Hewlett-Packard

A. Case Abstract Hewlett-Packard (www.hp.com) is a comprehensive business policy and strategic management case that includes the companys fiscal year-end October 2007 financial statements, competitor information and more. The case time setting is the year 2008. Sufficient internal and external data are provided to enable students to evaluate current strategies and recommend a three-year strategic plan for the company. Headquartered in Palo Alto, California, Hewlett-Packards common stock is publicly-traded on the New York Stock Exchange under the ticker symbol HPQ. Hewlett-Packard operates in five segments: Enterprise Storage and Servers, Services, Software, Personal Systems, Imagining and Printing, and Financial Services. The company has over 170,000 employees and is led by CEO Mark Hurd whose base pay was $14 million in 2007. The firms major competitors include Dell, IBM, Canon, Texas Instruments, and Apple. B. Vision Statement (proposed) To become recognized as the number one computer company in the world. C. Mission Statement (proposed) Hewlett-Packard is committed to being the best technology solutions provider to consumers, businesses and institutions globally by providing superior products and services for businesses and personal consumers (1,2). Our emphasis is based on domestic and global markets (3). We provide information technology systems to serve our customers more efficiently (4). We are dedicated to quality and consistency to maintain and gain customer loyalty (6). We are dedicated to growth and profitability (5) by treating employees (9) in ways that create extraordinary products for our customers, and that create high shareholder value, while maintaining a valued name throughout the computer and technology industry (8). Hewlett-Packard is synonymous with quality products and high customer satisfaction in every product and service that we provide (7). 1. 2. 3. 4. 5. 6. 7. 8. 9. D. Customer Products or services Markets Technology Concern for survival, profitability, growth Philosophy Self-concept Concern for public image Concern for employees

External Audit Opportunities

1. The worldwide personal computer industry posted its fourth consecutive year of double digit 2. 3.
expansion in 2006, recording 10 percent unit growth. PC shipments in the Asia-Pacific region expanded by an estimated 17.6 percent in 2006 on a unit basis. IDCs rest of the world category, which includes Eastern Europe, Latin America, and the Middle East rose 22 percent on a preliminary basis.

4. It is estimated that the PC industry will post total unit growth of approximately 11 percent for
2007. 5. Dells units sold declined 8.4 percent, so Dells market share fell by nearly 300 basis points on a year-over-year basis. 6. Over the past three years, Gateways gross margins narrowed from 14.4 percent in the first quarter of 2004 to 5.2 percent in the fourth quarter of 2006 7. During the fourth quarter of 2006, server market revenue grew by 5.2 percent. 8. Dell achieved server market share of 9.4 percent on server revenue growth of 2.4 percent, down from 9.6 percent 9. Worldwide revenues for servers were up 2.0 percent to $52.3 billion. 10. In the first quarter of 2006, IBMs server revenue growth of 3.8 percent put its market share at 37.9 percent, down from 38.4 percent the comparable year-earlier quarter. Threats IBM maintained its position as the leader in overall server market revenues in 2006. PC unit shipments in the U.S. declined 0.5 percent in the fourth quarter of 2006. During the fourth quarter of 2006, Apple grew its units by 31.8 percent in the U.S. market. Suns server market share was 9.7 percent in the fourth quarter of 2006, up from 8.2 percent a year earlier. 5. Apples switch in 2006 to Intel-based chips increased the processing power of Macs. 6. IBMs server factory revenues increased 0.8 percent. 7. Sun Microsystemss server factory revenues increased 11.2 percent. 8. Apples improvement in the U.S. market share from 3.3 percent in 2004 to 4.0 percent in 2005, and then to 4.2 percent in 2006. 9. IBMs high-end sever market share rose to 57.2 percent from 53.6 percent as revenues improved by 6.6 percent. 10. Sun Microsystemss low-end server market share expanded 60 basis points to 8.2 percent. CPM Competitive Profile Matrix Hewlett-Packard Rating Weighted Score 3 0.60 3 0.30 3 0.60 3 0.45 4 0.40 3 0.60 4 0.20 3.15 Dell Rating 2 3 3 3 2 2 2 IBM Rating 3 2 4 4 4 3 4 1. 2. 3. 4.

Critical Success Factors Market Share Price Financial Position Product Quality Product Lines Consumer Loyalty Employees TOTAL

Weight 0.20 0.10 0.20 0.15 0.10 0.20 0.05 1.00

Weighted Score 0.40 0.30 0.60 0.45 0.20 0.40 0.10 2.45

Weighted Score 0.60 0.20 0.80 0.60 0.40 0.60 0.20 3.40

External Factor Evaluation (EFE) Matrix Key External Factors Opportunities 1. The worldwide personal computer industry posted its fourth consecutive year of double digit expansion in 2006, recording 10 percent unit growth. 2. PC shipments in the Asia-Pacific region expanded by an estimated 17.6 percent in 2006 on a unit basis. 3. IDCs rest of the world category, which includes Eastern Europe, Latin America, and the Middle East rose 22 percent on a preliminary basis. 4. It is estimated that the PC industry will post total unit growth of approximately 11 percent for 2007. 5. Dells units sold declined 8.4 percent, so Dells market share fell by nearly 300 basis points on a year-over-year basis. 6. Over the past three years, Gateways gross margins narrowed from 14.4 percent in the first quarter of 2004 to 5.2 percent in the fourth quarter of 2006 7. During the fourth quarter of 2006, server market revenue grew by 5.2 percent. 8. Dell achieved server market share of 9.4 percent on server revenue growth of 2.4 percent, down from 9.6 percent 9. Worldwide revenues for servers were up 2.0 percent to $52.3 billion. 10. In the first quarter of 2006, IBMs server revenue growth of 3.8 percent put its market share at 37.9 percent, down from 38.4 percent the comparable year-earlier quarter. Threats 1. IBM maintained its position as the leader in overall server market revenues in 2006. 2. PC unit shipments in the U.S. declined 0.5 percent in the fourth quarter of 2006. 3. During the fourth quarter of 2006, Apple grew its units by 31.8 percent in the U.S. market. 4. Suns server market share was 9.7 percent in the fourth quarter of 2006, up from 8.2 percent a year earlier. 5. Apples switch in 2006 to IntelWeight Rating Weighted Score 0.28

0.07

0.06 0.05

3 2

0.18 0.10

0.08 0.07 0.07 0.06 0.04 0.05 0.05

4 3 3 3 2 2 2

0.32 0.21 0.21 0.18 0.08 0.10 0.10

0.09 0.01 0.05

1 2 2

0.09 0.02 0.10

0.04 0.02

2 2

0.08 0.04

based chips increased the processing power of Macs. 6. IBMs server factory revenues increased 0.8 percent. 7. Sun Microsystemss server factory revenues increased 11.2 percent. 8. Apples improvement in the U.S. market share from 3.3 percent in 2004 to 4.0 percent in 2005, and then to 4.2 percent in 2006. 9. IBMs high-end sever market share rose to 57.2 percent from 53.6 percent as revenues improved by 6.6 percent. 10. Sun Microsystemss low-end server market share expanded 60 basis points to 8.2 percent. TOTAL

0.02 0.03 0.03

2 2 3

0.04 0.06 0.09

0.07 0.04 1.00

2 2

0.14 0.08 2.50

E.

Internal Audit Strengths 1. HPs unit growth was an impressive 23.8 percent, significantly outpacing the second and third-place vendors 2. In November 2006, HP completed the acquisition of Mercury Interactive Corp., a provider of software and services, for $4.5 billion. 3. HPs net property, plant, and equipment increased from $6.5 billion in 2005 to $6.9 billion in 2006. 4. HPs worldwide PC shipments market share increased in 2006 to 17 percent from 15.7 percent in 2005. 5. HP experienced a 8.4 percent increase in worldwide volume server market share. 6. HPs high-end server revenues increased 2.4 percent. 7. HP remained in the number 1 spot in the fourth quarter of 2006, according to IDC, and gained more than 200 basis points of market share on a year-over-year basis, ending the period at 18.1 percent. 8. In the U.S., HPs market share rose to 24.0 percent from 20.6 percent. 9. HPs server revenue growth was 5.1 percent in the fourth quarter of 2006. 10. HPs non-U.S. net revenue rose from $56.1 billion in 2005 to 59.4 billion in 2006.

Weaknesses 1. 2. 3. 4. 5. 6. 7. 8. 9. HPs worldwide midrange server market share decreased 21.3 percent in 2006. HP ceded 100 basis points of server market share, to 26.8 percent. Local labor conditions and regulations HPs return on equity is 18.55 percent, while the return in equity of the industry leader in return on equity is 38.93 percent. Managing a geographically dispersed workforce HPs long-term debt/equity is 0.233, while the long-term debt/equity of the industry leader in long-term debt/equity is 1.689. HPs server vendor market share dropped from 26.9 percent in 2005 to 26.8 percent in 2006. Over 60 percent of overall net revenue in 2006 came from outside of the U.S. Longer accounts receivable cycles

10. HPs long-term growth rate (5 yrs) is 13.82 percent, while the long-term growth rate of the industry leader in long-term growth is 22.62 percent. Financial Ratio Analysis (October 2007) Growth Rates % Hewlett-Packard Sales (Qtr vs year ago qtr) 15.20 Net Income (YTD vs YTD) 17.20 Net Income (Qtr vs year ago qtr) 27.50 Sales (5-Year Annual Avg.) 13.01 Net Income (5-Year Annual Avg.) NA Dividends (5-Year Annual Avg.) 0.00 Price Ratios Current P/E Ratio 16.2 P/E Ratio 5-Year High NA P/E Ratio 5-Year Low NA Price/Sales Ratio 1.06 Price/Book Value 2.91 Price/Cash Flow Ratio 11.10 Profit Margins Gross Margin 24.4 Pre-Tax Margin 8.8 Net Profit Margin 7.0 5Yr Gross Margin (5-Year Avg.) 24.4 5Yr PreTax Margin (5-Year Avg.) 6.2 5Yr Net Profit Margin (5-Year Avg.) 5.0 Financial Condition Debt/Equity Ratio 0.21 Current Ratio 1.2 Quick Ratio 1.0 Interest Coverage NA Leverage Ratio 2.3 Book Value/Share 14.93 Investment Returns % Return On Equity 19.0 Return On Assets 8.5 Return On Capital 15.2 Return On Equity (5-Year Avg.) 11.6 Return On Assets (5-Year Avg.) 5.6 Return On Capital (5-Year Avg.) 9.3 Management Efficiency Income/Employee 42,233 Revenue/Employee 606,314 Receivable Turnover 7.1 Inventory Turnover 10.0 Asset Turnover 1.2 Adapted from www.moneycentral.msn.com Date 10/07 10/06 10/05 10/04 10/03 Avg. P/E 16.50 15.00 27.80 18.30 22.90 Price/Sales 1.35 1.21 0.94 0.71 0.94 Industry 11.70 29.80 22.60 7.63 7.68 10.98 15.7 2.9 1.5 1.29 4.08 5.00 35.2 11.8 8.8 33.6 9.3 6.6 0.77 1.2 1.1 11.6 3.3 17.50 27.8 8.7 14.7 19.5 6.2 10.0 18,434 268,908 4.9 4.7 1.0 SP-500 12.10 16.40 12.00 13.12 20.25 9.94 20.4 23.8 6.1 2.37 3.39 10.60 34.1 17.8 12.6 34.3 16.4 11.4 1.14 1.1 0.8 42.3 4.0 19.13 24.6 7.4 9.9 18.3 6.2 8.3 90,463 800,790 14.1 7.6 0.8 Net Profit Margin (%) 7.0 6.8 2.8 4.4 3.5

Price/Book 3.46 2.77 2.14 1.45 1.80

Book Value/ Debt/Equity Share 10/07 $14.93 0.21 10/06 $13.96 0.14 10/05 $13.10 0.14 10/04 $12.90 0.19 10/03 $12.40 0.20 Adapted from www.moneycentral.msn.com Net Worth Analysis (October 2007 in millions)

Date

ROE (%) 18.9 16.2 6.5 9.3 6.7

ROA (%) 8.2 7.6 3.1 4.6 3.4

Interest Coverage 16.4 19.5 10.1 16.8 10.5

1. Stockholders Equity + Goodwill = 38,500 + 21,700 2. Net income x 5 = $7,200 x 5= 3. Share price = $43.00/EPS 2.68 =$16.04 x Net Income $7,200= 4. Number of Shares Outstanding x Share Price = 2,550 x $43.00 = Method Average Internal Factor Evaluation (IFE) Matrix Key Internal Factors Strengths 1. HPs unit growth was an impressive 23.8 percent, significantly outpacing the second and third-place vendors 2. In November 2006, HP completed the acquisition of Mercury Interactive Corp., a provider of software and services, for $4.5 billion. 3. HPs net property, plant, and equipment increased from $6.5 billion in 2005 to $6.9 billion in 2006. 4. HPs worldwide PC shipments market share increased in 2006 to 17 percent from 15.7 percent in 2005. 5. HP experienced a 8.4 percent increase in worldwide volume server market share. 6. HPs high-end server revenues increased 2.4 percent. 7. HP remained in the number 1 spot in the fourth quarter of 2006, according to IDC, and gained more than 200 basis points of market share on a year-over-year basis, ending the period at 18.1 percent. 8. In the U.S., HPs market share rose to 24.0 percent from 20.6 percent. 9. HPs server revenue growth was 5.1 percent in the fourth quarter of 2006. 10. HPs non-U.S. net revenue rose from $56.1 billion in 2005 to 59.4 billion in 2006. Weaknesses 1. HPs worldwide midrange server market share decreased 21.3 percent in 2006. 2. HP ceded 100 basis points of server market share, to 26.8 percent. Weight Rating

$ 60,200 $ 36,000 $ 115,500 $ 109,650 $80,337

Weighted Score 0.28 0.32 0.12 0.32 0.21 0.12 0.09

0.07 0.08 0.04 0.08 0.07 0.04 0.03

4 4 3 4 3 3 3

0.05 0.06 0.06 0.09 0.06

4 3 4 1 2

0.20 0.18 0.24 0.09 0.12

3. Local labor conditions and regulations 4. HPs return on equity is 18.55 percent, while the return in equity of the industry leader in return on equity is 38.93 percent. 5. Managing a geographically dispersed workforce 6. HPs long-term debt/equity is 0.233, while the longterm debt/equity of the industry leader in long-term debt/equity is 1.689. 7. HPs server vendor market share dropped from 26.9 percent in 2005 to 26.8 percent in 2006. 8. Over 60 percent of overall net revenue in 2006 came from outside of the U.S. 9. Longer accounts receivable cycles 10. HPs long-term growth rate (5 yrs) is 13.82 percent, while the long-term growth rate of the industry leader in long-term growth is 22.62 percent. TOTAL F. SWOT Strategies SO Strategies

0.01 0.06 0.01 0.03 0.01 0.08 0.02 0.05 1.00

2 1 2 1 1 1 2 1

0.02 0.06 0.02 0.03 0.01 0.08 0.02 0.05 2.58

1. Focus advertising of the Blackbird gaming PC in the Asia-Pacific region (S4, S10, O1, O2, O4). 2. Increase advertising by $200 million in Eastern Europe and Latin America (S4, S10, O1, O3, O4). WO Strategies 1. Design and introduce a competitive and highly functional midrange server (W1, O9). 2. Offer $500 million in rebates to businesses for purchasing and using HP products.

ST Strategies 1. Allocate $200 million extra for advertising budget in the in the US (S8, T2). 2. Offer $200 million in rebates to customers to give further incentives to buy HP computers (S3, S8, T2). WT Strategies 1. Open 50 new HP stores in major metropolitan areas (W8, T2). 2. Develop an high-end server to increase serve market share and compete with IBM (W2, T1, T6, T9).

G.

SPACE Matrix

Conservative

FS 6 5 4 3 2 1

Aggressive

CA

-6

-5

-4

-3

-2

-1 -1 -2 -3 -4 -5 -6

IS

Defensive
Financial Strength (FS) Return on Assets (ROA) Leverage Net Income Income/Employee Inventory Turnover Financial Strength (FS) Average Competitive Advantage (CA) Market Share Product Quality Customer Loyalty Technological know-how Control over Suppliers and Distributors Competitive Advantage (CA) Average

ES
5 6 6 5 6 5.6

Competitive

Environmental Stability (ES) Rate of Inflation Technological Changes Price Elasticity of Demand Competitive Pressure Barriers to Entry into Market Environmental Stability (ES) Average Industry Strength (IS) Growth Potential Financial Stability Ease of Entry into Market Resource Utilization Profit Potential

-3 -5 -2 -6 -3 -3.8

-2 -2 -3 -2 -2

6 6 5 5 6 5.6

-2.2 Industry Strength (IS) Average

x-axis: -2.2 + 5.6 = 3.4 y-axis: 5.6 + -3.8 = 1.8 Coordinate: (3.4, 1.8) H. Grand Strategy Matrix

Rapid Market Growth Quadrant II Quadrant I

Weak Competitive Position

Strong Competitive Position

Quadrant III Slow Market Growth

Quadrant IV

I.

The Internal-External (IE) Matrix The IFE Total Weighted Score Strong 3.0 to 4.0 I Average 2.0 to 2.99 II Weak 1.0 to 1.99 III

High 3.0 to 3.99

Medium The EFE Total 2.0 to 2.99 Weighted Score

IV

V Hewlett- Packard

VI

Low 1.0 to 1.99

VII

VIII

IX

Hold and Maintain Product Segment Personal Systems Imagining & Printing Enterprise Storage Servers Financial Services Software Percent Revenue 49 29 19 2 1

10

J.

QSPM

Strategic Alternatives Key Internal Weight Strengths 1. HPs unit growth was an impressive 23.8 percent, significantly outpacing the second and third-place vendors 2. In November 2006, HP completed the acquisition of Mercury Interactive Corp., a provider of software and services, for $4.5 billion. 3. HPs net property, plant, and equipment increased from $6.5 billion in 2005 to $6.9 billion in 2006. 4. HPs worldwide PC shipments market share increased in 2006 to 17 percent from 15.7 percent in 2005. 5. HP experienced a 8.4 percent increase in worldwide volume server market share. 6. HPs high-end server revenues increased 2.4 percent. 7. HP remained in the number 1 spot in the fourth quarter of 2006, according to IDC, and gained more than 200 basis points of market share on a year-over-year basis, ending the period at 18.1 percent. 8. In the U.S., HPs market share rose to 24.0 percent from 20.6 percent. 9. HPs server revenue growth was 5.1 percent in the fourth quarter of 2006. 10. HPs non-U.S. net revenue rose from $56.1 billion in 2005 to 59.4 billion in 2006. Weaknesses 1. HPs worldwide midrange server market share decreased 21.3 percent in 2006. 2. HP ceded 100 basis points of server market share, to 26.8 percent. 3. Local labor conditions and regulations 4. HPs return on equity is 18.55 percent, while the return in equity of the industry leader in return on equity is 38.93 percent. 5. Managing a geographically dispersed workforce 6. HPs long-term debt/equity is 0.233, while the long-term debt/equity of the industry leader in long-term debt/equity is 1.689. 7. HPs server vendor market share dropped Factors Increase advertising budget worldwide AS TAS 2 2 2 0.14 0.16 0.08 Open 50 HP stores in US AS 1 1 3 TAS 0.07 0.08 0.12

0.07 0.08 0.04

0.08 0.07 0.04 0.03

4 4 -----

0.32 0.28 -----

2 2 -----

0.16 0.14 -----

0.05 0.06 0.06 0.09 0.06 0.01 0.06 0.01 0.03 0.01

2 --3 3 3 ------2 ---

0.10 --0.18 0.27 0.18 ------0.06 ---

3 --1 1 1 ------4 ---

0.15 --0.06 0.09 0.06 ------0.12 ---

11

from 26.9 percent in 2005 to 26.8 percent in 2006. 8. Over 60 percent of overall net revenue in 2006 came from outside of the U.S. 9. Longer accounts receivable cycles 10. HPs long-term growth rate (5 yrs) is 13.82 percent, while the long-term growth rate of the industry leader in long-term growth is 22.62 percent. SUBTOTAL

0.08 0.02 0.05 1.00

4 -----

0.32 ----2.09

1 -----

0.08 ----1.13

Key External Weight Opportunities 1. The worldwide personal computer industry posted its fourth consecutive year of double digit expansion in 2006, recording 10 percent unit growth. 2. PC shipments in the Asia-Pacific region expanded by an estimated 17.6 percent in 2006 on a unit basis. 3. IDCs rest of the world category, which includes Eastern Europe, Latin America, and the Middle East rose 22 percent on a preliminary basis. 4. It is estimated that the PC industry will post total unit growth of approximately 11 percent for 2007. 5. Dells units sold declined 8.4 percent, so Dells market share fell by nearly 300 basis points on a year-over-year basis. 6. Over the past three years, Gateways gross margins narrowed from 14.4 percent in the first quarter of 2004 to 5.2 percent in the fourth quarter of 2006 7. During the fourth quarter of 2006, server market revenue grew by 5.2 percent. 8. Dell achieved server market share of 9.4 percent on server revenue growth of 2.4 percent, down from 9.6 percent 9. Worldwide revenues for servers were up 2.0 percent to $52.3 billion. 10. In the first quarter of 2006, IBMs server revenue growth of 3.8 percent put its market share at 37.9 percent, down from 38.4 percent the comparable year-earlier quarter. Threats 1. IBM maintained its position as the leader in overall server market revenues in 2006. 2. PC unit shipments in the U.S. declined 0.5 percent in the fourth quarter of 2006. 3. During the fourth quarter of 2006, Apple grew its units by 31.8 percent in the U.S. market. 4. Suns server market share was 9.7 percent in

Factors

Increase advertising budget worldwide AS TAS 4 4 0.28 0.24

Open 50 HP stores in US AS 2 1 TAS 0.14 0.06

0.07 0.06

0.05 0.08

4 2

0.20 0.16

1 4

0.05 0.32

0.07 0.07 0.06 0.04 0.05 0.05

--------4 ---

--------0.20 ---

--------1 ---

--------0.05 ---

0.09 0.01 0.05

2 2 ---

0.18 0.02 ---

3 4 ---

0.27 0.04 ---

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5. 6. 7. 8. 9.

the fourth quarter of 2006, up from 8.2 percent a year earlier. Apples switch in 2006 to Intel-based chips increased the processing power of Macs. IBMs server factory revenues increased 0.8 percent. Sun Microsystemss server factory revenues increased 11.2 percent. Apples improvement in the U.S. market share from 3.3 percent in 2004 to 4.0 percent in 2005, and then to 4.2 percent in 2006. IBMs high-end sever market share rose to 57.2 percent from 53.6 percent as revenues improved by 6.6 percent.

0.04 0.02 0.02 0.03 0.03 0.07

-------------

-------------

-------------

-----------

10. Sun Microsystemss low-end server market share expanded 60 basis points to 8.2 percent. SUBTOTAL SUM TOTAL ATTRACTIVENESS SCORE K. Recommendations

0.04

---

--1.28 3.37

---

--0.93 2.06

The QSPM strategies assessed whether increasing the advertising budget by $400 million or opening 50 Hewlett Packard stores was the better alternative. The QSPM revealed increasing advertising to focus on current markets was the most effective strategy. However, it is still feasible to suggest opening 50 new HP stores at an initial cost of $250 million. L. EPS/EBIT Analysis $ Amount Needed: 650M Stock Price: $43 Tax Rate: 35% Interest Rate: 5% # Shares Outstanding: 2,550M
Common Stock Financing Recession Normal Boom 2,000,000,000 8,000,000,000 12,000,000,000 0 0 0 2,000,000,000 8,000,000,000 12,000,000,000 700,000,000 2,800,000,000 4,200,000,000 1,300,000,000 5,200,000,000 7,800,000,000 2,515,116,279 2,515,116,279 2,515,116,279 0.52 2.07 3.10 Debt Financing Normal 8,000,000,000 32,500,000 7,967,500,000 2,788,625,000 5,178,875,000 2,500,000,000 2.07

EBIT Interest EBT Taxes EAT # Shares EPS

Recession 2,000,000,000 32,500,000 1,967,500,000 688,625,000 1,278,875,000 2,500,000,000 0.51

Boom 12,000,000,000 32,500,000 11,967,500,000 4,188,625,000 7,778,875,000 2,500,000,000 3.11

13

EBIT Interest EBT Taxes EAT # Shares EPS

70 Percent Stock - 30 Percent Debt Recession Normal Boom 2,000,000,000 8,000,000,000 12,000,000,000 9,750,000 9,750,000 9,750,000 1,990,250,000 7,990,250,000 11,990,250,000 696,587,500 2,796,587,500 4,196,587,500 1,293,662,500 5,193,662,500 7,793,662,500 2,510,581,395 2,510,581,395 2,510,581,395 0.52 2.07 3.10

70 Percent Debt - 30 Percent Stock Recession Normal Boom 2,000,000,000 8,000,000,000 12,000,000,000 22,750,000 22,750,000 22,750,000 1,977,250,000 7,977,250,000 11,977,250,000 692,037,500 2,792,037,500 4,192,037,500 1,285,212,500 5,185,212,500 7,785,212,500 2,504,534,884 2,504,534,884 2,504,534,884 0.51 2.07 3.11

14