Gaurav Bhati-Shweta Rastogi.xls

8/17/2019 Gaurav Bhati-Shweta Rastogi.xls

1/27

INTRO

Page 1

FINANCIAL MODELLING ASSIGNMENT ON PETROZUATA C.A.

Submitted By : Gaurav Bhati, wmp09079

Shweta Rat!gi, wmp09109


2/27

INTRO

Page "


3/27


4/27

#$hibit1

Page

17&"' 7&+' "&-' &&& &-0

19&0 &&& %&" &&& &%-0

17&% &&& "&+ &&& &%-0

"1&* &&& &1 &&& &"+-

%%& 7&* +&% &&& &"+-

"-&* +&% 10&% &&& &"+-

"%&* *&+ 7&* &&& &"9%

"1&% -&- 7&+ &&& &"9%

1+&+ -&1 7&1 &&& &"9%

"%&9 -&+ 1"& &&& &"9%

"*&" *&* "1&- &&& &"9%

"&% *&+ 1*&" &&& &"9%19&- 7&+ 9&* &&& &"9%

17& 11&" *&% &&& &%00

"1&0 1&% 1"&" 1%&1-' 7&-00

17&% 1&% 11& 1"&-- 7&-00

10&9 1"&1 11&- 1"&07 1&-00

1&9 9&9 "+&1 1%&9 1&-00

1%&- 7&9 "9&% 1&+* 1&-00

"%& 9&7 +&7 17&%" %&079

"9&" 11&0 0&* "0&0* -0&%+0

"%&1 10&1 %&" "7&1 *1&--

1+&7 +&1 %1& %1&** 79&-0

1+&0 *&+ %+&1 1&0% 10-&*0"0&" +&9 *0&+ -&7% 170&000

17&9 10&9 -9&9 -%&%+ "90&000

"*&7 1"&% 99&9 9&09 7*&-00

r/y 199*, the g!ver.me.t a//!wed the b!/ivar t! 3!at 2ree/y

Oil E'port"#GDP

Uneplo(entRate

In)ationRate

Intere"tRate"$

E'%han*eRate%

!.etary u.d&


5/27

#$hibit"

Page -

D!Pont PD+S

,-- ,--/ ,--

ASSETS

?ah @1,%19 @1,-- @",7-

6!u.t a.d .!te reeivab/e -,19% ,91" %,"9

I.ve.t!ry %,70* %,7%7 1,70

Prepaid e$pe.e "97 "7* 1,1"

e2erred i.!me ta$e -++ -7- -0+

Total %!rrent a""et" 0,,1,23 0,21-// 0-1/4

Pr!perty, p/a.t, a.d eAuipme.t @"1,"1% @"1,%1 @%",9-7

I.vetme.t i. a>/iate ","7+ 1,+* 1,+*%

Other aet %,%9% %,170 1,0%* Total a""et" 0351-65 03513,7 04/1427

LIA8ILITIES AND E9UIT:

6!u.t payab/e @",7-7 @",*%* @",0%%

?urre.t p!rti!. !2 /!.g5term debt %00 --1 1,1%7

Sh!rt5term debt a.d /eae !b/igati!. %,*10 -,*0* 555

I.!me ta$e -"* 70 ",*1*

Other arued /iabi/itie %,79 %,*+ 1,1-*

Total %!rrent lia$ilitie" 0,21-65 0,7153, 01-47

!.g5term debt @,9+% @-,-7" @,**+ ?apita/ /eae !b/igati!. 10 10* --

e2erred i.!me ta$e ",1%% 1,7+% 19

Other /iabi/itie +,-1 +,- 1,1**

Total lia$ilitie" 071/6 07614 0,317/2

i.!rity i.teret @*"0 @"%0 @%-

T!ta/ t!8h!/derC eAuity 10,709 +,%* %1,79+

Total lia$ilitie" an; e

Exhibit 2 DuPont and PDVSA Balance Sheets (U.S. dollars in millions): 1995-1996

S!ure: u P!.t 1996 Annual Report a.d P


6/27

#$hibit"

Page *

A

,--/

@*

%,""*

1,--1

7"9

"9

013--

@%0,77

1,+99

+-%03-1-7/

@1,*7"

1,07

555

%-1

9-"

04124-

@,9%%-%1

%1%

1,1*+

0,21--4

@"71

"+,**0

03-1-7/


7/27

#$hibit%

Page 7

D!Pont P

,-- ,--/ ,--

Sale" 04316,2 0471,3 037156

Other i.!me 1,%0 1,0-9 1,0*9

04/1,/2 0431777 03316//

?!t !2 g!!d !/d @"-,1 @"%,%*% @1-,7"0

Se//i.g, ge.era/, a.d admi.itrative e$pe.e ",+-* ",99- 9*7

epreiati!., dep/eti!., a.d am!rti=ati!. ",*"1 ",7"" ",79

#$p/!rati!. e$pe.e 1,%* 1,%9+ 1"

I.teret a.d debt e$pe.e 71% 7-+ %%

Ta$e !ther tha. !. i.!me *,%99 *,-9* %,"0%

Other e$pe.e (i.!me), .et 555 555 79

#Auity ear.i.g !2 a>/iate 555 555 (+9)i.!rity i.teret 555 555 19

03-1,- 0351637 0731,33

Earnin*" $e=ore in%oe ta'e" @-,9+1 @-,%90 @10,7""

Pr!vii!. 2!r i.!me ta$e (",%-) (",097) (*,""7)

Net in%oe 0313 0317-3 0414-/

Earnin*" per "hare o= %oon "to%& 0.45 0/.,

6verage .umber !2 !mm!. hare (mi//i!.) -*0&7 -+-&1

Dear5e.d t!8 prie @%&9 @7&0*

Exhibit 3 DuPont and PDVSA Income Statements (U.S. dollars in millions): 1995-1996

Total in%oe

Total %o"t" an; e'pen"e"

S!ure: u P!.t 1996 Annual Report , a.d P


8/27

#$hibit%

Page +

+SA

,--/

07/12/2

991

07124,

@1,0*1

1,1*%

",00

11+

"1

",-1%

(%-)

(1%")"%

07217,3

@-,+"+

(",--)

031353


9/27

#$hibit

Page 9

Cono%o M

,-- ,--/ ,--

Sale" 0721/5- 0,51-/6 0/1/23

Operati.g pr!t 1,+1+ 1,"-7 %,-7

Pr!vii!. 2!r i.!me ta$e (9%%) (**0) .a

#Auity i. ear.i.g !2 a>/iate ("-) "" 555

A=ter>ta' operatin* in%oe 062 0,- 0,1252

Ide.tiab/e aet @1%,01+ @1",*% @10,+1

epreiati!., dep/eti!., a.d am!rti=ati!. 1,1"+ 1,111 90

?apita/ e$pe.diture 1,*1* 1,71 *1"

Exhibit 4 Conoco and Maraven Financial Information (U.S. dollars in millions): 1995-1996

S!ure: uP!.t 1996 Annual Report , a.d P


10/27

#$hibit

Page 10

raven

,--/

041253

1,9"

.a

555

?0,@

@10,09%

770

1,+71


11/27

#$hibit7

Page 11

,-- ,--5 ,--6

USES Capital E'pen;it!re"

?rude Oi/ Pr!duti!. @11,99- @191,+9 @1-1,11

?rude Oi/ Pipe/i.e *-- 170,-1" -,1"1

1,%- "%,%0- -10,9+7

4ptream ?!.ti.ge.y 0 0 0

Total Cape' 071--4 02/1 0525174-

Other Co"t"

@-",00 @"%,%"+ @71,7"

I.itia/ ?ah Ba/a.e 0 0 10,000

i.a.i.g ?!t 0 *1,1% +*,+1* ega/ E 6dvi!ry ee 0 1-,000 0

ebt Servie Reerve 0 0 0

#$e ?ah Ba/a.e 0 7,"1% 0

Total U"e" 05-123/ 05/7134, 065/156-

SOURCES

Total Proe%t De$t 02 0,12221222 07417--

Sharehol;er F!n;"

I.itia/ Paid i. ?apita/ @79,0%- @0 @0

6dditi!.a/ Paid5i. ?apita/ 0 1,9+* --0,1+

0 7,"1% ,+

Total Sharehol;er F!n;" 05-123/ 04-1,-- 0//4137

Total So!r%e" 05-123/ 0,124-1,-- 0/561-3,

Exhibit 7 Sources and Uses of Funds (U.S. dollars in thousands): 1996-2000

4pgrader E !adi.g ai/itya

e2erred eve/!pme.t ?!ta.d Operati.g #$pe.diture

Operati.g ?ah /!wb

S!ure: Petrozuata Planning Documents.

aI./ude a @1%9 mi//i!. !.ti.ge.y&

bI./ude i.teret i.!me&


12/27

#$hibit7

Page 1"

,--- 7222 Total

@77,09" @1*,70" @+,7+0

0 0 "1*,"++

"%0,%0* *7,91" 1,0**,+-

0 %7,9"- %7,9"-

032513-- 0,771/3- 0,15-1645

@0 @0 @17,09%

0 0 10,000

9,9-- 111,--* %-,*10 0 1-,000

0 +0,+*- +0,+*-

0 19- 7,0+

042713/3 03,/1,// 071474153

07471-6, 0,671572 0,14/21222

@0 @0 @79,0%-

(1,-7*) (1+-,07) %*-,-11

1*0,9+ %17,+1 -%0,1"*

0,/-1353 0,371434 0-54153

042713/3 03,/1,// 071474153


13/27

#$hibit+

Page 1%

Co!ntr(

OIL B GAS PROECTS

6thabaa Oi/ Sa.d BBB ?a.ada 66F "*&+'

?a.adia. Oi/ Sa.d BBBF ?a.ada 66F ""&9

DP S!iedad 6.!mima BBB 6rge.ti.a BBB5 %&+

Ra aa. ("001) BBBF Hatar BBB *"&7

Petro!ata ?722,@ +ene!ela 8 2.2

INDEPENDENT OIL COMPANIES

6pahe BBB 4&S& 666 -&+

Bur/i.gt!. Re!ure 65 4&S& 666 %7&9

Ju8y Oi/ BBB ?a.ada 66F 1&9 N!b/e 6>/iate BBB 4&S& 666 -&1

N!re. #.ergy Re!ure BBB ?a.ada 66F 9&*

Ta/ima. #.ergy BBBF ?a.ada 66F %0&0

INTEGRATED OIL COMPANIES

6m!! 666 4&S& 666 "*&*

?hevr!. 66 4&S& 666 %"&0

#$$!. 666 4&S& 666 "1&0

!bi/ 66 4&S& 666 %"&7

Te$a! 6F 4&S& 666 %9&%

She// ?a.ada 66 ?a.ada 66F "0&*

PD+SA 8 +ene!ela 8 ,/.4

Exhibit 8 Oil and Gas Industry Comparables: 1996 (unless otherwise indicated)

SBP

Ratin*

Co!ntr(

Ratin*

De$t to

+al!e ?@

S!ure: SEPC Gloal Sector Re!ie", B/!!mberg, a.d aewriter etimate&


14/27


15/27

#$hibit9

Page 1-

SBP Moo;(H"

Soverei*n De%. ,--4 De%. ,-- De%. ,--4 De%. ,--

North Aeri%a

?a.ada 66F 66F 6a1 6a"

e$i! BB BB Baa1 Ba"

4.ited State 666 666 6aa 6aa

Central Aeri%a

?!ta Ria .;r .;r .;r .;r

Pa.ama .;r .;r .;r .;r

So!th Aeri%a

6rge.ti.a BB5 BB5 B" B1

B!/ivia .;r .;r .;r .;r

Bra=i/ BF BF B1 B1

?hi/e BBBF 65 Baa" Baa1

?!/!mbia .;r BBB5 .;r Baa%

#uad!r .;r .;r .;r .;r

Peru .;r .;r .;r B%


16/27

#$hibit9

Page 1*

In"tit!tional Inve"tor

Sept. ,--4 Sept. ,--

+1&% 79&

*&1 1&*

90&+ 90&7

%0&% %%&9

"& "+&-

%7&% %+&9

"1& "-&

%0&% %+&%

-&9 *1&"

& *&7

"&- "*&

"1&0 %0&0

%*&0 %"&0

ber 199*&


17/27

#$hibit10a

Page 17

#$hibit 10a Petr!=uata #Auity ?ah /!w Pr!Leti!. (4&S& d!//ar i. th!ua.d)

Ca"h Ca"h U"e;

Fore%a"t Availa$le =or De$t

Pri%e o= =or De$t Servi%e

Ma(a Total Servi%e Total De$t Re"erve E

:ear Cr!;e Reven!e ?CADS@ Servi%e A%%o!nt Divi;en;"

199* @1"&"- @0 @0

1997 1"&-* 0 7,"1%

199+ 1"&+7 7+,-" ,+

1999 1%&19 "9,0-9 1*0,9+ @1,-7*

"000 1%&-" +0,10+ %17,+1 (+0,+*-) 1+-,07

"001 1%&+* -*9,1-* %+,7*- (1*0,9"") 1,*1 ""-,-7

"00" 1&"1 -+%,-97 %+9,1- (1-7,*9) 1,*1 "%%,07

"00% 1&-* -9+,%9+ %**,-7- (1-,**) (11,-09) "00,*00

"00 1&9% *1%,-*+ 01,--" (17*,99) (-,700) "1+,90%

"00- 1-&% *"9,117 %9+,"11 (1++,009) (*,%-) "0%,+-7

"00* 1-&*+ *-,0-" %%,77 ("00,%07) (--0) "%",*"0"007 1*&07 **1,%+* %-,"*7 ("01,"0) (,*71) ""9,%9%

"00+ 1*&7 *7+,1"* %+,11+ ("10,1-%) 10,*"% "%+,-++

"009 1*&+9 *9-,"+% %7%,1+" (1**,1+) 19,-9- ""*,*"9

"010 17&%1 71",+*9 %71,*9 (1-0,--) (,1%-) "1*,+7+

"011 17&7 7%0,+9" %7+,71 (1-+,%77) (%,%+) "1*,*--

"01" 1+&19 79,%*- %+7,"+ (1*,9*) 0,17 "*",++1

"01% 1+&* 7*+,"99 %"+,97+ (+-,**+) (9%%) "",%7+

"01 1+&* 7*+,79+ %-+,1 (+7,0%) (19,0-1) "-1,9++

"01- 1+&* 7*9,%09 %91,-- (1",-7%) (*,9+) "*0,7

"01* 1+&* 7*9,+%1 %+%,-"+ (1%7,10%) ,*+ "-0,+9%

"017 1+&* 770,%*- %+",+*+ (*+,*91) *",0%+ %7*,"1-

"01+ 1+&* 770,911 %"7,-%1 (*,*-%) 0 %"0,+7+"019 1+&* 771,*+ %0+,0" (*,*-%) 0 %01,%70

"0"0 1+&* 7+1,+-9 "+%,0-1 (*,*-%) 0 "7*,%9+

"0"1 1+&* 7+",1 "99,* (*,*-%) 0 "9",+10

"0"" 1+&* 7+%,0%* "9-,-- (+1,*-%) %,%"7 "17,""7

"0"% 1+&* 7+%,* "9,-7+ 0 0 "9,-7+

"0" 1+&* 7+,"** "+9,*-* "+9,*-*

"0"- 1+&* 7+,901 "+9,70- "+9,70-

"0"* 1+&* 7+-,--0 "7+,07 "7+,07

"0"7 1+&* 7+*,"1 "7*,+0* "7*,+0*

"0"+ 1+&* 7+*,+91 "7,9 "7,9

"0"9 1+&* 7+7,-+ "*%,*0 "*%,*0

"0%0 1+&* 7++,"91 "7,-0 "7,-0"0%1 1+&* 7+9,01 "-0,%"9 "-0,%"9

"0%" 1+&* 7+9,7-% "",9%7 "",9%7

"0%% 1+&* 790,-0+ "0,* "0,*

"0% 1+&* 791,"79 ""*,19* ""*,19*

S!ure: Petrozuata Planning Documents, Fe$eral Reser!e %ulletin, S&P %on$ Gui$e, a.d a


18/27

#$hibit10a

Page 1+

"h Flow"

Inve"tent Total De$t

(79,0%-) @0

(1,9+*) 1,000,000

(--0,1+) 1,0","99

1,"*7,"+0

1,-0,000

1,11,111

1,%7","""

1,%%%,%%%

1,"*+,+-*

1,1+7,*1

1,0+*,9*1977,+

+9,--*

7--,1%7

**9,1%7

-*7,1%7

9,1%7

01,*+9

%+,"1

"-",0%

1%,+

7-,000

7-,0007-,000

7-,000

7-,000

0

writer etimate&


19/27

#$hibit10b

Page 19

:iel;" :iel;"

edera/ u.d Rate -&19' 666 7&1%'

%5m!.th Treaury Bi// -&0% 66 7&"1

%5m!.th IBOR -&7+ 6 7&%9

105year Treaury B!.d *&-* BBB 7&70

%05year Treaury B!.d *&+1 BB +&*9

B 10&17

a.d aewriter etimate&

Exhibit 10b Capital Markets Data (as of January 1997)

Governent orInternational De$t

Corporate 8on; Ratin*"?U.S. in;!"trial"@

S!ure: Petrozuata Planning Documents, Fe$eral Reser!e %ulletin, S&P %on$ Gui$e,


20/27

S?R

Page "0

#$hibit 10a Petr!=uata #Auity ?ah /!w Pr!Leti!. (4&S& d!//ar i. th!u

Ca"h U"e;

Fore%a"t =or De$t

Pri%e o= Servi%e

Ma(a Total Re"erve E

S.No. :ear Cr!;e Reven!e A%%o!nt Divi;en;" Inve"tent

1 199* @1"&"- @0 (79,0%-)

" 1997 1"&-* 0 (1,9+*)

% 199+ 1"&+7 7+,-" (--0,1+)

1999 1%&19 "9,0-9 @1,-7*

- "000 1%&-" +0,10+ (+0,+*-) 1+-,07

* "001 1%&+* -*9,1-* 1,*1 ""-,-7

7 "00" 1&"1 -+%,-97 1,*1 "%%,07

+ "00% 1&-* -9+,%9+ (11,-09) "00,*00

9 "00 1&9% *1%,-*+ (-,700) "1+,90%

10 "00- 1-&% *"9,117 (*,%-) "0%,+-7

11 "00* 1-&*+ *-,0-" (--0) "%",*"0

1" "007 1*&07 **1,%+* (,*71) ""9,%9%1% "00+ 1*&7 *7+,1"* 10,*"% "%+,-++

1 "009 1*&+9 *9-,"+% 19,-9- ""*,*"9

1- "010 17&%1 71",+*9 (,1%-) "1*,+7+

1* "011 17&7 7%0,+9" (%,%+) "1*,*--

17 "01" 1+&19 79,%*- 0,17 "*",++1

1+ "01% 1+&* 7*+,"99 (9%%) "",%7+

19 "01 1+&* 7*+,79+ (19,0-1) "-1,9++

"0 "01- 1+&* 7*9,%09 (*,9+) "*0,7

"1 "01* 1+&* 7*9,+%1 ,*+ "-0,+9%

"" "017 1+&* 770,%*- *",0%+ %7*,"1-

"% "01+ 1+&* 770,911 0 %"0,+7+

" "019 1+&* 771,*+ 0 %01,%70"- "0"0 1+&* 7+1,+-9 0 "7*,%9+

"* "0"1 1+&* 7+",1 0 "9",+10

"7 "0"" 1+&* 7+%,0%* %,%"7 "17,""7

"+ "0"% 1+&* 7+%,* 0 "9,-7+

"9 "0" 1+&* 7+,"** "+9,*-*

%0 "0"- 1+&* 7+,901 "+9,70-

%1 "0"* 1+&* 7+-,--0 "7+,07

%" "0"7 1+&* 7+*,"1 "7*,+0*

%% "0"+ 1+&* 7+*,+91 "7,9

% "0"9 1+&* 7+7,-+ "*%,*0

%- "0%0 1+&* 7++,"91 "7,-0

%* "0%1 1+&* 7+9,01 "-0,%"9%7 "0%" 1+&* 7+9,7-% "",9%7

%+ "0%% 1+&* 790,-0+ "0,*

%9 "0% 1+&* 791,"79 ""*,19*


21/27

S?R

Page "1

a.d)

Ca"h

Availa$le

=or De$t

Servi%e Total De$t

Total De$t ?CADS@ Servi%e ?DSCR@

@0 @0

1,000,000 7,"1% (@*1,1%) 0&77"

1,0","99 ,+ (+*,+1*) 0&0-"

1,"*7,"+0 1*0,9+ (9,9--) 1&*9-

1,-0,000 %17,+1 (111,--*) "&+*

1,11,111 %+,7*- (1*0,9"") "&%91

1,%7",""" %+9,1- (1-7,*9) "&*+

1,%%%,%%% %**,-7- (1-,**) "&%7%

1,"*+,+-* 01,--" (17*,99) "&"*9

1,1+7,*1 %9+,"11 (1++,009) "&11+

1,0+*,9*1 %%,77 ("00,%07) "&1*

977,+ %-,"*7 ("01,"0) "&1*%+9,--* %+,11+ ("10,1-%) "&0+-

7--,1%7 %7%,1+" (1**,1+) "&"*

**9,1%7 %71,*9 (1-0,--) "&*9

-*7,1%7 %7+,71 (1-+,%77) "&%90

9,1%7 %+7,"+ (1*,9*) "&%9

01,*+9 %"+,97+ (+-,**+) %&+0

%+,"1 %-+,1 (+7,0%) &101

"-",0% %91,-- (1",-7%) %&1%

1%,+ %+%,-"+ (1%7,10%) "&797

7-,000 %+",+*+ (*+,*91) -&-7

7-,000 %"7,-%1 (*,*-%) 9&"%1

7-,000 %0+,0" (*,*-%) *&"997-,000 "+%,0-1 (*,*-%) "&--

7-,000 "99,* (*,*-%) -&01"

0 "9-,-- (+1,*-%) %&*"0

"9,-7+ 0

"+9,*-*

"+9,70-

"7+,07

"7*,+0*

"7,9

"*%,*0

"7,-0

"-0,%"9"",9%7

"0,*

""*,19*


22/27

#$hibit 10a Petr!=uata #Auity ?ah /!w Pr!Leti!. (4&S& d!//ar i. th!ua.d)

8e*innin*

E

+al!e Ret!rn on

E

1997 (1,9+*) "71,"* 1,9+* *,19*199+ (--0,1+) %19,* --0,1+ +1,00"

1999 1,-7* 9-0,-9* 1+9,1%% (@1,-7*)

"000 1+-,07 1,1%+,1-% ""7,-%7 (1+-,07)

"001 ""-,-7 1,1+0,*% "%9,*% (""-,-7)

"00" "%%,07 1,19,+"0 "1,01% ("%%,07)

"00% "00,*00 1,"0",7-9 "1,%%1 ("00,*00)

"00 "1+,90% 1,"%,90 "7,"%% ("1+,90%)

"00- "0%,+-7 1,"71,+"0 "-0,%% ("0%,+-7)

"00* "%",*"0 1,%1+,%0* "-*,09+ ("%",*"0)

"007 ""9,%9% 1,%1,7+ "-7,19 (""9,%9%)

"00+ "%+,-++ 1,%*9,+10 "-9,"+0 ("%+,-++)

"009 ""*,*"9 1,%90,-01 "-9,01 (""*,*"9)"010 "1*,+7+ 1,"%,"7% "*",70 ("1*,+7+)

"011 "1*,*-- 1,*+,+*- "*7,97 ("1*,*--)

"01" "*",++1 1,-"0,1-7 "7%,9*9 ("*",++1)

"01% "",%7+ 1,-%1," "7",71+ ("",%7+)

"01 "-1,9++ 1,-*1,-+ "7*,*"% ("-1,9++)

"01- "*0,7 1,-+*,"19 "79,%9* ("*0,7)

"01* "-0,+9% 1,*0-,11 "+0,0*0 ("-0,+9%)

"017 %7*,"1- 1,*%,%07 "+1,+99 (%7*,"1-)

"01+ %"0,+7+ 1,-%9,991 "*,"-* (%"0,+7+)

"019 %01,%70 1,+%,%*9 "-,*1% (%01,%70)

"0"0 "7*,%9+ 1,%*,*1" "*,*-0 ("7*,%9+)

"0"1 "9",+10 1,0*,+* "1,-+ ("9",+10)"0"" "17,""7 1,%--,*%7 "%",+*0 ("17,""7)

"0"% "9,-7+ 1,%71,"70 "%%,-"7 ("9,-7+)

"0" "+9,*-* 1,%10,""0 ""%,1%0 ("+9,*-*)

"0"- "+9,70- 1,"%,*9 "11,+01 ("+9,70-)

"0"* "7+,07 1,1*-,790 19+,-% ("7+,07)

"0"7 "7*,+0* 1,0+*,"-1 1+,9++ ("7*,+0*)

"0"+ "7,9 99,%% 1*9,%-" ("7,9)

"0"9 "*%,*0 ++9,%%* 1-1,- ("*%,*0)

"0%0 "7,-0 777,1+* 1%",%-- ("7,-0)

"0%1 "-0,%"9 **",001 11",7%9 ("-0,%"9)

"0%" "",9%7 -",10 +9,%07 ("",9%7)

"0%% "0,* %70,7+0 *%,1 ("0,*)"0% ""*,19* 19%,"+0 %",91* (""*,19*)


23/27

En;in*

E

%19,* 1,000,000 0&7-+ %&1%0 1&-70 "-&%*' 0&+-9-0,-9* 1,0","99 0&-19 1&07+ 0&7+9 19&90' 0&*+"

1,1%+,1-% 1,"*7,"+0 0&-"7 1&11% 0&+0% 19&99' 0&-*9

1,1+0,*% 1,-0,000 0&--1 1&""+ 0&+7 "0&%0' 0&7

1,19,+"0 1,11,111 0&-1 1&1+1 0&+"9 "0&17' 0&%9

1,"0",7-9 1,%7",""" 0&-%% 1&11 0&+1 "0&0*' 0&%"+

1,"%,90 1,%%%,%%% 0&-17 1&07" 0&7+7 19&++' 0&"7%

1,"71,+"0 1,"*+,+-* 0&99 0&99+ 0&7-9 19&*+' 0&""+

1,%1+,%0* 1,1+7,*1 0&7 0&901 0&7"" 19&%' 0&190

1,%1,7+ 1,0+*,9*1 0&+ 0&+10 0&*++ 19&1+' 0&1-9

1,%*9,+10 977,+ 0&1* 0&71 0&*-1 1+&9%' 0&1%

1,%90,-01 +9,--* 0&%79 0&*11 0&*1" 1+&**' 0&11"

1,"%,"7% 7--,1%7 0&%7 0&-%1 0&-+" 1+&' 0&09-1,*+,+*- **9,1%7 0&%1% 0&-* 0&--% 1+&"' 0&0+0

1,-"0,1-7 -*7,1%7 0&"7" 0&%7% 0&-"" 1+&0"' 0&0*+

1,-%1," 9,1%7 0&""7 0&"9% 0&91 17&+1' 0&0-7

1,-*1,-+ 01,*+9 0&"0- 0&"-7 0&7+ 17&71' 0&09

1,-+*,"19 %+,"1 0&1+0 0&""0 0&*% 17&*1' 0&01

1,*0-,11 "-",0% 0&1%* 0&1-7 0&0 17&-' 0&0%-

1,*%,%07 1%,+ 0&07* 0&0+" 0&11 17&"-' 0&0%0

1,-%9,991 7-,000 0&0* 0&09 0&%99 17&1*' 0&0"*

1,+%,%*9 7-,000 0&0+ 0&0-1 0&%99 17&1*' 0&0""

1,%*,*1" 7-,000 0&0-0 0&0-" 0&00 17&17' 0&019

1,0*,+* 7-,000 0&0-1 0&0-% 0&00 17&17' 0&01*

1,%--,*%7 7-,000 0&0-" 0&0-- 0&01 17&1+' 0&011,%71,"70 0 0 0 0&%+ 17&0%' 0&01"

1,%10,""0 0 0 0&%+ 17&0%' 0&010

1,"%,*9 0 0 0&%+ 17&0%' 0&00+

1,1*-,790 0 0 0&%+ 17&0%' 0&007

1,0+*,"-1 0 0 0&%+ 17&0%' 0&00*

99,%% 0 0 0&%+ 17&0%' 0&00-

++9,%%* 0 0 0&%+ 17&0%' 0&00

777,1+* 0 0 0&%+ 17&0%' 0&00

**",001 0 0 0&%+ 17&0%' 0&00%

-",10 0 0 0&%+ 17&0%' 0&00%

%70,7+0 0 0 0&%+ 17&0%' 0&00"

19%,"+0 0 0 0&%+ 17&0%' 0&00"0 0 0 0&%+ 17&0%' 0&00"

Sum

Proe%t NP+


24/27

Pre"ent

+al!e

o= ECF

(@79,0%-)

(1,*97)(%7-,00")

+9*

+7,*7*

++,799

7*,%90

-,7-9

9,+-

%+,7+-

%7,0-+

%0,**"

"*,+1-

"1,**17,%

1,*-%

1-,0*-

11,790

10,1%

9,1-"

7,-0-

9,-99

*,9++

-,*0"

,%+-

%,9*",-10

",90+

",

",0++

1,71%

1,-7

1,"%

1,01%

+1%

70"

-+"

9%%9*

@19",""9

0,-7177-


25/27

R2 -&*0'

Ca"h

Availa$le E

=or De$t Co"t

Servi%e E

0 199* @0 0 (79,0%-) (79,0%-)1 1997 7,"1% *1,1% (1,9+*) (1,++1)

" 199+ ,+ +*,+1* (--0,1+) (9%,%*) JJJ

% 1999 1*0,9+ 9,9-- *-,99%

"000 %17,+1 111,--* "0-,9"-

- "001 %+,7*- 1*0,9"" E

+ "00 01,--" 17*,99 "",*0%

9 "00- %9+,"11 1++,009 "10,"0"

10 "00* %%,77 "00,%07 "%%,170

11 "007 %-,"*7 "01,"0 "%,0*%

1" "00+ %+,11+ "10,1-% ""7,9*-1% "009 %7%,1+" 1**,1+ "07,0%

1 "010 %71,*9 1-0,-- ""1,01

1- "011 %7+,71 1-+,%77 ""0,09

1* "01" %+7,"+ 1*,9* """,*

17 "01% %"+,97+ +-,**+ "%,%10

1+ "01 %-+,1 +7,0% "71,0%+

19 "01- %91,-- 1",-7% "**,97"

"0 "01* %+%,-"+ 1%7,10% "*,"-

"1 "017 %+",+*+ *+,*91 %1,177

"" "01+ %"7,-%1 *,*-% %"0,+7+

"% "019 %0+,0" *,*-% %01,%71

" "0"0 "+%,0-1 *,*-% "7*,%9+"- "0"1 "99,* *,*-% "9",+11

"* "0"" "9-,-- +1,*-% "1%,901

"7 "0"% "9,-7+ 0 "9,-7+

"+ "0" "+9,*-* 0 "+9,*-*

"9 "0"- "+9,70- 0 "+9,70-

%0 "0"* "7+,07 0 "7+,07

%1 "0"7 "7*,+0* 0 "7*,+0*

%" "0"+ "7,9 0 "7,9

%% "0"9 "*%,*0 0 "*%,*0

% "0%0 "7,-0 0 "7,-0

%- "0%1 "-0,%"9 0 "-0,%"9

%* "0%" "",9%7 0 "",9%7%7 "0%% "0,* 0 "0,*

%+ "0% ""*,19* 0 ""*,19*


26/27


27/27

Ca"h

Availa$le

=or De$t CADS Md 10&0'

Servi%e i"%o!nte; at

:ear ?CADS@ ; LLCR 7.5,

0 199* @0 @0 PLCR 7.641 1997 7,"1% ",9"1

" 199+ ,+ %,70*

% 1999 1*0,9+ 1"0,9"%

"000 %17,+1 "1*,+

- "001 %+,7*- "%+,909

* "00" %+9,1- "19,**7

7 "00% %**,-7- 1++,111

+ "00 01,--" 1+7,%"7

9 "00- %9+,"11 1*+,++0

10 "00* %%,77 1*7,1"

11 "007 %-,"*7 1-",--+

1" "00+ %+,11+ 1%9,-9+1% "009 %7%,1+" 10+,09+

1 "010 %71,*9 97,+19

1- "011 %7+,71 90,*0%

1* "01" %+7,"+ +,%1*

17 "01% %"+,97+ *-,0+7

1+ "01 %-+,1 *,*9

19 "01- %91,-- *,0"1

"0 "01* %+%,-"+ -7,009

"1 "017 %+",+*+ -1,7%7

"" "01+ %"7,-%1 0,"%*

"% "019 %0+,0" %,00

" "0"0 "+%,0-1 "+,7%7"- "0"1 "99,* "7,*%9

"* "0"" "9-,-- ",799

"7 "0"% "9,-7+ "",70

"+ "0" "+9,*-* "0,0+*

"9 "0"- "+9,70- 1+,"*%

%0 "0"* "7+,07 1-,9%*

%1 "0"7 "7*,+0* 1,"1

%" "0"+ "7,9 1",999

%% "0"9 "*%,*0 11,%-0

% "0%0 "7,-0 9,*+9

%- "0%1 "-0,%"9 +,90+

%* "0%" "",9%7 7,+-9%7 "0%% "0,* 7,077

%+ "0% ""*,19* *,07