Case Pacific Grove Spice Company
PGSC INCOME STATEMENT ESTADO DE RESULTADOS Net sales Cost of Goods Sold Gross Profit Margin Las ventas netas otros i
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PGSC
INCOME STATEMENT
ESTADO DE RESULTADOS
Net sales Cost of Goods Sold Gross Profit Margin
Las ventas netas otros ingresos operacionales Total ingresos Brutos Costo de los bienes vendidos Utilidad Bruta
06/30/07
V CV MB
-
46,180 26,784 19,396
R SG
-
739 14,916
Venta, general, adm. gasto de administracion otros ingresos otros gastos perdidas netas en ventas de inversion en subsidiarias R&D Expense SG&A Expense
Total gastos de operación
Earnings Before Inco. Tax Income tax Net Income
Utilidad Operativa Gastos por intereses ingresos financieros gastos finacieros Utilidad antes de impuestos Impuesto sobre la renta Utilidad netas
Price/Earnings Ratio Market Value of Equity Common Shares Outstand.
Tasa de ganacias sobre precio Valor de equidad de mercado Acciones ordinarias sobresalientes.
Earnings Before Int. & Tax. Interest Expense
3,741
TAX GINT
IN
-
2,906
-
835 225 610
Price per Share
Precio por acción
Growth rate of revenue
Tasa de crecimiento de los ingresos
Purchases
Compras
Income statement ratios: Cost of Goods Sold %Sales Gross Profit Margin %Sal. R&D Expense % Sales SG&A Expense % Sales Operating Income % Sal. Net profit margin % Sales
Ratios de los estados de resultados:
DuPont analysis Net profit margin Asset turnover Return on assets Equity multiplier Return on equity Activity ratios: Days sales outstan. in A/R Inventory turnover PP&E turnover Days COGS in A/P Balance Sheet Assets Cash
-
CV/V MB/V R/V SG/V TAX/V IN/V
Costo de los bienes vendidos% Ventas Margen de beneficio bruto% Sal. Gastos de I + D% Ventas Gastos generales y administrativos% Ventas Utilidad Operacional% Sal. Margen de beneficio neto% Ventas Análisis de DuPont Margen de beneficio neto Rotación de activos Rentabilidad de los activos
ROA
Multiplicador de la equidad Rentabilidad sobre recursos propios
IN/PAT NET TO
CC/V*365 CV/INV V/EQ CP/CV*365
06/30/07 75 4.00 3.04 30.02
IN/V V/ACT TO IN/ACT TOTAL
Relaciones de actividad: Días de ventas outstan. En A / R Volumen de ventas del inventario Facturación de PP & E Días COGS en A / P
Hoja de balance Bienes Efectivo
06/30/07 -58.0% 42.0% -1.6% -32.3% 8.1% 1.3% 06/30/07 1.3% 1.26 1.66% 3.50 5.81%
ACT TOTAL/PAT NET TO
ROE
26,784
06/30/07 Caja
2,325
Accounts Receivable Inventories Prepaid Expenses Total Current Assets
Cuentas por cobrar Inventarios Gastos pagados por anticipado Total de activos corrientes
CC INV GP NWC
Net Property & Equipment Other Long-Term Assets
Propiedad y equipo netos Otros activos a largo plazo
NFA
Total Assets
Los activos totales
Growth rate of assets
Tasa de crecimiento de los activos
Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities
Pasivos + Patrimonio de los Propietarios Pagar cuentas al Banco Cuentas por pagar Curre. pag. Deuda a largo plazo Gastos acumulados Total pasivos corrientes
Long -Term Debt
9,489 6,697 770 19,281 EQ
15,200 2,241
NWC+NFA
36,722
NPB CP CLTD GA
7,669 2,203 973 771 11,616
Deuda a largo plazo
LTD
14,600
Total Liabilities
Responsabilidad total
NFD
26,216
Commmon Stock Retained Earnings Total Shareholder Equity
Acciones de Commmon Ganancias retenidas Patrimonio neto total
AC GR E
6,881 3,625 10,506
Total Liabilities Net Worth
Total Pasivo Patrimonio Neto
NFD+E
36,722
Debt ratios Equity multiplier
Ratios de deuda Multiplicador de la equidad
ACT TO/E
06/30/07 3.50
Int. bea.debt/total assets Times interest earned Bank notes paya./receiva.
Int. Bea.debt / total de activos Tiempos devengados Billetes de banco paya./receiva.
(NPB+CLTD+LTD)/ACT TO
TAX/GINT NPB/CC
0.63 1.29 0.81
Investment Capital Net Working Capital Net Fixed Assets Capital Employed
06/30/07 13982 17441 31423
Net Financial Debt Book value of Equity Capital Employed
20917 10506 31423
Tax Rate
-27% At the end
Pre Tax ROCE After Tax ROCE Interest Rate ROE Purchases/COGS Nr. Days Inventories Aver. Collection Period Nr. Days Account Pay.
Vt -V(t-1) Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets
11.9% 8.7% -13.9% 5.8% 100% 91 75 -30
06/30/07
Net Property & Equipment Other Long-Term Assets Total Assets Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities Long -Term Debt Total Liabilities Commmon Stock Retained Earnings Total Shareholder Equity Total Liabilities Net Worth
Cash from Statements Net Profit Minus Increase Inventories Minus Increase A/R Minus Prepaid Expenses Plus Increase A/P Plus Increase Acc/Expenses Cash Flow from operations
06/30/07
Minus Increase NFA Cash Flow Before Financing Plus Increase Long T. Debt Plus Increase Short T. Debt Total Cash Flow Comprobación
Balance Sheet Assets Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets
06/30/11 4102 16632 11878 969 33581
Net Property & Equipment Other Long-Term Assets
22400 3639
Total Assets
59620
Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities
13442 3905 1483 1345 20175
Long -Term Debt
22247
Total Liabilities
42422
Commmon Stock Retained Earnings Total Shareholder Equity
6881 10317 17198
Total Liabilities Net Worth
59620
Debt ratios Equity multiplier Int. bea.debt/total assets Times interest earned Bank notes paya./receiva.
06/30/11 3.47 62.3% 2.15 0.81
Impact on Share Price Current value of Pacific Impact: new equity offer Post-offer value Value loss exi. Sharehold. Value taken new shareho.
Price p. Share 32.6 27.5 31.2968 -1.3032 3.7968
HCS
INCOME STATEMENT Net sales Cost of Goods Sold Gross Profit Margin
06/30/07
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 Growth rate of revenue Forecasted growth rate of sales Purchases
0
Income statement ratios: Cost of Goods Sold %Sales Gross Profit Margin %Sal. R&D Expense % Sales SG&A Expense % Sales Operating Income % Sal. Net profit margin % Sales
06/30/07
DuPont analysis Net profit margin Asset turnover
06/30/07
Return on assets Equity multiplier Return on equity Activity ratios: Days sales outstan. in A/R Inventory turnover PP&E turnover Days COGS in A/P Days of expenses held in cash Prepaid expenses % of sales Other long-term assets % of sales Accrued expenses % of sales
06/30/07
Balance Sheet Assets Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets
06/30/07
Net Property & Equipment Other Long-Term Assets Total Assets Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt
Pagar cuentas al Banco
Accrued Expenses Total Current Liabilities Long -Term Debt Total Liabilities Commmon Stock Retained Earnings Total Shareholder Equity Total Liabilities Net Worth
Debt ratios Equity multiplier Int. bea.debt/total assets Times interest earned Bank notes paya./receiva.
06/30/07
Investment Capital Net Working Capital Net Fixed Assets Capital Employed
06/30/07
Net Financial Debt Book value of Equity Capital Employed Tax Rate At the end Pre Tax ROCE After Tax ROCE Interest Rate ROE Purchases/COGS Nr. Days Inventories Aver. Collection Period Nr. Days Account Pay.
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 Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities Long -Term Debt Total Liabilities Commmon Stock Retained Earnings Total Shareholder Equity Total Liabilities Net Worth
Cash from Statements Net Profit
06/30/07
Minus Increase Inventories Minus Increase A/R Minus Prepaid Expenses Plus Increase A/P Plus Increase Acc/Expenses Cash Flow from operations Minus Increase NFA Cash Flow Before Financing Plus Increase Long T. Debt Plus Increase Short T. Debt Total Cash Flow Comprobación
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 Minus Increase in other long-term assets Minus Increase in net property & equipmente Minus Capital expenditures* Plus Depreciation* Equal Yearly Free Cash Flow Flujo de efectivo libre anual igual Plus Terminal Value of years 2015Plus Valor Terminal de los años 2015 ^^ Equal Total Free Cash Flow Flujo de efectivo libre total igual
Total Firm Value at WACC Valor total de la empresa en WACC Minus Current Interest-Bearing D Saldo de deudas con intereses corrientes Equal Value of Equity Equivalencia de Patrimonio Perpetual growth rate WACC
Tasa de crecimiento perpetuo WACC
July 2011 Interest Rates: 30-year Treasury Bonds Long-term AA Corporate Bonds Long-term BBB Corporate Bonds Market Risk Premium (S&P 500 vs. L-T Treasuries)
Estimate of High Country's Asset Beta: Market value of equity ($ in millions) Book value of interest-bearing debt ($ in millions) Total capitalization
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)
INCOME STATEMENT 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 Price/Earnings Ratio Market Value of Equity Common Shares Outstand.
06/30/07 46180 -26784 19396 -739 -14916 3741 -2906 835 -225 610
Price per Share Growth rate of revenue Purchases
-26784
Income statement ratios: Cost of Goods Sold %Sales Gross Profit Margin %Sal. R&D Expense % Sales SG&A Expense % Sales Operating Income % Sal. Net profit margin % Sales
06/30/07 -58.0% 42.0% -1.6% -32.3% 8.1% 1.3%
DuPont analysis Net profit margin Asset turnover Return on assets Equity multiplier Return on equity
06/30/07 1.3% 1.26 1.66% 3.50 5.81%
Activity ratios: Days sales outstan. in A/R Inventory turnover PP&E turnover Days COGS in A/P
06/30/07 75 4.00 3.04 30.02
Balance Sheet Assets Cash Accounts Receivable Inventories Prepaid Expenses
06/30/07 2325 9489 6697 770
Total Current Assets
19281
Net Property & Equipment Other Long-Term Assets Goodwill Total Assets
15200 2241 36722
Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities
7669 2203 973 771 11616
Long -Term Debt
14600
Total Liabilities
26216
Commmon Stock Retained Earnings Total Shareholder Equity
6881 3625 10506
Total Liabilities Net Worth
36722
Debt ratios Equity multiplier Int. bea.debt/total assets Times interest earned Bank notes paya./receiva.
06/30/07 3.50 0.63 1.29 0.81
Capital Budgeting Analysis of Television Program Opportunity Initial Investment Cash Flows Equipment Growth Rate of Sales Operating Cash Flows Net sales Cost of Goods Sold at 58.5% of sales Gross Profit Margin Promotion Expense at 11% of sales General & Administrative Expense Depreciation Expense Incremental Operating Profit Income Taxes at 27%
Incremental Net Income Plus Depreciation Expense Incremental Operating Cash Flow Yearly Net Working Capital Investment Additional A/R at 75 Days Sales Outstanding Additional Inventory at 4 Inventory Turns Additional A/P at 30 days COGS Total NWC Investment Terminal Cash Flows Recovery of NWC
Flujos de caja terminales Recuperación de NWC
Total Project Cash Flows
Total de flujos de efectivo del proyecto
Internal Rate of Return
Tasa interna de retorno
Net Net Net Net Net
Valor Actual Neto al 20% Valor Actual Neto al 15% Valor Actual Neto al 10% Valor actual neto en 7.72% Valor Actual Neto al 0.00%
Present Present Present Present Present
Value Value Value Value Value
at at at at at
20% 15% 10% 7.72% 0.00%
PGSC + HC + TV Program (Consolidated)
INCOME STATEMENT Net sales
06/30/07 46180
Cost of Goods Sold Gross Profit Margin
-26784 19396
R&D Expense SG&A Expense Earnings Before Int. & Tax. Interest Expense Earnings Before Inco. Tax Income tax Net Income
-739 -14916 3741 -2906 835 -225 610
Price/Earnings Ratio Market Value of Equity Common Shares Outstand. Price per Share Growth rate of revenue Purchases
-26784
Income statement ratios: Cost of Goods Sold %Sales Gross Profit Margin %Sal. R&D Expense % Sales SG&A Expense % Sales Operating Income % Sal. Net profit margin % Sales
06/30/07 -58.0% 42.0% -1.6% -32.3% 8.1% 1.3%
DuPont analysis Net profit margin Asset turnover Return on assets Equity multiplier Return on equity
06/30/07 1.3% 1.26 1.66% 3.50 5.81%
Activity ratios: Days sales outstan. in A/R Inventory turnover PP&E turnover Days COGS in A/P
06/30/07 75 4.00 3.04 30.02
Balance Sheet Assets Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets
06/30/07
Net Property & Equipment Other Long-Term Assets Goodwill Total Assets
2325 9489 6697 770 19281 15200 2241 36722
Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities
7669 2203 973 771 11616
Long -Term Debt
14600
Total Liabilities
26216
Commmon Stock Retained Earnings Total Shareholder Equity
6881 3625 10506
Total Liabilities Net Worth
36722
Debt ratios Equity multiplier Int. bea.debt/total assets Times interest earned Bank notes paya./receiva.
06/30/07 3.50 0.63 1.29 0.81
2013 3,468,480 72,933 100.0% 3,541,413 -58.0% 949,185 42.0% 2,592,228 -
1,011,658 412,453 97,272 58,109
2012 3,398,219 68,951 3,467,170 948,173 2,518,997 -
06/30/08
53107 -30802 22305
100.0% -58.0% 42.0%
-850 -17260
-1.6% -32.5%
994,171 369,547 52,944 52,043
-1.6% -32.3% - 1,384,948
- 1,362,817
1,207,280
1,156,180
4195
7.9%
134,562 42,306 1.8% 1,299,536 -0.5% 383,921 1.3% 915,615
179,371 15,373 1,320,178 371,469 948,709
-2940
-5.5%
1255 -339 916
2.4% -0.6% 1.7%
8.1% -6.3%
Compras
15.0%
100.0%
-30802
2013 -27.4% 74.7% 0.0% 0.0% 34.8% 26.4%
2013 26.4% 94.45 2493.37% 3.50 8715.16%
2013 1 141.73 232.99 0.85
2013 6%
2,325
2012 -27.9% 74.1% 0.0% 0.0% 34.0% 27.9%
2012 27.9% 94.42 2583.49% 3.50 9030.16%
2012 1 141.58 228.10 0.85
2012 2,325
100.0%
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 2680
7%
26% 18% 2% 53%
9,489 6,697 770 19,281
9,489 6,697 770 19,281
10912 7701 840 22133
27% 19% 2% 54%
41% 6%
15,200 2,241
15,200 2,241
16000 2479
39% 6%
100%
36,722
36,722
40612
100%
10.6% 21% 6% 3% 2% 32%
7,669 2,203 973 771 11,616
7,669 2,203 973 771 11,616
8820 2532 1060 884 13296
22% 6% 3% 2% 33%
40%
14,600
14,600
15894
39%
71%
26,216
26,216
29190
72%
19% 10% 29%
6,881 3,625 10,506
6,881 3,625 10,506
6881 4541 11422
17% 11% 28%
100%
36,722
36,722
40612
100%
2013
2012 3.50
3.50
06/30/08 3.56
0.63 -8.97 0.81
0.63 -6.45 0.81
0.63 1.43 0.81
44% 56% 100%
06/30/08 16037 18479 34516
46% 54% 100%
67% 33% 100%
23094 11422 34516
67% 33% 100%
-27% Average
At the end
Average 12.2% 12.2%
12.7% 9.3%
-12.7% 8.0% 100% 91 75 -30
06/30/08 355 1423 1004 70
8.4%
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% 28% 20% 2% 56%
4102 16632 11878 969 33581
7% 28% 20% 2% 56%
38% 6%
22400 3639
38% 6%
100%
59620
100%
23% 7% 2% 2% 34%
2442 3905 1483 1345 9175
4% 7% 2% 2% 15%
37%
22247
37%
71%
31422
53%
12% 17% 29%
17881 10317 28198
30% 17% 47%
100%
59620
100%
06/30/11 2.11 43.9% 2.15 0.15 Number Sha, 1165327 400000 1565327 1165327 400000
06/30/08 15401 -9887 5514
100.0% -64.2% 35.8%
0 -4359 1155 -57 1098 -297 801 288
0.0% -28.3% 7.5% -0.4% 7.1% -1.9% 5.2%
-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 3165 2060 231 6041
6% 31% 20% 2% 58%
3831 462
37% 4%
10334
100%
791 813 0
8% 8% 0%
262 1866
3% 18%
0
0%
1866
18%
4584 3884 8468
44% 38% 82%
10334
100%
06/30/08 1.22 0.08 20.26 0.25 06/30/08 4381 4293 8674
51% 49% 100%
206 8468 8674
2% 98% 100%
-27% Average
At the end
Average 13.3% 13.3%
26.6% 19.4%
-27.7% 9.5% 100% 76 75 -30
06/30/08
18.9%
585 3165 2060 231
3831 462
791 813 0 262
0
4584 3884
06/30/08 801
-2060 -3165 -231 813 262 -3580 -4293 -7873 0 791 -7082 585
06/30/11
-571 19607 -902 18705 4.80% 7.72%
600
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%
100.0% -58.0% 42.0%
06/30/08 53107 -30802 22305
100.0% -58.0% 42.0%
-1.6% -32.3% 8.1% -6.3% 1.8% -0.5% 1.3%
-850 -17260 4195 -2940 1255 -339 916
-1.6% -32.5% 7.9% -5.5% 2.4% -0.6% 1.7%
15.0% 100.0%
-30802
100.0%
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% 26% 18% 2%
2680 10912 7701 840
7% 27% 19% 2%
53%
22133
54%
41% 6%
16000 2479
39% 6%
100%
40612
100%
10.6% 21% 6% 3% 2% 32%
8820 2532 1060 884 13296
22% 6% 3% 2% 33%
40%
15894
39%
71%
29190
72%
19% 10% 29%
6881 4541 11422
17% 11% 28%
100%
40612
100%
06/30/08 3.56 0.63 1.43 0.81
Year 0
-
Flujos de efectivo operativos Las ventas netas Costo de Bienes Vendidos en 58.5% de las ventas Margen de beneficio bruto Gastos de promoción en un 11% de las ventas Gastos generales y administrativos Gasto de depreciación Beneficio Operacional Incremental Impuestos sobre la renta al 27%
1,440,000
Ingreso Neto Incremental Más gastos de depreciación Flujo de efectivo de operación incremental Inversión Anual de Capital de Trabajo Neto A / R adicionales a 75 días de ventas pendientes Inventario adicional en 4 turnos de inventario A / P adicional a los 30 días COGS Inversión total de NWC Year 0
-
1,440,000 1,440,000 0 1,716,414 2,405,498 3,278,174 3,753,092 5,848,462
100.0%
06/30/08 53107
-
1,133,118
OK::OK::
100.0%
-58.0% 42.0%
-30802 22305
-58.0% 42.0%
-1.6% -32.3% 8.1% -6.3% 1.8% -0.5% 1.3%
-850 -17260 4195 -2940 1255 -339 916
-1.6% -32.5% 7.9% -5.5% 2.4% -0.6% 1.7%
15.0% 100.0%
-30802
100.0%
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% 26% 18% 2% 53%
2680 10912 7701 840 22133
7% 27% 19% 2% 54%
41% 6%
16000 2479
39% 6%
100%
40612
100%
10.6% 21% 6% 3% 2% 32%
8820 2532 1060 884 13296
22% 6% 3% 2% 33%
40%
15894
39%
71%
29190
72%
19% 10% 29%
6881 4541 11422
17% 11% 28%
100%
40612
100%
06/30/08 3.56 0.63 1.43 0.81
Debt obj.
06/30/09
Debt obj. 15965
22320
06/30/10
06/30/11
57887 -33575 24312
100.0% -58.0% 42.0%
68017 -39790 28227
100.0% -58.5% 41.5%
80940 -47512 33428
-926 -18871
-1.6% -32.6%
-1088 -21902
-1.6% -32.2%
-1295 -26063
4515
7.8%
5237
7.7%
6070
-2668
-4.6%
-2423
-3.6%
-2817
1847 -499 1348
3.2% -0.9% 2.3%
2814 -760 2054
4.1% -1.1% 3.0%
3253 -879 2374 16.0 37989660 1165327
32.6 9.0% -33575
15%
17.5% 100.0%
-39790
19.0% 100.0%
-47512
06/30/09 -58.0% 42.0% -1.6% -32.6% 7.8% 2.3%
06/30/10 -58.5% 41.5% -1.6% -32.2% 7.7% 3.0%
06/30/11 -58.7% 41.3% -1.6% -32.2% 7.5% 2.9%
06/30/09 2.3% 1.31 3.06% 3.45 10.56%
06/30/10 3.0% 1.35 4.08% 3.40 13.86%
06/30/11 2.9% 1.36 3.98% 3.47 13.80%
06/30/09 75 4.00 3.35 30.00
06/30/10 75 4.00 3.56 30.01
06/30/11 75 4.00 3.61 30.00
06/30/09
06/30/10
06/30/11
2924
7%
26%
3440
7%
48%
4102
15% 15% 9% 15%
11895 8394 910 24123
27% 19% 2% 55%
25% 25% 18% 25%
13976 9947 828 28191
28% 20% 2% 56%
47% 49% 8% 46%
16632 11878 969 33581
5% 11%
17300 2671
39% 6%
14% 19%
19100 3074
38% 6%
26% 37%
22400 3639
11%
44094
100%
20%
50365
100%
37%
59620
8.6%
14.2%
18.4%
15% 15% 9% 15% 14%
9613 2760 1124 965 14462
22% 6% 3% 2% 33%
25% 25% 16% 25% 25%
11295 3271 1240 1129 16935
22% 6% 2% 2% 34%
47% 48% 27% 46% 46%
13442 3905 1483 1345 20175
9%
16862
38%
15%
18606
37%
27%
22247
11%
31324
71%
19%
35541
71%
36%
42422
0% 25% 9%
6881 5889 12770
16% 13% 29%
0% 62% 22%
6881 7943 14824
14% 16% 29%
0% 119% 41%
6881 10317 17198
11%
44094
100%
20%
50365
100%
37%
59620
06/30/09 3.45
06/30/10 3.40
06/30/11 3.47
0.63 1.69 0.81
0.62 2.16 0.81
0.62 2.15 0.81
06/30/09 17474 19971 37445 24675 12770 37445
47% 53% 100%
06/30/10 20351 22174 42525
48% 52% 100%
06/30/11 24229 26039 50268
66% 34% 100%
27701 14824 42525
65% 35% 100%
33070 17198 50268
-27% At the end
-27% Average
12.1% 8.8%
At the end 12.5% 9.2%
-10.8% 10.6%
12.3% 9.0%
-27% Average 13.1% 9.6%
-8.7% 11.1%
13.9%
At the end 12.1% 8.8% -8.5%
14.9%
13.8%
100%
100%
100%
91 75 -30
91 75 -30
91 75 -30
06/30/09 244 983 693 70
06/30/10 516 2081 1553 -82
06/30/11 662 2656 1931 141
1300 192
1800 403
3300 565
793 228 64 81
1682 511 116 164
2147 634 243 216
968
1744
3641
0 1348
0 2054
0 2374
06/30/09 1348 -693 -983 -70 228 81 -89
06/30/10 2054 -1553 -2081 82 511 164 -823
06/30/11 2374 -1931 -2656 -141 634 216 -1504
2264 -1697 -2406 -140 557 194 -1228
-1492
-2530
-2203
-3865
-1581
-3758
-3026
-5369
968 857
2262 2095
1744 1798
3641 2390
244
599
516
662
244
599
516
662
06/30/12
06/30/12 What-if issue
0% 0% 0% 0% 0%
4672 19126 13613 1117 38528
7% 28% 20% 2% 57%
14% 15% 15% 15% 15%
4672 19126 13613 1117 38528
7% 28% 20% 2% 57%
0% 0%
25157 4189
37% 6%
12% 15%
25157 4189
37% 6%
0%
67874
100%
14%
67874
100%
13.8%
0.0%
-82% 0% 0% 0% -55%
15492 4476 1614 1545 23127
23% 7% 2% 2% 34%
15% 15% 9% 15% 15%
3831 4476 1614 1545 11466
6% 7% 2% 2% 17%
0%
24204
36%
9%
24204
36%
-26%
47331
70%
12%
35670
53%
160% 0% 64%
6881 13661 20542
10% 20% 30%
0% 32% 19%
17881 14323 32204
26% 21% 47%
0%
67873
100%
14%
67874
100%
06/30/12 3.30 60.9% 2.42 0.81
06/30/12 2.11 43.7% 3.36 0.20
Value 37989660 11000000 48989660 -1518703 1518703
Debt obj.
Debt obj. 15965
22320
06/30/09 15919 -10284 5635 0 -4553 1082 -72 1010 -273 737 254
27.5% -17.8% 9.7% 0.0% -7.9% 1.9% -0.1% 1.7% -0.5% 1.3%
3.4% -10284
06/30/10 16664 -10732 5932 0 -4816 1116 -60 1056 -285 771 422
24.5% -15.8% 8.7% 0.0% -7.1% 1.6% -0.1% 1.6% -0.4% 1.1%
4.7% 100.0%
-10732
06/30/11 17564 -11329 6235 0 -5041 1194 -63 1131 -306 825 401 16.0 13200000
5.4% 100.0%
-11329
06/30/09 -64.6% 35.4% 0.0% -28.6% 6.8% 4.6%
06/30/10 -64.4% 35.6% 0.0% -28.9% 6.7% 4.6%
06/30/11 -64.5% 35.5% 0.0% -28.7% 6.8% 4.7%
06/30/09 4.6% 1.46
06/30/10 4.6% 1.47
06/30/11 4.7% 1.48
6.77% 1.22 8.23%
6.81% 1.22 8.29%
6.96% 1.22 8.48%
06/30/09 75 4.80 3.84 29.99 -15.01 1.50% 3.00% 1.70%
06/30/10 75 4.80 3.90 30.00 -15.00 1.50% 3.00% 1.70%
06/30/11 75 4.80 3.97 30.00 -15.01 1.50% 3.00% 1.70%
06/30/09
06/30/10
06/30/11
610 3271 2142 239 6262
6% 30% 20% 2% 58%
639 3424 2236 250 6549
6% 30% 20% 2% 58%
673 3609 2360 263 6905
4146 477
38% 4%
4273 500
38% 4%
4424 527
10885
100%
11322
100%
11856
5.3% 818 845 0
4.0% 8% 8% 0%
856 882 0
4.7% 8% 8% 0%
902 931 0
271 1934
2% 18%
283 2021
2% 18%
299 2132
0
0%
0
0%
0
1934
18%
2021
18%
2132
4584 4367 8951
42% 40% 82%
4584 4716 9300
40% 42% 82%
4584 5140 9724
10885
100%
11321
100%
11856
06/30/09 1.22 0.08 15.03 0.25
06/30/10 1.22 0.08 18.60 0.25
06/30/11 1.22 0.08 18.95 0.25
06/30/09 4536 4623 9159
50% 50% 100%
06/30/10 4745 4773 9518
50% 50% 100%
06/30/11 5002 4951 9953
208 8951 9159
2% 98% 100%
217 9300 9517
2% 98% 100%
229 9724 9953
-27% At the end
-27% Average
11.8% 8.6%
At the end 12.1% 8.9%
-34.6% 8.2%
-27%
Average 11.7% 12.0% 8.6% 8.7% -27.6%
8.5%
8.3%
At the end 12.0% 8.8% -27.5%
8.4%
8.5%
100%
100%
100%
76 75 -30
76 75 -30
76 75 -30
06/30/09
06/30/10
06/30/11
25 106 82 8
29 153 94 11
34 185 124 13
315 15
127 23
151 27
27 32 0 9
38 37 0 12
46 49 0 16
0
0
0
0 483
0 349
0 424
06/30/09 737
06/30/10 771
06/30/11 825
1538
-82 -106 -8 32 9 582
-2142 -3271 -239 845 271 -2998
-94 -153 -11 37 12 562
-124 -185 -13 49 16 568
-330
-4623
-150
-178
252
-7621
412
390
0 27
0 818
0 38
0 46
279
-6803
450
436
25
610
29
34
641
06/30/12 1391 -375 1015
06/30/13 1673 -452 1222
06/30/14 1757 -474 1283
-281 -253 -529 37 19 13 -993
-46 -232 -24 -14 8 19 -289
-50 -205 -146 -12 48 17 -348
-319
-51
-45
-274 0 0
-282 0 0
-249 0 0
-571
600
641
-571
600
641
25726
ConAgra Foods
Pacific 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%
Debt obj.
Debt obj. 15965
22320
100.0% -58.5% 41.5%
06/30/11 98504 -58841 39663
-1.6% -32.2% 7.7% -3.6% 4.1% -1.1% 3.0%
-1295 -31104 7264 -2880 4384 -1185 3199
06/30/09 57887 -33575 24312
100.0% -58.0% 42.0%
06/30/10 68017 -39790 28227
-926 -18871 4515 -2668 1847 -499 1348
-1.6% -32.6% 7.8% -4.6% 3.2% -0.9% 2.3%
-1088 -21902 5237 -2423 2814 -760 2054
16.0 37989660 1165327
32.6 9.0% -33575
15% 15% 15% 9%
17.5% 100.0%
-39790
44.8% 100.0%
-58841
06/30/09 -58.0% 42.0% -1.6% -32.6% 7.8% 2.3%
06/30/10 -58.5% 41.5% -1.6% -32.2% 7.7% 3.0%
06/30/11 -59.7% 40.3% -1.3% -31.6% 7.4% 3.2%
06/30/09 2.3% 1.31 3.06% 3.45 10.56%
06/30/10 3.0% 1.35 4.08% 3.40 13.86%
06/30/11 3.2% 1.31 4.27% 2.47 10.52%
06/30/09 75 4.00 3.35 30.00
06/30/10 75 4.00 3.56 30.01
06/30/11 75 4.13 3.67 30.00
06/30/09
06/30/10
06/30/11
2924 11895 8394 910
7% 27% 19% 2%
26% 25% 25% 18%
3440 13976 9947 828
7% 28% 20% 2%
48% 47% 49% 8%
4775 20241 14238 1232
15%
24123
55%
25%
28191
56%
46%
40486
5% 11%
17300 2671
39% 6%
14% 19%
19100 3074
38% 6%
26% 37%
11%
44094
100%
20%
50365
100%
37%
26824 4166 3476 74952
8.6%
14.2%
48.8%
15% 15% 9% 15% 14%
9613 2760 1124 965 14462
22% 6% 3% 2% 33%
25% 25% 16% 25% 25%
11295 3271 1240 1129 16935
22% 6% 2% 2% 34%
47% 48% 27% 46% 46%
14344 4836 1483 1644 22307
9%
16862
38%
15%
18606
37%
27%
22247
11%
31324
71%
19%
35541
71%
36%
44554
0% 25% 9%
6881 5889 12770
16% 13% 29%
0% 62% 22%
6881 7943 14824
14% 16% 29%
0% 119% 41%
20081 10317 30398
11%
44094
100%
20%
50365
100%
37%
74952
06/30/09 3.45 0.63 1.69 0.81
Year 1
-
06/30/10 3.40 0.62 2.16 0.81
06/30/11 2.47 0.51 2.52 0.71
5.00%
5.00%
Year 2
8,100,000 4,738,500 3,361,500
-
Year 3
8,505,000 4,975,425 3,529,575
-
8,930,250 5,224,196 3,706,054
-
891,000 760,000 288,000 1,422,500
-
935,550 798,000 288,000 1,508,025
-
982,328 837,900 288,000 1,597,826
-
384,075
-
407,167
-
431,413
1,038,425
1,100,858
1,166,413
288,000 1,326,425
288,000 1,388,858
288,000 1,454,413
Year 1
-
Year 2
1,664,384 1,184,625 389,466 2,459,543
-
Year 1
1,265,881
Year 3
83,219 59,231 19,473 122,977
-
Year 2
1,133,118 1,325,287
Year 3
1,265,881 1,387,664
1,325,287 5,848,462
4,442,748
Debt obj.
06/30/09 57887
100.0%
87,380 62,193 20,447 129,126
Debt obj. 15965
22320
06/30/10 68017
06/30/11 98504
100.0%
-33575 24312
-58.0% 42.0%
-39790 28227
-58.5% 41.5%
-58841 39663
-926 -18871 4515 -2668 1847 -499 1348
-1.6% -32.6% 7.8% -4.6% 3.2% -0.9% 2.3%
-1088 -21902 5237 -2423 2814 -760 2054
-1.6% -32.2% 7.7% -3.6% 4.1% -1.1% 3.0%
-1295 -31104 7264 -2880 4384 -1185 3199 16.0 37989660 1165327 32.6
9.0% -33575
17.5% 100.0%
-39790
44.8% 100.0%
-58841
06/30/09 -58.0% 42.0% -1.6% -32.6% 7.8% 2.3%
06/30/10 -58.5% 41.5% -1.6% -32.2% 7.7% 3.0%
06/30/11 -59.7% 40.3% -1.3% -31.6% 7.4% 3.2%
06/30/09 2.3% 1.31 3.06% 3.45 10.56%
06/30/10 3.0% 1.35 4.08% 3.40 13.86%
06/30/11 3.2% 1.31 4.27% 2.47 10.52%
06/30/09 75 4.00 3.35 30.00
06/30/10 75 4.00 3.56 30.01
06/30/11 75 4.13 3.67 30.00
06/30/09
06/30/10
06/30/11
15% 15% 15% 9% 15%
2924 11895 8394 910 24123
7% 27% 19% 2% 55%
26% 25% 25% 18% 25%
3440 13976 9947 828 28191
7% 28% 20% 2% 56%
48% 47% 49% 8% 46%
4775 20241 14238 1232 40486
5% 11%
17300 2671
39% 6%
14% 19%
19100 3074
38% 6%
26% 37%
11%
44094
100%
20%
50365
100%
37%
26824 4166 3476 74952
8.6%
14.2%
48.8%
15% 15% 9% 15% 14%
9613 2760 1124 965 14462
22% 6% 3% 2% 33%
25% 25% 16% 25% 25%
11295 3271 1240 1129 16935
22% 6% 2% 2% 34%
47% 48% 27% 46% 46%
14344 4836 1483 1644 22307
9%
16862
38%
15%
18606
37%
27%
22247
11%
31324
71%
19%
35541
71%
36%
44554
0% 25% 9%
6881 5889 12770
16% 13% 29%
0% 62% 22%
6881 7943 14824
14% 16% 29%
0% 119% 41%
20081 10317 30398
11%
44094
100%
20%
50365
100%
37%
74952
06/30/09 3.45 0.63 1.69 0.81
06/30/10 3.40 0.62 2.16 0.81
06/30/11 2.47 0.51 2.52 0.71
06/30/12
06/30/13
06/30/14
100.0% -58.7% 41.3%
93081 -54452 38629
100.0% -58.5% 41.5%
105182 -61531 43651
100.0% -58.5% 41.5%
116751 -68300 48451
-1.6% -32.2%
-1489 -29321
-1.6% -31.5%
-1683 -33132
-1.6% -31.5%
-1868 -36777
7.5%
7819
8.4%
8836
8.4%
9806
-3.5%
-3237
-3.5%
-3582
-3.4%
-3894
4.0% -1.1% 2.9%
4582 -1237 3345
4.9% -1.3% 3.6%
5254 -1418 3836
5.0% -1.3% 3.6%
5912 -1597 4315
15.0% 100.0%
7%
-54452
76%
13.0% 100.0%
-61531
11.0% 100.0%
-68300
06/30/12 -58.5% 41.5% -1.6% -31.5% 8.4% 3.6%
06/30/13 -58.5% 41.5% -1.6% -31.5% 8.4% 3.6%
06/30/14 -58.5% 41.5% -1.6% -31.5% 8.4% 3.7%
06/30/12 3.6% 1.37 4.93% 3.30 16.28%
06/30/13 3.6% 1.37 5.00% 3.15 15.74%
06/30/14 3.7% 1.37 5.07% 2.97 15.04%
06/30/12 75 4.00 3.70 30.00
06/30/13 75 4.00 3.70 30.00
06/30/14 75 4.00 3.70 30.00
06/30/12
06/30/13
06/30/14
4672
7%
101%
5279
7%
127%
5860
28% 20% 2% 56%
75% 77% 26% 74%
19126 13613 1117 38528
28% 20% 2% 57%
102% 103% 45% 100%
21613 15383 1262 43537
28% 20% 2% 57%
128% 130% 64% 126%
23990 17075 1401 48326
38% 6%
47% 62%
25157 4189
37% 6%
66% 87%
28427 4733
37% 6%
87% 111%
31554 5254
100%
62%
67874
100%
85%
76697
100%
109%
85134
13.8%
13.0%
11.0%
23% 7% 2% 2% 34%
75% 77% 52% 74% 74%
15492 4476 1614 1545 23127
23% 7% 2% 2% 34%
102% 103% 66% 100% 99%
17506 5057 1751 1746 26060
23% 7% 2% 2% 34%
128% 130% 80% 126% 124%
19432 5614 1842 1938 28826
37%
52%
24204
36%
66%
26258
34%
80%
27614
71%
62%
47331
70%
81%
52318
68%
100%
56440
12% 17% 29%
0% 185% 64%
6881 13661 20542
10% 20% 30%
0% 277% 96%
6881 17497 24378
9% 23% 32%
0% 383% 132%
6881 21813 28694
100%
62%
67873
100%
85%
76696
100%
109%
85134
06/30/12 3.30
06/30/13 3.15
06/30/14 2.97
0.61 2.42 0.81
0.59 2.47 0.81
0.57 2.52 0.81
48% 52% 100%
06/30/12 27835 29346 57181
66% 34% 100%
36638 20542 57180
49% 51% 100%
06/30/13 31455 33160 64615
49% 51% 100%
06/30/14 34914 36808 71722
64% 36% 100%
40236 24378 64614
62% 38% 100%
43028 28694 71722
-27%
-27%
-27%
Average 13.1% 9.5%
13.7% 13.7%
14.6% 10.6%
-8.8% 14.8%
16.3%
13.7% 10.0%
14.5% 10.6%
-8.9% 17.7%
15.7%
13.7% 10.0% -9.0%
17.1%
15.0%
91 75 -30
91 75 -30
91 75 -30
06/30/12 570 2494 1735 148
06/30/13 607 2487 1770 145
06/30/14 581 2377 1692 139
2757 550
3270 544
3127 521
2050 571 131 200
2014 581 137 201
1926 557 91 192
1957
2054
1356
0 3344
0 3836
0 4316
06/30/12 3345 -1735 -2494 -148 571 200 -261
06/30/13 3836 -1770 -2487 -145 581 201 216
06/30/14 4315 -1692 -2377 -139 557 192 856
-3307
-3814
-3648
-3568
-3598
-2792
1957 2181
2054 2151
1356 2017
570
607
581
570
607
581
21.7% -14.0% 7.7% 0.0% -6.2% 1.5% -0.1% 1.4% -0.4% 1.0%
100.0%
06/30/12 18793 -11558 7235 -188 -5657 1391
7.0% 7.0% -11557.9902
20.2% -12.4% 7.8% -0.2% -6.1% 1.5% 0.0% 0.0% 0.0% 0.0%
100.0%
06/30/13 19921 -11654 8267 -319 -6275 1673
6.0% 6.0% -11653.836948
18.9% -11.1% 7.9% -0.3% -6.0% 1.6% 0.0% 0.0% 0.0% 0.0%
100.0%
06/30/14 20917 -12237 8681 -335 -6589 1757
5.0% 5.0% -12237
06/30/12 -61.5% 38.5% -1.0% -30.1% 7.4%
06/30/13 -58.5% 41.5% -1.6% -31.5% 8.4%
06/30/14 -58.5% 41.5% -1.6% -31.5% 8.4%
06/30/12 0.0% 1.39
06/30/13 0.0% 1.41
06/30/14 0.0% 1.41
0.00% #DIV/0! #DIV/0!
0.00% #DIV/0! #DIV/0!
0.00% #DIV/0! #DIV/0!
06/30/12 75 4.00 4.00 30.00 -20.00 1.20% 4.50% 1.66%
06/30/13 75 4.00 4.00 30.00 -20.00 1.20% 4.50% 1.66%
06/30/14 75 4.00 4.00 30.00 -20.00 1.20% 4.50% 1.66%
06/30/12
06/30/13
06/30/14
6% 30% 20% 2% 58%
954 3862 2889 226 7930
1% 6% 4% 0% 12%
1000 4093 2913 239 8246
1% 5% 4% 0% 11%
1050 4298 3059 251 8658
37% 4%
4698 846
7% 1%
4980 896
6% 1%
5229 941
100%
13474
20%
14122
18%
14829
8% 8% 0%
13.7%
4.8%
5.0%
950
958
1006
3% 18%
312
331
347
4584
4584
4584
0% 18% 39% 43% 82% 100%
06/30/12 #DIV/0! 0.00 #DIV/0! 0.00
06/30/13 #DIV/0! 0.00 #DIV/0! 0.00
06/30/14 #DIV/0! 0.00 #DIV/0! 0.00
50% 50% 100%
06/30/12 5715 5544 11259
51% 49% 100%
06/30/13 5957 5877 11834
50% 50% 100%
06/30/14 6255 6171 12426
2% 98% 100%
-954 0 -954
100% 0% 100%
-1000 0 -1000
100% 0% 100%
-1050 0 -1050
#DIV/0!
#DIV/0!
#DIV/0!
Average 12.3% 8.9%
12.4% 12.4%
30.9% #DIV/0!
0.0% 8.7%
#DIV/0!
14.1% #DIV/0!
-171.3% #DIV/0!
0.0% 0.0%
#DIV/0!
14.1% #DIV/0! 0.0%
#DIV/0!
#DIV/0!
91 75 -30
91 75 -30
91 75 -30
06/30/12
06/30/13
06/30/14
280.5760263014 252.6739726027 529.49755 -37.47824
46.2988964822 231.7004383562 23.961687 13.5313056
49.9937461 204.668721 145.672962 11.9526533
274.37 318.7066
281.9022 50.742396
249.01361 44.8224498
-902 18.9717972603 0 12.971768
0 7.8778149041 0 18.71830608
0 47.8924806 0 16.5345037
0
0
0
0 -5140
0 0
0 0
06/30/12 0
06/30/13 0
06/30/14 0
-529 -253 37 19 13 -713
-24 -232 -14 8 19 -243
-146 -205 -12 48 17 -298
-593
-333
-294
-1306
-575
-592
0 -902
0 0
0 0
-2208
-575
-592
281
46
50
06/30/15 1841 -497 1344 -50 -206 -147 -12 48 17 -351 -45 -251 0 0 697 25029 25726
100.0% -59.7% 40.3%
06/30/12 111874 -66010 45864
-1.3% -31.6% 7.4% -2.9% 4.5% -1.2% 3.2%
-1677 -34978 9210 -3080 6130 -1655 4475
100.0% -59.0% 41.0%
06/30/13 125103 -73185 51918
100.0% -58.5% 41.5%
06/30/14 137668 -80537 57132
-1.5% -31.3% 8.2% -2.8% 5.5% -1.5% 4.0%
-2002 -39407 10509 -3180 7329 -1979 5350
-1.6% -31.5% 8.4% -2.5% 5.9% -1.6% 4.3%
-2203 -43366 11563 -3280 8283 -2236 6047
13.6% 100.0%
6% 27% 19% 2%
-66009.9902
11.8% 100.0%
-73184.836948
10.0% 100.0%
-80537
06/30/12 -59.0% 41.0% -1.5% -31.3% 8.2% 4.0%
06/30/13 -58.5% 41.5% -1.6% -31.5% 8.4% 4.3%
06/30/14 -58.5% 41.5% -1.6% -31.5% 8.4% 4.4%
06/30/12 4.0% 1.32 5.28% 2.43 12.83%
06/30/13 4.3% 1.33 5.67% 2.34 13.30%
06/30/14 4.4% 1.33 5.85% 2.24 13.07%
06/30/12 75 4.00 3.75 30.00
06/30/13 75 4.00 3.74 30.00
06/30/14 75 4.00 3.74 30.00
06/30/12
06/30/13
06/30/14
5626 22988 16502 1343
7% 27% 19% 2%
6279 25706 18296 1501
7% 27% 19% 2%
6910 28288 20134 1652
54%
46458
55%
51783
55%
56984
36% 6% 5% 100%
29855 5035 3476 84824
35% 6% 4% 100%
33407 5629 3476 94295
35% 6% 4% 100%
36783 6195 3476 103439
13.2%
11.2%
9.7%
24% 8% 2% 3% 37%
16851 5426 1614 1857 25748
25% 8% 2% 3% 38%
17972 6015 1751 2077 27814
23% 8% 2% 3% 36%
18808 6620 1842 2285 29555
37%
24204
36%
26258
34%
27614
75%
49952
74%
54072
71%
57169
34% 17% 51%
20081 14792 34873
30% 22% 51%
20081 20142 40223
26% 26% 52%
20081 26189 46270
126%
84824
125%
94295
123%
103439
06/30/12 2.43 0.50 2.99 0.73
06/30/13 2.34 0.49 3.30 0.70
5.00%
5.00%
Year 4
-
Year 5
9,376,763 5,485,406 3,891,356
-
9,845,601 5,759,676 4,085,924
-
1,031,444 879,795 288,000 1,692,118
-
1,083,016 923,785 288,000 1,791,123
-
456,872
-
483,603
06/30/14 2.24 0.47 3.53 0.66
1,235,246
1,307,520
288,000 1,523,246
288,000 1,595,520
Year 4
-
Year 5
91,749 65,302 21,469 135,582
-
Year 4
96,337 68,568 22,543 142,361
Year 5
2,989,590 1,387,664
100.0%
06/30/12 119974
4,442,748
100.0%
06/30/13 133608
100.0%
06/30/14 146598
-59.7% 40.3%
-70748 49226
-59.0% 41.0%
-78160 55448
-58.5% 41.5%
-85761 60838
-1.3% -31.6% 7.4% -2.9% 4.5% -1.2% 3.2%
-1677 -36917 10632 -3080 7552 -2039 5513
-1.4% -30.8% 8.9% -2.6% 6.3% -1.7% 4.6%
-2002 -41429 12017 -3180 8837 -2386 6451
-1.5% -31.0% 9.0% -2.4% 6.6% -1.8% 4.8%
-2203 -45474 13161 -3280 9881 -2668 7213
21.8% 100.0%
-70748.4902
11.4% 100.0%
-78160.261948
9.7% 100.0%
-85761
06/30/12 -59.0% 41.0% -1.4% -30.8% 8.9% 4.6%
06/30/13 -58.5% 41.5% -1.5% -31.0% 9.0% 4.8%
06/30/14 -58.5% 41.5% -1.5% -31.0% 9.0% 4.9%
06/30/12 4.6% 1.35 6.21% 2.47 15.35%
06/30/13 4.8% 1.36 6.57% 2.32 15.23%
06/30/14 4.9% 1.37 6.73% 2.16 14.55%
06/30/12 75 4.00 3.87 30.00
06/30/13 75 4.00 3.90 30.00
06/30/14 75 4.00 3.92 30.00
06/30/12
06/30/13
06/30/14
6% 27% 19% 2% 54%
5626 24652 17687 1343 49307
6% 28% 20% 2% 56%
6279 27454 19540 1501 54774
6% 28% 20% 2% 56%
6910 30123 21440 1652 60125
36% 6% 5% 100%
31007 5035 3476 88825
35% 6% 4% 100%
34271 5629 3476 98151
35% 6% 4% 100%
37359 6195 3476 107156
18.5%
10.5%
9.2%
24% 8% 2% 3% 37%
19424 5815 1614 1857 28710
29% 9% 2% 3% 42%
19279 6424 1751 2077 29531
25% 8% 2% 3% 39%
18790 7049 1842 2285 29966
37%
24204
36%
26258
34%
27614
75%
52914
78%
55789
73%
57580
34% 17% 51%
20081 15830 35911
30% 23% 53%
20081 22281 42362
26% 29% 55%
20081 29494 49575
126%
88825
131%
98151
128%
107156
06/30/12 2.47 0.51 3.45 0.79
06/30/13 2.32 0.48 3.78 0.70
06/30/14 2.16 0.45 4.01 0.62
06/30/15
100.0% -58.5% 41.5%
127259 -74447 52812
100.0% -58.5% 41.5%
-1.6% -31.5%
-2036 -40087
-1.6% -31.5%
8.4%
10689
8.4%
-3.3%
-4124
-3.2%
5.1% -1.4% 3.7%
6565 -1773 4792
5.2% -1.4% 3.8%
9.0% 100.0%
-74447
100.0%
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% 20% 2% 57%
153% 155% 82% 151%
26149 18612 1527 52675
28% 20% 2% 57%
37% 6%
108% 134%
34395 5727
37% 6%
100%
132%
92797
100%
9.0% 23% 7% 2% 2% 34%
153% 155% 89% 151% 148%
21181 6119 1869 2113 31282
25% 7% 2% 2% 37%
32%
89%
28028
33%
66%
115%
59310
70%
8% 26% 34%
0% 502% 173%
6881 26606 33487
8% 31% 39%
100%
132%
92797
109%
06/30/15 2.77
0.55 2.59 0.81
49% 51% 100%
06/30/15 38056 40122 78178
49% 51% 100%
60% 40% 100%
44691 33487 78178
57% 43% 100%
-27% 14.4% 10.5%
13.7% 10.0%
14.3% 10.4%
-9.2% 16.3%
14.3%
91 75 -30
06/30/15 527 2159 1537 126
15.4%
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
17.9% -10.5% 7.4% -0.3% -5.6% 1.5% 0.0% 0.0% 0.0% 0.0%
100.0%
06/30/15 21921 -12824 9097 -351 -6905 1841
4.8% 4.80% -12824 06/30/15 -58.5% 41.5% -1.6% -31.5% 8.4%
06/30/15 0.0% 1.41
17.2% -10.1% 7.1% -0.3% -5.4% 1.4% 0.0% 0.0% 0.0% 0.0%
100.0%
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% 5% 4% 0% 10%
1100 4504 3206 263 9074
1% 5% 3% 0% 10%
6% 1%
5480 986
6% 1%
17%
15540
17%
4.8%
1054
364
4584
06/30/15 #DIV/0! 0.00 #DIV/0! 0.00
50% 50% 100%
06/30/15 6555 6467 13022
50% 50% 100%
100% 0% 100%
-1100 0 -1100
100% 0% 100%
#DIV/0! -171.4% #DIV/0!
14.1% #DIV/0!
-171.3% #DIV/0!
0.0% #DIV/0!
#DIV/0!
91 75 -30
06/30/15
#DIV/0!
50.3936961 206.30607 146.838346 12.0482745
251.005719 45.1810294
0 48.2756205 0 16.6667797
0
0 0
06/30/15 0
-147 -206 -12 48 17 -300 -296 -596 0 0 -596 50
100.0% -58.5% 41.5%
06/30/15 149180 -87271 61909
100.0% -58.5% 41.5%
-1.6% -31.5% 8.4% -2.4% 6.0% -1.6% 4.4%
-2387 -46992 12530 -3380 9150 -2471 6680
-1.6% -31.5% 8.4% -2.3% 6.1% -1.7% 4.5%
8.4% 100.0%
-87271
100.0%
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% 27% 19% 2%
7487 30653 21818 1790
7% 27% 20% 2%
55%
61749
55%
36% 6% 3% 100%
39875 6713 3476 111813
36% 6% 3% 100%
8.1% 22% 8% 2% 3% 35%
19317 7173 1869 2477 30836
23% 8% 2% 3% 36%
32%
28028
33%
67%
58864
69%
24% 31% 54%
20081 32869 52950
24% 39% 62%
122%
111813
131%
06/30/15 2.11 0.44 3.71 0.63
100.0%
06/30/15 158557
100.0%
-58.5% 41.5%
-92756 65801
-58.5% 41.5%
-1.5% -31.0% 9.0% -2.2% 6.7% -1.8% 4.9%
-2387 -49191 14222 -3380 10842 -2927 7915
-1.5% -31.0% 9.0% -2.1% 6.8% -1.8% 5.0%
8.2% 100.0%
-92756
100.0%
06/30/15 -58.5% 41.5% -1.5% -31.0% 9.0% 5.0% 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% 28% 20% 2% 56%
7487 32580 23189 1790 65047
6% 28% 20% 2% 56%
35% 6% 3% 100%
40163 6713 3476 115399
35% 6% 3% 100%
7.7% 22% 8% 2% 3% 35%
17911 7624 1869 2477 29881
21% 9% 2% 3% 35%
32%
28028
33%
68%
57909
68%
24% 35% 58%
20081 37409 57490
24% 44% 68%
126%
115399
136%
06/30/15 2.01 0.41 4.21 0.55
PGSC
INCOME STATEMENT
ESTADO DE RESULTADOS
Net sales Cost of Goods Sold Gross Profit Margin
Las ventas netas otros ingresos operacionales Total ingresos Brutos Costo de los bienes vendidos Utilidad Bruta
06/30/07
V CV MB
-
46,180 26,784 19,396
R SG
-
739 14,916
Venta, general, adm. gasto de administracion otros ingresos otros gastos perdidas netas en ventas de inversion en subsidiarias R&D Expense SG&A Expense
Total gastos de operación
Earnings Before Inco. Tax Income tax Net Income
Utilidad Operativa Gastos por intereses ingresos financieros gastos finacieros Utilidad antes de impuestos Impuesto sobre la renta Utilidad netas
Price/Earnings Ratio Market Value of Equity Common Shares Outstand.
Tasa de ganacias sobre precio Valor de equidad de mercado Acciones ordinarias sobresalientes.
Earnings Before Int. & Tax. Interest Expense
3,741
TAX GINT
IN
-
2,906
-
835 225 610
Price per Share
Precio por acción
Growth rate of revenue
Tasa de crecimiento de los ingresos
Purchases
Compras
Income statement ratios: Cost of Goods Sold %Sales Gross Profit Margin %Sal. R&D Expense % Sales SG&A Expense % Sales Operating Income % Sal. Net profit margin % Sales
Ratios de los estados de resultados:
DuPont analysis Net profit margin Asset turnover Return on assets Equity multiplier Return on equity Activity ratios: Days sales outstan. in A/R Inventory turnover PP&E turnover Days COGS in A/P Balance Sheet Assets Cash Accounts Receivable
-
CV/V MB/V R/V SG/V TAX/V IN/V
Costo de los bienes vendidos% Ventas Margen de beneficio bruto% Sal. Gastos de I + D% Ventas Gastos generales y administrativos% Ventas Utilidad Operacional% Sal. Margen de beneficio neto% Ventas
Rotación de activos Rentabilidad de los activos
ROA
Multiplicador de la equidad Rentabilidad sobre recursos propios
IN/PAT NET TO
CC/V*365 CV/INV V/EQ CP/CV*365
06/30/07 75 4.00 3.04 30.02
IN/V V/ACT TO IN/ACT TOTAL ACT TOTAL/PAT NET TO
ROE
Relaciones de actividad: Días de ventas outstan. En A / R Volumen de ventas del inventario Facturación de PP & E Días COGS en A / P
Hoja de balance Bienes Efectivo Cuentas por cobrar
06/30/07 -58.0% 42.0% -1.6% -32.3% 8.1% 1.3% 06/30/07 1.3% 1.26 1.66% 3.50 5.81%
Análisis de DuPont Margen de beneficio neto
26,784
06/30/07 Caja CC
2,325 9,489
Inventories Prepaid Expenses Total Current Assets
Inventarios Gastos pagados por anticipado Total de activos corrientes
INV GP NWC
Net Property & Equipment Other Long-Term Assets
Propiedad y equipo netos Otros activos a largo plazo
NFA
Total Assets
Los activos totales
Growth rate of assets
Tasa de crecimiento de los activos
Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities
Pasivos + Patrimonio de los Propietarios Pagar cuentas al Banco Cuentas por pagar Curre. pag. Deuda a largo plazo Gastos acumulados Total pasivos corrientes
Long -Term Debt
6,697 770 19,281 EQ
15,200 2,241
NWC+NFA
36,722
NPB CP CLTD GA
7,669 2,203 973 771 11,616
Deuda a largo plazo
LTD
14,600
Total Liabilities
Responsabilidad total
NFD
26,216
Commmon Stock Retained Earnings Total Shareholder Equity
Acciones de Commmon Ganancias retenidas Patrimonio neto total
AC GR E
6,881 3,625 10,506
Total Liabilities Net Worth
Total Pasivo Patrimonio Neto
NFD+E
36,722
Debt ratios Equity multiplier Int. bea.debt/total assets
Ratios de deuda Multiplicador de la equidad Int. Bea.debt / total de activos
ACT TO/E (NPB+CLTD+LTD)/ACT TO
06/30/07 3.50 0.63
Times interest earned Bank notes paya./receiva.
Tiempos devengados Billetes de banco paya./receiva.
TAX/GINT NPB/CC
1.29 0.81
Investment Capital Net Working Capital Net Fixed Assets Capital Employed
06/30/07 13982 17441 31423
Net Financial Debt Book value of Equity Capital Employed
20917 10506 31423
Tax Rate
-27% At the end
Pre Tax ROCE After Tax ROCE Interest Rate ROE Purchases/COGS Nr. Days Inventories Aver. Collection Period Nr. Days Account Pay.
Vt -V(t-1) Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets
11.9% 8.7% -13.9% 5.8% 100% 91 75 -30
06/30/07
Net Property & Equipment Other Long-Term Assets Total Assets Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities Long -Term Debt Total Liabilities Commmon Stock Retained Earnings Total Shareholder Equity Total Liabilities Net Worth
Cash from Statements Net Profit Minus Increase Inventories Minus Increase A/R Minus Prepaid Expenses Plus Increase A/P Plus Increase Acc/Expenses Cash Flow from operations
06/30/07
Minus Increase NFA Cash Flow Before Financing Plus Increase Long T. Debt Plus Increase Short T. Debt Total Cash Flow Comprobación
Balance Sheet Assets Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets
06/30/11 4102 16632 11878 969 33581
Net Property & Equipment Other Long-Term Assets
22400 3639
Total Assets
59620
Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities
13442 3905 1483 1345 20175
Long -Term Debt
22247
Total Liabilities
42422
Commmon Stock Retained Earnings Total Shareholder Equity
6881 10317 17198
Total Liabilities Net Worth
59620
Debt ratios Equity multiplier Int. bea.debt/total assets Times interest earned Bank notes paya./receiva.
06/30/11 3.47 62.3% 2.15 0.81
Impact on Share Price Current value of Pacific Impact: new equity offer Post-offer value Value loss exi. Sharehold. Value taken new shareho.
Price p. Share 32.6 27.5 31.2968 -1.3032 3.7968
HCS
INCOME STATEMENT Net sales Cost of Goods Sold Gross Profit Margin
06/30/07
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 Growth rate of revenue Forecasted growth rate of sales Purchases
0
Income statement ratios: Cost of Goods Sold %Sales Gross Profit Margin %Sal. R&D Expense % Sales SG&A Expense % Sales Operating Income % Sal. Net profit margin % Sales
06/30/07
DuPont analysis Net profit margin Asset turnover
06/30/07
Return on assets Equity multiplier Return on equity Activity ratios: Days sales outstan. in A/R Inventory turnover PP&E turnover Days COGS in A/P Days of expenses held in cash Prepaid expenses % of sales Other long-term assets % of sales Accrued expenses % of sales
06/30/07
Balance Sheet Assets Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets
06/30/07
Net Property & Equipment Other Long-Term Assets Total Assets Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt
Pagar cuentas al Banco
Accrued Expenses Total Current Liabilities Long -Term Debt Total Liabilities Commmon Stock Retained Earnings Total Shareholder Equity Total Liabilities Net Worth
Debt ratios Equity multiplier Int. bea.debt/total assets Times interest earned Bank notes paya./receiva.
06/30/07
Investment Capital Net Working Capital Net Fixed Assets Capital Employed
06/30/07
Net Financial Debt Book value of Equity Capital Employed Tax Rate At the end Pre Tax ROCE After Tax ROCE Interest Rate ROE Purchases/COGS Nr. Days Inventories Aver. Collection Period Nr. Days Account Pay.
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 Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities Long -Term Debt Total Liabilities Commmon Stock Retained Earnings Total Shareholder Equity Total Liabilities Net Worth
Cash from Statements Net Profit
06/30/07
Minus Increase Inventories Minus Increase A/R Minus Prepaid Expenses Plus Increase A/P Plus Increase Acc/Expenses Cash Flow from operations Minus Increase NFA Cash Flow Before Financing Plus Increase Long T. Debt Plus Increase Short T. Debt Total Cash Flow Comprobación
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 Minus Increase in other long-term assets Minus Increase in net property & equipmente Minus Capital expenditures* Plus Depreciation* Equal Yearly Free Cash Flow Flujo de efectivo libre anual igual Plus Terminal Value of years 2015Plus Valor Terminal de los años 2015 ^^ Equal Total Free Cash Flow Flujo de efectivo libre total igual
Total Firm Value at WACC Valor total de la empresa en WACC Minus Current Interest-Bearing D Saldo de deudas con intereses corrientes Equal Value of Equity Equivalencia de Patrimonio Perpetual growth rate WACC
Tasa de crecimiento perpetuo WACC
July 2011 Interest Rates: 30-year Treasury Bonds Long-term AA Corporate Bonds Long-term BBB Corporate Bonds Market Risk Premium (S&P 500 vs. L-T Treasuries)
Estimate of High Country's Asset Beta: Market value of equity ($ in millions) Book value of interest-bearing debt ($ in millions) Total capitalization
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)
INCOME STATEMENT 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 Price/Earnings Ratio Market Value of Equity Common Shares Outstand.
06/30/07 46180 -26784 19396 -739 -14916 3741 -2906 835 -225 610
Price per Share Growth rate of revenue Purchases
-26784
Income statement ratios: Cost of Goods Sold %Sales Gross Profit Margin %Sal. R&D Expense % Sales SG&A Expense % Sales Operating Income % Sal. Net profit margin % Sales
06/30/07 -58.0% 42.0% -1.6% -32.3% 8.1% 1.3%
DuPont analysis Net profit margin Asset turnover Return on assets Equity multiplier Return on equity
06/30/07 1.3% 1.26 1.66% 3.50 5.81%
Activity ratios: Days sales outstan. in A/R Inventory turnover PP&E turnover Days COGS in A/P
06/30/07 75 4.00 3.04 30.02
Balance Sheet Assets Cash Accounts Receivable Inventories Prepaid Expenses
06/30/07 2325 9489 6697 770
Total Current Assets
19281
Net Property & Equipment Other Long-Term Assets Goodwill Total Assets
15200 2241 36722
Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities
7669 2203 973 771 11616
Long -Term Debt
14600
Total Liabilities
26216
Commmon Stock Retained Earnings Total Shareholder Equity
6881 3625 10506
Total Liabilities Net Worth
36722
Debt ratios Equity multiplier Int. bea.debt/total assets Times interest earned Bank notes paya./receiva.
06/30/07 3.50 0.63 1.29 0.81
Capital Budgeting Analysis of Television Program Opportunity Initial Investment Cash Flows Equipment Growth Rate of Sales Operating Cash Flows Net sales Cost of Goods Sold at 58.5% of sales Gross Profit Margin Promotion Expense at 11% of sales General & Administrative Expense Depreciation Expense Incremental Operating Profit Income Taxes at 27%
Incremental Net Income Plus Depreciation Expense Incremental Operating Cash Flow Yearly Net Working Capital Investment Additional A/R at 75 Days Sales Outstanding Additional Inventory at 4 Inventory Turns Additional A/P at 30 days COGS Total NWC Investment Terminal Cash Flows Recovery of NWC
Flujos de caja terminales Recuperación de NWC
Total Project Cash Flows
Total de flujos de efectivo del proyecto
Internal Rate of Return
Tasa interna de retorno
Net Net Net Net Net
Valor Actual Neto al 20% Valor Actual Neto al 15% Valor Actual Neto al 10% Valor actual neto en 7.72% Valor Actual Neto al 0.00%
Present Present Present Present Present
Value Value Value Value Value
at at at at at
20% 15% 10% 7.72% 0.00%
PGSC + HC + TV Program (Consolidated)
INCOME STATEMENT Net sales
06/30/07 46180
Cost of Goods Sold Gross Profit Margin
-26784 19396
R&D Expense SG&A Expense Earnings Before Int. & Tax. Interest Expense Earnings Before Inco. Tax Income tax Net Income
-739 -14916 3741 -2906 835 -225 610
Price/Earnings Ratio Market Value of Equity Common Shares Outstand. Price per Share Growth rate of revenue Purchases
-26784
Income statement ratios: Cost of Goods Sold %Sales Gross Profit Margin %Sal. R&D Expense % Sales SG&A Expense % Sales Operating Income % Sal. Net profit margin % Sales
06/30/07 -58.0% 42.0% -1.6% -32.3% 8.1% 1.3%
DuPont analysis Net profit margin Asset turnover Return on assets Equity multiplier Return on equity
06/30/07 1.3% 1.26 1.66% 3.50 5.81%
Activity ratios: Days sales outstan. in A/R Inventory turnover PP&E turnover Days COGS in A/P
06/30/07 75 4.00 3.04 30.02
Balance Sheet Assets Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets
06/30/07
Net Property & Equipment Other Long-Term Assets Goodwill Total Assets
2325 9489 6697 770 19281 15200 2241 36722
Growth rate of assets Liabilities +Owners´Equity Notes Payables to Bank Accounts Payable Curre. p. Long-Term Debt Accrued Expenses Total Current Liabilities
7669 2203 973 771 11616
Long -Term Debt
14600
Total Liabilities
26216
Commmon Stock Retained Earnings Total Shareholder Equity
6881 3625 10506
Total Liabilities Net Worth
36722
Debt ratios Equity multiplier Int. bea.debt/total assets Times interest earned Bank notes paya./receiva.
06/30/07 3.50 0.63 1.29 0.81
2013 3,468,480 72,933 100.0% 3,541,413 -58.0% 949,185 42.0% 2,592,228 -
1,011,658 412,453 97,272 58,109
2012 3,398,219 68,951 3,467,170 948,173 2,518,997 -
06/30/08
53107 -30802 22305
100.0% -58.0% 42.0%
-850 -17260
-1.6% -32.5%
994,171 369,547 52,944 52,043
-1.6% -32.3% - 1,384,948
- 1,362,817
1,207,280
1,156,180
4195
7.9%
134,562 42,306 1.8% 1,299,536 -0.5% 383,921 1.3% 915,615
179,371 15,373 1,320,178 371,469 948,709
-2940
-5.5%
1255 -339 916
2.4% -0.6% 1.7%
8.1% -6.3%
Compras
15.0%
100.0%
6% 26%
-30802
06/30/07 -26.8% 73.2% 0.0% 0.0% 34.1% 25.9%
06/30/07 -27.3% 72.7% 0.0% 0.0% 33.3% 27.4%
06/30/08 -58.0% 42.0% -1.6% -32.5% 7.9% 1.7%
06/30/07 25.9% 96.44 2493.37% 3.50 8715.16%
06/30/07 27.4% 94.42 2583.49% 3.50 9030.16%
06/30/08 1.7% 1.31 2.26% 3.56 8.02%
06/30/07 1 141.73 232.99 0.85
06/30/07 1 141.58 228.10 0.85
06/30/08 75 4.00 3.32 30.00
06/30/07
06/30/07
06/30/08
2,325 9,489
2,325 9,489
2680 10912
100.0%
7% 27%
18% 2% 53%
6,697 770 19,281
6,697 770 19,281
7701 840 22133
19% 2% 54%
41% 6%
15,200 2,241
15,200 2,241
16000 2479
39% 6%
100%
36,722
36,722
40612
100%
10.6% 21% 6% 3% 2% 32%
7,669 2,203 973 771 11,616
7,669 2,203 973 771 11,616
8820 2532 1060 884 13296
22% 6% 3% 2% 33%
40%
14,600
14,600
15894
39%
71%
26,216
26,216
29190
72%
19% 10% 29%
6,881 3,625 10,506
6,881 3,625 10,506
6881 4541 11422
17% 11% 28%
100%
36,722
36,722
40612
100%
06/30/07 3.50 0.63
06/30/07 3.50 0.63
06/30/08 3.56 0.63
-8.97 0.81
-6.45 0.81
1.43 0.81
44% 56% 100%
06/30/08 16037 18479 34516
46% 54% 100%
67% 33% 100%
23094 11422 34516
67% 33% 100%
-27% Average
At the end
Average 12.2% 12.2%
12.7% 9.3%
-12.7% 8.0% 100% 91 75 -30
06/30/08 355 1423 1004 70
8.4%
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% 28% 20% 2% 56%
4102 16632 11878 969 33581
7% 28% 20% 2% 56%
38% 6%
22400 3639
38% 6%
100%
59620
100%
23% 7% 2% 2% 34%
2442 3905 1483 1345 9175
4% 7% 2% 2% 15%
37%
22247
37%
71%
31422
53%
12% 17% 29%
17881 10317 28198
30% 17% 47%
100%
59620
100%
06/30/11 2.11 43.9% 2.15 0.15 Number Sha, 1165327 400000 1565327 1165327 400000
06/30/08 15401 -9887 5514
100.0% -64.2% 35.8%
0 -4359 1155 -57 1098 -297 801 288
0.0% -28.3% 7.5% -0.4% 7.1% -1.9% 5.2%
-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 3165 2060 231 6041
6% 31% 20% 2% 58%
3831 462
37% 4%
10334
100%
791 813 0
8% 8% 0%
262 1866
3% 18%
0
0%
1866
18%
4584 3884 8468
44% 38% 82%
10334
100%
06/30/08 1.22 0.08 20.26 0.25 06/30/08 4381 4293 8674
51% 49% 100%
206 8468 8674
2% 98% 100%
-27% Average
At the end
Average 13.3% 13.3%
26.6% 19.4%
-27.7% 9.5% 100% 76 75 -30
06/30/08
18.9%
585 3165 2060 231
3831 462
791 813 0 262
0
4584 3884
06/30/08 801
-2060 -3165 -231 813 262 -3580 -4293 -7873 0 791 -7082 585
06/30/11
-571 19607 -902 18705 4.80% 7.72%
600
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%
100.0% -58.0% 42.0%
06/30/08 53107 -30802 22305
100.0% -58.0% 42.0%
-1.6% -32.3% 8.1% -6.3% 1.8% -0.5% 1.3%
-850 -17260 4195 -2940 1255 -339 916
-1.6% -32.5% 7.9% -5.5% 2.4% -0.6% 1.7%
15.0% 100.0%
-30802
100.0%
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% 26% 18% 2%
2680 10912 7701 840
7% 27% 19% 2%
53%
22133
54%
41% 6%
16000 2479
39% 6%
100%
40612
100%
10.6% 21% 6% 3% 2% 32%
8820 2532 1060 884 13296
22% 6% 3% 2% 33%
40%
15894
39%
71%
29190
72%
19% 10% 29%
6881 4541 11422
17% 11% 28%
100%
40612
100%
06/30/08 3.56 0.63 1.43 0.81
Year 0
-
Flujos de efectivo operativos Las ventas netas Costo de Bienes Vendidos en 58.5% de las ventas Margen de beneficio bruto Gastos de promoción en un 11% de las ventas Gastos generales y administrativos Gasto de depreciación Beneficio Operacional Incremental Impuestos sobre la renta al 27%
1,440,000
Ingreso Neto Incremental Más gastos de depreciación Flujo de efectivo de operación incremental Inversión Anual de Capital de Trabajo Neto A / R adicionales a 75 días de ventas pendientes Inventario adicional en 4 turnos de inventario A / P adicional a los 30 días COGS Inversión total de NWC Year 0
-
1,440,000 1,440,000 0 1,716,414 2,405,498 3,278,174 3,753,092 5,848,462
100.0%
06/30/08 53107
-
1,133,118
OK::OK::
100.0%
-58.0% 42.0%
-30802 22305
-58.0% 42.0%
-1.6% -32.3% 8.1% -6.3% 1.8% -0.5% 1.3%
-850 -17260 4195 -2940 1255 -339 916
-1.6% -32.5% 7.9% -5.5% 2.4% -0.6% 1.7%
15.0% 100.0%
-30802
100.0%
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% 26% 18% 2% 53%
2680 10912 7701 840 22133
7% 27% 19% 2% 54%
41% 6%
16000 2479
39% 6%
100%
40612
100%
10.6% 21% 6% 3% 2% 32%
8820 2532 1060 884 13296
22% 6% 3% 2% 33%
40%
15894
39%
71%
29190
72%
19% 10% 29%
6881 4541 11422
17% 11% 28%
100%
40612
100%
06/30/08 3.56 0.63 1.43 0.81
Debt obj.
06/30/09
Debt obj. 15965
22320
06/30/10
06/30/11
57887 -33575 24312
100.0% -58.0% 42.0%
68017 -39790 28227
100.0% -58.5% 41.5%
80940 -47512 33428
-926 -18871
-1.6% -32.6%
-1088 -21902
-1.6% -32.2%
-1295 -26063
4515
7.8%
5237
7.7%
6070
-2668
-4.6%
-2423
-3.6%
-2817
1847 -499 1348
3.2% -0.9% 2.3%
2814 -760 2054
4.1% -1.1% 3.0%
3253 -879 2374 16.0 37989660 1165327
32.6 9.0% -33575
15% 15%
17.5% 100.0%
-39790
19.0% 100.0%
-47512
06/30/09 -58.0% 42.0% -1.6% -32.6% 7.8% 2.3%
06/30/10 -58.5% 41.5% -1.6% -32.2% 7.7% 3.0%
06/30/11 -58.7% 41.3% -1.6% -32.2% 7.5% 2.9%
06/30/09 2.3% 1.31 3.06% 3.45 10.56%
06/30/10 3.0% 1.35 4.08% 3.40 13.86%
06/30/11 2.9% 1.36 3.98% 3.47 13.80%
06/30/09 75 4.00 3.35 30.00
06/30/10 75 4.00 3.56 30.01
06/30/11 75 4.00 3.61 30.00
06/30/09
06/30/10
06/30/11
2924 11895
7% 27%
26% 25%
3440 13976
7% 28%
48% 47%
4102 16632
15% 9% 15%
8394 910 24123
19% 2% 55%
25% 18% 25%
9947 828 28191
20% 2% 56%
49% 8% 46%
11878 969 33581
5% 11%
17300 2671
39% 6%
14% 19%
19100 3074
38% 6%
26% 37%
22400 3639
11%
44094
100%
20%
50365
100%
37%
59620
8.6%
14.2%
18.4%
15% 15% 9% 15% 14%
9613 2760 1124 965 14462
22% 6% 3% 2% 33%
25% 25% 16% 25% 25%
11295 3271 1240 1129 16935
22% 6% 2% 2% 34%
47% 48% 27% 46% 46%
13442 3905 1483 1345 20175
9%
16862
38%
15%
18606
37%
27%
22247
11%
31324
71%
19%
35541
71%
36%
42422
0% 25% 9%
6881 5889 12770
16% 13% 29%
0% 62% 22%
6881 7943 14824
14% 16% 29%
0% 119% 41%
6881 10317 17198
11%
44094
100%
20%
50365
100%
37%
59620
06/30/09 3.45 0.63
06/30/10 3.40 0.62
06/30/11 3.47 0.62
1.69 0.81
2.16 0.81
2.15 0.81
06/30/09 17474 19971 37445 24675 12770 37445
47% 53% 100%
06/30/10 20351 22174 42525
48% 52% 100%
06/30/11 24229 26039 50268
66% 34% 100%
27701 14824 42525
65% 35% 100%
33070 17198 50268
-27% At the end
-27% Average
12.1% 8.8%
At the end 12.5% 9.2%
-10.8% 10.6%
12.3% 9.0%
-27% Average 13.1% 9.6%
-8.7% 11.1%
13.9%
At the end 12.1% 8.8% -8.5%
14.9%
13.8%
100%
100%
100%
91 75 -30
91 75 -30
91 75 -30
06/30/09 244 983 693 70
06/30/10 516 2081 1553 -82
06/30/11 662 2656 1931 141
1300 192
1800 403
3300 565
793 228 64 81
1682 511 116 164
2147 634 243 216
968
1744
3641
0 1348
0 2054
0 2374
06/30/09 1348 -693 -983 -70 228 81 -89
06/30/10 2054 -1553 -2081 82 511 164 -823
06/30/11 2374 -1931 -2656 -141 634 216 -1504
2264 -1697 -2406 -140 557 194 -1228
-1492
-2530
-2203
-3865
-1581
-3758
-3026
-5369
968 857
2262 2095
1744 1798
3641 2390
244
599
516
662
244
599
516
662
06/30/12
06/30/12 What-if issue
0% 0% 0% 0% 0%
4672 19126 13613 1117 38528
7% 28% 20% 2% 57%
14% 15% 15% 15% 15%
4672 19126 13613 1117 38528
7% 28% 20% 2% 57%
0% 0%
25157 4189
37% 6%
12% 15%
25157 4189
37% 6%
0%
67874
100%
14%
67874
100%
13.8%
0.0%
-82% 0% 0% 0% -55%
15492 4476 1614 1545 23127
23% 7% 2% 2% 34%
15% 15% 9% 15% 15%
3831 4476 1614 1545 11466
6% 7% 2% 2% 17%
0%
24204
36%
9%
24204
36%
-26%
47331
70%
12%
35670
53%
160% 0% 64%
6881 13661 20542
10% 20% 30%
0% 32% 19%
17881 14323 32204
26% 21% 47%
0%
67873
100%
14%
67874
100%
06/30/12 3.30 60.9% 2.42 0.81
06/30/12 2.11 43.7% 3.36 0.20
Value 37989660 11000000 48989660 -1518703 1518703
Debt obj.
Debt obj. 15965
22320
06/30/09 15919 -10284 5635 0 -4553 1082 -72 1010 -273 737 254
27.5% -17.8% 9.7% 0.0% -7.9% 1.9% -0.1% 1.7% -0.5% 1.3%
3.4% -10284
06/30/10 16664 -10732 5932 0 -4816 1116 -60 1056 -285 771 422
24.5% -15.8% 8.7% 0.0% -7.1% 1.6% -0.1% 1.6% -0.4% 1.1%
4.7% 100.0%
-10732
06/30/11 17564 -11329 6235 0 -5041 1194 -63 1131 -306 825 401 16.0 13200000
5.4% 100.0%
-11329
06/30/09 -64.6% 35.4% 0.0% -28.6% 6.8% 4.6%
06/30/10 -64.4% 35.6% 0.0% -28.9% 6.7% 4.6%
06/30/11 -64.5% 35.5% 0.0% -28.7% 6.8% 4.7%
06/30/09 4.6% 1.46
06/30/10 4.6% 1.47
06/30/11 4.7% 1.48
6.77% 1.22 8.23%
6.81% 1.22 8.29%
6.96% 1.22 8.48%
06/30/09 75 4.80 3.84 29.99 -15.01 1.50% 3.00% 1.70%
06/30/10 75 4.80 3.90 30.00 -15.00 1.50% 3.00% 1.70%
06/30/11 75 4.80 3.97 30.00 -15.01 1.50% 3.00% 1.70%
06/30/09
06/30/10
06/30/11
610 3271 2142 239 6262
6% 30% 20% 2% 58%
639 3424 2236 250 6549
6% 30% 20% 2% 58%
673 3609 2360 263 6905
4146 477
38% 4%
4273 500
38% 4%
4424 527
10885
100%
11322
100%
11856
5.3% 818 845 0
4.0% 8% 8% 0%
856 882 0
4.7% 8% 8% 0%
902 931 0
271 1934
2% 18%
283 2021
2% 18%
299 2132
0
0%
0
0%
0
1934
18%
2021
18%
2132
4584 4367 8951
42% 40% 82%
4584 4716 9300
40% 42% 82%
4584 5140 9724
10885
100%
11321
100%
11856
06/30/09 1.22 0.08 15.03 0.25
06/30/10 1.22 0.08 18.60 0.25
06/30/11 1.22 0.08 18.95 0.25
06/30/09 4536 4623 9159
50% 50% 100%
06/30/10 4745 4773 9518
50% 50% 100%
06/30/11 5002 4951 9953
208 8951 9159
2% 98% 100%
217 9300 9517
2% 98% 100%
229 9724 9953
-27% At the end
-27% Average
11.8% 8.6%
At the end 12.1% 8.9%
-34.6% 8.2%
-27%
Average 11.7% 12.0% 8.6% 8.7% -27.6%
8.5%
8.3%
At the end 12.0% 8.8% -27.5%
8.4%
8.5%
100%
100%
100%
76 75 -30
76 75 -30
76 75 -30
06/30/09
06/30/10
06/30/11
25 106 82 8
29 153 94 11
34 185 124 13
315 15
127 23
151 27
27 32 0 9
38 37 0 12
46 49 0 16
0
0
0
0 483
0 349
0 424
06/30/09 737
06/30/10 771
06/30/11 825
1538
-82 -106 -8 32 9 582
-2142 -3271 -239 845 271 -2998
-94 -153 -11 37 12 562
-124 -185 -13 49 16 568
-330
-4623
-150
-178
252
-7621
412
390
0 27
0 818
0 38
0 46
279
-6803
450
436
25
610
29
34
641
06/30/12 1391 -375 1015
06/30/13 1673 -452 1222
06/30/14 1757 -474 1283
-281 -253 -529 37 19 13 -993
-46 -232 -24 -14 8 19 -289
-50 -205 -146 -12 48 17 -348
-319
-51
-45
-274 0 0
-282 0 0
-249 0 0
-571
600
641
-571
600
641
25726
ConAgra Foods
Pacific 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%
Debt obj.
Debt obj. 15965
22320
100.0% -58.5% 41.5%
06/30/11 98504 -58841 39663
-1.6% -32.2% 7.7% -3.6% 4.1% -1.1% 3.0%
-1295 -31104 7264 -2880 4384 -1185 3199
06/30/09 57887 -33575 24312
100.0% -58.0% 42.0%
06/30/10 68017 -39790 28227
-926 -18871 4515 -2668 1847 -499 1348
-1.6% -32.6% 7.8% -4.6% 3.2% -0.9% 2.3%
-1088 -21902 5237 -2423 2814 -760 2054
16.0 37989660 1165327
32.6 9.0% -33575
15% 15% 15% 9%
17.5% 100.0%
-39790
44.8% 100.0%
-58841
06/30/09 -58.0% 42.0% -1.6% -32.6% 7.8% 2.3%
06/30/10 -58.5% 41.5% -1.6% -32.2% 7.7% 3.0%
06/30/11 -59.7% 40.3% -1.3% -31.6% 7.4% 3.2%
06/30/09 2.3% 1.31 3.06% 3.45 10.56%
06/30/10 3.0% 1.35 4.08% 3.40 13.86%
06/30/11 3.2% 1.31 4.27% 2.47 10.52%
06/30/09 75 4.00 3.35 30.00
06/30/10 75 4.00 3.56 30.01
06/30/11 75 4.13 3.67 30.00
06/30/09
06/30/10
06/30/11
2924 11895 8394 910
7% 27% 19% 2%
26% 25% 25% 18%
3440 13976 9947 828
7% 28% 20% 2%
48% 47% 49% 8%
4775 20241 14238 1232
15%
24123
55%
25%
28191
56%
46%
40486
5% 11%
17300 2671
39% 6%
14% 19%
19100 3074
38% 6%
26% 37%
11%
44094
100%
20%
50365
100%
37%
26824 4166 3476 74952
8.6%
14.2%
48.8%
15% 15% 9% 15% 14%
9613 2760 1124 965 14462
22% 6% 3% 2% 33%
25% 25% 16% 25% 25%
11295 3271 1240 1129 16935
22% 6% 2% 2% 34%
47% 48% 27% 46% 46%
14344 4836 1483 1644 22307
9%
16862
38%
15%
18606
37%
27%
22247
11%
31324
71%
19%
35541
71%
36%
44554
0% 25% 9%
6881 5889 12770
16% 13% 29%
0% 62% 22%
6881 7943 14824
14% 16% 29%
0% 119% 41%
20081 10317 30398
11%
44094
100%
20%
50365
100%
37%
74952
06/30/09 3.45 0.63 1.69 0.81
Year 1
-
06/30/10 3.40 0.62 2.16 0.81
06/30/11 2.47 0.51 2.52 0.71
5.00%
5.00%
Year 2
8,100,000 4,738,500 3,361,500
-
Year 3
8,505,000 4,975,425 3,529,575
-
8,930,250 5,224,196 3,706,054
-
891,000 760,000 288,000 1,422,500
-
935,550 798,000 288,000 1,508,025
-
982,328 837,900 288,000 1,597,826
-
384,075
-
407,167
-
431,413
1,038,425
1,100,858
1,166,413
288,000 1,326,425
288,000 1,388,858
288,000 1,454,413
Year 1
-
Year 2
1,664,384 1,184,625 389,466 2,459,543
-
Year 1
1,265,881
Year 3
83,219 59,231 19,473 122,977
-
Year 2
1,133,118 1,325,287
Year 3
1,265,881 1,387,664
1,325,287 5,848,462
4,442,748
Debt obj.
06/30/09 57887
100.0%
87,380 62,193 20,447 129,126
Debt obj. 15965
22320
06/30/10 68017
06/30/11 98504
100.0%
-33575 24312
-58.0% 42.0%
-39790 28227
-58.5% 41.5%
-58841 39663
-926 -18871 4515 -2668 1847 -499 1348
-1.6% -32.6% 7.8% -4.6% 3.2% -0.9% 2.3%
-1088 -21902 5237 -2423 2814 -760 2054
-1.6% -32.2% 7.7% -3.6% 4.1% -1.1% 3.0%
-1295 -31104 7264 -2880 4384 -1185 3199 16.0 37989660 1165327 32.6
9.0% -33575
17.5% 100.0%
-39790
44.8% 100.0%
-58841
06/30/09 -58.0% 42.0% -1.6% -32.6% 7.8% 2.3%
06/30/10 -58.5% 41.5% -1.6% -32.2% 7.7% 3.0%
06/30/11 -59.7% 40.3% -1.3% -31.6% 7.4% 3.2%
06/30/09 2.3% 1.31 3.06% 3.45 10.56%
06/30/10 3.0% 1.35 4.08% 3.40 13.86%
06/30/11 3.2% 1.31 4.27% 2.47 10.52%
06/30/09 75 4.00 3.35 30.00
06/30/10 75 4.00 3.56 30.01
06/30/11 75 4.13 3.67 30.00
06/30/09
06/30/10
06/30/11
15% 15% 15% 9% 15%
2924 11895 8394 910 24123
7% 27% 19% 2% 55%
26% 25% 25% 18% 25%
3440 13976 9947 828 28191
7% 28% 20% 2% 56%
48% 47% 49% 8% 46%
4775 20241 14238 1232 40486
5% 11%
17300 2671
39% 6%
14% 19%
19100 3074
38% 6%
26% 37%
11%
44094
100%
20%
50365
100%
37%
26824 4166 3476 74952
8.6%
14.2%
48.8%
15% 15% 9% 15% 14%
9613 2760 1124 965 14462
22% 6% 3% 2% 33%
25% 25% 16% 25% 25%
11295 3271 1240 1129 16935
22% 6% 2% 2% 34%
47% 48% 27% 46% 46%
14344 4836 1483 1644 22307
9%
16862
38%
15%
18606
37%
27%
22247
11%
31324
71%
19%
35541
71%
36%
44554
0% 25% 9%
6881 5889 12770
16% 13% 29%
0% 62% 22%
6881 7943 14824
14% 16% 29%
0% 119% 41%
20081 10317 30398
11%
44094
100%
20%
50365
100%
37%
74952
06/30/09 3.45 0.63 1.69 0.81
06/30/10 3.40 0.62 2.16 0.81
06/30/11 2.47 0.51 2.52 0.71
06/30/12
06/30/13
06/30/14
100.0% -58.7% 41.3%
93081 -54452 38629
100.0% -58.5% 41.5%
105182 -61531 43651
100.0% -58.5% 41.5%
116751 -68300 48451
-1.6% -32.2%
-1489 -29321
-1.6% -31.5%
-1683 -33132
-1.6% -31.5%
-1868 -36777
7.5%
7819
8.4%
8836
8.4%
9806
-3.5%
-3237
-3.5%
-3582
-3.4%
-3894
4.0% -1.1% 2.9%
4582 -1237 3345
4.9% -1.3% 3.6%
5254 -1418 3836
5.0% -1.3% 3.6%
5912 -1597 4315
15.0% 100.0%
7% 28%
-54452
76% 75%
13.0% 100.0%
-61531
11.0% 100.0%
-68300
06/30/12 -58.5% 41.5% -1.6% -31.5% 8.4% 3.6%
06/30/13 -58.5% 41.5% -1.6% -31.5% 8.4% 3.6%
06/30/14 -58.5% 41.5% -1.6% -31.5% 8.4% 3.7%
06/30/12 3.6% 1.37 4.93% 3.30 16.28%
06/30/13 3.6% 1.37 5.00% 3.15 15.74%
06/30/14 3.7% 1.37 5.07% 2.97 15.04%
06/30/12 75 4.00 3.70 30.00
06/30/13 75 4.00 3.70 30.00
06/30/14 75 4.00 3.70 30.00
06/30/12
06/30/13
06/30/14
4672 19126
7% 28%
101% 102%
5279 21613
7% 28%
127% 128%
5860 23990
20% 2% 56%
77% 26% 74%
13613 1117 38528
20% 2% 57%
103% 45% 100%
15383 1262 43537
20% 2% 57%
130% 64% 126%
17075 1401 48326
38% 6%
47% 62%
25157 4189
37% 6%
66% 87%
28427 4733
37% 6%
87% 111%
31554 5254
100%
62%
67874
100%
85%
76697
100%
109%
85134
13.8%
13.0%
11.0%
23% 7% 2% 2% 34%
75% 77% 52% 74% 74%
15492 4476 1614 1545 23127
23% 7% 2% 2% 34%
102% 103% 66% 100% 99%
17506 5057 1751 1746 26060
23% 7% 2% 2% 34%
128% 130% 80% 126% 124%
19432 5614 1842 1938 28826
37%
52%
24204
36%
66%
26258
34%
80%
27614
71%
62%
47331
70%
81%
52318
68%
100%
56440
12% 17% 29%
0% 185% 64%
6881 13661 20542
10% 20% 30%
0% 277% 96%
6881 17497 24378
9% 23% 32%
0% 383% 132%
6881 21813 28694
100%
62%
67873
100%
85%
76696
100%
109%
85134
06/30/12 3.30 0.61
06/30/13 3.15 0.59
06/30/14 2.97 0.57
2.42 0.81
2.47 0.81
2.52 0.81
48% 52% 100%
06/30/12 27835 29346 57181
66% 34% 100%
36638 20542 57180
49% 51% 100%
06/30/13 31455 33160 64615
49% 51% 100%
06/30/14 34914 36808 71722
64% 36% 100%
40236 24378 64614
62% 38% 100%
43028 28694 71722
-27%
-27%
-27%
Average 13.1% 9.5%
13.7% 13.7%
14.6% 10.6%
-8.8% 14.8%
16.3%
13.7% 10.0%
14.5% 10.6%
-8.9% 17.7%
15.7%
13.7% 10.0% -9.0%
17.1%
15.0%
91 75 -30
91 75 -30
91 75 -30
06/30/12 570 2494 1735 148
06/30/13 607 2487 1770 145
06/30/14 581 2377 1692 139
2757 550
3270 544
3127 521
2050 571 131 200
2014 581 137 201
1926 557 91 192
1957
2054
1356
0 3344
0 3836
0 4316
06/30/12 3345 -1735 -2494 -148 571 200 -261
06/30/13 3836 -1770 -2487 -145 581 201 216
06/30/14 4315 -1692 -2377 -139 557 192 856
-3307
-3814
-3648
-3568
-3598
-2792
1957 2181
2054 2151
1356 2017
570
607
581
570
607
581
21.7% -14.0% 7.7% 0.0% -6.2% 1.5% -0.1% 1.4% -0.4% 1.0%
100.0%
06/30/12 18793 -11558 7235 -188 -5657 1391
7.0% 7.0% -11557.9902
20.2% -12.4% 7.8% -0.2% -6.1% 1.5% 0.0% 0.0% 0.0% 0.0%
100.0%
06/30/13 19921 -11654 8267 -319 -6275 1673
6.0% 6.0% -11653.836948
18.9% -11.1% 7.9% -0.3% -6.0% 1.6% 0.0% 0.0% 0.0% 0.0%
100.0%
06/30/14 20917 -12237 8681 -335 -6589 1757
5.0% 5.0% -12237
06/30/12 -61.5% 38.5% -1.0% -30.1% 7.4%
06/30/13 -58.5% 41.5% -1.6% -31.5% 8.4%
06/30/14 -58.5% 41.5% -1.6% -31.5% 8.4%
06/30/12 0.0% 1.39
06/30/13 0.0% 1.41
06/30/14 0.0% 1.41
0.00% #DIV/0! #DIV/0!
0.00% #DIV/0! #DIV/0!
0.00% #DIV/0! #DIV/0!
06/30/12 75 4.00 4.00 30.00 -20.00 1.20% 4.50% 1.66%
06/30/13 75 4.00 4.00 30.00 -20.00 1.20% 4.50% 1.66%
06/30/14 75 4.00 4.00 30.00 -20.00 1.20% 4.50% 1.66%
06/30/12
06/30/13
06/30/14
6% 30% 20% 2% 58%
954 3862 2889 226 7930
1% 6% 4% 0% 12%
1000 4093 2913 239 8246
1% 5% 4% 0% 11%
1050 4298 3059 251 8658
37% 4%
4698 846
7% 1%
4980 896
6% 1%
5229 941
100%
13474
20%
14122
18%
14829
8% 8% 0%
13.7%
4.8%
5.0%
950
958
1006
3% 18%
312
331
347
4584
4584
4584
0% 18% 39% 43% 82% 100%
06/30/12 #DIV/0! 0.00 #DIV/0! 0.00
06/30/13 #DIV/0! 0.00 #DIV/0! 0.00
06/30/14 #DIV/0! 0.00 #DIV/0! 0.00
50% 50% 100%
06/30/12 5715 5544 11259
51% 49% 100%
06/30/13 5957 5877 11834
50% 50% 100%
06/30/14 6255 6171 12426
2% 98% 100%
-954 0 -954
100% 0% 100%
-1000 0 -1000
100% 0% 100%
-1050 0 -1050
#DIV/0!
#DIV/0!
#DIV/0!
Average 12.3% 8.9%
12.4% 12.4%
30.9% #DIV/0!
0.0% 8.7%
#DIV/0!
14.1% #DIV/0!
-171.3% #DIV/0!
0.0% 0.0%
#DIV/0!
14.1% #DIV/0! 0.0%
#DIV/0!
#DIV/0!
91 75 -30
91 75 -30
91 75 -30
06/30/12
06/30/13
06/30/14
280.5760263014 252.6739726027 529.49755 -37.47824
46.2988964822 231.7004383562 23.961687 13.5313056
49.9937461 204.668721 145.672962 11.9526533
274.37 318.7066
281.9022 50.742396
249.01361 44.8224498
-902 18.9717972603 0 12.971768
0 7.8778149041 0 18.71830608
0 47.8924806 0 16.5345037
0
0
0
0 -5140
0 0
0 0
06/30/12 0
06/30/13 0
06/30/14 0
-529 -253 37 19 13 -713
-24 -232 -14 8 19 -243
-146 -205 -12 48 17 -298
-593
-333
-294
-1306
-575
-592
0 -902
0 0
0 0
-2208
-575
-592
281
46
50
06/30/15 1841 -497 1344 -50 -206 -147 -12 48 17 -351 -45 -251 0 0 697 25029 25726
100.0% -59.7% 40.3%
06/30/12 111874 -66010 45864
-1.3% -31.6% 7.4% -2.9% 4.5% -1.2% 3.2%
-1677 -34978 9210 -3080 6130 -1655 4475
100.0% -59.0% 41.0%
06/30/13 125103 -73185 51918
100.0% -58.5% 41.5%
06/30/14 137668 -80537 57132
-1.5% -31.3% 8.2% -2.8% 5.5% -1.5% 4.0%
-2002 -39407 10509 -3180 7329 -1979 5350
-1.6% -31.5% 8.4% -2.5% 5.9% -1.6% 4.3%
-2203 -43366 11563 -3280 8283 -2236 6047
13.6% 100.0%
6% 27% 19% 2%
-66009.9902
11.8% 100.0%
-73184.836948
10.0% 100.0%
-80537
06/30/12 -59.0% 41.0% -1.5% -31.3% 8.2% 4.0%
06/30/13 -58.5% 41.5% -1.6% -31.5% 8.4% 4.3%
06/30/14 -58.5% 41.5% -1.6% -31.5% 8.4% 4.4%
06/30/12 4.0% 1.32 5.28% 2.43 12.83%
06/30/13 4.3% 1.33 5.67% 2.34 13.30%
06/30/14 4.4% 1.33 5.85% 2.24 13.07%
06/30/12 75 4.00 3.75 30.00
06/30/13 75 4.00 3.74 30.00
06/30/14 75 4.00 3.74 30.00
06/30/12
06/30/13
06/30/14
5626 22988 16502 1343
7% 27% 19% 2%
6279 25706 18296 1501
7% 27% 19% 2%
6910 28288 20134 1652
54%
46458
55%
51783
55%
56984
36% 6% 5% 100%
29855 5035 3476 84824
35% 6% 4% 100%
33407 5629 3476 94295
35% 6% 4% 100%
36783 6195 3476 103439
13.2%
11.2%
9.7%
24% 8% 2% 3% 37%
16851 5426 1614 1857 25748
25% 8% 2% 3% 38%
17972 6015 1751 2077 27814
23% 8% 2% 3% 36%
18808 6620 1842 2285 29555
37%
24204
36%
26258
34%
27614
75%
49952
74%
54072
71%
57169
34% 17% 51%
20081 14792 34873
30% 22% 51%
20081 20142 40223
26% 26% 52%
20081 26189 46270
126%
84824
125%
94295
123%
103439
06/30/12 2.43 0.50 2.99 0.73
06/30/13 2.34 0.49 3.30 0.70
5.00%
5.00%
Year 4
-
Year 5
9,376,763 5,485,406 3,891,356
-
9,845,601 5,759,676 4,085,924
-
1,031,444 879,795 288,000 1,692,118
-
1,083,016 923,785 288,000 1,791,123
-
456,872
-
483,603
06/30/14 2.24 0.47 3.53 0.66
1,235,246
1,307,520
288,000 1,523,246
288,000 1,595,520
Year 4
-
Year 5
91,749 65,302 21,469 135,582
-
Year 4
96,337 68,568 22,543 142,361
Year 5
2,989,590 1,387,664
100.0%
06/30/12 119974
4,442,748
100.0%
06/30/13 133608
100.0%
06/30/14 146598
-59.7% 40.3%
-70748 49226
-59.0% 41.0%
-78160 55448
-58.5% 41.5%
-85761 60838
-1.3% -31.6% 7.4% -2.9% 4.5% -1.2% 3.2%
-1677 -36917 10632 -3080 7552 -2039 5513
-1.4% -30.8% 8.9% -2.6% 6.3% -1.7% 4.6%
-2002 -41429 12017 -3180 8837 -2386 6451
-1.5% -31.0% 9.0% -2.4% 6.6% -1.8% 4.8%
-2203 -45474 13161 -3280 9881 -2668 7213
21.8% 100.0%
-70748.4902
11.4% 100.0%
-78160.261948
9.7% 100.0%
-85761
06/30/12 -59.0% 41.0% -1.4% -30.8% 8.9% 4.6%
06/30/13 -58.5% 41.5% -1.5% -31.0% 9.0% 4.8%
06/30/14 -58.5% 41.5% -1.5% -31.0% 9.0% 4.9%
06/30/12 4.6% 1.35 6.21% 2.47 15.35%
06/30/13 4.8% 1.36 6.57% 2.32 15.23%
06/30/14 4.9% 1.37 6.73% 2.16 14.55%
06/30/12 75 4.00 3.87 30.00
06/30/13 75 4.00 3.90 30.00
06/30/14 75 4.00 3.92 30.00
06/30/12
06/30/13
06/30/14
6% 27% 19% 2% 54%
5626 24652 17687 1343 49307
6% 28% 20% 2% 56%
6279 27454 19540 1501 54774
6% 28% 20% 2% 56%
6910 30123 21440 1652 60125
36% 6% 5% 100%
31007 5035 3476 88825
35% 6% 4% 100%
34271 5629 3476 98151
35% 6% 4% 100%
37359 6195 3476 107156
18.5%
10.5%
9.2%
24% 8% 2% 3% 37%
19424 5815 1614 1857 28710
29% 9% 2% 3% 42%
19279 6424 1751 2077 29531
25% 8% 2% 3% 39%
18790 7049 1842 2285 29966
37%
24204
36%
26258
34%
27614
75%
52914
78%
55789
73%
57580
34% 17% 51%
20081 15830 35911
30% 23% 53%
20081 22281 42362
26% 29% 55%
20081 29494 49575
126%
88825
131%
98151
128%
107156
06/30/12 2.47 0.51 3.45 0.79
06/30/13 2.32 0.48 3.78 0.70
06/30/14 2.16 0.45 4.01 0.62
06/30/15
100.0% -58.5% 41.5%
127259 -74447 52812
100.0% -58.5% 41.5%
-1.6% -31.5%
-2036 -40087
-1.6% -31.5%
8.4%
10689
8.4%
-3.3%
-4124
-3.2%
5.1% -1.4% 3.7%
6565 -1773 4792
5.2% -1.4% 3.8%
9.0% 100.0%
-74447
100.0%
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% 28%
152% 153%
6387 26149
7% 28%
20% 2% 57%
155% 82% 151%
18612 1527 52675
20% 2% 57%
37% 6%
108% 134%
34395 5727
37% 6%
100%
132%
92797
100%
9.0% 23% 7% 2% 2% 34%
153% 155% 89% 151% 148%
21181 6119 1869 2113 31282
25% 7% 2% 2% 37%
32%
89%
28028
33%
66%
115%
59310
70%
8% 26% 34%
0% 502% 173%
6881 26606 33487
8% 31% 39%
100%
132%
92797
109%
06/30/15 2.77 0.55
2.59 0.81
49% 51% 100%
06/30/15 38056 40122 78178
49% 51% 100%
60% 40% 100%
44691 33487 78178
57% 43% 100%
-27% 14.4% 10.5%
13.7% 10.0%
14.3% 10.4%
-9.2% 16.3%
14.3%
91 75 -30
06/30/15 527 2159 1537 126
15.4%
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
17.9% -10.5% 7.4% -0.3% -5.6% 1.5% 0.0% 0.0% 0.0% 0.0%
100.0%
06/30/15 21921 -12824 9097 -351 -6905 1841
4.8% 4.80% -12824 06/30/15 -58.5% 41.5% -1.6% -31.5% 8.4%
06/30/15 0.0% 1.41
17.2% -10.1% 7.1% -0.3% -5.4% 1.4% 0.0% 0.0% 0.0% 0.0%
100.0%
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% 5% 4% 0% 10%
1100 4504 3206 263 9074
1% 5% 3% 0% 10%
6% 1%
5480 986
6% 1%
17%
15540
17%
4.8%
1054
364
4584
06/30/15 #DIV/0! 0.00 #DIV/0! 0.00
50% 50% 100%
06/30/15 6555 6467 13022
50% 50% 100%
100% 0% 100%
-1100 0 -1100
100% 0% 100%
#DIV/0! -171.4% #DIV/0!
14.1% #DIV/0!
-171.3% #DIV/0!
0.0% #DIV/0!
#DIV/0!
91 75 -30
06/30/15
#DIV/0!
50.3936961 206.30607 146.838346 12.0482745
251.005719 45.1810294
0 48.2756205 0 16.6667797
0
0 0
06/30/15 0
-147 -206 -12 48 17 -300 -296 -596 0 0 -596 50
100.0% -58.5% 41.5%
06/30/15 149180 -87271 61909
100.0% -58.5% 41.5%
-1.6% -31.5% 8.4% -2.4% 6.0% -1.6% 4.4%
-2387 -46992 12530 -3380 9150 -2471 6680
-1.6% -31.5% 8.4% -2.3% 6.1% -1.7% 4.5%
8.4% 100.0%
-87271
100.0%
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% 27% 19% 2%
7487 30653 21818 1790
7% 27% 20% 2%
55%
61749
55%
36% 6% 3% 100%
39875 6713 3476 111813
36% 6% 3% 100%
8.1% 22% 8% 2% 3% 35%
19317 7173 1869 2477 30836
23% 8% 2% 3% 36%
32%
28028
33%
67%
58864
69%
24% 31% 54%
20081 32869 52950
24% 39% 62%
122%
111813
131%
06/30/15 2.11 0.44 3.71 0.63
100.0%
06/30/15 158557
100.0%
-58.5% 41.5%
-92756 65801
-58.5% 41.5%
-1.5% -31.0% 9.0% -2.2% 6.7% -1.8% 4.9%
-2387 -49191 14222 -3380 10842 -2927 7915
-1.5% -31.0% 9.0% -2.1% 6.8% -1.8% 5.0%
8.2% 100.0%
-92756
100.0%
06/30/15 -58.5% 41.5% -1.5% -31.0% 9.0% 5.0% 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% 28% 20% 2% 56%
7487 32580 23189 1790 65047
6% 28% 20% 2% 56%
35% 6% 3% 100%
40163 6713 3476 115399
35% 6% 3% 100%
7.7% 22% 8% 2% 3% 35%
17911 7624 1869 2477 29881
21% 9% 2% 3% 35%
32%
28028
33%
68%
57909
68%
24% 35% 58%
20081 37409 57490
24% 44% 68%
126%
115399
136%
06/30/15 2.01 0.41 4.21 0.55