Professional Documents
Culture Documents
Total Liabilities Net Worth Total Pasivo Patrimonio Neto NFD+E 36,722
ROE 5.8%
Purchases/COGS 100%
Vt -V(t-1) 06/30/07
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets
Net Property & Equipment
Other Long-Term Assets
Total Assets
Liabilities +OwnersEquity
Notes Payables to Bank
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities
Total Liabilities
Commmon Stock
Retained Earnings
Total Shareholder Equity
Comprobacin
Balance Sheet 06/30/11
Assets
Cash 4102
Accounts Receivable 16632
Inventories 11878
Prepaid Expenses 969
Total Current Assets 33581
Liabilities +OwnersEquity
Notes Payables to Bank 13442
Accounts Payable 3905
Curre. p. Long-Term Debt 1483
Accrued Expenses 1345
Total Current Liabilities 20175
HCS
INCOME STATEMENT 06/30/07
Net sales
Cost of Goods Sold
Gross Profit Margin
R&D Expense
SG&A Expense
Earnings Before Int. & Tax.
Interest Expense
Earnings Before Inco. Tax
Income tax
Net Income
Dividends Paid
Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share
Total Assets
Liabilities +OwnersEquity
Notes Payables to Bank Pagar cuentas al Banco
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities
Total Liabilities
Commmon Stock
Retained Earnings
Total Shareholder Equity
Tax Rate
At the end
Pre Tax ROCE
After Tax ROCE
Interest Rate
ROE
Purchases/COGS
Vt -V(t-1) 06/30/07
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets
Total Assets
Liabilities +OwnersEquity
Notes Payables to Bank
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities
Total Liabilities
Commmon Stock
Retained Earnings
Total Shareholder Equity
Comprobacin
Free Cash Flows & Valuation Analysis
EBIT (Earnings Before Interest & Taxes)
Minus Cash tax on operating income
EBIAT (Earnings Before Interest After Taxes)
Minus Increase in net working capital:
Minus Increase in cash
Minus Increase in accounts receivable
Minus Increase in inventories
Minus Increase in prepaid expenses
Plus Increase in accounts payable
Plus Increase in accrued expenses
Total change in NWC
Equal Yearly Free Cash Flow Flujo de efectivo libre anual igual
Plus Terminal Value of years 2015Plus Valor Terminal de los aos 2015 ^^
Equal Total Free Cash Flow Flujo de efectivo libre total igual
Weight of debt
Weight of equity
Equity beta coefficient
Asset beta coefficient assuming debt beta = 0.20
BA = BD x (D/V) + BE x (E/V)
Asset beta coefficient using Hamada's equation
BE = BA x [1+(1-t) x B/S]
Estimated asset beta for the industry
Estimated market value of equity ($ in millions)
Book value of interest- bearing debt ($ in millions)
Total capitalization
Weight of debt
Weight of equity
Estimated asset beta
Equity beta at current capital structure
Equity beta at 20/80 capital structure
Equity beta at 30/70 capital structure
WACC at different capital structures:
Weight of debt
Weight of equity
Cost of debt
Income tax rate
Cost of equity
Weighted average cost of capital
PGSC + HC (Consolidated)
Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share
Purchases -26784
Liabilities +OwnersEquity
Notes Payables to Bank 7669
Accounts Payable 2203
Curre. p. Long-Term Debt 973
Accrued Expenses 771
Total Current Liabilities 11616
Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share
Purchases -26784
Income statement ratios: 06/30/07
Cost of Goods Sold %Sales -58.0%
Gross Profit Margin %Sal. 42.0%
R&D Expense % Sales -1.6%
SG&A Expense % Sales -32.3%
Operating Income % Sal. 8.1%
Net profit margin % Sales 1.3%
Liabilities +OwnersEquity
Notes Payables to Bank 7669
Accounts Payable 2203
Curre. p. Long-Term Debt 973
Accrued Expenses 771
Total Current Liabilities 11616
- 1,011,658 - 994,171
- 412,453 - 369,547
97,272 52,944
- 58,109 - 52,043
Compras
15.0%
10.6%
-27%
Average At the end Average
12.2% 12.7%
12.2% 9.3%
-12.7%
8.0% 8.4%
100%
91
75
-30
06/30/08
355
1423
1004
70
800
238
1151
329
87
113
1294
0
916
06/30/08
916
-1004
-1423
-70
329
113
-1139
-1038
-2177
1294
1238
355
355
06/30/11 What-if issue
7% 4102 7%
28% 16632 28%
20% 11878 20%
2% 969 2%
56% 33581 56%
23% 2442 4%
7% 3905 7%
2% 1483 2%
2% 1345 2%
34% 9175 15%
Number Sha,
1165327
400000
1565327
1165327
400000
06/30/08
15401 100.0%
-9887 -64.2%
5514 35.8%
0 0.0%
-4359 -28.3%
1155 7.5%
-57 -0.4%
1098 7.1%
-297 -1.9%
801 5.2%
288
-9887 100.0%
06/30/08
-64.2%
35.8%
0.0%
-28.3%
7.5%
5.2%
06/30/08
5.2%
1.49
7.75%
1.22
9.46%
06/30/08
75
4.80
4.02
30.01
-14.99
1.50%
3.00%
1.70%
06/30/08
585 6%
3165 31%
2060 20%
231 2%
6041 58%
3831 37%
462 4%
10334 100%
791 8%
813 8%
0 0%
262 3%
1866 18%
0 0%
1866 18%
4584 44%
3884 38%
8468 82%
10334 100%
06/30/08
1.22
0.08
20.26
0.25
06/30/08
4381 51%
4293 49%
8674 100%
206 2%
8468 98%
8674 100%
-27%
Average At the end Average
13.3% 26.6%
13.3% 19.4%
-27.7%
9.5% 18.9%
100%
76
75
-30
06/30/08
585
3165
2060
231
3831
462
791
813
0
262
4584
3884
06/30/08
801
-2060
-3165
-231
813
262
-3580
-4293
-7873
0
791
-7082
585
06/30/11
-571 600
19607
-902
18705
4.80%
7.72%
4.25%
5.20%
5.65%
7.00%
McCormick
& Company
$ 6,567.04
$ 989.70
$ 7,556.74
13.1%
86.9%
0.500
0.461
0.450
0.500
High
Country
$ 13.200
$ 0.902
$ 14.102
6.40%
93.6%
0.500
0.521
0.575
0.629
Current
6.4%
93.6%
7.25%
27.0%
7.89%
7.73%
06/30/08
100.0% 53107 100.0%
-58.0% -30802 -58.0%
42.0% 22305 42.0%
06/30/08
-58.0%
42.0%
-1.6%
-32.5%
7.9%
1.7%
06/30/08
1.7%
1.31
2.26%
3.56
8.02%
06/30/08
75
4.00
3.32
30.00
06/30/08
6% 2680 7%
26% 10912 27%
18% 7701 19%
2% 840 2%
53% 22133 54%
10.6%
06/30/08
3.56
0.63
1.43
0.81
Year 0
- 1,440,000
Ms gastos de depreciacin
Flujo de efectivo de operacin incremental
Year 0
- 1,440,000
- 1,440,000 - 1,133,118
0
1,716,414
2,405,498
3,278,174
3,753,092
5,848,462 OK::OK::
06/30/08
100.0% 53107 100.0%
-58.0% -30802 -58.0%
42.0% 22305 42.0%
15.0%
06/30/08
1.7%
1.31
2.26%
3.56
8.02%
06/30/08
75
4.00
3.32
30.00
06/30/08
6% 2680 7%
26% 10912 27%
18% 7701 19%
2% 840 2%
53% 22133 54%
06/30/08
3.56
0.63
1.43
0.81
Debt obj. Debt obj.
15965 22320
16.0
37989660
1165327
32.6
91 91 91
75 75 75
-30 -30 -30
0 0 0
1348 2054 2374
13.8% 0.0%
Value
37989660
11000000
48989660
-1518703
1518703
0 0.0% 0 0.0% 0
-4553 -7.9% -4816 -7.1% -5041
1082 1.9% 1116 1.6% 1194
-72 -0.1% -60 -0.1% -63
1010 1.7% 1056 1.6% 1131
-273 -0.5% -285 -0.4% -306
737 1.3% 771 1.1% 825
254 422 401
16.0
13200000
0 0% 0 0% 0
76 76 76
75 75 75
-30 -30 -30
27 38 46
32 37 49
0 0 0
9 12 16
0 0 0
0 0 0
483 349 424
0 0 0 0
27 818 38 46
25 610 29 34
06/30/12 06/30/13 06/30/14
1391 1673 1757
-375 -452 -474
1015 1222 1283
641 25726
ConAgra Pacific
Foods Grove
$ 11,069.07 $ 37.98
$ 3,233.80 $ 37.20
$ 14,302.87 $ 75.18
22.6% 49.5%
77.4% 50.5%
0.600 0.850
0.510 0.528
0.495 0.496
20/80 30/70
20.0% 30.0%
80.0% 70.0%
7.50% 7.75%
27.0% 27.0%
8.28% 8.65%
7.72% 7.75%
16.0
37989660
1165327
32.6
5.00% 5.00%
16.0
37989660
1165327
32.6
91 91 91
75 75 75
-30 -30 -30
0 0 0
3344 3836 4316
8%
8% 950 958 1006
0%
3% 312 331 347
18%
0%
18%
100%
06/30/12 06/30/13 06/30/14
#DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00
#DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00
91 91 91
75 75 75
-30 -30 -30
-902 0 0
18.9717972603 7.8778149041 47.8924806
0 0 0
12.971768 18.71830608 16.5345037
0 0 0
0 0 0
-5140 0 0
0 0 0
-902 0 0
281 46 50
06/30/15
1841
-497
1344
-50
-206
-147
-12
48
17
-351
-45
-251
0
0
697
25029
25726
06/30/12 06/30/13 06/30/14
100.0% 111874 100.0% 125103 100.0% 137668
-59.7% -66010 -59.0% -73185 -58.5% -80537
40.3% 45864 41.0% 51918 41.5% 57132
5.00% 5.00%
Year 4 Year 5
9,376,763 9,845,601
- 5,485,406 - 5,759,676
3,891,356 4,085,924
- 1,031,444 - 1,083,016
- 879,795 - 923,785
- 288,000 - 288,000
1,692,118 1,791,123
- 456,872 - 483,603
1,235,246 1,307,520
288,000 288,000
1,523,246 1,595,520
Year 4 Year 5
- 91,749 - 96,337
- 65,302 - 68,568
21,469 22,543
- 135,582 - 142,361
Year 4 Year 5
2,989,590
1,387,664 4,442,748
06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
3.8%
06/30/15
3.8%
1.37
5.16%
2.77
14.31%
06/30/15
75
4.00
3.70
30.00
06/30/15
7% 152% 6387 7%
28% 153% 26149 28%
20% 155% 18612 20%
2% 82% 1527 2%
57% 151% 52675 57%
9.0%
8% 0% 6881 8%
26% 502% 26606 31%
34% 173% 33487 39%
06/30/15
2.77
0.55
2.59
0.81
06/30/15
49% 38056 49%
51% 40122 51%
100% 78178 100%
-27%
-9.2%
91
75
-30
06/30/15
527
2159
1537
126
2841
473
1749
505
27
175
414
0
4793
06/30/15
4792
-1537
-2159
-126
505
175
1650
-3314
-1664
414
1776
526
527
06/30/15
17.9% 21921 17.2%
-10.5% -12824 -10.1%
7.4% 9097 7.1%
4.8%
4.80%
100.0% -12824 100.0%
06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
06/30/15
0.0%
1.41
0.00%
#DIV/0!
#DIV/0!
06/30/15
75
4.00
4.00
30.00
-20.00
1.20%
4.50%
1.66%
06/30/15
1% 1100 1%
5% 4504 5%
4% 3206 3%
0% 263 0%
10% 9074 10%
6% 5480 6%
1% 986 1%
4.8%
1054
364
4584
06/30/15
#DIV/0!
0.00
#DIV/0!
0.00
06/30/15
50% 6555 50%
50% 6467 50%
100% 13022 100%
#DIV/0!
0.0%
91
75
-30
06/30/15
50.3936961
206.30607
146.838346
12.0482745
251.005719
45.1810294
0
48.2756205
0
16.6667797
0
0
06/30/15
0
-147
-206
-12
48
17
-300
-296
-596
0
0
-596
50
06/30/15
100.0% 149180 100.0%
-58.5% -87271 -58.5%
41.5% 61909 41.5%
06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
4.5%
06/30/15
4.5%
1.33
5.97%
2.11
12.62%
06/30/15
75
4.00
3.74
30.00
06/30/15
7% 7487 7%
27% 30653 27%
19% 21818 20%
2% 1790 2%
55% 61749 55%
8.1%
06/30/15
2.11
0.44
3.71
0.63
06/30/15
100.0% 158557 100.0%
-58.5% -92756 -58.5%
41.5% 65801 41.5%
8.2%
06/30/15
5.0%
1.37
6.86%
2.01
13.77%
06/30/15
75
4.00
3.95
30.00
06/30/15
6% 7487 6%
28% 32580 28%
20% 23189 20%
2% 1790 2%
56% 65047 56%
06/30/15
2.01
0.41
4.21
0.55
PGSC
Total Liabilities Net Worth Total Pasivo Patrimonio Neto NFD+E 36,722
ROE 5.8%
Purchases/COGS 100%
Vt -V(t-1) 06/30/07
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets
Net Property & Equipment
Other Long-Term Assets
Total Assets
Liabilities +OwnersEquity
Notes Payables to Bank
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities
Total Liabilities
Commmon Stock
Retained Earnings
Total Shareholder Equity
Comprobacin
Balance Sheet 06/30/11
Assets
Cash 4102
Accounts Receivable 16632
Inventories 11878
Prepaid Expenses 969
Total Current Assets 33581
Liabilities +OwnersEquity
Notes Payables to Bank 13442
Accounts Payable 3905
Curre. p. Long-Term Debt 1483
Accrued Expenses 1345
Total Current Liabilities 20175
HCS
INCOME STATEMENT 06/30/07
Net sales
Cost of Goods Sold
Gross Profit Margin
R&D Expense
SG&A Expense
Earnings Before Int. & Tax.
Interest Expense
Earnings Before Inco. Tax
Income tax
Net Income
Dividends Paid
Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share
Total Assets
Liabilities +OwnersEquity
Notes Payables to Bank Pagar cuentas al Banco
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities
Total Liabilities
Commmon Stock
Retained Earnings
Total Shareholder Equity
Tax Rate
At the end
Pre Tax ROCE
After Tax ROCE
Interest Rate
ROE
Purchases/COGS
Vt -V(t-1) 06/30/07
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Total Current Assets
Total Assets
Liabilities +OwnersEquity
Notes Payables to Bank
Accounts Payable
Curre. p. Long-Term Debt
Accrued Expenses
Total Current Liabilities
Total Liabilities
Commmon Stock
Retained Earnings
Total Shareholder Equity
Comprobacin
Free Cash Flows & Valuation Analysis
EBIT (Earnings Before Interest & Taxes)
Minus Cash tax on operating income
EBIAT (Earnings Before Interest After Taxes)
Minus Increase in net working capital:
Minus Increase in cash
Minus Increase in accounts receivable
Minus Increase in inventories
Minus Increase in prepaid expenses
Plus Increase in accounts payable
Plus Increase in accrued expenses
Total change in NWC
Equal Yearly Free Cash Flow Flujo de efectivo libre anual igual
Plus Terminal Value of years 2015Plus Valor Terminal de los aos 2015 ^^
Equal Total Free Cash Flow Flujo de efectivo libre total igual
Weight of debt
Weight of equity
Equity beta coefficient
Asset beta coefficient assuming debt beta = 0.20
BA = BD x (D/V) + BE x (E/V)
Asset beta coefficient using Hamada's equation
BE = BA x [1+(1-t) x B/S]
Estimated asset beta for the industry
Estimated market value of equity ($ in millions)
Book value of interest- bearing debt ($ in millions)
Total capitalization
Weight of debt
Weight of equity
Estimated asset beta
Equity beta at current capital structure
Equity beta at 20/80 capital structure
Equity beta at 30/70 capital structure
WACC at different capital structures:
Weight of debt
Weight of equity
Cost of debt
Income tax rate
Cost of equity
Weighted average cost of capital
PGSC + HC (Consolidated)
Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share
Purchases -26784
Liabilities +OwnersEquity
Notes Payables to Bank 7669
Accounts Payable 2203
Curre. p. Long-Term Debt 973
Accrued Expenses 771
Total Current Liabilities 11616
Price/Earnings Ratio
Market Value of Equity
Common Shares Outstand.
Price per Share
Purchases -26784
Income statement ratios: 06/30/07
Cost of Goods Sold %Sales -58.0%
Gross Profit Margin %Sal. 42.0%
R&D Expense % Sales -1.6%
SG&A Expense % Sales -32.3%
Operating Income % Sal. 8.1%
Net profit margin % Sales 1.3%
Liabilities +OwnersEquity
Notes Payables to Bank 7669
Accounts Payable 2203
Curre. p. Long-Term Debt 973
Accrued Expenses 771
Total Current Liabilities 11616
- 1,011,658 - 994,171
- 412,453 - 369,547
97,272 52,944
- 58,109 - 52,043
Compras
15.0%
10.6%
-27%
Average At the end Average
12.2% 12.7%
12.2% 9.3%
-12.7%
8.0% 8.4%
100%
91
75
-30
06/30/08
355
1423
1004
70
800
238
1151
329
87
113
1294
0
916
06/30/08
916
-1004
-1423
-70
329
113
-1139
-1038
-2177
1294
1238
355
355
06/30/11 What-if issue
7% 4102 7%
28% 16632 28%
20% 11878 20%
2% 969 2%
56% 33581 56%
23% 2442 4%
7% 3905 7%
2% 1483 2%
2% 1345 2%
34% 9175 15%
Number Sha,
1165327
400000
1565327
1165327
400000
06/30/08
15401 100.0%
-9887 -64.2%
5514 35.8%
0 0.0%
-4359 -28.3%
1155 7.5%
-57 -0.4%
1098 7.1%
-297 -1.9%
801 5.2%
288
-9887 100.0%
06/30/08
-64.2%
35.8%
0.0%
-28.3%
7.5%
5.2%
06/30/08
5.2%
1.49
7.75%
1.22
9.46%
06/30/08
75
4.80
4.02
30.01
-14.99
1.50%
3.00%
1.70%
06/30/08
585 6%
3165 31%
2060 20%
231 2%
6041 58%
3831 37%
462 4%
10334 100%
791 8%
813 8%
0 0%
262 3%
1866 18%
0 0%
1866 18%
4584 44%
3884 38%
8468 82%
10334 100%
06/30/08
1.22
0.08
20.26
0.25
06/30/08
4381 51%
4293 49%
8674 100%
206 2%
8468 98%
8674 100%
-27%
Average At the end Average
13.3% 26.6%
13.3% 19.4%
-27.7%
9.5% 18.9%
100%
76
75
-30
06/30/08
585
3165
2060
231
3831
462
791
813
0
262
4584
3884
06/30/08
801
-2060
-3165
-231
813
262
-3580
-4293
-7873
0
791
-7082
585
06/30/11
-571 600
19607
-902
18705
4.80%
7.72%
4.25%
5.20%
5.65%
7.00%
McCormick
& Company
$ 6,567.04
$ 989.70
$ 7,556.74
13.1%
86.9%
0.500
0.461
0.450
0.500
High
Country
$ 13.200
$ 0.902
$ 14.102
6.40%
93.6%
0.500
0.521
0.575
0.629
Current
6.4%
93.6%
7.25%
27.0%
7.89%
7.73%
06/30/08
100.0% 53107 100.0%
-58.0% -30802 -58.0%
42.0% 22305 42.0%
06/30/08
-58.0%
42.0%
-1.6%
-32.5%
7.9%
1.7%
06/30/08
1.7%
1.31
2.26%
3.56
8.02%
06/30/08
75
4.00
3.32
30.00
06/30/08
6% 2680 7%
26% 10912 27%
18% 7701 19%
2% 840 2%
53% 22133 54%
10.6%
06/30/08
3.56
0.63
1.43
0.81
Year 0
- 1,440,000
Ms gastos de depreciacin
Flujo de efectivo de operacin incremental
Year 0
- 1,440,000
- 1,440,000 - 1,133,118
0
1,716,414
2,405,498
3,278,174
3,753,092
5,848,462 OK::OK::
06/30/08
100.0% 53107 100.0%
-58.0% -30802 -58.0%
42.0% 22305 42.0%
15.0%
06/30/08
1.7%
1.31
2.26%
3.56
8.02%
06/30/08
75
4.00
3.32
30.00
06/30/08
6% 2680 7%
26% 10912 27%
18% 7701 19%
2% 840 2%
53% 22133 54%
06/30/08
3.56
0.63
1.43
0.81
Debt obj. Debt obj.
15965 22320
16.0
37989660
1165327
32.6
91 91 91
75 75 75
-30 -30 -30
0 0 0
1348 2054 2374
13.8% 0.0%
Value
37989660
11000000
48989660
-1518703
1518703
0 0.0% 0 0.0% 0
-4553 -7.9% -4816 -7.1% -5041
1082 1.9% 1116 1.6% 1194
-72 -0.1% -60 -0.1% -63
1010 1.7% 1056 1.6% 1131
-273 -0.5% -285 -0.4% -306
737 1.3% 771 1.1% 825
254 422 401
16.0
13200000
0 0% 0 0% 0
76 76 76
75 75 75
-30 -30 -30
27 38 46
32 37 49
0 0 0
9 12 16
0 0 0
0 0 0
483 349 424
0 0 0 0
27 818 38 46
25 610 29 34
06/30/12 06/30/13 06/30/14
1391 1673 1757
-375 -452 -474
1015 1222 1283
641 25726
ConAgra Pacific
Foods Grove
$ 11,069.07 $ 37.98
$ 3,233.80 $ 37.20
$ 14,302.87 $ 75.18
22.6% 49.5%
77.4% 50.5%
0.600 0.850
0.510 0.528
0.495 0.496
20/80 30/70
20.0% 30.0%
80.0% 70.0%
7.50% 7.75%
27.0% 27.0%
8.28% 8.65%
7.72% 7.75%
16.0
37989660
1165327
32.6
5.00% 5.00%
16.0
37989660
1165327
32.6
91 91 91
75 75 75
-30 -30 -30
0 0 0
3344 3836 4316
8%
8% 950 958 1006
0%
3% 312 331 347
18%
0%
18%
100%
06/30/12 06/30/13 06/30/14
#DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00
#DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00
91 91 91
75 75 75
-30 -30 -30
-902 0 0
18.9717972603 7.8778149041 47.8924806
0 0 0
12.971768 18.71830608 16.5345037
0 0 0
0 0 0
-5140 0 0
0 0 0
-902 0 0
281 46 50
06/30/15
1841
-497
1344
-50
-206
-147
-12
48
17
-351
-45
-251
0
0
697
25029
25726
06/30/12 06/30/13 06/30/14
100.0% 111874 100.0% 125103 100.0% 137668
-59.7% -66010 -59.0% -73185 -58.5% -80537
40.3% 45864 41.0% 51918 41.5% 57132
5.00% 5.00%
Year 4 Year 5
9,376,763 9,845,601
- 5,485,406 - 5,759,676
3,891,356 4,085,924
- 1,031,444 - 1,083,016
- 879,795 - 923,785
- 288,000 - 288,000
1,692,118 1,791,123
- 456,872 - 483,603
1,235,246 1,307,520
288,000 288,000
1,523,246 1,595,520
Year 4 Year 5
- 91,749 - 96,337
- 65,302 - 68,568
21,469 22,543
- 135,582 - 142,361
Year 4 Year 5
2,989,590
1,387,664 4,442,748
06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
3.8%
06/30/15
3.8%
1.37
5.16%
2.77
14.31%
06/30/15
75
4.00
3.70
30.00
06/30/15
7% 152% 6387 7%
28% 153% 26149 28%
20% 155% 18612 20%
2% 82% 1527 2%
57% 151% 52675 57%
9.0%
8% 0% 6881 8%
26% 502% 26606 31%
34% 173% 33487 39%
06/30/15
2.77
0.55
2.59
0.81
06/30/15
49% 38056 49%
51% 40122 51%
100% 78178 100%
-27%
-9.2%
91
75
-30
06/30/15
527
2159
1537
126
2841
473
1749
505
27
175
414
0
4793
06/30/15
4792
-1537
-2159
-126
505
175
1650
-3314
-1664
414
1776
526
527
06/30/15
17.9% 21921 17.2%
-10.5% -12824 -10.1%
7.4% 9097 7.1%
4.8%
4.80%
100.0% -12824 100.0%
06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
06/30/15
0.0%
1.41
0.00%
#DIV/0!
#DIV/0!
06/30/15
75
4.00
4.00
30.00
-20.00
1.20%
4.50%
1.66%
06/30/15
1% 1100 1%
5% 4504 5%
4% 3206 3%
0% 263 0%
10% 9074 10%
6% 5480 6%
1% 986 1%
4.8%
1054
364
4584
06/30/15
#DIV/0!
0.00
#DIV/0!
0.00
06/30/15
50% 6555 50%
50% 6467 50%
100% 13022 100%
#DIV/0!
0.0%
91
75
-30
06/30/15
50.3936961
206.30607
146.838346
12.0482745
251.005719
45.1810294
0
48.2756205
0
16.6667797
0
0
06/30/15
0
-147
-206
-12
48
17
-300
-296
-596
0
0
-596
50
06/30/15
100.0% 149180 100.0%
-58.5% -87271 -58.5%
41.5% 61909 41.5%
06/30/15
-58.5%
41.5%
-1.6%
-31.5%
8.4%
4.5%
06/30/15
4.5%
1.33
5.97%
2.11
12.62%
06/30/15
75
4.00
3.74
30.00
06/30/15
7% 7487 7%
27% 30653 27%
19% 21818 20%
2% 1790 2%
55% 61749 55%
8.1%
06/30/15
2.11
0.44
3.71
0.63
06/30/15
100.0% 158557 100.0%
-58.5% -92756 -58.5%
41.5% 65801 41.5%
8.2%
06/30/15
5.0%
1.37
6.86%
2.01
13.77%
06/30/15
75
4.00
3.95
30.00
06/30/15
6% 7487 6%
28% 32580 28%
20% 23189 20%
2% 1790 2%
56% 65047 56%
06/30/15
2.01
0.41
4.21
0.55