Balance Sheet of Hindustan Unilever

------------------- in Rs. Cr. ------------------Mar '13

Mar '12
Mar '11
Mar '10
12 mths 12 mths 12 mths 12 mths
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

Mar '09
15 mths

216.25
216.15
215.95
218.17
217.99
216.25
216.15
215.95
218.17
217.99
0
0
0
0
0
0
0
0
0
0
2,457.77 3,296.78 2,443.57 2,364.68 1,842.85
0
0
0
0.67
0.67
2,674.02 3,512.93 2,659.52 2,583.52 2,061.51
0
0
0
0
144.65
0
0
0
0
277.3
0
0
0
0
421.95
2,674.02 3,512.93 2,659.52 2,583.52 2,483.46
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
12 mths 12 mths 12 mths 12 mths 15 mths
3,868.95 3,564.35 3,531.50 3,581.96
1,576.05 1,416.88 1,362.40 1,419.85
2,292.90 2,147.47 2,169.10 2,162.11
215.64
215.45
288.76
273.96
2,330.66 2,438.21 1,260.67 1,264.08
2,526.99 2,516.65 2,810.77 2,179.93
833.48
678.99
943.21
678.44
1,707.89 1,830.04 1,628.47
231.37
5,068.36 5,025.68 5,382.45 3,089.74
1,604.91 1,131.46 1,061.68 1,068.31
0
0
0 1,660.84
6,673.27 6,157.14 6,444.13 5,818.89
0
0
0
0
6,260.09 5,499.42 5,782.84 5,493.97
2,578.36 1,945.92 1,720.30 1,441.55
8,838.45 7,445.34 7,503.14 6,935.52
-2,165.18 -1,288.20 -1,059.01 -1,116.63
0
0
0
0
2,674.02 3,512.93 2,659.52 2,583.52
894.21 1,009.23
922.92
468.49
12.37
16.25
12.32
11.84

Profit & Loss account of Hindustan Unilever

------------------- in Rs. Cr. -------------------

2,881.73
1,274.95
1,606.78
472.07
332.62
2,528.86
536.89
190.59
3,256.34
1,196.95
1,586.76
6,040.05
0
4,440.08
1,527.98
5,968.06
71.99
0
2,483.46
417.26
9.45

Mar '13
12 mths
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

Mar '12
12 mths

Mar '11
12 mths

Mar '10
12 mths

Mar '09
15 mths

25,810.21 22,116.37 19,735.51 18,462.34 21,927.23

0
0
0
693.22 1,422.95
25,810.21 22,116.37 19,735.51 17,769.12 20,504.28
1,215.30
397.18
479.71
199.73
276.54
31.13
-128.73
290.53
19.47
434.33
27,056.64 22,384.82 20,505.75 17,988.32 21,215.15
13,633.79
319.91
1,318.34
0
0
6,565.55
0
21,837.59
Mar '13
12 mths
4,003.75
5,219.05
25.15
5,193.90
236.02
0
4,957.88
0
4,957.88
1,161.21
3,796.67
8,203.80
0
3,999.99
655.69

11,701.45
285.21
1,107.28
0
0
5,602.36
0
18,696.30
Mar '12
12 mths
3,291.34
3,688.52
1.24
3,687.28
218.25
0
3,469.03
0
3,469.03
777.63
2,691.40
6,994.85
0
1,620.94
262.96

10,515.56 9,003.97 11,380.05

274.74
244.34
301.37
961.26
936.3 1,152.12
0
412.19
297.34
0 3,737.52 3,857.48
5,596.09
656.57
985.31
0
0
0
17,347.65 14,990.89 17,973.67
Mar '11
Mar '10
Mar '09
12 mths 12 mths 15 mths
2,678.39 2,797.70 2,964.94
3,158.10 2,997.43 3,241.48
0.24
6.98
25.32
3,157.86 2,990.45 3,216.16
220.83
184.03
195.3
0
0
0
2,937.03 2,806.42 3,020.86
0
43.97
48.53
2,937.03 2,850.39 3,069.39
631.04
648.36
572.94
2,305.99 2,202.03 2,500.71
6,832.09 5,986.92 6,593.62
0
0
0
1,410.60 1,417.94 1,634.51
231.36
238.03
277.79

21,624.72 21,615.12 21,594.72 21,816.87 21,798.76

17.56
12.45
10.68
10.09
11.47
1,850.00
750
650
650
750
12.37
16.25
12.32
11.84
9.45

------------------- in Rs. Cr. ------------------Dec '07

Dec '06
Dec '05
Dec '04
12 mths 12 mths 12 mths 12 mths

Dec '03
12 mths

Dec '02
12 mths

Dec '01
12 mths

Dec '00
12 mths

217.75
220.68
220.12
220.12
220.12
220.12
220.12
220.06
217.75
220.68
220.12
220.12
220.12
220.12
220.12
220.06
0
0
0
0
0
0.00
0
0
0
0
0
0
0
0
0
0
1,220.82 2,502.14 2,084.84 1,871.92 1,917.94 3,438.09 2,822.90 2,267.50
0.67
0.67
0.67
0.67
0.67
0.67
0.67
0.67
1,439.24 2,723.49 2,305.63 2,092.71 2,138.73 3,658.88 3,043.69 2,488.23
25.52
37.13
24.5 1,453.06 1,603.70
19.62
43.04
69.22
63.01
35.47
32.44
18.06
100.61
38.68
40.69
42.39
88.53
72.6
56.94 1,471.12 1,704.31
58.3
83.73
111.61
1,527.77 2,796.09 2,362.57 3,563.83 3,843.04 3,717.18 3,127.42 2,599.84
Dec '07
Dec '06
Dec '05
Dec '04
Dec '03
Dec '02
Dec '01
Dec '00
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
2,669.08 2,462.69 2,375.11
1,146.57 1,061.94
989.61
1,522.51 1,400.75 1,385.50
185.64
110.26
98.03
1,440.81 2,522.22 2,148.72
1,953.60 1,547.71 1,321.77
443.37
440.37
522.83
200.11
170.8
103.77
2,597.08 2,158.88 1,948.37
1,083.28 1,150.06
902.04
0.75
246.15
251.26
3,681.11 3,555.09 3,101.67
0
0
0
4,028.41 3,362.52 3,077.97
1,273.90 1,429.71 1,293.39
5,302.31 4,792.23 4,371.36
-1,621.20 -1,237.14 -1,269.69
0
0
0
1,527.76 2,796.09 2,362.56
494.46
476.4
468.33
6.61
12.34
10.47

2,314.22
891.08
1,423.14
94.42
2,229.56
1,470.44
489.27
102.98
2,062.69
1,013.04
595.07
3,670.80
0
2,730.64
1,123.46
3,854.10
-183.3
0
3,563.82
476.41
9.5

------------------- in Rs. Cr. -------------------

2,141.72
846.09
1,295.63
73.84
2,574.93
1,392.63
470.85
195.95
2,059.43
1,208.92
610.53
3,878.88
0
2,669.14
1,311.11
3,980.25
-101.37
0
3,843.03
478.34
9.71

1,994.36
778.90
1,215.46
106.87
2,364.74
1,278.74
367.85
253.10
1,899.69
1,229.16
689.52
3,818.37
0
2,582.73
1,205.55
3,788.28
30.09
0
3,717.16
483.2
16.62

1,935.88
726.34
1,209.54
110.53
1,635.93
1,240.04
424.78
223.71
1,888.53
1,198.41
689.45
3,776.39
0
2,513.55
1,091.40
3,604.95
171.44
0
3,127.44
425
13.82

1,668.74
594.95
1,073.79
129.68
1,769.74
1,182.10
264.51
149.03
1,595.64
792.62
373.05
2,761.31
0
2,234.28
900.41
3,134.69
-373.38
0
2,599.83
375.73
11.3

Dec '07
12 mths

Dec '06
12 mths

Dec '05
12 mths

Dec '04
12 mths

Dec '03
12 mths

Dec '02
12 mths

Dec '01
12 mths

Dec '00
12 mths

14,937.88 13,189.70 12,108.86 10,996.72 11,203.14 11,035.20 11,835.45 11,431.21

1,057.32
945.68
914.98
939.61
973.73
976.18 1,121.34
788.24
13,880.56 12,244.02 11,193.88 10,057.11 10,229.41 10,059.02 10,714.11 10,642.97
428.37
512.6
218.01
171.12
297.8
335.27
390.11
248.96
162.06
129.97
-48.12
-76.69
120.2
3.84
-4.63
-83.84
14,470.99 12,886.59 11,363.77 10,151.54 10,647.41 10,398.13 11,099.59 10,808.09
7,542.78 6,687.30 6,170.98 5,413.77 5,438.00 5,233.15 6,077.96 6,388.85
198.89
180.79
168.74
164.77
167.84
166.41
152.77
139.95
767.81
642.81
591.32
574.84
578.63
599.11
591.71
614.35
204.1
187.37
191.82
193.84
197.13
203.07
188.3
142.68
2,561.12 2,328.51 2,010.10 1,713.73 1,579.87 1,541.00 1,642.31 1,454.46
691.49
541.52
429.09
377.93
281.98
295.74
270.35
258.62
0
0
0
0
0
0.00
0
0
11,966.19 10,568.30 9,562.05 8,438.88 8,243.45 8,038.48 8,923.40 8,998.91
Dec '07
Dec '06
Dec '05
Dec '04
Dec '03
Dec '02
Dec '01
Dec '00
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
2,076.43 1,805.69 1,583.71 1,541.54 2,106.16 2,024.38 1,786.08 1,560.22
2,504.80 2,318.29 1,801.72 1,712.66 2,403.96 2,359.65 2,176.19 1,809.18
25.5
10.73
19.19
129.98
66.76
9.18
7.74
13.15
2,479.30 2,307.56 1,782.53 1,582.68 2,337.20 2,350.47 2,168.45 1,796.03
138.36
130.16
124.45
120.9
124.78
134.1
144.66
130.94
0
0
0
0
0
0
0
0
2,340.94 2,177.40 1,658.08 1,461.78 2,212.42 2,216.37 2,023.79 1,665.09
1.67
-0.21
44.04
56.29
47.69
33.20
18.92
17.23
2,342.61 2,177.19 1,702.12 1,518.07 2,260.11 2,249.57 2,042.71 1,682.32
417.14
321.8
294
320.74
488.3
479.85
402.42
355
1,769.06 1,855.37 1,408.10 1,197.34 1,771.79 1,769.74 1,540.95 1,310.09
4,423.41 3,881.00 3,391.08 3,025.11 2,805.46 2,805.32 2,845.44 2,610.06
0
0
0
0
0
0
0
0
1,976.12 1,325.48 1,100.62 1,100.62 1,599.20 1,210.68 1,100.62
770.21
355.5
185.9
159.62
145.53
374.14
-56.13
57.69
172.15
21,774.63 22,067.76 22,012.44 22,012.44 22,012.44 22,012.44 22,012.44 22,005.95
8.12
8.41
6.4
5.44
8.05
8.04
7
5.95
900
600
500
500
550
550
500
350
6.61
12.34
10.47
9.5
9.71
16.62
13.82
11.3

Balance Sheet of Emami

------------------- in Rs. Cr. ------------------Mar '13
12 mths
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Mar '12
12 mths
15.13
15.13
0
0
762.18
0
777.31
43.47
0.08
43.55
820.86

Mar '13
12 mths
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

495.71
121.22
374.49
44.11
163.58
112.26
80.48
279.09
471.83
97.95
0
569.78
0
159.63
171.48
331.11
238.67
0
820.85
93.37
51.37

Mar '11
12 mths

15.13
15.13
15.13
15.13
0
0
0
0
681.58
667.89
0
0
696.71
683.02
107.43
175.64
0.1
48.23
107.53
223.87
804.24
906.89
Mar '12
Mar '11
12 mths
12 mths
834.7
433.71
400.99
80.49
80.8
109.41
79.05
10.71
199.17
137.48
261.77
598.42
0
194.41
162.06
356.47
241.95
0
804.23
29.25
46.04

796.96
314.52
482.44
6.48
7.08
121.91
91.28
5.83
219.02
171.54
198.32
588.88
0
105.13
72.87
178
410.88
0
906.88
129.95
45.14

Profit & Loss account of Emami

------------------- in Rs. Cr. ------------------Mar '13
12 mths
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Mar '12
12 mths

1,627.09
0
1,627.09
57.2
8.09
1,692.38
703.36
8.53
100.05
0
0
476.41
0
1,288.35
Mar '13
12 mths

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

346.83
404.03
6.1
397.93
123.29
0
274.64
0
274.64
52.96
221.68
584.99
0
121.05
20.57
1,513.12
14.65
800
51.37

1,414.25
24.43
1,389.82
31.87
-23.51
1,398.18

Mar '11
12 mths
1,221.15
18.77
1,202.38
43.21
31.07
1,276.66

589.28
544.05
6.89
6.09
79.07
65.94
4.65
3.85
377.22
340.66
16.2
19.14
0
0
1,073.31
979.73
Mar '12
Mar '11
12 mths
12 mths
293
253.72
324.87
296.93
10.09
15.49
314.78
281.44
120.75
116.03
0
0
194.03
165.41
0.2
-0.26
194.23
165.15
39.52
39.74
256.81
227.49
484.03
435.69
0
0
121.05
52.96
19.43
8.8
1,513.12
16.97
800
46.04

1,513.12
15.03
350
45.14

------------------- in Rs. Cr. ------------------Mar '10

12 mths

Mar '09
12 mths

------------------- in Rs. Cr. ------------------Mar '08

Mar '07
Mar '06
Mar '05
12 mths 12 mths 12 mths 12 mths

Mar '04
12 mths

Mar '03
12 mths

15.13
12.43
12.43
12.23
12.23
12.23
11.23
15.13
12.43
12.43
12.23
12.23
12.23
11.23
0
0.7
0
0.2
0
0
0
0
0
0
0
0
0
0
605.65
282.9
276.57
216.99
84.4
66.02
29.24
0
0
0
0
238.59
238.59
238.59
620.78
296.03
289
229.42
335.22
316.84
279.06
149.23
373.06
35.19
22.81
31.24
33.76
41.04
104.02
67.02
0
0.36
0.22
0.22
0.39
253.25
440.08
35.19
23.17
31.46
33.98
41.43
874.03
736.11
324.19
252.59
366.68
350.82
320.49
Mar '10
Mar '09
Mar '08
Mar '07
Mar '06
Mar '05
Mar '04
Mar '03
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
763.46
202.62
560.84
6.21
62.08
78.61
72.73
27.35
178.69
106.63
132.45
417.77
0
103.54
69.34
172.88
244.89
0
874.02
118.67
82.05

706.44
93.87
612.57
36.7
39.89
73.2
50.75
10.71
134.66
79.94
0.06
214.66
0
115.7
52.02
167.72
46.94
0
736.1
117.49
47.52

105.73
27.91
77.82
13.47
102.97
40.1
34.03
2.77
76.9
156.01
0.04
232.95
0
56.21
46.8
103.01
129.94
0
324.2
26.45
46.5

68.59
21.79
46.8
34.49
78.18
41.2
45.77
3.38
90.35
56.01
15.04
161.4
0
50.63
17.63
68.26
93.14
0
252.61
29.23
37.49

321.96
128.79
193.17
9.28
87.1
36.62
36.68
0.8
74.1
46.79
0.02
120.91
0
25.18
18.61
43.79
77.12
0
366.67
23.14
15.8

320.21
105.63
214.58
4.05
53.91
36.75
35.25
0.31
72.31
26.76
0.03
99.1
0
13.86
6.97
20.83
78.27
0
350.81
7.73
12.8

318.93
87.57
231.36
1.57
6.91
30.97
44.06
0.35
75.38
21.93
0.11
97.42
0
14.87
1.9
16.77
80.65
0
320.49
14.16
7.21

5.62
5.62
0
0
32.09
238.59
276.3
45.05
0.51
45.56
321.86

302.29
68.23
234.06
1.95
8.12
39.78
31.01
1.39
72.18
16.1
0.02
88.3
0
8.98
1.58
10.56
77.74
0
321.87
11.67
67.15

Mar '10
12 mths

Mar '09
12 mths

------------------- in Rs. Cr. ------------------Mar '08

Mar '07
Mar '06
Mar '05
12 mths 12 mths 12 mths 12 mths

Mar '04
12 mths

Mar '03
12 mths

1,006.85
16.28
990.57
33.57
-2.5
1,021.64

739.6
17.25
722.35
5.86
11.58
739.79

585.9
2.19
583.71
21.62
-0.52
604.81

519.22
3.43
515.79
13.91
-0.65
529.05

307.37
6.5
300.87
5.65
-1.85
304.67

225.62
6.77
218.85
1.68
3.48
224.01

223.09
6.96
216.13
1.33
-9.84
207.62

380.89
321.17
248.14
225.56
173.85
129.81
127.41
5.53
3.42
1.29
1.15
1.21
1.03
0.85
55.81
44.69
31.18
21.95
14.47
11.89
11.21
2.8
1.75
1.26
0.99
0.73
0.64
0.6
289.09
214.17
194.22
178.49
46.77
35.56
32.6
11.95
13.02
11.09
20.7
9.32
8.69
7.5
0
0
0
0
0
0
0
746.07
598.22
487.18
448.84
246.35
187.62
180.17
Mar '10
Mar '09
Mar '08
Mar '07
Mar '06
Mar '05
Mar '04
Mar '03
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
242
135.71
96.01
66.3
52.67
34.71
26.12
275.57
141.57
117.63
80.21
58.32
36.39
27.45
54.72
31.57
5.43
1.08
1.41
2
0.23
220.85
110
112.2
79.13
56.91
34.39
27.22
117.49
17.89
7.28
4.65
6.69
2.97
2.51
4.87
0
0
0
0
0
0
98.49
92.11
104.92
74.48
50.22
31.42
24.71
0.22
0.26
0
0.01
0.07
0.16
0.15
98.71
92.37
104.92
74.49
50.29
31.58
24.86
35.4
14.5
12.18
8.57
0.95
2.09
3.15
165.4
87.52
92.75
65.92
49.36
29.44
21.71
365.18
277.05
239.04
223.28
72.49
57.81
52.76
0
0
0
0
0
0
0
45.39
34.05
27.97
24.86
12.23
6.12
1.68
7.71
5.79
4.75
3.67
1.72
0.86
0.22
756.56
21.86
300
82.05

621.45
14.08
225
47.52

621.45
14.92
225
46.5

611.5
10.78
200
37.49

611.5
8.07
100
15.8

611.5
4.81
50
12.8

561.5
3.87
15
7.21

198.65
0.57
198.08
0.13
7.17
205.38
126.72
0.76
9.49
0.55
35.81
5.77
0
179.1

26.15
26.28
3.13
23.15
19.01
0
4.14
-1.72
2.42
1.08
18.39
52.39
0
1.4
0.18
56.15
32.75
25
67.15

---- in Rs. Cr. ------------------Mar '02

12 mths

Mar '01
12 mths

Mar '00
12 mths

5.62
8.12
8.12
5.62
5.62
5.62
0
0
0
0
2.5
2.5
32.33
35.58
16.53
238.59
238.59
265.1
276.54
282.29
289.75
67.16
67.69
31.97
4.51
18.94
14.3
71.67
86.63
46.27
348.21
368.92
336.02
Mar '02
Mar '01
Mar '00
12 mths 12 mths 12 mths
299.35
49.42
249.93
1.76
8.06
30.38
42.11
0.76
73.25
25.81
0.55
99.61
0
10.03
1.12
11.15
88.46
0
348.21
11.41
67.57

289.88
30.88
259
3.66
2.15
44.26
41.52
0.58
86.36
25.03
0.35
111.74
0
7.28
0.36
7.64
104.1
0
368.91
3.11
73.37

286.55
6.56
279.99
1.77
2.14
27.23
12.05
0.18
39.46
20.3
0.21
59.97
0
6.73
1.12
7.85
52.12
0
336.02
2.35
39.45

Mar '02

Mar '01

Mar '00

12 mths 12 mths 12 mths

182.63
210.09
147.19
0.42
2.24
3.66
182.21
207.85
143.53
0.08
-0.07
1.14
-4.64
11.95
4.91
177.65
219.73
149.58
107.6
122.61
68.3
0.65
0.71
0.44
8.78
7.69
5.42
0.44
0.48
0.29
27.07
54.6
50.31
6.15
4.92
3.8
0
0
0
150.69
191.01
128.56
Mar '02
Mar '01
Mar '00
12 mths 12 mths 12 mths
26.88
28.79
19.88
26.96
28.72
21.02
7.57
7.16
2.17
19.39
21.56
18.85
18.68
1.02
1.06
0
0
0
0.71
20.54
17.79
0.01
0.09
0.07
0.72
20.63
17.86
0.77
0
0.8
16.97
20.64
17.05
43.08
68.4
60.27
0.15
0.33
0.33
1.12
1.12
1.12
0.02
0.16
0.17
56.15
29.96
20
67.57

56.15
36.17
20
73.37

56.15
29.79
20
39.45

calculation of ROE
HUL
PAT
Depreciation
EBDT
Equity Share Capital

2,691.40
218.25
2,909.65
216.15

2,305.99
220.83
2,526.82
215.95

2,202.03
184.03
2,386.06
218.17

2,500.71
195.3
2,696.01
217.99

1,769.06
138.36
1,907.42
217.75

1,855.37
130.16
1,985.53
220.68

ROE

13.46125 11.70095

10.9367 12.36759 8.759679 8.997326

Profit Before Tax

Interest
PBIT
Earning Per Share (Rs)

3,469.03
1.24
3,470.27
12.45

2,806.42
6.98
2,813.40
10.09

% CHANGE IN EBIT
% CHANGE IN EPS

0.181461 0.044029
0.16573 0.058474

-0.07642 0.287242
-0.12031 0.412562

0.08149 0.304578
-0.03448 0.314063

DFL

0.913311 1.328086 1.574438 1.436288

-0.42315 1.031139

net fixed asset

Total Assets

2,292.90
2,674.02

1,606.78
2,483.46

TA

0.857473 0.611305 0.815598 0.836885 0.646993 0.996564

calculation of leverage
2,937.03
0.24
2,937.27
10.68

3,020.86
25.32
3,046.18
11.47

2,340.94
25.5
2,366.44
8.12

2,177.40
10.73
2,188.13
8.41

calculation of tangible asset

2,147.47
3,512.93

2,169.10
2,659.52

2,162.11
2,583.52

1,522.51
1,527.76

Calculation of FIRM GRWTH

Net Sales

22,116.37 19,735.51 17,769.12 20,504.28 13,880.56 12,244.02

FIRM GROWTH

12.06384 11.06633

-13.3395

stock price of HUL

2013
2012

2011

2010

2009

2007

393.26
381.97
358.55
325.11
306.48
309.54
324.08
288.25

295.29
282.62
275.25
288.25
247.45
235
246.52
218.67

244.53
263.47
258.53
240.16
237.42
266.07
244.05
207.91

187.05
181.15
181.54
191.82
182.42
180.45
165.15
177.96

47.7194 13.36604 9.381376

Calculation of FIRM SIZE

570.95
594.45
609.25
621.77
622.91
607.95
574.05
581.36

514.84
528.23
532.74
529.92
504.33
454.41
438.15
411.48

572.63
457.34
435.56
464.06

401.5
395.28
366.64
365.82

269.67
269.1
266.74
256.38

220.75
220.47
217.75
225.46

211.01
214.29
228.33
234.99

174.37
179.49
154.04
182.07

average stock price

no of share issued

559.3567 453.6117 312.4275

247.79 237.5633 178.1258
21,624.72 21,615.12 21,594.72 21,816.87 21,798.76 21,774.63

FIRM SIZE

12095931

9804871

6746784

5406002

5178586

3878624

3.4

5.3

8.8

7.1

2.5

8.3

GDP

SUMMARY OUTPUT
1,408.10
124.45
1,532.55
220.12

1,197.34
120.9
1,318.24
220.12

1,771.79
124.78
1,896.57
220.12

1,769.74
134.1
1,903.84
220.12

6.962339 5.988733 8.616073

8.6491

Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA

1,658.08
19.19
1,677.27
6.4

1,461.78
129.98
1,591.76
5.44

2,212.42
66.76
2,279.18
8.05

2,216.37
9.18
2,225.55
8.04

0.05372
0.176471

-0.30161 0.024097 0.095504

-0.32422 0.001244 0.148571

2,023.79
7.74
2031.53
7

Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4
X Variable 5
X Variable 6
X Variable 7
X Variable 8
X Variable 9
X Variable 10

3.284982 1.074982 0.051615 1.555651

1,400.75
2,796.09

1,385.50
2,362.56

1,423.14
3,563.82

0.500967

0.58644

0.39933 0.337138

1,295.63
3,843.03

11,193.88 10,057.11 10,229.41 10,059.02 10,714.11

11.30315

-1.68436 1.693903

Regression
Residual
Total

-6.11427

2006

2005

2004

2003

2002

189.37
206.25
204.28
224.04
205.16
203.1
200.35
204.37

172
159
141
158
145
146
143
125

125
126
109
110
98
102
111
120

179
156
153
160
161
149
156
138

159
159
151
140.18
151
163
168
161.65

254.17
238.12
211.58
170.35

120
115
126
140

123
135
152
165

126
129
148
149

177
199
218
193

209.2617 140.9675 123.0883 150.3975 170.0567

22,067.76 22,012.44 22,012.44 22,012.44 22,012.44
4617936

3103039

2709475

3310616

3743362

7.7

7.7

6.3

6.2

2.1

3.1

SUMMARY OUTPUT
Regression Statistics
0.115885
0.013429
-1.25
2.524783
1

df

SS
MS
F
Significance F
10 0.694166 0.069417 0.108897 #NUM!
8 50.99625 6.374531
18 51.69041

CoefficientsStandard Error
t Stat
X Variable 1
X Variable 2
X Variable 3
X Variable 4
X Variable 5
X Variable 6
X Variable 7
X Variable 8

P-value

Lower 95% Upper 95% Lower 95.0%

Upper 95.0%
-7E-288 1.8E-287
-1E-287 1.2E-287
7.2E-287 9.6E-287
-1E-287 1.3E-287
8E-287 1.1E-286
0
0
-7E-288 1.7E-287
2.4E-289 2.4E-289
-1E-287 1.2E-287
9.97686 1.286488 7.755113 5.46E-05 7.010213 12.94351 7.010213 12.94351
-0.28146 0.852906
-0.33 0.749879 -2.24826 1.68535 -2.24826 1.68535

Calculation of ROE
0
PAT
2012
2011
2010
2009
2007
2006
2005
2004
2003
2002

256.81
227.49
165.4
87.52
92.75
65.92
49.36
29.44
21.71
18.39

Equity Share Capital

ROE
15.13
16.97356246
15.13
15.03569068
15.13
13.30651649
12.43
7.041029767
12.43
7.583810303
12.23
5.39002453
12.23
4.035977105
12.23
2.621549421
11.23
3.862989324
5.62
3.272241993

2013

221.68

15.13

AVG

X1

X2
-1.581680357
-1.747001942
-5.965469525
-1.558770604
0.151234824
-0.417513105
0.741211545
-2.968945701
-0.524760655

ROE
-0.0627
-0.1710
-0.2289
2.4669
0.2956
-0.6483
-0.1387
-0.1527
-0.0073

14.6517

X1
0.1289
0.1299
0.8899
-0.0716
0.4070
0.3355
0.5395
-0.3214
0.1805

-1.5817
-1.7470
-5.9655
-1.5588
0.1512
-0.4175
0.7412
-2.9689
-0.5248

OI90
ROE & DFL + TA

AVG

0.069765897
0.051108661
0.667908068
0.207027438
0.451244799
0.235728169
0.544847879
-0.436990355
0.16272202
0.217040286

ROE & DFL + FS

ROE & DFL + FG
0.019877766
0.081440334
-0.175515904
0.079074447
0.08401885
0.691508004
-0.173117879
-0.131434508
0.360381014
0.421846144
0.35740103
0.311005047
-0.007816871
0.211049086
-0.41531152
-0.406100254
0.178593889
0.1631257
0.025390042
0.157946

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

ROE & DFL

ROE & TA
ROE & FG
ROE & FS
ROE & GDP
ROE & DFL + TA
ROE & DFL + FG
ROE & DFL + FS
ROE & DFL + GDP
ROE & TA + FG
ROE & TA + FS
ROE & TA + GDP
ROE & FG +FS
ROE & FG + GDP
ROE & FS + GDP
ROE & DFL + TA + FS
ROE & DFL + TA + FG
ROE & DFL + TA + GDP
ROE & DFL + FS + FG
ROE & DFL + FS + GDP
ROE & DFL + FG + GDP
ROE & TA + FS + FG
ROE & TA + FS + GDP
ROE & TA + FG + GDP
ROE & FS + FG + GDP
ROE & DFL + TA + FS + FG
ROE & DFL + TA + FS + GDP
ROE & DFL + TA + FG + GDP
ROE & DFL + FS + FG + GDP
ROE & TA +FG+FS+GDP
ROE & DFL + TA + FS + FG + GDP

0.240732096
0.277827904
0.208575414
0.327729182
0.101653999
0.27207957
0.202827079
0.327620956
0.095905664
0.239922888
0.359076656
0.133001473
0.289824166
0.063380479
0.182902751
0.353328322
0.234174553
0.127253138
0.284075831
0.177154416
0.058000648
0.32117164
0.214250225
0.095096456
0.144997734
0.315423305
0.346697957
0.161480164
0.1392494
0.257054269
0.170596874

Calculation of LEVERAGE
ROE GROWTH RATE
0.128884786
0.129949427
0.889853748
-0.071570954
0.407008495
0.335494327
0.539538821
-0.321367676
0.180532898

EBIT

-0.1368

X3
-0.2709
-0.4241
0.5633
0.8037
-0.8157
0.9060
28.7796
-0.8619
0.0462

X1
X4
-1.581680357
-1.747001942
-5.965469525
-1.558770604
0.151234824
-0.417513105
0.741211545
-2.968945701
-0.524760655

204.12
180.90
153.21
123.68
110.35
75.56
51.63
33.42
24.94
7.27
8.28

Profit Before Tax

194.03
165.41
98.49
92.11
104.92
74.48
50.22
31.42
24.71
4.14
0.71

280.74

274.64

0.1779
0.3832
2.5402
0.3576
0.1117
0.0063
1.5194
0.2591
0.0065

ROE & DFL + GDP

ROE & TA + FG ROE & TA + FS ROE & TA + GDP
ROE & FS + FG
0.158150684 0.123843403
0.067586512
0.200553753
0.07926095
0.025705624 0.112366994
-0.00683978
0.058998171
0.021126006
0.328176315 0.852462792
0.103549139
0.489131102
0.127149075
0.019008193 0.247215353
0.150652658
0.397658055
-0.187809289
0.39618335 0.456375268
0.413163005
0.430712474
0.383764351
0.32209505 0.238037444
0.247246395
0.249127447
0.322523272
0.518613146 0.168782636
0.068987017
0.476346695
-0.264811776
-0.41989559 -0.331157765 -0.418810435
-0.344953101
-0.387920333
-0.229147702 0.178997183
0.177624191
-0.213276219
0.178027871
0.124321008 0.227435923
0.089239856
0.193810931
0.03014557

Interest
10.09
15.49
54.72
31.57
5.43
1.08
1.41
2
0.23
3.13
7.57

Earning Per Share (Rs)

% CHANGE IN EBIT
% CHANGE IN EPS
16.97
0.128358209
0.129075183
15.03
0.180732328
-0.312442818
21.86
0.23876132
0.552556818
14.08
0.120797463
-0.056300268
14.92
0.460428798
0.384044527
10.78
0.463490219
0.335811648
8.07
0.544883303
0.677754678
4.81
0.340016038
0.242894057
3.87
2.430536451
-0.881832061
32.75
-0.121980676
0.093124166
29.96

6.1

X1
-1.5817
-1.7470
-5.9655
-1.5588
0.1512
-0.4175
0.7412
-2.9689
-0.5248

14.65

X5
-0.3977
0.2394
1.8400
-0.6988
0.0779
0.0000
0.2222
0.0161
1.9524

0.3754

-0.1367

X2
-0.0627
-0.1710
-0.2289
2.4669
0.2956
-0.6483
-0.1387
-0.1527
-0.0073

ROE & FG + GDP ROE & FS + GDP

ROE & DFL + TA + FG ROE & DFL + TA + FS
0.21410334
0.1559713
0.073082424
0.016825533
0.07487677
-0.032242817
0.056300338
-0.062906436
0.509788729
-0.236182614
0.661012558
-0.087901095
0.079017987
-0.037366587
0.197189619
0.100626923
0.380239757
0.358101556
0.461228858
0.418016595
-0.016783162
0.333613276
0.224638166
0.233847118
0.505375398
0.042752283
0.19257039
0.092774771
-0.325179023
-0.401715669
-0.426440349
-0.514093018
-0.212306521
-0.214245531
0.162156002
0.16078301
0.134348142
-0.003479423
0.177970889
0.039774822

calculation of tangible asset

DFL
1.005585728
-1.72875999
2.314264384
-0.466071612
0.834101881
0.724528015
1.243852901
0.714360587
-0.362813757
-0.763433753

X1
DFL GROWTH RATE
-1.581680357
-1.747001942
-5.965469525
-1.558770604
0.151234824
-0.417513105
0.741211545
-2.968945701
-0.524760655

B1(SLOPE)
-0.03209307

A(INTERCEPT)
0.197015397

-0.364208062

-1.362184995

X3
-0.270946763
-0.424138813
0.56333505
0.803709766
-0.815656931
0.906008056
28.77963452
-0.861892498
0.046241301

net fixed asset

400.99
482.44
560.84
612.57
77.82
46.8
193.17
214.58
231.36
234.06
249.93

374.49

X2
-0.062740636
-0.170959257
-0.228921305
2.466895012
0.295635687
-0.648333489
-0.13871472
-0.152687753
-0.007279268

X4
0.177930714
0.383200758
2.54024819
0.357608416
0.111678831
0.006322149
1.519401922
0.259139357
0.006516944

ROE & DFL + TA + GDP ROE & DFL + FS + FG ROE & DFL + FS + GDP
ROE & DFL + FG + GDP
0.149792774
0.02849997
0.10521032
0.161467212
0.002931515
-0.03494065
-0.088309473
0.030897301
0.297680868
-0.064301159
-0.427632848
0.321280805
0.34763232
-0.237835024
-0.087392322
0.009170374
0.435566063
0.388617941
0.362955146
0.406167409
0.235728169
0.309123995
0.320213998
0.311005047
0.500134449
-0.241024022
0.066540038
0.166335656
-0.440235685
-0.483202917
-0.496998252
-0.409345583
-0.2301174
0.161186691
-0.231086712
-0.229713719
0.144345897
-0.019319464
-0.052944456
0.085251611

Calculation of FIRM GRWTH

Total Assets

TA
804.23
906.88
874.02
736.1
324.2
252.61
366.67
350.81
320.49
321.87

0.498601146
0.53197777
0.64167868
0.832183127
0.240037014
0.185265825
0.526822483
0.611670135
0.721894599
0.727187995

X2
TA GROWTH
-0.062740636
-0.170959257
-0.228921305
2.466895012
0.295635687
-0.648333489
-0.13871472
-0.152687753
-0.007279268

B2(SLOPE)
A(INTERCEPT)
-0.133213665
0.26650532
820.85

0.456222209

X2

-0.084995668

X5
-0.062740636
-0.170959257
-0.228921305
2.466895012
0.295635687
-0.648333489
-0.13871472
-0.152687753
-0.007279268

-0.397727273
0.23943662
1.84
-0.698795181
0.077922078
0
0.222222222
0.016129032
1.952380952

ROE & TA + FS + FG ROE & TA + FS + GDP ROE & TA + FG + GDP ROE & FS + FG + GDP
0.070903039
0.147613389
0.203870281
0.159287827
-0.001648103
-0.055016926
0.064189848
-0.02705114
0.096653629
-0.26667806
0.482235592
-0.243078124
0.140814838
0.291257539
0.387820235
-0.047204407
0.423147064
0.39748427
0.440696533
0.368085616
0.236156392
0.247246395
0.238037444
0.322523272
-0.283290473
0.024273587
0.124069206
-0.309525206
-0.408260428
-0.422055764
-0.334403095
-0.391165663
0.177058173
-0.215215229
-0.213842236
-0.214811548
0.050170459
0.016545467
0.154741534
-0.042548819

Net Sales

FIRM GROWTH
1,389.82
1,202.38
990.57
722.35
583.71
515.79
300.87
218.85
216.13
198.08
182.21

15.58908165
21.38263828
37.13158441
23.75152045
13.16814983
71.43284475
37.47772447
1.258501828
9.112479806
8.709730531
B3(SLOPE)

1,627.09

X3

X3
FIRM GROWTH GROWTH RATE
-0.270946763
-0.424138813
0.56333505
0.803709766
-0.815656931
0.906008056
28.77963452
-0.861892498
0.046241301

A(INTERCEPT)
0.012240513

0.207411034

17.07199493

0.095125121

X4
-0.270946763
-0.424138813
0.56333505
0.803709766
-0.815656931
0.906008056
28.77963452
-0.861892498
0.046241301

0.177930714
0.383200758
2.54024819
0.357608416
0.111678831
0.006322149
1.519401922
0.259139357
0.006516944

ROE & DFL + TA + FS + FG ROE & DFL + TA + FS + GDP ROE & DFL + TA + FG + GDP
0.02014206
0.153109302
0.153109302
-0.05771476
0.008123191
0.008123191
-0.094796605
0.290785358
0.290785358
0.090789103
0.337794501
0.337794501
0.428000654
0.445550123
0.445550123
0.222757115
0.224638166
0.224638166
-0.259502718
0.14785696
0.14785696
-0.503543012
-0.429685678
-0.429685678
0.160216993
-0.230683417
-0.230683417
0.000705426
0.105276501
0.105276501

Calculation of FIRM SIZE

stock price of HUL

2012
2011
2010
2009
2007
2006
2005
2004
2003
2002

2013

X3

X5
-0.270946763
-0.424138813
0.56333505
0.803709766
-0.815656931
0.906008056
28.77963452
-0.861892498
0.046241301

-0.397727273
0.23943662
1.84
-0.698795181
0.077922078
0
0.222222222
0.016129032
1.952380952

ROE & DFL + FS + FG + GDP ROE & DFL + TA + FS + FG + GDP ROE & TA +FG+FS+GDP
0.108526848
0.100168938
0.143035082
-0.083117797
-0.105891906
-0.001648103
-0.434528358
-0.465023804
0.096653629
-0.097230142
0.231393985
0.140814838
0.372939206
0.412321919
0.423147064
0.309123995
0.222757115
0.236156392
-0.285737452
-0.304216148
-0.283290473
-0.486448246
-0.506788341
-0.408260428
-0.231652729
-0.232622427
0.177058173
-0.092013853
-0.071988963
0.058185131

X4
0.177931
0.383201
2.540248
0.357608
0.111679
0.006322
1.519402
0.259139
0.006517

584.9
329.63
387.04
116.82
53.28
71.01
58
28
22
19

585.98
378.1
421.72
111.7
52.82
62.68
61
27
15
11

560.72
389.18
434.6
101.7
52.37
62.67
64
25
10
10

484.64
409.3
442.52
103.28
67.48
52.61
60
25
10
9.52

487.57
448.87
436.52
92.9
70.97
51.68
58
25
9
9

481.23
474.27
439.06
97.8
53.17
50.36
54
18
9
9

481.09
456.55
185.44
84.93
55.97
46.34
53
16
10
10

476.2
424.41
158.18
78.5
71.66
49.69
61
18
10
11.22

468.01

490.81

490.91

478.13

401.2

461.05

4720.75

744.61

X5
-0.39773
0.239437
1.84
-0.6988
0.077922
0
0.222222
0.016129
1.952381

441.86
397.37
154.57
46.92
56.2
45
53
17
13
15

390.1
384.21
146.98
47.58
65.07
43.37
39
17
14
15

366.44
342.37
130.24
47.23
62.01
47.08
42
19
39
40

341.67
394.35
118.48
47.47
59.32
56.86
33
19
39
41

624.36

586.07

577.78

571.2

average stock price

no of share issued
473.5333333
21,615.12
402.3841667
21,594.72
287.9458333
21,816.87
81.4025
21,798.76
60.02666667
21,774.63
53.27916667
22,067.76
53.0775
22,012.44
21.0675
22,012.44
16.73166667
22,012.44
16.62333333
22,012.44
#DIV/0!
22,012.44

884.5733333

21,624.72

X4
FIRM SIZE
FIRM SIZE GROWTH RATE
GDP
10235479.82
0.177930714
8689373.412
0.383200758
6282076.813
2.54024819
1774473.561
0.357608416
1307058.457
0.111678831
1175751.863
0.006322149
1168365.284
1.519401922
463747.0797
0.259139357
368304.8086
0.006516944
365920.1276
#DIV/0!
#DIV/0!

X5
GDP GROWTH RATE
-0.397727273
0.23943662
1.84
-0.698795181
0.077922078
0
0.222222222
0.016129032
1.952380952
0

5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3
6.2
2.1
2.1
3.1
B4(SLOPE)
A(INTERCEPT)
B5(SLOPE) A(INTERCEPT)
0.29753359
0.069214966 0.20121
0.173786041
19128650.65

0.868857248

3.4

-0.358490566

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.3891
0.1514
0.0301
2.4752
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1

df
1.0000
7.0000
8.0000

SS
7.6493
42.8850
50.5343

Coefficients
Standard Error
9.4017
0.8773
-0.0503
0.0450

MS
7.6493
6.1264

t Stat
10.7171
-1.1174

F
Significance F
1.2486
0.3007

P-value
0.0000
0.3007

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
7.3273
11.4761
7.3273
11.4761
-0.1568
0.0562
-0.1568
0.0562

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.5376
0.2890
0.1874
2.2656
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1

df
1.0000
7.0000
8.0000

SS
14.6039
35.9304
50.5343

Coefficients Standard Error

4.8739
2.9791
6.9978
4.1487

MS
14.6039
5.1329

t Stat
1.6361
1.6868

F
Significance F
2.8452
0.1355

P-value
0.1458
0.1355

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-2.1705
11.9183
-2.1705
11.9183
-2.8122
16.8079
-2.8122
16.8079

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.7911
0.6258
0.5724
1.6436
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1

df
1.0000
7.0000
8.0000

SS
31.6253
18.9090
50.5343

Coefficients Standard Error

5.9667
1.2300
0.0000
0.0000

MS
31.6253
2.7013

t Stat
4.8510
3.4216

F
Significance F
11.7075
0.0111

P-value
0.0019
0.0111

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
3.0582
8.8752
3.0582
8.8752
0.0000
0.0000
0.0000
0.0000

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.3830
0.1467
0.0248
2.4820
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1

df
1.0000
7.0000
8.0000

SS
7.4135
43.1207
50.5343

Coefficients Standard Error

9.1430
0.9876
0.0582
0.0530

MS
7.4135
6.1601

t Stat
9.2574
1.0970

F
Significance F
1.2035
0.3089

P-value
0.0000
0.3089

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
6.8076
11.4784
6.8076
11.4784
-0.0672
0.1835
-0.0672
0.1835

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.3157
0.0997
-0.0289
2.5494
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1

df
1.0000
7.0000
8.0000

SS
5.0381
45.4961
50.5343

Coefficients
Standard Error
12.0256
2.7372
-0.3611
0.4101

MS
5.0381
6.4994

t Stat
4.3934
-0.8804

F
Significance F
0.7752
0.4078

P-value
0.0032
0.4078

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
5.5531
18.4981
5.5531
18.4981
-1.3309
0.6087
-1.3309
0.6087

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.5921
0.3506
0.1341
2.3387
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000
Coefficients
5.3084
-0.0334
6.0535

SS
17.7179
32.8163
50.5343
Standard Error
3.1286
0.0443
4.4616

MS
8.8590
5.4694

F
Significance F
1.6197
0.2739

t Stat
P-value
1.6967
0.1407
-0.7546
0.4791
1.3568
0.2237

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-2.3470
12.9639
-2.3470
12.9639
-0.1419
0.0750
-0.1419
0.0750
-4.8636
16.9707
-4.8636
16.9707

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
X3
DFL
FS
0.0398 12095931.2968
-0.0606 9804870.6084
0.1661
6746784.3828
-58.4462 5406002.2173
-0.0251 5178586.0881
-0.7124 3878624.1143
-0.2070 4617936.2372
-0.3424 3103038.6357
0.0002
2709474.5522

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.9083
0.8250
0.7667
1.2140
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000
Coefficients
5.4324
-0.0579
0.0000

SS
MS
41.6910 20.8455
8.8432 1.4739
50.5343

F
Significance F
14.1434
0.0054

Standard Error
t Stat
P-value
0.9313 5.8334
0.0011
0.0221 -2.6133
0.0399
0.0000 4.8059
0.0030

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
3.1537
7.7112
3.1537
7.7112
-0.1120
-0.0037
-0.1120
-0.0037
0.0000
0.0000
0.0000
0.0000

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.4013
R Square
0.1610
Adjusted R Square
-0.1186
Standard Error
2.6582
Observations
9.0000
ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000

SS
8.1368
42.3974
50.5343

Coefficients Standard Error

9.2485
1.1080
-0.0296
0.0925
0.0285
0.1086

MS
4.0684
7.0662

F
Significance F
0.5758
0.5906

t Stat
P-value
8.3471
0.0002
-0.3199
0.7599
0.2627
0.8016

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
6.5373
11.9597
6.5373
11.9597
-0.2559
0.1968
-0.2559
0.1968
-0.2373
0.2943
-0.2373
0.2943

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.5378
0.2892
0.0523
2.4467
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000

SS
14.6162
35.9181
50.5343

Coefficients Standard Error

12.0771
2.6273
-0.0568
0.0449
-0.4285
0.3972

MS
7.3081
5.9863

F
Significance F
1.2208
0.3591

t Stat P-value
4.5968 0.0037
-1.2649 0.2528
-1.0788 0.3221

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
5.6484
18.5058
5.6484
18.5058
-0.1667
0.0531
-0.1667
0.0531
-1.4004
0.5434
-1.4004
0.5434

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.8419
0.7087
0.6116
1.5662
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000
Coefficients
3.6921
3.9810
0.0000

SS
MS
35.8154 17.9077
14.7188 2.4531
50.5343

F
Significance F
7.2999
0.0247

Standard Error
t Stat P-value
2.0983 1.7595 0.1290
3.0460 1.3069 0.2391
0.0000 2.9405 0.0259

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-1.4424
8.8265
-1.4424
8.8265
-3.4724
11.4344
-3.4724
11.4344
0.0000
0.0000
0.0000
0.0000

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.5998
0.3597
0.1463
2.3222
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000

SS
18.1789
32.3554
50.5343

Coefficients Standard Error

5.0229
3.0590
6.1754
4.3706
0.0415
0.0510

MS
9.0894
5.3926

F
Significance F
1.6856
0.2625

t Stat P-value
1.6420 0.1517
1.4129 0.2074
0.8142 0.4466

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-2.4622
12.5079
-2.4622
12.5079
-4.5192
16.8699
-4.5192
16.8699
-0.0832
0.1663
-0.0832
0.1663

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.6583
0.4334
0.2445
2.1846
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000

SS
21.8992
28.6350
50.5343

Coefficients Standard Error

7.2520
3.4571
7.5692
4.0270
-0.4374
0.3538

MS
10.9496
4.7725

F
Significance F
2.2943
0.1819

t Stat P-value
2.0977 0.0807
1.8796 0.1092
-1.2364 0.2625

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-1.2071
15.7112
-1.2071
15.7112
-2.2845
17.4229
-2.2845
17.4229
-1.3030
0.4283
-1.3030
0.4283

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.8526
0.7269
0.6358
1.5167
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000
Coefficients
5.6011
0.0000
0.0484

SS
36.7317
13.8026
50.5343
Standard Error
1.1613
0.0000
0.0325

MS
18.3658
2.3004

F
Significance F
7.9836
0.0204

t Stat
P-value
4.8231
0.0029
3.5700
0.0118
1.4899
0.1868

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
2.7595
8.4427
2.7595
8.4427
0.0000
0.0000
0.0000
0.0000
-0.0311
0.1280
-0.0311
0.1280

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.7956
0.6330
0.5107
1.7581
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000
Coefficients
5.0303
0.0000
0.1115

SS
31.9894
18.5449
50.5343
Standard Error
3.0290
0.0000
0.3250

MS
15.9947
3.0908

F
Significance F
5.1749
0.0494

t Stat
P-value
1.6607
0.1478
2.9529
0.0255
0.3432
0.7431

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-2.3815
12.4420
-2.3815
12.4420
0.0000
0.0000
0.0000
0.0000
-0.6836
0.9067
-0.6836
0.9067

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.4507
R Square
0.2031
Adjusted R Square
-0.0625
Standard Error
2.5907
Observations
9.0000
ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

df
2.0000
6.0000
8.0000

SS
10.2638
40.2705
50.5343

Coefficients Standard Error

10.9916
3.0183
0.0501
0.0567
-0.2784
0.4272

MS
5.1319
6.7117

F
Significance F
0.7646
0.5061

t Stat
P-value
3.6416
0.0108
0.8824
0.4115
-0.6517
0.5388

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
3.6061
18.3772
3.6061
18.3772
-0.0887
0.1888
-0.0887
0.1888
-1.3236
0.7669
-1.3236
0.7669

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.9208
0.8480
0.7567
1.2396
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
4.2297
-0.0511
2.2138
0.0000

SS
42.8507
7.6836
50.5343
Standard Error
1.6797
0.0239
2.5484
0.0000

MS
14.2836
1.5367

F
Significance F
9.2949
0.0173

t Stat
P-value
2.5181
0.0533
-2.1397
0.0854
0.8687
0.4247
4.0441
0.0099

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-0.0881
8.5474
-0.0881
8.5474
-0.1126
0.0103
-0.1126
0.0103
-4.3371
8.7647
-4.3371
8.7647
0.0000
0.0000
0.0000
0.0000

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.6014
R Square
0.3617
Adjusted R Square
-0.0213
Standard Error
2.5399
Observations
9.0000
ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
5.1287
-0.0112
6.0763
0.0306

SS
18.2789
32.2554
50.5343
Standard Error
3.4520
0.0896
4.8461
0.1038

MS
6.0930
6.4511

F
Significance F
0.9445
0.4855

t Stat
P-value
1.4857
0.1975
-0.1245
0.9058
1.2539
0.2653
0.2949
0.7799

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-3.7451
14.0025
-3.7451
14.0025
-0.2415
0.2192
-0.2415
0.2192
-6.3810
18.5336
-6.3810
18.5336
-0.2362
0.2974
-0.2362
0.2974

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.7196
0.5178
0.2284
2.2077
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
7.9591
-0.0394
6.5046
-0.4734

SS
26.1649
24.3694
50.5343
Standard Error
3.5744
0.0421
4.2256
0.3596

MS
8.7216
4.8739

F
Significance F
1.7895
0.2656

t Stat
P-value
2.2267
0.0765
-0.9355
0.3925
1.5393
0.1843
-1.3165
0.2451

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-1.2292
17.1475
-1.2292
17.1475
-0.1475
0.0688
-0.1475
0.0688
-4.3577
17.3669
-4.3577
17.3669
-1.3977
0.4509
-1.3977
0.4509

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
X3
X4
DFL
FS
FG
0.0398 12095931.2968 12.0638
-0.0606 9804870.6084 11.0663
0.1661
6746784.3828 -13.3395
-58.4462 5406002.2173 47.7194
-0.0251 5178586.0881 13.3660
-0.7124 3878624.1143
9.3814
-0.2070 4617936.2372 11.3031
-0.3424 3103038.6357 -1.6844
0.0002
2709474.5522
1.6939

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.9181
0.8430
0.7488
1.2598
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
5.4634
-0.0876
0.0000
-0.0405

SS
42.5988
7.9355
50.5343
Standard Error
0.9672
0.0456
0.0000
0.0536

MS
14.1996
1.5871

F
Significance F
8.9469
0.0188

t Stat
P-value
5.6484
0.0024
-1.9227
0.1125
4.6598
0.0055
-0.7563
0.4836

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
2.9770
7.9497
2.9770
7.9497
-0.2048
0.0295
-0.2048
0.0295
0.0000
0.0000
0.0000
0.0000
-0.1782
0.0972
-0.1782
0.0972

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
X3
DFL
FS
0.0398 12095931.2968
-0.0606 9804870.6084
0.1661
6746784.3828
-58.4462 5406002.2173
-0.0251 5178586.0881
-0.7124 3878624.1143
-0.2070 4617936.2372
-0.3424 3103038.6357
0.0002
2709474.5522

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.9089
0.8262
0.7219
1.3255
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
5.0585
-0.0573
0.0000
0.0451

SS
41.7498
8.7845
50.5343
Standard Error
2.2837
0.0243
0.0000
0.2466

MS
13.9166
1.7569

F
Significance F
7.9211
0.0240

t Stat
P-value
2.2150
0.0776
-2.3570
0.0650
3.9299
0.0111
0.1829
0.8621

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-0.8120
10.9290
-0.8120
10.9290
-0.1199
0.0052
-0.1199
0.0052
0.0000
0.0000
0.0000
0.0000
-0.5889
0.6791
-0.5889
0.6791

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.5686
R Square
0.3233
Adjusted R Square
-0.0828
Standard Error
2.6153
Observations
9.0000
ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
13.5731
-0.1104
-0.0701
-0.6078

SS
16.3352
34.1990
50.5343
Standard Error
4.0977
0.1172
0.1398
0.5552

MS
5.4451
6.8398

F
Significance F
0.7961
0.5466

t Stat
P-value
3.3123 0.0212
-0.9422 0.3894
-0.5013 0.6374
-1.0948 0.3235

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
3.0395
24.1067
3.0395
24.1067
-0.4116
0.1908
-0.4116
0.1908
-0.4293
0.2892
-0.4293
0.2892
-2.0350
0.8193
-2.0350
0.8193

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.8816
0.7773
0.6436
1.5003
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
3.8417
3.1793
0.0000
0.0409

SS
39.2791
11.2551
50.5343
Standard Error
2.0137
2.9886
0.0000
0.0329

MS
13.0930
2.2510

F
Significance F
5.8165
0.0437

t Stat
P-value
1.9078
0.1147
1.0638
0.3361
3.0616
0.0280
1.2404
0.2698

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-1.3346
9.0180
-1.3346
9.0180
-4.5031
10.8617
-4.5031
10.8617
0.0000
0.0000
0.0000
0.0000
-0.0438
0.1255
-0.0438
0.1255

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.8420
0.7089
0.5343
1.7151
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
3.8216
4.0547
0.0000
-0.0204

SS
35.8262
14.7080
50.5343
Standard Error
3.1388
3.5502
0.0000
0.3374

MS
11.9421
2.9416

F
Significance F
4.0597
0.0828

t Stat
P-value
1.2175
0.2777
1.1421
0.3051
2.1759
0.0815
-0.0606
0.9540

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-4.2469
11.8901
-4.2469
11.8901
-5.0715
13.1809
-5.0715
13.1809
0.0000
0.0000
0.0000
0.0000
-0.8878
0.8469
-0.8878
0.8469

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.6812
0.4640
0.1424
2.3275
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
7.0651
6.9402
0.0283
-0.3844

SS
23.4477
27.0865
50.5343
Standard Error
3.6998
4.4488
0.0528
0.3897

MS
7.8159
5.4173

F
Significance F
1.4428
0.3352

t Stat
P-value
1.9096
0.1144
1.5600
0.1795
0.5346
0.6158
-0.9862
0.3693

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-2.4455
16.5757
-2.4455
16.5757
-4.4957
18.3761
-4.4957
18.3761
-0.1076
0.1641
-0.1076
0.1641
-1.3862
0.6175
-1.3862
0.6175

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.8663
0.7504
0.6007
1.5882
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3

df
3.0000
5.0000
8.0000
Coefficients
3.8341
0.0000
0.0534
0.2061

SS
37.9219
12.6124
50.5343
Standard Error
2.8454
0.0000
0.0348
0.3000

MS
12.6406
2.5225

F
Significance F
5.0112
0.0574

t Stat
P-value
1.3475
0.2357
3.3113
0.0212
1.5336
0.1857
0.6869
0.5227

Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-3.4803
11.1484
-3.4803
11.1484
0.0000
0.0000
0.0000
0.0000
-0.0361
0.1428
-0.0361
0.1428
-0.5650
0.9771
-0.5650
0.9771

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4

gression Statistics
0.9280
0.8611
0.7223
1.3245
9.0000

df
4.0000
4.0000
8.0000

SS
43.5171
7.0171
50.5343

Coefficients Standard Error

4.3792
1.8110
-0.0776
0.0499
1.9878
2.7474
0.0000
0.0000
-0.0350
0.0568

MS
10.8793
1.7543

F
Significance F
6.2016
0.0525

t Stat
P-value
2.4181
0.0729
-1.5543
0.1951
0.7235
0.5094
3.7930
0.0192
-0.6164
0.5710

Lower 95%
Upper 95% Lower 95.0%
-0.6489
9.4072
-0.6489
-0.2161
0.0610
-0.2161
-5.6402
9.6158
-5.6402
0.0000
0.0000
0.0000
-0.1928
0.1228
-0.1928

Upper 95.0%
9.4072
0.0610
9.6158
0.0000
0.1228

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4

gression Statistics
0.9210
0.8482
0.6964
1.3848
9.0000

df
4.0000
4.0000
8.0000

SS
42.8636
7.6706
50.5343

Coefficients Standard Error

4.3716
2.5505
-0.0511
0.0267
2.2942
3.0102
0.0000
0.0000
-0.0224
0.2724

MS
10.7159
1.9177

F
Significance F
5.5880
0.0621

t Stat
P-value
1.7140
0.1617
-1.9157
0.1279
0.7621
0.4884
2.9509
0.0419
-0.0822
0.9385

Lower 95%
Upper 95% Lower 95.0%
-2.7097
11.4529
-2.7097
-0.1253
0.0230
-0.1253
-6.0635
10.6518
-6.0635
0.0000
0.0000
0.0000
-0.7788
0.7340
-0.7788

Upper 95.0%
11.4529
0.0230
10.6518
0.0000
0.7340

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4

gression Statistics
0.7489
0.5608
0.1216
2.3556
9.0000

df
4.0000
4.0000
8.0000

SS
MS
28.3394 7.0849
22.1948 5.5487
50.5343

F
Significance F
1.2768
0.4093

Coefficients Standard Error

t Stat
P-value
9.5584
4.5904 2.0822
0.1058
-0.0993
0.1058 -0.9389
0.4009
6.6392
4.5138 1.4709
0.2153
-0.0789
0.1260 -0.6260
0.5653
-0.6762
0.5022 -1.3465
0.2494

Lower 95%
Upper 95% Lower 95.0%
-3.1867
22.3035
-3.1867
-0.3931
0.1944
-0.3931
-5.8932
19.1715
-5.8932
-0.4288
0.2710
-0.4288
-2.0706
0.7181
-2.0706

Upper 95.0%
22.3035
0.1944
19.1715
0.2710
0.7181

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
X3
X4
DFL
FS
FG
0.0398 12095931.2968 12.0638
-0.0606 9804870.6084 11.0663
0.1661
6746784.3828 -13.3395
-58.4462 5406002.2173 47.7194
-0.0251 5178586.0881 13.3660
-0.7124 3878624.1143
9.3814
-0.2070 4617936.2372 11.3031
-0.3424 3103038.6357 -1.6844
0.0002
2709474.5522
1.6939

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4

gression Statistics
0.9201
0.8465
0.6930
1.3925
9.0000

df
4.0000
4.0000
8.0000

SS
42.7780
7.7563
50.5343

Coefficients Standard Error

6.2959
2.9400
-0.0989
0.0625
0.0000
0.0000
-0.0543
0.0745
-0.0991
0.3261

MS
10.6945
1.9391

F
Significance F
5.5153
0.0634

t Stat
P-value
2.1414
0.0989
-1.5825
0.1887
3.6928
0.0210
-0.7282
0.5068
-0.3040
0.7763

Lower 95%
Upper 95% Lower 95.0%
-1.8669
14.4588
-1.8669
-0.2723
0.0746
-0.2723
0.0000
0.0000
0.0000
-0.2612
0.1527
-0.2612
-1.0046
0.8063
-1.0046

Upper 95.0%
14.4588
0.0746
0.0000
0.1527
0.8063

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4

gression Statistics
0.8843
0.7820
0.5639
1.6597
9.0000

df
4.0000
4.0000
8.0000

SS
39.5156
11.0186
50.5343

Coefficients Standard Error

3.2177
3.0819
2.7503
3.6157
0.0000
0.0000
0.0443
0.0383
0.1005
0.3428

MS
9.8789
2.7547

F
Significance F
3.5863
0.1219

t Stat
P-value
1.0440
0.3554
0.7606
0.4892
2.4152
0.0731
1.1573
0.3116
0.2930
0.7841

Lower 95%
Upper 95% Lower 95.0%
-5.3391
11.7744
-5.3391
-7.2887
12.7892
-7.2887
0.0000
0.0000
0.0000
-0.0619
0.1505
-0.0619
-0.8514
1.0523
-0.8514

Upper 95.0%
11.7744
12.7892
0.0000
0.1505
1.0523

Y
ROE
13.4737
11.5818
10.9457
12.3812
8.6433
9.0202
6.9623
5.9887
8.6160

X1
DFL
0.0398
-0.0606
0.1661
-58.4462
-0.0251
-0.7124
-0.2070
-0.3424
0.0002

X2
TA
0.8575
0.6113
0.8156
0.8369
0.6470
0.9966
0.5010
0.5864
0.3993

X3
FS
12095931.2968
9804870.6084
6746784.3828
5406002.2173
5178586.0881
3878624.1143
4617936.2372
3103038.6357
2709474.5522

X4
FG
12.0638
11.0663
-13.3395
47.7194
13.3660
9.3814
11.3031
-1.6844
1.6939

X5
GDP
3.4
5.3
8.8
7.1
2.5
8.3
7.7
7.7
6.3

Regression Statistic

Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4
X Variable 5

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.9341
0.8725
0.6600
1.4655
9.0000

ANOVA
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2
X Variable 3
X Variable 4
X Variable 5

df
5.0000
3.0000
8.0000

SS
44.0909
6.4433
50.5343

Coefficients Standard Error

5.6668
3.1971
-0.0961
0.0658
2.4998
3.1973
0.0000
0.0000
-0.0595
0.0787
-0.1866
0.3610

MS
8.8182
2.1478

F
Significance F
4.1057
0.1373

t Stat
P-value
1.7725
0.1744
-1.4595
0.2405
0.7819
0.4913
2.7081
0.0733
-0.7559
0.5046
-0.5169
0.6409

Lower 95%
Upper 95%
-4.5078
15.8415
-0.3056
0.1134
-7.6754
12.6751
0.0000
0.0000
-0.3101
0.1910
-1.3355
0.9623

Lower 95.0% Upper 95.0%

-4.5078
15.8415
-0.3056
0.1134
-7.6754
12.6751
0.0000
0.0000
-0.3101
0.1910
-1.3355
0.9623