Financial Analysis - Apple

8/9/2019 Financial Analysis - Apple

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Financial Analysis:Apple Inc.In Partial Fulfllment o the requirements or FINA 6305 7QA

Submitted By:Bhamidiphati Anusha!a"urin #herr$ %o$

&ao Philippe

Submitted To:Proessor &i'en (u

)ni*ersit$ o +allas

,atish &asmin - (upta #olle"e o Business


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Table of Contents

I. .a/le o #ontents

II. 12euti*e ,ummar$ 4

III. #ompan$ Ba"round 3

IV. Finanial atios

i8 !iquidit$ or 9orin" #apitalii8 1:iien$ and Asset ;ana"ementiii8 +e/t ;ana"ementi*8 Perormane

*8 +uPont atio

V. Bond


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Executive Sua!y

.he fnanial anal$sis that the team onduted or Apple In8 is

or"anied into the ollo'in" setions

#ompan$ Ba"round

Finanial atios

Bond


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Copany #ac$%!oun&

Apple In8 is an Amerian multinational orporation headquartered in

#upertino #aliornia that desi"n de*elops and sells onsumer eletronis

omputer sot'are online ser*ies and personal omputers8 Its /estCno'n

hard'are produts are the ;a line o omputers the iPod media pla$er

the iPhone smartphone and the iPad ta/let omputer8 Its online ser*ies

inlude i#loud i.unes ,tore and App ,tore8 Its onsumer sot'are inludes

the D, E and iD, operatin" s$stems the i.unes media /ro'ser the ,aari

'e/ /ro'ser and the i!ie and i9or reati*it$ and produti*it$ suites8

Apple manuatures some ;as in the )nited ,tates /ut most o its

hard'are produts are urrentl$ outsoured in Asia8 ;ost omponents that

are essential to the /usiness are /ein" supplied /$ multiple soures8

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Financial (atios

i. Liquidity or Working Capital

2014 2013 2012

Cu!!ent (atio 80 86 850

)uic$ (atio 0867 843 80

*o!$in% Capital +,S-/

in tousan&s503000800 4=64000800 =000800

#urrent ratio is the a/ilit$ o a ompan$ to meet its shortCterm

o/li"ations8 It is also an indiation o a ompan$Gs relati*e e:iien$8

AppleGs urrent ratio or the past three $ears is a/o*e 'hih is

onsidered as a lo' urrent ratio8 Ha*in" a lo' urrent ratio means

that the ompan$ is e:iient in usin" its apital 'hih leads to a hi"h

DA eturn on AssetsJ8Qui ratio is used as an indiation o a ompan$Gs shortCterm

liquidit$8 AppleGs qui ratio is lo'er than its urrent ratio sine Apple

has other listed assets that are more hallen"in" to on*ert into ash

suh as in*entories deerred ta2 assets *endor nonCtrade reei*a/les

and other urrent assets89orin" apital is a measure o the a/ilit$ o a ompan$ to o*er

its shortCterm lia/ilities8 For 40 Apple has a 'orin" apital o 580

B8 .he ompan$Gs 'orin" apital ould /e used to e2pand and

impro*e their operations usin" urrent resoures8

ii. Efiieny and !""et #anagement

2014 2013 2012

Total Asset Tu!nove! 0.2 0.3' 0.32

Fixe& Asset Tu!nove! 3.34 10.'0 10.1'

-aily Sales 5utstan&in% '6.07 "3.12 "6."

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.he .otal Asset .urno*er is an indiator o the ompan$Gs

e:iien$ in usin" its assets8 For the past three $ears AppleGs total

asset turno*er is delinin"8Fi2ed Asset .urno*er is the ratio o the ompan$Gs a/ilit$ to

"enerate re*enue rom its f2ed assets in*estments suh as propert$

plant and equipment8 AppleGs f2ed asset turn o*er impro*ed rom

404 to 403 then delined rom 303 to 408+ail$ ,ales Dutstandin" is the measure o the a*era"e num/er

o da$s that a ompan$ taes /eore it ould ollet its re*enue ater a

sale has /een made8 For the past three $ears Apple sho's an

inreasin" num/er o +,D da$s8

iii. $ebt #anagement

2014 2013 2012

Total 8iabilities to Total

Assets

0.6" 0.70 0.''

8on%9Te! -ebt to

Capital

0.66 0.74 0.00

Ties Inte!est Ea!ne& 1'2."3 '43.2 0.00

.otal lia/ilities to .otal Assets is a measure o the ompan$Gs

total de/t relati*e to its total assets8 AppleGs fnanial data sho's that

or the past three $ears the perenta"e o its assets that 'ere

fnaned 'ith de/t is inreasin"8

!on"C.erm +e/t to #apitaliation is alulated /$ di*idin" the

ompan$Gs lon"Cterm de/t /$ the amount o its a*aila/le apital8

AppleGs fnanial data or the past t'o $ears sho's that a "reat

portion o their apital 'ere fnaned *ia de/t8 #ompanies ha*in" a

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hi"her lon"Cterm de/t to apitaliation ratio are onsidered risier

than those 'ith lo'er ratios8.imes Interest 1arned .I1J is a measure o the ompan$Gs

a/ilit$ to o*er its interest o/li"ations8 For 404 .I1 is not

omputa/le sine Apple 'as not a*ailin" an$ de/t so there 'ere no

interests to /e paid or that $ear8 For 403 and 40 the ompan$Gs

fnanial data sho's that Apple started to a*ail de/t /ut its earnin"s

/eore interest and ta2es is *er$ su:iient to o*er its interest pa$a/le

/onds8

i%. &er'ormane

2014 2013 2012

P!ot ;a!%ins 0."" 0."" 0."

(etu!n on Assets +(5A 0.1 0.13 0."7

Proft mar"in indiates the profta/ilit$ o a ompan$8 From

404 to 403 there 'as a sli"ht deline in AppleGs proft mar"in and

'as retained or 408eturn on Assets DAJ is an indiator o the ompan$Gs

profta/ilit$ relati*e to its assets8 Ha*in" a hi"her DA mean that the

ompan$ is earnin" more mone$ on less in*estment8 AppleGs fnanial

data sho's that its DA is deterioratin" or the past three $ears

despite net inome "ro'th rom 403 to 408

%. $u&ont (atio

2014 2013 2012

(etu!n on E


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+uPont atio Anal$sis is a 'a$ o deomposin" and e2aminin"

eturn on 1quit$ D1J into three omponents Proft ;ar"in K Inome L e*enue

.otal Asset .urno*er K e*enue L Assets

Finanial !e*era"e K Assets L 1quit$

B$ alulatin" AppleGs D1 or the past three $ears it sho'ed a

deline rom 404 to 403 and an inrease in 403 to 408 .his

means that Apple has "enerated more proft rom utiliin" the mone$

that the shareholders ha*e in*ested in 40 ompared to 4038

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#on& =aluation

Bond *aluation is the present *alue o the /ond relati*e to its uture ash

Mo's8

i. $ebt #arket ValueAordin" to For/es ma"aine AppleGs maret ap is 38

/illion that maes it the rihest ompan$ in the 'orld8 .his is *er$

si"nifant /eause out o this maret *alue onl$ O is fnane the

remainin" /ein" ust equit$ or the ompan$8

ii. $ebt Struture!e*era"e ratio or the +e/t to 1quit$ ratio is an indiation o the

relati*e proportion o shareholders equit$ and de/t used to fnane a

ompan$s assets8 In the ase o Apple this ratio 'as 0R in

,eptem/er 404 and 45867 R in %une 408 .his is less than the

/enhmar a*era"e o 483R or an AA ratin" ompan$ and an

indiation o lo'er ris as /ond holders ha*e onl$ O laims on the

asset o the ompan$8

etrie*ed rom httpLL$harts8omL"lossar$LtermsLde/tSequit$Sratio J

iii. $ebt !%erage #aturityAppleGs &ield to ;aturit$ is 5864 R8 .his relati*e to the 0 $ears

.CNote o 486R "i*es a ,pread o 48= R8 .his lo' spread o near 0R

maes Apples a near ris ree ompan$8 .he immediate onsequene

is that Apple is /orro'in" or ree8

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http://ycharts.com/glossary/terms/debt_equity_ratiohttp://ycharts.com/glossary/terms/debt_equity_ratio


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i%. Credit (atingAppleGs redit ratin" is AA that maes it de/t an In*estment

(reat Bond8 .he on*ention is that an AA ompan$ has =85R interest

o*era"e 47 R return on apital and 483R le*era"e ratio 'hih is

atuall$ 45867R or Apple8 .his "ood ratin" is another indiation o

the lo'er deault ris due to the nearl$ de/t ree status o Apple8

%. Credit)ort*ine"".he redit 'orthiness o Apple is "reat8 9ith a &.; spread o

48=R relati*e to the .CNote itGs almost ertain that Apple 'ill ne*er

deault on its de/t8 Apple is urrentl$ eno$in" its AA redit ratin"8

.his translates on its lo' required o return8 In addition Apple is

usin" this le*era"e to fnane its de/t the oupon pa$ment is almost

equals to the &.;T the /ond an /e qualifed as /een sold at par

*alue8

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Stoc$ =aluation

,to *aluation is the present *alue P< o the uture ash Mo's

i. Stok Valuation +"ing $$# #odel

Apple sto is listed on the NA,+AQ and the tier is AAP!

++; P0 K +L rC"J

P0K ,to *aluation the prie o the /ond

+K +i*idend pa$ment at the end o frst $ear

r K equired eturn ate o the sto

"K #onstant (ro'th rate o the sto

P0 K 0085

" K =85R

r K =8=6 R

!ast di*idend paid 'as +0 K 087

+ K +0 U80==6J K 087 U 80==6J K 0856

P0 K 0856 L 080==6C 080=5J K 0856 L 08006 K ,--./012

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Dther thin"s equal 'e an sa$ that Apple sto is under*alued8 Apple

started pa$in" di*idends onl$ in in %ul$ 4048 Beore the ompan$ had onl$

ous on in*estin" its re*enue or eep it asset8

ii. 3ey 4Value $ri%er"5

.he e$ *alue dri*ers o this ompan$ are the "ro'th rate and the

required rate o return8 In addition the ratin" AA is a /i" dri*er o the

ompan$ "ro'th8 9ith this ratin" Apple an /orro' or almost ree o

har"e8 Inno*ation is /$ ar the /i""est dri*er o Apple8 9ith the *ision o

,te*e %o/ Apple 'as and still the industr$ leader8 .his needs to ontinue or

Apple to eep "ro'in"8

iii. Comparable and (egre""ion !naly"i"

Beta !pple Beta 6&7

804647 8663

Aordin" to the Beta o the di:erent frm in this ompetition Apple is

less *olatile than He'lett Parer8 Dn the desripti*e statistis ta/le 'ith a

onfdene o =5 R Apple is not that ar a'a$ rom the inde2 , - P 5008

eer to Appendi2 ( and H or Beta #omparison and Anal$sisJ

i%. E"timated and !tual Stok &rie

.he atual sto prie should /e 48378

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It is also due to the redit ratin" o the ompan$8 .hou"h AA ratin" is

reall$ "ood there is still a ne"ati*e spread that 'ill undermine the *alue o

the sto /$ the most septial in*estors8

.he de/t ratio o 0846 still is a /i" hun o the ompan$ *alue8 In

addition the death o ,te*e %o/ 'as the *isionar$ o the ompan$ has reall$

han"ed the ompan$ name /rand *alue8 Inno*ation has stalled e*er sine

and there are "reat hanes that the ompetition ould /e serious in the

near uture8

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Capital #u&%etin%

i. Capital Budgeting Strategy

Apple in*ests si"nifant amount in the apital e2penditures8 ,te*en

;iluno*ih o )B, seurities noted AppleGs #FD Peter Dppenheimer sa$in"

that Apple spent 0 /illion in 403 on apital e2penditures 'ith a $earC

o*erC$ear inrease up to 4 /illion spendin" almost as Intel does8 Apple

utilies the #ape2 in purhasin" the tools and mahiner$ or ne' prodution

proesses8 .he histori inormation learl$ re*eals that #ape2 o Apple

ha*e al'a$s /een on a rapid inrease si"ni$in" an o/*ious inrease in

re*enues as 'ell8

Capital expenditure Year

$ 1.5 billion 2009

$ 7.2 billion 2012

$ 9 billion 2013

AppleGs apital in*estments

>at$ Hu/ert$ o ;or"an ,tanle$ has indiated that AppleGs apital

e2penditure and re*enue ha*e /een =7R orrelated o*er the last $ears8

Hene an inrease in the #ape2 /$ deault indiates an inrease in the

re*enue8

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#apital /ud"etin" tehniques emplo$ed /$ the ompanies are not

dislosed in pu/li8 Hene to "ain an insi"ht or aess this inormation is

not possi/le8 Ho'e*er apital /ud"etin" tehniques most ommonl$ used

/$ the frms are disussed /elo'8 #apital /ud"etin" proess is used to

aess profta/ilit$ o potential apital e2penditures8 It is also important to

note thatT lar"e ape2 reates lon"Cterm *alue or shareholders8

1ah ompan$ hooses to use di:erent apital /ud"etin" tehniques

dependin" on the si"nifane o their apital /ud"etin" deisions8

ii. 8&V9 I(( and &aybak &eriod

8et &re"ent Value 8&V; is the di:erene /et'een the present

*alue o the ash inMo's and the present *alue o the ash outMo's8 It is

used in apital /ud"etin" to anal$e the profta/ilit$ o an in*estment or

proet8

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.he ad*anta"e o usin" NP< is that it onsiders Vtime *alue o mone$G

adustin" all the ash Mo's in the present da$ dollar *alue8 +ollars earned

in the uture 'ill not /e as muh 'orth as the dollars earned toda$8 NP


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i8 Vtime *alue o mone$G is not onsideredii8 ,hortCterm proets are a*ored

Apple undou/tedl$ has reated *alue in the past e' $ears espeiall$

in the last 3 $ears8 .o /e"in 'ith /$ ousin" purel$ on inno*ation Apple

has reated ne' produts and o/s8

Based on the past data AppleGs #ap12 is diretl$ proportional to the

re*enue8

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Cost of Capital an& Capital St!uctu!e

i. Co"t o' $ebt

'iin*est 40J

'iin*est 40J

+ue to the lar"e ash reser*es o Apple it did not ha*e an$ de/t

outstandin" prior to 4038 Apple issued 7 /illion in de/t in 403 'hih

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tri""ered an inrease in the maret interest rates8 .he maret prie o

/onds has delined and $ieldCtoCmaturit$ has inreased e*er sine8

Bloom/er" 403J

Based on oupon rate the 'ei"hted a*era"e ost o de/t is 85R

Based on $ieldCtoCmaturit$ 'ei"hted a*era"e ost o de/t is 485R

ii. Co"t o' Equity

In*estors need to understand the ost o equit$ alulation8 .he last

estimated ost o equit$ o Apple 'as at 087R8 Belo' is the ormula or

ost o equit$ /ased on the Vapital asset priin" modelG

Niu 40J

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.he apital asset priin" model #AP;J onept o Vost o equit$G

alulation is that ompensation should /e done or in*estorGs ris8 .he

alulation enompasses ompensation or the in*estor the ris premium

and the ris measure /eta that ompares the AppleGs returns to the maret

o*er a timerame8

)sin" #AP; ormula 'ith the /elo' data

0C$ear treasur$ $ield or the risCree rate

BetaK0866

As'ath +amodaranGs estimate o equit$ ris premiumK583R

#ost o 1quit$K4855W0866583RJ

#ost o 1quit$K68R

Beta !naly"i":

9e perormed V/eta anal$sisG usin" re"ression anal$sis on the ,-P

monthl$8

.he hart /elo' illustrates re"ression anal$sis

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Aordin" to In*estopedia Beta is ?a measure o the *olatilit$ or

s$stemati ris o a seurit$ or a portolio in omparison to the maret as a

'hole@8 Apple Beta /ein" more than is an indiation that the sto is more

*olatile than the maret8 .his is also an indiation that the sto has a

hi"her rate o return 'hih is onurrent to the ris8 In*estors are "ettin"

re'arded or the ris em/edded in Apple sto8 ,uh *olatilit$ is ommon to

the industr$8

.he omplete re"ression anal$sis is su/mitted in the 12el fle8

12erpts rom the anal$sis are /elo'

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.he re"ression anal$sis $ielded a Beta or Apple o 8048 .his does not

math a/o*e onsidered /eta *alue8

Weig*ted !%erage Co"t o' Capital:

9A## is the minimum return a ompan$ should earn on the

in*estmentsLape2 to reate *alue8 #urrent maret *alue o de/t and equit$

should /e used or 9A## alulation8

9ei"hted A*era"e #ost o #apital ormula is as ollo's

Aordin" to AppleGs 0> flin" or 40 e:eti*e ta2 rate K 468R8

AppleGs fnal ost o equit$ is 68R as disussed a/o*e8

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iii. Capital Struture

AppleGs apital struture is omposed o ommon sto 'ith

appro2imatel$ =38664 million shares outstandin" at fsal $earCend

,eptem/er 30 4038 .he ompan$ has ommon sto /ut no preerred

sto8 .he ompan$ issued lon"Cterm in April 403 de/t in order to pa$ a

di*idend to ustomers and to fnane their apital e2penditures8 .he ta/le

/elo' illustrates a $ear loo at AppleGs apital struture and its reentl$

issued lon"Cterm de/t8 .his data 'as taen rom their 0 flin"s8

Apple Fisal &earJ #apital ,truture in millions

,ept 40 ,ept 403 ,ept 404

!on"Cterm de/t 4=7 6=60 CC

#ommon ,to 4333 =76 644

etained 1arnin"s 754 045

6

04

=

#omprehensi*e Inome

and other

04 7J ==

.otal 1quit$ 5

7

435

=

4

0


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lo'est ost o apital as it is ta2 deduti/le8 It is not an optimal struture as

the Vris atorG or a frm inreases 'ith an inrease in de/t8

A ratio o VshortCterm de/tG and Vlon"Cterm de/tG should /e onsidered

or understandin" a ompan$Gs apital struture8 It helps the potential

in*estors in understandin" the Vris atorG in*ol*ed 'ith the frm8 .he

upperCle*el mana"ement o the frm should deide ho' muh de/tCequit$ is

"ood or the ompan$ not reahin" /anrupt$8 #redit ratin"s inMuene the

mana"ementGs deision8

Apple does not ha*e an VidealG apital struture8 It remained de/t ree

till 4038 .he de/t issued fnaned apital e2penditures8 Also Apple has a

*er$ hi"h redit ratin" at AAW 'hih ailitates de/t issuane at *er$ lo'

rates8

i%. EV!

1


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ati*ities

Net inome 3=50 37037 733

Adustments to

reonile net

inome to ash

"enerated /$

operatin"

ati*ities

+epreiation and

amortiation7=6 6757 3477

,hareC/ased

ompensation

e2pense

463 4453 70

+eerred inometa2 e2pense

437 05

#han"es in

operatin" assets

and lia/ilities

Aounts

reei*a/le net434J 474J 555J

In*entories 76J =73J 5J


26/78

"6 | P A G E


27/78

Conclusion

Apple is undou/tedl$ a stron" /u$8 Ho'e*er determinin" the primar$

ompetitors or Apple is di:iult as it o:ers a *ariet$ o produts aterin"

di:erent realms o the maret8 ,amsun" is the /i""est ompetitor o Apple

in the smart phone maret8 But there is no real threat in the Vta/letG

maret8 Ho'e*er VAmaonG and V;irosotG ust quali$ as potential threats8

Also the lon"Cterm *ia/ilit$ o AppleGs ompetitors is questiona/le8 It has

/een o/ser*ed that the resale *alue o used Apple de*ies is more than the

ne' de*ies o the ompetitors8

!ast 'ee on 40th Dto/er Apple announed its fnanial results or

the ourth quarter o fsal 408 .his inluded quarterl$ re*enue o 48

/illion 'ith quarterl$ re*enue net proft o 85 /illion8 Apple "enerated

383 /illion ash Mo' rom operations depitin" an inrease rom 083

/illion "enerated the pre*ious quarter8

.he hart /elo' ompares the sto perormane o Apple Amaon

and (oo"le8 Apple is do'n $earCtoC$ear /$ 30R espeiall$ sine itGs all time

hi"h in ,eptem/er 4048

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9ei"and

403J

Ho'e*er /$ omparin" the re*enue per share *alue o Apple a"ainst

(oo"le Apple is a lear 'inner8

9ei"and 403J

Hene it is sae to onlude that Apple is a sae /u$ 'ith the

ontinuous inno*ation and timel$ introdution o ne' produts lie i9ath

iPad Air et8 Apple al'a$s has ne' produts 'ith ne' eatures im/i/ed 'ith

hi"h /rand *alue and lon"Cterm *ia/ilit$8

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Appen&ix

!. !pple In. Balane S*eet

Apple Inc (NMS: AAPL)

Excan%e !ate use& is tat of te >ea! En& !epo!te& &ate

As Reported Annual Balance Sheet

Report ate =>?1?=-

0

=>?2?=-

/

=>?>?=-

!urrenc" +S$ +S$ +S$

Aud#t Status 8ot

7uali@ed

8ot

7uali@ed

8ot

7uali@ed

!onsol#dated Ae" Ae" Ae"

Scale T*ou"and

"

T*ou"and

"

T*ou"and

"

Cas ? cas e


30/78

Ac


31/78

0 /


Aud#t Status 8ot

7uali@ed

8ot

7uali@ed

8ot

7uali@ed


Scale

T*ou"and"

T*ou"and"

T*ou"and"

Det sales 47=500

0

70=000

0

565000

0

Cost of sales 44500

0

0660600

0

76000

G!oss a!%in 70537000 630000 6664000

(esea!c ? &evelopent expense 60000 75000 33000

Sellin%/ %ene!al ? a&inist!ative expense ==3000 030000 000000

Total ope!atin% expenses 03000 5305000 34000

5pe!atin% incoe +loss 54503000 ===000 554000

Inte!est ? &ivi&en& incoe 7=5000 66000 0000

Inte!est expense 3000 36000 C

5te! incoe +expense/ net C3000 C34000 C566000

5te! incoe +expenses/ net =0000 56000 544000

Incoe +loss befo!e p!ovision fo! incoe taxes 533000 5055000 55763000

Cu!!ent fe&e!al incoe tax expense +benet 64000 =33000 740000

-efe!!e& fe&e!al incoe tax expense +benet 33000 7000 50000

Total fe&e!al incoe tax expense +benet 07000 44000 445000Cu!!ent state incoe tax expense +benet 55000 0000 4000

-efe!!e& state incoe tax expense +benet C7000 C3000 C43000

Total state incoe tax expense +benet 677000 773000 05=000

Cu!!ent fo!ei%n incoe tax expense +benet 47000 55=000 403000

-efe!!e& fo!ei%n incoe tax expense +benet C65000 C46000 C=0000

Total fo!ei%n incoe tax expense +benet =000 33000 73000

P!ovision fo! +benet f!o incoe taxes 3=73000 3000 030000

Det incoe +loss 3=50000 37037000 733000

*ei%te& ave!a%e sa!es outstan&in% 9 basic 605574 67737 653746

*ei%te& ave!a%e sa!es outstan&in% 9 &ilute& 644663 65463 6675

>ea! en& sa!es outstan&in% 5666 64== 65756

Det ea!nin%s +loss pe! coon sa!e 9 basic 68= 587= 68377

Det ea!nin%s +loss pe! coon sa!e 9 &ilute& 685 5867= 68307

Cas &ivi&en&s &ecla!e& pe! coon sa!e 84 864= 0837=

Dube! of full tie eployees =4600 0300 7400

'0 | P A G E


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Dube! of pa!t tie eployees 00 00 3300

Dube! of coon stoc$ol&e!s 464 470 476=6

etrie*ed rom ;er"ent Dnline httpLLd/pro2$8udallas8edu4070Lompan$fnanials8phpX

pa"et$peKasreported-ompnum/erK46-periodKAnnuals-dataareaKP!-ran"eK3-u

rren$KAsep-saleKAsep-,u/mitKeresh

C. !pple In. (etained Earning"



As Reported Annual Reta#ned %arn#n&s

Report ate =>?1?=-

0

=>?2?=-

/

=>?>?=-


Aud#t Status 8ot

7uali@ed

8ot

7uali@ed

8ot

7uali@ed


Scale T*ou"and

"

T*ou"and

"

T*ou"and

"

P!evious !etaine& ea!nin%s 045600

0

04=00

0

64000

-ivi&en&s ? &ivi&en& e


33/78

$.!pple In. Ca"* lo)



As Reported Annual !ash 'lo

Report ate =>?1?=-

0

=>?2?=-

/

=>?>?=-


Aud#t Status 8ot7uali@ed

8ot7uali@ed

8ot7uali@ed


Scale T*ou"and

"

T*ou"and

"

T*ou"and

"

Cas ? cas e


34/78

5te! cu!!ent ? non9cu!!ent liabilities 600000 54000 4554000

Det cas o@s f!o ope!atin% activities 5=73000 53666000 5056000

Pu!cases of a!$etable secu!ities C

47400

0

C

=00

0

C

543400

0

P!ocee&s f!o atu!ities of a!$etable secu!ities 0000 4037000 3035000

P!ocee&s f!o sales of a!$etable secu!ities =3000

0

03000

0

==770000

Payents a&e in connection @it business ac


35/78

E. !pple In. Stok

-ate 5pen i% 8o@ Close Av% =ol A& CloseH

1'95ct917 08

33

08

7

=58

=786

7

76334

00

=7867

495ct917 ==8=

5

048

3

=83

008

73

55==0

00

00873

"29Sep917 =86

5

08

5

=80

==86

4

==7

00

==864

""9Sep917 08

048

=

=787

4

008

75

67663

00

00875

169Sep917 048

038

05

=8

=

008

=6

5=357=

00

008=6

39Sep917 ==83 038

0

=68

08

66

=43=

00

0866

"9Sep917 038

06

038

7

=787

=

=8=

7

066

00

=8=7

"69Au%917 08

7=

048

=

008

7

048

5

660=7

00

0485

139Au%917 =8

=

08

7

=78=

08

34

=3=67

00

0834

119Au%917 =584

7

=8

=

=8

=78=

35746

00

=78=

79Au%917 =683

7

=685

=384

=87

6050

00

=87

"39ul917 =78

4

==8

=8

=68

3

73650

00

=5865

"19ul917 =8=

=

=78

=387

4

=786

7

5547

00

=78=

179ul917 =58

6

=78 =485

7

=8

3

=5

00

=38=6

9ul917 =8

=68 =385

4

=584

4

63660

00

=875

'09un917 =48 =8 =480=

=803

37=4400

=3856

"'9un917 =83

4

=4 =86

5

=8=

345

00

=854

149un917 =85

=487

5

=08= =08=

705

00

=086

29un917 =487 =580

5

=08

=84

564=

00

=083

'7 | P A G E


36/78

"9un917 6338

=6

658

46

6448

5

658

57

4563

00

=877

"9;ay917 658

68

7

658

63

633 00304

600

=8=

129;ay917 5=78

5

68

73

5=78

33

68

3

5=40

00

783

1"9;ay917 578

=

5=78

53

558

5=78

5

543446

00

8=

69;ay917 5=08

608

508

33

558

5

733=5

00

3843

"39Ap!917 5748

5==8

3

5748

55

5=48

5

==533

00

3877

"19Ap!917 5458

3

578

==

5438

=6

578

=

=65=

00

085

179Ap!917 548

=

5478

76

58

33

548

=

60700

00

784

9Ap!917 548

04

5348

4

578

5=8

6

64563=

00

7385

'19;a!917 53=8

43

538

5308

5

538

4

=3744

00

758

"79;a!917 538

4

5= 538

45

5368

6

607

00

758=

19;a!917 5478

7

5368

4

5458

4

5348

7

60=6

00

75833

109;a!917 548

36

53=8

66

543 548

6=

57603

00

787

'9;a!917 5438

4

538

75

5448

5308

5540

00

78=

"79Feb917 5438

5

5348

75

558

6

5468

4

7356

00

783=

139Feb917 56 558

=

548

6

5458

45

746

00

7845

109Feb917 58

66

558

=

5 538

==

75=

00

768=

'9Feb917 50486

5448=3

==83

5=86

6746700

7386

"9an917 5508

07

558

=38

55

5008

6

63345

500

7083

"19an917 508

==

5578

4=

508

4

568

07

=63=

00

76873

1'9an917 54=8

=

5608

4

54=8

508

67

7=355

00

758=7

'6 | P A G E


37/78

49an917 5378

5

568

6

538

5348

=

76437

00

78=

'09-ec91' 5578

6

568

4

508

3

508

=

6==6

00

76804

"'9-ec91' 56 578

55=8

5

5608

0=

6674

00

787

149-ec91' 5558

04

5648

6

538

5=8

04

=750

00

7785

29-ec91' 5608

=

5708

=7

5538

67

558

3

7767=7

00

778=

"9-ec91' 55 5758

5508

4

5608

04

0664

700

786=

"69Dov91' 548

04

558

33

54 5568

07

406=

00

78

139Dov91' 548

==

5478

=

538

67

5=8

566776

00

7380

119Dov91' 5=8

==

54=8

4

58

548

==

66

00

73877

79Dov91' 548

548

=

548

3

5408

56

637576

00

7385

"395ct91' 54=8

0

53=8

45

58

5

5408

03

05=

=00

74865

"195ct91' 58

77

5338

43

508

03

5458

=6

=445

00

738

1795ct91' =8

3

50=8

46

=8

35

508

=

660

00

780=

95ct91' 68

56

=38

78

4

=48

74563

00

685

'09Sep91' 778

45

=48

35

78

38

03

7444

00

678

"'9Sep91' =68

=68

=

08

74

48

75

=5335

00

678

149Sep91' 6 78

55

78

44

678

45=

600

6583

29Sep91' 505 5078=4

687

68=

3473300

68=5

'9Sep91' =38

5048

4

78

35

=8

44

7=553

00

6=86

"49Au%91' 5008

75

508

4

6 78

44

7735

00

6807

129Au%91' 508

3

538

7

=8

4

508

04

3604

00

6=8==

'4 | P A G E


38/78

1"9Au%91' 568

6

508

45

568

63

5048

33

4767

300

708

69Au%91' 68

6=

78

=

538

65

58

5

737606

00

638=

"29ul91' 08

648

5

08

4

648

5

60736

00

68=

""9ul91' 4=8

6

8

5=

8

7

08

==

7==37

00

684

169ul91' 458

0

38

7

48

7

48

=5

574543

00

58=

1"9ul91' 478

65

4=8

7=

438

468

5

6==0

00

5=8=

39ul91' 408

4=8

7=

08

3

468

5

73670

00

5=8=

19ul91' 048

6=

438

4=

08

44

78

4

5==40

00

578=3

"79un91' 078

08

66

38

7

3=68

53

03==

700

55803

19un91' 38

358

7

08

38

5

0=0

00

5783=

109un91' 8

73

=8

0

48

5

308

05

77=5=5

00

5=86=

'9un91' 508

73

58

3

348

77

8

570

00

6834

"39;ay91' =8

=

578

3=8

=8

73

=0=0=0

00

6484

"09;ay91' 38

=

8

35

308

58

5

===3

00

687

1'9;ay91' 58

5

578

=

8

=

338

46

463=

00

6083

49;ay91' 558

7

658

75

508

548

=7

0=36

600

6487

"29Ap!91' 408

5

538

43

40 =8

=

30=5

00

6480

""9Ap!91' 3=486

877

3=847

784

60637400

57854

169Ap!91' 47 478

=

358

3=08

53

4=6

000

538

39Ap!91' 48

5

378

==

448

=

4=8

7757

00

5=846

19Ap!91' 8

=

38

7

=8

6

438

4

0430

500

5835

' | P A G E


39/78

"69;a!91' 68

6=

6=8

=5

8

64

48

66

=0=

00

6803

139;a!91' 8

5

648

8

4

68

=

0===

700

6386=

119;a!91' 4=8

75

8

43

458

38

66

676

600

687

79;a!91' 478

358

3

= 38

74

4706=

700

5=854

"69Feb91' 538

5

558

4

4=8

=

308

7

6=

600

5=835

129Feb91' 68

648

73

48

4

508

05640

400

6486

119Feb91' 768

5

8

=

5=8

=4

608

6

73

500

638

79Feb91' 538

=

78

4 78

=

=0=5

500

658=

"39an91' 378

3

648

6

358

6

538

64

3634

00

648

""9an91' 508

56

58

==

35 3=8

4==5

=00

6083

179an91' 5048

6

508

75

38

3

500 6=

300

685

9an91' 544 538

=

558

4

5408

3

506

000

7834

'19-ec91" 508

53

555 50= 547 3556

00

7484

"79-ec91" 5408

35

548

45

508

66

50=8

5=

074

00

6=85

19-ec91" 508

=3

538

=

508

43

5=8

33

5530

=00

78=

109-ec91" 545 5=8

56

5058

5

50=8

7=

6740

600

6=8

'9-ec91" 5=38

65

5=8

5=

58

63

5338

45

=65

=00

738

"49Dov91" 5758=

5=845

574846

5584

4=53=600

0843

129Dov91" 508

7

574 53=8

578

5

3==3

700

783

1"9Dov91" 558

5

558

5

5058

75

5478

6

7=36

300

74833

69Dov91" 538

54

5=08

7

5338

74

578

06

000

78==

'3 | P A G E


40/78

'195ct91" 5=8

603 578

75

5768

44556

400

787

""95ct91" 648

4

6358

3

5= 60 735

00

484

1695ct91" 6348

35

6548

7=

60=8

64

60=8

4=60

000

384

395ct91" 668

678

56

6438

55

64=8

7

=654

00

58=3

195ct91" 678

6

6768

75

6508

65

6548

5=

4030

000

=805

"79Sep91" 668

6

6=58

4

6608

35

6678

343

000

=803

19Sep91" 6==8

35

7058

07

6=38

64

7008

0=

0034

300

=5853

109Sep91" 608

5

6=68

=

656 6=8

4

554

00

=833

79Sep91" 6658

76

648

668

5

608

=0706

00

=485

"9Au%91" 67=8

==

608

7

6578

45

6658

4

76=46

00

=0877

"09Au%91" 6508

0

678

68

6638

44

4

00

=085

1'9Au%91" 6438

3=

68

=

6438

45

68

76=

00

8

49Au%91" 678

4=

645 658

46

648

7

646=

00

83

'09ul91" 5=08

=4

678

=

578

4

658

7

=5545

00

3865

"'9ul91" 5=8

60=8

6

570 558

6

370=

500

7=85

149ul91" 6058

4

658

35

6038

5

608

3

0=5=

00

48

29ul91" 6058

3

6=8

7

5=48

6

608

=7

05007

700

484

"9ul91" 5873

683

5386

6058

=656==00

4834

"69un91" 5778

3

5 5658

6

5 746

00

7=835

139un91" 5708

=6

5=0 5708

37

548

57=

00

7=80=

119un91" 578

74

58

5

5668

7

578

3

00054

600

780

'2 | P A G E


41/78

79un91" 568

5

508

5

58

5

508

34

036=7

00

785

"29;ay91" 5708

=

58

5

5608

54

5608

==

4064

500

76844

"19;ay91" 538

5

5768

5

538

05

5648

4=

3670

500

768

179;ay91" 5648

57

5678

5

5448

5308

3

=6

500

74806

9;ay91" 568

5

5758

558

73

5668

7

05

000

77

'09Ap!91" 5=78

5=8

5658

7

5658

45

43453

700

768

"'9Ap!91" 5708

6

6 555 603 =564

300

8=3

149Ap!91" 608

06

6408

45

5708

4

5748

=

447

500

7785

29Ap!91" 6468

3

6 6038

5

6058

43

4=4

=00

4843

69Ap!91" 6468

=

638

66

6438

6338

6

6034

500

68

"9Ap!91" 608

3

638

66

6008

3

6338

6

==44

00

68

"49;a!91" 5==8

7=

648

5

5=58

46

5==8

55

5=0

00

86

129;a!91" 5=8

37

60=8

65

5=8

05

5=68

05

70

=00

08=

1"9;a!91" 58

=

6008

0

57 558

57

4450=

300

7=856

69;a!91" 558

4

578

7

568

44

558

7

67663

000

7807

"9Feb91" 548

3

58

4

568

4

558

607

00

7807

"19Feb91" 5068

5448

=

508

4

5448

4===

00

708=

1'9Feb91" ==853

54684=

6863

50484

=40500

6844

49Feb91" 58

3

=78

64

58

4

=38

4

454

00

6780

'09an91" 58

7

60 58

3=

5=8

6

757433

00

6486

"'9an91" 448

67

58

5

=8

55

78

4

475

00

60877

70 | P A G E


42/78

19an91" 48

4

38

37

=8

75

408

3

7745

00

578

29an91" 458

5

478

75

8

66

=8

654=57

00

5780

'9an91" 0=8

448

75

0= 448

7=7

00

5783=

"9-ec911 038

0=8

0=

008

5

05 5556

00

55803

129-ec911 348

7

038

5=

308

038

33

653745

00

58

1"9-ec911 3=8

6

3=58

3778

6

38

04

644

00

5877

69-ec911 3=38

=

3=68

368

76

3=38

64

0=54

00

538

"39Dov911 3748

35

3=38

63

3708

4

3=8

7

=744

00

548=5

"19Dov911 3708

3778

=3

3638

34

3638

57

=6454

00

=8

179Dov911 338

54

3=8

378

378

=

0343

400

508=

9Dov911 3==8

=

0 308

46

38

64

33=7

000

54846

'195ct911 048

4

0=8

33

3=38

44

008

4

==4

00

583

"795ct911 3=68

0= 3=38

5

08

=5

03

00

55804

195ct911 48

7

468

7

3=08

75

3=48

7

=4

000

5383

1095ct911 37=8

0=

44 378

4

44 33504

000

5783

'95ct911 308

37

38

7

358

4

36=8

406

300

5084

"49Sep911 3==8

6

0=8

45

38

38

34

5366

=00

58

129Sep911 3=7 4486

3=584

083

60700

58=3

1"9Sep911 373 008

5

378

=

008

5

47=74

00

584

49Sep911 3678

37

38

6

3668

3778

5077

=00

584=

"29Au%911 38

3=48

0

378

3

378

05

0644

00

5084

71 | P A G E


43/78

""9Au%911 368

5

338

3558

0=

338

5

66564

000

5484

169Au%911 37=8

63

38

=7

356 3568

03

533

=00

837

39Au%911 368

6=

37=8

6

3538

04

3768

==

400

=00

5844

19Au%911 3=78

7

3==8

5

3648

57

3738

64

4030

00

50876

"69ul911 3=08

35

08

5

3 3=08

766

500

53805

139ul911 3658

3

3=68

47

3658

4

3=38

3

640

00

538

119ul911 3568

3

365 38

64

368

=4

006

00

=85

69ul911 33 360 348

5

35=8

7

0556

000

87

"9un911 3478

5=

338

5

3478

45

338

46

7463

00

686

"09un911 378

36

3338

5

308

5

3468

35

4640

00

83

1'9un911 3478

4

3338

45

38

33

3408

46

0=4

00

385

49un911 358

7

378

05

3458

5

3458

=

074

700

84

'19;ay911 38

3548

3

3 338

054=

00

6866

"'9;ay911 34=8

=7

338

56

34=8

4

3378

74=55

00

58

149;ay911 33=8

4

348

3308

73

3358

44

=04

00

5855

29;ay911 378

6

350 308

35

308

5

73577

00

6846

"9;ay911 3=8

7

358

3

358

5

368

66

0707

00

78

"69Ap!911 35083

358==

35854

35083

6300

7857

139Ap!911 3468

3558

3

3408

6

3508

7

5543

600

7865

119Ap!911 338

06

3368

3468

3478

6

=6306

00

8=

79Ap!911 38

3

38

6

3338

=5

3358

06

06

00

5854

7" | P A G E


44/78

"39;a!911 3538

5

358

34

338

3

38

56

47

00

684

"19;a!911 3358

==

3548

06

3358

46

358

5

=0=7

00

7876

179;a!911 3538

3568

3468

46

3308

67

65

300

8=3

9;a!911 368

368

67

38

=

358

==

67

400

784

"39Feb911 358

4

3608

4=

378

6

360 407=4

00

8=

""9Feb911 348

5

38

3

3378

74

38

6

5540

600

783

179Feb911 3568

7=

368

=

3=8

54

3508

56

4=

00

7863

9Feb911 378

=

360 378

6

3568

5

3446

500

8

'19an911 3358

368

7

338

3

368

5

=436

00

780

"79an911 3468

7

358

6

3468

74

3368

45475

500

5867

139an911 34=8

54

38

6

346 3468

74

437

500

83=

109an911 338

3

38

3378

7

38

=003=

00

7835

'9an911 3458

6

3368

35

348

3368

4

0=

00

5867

'19-ec910 3448

=5

3438

348

3

3448

56

3770

00

383

"9-ec910 3448

5

3468

66

348

3

3448

56

0754

00

383

"09-ec910 348

6

3458

74

38

43

3438

6

706=04

00

38=7

1'9-ec910 348

37

3458

06

3= 3408

6

=557

00

3856

49-ec910 386

3438==

378

340856

5=46600

3855

"29Dov910 358

5

3= 308

7

378

076

400

383

""9Dov910 3068

6

378

7

3058

7

35 =773=6

00

48

169Dov910 308

6

308

5

4=78

76

3068

73

4004

000

86

7' | P A G E


45/78

39Dov910 378

4

348

3

3038

63

308

03

0333

000

85

19Dov910 3048

44

3408

3048

4

378

3

=5

00

380=

"695ct910 30=8

0=

38

6

3008

7

3008

=

04=7

00

08=

1395ct910 38

7

3= 3008

04

3078

7

=54

00

87

1195ct910 4=8

7

35 4=48

=

38

7

6=

000

4876

795ct910 48

6

4=8

5

4778

77

4=8

07

3377

000

3=8=6

"9Sep910 4=38

=

4=8

73

475 448

54

5554

700

383=

"09Sep910 4768

0

4=38

53

4758

5

4=48

34

6734

300

3=874

1'9Sep910 4658

4

4778

=6

4658

54

4758

37

4563

=00

378

9Sep910 4568

6

4668

54

4568

45

4638

05=5

600

3587=

'09Au%910 408

76

458

7

408

35

458

77

466

500

3586

"'9Au%910 458

7=

454 4358

56

48

64

3

500

3483

149Au%910 478

5

458

67

468

64

4=8

6

=55

00

338=4

29Au%910 468

4648

5

468

4

4=8

34

600

3385

"9Au%910 4608

468

4

4578

63

4608

0=

00003

=00

3583

"49ul910 460 4658

==

458

=

4578

45

3066

400

38=5

129ul910 4=8

4658

5

43=8

6

45=8

=

443=0

300

35834

1"9ul910 45853

4685

4683

4=8=

4454700

338=5

49ul910 45 4648

=

468

6

45=8

64

5457

600

35847

"39un910 4668

=3

46=8

75

438

4

468

=

4074

00

33855

"19un910 4778

6=

47=8

0

4658

4668

7

7634

00

3684

77 | P A G E


46/78

179un910 4558

=6

475 458

0

478

07

5=

00

3784

9un910 458

4=

45=8

5

448

4

4538

5

403444

00

38

19un910 45=8

6=

4658

=

458

63

4558

=6

53=

500

387

"79;ay910 478

4

45=8

4378

6

4568

40673=

00

38=

19;ay910 458

7

458

55

438

35

448

34

453=04

300

348=4

109;ay910 4508

45

465 48

53

4538

4

=4333

00

38=

'9;ay910 4638

4678

==8

45

4358

6

4557

400

34805

"49Ap!910 478

4748

6

4568

468

0=

5405

=00

3587

129Ap!910 478

03

4748

48

77

4708

3

=3=0

00

368

1"9Ap!910 448

4

458

48

478

0534

400

3386

69Ap!910 438

=

48

=4

438

77

48

7=

3335=

=00

3485

"29;a!910 433 438

73

438

64

4358

=7

3366

400

34806

""9;a!910 4408

7

438

=5

4408

5

4308

=

==

500

3837

169;a!910 4458

3

4468

5

4408

45

4448

45

66

00

3084

39;a!910 4408

0

4478

73

478

=

4468

6

3=

500

3087=

19;a!910 4058

75

4=8

7

4058

5

48

=5

3777

700

4=875

""9Feb910 4048

3

4058

7

=58

7

408

64

4==0

500

478

149Feb910 408=

4083

40086

40867

36500

478

39Feb910 =58

6=

408

6

= 4008

3

3366

600

47843

19Feb910 =48

37

4008

4

=08

5

=58

6

3575

400

46856

"69an910 4048

5

438

7

=08

45

=48

06

3537

600

468

76 | P A G E


47/78

129an910 408

33

458

55

=78

6

=78

75

77005

00

4687

119an910 448

43 408

4058

=3

377

00

478=

79an910 438

3

458

5=

40=8

05

48

=

4646

00

48

etrie*ed rom &ahoo FinaneJ

. 6& Stok

-ate 5pen i% 8o@ Close Av% =ol A& CloseH

1'95ct917 33844 38 3864 386 367=0

0

386

495ct917 378 37853 338 3385 4770=0

0

3385

"29Sep917 35805 35865 338=3 3584 0040

0

3584

""9Sep917 378= 378= 35803 35837 =7300 35837

169Sep917 3685 3783 3680 3687= 6=700 3687=

39Sep917 37845 3787 3685 36856 437400 36856

"9Sep917 3 3845 3787 3785 =4700 3784

"69Au%917 368== 384 3687 3 =555400 378

139Au%917 3585 378 387 368 40=30

0

3686

119Au%917 3583 35875 386 35807 7700 38=4

79Au%917 3584 3585 385 3587 6063700 35804

"39ul917 358 3684 387 358= 0460=0

0

3580

"19ul917 387 35857 383= 3583 753600 3584

179ul917 384 3584 3 38 43700

0

3866

9ul917 338= 38 3384 338=7 6=7=00 3383

'09un917 338= 384 3386 3 73600 3386

"'9un917 383 3857 3385 338= 74000 33877

149un917 35806 35807 384 3844 05000 3807

29un917 3386= 3584 338 3586 0330

0

3580

"9un917 33837 338== 33805 338 74300 3385

"9;ay917 3385 3383 348 3385 330

0

3384

129;ay917 34855 380= 384 33874 407700 3384

74 | P A G E


48/78

0

1"9;ay917 348 3383 348= 34854 7073500 34843

69;ay917 3484= 348 385 34836 6=66600 34807

"39Ap!917 3865 3384 385 348= ==4300 3484

"19Ap!917 3480 348 383 385 6740

0

383

179Ap!917 3486 3384= 385 38=3 ==30

0

386

9Ap!917 348= 338= 38= 3485 650

0

3486

'19;a!917 3484= 33866 34845 3486 37=0

0

34835

"79;a!917 34804 3384 386 3480 4570

0

3875

19;a!917 4=845 348 4=843 38=5 =3=750

0

3866

109;a!917 30805 30846 4875 4=807 67400 48

'9;a!917 4=846 308 484 3083 =700 4=8=4

"79Feb917 4=866 30836 4=85 4=8 3040

0

4=87

139Feb917 30 3087 4=8 4=87= 4066=0

0

4=83

109Feb917 4=80 3084 486 30804 =0300 4=86

'9Feb917 4=806 4=84= 478= 4=807 =7=00 4867

"9an917 4853 4=84 483 4= 45550

0

486

"19an917 4=8 3083 483= 48= 430

0

48

1'9an917 4787 30805 4787 4=8 74=0

0

4=83=

49an917 483 4855 47847 4787 4640

0

47834

'09-ec91' 484 485 4785 483 070

0

478=5

"'9-ec91' 478== 487 47875 48= 7464=00 478

149-ec91' 4687 4843 46865 4787= 66460

0

478

29-ec91' 4786 4786 4684= 46877 43530

0

468

"9-ec91' 4784 487 47803 4787 44030

0

478

7 | P A G E


49/78

"69Dov91' 45833 4786 4580= 47835 45=3=50

0

4683

139Dov91' 45834 4583 4877 45846 4660

0

487

119Dov91' 458= 4685= 48 4584 53470

0

4873

79Dov91' 458= 4684 4585 458= 6040

0

4585

"395ct91' 438== 4685 4386 458=4 66500

0

4583

"195ct91' 43854 483= 4385 4 0650

0

43855

1795ct91' 44864 43863 448 438 340560

0

4380

95ct91' 4 4385 40845 448 47=70

0

44837

'09Sep91' 408= 4864 408 4846 45=00

0

4086

"'9Sep91' 484 485= 408=6 487 4=630

0

40877

149Sep91' 4484= 4483 4844 4844 770430

0

4084

29Sep91' 44833 4485 487 44807 3=70

0

4865

'9Sep91' 448= 4487 4480 4484 450

0

485

"49Au%91' 44836 4486= 48=4 4483 57440

0

487

129Au%91' 4683 46853 48 448 475=4=0

0

48

1"9Au%91' 46867 4785 4583 4684 3560

0

45875

69Au%91' 46875 4785 46843 46877 =734300 468

"29ul91' 458=6 4787 45857 47 5=50

0

46834

""9ul91' 45845 4684 4585 458== 0400

0

45833

169ul91' 46833 46854 45806 458 46350

0

485

1"9ul91' 4683= 4685 468 468= 3330

0

45853

39ul91' 4587 4687 458 468= 34460 45853

73 | P A G E


50/78

0

19ul91' 48=5 45875 4876 4585 030

0

48=

"79un91' 438= 48=4 438= 48 54630

0

487

19un91' 48 4587 48 485 67030

0

4385

109un91' 4866 458= 480= 487 6350

0

484

'9un91' 486 4584 4387 48 630470

0

480

"39;ay91' 48 4587 484 484 4405350

0

43867

"09;ay91' 484 48=5 4803 484 3760

0

4386

1'9;ay91' 485 487 40877 4847 5=3500

4086

49;ay91' 40866 486 408 485 4=0

0

4087

"29Ap!91' 4080 408=5 =8=4 40863 34=0

0

=8==

""9Ap!91' =86= 40835 =83 =8=7 436670

0

=835

169Ap!91' 40877 485 =807 =856 54730

0

8=6

39Ap!91' 44805 4485 4086 408= 44==40

0

40845

19Ap!91' 43873 4805 487= 48=7 46660

0

484=

"69;a!91' 4380 438=3 448= 438 4630

0

438

139;a!91' 44845 4385 4484 4380 364=0

0

44833

119;a!91' 408 448 40877 448 406050

0

48=

79;a!91' 40807 4833 =87= 4 4740

0

40844

"69Feb91' =84 40836 =803 4085 3=400

0

=8

129Feb91' 685 =83 6857 =84 5577=0

0

8=

119Feb91' 686 7844 686 687= 343=0 687

72 | P A G E


51/78

0

79Feb91' 683 7806 6803 687 300

0

6845

"39an91' 7804 787 686 686 40=00

0

585

""9an91' 784 78 683 68== 40470

0

6836

179an91' 685 785 6837 78 0030

0

68

9an91' 58= 6873 8 686 3437=0

0

5856

'19-ec91" 3865 5874 386 58 357750

0

85

"79-ec91" 84= 833 3863 386 70=70

0

387

19-ec91" 874 83 80 83 47400

38

109-ec91" 385 8 387 875 337=030

0

84

'9-ec91" 387 84 484 38= 37370

0

383

"49Dov91" 48 380= 4844 48== 4=5770

0

483=

129Dov91" 48=7 38 835 48 6=5==0

0

87

1"9Dov91" 3865 3874 4836 485 45=6330

0

4846

69Dov91" 386 8 386 386 40=40

0

48=

'195ct91" 8 843 386 3876 456=40

0

383

""95ct91" 8 874 38= 80= =50

0

38

1695ct91" 8 85 845 8 44360

0

38

395ct91" 857 84 804 8 34554=0

0

3875

195ct91" 784 7864 84 873 6460

0

805

"79Sep91" 786 786 6843 7806 465560

0

6847

19Sep91" 84 86 785 785= 50000 687

60 | P A G E


52/78

0

109Sep91" 783= 856 783 87 44340

0

7833

79Sep91" 684 7875 68 784 =0

0

68=

"9Au%91" 7865 787 6877 68 4070

0

58=

"09Au%91" =855 40846 785 785 3360

0

686

1'9Au%91" =86= 40807 =8 =854 5070

0

8

49Au%91" 84= =875 843 =87 436630

0

865

'09ul91" 85 86 78 846 45340

0

784=

"'9ul91" 83 86= 7873 857 7=00

785

149ul91" 87 =85 85 86 7450

0

7864

29ul91" =853 =83 877 8= 4570

0

78=7

"9ul91" 408 4083 =85 =857 4350

0

853

"69un91" 408 40847 =84 408 03440

0

=80

139un91" 485 486 40844 40837 =4470

0

=84

119un91" 44836 4483 483 486 30=640

0

408=

79un91" 484= 44875 4087 4483 577=60

0

408==

"29;ay91" 4483 448 484 4845 44430

0

40

"19;ay91" 484 44866 40857 44833 3366530

0

480

179;ay91" 43 438 484 486 47=0

0

4084

9;ay91" 48= 4843 448=4 4385 670

0

487=

'09Ap!91" 4866 458 484 4847 350

0

448

"'9Ap!91" 4846 48== 4806 4875 340 4384=

61 | P A G E


53/78


54/78

0

"39Dov911 458== 485 45864 4786 457=0

0

458

"19Dov911 4780 4783= 45845 4583= 4=740

0

43867

179Dov911 47856 485= 4684 478== =5=0

0

468

9Dov911 47805 48 46845 4785 634=0

0

4587

'195ct911 478 47856 45835 468=7 6630

0

4585

"795ct911 4586 4857 48 478= 403550

0

46805

195ct911 458 458= 4845 4583 6=50

0

43866

1095ct911 45833 4683 458 468 7=00

483

'95ct911 4486 45863 48 48 4=0=0

0

4384

"49Sep911 4485= 485 4484 4485 34400

0

408=3

129Sep911 438 458 485 44834 54640

0

408

1"9Sep911 4483 4385= 4483 43853 446750

0

48=

49Sep911 4384 4867 4485 44865 467530

0

480

"29Au%911 48=5 4686 4834 483 40630

0

44857

""9Au%911 486 45833 4805 484 3550

0

43804

169Au%911 34835 3 44875 4386 56=740

0

48=

39Au%911 383 34836 4=875 34834 4=0540

0

4=8=7

19Au%911 358 3585 3854 34863 4=3670

0

30846

"69ul911 36847 3787 358 3587 75740

0

34864

139ul911 38= 3784 38 3687 60=30

0

380

119ul911 36 36 38=7 3580= 504400 3485

6' | P A G E


55/78


56/78

0

9Feb911 787 =83= 786 86 650

0

87

'19an911 58 7853 583 783 =0

0

3875

"79an911 686= 783 5836 585 640

0

8=

139an911 68 786 5876 7843 40650

0

3857

109an911 86 68 857 6845 65730

0

4867

'9an911 4844 583= 4844 580= 4000050

0

85=

'19-ec910 48= 483 8 48 77300 38

"9-ec910 8= 4864 87 48 =300

0

38

"09-ec910 873 48 84= 87 306=0

0

385

1'9-ec910 4806 48= 8=6 4006770

0

387

49-ec910 485 3845 480= 4864 5=60

0

3=84

"29Dov910 485 3847 8 3803 =740

0

3=864

""9Dov910 48=5 8 485 384 306=60

0

3=87

169Dov910 4834 380 0877 48= 43460

0

3=84

39Dov910 3863 865 4804 484 736=0

0

387

19Dov910 487 856 4807 3874 677730

0

0846

"695ct910 48=6 3843 8 480 5=5=0

0

387

1395ct910 486= 387 8=4 487 756000

3=87

1195ct910 845 48 084 484 4=50

0

3=83

795ct910 086 83 0836 85 43450

0

378=

"9Sep910 86 385 0845 0877 350

0

3785

66 | P A G E


57/78

"09Sep910 3=845 87 3= 08= 434660

0

37873

1'9Sep910 385 0864 378=7 3=8 3540

0

3680

9Sep910 3=875 086 380 384 435350

0

3587

'09Au%910 38 08= 3803 083 435630

0

37807

"'9Au%910 3=8= 0 37834 3 4=7=0

0

38=4

149Au%910 085 87 3=833 3=85 465760

0

36864

29Au%910 387 38 3=8=5 085 40300

0

3787

"9Au%910 685= 78 85 85 6=30

0

385

"49ul910 68 783 587 680 7=050

0

483

129ul910 68 68=5 5847 685 605=60

0

48

1"9ul910 5804 78=7 5804 684 430

0

485

49ul910 3837 585= 487= 5845 536==0

0

85

"39un910 58= 686 483 48 =0

0

3=83

"19un910 837 85 5835 58=4 55750

0

48=

179un910 787 864 683 78= 66==70

0

80=

9un910 68 784 5803 78= 63770

0

384=

19un910 585 7874 585 6805 =5070

0

484

"79;ay910 684 780= 87 680 =500

484

19;ay910 785 84 8 685 463640

0

4873

109;ay910 =804 50833 685= 783 ==00

0

385

'9;ay910 5480 548=5 8= 6873 45040

0

486

64 | P A G E


58/78

"49Ap!910 538=3 586 58=4 58=7 560400

0

7867

129Ap!910 5385 5803 5485 538= 3=0

0

=8

1"9Ap!910 5387= 5875 53853 53875 67450

0

=83

69Ap!910 5384 538=7 54877 5387 =64600 =8

"29;a!910 5384 53875 5484 5384 0=7=0

0

8

""9;a!910 5483 5387= 5483 5384 300

0

=

169;a!910 5486 548=5 58= 548= 6760

0

85

39;a!910 5865 5483 583 54836 4460

0

78=6

19;a!910 5086 54845 5086 54803 44=000

7865

""9Feb910 5087 5 =8=3 5087= 467330

0

6854

149Feb910 8= 5 87= 5087= =5760

0

6854

39Feb910 785 85 7805 86 556=0

0

83

19Feb910 7837 8= 686 7834 7=70

0

383

"69an910 =855 5085 68 7807 =5300

0

38

129an910 548 5487= =845 =84= 60060

0

58

119an910 5485 548= 5865 5487 47650

0

806

79an910 585 5487 5834 5485= 5==0

0

87


. Competition &er'ormane

Return Apple Return HPQ Return S & P 500

;ean 08005633

33

;ean C

080004=

;ean 08004=64

5

6 | P A G E


59/78

653

Stan&a!& E!!o! 08004=0

=35

,tandard 1rror 08004=4=

47

,tandard 1rror 08004==

=

;e&ian 0800630

74

;edian C

0800045

3

;edian 08004=655

6

;o&e 0 ;ode 0 ;ode 0

Stan&a!& -eviation 0803=54

37

,tandard

+e*iation

0806500

736

,tandard

+e*iation

08040640

5

Saple =a!iance 0800563

5==

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urtosis 86=64

0=

S$e@ness 08037366

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087=675

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08460==6

57(an%e 084653

4

an"e 08307

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an"e 08577

;iniu C

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=36

;inimum C

0807

5

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3=

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77

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0

Count 454 #ount 454 #ount 454

Con&ence

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6

63 | P A G E


60/78

6.Beta Compari"on

ate Ad

!lose*(Apple

)

Ad

!lose*(+P,)

Ad

!lose*(S -

P.00)

Return Apple Return +P, Return S -

P .00

1'95ct917 =7867 386 6876 C

080303743

=

080=70= C

08006

=5495ct917 00873 3385 =0683 08043

C0804=55 C

08033

7=

"29Sep9

17==864 3584 =678=0 C

08045

C08000633 C

0800753=

653

""9Sep9

1700875 35837 =485 C

080040003

4

C08035=7 C

0803703

7

169Sep9

17008=6 3687= 40080 C

0800656=

7

080064=03 0804540

543

39Sep917 0866 36856 =585 080477==5

C08044=436 C

08004

3

"9Sep917 =8=7 3784 400787 C

08033=04

C0800==37 0800466

35

"69Au%9

17

0485 378 4003837 0806646

=

0803646 0800754

666

139Au%9

170834 3686 =80 080305= 0805000=4 0807053

5

119Au%9

17=78= 38=4 =55806 0803=6 C08004555 080450

64

79Au%917 =87 35804 =385= C

0800=535

3

C080005707 0800335

=

"39ul917 =5865 3580 =4585 C

08055454

C080060474 C

08046677

"19ul917 =78= 3584 =783 080337633 080706 68066061

C05

179ul917 =38=6 3866 =7844 C

080033773

080453 080054

76

9ul917 =875 3383 =67857 08047= C080006 C

62 | P A G E


61/78

0800=000

54

'09un917 =3856 3386 =58 080444=04 080046650= 08043

6

"'9un917 =854 33877 =608=6 08077

6

C080005 C

08000=73

065

149un917 =086 3807 =6487 C

08000735

C08046=7 08037=5

37

29un917 =083 3580 =3686 C

080044==

=

0803446 C

080064

43

"9un917 =877 3385 ==8 080==33 080040=6 0803

=54

"9;ay9

17=8= 3384 =43857 080306=7 C0800654 080444

=3

129;ay9

17783 3384 =00853 0804773

08036=444 0804074

454

1"9;ay9

178= 34843 7786 08040557

6

0800==0= C

08000330

05

69;ay917 3843 34807 78 C

08006644

4

C080003747 C

0800

036

"39Ap!917 3877 3484 8 080366465

0804753== 0800=540434

"19Ap!917 085 383 6380 080=75

4

C080075= C

08000777

54

179Ap!917 784 386 685 0800377

5

C08066=5 08047075

06

9Ap!917 7385 3486 586= C

0804303

=

C080057346 C

080466

657

'19;a!917 758 34835 6580= C

0800=3556

6

080=76 080004

475

"79;a!917 758= 3875 57864 0800733=5

7

0800447 C

080076

434

19;a!917 75833 3866 66854 080563=7

7

080==43= 08037=0

40 | P A G E


62/78

109;a!917 787 48 83 C

080004

C080370==3 C

080=653

6=

'9;a!917 78= 4=8=4 780 08007=37

080546=77 0800===7

5

"79Feb917 783= 4=87 5=85 0800554

4

080030633 080463

5

139Feb917 7845 4=83 36845 C

08036033

C0800776765 C

08004=

4

109Feb917 768= 4=86 3863 0806440

6

0803476= 0804355

00

'9Feb917 7386 4867 7=7804 080355=

5

08004755 08000=

=63

"9an917 7083 486 7485= C

080347=03

08077=35= C

0800300

=7=

"19an917 76873 48 7=084= 0800003=

=

C0803=4 C

0804634

3

1'9an917 758=7 4=83= 3870 08045

080757667 C

0800==

===

49an917 78= 47834 4837 C

080650

=

C080445045 08006006

34

'09-ec9

1'76804 478=5 3837 C

080305336

7

080053=56 C

080056

=3

"'9-ec9

1'787 478 80 080400=073

4

080443 08046=3

035

149-ec9

1'7785 478 834 C

0800=75

5

08034575 0804440

=6

29-ec91' 778= 468 775834 C

0800==43

C08046=757 C

0806=4454

"9-ec91' 786= 478 0580= 08007036

=

080305 C

080003=

73

"69Dov9

1'78 4683 058 0806=475

0804740 080005

7=5

139Dov9 7380 487 0876 C 0800404 0800365=

41 | P A G E


63/78

1' 0800==564

4

455

119Dov9

1'73877 4873 7=8 08007573

5

C08044=077 0805570

=05

79Dov91' 7385 4585 77086 0800643

4

08000767 080050=

6

"395ct91' 74865 4583 7686 C

0804=55=

0807=305 0800064

63=

"195ct91' 738 43855 75=877 080336=35

6

08044354 0800753

44

1795ct91' 780= 4380 7850 0803453=

5

0804==503 08044

73

95ct91' 685 44837 703840 080403043

4

08074373 0800754

57

'09Sep91' 678 4086 6=0850 080005=34 08003337 C0800073

"'9Sep9

1'678 40877 6=875 08034774

4

C0800405 C

0800640

4

149Sep9

1'6583 4084 70=8= 08005376

C0803337 0804=5

5=

29Sep91' 68=5 4865 678== C

0806603

5

C0800=5334 080=4

77=

'9Sep91' 6=86 485 65587 08044766

4

0800343=6 08035=

6

"49Au%9

1'6807 487 6348=7 C

0804734=

C080047745 C

080354

7

129Au%9

1'6=8== 48 663850 C

0800470734

C08566 0800634

1"9Au%9

1'

708 45875 65583 0805370=4

5

C08030==6 C

08040

=4

69Au%91' 638= 468 6=84 C

0800=054

5

C08003566 C

080067

575

"29ul91' 68= 46834 70=867 0805640

=

0803=00= 0800654

344

""9ul91' 684 45833 6=865 0803763=7 080335573 C

4" | P A G E


64/78

08000460

033

169ul91' 58= 485 6=480= C

0800357=

7

C0803==53 0800704

534

1"9ul91' 5=8= 45853 608= 0 0 0

39ul91' 5=8= 45853 608= 08047503

080436567 0804=5=7

53

19ul91' 578=3 48= 638= 080546=54

08035767 0805=3

67

"79un91' 55803 487 60684 C

08044

7

08046764=6 08006=7

19un91' 5783= 4385 5=483 C

0803534

7

C0804063 C

080405

45

109un91' 5=86= 484 646873 C

0804656

6

080033477= C

08003

55

'9un91' 6834 480 6383 C

080764455

7

0805636 0800775

04

"39;ay9

1'6484 43867 63087 080035=3 0800=5 C

08033

075

"09;ay91'

687 4386 6=860 08047055

083443= C080076

3

1'9;ay9

1'6083 4086 66787 C

08035==

5

C0804507 08040670

7

49;ay91' 6487 4087 633870 0803376

6

0800440 080=4

36=

"29Ap!91' 6480 =8== 684 0807536

3

0803307= 0804033

455

""9Ap!91' 57854 =835 5484 080635066

=

0804056=64 080735

43

169Ap!91' 538 8=6 555845 C

080=635

7

C080637037 C

08047

37

39Ap!91' 5=846 40845 585 08055=55

C080=44 08044==

=4

19Ap!91' 5835 484= 55384 C C080735= C

4' | P A G E


65/78

0803=43 08003

==

"69;a!91' 6803 438 56=8= C

080767=

0803476 08007=00

365

139;a!91' 6386= 44833 5568= 080=666

5

0803=07=5 C

08004

44

119;a!91' 687 48= 560870 080477477

080640= 0800637

463

79;a!91' 5=854 40844 558 08004636

0804460 0804743

0=3

"69Feb91' 5=835 =8 5840 C

0805405=4

080=457= 080075

=4

129Feb91' 6486 8= 55860 C

08040765

5

0837557 C

08004756

=6

119Feb91' 638 687 5=87= C

0803304

=

C0800=430 0800445

353

79Feb91' 658= 6845 578=3 0805343455

080454365= 080035

7

"39an91' 648 585 5387 080377

6

C0803735= 080067=3

46

""9an91' 6083 6836 5048=6 C

08404476

C08007455 08046

03

179an91' 685 68 58= C

0803=7=4

0805=45=6 0800=64

==

9an91' 7834 5856 74805 C

080473534

7

080674536 0800305

056

'19-ec9

1"7484 85 6687 0803467

0807065 0805663

5=

"79-ec9

1"6=85 387 0483 C

080446

C08063343 C

080=34

54

19-ec9

1"78= 38 3085 080764

4

C0804767= 080744

0

109-ec9

1"6=8 84 385 C

0800=4

0806766=7 C

0800366

475

47 | P A G E


66/78


67/78

1'9Au%9

1"8 8 86 08045557 C0800=54 08007

=

49Au%91" 83 865 0587 080063=

6

080765 08006=7

7

'09ul91" 3865 784= 3=08== 0805406=4

4

C0806=604 08003644

04

"'9ul91" 7=85 785 358=7 C

080366

C080044705 080706

4

149ul91" 48 7864 364866 C

08000==

C080=76= 0800333

7=

29ul91" 484 78=7 35687 C

08005774

6

C080304446 0800550

4

"9ul91" 4834 853 3586 080374=

4

C08046757 C

08005=

47=

"69un91" 7=835 =80 36486 08003473=

C08043 0804034=

43

139un91" 7=80= =84 335804 080337

=

C0805=0534 C

0800543

7=

119un91" 780 408= 348 C

08006533

=

C08043407 0804=5=

54

79un91" 785 408== 345866 080350537=

080=5 08037460

"29;ay9

1"76844 40 4780 C

0800435604

C08007435 C

080306

47

"19;ay9

1"768 480 3784 080604475

08000==0 0807

773

179;ay9

1"74806 4084 4=5844 C

080655

C08074=6=45 C

0804=0

=5=

9;ay91" 77 487= 35383= 08004606

7

C0805=7= C

0807

6=

'09Ap!91" 768 448 36=80 C

0806464

7

C080=346 C

08044

3

"'9Ap!91" 8=3 4384= 03836 0805407

0800=536= 0800

=

44 | P A G E


68/78


69/78


70/78

47

""9Au%9

115484 43804 7680 080775473=

3

08056475 08073

06

169Au%9

11837 48= 43853 C

080556434

7

C0846=604= C

0806=

75

39Au%911 5844 4=8=7 78 0800=06445

C0800=536 C

080750

54

19Au%911 50876 30846 ==83 C

0803664

C08074345 C

0807

5

"69ul911 53805 34864 4=484 C

080074=7=0

C0807563 C

0803=4

33

139ul911 538 380 35804 0807753=7

3

08060=7 0804=4

=5

119ul911 =85 3485 368 080543 C08036==3= C

0804053

4

69ul911 87 3387= 3380 0807303

6

C08065=06 0800304

=

"9un911 686 3836 33=867 08057=

=

0806766 080567

466

"09un911 83 34837 4685 080=07607

C080047746 C

080043=74

1'9un911 385 3486 47850 C

08073=3

C08003634 080000=

33

49un911 84 3485 4708= C

08050074

7

C08043673=6 C

080443

3=4

'19;ay9

116866 33837 30086 080730

7

C08043466 C

0804343

=3

"'9;ay9

1158 386 3380 0800636663 08047364 C

0800647

577

149;ay9

115855 33845 333847 C

0805303

3

C080=7744 C

08003363

07

29;ay911 6846 37835 337877 C C0800=0=4 C

42 | P A G E


71/78

080733=

5

08003

64

"9;ay911 78 37874 30840 C

0800=07

7

0800==0 C

080767

665

"69Ap!911 7857 3783 36386 C

080067=0

=

C08053077 080=64

=75

139Ap!911 7865 378= 33783 0807047=

7

0804766 08034

34

119Ap!911 8= 3784 3=86 C

08044647

7

C0800=6 C

080063=4

45

79Ap!911 5854 37864 3487 C

08047765=

4

C08006637 C

080034

40

"39;a!911 684 378 3348 C

080=67

4

C080363775 08065

0

"19;a!911 7876 3=83 3380 08064=66

0804=34705 0804700

46

179;a!911 8=3 38= 47=84 C

080603=6

C080005=5 C

080=44

333

9;a!911 784 385 3084 C

08044453

C08040605 C

080476=7

"39Feb911 8= 3=83 3485 08030305

5

C080054 08000=64

40=

""9Feb911 783 3=837 3=8 C

08006=40

6

C0843645 C

0807444

50

179Feb911 7863 8= 3380 C

080753300

3

08000666 080047

77

9Feb911 8 87 34=85 0804=7366=

080456 0803==37

'19an911 780 3875 3087 080307365

=

080464=3 08047053

=4

"79an911 5867 8= 47683 08043534

3

C08036=3 C

0800564

467

139an911 83= 3857 43835 C08064534 08040=4 C

0 | P A G E


72/78

0800767

5=

109an911 7835 4867 4=384 080367563

6

08045=677 08070=7

=6

'9an911 5867 85= 47850 080=037

=

08070033 080040

64

'19-ec9

10383 38 45786 0 0 0

"9-ec9

10383 38 45786 C

080033=

=

080037 080006=4

45

"09-ec9

1038=7 385 456877 0800=430

5

C080054=5 080033

36=

1'9-ec9

103856 387 438= 0800044=64

C080350663 080044=

734

49-ec910 3855 3=84 4080 0800=7300

C0800=5=4 0804

=6

"29Dov9

10383 3=864 4487 08007704 C08000444 0804=67

437

""9Dov9

1048 3=87 =80 0804670

080677 C

080060

47

169Dov9

1086 3=84 ==873 C

08000644

7

0800637 0800033

6=

39Dov910 85 387 ==84 C0804776=7

C08035455 C080473

6

19Dov910 380= 0846 44585 0805304

6

0800033 08035==3

7

"695ct910 08= 387 3846 C

080430405

C080=4553 0800054

5

1395ct910 87 3=87 380 C

08044=6

6

080006 0800557

=7

1195ct910 4876 3=83 768= 0807007007 080063=7 0800=75

75

795ct910 3=8=6 378= 6585 0800=606

7

0800=3433= 0806=7

"9Sep9

10383= 3785 684 C

080333=

C080050357 C

080045

=

1 | P A G E


73/78

"09Sep9

103=874 37873 867 08067=

6

0806=43 0804050

04

1'9Sep9

10378 3680 4585= 0805460 0804736== 08056

3

9Sep910 3587= 3587 0=855 0807=0

=

C0805453 0800563

0=

'09Au%9

103586 37807 085 08070=767

4

080656=3 08037=

00

"'9Au%9

103483 38=4 0685= C

0803433

C08064474 C

08006645

05

149Au%9

10338=4 36864 0786= 08004067=

7

C0807=6 C

0800700

6

29Au%910 3385 3787 07=845 C

080465

6

C080334=== C

080377=4

75

"9Au%910 3583 385 486 08057=

C080=0655 080=

74

"49ul910 38=5 483 0860 C

08007565

C0800435= C

08000=6

34

129ul910 35834 48 04866 08003536

C0800776 080357

76

1"9ul910 338=5 485 068 C

080374557

08040=4354 C

0804303

49ul910 35847 85 0778=6 080546676

6

08056=3=5 080557

34

"39un910 33855 3=83 04485 C

080744737

3

C080675555 C

0805037

64

"19un910 3684 48= 076876 C

0804654

6

C08030=367 C

080366

==

179un910 3784 80= 785 080300

3

080004 08043735

0

9un910 38 384= 0=860 C

0800=77573

3

080457=5 080450=4

04=

19un910 387 484 068 C

0800333=

5

08000=77 C

0804456

775

" | P A G E


74/78

"79;ay9

1038= 484 0=8 0806050

C0804036 08005

333

19;ay9

10348=4 4873 0786= C

0805540

C0807=46= C

0804456

644

109;ay9

10

38= 385 3586 0807630

5

08056566 0804434

6

'9;ay910 34805 486 08 C

080=6=50

=

C0800=0403 C

080633

575

"49Ap!910 3587 7867 686= C

0803630

C0803500=7 C

080454=

7=

129Ap!910 368 =8 4784 080==444

=

080043=76 08040=6

6=4

1"9Ap!910 3386 =83 =483 08043356

C0800444647 C

080075

66

69Ap!910 3485 =8 =837 080464=

08067076 08030

373

"29;a!910 34806 8 780 0804==553

7

C080034653 0800=66

363

""9;a!910 3837 = 6685= 0803774

4

08076537 08005767

73=

169;a!910 3084 85 5=8=0 C

080=64066

08003=663 080067

66

39;a!910 3087= 78=6 =8== 0803=57=

3

0800650577 0800==

5

19;a!910 4=875 7865 3870 080703

5

08044=063 08030=73

574

""9Feb910 478 6854 08= 0805=5 0 C

08004=

37

149Feb910 478 6854 0=87 0800643

0804==4 08034=6

7

39Feb910 47843 83 07585 08045445=0

08043==63 08007

06

19Feb910 46856 383 0668= 08076454

08005335= C

080075

70

"69an910 468 38 07387 C

0804656=

C080=74 C

080636

' | P A G E


75/78

35

129an910 4687 58 0=876 C

0803=67=

C080607573= C

0803=6=

0

119an910 478= 806 36803 C

08047444

4

C08004435 C

080076

73

79an910 48 87 8=


7 | P A G E


76/78

6 | P A G E


77/78

(efe!ences

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78/78

In*estopedia n8d8J

Documents

Financial Analysis - Apple