WACC Calculation

Beta
Risk-free rate
NSE Index return (2010-2014)
Cost of equity
Cost of debt
Tax rate
Pre-tax cost of debt
Weight of debt
Weight of equity
WACC
Sustainable Growth Rate
In Millions of INR
EBITDA
Depriciation
EBIT
Taxes
NOPAT
Capex
Working Capital

1.31
7.78%
11.83%
13.09%
6.91%
20.00%
5.53%
18.9%
81.1%
###
3%
2009

2010

2011

287.49
73.70
213.8
26.9
186.9
0.0
159.0

294.78
135.60
159.2
-28.9
188.1
231.3
-321.4
-480.4
572.8

476.63
154.11
322.5
-3.5
326.0
75.1
-606.2
-284.7
689.7

572.8
0.9
511.8

689.7
0.8
550.6

r Net Working CAPITAL

FCFF
Terminal Value
Total Cash Flow
PVIF
PV of total cash flows

Enterprise Value
Less : Outstanding Debt
Equity Value
No. of shares
Value per share

5314.34
761.9739
4552.36
32.4024
140.49

2012

2013

2014

2015

2016

2017

521.54
148.91
372.6
-17.4
390.0
76.7
-665.4
-59.3
521.5

615.08
146.22
468.9
19.6
449.3
45.6
-300.4
365.1
184.9

741.254
149.40
591.9
78.0
513.9
82.9
-248.7
51.7
528.7

720.961
153.20
567.8
87.9
479.9
113.4
207.7
456.4
63.3

766.49
182.92
583.6
115.5
468.1
109.9
255.4
47.7
493.4

962.03
229.88
732.2
161.2
570.9
297.5
395.4
140.0
363.3

521.5
0.7
371.9

184.9
0.6
117.8

528.7
0.6
301.0

63.3
0.5
32.2

493.4
0.5
224.2

363.3
0.4
147.5

2018
1133.38
288.40
845.0
179.2
665.8
237.6
439.9
44.5
672.1
7755.6
8427.7
0.4
3057.4

National Stock Exchange CNX Nifty Index (NIFTY

12 Months Ending
INDEX year-ending price

Y-O-Y return
Average Return
Source: Bloomberg

CY 2009
12/31/2009
5,201.05

CY 2010
12/31/2010
6,134.50

17.9%
11.8%

ge CNX Nifty Index (NIFTY) - Market Data

CY 2011
12/31/2011
4,624.30

CY 2012
12/31/2012
5,905.10

CY 2013
12/31/2013
6,304.00

CY 2014
12/31/2014
8,282.70

Current
08/28/2015
8,001.95

-24.6%

27.7%

6.8%

31.4%

-3.4%

Vaibhav Global Ltd (VGM IS) - Highlights

In Millions of INR
12 Months Ending
Market Capitalization
- Cash & Equivalents
+ Preferred & Other
+ Total Debt
Enterprise Value

FY 2005
03/31/2005
977.4
57.5
0.0
283.7
1,203.6

FY 2006
03/31/2006
11,909.7
1,786.2
21.1
1,050.6
11,195.2

FY 2007
03/31/2007
6,617.0
260.8
460.4
1,123.0
7,939.5

Revenue, Comparable
Growth %, YoY
Gross Profit
Margin %
EBITDA
Margin %
Net Inc, Comparable
Margin %
EPS, Comparable
Growth %, YoY

----165.5
------

2,974.6
---435.1
14.6
356.0
12.0
27.07
--

5,191.5
74.5
---208.2
-4.0
-236.4
-4.6
-8.63
--

Cash from Operations

Capital Expenditures
Free Cash Flow
Source: Bloomberg

-17.2
-53.9
-71.1

-1,657.5
-2,810.9
-4,468.4

-762.0
-272.7
-1,034.7

FY 2008
03/31/2008
1,795.7
539.8
459.1
2,160.3
3,875.3

FY 2009
03/31/2009
401.0
145.9
440.0
2,157.9
2,853.0

FY 2010
03/31/2010
895.5
249.1
440.0
2,005.0
3,091.5

FY 2011
03/31/2011
1,046.0
372.8
440.0
2,015.9
3,129.2

FY 2012
03/31/2012
1,323.4
317.3
440.0
1,776.1
3,222.2

7,607.8
46.5
---1,704.7
-22.4
-1,842.8
-24.2
-64.24
-643.9

-----1,030.8
------

-----265.1
------

5,255.4
---599.2
11.4
431.0
8.2
13.60
--

6,465.0
23.0
--758.5
11.7
685.1
10.6
21.47
57.9

-1,884.6
-187.0
-2,071.6

187.7
-122.3
65.4

-414.0
-23.0
-437.0

408.3
-59.2
349.1

359.1
-75.3
283.8

FY 2013
03/31/2013
3,597.6
459.5
440.0
1,609.3
5,187.4

FY 2014
03/31/2014
20,637.4
720.6
0.0
1,243.2
21,160.1

FY 2015
03/31/2015
25,949.4
962.4
0.0
762.0
25,749.0

Current/LTM
06/30/2015
16,070.7
853.5
0.0
789.5
16,006.7

8,928.9
38.1
--642.3
7.2
-856.1
-9.6
-26.84
--

12,982.7
45.4
--1,426.3
11.0
1,525.3
11.7
47.41
--

13,755.2
6.0
--1,339.6
9.7
1,031.6
7.5
32.01
-32.5

13,505.5
0.1

665.4
-135.3
530.1

1,660.5
-169.3
1,491.2

1,125.3
-227.6
897.7

897.1
-477.7
419.4

1,327.0
9.8
886.5
6.6
27.50
-34.3

FY 2016 Est
03/31/2016

41.00
28.1

FY 2017 Est
03/31/2017

52.00
26.8

Vaibhav Global Ltd (VGM IS) - Profitability

In Millions of INR except Per Share
12 Months Ending
Returns
Return on Common Equity
Return on Assets
Return on Capital
Return on Invested Capital
Margins
EBITDA Margin
Operating Margin
Incremental Operating Margin
Pretax Margin
Income before XO Margin
Net Income Margin
Net Income to Common Margin
Additional
Effective Tax Rate
Dvd Payout Ratio
Sustainable Growth Rate
Source: Bloomberg

FY 2005
03/31/2005

FY 2006
03/31/2006

-----

9.99
7.59
9.24
9.01

9.87
8.91
-8.51
8.59
8.59
8.59

14.63
13.69
19.88
12.80
12.01
11.97
11.97

-18.32
--

6.12
11.62
8.83

FY 2007
03/31/2007

FY 2008
03/31/2008

FY 2009
03/31/2009

FY 2010
03/31/2010

FY 2011
03/31/2011

-3.88
-2.86
---

-51.39
-30.78
---

-81.27
-35.71
---

-43.25
-14.39
---

28.18
9.76
---

-4.01
-5.36
--4.59
-4.56
-4.55
-4.59

-22.41
-23.89
--33.36
-33.60
-33.61
-33.67

-17.33
-19.43
--40.42
-40.51
-40.41
-40.41

-7.84
-10.43
--20.11
-20.11
-20.11
-20.11

11.40
9.86
46.48
8.20
8.20
8.20
8.12

----

----

----

----

-0.00
28.18

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

FY 2015
03/31/2015

35.60
14.23
19.12
15.66

-51.15
-18.70
---

87.63
34.69
48.56
39.05

36.78
20.46
28.22
25.46

11.73
10.33
12.36
10.63
10.60
10.60
10.53

7.19
6.37
--9.40
-9.59
-9.59
-9.64

10.99
10.41
19.33
11.97
11.75
11.75
11.75

9.74
8.88
-9.28
7.50
7.50
7.50

0.33
0.00
35.60

----

1.77
0.00
87.63

19.19
0.00
36.78

Vaibhav Global Ltd (VGM IS) - Standardized

In Millions of INR except Per Share
12 Months Ending
Cash From Operating Activities
+ Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operations

FY 2005
03/31/2005

FY 2006
03/31/2006

144.1
16.2
-1.6
-175.9
-17.2

356.0
27.8
21.4
-2,062.8
-1,657.5

Cash From Investing Activities

+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities

0.0
-53.9
0.0
1.0
0.0
-52.9

0.3
-2,810.9
-100.5
0.0
0.0
-2,911.1

Cash from Financing Activities

+ Dividends Paid
+ Change in Short-Term Borrowings
+ Increase in Long-Term Borrowings
+ Decrease In Long-Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash from Financing Activities
Net Changes in Cash

-23.9
0.0
116.6
0.0
0.0
0.0
0.0
92.7
22.7

-30.1
0.0
763.4
0.0
5,540.2
0.0
19.3
6,292.7
1,724.1

Reference Items
EBITDA
Trailing 12M EBITDA Margin
Cash Paid for Taxes
Cash Paid for Interest
Free Cash Flow
Free Cash Flow to Firm
Free Cash Flow to Equity
Free Cash Flow per Basic Share
Price to Free Cash Flow
Cash Flow to Net Income

165.5
9.87
0.8
16.4
-71.1
---6.73
--0.12

435.1
14.63
-36.8
-4,468.4
-4,433.9
-3,704.7
-339.78
--4.66

Direct Method Cashflow

Source: Bloomberg

FY 2007
03/31/2007

FY 2008
03/31/2008

FY 2009
03/31/2009

FY 2010
03/31/2010

FY 2011
03/31/2011

-236.4
70.0
-15.3
-580.3
-762.0

-2,556.8
112.5
675.8
-116.2
-1,884.6

-2,403.5
124.6
867.7
1,598.9
187.7

-680.1
87.5
118.5
60.1
-414.0

431.0
81.1
0.4
-104.1
408.3

0.1
-272.7
0.0
8.4
-14.3
-278.6

0.9
-187.0
-49.2
0.0
-136.9

107.8
-122.3
-185.3
0.0
0.0
-199.9

166.4
-23.0
0.0
0.0
-54.3
89.2

0.0
-59.2
-40.0
0.0
0.0
-99.2

-47.2
20.5
62.0
-341.8
0.0
0.0
-23.6
-330.0
-1,370.6

-18.3
606.8
442.6
-1,011.9
0.0
69.6
2,112.5
91.0

0.0
61.5
0.0
-64.0
0.0
0.0
-346.1
-348.5
-360.7

0.0
-862.7
733.2
0.0
0.0
0.0
425.9
296.3
-28.5

0.0
18.9
--25.6
0.0
0.0
-225.8
-232.5
76.6

-208.2
-4.01
18.6
86.8
-1,034.7
--855.7
-37.51
---

-1,704.7
-22.41
14.9
119.1
-2,071.6
--1,025.7
-70.18
---

-1,030.8
-17.33
3.1
186.0
65.4
-170.7
2.06
6.13
--

-265.1
-7.84
1.7
146.4
-437.0
--400.1
-13.79
---

599.2
11.40
1.1
130.9
349.1
-338.0
11.01
3.00
0.95

FY 2012
03/31/2012

FY 2013
03/31/2013

FY 2014
03/31/2014

FY 2015
03/31/2015

Last 12M
06/30/2015

685.1
90.8
18.8
-435.5
359.1

-856.1
73.2
1,646.4
-198.1
665.4

1,525.3
74.7
88.4
-28.0
1,660.5

1,031.6
118.8
130.6
-155.9
1,125.3

886.5
142.2
45.3
-176.9
897.1

0.0
-75.3
-14.3
40.9
0.0
-48.6

0.0
-135.3
-14.5
130.1
0.0
-19.6

0.0
-169.3
-33.2
0.0
-185.6
-388.0

0.0
-227.6
-301.2
0.2
154.2
-374.5

-477.7
-301.1
7.1
150.4
-316.9

0.0
78.8
0.0
-371.9
0.0
0.0
-59.1
-352.2
-41.7

0.0
11.4
0.0
-178.2
9.6
0.0
-219.2
-376.3
269.4

-473.9
-269.9
0.0
-195.1
4.2
0.0
-316.8
-1,251.5
20.9

-93.4
-21.8
0.0
-459.4
11.2
0.0
-0.1
-563.6
187.2

-93.4
170.0
52.5
-392.6
8.3
0.0
-9.3
-264.5
315.7

758.5
11.73
1.0
127.6
283.8
411.0
-13.8
8.95
4.66
0.52

642.3
7.19
15.7
124.2
530.1
-359.0
16.68
6.73
--

1,426.3
10.99
62.4
145.0
1,491.2
1,610.6
586.1
46.56
13.78
1.09

1,339.6
9.74
172.5
73.3
897.7
940.2
416.5
27.85
28.75
1.09

1,327.0
9.83
242.3
419.4
465.6
13.03
17.88
0.71

Vaibhav Global Ltd (VGM IS) - Standardized

In Millions of INR except Per Share
12 Months Ending
Sales
+ Other Operating Income
- Operating Expenses
Operating profit (loss)
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
Pretax Income
- Tax Provision
Income Before XO Items
- Extraordinary Loss Net of Tax
- Minority Interests
Net profit (loss)
- Total Cash Preferred Dividends
Net Inc Avail to Common Shareholders

FY 2005
03/31/2005
1,677.1
-1,527.8
149.4
7.7
-9.4
8.3
142.8
-1.3
144.1
0.0
0.0
144.1
0.0
144.1

FY 2006
03/31/2006
2,974.6
0.0
2,567.3
407.3
36.8
-2.3
-7.9
380.6
23.3
357.3
0.0
1.3
356.0
0.0
356.0

Abnormal Losses (Gains)

Tax Effect on Abnormal Items
Normalized Income

--144.1

0.0
-356.0

Basic EPS Before Abnormal Items

Basic EPS Before XO Items
Basic EPS
Basic Weighted Avg Shares
Diluted EPS Before Abnormal Items
Diluted EPS Before XO Items
Diluted EPS
Diluted Weighted Avg Shares

-13.65
13.65
10.6
--13.65
10.6

-27.07
27.07
13.2
--27.07
13.2

IN GAAP
165.5
9.87
8.91
8.59
-2.50

IN GAAP
435.1
14.63
13.69
11.97
-1.50

Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
Operating Margin
Profit Margin
Revenue Per Employee
Dividends per Share

Total Cash Common Dividends

Interest Income
Capitalized Interest Expense
Research & Development Expense
Personnel Expense
Export sales
Depreciation Expense
Rental Expense
Source: Bloomberg
Sales growth (CAGR)
Sales growth YOY
Expected YOY
Other operating expense (as its expanding)
operating expense %of sales
Interest expense
TAX

26.4
0.4
--73.2
--2.2

41.4
19.0
--194.8
-27.8
--

23.42%
77%

91%
3%
20%

86%
4%

FY 2007
03/31/2007
5,191.5
0.0
5,469.6
-278.1
86.8
-83.3
-43.3
-238.4
-1.8
-236.6
0.0
-0.2
-236.4
1.8
-238.2

FY 2008
03/31/2008
7,607.8
-9,425.1
-1,817.3
119.1
-80.2
682.1
-2,538.2
18.3
-2,556.5
0.0
0.3
-2,556.8
4.4
-2,561.2

FY 2009
03/31/2009
5,947.7
0.0
7,103.1
-1,155.4
186.0
-1,062.9
-2,404.3
5.3
-2,409.6
--6.0
-2,403.5
0.0
-2,403.5

FY 2010
03/31/2010
3,381.8
0.0
3,734.4
-352.6
146.4
-181.1
-680.1
0.0
-680.1
---680.1
0.0
-680.1

FY 2011
03/31/2011
5,255.4
2.9
4,740.1
518.1
130.9
59.0
-102.7
431.0
0.0
431.0
0.0
0.0
431.0
4.4
426.6

0.0
--238.2

707.7
--1,853.5

873.4
0.0
-1,530.1

104.8
0.0
-575.3

-6.9
0.0
419.7

--8.63
-8.63
27.6
---8.63
27.6

--86.76
-86.76
29.5
---86.76
29.5

-48.27
-75.82
-75.82
31.7
-48.27
-75.82
-75.82
31.7

-18.15
-21.45
-21.45
31.7
-18.16
-21.45
-21.45
31.8

13.24
13.46
13.46
31.7
13.24
13.46
13.46
31.7

IN GAAP
-208.2
-4.01
-5.36
-4.55
-0.50

IN GAAP
-1,704.7
-22.41
-23.89
-33.61
-0.00

IN GAAP
-1,030.8
-17.33
-19.43
-40.41
6,690,322.22
0.00

IN GAAP
-265.1
-7.84
-10.43
-20.11
-0.00

IN GAAP
599.2
11.40
9.86
8.20
6,047,619.79
0.00

13.8
45.5
--896.1
-70.0
--

0.0
19.7
--1,247.3
-112.5
--

0.0
22.6
0.0
0.0
975.1
-124.6
--

0.0
1.8
0.0
0.0
483.1
1,219.4
86.0
--

0.0
2.8
0.0
0.0
675.7
1,456.3
81.1
41.6

75%

47%

-22%

-43%

55%

105%
8%

124%
6%

119%
9%

110%
7%

90%
6%

FY 2012
03/31/2012
6,465.0
0.0
5,797.3
667.6
127.6
-162.7
15.4
687.4
2.3
685.1
0.0
0.0
685.1
4.4
680.7

FY 2013
03/31/2013
8,928.9
0.0
8,359.9
569.1
124.2
-210.2
1,494.6
-839.5
16.6
-856.1
0.0
0.0
-856.1
4.4
-860.5

FY 2014
03/31/2014
12,978.1
4.6
11,631.1
1,351.6
121.6
-197.7
-125.2
1,552.8
27.5
1,525.3
0.0
0.0
1,525.3
0.0
1,525.3

FY 2015
03/31/2015
13,752.8
2.4
12,534.4
1,220.8
52.7
-25.8
-82.7
1,276.7
245.0
1,031.7
0.0
0.0
1,031.6
0.0
1,031.6

E2016
14,715.5
3.0
13,459.2
1,259.3
52.7
-25.8
-82.7
1,315.2
263.0
1,052.2
0.0
0.0
1,052.2
0.0
1,052.2

100.5
-0.3
780.9

1,637.3
-32.5
744.3

0.0
0.0
1,525.3

0.0
0.0
1,031.6

0.0
0.0
1,052.2

24.63
21.47
21.47
31.7
24.49
21.38
21.38
32.2

23.42
-27.07
-27.07
31.8
22.90
-27.07
-27.07
32.1

47.63
47.63
47.63
32.0
47.02
47.02
47.02
32.4

32.01
32.01
32.01
32.2
31.74
31.74
31.74
32.5

IN GAAP
758.5
11.73
10.33
10.60
7,081,008.19
0.00

IN GAAP
642.3
7.19
6.37
-9.59
6,489,056.02
0.00

IN GAAP
1,426.3
10.99
10.41
11.75
4,204,120.82
0.00

IN GAAP
1,339.6
9.74
8.88
7.50
4,044,945.36
0.00

0.0
19.6
-0.0
904.6
1,627.5
90.8
51.6

0.0
21.6
-0.0
1,419.3
2,298.0
73.2
80.8

0.0
29.2
-0.0
2,069.0
-74.7
118.7

0.0
47.1
-0.0
2,164.2
-118.8
123.2

23%

38%

45%

6%

90%
7%

94%
8%

90%
10%

91%
7%

7%
7%
3
91%
7%

E2017

E2018

E2019

E2020

15,598.4
3.4
14,266.8
1,335.1
74.5
-25.8
-82.7
1,369.2
273.8
1,095.3
0.0
0.0
1,095.3
0.0
1,095.3

17,158.3
3.4
15,693.4
1,468.3
67.5
-25.8
-82.7
1,509.3
301.9
1,207.4
0.0
0.0
1,207.4
4.4
1,203.0

19,388.9
3.4
17,733.6
1,658.7
118.0
-25.8
-82.7
1,649.3
329.9
1,319.4
0.0
0.0
1,319.4
0.0
1,319.4

23,072.7
2.8
21,103.0
1,972.6
140.4
-25.8
-82.7
1,940.7
388.1
1,552.6
0.0
0.0
1,552.6

0.0
0.0
1,095.3

0.0
0.0
1,203.0

0.0
0.0
1,319.4

0.0
0.0
1,548.2

4.4
1,548.2

6%
6%
3.4
91%
7%

10%
10%
3.40
91%
7%

13%
13%
3.4
91%
7%

19%
19%
2.8
91%
7%

0.283553

Vaibhav Global Ltd (VGM IS) - Standardized

In Millions of INR except Per Share
12 Months Ending
Assets
+ Cash & Near Cash Items
+ Short-Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Current Assets
+ LT Investments & LT Receivables
+ Net Fixed Assets
+ Gross Fixed Assets
- Accumulated Depreciation
+ Other Long-Term Assets
Total Long-Term Assets
Total Assets
Liabilities & Shareholders' Equity
+ Accounts Payable
+ Short-Term Borrowings
+ Other Short-Term Liabilities
Total Current Liabilities
+ Long-Term Borrowings
+ Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
+ Total Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Equity
Total Liabilities & Equity

Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares

FY 2005
03/31/2005

FY 2006
03/31/2006

FY 2007
03/31/2007

37.8
19.7
466.5
422.9
34.9
981.9
5.4
124.0
184.6
60.5
0.4
129.8
1,111.7

99.3
1,686.9
1,161.7
2,027.0
270.4
5,245.3
105.8
390.8
580.5
189.7
2,532.2
3,028.9
8,274.2

128.1
132.8
911.7
3,079.6
743.8
4,996.0
97.5
593.5
878.0
284.5
2,566.4
3,257.4
8,253.4

86.2
0.0
109.3
195.5
283.7
0.0
283.7
479.2
0.0
0.0
105.6
526.9
632.5
1,111.7

505.6
829.6
196.7
1,531.9
221.0
2.9
224.0
1,755.8
0.0
21.1
5,264.4
1,232.8
6,518.3
8,274.2

680.4
1,085.2
208.4
1,974.0
37.8
-37.8
2,011.8
440.0
20.4
5,260.4
520.8
6,241.6
8,253.4

IN GAAP
10.6
0.0

IN GAAP
27.6
0.0

IN GAAP
27.6
0.0

Amount of Treasury Shares

Pension Obligations
Operating Leases
Capital Leases - Short Term
Capital Leases - Long Term
Capital Leases - Total
% Foreign Ownership
Number Of Shareholders
Options Granted During Period
Options Outstanding at Period End
Net Debt
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Inventory - Raw Materials
Inventory - Work in Progress
Inventory - Finished Goods
Other Inventory
Pure Retained Earnings
Goodwill
Investments in Associated Companies
Number of Employees
Source: Bloomberg

0.0
------842.00
--226.2
35.76
56.89
5.02
335.8
-83.3
3.8
417.2
-0.0
--

0.0
-395.2
---47.49
2,246.00
---735.6
-11.28
69.05
3.42
712.9
99.7
1,213.1
1.3
690.4
----

0.0
-837.4
---79.25
2,510.00
--862.2
13.81
56.64
2.53
-752.4
2,210.9
116.3
435.7
----

Cash % of sales
DSO
DIO
DPO
other current assets % of sales

2%
102
101
21
2%

3%
143
288
72
9%

2%
64
206
45
14%

--

27.8
22%
28%

70.0
18%
21%

2006
5.97
5.40
1.08
0.0

2007
6.39
3.63
#VALUE!
0.0

Depreciation Expense
Depri %
Short term borrowing % sales

Fiscal Year
ln (Net Fixed Assets)
ln (Long term borrowings)
ln (Other Long-term Liabilities)
Cap Ex.

0%

2005
4.82
5.65
0.0

FY 2008
03/31/2008

FY 2009
03/31/2009

FY 2010
03/31/2010

FY 2011
03/31/2011

FY 2012
03/31/2012

163.5
376.3
989.0
3,813.2
452.9
5,794.9
51.0
667.7
1,041.2
373.4
1,848.7
2,567.4
8,362.2

68.7
77.2
390.8
1,847.4
270.7
2,654.8
231.1
414.7
789.2
374.4
1,799.0
2,444.8
5,099.6

50.9
198.1
125.1
1,566.7
338.2
2,279.0
0.1
217.2
552.7
335.5
1,853.5
2,070.8
4,349.8

201.1
171.7
233.9
1,478.8
343.5
2,429.0
0.1
210.1
608.5
398.4
1,843.3
2,053.5
4,482.5

135.7
181.6
374.6
1,717.9
690.1
3,099.9
0.2
208.6
709.1
500.5
1,835.9
2,044.7
5,144.5

1,264.9
1,754.6
291.5
3,310.9
405.8
-405.8
3,716.7
440.0
19.1
6,272.3
-2,085.8
4,645.6
8,362.2

405.7
1,667.8
367.5
2,441.0
490.0
0.0
490.0
2,931.0
440.0
0.0
6,272.3
-4,543.7
2,168.6
5,099.6

303.5
805.1
184.7
1,293.4
1,199.9
0.0
1,199.9
2,493.3
440.0
0.0
6,191.0
-4,774.4
1,856.6
4,349.8

233.7
988.8
167.2
1,389.7
1,027.1
14.8
1,042.0
2,431.7
440.0
0.0
6,191.0
-4,580.2
2,050.8
4,482.5

460.9
1,120.9
239.6
1,821.4
655.2
14.5
669.7
2,491.1
440.0
0.0
6,191.0
-3,977.6
2,653.4
5,144.5

IN GAAP
31.7
0.0

IN GAAP
31.7
0.0

IN GAAP
31.7
0.0

IN GAAP
31.7
0.0

IN GAAP
31.7
0.0

0.0
-994.3
---39.18
31,698,472.00
-0.2
1,620.6
34.88
35.94
1.75
-1,047.4
2,764.7
1.2
-2,041.4
----

0.0
-126.2
---36.86
5,277.00
-0.1
2,012.0
92.78
-2.10
1.09
-515.2
1,330.5
1.8
-4,445.0
-0.0
889.00

0.0
-----35.67
5,216.00
0.3
0.7
1,756.0
94.58
-17.37
1.76
-688.2
875.2
3.3
-5,125.0
----

0.0
-237.2
0.0
0.0
0.0
34.79
5,294.00
0.0
0.6
1,643.1
80.12
-8.47
1.75
-645.7
829.0
4.1
-4,773.7
--869.00

0.0
14.5
426.9
---34.78
4,670.00
0.0
0.5
1,458.8
54.98
11.88
1.70
-734.9
978.6
4.4
-4,088.6
1,797.9
0.0
913.00

2%
47
148
49
6%

1%
24
95
21
5%

2%
14
153
30
10%

4%
16
114
18
7%

2%
21
108
29
11%

112.5
19%
23%

124.6
19%
28%

86.0
21%
24%

81.1
37%
19%

90.8
43%
17%

2008
6.50
6.01
#VALUE!
0.0

2009
6.03
6.19
Err:502
0.0

2010
5.38
7.09
Err:502
0.0

2011
5.35
6.93
2.70
0.0

2012
5.34
6.48
2.67
0.0

FY 2013
03/31/2013

FY 2014
03/31/2014

FY 2015
03/31/2015

E2016
itration 1

405.3
54.3
355.8
2,090.8
409.1
3,315.3
0.2
289.9
847.4
557.5
404.5
694.6
4,010.0

611.8
108.7
663.6
1,961.5
441.1
3,786.8
29.5
374.5
890.6
516.1
593.6
997.7
4,784.5

644.9
317.5
475.1
2,282.9
421.3
4,141.7
30.8
473.0
1,096.3
623.3
656.4
1,160.1
5,301.9

447.7
1,132.3
348.5
1,928.5
477.0
13.1
490.1
2,418.6
440.0
0.0
6,204.9
-5,053.5
1,591.4
4,010.0

693.4
1,063.2
505.1
2,261.7
180.1
12.8
192.9
2,454.6
0.0
0.0
6,209.9
-3,880.0
2,329.8
4,784.5

743.2
762.0
493.1
1,998.3
0.0
24.2
24.2
2,022.5
0.0
0.0
6,221.0
-2,941.7
3,279.3
5,301.9

IN GAAP
32.1
0.0

IN GAAP
32.2
0.0

IN GAAP
32.4
0.0

itration 2

E2017
itration 1

itration 2

683.9
317.5
615.7
2,695.8
541.7
4,854.7
30.8
478.9
1,248.2
769.3
656.4
1,166.0
6,020.6

683.9
397.0
615.7
2,695.8
541.7
4,934.2
30.8
778.9
1,248.2
769.3
956.4
1,766.0
6,700.1

724.9
317.5
652.7
2,857.5
574.2
5,126.9
30.8
788.5
1,705.6
917.1
956.4
1,775.7
6,902.5

1,024.9
856.4
652.7
2,857.5
574.2
5,965.8
30.8
788.5
1,705.6
917.1
956.4
1,775.7
7,741.4

773.8
1,295.6
493.1
2,562.5
0.0
24.2
24.2
2,586.8
0.0
0.0
6,221.0
-1,889.6
4,331.5
6,918.2

773.8
1,077.5
493.1
2,344.4
0.0
24.2
24.2
2,368.7
0.0
0.0
6,221.0
-1,889.6
4,331.5
6,700.1

820.2
1,373.4
493.1
2,686.7
0.0
24.2
24.2
2,710.9
0.0
0.0
6,221.0
-794.2
5,426.8
8,137.7

820.2
977.1
493.1
2,290.4
0.0
24.2
24.2
2,314.6
0.0
0.0
6,221.0
-794.2
5,426.8
7,741.4

-897.6

0.0

-1,235.2

0.0

0.0
12.7
885.4
---16.68
4,183.00
0.0
0.5
1,149.8
72.25
23.22
1.72
-828.9
1,253.6
8.4
-4,944.7
286.8
0.0
1,376.00

0.0
12.5
976.0
0.0
0.0
0.0
17.98
3,185.00
0.1
0.1
522.6
22.43
45.42
1.67
-875.5
1,080.1
5.9
-3,874.9
286.8
0.0
3,087.00

0.0
23.9
864.9
0.0
0.0
0.0
20.51
4,733.00
0.0
0.0
-200.5
-6.11
59.59
2.07
-791.1
1,472.8
19.0
-2,986.5
286.8
0.0
3,400.00

5%
15
91
20
5%

5%
19
62
22
3%

5%
13
66
22
3%

73.2
35%
13%

74.7
26%
8%

118.8
32%
6%

2013
5.67
6.17
2.57
0.0

2014
5.93
5.19
2.55

2015
6.16
Err:502
3.19

5%
15
73
21
4%
146.0

5%
15
73
21
4%
147.8

5%
15
73
21
4%
243.4

5%
15
73
21
4%
246.4

31%
9%

31%
9%

31%
9%

31%
9%

2016
6.17
Err:502
3.19

2017
6.67
Err:502
3.19

2018
6.68
Err:502
3.19

2019
6.69
Err:502
3.19

E2018
itration 1

E2019

E2020

itration 2

797.4
856.4
717.9
3,143.3
631.6
6,146.7
30.8
798.3
1,958.8
1,160.5
956.4
1,785.5
7,932.2

1,093.0
1,256.4
717.9
3,143.3
631.6
6,842.3
30.8
898.3
1,958.8
1,160.5
956.4
1,885.5
8,727.8

901.1
856.4
811.3
3,551.9
713.8
6,834.5
30.8
808.2
2,215.2
1,406.9
956.4
1,795.4
8,629.8

1,072.3
856.4
965.4
4,226.8
849.4
7,970.3
30.8
818.3
2,474.7
1,656.4
956.4
1,805.4
9,775.7

902.2
1,510.7
493.1
2,906.1
0.0
24.2
24.2
2,930.3
0.0
0.0
6,221.0
408.8
6,629.8
9,560.1

902.2
678.4
493.1
2,073.8
0.0
24.2
24.2
2,098.0
0.0
0.0
6,221.0
408.8
6,629.8
8,727.8

1,019.5
1,707.1
493.1
3,219.7
0.0
24.2
24.2
3,244.0
0.0
0.0
6,221.0
1,728.2
7,949.2
11,193.2

1,213.2
2,031.5
493.1
3,737.8
0.0
24.2
24.2
3,762.0
0.0
0.0
6,221.0
3,276.4
9,497.4
13,259.4

-1,627.9

0.0

-2,563.3

-3,483.7

5%
15
73
21
4%
249.5
31%
9%

2020
6.71
Err:502
3.19