TABLE OF CONTENT

CHAPTER-1 Introduction: 1.1Objective of the study 1.2Need of study 1.3Scope of the study 1.4Limitations of study CHAPTER-2 Research methodology: 2.1Definitions and meaning 2.2Hypothesis Null hypothesis Alternative hypothesis 2.3Tests of Analysis CHAPTER-3 3.1 Company profile CHAPTER-4 4.1 Data analysis and interpretation CHAPTER-5 5.1 Findings Bibliography

Chapter - I

Introduction:

I felt that i had to analyze the day to day to functions of an organization . The main factors i want to analyze is its vision , mission statement of the organization and its goals. I also explore the various departments of the organization and their way to tackle the problem by making the right decision.

Thus my company analysis presents the various perspectives the company which made a detailed analysis towards the various products and the material from NIKE pvt. ltd . This analysis report helped me to understand the various new significant process. The analysis is all about the complete information about the models of the products of the company. This analysis is a mixture of various components that provide the valuable information about the one of the best multi national company NIKE pvt. Ltd is renowned for its footwear which is not an exception in India too.

It is a well known fact that Nike products have worldwide popularity there will be continuous demand for the quality of products they produce. So they had taken many measurements to keep the quality of the product as per the aspiration of their consumers , and thus showing that Nike Pvt. Ltd. is aware about their corporate social responsibility . The company future will be on the brighter side only in present market scenario because of people always be passionate to wear new styles and reaching the needs of sportsmen , where Nike is always first to do it.

Objectives of the study :

The first and most important objective was to explore and synthesize information about the products in the footwear

the

The primary objective is to study the perception of Nike towards consumer demands and faith in about the company

The secondary objective are as follows : a. To know who or which factors play a key role in making decision in purchase raw materials and selling methodology. b. Brand awareness of Nike Across the world c. Various factors that influence the sales of the Nike products

1.2 Needs of study

As a student of Business Administration a need is felt to understand the Overview of an Organization in its Financial, Marketing and Human resource Performance examining the overview of the factors which will help a student like me to gain insight in the mission , vision and operational goals and strategies of Organizational to perform well to the satisfaction of its stake holders.

1.3 scope of study :

The initial marketing effort was simple in its scope. Knight sold the

company's shoes out of the trunk of his car.

The initial market was collegiate, distance runners, who Knight accessed by

driving around the country from university to university. From these humble beginnings Nike has developed into the dominant force in athletic apparel on a world-wide scope.

Limitations of nike company:

The data is collected from secondary source due to lack of time for preparing the project. The data is not 100% accurate. The duration of the study was limited and hence elaborate and comprehensive project survey was not undertaken. The personal biases of the respondents might have entered into their response. Because of a small period of time only small sample had to be considered which doesnt actually reflect and accurate picture.

Chapter - II

2.1 Meaning: Research methodology typically involves a full breakdown of all the options that have been chosen by a company in order to investigate something. This would include the procedures and techniques used to perform the research; as well as any of the terminology and explanations of how these methods will be applied effectively.

A company may need to decide what format of research they want to use before the investigation begins. For example, if a company that sells a particular product needs to launch research to find out how effective or desirable a new product is, they will need to conduct what is known as primary research. This method means that the company will collect data and information themselves first hand.

Definition: Procedures used in making systematic observations or Other wise obtaining data, evidence, or information as part of a research project or study Is being undertaken within a framework of a set of philosophies (approaches) Uses procedures, methods and techniques that have been tested for Their Validity and reliability Is designed to be unbiased and objective.

Sources of data 1. Primary data:

Primary data is gathered for a specific purpose. for example a company might a specific own customers directly to find out more about their buying habits, Primary data means data you get by yourself through experiment or other ways. Primary data is collect information. 2. Secondary data: The data collected by someone other than the user. Common sources of secondary data for social science include censuses, surveys, organizational records and data collected through qualitative methodologies or qualitative research. Primary data, by contrast, are collected by the investigator conducting the research. Secondary data analysis saves time that would otherwise be spent collecting data and, particularly in the case of quantitative data, provides larger and higher-quality databases than would be unfeasible for any individual researcher to collect on their own. In addition to that, analysts of social and economic change consider secondary data essential, since it is impossible to conduct a new survey that can adequately capture past change and/or developments. 2.2 Hypothesis Hypothesis testing means subjecting a hypothesis to appropriate empirical scrutiny and statistical test to determine its validity. A researcher has to do a number of things as pre requirements for testing a hypothesis. Hypothesis testing is two types that are

1. null hypothesis(H0) 2. alternative hypothesis (Ha)

1)Null hypothesis (Ho): A type of hypothesis used in statistics that proposes that no statistical significance exists in a set of given observations. The null hypothesis attempts to show that no variation exists between variables, or that a single variable is no different than zero. It is presumed to be true until statistical evidence nullifies it for an alternative hypothesis. 2)Alternative hypothesis (Ha): Alternative hypothesis is the "hypothesis that the restriction or set of restrictions to be tested does NOT hold." Often denoted H1. Epidemiology A hypothesis to be adopted if a null hypothesis proves implausible, where exposure is linked to disease. See Hypothesis testing.The null hypothesis is specifically formulated for testing for possible rejection or nullification. Hence the name null hypothesis. It is accompanied by an alternative hypothesis. 2.3 Test of analysis T-test: The t-test was developed by W.S.Gosset around 1915.since he published his finding under a pen name student, it is known as students t-test. It is suitable for testing the significance of a sample mean or for judging the significance of

difference between the means of two samples, when the samples are less than 30 in number and when the population variance is not known. When two samples are related, the paired t- test is used. The t-test can be used for testing the significance of the coefficients and partial correlations. Formula:

chi-square test : It is used to make comparisons between two or more nominal variables. Unlike the other tests of significance, the chi-square is used to make comparisons between frequencies rather than between mean scores. Formula

Chapter-III

NIKE INTRODUCTION

Nike, Inc. is a major publicly traded sportswear and equipment supplier based in the United States. The company is headquartered near Beaverton, Oregon, which is part of the Portland metropolitan area. It is the world's leading supplier of athletic shoes and apparel and a major manufacturer of sports equipment with revenue in excess of US$18.6 billion in its fiscal year 2008 (ending May 31, 2008). As of 2008, it employed more than 30,000 people worldwide. Nike and Precision Cast parts are the only Fortune 500 companies headquartered in the state of Oregon according to The Oregonian.

The Nike company began in 1964 as Blue Ribbon Sports, was founded by University of Oregon track athlete Phil Knight and his coach Bill Bower man, first distributing Japanese brand of running shoes in the USA. 1972 was the first year of using the famous mark known as the Swoosh on Nike's first line of footwear. The rest is history. Nike products are well received in practically every sport venue tennis - first represented by Ilie Nastase and John McEnroe and now by Rafael Nadal, golf with Tiger Woods, basketball Air Force One and Nike Air Jordan represented by Michael Jordan, etc.

The Nike company has been taking an active and leading role in supporting, sponsoring and organizing sports events, like Nike Prefontaine Classic, Nike is also the official sponsor for the Indian cricket team, sponsors famous soccer clubs such as Arsenal, Manchester United, Barcelona, Valencia, Inter Milan and

Juventus, various minor events including Hoop It Up (high school basketball) and The Golden West Invitational (high school track and field). According to Wikipedia - Nike sells an assortment of products, including shoes and apparel for sports activities like association football, basketball, running, combat sports, tennis, American football, athletics, golf and cross training for men, women, and children. Nike also sells shoes for outdoor activities such as tennis, golf, skateboarding, association football, baseball, American football, cycling, volleyball, wrestling, cheerleading, aquatic activities, auto racing and other athletic and recreational uses. Nike is well known and popular in Youth culture, Chav Culture and Hip hop culture as they supply urban fashion clothing. Nike recently teamed up with Apple Inc. to produce the Nike+ product which monitors a runner's performance via a radio device in the shoe which links to the iPod nano. HISTORY Bill Bowerman and Phil Knight founded Nike Inc. as Blue Ribbon Sports in 1962. The partners began their relationship at the University of Oregon where Bowerman was Knights track and field coach. While attending Stanford University, Knight wrote a paper about breaking the German dominance of the U.S. athletic shoe industry with low-priced Japanese shoes. In an attempt to realize his theory, Knight visited Japan and engineered an agreement with the Onitsuka Tiger company, a manufacturer of quality athletic shoes, to be their sole distributor in the UnitedStates. \

In 1962, Knight received the first shipment of 200 pairs of Tiger shoes to his parents garage in Oregon. The shoes were bought by Blue Ribbon Sports (BRS), the name of the partnership between Knight and Bowerman that they formed with only $1,000 in capital. Knight peddled Tigers shoes at local track meets grossing $8,000 of sales in their first year. In 1966, Bowerman, who had previously designed shoes for his university athletes, worked with Tiger to design the Cortez running shoe. The shoe was a worldwide success for the Onitsuka Tiger Company and was sold at the first BRS store. In 1971, BRS, with creditor support, started manufacturing their own line of shoes. Later that year, the first BRS shoe was introduced. The shoe was a soccer shoe that bore the Nike brand name, referring to the Greek Goddess of Victory, and the Swoosh trademark. A student designed the Swoosh trademark for a paltry fee of $35. The Swoosh was meant to symbolize a wing of the Greek Goddess. 1972 marked the breakup of the BRS/Tiger relationship. BRS soon changed its name to Nike, Inc. and debuted itself at the 1972 Olympic trials. In 1973, Steve Prefontaine was the first prominent track star to wear Nike shoes. The late 70s and early 80s also saw John McEnroe, Carl Lewis, and Joan Benoit sporting Nike shoes. Nike popularity grew so much that in 1979 they claimed 50% of the U.S. running market. A year later with 2,700 employees, Objectives of the study Nikes marketing objective is to employ a range of marketing communication tactics that can cater to the organizations target market, who have different nationalities, genders, cultures, and ages. To enable this, Nike introduces its latest products through a marketing communication group that can strengthen the

positioning of, and key messages about, the Nike brand, through different forms of visual aids and point-of-purchase advertising. In connection to this, Nike continuously aims to apply marketing tactics that are appropriate with the people who reside in these continents or nations. For example, aside from traditional advertising in the form of television, billboards, and the like, Nike also makes use of contemporary marketing instruments such as the internet, wherein people in almost any part of the world could access various sites to customize Nike shoes and products. Moreover, Nike applies an effective marketing communication and at the same time still relatively manages to be cost-effective in terms of its marketing programs. Although Nikes marketing expenses may seem excessive, they employ internationally recognized celebrity athletes; they overflow retail networks with promotions of products and other giveaways. According to Knight and Greenberg (2002, pg 548), the integration of endorsements and sponsorships enables Nike to represent itself as a socially concerned actor promoting sport as a solution to social problems.The companys campaign theme is JUST DO IT. The Campaign will target men and woman and especially those in the basketball scene that are of 14 to 30 years of age. Nike sprint shoes are not only good shoes to wear but are strong, durable and comfortable, this way, the company will convince them to take action. The campaign will also exist as billboards; through celebrity endorsements like Michael Jordan and James Lebron.The Company will also use electronic media (commercials, official website of Nike and newspapers) to promote the... scope of studay:

The initial marketing effort was simple in its scope. Knight sold the company's shoes out of the trunk of his car. The initial market was collegiate, distance runners, who Knight accessed by driving around the country from university to university. From these humble beginnings Nike has developed into the dominant force in athletic apparel on a world-wide scope. BEAVERTON, United States By 2011, Nike will have improved labor conditions at all its factories worldwide, be a climate-neutral company, and reduced the waste from its products by 17 percent, according to new goals the company announced today. Nike released its Corporate Responsibility Report for fiscal 2005 and 2006 yesterday, and a major element of the report focuses on how the company can more deeply integrate CSR goals into its long-term business strategies. "We see corporate responsibility as a catalyst for growth and innovation" said Nike CEO Mark Parker. "It is an integral part of how we can use the power of our brand, the energy and passion of our people, and the scale of our business to create meaningful change." On the labor side, Nike plans to eliminate excessive overtime in all its contract factories worldwide by 2011. Citing excessive overtime as one of the biggest labor compliance issues the industry faces, Nike said it has set a high priority on that and other working conditions for its nearly 800,000 contract factory workers. Nike also released the guidelines and benchmarks the company uses to audit and evaluate factories. The tools are posted on NikeResponsibility.com, and include an extensive list of questions and guidance for maintaining the safety and environmental quality of its contract factories. The company also announced that it would make all its facilities, retail stores and its business travel climate neutral by

2011. This announcement follows a previous goal to reduce emissions by joining the World Wildlife Fund's Climate Savers program. Nike said it has exceeded its CO2 emissions-reduction targets over the last two years through the program. The climate commitment extends to the gases involved in its Nike Air products the company has already ceased using fluorinated gases in all its products. Waste reduction goals make up a big chunk of yesterday's announcement. Nike said it will redesign all its branded products -- including more than 225 million pairs of shoes sold every year -- to meet its 2011 baseline goal of reducing footwear waste by 17 percent and reducing packaging waste by 30 percent. Nike also said it would invest $215 million more into community based sports inititives that it says can change young peoples' lives. The money, on top of the $100 million the company has already invested in such initiatives, will cover everything from building and upgrading sports facilities and playgrounds around the world to "spreading the joy of soccer" across the U.S. In addition to these business targets, Nike announced yesterday that it will continue its commitment to supply chain transparency by updating public disclosure of the more than 700 contract factories worldwide producing Nike product. In 2005, Nike was the first company in its industry to disclose its factory base to encourage industry transparency and collaboration. Corporate social responsibilities

The CSR concept in the US has been defined in terms of a philanthropic model. Such model illustrates the unhindered generation of profits of the companies and the donation of a particular percentage of the profit to charitable causes. While the

philanthropic approach to CSR is an important measure to increase the capacity of its stakeholders, it is not considered as a positive contribution to the society. The Boston College Center for Corporate Citizenship (BCCC) has conducted a global survey on CSR. An interesting aspect of the study is directed into learning the best way for corporations to provide a positive contribution to society. Findings reflect that the most appropriate form is developing healthier, safer products/services, actively working to solve a specific social issue. Donating money to charities ranked the lowest among the perceived ways to impart a positive contribution. Thus, while the corporation has been providing significant financial contributions to the University Oregon, such act remains far from being sustainable and as Nike has efficiently demonstrated, can be easily retracted. A principle-based approach to CSR should be adapted by Nike, Inc. Unlike its previous CSR strategies, Nikes CSR initiatives must be sustainable and should be viewed as an essential aspect of the process of wealth creation. Abiding by the principles of CSR will allow Nike to earn the trust of its stakeholders, enabling the company to maximize the value of investments in the CSR field Awards and recognition March 21, 2011 OCF Grant Recipients Announced Nike announces second round of recipients for OCF Nike Employee Grant Fund Awards.

January 08, 2007 Fortune Lists Nike in "100 Best Companies To Work For" November 09, 2006 Nike Named Top 10 for Social Responsibility Reporting October 18, 2006 Nike Named One of the Country's Best Workplaces for Commuters The Company is Ranked in the Top 20 of Fortune 500 Companies for the ThirdConsecutive Year For its Alternative Commuting Program.

Competitors

STRENGTHS, WEAKNESSES, OPPORTUNITIES, THREATS Strengths: Brand Equity Nike is able to command higher margins because of strong brand equity. Nikes aggressive marketing campaigns show that the best athletes in the world use Nike products. Along with the highest quality of products, Nike has a unique image and style that differentiates itself from competitors. Nikes brand equity certainly wins the hearts of many consumers, allowing for considerable amounts of recurring revenues. Global presence Nike has diversified its geographic operations and sells in more than 170 countries. By doing so, Nike achieves economies of scale in manufacturing and distribution, as well as mitigating risk among individual economies. Diverse line of products Along with the Nike brand, the Company wholly-owns five subsidiaries each specializing in unique product markets, which mitigates risk among brands.

Weaknesses: Currency exposure As a global company, Nike runs the risk of adverse fluctuations of exchange rates. The Company uses a hedging strategy designed to eliminate foreign exchange risks, but also limits upside potential. Decreasing United States market share The United States is the largest and most saturated market that Nike operates in. The Company has been directing efforts on expanding into emerging markets, and as a result is losing US market share. Since the US is the largest market, a loss in market share may result in substantial revenue losses to Nike. Opportunities: Expansion into emerging markets Nike understands that emerging markets provide enormous growth opportunities, provided that the Company has a presence in these markets before this growth occurs. Nike is adamant in entering emerging markets before they have emerged so it can take 13

full advantage of market growth. Nike has realized double digit revenue growth in China and other Asian Pacific companies, as well as high revenue growth in the Americas regions in fiscal 2008 and 2009. These markets are not yet at the point of maturity, so high growth is expected in the near to mid-term future. Innovation The key intangible asset to Nike is innovation. It constantly changes product mixes, marketing campaigns, and geographic presences based on profitability. Because Nike strives to be a market innovator in several constantly changing environments, infinite opportunities exist where Nike can gain market share. Threats: Revenue relies on consumers discretionary income As a consumer products company Nike is exposed to consumers discretionary income which is correlated to market cyclicality and interest rates. Decreased consumer disposable income and sentiment has adversely affected Nikes performance during the global economic crisis. Negative macroeconomic events pose a significant threat to Nike.

Nike's Vision Statement

This section contains the best examples of a vision statement from the most successful companies in the world. We have provided below the content of the Nike's Vision Statement which details their vision of the future. An effective and successful Vision Statement is powerful and compelling, conveying confidence and inspiring views of the future. The importance of a Vision Statement should not be underestimated. One good paragraph will describe the values, services and vision for the future. Whether you are looking to compose a personal Vision Statement or a company Vision statement our samples and this example of the Nike's Vision Statement will provide you with some excellent ideas and inspiration.

Nike Mission Statement We have provided below details of the content of the Nike Mission Statement, one of the most successful companies in the World. Members of nike company: Directors Philip H Knight "Phil" Mark G Parker Charles D Denson Gary M Destefano Jeanne Pellegren Jackson Roger S Wyett Designation Chairman President/CEO President:Nike Brand President:Global Operations President:Direct To Consumer President:Affiliates

Products:

BALANCE SHEET Assets [+] in Millions of Dollars 05/201 05/2010 05/2009 05/2008 05/2007 1 Cash and Equivalents Restrictable Cash Marketable Securities Receivables Inventories Prepaid Expenses Current Deferred Income Taxes Other Current Assets Total Current Assets Gross Fixed Assets Accumulated Depreciation Net Fixed Assets Intangibles Cost in Excess Non-Current Deferred Income Taxes Other Non-Current Assets Total Non-Current Assets Total Assets Liabilities [+] 1,955 2,583 3,138 2,715 594 312 11,297 4,906 (2,791) 2,115 487 205 894 3,701 14,998 3,079 2,067 2,650 2,041 873 249 10,959 4,390 1,932 467 188 873 3,460 2,291 1,164 2,884 2,357 766 272 9,734 4,256 1,958 467 194 897 3,516 2,134 642 2,795 2,438 602 227 8,839 4,103 1,891 743 449 520 3,603 1,857 990 2,495 2,122 393 220 8,076 3,619 1,678 410 131 393 2,612

(2,458) (2,298) (2,212) (1,941)

14,419 13,250 12,443 10,688 in Millions of Dollars

05/201 05/2010 05/2009 05/2008 05/2007 1

Accounts Payable Short Term Debt Notes Payable Accrued Expenses Accrued Liabilities Deferred Revenues Current Deferred Income Taxes Other Current Liabilities Total Current Liabilities Long Term Debt Deferred Income Tax Other Non-Current Liabilities Minority Interest Capital Lease Obligations Preferred Securities of Subsidiary Trust Preferred Equity Outside Shareholders' Equity Total Non-Current Liabilities Total Liabilities Preferred Shareholder's Equity Common Shareholder's Equity Total Equity Total Liabilities & Shareholder's Equity

1,469 200 187 1,985 117 3,958 276 921 1,197 5,155 9,843 9,843 14,998

1,255 7 139 1,904 59 3,364 446 855 1,301 4,665 9,754 9,754

1,032 32 343 1,784 86 3,277 437 842 0 1,280 4,556 8,693 8,693

1,288 6 178 1,762 88 3,322 441 854 0 1,296 4,617 7,825 7,825

1,040 30 101 1,303 109 2,584 410 669 0 1,079 3,663 7,025 7,025

14,419 13,250 12,443 10,688

INCOME STATEMENT Income [+] in Millions of Dollars 05/2011 05/2010 05/2009 05/2008 05/2007 20,862 (10,996) 9,866 (6,693) 3,173 19,014 9,196 19,176 18,627 16,326 8,988 8,709 7,431

Operating Revenue Adjustments to Revenue Cost of Revenue Gross Operating Profit Selling/General/Admin Expense Research & Development EBITDA (Operating Income Before Depreciation)

(9,818) (10,188) (9,918) (8,895)

(6,326) (6,150) (5,954) (5,029) 2,870 2,838 2,755 2,402

Depreciation & Amortization Operating Income Interest Income Other Income, Net Total Income Before Interest Expense (EBIT) Interest Expense Income Before Tax Income Taxes Minority Interest Net Income from Continuing Operations Net Income from Discontinued Operations Net Income from Total Operations Normalized Income Extraordinary Income/Loss Special Income/Charges Income from Cum. Effect of Acct Change Income from Tax Loss Carryforward Other Gains Total Net Income Results [+]

(358) 2,815 33 2,848 (4) 2,844 (711) 2,133 2,133 2,133 2,133

(396) 2,474 49 2,523 (6) 2,517 (610) 1,907 1,907 1,907 1,907

(383) 2,455 10 88 1,956 1,956 (470) 1,487 1,487 2,083 (596) 1,487

(322) 2,434 152 (8) 2,578 (75) 2,503 (620) 1,883 1,883 1,883 1,883

(270) 2,132 67 1 2,200 2,200 (708) 1,492 1,492 1,492 1,492

in Dollars (Preferred Dividends in Millions) 05/2011 05/2010 05/2009 05/2008 05/2007 1.16 4.48 1.04 3.93 0.96 3.07 0.83 3.80 0.68 2.96

Dividends Paid Per Share Preferred Dividends Basic EPS from Continuing

Operations Basic EPS from Discontinued Operations Basic EPS from Total Operations Diluted EPS from Continuing Operations Diluted EPS from Discontinued Operations Diluted EPS from Total Operations 0.00 4.48 4.39 0.00 4.39 0.00 3.93 3.86 0.00 3.86 0.00 3.07 3.03 0.00 3.03 0.00 3.80 3.74 0.00 3.74 0.00 2.96 2.93 0.00 2.93

CASHFLOW SATATEMENT Cash Flow in Millions of Dollars 05/201 05/2010 05/2009 05/2008 05/2007 1 Net Income Depreciation Amortization Amortization of Intagibles Deferred Income Taxes Operating Gains/Losses Extraordinary Gains/Losses Decrease in Receivables Decrease in Inventories Decrease in Prepaid Expenses Decrease in Other Current Assets Increase in Payables Increase in Other Current Liabilities Decrease in Other Working Capital Other Non-Cash Items Net Cash from Continuing Operations 2,133 335 23 (76) (273) (551) (35) 151 105 1,812 1,907 324 72 8 182 285 (70) 297 159 3,164 1,487 335 48 (294) (238) 32 14 (220) 572 1,736 1,883 304 18 (301) (61) (118) (250) (11) 331 141 1,936 1,492 270 0 34 (40) (50) (61) 85 148 1,879

Net Cash from Discontinued Operations Cash from Operating Activities

1,812

3,164

1,736

1,936

1,879

Sale of Property, Plant, Equipment Sale of Long Term Investments Sale of Short Term Investments Purchase of Property, Plant, Equipment Acquisitions Purchase of Long Term Investments Other Investment Changes, Net Cash from Investing Activities Cash from Discontinued Investing Activities Issuance of Debt Issuance of Capital Stock Repayment of Debt Repurchase of Capital Stock Payment of Cash Dividends Other Financing Charges, Net Cash from Financing Activities Cash from Discontinued Financing Activities

1 7,079 (432) (23) (30) (1,021) 345 33 (1,859) (555) 64 (1,972) -

10 5 2,787 (335) (11) (1,268) 364 (237) (741) (505) 58 (1,061) -

32 2,390 (456) 144 (798) 187 170 (467) 25

2 2,246 (449) (325) (22) (414) 64 343 (35) (413) 63

28 2,516 (314) (4) 93 94 323 (256) (985) (344) 56

Purchase of Short Term Investments (7,616)

(3,724) (2,909) (1,866) (2,134)

(649) (1,248)

(734) (1,226) (1,112) -

Effect of Exchange Rate Changes Net Change in Cash

57 (1,124)

(47) 788

(47) 157

(19) 277

42 902

Cash at Beginning of Year Cash at End of Period Foreign Sales Domestic Sales

3,079 1,955 13,284 7,578

2,291 3,079 -

2,134 2,291 -

1,857 2,134 6,378

954 1,857 6,107

- 12,249 10,219