TERM PAPER

On

Analysis of Financial Position

of

SUZLON ENERGY LTD.

Submitted to: Submitted by:

VIKAS ANAND ROHIT SHARMA

Faculty (LSB) Roll. No. 26

Section: RR1002

MBA
 INTRODUCTION
Suzlon's wind energy business traces its roots back to the incorporation of
Suzlon Energy Limited in 1995 by the venture of Mr. TulsiR. Tanti. The
company along with its subsidiaries engages in designing, developing and
manufacturing of wind turbine generators and related components such as
rotor blades, control panels, nacelle cover, tubular towers, generators and
gearboxes. Further, the company also provides consultancy, design,
manufacturing, installation, operation and maintenance services as well as is
involved in wind resource mapping, identification of suitable sites and
technical planning of wind power projects. The company principally operates
in India, China, The Americas, Europe, New Zealand, South Korea, South
Africa and Australia. Suzlon has since grown to become the world's fifth
leading wind turbine manufacturer with 10.5% of global market-share and
the leading manufacturer in Asia and India. The company has registered
100% year-on-year growth for the past five consecutive years, achieving
leadership in India and then becoming the leaders on the global stage.
Suzlon is today a leading force on the wind energy stage, generating
revenues of USD 2,311 million in FY08 and supplying over 7,000 MW ofwind
turbine capacity around the world. In just over a decade since Suzlon was
born, the company has grown to over 14,000 people around the world with
operations in over 21 countries across five continents. The company has
forged ahead with an ethos of innovation in everything that it does. This has
led to pioneering approaches and offerings such as a fully vertically-
integrated value chain, leveraging local expertise and global experience, an
‘end-to-end solutions' model and highly customized products – all
contributing to make Suzlon the highest-growth, highest-margin wind turbine
maker in a highly competitive environment. Suzlon's design, manufacture,
operations and maintenance services have been certified as ISO 9001:2000
by Det Norske VERITAS. It has a strong presence in the BSEas well as a part
of S&P CNX Nifty Index (NSE) that shows investors ‘satisfaction towards the
company and the stability of its stock in the financial market.

VISION, MISSION AND

PHILOSOPHY
VISION:
Its vision is,

 To be a technology leader in the wind industry.

 To be among the top three wind energy companies in the world.

 To be the most respected brand.

 To be the best team and place to work at.

 To be the fastest growing and most profitable business.

MISSION:
Its Mission is,

 Having a minimal impact on the natural environment.

 Enabling local communities to develop their potential.

 Empowering employees to be responsible civil society members

 Committing ourselves to ethical business practices that are fair to all

the stakeholders
So that we can collectively contribute towards creating a better world
for all.

PHILOSOPHY:
The philosophy that Suzlon follows are,
  To be a company that serves society with sustainable wind-power on a
commercial scale with a focus on continuously increasing efficiency
and reliability of our wind turbines.

 To always be committed to a life-long relationship with customers and

work towards total customer satisfaction.

 To lay importance on bettering our quality, safety and environmental

standards.

 To build partnerships with all stakeholders; employees, customers,

vendors, service providers, local communities and governments.

COMPANY PROFILE
Conceived in 1995 with just 20 people, Suzlon is now a leading wind power
company with:

 Over 16,000 people in 25 countries

 Operations across the Americas, Asia, Australia and Europe
 Sophisticated R&D capabilities in Belgium, Denmark, Germany, India
and The Netherlands
 Market leader in Asia, Suzlon Market Share rose to 9.8% there by
making Suzlon 3rd Largest turbine manufacturing company in the
world.

BOARD OF DIRECTORS
The Board of Directors, as repositories of corporate powers, act as a
guardian to the Company, as also the protectors of shareholders’ interests.
The Board of the Company represents the finest blend of knowledge and
experience.

This apex body comprises the following:

Chairman & Managing Director Tulsi R. Tanti

Executive Director Girish R.

Tanti

Independent Director

Ashish Dhawan

Independent Director

V.Raguraman

COMPARATIVE ANALYSIS OF BALANCE SHEET

 PARTICULARS 2008- 2009- Absolute Percentage
2009 2010 Change Change
---------- In Rs. Cr. ----------
LIABILITIES
Total Share Capital 302.53 287.76 -14.77 4.88%
Equity Share Capital 287.53 287.76 0.23 0.08%
Share Application 0 0.02 0.02 2%
Money
Preference Share 15 0 -15 100%
Capital
Reserves 2,519.72 3,425.53 905.81 35.94%
Net Worth 2,822.25 3,713.31 891.06 31.57%
Secured Loans 276.61 771.78 495.71 179.20%
Unsecured Loans 58.76 364.86 306.1 520.9%
Total Debit 335.57 1,136.64 801.07 238.71%
Total liabilities 3,157.62 4,849.95 1692.33 53.59%
ASSETS
Gross Block 400.41 567.04 166.63 41.61%
Less Accum 104.73 178.57 73.84 70.50%
Depreciation
Net Block 295.68 388.47 92.79 31.38%
Captial Work in 76.25 92.71 16.46 21.58%
Progress
Investments 292.74 805.26 512.52 175.07%
Inventories 1,104.49 1,375.25 270.76 24.51%
Sundry Debtors 1,583.91 1,970.78 386.87 24.42%
Cash and Bank 17.98 120.58 102.6 570.63%
Balance
Total Current Assets 2,706.38 3,466.61 706.23 26.09%
Loans and Advances 749.72 1,371.19 621.47 82.89%
Fixed Deposits 298.26 230.81 -67.45 22.61%
Total CA, Loans & 3,754.36 5,068.61 1314.25 35.00%
Advances
Current Liabilities 858.91 1,111.59 252.68 29.41%
Provisions 402.5 393.51 -8.99 2.23%
Total CL & Provisions 1,261.41 1,505.10 243.69 19.31%
Net Current Assets 2,492.95 3,563.51 1070.56 42.94%
Total Assets 3,157.62 4,849.95 1692.33 53.59%
 2008-2009 2008-09 % of 2009-2010 2009-10 % of
Particulars Amount Assets & Amount Assets &
Liabilities Liabilities

---------- In Rs. Cr ----------

Liabilities
Total Share Capital 302.53 9.58 287.76 5.93
Equity Share Capital 287.53 9.10 287.76 5.93
Share Application 0 0 0.02 0.0004
Money
Preference Share 15 0.47 0 0
Capital
Reserves 2,519.72 79.79 3,425.53 70.63
Net Worth 2,822.25 89.38 3,713.31 76.57
Secured Loans 276.61 8.76 771.78 15.91
Unsecured Loans 58.76 1.86 364.86 7.52
Total Debit 335.57 10.62 1,136.64 23.43
Total liabilities 3,157.62 100 4,849.95 100
Assets
Gross Block 400.41 12.68 567.04 11.69
Less Accum 104.73 3.31 178.57 3.68
Depreciation
Net Block 295.68 9.36 388.47 8.00
Capital Work in 76.25 2.41 92.71 0.01
Progress
Investments 292.74 9.27 805.26 16.60
Inventories 1,104.49 34.97 1,375.25 28.35
Sundry Debtors 1,583.91 50.16 1,970.78 40.63
Cash and Bank 17.98 0.56 120.58 2.48
Balance
Total Current Assets 2,706.38 85.70 3,466.61 71.48
Loans and Advances 749.72 23.74 1,371.19 28.27
Fixed Deposits 298.26 9.44 230.81 4.75
Total CA, Loans & 3,754.36 118.89 5,068.61 104.50
Advances
Current Liabilities 858.91 27.20 1,111.59 22.91
Provisions 402.5 12.74 393.51 8.11
Total CL & Provisions 1,261.41 39.94 1,505.10 31.03
Net Current Assets 2,492.95 78.95 3,563.51 73.47
Total Assets 3,157.62 100 4,849.95 100
COMMON SIZE ANALYSIS OF BALANCE SHEET
 TREND ANALYSIS OF BALANCE SHEET

Particulars 2007-2008 Base Year 2008-2009 2009-2010

LIABILITIES
Total Share Capital 100 104.04 104.13
Equity Share Capital 100 104.04 104.13
Share Application 100 0 516250.0
Money
Preference Share 100 0 0
Capital
Reserves 100 194.08 180.33
Net Worth 100 187.10 177.20
Secured Loans 100 87.10 519.08
Unsecured Loans 100 661.20 910.82
Total Debit 100 271.39 644.83
Total liabilities 100 206.85 286.80
ASSETS
Gross Block 100 137.41 161.51
Less Accum 100 149.50 204.02
Depreciation
Net Block 100 131.85 141.96
Captial Work in 100 145.21 309.53
Progress
Investments 100 610.91 885.15
Inventories 100 107.85 100.60
Sundry Debtors 100 167.78 240.77
Cash and Bank 100 169.15 58.84
Balance
Total Current Assets 100 144.05 178.84
Loans and Advances 100 100.86 238.72
Fixed Deposits 100 290.94 61.28
Total CA, Loans & 100 139.05 189.68
Advances
Current Liabilities 100 175.12 297.03
Provisions 100 161.53 93.84
Total CL & Provisions 100 171.57 243.90
Net Current Assets 100 125.32 166.78
Total Assets 100 223.25 286.80
INTERPRETATION :

Suzlon’s both the Reserves and the Net worth have declined but
the Liabilities have Increased which shows the negative impact.
The Total Assets has increased Significantly tne current Liabilities
has also increased rapidly.
BALANCE SHEET
 Particulars 2007-2008 2008-2009 2009-2010
Particulars ----------2007-2008
in Rs. Cr. ---------- 2007-08 % of Assets &
Liabilities Liabilities
Total Share Capital ---------- 299.39 302.53
in Rs. Cr. ---------- 287.76
Equity Share Capital 299.39
Liabilities 287.53 287.76
Share
Total Share Application
Capital 0 299.39 0 0.02
2.98
Equity Share Money
Capital 299.39 2.98
Preference
Share Application Share 0 0 15 00
Capital
Money
Reserves
Preference Share 6,648.270 2,519.72 3,425.53
0
Net
CapitalWorth 6,947.66 2,822.25 3,713.31
Secured
ReservesLoans 672.26
6,648.27 276.61 771.78
66.26
Unsecured
Net WorthLoans 2,412.42
6,947.66 58.76 364.86
69.25
TotalLoans
Secured Debit 3,084.74
672.26 335.57 1,136.64
6.70
Total liabilities
Unsecured Loans 10,032.40
2,412.42 3,157.62 4,849.95
24.04
Total Debit Assets
3,084.74 30.74
TotalGross Block
liabilities 779.20
10,032.40 400.41 567.04
100
Less Accum 266.98Assets 104.73 178.57
Depreciation
Gross Block 779.20 7.76
Less Net Block
Accum 512.22266.98 295.68 388.47
2.66
Capital Work in
Depreciation 134.63 76.25 92.71
NetProgress
Block 512.22 5.10
Investments
Capital Work in 4,919.48
134.63 292.74 805.26
1.34
Inventories
Progress 1,483.23 1,104.49 1,375.25
Sundry Debtors
Investments 3,306.59
4,919.48 1,583.91 1,970.78
49.03
Cash and Bank
Inventories 203.97
1,483.23 17.98 120.58
14.78
SundryBalance
Debtors 3,306.59 32.95
Total Current
Cash and Bank Balance Assets 4,993.79
203.97 2,706.38 3,466.61
2.03
Loans and
Total Current AssetsAdvances 1,383.08
4,993.79 749.72 1,371.19
49.77
LoansFixed Deposits
and Advances 671.53
1,383.08 298.26 230.81
13.78
TotalDeposits
Fixed CA, Loans & 7,048.40
671.53 3,754.36 5,068.61
6.69
Advances
Total CA, Loans & 7,048.40 70.25
Current
Advances Liabilities 1,946.67 858.91 1,111.59
Current Provisions
Liabilities 635.66
1,946.67 402.5 393.51
19.40
Total CL & Provisions
Provisions 2,582.33
635.66 1,261.41 1,505.10
6.33
Net Current
Total CL & Provisions Assets 4,466.07
2,582.33 2,492.95 3,563.51
25.73
Total Assets
Net Current Assets 10,032.40
4,466.07 3,157.62 4,849.95
44.51
Total Assets 10,032.40 100

COMMON SIZE ANALYSIS OF BALANCE SHEET

 COMPARATIVE ANALYSIS OF PROFIT AND
LOSS ACCOUNT
Particulars 2008- 2009-2010 Absolute Percentage
2009 Change Change
---------- in Rs. Cr. ----------
INCOME
Sales Turnover 6,945.13 7,254.27 309.14 4.45%
Excise Duty 2.89 2.53 -0.36 12.45%
Net Sales 6,942.24 7,251.94 309.7 4.46%
Other Income -18.97 -869.17 851.17 1324.03%
Stock 154.14 68.37 -85.77 55.64%
Adjustments
Total Income 7,077.41 6,451.14 -626.27 8.84%
EXPENDITURE
Raw Materials 4,429.10 4,651.06 221.96 5.01%
Power & Fuel 4.48 4.46 -0.02 0.44%
Cost
Employee Cost 139.34 199.07 59.73 42.87%
Other 382.2 286.79 -95.41 24.96%
Manufacturing
Cost
Selling & Admin 516.4 694.13 177.73 34.41%
Expenses
Miscellaneous 21.75 620.08 598.33 2750.94%
Expenses
Total Expenses 5,493.27 6,455.59 962.32 17.51%

Absolute Change = Respective value in previous year / Respective value in Current Year.

Percentage Change = (Absolute Change/ Respective value in Previous

year) x 100
 COMMON SIZE ANALYSIS OF PROFIT AND LOSS
ACCOUNT

Particulars 2008- 2008-2009 2009-2010 2009-2010

2009 % of Net Amount % of Net
Amount Sales Sales

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

INCOME
Sales Turnover 6,945.13 100.04 7,254.27 100.03
Excise Duty 2.89 0.04 2.53 0.03
Net Sales 6,942.24 100 7,251.94 100
Other Income -18.97 -0.27 -869.17 -11.98
Stock 154.14 2.22 68.37 0.94
Adjustments
Total Income 7,077.41 101.9 6,451.14 88.96
EXPENDITURE
Raw Materials 4,429.10 63.79 4,651.06 64.13
Power & Fuel 4.48 0.06 4.46 0.06
Cost
Employee Cost 139.34 2.00 199.07 2.74
Other 382.2 5.50 286.79 3.95
Manufacturing
Cost
Selling & Admin 516.4 7.43 694.13 9.57
Expenses
Miscellaneous 21.75 0.31 620.08 8.55
Expenses
Total Expenses 5,493.27 79.12 6,455.59 89

Percentage of Net Sales = (Respective Value / Net Value)

X 100
 TREND ANALYSIS OF PROFIT AND LOSS
ACCOUNT

Particulars 2007-2008 Base 2008-2009 2009-2010

Year
INCOME
Sales Turnover 100 129.08 134.83
Excise Duty 100 0 0
Net Sales 100 129.02 134.78
Other Income 100 36.79 1685.7
Stock Adjustments 100 224.6 99.66
Total Income 100 128.66 117.2
EXPENDITURE
Raw Materials 100 132.85 139.51
Power & Fuel Cost 100 129.10 128.53
Employee Cost 100 125.01 178.60
Other 100 134.18 100.68
Manufacturing
Cost
Selling & Admin 100 115.87 155.75
Expenses
Miscellaneous 100 89.61 64.20
Expenses
Total Expenses 100 130.68 153.57
INTERPRETATION:

Suzlon’s Net Sales has increased faster than the

growth in Total Income, while the Miscellaneous Expenses
has shown the better results compared to the Selling and
Admin Expenses. The total Expenses has Increased at a
Rapid Rate.
 PROFIT AND LOSS ACCOUNT

Particulars 2007-2008 2008-2009 2009-2010

---------- in Rs. Cr ----------
INCOME
Sales Turnover 5380.37 6,945.13 7,254.27
Excise Duty 0 2.89 2.53
Net Sales 5380.37 6,942.24 7,251.94
Other Income 51.56 -18.97 -869.17
Stock Adjustments 68.6 154.14 68.37
Total Income 5500.53 7,077.41 6,451.14
EXPENDITURE
Raw Materials 3333.74 4,429.10 4,651.06
Power & Fuel Cost 3.47 4.48 4.46
Employee Cost 111.46 139.34 199.07
Other 284.83 382.2 286.79
Manufacturing Cost
Selling & Admin 445.66 516.4 694.13
Expenses
Miscellaneous 24.27 21.75 620.08
Expenses
Total Expenses 4203.43 5,493.27 6,455.59
 COMMON SIZE ANALYSIS OF PROFIT AND LOSS
ACCOUNT

Particulars 2007-2008 2007-2008 % of Net

Sales
---------- in Rs. Cr ----------
INCOME
Sales Turnover 5380.37 97.81
Excise Duty 0 0
Net Sales 5380.37 97.81
Other Income 51.56 0.93
Stock Adjustments 68.6 1.26
Total Income 5500.53 100
EXPENDITURE
Raw Materials 3333.74 79.30
Power & Fuel Cost 3.47 0.08
Employee Cost 111.46 2.65
Other Manufacturing 284.83 6.76
Cost
Selling & Admin 445.66 10.60
Expenses
Miscellaneous Expenses 24.27 0.69
Total Expenses 4203.43 100

RATIO ANALYSIS
Ratio Analysis is a powerful tool of financial analysis. A ratio is
defined as “the indicated quotient of two mathematical
expressions” and as “the relationship between two or more
things.”In financial analysis, a ratio is used as an index or
yardstick for evaluating the financial position and performance of
a firm.
TYPES OF RATIO ANALYSIS
 BALANCE SHEET
Particulars 2007-2008 2008-2009 2009-2010
---------- in Rs. Cr. ----------
Liabilities
Total Share Capital 299.39 302.53 287.76
Equity Share Capital 299.39 287.53 287.76
Share Application 0 0 0.02
Money
Preference Share 0 15 0
Capital
Reserves 6,648.27 2,519.72 3,425.53
Net Worth 6,947.66 2,822.25 3,713.31
Secured Loans 672.26 276.61 771.78
Unsecured Loans 2,412.42 58.76 364.86
Total Debit 3,084.74 335.57 1,136.64
Total liabilities 10,032.40 3,157.62 4,849.95
Assets
Gross Block 779.20 400.41 567.04
Less Accum 266.98 104.73 178.57
Depreciation
Net Block 512.22 295.68 388.47
Capital Work in 134.63 76.25 92.71
Progress
Investments 4,919.48 292.74 805.26
Inventories 1,483.23 1,104.49 1,375.25
Sundry Debtors 3,306.59 1,583.91 1,970.78
Cash and Bank 203.97 17.98 120.58
Balance
Total Current Assets 4,993.79 2,706.38 3,466.61
Loans and Advances 1,383.08 749.72 1,371.19
Fixed Deposits 671.53 298.26 230.81
Total CA, Loans & 7,048.40 3,754.36 5,068.61
Advances
Current Liabilities 1,946.67 858.91 1,111.59
Provisions 635.66 402.5 393.51
Total CL & Provisions 2,582.33 1,261.41 1,505.10
Net Current Assets 4,466.07 2,492.95 3,563.51
Total Assets 10,032.40 3,157.62 4,849.95
 PROFIT AND LOSS ACCOUNT

Particulars 2007-2008 2008-2009 2009-2010

---------- in Rs. Cr ----------
INCOME
Sales Turnover 5380.37 6,945.13 7,254.27
Excise Duty 0 2.89 2.53
Net Sales 5380.37 6,942.24 7,251.94
Other Income 51.56 -18.97 -869.17
Stock Adjustments 68.6 154.14 68.37
Total Income 5500.53 7,077.41 6,451.14
EXPENDITURE
Raw Materials 3333.74 4,429.10 4,651.06
Power & Fuel Cost 3.47 4.48 4.46
Employee Cost 111.46 139.34 199.07
Other 284.83 382.2 286.79
Manufacturing Cost
Selling & Admin 445.66 516.4 694.13
Expenses
Miscellaneous 24.27 21.75 620.08
Expenses
Total Expenses 4203.43 5,493.27 6,455.59
Operating Profit 1,603.11 937.82 1,254.54
PBDT 1,442.00 948.53 1,193.07
Depreciation 86.21 45.87 73.49
Profit Before Tax 1,355.79 902.66 1,119.58
Net Profit 1,416.88 821.19 1,061.14

RATIO ANALYSIS
 LIQUIDITY RATIO
Ratio Name Formula 2008-2009 2009-2010
Current Ratio C.A /C.L = 2706.38/858.91 = 3466.61/1111.59
= 3.15 = 3.11
LIQUID ASSETS/C.L
Quick Ratio L.A = C.A - (STOCK + = 1601.89/858.91 = 2091.36/1111.59
or Acid Test P.E) = 1.86 = 1.88

Absolute Liquid Asset /

Absolute C.L = 1122.47/858.91 = 1495.33/1111.59
liquid Ratio ALA= C.A – (B.R + = 1.306 = 1.34
Debtors)
PROFITABILITY RATIO
Gross Profit ( G.P ) / ( N.S) * 100 =(6802.9)/ =(7052)/(7251.94)*100
Ratio (6945.13)*100 = 97.25
= 97.99
Net Profit ( PAT ) / ( N.S ) * 100 =(821.1)/(6945.13)*100 =(1061.14)/(7251.94)*100
Ratio = 11.82 = 14.63
Operating (COGS+O.E) / (N.S) * =(655.74)/ =(893.17)/(7251.94(*100)
Ratio 100 (6942.24)*100 = 12.31
= 9.44
Operating (Operating Net Profit)/
Net Profit (N.S) *100 =(6286.5)/ =(6358.77)/(7251.94)*100
Ratio ONP = N.S- (6942.24)*100 = 87.68
(COGS+O.E) = 90.55
EFFICENCY OR ACTIVITY RATIO
Stock Turn N.S / STOCK = 6942.24 / 4429.10 = 7251.94 / 4651.06
Over Ratio = 1.56 = 1.55
Debtors N.S / ACC = 6942.24 / 1583.91 =7251.94 / 1970.78
Turnover RECEIVABLES = 4.38 = 3.67
Ratio
Avg ACC = 1583.91 / 19.01 = 1970.78 / 19.86
Collection RECEIVABLES/AVG = 83.31 = 99.23
Period DAILY CREDIT SALE
Creditors = 6942.24 / 889.06 = 7251.94 / 1570.26
Turnover N.S/ ACC PAYABLE = 7.80 = 4.61
Ratio
Avg Payment ACC PAYABLE/AVG = 889.06 / 19.01 = 1570.26 / 19.86
Period DAILY CREDIT SALE = 46.76 = 79.66
Working N.S / N.W.C = 6942.24 / 1847.47 = 7251.94 / 2355.02
Captial WC = C.A - C.L = 3.75 = 3.07
 SOLVENCY / LEVERAGE RATIO
Debit Equity (Tot Debit) / =(335.57)/ =(1136.64)/
Ratio (N.S) * 100 (6942.24)*100 (7251.94)*100
= 4.83 = 15.67
Solvency T.L / T.A =3157.62/3157.62 =4849.5/4849.5
Ratio =1 =1
Reserve to RESERVE / = 2519.72 / 302.53 = 3425.53 / 282.76
Capital CAPTIAL = 8.32 = 11.90
Ratio

PREPARATION OF CHANGES IN WORKING CAPITAL

Particulars 2008 - 2009 – Increase Decrease

2009 2010
Current Assets
Cash 17.98 120.58 118.6
Stock 1104.49 1375.25 260.76
Debtors 1583.91 1970.78 380.87
Total 2706.38 3466.61
Current Liabilities
Creditors 858.91 1111.59 252.68
Total 858.91 1111.59
Working 1847.47 2355.02 760.23 252.68
Capital
Net Increase 507.55 BALANCING FIGURES 507.55
In Working
Capital
2355.02 2355.02 760.23 760.23

ADJUSTED PROFIT AND LOSS ACCOUNT

 Particulars Amount Particulars Amount
Reserves 2519.72 B.D 821.19
Depreciation 104.73 Funds from operation 2855.49
Provision -8.91
C.D 1061.14
Total 3676.68 Total 3676.68

FUND FLOW STATEMENT

Source Rs Application Rs
Funds from Operation 2855.49 Increase in Working 507.55
Capital
Share Capital -14.77 Tax 581.6
Dividened 600.5
Purchase In 1151.07
Investment
Total 2840.72 Total 2840.72

CASH FLOW STATEMENT

Cash flow(Rs in crores)
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Profit before tax -799.67 333.20 1,506.96 1,119.58 902.66
Net cash flow-operating activity 2,423.62 -391.17 484.80 747.35 -389.78
Net cash used in investing activity -2,596.53 -3,583.18 -3,946.55 -1,165.54 -480.41
Net cash used in fin. activity 571.85 3,265.84 3,985.86 453.34 1,098.23
Net inc/dec in cash and equivlnt 398.37 -708.28 524.11 35.15 228.04
Cash and equivalnt begin of year 70.95 779.23 351.39 316.24 88.20
Cash and equivalnt end of year 469.32 70.95 875.50 351.39 316.24