finance project assumption

8/4/2019 finance project assumption

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BALANCE SHEET

EQUITY & LIABILITIES:

SHARE CAPITAL & RESERVES

Authorised capital

Issued, subscribed and paid up capital

Reserves

Accumulated loss

SHARE DEPOSIT MONEY

TOTAL EQUITY

NON - CURRENT LIABILITIES

Long term loans from banking company - secured

Redeemable capital - secured

Syndicated term finances - secured

Liabilities against assets subject to finance lease

Long term deposits

Deferred liabilities:

employee benefitsdeferred taxation

employees' compensated absences

CURRENT LIABILITIES

Trade and other payables

Accrued profit / interest / mark up

Short term borrowings

Current portion of:long term loans from banking company - secured

redeemable capital - secured

syndicated term finances - secured

liabilities against assets subject to finance lease

Total liabilities

CONTINGENCIES AND COMMITMENTS


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ASSETS:

NON-CURRENT ASSETS

Property, plant and equipment

Intangible assets

Long term investment

Long term loans to employees - secured

Deposits and prepayments

CURRENT ASSETS

Stores, spare parts and loose toolsStock-in-trade

Trade debts

Loans and advances

Investments

Deposits and short term prepayments

Accrued profit

Sales tax, customs and excise duty

Due from gratuity fund trust

Other receivables

Income tax (net of provisions)Cash and bank balances

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED JUNE 30, 2010

2009

Sales - net 15,251,374

Cost of sales 10,296,865

Gross profit 4,954,509

Distribution cost 2,339,704


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Administrative expenses 151,713

Other operating expenses 42,251

2,533,668

2,420,841

Other operating income 61,749

2,482,590

Finance cost 3,400,241Loss before taxation -917,651

Taxation

current 64,321

deferred 998

65,319

Loss after taxation -982,970

Loss per share

Loss per share

basic and dilutedbasic and diluted -2.78

CASH FLOW STATEMENT

FOR THE YEAR ENDED JUNE 30, 2010

CASH FLOW FROM OPERATING ACTIVITIES

Cash generated from operations before working capital changesChanges in working capital

(Increase) / decrease in current assets

Stores, spares and loose tools

Stock-in-trade

Trade debts

Loans and advances

Deposits and short term prepayments

Sales tax, customs and excise duty

Other receivables

Increase / (decrease) in current liabilitiesTrade and other payables

Cash generated from operations

Compensated absences paid

Funds received from / (paid) to gratuity fund trust

Taxes paid


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Net cash from operating activities

CASH FLOW FROM INVESTING ACTIVITIES

Fixed capital expenditure

Sale proceeds of operating fixed assetsLong term investment

Loans to employees

Deposits and prepayments

Profit on bank deposits received

Dividend received

Investments

Proceeds from sale of investment - net

Net cash used in investing activities

CASH FLOW FROM FINANCING ACTIVITIES

Long term loans obtained

Loan from related parties repaid

Share deposit money received

Redeemable capital obtained

Redeemable capital repaid

Syndicated term finance repaid

Long term deposits

Liabilities against assets subject to finance lease

Short term borrowingsFinance cost paid

Ordinary dividend paid

Preference dividend paid

Net cash used in financing activities

Net decrease in cash and cash equivalents

Cash and cash equivalents at beginning of the year

Cash and cash equivalents at end of the year


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2010 2009

(Ruppees in thousand)

7,000,000 7,000,000

4,264,108 4,264,108

4,180,433 4,127,277

-4,310,333 -1,673,584

4,134,208 6,717,801

1,000,000

5,134,208

1,100,808 826,614

8,289,800 7,200,000

1,498,200 -

700,743 862,214

2,739 2,580

6,864 -- 69,755

19,629 18,990

11,618,783 8,980,153

3,491,872 2,407,870

921,812 441,194

4,060,838 4,382,322

480,231 128,889

6,800 800,000

1,200 1,500,000

379,198 302,609

9,341,951 9,962,884

20,960,734 18,943,037

- -


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26,094,942 25,660,838

21,035,368 20,381,478

1,774 7,332

200 -

3,293 5,666

51,573 51,485

21,092,208 20,445,961

2,407,410 2,936,194504,718 650,914

751,400 682,244

266,642 78,254

472,338 406,563

121,824 143,306

656 983

16,797 16,797

- 8,184

91,178 29,448

296,506 162,05873,265 99,932

5,002,734 5,214,877

26,094,942 25,660,838

2010


13,630,511

10,691,883

2,938,628

3,152,889


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194,161

158,641

3,505,691

-567,063

57,031

-510,032

2,059,476-2,569,508

103,122

-88,675

14,447

-2,583,955

-7.08

2010 2009


637,645 3,525,664

523,784 389,550

146,196 -216,962

-95,465 61,122

-188,388 4,560

21,482 -74,014

- 40,972

-61,730 -7,668

1,060,089 -142,532

1,405,968 55,028

2,043,613 3,580,692

-10,021 -3,744

8,184 -458

-237,570 -181,472

-239,407 -185,674


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1,804,206 3,395,018

-1,701,590 -1,350,122

8,067 5,409-200 -

2,373 455

-88 2,529

5,655 9,849

9,431 11,717

-65,775 736

3,664 -4,339

-1,738,463 -1,323,766

625,536 713,964

- -35,224

1,000,000 -

300,000 -

-3,400 -

-600 -580,000

159 -2

-84,882 19,378

-321,484 1,012,584-1,578,858 -3,153,615

- -61

-28,881 -52,478

-92,410 -2,075,454

-26,667 -4,202

99,932 104,134

73,265 99,932


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actual sale

2 9.91 15.14% 2003

3 11.41 19.72% 2004

4 13.66 33.38% 2005

5 16.36 48.04% 2006

6 18.22 32.93% 2007

7 24.22 27.95% 20088 30.99 7.29% 2009

9 33.25 3.79% 2010

10 34.51

31.2

inflation

jan feb Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03

3 3.8 2.25 2.25 2.6 1.9 1.4

4 5 4.25 5.25 6 7 8.5 9.5

5 8.5 9.9 10.25 11.1 9.8 8.7 9

6 8.75 8.1 6.9 6.2 7.1 7.6 7.6

7 6.6 7.4 7.7 6.9 7.4 7 6.3

8 12 11 14.1 17.5 19.5 21.5 24.2

9 20.5 21 19 17 14.5 13 11

10 13.6 13 12.9 13.25 13.1 12.7 12.3

11 14.2 12.9

-0.16774

Kibor


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Sep-03 Oct-03 Nov-03 Dec-03 Annual Inflation Annual growth

1.8 2.2 3.5 4.25 2.60

9.5 9 8.75 9 7.43 186.39%

8.4 8.5 8.25 7.9 9.12 22.69%

8.9 8.75 8.1 8.1 7.83 -14.16%

6.4 8.3 9.3 8.6 7.45 -4.88% 520

25.1 24 25 24.9 18.25% 18.25 145.10% 614.9

10.5 10.1 8.5 10.5 12.98% 12.98 -28.88% 694.714

12.75 13.75 14.25 15.5 12.27% 12.27 -5.46% 779.9554

13.55

0.104449 10.16 42.97%

300.79% 0.429706177


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549

621

663


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Assumptions

Economy 2009 2010 2011 2012 2013

Inflation 14.20% 14.80% 15.42% 16.07%

Rupee Devalutation 82 85.88 85.14 84.41 83.68

KIBOR 14.43% 14.43% 14.43% 14.43%Discount Rate 14% 14% 14% 14%

Industry

Effective Capacity 44.68 49.48 50.00 50.00 50.00

Cement Demand 34.20 30.95 33.72 36.74 40.03

Local 23.54 21.68 23.66 25.83 28.19

Export 10.66 9.27 10.06 10.91 11.84

Demand Growth

Local -8% 9% 9% 9%

Export -13% 8% 8% 8%

Capaccity Utilization 77% 63% 67% 73% 80%

Maple Leaf

Effective Capacity 3.69 3.69 3.69 3.69 3.69

Share in Industry 8.3% 7.5% 7.4% 7.4% 7.4%

Clinker production 2.98 2.74 2.99 3.25 3.54

Cement Production 3.13 2.88 3.14 3.42 3.72

Conversion rate 1.05 1.05 1.05 1.05 1.05

Capacity Utilization 84.82% 78.01% 84.97% 92.57% 100.84%

Cement Sales 3.18 2.88 3.14 3.42 3.72

Local 2.12 1.95 2.13 2.32 2.54

Export 1.07 0.93 1.01 1.09 1.18

Sales Composition

Local 67% 68% 68% 68% 68%

Exports 33% 32% 32% 32% 32%

Sales Growth (Decline) -10% 9% 9% 9%

Local -8% 9% 9% 9%

Export -13% 8% 8% 8%

Income Statement Items


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Sales 649 519 239 241 243

Local 624 494 214 216 218

Gross 12,484 9,886 4272.10529 4314.35894 4360.39853

CED 897 829 900 900 900

Sales Tax 806 691 620.73 626.87 633.56

Comissions/Discounts 51 59 52 48 44

Retention Price 10,729 8,306 2,699 2,740 2,783

Sales Tax Rate 17% 17% 17% 17%

Growth in Retention Price -20.81% -56.79% 0.99% 1.07%

Export

Gross 6485 6828 7152 7090 7029

Rebates

Retention Price 6485 6828 7152 7090 7029

Price in USD 79 80 84 84 84

Growth in Retention Price 1% 6% 0% 0%

CoGS

Raw materials 148.5623003 199.7642039 205.75713 211.929844 218.287739

Packing Materials 332.9073482 346.6453674 357.0447284 367.75607 378.788752

Technical Fee

Freight (Exports)

Others

Salary (total PKR mn)

Energy Cost

Electricity Cost 850 850 833 816.34 800.0132

Electricity Reqd. 100 100 100 100 100

WAPDA tariff 8.5 8.5 8.33 8.1634 8.000132

FO Utilization

Gas Uilization

WAPDA 100% 100% 100% 100% 100%

Effective Electricity Cost/Unit 8.5 8.5 8.33 8.1634 8.000132

Energy 1,780.06 1,845.47 1,823.20 1,801.25 1,779.61

Energy Reqd. 720000 720000 720000 720000 720000

Coal Conversion Ratio

FO Utilization 10% 10% 10% 10% 10%

Coal Utilization 90% 90% 90% 90% 90%

Furnace Oil Cost


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Energy Generation 9750 9750 9750 9750 9750

Furnace Oil Price 75,000.00 76,000.00 74,480.00 72,990.40 71,530.59

GST

Transportation Cost

Effective FO Price

FO Cost/Ton Clinker 5,538.46 5,612.31 5,500.06 5,390.06 5,282.26

Coal Cost

Energy Generation

Energy Generation Imp. 6500 6500 6500 6500 6500

Energry Generation Local

Imported/Local

Imported Coal

Local Coal

Imported Coal

FOB Price

Freight

Ex Karachi Cost

Import Duty

Sales Tax

Transportation Cost

Effective Price 12300 12882 12771.2148 12661.3824 12552.4945

Cost/Ton of Klinker 1362.461538 1426.929231 1414.657639 1402.49158 1390.43016

Local Coal

Price

GST

Transportation CostEffctive Coal Price

Cost/Ton of Clinker

Coal Cost/Ton Klinker 1362.461538 1426.929231 1414.657639 1402.49158 1390.43016

%age change in Fuel prices 6% 8% -2% -2% -2%

%age change in Transportation charges

Operating Expenses

Admin and General Expenses

Selling Expenses

% Change in Expenses 0% 0% 3% 3% 3%


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2014 2015

16.74% 17.44%

82.96 82.25

14.43% 14.43%14% 14%

50.00 50.00

43.61 47.52

30.77 33.58

12.85 13.94

9% 9%

8% 8%

87% 95%

3.69 3.69

7.4% 7.4%

3.86 4.21

4.05 4.42

1.05 1.05

109.85% 119.67%

4.05 4.42

2.77 3.02

1.28 1.39

68% 68%

32% 32%

9% 9%

9% 9%

8% 8%


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246 248

221 223

4410.56367 4465.22443

900 900

640.85 648.79

40 37

2,830 2,880

17% 17%

1.15% 1.24%

6969 6909

6969 6909

84 84

0% 0%

224.836371 231.581463

390.152415 401.856987

784.012936 768.332677

100 100

7.84012936 7.68332677

100% 100%

7.84012936 7.68332677

1,758.29 1,737.26

720000 720000

10% 10%

90% 90%


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9750 9750

70,099.98 68,697.98

5,176.61 5,073.08

6500 6500

12444.543 12337.5199

1378.47246 1366.61759

1378.47246 1366.61759

-2% -2% in sa cyprus egypt

3% 3%


18/52

cement sector demand 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13

PSDP 520 549 621 663 719.2554665 780.2842

growth 5.58% 13.11% 6.76% 8.48% 8.48%

AVG 8.48%

Real GDP growth Avg 2.90% 2.00% 3.70% 3% 4% 4.50%Population 159 166.1 175 180 187.6084618 195.5385

Population Growth 4.47% 5.36% 2.86%

AVG 4.23%

9.27

Exports m tpa 7.716 10.752 10.657 7.656 10.06000479 10.91421

39.35% -0.88% -12.99%

AVG 8.49%

6.8% 11.2% -13.7% 9.2%

per capita comsumtion 117 125 139 120 131 135.43 140.01

AVG 3.38%

Remittances 4.6 5.49 6.45 7.81 8.90 10.13 11.35

0.193478 0.174863 0.210853 0.139565

Avg 17.97%

Sales -12.82 -5.04 4.46Local -3.49 0.48 3.76

Exports -9.33 -5.52 0.7

27.22% -9.52% 84.30%

72.78% 109.52% 15.70%

-113.75% 683.33%

-40.84% -112.68%

4,560,000.00


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2013-14 2014-15 2015-16 Demand forecast

Weigtage

846.4912 918.3159 996.2349 PSDP 0.2

8.48% 8.48% 8.48% GDP 0.3

Remittences 0.3

Per capita consumption 0.1203.8038 212.4184 221.3972 Exports 0.1

11.84094 12.84637 13.93716

144.74 149.63 154.69

12.58 13.81 15.04


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2009 AVG

2.62% 1.70%

1.11% 0.87%

6.33% 5.39%

-1.37% 0.34%-0.09% 0.85%

8.60% 9.15%


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2,009 2,010 2,011

(0.11)

Profit and Loss

Net Sales 15,252.00 13,631.00 12,943.01

Local 8,767.00 6,803.00 5,748.22

Gross sales 12,484.00 9,886.00 9,097.71

Excise duty 1,901.00 1,618.00 1,916.61

Sales tax 1,708.00 1,349.00 1,321.89

Trade Discounts 108.00 116.00 111.00

Exports 6,485.00 6,828.00 7,194.79

Gross sales 6,485.00 6,828.00 7,194.79

Rebate

Cost of Sales 10,296.00 10,691.00 6,833.45

Raw & Packing Material 1,502.87 1,670.00 1,733.98

Energy 6,948.00 6,732.00 5,099.47

Other

Operating Expenses 2,533.00 3,505.00 3,680.25

Adm & General

Selling & Distribution

EBIT 2,423.00 (565.00) 2,429.31

Financial Charges 3,400.00 2,059.00 2,161.95Other Income 61.00 57.00 51.77

(3,339.00) (2,002.00) (2,110.18)

EBT (916.00) (2,567.00) 319.14

Taxation 65.00 14.00 (1.74)

Current

Deferred

Prior years 3.80

EAT (981.00) (2,581.00) 317.40

Common Dividends

Common Shares 372,263.00 372,263.00 372,263.00

EPS (2.64) (6.93) 0.85

DPS

Balance Sheet


22/52

Cash

Trade Debt

Short-term investments

Inventory

Stores and spares

Other current assets

Total Current Assets

Net PPE

Long-term investments

Deferred tax asset

Other LT Assets

Total Non-Curent Assets

Total Assets

Trade creditors

Other payables

Accured Interest

dividends payable

Short-term borrowings

Current portion of long-term loans

Total Current Liabilities

Long-term loans

Deferred liabilities

Other

Subordinated convertible debt

Total Long-term Liabilities

Total Liabilities

Paid-Up

Retained earnings/reserves

advances for shares issuance

Total Equity

Total Liabilities + Equity

Total Debt

Net Debt

Debt/Assets

Equity/Assets

Debt/Equity (Gearing)

Liabilities / Equity (Liquidity)


23/52

Cashflow Statement

Net Income

Depreciation

Financial charges

change in working capital

Others

Gross Cashflows

Capex

FCFF

Net Debt

Financial Charges

FCFE

Dividends

Changes in Equity

Net Cashflow

Beginning cash balance

Ending cash balance


24/52

2,012 2,013 2,014 2,015

14,106.58 15,383.81 16,787.45 18,331.94

6,367.99 7,060.34 7,834.89 8,702.74

10,027.93 11,061.80 12,212.32 13,494.35

2,091.88 2,283.19 2,491.99 2,719.89

1,457.05 1,607.27 1,774.44 1,960.72

111.00 111.00 111.00 111.00

7,738.58 8,323.47 8,952.56 9,629.20

7,738.58 8,323.47 8,952.56 9,629.20

7,389.60 7,994.93 8,654.15 9,372.52

1,945.58 2,183.03 2,449.47 2,748.45

5,444.02 5,811.90 6,204.68 6,624.07

3,864.26 4,057.48 4,260.35 4,473.37

2,852.71 3,331.40 3,872.95 4,486.06

2,270.05 2,383.55 2,502.73 2,627.8656.43 61.54 67.15 73.33

(2,213.62) (2,322.01) (2,435.58) (2,554.54)

639.09 1,009.39 1,437.37 1,931.52 -3.97% -6.99%

(3.49) (5.51) (7.84) (10.53)

635.60 1,003.88 1,429.53 1,920.99

372,263.00 372,263.00 372,263.00 372,263.00

1.71 2.70 3.84 5.16


25/52

Weighted Average Cost of Capital

Weight of Debt Wd 0.80

Weight of equity Ws 0.20

Cost of debt Kd 0.1333 The cost of debt is calc

After tax Cost of Debt Kd(1-T) 0.087

Cost of equity Ks 0.1348 To calculate cost of eq

Corporate Tax Rate T 0.35

Debt (Wd*Kd)(1-T) 0.0696

Equity (Ws*Ks) 0.0265

WACC (Wd*Kd)(1-T)+(Ws*Ks) 9.61%


26/52

ulated by taking the average of the rates on the long term loans given in the note 7 of the annual report 201

ity we used CAPM


27/52

0 the average rate is 13.33% ( 13.85%+16.44%+9.7%)


28/52

Capital Asset Pricing Model (for calculat

Data from KSE Index for calculating Beta & cost of Equity

date closing Index Avg Index date closing MCFL Avg MCFL

1/4/2010 9437.85 - 1/4/2010 3.55 -

1/5/2010 9657.38 0.023260594 1/5/2010 3.3 -0.070422535

1/7/2010 9737.47 0.00829314 1/7/2010 3.35 0.015151515

1/13/2010 9784.85 0.00486574 1/13/2010 4.05 0.208955224

1/14/2010 9802.45 0.001798699 1/14/2010 3.65 -0.098765432

1/15/2010 9923.14 0.012312228 1/15/2010 3.99 0.093150685

1/18/2010 9895.46 -0.00278944 1/18/2010 3.7 -0.072681704

1/20/2010 9904.74 0.000937804 1/20/2010 3.38 -0.086486486

1/21/2010 9753.84 -0.01523513 1/21/2010 3.38 0

1/22/2010 9777.59 0.002434938 1/22/2010 3.41 0.00887574

1/25/2010 9689.2 -0.00904006 1/25/2010 3.4 -0.0029325511/26/2010 9666.48 -0.002344879 1/26/2010 3.43 0.008823529

1/27/2010 9603.55 -0.006510126 1/27/2010 3.3 -0.037900875

1/28/2010 9579.81 -0.002472003 1/28/2010 3.35 0.015151515

1/29/2010 9614.19 0.003588798 1/29/2010 3.98 0.188059701

2/1/2010 9591.51 -0.002359013 2/1/2010 4.17 0.047738693

2/2/2010 9595.24 0.000388886 2/2/2010 4.12 -0.011990408

2/3/2010 9627.63 0.003375632 2/3/2010 5.12 0.242718447

2/4/2010 9769.73 0.014759603 2/4/2010 6.12 0.1953125

2/8/2010 9809.98 0.004119868 2/8/2010 6.82 0.114379085

2/9/2010 9786.46 -0.002397558 2/9/2010 5.82 -0.146627566

2/10/2010 9733.36 -0.005425864 2/10/2010 5.19 -0.108247423

2/11/2010 9802.8 0.007134227 2/11/2010 5.62 0.082851638

2/12/2010 9805.87 0.000313176 2/12/2010 5.8 0.03202847

2/15/2010 9701.81 -0.010612011 2/15/2010 5.9 0.017241379

2/16/2010 9769.68 0.006995602 2/16/2010 6.64 0.125423729

2/17/2010 9867.09 0.009970644 2/17/2010 6.73 0.013554217

2/18/2010 9889.3 0.002250917 2/18/2010 6.6 -0.019316493

2/19/2010 9902.62 0.00134691 2/19/2010 6.86 0.039393939

2/22/2010 9953.07 0.005094611 2/22/2010 6.36 -0.072886297

2/23/2010 9823.57 -0.013011061 2/23/2010 6.1 -0.040880503

2/24/2010 9686.18 -0.013985751 2/24/2010 6.1 02/25/2010 9667.17 -0.00196259 2/25/2010 5.48 -0.101639344

2/26/2010 9657.79 -0.000970294 2/26/2010 5.15 -0.060218978

3/1/2010 9498.57 -0.016486173 3/1/2010 5.05 -0.019417476

3/2/2010 9546.39 0.005034442 3/2/2010 4.8 -0.04950495

3/3/2010 9419.43 -0.013299268 3/3/2010 5.1 0.0625

3/4/2010 9511.53 0.009777662 3/4/2010 4.76 -0.066666667

3/5/2010 9626.29 0.012065356 3/5/2010 4.5 -0.054621849

3/8/2010 9740.19 0.01183218 3/8/2010 4.97 0.104444444


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3/9/2010 9787.03 0.004808941 3/9/2010 4.57 -0.080482897

3/10/2010 9784.98 -0.000209461 3/10/2010 4.7 0.028446389

3/11/2010 9879.7 0.009680142 3/11/2010 4.95 0.053191489

3/12/2010 10025.99 0.01480713 3/12/2010 4.94 -0.002020202

3/16/2010 10017.71 -0.000825854 3/16/2010 4.4 -0.109311741

3/17/2010 9989.81 -0.002785068 3/17/2010 4.99 0.134090909

3/18/2010 10007.87 0.001807842 3/18/2010 4.97 -0.0040080163/19/2010 10000.93 -0.000693454 3/19/2010 5.24 0.054325956

3/22/2010 9963.35 -0.003757651 3/22/2010 5.39 0.028625954

3/24/2010 10146.27 0.018359287 3/24/2010 4.39 -0.185528757

3/25/2010 10127.03 -0.001896263 3/25/2010 4.19 -0.045558087

3/26/2010 10137.93 0.001076327 3/26/2010 4.51 0.076372315

3/29/2010 10056.46 -0.008036157 3/29/2010 4.51 0

3/30/2010 10073.77 0.001721282 3/30/2010 4.7 0.042128603

3/31/2010 10178.43 0.010389358 3/31/2010 4.55 -0.031914894

4/1/2010 10246.77 0.006714199 4/1/2010 4.05 -0.10989011

4/2/2010 10416.52 0.016566196 4/2/2010 4.3 0.061728395

4/5/2010 10447.84 0.003006762 4/5/2010 4.35 0.011627907

4/7/2010 10523.01 0.007194789 4/7/2010 4.53 0.04137931

4/8/2010 10533.57 0.001003515 4/8/2010 5.2 0.14790287

4/9/2010 10586.46 0.00502109 4/9/2010 4.99 -0.040384615

4/12/2010 10557.19 -0.002764852 4/12/2010 4.6 -0.078156313

4/13/2010 10506.2 -0.004829884 4/13/2010 4.88 0.060869565

4/16/2010 10659.21 0.014563781 4/16/2010 4.75 -0.026639344

4/19/2010 10669.88 0.001001012 4/19/2010 5.13 0.08

4/20/2010 10641.52 -0.002657949 4/20/2010 4.85 -0.054580897

4/21/2010 10590.21 -0.00482168 4/21/2010 5.2 0.072164948

4/22/2010 10615.15 0.002355005 4/22/2010 5.3 0.0192307694/23/2010 10607.03 -0.000764944 4/23/2010 4.51 -0.149056604

4/26/2010 10556.37 -0.004776078 4/26/2010 3.79 -0.159645233

4/27/2010 10556.39 1.89459E-06 4/27/2010 3.63 -0.042216359

4/28/2010 10519.02 -0.003540036 4/28/2010 3.87 0.066115702

4/29/2010 10454.63 -0.006121293 4/29/2010 4.11 0.062015504

4/30/2010 10428.12 -0.002535719 4/30/2010 3.87 -0.058394161

5/3/2010 10389.46 -0.003707284 5/3/2010 3.91 0.010335917

5/4/2010 10467.76 0.007536484 5/4/2010 3.85 -0.015345269

5/5/2010 10561.74 0.008978043 5/5/2010 3.87 0.005194805

5/6/2010 10553.12 -0.000816153 5/6/2010 4 0.033591731

5/7/2010 10271.47 -0.02668879 5/7/2010 4.12 0.03

5/10/2010 10288.14 0.001622942 5/10/2010 4 -0.029126214

5/11/2010 10208.82 -0.007709848 5/11/2010 3.7 -0.075

5/12/2010 10222.04 0.001294959 5/12/2010 3.95 0.067567568

5/13/2010 10279.52 0.005623144 5/13/2010 3.75 -0.050632911

5/14/2010 10271.71 -0.000759763 5/14/2010 3.8 0.013333333

5/17/2010 10033.76 -0.023165568 5/17/2010 3.41 -0.102631579

5/18/2010 10082.04 0.004811756 5/18/2010 3.32 -0.026392962

5/19/2010 10050.04 -0.003173961 5/19/2010 3.5 0.054216867


30/52

5/20/2010 9993.4 -0.005635798 5/20/2010 3.87 0.105714286

5/21/2010 9871.16 -0.012232073 5/21/2010 3.1 -0.198966408

5/24/2010 9687.41 -0.018614834 5/24/2010 3.1 0

5/25/2010 9428.44 -0.026732635 5/25/2010 3 -0.032258065

5/26/2010 9611.55 0.019421028 5/26/2010 3.39 0.13

5/27/2010 9439.97 -0.017851439 5/27/2010 3.59 0.05899705

5/28/2010 9521.15 0.008599604 5/28/2010 3 -0.1643454046/1/2010 9294.18 -0.023838507 6/1/2010 3.5 0.166666667

6/3/2010 9621.3 0.03519622 6/3/2010 3.5 0

6/7/2010 9791.64 0.017704468 6/7/2010 3.35 -0.042857143

6/8/2010 9763.17 -0.002907582 6/8/2010 3.7 0.104477612

6/9/2010 9678.38 -0.008684679 6/9/2010 3.7 0

6/10/2010 9379.78 -0.030852271 6/10/2010 3 -0.189189189

6/11/2010 9471.12 0.009737968 6/11/2010 3.35 0.116666667

6/14/2010 9229.6 -0.02550068 6/14/2010 3.35 0

6/15/2010 9250.55 0.002269871 6/15/2010 3.25 -0.029850746

6/16/2010 9436.88 0.020142586 6/16/2010 3.45 0.061538462

6/18/2010 9645.71 0.022129136 6/18/2010 3.79 0.098550725

6/21/2010 9651.32 0.000581606 6/21/2010 3.59 -0.052770449

6/22/2010 9682.32 0.003211996 6/22/2010 3.72 0.036211699

6/23/2010 9715.39 0.003415504 6/23/2010 3.89 0.045698925

6/24/2010 9791.89 0.007874105 6/24/2010 3.55 -0.087403599

6/25/2010 9796.85 0.000506542 6/25/2010 3.1 -0.126760563

6/28/2010 9671.55 -0.012789825 6/28/2010 3.19 0.029032258

6/29/2010 9702.03 0.003151511 6/29/2010 3.19 0

6/30/2010 9721.91 0.002049056 6/30/2010 3 -0.059561129

7/1/2010 9730.99 0.000933973 7/1/2010 3.24 0.08

7/2/2010 9697.65 -0.003426167 7/2/2010 3.51 0.0833333337/5/2010 9637.97 -0.006154068 7/5/2010 3.64 0.037037037

7/6/2010 9575.2 -0.006512782 7/6/2010 3.4 -0.065934066

7/7/2010 9789.69 0.022400576 7/7/2010 3.51 0.032352941

7/8/2010 9860.99 0.007283172 7/8/2010 3.45 -0.017094017

7/9/2010 9974.4 0.011500874 7/9/2010 3.45 0

7/12/2010 9979.07 0.000468199 7/12/2010 3.25 -0.057971014

7/13/2010 10114.65 0.013586436 7/13/2010 3.35 0.030769231

7/14/2010 10187 0.007152991 7/14/2010 3.57 0.065671642

7/15/2010 10095.8 -0.008952587 7/15/2010 3.54 -0.008403361

7/16/2010 10153.85 0.005749916 7/16/2010 3.72 0.050847458

7/19/2010 10201.85 0.004727271 7/19/2010 3.62 -0.02688172

7/20/2010 10251.53 0.004869705 7/20/2010 3.54 -0.022099448

7/21/2010 10234.03 -0.001707062 7/21/2010 3.85 0.087570621

7/22/2010 10228.86 -0.000505177 7/22/2010 3.7 -0.038961039

7/23/2010 10296.04 0.006567692 7/23/2010 3.85 0.040540541

7/27/2010 10386.82 0.008816982 7/27/2010 3.27 -0.150649351

7/28/2010 10436.29 0.004762767 7/28/2010 3.45 0.055045872

7/29/2010 10438.66 0.000227092 7/29/2010 3.33 -0.034782609

7/30/2010 10519.02 0.007698306 7/30/2010 3.58 0.075075075


31/52

8/2/2010 10373.53 -0.013831136 8/2/2010 3.29 -0.081005587

8/3/2010 10388.64 0.001456592 8/3/2010 2.89 -0.121580547

8/4/2010 10390.27 0.000156902 8/4/2010 3.2 0.107266436

8/5/2010 10351.72 -0.003710202 8/5/2010 3.4 0.0625

8/6/2010 10315.2 -0.003527916 8/6/2010 3.69 0.085294118

8/9/2010 10026.2 -0.028016907 8/9/2010 3.1 -0.159891599

8/10/2010 9892.32 -0.013353015 8/10/2010 3.27 0.054838718/11/2010 9875.68 -0.001682113 8/11/2010 3.01 -0.079510703

8/12/2010 9792.81 -0.008391321 8/12/2010 3.1 0.029900332

8/13/2010 9823.37 0.003120657 8/13/2010 3.29 0.061290323

8/16/2010 9537.13 -0.029138676 8/16/2010 2.61 -0.20668693

8/17/2010 9677.89 0.014759157 8/17/2010 3 0.149425287

8/18/2010 9705 0.00280123 8/18/2010 2.99 -0.003333333

8/19/2010 9847.61 0.014694487 8/19/2010 2.98 -0.003344482

8/20/2010 9860.36 0.00129473 8/20/2010 2.88 -0.033557047

8/23/2010 9812.1 -0.004894345 8/23/2010 2.97 0.03125

8/24/2010 9637.17 -0.017827988 8/24/2010 2.98 0.003367003

8/25/2010 9553.81 -0.008649842 8/25/2010 3 0.006711409

8/26/2010 9584.37 0.003198724 8/26/2010 3.25 0.083333333

8/27/2010 9598.71 0.001496186 8/27/2010 2.67 -0.178461538

8/30/2010 9516.42 -0.008573027 8/30/2010 2.22 -0.168539326

8/31/2010 9813.05 0.031170335 8/31/2010 2.7 0.216216216

9/1/2010 9735.38 -0.00791497 9/1/2010 2.9 0.074074074

9/2/2010 9762.89 0.002825776 9/2/2010 2.84 -0.020689655

9/6/2010 9706.1 -0.005816925 9/6/2010 3 0.056338028

9/8/2010 9891.13 0.019063269 9/8/2010 2.85 -0.05

9/9/2010 9879.33 -0.001192988 9/9/2010 2.81 -0.014035088

9/14/2010 10091.25 0.021450847 9/14/2010 2.9 0.032028479/15/2010 10046.57 -0.004427598 9/15/2010 2.61 -0.1

9/16/2010 10017.14 -0.002929358 9/16/2010 2.94 0.126436782

9/17/2010 10052.97 0.003576869 9/17/2010 2.98 0.013605442

9/20/2010 10063.58 0.001055409 9/20/2010 3.1 0.040268456

9/21/2010 9992.5 -0.007063093 9/21/2010 2.9 -0.064516129

9/22/2010 9946.42 -0.004611459 9/22/2010 2.7 -0.068965517

9/24/2010 9909.45 -0.003716915 9/24/2010 3.14 0.162962963

9/27/2010 9936.79 0.002758983 9/27/2010 3.25 0.035031847

9/28/2010 9981.07 0.004456167 9/28/2010 3 -0.076923077

9/29/2010 10022.25 0.00412581 9/29/2010 3.09 0.03

9/30/2010 10013.31 -0.000892015 9/30/2010 3.2 0.035598706

10/1/2010 10042.44 0.002909128 10/1/2010 3.1 -0.03125

10/4/2010 10045.03 0.000257905 10/4/2010 3.1 0

10/5/2010 10024.86 -0.002007958 10/5/2010 3.09 -0.003225806

10/6/2010 10029.36 0.000448884 10/6/2010 2.9 -0.061488673

10/7/2010 10191.68 0.016184482 10/7/2010 2.98 0.027586207

10/8/2010 10260.48 0.006750604 10/8/2010 2.75 -0.077181208

10/11/2010 10322.56 0.006050399 10/11/2010 2.9 0.054545455

10/12/2010 10292.33 -0.002928537 10/12/2010 2.88 -0.006896552


32/52

10/13/2010 10389.97 0.009486676 10/13/2010 2.7 -0.0625

10/14/2010 10409.02 0.001833499 10/14/2010 2.52 -0.066666667

10/15/2010 10431.84 0.002192329 10/15/2010 2.45 -0.027777778

10/18/2010 10484.39 0.005037462 10/18/2010 2.9 0.183673469

10/19/2010 10464.89 -0.001859908 10/19/2010 2.9 0

10/20/2010 10486.02 0.002019133 10/20/2010 2.9 0

10/21/2010 10558.74 0.006934948 10/21/2010 2.5 -0.13793103410/22/2010 10652.48 0.008877953 10/22/2010 2.7 0.08

10/25/2010 10703.71 0.004809209 10/25/2010 2.56 -0.051851852

10/26/2010 10658.15 -0.004256468 10/26/2010 2.65 0.03515625

10/27/2010 10704.16 0.004316884 10/27/2010 2.95 0.113207547

10/28/2010 10634.99 -0.006461974 10/28/2010 2.8 -0.050847458

10/29/2010 10598.4 -0.00344053 10/29/2010 3 0.071428571

11/1/2010 10538.27 -0.005673498 11/1/2010 2.9 -0.033333333

11/3/2010 10617.65 0.007532546 11/3/2010 2.9 0

11/5/2010 10882 0.024897223 11/5/2010 3.05 0.051724138

11/10/2010 10941.94 0.005508179 11/10/2010 2.98 -0.02295082

11/12/2010 10874.02 -0.006207309 11/12/2010 2.94 -0.013422819

11/15/2010 10909.65 0.003276617 11/15/2010 2.99 0.017006803

11/22/2010 11205.84 0.027149359 11/22/2010 2.91 -0.026755853

11/25/2010 11135.34 -0.006291362 11/25/2010 2.94 0.010309278

11/26/2010 11145.02 0.000869304 11/26/2010 2.81 -0.044217687

11/29/2010 11163.43 0.001651859 11/29/2010 2.58 -0.081850534

11/30/2010 11234.76 0.006389613 11/30/2010 2.8 0.085271318

12/1/2010 11221.81 -0.001152673 12/1/2010 2.67 -0.046428571

12/2/2010 11343.55 0.010848517 12/2/2010 2.95 0.104868914

12/6/2010 11440.07 0.0085088 12/6/2010 2.5 -0.152542373

12/7/2010 11431.01 -0.000791953 12/7/2010 2.92 0.16812/10/2010 11620.16 0.016547094 12/10/2010 2.77 -0.051369863

12/13/2010 11596.69 -0.002019766 12/13/2010 3.07 0.108303249

12/14/2010 11672.64 0.006549283 12/14/2010 3.41 0.110749186

12/15/2010 11786.09 0.009719309 12/15/2010 3.29 -0.035190616

12/20/2010 11843.65 0.004883723 12/20/2010 3.4 0.03343465

12/21/2010 11825.06 -0.001569617 12/21/2010 3.38 -0.005882353

12/22/2010 11848.62 0.001992379 12/22/2010 3.39 0.00295858

12/23/2010 11792.83 -0.004708565 12/23/2010 3.47 0.02359882

12/24/2010 11858.17 0.005540655 12/24/2010 3.47 0

12/27/2010 11909.73 0.004348057 12/27/2010 3.25 -0.063400576

12/28/2010 11848.05 -0.005178959 12/28/2010 3.3 0.015384615

12/29/2010 11886.02 0.003204747 12/29/2010 3.3 0

12/30/2010 12031.46 0.012236224 12/30/2010 3.11 -0.057575758

12/31/2010 12022.46 -0.000748039 12/31/2010 3.02 -0.028938907

1/3/2011 11849.46 -0.014389734 1/3/2011 2.9 -0.039735099

1/4/2011 12110.26 0.022009442 1/4/2011 3.2 0.103448276

1/5/2011 12140.84 0.002525132 1/5/2011 3.37 0.053125

1/6/2011 12323.47 0.015042616 1/6/2011 3.24 -0.038575668

1/7/2011 12389.04 0.005320742 1/7/2011 3.42 0.055555556


33/52

1/10/2011 12306.7 -0.006646197 1/10/2011 3.26 -0.046783626

1/11/2011 12267.21 -0.003208821 1/11/2011 3.02 -0.073619632

1/12/2011 12281.24 0.001143699 1/12/2011 3.49 0.155629139

1/13/2011 12459.44 0.014509935 1/13/2011 3.1 -0.111747851

1/14/2011 12533.54 0.005947298 1/14/2011 3.36 0.083870968

1/17/2011 12681.94 0.01184023 1/17/2011 3.25 -0.032738095

1/18/2011 12658.16 -0.001875107 1/18/2011 3.01 -0.0738461541/19/2011 12577.61 -0.006363484 1/19/2011 3 -0.003322259

1/20/2011 12411.87 -0.013177384 1/20/2011 3 0

1/21/2011 12431.91 0.001614583 1/21/2011 3.39 0.13

1/24/2011 12370.59 -0.004932468 1/24/2011 3.02 -0.109144543

1/25/2011 12455.75 0.006884069 1/25/2011 2.95 -0.023178808

1/26/2011 12483.34 0.002215041 1/26/2011 3.1 0.050847458

1/27/2011 12477 -0.000507877 1/27/2011 3.05 -0.016129032

1/28/2011 12462.7 -0.001146109 1/28/2011 3 -0.016393443

1/31/2011 12359.36 -0.008291943 1/31/2011 3.33 0.11

2/1/2011 12273.38 -0.006956671 2/1/2011 3.35 0.006006006

2/2/2011 12242.39 -0.002524977 2/2/2011 3.33 -0.005970149

2/4/2011 12415.35 0.01412796 2/4/2011 3.24 -0.027027027

2/7/2011 12427.36 0.000967351 2/7/2011 3.35 0.033950617

2/8/2011 12360.94 -0.005344659 2/8/2011 3.71 0.107462687

2/9/2011 12299.28 -0.004988294 2/9/2011 4.08 0.099730458

2/10/2011 12187.47 -0.009090776 2/10/2011 3.92 -0.039215686

2/11/2011 11943.34 -0.020031229 2/11/2011 3.75 -0.043367347

2/14/2011 11946.09 0.000230254 2/14/2011 3.6 -0.04

2/15/2011 12078.28 0.011065545 2/15/2011 3.98 0.105555556

2/17/2011 12061.77 -0.001366916 2/17/2011 3.95 -0.007537688

2/18/2011 12041.15 -0.001709534 2/18/2011 4 0.0126582282/21/2011 11964.68 -0.006350722 2/21/2011 4.03 0.0075

2/22/2011 11649.38 -0.026352564 2/22/2011 4 -0.007444169

2/23/2011 11523.42 -0.010812593 2/23/2011 3.9 -0.025

2/24/2011 11539.26 0.001374592 2/24/2011 4 0.025641026

2/25/2011 11223.52 -0.02736224 2/25/2011 3.97 -0.0075

2/28/2011 11289.23 0.005854669 2/28/2011 4 0.007556675

3/1/2011 11608.43 0.028274736 3/1/2011 4 0

3/2/2011 11699.16 0.007815872 3/2/2011 4.15 0.0375

3/3/2011 11762 0.005371326 3/3/2011 5.15 0.240963855

3/4/2011 12000.03 0.020237205 3/4/2011 6.15 0.194174757

3/7/2011 11974.55 -0.002123328 3/7/2011 7.15 0.162601626

3/8/2011 11940.01 -0.002884451 3/8/2011 7.96 0.113286713

3/9/2011 12128.15 0.015757106 3/9/2011 7.5 -0.057788945

3/10/2011 12125.79 -0.000194589 3/10/2011 6.65 -0.113333333

3/11/2011 12045.25 -0.006642041 3/11/2011 6.42 -0.034586466

3/14/2011 12045.38 1.07926E-05 3/14/2011 6.26 -0.024922118

3/15/2011 11829.24 -0.017943809 3/15/2011 7.26 0.159744409

3/16/2011 11794.57 -0.002930873 3/16/2011 7.55 0.039944904

3/17/2011 11858.27 0.00540079 3/17/2011 7.29 -0.034437086


34/52

3/18/2011 11606.61 -0.02122232 3/18/2011 7.39 0.013717421

3/21/2011 11375.14 -0.019942946 3/21/2011 7.25 -0.01894452

3/22/2011 11488.06 0.009926911 3/22/2011 8.25 0.137931034

3/24/2011 11564.25 0.006632103 3/24/2011 9.25 0.121212121

3/25/2011 11552.13 -0.001048058 3/25/2011 10.05 0.086486486

3/28/2011 11583.03 0.002674831 3/28/2011 9.78 -0.026865672

3/29/2011 11711.4 0.011082592 3/29/2011 9.41 -0.0378323113/30/2011 11808.61 0.008300459 3/30/2011 10.03 0.065887354

3/31/2011 11809.54 7.87561E-05 3/31/2011 9.51 -0.051844467

4/1/2011 11885.64 0.006443943 4/1/2011 10.51 0.105152471

4/4/2011 11873.28 -0.00103991 4/4/2011 11.37 0.081826832

4/5/2011 11901.37 0.002365816 4/5/2011 11.63 0.022867194

4/6/2011 11933.18 0.002672802 4/6/2011 12.63 0.085984523

4/7/2011 11848.84 -0.007067689 4/7/2011 13.63 0.079176564

4/8/2011 11905.87 0.004813129 4/8/2011 14.48 0.062362436

4/11/2011 11868.77 -0.00311611 4/11/2011 13.52 -0.066298343

4/12/2011 11796.09 -0.006123634 4/12/2011 12.52 -0.073964497

4/13/2011 11734.72 -0.005202571 4/13/2011 11.89 -0.050319489

4/14/2011 11652.54 -0.00700315 4/14/2011 11.89 0

4/15/2011 11684.23 0.002719579 4/15/2011 11.89 0

4/18/2011 11674.83 -0.000804503 4/18/2011 11.03 -0.072329689

4/19/2011 11599.28 -0.006471186 4/19/2011 11.38 0.031731641

4/20/2011 11745.06 0.012568021 4/20/2011 11.32 -0.005272408

4/21/2011 11923.59 0.015200433 4/21/2011 11.28 -0.003533569

4/22/2011 11954.37 0.002581437 4/22/2011 11 -0.024822695

4/25/2011 11916.02 -0.003208032 4/25/2011 10.94 -0.005454545

4/26/2011 11933.46 0.001463576 4/26/2011 10.94 0

4/27/2011 11947.44 0.001171496 4/27/2011 11.94 0.0914076784/28/2011 11966.67 0.00160955 4/28/2011 12.94 0.083752094

4/29/2011 12057.54 0.007593591 4/29/2011 13.93 0.076506955

5/2/2011 12035.89 -0.001795557 5/2/2011 14.2 0.019382627

5/3/2011 11956.89 -0.006563702 5/3/2011 13.33 -0.061267606

5/4/2011 11672.05 -0.023822248 5/4/2011 12.63 -0.052513128

5/5/2011 11906.69 0.020102724 5/5/2011 12.87 0.019002375

5/6/2011 11879.96 -0.002244956 5/6/2011 13.22 0.027195027

5/9/2011 11932.68 0.004437725 5/9/2011 14.22 0.075642965

5/10/2011 12012.02 0.006648967 5/10/2011 14.44 0.015471167

5/11/2011 12036.36 0.002026304 5/11/2011 14 -0.030470914

5/12/2011 11962.18 -0.006162993 5/12/2011 13.59 -0.029285714

5/13/2011 11967.35 0.000432195 5/13/2011 13.75 0.011773363

5/16/2011 11902.12 -0.005450664 5/16/2011 13.4 -0.025454545

5/17/2011 11930.24 0.002362604 5/17/2011 13.38 -0.001492537

5/18/2011 11884.61 -0.003824734 5/18/2011 12.94 -0.032884903

5/19/2011 11878.81 -0.000488026 5/19/2011 12.77 -0.013137558

5/20/2011 11973.38 0.007961235 5/20/2011 12.54 -0.018010963

5/23/2011 12030.64 0.004782275 5/23/2011 12.48 -0.004784689

5/24/2011 12130.58 0.008307122 5/24/2011 13 0.041666667


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5/25/2011 12168.12 0.003094658 5/25/2011 12.99 -0.000769231

5/26/2011 12198.12 0.002465459 5/26/2011 12.69 -0.023094688

5/27/2011 12225.52 0.002246248 5/27/2011 12.54 -0.011820331

5/30/2011 12195.59 -0.002448158 5/30/2011 12.41 -0.010366826

Average 0.000838987 0.006850103

cost of debt


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ing cost of equity)

Formula

beta Slope Function 0.0015

Risk Free rate 0.135

Cost of Equity Rf+B*(Rm-Rf) 13.48%


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Documents

finance project assumption