Managerial Balance sheet as on 31st March

Equity and Liabilities

Shareholders' Funds
Paid-up capital
Reserves and Surplus
Share application money pending allotment

FY 2009-10 FY 2010-11
24
259
0
283

24
302
0
326

2
0

2
0

26
32
-6

31
25
6

521
136
657

433
186
619

TOTAL EQUITY AND LIABILITIES

936

953

Assets
Intangible
Net Fixed Tangible Assets
Capital Work-In-Progress
Goodwill on consolidation net

13
401
12
86

8
411
13
86

Investments
Operating Investments
Non-operating Investments

1
365

2
387

608
549
58

730
684
46

0
0
0

0
0
0

936

953

Minority Interest
Capital subsidy
Net Deferred tax Liabilities
Deferred Tax Liabilities
Deferred Tax Assets
Debt
Long term borrowings
Short term borrowings

Working Capital
Current Assets
Current Liabilities
Long-term Working Capital
Non-current assets
Non-current liabilities

TOTAL ASSETS

Operational Balance sheet as on 31st March

Equity and Liabilities
Shareholders' Funds
Paid-up capital
Reserves and Surplus
Share application money pending allotment

FY 2009-10 FY 2010-11
24
259
0
283

24
302
0
326

26
32
-6
277
365
0
-88

31
25
6
332
387
0
-55

Minority Interest
Capital Subsidy

521
136
657
2
0

433
186
619
2
0

TOTAL EQUITY AND LIABILITIES

571

566

13
401
12
86

8
411
13
86

1
0

2
0

608
608
549
58

730
730
684
46

Net Deferred tax Liabilities

Deferred Tax Liabilities
Deferred Tax Assets
Total Equity
Less: Non-operating investments
Less:Excess cash
Core equity
Debt
Long term borrowings
Short term borrowings

Assets
Intangible assets
Net Fixed Tangible Assets
Capital Work-In-Progress
Goodwill on consolidation net
Investments
Operating Investments
Non-operating Investments
Working Capital
Current Assets
Current asset- excess cash
Current Liabilities
Opreating working capital
Long-term Working Capital
Non-current assets

Non-current liabilities
TOTAL ASSETS

0
0
571

0
0
566

Total Cash
Less: 2% of TOI
Excess Cash

43
76
-33

77
93
-16

on 31st March
FY 2011-12FY 2012-13 FY 2013-14
24
385
0
409

24
527
2
553

24
770
0
794

2
0

2
5

2
4

33
25
8

40
27
13

44
35
9

62
117
179

27
314
341

28
120
148

598

914

958

9
521
111
94

14
624
147
99

16
725
107
107

1
247

1
107

1
197

767
1104
-336

789
807
-17

883
1126
-243

91
141
-50

102
163
-61

71
23
48

598

914

958

s on 31st March
FY 2011-12FY 2012-13 FY 2013-14
24
385
0
409

24
527
2.29
553

24
770
0
794

33
25
8
417
247
0
170

40
27
13
566
107
0
459

44
35
9
803
197
0
606

62
117
179
2
0

27
314
341
2
5

28
120
148
2
4

351

807

761

9
521
111
94

14
624
147
99

16
725
107
107

1
0

1
0

1
0

767
767
1104
-336

789
789
807
-17

883
883
1126
-243

91

102

71

141
-50
351

163
-61
807

23
48
761

61
110
-49

103
124
-21

109
137
-28

Statement of Profit and Loss Account of Britannia

2009-10

Particulars

Gross Sales
Less:Excise Duty
Net Sales
Other Operating Income
Total operating Income
Y-o-Y Growth
Less: Cost of Goods Sold
Gross Profit
Less: Selling and Distribution
EBITDA
Less:Depreciation and Amortisation
EBIT
Less:Interest
Add:Other non-operating Income
Less:Other non-operating Expenses
Profit before tax and exceptional items
Less: Exceptional items
PBT
Less:Current Tax
Less:Deferred Tax
Less: Minimum alternative tax credit
PAT
Less:Income from Associates
Less:Minority Interest
PAT after Minority Interest
Total Tax
Tax Rate
NOPAT
OP PAT

Amount
(Rs. In
crores)

2010-11
Amount
(Rs. In
crores)

2011-12
Amount
(Rs. In
crores)

2679
1120
925
194
58
136
23
36
0
148
40
109
23
-16
-1
103
0
0
103

4,638
33
4605
32
4637
0
3293
1345
1077
267
65
202
48
33
0
187
0
187
43
12
-1
134
0
0
134

5,520
59
5461
42
5503
0
3838
1665
1337
329
62
267
42
41
0
267
0
267
66
2
-1
200
0
0
200

6
5%
129
107

53
28%
145
111

67
25%
200
169

3,794
23
3771
28
3799

t of Britannia Industries Ltd.

2012-13
Amount
(Rs. In
crores)

2013-14
Amount
(Rs. In
crores)

6,222
86
6136
58
6194
0
4216
1978
1548
430
73
356
41
43
0
358
0
358
100
5
-7
260
0
0
260

6,946
116
6829
93
6922
0
4593
2329
1692
637
83
554
8
24
0
569
0
569
180
-4
-2
396
0
0
395

99
27%
258
228

174
30%
385
379

2009-10

2010-11

2011-12

Common Size Statement

CAGR

16%
16%

100.00%

100.00%

100.00%

14%
20%
16%
35%

71%
29%
24%
5%
2%
3.58%
1%
1%

71%
29%
23%
6%
1%
4.37%
1%
1%

70%
30%
24%
6%
1%
4.85%
1%
1%

3%

4%

5%

3%

3%

4%

3%

3%

4%

42%
-23%
-10%

51%
67%
-30%
18%
40%
-4%
40%

2012-13

2013-14

ize Statement

100.00%

100.00%

68%
32%
25%
7%
1%
5.75%
1%
1%

66%
34%
24%
9%
1%
8.00%
0%
0%

6%

8%

4%

6%

4%

6%

WN1: Net Sales

Gross Sales
Excise Duty
WN2: Other Operating Income
Royalty income
Scrap sales
Profit on sale of fixed assets(net)
Gain in Foreign Currency transactions
Other receipts
Provision for Doubtful debts written back
Provision for liabilities no longer required written back
WN3: Cost of Goods Sold
Cost of Materials Consumed
Raw Materials including packaging material
Purchases of stock in trade
Changes in Inventories of Finished Goods, Work-in-Progress and Stockin-Trade
Direct labor
Consumption of Stores and Spare Parts
Power and Fuel
Rent
Rates and Taxes
Insurance
Repairs on Machinery
WN4: Selling and Distribution Expenses
Advertising and Promotion
Conversion charges
Repairs on Buildings
Repairs on Others
Foreign exchange loss
Contirbution to provident and other funds
Workmen and staff welfare expenses
Voluntary retirement scheme
Auditors remuneration
Bad debts and advances written off
Provision for doubtful debts(net of write back)
Miscellaneous
Carriage,freight and distribution

WN5: Depreciation and Amortisation

Tangible Assets:
Freehold Land
Leasehold Land
Buildings
Plant, Machinery and Equipment
Motor vehicles
Office Equipment
Vehicles leased
Furniture and Fittings
Inangible Assets:
Trademarks
Computer Software
Designs
Knowhow
Non Compete rights
Transfer from capital subsidy
Marketing Infrastructure
WN6: Interest Expense
Interest Expense on:
Bank
Bank and other charges
Short term borrowings
Debentures
Others
Finance lease
Fixed loans
WN7: Non-operating Income
Interest Income
Dividend Income on Non current Investments & Current Investments
Net gain/loss on sale of investments
Other Non operating income
WN8: Share Capital
Authorised (250,000,000 shares of Rs.2 each)
Equity Shares fully paid up
WN9: Reserves and Surplus
Capital Reserve
Capital Redemption Reserve

Securities Premium Account

General Reserve
Foreign Currency Translation Reserve
Surplus
WN10: Deferred Tax Liabilities
Depriciation
WN11: Deferred Tax Assets
Voluntary retirement schemes and compensation benefits
Statutory payments
Provisions allowed on payments, write off
Others
WN12: Long-term Borrowings
Secured Borrowings From Banks
Unsecured term loans
8.25% Reedemable non-convertible bonus debentures
Long Term Maturities of Finance Lease Obligations
WN13: Short-term Borrowings
Unsecured Borrowings
Working Capital Loans from Banks
WN14: Intangibles
Computer Software
Knowhow
Marketing Infrastructure
Non compete rights
Trademarks
Designs
WN15: Net Fixed Assets
Tangible Assets:
Freehold Land
Leasehold Land
Buildings
Plant, Machinery and Equipment
Vehicles
Vehicles Leased
Office Equipment
Furniture and Fixtures

WN 16: Operating Investments

Unquoted
In Equity Instruments-Associates
WN16: Non-operating Investments
Non-Trade Investments
Unquoted:
Investments in mutual funds
Investments in certificate of deposits
Investments in partnership firms
Investments in insurance policy
Fully paid up debentures
Quoted:
Investments in debentures/bonds
In Equity Instruments
WN17: Current Assets
Inventories
Trade Receivables
Cash and Cash Equivalents
Other current assets
Short-term Loans and Advances
WN18: Current Liabilities
Trade Payables
Other Current Liabilities
Short-term Provisions
WN19: Non Current Assets
Long-term Loans and Advances:
Capital advances
Deposits
Other loans and advances
Unsecured and considered doubtful
Less: Provison for doubtful loans/advances
Other non-current assets

WN20: Non Current Liabilities

Long term provisions
Deposits from customers

FY 09-10

FY 10-11

FY 11-12

FY 12-13

FY 13-14

3771
3794
-23

4605
4638
-33

5461
5520
-59

6136
6222
-86

6829
6946
-116

28
0
0
4
0
16
1
6

32
2
0
13
0
5
0
12

42
2
16
16
1
1
1
6

58
2
22
8
0
25
1
0

93
2
23
10
0
38
0
20

2679

3293

3838

4216

4593

2030
414

2712
329

3109
438

3351
519

3657
525

-27
141
11
46
16
27
2
19

-15
161
9
57
7
21
2
11

-14
175
11
73
7
25
2
12

-8
201
15
91
9
21
2
15

-12
238
20
111
8
29
2
14

925
301
249
3
0
3
8
8
0
1
0
0
99
254

1077
335
287
2
11
1
9
9
1
1
0
1
119
301

1337
420
355
2
13
0
10
11
15
1
0
0
177
332

1548
534
420
2
16
0
13
13
0
1
0
0
197
353

1692
604
453
3
19
1
12
13
0
1
0
0
199
388

58

65

62

73

83

0
0
5
45
0
0
1
1

0
0
5
51
0
0
1
1

0
0
6
45
0
5
0
1

0
0
8
57
0
5
0
1

0
1
8
65
0
5
0
1

0
1
0
1
4
0
2

0
1
0
1
4
0
2

0
2
0
1
0
0
2

0
2
0
0
0
0
0

0
4
0
0
0
-1
0

23

48

42

41

12
7
0
1
1
0
2

0
4
4
34
2
0
4

0
8
0
34
0
0
0

0
9
0
33
0
0
0

0
8
0
0
0
0
0

36
15
13
8
0

33
23
1
9
0

41
29
0
9
3

43
25
0
15
4

24
14
0
6
4

24
50
24

24
50
24

24
50
24

24
50
24

24
50
24

259
1
4

302
1
4

385
1
4

527
1
4

770
1
4

0
200
-3
57

0
215
-4
87

0
234
-3
150

1
257
-3
267

17
294
-2
457

26
26

31
31

33
33

40
40

44
44

32
10
21
1
0

25
6
11
7
1

25
7
14
4
1

27
4
18
4
2

35
3
24
8
1

521
112
0
406
2

433
25
0
406
2

62
26
35
0
1

27
27
0
0
0

28
28
0
0
0

136

186

117

314

120

136

186

117

314

120

13
4
2
3
4
0
0

8
5
1
2
0
0
0

9
8
0
0
0
0
0

14
14
0
0
0
0
0

16
16
0
0
0
0
0

401

411

521

624

725

5
6
78
287
1
2
14
7

5
12
76
298
1
1
12
6

10
24
111
356
2
1
13
7

17
24
153
405
2
0
15
8

72
29
178
424
2
0
12
8

365

387

247

107

197

278
0
0
6
81

246
0
0
6
0

82
25
0
6
0

73
0
0
6
0

163
0
0
6
0

0
0

131
4

131
4

25
3

25
3

608
304
73
43
16
172

730
347
81
77
12
213

767
432
113
61
0
161

789
375
123
103
0
189

883
420
109
109
0
245

549
161
232
156

684
205
254
225

1104
387
590
127

807
394
277
136

1126
557
242
328

0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0

91
78
22
7
50
6
6
12

102
90
36
12
43
6
6
12

71
59
2
12
45
6
6
12

0
0
0

0
0
0

141
120
20

163
143
20

23
4
19

Cash Flow Analysis

2010-2011
145
12
157
12
-5
0
-12
0
0
-5
162
-0.03
34
-38
0
90

NOPAT
Inc in DTL
Adj NOPAT
Inc in NFA+CWIP
Inc in Intangibles
Inc in Goodwill
Inc in Op WCAP
Inc in LT WCAP
Inc in Operating Investments
Total Reinvestment
FCFF
Reinvestment Ratio
Interest(1-t)
Inc in Debt
Inc in Minority Interest
FCFE

DuPont Analysis
2009-2010
Adj. NOPAT/TOI
CAPITAL EMPLOYED
CAPITAL EMPLOYED(BEG)
CAPITAL EMPLOYED(AVG)
TOI/CAPITAL EMPLOYED (BEG)
TOI/CAPITAL EMPLOYED (AVG)

2010-2011
571

ROC (BEG)
ROC (AVG)
OPERATING PAT
OP. PAT/ SALES
CORE EQUITY
EQUITY(BEG)
EQUTIY(AVG)
BEG CAPITAL/ BEG EQUITY
AVG CAPITAL/ AVG EQUITY
ROE (BEG)
ROE (AVG)

3.39%
566
571
568
8.12
8.16
27.53%
27.66%

107
0.03

111
0.02

-88

-55
-88
-72
-6.47
-7.92
-125.81%
-154.78%

ROE=Operating PAT/Equity(Beg)
ROE=Operating PAT/Equity(Avg))

-125.81%
-154.78%

NET FIXED ASSETS

NET FIXED ASSETS(BEG)
NET FIXED ASSETS(AVG)
SALES/NET FIXED ASSETS (BEG)
SALES/NET FIXED ASSETS (AVG)

413

425
413
419
11.24
11.07

OPERATING WORKING CAPITAL

OPERATING WC(BEG)
OPERATING WC(AVG)
SALES/ OP WORKING CAP (BEG)
SALES/ OP WORKING CAP (AVG)

58

46
58
52
79.67
89.08

TOTAL WORKING CAPITAL

TOTAL WORKING CAPITAL(BEG)
TOTAL WORKING CAPITAL(AVG)
SALES/ TOTAL WORKING CAP (BEG)
SALES/ TOTAL WORKING CAP (AVG)

58

46
58
52
79.67
89.08

TRADE RECEIVABLES
RECEIVABLES(BEG)
RECEIVABLES(AVG)
SALES/ RECEIVABLES (BEG)
SALES/ RECEIVABLES (AVG)
DEBTOR TURNOVER (BEG)
DEBTOR TURNOVER (AVG)

73

81
73
77
63.51
60.23
5.75
6.06

INVENTORIES
INVENTORIES(BEG)
INVENTORIES(AVG)
SALES/ INVENTORIES (BEG)
SALES/ INVENTORIES (AVG)

304

347
304
326
15.24
14.24

Flow Analysis
2011-2012
2012-2013
2013-2014
200
258
385
2
5
-4
202
264
381
208
138
61
1
5
2
9
5
8
-382
319
-226
-50
-10
109
0
0
0
-215
457
-47
417
-193
428
-1.07
1.73
-0.12
31
30
6
-440
163
-193
0
0
0
-54
-60
229

Total

1003

190
814
0.19

204

ont Analysis
2011-2012

2012-2013

2013-2014

3.66%
351
566
458
9.73
12.01

4.25%
807
351
579
17.67
10.70

5.50%
761
807
784
8.58
8.83

35.65%
44.02%

75.16%
45.52%

47.20%
48.60%

169
0.03

228
0.04

379
0.05

170
-55
57
-10.25
8.00

459
170
314
2.07
1.84

606
459
532
1.76
1.47

-305.46%
294.58%

134.62%
72.71%

82.64%
71.23%

(Amt. in crores)

-305.46%
294.58%

134.62%
72.71%

82.64%
71.23%

633
425
529
12.95
10.41

771
633
702
9.79
8.83

832
771
801
8.98
8.64

-336
46
-145
119.87
-37.92

-17
-336
-177
-18.43
-35.03

-243
-17
-130
-396.02
-53.13

-386
46
-170
119.87
-32.32

-78
-386
-232
-16.03
-26.67

-195
-78
-137
-88.68
-50.70

113
81
97
67.97
56.74
5.37
6.43

123
113
118
54.81
52.53
6.66
6.95

109
123
116
56.37
59.80
6.48
6.10

432
347
389
15.86
14.13

375
432
403
14.35
15.36

420
375
397
18.48
17.42

List of all the values used in Cash flow & Du Pont Analy
2009-10
Particulars
From Profit & Loss Statement
Total Operating income
EBIT
Less: Interest
PBT
PAT
PAT after Minority Int.
Tax
Tax rate
NOPAT
Operating PAT

2010-11

2011-12

(Amt in crores) (Amt in crores) (Amt in crores)

3799
136
23
109
103
103
6
5%
129
107

4637
202
48
187
134
134
53
28%
145
111

5503
267
42
267
200
200
67
25%
200
169

304
73

347
81

432
113

283
24
259
0

326
24
302
0

409
24
385
0

-6

Total Equity
Less: Non-operating inv.
Less: Excess cash
Core equity

277
365
0
-88

332
387
0
-55

417
247
0
170

Debt

657

619

179

Assets
Intangibles
Net tangible assets
Capital WIP
Goodwill
Operating Investments

13
401
12
86
1

8
411
13
86
2

9
521
111
94
1

58

46

-336

From Working Notes

Inventories
Trade Receivables

From Operating B/S

Equity & Liabilities
Shareholders' Funds
Paid-up capital
Reserves and Surplus
Share application money pending allo
Deferred tax liabilites(net)

Operating Working Capital

Long-term Working Capital

Capital Employed

-50

571

566

351

Du Pont Analysis
2012-13

2013-14

(Amt in crores) (Amt in crores)

6194
356
41
358
260
260
99
27%
258
228

6922
554
8
569
396
395
174
30%
385
379

375
123

420
109

553
24
527
2

794
24
770
0

13

566
107
0
459

803
197
0
606

341

148

14
624
147
99
1

16
725
107
107
1

-17

-243

-61

48

807

761

PE & PEG Ratio Calculations

PAT (in CR)
YoY Growth
CAGR
No of Shares( in CR)
EPS
Adj EPS for stock split
YoY Growth
CAGR
MPS
Adj MPS for stock split
YoY Growth
CAGR
P/E Ratio(Trailing) = MPS/EPS(last year)
P/E Ratio(Current) = MPS/EPS
P/E Ratio(Forward)=MPS/EPS(next year)

2009-10 2010-11
103.17
134.35
30.22%
39.91%
43.30%
2.4
12
42.99
11.20
8.60
11.20
30.27%
39.92%
43.29%
319.9
364.35
63.98
364.35
469.47%
90.54%
32.28%
42.38
37.21
32.54
28.57
21.91

Earning estimates(Based on Bloomberg estimates)

FY15

47.69

FY16

56.88

FY17

69.03

EV/EBITDA Calculation
Total Debt
EBITDA
Market value of equity
Non-operating Investments
Excess Cash
Net Debt
EV
EV/EBITDA

657
194
767.76
365
0
292
1060
5.45

619
267
4372.2
387
0
232
4604
17.22

WACC Calculation
Interest
Cost of Debt
Beta
Cost of Equity
Total Capital
Weight of Equity
Weight of Debt

2012-13 2013-14
41
8
8.30%
8.30%
0.62
0.62
12.45%
12.45%
6633
10268
0.949
0.986
0.051
0.014

Tax Rate
WACC

27%
12.12%

30%
12.35%

Altaman Z-Score
WCAP
Long Term WCAP
Total WCAP
Total Assets
Retained Earnings
EBIT
Book Value of Total Liabilities
Sales
WCAP/TA
Retained Earnings/TA
EBIT/TA
Mkt Value of equity/Book value of Total Liabilities
Sales/TA
Z Score

58
0
58
1485
259
136
1209
3799
0.04
0.17
0.09
0.64
2.56
3.53

46
0
46
1637
302
202
1305
4637
0.03
0.18
0.12
3.35
2.83
5.54

lculations
2011-12
2012-13 2013-14 CAGR
2014-2015
199.55
259.5
395.35
48.53%
30.04%
52.35%
39.91%
40.76%
52.35%
12
12
12
16.63
21.63
32.95
16.63
21.63
32.95
48.48%
30.07%
52.33%
39.92%
40.76%
52.33%
592.5
524.3
843.35
2213 (as on March 19,2015)
592.5
524.3
843.35
62.62% -11.51%
60.85%
90.54%
19.31%
60.85%
52.92
31.53
39.00
67.16
35.63
24.25
25.60
27.40
15.91

Earnings (estimated) CAGR

PEG RATIO

2.40

tion
179
329
7110
247
0
-68
7042
21.43

27.96%

341
430
6291.6
107
0
234
6526
15.19

148
637
10120.2
197
0
-49
10071
15.81

e
-336
-50
-386
1842
385
267
1425
5503
-0.21
0.21
0.14
4.99
2.99
6.50

-17
-61
-78
1883
527
356
1313
6194
-0.04
0.28
0.19
4.79
3.29
7.13

-243
48
-195
2107
770
554
1300
6922
-0.09
0.37
0.26
7.79
3.29
9.22

(Calculation of BETA is shown at the bottom of the table)

Date

BRITANNIA IN Equity - Last Price

% Change

12/31/2009

336.08

1/31/2010

313.3

2/28/2010

334.69

6.83%

3/31/2010

319.81

-4.45%

4/30/2010

330.97

3.49%

5/31/2010

341.78

3.27%

6/30/2010

371.35

8.65%

7/31/2010

393.67

6.01%

8/31/2010

409.95

4.14%

-6.78%

9/30/2010

437.95

6.83%

10/31/2010

413.65

-5.55%

11/30/2010

402.45

-2.71%

12/31/2010

413.5

2.75%

1/31/2011

378.3

-8.51%

2/28/2011

336.35

-11.09%

3/31/2011

372.5

10.75%

4/30/2011

369.3

-0.86%

5/31/2011

420.5

13.86%

6/30/2011

479.2

13.96%

7/31/2011

481.95

0.57%

8/31/2011

489.05

1.47%

9/30/2011

469.8

-3.94%

10/31/2011

469.05

-0.16%

11/30/2011

469.05

0.00%

12/31/2011

448.6

-4.36%

1/31/2012

453.55

1.10%

2/29/2012

520.4

14.74%

3/31/2012

593

13.95%

4/30/2012

561.8

-5.26%

5/31/2012

534.65

-4.83%

6/30/2012

525.35

-1.74%

7/31/2012

464.65

-11.55%

8/31/2012

501

7.82%

9/30/2012

475.75

-5.04%

10/31/2012

483.65

1.66%

11/30/2012

498.2

3.01%

12/31/2012

498.75

0.11%

1/31/2013

482

-3.36%

2/28/2013

481.5

-0.10%

3/31/2013

524.95

9.02%

4/30/2013

579.85

10.46%

5/31/2013

724.2

24.89%

6/30/2013

674.3

-6.89%

7/31/2013

699.1

3.68%

8/31/2013

702.4

0.47%

9/30/2013

822

17.03%

10/31/2013

939.55

14.30%

11/30/2013

876.5

-6.71%

12/31/2013

920.6

5.03%

1/31/2014

882.55

-4.13%

2/28/2014

888.4

0.66%

3/31/2014

843.4

-5.07%

4/30/2014

864.05

2.45%

5/31/2014

881.1

1.97%

6/30/2014

1008.4

14.45%

7/31/2014

1148.4

13.88%

8/31/2014

1242.9

8.23%

9/30/2014

1392.05

12.00%

10/31/2014

1530.8

9.97%

11/30/2014

1647.95

7.65%

12/31/2014

1840.1

11.66%

1/31/2015

1889

2.66%

Beta

0.44
0.44

Adjusted Beta

0.62

ottom of the table)

SENSEX Index - Last Price

% Change

Risk Free Rate

Rfr

3M Tbill

17464.81

Dec

3.5689

16357.96

-6.34%

Jan 2010

3.5096

16429.55

0.44%

Feb

3.9728

17527.77

6.68%

Mar

3.9332

17558.71

0.18%

Apr

3.9533

16944.63

-3.50%

May

5.0840

17700.9

4.46%

Jun

5.3198

17868.29

0.95%

Jul

5.6327

17971.12

0.58%

Aug

6.0066

20069.12

11.67%

Sep

6.0439

20032.34

-0.18%

Oct

6.7058

19521.25

-2.55%

Nov

6.8073

20509.09

5.06%

Dec

6.8806

18327.76

-10.64%

Jan 2011

3.5096

17823.4

-2.75%

Feb

7.0710

19445.22

9.10%

Mar

7.1447

19135.96

-1.59%

Apr

7.5332

18503.28

-3.31%

May

8.0727

18845.87

1.85%

Jun

8.0475

18197.2

-3.44%

Jul

8.3567

16676.75

-8.36%

Aug

8.3113

16453.76

-1.34%

Sep

8.3530

17705.01

7.60%

Oct

8.6005

16123.46

-8.93%

Nov

8.8162

15454.92

-4.15%

Dec

8.4414

17193.55

11.25%

Jan 2012

8.5598

17752.68

3.25%

Feb

9.0152

17404.2

-1.96%

Mar

8.9359

17318.81

-0.49%

Apr

8.3544

16218.53

-6.35%

May

8.3848

17429.98

7.47%

Jun

8.2851

17236.18

-1.11%

Jul

8.0975

17429.56

1.12%

Aug

8.1752

18762.74

7.65%

Sep

8.1253

18505.38

-1.37%

Oct

8.1054

19339.9

4.51%

Nov

8.1613

19426.71

0.45%

Dec

8.1896

19894.98

2.41%

Jan 2013

7.9254

18861.54

-5.19%

Feb

8.0779

18835.77

-0.14%

Mar

8.0775

19504.18

3.55%

Apr

7.5461

19760.3
19395.81

1.31%

May

7.2984

-1.84%

Jun

7.5274
10.4120

19345.7

-0.26%

Jul

18619.72

-3.75%

Aug

11.2926

19379.77

4.08%

Sep

9.7453

9.21%

Oct

8.5964

20791.93

-1.76%

Nov

8.8339

21170.68

1.82%

Dec

8.6721

20513.85

-3.10%

Jan 2014

8.781

21164.52

21120.12

2.96%

Feb

8.861

22386.27

5.99%

Mar

8.803

22417.8

0.14%

Apr

8.83

24217.34

8.03%

May

8.645

25413.78

4.94%

Jun

8.748

25894.97

1.89%

Jul

8.498

26638.11

2.87%

Aug

8.563

26630.51

-0.03%

Sep

8.514

27865.83

4.64%

Oct

8.28

28693.99

2.97%

Nov

8.087

27499.42

-4.16%

Dec

7.857

29182.95

6.12%

Jan 2015

7.692

(Using Ri-Rfr & Rm-Rfr)

(Using Ri & Rm)

Risk Free Rate

Ri-Rfr

Monthly Yields

0.2974
0.2925
0.3311
0.3278
0.3294
0.4237
0.4433
0.4694
0.5006
0.5037
0.5588
0.5673
0.5734
0.2925
0.5893
0.5954
0.6278
0.6727
0.6706
0.6964
0.6926
0.6961
0.7167
0.7347
0.7035
0.7133
0.7513
0.7447
0.6962
0.6987
0.6904
0.6748
0.6813
0.6771
0.6754
0.6801
0.6825
0.6604
0.6732
0.6731
0.6288

0.2974%
0.2925%
0.3311%
0.3278%
0.3294%
0.4237%
0.4433%
0.4694%
0.5006%
0.5037%
0.5588%
0.5673%
0.5734%
0.2925%
0.5893%
0.5954%
0.6278%
0.6727%
0.6706%
0.6964%
0.6926%
0.6961%
0.7167%
0.7347%
0.7035%
0.7133%
0.7513%
0.7447%
0.6962%
0.6987%
0.6904%
0.6748%
0.6813%
0.6771%
0.6754%
0.6801%
0.6825%
0.6604%
0.6732%
0.6731%
0.6288%

-0.0707
0.0650
-0.0477
0.0316
0.0284
0.0821
0.0554
0.0363
0.0633
-0.0611
-0.0327
0.0217
-0.0881
-0.1168
0.1015
-0.0149
0.1319
0.1329
-0.0012
0.0078
-0.0463
-0.0088
-0.0073
-0.0506
0.0039
0.1399
0.1321
-0.0596
-0.0553
-0.0243
-0.1223
0.0714
-0.0572
0.0099
0.0233
-0.0057
-0.0402
-0.0078
0.0835
0.0983

Rm-Rfr
-0.0663
0.0011
0.0636
-0.0015
-0.0392
0.0402
0.0048
0.0007
0.1117
-0.0074
-0.0312
0.0449
-0.1093
-0.0334
0.0850
-0.0222
-0.0398
0.0118
-0.0414
-0.0905
-0.0203
0.0689
-0.0967
-0.0485
0.1054
0.0250
-0.0271
-0.0119
-0.0705
0.0678
-0.0179
0.0044
0.0697
-0.0205
0.0383
-0.0023
0.0175
-0.0587
-0.0081
0.0292

0.6082
0.6273
0.8677
0.9411
0.8121
0.7164
0.7362
0.7227

0.6082%
0.6273%
0.8677%
0.9411%
0.8121%
0.7164%
0.7362%
0.7227%

0.7318

0.7318%

0.7384

0.7384%

0.7336

0.7336%

0.7358

0.7358%

0.7204

0.7204%

0.7290

0.7290%

0.7082

0.7082%

0.7136

0.7136%

0.7095

0.7095%

0.6900

0.6900%

0.6739

0.6739%

0.6548

0.6548%

0.6410

0.6410%

0.2429
-0.0752
0.0281
-0.0047
0.1622
0.1358
-0.0745
0.0431
-0.0486
-0.0008
-0.0580
0.0171
0.0125
0.1372
0.1318
0.0752
0.1129
0.0928
0.0698
0.1101
0.0202

0.0070
-0.0247
-0.0113
-0.0469
0.0327
0.0849
-0.0250
0.0110
-0.0383
0.0222
0.0526
-0.0059
0.0731
0.0421
0.0119
0.0216
-0.0074
0.0395
0.0230
-0.0482
0.0548

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.275248
R Square 0.075762
Adjusted R 0.059827
Standard Er0.074667
Observatio
60
ANOVA
df
Regression
Residual
Total

SS
MS
F
Significance F
1 0.026506 0.026506 4.754379 0.033294
58 0.323357 0.005575
59 0.349863

Coefficients
Standard Error t Stat
P-value Lower 95%Upper 95%
Lower 95.0%
Intercept 0.028424 0.009884 2.875811 0.005628 0.008639 0.048209 0.008639
-0.063376 0.44009 0.201833 2.180454 0.033294 0.036075
0.8441 0.036075

Upper 95.0%
0.048209
0.8441

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.272913
R Square 0.074481
Adjusted R 0.058524
Standard Er0.074593
Observatio
60
ANOVA
df
Regression
Residual
Total

SS
MS
F
Significance F
1 0.025971 0.025971 4.667567 0.034881
58 0.322721 0.005564
59 0.348692

Coefficients
Standard Error t Stat
P-value Lower 95%Upper 95%
Lower 95.0%
Intercept
0.02481 0.00967 2.565801
0.0129 0.005454 0.044166 0.005454
-0.066301 0.43577 0.201702 2.160455 0.034881 0.032018 0.839517 0.032018

Upper 95.0%
0.044166
0.839517