Assets

Non Current Assets

property, plant and equipment
long term asset ( available 4 sale)
long term deposits
intangible asset
investments
capital work in progress - plant & machinery
store ,spare parts and loose tools
deferred cost
total non current assets

current assets
stocks in trade
trade debts
loans and advance
trade deposits and prepayements
investments at fair value
accrued mark up
income tax refund
other recieveables
cash and bank balance
total current assets

Total Assets

Equity and Liabilities

Share capital and reserves
authorised capital
10,000,000 ordinary shares of rs. 10/- each
issued. Subscribed and paid up capital
Reserves & unappropriate profit

surplus on revaluation of property, plant and equipment

total equity

Non current liabilities

redeemable capital
long term debt
deffered liabilities
obligation under finance lease
current maturity of long term loans
current maturity of obligations under financial lease
curent portion of longterm debt
total non current liabilities

Current liabilities
trade and other payables
mark up accrued on secured borrowings
short term borrowings-secured
proposed dividend
provision for taxes

total current liabilities

Total liabilities

Total Equity and liabilities

BALANCE SHEET
Rupees in '000'
1996

1997

1998

1999

2000

2001

2002

2003

45,863

53,436

62,895

82,642

103,790

97,161

89817

84375

410

874

874

874

914

1,124

1870

1292

3,821
4,064
6,679

4,822
2678
6,029

4,821
2,434
5,865

4,822
923
7,631

3822

3,822

3822

9,547

7,783
322

3822
342
6766
652

60837

67839

76889

96892

118073

110212

103269

93876

80,297
16,230
18,207
4,828

79,305
18,890
15,522
4,612

71,436
24,160
21,141
6,765

95,061
21,987
18,591
8,493

91,584
26,028
20,958
4,209

118,269
72,511
28,157
5,112

115437
32932
28983
3211

130429
40097
19416
3227

17,883

13,352

13,526

19,233

17,799

22,420

21590

16598

137445

131681

137028

163365

160578

246469

202153

209767

259,119

267,359

290,806

357,149

396,724

466,893

408691

397519

30000

30000

30000

30000

30,000

30,000

30000

30000

23,000

23,000

24,725

24,725

24,725

27,197

27197

28557

32,734

40,502

52,449

66,951

74,900

77,801

80555

101308

55,734

63,502

77,174

91,676

99,625

104,998

107753

129865

4387

141468

157004

184348

213352

229250

239996

245505

5,273
1,601
7,134
5,702
4,602

3353
1292
7,365
6254
4,927

1,195
958
7,674
8785
7,151

18,375
9,662
6,497
8,540

35,640
12,615
4,704
12,547

25,788
8,877
3533
9,644
3,373

11700
8193
3009
5200
2051

24,312

23191

25763

43074

65506

51215

30153

6883

59,777

55,114

60,853

78,662

62,445

87,362

70184

86629

42,634
5,750
10,075

47,403
2,875
7,436

30,988
7,417
11,722

25,969
9,890
10,986

42,068
6,181
2,825

102,822
4,079
6,204

88796
2719
5818

41103
17134
22119

118,236

112,828

110,980

125,507

113,519

200,467

167,517

166,985

142,548

136,019

136,743

168,581

179,025

251,682

197,670

173,868

284016

293023

321091

381933

408275

491678

443175

289730

6883

463598

2004

2005

2006

2007

2008

92888

151188

239712

310995

517862

533
750

2612
375

4012

4012

4012

340
5473

6601

8659

10730

12968

99984

160776

252383

325737

534842

103212
39726
31698
3188
72043

211650
39536
18966
2238
39835
107

218012
45864
14355
1224
254
121

306171
51834
30694
2826
278
175

410672
77387
57955
74191
175

21
26421

32607

365
30309

26
37501

2240
49274

276288

344960

310504

429505

671894

476256

666512

815270

1080979

1741578

100000

100000

100000

100000

100000

32841

45977

52874

60805

69926

160835

188544

211476

275193

336386

193676

234521

264350

335998

406312

173786
487352

569042

628700

771996

1086410

15682

60000
34593

40000
50517

62881

61823

16000

16000

15682

110593

106517

62881

61823

82598

74521
2060
74314

93250
1726
90974

156154
2469
171200

185267
7057
313002

9727

6070

26540

59489

166,284

160,622

192,020

356,363

564,815

181,966

271,215

298,537

419,244

626,638

34683
19075
29928

669318

840257

927237

1191240

1713048

1996

net sales
cost of sales
Depriciation
gross profit
distributions cost
Depriciation distribution

339,584
(257,521)
(5,267)
76,796
(32,257)
(500)

adminitrative expenses
Depriciation administrative
total depriciation
other operating expenses
other operating income

(8,275)

earning before interest and taxes

36,462

finance cost
worker profit participation fund
workers welfare fund
profit before taxation
taxation
profit after taxation
unappropriated profit brought forward
appropriations
transferred to general reserves
tranferred to reserve for issue of bonus shares
proposed dividend

unappropriated profit carried forward

earning per share-basic and diluted

(476)

1,174

(7,231)
(1,461)
(544)
27,226
(8,893)
18,333
154

12,000
5,750

734

Sales growth
Finance cost
Depriciation rate

total depriciation

profit and loss ac

1997

1998

1999

2000

2001

2002

2003

366,098

438,633

499,318

480,814

562,961

495,082

617,143

(286,101)

(338,387)

(382,368)

(378,165)

(442,210)

(392,926)

(465,973)

(6,110)

(7,296)

(9,285)

(11,504)

(11,555)

(10,623)

(9,947)

73,887

92,950

107,665

91,145

109,196

91,533

141,223

(33,868)

(40,660)

(44,207)

(42,370)

(63,223)

(46,650)

(24,294)

(581)

(552)

(585)

(756)

(722)

(724)

(808)

(9,279)

(10,393)

(14,972)

(15,100)

(16,741)

(18,794)

(49,221)

(464)

(790)

(1,023)

(920)

(1,032)

(1,312)

(1,559)

1,811

1,775

1,907

3,403

3,303

1,631

4,632

31,506

42,330

48,785

35,402

30,781

25,684

69,973

(11,984)

(8,553)

(9,908)

(17,337)

(18,627)

(18,022)

(8,403)

(976)

(1,688)

(1,943)

(903)

(608)

(383)

(3,079)

(363)

(629)

(724)

(336)

(143)

(1,151)

18,183

31,460

36,210

16,826

11,550

7,136

57,340

(7,538)

(10,369)

(11,815)

(1,693)

(2,097)

(1,660)

(18,094)

10,645

21,091

24,395

15,133

9,453

5,476

39,246

449

801
6,275

6,000

14,000

14,000

1,725

6,000

5,000

2,472

1,500

18,000

1,360

4,284

2,875

7,417

9,890

6,181

4,079

2,720

17,134

10,600

21,417

23,890

14,653

9,079

5,580

39,418

777

449

951

428

801

696

524

2.01

13.74

9.87

8%

20%

14%

-4%

17%

-12%

25%

profit and loss account

2004

2005

770,105

949,755

(585,685)

(775,926)

(10,937)

(16,246)

173,483

2006

2008

1,585,648

2,628,820

(997,315)

(1,264,095)

(2,211,216)

(22,655)

(29,931)

(30,721)

157,583

189,063

291,622

386,883

(55,334)

(59,377)

(75,956)

(94,708)

(112,859)

(786)

(731)

(1,559)

(1,773)

(2,098)

(21,113)

(35,110)

(32,469)

(40,469)

(53,097)

(1,038)

(1,074)

(1,036)

(2,192)

(2,860)

(8,626)

(4,057)

(4,077)

(9,477)

(12,231)

35,239

5,969

10,135

1,296

1,929

121,825

63,203

84,101

144,299

205,667

(9,199)

(17,877)

(22,042)

(41,536)

117,694

54,004

66,224

122,257

164,131

(34,178)

(13,157)

(24,901)

(34,747)

(57,334)

83,516

40,847

41,323

87,510

106,797

(4,131)

1,209,033

2007

524
84,040
50,000
13,136
19,705
82,841
1,199
25.43

8.88

7.82

14.39

15.27

25%

23%

27%

31%

66%

20%

-6%

-5%

-7%

-6%

10.5%

10.9%

6.9%

9.4%

(25,250)

(33,896)

(35,679)

Assumptions
sales growth
cgs/sales
distribution cost/sales
administrative cost/sales
other operating expense/sales
ther operating income/sales
depriciation rate
finance cost

20%
78.76%
7.71%
3.22%
0.23%
0.78%
9%
6%

net sales
cost of sales
gross profit
distributions cost
adminitrative expenses
total depriciation
other operating expenses
other operating income
earning before interest and taxes
finance cost
worker profit participation fund
workers welfare fund
profit before taxation
taxation
profit after taxation
Debt can be issued
0.573627
Debt capacity
57%
Debt Capacity
873362
Each yr principal payment 174672

873362

Projected Balance

Non Current Assets

Current Assets
Total Assets
Equity
Non Current Liabilities
Current Liabilities
Total Liabilities
Total Liabilities & Equity

Profit after tax

Add back depreciation
Decrease in current assets
Add back increase in current liabilities
Subtract increase in fixed assets at cost
Add back after-tax interest on debt
Free cash flow

Valuing the firm

WACC

31%

FCF
Terminal value
Total
NPV of row 85
Add in initial (year 0) cash and mkt. securities

Enterprise value
Subtract out value of firm's debt today
Equity value
No. of shares outstanding
Share price

2008

2009

2010

2011

2012

2013

Projected income statement

rupees in"000"
2,628,820

3,154,584

3,785,501

4,542,601

5,451,121

6,541,345

(2,211,216)

(2,484,550)

(2,981,460)

(3,577,753)

(4,293,303)

(5,151,964)

1,157,818

1,389,382

417,604

670,034

804,040

964,848

(112,859)

(243,218)

(291,862)

(350,235)

(420,281)

(504,338)

(53,097)

(101,578)

(121,893)

(146,272)

(175,526)

(210,631)

(35,679)

(126,738)

(115,332)

(104,952)

(95,506)

(86,911)

(12,231)

(7,256)

(8,707)

(10,448)

(12,538)

(15,045)

1,929

24,606

29,527

35,432

42,519

51,022

205,667

215,849

295,773

388,374

496,485

623,479

(41,536)

(90,000)

(79,520)

(69,039)

(58,559)

(48,079)

164,131

125,849

216,254

319,335

437,926

575,401

(57,334)

(44,047)

(75,689)

(111,767)

(153,274)

(201,390)

106,797

81,802

140,565

207,568

284,652

374,010

Projected Balance sheet

rupees in"000"

534,842

1,408,204

1,281,466

1,166,134

1,061,182

965,675

671,894

753,696

184,427

192,089

199,453

209,646

1,206,736

2,161,900

1,465,893

1,358,223

1,260,635

1,175,321

1,086,410

661,900

140,565

207,568

284,652

374,010

61,823

935,185

760,513

585,840

411,168

236,495

564,815

564,815

564,815

564,815

564,815

564,815

626,638

1,500,000

1,325,328

1,150,655

975,983

801,310

1,713,048

2,161,900

1,465,893

1,358,223

1,260,635

1,175,321

Free cash flow

rupees in"000"

81,802

140,565

207,568

284,652

374,010

126,738

115,332

104,952

95,506

86,911

81,802

(569,269)

7,662

7,364

10,192

$2,067,012
49274

26,998

58,500

51,688

44,876

38,063

317,341

(254,872)

371,870

432,398

509,177

317,341

(254,872)

371,870

432,398

509,177

317,341

(254,872)

371,870

432,398

509,177

$2,116,286
-626638
$1,489,648
6,992
$213

2014

7,849,614
(6,182,356)
1,667,258
(605,205)
(252,758)
(79,089)
(18,054)
61,227
773,379
(37,598)

735,781
(257,523)
478,258

878,765
226,131
1,104,896
478,258
61,823
564,815
626,638
1,104,896

478,258
79,089
16,486

31,251
605,083

605,083
6,915,236
7,520,320

1996

1997

1998

1.16

1.17

1.23

0.48

0.46

0.59

inventory turnover

3.21

3.61

4.74

average collection period

17.21

18.58

19.83

average age of inventory

112.25

99.79

76.00

total asset turnover

1.31

1.37

1.51

debt ratio

55.01

50.88

47.02

times interest earned ratio

5.04

2.63

4.95

gross profit margin

22.61

20.18

21.19

operating profit margin

10.74

8.61

9.65

net profit margin

5.40

2.91

4.81

8.0

4.6

8.5

7.08

3.98

7.25

12.96

6.78

11.44

price/earning ratio-high

8.56

11.51

4.34

price/earning ratio-low

7.84

8.05

3.99

B.V/share of common stock

61.51

63.50

74.56

current ratio
current ratio industry
quick ratio
quick ratio industry

net profit margin industry

earning per share
earning per share industry
ROA
ROA industry
ROE
ROE industry

market/book ratio

1.11

0.84

0.50

average payment period

108.22

93.02

95.60

cash conversion cycle

21.23

25.35

0.23

Debt/equity ratio

1.01

0.87

0.74

65.38

45.25

35.50

debt/equity ratio industry

average share price

current ratio

quick ratio

2.50

1.20

2.00

1.00
0.80

1.50

Series1

1.00

industry average

0.60
0.40

0.50

0.20

0.00

1996
1997
1998
1999
2000
2001

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

0.00

Average colletion period

average age of invento

50.00
45.00
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00

120.00
100.00
80.00
Series1

60.00
40.00

debt ratio

2000

1999

1998

1997

0.00

1996

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

20.00

times interest

debt ratio

times interest
35.00

60.00

30.00

50.00

25.00

40.00

20.00
Series1

30.00
20.00

15.00

operating profit
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00

2000

1999

1998

1996

2008

2007

2006

2005

2004

2003

2002

2001

2000

earning per share

30.0
25.0
20.0
Series1

15.0
10.0
5.0
1996
1997
1998
1999
2000
2001
2002

0.0

P/E ratios
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00

ROA

2004

2003

2001

2000

1999

1998

1997

1996

0.00
2002

1999

0.00

1998

0.00
1997

5.00
1996

10.00

1997

10.00

average payment period

ROA

average payment period

20.00
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00

120.00
100.00
80.00

Series1
industry average

60.00
40.00
20.00

cash conversion cycle

70.00
60.00
50.00
Series1

30.00
20.00
10.00
0.00

1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00

Average share price

180.00
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00

2000

1999

1998

matket

80.00

40.00

1997

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

1996

0.00

1999

2000

2001

2002

2003

2004

2005

2006

1.30

1.41

1.23

1.21

1.26

1.66

2.15

1.62

1.26

1.30

1.31

1.32

1.42

0.48

1.04

0.83

0.48

0.35

0.87

0.85

0.83

0.78

0.89

0.54

0.61

0.64

0.52

2007
1.21

4.02

4.13

3.74

3.40

3.57

5.67

3.67

4.57

4.13

15.85

19.49

46.37

23.95

23.39

18.57

14.99

13.66

11.77

89.50

87.18

96.28

105.76

100.77

63.44

98.20

78.70

87.19

1.40

1.21

1.21

1.21

1.55

1.62

1.42

1.48

1.47

47.20

45.13

53.91

48.37

43.74

38.21

40.69

36.62

38.78

4.92

2.04

1.65

1.43

8.33

29.49

6.87

4.70

6.55

21.56

18.96

19.40

18.49

22.88

22.53

16.59

15.64

18.39

9.77

7.36

5.47

5.19

11.34

15.82

6.65

6.96

9.10

4.89

3.15

1.68

1.11

6.36

10.84

4.30

3.42

5.52

10.90

8.70

7.40

8.30

7.00

13.7

25.4

8.9

7.8

14.4

11.4

11.2

12.8

16.2

13.0

9.87

17.54

6.13

5.07

8.10

16.00

13.70

12.70

15.00

12.40

13.55

17.14

7.18

6.57

11.34

49.70

39.70

38.00

42.00

29.40

9.9

6.83

11.43

5.7

3.81

6.60

3.5

2.02

3.94

2.0

1.34

2.23

3.44

4.90

8.62

11.69

10.19

8.06

12.95

11.57

13.02

2.43

3.52

5.89

9.08

1.84

3.78

6.98

7.88

4.74

86.29

84.29

88.24

90.27

101.46

148.40

107.62

103.40

110.40

0.39

0.33

0.34

0.26

1.38

1.38

1.07

0.88

1.70

103.10

87.37

102.08

93.40

94.20

73.45

37.94

41.65

55.86

2.26

19.31

40.58

36.31

29.95

8.56

75.25

50.70

43.10

0.79

0.78

1.05

0.81

0.60

0.37

0.48

0.47

0.54

2.10

1.89

1.99

1.80

1.37

82.63

150.48

88.50

76.08

127.78

29.00

24.05

25.25

41.75

inventory turnover

quick ratio
6.00
5.00
4.00
Series1
industry average

3.00
2.00
1.00
2006

2007

2008

2006

2007

2008

2005

2004

2003

2002

gross profit margin

2005

2004

2003

2002

2001

2000

1999

1998

1997

1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
1996

2008

2007

2006

2005

2004

2003

2002

2001

Series1

2000

2001

total asset turnover

average age of inventory

times interest earned

2000

1999

1998

1997

1996

2001
2002
2003
2004
2005
2006
2007
2008

0.00

gross profit margin

times interest earned

25.00
20.00
15.00
Series1
10.00
5.00

earning per share

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

2008

2007

2006

2005

2004

2003

2002

2001

2000

0.00

net profit margin

12.00
10.00
8.00
Series1
industry average

series 1

6.00

industry average

4.00
2.00
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2001
2002
2003
2004
2005
2006
2007
2008

0.00

B.V/ share

average payment period

ROE

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

2008

2007

2006

2005

2004

P/E ratio low

1996

P/E ratio - high

180.00
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00

ROE

average payment period

60.00
50.00
40.00
Series1

Series1

30.00

industry average

20.00

0.00
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2008

2007

2006

2005

2004

2003

2002

2001

2000

10.00

debt/equity ratio

matket / book ratio

2.50
2.00
1.50

Series1

Series1

industry average

1.00
0.50

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

0.00

Series1

2008
1.19
1.41
0.46
0.88
5.38
10.60
66.86
1.51
35.98
4.95
14.72
7.82
4.06
5.10
15.3
8.9
6.13
8.80
9.83
20.00
13.95
7.01
155.37

1.37
32.95
44.51
0.58
1.27
160.00

2008

Series1

2008

Series1

Series1

series 1
industry average

2008

Series1

Series1
industry average

Series1
industry average

1996

1997

100.00%

100.00%

75.83%

78.15%

1.55%

1.67%

22.61%

20.18%

9.50%

9.25%

0.15%

0.16%

0.00%

0.00%

2.44%

2.53%

0.14%

0.13%

0.00%

0.00%

0.00%

0.00%

0.35%

0.49%

0.00%

0.00%

10.74%

8.61%

0.00%

0.00%

2.13%

3.27%

-0.43%

-0.27%

-0.16%

-0.10%

0.00%

0.00%

profit before taxation

taxation
profit after taxation

8.02%

4.97%

2.62%

2.06%

5.40%

2.91%

net sales
cost of sales
Depriciation
gross profit
distributions cost
Depriciation distribution

100%

108%

100%

111%

100%

116%

adminitrative expenses
Depriciation administrative

net sales
cost of sales
Depriciation
gross profit
distributions cost
Depriciation distribution
adminitrative expenses
Depriciation administrative
other operating expenses
other operating income
earning before interest and taxes
finance cost
worker profit participation fund
workers welfare fund

100%

96%

100%

105%

100%

116%

100%

112%

100%

97%

other operating expenses

other operating income

100%

154%

earning before interest and taxes

100%

86%

finance cost
worker profit participation fund
workers welfare fund

100%

166%

profit before taxation

taxation
profit after taxation

100%

67%

100%

58%

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

vertical analysis of common size incomme statement

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

100.00%

77.15%

76.58%

78.65%

78.55%

79.37%

75.50%

76.05%

81.70%

82.49%

79.72%

1.66%

1.86%

2.39%

2.05%

2.15%

1.61%

1.42%

1.71%

1.87%

1.89%

21.19%

21.56%

18.96%

19.40%

18.49%

22.88%

22.53%

16.59%

15.64%

18.39%

9.27%

8.85%

8.81%

11.23%

9.42%

3.94%

7.19%

6.25%

6.28%

5.97%

0.13%

0.12%

0.16%

0.13%

0.15%

0.13%

0.10%

0.08%

0.13%

0.11%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

2.37%

3.00%

3.14%

2.97%

3.80%

7.98%

2.74%

3.70%

2.69%

2.55%

0.18%

0.20%

0.19%

0.18%

0.27%

0.25%

0.13%

0.11%

0.09%

0.14%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

1.12%

0.43%

0.34%

0.60%

0.40%

0.38%

0.71%

0.59%

0.33%

0.75%

4.58%

0.63%

0.84%

0.08%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

9.65%

9.77%

7.36%

5.47%

5.19%

11.34%

15.82%

6.65%

6.96%

9.10%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

1.95%

1.98%

3.61%

3.31%

3.64%

1.36%

0.54%

0.97%

1.48%

1.39%

-0.38%

-0.39%

-0.19%

-0.11%

-0.08%

-0.50%

0.00%

0.00%

0.00%

0.00%

-0.14%

-0.14%

-0.07%

0.00%

-0.03%

-0.19%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

7.17%

7.25%

3.50%

2.05%

1.44%

9.29%

15.28%

5.69%

5.48%

7.71%

2.36%

2.37%

0.35%

0.37%

0.34%

2.93%

4.44%

1.39%

2.06%

2.19%

4.81%

4.89%

3.15%

1.68%

1.11%

6.36%

10.84%

4.30%

3.42%

5.52%

Horizontal analysis of common size income statement

129%

147%

142%

166%

146%

182%

227%

280%

356%

467%

131%

148%

147%

172%

153%

181%

227%

301%

387%

491%

139%

176%

218%

219%

202%

189%

208%

308%

430%

568%

121%

140%

119%

142%

119%

184%

226%

205%

246%

380%

126%

137%

131%

196%

145%

75%

172%

184%

235%

294%

110%

117%

151%

144%

145%

162%

157%

146%

312%

355%

126%

181%

182%

202%

227%

595%

255%

424%

392%

489%

166%

215%

193%

217%

276%

328%

218%

226%

218%

461%

151%

162%

290%

281%

139%

395%

3002%

508%

863%

110%

116%

134%

97%

84%

70%

192%

334%

173%

231%

396%

118%

137%

240%

258%

249%

116%

57%

127%

247%

305%

116%

133%

62%

42%

26%

211%

432%

198%

243%

449%

115%

133%

83%

52%

30%

214%

456%

223%

225%

477%

2008

100.00%
84.11%

78.76%

1.17%

1.77%

14.72%
4.29%

7.71%

0.08%

0.12%

0.00%
2.02%

3.22%

0.11%

0.16%

0.00%
0.47%

0.23%

0.07%

0.78%

0.00%
7.82%
0.00%
1.58%
0.00%
0.00%
0.00%
6.24%
2.18%
4.06%

774%
859%
583%
504%
350%
420%
642%
601%

164%
564%
574%

603%
583%