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Growth Profitability and Financial Ratios for Colgate-Palmolive (India) Ltd

Financials
Revenue INR Mil
Gross Margin %
Operating Income INR Mil
Operating Margin %
Net Income INR Mil
Earnings Per Share INR
Dividends INR
Payout Ratio %
Shares Mil
Book Value Per Share INR
Operating Cash Flow INR Mil
Cap Spending INR Mil
Free Cash Flow INR Mil
Free Cash Flow Per Share INR
Working Capital INR Mil
Key Ratios -> Profitability
Margins % of Sales
Revenue
COGS
Gross Margin
SG&A
R&D
Other
Operating Margin
Net Int Inc & Other
EBT Margin
Profitability
Tax Rate %
Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage

2005-03
9,675
51.3
1,774
18.3
1,124
8.27

Drate
Tgrowth
2006-03
11,259
56.1
1,907
16.9
1,400
10.3

136

136

1,219
-809
410

1,878
-502
1,376

-565

-412

2005-03 2006-03
100
100
48.7
43.9
51.3
56.1

36.27
18.33

41.58
16.94

18.33

16.94

2005-03 2006-03
36.61
26.58
11.62
12.44
1.68
1.84
19.54
22.9
2.28
2.27
44.15
52.09
42.27
50.81

Key Ratios -> Growth


2005-03
Revenue %
Year over Year
3-Year Average
5-Year Average

2.67

2006-03
16.38

10-Year Average
Operating Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
Net Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
EPS %
Year over Year
3-Year Average
5-Year Average
10-Year Average
Key Ratios -> Cash Flow
Cash Flow Ratios
Operating Cash Flow Growth % YOY
Free Cash Flow Growth % YOY
Cap Ex as a % of Sales
Free Cash Flow/Sales %
Free Cash Flow/Net Income
Key Ratios -> Financial Health
Balance Sheet Items (in %)
Cash & Short-Term Investments
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Net PP&E
Intangibles
Other Long-Term Assets
Total Assets
Accounts Payable
Short-Term Debt
Taxes Payable
Accrued Liabilities
Other Short-Term Liabilities
Total Current Liabilities
Long-Term Debt
Other Long-Term Liabilities
Total Liabilities
Total Stockholders' Equity
Total Liabilities & Equity

11.95

7.53

0.04

24.56

0.12

24.55

2005-03 2006-03
52.18
54
-42.44
235.53
8.36
4.45
4.24
12.22
0.36
0.98

2005-03 2006-03
27.46
35.15
3.03
1.18
13.41
11.88
0.94
0.66
44.84
48.87
28.04
27.18
27.12
100
28.96

23.95
100
33.71

25.53
54.49
1.57

21.62
55.33
0.68

56.06
43.94
100

56.01
43.99
100

Liquidity/Financial Health
Current Ratio
Quick Ratio
Financial Leverage
Debt/Equity

2005-03 2006-03
0.82
0.88
0.56
0.66
2.28
2.27
0.04
0.02

Key Ratios -> Efficiency Ratios


Efficiency
Days Sales Outstanding
Days Inventory
Payables Period
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Fixed Assets Turnover
Asset Turnover

2005-03 2006-03
9.6
4.09
55.9
56.95
129.05
141.98
-63.55
-80.93
38.01
89.18
6.53
6.41
6.9
6.67
1.68
1.84

0.12
Rev growth
0.18
0.05
FCF/Sales
0.15
2007-03 2008-03 2009-03 2010-03 2011-03 2012-03 2013-03 2014-03 TTM
12,956
14,739
16,952
19,625
22,206
26,932
31,638
35,788
37,758
55.8
59.4
59.8
61.2
60.7
59.4
61.2
60.1
61.5
1,955
3,059
3,485
5,004
5,199
6,191
6,630
7,280
7,012
15.1
20.8
20.6
25.5
23.4
23
21
20.3
18.6
1,484
2,358
2,858
4,356
4,026
4,465
4,968
5,399
5,096
10.91
17.34
21.01
31.92
29.6
32.83
36.53
39.7
37.48
16
21
27
25
28
27
35
76.1
65.8
91.2
76.1
76.6
68
93.4
136
136
136
136
136
136
136
136
12.6
16.1
23.98
28.24
32.02
36
44.11
54.19
1,577
2,914
3,497
4,040
3,854
4,028
6,149
4,574
4,574
-385
-452
-371
-358
-411
-1,022
-1,547
-3,236
-3,236
1,192
2,462
3,125
3,682
3,443
3,006
4,602
1,337
1,337
18.1
22.98
27.07
25.32
22.11
33.84
9.83
-652
-1,578
-835
369
612
603
116
-1,915

2007-03 2008-03 2009-03 2010-03 2011-03 2012-03 2013-03 2014-03 TTM


100
100
100
100
100
100
100
100
100
44.2
40.59
40.17
38.8
39.27
40.57
38.81
39.92
38.47
55.8
59.41
59.83
61.2
60.73
59.43
61.19
60.08
61.53
26.04
1.09
45.8
15.09

43.89
20.76

15.09

20.76

44.79
20.56
-24.12
-3.56

40.57
25.5

42.13
23.42

25.5

23.42

10.4
22.99
-1.14
21.85

41.81
20.96

41.14
20.34

42.84
18.57

20.96

20.34

18.57

2007-03 2008-03 2009-03 2010-03 2011-03 2012-03 2013-03 2014-03 TTM


24.08
22.64
12.95
22.57
24.12
25.08
25.84
27.32
11.45
16.06
16.86
22.12
18.13
16.58
15.7
15.09
13.5
1.93
2.05
2.21
2.32
2.32
2.5
2.6
2.56
2.31
22.05
32.94
37.2
51.31
42.11
41.4
40.78
38.62
31.21
2.54
4.26
3.69
2.68
2.68
2.59
2.67
2.48
2.35
53.08
105.24
146.41
158.07
112.72
108.97
107.41
99.11
67
52.28
103.19
142.98
155.45
112
109.25
107.41
99.11
67
389.94

2007-03
15.07
11.2

2008-03
13.76
15.06

2009-03
15.02
14.61
12.46

2010-03
15.76
14.84
15.2

2011-03
13.15
14.64
14.55

2012-03
21.29
16.69
15.76

2013-03
17.47
17.26
16.51

2014-03
13.12
17.24
16.12

Latest Qtr
11.08

14.28
2.48
7.25

56.53
19.93

13.92
22.26
17.08

43.57
36.8
23.05

3.91
19.34
22.21

19.07
21.11
25.94

7.09
9.84
16.73

9.79
11.87
15.87
16.47

5.97
9.71

58.87
28

21.22
26.84
20.52

52.43
43.18
31.11

-7.58
19.53
23.52

10.9
16.03
24.64

11.26
4.48
16.07

8.68
10.28
13.57
16.99

5.92
9.72

58.94
27.99

21.16
26.82
20.53

51.93
43.03
31.01

-7.27
19.51
23.51

10.91
16.04
24.65

11.27
4.6
16.07

8.68
10.28
13.57
17

21

18.39

2007-03 2008-03 2009-03 2010-03 2011-03 2012-03 2013-03 2014-03 TTM


-16.03
84.77
20.01
15.54
-4.6
4.52
52.64
-25.62
-13.37
106.47
26.96
17.8
-6.48
-12.69
53.08
-70.94
2.97
3.07
2.19
1.83
1.85
3.8
4.89
9.04
8.57
9.2
16.7
18.44
18.76
15.51
11.16
14.55
3.74
3.54
0.8
1.04
1.09
0.85
0.86
0.67
0.93
0.25
0.26

2007-03 2008-03 2009-03 2010-03 2011-03 2012-03 2013-03 2014-03 Latest Qtr
37.6
40.75
48.62
52.02
48.71
27.43
33.58
19.27
20.47
1.33
1.29
1.38
1.1
4.18
7.73
6.21
3.68
3.42
11.35
11.83
11.18
12.59
14.96
19.27
14.18
15.16
14.51
0.55
0.36
0.77
0.61
0.71
9.64
6.71
7.01
8.87
50.83
54.22
61.95
66.33
68.57
64.07
60.69
45.13
47.28
27.14
32.95
31.85
29.47
24.83
28.67
29.28
46.85
22.03
100
32.88

12.82
100
41.79

6.2
100
44.54

4.2
100
41.57

6.6
100
41.01

7.27
100
32.67

10.03
100
35.71

8.03
100
34.25

52.72
100
33.67

27.17
60.05
0.6

33.64
75.44
0.64
0.56
76.63
23.37
100

27.41
71.95
0.58
0.46
72.99
27.01
100

20.58
62.16
0.52

21.6
62.61

26.06
58.73

24.09
59.8

23.73
57.99

21.16
54.83

62.62
37.38
100

2.73
61.46
38.54
100

2.74
62.53
37.47
100

1.72
59.71
40.29
100

2.58
57.4
42.6
100

60.66
39.34
100

62.67
37.33
100

2007-03 2008-03 2009-03 2010-03 2011-03 2012-03 2013-03 2014-03 Latest Qtr
0.85
0.71
0.86
1.07
1.1
1.09
1.01
0.78
0.86
0.65
0.55
0.69
0.85
0.84
0.6
0.77
0.51
0.59
2.54
4.26
3.69
2.68
2.68
2.59
2.67
2.48
2.35
0.02
0.03
0.02
0.01

2007-03 2008-03 2009-03 2010-03 2011-03 2012-03 2013-03 2014-03 TTM


2.38
2.33
2.21
1.94
4.33
8.82
9.72
6.93
6.19
49.77
50.82
47.3
48.31
55.48
62.03
59.89
52.5
59.79
142.71
164.48
178.96
174.71
165.15
132.01
124.19
124.74
134.38
-90.56
-111.33
-129.45
-124.46
-105.35
-61.15
-54.58
-65.3
-68.4
153.15
156.84
165.22
187.77
84.22
41.36
37.56
52.65
58.98
7.33
7.18
7.72
7.56
6.58
5.88
6.09
6.95
6.1
7.09
6.82
6.82
7.58
8.61
9.31
8.96
6.63
1.93
2.05
2.21
2.32
2.32
2.5
2.6
2.56
2.31

2015
42,230

2016
49,831

2017
58,801

2018
69,385

2019
81,874

2020
96,612

2021
114,002

2022
134,522

2023
158,736

6334.476 7474.682 8820.124 10407.75 12281.14 14491.75 17100.26 20178.31

23810.4

Fair Value
1635.9

Tvalue
NPV

1,656.82

2024
187,309

964162.101 99951.57 225,327.63


125,376.06
2025
2026
2027
2028
221,024
260,808 307,754
363,150

28096.28

33153.6057 39121.25473 46163.08 54472.43509

64277.4734

2029
428,516

Balance Sheet of
Colgate Palmolive
(India)

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


-----------------Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

Total Share Capital

13.6

13.6

13.6

13.6

13.6

Equity Share Capital

13.6

13.6

13.6

13.6

13.6

Share Application Money

Preference Share Capital

586.28

475.99

421.79

370.45

312.51

Sources Of Funds

Reserves
Revaluation Reserves
Networth

599.88

489.59

435.39

384.05

326.11

Secured Loans

Unsecured Loans

0.05

4.59

Total Debt

0.05

4.59

599.88

489.59

435.39

384.1

330.7

Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

Gross Block
Less: Accum.
Depreciation
Net Block

902.03

582.88

522.5

579.83

534.52

346.13

302.21

268.08

324.79

287.57

555.9

280.67

254.42

255.04

246.95

Capital Work in Progress

141.51

101.96

69.38

12.26

6.19

Total Liabilities

Application Of Funds

Investments

37.13

47.12

47.12

38.74

21

225.74

185.3

217.68

153.7

110.55

54.73

81.21

87.27

42.96

9.77

Cash and Bank Balance

286.95

428.8

309.81

13.74

19.52

Total Current Assets

567.42

695.31

614.76

210.4

139.84

Loans and Advances

186.77

181.73

143.93

146.93

158.8

Inventories
Sundry Debtors

Fixed Deposits
Total CA, Loans &
Advances
Deffered Credit

381.87

328.07

754.19

877.04

758.69

739.2

626.71

Current Liabilities

793.66

717.64

586.96

491.84

445.33

95.21

99.54

107.25

169.31

124.82

Total CL & Provisions

888.87

817.18

694.21

661.15

570.15

Net Current Assets

-134.68

59.86

64.48

78.05

56.56

Provisions

Miscellaneous Expenses

Total Assets

599.86

489.61

435.4

384.09

330.7

Contingent Liabilities

235.68

166.77

68.45

82.06

62.75

44.11

36

32.02

28.24

23.98

Book Value (Rs)

Tax Rate

----------------Profit & Loss account of -- in Rs. Cr.


Colgate Palmolive (India) -----------------Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

3,578.81

3,163.81

2,805.54

2,381.51

2,079.48

117.54

97.05

64.64

Income
Sales Turnover
Excise Duty
Net Sales

3,578.81

3,163.81

2,688.00

2,284.46

2,014.84

Other Income

114.7

49.92

50.02

36.48

35.41

Stock Adjustments

26.77

-22.2

48.56

30.06

13.88

3,720.28

3,191.53

2,786.58

2,351.00

2,064.13

1,441.57

1,239.22

1,104.14

911.23

795.39

Total Income
Expenditure
Raw Materials
Power & Fuel Cost

22.76

19.58

17.07

14.46

14.03

211.78

249.44

215.61

193.22

159.07

155.03

124.87

100.3

-0.02

469.76

393.79

1,265.46

976.56

666.2

80.79

79.67

2,941.57

2,484.80

2,158.03

1,794.33

1,542.25

Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

Operating Profit

664.01

656.81

578.53

520.19

486.47

PBDIT

778.71

706.73

628.55

556.67

521.88

1.51

8.61

7.41

778.71

706.73

627.04

548.06

514.47

Employee Cost
Other Manufacturing
Expenses
Selling and Admin
Expenses
Miscellaneous Expenses
Preoperative Exp
Capitalised
Total Expenses

Interest
PBDT
Depreciation

50.75

43.7

39.31

34.25

37.57

Other Written Off

Profit Before Tax

727.96

663.03

587.73

513.81

476.9

0.64

6.14

7.9

727.96

663.03

588.37

519.95

484.8

188.09

166.28

141.92

117.37

61.54

Extra-ordinary items
PBT (Post Extra-ord
Items)
Tax
Reported Net Profit

539.87

496.75

446.47

402.58

423.26

Total Value Addition

1,499.99

1,245.58

1,053.88

883.1

746.87

Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)

367.18

380.78

339.98

299.18

271.99

62.4

61.77

55.15

49.69

45.84

Shares in issue (lakhs)


Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)
Tax Rate

NOPAT
Total Invested Capital
ROIC
FCF
CROIC

1,359.93

1,359.93

1,359.93

1,359.93

1,359.93

39.7

36.53

32.83

29.6

31.12

2,700.00

2,800.00

2,500.00

2,200.00

2,000.00

44.11

36

32.02

28.24

23.98

0.25838 0.250788 0.241471 0.228431 0.129042


492.4434 492.0899 438.8315 401.3626 423.6951
599.88
489.59
435.39
384.1
330.7
82%
101%
101%
104%
128%
133.7
22%
77%

460.2
94%

300.6
69%

344.3
90%

368.2
111%

COLGATE-PALMOLIVE (INDIA) LTD.


Narration
Sales
Expenses
Operating Profit
Other Income
EBIDT
Depreciation
EBIT
Interest
Profit before tax
Tax
Net profit
EPS
Price to earning
Price
RATIOS:
Dividend Payout
OPM

#REF!

SCREENER.IN

Mar-10
2,014.84
1,528.37
486.47
29.78
516.25
37.57
478.68
7.41
471.26
61.54
423.26

Mar-11
2,284.47
1,764.28
520.19
36.19
556.38
34.25
522.13
8.61
513.52
117.37
402.58

Mar-12
2,688.01
2,109.46
578.55
49.73
628.28
39.31
588.97
1.51
587.46
141.92
446.47

Mar-13
3,163.81
2,507.00
656.81
49.92
706.73
43.70
663.03
663.03
166.28
496.75

Mar-14
3,578.81
2,914.80
664.01
50.32
714.33
50.75
663.58
663.58
188.09
539.87

19.84

27.63

30.06

34.75

33.29

53.43%
24.14%

61.97%
22.77%

63.80%
21.52%

64.22%
20.76%

56.45%
18.55%

19.40%

10Years
15.72%
20.30%
28.32

7Years
15.16%
20.68%
29.30

5Years
15.37%
21.17%
32.11

3Years
16.14%
20.14%
36.30

Recent
13.12%
19.40%
47.09

TRENDS:
Sales Growth
OPM
Price to Earning

Trailing
3,775.81
3,043.24
732.57
36.55
769.12
61.63
707.49
707.49
191.61
509.62
37.47
47.09
1,764.55

Best Case Worst Case


4,156.45
4,074.09
3,319.33
3,283.65
837.13
790.44
837.13
790.44
61.63
61.63
775.50
728.81
775.50
728.81
27%
27%
565.47
531.43
41.58
39.08
47.09
28.32
1,957.93
1,106.54

BEST
16.14%
20.14%
47.09

WORST
13.12%
19.40%
28.32

COLGATE-PALMOLIVE (INDIA) LTD.


Narration
Sales
Expenses
Operating Profit
Other Income
EBIDT
Depreciation
EBIT
Interest
Profit before tax
Tax
Net profit
OPM

#REF!

SCREENER.IN

Jun-12
756.09
593.64
162.45
11.22
173.67
10.51
163.16
163.16
45.74
117.42

Sep-12
792.42
616.64
175.78
14.87
190.65
10.60
180.05
180.05
34.97
145.08

Dec-12
783.77
633.84
149.93
11.74
161.67
11.32
150.35
150.35
39.30
111.05

Mar-13
831.53
662.88
168.65
12.09
180.74
11.27
169.47
169.47
46.27
123.20

Jun-13
859.69
694.41
165.28
17.12
182.40
11.74
170.66
170.66
56.08
185.22

Sep-13
900.73
754.40
146.33
13.02
159.35
11.66
147.69
147.69
38.17
109.52

Dec-13
891.11
740.58
150.53
16.24
166.77
12.05
154.72
154.72
41.78
112.83

Mar-14
927.28
725.41
201.87
3.94
205.81
15.30
190.51
190.51
52.06
132.30

Jun-14
956.90
763.24
193.66
6.45
200.11
16.55
183.56
183.56
48.65
134.91

Sep-14
1,000.52
814.01
186.51
9.92
196.43
17.73
178.70
178.70
49.12
129.58

21%

22%

19%

20%

19%

16%

17%

22%

20%

19%

COLGATE-PALMOLIVE (INDIA) LTD.


Narration
Equity Share Capital
Reserves
Secured Loans
Unsecured Loans
Total
Net Block
Capital Work in Progress
Investments
Working Capital
Total

#REF!
Mar-05
135.99
113.78
3.98
253.75
79.75
67.46
160.78
-57.80
253.75

Mar-06
135.99
135.08
4.36
275.43
160.03
9.09
148.34
-42.03
275.43

Debtors
Inventory

Debtor Days
Inventory Turnover

45%
553%

51%
121%

57%
170%

Return on Equity
Return on Capital Emp

Mar-07 Mar-08 Mar-09


135.99
13.60
13.60
144.53 148.61 202.70
4.28
4.69
4.69
284.80 166.90 220.99
167.68 191.41 173.93
24.34
7.59
4.67
133.34
72.59
38.33
-40.56 -104.69
4.06
284.80 166.90 220.99

SCREENER.IN

Mar-10
13.60
312.51
4.59
330.70
246.95
6.19
21.00
56.56
330.70

Mar-11
13.60
370.45
0.05
384.10
255.04
12.26
38.74
78.06
384.10

Mar-12
13.60
421.79
435.39
254.42
69.38
47.12
64.47
435.39

Mar-13
13.60
475.99
489.59
280.66
101.96
47.12
59.86
489.59

Mar-14
13.60
586.28
599.88
555.91
141.51
37.13
-134.67
599.88

9.77
110.55

42.96
153.70

87.27
217.68

81.21
185.30

54.73
225.74

1.77
18.23

6.86
14.86

11.85
12.35

9.37
17.07

5.58
15.85

143%
254%

134%
166%

130%
137%

105%
122%

103%
140%

101%
146%

90%
113%

COLGATE-PALMOLIVE (INDIA) LTD.


Narration
Cash from Operating Activity
Cash from Investing Activity
Cash from Financing Activity
Net Cash Flow
Cash & Eq. at the end of year

#REF!
Mar-10
397.35
34.52
-337.46
94.41
347.58

SCREENER.IN
Mar-11
385.43
-14.50
-322.99
47.93
395.61

Mar-12
402.84
-10.24
-398.05
-5.45
155.65

Mar-13
614.90
-47.25
-427.60
140.05
295.70

Mar-14
457.38
-180.37
-422.07
-145.06
150.64

COLGATE-PALMOLIVE (INDIA) LTD.


PROFIT & LOSS
Report Date
Period
Sales
Operating Profit
Other Income
EBIDT
Depreciation
EBIT
Interest
Profit before tax
Tax
Net profit
Dividend Payout
Market Cap

Quarters
Report Date
Period
Sales
Expenses
Operating Profit
Other Income
EBIDT
Depreciation
EBIT
Interest
Profit before tax
Tax
Net profit

BALANCE SHEET
Report Date
Equity Share Capital
Reserves
Secured Loans
Unsecured Loans
Total
Net Block
Capital Work in Progress
Investments
Working Capital
Total
Unadjusted No. of Shares (lacs)

PLEASE DO

3/31/2005
961.48
177.99
30.56
208.55
22.37
186.18
4.54
181.64
64.85
113.29
72.87
2,087.15

6/30/2012

3/31/2006
1,148.03
206.46
18.23
224.69
31.43
193.26
4.24
189.02
50.28
137.60
63.73
3,662.43

9/30/2012

3/31/2007
1,331.98
250.35
22.73
273.08
15.26
257.82
5.17
252.66
41.44
160.17
68.85
5,134.97

12/31/2012

3/31/2008
1,518.88
274.81
25.24
300.05
19.84
280.21
1.44
278.76
60.34
231.71
54.35
5,241.64

3/31/2013

756.09
162.45
11.22
173.67
10.51
163.16
163.16
45.74
117.42

792.42
175.78
14.87
190.65
10.60
180.05
180.05
34.97
145.08

783.77
149.93
11.74
161.67
11.32
150.35
150.35
39.30
111.05

831.53
168.65
12.09
180.74
11.27
169.47
169.47
46.27
123.20

3/31/2005
135.99
113.78
3.98
253.75
79.75
67.46
160.78
-57.80
253.75
1,359.93

3/31/2006
135.99
135.08
4.36
275.43
160.03
9.09
148.34
-42.03
275.43
1,359.93

3/31/2007
135.99
144.53
4.28
284.80
167.68
24.34
133.34
-40.56
284.80
1,359.93

3/31/2008
13.60
148.61
4.69
166.90
191.41
7.59
72.59
-104.69
166.90
1,359.93

CASH FLOW:
Report Date
Cash from Operating Activity
Cash from Investing Activity
Cash from Financing Activity
Net Cash Flow
Cash & Eq. at the end of year

OTHER:
Number of shares
Face Value
Current Price
Industry PE
Report Date
Debtors
Inventory

3/31/2005
116.12
-84.57
-102.59
-71.04
56.14

3/31/2006
184.60
-37.45
-115.32
31.83
87.97

3/31/2007
154.24
5.55
-136.04
23.75
111.72

3/31/2008
281.40
26.09
-274.95
32.54
144.26

13.60
1.00
1,764.55
45.12
-

PE

18.42

26.62

32.06

22.62

Cash
Dividend Paid

82.56

87.69

110.27

125.94

PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

3/31/2009
1,750.77
334.91
38.78
373.69
22.95
350.74
7.02
343.71
55.09
290.22
58.52
5,546.76

6/30/2013

3/31/2010
2,014.84
486.47
29.78
516.25
37.57
478.68
7.41
471.26
61.54
423.26
53.43
8,397.58

9/30/2013

3/31/2011
2,284.47
520.19
36.19
556.38
34.25
522.13
8.61
513.52
117.37
402.58
61.97
11,123.60

12/31/2013

3/31/2012
2,688.01
578.55
49.73
628.28
39.31
588.97
1.51
587.46
141.92
446.47
63.80
13,419.86

3/31/2014

3/31/2013
3,163.81
656.81
49.92
706.73
43.70
663.03
663.03
166.28
496.75
64.22
17,263.26

6/30/2014

3/31/2014
3,578.81
664.01
50.32
714.33
50.75
663.58
663.58
188.09
539.87
56.45
17,974.65

9/30/2014

859.69
165.28
17.12
182.40
11.74
170.66
170.66
56.08
185.22

900.73
146.33
13.02
159.35
11.66
147.69
147.69
38.17
109.52

891.11
150.53
16.24
166.77
12.05
154.72
154.72
41.78
112.83

927.28
201.87
3.94
205.81
15.30
190.51
190.51
52.06
132.30

956.90
193.66
6.45
200.11
16.55
183.56
183.56
48.65
134.91

1,000.52
186.51
9.92
196.43
17.73
178.70
178.70
49.12
129.58

3/31/2009
13.60
202.70
4.69
220.99
173.93
4.67
38.33
4.06
220.99
1,359.93

3/31/2010
13.60
312.51
4.59
330.70
246.95
6.19
21.00
56.56
330.70
1,359.93

3/31/2011
13.60
370.45
0.05
384.10
255.04
12.26
38.74
78.06
384.10
1,359.93

3/31/2012
13.60
421.79
435.39
254.42
69.38
47.12
64.47
435.39
1,359.93

3/31/2013
13.60
475.99
489.59
280.66
101.96
47.12
59.86
489.59
1,359.93

3/31/2014
13.60
586.28
599.88
555.91
141.51
37.13
-134.67
599.88
1,359.93

3/31/2009
319.38
41.83
-255.13
106.08
251.14

3/31/2010
397.35
34.52
-337.46
94.41
347.58

3/31/2011
385.43
-14.50
-322.99
47.93
395.61

3/31/2012
402.84
-10.24
-398.05
-5.45
155.65

3/31/2013
614.90
-47.25
-427.60
140.05
295.70

3/31/2014
457.38
-180.37
-422.07
-145.06
150.64

9.77
110.55

42.96
153.70

87.27
217.68

81.21
185.30

54.73
225.74

19.11

19.84

27.63

30.06

34.75

33.29

169.85

19.52
226.15

13.74
249.49

309.81
284.83

428.80
319.01

286.95
304.78