EXECUTIVE SUMMARY

This report is prepared on the basis of analyzing two case study companies with comparisons
on its annual reports financial performance which contains in task 1 and in the task 2 of the
report contains the project appraisal techniques of a given scenario. In the task 1 scenario the
basic concepts been covered by the given questions such as discussing the main financial
statements of the selected annual reports, Comparing the formats of income statement and
balance sheet for a company and a sole trader, Analyzing the financial performance and
financial position of both companies by using appropriate ratios and select the best company
accordingly, Assessing how above two companies financial information helps various stake
holders to make decisions, Identifying, sources of finance that are available to selected
organizations which is mainly Boeing company, Comparing and contrasting the sources of
finance (based on cost of the source and other factors) that are available to the above selected
organization in order to select the best possible sources of finance, and finally explanation on
how above financing options are appeared on the selected financial statements.
The task 02 or the second part of this report contains the project appraisal techniques for a
selected three projects as (Project 1: Purchase a van & hire it for a cab service, Project 2:
Build a small shopping complex & rent it out for businessmen, Project 3: Purchase shares
from a leading company). Accordingly explaining the significance of financial planning and
capital budgeting decisions as well as evaluating investments, prepare budgeted cash flows of
the investments and select the best option by applying both discounted and non-discounted
investment appraisal techniques been done.
Finally, the report will provide technical details of the financial ratio analysis and project
appraisal techniques with cost benefit analysis.

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Task 01
When considering the Boeing company and Airbus company as the case study companies;
Boeing Company
Boeing is a famous USA aerospace company as well as the leading manufacturer of
commercial jetliners and defense, space and security systems. Boeing products include
commercial and military aircraft, satellites, weapons, electronic and defence systems,
launch systems, advanced information and communication systems, and performance-based
logistics and training. With corporate offices in Chicago, Boeing employs more than
168,000 people across the United States and in more than 65 countries.
The Vision of the company Provide excellent emergency response and fire prevention to
protect people, programs, facilities and our community from the adverse effects of fire,
release of hazardous material, and industrial injuries. Deploy these services in a responsive
and cost-effective manner.
Airbus Company
The Airbus Group is a European multinational aerospace and defence corporation registered
in the Netherlands and a defence and military contractors worldwide. The group consists of
the three business divisions Airbus, Airbus Defence and Space, and Airbus Helicopters.

The company was originally formed as the European Aeronautic Defence and Space
Company (EADS) on 10 July 2000 by the merger of Arospatiale-Matra, DaimlerChrysler
Aerospace AG (DASA), and Construcciones Aeronuticas SA (CASA). In January 2014,
EADS was reorganized as Airbus Group combining the divisions for development and
marketing of civil and military aircraft, as well as communications systems, missiles, space
rockets, helicopters, satellites, and related systems.

Vision statement of the company Our Vision Innovation at Airbus Group The world will
change considerably in the coming decades.

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3 | Page

Question 01
Income statement and the balance sheet of the two companies can be taken as the main
financial statements which contribute to calculate the net loss or profit of the company as
well as the balance sheet represents the financial position of the company in a particular
accounting period.
According to Boeing Company income statement the net profit in billions was $2,987 in 2012
and for Airbus Company it is $ 1,197 when compared to Boeing the profit proportions are $
1790 lesser. When considering the balance sheet values $92,121 in Airbus Company and in
Boeing it is $88,896 which again is a rise than the rivalry company.
Comparison of the key disclosure regimes in comparison to financial ratios of 2008-2012
Boeing Company
Financial
Information

2008

2009

2010

2011

2012

Total Revenues

60,909

68,281

64,306

68,735

81,698

Net earnings

2,672

1,312

3,307

4,018

3,900

Earnings per
share

3.65

1.87

4.46

5.33

5.11

Operating
margins

6.5%

3.1%

7.7%

8.5%

7.7%

Operating cash
flow

(401)

5,603

2,952

4,023

7,508

Contractual
backlog

323,860

296,500

303,955

339,657

372,355

Total backlog

351,926

315,558

320,826

355,432

390,228

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Table 1: Boeing company financial ratios

Airbus Company
Financial
Information

2008

2009

2010

2011

2012

Total Revenues

43,265

42,822

45,752

49,128

56,480

Net earnings

1597

(752)

572

1037

1229

Earnings per
share

1.95

(0.94)

0.68

1.27

1.50

Gross margin

7,358

4,439

6,224

6,843

7,935

Table 2: Airbus company financial ratios

Question 02

For a sole trader and for a company the type of expenses varies so for companies the different
types of expenses leads to make the financial statements more complex and for sole traders it
seems to be simpler. There are four types of financial statements as statement of financial
position (balance sheet), the statement of comprehensive income (income sheet), the
statement of changes in equity (equity statement), and the statement of cash flow.
The comparative analysis of Boeing versus Airbus can be considered as major marketing
competitors that cannot be easily traced or identified. According to the financial reviews it
has been appeared that Airbus had gained the success. When comparing the last 5 years
almost more than 2000 aircraft deliveries had been taken place by two major manufacturers
of the air craft industry as Airbus and Boeing.

The balance sheet reports on assets and liabilities, whereas the income statement reports on
income, expenses and profits, cash flow statement reports on operational, investment and
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financial cash flow activities and an equity statement reports on equity changes. Balance
sheets are typically divided into two sections -- one for assets, the other for liabilities and net
worth where as the Income statements are used to show the transformation of revenue into
net profit or loss.
Question 03

The balance sheets of the company Boeing and Airbus and with other disclosures normally
provide relevant information useful not only in helping investors, but also to forecast future
cash flows, liquidity and long term solvency. Unlike the income statement which reports
changing statement reporting events occurred during a period of time, the balance sheet
shows an organized array of assets, liabilities, shareholders equity in a point of time.
Analysis of annual reports of Boeing and Airbus companies for 2011/2012
financial years
A ratio is a statistical means of which relationship between two or various figures can be
compared or measured.
Analysis of Profitability Ratios
Gross Profit Margin
This represents the proportion of each dollar of revenue that both Boeing and Airbus
companies is retained as gross profit. For the Boeing Company in the year 2012 it is 15.97%,
whereas for Airbus Company it is 14%, which implies that the Boeing profit proportions are
1.97% higher than the Airbus profit proportions even though they are competing companies
with each other. This can be due to lack of brand recognition or brand name, more customer
goodwill towards the Boeing Company as it has a history more than the Airbus, as well as
this can be due to facilities and service quality deviations.
Operating Profit Margin
Measures company operating results. This indicates that the percent of profit on each dollar
of sales earned by both companies. In year 2012 Boeing earned 7.72% and the Airbus
company earned 3.8%, which is again a deduction on company sales, which shows that

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Boeing has high profit margin means more profitable company that has better control over its
costs.

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Analysis of Liquidity Ratios

Current Ratio
Current ratio measures ability to pay short-term obligations. If this ratio is considerably high
it implies that the firm is liquid and has the ability to pay its current obligations on time and
when they become due. When Considering Boeing this means when compared to standard
ratio 2:1 this ratio is lower as it is 1.27. This shows low short term liquidity efficiency. For
Airbus it is 0.93 which is lower than even Boeing so for both companies the ability of
repaying their short term obligations like bank overdrafts, debts are lower and has to be
improved.
Working Capital Analysis
Working capital measure firms efficiency and short term financial health. If any company has
a positive working capital it means that firm is able to pay off its short term liabilities. For
Boeing it is 12327$ and for Airbus, it is -3,319$ which shows that Airbus is having an
efficient and stable financial position.
Analysis of Activity ratios
Inventory turnover ratio
In this analysis basically inventory turnover, debtors turnover and creditors turnover needs to
be analysed.For Boeing Inventory Turnover Days are 169 days, where as for Airbus company
it is 175 days. This indicates how much inventory is available in terms of the number of days
sales. So from sales point of view Boeing has a higher performance than the Airbus in year
2012.
Debtors turnover ratio
For Boeing debtors Days are 25 and for Airbus 44 days. This indicates number of times that
accounts receivable amount is collected throughout the year. A high accounts receivable
turnover ratio indicates a tight credit policy of Boeing Company than the Airbus Company.

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Creditors turnover ratio

In this analysis basically the settlement time of the creditors can be seen. For Boeing
creditors days are 11 days approximately. For Airbus Company creditors days are 74.5 or 75
days. In here, the money payback of Boeing in terms of days is quick whereas Airbus the
activity ratios are not early as Boeing Company.
Analysis of financial leverage ratios

Debt to Equity Ratio

In Boeing Company it is 14, and in Airbus Company it is 7.83, which means that Measures
the portion of assets contributed by creditors. A company financing a large portion of assets
with debt has a high degree of financial leverage. The higher the leverage; the higher the risk
that a company may be unable to meet its current obligations.

Interest Coverage
In Boeing Company 13.63 and for Airbus 11 approximately which implies that the
responsibility o f the company in paying the interest component is much more higher than
Airbus who is the rivalry company in operating in the long run.

Figure 1: Financial results

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Question 04
Financial statements represent a formal record of the financial activities of an entity. The
balance sheets of the company Boeing and Airbus and with other disclosures normally
provide relevant information useful not only in helping investors, but also to forecast future
cash flows, liquidity and long term solvency. Unlike the income statement which reports
changing statement reporting events occurred during a period of time, the balance sheet
shows an organized array of assets, liabilities, shareholders equity in a point of time.
Boeing Company

Shareholders: - Focusing on producing the airplanes the market demands and

pricing products to provide a fair return for company shareholders while continuing
to find new ways to improve efficiency and quality. In 2008 there is a net $8,565
million decrease in Shareholders equity, primarily due to declines in pension plan
assets, as a result of declines in financial markets. Between 2008 to 2012 more than
$39 million was distributed in 51 countries. Shareholders are of 2 types as a

registered shareholder, or as a beneficial owner of stock that is held in "street name."

Customers :- Company has a worldwide customer network with 65 percent of total
backlog represented by international customers.70% of the Boeing Commercial
Airplanes' backlog are for jetliners ordered by non U.S. customers, including many
from emerging markets. This includes Boeing Defense, Space & Security's total

revenue.
Employees: - Boeing employees volunteer around the world to support

many charitable endeavors.

Suppliers and partner companies: - The Boeing supplier network includes
approximately 28,000 suppliers and partners. Boeing has six Research &
Development Centers, 16 Consortia and 22 joint research centers. Boeing has
relationships with more than 50 international universities and Technology /

Technical Services Centers worldwide.

Others: USA Government, Regulatory bodies, Media

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Airbus Company

Customers:-There are 324 firm orders from 20 customers for the passenger version
the Airbus A380-800, of which 132 have been delivered to 11 of those customers as of
May 2014 due to the company annual report.

Suppliers and Partnerships:-Company inherits a global supply chain that contributes to

the success of its growing aircraft product line. More than 2,000 suppliers in over 20
countries deliver the quality components, parts, systems and hardware to this company.
Airbus Group's external procurement is equivalent to approximately 2/3 of Airbus
Group's revenues, and the volume is developing in line with the Group's revenue.
Suppliers for direct procurement can be grouped into the following commodity clusters:
Systems & Equipment, Aero structures, and Material.

Shareholders: - Total number of outstanding shares as at March 2014 is 783,644,193

therefore the voting rights are 783,072,075.

Employees: - Company consists of employees from more than 100 nationalities.

Others: - Analysts, Journalists, Media.

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Question 05
For Boeing the source of finance is used aircraft finance market, Lesser (Lesser source of
delivery financing are Cash, Export Credit, Bank Debt, Lesser Self-Fund, Capital Markets)
and Export Credit.
This can be briefly explained as below.

Figure 2: Sources of finance

Financing sources for Boeing deliveries in 2014 shows the decreasing reliance of rapid
expansion of the capital markets and other funding sources of lessor funding. Boeing
customers to continue to be in the industry rates are than the rivalry company of Airbus as the
financial ratios and other nonfinancial factors are showing a 50:50 or more than that of less
ratio effect which implies that in the long run the survival rate of the Boeing company is
much more higher than the Airbus company.Lessor leverage should be balanced across all of
the finance markets, as well as reversing thee 6 years decline of self funding from parent
company provided leverage.
However the main financial ratios and the components which affects the market are as above
meentioned and basically the cash,capital markets has a lesser impact when companerd to
other factors such as lessor self fund,bank debt,export credit,manufacturer impact as well as
lessor funding.
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Question 06
Used Aircraft Finance Market
This depends on secondary markets. Higher oil prices, interest rate deviations, over the past
decade that reduced opportunities for used aircraft market as well as to disruptions.
The secondary market is strengthening due to pricing adjustments to these new fundamentals.
The recovery is evidenced by new and returning market participants with aircraft asset
expertise that is better rewarded by the more nuanced used aircraft market.
Lessor source of delivery financing such as cash, export credit, bank debt, lessor self
fund, capital markets.
Capital Markets
This is explained using the Boeing company annual report as The Capital Markets: The
growth from 3% of new delivery financing in 2009, to our projection of over 20% in 2014,
tells a story of rapid expansion. With the Cape Town Treaty facilitates expanded investor
interest in airlines outside of the U.S., to broad funding of leasing companies, the public
markets are delivering on their promise. Complementing public market liquidity, we expect to
see meaningful growth in private placements to provide debt and equity for airlines and
lessons where transaction size or other considerations limit public market access. (Annual
report of Boeing 2012)
Commercial Bank Debt
Export Credit

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Question 07
According to the 2012 annual report consolidated balance sheet of Boeing Company
Total current assets balance is $57,309 as at December 2012, Total assets $88,896, Total
shareholders equity is $5,967, total current liabilities $44,982. Total liabilities and
shareholders equity $88,896, when compared to 2011 figures of $79,986.These are the key
disclosure regimes of 2012 and the reasons for such aspects due to past years behavioral
patterns and reasons. So the past years inefficiencies and weaknesses are continuing
throughout the year 2012 as well and the company should focus on a BPR which will
reengineer the design of the cost cycle of the company.
According to the 2012 annual report consolidated balance sheet of Airbus Company
The total cost balance is $16,868 as at December 2012, amortisation is $ - 3,446, Net book
value $13,422. This can be due to the reason of operational plan of the EADS board of
directors, long term commercial assumptions, cash flows are discounted using a euro
weighted average cost of capital pre-tax (WACC) of 10.2% (in 2011: 10.4%);, carrying value
as well as planned cash flows include impacts from the existing hedge portfolio, change of
the euro against the US$ (reference scenario at 1.35 US$ / ): A change by 10 cents, + or would not imply an impairment charge in the EADS accounts, change of the WACC: An
increase of 50 basis points in the WACC would not imply an impairment charge in the EADS
accounts.

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2012 Aircraft Deliveries of Airbus

China
Southern

Easy Jet

Saudi Arabian
Airlines

Laufthansa

Aeroflot

USA Airways

Avianca
Singapore
Airlines

Airasia
China Eastern

Indian Airlines
AirFrance

2012 Aircraft Deliveries of Boeing

Rynnair
Amarican Airlines
4%

4%

GECAS

5%

Delta

23%

JAL

5%

Continental

6%

Lion Air
GOL

5%
13%

5%

South West
BOC Airways
All Nippon Airways

7%
9%

14%

Hainan Airlines

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Figure 3: Comparison of Airbus Vs Boeing Company

Task 02
Question 01:
He has to choose between three possible projects where the cost of capital and estimated
useful life associated with all three investments are 12% and 6 years respectively. The scrap
value of Project 01 should be considered as 40% of the initial investment. The three
investments are as follows,

Project 1: Purchase a van & hire it for a cab service.

Project 2: Build a small shopping complex & rent it out for businessmen

Project 3: Purchase shares from a leading company (shares could be sold at the end of 4th
year)
Base on above scenario,

Project 1: Purchase a van & hire it for a cab service

Cost of capital -12%
Useful l life - 6 years
Scrap value 40% of the initial investment
Project 2: Build a small shopping complex & rent it out for businessmen
Cost of capital -12%
Useful l life - 6 years
Project 3: Purchase shares from a leading company
Cost of capital -12%
Useful l life - 6 years
(Shares could be sold at the end of 4th year)
In order to appraise this project by project appraisal method the exact 6 years values should
be thereby considering those discounted cash flows the NPV values can be calculated and if
NPV is more than 0 or if it is a positive value the project has to be accepted and if the NPV is
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less than zero the project has to be rejected and if it equals to zero it depends on the
organization.
Based on the calculated NPV the IRR factor can be easily calculated. If the NPV calculated
previously heavily depends on the COC factor and higher the COC lesser the positive NPV.
As three projects have a same estimated life span and a same COC factor the NPV is likely to
be same for 3 projects so based on the NPV feedback the highest NPV value project should
be undertaken as it has higher return. COC in discounting is borrowed from what the
investors are asking from the company, which is likely to fluctuate over time and its also not
easy to quantify the risk free and risk premium components of the COC. So the argument
here is if COC is uncertain NPV calculated becomes uncertain leading to an uncertain
decision.
Business owners usually follow several steps in the financial planning process. These steps
include assessing the business environment, reviewing the company mission and objectives,
identifying new expansion or business opportunities, determining the availability of
economic resources, and creating a budget for each business opportunity.
When it comes to the fact of capital budgeting it heavily depends on several corporate finance
formulas to assess the financial return of business opportunities. These mathematical
calculations provide business owners with a quantitative analysis using internal and external
financial or economic data. Capital budgeting also may use qualitative analysis, if absolutely
necessary, based on information relating to the decision.

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Question 02
In here basically measuring whether the benefits of a project exceed the investment cost, or in
brief cost benefit analysis has to be done. There are two types of techniques as
discounted and non-discounted cash flow techniques.
Non-discounted Techniques
Payback Period
Accounting Rate of Return (ARR)
Discounted Cash Flow Techniques
Net Present Value (NPV)
Internal Rate of Return (IRR)

Payback Period
After considering the cumulative cash flows and net cash flow factors the
project, which gives the quickest payback should be selected. Such
advantages of this technique are it is convenient to calculate as well as to
understand, with quickest payback projects selected less uncertain
projects are being selected. Such drawbacks are beyond the payback
period cash flows are not seriously looked at, less uncertainty is likely to
select less return projects. So are we selecting the nest earning or less
best paying projects are now questionable.
Accounting Rate of Return (ARR)
The name itself suggests that it is an accounting base method meaning
profits should be taken. So the values taken here should be after
depreciation. This is very similar to ROCE or ROI. But since it is under
project appraisal forecasted information is used. In ARR there are 2
formulas normally used.
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ARR= Average annual PBIT *100

Initial Investment

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When comparing the three projects, the highest ARR project will be
selected based on its appropriate values. The advantages of this method
are with profits used, it is more familiar information since the calculations
are also similar to the ROI. Such drawbacks are the profit involves
noncash items which are not very realistic leading to unrealistic analysis.
Net Present Value (NPV)
In this technique relevant cash flows are identified and then discounted to get the present
value and by adding present values get the NPV. By considering those discounted cash flows
the NPV values can be calculated and if NPV is more than 0 or if it is a positive value the
project has to be accepted and if the NPV is less than zero the project has to be rejected and if
it equals to zero it depends on the organization.
IRR
The NPV calculated previously heavily depends on the cost of capital and
higher the COC lesser the positive NPV.

Example 01:

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Figure 4 : NPV Vs IRR

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CONCLUSION & RECOMMENDATIONS

In order to improve the supplier and customer relationships the companies

can implement below recommendations.

The Management Team:-In order to get the optimum efficiency those companies should
focus on the management which should be carefully selected and appropriately trained in
order to achieve the organizational goals.
Technical Capability: - As the two companies are engaged in technological advancement
products which is mainly aircraft industry the technology up taking is a must when it is
about the development of the products. In order to protect the competitive advancement
these two companies should continuously engage in research and development.
Commitment to integrity:-Integrity, in the broadest sense, must pervade our actions in all
relationships, including those with our customers, suppliers, and each other. This is a
commitment to uncompromising values and conduct. It includes compliance with all laws
and regulations.
Financial Strengths:-As the aircraft industry id a high risk business it is a must to have a
high financial strength. In order to engage with investments and new technological
advancements this base is a must. This objective also requires contingency planning
and control to ensure the company is not overextended should severe economic
downturns occur in the period of operations and planning.
Workforce training and development (employee Training) this should be done to ensure
that the service quality being served to the customers are for the dame way in order to
survive in the long run.
Communication:-even though this aspect is seen as comparably normal it is essential to
make sure that the communication levels are there properly and the communication
should be consistent with the hierarchical levels of the company.

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SWOT Analysis of Boeing and Airbus companies

Strong global network

Broad product line
R&D development

Strengths

A hierarchical management style

Employee relataed issues
Depends on US government

Weaknesses

New aircraft to gain market share

Increase demand for point to point routes
New technological advancement

Opportunities

Slowdown in the commercial jet market

Uncertain airline industry environment
Introduction of substititue products

Threats

Figure 5: SWOT analysis

Any Further considerations

The possible changes to be done at the Boeing Company co-operate culture as the
organizational culture of Boeing is hard to identify in the organizational matrix. Due to the
company profile this can be due to the past inefficiencies regarding the employee training and
development. A hierarchical management style, which is a product of its military heritage,
Labor problems - excessive overtime - 48 day strikes, Lack of professional management
skills, cross-divisional communication.
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Secondly the competitive advantage policy can be used by the company where normally it
comes from the hired employees. The company strives for continuous quality improvement
and invests in the workforce through its benefits programs and by encouraging a balanced
work/life culture.
One of the most important key points about the pricing strategy is linked to the duopoly
commercial airplane structure. The duopoly increasingly means a likelihood of imperfect
competition where the two firm Boeing and Airbus can affect the prices of their products.
Actually, the two firms are far from being to set their own prices. The buyers, who have the
choice only between these two manufacturers, have a considerable bargaining power.
In these two companies the communication policy is another key aspect to be pay attention
for. In here the two companies are highly depends on the e-commerce or e-communication
where they pay lack of attention to the usage of paper based communication, signs and mass
media which are more reliable. Signs are the companys logo that can use as an advertising
technique. So, company prints its logo on all of its aircraft and when these aircraft are
stationary in an airport or elsewhere these planes will be advertising for the company.
This type of advertisement like the above is however limited as it doesnt convey a message,
it simply reminds people of the company and its logo. The company also uses signs on all of
its premises worldwide and the company name is now a prominent feature of the western
edge of Chicago city's skyline, its backlit Boeing logo on top is visible for miles at night.
These two companies should be highly concentrated on the technological advancement where
the technology plays a vital role in doing so. Most probably they should pay attention on the
Future Aircraft Technology Enhancements (FATE) programs, Defense Advanced Research
Projects, Air Force Research Laboratory etc.

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Appendices
Financial Ratio Calculations: Boeing Company
Ratio
Gross Profit
Margin
Gross Profit*100
Net Sales
Operating Profit
Margin
PIBT * 100
Net Sales
Current Ratio
Current Assets
Current Liabilities
Quick Asset Ratio
(Current Assets
Stocks)
Current Liabilities
Inventory
Turnover Days
(Inventory*365)
Cost of Sales
Debtors Days
(Receivables*365)
Turnover
Debt/Equity
Total Liabilities
Shareholders
Equity
Interest Coverage
PBIT
Interest Expenses

2008

2009

2010

2011

2012

10557*100%
60909

11741*100%
68281

12463*100%
64306

12868*100%
68735

13054*100%
81698

17.33%

17.19%

19.38%

18.72%

15.97%

3950*100%
60909

2096*100%
68281

4971*100%
64306

5844*100%
68735

6311*100%
81698

6.49%

3.07%

7.73%

8.50%

7.72%

25964/30925

35275/32883

40572/35395

49810/41274

57309/44982

0.84

1.07

1.15

1.21

1.27

25964-15612
30925

35275-16933
32833

40572-24317
35395

49810-32240
41274

57309-37751
44982

0.33

0.56

0.46

0.43

0.43

15612*365
50352

16933*365
56540

24317*365
64306

32240*365
68735

37751*365
81698

113

109

138

171

169

5602*365
60909

5785*365
68281

5422*365
64306

5793*365
68735

5608*365
81698

33.5

31

31

31

25

55073/-1294

59828/2128

65703/2766

76378/3515

82929/5867

-42.5

28

24

22

14

3950/202

2096/339

4971/516

5844/498

6311/463

19.55

6.18

9.63

11.73

13.63

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26 | P a g e

Financial Ratio Calculations: Airbus Company

Ratio
Gross Profit
Margin
Gross
Profit*100%
Net Sales
Operating Profit
Margin
PIBT*100%
Net Sales
Working Capital
(Euro Millions)
CA-CL
Current Ratio
Current Assets
Current
Liabilities
Inventory
Turnover Days
(Inventory*365)
Cost of Sales
Debtors Days
(Receivables*365)
Turnover
Creditors Days
(Payables*365)
Cost of Sales
Debt/Equity
Total Liabilities
Shareholders
Equity

2008

2009

2010

2011

2012

7358*100%
43265

4439*100%
42822

6224*100%
45752

6843*100%
49128

7935*100%
56480

17%

10.4%

13.6%

13.9%

14%

2772*100%
43265

-380*100%
42822

1187*100%
45752

1613*100%
49128

2131*100%
56480

6.4%

-0.9%

2.6%

3.3%

3.8%

40229-36725
3,504

42512-42378
134

41990-43770
-1,780

43016-47502
-4,486

45329-48648
-3,319

40229/36725
1.09

42512/42378
0.95

41990/43770
0.95

43016/47502
0.91

45329/48648
0.93

19452*365
35907

21577*365
38383

20862*365
39528

22563*365
42285

23216*365
48545

198
5267*365
43265

205
5587*365
42822

193
6632*100
45752

195
6994*365
49128

175
6790*365
56480

54

48

14.5

52

44

7824*365
35907

8217*365
38383

8546*365
39528

9690*365
45752

9917*365
48545

79.5

78

79

77

74.5

65027/11126
5.84

69663/10641
6.55

74251/8936
8.31

79617/8865
8.98

81668/10434
7.83

27 | P a g e