43
4%
6%
0.00
65.88
4%
6%
0.00
14.73
4%
6%
23.83
0.00
4%
6%
56.59
0.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
28,228.19
21,730.98
6,497.21
2,364.41
4,132.80
166.18
3,966.62
1,189.99
2,776.63
273.41
2,503.22
29,694.12
22,880.65
6,813.47
2,518.61
4,294.85
117.43
4,177.42
1,253.23
2,924.20
287.94
2,636.25
31,174.59
24,046.98
7,127.62
2,618.79
4,508.83
65.88
4,442.95
1,332.88
3,110.06
306.24
2,803.82
32,720.25
25,265.72
7,454.54
2,726.23
4,728.31
14.73
4,713.57
1,414.07
3,299.50
324.90
2,974.60
34,341.29
26,544.40
7,796.89
2,841.40
4,955.48
23.83
4,979.32
1,493.79
3,485.52
343.22
3,142.31
36,041.64
27,886.14
8,155.50
2,964.75
5,190.75
56.59
5,247.34
1,574.20
3,673.14
361.69
3,311.45
3,966.62
2,364.41
2,701.33
3,629.70
4,177.42
2,518.61
2,826.52
3,869.51
4,442.95
2,618.79
2,983.32
4,078.42
4,713.57
2,726.23
3,152.91
4,286.90
4,979.32
2,841.40
3,332.81
4,487.91
5,247.34
2,964.75
3,523.78
4,688.31
1,088.91
1,160.85
1,223.53
1,286.07
1,346.37
1,406.49
101.07
92.37
109.36
128.00
147.42
167.71
3,659.54
101.07
3,760.61
3,760.61
92.37
3,852.98
3,852.98
109.36
3,962.34
3,962.34
128.00
4,090.35
4,090.35
147.42
4,237.77
4,237.77
167.71
4,405.48
6,497.21
-0.79
1,088.91
5,409.09
3,319.79
6,813.47
0.79
1,160.85
5,651.82
3,505.50
7,127.62
3.75
1,223.53
5,900.34
3,738.02
7,454.54
5.29
1,286.07
6,163.18
3,987.32
7,796.89
6.71
1,346.37
6,443.81
4,254.48
8,155.50
8.21
1,406.49
6,740.80
4,538.93
2,089.29
166.18
0.00
109.36
1,001.29
812.46
2,146.32
117.43
0.00
115.18
1,054.50
859.21
2,162.32
65.88
0.00
122.50
1,121.53
852.41
2,175.87
14.73
0.00
129.96
1,189.84
841.33
2,189.32
0.00
23.83
137.29
1,256.92
818.94
2,201.87
0.00
56.59
144.68
1,324.58
789.20
24,656.04
2,503.22
1,001.29
26,157.97
26,157.97
2,636.25
1,054.50
27,739.72
27,739.72
2,803.82
1,121.53
29,422.02
29,422.02
2,974.60
1,189.84
31,206.78
31,206.78
3,142.31
1,256.92
33,092.16
33,092.16
3,311.45
1,324.58
35,079.03
2,693.04
273.41
109.36
2,857.08
2,857.08
287.94
115.18
3,029.85
3,029.85
306.24
122.50
3,213.60
3,213.60
324.90
129.96
3,408.54
3,408.54
343.22
137.29
3,614.47
3,614.47
361.69
144.68
3,831.48
0.00
773.38
169.26
300.00
1,242.63
0.00
813.54
172.84
300.00
1,286.37
0.00
854.10
176.18
300.00
1,330.28
595.79
896.45
179.55
300.00
1,971.79
1,414.74
940.86
182.98
300.00
2,838.57
2,203.94
987.44
186.47
300.00
3,677.85
50,372.28
-21,169.00
29,203.28
52,375.82
-22,185.65
30,190.17
54,524.61
-23,215.21
31,309.40
56,828.01
-24,257.52
32,570.49
59,295.05
-25,311.48
33,983.57
61,934.58
-26,376.83
35,557.75
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
37,163.92
38,194.54
39,357.68
41,260.27
43,540.14
45,953.60
2,031.08
1,957.17
3,988.25
2,074.03
1,097.96
3,171.98
2,114.18
245.54
2,359.73
2,154.61
0.00
2,154.61
2,195.75
0.00
2,195.75
2,237.61
0.00
2,237.61
0.00
300.00
0.00
300.00
0.00
300.00
0.00
300.00
0.00
300.00
0.00
300.00
3,760.61
100.00
4,160.61
2,857.08
26,157.97
29,015.06
37,163.92
3,852.98
100.00
4,252.98
3,029.85
27,739.72
30,769.57
38,194.54
TRUE
3,962.34
100.00
4,362.34
3,213.60
29,422.02
32,635.61
39,357.68
TRUE
4,090.35
100.00
4,490.35
3,408.54
31,206.78
34,615.31
41,260.27
TRUE
4,237.77
100.00
4,637.77
3,614.47
33,092.16
36,706.63
43,540.14
4,405.48
100.00
4,805.48
3,831.48
35,079.03
38,910.51
45,953.60
TRUE
TRUE
FALSE
320.94
FALSE
FALSE
TRUE
0.30
268%
24.87
0.16
504%
36.57
0.03
2376%
68.44
6.3%
9.85%
9.34%
3.4%
9.78%
9.43%
0.7%
9.81%
9.60%
0.0%
9.81%
9.73%
0.0%
9.77%
9.83%
0.0%
9.72%
9.90%
140.41%
139.18%
142.74%
146.26%
149.73%
153.10%
2,503.22
7.00
17,522.54
6,000.00
2.92
30%
8.00
6,497.21
3,319.79
(0.79)
1,239.84
101.07
2,636.25
7.00
18,453.78
6,000.00
3.08
30%
8.00
6,813.47
3,505.50
0.79
1,288.46
92.37
2,803.82
7.00
19,626.73
6,000.00
3.27
30%
8.00
7,127.62
3,738.02
3.75
1,352.65
109.36
2,974.60
7.00
20,822.23
6,000.00
3.47
30%
8.00
7,454.54
3,987.32
5.29
1,418.49
128.00
FALSE
FALSE
3,142.31
7.00
21,996.14
6,000.00
3.67
30%
8.00
7,796.89
4,254.48
6.71
1,486.65
147.42
3,311.45
7.00
23,180.13
6,000.00
3.86
30%
8.00
8,155.50
4,538.93
8.21
1,557.22
167.71
2,039.44
2,111.09
2,142.55
2,171.45
2,196.47
2,218.85
2,039.44
1.20
0.20
2,039.44
2,111.09
1.20
0.20
2,111.09
2,142.55
1.20
0.20
2,142.55
2,171.45
1.20
0.20
2,171.45
2,196.47
1.20
0.20
2,196.47
2,218.85
1.20
0.20
2,218.85
2,039.44
2,111.09
2,142.55
2,171.45
2,196.47
2,218.85
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
1,001.29
1,054.50
1,121.53
1,189.84
1,256.92
1,324.58
2,503.22
0
2,636.25
0
2,803.82
0
2,974.60
0
3,142.31
0
3,311.45
0
1,001.29
1,054.50
1,121.53
1,189.84
1,256.92
1,324.58
1,001.29
1,054.50
1,121.53
1,189.84
1,256.92
1,324.58
26,157.97
-
27,739.72
-
29,422.02
-
31,206.78
-
33,092.16
-
35,079.03
-
1,001.29
1,054.50
1,121.53
1,189.84
1,256.92
1,324.58
584.83
30%
409.38
590.68
30%
413.48
596.59
30%
417.61
602.55
30%
421.79
608.58
30%
426.00
614.66
30%
430.26
8.00
-
8.00
-
8.00
-
8.00
-
8.00
-
8.00
-
409.38
413.48
417.61
421.79
426.00
430.26
2035
26
TRUE
FALSE
FALSE
2036
27
TRUE
FALSE
FALSE
2037
28
TRUE
FALSE
FALSE
2038
29
TRUE
FALSE
TRUE
2039
30
FALSE
TRUE
FALSE
39,845
2,549
0
1,752
40,642
40,642
2,642
0
1,829
41,455
41,455
2,740
0
1,911
42,284
42,284
2,842
0
1,996
43,130
43,130
2,948
0
2,085
43,993
0
40,642
1,752
0
41,455
1,829
0
42,284
1,911
0
43,130
1,996
0
43,993
2,085
230,000
8,769,784,407
230,000
8,935,525,828
230,000
9,104,048,119
230,000
9,275,559,325
230,000
9,450,036,391
$2.00
17,539,568,815
$2.00
17,871,051,655
$2.00
18,208,096,238
$2.00
18,551,118,650
$2.00
18,900,072,783
30.00%
12,277,698,170
30.00%
12,509,736,159
30.00%
12,745,667,367
30.00%
12,985,783,055
30.00%
13,230,050,948
15
597,675.00
2,666.67
1,593,800,000
15
609,630.00
2,666.67
1,625,680,000
15
621,825.00
2,666.67
1,658,200,000
15
634,260.00
2,666.67
1,691,360,000
15
646,950.00
2,666.67
1,725,200,000
2,549
850,000
2,642
850,000
2,740
850,000
2,842
850,000
2,948
850,000
2,000
79,690,000
2,000
81,284,000
2,000
82,910,000
2,000
84,568,000
2,000
86,260,000
2,245,941,990
2,327,373,590
2,412,191,569
2,500,478,648
2,592,323,680
3,668,070,644
3,735,635,497
3,804,228,871
3,873,975,595
3,944,821,835
3,668.07
2,245.94
17,539.57
13,871.50
3,735.64
2,327.37
17,871.05
14,135.42
3,804.23
2,412.19
18,208.10
14,403.87
3,873.98
2,500.48
18,551.12
14,677.14
3,944.82
2,592.32
18,900.07
14,955.25
3%
2.156591268
3%
2.221289006
3%
2.287927676
3%
2.356565506
3%
2.427262471
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
0.00
1.00%
620.81
1.00%
627.02
1.00%
633.29
1.00%
639.62
1.00%
646.02
1.00%
-
1.00%
-
1.00%
-
1.00%
-
1.00%
-
37,825.68
29,294.34
4,843.58
39,696.77
30,771.83
5,169.77
41,658.81
32,321.72
5,518.92
43,716.93
33,948.03
5,892.54
45,875.44
35,654.30
6,292.25
10.00
2.74%
37,825.68
10.00
2.74%
39,696.77
10.00
2.74%
41,658.81
10.00
2.74%
43,716.93
10.00
2.74%
45,875.44
1,036.32
1,087.58
1,141.34
1,197.72
1,256.86
5.00
1.37%
13,871.50
5.00
1.37%
14,135.42
5.00
1.37%
14,403.87
5.00
1.37%
14,677.14
5.00
1.37%
14,955.25
190.02
193.64
197.31
201.06
204.87
300.00
300.00
300.00
300.00
300.00
60.00
16.44%
13,871.50
60.00
16.44%
14,135.42
60.00
16.44%
14,403.87
60.00
16.44%
14,677.14
60.00
16.44%
14,955.25
2,280.25
2,323.63
2,367.76
2,412.68
2,458.40
-753.91
9.80
-742.41
11.49
-729.11
13.30
-713.90
15.21
-696.67
17.23
4,613.08
4,428.55
4,251.41
4,081.36
3,918.10
184.52
4,428.55
177.14
4,251.41
170.06
4,081.36
163.25
3,918.10
156.72
3,761.38
5%
5%
5%
5%
5%
230.65
221.43
212.57
204.07
195.91
(3,546.73)
(230.65)
(184.52)
(3,592.86)
(3,592.86)
(221.43)
(177.14)
(3,637.15)
(3,637.15)
(212.57)
(170.06)
(3,679.66)
(3,679.66)
(204.07)
(163.25)
(3,720.47)
(3,720.47)
(195.91)
(156.72)
(3,759.66)
835.69
614.27
401.70
197.63
1.72
57,321.51
4,843.58
1,835.82
60,329.27
60,329.27
5,169.77
1,974.75
63,524.29
63,524.29
5,518.92
2,124.71
66,918.50
66,918.50
5,892.54
2,285.38
70,525.66
70,525.66
6,292.25
2,458.62
74,359.29
0.05
2,866.08
0.05
3,016.46
0.05
3,176.21
0.05
3,345.92
0.05
3,526.28
(22,830.10)
(2,866.08)
(1,835.82)
(23,860.36)
(23,860.36)
(3,016.46)
(1,974.75)
(24,902.08)
(24,902.08)
(3,176.21)
(2,124.71)
(25,953.58)
(25,953.58)
(3,345.92)
(2,285.38)
(27,014.12)
(27,014.12)
(3,526.28)
(2,458.62)
(28,081.78)
36,468.91
38,622.21
40,964.92
43,511.53
46,277.50
0.00
-
0.00
-
0.00
-
0.00
-
0.00
-
13%
-
13%
-
13%
-
13%
-
13%
-
29,811.15
4,843.58
3,122.99
31,531.75
31,531.75
5,169.77
3,344.12
33,357.39
33,357.39
5,518.92
3,319.79
35,556.52
35,556.52
5,892.54
3,505.50
37,943.56
37,943.56
6,292.25
3,738.02
40,497.79
0.13
3,726.39
0.13
3,941.47
0.13
4,169.67
0.13
4,444.57
0.13
4,742.95
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
400.00
15%
-
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
(400.00)
0.00
0.00
0.00
0.00
0.00
91.19
91.19
91.19
91.19
91.19
6.67%
-
6.67%
-
6.67%
-
6.67%
-
6.67%
-
91.19
91.19
91.19
91.19
91.19
0.00
0.00
0.00
0.00
0.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
1,600.00
4,418.00
700.00
0.00
-
0.00
-
0.00
-
0.00
-
0.00
-
10%
0.00
10%
0.00
10%
0.00
10%
0.00
10%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
2.5
2.00%
1.50%
-
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
9%
0.00
0.00
0.00
0.00
0.00
0.00
2,203.94
751.82
2,955.75
2,955.75
705.92
3,661.67
3,661.67
650.63
4,312.31
4,312.31
595.00
4,907.31
4,907.31
530.94
5,438.24
2,955.75
0.00
3,661.67
0.00
4,312.31
0.00
4,907.31
0.00
5,438.24
0.00
4%
6%
88.16
0.00
4%
6%
118.23
0.00
4%
6%
146.47
0.00
4%
6%
172.49
0.00
4%
6%
196.29
0.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
300.00
100.00
37,825.68
29,294.34
8,531.34
3,096.73
5,434.61
88.16
5,522.77
1,656.83
3,865.94
380.68
3,485.26
39,696.77
30,771.83
8,924.94
3,237.89
5,687.05
118.23
5,805.28
1,741.58
4,063.70
400.15
3,663.55
41,658.81
32,321.72
9,337.09
3,388.79
5,948.30
146.47
6,094.77
1,828.43
4,266.34
420.10
3,846.24
43,716.93
33,948.03
9,768.90
3,549.99
6,218.91
172.49
6,391.40
1,917.42
4,473.98
440.55
4,033.43
45,875.44
35,654.30
10,221.13
3,722.19
6,498.95
196.29
6,695.24
2,008.57
4,686.67
461.49
4,225.18
5,522.77
3,096.73
3,726.39
4,893.10
5,805.28
3,237.89
3,941.47
5,101.71
6,094.77
3,388.79
4,169.67
5,313.88
6,391.40
3,549.99
4,444.57
5,496.82
6,695.24
3,722.19
4,742.95
5,674.48
1,467.93
1,530.51
1,594.16
1,649.05
1,702.34
188.90
211.07
234.27
268.37
306.23
4,405.48
188.90
4,594.38
4,594.38
211.07
4,805.45
4,805.45
234.27
5,039.72
5,039.72
268.37
5,308.09
5,308.09
306.23
5,614.32
8,531.34
9.80
1,467.93
7,053.61
4,843.58
8,924.94
11.49
1,530.51
7,382.94
5,169.77
9,337.09
13.30
1,594.16
7,729.62
5,518.92
9,768.90
15.21
1,649.05
8,104.64
5,892.54
10,221.13
17.23
1,702.34
8,501.56
6,292.25
2,210.03
0.00
88.16
152.27
1,394.10
751.82
2,213.17
0.00
118.23
160.06
1,465.42
705.92
2,210.70
0.00
146.47
168.04
1,538.49
650.63
2,212.10
0.00
172.49
176.22
1,613.37
595.00
2,209.31
0.00
196.29
184.60
1,690.07
530.94
35,079.03
3,485.26
1,394.10
37,170.19
37,170.19
3,663.55
1,465.42
39,368.32
39,368.32
3,846.24
1,538.49
41,676.06
41,676.06
4,033.43
1,613.37
44,096.12
44,096.12
4,225.18
1,690.07
46,631.22
3,831.48
380.68
152.27
4,059.88
4,059.88
400.15
160.06
4,299.97
4,299.97
420.10
168.04
4,552.04
4,552.04
440.55
176.22
4,816.36
4,816.36
461.49
184.60
5,093.26
2,955.75
1,036.32
190.02
300.00
4,482.10
3,661.67
1,087.58
193.64
300.00
5,242.89
4,312.31
1,141.34
197.31
300.00
5,950.96
4,907.31
1,197.72
201.06
300.00
6,606.09
5,438.24
1,256.86
204.87
300.00
7,199.97
64,757.82
-27,453.22
37,304.60
67,775.70
-28,539.22
39,236.48
70,999.85
-29,633.24
41,366.61
74,443.76
-30,734.60
43,709.16
78,120.66
-31,841.44
46,279.22
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
1,600.00
700.00
0.00
4,418.00
0.00
6,718.00
48,504.69
51,197.37
54,035.57
57,033.25
60,197.19
2,280.25
0.00
2,280.25
2,323.63
0.00
2,323.63
2,367.76
0.00
2,367.76
2,412.68
0.00
2,412.68
2,458.40
0.00
2,458.40
0.00
300.00
0.00
300.00
0.00
300.00
0.00
300.00
0.00
300.00
4,594.38
100.00
4,994.38
4,059.88
37,170.19
41,230.07
48,504.69
4,805.45
100.00
5,205.45
4,299.97
39,368.32
43,668.29
51,197.37
TRUE
TRUE
FALSE
FALSE
5,039.72
100.00
5,439.72
4,552.04
41,676.06
46,228.09
54,035.57
TRUE
FALSE
FALSE
5,308.09
100.00
5,708.09
4,816.36
44,096.12
48,912.48
57,033.25
TRUE
FALSE
FALSE
5,614.32
100.00
6,014.32
5,093.26
46,631.22
51,724.48
60,197.19
TRUE
FALSE
FALSE
FALSE
FALSE
0.0%
9.65%
9.94%
0.0%
9.57%
9.95%
0.0%
9.49%
9.93%
0.0%
9.40%
9.89%
0.0%
9.31%
9.83%
156.41%
159.66%
162.86%
165.99%
169.05%
3,485.26
7.00
24,396.83
6,000.00
4.07
30%
8.00
8,531.34
4,843.58
9.80
1,630.38
188.90
3,663.55
7.00
25,644.85
6,000.00
4.27
30%
8.00
8,924.94
5,169.77
11.49
1,706.12
211.07
3,846.24
7.00
26,923.66
6,000.00
4.49
30%
8.00
9,337.09
5,518.92
13.30
1,784.49
234.27
4,033.43
7.00
28,234.01
6,000.00
4.71
30%
8.00
9,768.90
5,892.54
15.21
1,865.67
268.37
4,225.18
7.00
29,576.23
6,000.00
4.93
30%
8.00
10,221.13
6,292.25
17.23
1,949.68
306.23
2,236.48
2,248.64
2,254.64
78,151.18
80,415.03
2,268.20
2,236.48
1.20
0.20
2,236.48
2,248.64
1.20
0.20
2,248.64
2,254.64
1.20
0.20
2,254.64
2,263.85
1.20
0.20
2,263.85
3,722.19
1.20
4,466.63
0.20
893.33
2,894.27
48,237.82
48,237.82
2,236.48
2,248.64
2,254.64
80,415.03
0.00
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
17.30
2.16
1,394.10
1,465.42
1,538.49
1,613.37
1,690.07
3,485.26
0
3,663.55
0
3,846.24
0
1,394.10
1,465.42
1,538.49
4,033.43
69778.33888
71,391.71
4,225.18
0
1,690.07
1,394.10
1,465.42
1,538.49
71,391.71
0.00
37,170.19
-
39,368.32
-
41,676.06
-
44,096.12
95,247.61
46,631.22
-
1,394.10
1,465.42
1,538.49
96,860.98
620.81
30%
434.57
627.02
30%
438.91
633.29
30%
443.30
639.62
30%
447.73
8.00
-
8.00
-
8.00
-
8.00
3,581.88
434.57
438.91
443.30
4,029.61
646.02
30%
452.21
8.00
-
(1)
2009
49,380
Gross Plant
Accumulated Depreciation
Property, plant and equipment, net (3)
120,881
-51,681
69,200
Investment in shares
Intangible assets
Other assets
Total assets
2,344
71,181
18,986
211,091
Liabilities
Short-term debt
Current liabilities
8,853
36,914
Long-term debt
Pension Liabilities
Deferred income taxes liabilities
Other
Total liabilities
Minority Interest
Controlling interest
Stockholders equity
Total Liabilities and Equity
34,810
3,354
972
10,359
95,262
34,192
81,637
115,829
211,091
Income Statement
Total revenues
Cost of Sales without Depreciation
Operating expenses
Other expenses, net
EBITDA
Depreciation
Amortization
EBIT
Interest Expense
Interest Income
Exchange and Other
EBT
Income taxes
Consolidated net income for the year
Minoirty Interest
Net controlling interest income
197,033
96,117
63,826
3,506
33,584
5,596
4,482
23,506
5,179
769
106
18,990
3,908
15,082
5,174
9,908
Other information
Depreciation
Amortization and other non-cash charges toincome from operations
Capital expenditures (2)
Intangible Asset Increase
Interest Expense
Interest Income
5,596
4,482
13,178
9,803
5,179
769
106
4,516
2,255
1.08
18%
29%
4.56
0.55
17,891
8.55
152,882
15.43
1.32
5.88
13.17%
11.63%
Year
2009
Sales Growth
Cost of Goods as Percent of Sales
Operating Expense Growth
Depreciation Rate
Amortization Rate
16%
49%
16%
4.6%
6.3%
Average Debt
Average Interest Expense
Average Investments
Average Interest Income Rate
27,006
19%
2,155
36%
21%
15%
34%
25%
19%
7%
5%
Growth Rate
Base Revenues
Add: Revenues for Acquisition
Add: Synergies
Total Revenues
16%
197,033
197,033
49%
96,117
16%
63,826
3,506
Total Expenses
Capital Expenditures to Sales
Capital Expenditures
Add: Capital Expenditures from Acquistion
Total Captial Expenditures
Intangible Assets to Sales
Intangible Assets Increase
96,117
67,332
163,449
7%
13,178
5%
9,803
Working Capital
Current Assets as Percent of Assets
Level of A/R
Add: Level of A/R from Acquistion
Total Level of A/R
25%
49,380
19%
36,914
49,380
36,914
12,466
5,925
Asset Schedule
Plant Balance
Opening Balance
Add: Capital Expenditures
Closing Balance
120,881
Deprecitaion Rate
Depreciation
Accumulated Depreciation
Opening Balance
Add: Intangible Assets Increase
Closing Balance
Total Net Plant
Add: Net Plant from Acquisition
Total Net Plant
Intangible Assets
Opening Balance
Add: New Intangibles
Closing Balance
-51,681
69,200
69,200
71,181
Intangible Rate
Intangible Amortization
Accumulated Amoritization
Opening Balance
Add: Amortization
Closing Balance
Net Intangible Assets
Add: Intangible Assets from Acquistion
Total Intangible Assets
Other Assets
Add: Other Assets from Acquistion
Total Other Assets
0
71,181
18,986
18,986
Debt Schedule
Long-term Debt
Opening Balance
Less: Repayment
Closing Balance
Interest Rate
Interest Expense - Long-term
Debt Less Cash
Opening Balance
Add: Net Cash Flow
Closing Balance
Financial Investments
Debt Balance
Interest Rate on Cash
Interest Rate on Debt
34,810
19%
0
-6,509
2,344
8,853
Interest Income
Interest Expense
Pension Liabilities
Deferred Tax Liabilities
Other Liabilities
3,354
972
3,354
972
10,359
17,891
81,637
34,192
Assets
Current assets
Property, plant and equipment, net
Investment in shares
Intangible assets
Other assets
Total assets
Liabilities
Short-term debt
Current liabilities
Long-term debt
Pension Liabilities
Deferred income taxes liabilities
Other
Total liabilities
Minority Interest
Controlling interest
Stockholders equity
Total Liabilities and Equity
Difference
Debt to Capital
Return on Equity
Return on Invested Capital
49,380
(3)
69,200
2,344
71,181
18,986
211,091
8,853
36,914
34,810
3,354
972
10,359
95,262
34,192
81,637
115,829
211,091
0
27%
1
2010
2
2011
3
2012
4
2013
5
2014
6
2015
7
2016
8%
48%
6%
4.6%
6.3%
8%
49%
6%
4.6%
6.3%
8%
49%
6%
4.6%
6.3%
8%
49%
6%
4.6%
6.3%
8%
49%
6%
4.6%
6.3%
8%
49%
6%
4.6%
6.3%
8%
49%
6%
4.6%
6.3%
9%
9%
9%
9%
9%
9%
9%
5%
5%
5%
5%
5%
5%
5%
30%
30%
30%
30%
30%
30%
30%
70%
70%
70%
70%
70%
70%
70%
34%
34%
34%
34%
34%
34%
34%
25%
19%
25%
19%
25%
19%
25%
19%
25%
19%
25%
19%
25%
19%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
8%
212,796
8%
229,819
8%
248,205
8%
268,061
8%
289,506
8%
312,667
8%
337,680
212,796
229,819
248,205
268,061
289,506
312,667
337,680
48%
103,053
49%
111,594
49%
120,512
49%
130,225
49%
140,497
49%
151,816
49%
163,960
103,053
111,594
120,512
130,225
140,497
151,816
163,960
6%
67,400
3506
6%
71,175
3786
6%
75,160
4089
6%
79,369
4417
6%
83,814
4770
6%
88,508
5151
6%
93,464
5564
70,906
74,961
79,250
83,786
88,584
93,659
99,028
173,959
186,555
199,762
214,011
229,081
245,475
262,987
5%
10,640
5%
11,491
5%
12,410
5%
13,403
5%
14,475
5%
15,633
5%
16,884
10,640
11,491
12,410
13,403
14,475
15,633
16,884
5%
10,508
5%
11,349
5%
12,256
5%
13,237
5%
14,296
5%
15,440
5%
16,675
25%
53,330
25%
57,597
25%
62,205
25%
67,181
25%
72,555
25%
78,360
25%
84,629
53,330
57,597
62,205
67,181
72,555
78,360
84,629
19%
39,867
19%
43,056
19%
46,501
19%
50,221
19%
54,239
19%
58,578
19%
63,264
39,867
43,056
46,501
50,221
54,239
58,578
63,264
13,463
997
14,540
1,077
15,704
1,163
16,960
1,256
18,317
1,357
19,782
1,465
21,365
1,583
120,881
10,640
131,521
131,521
11,491
143,012
143,012
12,410
155,422
155,422
13,403
168,825
168,825
14,475
183,300
183,300
15,633
198,934
198,934
16,884
215,818
4.6%
5,596
4.6%
6,089
4.6%
6,621
4.6%
7,195
4.6%
7,815
4.6%
8,486
4.6%
9,209
(51,681)
(5,596)
(57,277)
(57,277)
(6,089)
(63,366)
(63,366)
(6,621)
(69,986)
(69,986)
(7,195)
(77,181)
(77,181)
(7,815)
(84,997)
(84,997)
(8,486)
(93,482)
(93,482)
(9,209)
(102,692)
74,244
79,646
85,436
91,644
98,304
105,451
113,126
74,244
79,646
85,436
91,644
98,304
105,451
113,126
71,181
10,508
81,689
81,689
11,349
93,037
93,037
12,256
105,294
105,294
13,237
118,531
118,531
14,296
132,827
132,827
15,440
148,266
148,266
16,675
164,941
0
4,482
0
5,144
0
5,858
0
6,630
0
7,463
0
8,364
0
9,336
(4,482)
(4,482)
(4,482)
(5,144)
(9,626)
(9,626)
(5,858)
(15,484)
(15,484)
(6,630)
(22,114)
(22,114)
(7,463)
(29,577)
(29,577)
(8,364)
(37,941)
(37,941)
(9,336)
(47,277)
77,207
83,412
89,810
96,417
103,249
110,325
117,664
77,207
83,412
89,810
96,417
103,249
110,325
117,664
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
34,810
3,481
31,329
31,329
3,481
27,848
27,848
3,481
24,367
24,367
3,481
20,886
20,886
3,481
17,405
17,405
3,481
13,924
13,924
3,481
10,443
9%
3132.9
9%
2819.61
9%
2506.32
9%
2193.03
9%
1879.74
9%
1566.45
9%
1253.16
(6,509)
(7,913)
(14,422)
(14,422)
(7,622)
(22,044)
(22,044)
(7,199)
(29,244)
(29,244)
(6,718)
(35,962)
(35,962)
(6,079)
(42,040)
(42,040)
(5,400)
(47,440)
(47,440)
(4,583)
(52,023)
14,422
22,044
29,244
35,962
42,040
47,440
52,023
5%
9%
5%
9%
5%
9%
5%
9%
5%
9%
5%
9%
5%
9%
117
797
1,298
1,984
2,632
3,237
3,784
4,270
3,354
972
10,359
3,354
972
10,359
3,354
972
10,359
3,354
972
10,359
3,354
972
10,359
3,354
972
10,359
3,354
972
10,359
212,796
173,959
38,836
5,596
4,482
28,758
3,930
117
229,819
186,555
43,264
6,089
5,144
32,032
4,118
-
248,205
199,762
48,443
6,621
5,858
35,964
4,490
-
268,061
214,011
54,050
7,195
6,630
40,225
4,825
-
289,506
229,081
60,425
7,815
7,463
45,146
5,116
-
312,667
245,475
67,191
8,486
8,364
50,342
5,350
-
337,680
262,987
74,693
9,209
9,336
56,147
5,523
-
24,946
7,484
17,462
5,990
11,472
27,914
8,374
19,540
6,703
12,837
31,474
9,442
22,032
7,558
14,473
35,400
10,620
24,780
8,501
16,279
40,030
12,009
28,021
9,613
18,408
44,992
13,498
31,494
10,804
20,690
50,625
15,187
35,437
12,157
23,280
38,836
7,484
997
30,355
10,640
10,508
9,207
8,030
1,797
3,930
3,481
117
(7,913)
43,264
8,374
1,077
33,813
11,491
11,349
10,973
8,986
2,011
4,118
3,481
(7,622)
48,443
9,442
1,163
37,837
12,410
12,256
13,171
10,131
2,267
4,490
3,481
(7,199)
54,050
10,620
1,256
42,174
13,403
13,237
15,534
11,395
2,550
4,825
3,481
(6,718)
60,425
12,009
1,357
47,059
14,475
14,296
18,288
12,886
2,884
5,116
3,481
(6,079)
67,191
13,498
1,465
52,228
15,633
15,440
21,155
14,483
3,241
5,350
3,481
(5,400)
74,693
15,187
1,583
57,923
16,884
16,675
24,364
16,296
3,647
5,523
3,481
(4,583)
17,891
17,891
17,891
17,891
17,891
17,891
17,891
0.64
0.72
0.81
0.91
1.03
1.16
1.30
81,637
11,472
8,030
85,078
85,078
12,837
8,986
88,929
88,929
14,473
10,131
93,271
93,271
16,279
11,395
98,155
98,155
18,408
12,886
103,678
103,678
20,690
14,483
109,885
109,885
23,280
16,296
116,869
34,192
38,385
43,078
48,368
54,319
61,048
68,611
5,990
1,797
38,385
6,703
2,011
43,078
7,558
2,267
48,368
8,501
2,550
54,319
9,613
2,884
61,048
10,804
3,241
68,611
12,157
3,647
77,121
53,330
57,597
62,205
67,181
72,555
78,360
84,629
74,244
79,646
85,436
91,644
98,304
105,451
113,126
0
77,207
18,986
223,767
0
83,412
18,986
239,641
0
89,810
18,986
256,437
0
96,417
18,986
274,228
0
103,249
18,986
293,095
0
110,325
18,986
313,123
0
117,664
18,986
334,405
14,422
39,867
22,044
43,056
29,244
46,501
35,962
50,221
42,040
54,239
47,440
58,578
52,023
63,264
31,329
3,354
972
10,359
100,303
38,385
85,078
123,464
223,767
27,848
3,354
972
10,359
107,634
43,078
88,929
132,007
239,641
24,367
3,354
972
10,359
114,797
48,368
93,271
141,640
256,437
20,886
3,354
972
10,359
121,754
54,319
98,155
152,474
274,228
17,405
3,354
972
10,359
128,369
61,048
103,678
164,726
293,095
13,924
3,354
972
10,359
134,627
68,611
109,885
178,496
313,123
10,443
3,354
972
10,359
140,415
77,121
116,869
193,990
334,405
27%
13.8%
27%
14.8%
27%
15.9%
27%
17.0%
27%
18.2%
26%
19.4%
24%
20.5%
8
2017
9
2018
10
2019
11
2020
12
2021
13
2022
8%
49%
6%
4.6%
6.3%
4%
49%
3%
4.6%
6.3%
4%
49%
3%
4.6%
6.3%
2%
49%
1%
4.6%
6.3%
2%
49%
1%
4.6%
6.3%
2%
49%
1%
4.6%
6.3%
9%
9%
9%
9%
9%
9%
5%
5%
5%
5%
5%
5%
30%
30%
30%
30%
30%
30%
70%
70%
70%
70%
70%
70%
34%
34%
34%
34%
34%
34%
25%
19%
25%
19%
25%
19%
25%
19%
25%
19%
25%
19%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
8%
364,694
4%
379,282
4%
394,453
2%
402,342
2%
410,389
2%
418,597
364,694
379,282
394,453
402,342
410,389
418,597
49%
177,078
49%
184,137
49%
191,521
49%
195,349
49%
199,255
49%
203,237
177,078
184,137
191,521
195,349
199,255
203,237
6%
98,698
6009
3%
101,462
6249
3%
104,303
6499
1%
105,763
6629
1%
107,244
6762
1%
108,745
6897
104,707
107,711
110,802
112,392
114,005
115,642
281,784
291,847
302,322
307,741
313,260
318,879
5%
18,235
5%
18,964
5%
19,723
5%
20,117
5%
20,519
5%
20,930
18,235
18,964
19,723
20,117
20,519
20,930
5%
18,009
5%
18,729
5%
19,478
5%
19,868
5%
20,265
5%
20,670
25%
91,399
25%
95,055
25%
98,857
25%
100,834
25%
102,851
25%
104,908
91,399
95,055
98,857
100,834
102,851
104,908
19%
68,325
19%
71,058
19%
73,901
19%
75,379
19%
76,886
19%
78,424
68,325
71,058
73,901
75,379
76,886
78,424
23,074
1,709
23,997
923
24,957
960
25,456
499
25,965
509
26,484
519
215,818
18,235
234,052
234,052
18,964
253,017
253,017
19,723
272,739
272,739
20,117
292,856
292,856
20,519
313,376
313,376
20,930
334,306
4.6%
9,991
4.6%
10,835
4.6%
11,713
4.6%
12,626
4.6%
13,557
4.6%
14,507
(102,692)
(9,991)
(112,682)
(112,682)
(10,835)
(123,518)
(123,518)
(11,713)
(135,231)
(135,231)
(12,626)
(147,857)
(147,857)
(13,557)
(161,414)
(161,414)
(14,507)
(175,921)
121,370
129,499
137,509
145,000
151,962
158,384
121,370
129,499
137,509
145,000
151,962
158,384
164,941
18,009
182,950
182,950
18,729
201,679
201,679
19,478
221,157
221,157
19,868
241,025
241,025
20,265
261,290
261,290
20,670
281,961
0
10,386
0
11,520
0
12,699
0
13,925
0
15,176
0
16,452
(47,277)
(10,386)
(57,662)
(57,662)
(11,520)
(69,182)
(69,182)
(12,699)
(81,881)
(81,881)
(13,925)
(95,806)
(95,806)
(15,176)
(110,983)
(110,983)
(16,452)
(127,435)
125,287
132,497
139,276
145,219
150,307
154,525
125,287
132,497
139,276
145,219
150,307
154,525
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
18,986
10,443
3,481
6,962
6,962
3,481
3,481
3,481
3,481
-
9%
939.87
9%
626.58
9%
313.29
9%
0
9%
0
9%
0
(52,023)
(3,639)
(55,662)
(55,662)
(1,549)
(57,211)
(57,211)
(176)
(57,387)
(57,387)
5,314
(52,073)
(52,073)
6,939
(45,135)
(45,135)
8,641
(36,494)
55,662
57,211
57,387
52,073
45,135
36,494
5%
9%
5%
9%
5%
9%
5%
9%
5%
9%
5%
9%
4,682
5,010
5,149
5,165
4,687
4,062
3,354
972
10,359
3,354
972
10,359
3,354
972
10,359
3,354
972
10,359
3,354
972
10,359
3,354
972
10,359
364,694
281,784
82,910
9,991
10,386
62,533
5,622
-
379,282
291,847
87,435
10,835
11,520
65,080
5,636
-
394,453
302,322
92,131
11,713
12,699
67,719
5,462
-
402,342
307,741
94,601
12,626
13,925
68,050
5,165
-
410,389
313,260
97,130
13,557
15,176
68,396
4,687
-
418,597
318,879
99,718
14,507
16,452
68,759
4,062
-
56,911
17,073
39,838
13,667
26,171
59,444
17,833
41,611
14,275
27,336
62,257
18,677
43,580
14,950
28,629
62,885
18,865
44,019
15,101
28,918
63,709
19,113
44,597
15,299
29,297
64,697
19,409
45,288
15,536
29,751
82,910
17,073
1,709
64,127
18,235
18,009
27,884
18,320
4,100
5,622
3,481
(3,639)
87,435
17,833
923
68,679
18,964
18,729
30,985
19,135
4,282
5,636
3,481
(1,549)
92,131
18,677
960
72,494
19,723
19,478
33,293
20,041
4,485
5,462
3,481
(176)
94,601
18,865
499
75,237
20,117
19,868
35,252
20,243
4,530
5,165
5,314
97,130
19,113
509
77,508
20,519
20,265
36,723
20,508
4,590
4,687
6,939
99,718
19,409
519
79,790
20,930
20,670
38,190
20,826
4,661
4,062
8,641
17,891
17,891
17,891
17,891
17,891
17,891
1.46
1.53
1.60
1.62
1.64
1.66
116,869
26,171
18,320
124,720
124,720
27,336
19,135
132,921
132,921
28,629
20,041
141,510
141,510
28,918
20,243
150,185
150,185
29,297
20,508
158,974
158,974
29,751
20,826
167,900
77,121
86,688
96,680
107,145
117,716
128,426
13,667
4,100
86,688
14,275
4,282
96,680
14,950
4,485
107,145
15,101
4,530
117,716
15,299
4,590
128,426
15,536
4,661
139,301
91,399
95,055
98,857
100,834
102,851
104,908
121,370
129,499
137,509
145,000
151,962
158,384
0
125,287
18,986
357,042
0
132,497
18,986
376,037
0
139,276
18,986
394,628
0
145,219
18,986
410,038
0
150,307
18,986
424,106
0
154,525
18,986
436,804
55,662
68,325
57,211
71,058
57,387
73,901
52,073
75,379
45,135
76,886
36,494
78,424
6,962
3,354
972
10,359
145,634
86,688
124,720
211,408
357,042
3,481
3,354
972
10,359
146,436
96,680
132,921
229,601
376,037
0
3,354
972
10,359
145,973
107,145
141,510
248,655
394,628
0
3,354
972
10,359
142,137
117,716
150,185
267,901
410,038
0
3,354
972
10,359
136,706
128,426
158,974
287,400
424,106
0
3,354
972
10,359
129,603
139,301
167,900
307,201
436,804
23%
21.7%
21%
21.2%
19%
20.9%
16%
19.8%
14%
19.0%
11%
18.2%
Contents
Year
2009
2010
2011
9%
5%
9%
5%
30%
30%
50%
50%
Exchange Rate
7.00
7.00
Consolidated Assumptions
Interest Rates
New Debt (Short-term Debt)
Cash Balance
4,200.00
840.00
280.00
2,100.00
56,800.00
Long-term Assets
Fixed Assets - Gross
Accumulated Depreciation
Net Plant
210,481.00
(62,181.00)
148,300.00
Financial Investments
Fair Value of Derivatives
Other Investments
Intangible Assets
Goodwill
Debt Issuance Costs
Total Other Investments
7,944.00
11,200.00
23,886.00
73,981.00
30,926.00
638.30
148,575.30
Total Assets
353,675.30
40,764.00
8,853.00
49,617.00
113,873.62
5,454.00
972.00
Other Liabilities
Total Long-term Liabilities
Minority Interest
Common Equity
11,059.00
131,358.62
39,792.00
132,907.68
353,675.30
TRUE
Working
Revenues
Target Company
Acquiring Company
Total Revenues
66,179.44
212,795.64
278,975.08
68,952.23
229,819.29
298,771.52
48,704.99
173,959.47
222,664.46
51,022.74
186,555.16
237,577.90
Capital Expenditures
Target Company
Acquiring Company
Total Capital Expenditures
8,929.59
10,639.78
19,569.37
9,603.88
11,490.96
21,094.84
3,220.00
49,380.00
52,600.00
4,605.96
53,330.40
57,936.36
4,692.11
57,596.83
62,288.95
3,850.00
36,914.00
40,764.00
8,313.91
39,867.12
48,181.03
8,436.14
43,056.49
51,492.63
11,836.00
9,755.33
(2,080.67)
10,796.31
1,040.99
89,600.00
120,881.00
210,481.00
0.00%
94,945.59
131,520.78
226,466.37
101,108.82
143,011.75
244,120.57
4,480.00
5,596.00
10,076.00
4,747.28
6,088.55
10,835.83
4.45%
4.44%
Accumulated Depreciation
Target Company
Acquiring Company
Total Accumulated Depreciation
Intangible Assets
Target Company
Acquiring Company
Total
(10,500.0)
(51,681.00)
(62,181.0)
(11,396.0)
(57,277.00)
(68,673.0)
(12,702.6)
(63,365.55)
(76,068.2)
2,800.00
71,181.00
73,981.00
2,800.00
81,688.92
84,488.92
2,800.00
93,037.47
95,837.47
0.00
10,507.92
10,507.92
0.00
11,348.55
11,348.55
(420.00)
(4,482.00)
(4,902.00)
(840.00)
(9,625.64)
(10,465.64)
2,380.00
77,206.92
79,586.92
1,960.00
83,411.83
85,371.83
420.00
4,482.00
4,902.00
420.00
5,143.64
5,563.64
2,800.00
71,181.00
73,981.00
Intangible Amortisation
Target Company
Acquiring Company
Total
Debt Issuance Costs - Net
Target Company
Acquiring Company
Total
Fee Amortisation
Target Company
Acquiring Company
Total
Derivative Assets
Target Company
Acquiring Company
Total
Goodwill
Target Company
Acquiring Company
Total
Other Assets
Target Company
Acquiring Company
Total
638.2952441
595.7422278
553.1892116
638.2952441
595.7422278
553.1892116
42.55301627
42.55301627
42.55301627
42.55301627
11,200
11,200
11,200
11,200
11,200
11,200
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
79,063.62
34,810.00
113,873.62
72,859.38
31,329.00
104,188.38
66,655.14
27,848.00
94,503.14
9,685.24
9,685.24
4,188.08
3,132.90
7,320.98
3,788.93
2,819.61
6,608.54
(4,653.00)
(4,653.00)
(9,184.68)
(13,837.68)
(13,837.68)
(11,754.55)
(25,592.24)
(4,653.00)
(13,837.68)
(25,592.24)
Debt Retirement
Interest Expense
Target Company
Acquiring Company
Total
Cash Balance Net of Short-term Debt - Consolidated
Opening Balance
Add: Cash Flow
Closing Balance
Total Bucket
4,587.23
Cash Balance
Interest Income Rate
Interest Income
4,200.00
8,853.00
13,837.68
9%
796.77
25,592.24
9%
1,245.39
Penison Liabilities
Target Company
Acquiring Company
Total
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
Other Liabilities
Target Company
Acquiring Company
Total
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
972.00
972.00
537.25
972.00
1,509.25
1,194.78
972.00
2,166.78
537.25
537.25
657.53
657.53
574.63
5,990.47
6,565.11
606.61
6,703.36
7,309.97
5%
210.00
5%
Minority Dividend
Target Company
Acquiring Company
Total
Profit and Loss
Revenues
Less: Operating Expenses
EBITDA
Less: Depreciation - Book
Less: Amortization
EBIT
Less: Interest on Long-term Debt
Less: Interest on Short-term Debt
Add: Interest Income
EBT
Less: Taxes - Book
Net Income Before Minorty Interest
Less: Minority Interest
Net Income to Common Shareholders
Taxes Paid
Taxes Booked
Less: Change in Deferred Tax
Taxes Paid
229.85
1,797.14
2,027.00
242.64
2,011.01
2,253.65
278,975.08
222,664.46
56,310.61
10,076.00
4,944.55
41,290.06
7,320.98
796.77
210.00
33,382.31
10,014.69
23,367.62
6,565.11
16,802.51
298,771.52
237,577.90
61,193.62
10,835.83
5,606.20
44,751.59
6,608.54
1,245.39
36,897.66
11,069.30
25,828.36
7,309.97
18,518.39
10,014.69
537.25
9,477.44
11,069.30
657.53
10,411.77
56,310.61
(2,080.67)
9,477.44
48,913.84
19,569.37
10,507.92
61,193.62
1,040.99
10,411.77
49,740.86
21,094.84
11,348.55
18,836.56
7,320.98
796.77
210.00
9,685.24
2,027.00
8,401.26
(9,184.68)
17,297.47
6,608.54
1,245.39
9,685.24
2,253.65
9,259.19
(11,754.55)
Cash Flow
EBITDA
Less: WC Change
Less: Taxes Paid
Operating Cash Flow
Less: Capital Expenditures
Less: Expenditures for Intangibles
Add: Sale Proceeds
Cash Before Financing
Less: Interest on Long-term
Less: Interest on Short-term
Add: Interest Income
Less: Debt Repayment
Less: Dividends to Minority
Less: Dividends to Common
Net Cash Flow
Balance Sheet
Common Equity
Opening Balace
Add: Net Income
Less: Dividends
Closing Balance
Minority Interest
Opening Balace
Add: Net Income
Less: Dividends
Closing Balance
132,907.68
132,907.68
16,802.51
8,401.26
141,308.93
141,308.93
18,518.39
9,259.19
150,568.13
39,792.00
39,792.00
6,565.11
2,027.00
44,330.11
44,330.11
7,309.97
2,253.65
49,386.43
Assets
Current Assets
Cash
Other
Total Current Assets
4,200.00
52,600.00
56,800.00
57,936.36
57,936.36
62,288.95
62,288.95
Long-term Assets
Fixed Assets - Gross
Accumulated Depreciation
Net Plant
210,481.00
(62,181.00)
148,300.00
226,466.37
(68,673.00)
157,793.37
244,120.57
(76,068.19)
168,052.38
Financial Investments
Fair Value of Derivatives
Other Investments
Intangible Assets
Goodwill
Debt Issuance Costs
Total Other Investments
7,944.00
11,200.00
23,886.00
73,981.00
30,926.00
638.30
148,575.30
7,944.00
11,200.00
23,886.00
79,586.92
30,926.00
595.74
154,138.66
7,944.00
11,200.00
23,886.00
85,371.83
30,926.00
553.19
159,881.02
Total Assets
353,675.30
369,868.39
390,222.34
40,764.00
8,853.00
49,617.00
48,181.03
13,837.68
62,018.72
51,492.63
25,592.24
77,084.87
Long-term Liabilities
Long-Term Debt
Pension Obligations
Deferred Taxes
Other Liabilities
Total Long-term Liabilities
Minority Interest
Common Equity
113,873.62
5,454.00
972.00
11,059.00
131,358.62
39,792.00
132,907.68
104,188.38
5,454.00
1,509.25
11,059.00
122,210.63
44,330.11
141,308.93
94,503.14
5,454.00
2,166.78
11,059.00
113,182.91
49,386.43
150,568.13
353,675.30
369,868.39
390,222.34
TRUE
TRUE
TRUE
TRUE
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
16,802.51
18,518.39
Difference
Test
Aggregrate
Earnings Per Share
Shares
Target Company
Acquiring Company
Total
Earnings
2010
0.70
2011
0.78
0.64
10%
0.72
8%
48,913.84
8,117.75
40,796.09
49,740.86
7,853.93
41,886.93
118,026.06
120,095.37
2010
35%
2011
35%
Debt to Capital
38.9%
37.5%
Debt to EBITDA
2.10
1.96
2010
34.6%
30.0%
15.0%
2011
34.9%
30.0%
15.0%
FFO to Debt
FFO to Debt
Minimum
Maximum
2012
2013
2014
2015
2016
2017
2018
9%
5%
9%
5%
9%
5%
9%
5%
9%
5%
9%
5%
9%
5%
30%
30%
30%
30%
30%
30%
30%
50%
90%
90%
90%
90%
90%
90%
7.00
7.00
7.00
7.00
7.00
7.00
7.00
73,839.13
248,204.83
322,043.96
79,072.54
268,061.22
347,133.76
84,676.49
289,506.12
374,182.61
90,677.28
312,666.61
403,343.89
97,102.81
337,679.94
434,782.75
103,983.56
364,694.33
468,677.90
111,351.92
379,282.11
490,634.03
54,849.27
199,762.20
254,611.47
58,949.24
214,011.01
272,960.25
63,341.93
229,080.93
292,422.86
68,047.99
245,475.29
313,523.28
73,089.38
262,987.42
336,076.80
78,490.32
281,784.34
360,274.66
84,276.59
291,847.37
376,123.96
10,327.50
12,410.24
22,737.74
11,110.53
13,403.06
24,513.59
11,950.30
14,475.31
26,425.61
12,850.72
15,633.33
28,484.05
13,823.24
16,884.00
30,707.24
14,872.99
18,234.72
33,107.70
15,997.65
18,964.11
34,961.76
4,853.92
62,204.58
67,058.50
5,026.34
67,180.94
72,207.28
5,210.06
72,555.42
77,765.48
5,405.84
78,359.85
83,765.69
5,614.50
84,628.64
90,243.15
5,836.93
91,398.93
97,235.87
6,074.07
95,054.89
101,128.96
8,771.22
46,501.01
55,272.23
9,119.61
50,221.09
59,340.70
9,481.81
54,238.78
63,720.59
9,858.38
58,577.88
68,436.26
10,249.83
63,264.11
73,513.94
10,656.81
68,325.24
78,982.05
11,079.99
71,058.25
82,138.24
11,786.28
989.96
12,866.59
1,080.31
14,044.88
1,178.30
15,329.44
1,284.55
16,729.21
1,399.77
18,253.81
1,524.60
18,990.73
736.91
108,133.30
155,421.99
263,555.29
116,072.93
168,825.05
284,897.98
124,979.18
183,300.36
308,279.54
134,907.61
198,933.69
333,841.29
145,925.44
215,817.68
361,743.13
158,105.24
234,052.40
392,157.64
171,517.44
253,016.50
424,533.94
5,055.44
6,620.51
11,675.95
5,406.67
7,195.02
12,601.69
5,803.65
7,815.50
13,619.14
6,248.96
8,485.61
14,734.57
6,745.38
9,209.33
15,954.71
7,296.27
9,990.95
17,287.22
7,905.26
10,835.10
18,740.36
4.43%
4.42%
4.42%
4.41%
4.41%
4.41%
4.41%
(14,455.1)
(69,986.06)
(84,441.1)
(16,690.8)
(77,181.08)
(93,871.9)
(19,450.4)
(84,996.58)
(104,447.0)
(22,777.1)
(93,482.19)
(116,259.3)
(26,717.1)
(102,691.52)
(129,408.6)
(31,320.2)
(112,682.46)
(144,002.6)
(36,640.0)
(123,517.56)
(160,157.5)
2,800.00
105,293.91
108,093.91
2,800.00
118,530.86
121,330.86
2,800.00
132,826.76
135,626.76
2,800.00
148,266.34
151,066.34
2,800.00
164,941.09
167,741.09
2,800.00
182,949.82
185,749.82
2,800.00
201,678.89
204,478.89
0.00
12,256.44
12,256.44
0.00
13,236.95
13,236.95
0.00
14,295.91
14,295.91
0.00
15,439.58
15,439.58
0.00
16,674.75
16,674.75
0.00
18,008.73
18,008.73
0.00
18,729.07
18,729.07
(1,260.00)
(15,483.86)
(16,743.86)
(1,680.00)
(22,113.83)
(23,793.83)
(2,100.00)
(29,577.27)
(31,677.27)
(2,520.00)
(37,940.87)
(40,460.87)
(2,800.00)
(47,276.64)
(50,076.64)
(2,800.00)
(57,662.36)
(60,462.36)
(2,800.00)
(69,182.03)
(71,982.03)
1,540.00
89,810.04
91,350.04
1,120.00
96,417.03
97,537.03
700.00
103,249.50
103,949.50
280.00
110,325.47
110,605.47
0.00
117,664.45
117,664.45
0.00
125,287.45
125,287.45
0.00
132,496.86
132,496.86
420.00
5,858.22
6,278.22
420.00
6,629.96
7,049.96
420.00
7,463.44
7,883.44
420.00
8,363.60
8,783.60
280.00
9,335.77
9,615.77
10,385.72
10,385.72
11,519.66
11,519.66
510.6361953
468.083179
425.5301627
382.9771465
340.4241302
297.8711139
255.3180976
510.6361953
468.083179
425.5301627
382.9771465
340.4241302
297.8711139
255.3180976
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
11,200
11,200
11,200
11,200
11,200
11,200
11,200
11,200
11,200
11,200
11,200
11,200
11,200
11,200
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
60,450.90
24,367.00
84,817.90
54,246.65
20,886.00
75,132.65
48,042.41
17,405.00
65,447.41
41,838.17
13,924.00
55,762.17
35,633.93
10,443.00
46,076.93
29,429.69
6,962.00
36,391.69
23,225.45
3,481.00
26,706.45
9,685.24
9,685.24
9,685.24
9,685.24
9,685.24
9,685.24
9,685.24
3,389.78
2,506.32
5,896.10
2,990.63
2,193.03
5,183.66
2,591.48
1,879.74
4,471.22
2,192.34
1,566.45
3,758.79
1,793.19
1,253.16
3,046.35
1,394.04
939.87
2,333.91
994.89
626.58
1,621.47
(25,592.24)
(10,865.23)
(36,457.46)
(36,457.46)
(19,182.85)
(55,640.31)
(55,640.31)
(19,195.03)
(74,835.34)
(74,835.34)
(19,189.31)
(94,024.65)
(94,024.65)
(19,230.85)
(113,255.50)
(113,255.50)
(19,329.75)
(132,585.25)
(132,585.25)
(17,680.25)
(150,265.50)
(36,457.46)
(55,640.31)
(74,835.34)
(94,024.65)
(113,255.50)
(132,585.25)
(150,265.50)
5%
5%
5%
5%
5%
113,255.50
9%
8,462.22
5%
132,585.25
9%
10,192.99
5%
-
36,457.46
9%
2,303.30
55,640.31
9%
3,281.17
74,835.34
9%
5,007.63
94,024.65
9%
6,735.18
150,265.50
9%
11,932.67
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
1,990.97
972.00
2,962.97
2,945.22
972.00
3,917.22
4,078.11
972.00
5,050.11
5,411.40
972.00
6,383.40
6,968.07
972.00
7,940.07
8,772.64
972.00
9,744.64
10,851.26
972.00
11,823.26
796.20
796.20
954.25
954.25
1,132.89
1,132.89
1,333.28
1,333.28
1,556.67
1,556.67
1,804.57
1,804.57
2,078.62
2,078.62
668.85
7,558.09
8,226.94
726.31
8,501.04
9,227.35
785.59
9,612.82
10,398.41
847.71
10,804.42
11,652.12
922.63
12,157.03
13,079.66
1,010.32
13,666.72
14,677.05
1,081.78
14,274.87
15,356.64
267.54
2,267.43
2,534.97
290.52
2,550.31
2,840.84
314.24
2,883.85
3,198.08
339.08
3,241.32
3,580.41
369.05
3,647.11
4,016.16
404.13
4,100.02
4,504.15
432.71
4,282.46
4,715.17
322,043.96
254,611.47
67,432.49
11,675.95
6,320.77
49,435.77
5,896.10
2,303.30
41,236.36
12,370.91
28,865.45
8,226.94
20,638.51
347,133.76
272,960.25
74,173.51
12,601.69
7,092.51
54,479.30
5,183.66
3,281.17
46,014.47
13,804.34
32,210.13
9,227.35
22,982.78
374,182.61
292,422.86
81,759.76
13,619.14
7,926.00
60,214.62
4,471.22
5,007.63
50,735.76
15,220.73
35,515.04
10,398.41
25,116.62
403,343.89
313,523.28
89,820.61
14,734.57
8,826.16
66,259.89
3,758.79
6,735.18
55,765.92
16,729.78
39,036.14
11,652.12
27,384.02
434,782.75
336,076.80
98,705.95
15,954.71
9,658.33
73,092.91
3,046.35
8,462.22
61,584.35
18,475.30
43,109.04
13,079.66
30,029.38
468,677.90
360,274.66
108,403.23
17,287.22
10,428.27
80,687.74
2,333.91
10,192.99
68,160.83
20,448.25
47,712.58
14,677.05
33,035.54
490,634.03
376,123.96
114,510.06
18,740.36
11,562.22
84,207.49
1,621.47
11,932.67
70,653.35
21,196.00
49,457.34
15,356.64
34,100.70
12,370.91
796.20
11,574.71
13,804.34
954.25
12,850.09
15,220.73
1,132.89
14,087.84
16,729.78
1,333.28
15,396.49
18,475.30
1,556.67
16,918.63
20,448.25
1,804.57
18,643.68
21,196.00
2,078.62
19,117.39
67,432.49
989.96
11,574.71
54,867.82
22,737.74
12,256.44
74,173.51
1,080.31
12,850.09
60,243.10
24,513.59
13,236.95
81,759.76
1,178.30
14,087.84
66,493.62
26,425.61
14,295.91
89,820.61
1,284.55
15,396.49
73,139.56
28,484.05
15,439.58
98,705.95
1,399.77
16,918.63
80,387.55
30,707.24
16,674.75
108,403.23
1,524.60
18,643.68
88,234.95
33,107.70
18,008.73
114,510.06
736.91
19,117.39
94,655.77
34,961.76
18,729.07
19,873.64
5,896.10
2,303.30
9,685.24
2,534.97
10,319.26
(10,865.23)
22,492.57
5,183.66
3,281.17
9,685.24
2,840.84
20,684.50
(19,182.85)
25,772.10
4,471.22
5,007.63
9,685.24
3,198.08
22,604.96
(19,195.03)
29,215.93
3,758.79
6,735.18
9,685.24
3,580.41
24,645.62
(19,189.31)
33,005.56
3,046.35
8,462.22
9,685.24
4,016.16
27,026.44
(19,230.85)
37,118.52
2,333.91
10,192.99
9,685.24
4,504.15
29,731.98
(19,329.75)
40,964.93
1,621.47
11,932.67
9,685.24
4,715.17
30,690.63
(17,680.25)
150,568.13
20,638.51
10,319.26
160,887.38
160,887.38
22,982.78
20,684.50
163,185.66
163,185.66
25,116.62
22,604.96
165,697.32
165,697.32
27,384.02
24,645.62
168,435.72
168,435.72
30,029.38
27,026.44
171,438.66
171,438.66
33,035.54
29,731.98
174,742.22
174,742.22
34,100.70
30,690.63
178,152.29
49,386.43
8,226.94
2,534.97
55,078.41
55,078.41
9,227.35
2,840.84
61,464.92
61,464.92
10,398.41
3,198.08
68,665.25
68,665.25
11,652.12
3,580.41
76,736.96
76,736.96
13,079.66
4,016.16
85,800.47
85,800.47
14,677.05
4,504.15
95,973.37
95,973.37
15,356.64
4,715.17
106,614.84
67,058.50
67,058.50
72,207.28
72,207.28
77,765.48
77,765.48
83,765.69
83,765.69
90,243.15
90,243.15
97,235.87
97,235.87
101,128.96
101,128.96
263,555.29
(84,441.13)
179,114.16
284,897.98
(93,871.92)
191,026.06
308,279.54
(104,447.01)
203,832.53
333,841.29
(116,259.28)
217,582.02
361,743.13
(129,408.58)
232,334.55
392,157.64
(144,002.61)
248,155.03
424,533.94
(160,157.51)
264,376.43
7,944.00
11,200.00
23,886.00
91,350.04
30,926.00
510.64
165,816.68
7,944.00
11,200.00
23,886.00
97,537.03
30,926.00
468.08
171,961.12
7,944.00
11,200.00
23,886.00
103,949.50
30,926.00
425.53
178,331.03
7,944.00
11,200.00
23,886.00
110,605.47
30,926.00
382.98
184,944.45
7,944.00
11,200.00
23,886.00
117,664.45
30,926.00
340.42
191,960.87
7,944.00
11,200.00
23,886.00
125,287.45
30,926.00
297.87
199,541.32
7,944.00
11,200.00
23,886.00
132,496.86
30,926.00
255.32
206,708.18
411,989.35
435,194.46
459,929.03
486,292.16
514,538.56
544,932.22
572,213.57
55,272.23
36,457.46
91,729.69
59,340.70
55,640.31
114,981.00
63,720.59
74,835.34
138,555.94
68,436.26
94,024.65
162,460.90
73,513.94
113,255.50
186,769.43
78,982.05
132,585.25
211,567.31
82,138.24
150,265.50
232,403.74
84,817.90
5,454.00
2,962.97
11,059.00
104,293.87
55,078.41
160,887.38
75,132.65
5,454.00
3,917.22
11,059.00
95,562.88
61,464.92
163,185.66
65,447.41
5,454.00
5,050.11
11,059.00
87,010.53
68,665.25
165,697.32
55,762.17
5,454.00
6,383.40
11,059.00
78,658.57
76,736.96
168,435.72
46,076.93
5,454.00
7,940.07
11,059.00
70,530.00
85,800.47
171,438.66
36,391.69
5,454.00
9,744.64
11,059.00
62,649.33
95,973.37
174,742.22
26,706.45
5,454.00
11,823.26
11,059.00
55,042.71
106,614.84
178,152.29
411,989.35
435,194.46
459,929.03
486,292.16
514,538.56
544,932.22
572,213.57
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
20,638.51
22,982.78
25,116.62
27,384.02
30,029.38
33,035.54
34,100.70
2012
0.86
2013
0.96
2014
1.05
2015
1.15
2016
1.26
2017
1.38
2018
1.43
0.81
7%
0.91
6%
1.03
2%
1.16
-1%
1.30
-3%
1.46
-5%
1.53
-7%
54,867.82
8,199.40
46,668.41
60,243.10
8,464.83
51,778.27
66,493.62
9,478.85
57,014.77
73,139.56
10,493.97
62,645.59
80,387.55
11,508.57
68,878.98
88,234.95
12,526.90
75,708.04
94,655.77
13,554.14
81,101.62
121,275.36
130,772.96
140,282.76
149,786.82
159,332.43
168,976.94
176,971.95
2012
38%
2013
40%
2014
41%
2015
42%
2016
43%
2017
45%
2018
46%
36.0%
36.8%
37.4%
37.9%
38.2%
38.4%
38.3%
1.80
1.76
1.72
1.67
1.61
1.56
1.55
2012
38.5%
30.0%
15.0%
2013
39.6%
30.0%
15.0%
2014
40.6%
30.0%
15.0%
2015
41.8%
30.0%
15.0%
2016
43.2%
30.0%
15.0%
2017
44.8%
30.0%
15.0%
2018
45.8%
30.0%
15.0%
2019
2020
2021
2022
9%
5%
9%
5%
9%
5%
9%
5%
30%
30%
30%
30%
90%
90%
90%
90%
7.00
7.00
7.00
7.00
119,243.17
394,453.39
513,696.55
126,636.68
402,342.46
528,979.14
133,956.42
410,389.31
544,345.73
140,589.26
418,597.09
559,186.35
90,475.80
302,322.34
392,798.14
96,377.01
307,741.15
404,118.16
102,043.96
313,259.59
415,303.55
107,259.15
318,878.71
426,137.86
17,210.35
19,722.67
36,933.02
13,633.24
20,117.12
33,750.36
14,577.31
20,519.47
35,096.78
15,587.71
20,929.85
36,517.57
6,326.94
98,857.09
105,184.02
6,560.31
100,834.23
107,394.53
6,786.79
102,850.91
109,637.71
6,987.90
104,907.93
111,895.83
11,520.03
73,900.58
85,420.60
11,889.69
75,378.59
87,268.27
12,201.07
76,886.16
89,087.23
12,433.71
78,423.88
90,857.59
19,763.42
772.70
20,126.26
362.84
20,550.47
424.22
21,038.24
487.77
186,245.75
272,739.17
458,984.92
197,496.23
292,856.30
490,352.53
209,786.09
313,375.76
523,161.85
223,177.85
334,305.62
557,483.47
8,575.87
11,713.01
20,288.88
9,312.29
12,626.04
21,938.33
9,874.81
13,557.33
23,432.14
10,489.30
14,507.25
24,996.55
4.42%
4.47%
4.48%
4.48%
(42,733.8)
(135,230.57)
(177,964.4)
(49,663.3)
(147,856.61)
(197,519.9)
(57,250.7)
(161,413.94)
(218,664.6)
(65,544.0)
(175,921.19)
(241,465.2)
2,800.00
221,157.13
223,957.13
2,800.00
241,024.93
243,824.93
2,800.00
261,290.09
264,090.09
2,800.00
281,960.55
284,760.55
0.00
19,478.24
19,478.24
0.00
19,867.80
19,867.80
0.00
20,265.16
20,265.16
0.00
20,670.46
20,670.46
(2,800.00)
(81,880.99)
(84,680.99)
(2,800.00)
(95,806.42)
(98,606.42)
(2,800.00)
(110,982.86)
(113,782.86)
(2,800.00)
(127,435.31)
(130,235.31)
0.00
139,276.14
139,276.14
0.00
145,218.51
145,218.51
0.00
150,307.23
150,307.23
0.00
154,525.24
154,525.24
12,698.96
12,698.96
13,925.43
13,925.43
15,176.43
15,176.43
16,452.45
16,452.45
212.7650814
170.2120651
127.6590488
85.10603255
212.7650814
170.2120651
127.6590488
85.10603255
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
42.55301627
11,200
11,200
11,200
11,200
11,200
11,200
11,200
11,200
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
30,926.00
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
4,900.0
18,986.00
23,886.0
17,021.21
17,021.21
13,616.97
13,616.97
10,212.72
10,212.72
6,808.48
6,808.48
9,685.24
3,404.24
3,404.24
3,404.24
595.74
313.29
909.03
476.59
476.59
357.45
357.45
238.30
238.30
(150,265.50)
(17,103.90)
(167,369.41)
(167,369.41)
(4,655.28)
(172,024.69)
(172,024.69)
(3,605.88)
(175,630.56)
(175,630.56)
(2,550.11)
(178,180.67)
(167,369.41)
(172,024.69)
(175,630.56)
(178,180.67)
5%
167,369.41
9%
13,523.90
5%
172,024.69
9%
15,063.25
5%
175,630.56
9%
15,482.22
5%
178,180.67
9%
15,806.75
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
2,100.00
3,354.00
5,454.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
700.00
10,359.00
11,059.00
12,896.79
972.00
13,868.79
14,913.57
972.00
15,885.57
16,796.19
972.00
17,768.19
18,538.70
972.00
19,510.70
2,045.53
2,045.53
2,016.77
2,016.77
1,882.63
1,882.63
1,742.51
1,742.51
1,157.37
14,950.37
16,107.75
1,214.19
15,101.24
16,315.43
1,305.29
15,299.20
16,604.48
1,376.54
15,536.27
16,912.80
462.95
4,485.11
4,948.06
485.68
4,530.37
5,016.05
522.11
4,589.76
5,111.87
550.62
4,660.88
5,211.50
513,696.55
392,798.14
120,898.42
20,288.88
12,741.51
87,868.02
909.03
13,523.90
73,435.09
22,030.53
51,404.56
16,107.75
35,296.82
528,979.14
404,118.16
124,860.98
21,938.33
13,967.99
88,954.67
476.59
15,063.25
73,414.83
22,024.45
51,390.38
16,315.43
35,074.95
544,345.73
415,303.55
129,042.17
23,432.14
15,218.99
90,391.04
357.45
15,482.22
74,551.38
22,365.41
52,185.96
16,604.48
35,581.48
559,186.35
426,137.86
133,048.49
24,996.55
16,495.01
91,556.92
238.30
15,806.75
75,511.88
22,653.56
52,858.31
16,912.80
35,945.51
22,030.53
2,045.53
19,984.99
22,024.45
2,016.77
20,007.67
22,365.41
1,882.63
20,482.78
22,653.56
1,742.51
20,911.06
120,898.42
772.70
19,984.99
100,140.73
36,933.02
19,478.24
124,860.98
362.84
20,007.67
104,490.47
33,750.36
19,867.80
129,042.17
424.22
20,482.78
108,135.18
35,096.78
20,265.16
133,048.49
487.77
20,911.06
111,649.66
36,517.57
20,670.46
43,729.46
909.03
13,523.90
9,685.24
4,948.06
31,767.14
(17,103.90)
50,872.30
476.59
15,063.25
3,404.24
5,016.05
31,567.45
(4,655.28)
52,773.24
357.45
15,482.22
3,404.24
5,111.87
32,023.33
(3,605.88)
54,461.63
238.30
15,806.75
3,404.24
5,211.50
32,350.96
(2,550.11)
178,152.29
35,296.82
31,767.14
181,681.97
181,681.97
35,074.95
31,567.45
185,189.46
185,189.46
35,581.48
32,023.33
188,747.61
188,747.61
35,945.51
32,350.96
192,342.16
106,614.84
16,107.75
4,948.06
117,774.52
117,774.52
16,315.43
5,016.05
129,073.91
129,073.91
16,604.48
5,111.87
140,566.52
140,566.52
16,912.80
5,211.50
152,267.83
105,184.02
105,184.02
107,394.53
107,394.53
109,637.71
109,637.71
111,895.83
111,895.83
458,984.92
(177,964.35)
281,020.57
490,352.53
(197,519.92)
292,832.61
523,161.85
(218,664.61)
304,497.24
557,483.47
(241,465.22)
316,018.26
7,944.00
11,200.00
23,886.00
139,276.14
30,926.00
212.77
213,444.90
7,944.00
11,200.00
23,886.00
145,218.51
30,926.00
170.21
219,344.72
7,944.00
11,200.00
23,886.00
150,307.23
30,926.00
127.66
224,390.89
7,944.00
11,200.00
23,886.00
154,525.24
30,926.00
85.11
228,566.35
599,649.50
619,571.86
638,525.84
656,480.44
85,420.60
167,369.41
252,790.01
87,268.27
172,024.69
259,292.96
89,087.23
175,630.56
264,717.80
90,857.59
178,180.67
269,038.27
17,021.21
5,454.00
13,868.79
11,059.00
47,403.00
117,774.52
181,681.97
13,616.97
5,454.00
15,885.57
11,059.00
46,015.53
129,073.91
185,189.46
10,212.72
5,454.00
17,768.19
11,059.00
44,493.92
140,566.52
188,747.61
6,808.48
5,454.00
19,510.70
11,059.00
42,832.18
152,267.83
192,342.16
599,649.50
619,571.86
638,525.84
656,480.44
TRUE
TRUE
TRUE
TRUE
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
6,000.00
17,891.13
23,891.13
35,296.82
35,074.95
35,581.48
35,945.51
2019
1.48
2020
1.47
2021
1.49
2022
1.50
1.60
-8%
1.62
-9%
1.64
-9%
1.66
-10%
100,140.73
14,432.93
85,707.80
104,490.47
15,539.84
88,950.63
108,135.18
15,839.67
92,295.51
111,649.66
16,045.05
95,604.61
184,390.61
185,641.65
185,843.29
184,989.16
2019
46%
2020
48%
2021
50%
2022
52%
38.1%
37.1%
36.1%
34.9%
1.53
1.49
1.44
1.39
2019
46.5%
30.0%
15.0%
2020
47.9%
30.0%
15.0%
2021
49.7%
30.0%
15.0%
2022
51.7%
30.0%
15.0%
Contents
WACC
WACC
Terminal Period
Premium Paid
Asset Sale for Taxes
Enterprise Value Paid
29
36%
TRUE
17,819.19
7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%
0.00%
16,307
14,989
13,849
12,853
11,977
11,201
10,511
7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%
6.00
19,468
18,531
17,650
16,819
16,037
15,300
14,605
Terminal EV/EBITDA
6.50
7.00
7.50
20,438
21,407
22,377
19,444
20,356
21,269
18,509
19,368
20,227
17,628
18,437
19,246
16,799
17,561
18,323
16,018
16,736
17,454
15,282
15,958
16,635
Revenue Synergies
Cost Synergies
Capital Expenditures
Cost to Achieve
rowth Rate
4.00%
27,603
23,455
20,357
17,956
16,044
14,487
13,195
EV/EBITDA
8.00
23,346
22,181
21,086
20,055
19,085
18,172
17,312
0.00%
6.70%
0.00%
0.00
Contents
WACC
WACC
Terminal Year
Terminal EV/EBITDA
Revenue Synergies
Cost Synergies
Capital Expenditures
Cost to Achieve
29
8.00
0.00%
6.70%
0.00%
0.00
7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%
0.00%
5,100.84
4,807.37
4,540.03
4,296.03
4,072.89
3,868.43
3,680.73
Value of Synergies
10.00%
20.00%
5,100.84
5,100.84
4,807.37
4,807.37
4,540.03
4,540.03
4,296.03
4,296.03
4,072.89
4,072.89
3,868.43
3,868.43
3,680.73
3,680.73
7.00%
7.50%
8.00%
8.50%
9.00%
9.50%
10.00%
0.00%
5,100.84
4,807.37
4,540.03
4,296.03
4,072.89
3,868.43
3,680.73
30.00%
5,100.84
4,807.37
4,540.03
4,296.03
4,072.89
3,868.43
3,680.73
nergies
40.00%
5,100.84
4,807.37
4,540.03
4,296.03
4,072.89
3,868.43
3,680.73
s Premium
40.00%
300.84
7.37
(259.97)
(503.97)
(727.11)
(931.57)
(1,119.27)
output3
premium_100
PV_of_Synergies_at_WACC
Net_Value
Contents
Terminal P/E Ratio
Terminal M/B Ratio
17.30
2.16
Shares Issued
6,500.00
5,500.00
4,500.00
3,500.00
2,500.00
1,500.00
500.00
0.00%
14.9%
16.2%
17.8%
19.9%
22.9%
27.6%
37.4%
10.00%
14.6%
15.8%
17.4%
19.5%
22.5%
27.1%
36.7%
Premium
20.00%
14.2%
15.5%
17.1%
19.1%
22.0%
26.5%
35.9%
30.00%
13.9%
15.1%
16.7%
18.7%
21.5%
26.0%
35.1%
0.00%
16.3%
17.2%
18.4%
20.0%
22.5%
26.6%
35.9%
10.00%
16.0%
16.9%
18.1%
19.7%
22.1%
26.1%
35.1%
Premium
20.00%
15.8%
16.7%
17.8%
19.4%
21.7%
25.6%
34.3%
30.00%
15.6%
16.4%
17.5%
19.0%
21.3%
25.1%
33.5%
Shares Issued
6,500.00
5,500.00
4,500.00
3,500.00
2,500.00
1,500.00
500.00
Revenue Synergies
Cost Synergies
Capital Expenditures
Cost to Achieve
emium
40.00%
13.5%
14.7%
16.3%
18.2%
21.0%
25.4%
34.3%
emium
40.00%
15.3%
16.1%
17.2%
18.6%
20.8%
24.5%
32.7%
0.00%
6.70%
0.00%
0.00
Contents
Shares Issued
Debt to EBITDA
Debt to Capital
6,000.00
4.17
54.7%
Premium
Cost Synergies
Plant Write-up
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
6.7%
800.00
2009
16.6%
15.9%
15.2%
14.6%
13.9%
13.2%
12.6%
2010
13.8%
13.0%
12.3%
11.5%
10.7%
10.0%
9.2%
2011
11.2%
10.5%
9.7%
8.9%
8.2%
7.4%
6.7%
2012
9.3%
8.5%
7.8%
7.0%
6.2%
5.4%
4.7%
2013
7.6%
6.9%
6.1%
5.3%
4.5%
3.7%
3.0%
2014
6.3%
5.5%
4.7%
3.9%
3.2%
2.4%
1.6%
2015
5.2%
4.5%
3.7%
3.0%
2.2%
1.4%
0.7%
10%
8%
7%
6%
2%
-1%
-3%
2016
4.5%
3.7%
3.0%
2.3%
1.5%
0.8%
0.1%
2017
4.1%
3.3%
2.5%
1.7%
1.0%
0.2%
-0.6%
5-Yr Avg
10.8%
10.0%
9.3%
8.5%
7.8%
7.0%
6.3%
-5%
-7%
5%
Low vs Base
High vs Base
-3.00%
-2.50%
-2.00%
-1.50%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
Contents
FALSE
Scenario
Scenario Number
Variable Number
Shares Issued
Premium
3
5
6,000.00
36%
Traffic per
Store
Scenario
Tornado
Margin per
Store
1
230,000.0
210,000.0
250,000.0
210,000.0
Index Function
Test
If Test
250,000.0
FALSE
230,000.0
33.0%
FALSE
30.0%
800,000
FALSE
850,000
6.00%
FALSE
4.50%
15.00%
TRUE
15.00%
High Case
230,000.0
30.0%
850,000
4.50%
15.00%
4
13.3%
12.8%
13.9%
5
13.3%
10.8%
14.5%
Sc Num
Low vs Base
High vs Base
Absolute Value
Small
Match
Low vs Base
High vs Base
3
850,000
930,000
800,000
930,000
Base Case
Low Case
High Case
Worst Case
1
2
3
2
30.0%
29.0%
33.0%
28.0%
Variable Number
3
13.3%
12.9%
13.6%
1
13.3%
11.4%
14.9%
2
13.3%
12.8%
14.8%
-1.9%
1.6%
3.5%
-0.6%
1.5%
2.1%
-0.5%
0.3%
0.8%
-0.5%
0.5%
1.0%
-2.6%
1.2%
3.7%
0.8%
3
1.0%
4
2.1%
2
3.5%
1
3.7%
5
11.75%
12.51%
13.3%
5.8%
18.3%
3.9%
9.66%
14.0%
7.3%
18.7%
6.0%
=INDEX(H12:H15,Scenario_Number)
=$D$4=H11
=IF(H18,H17,H12)
=CHOOSE($I$4,H17,H19)
=H27-H26
=H28-H26
=H33-H32
=SMALL($D$34:$H$34,H25)
=MATCH(H36,$D$34:$H$34,0)
=INDEX($D$10:$H$10,H37)
=INDEX($D$32:$H$32,H37)
=INDEX($D$33:$H$33,H37)
6.48%
9.8%
5.1%
14.1%
4.4%
12.4%
-13.0%
29.4%
-14.3%
18,116.97
output8
Contents
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
=IF(D4,"",C4)
=IF(D5,"",C5)
=IF(D6,"",C6)
=IF(D7,"",C7)
=IF(D8,"",C8)
=IF(D9,"",C9)
=IF(D10,"",C10)
=IF(D11,"",C11)
Total Test
TRUE
=E4&E5&E6&E7&E8&E9&E11&E10
Model OK
=IF(E13="","Model OK",E13)
comment
=IF(D4,"",C4)
=IF(D5,"",C5)
=IF(D6,"",C6)
=IF(D7,"",C7)
=IF(D8,"",C8)
=IF(D9,"",C9)
=IF(D10,"",C10)
=IF(D11,"",C11)
=E4&E5&E6&E7&E8&E9&E11&E10
=IF(E13="","Model OK",E13)
FALSE
Comments
Contents
1
2
3
4
5
6
7
8
9
10
Interest Coverage
Row Num Chosen Business Profile
Low and High Target from Profile
FFO to Debt
Low and High Target from Profile
FFO to Debt
Minimum
Maximum
To Graph - Make Stacked Bar and then Remove Colors and Lines from Minimum
Minimum
Maximum
1
2
3
4
5
6
7
8
9
10
AA
From
2.5
3
3.5
4.2
4.5
5.2
6.5
7.5
To
3
4
4.5
5
5.5
6
8
10
A
From
1.5
2
2.5
3
3.8
4.2
4.5
5.5
7
BBB
To
From
To
2.5
3
3.5
4.2
4.5
5.2
6.5
7.5
10
1
1
1.5
2.5
2.8
3
3.2
3.5
4
1.5
2
2.5
3.5
3.8
4.2
4.5
5.5
7
15%
20%
25%
28%
30%
35%
45%
55%
65%
75%
5%
8%
10%
12%
15%
18%
20%
25%
30%
40%
10%
12%
15%
20%
22%
28%
30%
40%
45%
55%
Interest Coverage
Row Num Chosen Business Profile
Low and High Target from Profile
FFO to Debt
Low and High Target from Profile
9
0
9
0
9
7
9
10
9
4
9
7
0.0%
0.0%
45.0%
65.0%
30.0%
45.0%
AA
A
BBB
BB
1
2
3
4
5
6
7
8
9
2012
4
7
2013
4
7
2014
4
7
2015
4
7
2016
4
7
Minimum
Increment
2011
4.00
3
2012
4.00
3
2013
4.00
3
2014
4.00
3
2015
4.00
3
2016
4.00
3
FFO to Debt
Minimum
Maximum
2011
0.3
0.45
2012
0.3
0.45
2013
0.3
0.45
2014
0.3
0.45
2015
0.3
0.45
2016
0.3
0.45
2015
0.3
0.15
2016
0.3
0.15
Minimum
Maximum
Increment for Interest Coverage
To Graph - Make Stacked Bar and then Remove Colors and Lines from Minimum
Minimum
Maximum
2011
0.3
0.15
2012
0.3
0.15
2013
0.3
0.15
2014
0.3
0.15
BB
From
To
1
1.5
1.8
2
2.2
2.5
2.8
1.5
2.5
2.8
3
3.2
3.5
4
5%
8%
10%
12%
15%
15%
20%
25%
10%
12%
15%
18%
20%
25%
30%
40%
9
2.8
9
4
20.0%
30.0%
2017
4
7
2017
4.00
3
2017
0.3
0.45
2017
0.3
0.15
FFO to Debt
60%
50%
40%
30%
20%
10%
0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Chart Title
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Debt to EBITDA
4.5
3.5
2.5
1.5
0.5
0
1
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
4000
3500
3000
2500
2000
1500
1000
500
0
1
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
50.0%
40.0%
Maximum
30.0%
Minimum
FFO to Debt
20.0%
10.0%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
0
1
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Total Retirements
2,500
2,000
1,500
1,000
500
0
1
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
EBITDA
4.5E+09
4E+09
3.5E+09
3E+09
2.5E+09
EBITDA
2E+09
1.5E+09
1E+09
500000000
0
1
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
2.5E+09
2E+09
1.5E+09
1E+09
500000000
0
1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
3500
3000
2500
2000
1500
1000
500
0
1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Debt to Capital
0.6
0.5
0.4
0.3
Debt to Capital
0.2
0.1
0
1
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
0.1
0.08
0.06
0.04
0.02
0
1
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
1.80
1.60
1.40
1.20
Existing EPS
1.00
New EPS
0.80
0.60
0.40
0.20
10
11
12
13
Contents
Operating Assumption
EBITDA
Growth Rate
100
12%
20%
5%
Capital Expenditure
Tax Rate
Valuation Assumption
Risk Free Rate
EMRP
Beta
Explicit Period
Terminal Growth Rate
Exit EV/EBITDA Ratio
Initial Gross Plant
20.00
25%
10%
3%
1.20
5 years
8.50%
7
800.00
Working Analysis
EBITDA
EBITDA Growth
EBITDA
100.00
12%
112.00
12%
125.44
12%
140.49
12%
157.35
Cap Exp
20.00
22.40
25.09
28.10
31.47
Working Capital
EBITDA
Pct of Working Capital
Total Working Capital
Change in Working Capital
100
20%
20.00
112
20%
22.4
2.40
800.00
22.4
822.40
847.49
875.59
25.088 28.09856 31.47039
822.40
847.49
875.59
907.06
5%
40.00
5%
41.12
5%
42.37
5%
43.78
Depreciation Expense
Opening Balance
Add: Cap Exp
Less: Retirements of Plant
Closing Balance
800.00
Depreciation Rate
Depreciation Expense
Free Cash Flow
Period
Explicit Period Switch
Terminal Period Switch
1
TRUE
FALSE
2
TRUE
FALSE
3
TRUE
FALSE
4
TRUE
FALSE
125.44
25.09
2.69
21.08
76.58
140.49
28.10
3.01
24.53
84.85
157.35
31.47
3.37
28.39
94.12
0.00
0.00
0.00
0.00
69.20
76.58
84.85
94.12
10.00%
112.00
22.40
2.40
18.00
69.20
$5,012.13
$4,693.02
$319.12
12%
13%
14%
15%
16%
Less: Debt
Add: Cash
Equity Value
Scenario Number
Explicit
Period
1
2
3
4
5
6
$5,012.13
7%
8%
9%
10%
Free Cash Flow
Terminal Value - EV/EBITDA
Total Cash Flow
Pv of Total Cash Flow
69.2
0
69.2
EMRP
Beta
5
9
8
7
6
5
3%
4%
5%
6%
7%
8%
1.2
1.2
1.2
1.2
1.2
1.2
0.03
1.2
1%
1,601.22
1,363.47
1,185.44
1,047.22
1.50%
1,722.00
1,447.87
1,247.13
1,093.87
2%
1,866.94
1,546.33
1,317.63
1,146.34
$1,085.11
$1,085.11
6.5
7
7.5
7% 1163.873
1226.7 1289.526
8% 1117.009 1176.98 1236.951
9% 1072.565 1129.835 1187.106
10% 1030.396
1085.11 1139.824
12%
176.23
12%
197.38
12%
221.07
12%
247.60
12%
277.31
12%
310.58
12%
347.85
12%
389.60
12%
436.35
35.25
39.48
44.21
49.52
55.46
62.12
69.57
77.92
87.27
247.5963
20%
49.51926
5.31
277.3079 310.5848
20%
20%
55.46158 62.11696
5.94
6.66
907.06
942.30
981.78
35.246834 39.4764537 44.2136281
1,025.99
49.51926
1,075.51 1,130.97
55.46158 62.11696
942.30
981.78
1,025.99
1,075.51
1,130.97
1,193.09
1,262.66
1,340.58
1,427.85
5%
45.35
5%
47.12
5%
49.09
5%
51.30
5%
53.78
5%
56.55
5%
59.65
5%
63.13
5%
67.03
10
FALSE
FALSE
11
FALSE
FALSE
12
FALSE
FALSE
13
FALSE
FALSE
5
TRUE
TRUE
6
FALSE
FALSE
7
FALSE
FALSE
8
FALSE
FALSE
FALSE
FALSE
176.23
35.25
3.78
32.72
104.49
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7558.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7662.64
0.00
0.00
EV
TV
Explicit
$5,012.13
$4,693.02
$319.12
0.00
0.00
0.00
0.00
0.00
0.00
0
0
0
0
0
0
0
0
0
Terminal
Growth
Rate
8.50%
7.50%
7.00%
4.50%
2.00%
0.00%
Explicit
Per Value EV/EBITDA
EV
TV
$319.12
$5,012.13 $4,693.02
50.12
1
2
3
4
5
6
0.085
2.50%
2,044.08
1,662.70
1,398.97
1,205.82
104.49056
1233.6392
1338.1297
8
1352.3521
1296.9215
1244.3756
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1194.5375
12%
488.71
12%
547.36
12%
613.04
12%
686.60
12%
769.00
12%
861.28
12%
964.63
97.74
109.47
122.61
137.32
153.80
172.26
192.93
1,635.07
1,757.67
1,894.99
2,048.79
2,221.05
2,413.97
5%
71.39
5%
76.28
5%
81.75
5%
87.88
5%
94.75
5%
102.44
5%
111.05
14
FALSE
FALSE
15
FALSE
FALSE
16
FALSE
FALSE
17
FALSE
FALSE
18
FALSE
FALSE
19
FALSE
FALSE
20
FALSE
FALSE
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Contents
11/17/2005
11/18/2005
11/21/2005
11/22/2005
11/23/2005
11/25/2005
11/28/2005
11/29/2005
11/30/2005
12/1/2005
12/2/2005
12/5/2005
12/6/2005
12/7/2005
12/8/2005
12/9/2005
12/12/2005
12/13/2005
12/14/2005
12/15/2005
12/16/2005
12/19/2005
12/20/2005
12/21/2005
12/22/2005
12/23/2005
12/27/2005
12/28/2005
12/29/2005
12/30/2005
1/3/2006
1/4/2006
1/5/2006
1/6/2006
1/9/2006
1/10/2006
1/11/2006
1/12/2006
1/13/2006
1/17/2006
1/18/2006
1/19/2006
1/20/2006
1/23/2006
1/24/2006
1/25/2006
1/26/2006
1/27/2006
1/30/2006
1/31/2006
2/1/2006
2/2/2006
2/3/2006
2/6/2006
FOMENTO ECONOMICO
Volume
MEXICANO SAB as of 11/17/2010
23.08333
701,100
2005
22.76666
675,900
2005
22.78333
741,000
2005
22.73
572,700
2005
22.84
710,400
2005
22.9
412,500
2005
22.67666
562,500
2005
22.66666
840,900
2005
22.66333
804,900
2005
23.13333
875,400
2005
23.03666
685,500
2005
22.74333
670,200
2005
23.28333
1,721,100
2005
23.05666
359,400
2005
22.75666
666,900
2005
22.51333
436,200
2005
22.91
441,900
2005
22.72666
373,200
2005
23.12
595,200
2005
23.15
781,800
2005
23.22666
669,300
2005
23.19333
982,500
2005
23.47
562,500
2005
24.02666
1,559,700
2005
23.85666
669,300
2005
24.05333
631,800
2005
24.12666
226,200
2005
23.91666
466,200
2005
24.18333
370,200
2005
24.17
353,100
2005
24.85333
1,138,800
2006
25.73333
1,649,100
2006
25.5
752,400
2006
25.62333
309,600
2006
25.66666
321,600
2006
25.52
384,600
2006
26.14666
659,700
2006
26.19666
552,600
2006
26.14666
947,700
2006
25.59666
943,200
2006
25.3
1,111,500
2006
25.50333
656,400
2006
25.08333
557,100
2006
25.21666
821,700
2006
25.32666
882,600
2006
25.5
486,600
2006
25.99666
948,900
2006
26.75333
1,614,000
2006
26.53666
726,300
2006
26.11333
1,287,900
2006
25.95
1,453,200
2006
25.64
768,600
2006
25.55
714,300
2006
26
1,115,100
2006
2005
23.19
12.3
5.71
2006
30.45
12.3
7.49
2005
2006
2007
2008
2009
2010
23.1921
30.4491
37.0869
39.0425
34.7362
47.3481
2/7/2006
2/8/2006
2/9/2006
2/10/2006
2/13/2006
2/14/2006
2/15/2006
2/16/2006
2/17/2006
2/21/2006
2/22/2006
2/23/2006
2/24/2006
2/27/2006
2/28/2006
3/1/2006
3/2/2006
3/3/2006
3/6/2006
3/7/2006
3/8/2006
3/9/2006
3/10/2006
3/13/2006
3/14/2006
3/15/2006
3/16/2006
3/17/2006
3/20/2006
3/21/2006
3/22/2006
3/23/2006
3/24/2006
3/27/2006
3/28/2006
3/29/2006
3/30/2006
3/31/2006
4/3/2006
4/4/2006
4/5/2006
4/6/2006
4/7/2006
4/10/2006
4/11/2006
4/12/2006
4/13/2006
4/17/2006
4/18/2006
4/19/2006
4/20/2006
4/21/2006
4/24/2006
4/25/2006
4/26/2006
26.01666
26.12
26.59333
26.59333
26.18
26.22
26.26
26.71333
26.85333
26.71
27.16
27.36
27.72
28.70333
28.99666
29.17333
29.12666
28.92333
28.45
27.75
27.6
27.93333
28.33333
28.16
28.14333
29.96333
30.44
30.52
30.64666
30.25666
29.82666
29.96
29.96666
30.11
30.61666
30.57
30.45
30.55333
31.08
31.06666
30.83333
30.23
29.29666
29.59666
29.05666
29.47333
29.67
29.84
29.82666
29.5
29.56333
29.86
29.85
29.68
30.37333
884,400
924,900
826,500
851,100
1,497,900
1,215,300
740,400
673,500
689,700
548,700
1,006,200
676,800
1,371,000
1,113,300
1,630,800
507,000
675,300
570,000
936,300
1,275,000
1,542,900
1,191,300
1,394,100
464,700
835,500
5,653,201
1,939,800
2,916,600
1,435,200
816,900
1,355,400
672,300
179,700
901,800
2,422,200
1,213,800
999,300
766,500
1,158,300
1,050,900
954,900
1,476,600
1,531,500
966,900
622,500
2,216,100
1,005,300
1,272,300
2,022,900
1,153,800
1,305,600
1,443,300
654,300
784,200
1,028,100
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
4/27/2006
4/28/2006
5/1/2006
5/2/2006
5/3/2006
5/4/2006
5/5/2006
5/8/2006
5/9/2006
5/10/2006
5/11/2006
5/12/2006
5/15/2006
5/16/2006
5/17/2006
5/18/2006
5/19/2006
5/22/2006
5/23/2006
5/24/2006
5/25/2006
5/26/2006
5/30/2006
5/31/2006
6/1/2006
6/2/2006
6/5/2006
6/6/2006
6/7/2006
6/8/2006
6/9/2006
6/12/2006
6/13/2006
6/14/2006
6/15/2006
6/16/2006
6/19/2006
6/20/2006
6/21/2006
6/22/2006
6/23/2006
6/26/2006
6/27/2006
6/28/2006
6/29/2006
6/30/2006
7/3/2006
7/5/2006
7/6/2006
7/7/2006
7/10/2006
7/11/2006
7/12/2006
7/13/2006
7/14/2006
30.23
30.96
30.93666
32.16666
31.78333
31.96333
32.08333
32.25
32.33
32.20333
31.62666
31.05
30.75333
31.22333
30.68666
30.11
29.99
28.37666
29.15666
28.07333
29.31333
29.66
28.04333
28.59666
29.46666
29.48333
28.42333
28.48333
28.25
28.15
27.2
25.65666
25.01333
24.40666
25.33333
25.05666
25.14666
25.46333
26.29666
26.42
26.64333
26.46
25.80666
26.25
27.70333
27.90666
29.25333
28.86666
28.99666
28.26666
28.56666
28.63333
28.65333
27.54
26.99333
721,800
1,325,100
408,300
1,080,000
1,036,500
794,700
927,000
782,700
1,339,200
940,500
754,200
1,225,200
1,070,700
1,503,000
2,540,700
1,452,300
1,536,900
2,979,600
2,467,500
3,174,000
1,869,600
1,636,200
1,993,200
1,608,900
1,126,200
642,900
911,400
898,200
1,085,100
2,622,300
1,521,000
1,833,600
3,550,500
4,155,900
6,720,901
3,074,700
2,425,800
876,600
1,664,700
1,534,800
1,159,500
432,900
954,600
522,000
1,042,200
1,757,100
1,523,700
1,705,200
1,597,500
1,270,500
606,900
898,500
789,300
1,595,700
2,193,900
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
7/17/2006
7/18/2006
7/19/2006
7/20/2006
7/21/2006
7/24/2006
7/25/2006
7/26/2006
7/27/2006
7/28/2006
7/31/2006
8/1/2006
8/2/2006
8/3/2006
8/4/2006
8/7/2006
8/8/2006
8/9/2006
8/10/2006
8/11/2006
8/14/2006
8/15/2006
8/16/2006
8/17/2006
8/18/2006
8/21/2006
8/22/2006
8/23/2006
8/24/2006
8/25/2006
8/28/2006
8/29/2006
8/30/2006
8/31/2006
9/1/2006
9/5/2006
9/6/2006
9/7/2006
9/8/2006
9/11/2006
9/12/2006
9/13/2006
9/14/2006
9/15/2006
9/18/2006
9/19/2006
9/20/2006
9/21/2006
9/22/2006
9/25/2006
9/26/2006
9/27/2006
9/28/2006
9/29/2006
10/2/2006
26.88666
27.69666
28.84
28.16666
27.93333
29.04666
29.64
29.05666
28.81
29.3
29.26666
29.34333
29.83666
29.88666
30.2
29.77
30.00333
29.28
29.33333
29.51333
29.96666
30.68666
30.94666
30.99
30.87666
30.90333
31.03
30.80333
30.64333
30.55666
30.81333
30.97666
31.57333
31.30666
31.43333
31.21666
30.70666
30.43
30.49333
30.55666
31.87333
32.67333
32.72
32.72
32.95
33.13333
33.3
32.21
31.37666
32.63
32.30666
32.04666
32.32666
32.31333
32.18666
563,700
1,849,200
1,974,600
992,100
987,300
1,401,000
1,512,000
1,437,000
1,241,400
1,805,700
844,800
960,600
1,088,100
1,217,100
1,364,700
645,000
805,800
2,536,500
984,300
895,500
641,400
966,600
1,003,800
1,131,600
518,700
426,600
578,700
752,100
647,400
295,200
231,300
877,500
1,006,200
1,102,500
866,700
582,600
918,600
871,800
476,400
1,176,300
1,324,800
2,021,100
1,168,800
510,900
500,100
1,320,300
1,446,600
1,057,200
876,600
1,099,800
717,900
845,700
519,000
618,300
869,700
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
10/3/2006
10/4/2006
10/5/2006
10/6/2006
10/9/2006
10/10/2006
10/11/2006
10/12/2006
10/13/2006
10/16/2006
10/17/2006
10/18/2006
10/19/2006
10/20/2006
10/23/2006
10/24/2006
10/25/2006
10/26/2006
10/27/2006
10/30/2006
10/31/2006
11/1/2006
11/2/2006
11/3/2006
11/6/2006
11/7/2006
11/8/2006
11/9/2006
11/10/2006
11/13/2006
11/14/2006
11/15/2006
11/16/2006
11/17/2006
11/20/2006
11/21/2006
11/22/2006
11/24/2006
11/27/2006
11/28/2006
11/29/2006
11/30/2006
12/1/2006
12/4/2006
12/5/2006
12/6/2006
12/7/2006
12/8/2006
12/11/2006
12/12/2006
12/13/2006
12/14/2006
12/15/2006
12/18/2006
12/19/2006
31.92666
33.08666
33.23
32.84
32.76333
32.93666
32.79666
33.38666
33.83333
33.98333
33.25
33.33666
33.29
32.83333
32.98
32.5
32.81
33.14
32.77333
31.78333
32.23
32.63333
32.53666
32.68
33.58333
33.42666
34.03
33.61
34.15666
33.85
34.32666
34.16333
34.70666
34.63
35.31
35.15333
35.2
34.94
34.07
33.95333
34.81666
35.08333
35.39
36.62
38.29
37.89333
37.46666
37.85
38.5
38.4
38.66666
39.16666
38.99
38.86333
38.26666
541,800
702,600
729,600
911,100
438,900
644,400
1,191,000
1,110,000
1,259,100
830,400
1,234,500
881,400
610,200
1,112,700
1,105,800
1,404,900
816,900
826,500
587,100
2,120,400
1,731,900
2,174,700
914,700
447,300
731,400
956,400
831,300
892,800
816,900
549,900
1,323,900
1,032,000
874,200
923,700
753,600
1,272,000
1,262,100
408,000
732,900
899,100
674,700
683,400
741,900
1,106,400
1,995,300
998,700
1,165,800
2,315,400
1,847,400
1,491,900
1,736,700
819,300
975,600
432,300
827,400
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
12/20/2006
12/21/2006
12/22/2006
12/26/2006
12/27/2006
12/28/2006
12/29/2006
1/3/2007
1/4/2007
1/5/2007
1/8/2007
1/9/2007
1/10/2007
1/11/2007
1/12/2007
1/16/2007
1/17/2007
1/18/2007
1/19/2007
1/22/2007
1/23/2007
1/24/2007
1/25/2007
1/26/2007
1/29/2007
1/30/2007
1/31/2007
2/1/2007
2/2/2007
2/5/2007
2/6/2007
2/7/2007
2/8/2007
2/9/2007
2/12/2007
2/13/2007
2/14/2007
2/15/2007
2/16/2007
2/20/2007
2/21/2007
2/22/2007
2/23/2007
2/26/2007
2/27/2007
2/28/2007
3/1/2007
3/2/2007
3/5/2007
3/6/2007
3/7/2007
3/8/2007
3/9/2007
3/12/2007
3/13/2007
37.86333
37.98666
37.90333
38.33333
38.75
38.59
38.58666
39.11666
38.31666
38.00666
38.63666
38.02666
38.69333
39.42
39.27333
39.73
39.89333
39.17333
39.63666
39.86333
39.89333
39.93
38.73333
39.26
38.70666
39.19
40.02333
41.48666
42.5
42.09666
42.51
43.51666
43.11666
42.80333
42.62333
42.96333
44.42333
44.14666
43.75333
43
42.40666
42.44
41.38333
39.6
35.9
36.86
36.90666
36.22
35.17
35.71
35.03666
36.02333
36.58333
36.47666
34.85333
1,322,100
727,200
1,013,400
394,200
494,100
487,500
329,100
1,125,300
1,218,900
764,100
855,300
1,082,400
1,558,500
1,021,500
690,900
773,700
1,393,200
696,900
718,200
938,700
1,271,400
1,473,600
1,329,600
617,100
881,100
1,426,500
1,159,500
1,596,000
1,709,400
1,277,400
989,100
2,019,900
757,200
936,000
1,141,680
1,472,655
971,319
1,164,900
1,275,900
1,617,300
1,570,200
2,343,600
1,440,600
4,089,345
9,312,601
2,882,100
3,102,882
3,190,200
2,697,309
2,560,200
1,384,200
1,359,600
1,385,700
726,000
1,821,600
2006
2006
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
3/14/2007
3/15/2007
3/16/2007
3/19/2007
3/20/2007
3/21/2007
3/22/2007
3/23/2007
3/26/2007
3/27/2007
3/28/2007
3/29/2007
3/30/2007
4/2/2007
4/3/2007
4/4/2007
4/5/2007
4/9/2007
4/10/2007
4/11/2007
4/12/2007
4/13/2007
4/16/2007
4/17/2007
4/18/2007
4/19/2007
4/20/2007
4/23/2007
4/24/2007
4/25/2007
4/26/2007
4/27/2007
4/30/2007
5/1/2007
5/2/2007
5/3/2007
5/4/2007
5/7/2007
5/8/2007
5/9/2007
5/10/2007
5/11/2007
5/14/2007
5/15/2007
5/16/2007
5/17/2007
5/18/2007
5/21/2007
5/22/2007
5/23/2007
5/24/2007
5/25/2007
5/29/2007
5/30/2007
5/31/2007
35.31
36.23
36.08333
36.1
36.86666
38.65333
38.53
38.26666
38.12666
37.20333
36.66666
37.27333
36.79666
37.73333
38.24666
38.37666
38.36333
38.8
38.08
37.49666
37.31
36.81
37.23666
37.13333
36.66
36.23
36.43
36.09333
35.93666
36.03333
35.40666
36.41
35.89666
36.79666
36.89666
37.24666
37.84
37.91666
37.53333
38.18666
36.93333
37.31
37.53666
37.47
38.73666
39.11
39.48333
39.68
39.51
39.57666
38.34666
38.89
38.92
39.90666
39.84
2,465,100
2,250,600
1,283,700
1,182,000
1,296,000
2,494,800
1,153,800
1,240,200
1,701,900
1,426,200
1,872,900
1,619,700
1,039,200
1,476,000
1,716,300
1,586,100
1,116,000
1,341,300
2,070,600
1,376,400
2,172,900
3,629,100
1,256,100
1,621,800
1,997,100
2,350,800
1,979,400
1,495,200
1,252,800
2,692,200
2,482,200
2,888,100
3,477,660
1,324,500
1,255,800
1,244,700
1,718,400
874,500
979,200
1,143,900
1,071,345
731,100
659,400
555,690
952,290
1,241,700
856,800
697,200
648,300
757,890
1,365,690
570,900
1,336,500
1,163,100
1,467,214
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
6/1/2007
6/4/2007
6/5/2007
6/6/2007
6/7/2007
6/8/2007
6/11/2007
6/12/2007
6/13/2007
6/14/2007
6/15/2007
6/18/2007
6/19/2007
6/20/2007
6/21/2007
6/22/2007
6/25/2007
6/26/2007
6/27/2007
6/28/2007
6/29/2007
7/2/2007
7/3/2007
7/5/2007
7/6/2007
7/9/2007
7/10/2007
7/11/2007
7/12/2007
7/13/2007
7/16/2007
7/17/2007
7/18/2007
7/19/2007
7/20/2007
7/23/2007
7/24/2007
7/25/2007
7/26/2007
7/27/2007
7/30/2007
7/31/2007
8/1/2007
8/2/2007
8/3/2007
8/6/2007
8/7/2007
8/8/2007
8/9/2007
8/10/2007
8/13/2007
8/14/2007
8/15/2007
8/16/2007
8/17/2007
40.44
40.34
40.2
39.26
38.4
38.85
39.1
38.73
39.1
39.26
39.35
40.35
40.51
39.75
39.58
39.59
39.35
39.11
38.57
39.7
39.32
40.04
39.79
39.89
39.32
39.61
38.48
38.3
39.47
39.29
39.53
38.3
38.24
38.5
38.06
38.59
37.8
37.77
36.32
36
37.41
37.02
36.4
36.53
35.04
34.74
35.2
35.85
33.93
33.76
35.03
34.96
33.86
32.81
34.19
1,244,500
557,800
909,800
725,600
983,800
530,200
424,300
579,500
667,600
737,500
735,700
1,093,300
801,800
1,599,700
1,089,100
512,200
604,000
693,300
771,900
929,400
785,600
681,300
522,800
911,900
843,400
630,500
624,900
1,027,900
997,600
774,300
866,100
1,243,700
1,181,700
697,800
794,200
796,800
1,078,500
1,454,900
1,645,900
2,268,100
1,978,500
1,685,848
1,195,400
1,174,500
990,400
1,675,900
1,709,900
1,674,800
2,806,900
1,503,900
1,125,400
1,294,400
722,000
2,172,000
1,907,900
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
8/20/2007
8/21/2007
8/22/2007
8/23/2007
8/24/2007
8/27/2007
8/28/2007
8/29/2007
8/30/2007
8/31/2007
9/4/2007
9/5/2007
9/6/2007
9/7/2007
9/10/2007
9/11/2007
9/12/2007
9/13/2007
9/14/2007
9/17/2007
9/18/2007
9/19/2007
9/20/2007
9/21/2007
9/24/2007
9/25/2007
9/26/2007
9/27/2007
9/28/2007
10/1/2007
10/2/2007
10/3/2007
10/4/2007
10/5/2007
10/8/2007
10/9/2007
10/10/2007
10/11/2007
10/12/2007
10/15/2007
10/16/2007
10/17/2007
10/18/2007
10/19/2007
10/22/2007
10/23/2007
10/24/2007
10/25/2007
10/26/2007
10/29/2007
10/30/2007
10/31/2007
11/1/2007
11/2/2007
11/5/2007
33.97
33.98
35.38
35.16
36.35
35.38
34.08
34.58
34.17
34.84
35.67
35.37
35.57
34.87
34.56
34.18
33.48
33.81
33.69
32.5
33.6
34.05
33.14
33.13
33.9
33.89
35.02
36.48
37.4
37.82
38.59
37.97
37.9
38.29
38.56
38.55
39.26
38.91
39.27
38.76
38.21
38.78
38.41
37.56
38.01
38.01
37.11
37.85
38.05
34.9
35.03
35.61
34.65
33.99
33.6
671,900
513,200
784,900
664,000
696,900
1,126,608
1,113,000
1,251,600
977,100
1,173,100
931,400
671,818
1,685,100
713,400
716,200
1,519,400
1,191,900
820,900
625,280
1,145,600
1,659,400
2,144,500
1,146,900
1,650,900
2,014,200
1,728,650
2,708,500
2,604,100
1,608,000
2,402,400
2,080,600
1,207,200
815,000
1,291,900
745,800
654,700
1,013,000
1,340,900
714,620
579,700
861,700
1,210,200
1,014,700
958,600
863,300
1,013,700
1,060,600
878,200
550,000
4,011,200
2,886,200
1,174,600
1,315,200
1,512,300
1,180,688
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
11/6/2007
11/7/2007
11/8/2007
11/9/2007
11/12/2007
11/13/2007
11/14/2007
11/15/2007
11/16/2007
11/19/2007
11/20/2007
11/21/2007
11/23/2007
11/26/2007
11/27/2007
11/28/2007
11/29/2007
11/30/2007
12/3/2007
12/4/2007
12/5/2007
12/6/2007
12/7/2007
12/10/2007
12/11/2007
12/12/2007
12/13/2007
12/14/2007
12/17/2007
12/18/2007
12/19/2007
12/20/2007
12/21/2007
12/24/2007
12/26/2007
12/27/2007
12/28/2007
12/31/2007
1/2/2008
1/3/2008
1/4/2008
1/7/2008
1/8/2008
1/9/2008
1/10/2008
1/11/2008
1/14/2008
1/15/2008
1/16/2008
1/17/2008
1/18/2008
1/22/2008
1/23/2008
1/24/2008
1/25/2008
34.18
33.77
33.46
33.07
31.16
32.93
32.71
31.77
31.44
30.34
30.28
29.96
30.32
30.47
30.92
32.14
32
32.4
32.43
32.25
33.38
33.33
33.77
34.75
33.27
34.02
33.8
33.52
33.25
34.12
33.73
36.26
37.91
37.81
38.3
37.78
38.42
38.17
36.87
37.63
35.68
37.28
37.26
37.13
38.24
37.06
36.86
35.21
35.08
33.37
34.62
34.39
35.25
35.94
35.64
791,900
1,353,300
1,283,114
2,511,545
2,157,905
1,546,400
999,100
1,041,250
1,451,500
1,376,520
1,007,900
1,534,045
711,900
1,407,372
1,576,436
1,729,252
696,986
935,345
1,227,700
863,100
1,387,640
1,717,727
501,064
1,737,896
1,295,627
660,194
577,664
497,200
1,234,900
1,010,890
1,523,329
2,491,209
1,935,100
192,300
478,800
344,500
1,230,600
424,376
1,232,500
871,300
1,395,196
1,340,600
1,469,063
1,352,400
1,498,097
4,046,800
933,900
1,201,100
1,390,780
1,207,330
1,344,300
1,284,600
1,430,476
1,047,100
842,000
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
1/28/2008
1/29/2008
1/30/2008
1/31/2008
2/1/2008
2/4/2008
2/5/2008
2/6/2008
2/7/2008
2/8/2008
2/11/2008
2/12/2008
2/13/2008
2/14/2008
2/15/2008
2/19/2008
2/20/2008
2/21/2008
2/22/2008
2/25/2008
2/26/2008
2/27/2008
2/28/2008
2/29/2008
3/3/2008
3/4/2008
3/5/2008
3/6/2008
3/7/2008
3/10/2008
3/11/2008
3/12/2008
3/13/2008
3/14/2008
3/17/2008
3/18/2008
3/19/2008
3/20/2008
3/24/2008
3/25/2008
3/26/2008
3/27/2008
3/28/2008
3/31/2008
4/1/2008
4/2/2008
4/3/2008
4/4/2008
4/7/2008
4/8/2008
4/9/2008
4/10/2008
4/11/2008
4/14/2008
4/15/2008
35.84
36.82
36.37
35.98
37.45
38.3
37.3
37.07
38.7
39.47
40.9
41.99
41.76
41.02
40.95
42.85
42.02
41.9
42.78
43.35
43.3
42.95
42.18
40
40.9
40.59
41.56
40.5
39.2
38.54
40.44
40.26
41.37
40.29
39.56
40.72
39.3
39.65
41.34
41.43
41.1
41.45
40.83
41.78
43.57
43
42.8
43.23
42.57
42.88
42.83
44.3
44.39
45.28
45.01
713,600
1,064,900
719,100
1,381,900
1,394,980
947,646
1,136,445
787,779
1,434,029
1,916,171
2,133,164
1,927,722
2,386,672
1,295,464
1,120,400
2,623,373
1,855,637
780,478
859,014
850,008
767,482
1,367,994
897,200
1,317,440
803,339
871,438
815,743
634,224
954,490
770,745
934,215
760,470
870,719
797,668
1,149,720
727,450
1,045,063
706,000
981,200
632,460
459,850
634,900
450,392
886,615
1,849,098
1,208,144
1,043,011
719,992
1,047,852
934,566
915,396
1,403,553
1,332,794
1,521,168
907,563
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
4/16/2008
4/17/2008
4/18/2008
4/21/2008
4/22/2008
4/23/2008
4/24/2008
4/25/2008
4/28/2008
4/29/2008
4/30/2008
5/1/2008
5/2/2008
5/5/2008
5/6/2008
5/7/2008
5/8/2008
5/9/2008
5/12/2008
5/13/2008
5/14/2008
5/15/2008
5/16/2008
5/19/2008
5/20/2008
5/21/2008
5/22/2008
5/23/2008
5/27/2008
5/28/2008
5/29/2008
5/30/2008
6/2/2008
6/3/2008
6/4/2008
6/5/2008
6/6/2008
6/9/2008
6/10/2008
6/11/2008
6/12/2008
6/13/2008
6/16/2008
6/17/2008
6/18/2008
6/19/2008
6/20/2008
6/23/2008
6/24/2008
6/25/2008
6/26/2008
6/27/2008
6/30/2008
7/1/2008
7/2/2008
44.67
44.11
44.09
44.45
44.23
43.89
43.86
43.95
44.27
42.7
43.45
43.7
43.7
43.8
44.78
44.13
44.38
44.53
45.05
46.32
45.99
45.92
46
46.18
45.45
45.23
44.65
46.7
45.96
46.38
47.48
47.05
46.37
45.34
44.71
45
43.01
42.9
41.88
41.92
43.76
44.08
44.03
43.93
42.69
42.99
41.58
42.57
43.05
43.5
42.99
44.02
45.51
44.72
42.94
1,970,538
1,039,110
1,016,676
1,302,564
1,786,399
1,077,126
1,348,919
1,005,054
785,717
1,733,839
1,727,901
1,977,218
1,324,351
590,215
1,424,027
1,219,646
631,566
516,617
713,839
1,450,630
747,018
893,081
386,338
1,043,334
586,668
537,407
703,542
2,134,900
969,660
835,721
1,961,421
1,582,007
650,221
759,616
1,375,965
718,117
1,643,976
800,192
798,794
1,928,720
2,775,608
853,620
539,716
805,478
1,030,894
672,576
799,363
1,504,510
2,061,407
983,053
980,733
1,255,083
1,191,108
1,073,447
1,243,477
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
7/3/2008
7/7/2008
7/8/2008
7/9/2008
7/10/2008
7/11/2008
7/14/2008
7/15/2008
7/16/2008
7/17/2008
7/18/2008
7/21/2008
7/22/2008
7/23/2008
7/24/2008
7/25/2008
7/28/2008
7/29/2008
7/30/2008
7/31/2008
8/1/2008
8/4/2008
8/5/2008
8/6/2008
8/7/2008
8/8/2008
8/11/2008
8/12/2008
8/13/2008
8/14/2008
8/15/2008
8/18/2008
8/19/2008
8/20/2008
8/21/2008
8/22/2008
8/25/2008
8/26/2008
8/27/2008
8/28/2008
8/29/2008
9/2/2008
9/3/2008
9/4/2008
9/5/2008
9/8/2008
9/9/2008
9/10/2008
9/11/2008
9/12/2008
9/15/2008
9/16/2008
9/17/2008
9/18/2008
9/19/2008
42.89
43.96
45.1
45.4
44.95
43.58
43.46
43.41
44.81
45.67
45.4
45.06
44.9
43.73
42.99
43.62
45.31
45.63
46.17
45.86
46.77
47.29
47.57
49.39
47.7
47.43
46.27
46.25
46.74
47.13
47.34
47.38
48.15
47.99
47.36
47.39
46.25
45.32
44.65
44.9
44.42
45.66
45.34
44.71
44.42
46.26
45.85
43.66
45.4
46.26
44.29
42.92
39.17
41
40.91
505,100
1,040,688
1,812,215
1,795,275
1,136,415
1,439,623
986,359
1,391,594
1,718,532
1,365,292
1,079,671
930,608
831,411
2,268,428
2,368,199
806,021
2,632,596
1,670,283
1,681,109
1,267,535
1,260,725
797,094
947,718
1,700,980
1,565,205
1,648,955
1,262,374
793,693
573,293
911,367
1,175,885
604,869
580,282
821,421
746,354
460,436
387,235
1,074,204
1,001,996
930,979
1,290,234
1,347,215
854,440
1,346,981
1,053,741
1,386,876
1,384,340
2,140,728
1,439,922
926,433
1,099,268
1,914,839
3,467,941
3,120,749
4,938,905
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
9/22/2008
9/23/2008
9/24/2008
9/25/2008
9/26/2008
9/29/2008
9/30/2008
10/1/2008
10/2/2008
10/3/2008
10/6/2008
10/7/2008
10/8/2008
10/9/2008
10/10/2008
10/13/2008
10/14/2008
10/15/2008
10/16/2008
10/17/2008
10/20/2008
10/21/2008
10/22/2008
10/23/2008
10/24/2008
10/27/2008
10/28/2008
10/29/2008
10/30/2008
10/31/2008
11/3/2008
11/4/2008
11/5/2008
11/6/2008
11/7/2008
11/10/2008
11/11/2008
11/12/2008
11/13/2008
11/14/2008
11/17/2008
11/18/2008
11/19/2008
11/20/2008
11/21/2008
11/24/2008
11/25/2008
11/26/2008
11/28/2008
12/1/2008
12/2/2008
12/3/2008
12/4/2008
12/5/2008
12/8/2008
40.8
40.27
39.66
40.04
39.06
35.07
38.14
38.17
36.74
37.05
32.89
30.71
31.2
28.71
26.9
32.56
30.84
28.21
27.56
28.46
29.35
27.36
24.36
22.44
20.58
19.25
22.83
24.05
25.46
25.29
26.96
29.2
27.63
26.89
28.23
29.18
27.74
26.75
29.09
28.07
27.31
27.32
24.72
23.08
25.25
27.03
26.76
28.41
27.51
26.16
27.12
27.17
26.71
27.84
29.03
1,260,806
1,286,003
2,347,870
1,847,792
1,232,067
2,047,650
2,051,408
1,453,444
1,919,206
2,074,434
3,314,687
3,102,226
2,617,049
1,848,040
2,295,065
3,053,897
1,863,088
1,506,237
1,923,558
2,640,548
1,178,883
720,137
1,358,785
3,030,032
2,856,790
2,067,119
2,754,366
2,689,210
1,370,690
1,333,539
1,476,830
1,877,105
1,438,224
1,817,174
996,410
1,121,082
1,345,263
1,883,851
2,099,854
2,241,045
1,016,098
1,906,853
1,694,122
1,604,712
1,489,596
1,582,391
981,571
812,871
530,212
1,065,240
1,216,619
784,771
1,614,407
1,830,561
1,286,239
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
12/9/2008
12/10/2008
12/11/2008
12/12/2008
12/15/2008
12/16/2008
12/17/2008
12/18/2008
12/19/2008
12/22/2008
12/23/2008
12/24/2008
12/26/2008
12/29/2008
12/30/2008
12/31/2008
1/2/2009
1/5/2009
1/6/2009
1/7/2009
1/8/2009
1/9/2009
1/12/2009
1/13/2009
1/14/2009
1/15/2009
1/16/2009
1/20/2009
1/21/2009
1/22/2009
1/23/2009
1/26/2009
1/27/2009
1/28/2009
1/29/2009
1/30/2009
2/2/2009
2/3/2009
2/4/2009
2/5/2009
2/6/2009
2/9/2009
2/10/2009
2/11/2009
2/12/2009
2/13/2009
2/17/2009
2/18/2009
2/19/2009
2/20/2009
2/23/2009
2/24/2009
2/25/2009
2/26/2009
2/27/2009
28.41
29.45
29.28
29.43
29.38
30.64
29.9
29.94
29.98
29.97
29.65
29.66
29.92
29.48
29.94
30.13
32.06
31.72
31.8
30.49
29.74
29.3
28.77
28.54
27.35
29.09
29.45
28.18
29.09
28.5
28.65
28.94
28.64
29.23
28.3
28.15
28.28
28.52
27.35
27.04
28.21
27.46
26.09
26.28
26.51
26.49
24.57
24.74
24.4
23.7
23.4
23.79
23.35
23.72
23.04
1,122,272
1,284,904
988,441
1,288,409
1,161,978
1,334,412
1,283,532
810,229
952,646
582,089
621,684
165,457
222,220
982,443
533,146
417,720
446,212
614,846
684,644
529,123
2,331,921
922,399
964,977
891,205
1,425,603
1,609,344
944,364
985,717
1,092,698
999,965
665,163
918,467
1,066,056
1,374,420
598,830
1,053,259
874,132
1,221,737
2,032,932
2,868,918
1,758,415
1,663,288
1,134,612
639,759
1,006,423
740,895
1,284,344
1,189,362
563,899
909,714
999,567
810,096
1,022,022
975,543
1,882,772
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
3/2/2009
3/3/2009
3/4/2009
3/5/2009
3/6/2009
3/9/2009
3/10/2009
3/11/2009
3/12/2009
3/13/2009
3/16/2009
3/17/2009
3/18/2009
3/19/2009
3/20/2009
3/23/2009
3/24/2009
3/25/2009
3/26/2009
3/27/2009
3/30/2009
3/31/2009
4/1/2009
4/2/2009
4/3/2009
4/6/2009
4/7/2009
4/8/2009
4/9/2009
4/13/2009
4/14/2009
4/15/2009
4/16/2009
4/17/2009
4/20/2009
4/21/2009
4/22/2009
4/23/2009
4/24/2009
4/27/2009
4/28/2009
4/29/2009
4/30/2009
5/1/2009
5/4/2009
5/5/2009
5/6/2009
5/7/2009
5/8/2009
5/11/2009
5/12/2009
5/13/2009
5/14/2009
5/15/2009
5/18/2009
21
20.63
21.49
19.91
20.05
19.95
21.42
21.98
23.02
24.44
25.04
25.64
25.84
25.42
25.35
26.51
26.02
26.23
26.3
25.55
24.8
25.21
25.27
26.78
28.16
27.9
26.92
27.27
27.89
28
28.14
28.29
28.84
29.01
28.11
29.17
29.57
30.25
30.26
27.73
27.43
29.67
28.31
28.16
28.91
29.23
30.69
30.74
31.33
31.5
31.17
30.6
31.21
31.15
32.15
1,479,506
1,353,634
1,255,638
2,116,824
1,736,067
1,303,063
1,263,421
1,292,138
1,580,148
1,318,734
951,317
845,474
926,421
1,068,976
484,078
879,686
1,149,963
1,012,016
1,525,976
1,610,603
1,241,945
1,110,040
1,113,050
1,538,782
842,672
623,857
700,475
630,315
555,302
739,487
1,039,375
698,357
707,685
758,711
649,704
815,765
715,016
773,206
658,881
1,954,830
1,691,248
1,837,556
1,724,772
1,194,470
1,868,417
2,318,900
731,144
760,053
666,593
844,221
1,089,566
1,315,956
526,199
798,322
787,304
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
5/19/2009
5/20/2009
5/21/2009
5/22/2009
5/26/2009
5/27/2009
5/28/2009
5/29/2009
6/1/2009
6/2/2009
6/3/2009
6/4/2009
6/5/2009
6/8/2009
6/9/2009
6/10/2009
6/11/2009
6/12/2009
6/15/2009
6/16/2009
6/17/2009
6/18/2009
6/19/2009
6/22/2009
6/23/2009
6/24/2009
6/25/2009
6/26/2009
6/29/2009
6/30/2009
7/1/2009
7/2/2009
7/6/2009
7/7/2009
7/8/2009
7/9/2009
7/10/2009
7/13/2009
7/14/2009
7/15/2009
7/16/2009
7/17/2009
7/20/2009
7/21/2009
7/22/2009
7/23/2009
7/24/2009
7/27/2009
7/28/2009
7/29/2009
7/30/2009
7/31/2009
8/3/2009
8/4/2009
8/5/2009
33.16
32.97
32.11
32.69
33.36
32.91
32.66
32.69
34.32
34.96
33.98
34.55
34.53
33.59
32.72
33
33.27
33.05
32.06
31
30.97
31.36
31.07
29.73
29.96
30.97
31.47
31.82
31.99
32.24
32.98
32.58
31.92
30.58
31.1
31
30.67
32.08
32.26
33.73
33.17
33.07
33.42
33.46
33.68
35.36
35.18
35.45
36.12
36.34
37.42
38.6
40.01
39.18
39.7
670,935
845,294
359,502
458,088
524,403
657,713
661,956
615,634
725,620
638,693
854,628
309,384
288,313
538,041
680,188
922,446
457,581
492,161
423,937
490,021
738,152
690,948
491,621
787,197
911,624
565,957
821,247
346,926
609,904
467,351
549,572
595,253
459,689
423,046
803,419
284,352
322,050
1,066,571
585,798
827,273
629,874
616,816
710,600
304,792
512,277
481,924
300,682
323,549
512,658
623,260
760,737
868,648
943,648
1,112,986
510,547
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
8/6/2009
8/7/2009
8/10/2009
8/11/2009
8/12/2009
8/13/2009
8/14/2009
8/17/2009
8/18/2009
8/19/2009
8/20/2009
8/21/2009
8/24/2009
8/25/2009
8/26/2009
8/27/2009
8/28/2009
8/31/2009
9/1/2009
9/2/2009
9/3/2009
9/4/2009
9/8/2009
9/9/2009
9/10/2009
9/11/2009
9/14/2009
9/15/2009
9/16/2009
9/17/2009
9/18/2009
9/21/2009
9/22/2009
9/23/2009
9/24/2009
9/25/2009
9/28/2009
9/29/2009
9/30/2009
10/1/2009
10/2/2009
10/5/2009
10/6/2009
10/7/2009
10/8/2009
10/9/2009
10/12/2009
10/13/2009
10/14/2009
10/15/2009
10/16/2009
10/19/2009
10/20/2009
10/21/2009
10/22/2009
39.56
39.96
39.72
38.25
37.83
38.05
37.97
36.81
36.88
36.58
38.15
38.92
38.4
38.79
38.55
38.07
38.32
36.38
34.38
34.85
35.79
36.43
37.42
36.94
36.45
36.9
36.35
36.35
36.68
36.47
36.37
35.59
35.88
36.03
36.85
36.29
36.7
36.78
38.05
44.4
45.69
45.35
45.93
45.98
45.06
44.36
44.26
43.39
42.95
44.84
45.82
44.67
44.32
44.47
44.51
547,819
601,675
580,204
716,103
928,295
715,992
712,570
821,715
745,254
2,508,527
1,883,814
1,229,619
1,171,033
1,363,109
1,639,058
743,498
602,897
880,960
1,110,981
892,455
1,043,704
726,058
896,484
1,157,349
1,106,114
816,441
912,011
1,642,323
1,311,654
1,448,132
1,114,273
1,094,321
562,466
2,185,534
1,872,082
695,323
948,939
786,686
1,720,715
########
########
3,791,868
2,011,170
1,956,328
2,143,541
1,523,006
1,724,992
2,365,390
4,231,858
2,998,137
4,161,914
2,778,319
2,096,012
1,459,850
1,034,988
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
10/23/2009
10/26/2009
10/27/2009
10/28/2009
10/29/2009
10/30/2009
11/2/2009
11/3/2009
11/4/2009
11/5/2009
11/6/2009
11/9/2009
11/10/2009
11/11/2009
11/12/2009
11/13/2009
11/16/2009
11/17/2009
11/18/2009
11/19/2009
11/20/2009
11/23/2009
11/24/2009
11/25/2009
11/27/2009
11/30/2009
12/1/2009
12/2/2009
12/3/2009
12/4/2009
12/7/2009
12/8/2009
12/9/2009
12/10/2009
12/11/2009
12/14/2009
12/15/2009
12/16/2009
12/17/2009
12/18/2009
12/21/2009
12/22/2009
12/23/2009
12/24/2009
12/28/2009
12/29/2009
12/30/2009
12/31/2009
1/4/2010
1/5/2010
1/6/2010
1/7/2010
1/8/2010
1/11/2010
1/12/2010
44.84
44.6
44.41
43.31
44.65
43.31
43.72
42.76
43.12
43.35
42.65
43.65
43.63
44.15
43.62
43.5
44.1
44.23
44.42
43.47
43.52
44.05
45.69
45.2
45.62
45.51
47.21
47.87
48.43
49
48.38
46.62
47.35
47.96
48.7
48.35
47.99
47.6
46.65
46.68
46.52
47.75
48.7
48.9
48.49
48.15
47.77
47.88
49.9
48.71
49.39
50.01
49.77
43
44.14
1,534,827
1,856,765
1,014,243
1,299,836
1,185,322
1,375,920
1,211,886
1,900,187
2,188,287
1,023,832
1,436,799
1,552,451
940,439
1,012,922
845,059
975,150
978,037
703,013
1,015,196
1,458,241
1,036,923
1,152,244
2,188,630
3,706,699
2,443,423
730,168
1,725,450
1,619,937
1,085,712
1,354,138
1,574,535
1,580,849
2,183,181
1,423,092
1,687,767
1,173,091
1,146,113
1,248,448
851,766
1,256,778
889,955
791,885
921,557
252,817
424,104
537,308
322,516
422,422
636,196
930,490
671,748
1,068,846
874,211
########
4,905,430
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2010
2010
2010
2010
2010
2010
2010
1/13/2010
1/14/2010
1/15/2010
1/19/2010
1/20/2010
1/21/2010
1/22/2010
1/25/2010
1/26/2010
1/27/2010
1/28/2010
1/29/2010
2/1/2010
2/2/2010
2/3/2010
2/4/2010
2/5/2010
2/8/2010
2/9/2010
2/10/2010
2/11/2010
2/12/2010
2/16/2010
2/17/2010
2/18/2010
2/19/2010
2/22/2010
2/23/2010
2/24/2010
2/25/2010
2/26/2010
3/1/2010
3/2/2010
3/3/2010
3/4/2010
3/5/2010
3/8/2010
3/9/2010
3/10/2010
3/11/2010
3/12/2010
3/15/2010
3/16/2010
3/17/2010
3/18/2010
3/19/2010
3/22/2010
3/23/2010
3/24/2010
3/25/2010
3/26/2010
3/29/2010
3/30/2010
3/31/2010
4/1/2010
44.34
44
43.87
44.04
43.79
43.02
42.53
42.43
42.15
41.72
42.3
42.16
42.32
42.71
42.65
40.82
40.99
40.93
41.48
41
41.69
41.33
41.6
41.9
41.98
41.75
42
41.88
41.89
42.38
42.8
43.74
44.49
44.78
44.93
45.59
45.89
45.96
46.21
46.22
46.23
46.17
45.98
46.5
46.71
46.46
46.94
47.45
47.59
47.43
46.7
47.13
47.34
47.53
48.25
2,460,254
2,471,931
1,274,359
1,594,378
1,411,966
2,403,354
1,763,897
839,052
1,263,431
1,657,966
1,357,929
1,644,541
567,597
822,757
758,992
1,050,690
1,308,873
518,271
979,368
921,266
1,416,504
1,315,874
1,138,662
1,764,863
1,623,023
1,201,970
1,361,676
1,015,138
519,087
1,013,233
1,007,623
841,226
2,100,321
867,175
812,482
921,709
1,107,450
1,861,991
831,785
1,089,438
621,735
1,523,465
996,385
1,308,023
1,509,276
1,196,814
817,925
995,529
1,166,766
1,036,786
633,309
517,147
616,582
708,323
598,421
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
4/5/2010
4/6/2010
4/7/2010
4/8/2010
4/9/2010
4/12/2010
4/13/2010
4/14/2010
4/15/2010
4/16/2010
4/19/2010
4/20/2010
4/21/2010
4/22/2010
4/23/2010
4/26/2010
4/27/2010
4/28/2010
4/29/2010
4/30/2010
5/3/2010
5/4/2010
5/5/2010
5/6/2010
5/7/2010
5/10/2010
5/11/2010
5/12/2010
5/13/2010
5/14/2010
5/17/2010
5/18/2010
5/19/2010
5/20/2010
5/21/2010
5/24/2010
5/25/2010
5/26/2010
5/27/2010
5/28/2010
6/1/2010
6/2/2010
6/3/2010
6/4/2010
6/7/2010
6/8/2010
6/9/2010
6/10/2010
6/11/2010
6/14/2010
6/15/2010
6/16/2010
6/17/2010
6/18/2010
6/21/2010
48.3
48.63
48.57
48.04
48.56
48.75
48.67
48.47
48.1
46.27
46.51
47.2
47.7
47.35
48.04
47.77
46.01
46.41
47.22
47.33
46.97
44.82
43.77
42.39
42.17
44.41
44.81
45.12
45.04
44.36
43.99
43.49
42.16
40.73
41.74
41.09
41.26
41.42
43.67
42.18
41.93
43.53
43.96
43.51
43.01
43.35
43.55
45.05
45.87
46.01
46.71
46.79
46.75
46.98
46.79
545,275
1,099,710
1,064,981
981,536
364,471
500,263
1,240,883
923,991
748,510
891,508
1,048,075
797,076
739,925
745,559
1,258,947
1,001,840
833,752
1,137,101
617,373
551,606
349,757
1,384,701
999,068
1,486,723
2,091,453
1,102,458
793,924
547,512
477,958
998,057
1,072,600
952,607
1,440,033
1,391,966
1,042,372
659,500
833,306
992,993
837,976
1,052,708
880,193
903,181
856,449
1,469,098
1,024,911
671,523
625,371
605,682
738,194
604,169
629,791
304,036
441,380
447,009
1,043,883
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
6/22/2010
6/23/2010
6/24/2010
6/25/2010
6/28/2010
6/29/2010
6/30/2010
7/1/2010
7/2/2010
7/6/2010
7/7/2010
7/8/2010
7/9/2010
7/12/2010
7/13/2010
7/14/2010
7/15/2010
7/16/2010
7/19/2010
7/20/2010
7/21/2010
7/22/2010
7/23/2010
7/26/2010
7/27/2010
7/28/2010
7/29/2010
7/30/2010
8/2/2010
8/3/2010
8/4/2010
8/5/2010
8/6/2010
8/9/2010
8/10/2010
8/11/2010
8/12/2010
8/13/2010
8/16/2010
8/17/2010
8/18/2010
8/19/2010
8/20/2010
8/23/2010
8/24/2010
8/25/2010
8/26/2010
8/27/2010
8/30/2010
8/31/2010
9/1/2010
9/2/2010
9/3/2010
9/7/2010
9/8/2010
45.78
45.45
45.48
45.85
45.6
44.12
43.15
43.04
43.59
44.24
44.54
44.69
45.41
46.06
46.35
46.42
46.3
45.3
45.02
44.92
44.58
45.09
45.7
46.33
46.71
46.86
47.49
48.68
50.14
50.02
50.38
50.03
49.89
49.62
49.4
48.25
48
48.04
48.02
48.69
49.68
49.84
49.93
49.75
49.28
49.46
48.95
49.6
49.24
48.7
49.9
50.99
51.38
50.26
50.18
493,142
824,752
424,016
348,914
565,716
540,413
1,202,047
1,598,618
667,892
748,935
647,358
696,772
501,325
571,587
1,028,111
397,680
584,613
435,126
241,312
550,078
573,923
853,733
1,607,006
684,599
674,701
1,076,887
1,198,819
1,038,103
978,842
651,622
437,645
440,244
931,604
544,116
917,640
609,280
611,286
452,280
1,002,974
642,713
899,705
1,124,608
820,072
1,422,783
780,569
915,686
663,463
888,018
716,188
1,201,506
1,528,916
782,763
599,200
674,129
915,856
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
9/9/2010
9/10/2010
9/13/2010
9/14/2010
9/15/2010
9/16/2010
9/17/2010
9/20/2010
9/21/2010
9/22/2010
9/23/2010
9/24/2010
9/27/2010
9/28/2010
9/29/2010
9/30/2010
10/1/2010
10/4/2010
10/5/2010
10/6/2010
10/7/2010
10/8/2010
10/11/2010
10/12/2010
10/13/2010
10/14/2010
10/15/2010
10/18/2010
10/19/2010
10/20/2010
10/21/2010
10/22/2010
10/25/2010
10/26/2010
10/27/2010
10/28/2010
10/29/2010
11/1/2010
11/2/2010
11/3/2010
11/4/2010
11/5/2010
11/8/2010
11/9/2010
11/10/2010
11/11/2010
11/12/2010
11/15/2010
11/16/2010
11/17/2010
50.26
50.27
50.89
51.63
51.5
52.4
51.96
51.92
51.06
51.08
50.63
51.26
51.35
51.19
51.08
50.73
51.07
51.28
51.6
50.38
50.19
50.97
52.49
53.47
54.69
54.74
54.19
55.38
53.08
53.62
54.39
53.49
53.63
53.13
52.96
52.92
54.91
54.91
55.5
55.22
55.8
55.38
56.06
55.81
55.66
55.47
55.25
55
53.89
54.29
876,913
467,702
737,102
742,085
512,527
522,908
584,271
383,441
750,631
469,725
387,394
811,084
588,607
476,736
505,023
831,040
524,900
914,487
754,275
967,747
807,308
1,299,247
964,220
1,228,086
975,275
434,891
445,804
459,924
854,690
623,230
1,134,785
813,977
489,917
656,692
369,597
543,381
742,266
352,845
347,046
844,760
636,281
622,645
614,563
705,837
688,336
624,146
421,134
336,803
425,630
462,681
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2010
2007
37.09
12.3
9.12
2008
39.04
12.3
9.60
2009
34.74
12.3
8.55
2010
47.35
12.3
11.65
=SUMIF(E:E,H10,B:B)/COUNTIF(E:E,H10)
Contents
As of December 31, 2007 (expressed in Barbados dollars)
Assets
Non-current assets
Gross Plant
Accumulated Depreciation
Property, plant and equipment
Investment in associates
Financial investments
Other assets
Current assets
Cash resources
Trade and other receivables
Corporation tax recoverable
Inventories
Total assets
Equity
Share capital
Other reserves
Retained earnings
Total Equity
Non-current liabilities
Borrowings
Customers' deposits
Deferred credits
Deferred tax liability
Provisions for other liabilities and charges
Current liabilities
Trade and other payables
Provisions for other liabilities and charges
Current portion of borrowings
Total equity and liabilities
2006
2007
2008
1,027,454
-423,324
604,130
15,379
81,834
2009
1,052,658
-453,688
598,970
14,060
97,180
567,785
15,965
70,863
220
654,833
592,291
14,170
79,818
615
686,894
701,343
710,210
39,994
39,378
102
30,093
109,567
764,400
59,907
56,632
82
34,308
150,929
837,823
46,861
49,971
133
30,209
127,174
828,517
96,425
42,987
190
34,225
173,827
884,037
119,433
200,310
208,359
528,102
119,074
207,939
252,373
579,386
115,090
218,890
266,285
600,265
115,571
228,109
278,114
621,794
96,699
19,819
45,439
32,197
2,973
197,127
108,972
20,201
42,537
20,287
2,973
194,970
95,211
22,449
44,131
18,359
2,973
183,123
100,603
24,303
43,567
17,439
2,973
188,885
25,629
1,128
12,414
39,171
764,400
48,890
1,850
12,727
63,467
837,823
30,121
1,471
13,537
45,129
828,517
55,466
2,981
14,911
73,358
884,037
397,636
2008
473,310
2009
415,392
33,660
9
350,645
46,991
4,962
(6,323)
(2,195)
43,435
14,915
58,350
314.7
297,612
175,698
51,061
36,683
11,738
4,810
37,275
83
439,262
34,048
4,319
(6,502)
(1,229)
30,636
1,080
31,716
166.0
236,552
178,840
50,005
41,275
11,876
5,259
38,123
127
383,217
32,175
3,046
(7,972)
(1,319)
25,930
1,525
27,455
154.2
174.22
185.41
191.06
178.05
130,748
79%
4%
15%
125,346
73%
2%
32%
141,650
81%
2%
-21%
146,665
82%
24,506
33,660
58,166
11,839
37,275
49,114
-5,160
38,123
32,963
3.6%
3.6%
2007
225,299
172,337
40,747
38,460
12,470
Depreciation Rate
Total Expenses
Accounts Receivable to Revenues
Accounts Payable to Expneses
Inventories to Fuel Expense
Return on Equity
288,676
316,976
401,904
344,967
11%
9%
15%
14%
15%
15%
11%
7%
10%
10%
16%
14%
6%
11%
5%
4%