CAPITAL BUDGETING cB-( * CB involves Invedinent dectster of the finance ja a 9 Feakutes LTA Ylonuiclu aep wiptcately, pofti tp ~ bow naa © invedtment — inttiat ge: D» always wee annuity factoc White evee a 2 D> aluvaye GD amount — 4 CD detusens peo! pas *) as peste S oulgg Jet ¥ Ds CO fplne i uncertain. [2 Fe = dept allocabi our Cite Fe Cont ONE oem — uncertain & ‘pee vemibte -huge teaser -dvat led aratltgi oth Ruled of CB D Coty Cask Flows ace imp-ateuniing oft @ tase : - Blan be mani pudaked ( paide. aaya bt gaya) D onl Oye ate imp:—do mt consider dunk (out [pack CE - Ckith bhi ho jaaye change nahi ona chatye) 2 Inala silalek CF ony inaude all inttobrlel oc tclalect CF, polis Crow tayi bv gayi. mata hu trmue wnjal se ‘ai leet.) main & by plocuck -» by: pudl sold ~ invidenel cr fo main pled: 4) Inolude oe lotitng taplel Mey hidden astjuet meat - 24tjJaabhi~ int tnuse => cath ouiflow - wc inkoduod Fence, plo} = bustivas wind > Casts Infor » orovery 4 we + whether nocaled ae 4 oth 5) ance ate allocates over w on a almply Ranove + edlocated OHC not inevetentars ~-Huumnb ule > peated aa CH ie vst aeedson «vere if dictontal D Now cash Vem = cF —onlly if Taner CIE — non call, emp ~ TRY Oepend — 4a benefit COF - non cay. Pnrome ~ TRY Iniome. - oe payment: : ©) ML exp all fntome nek bf fam ‘- WET 6 dau = amt Cl- TR) u «Teehbiquir Meptial eting Nen discountig tech. tavounting fee. doeant im constdece Hime valiee o money + Bask "a Ne Raho delean Pied. ba le Book ROR Nek Peawont Trtenal eon Moaifed Col tability nde Discounted Veluwe Time Adj #oR 1eR cre iy bath telie: (Nev) maa ROR Datdbiiy acl Mj Rroyont: Naluue index pees ‘adi Honal Annualised benefit tou: latte Nev Nev ; Pay BACK PERIOD CPBP) 2} Discounted BP 3) Ace ROR Nai ih, a | time Adj r Avg RoR = peufod tn which inital fy ig | * Time Adj PP sole a on fee bie pledentvaluce : peat f on ee baveton plop fare re ee Jericho fe To wtto:- ee pacer Ste} pee = m4 PAT joe ‘ - ni Ww oF. Cum ulahve ce ine a %; he POF vin beats ee as nik tov Pee = . Be yor months lines “y nek iny = i-suap See es waite" eo: ARR > Coc. = Aleept Jake ™ % vd ARRL coe af adciiion te 8 Ue age = Br slayer pm ae i =) 2 Ln — Penk, aaa” ay abe désountect CE~ uyNer feesent YAW = | s) PI NPV = PYCOIED - PV CCoFD (tad) Nev = ‘ P) tnclfeatu we + se ploject pesaigiutd Fac PRodnk Value tnclore fee every Re | of DCOF . CB-2 ea flee pecker ion PIST Wev +e acepl oe pier Nev-ve — wepect iad Fnceeeed piet wev20 onl if 40 me if Plo pas re non iran eat non [ffancat 145 jer every bu 4 ir = > a ck fed th yeu ion AUNUUSED NPV unlit spect Pl= PV of Ce + gle int 4 TAX: intel tov A-wev= Nev Chad) i a AP form ye Ht. ee-|S NOt BLOF F i tat he re ee ar ns ye 4 plaject = Nev + fnivinv ) ins thy. DISPARITY iN LIFE Wweke mewrac NPV rape Meng 2 fiyev = nae wey - ole WAY + tj wil ak = " We-— accept Ly alia i ‘tn find: one Hime -Ve— no tele 7 Oo — hon raneiat i Annualised NPN nev i : : tuaditindl) taluite - 9) Nw oe + noHing mentored > tabe @|w tae oh mo 9 We MF + quititen wit pot mention m mo Fe ~ heck shpat in ie Op mun monk ORC tS eee + peatoct Ce gare ae fo — addump 2 slau det ue apaln't Annwalisee nev fe a hatte + decile — ANPV = wey “NE —* Gquitalere annual wade = EAC. fase Lyre bv 4ve > 9 rte 83) then afb 2K Antu * aula tania bongit eAg| ( tee af abe if Muee ce option > of Lepaltin | - Ilghast sre 4 ieee, od madine > ar we can't Gf % doin at Hh Ute tre.4) INTERNAL RoR sIndicabs fe oR aentsali oF pe) bated On tat. (Maer + Hf dise ib done en tee Nev <0 vepoe ot * (RR> Coe accept IRR © coe eject +e. ) Pay Bark = LE ____ EN aye Ce 2) bpponinale > AF table nd nev @ te wale o@to'l- 3) Nev ave > PIR ches ‘nial NPV Nev -ve > Yt Crewe 8) Modified )RR y we & 3ya- @rol- “oni {rr Year > deinforr yo Qlo'f 2x. 2% > 1 ye @ w]e ard 5 oun IE To: a Me e — o-tL ‘ ae ? fire IRK 2 MRR, Block @ Asset single aut > bock Cita) © clop on a voov of bIocR A: wov = op ov ak Orr on sale of adek i noe wlulata as as block Contincees ° > (eae @ ok we pnd oft a, @® w block eoaau to encse RR: tan (ae he no oho austin Meck. uate weverr) -NPver®) Vu | | elects Pe - ovens Qyump:- CF ace toinvedted @ eee ate: se ¢ He Rtn the a ploject | othe aaaela > P= ond yn dap = n-! no Otee adit > PIL et ep, felifeLEASE Fivanaint' £B3 CAPITAL RATIONING imuit fine of view af a ee headee + donk fle} ad pee * accept ploy HU int Tot ub wihthn Ye gun DIRK “tank as pee IRR KUL ini trw + accept i whthen aval able fonts Ple Pye bc — intny in tay Cet - 1) Funds fo be tnveuted -linited + de hy ential @ Inbeett.Jaclts- poder oecide *heade Rent Wo la + hole adiet NPV oe PI ; or 7 pasty » A tae rary waigut 6 Aivistole peo( rab viabe +vewev . i 4 a@l + IRR 6 Wade 17020" pney Pp New staluulaHion OL LR be : a OB alee Smethodts Cyated Ar — Sethe. wee tee ) Feast witty cet] Aga | pofit] [Rog mop = POG UE cack Weld} Toke Niv:— De Plan. - mabe combt | ploy 2 available ck furs stale @ end" 04. yeat: + caluulale Nev of stk 4 man NPV get - celecbeol = Avnet cod ofawt) ee PY a se raving awe NPN Le arex'f point ga Pr@2y Jan Diane TY] Siepptenp hens & Pa Youd uate py p)- Yow ce ey PE ’ Rr = at 3 1 ae 2 available baer : Ceiba 1V Oh nck cook fruwud = same UaANVPL Taw Tec tg” Thy en oy oR 2 ar me es ramen Gexta) SF Booed Boltv nd a = erd-TR) AE BY b-5 arabe ate ce Cink pnulpafploan ch)CAPITAL Salus cs wok option w Sella pot Con of Pr wth sane ers) mes |EPS eqity = debt ee cee epslop) = EPS (op fart re > MPs pas (revt— ink) CL-bD-PA eit 2 EL mess prsx PE no-0| &S kes £6 = + & Finanuial BLP : Pe: We indiyywort || stay oper enous o Bhs be gid noir civ, lower Fe, Caqua) | avec FE Fos BY ES pelt pst 21PP Cheap (debt) tnt ny =0- fit _-eld +r) femmon ons debe + bes rer pupusees CD+ED | law eke Taw $ Par ee ce = une lueedom) ie ake - bbrdiy . De caus WESH « : evel Ueaee ty (au pur tide) pote —~ = Had stuuchute Hud a mam tap ace madble ate ant no chou ta pepo ol oO we te we i 42 lu => e0me ON) appupncr @ Norsetqys) WNUK? gy ea! sell shat © Ueadlitonat, §— OGM) gy, ovata pm Cr) ae CaF ».*|soteltng x mv CE) | appiach: Wor Toute) UD over ory kt COME cont xeon CIE = *} howling x total lon tondt = xtonk = Mtoe mE og ° th Wet 2a Kae kde Ke UD fave oh ie undewvaed m- vere tshemsrdeen) Ve = Np + Ve LUE (sna) y 61 i ce ies Ke Ke Sean Toys Caer v o-toc > _ Pai Inti HPT ain int ® ye. Ve vst 4a ae tl) edne | ele luge Tox tonapit LTR x dad) Pauea hold captage two ea pitosn. = naw ve - Old Ve | v Sup tus cave.CASH FLOW ~ STATEMENT CR crs-4. + staliment showing inflow q Buk flow 4 Cash % lash. eqpuivivabent a pa 6-3- + Cth | lash equivalent: cath tn hand, domard chpoails llth bank, shot tem invectrnonts Waid, eadily tonverHibtlo into brown amt of cash , malweiy Putted oj smontu sv, tntgni flint wth of charge in valece) . PERATING ACTINITY -[ TNVESTING ACTIVITY + Cuinvipally uewenue produc | act pecteini rg mn activity & act which ace not a & finan * pucchage aM + Sale 4 He G seqvi ee: hs emplouen * hoa to emyioyeer, advances 1p weirs stand of Encome (except In notmal invst ffeencng) salt ackviti. fr notmal tomse of busines Ate whiel gence fntewe inv poe puechaw & sale o FA 7 * Joint tnvenkue - * tovst ~seabviclings, agtoviale , dobentuee , beeyeence Shae "loan given & tnteceel fatnee on (oan - “1S on Inbeaat-, dividend Re iad bi * hong tem ot inv vl deren ra * Puechaae % sale of tong 4eum Inv FINANCING ACTIVITY? all {lem petlaining & hace taptial % ting chang te ste and col feutros of laptht 4 pacowlrg - slssue , dactompiion 2 €4 Shaw, ceence shalee * Econium 4 dedempren bf laptiat * * hoan talon , eepatdl &, Intecok pak + dividend paid. tocpotati Aivitend ee ang fam Labiliny 3 D 5 KR x REx = BR axlx nd S itl i aS | a = sons pi, . Ppeeeb oy i 3 e3iiege fees ; bau aktidatcats 352555 id £35 ,32hse523 Wyse Elly 3 She g= 8 FS* s33& s 8° Fee a8 BES Sz 2.3 =" se a... can alk wiles = 2 = e|* 2a geem 2022 gs mNG Sszqg, hae Bae £2lash Plow Foumak T) ash flow stalemont ftom Opetaking actut Cdicect OR Indbect moltad) T) Cath [ow fore tnveshng aun quakitas ow fem ffranclng ay : Né etn cab & : (asm equivalent. 14243) Ww pent Cash & aie equivalent XX xX XX xX Xx xx DIRECT METHOD + OPERATING ACTIVITY pony case ftem no Par stem (av Snlows Cabby Sales Adw | Cas wecelved en heebtees] R Bad debt reeceveced Cash out low: Cash Pulchade (ah patd bh ceeditees [BP tac pat b plod” exp admin % SP emp (ae i op” We Tana pad [aepuree (ath feo bh €0 tiem BE enka “qclinaue fem Note cas ovo year opr acti Oo OO (29) oo mr : te San i pata. tn tY POINTS Hi] Musa steak with balance shect pode tax ,dAvtdond, wedtous eteounts Ube Tax Provision IMP pepece fais unde AS-3) pest ale dloting He actounl oud oes & depeeciakor 2) Mn 4) Msume lage Fa fax SD Proped dividend, FA , dep ace) D BhaiCASH MANAGEMENT ssufyilent cash 3 awailablein each diniyen , suaplud enodlage , sup ld - fnvera /opitadin Woe Cash mage teohninwis = (@ ophmum bwel 1 (ase wars (steeply | strttage) . ie Ee Deblout Cot) lection F Chenl= te ee et |i oy Op? ne *Phesalpaata > eats hy tela — eo rabler ‘oe (oRuwiph” “ F OR ac model Titat date | tuchouy ee fe = 04s baumet Coe =! oak = ante} mbt seve ieee (u-choue (oe me tonw extn he © iwan dahon 0p" shock Azannual catty Leg c: tartying ne 2 tnaing lance” | 8. convidtng Mek wou —ay, 7 | Re Rint ale - + Wal % e10e stad : (lol) | Flow t i lay te eel tw Conon atughg ep tins er ety onveesdon = no-0lton (Ak vepee) ‘ 5 Concentabion = hock Bow aug = Lyvotsize ¥ ecpa pe [agar =e mode Mei = Ie tae keliaiee 7 dlwtas ve = cau ht YMAb Va, if « ener tw cathe ere ane ae ie Spread BX gf 3] Ko-™ xeonveelon malig wey wr Cat Cyd * east oae Ane wie HP*FQHP ots wetelanee tpy* of cate yfoo |] «C0 = RENT YS daily tik tale int tale|36° |) 1 yyy ag pode bee tv (told) = 1/3 speead- Cah Yo 2 no-o1 day inv (met) = 13 sperad - es : = 365 Jecldag Whaws pot = Lv +/Lepuad) = ty Jec tm) 70 tory Yype Unie = oo Spuad- lic Whe - ce dap x daily eupunastCOST Cost OF Debertwe exonce ea) arp) LOST OF CANTAL coc- stost ude compeniatton Hat we fei = Comperuahon paid m eteived « taritac CK) eal Fy ica ae Bae eee he Ckee) ! COST OF DEBENTURES '- (Kd) MT OF ADEN IUAES oka © ireevemes.e . veg: Kd = tnt (1>7R) Sho aL gee ae Isat > money — Hoahaken re evi te OR +abe —marbee value dD REEDEMABLE DEBENTURES - KA = Int C1-lan) # ze ch 2 LP pe Pot poet te * Tax” CRD 2” tht Uden) FB Qv- ie] RV = tedemphon value 1p = fue pet net 6f loakeben! ule of debentuces - ies OST OF E FERENCE SHARES :~ Kep) UD IRREDEMABLE Ps:- Kp= pon dividend y 190: ua ave hs % g ¥ Ruz edlemption vale 3:3 be) fe - Htoabie IPs Yosue pay ions n> nod ya: | e fl same {et convERTIBLE 08" D - yoataton She dowd P coue ae th wp net glen: thon Se abe mmacbet value 3 = GD REEDEMANE PEI =a aE + = 8 ae y+ v-IP ie ipaaltly “EE kc) abt = Pa at Comin = Por + peemtum at Plu = Pal - Ole - 'FlaaWon cout (out Tncwtwd to sue We deb", Sraty Wy mache (plespertal ad y fe ation ce et),© Dintdend ovaluabon| ii fet tute | jay piven gor nines 3 moda GORDONS GRow L: eo 7 (roniank rao tn dfv) fe = dividend Kes es ems) Ke fe +a) TP a Po TPH Po MS d : OR 1P - not polation a Di = do sip Dy = Dn (+g)” = cuent mabe a se ee pete - ni we Whow Hace We Wher dtwee in | P= tbeired cathy“ rape PIVIDEND | Fluctuating Dw ve me a inverte monk CRo1)'). EARWIngs t- ee Pividond Belen ie othe than we dvldend i oe . ee div] owen Ms it u + eas ning 2. Atvidona 4 ie Hy ee alucay wee qaed ey uk = yin — el ee gol fv decimals - = dblenvion. sacs bon = toe » valle Of _ live C0ard) - Prine cDvm) | ee hel + Cost OF RETAINED EARNINGS; ~ Mm) > Gleuteot walng pYM ex CAPM H py impart of foatton, (ai ft. Fe oa lig”? x : 8 OvgRAL. coc) wie Avg COC ot loc of Company Grp wid Ava a x 100 ' - aap” =? Legit ire. eac’s S's pop” of, tapiiet fp total oy Fal) t beer hon Catal Ie, Book Value: 4ahe tHainadl oe eateainen # pea Market value : ho inet ddalnod thas mee appeopte)Tyees «OF RISKS. ae 2 Systane piveesivable Undtveest yiable Compaay praduesiey Bec ffc - — os fw carimm Asser PRIUNG oper. COAmAL : Kee & +0 Cem RI] TN [tonst | s Rm = Rerun on wtiky MPL | menaneces volatil Pearse af ange te gyptemnabte, ilkjwehen | p= 2 dan mee yeh colsceeheer ¥en] t a ail Dp p2'[. then ies Avg sk ty ae B>1 Hig tise Cal ; Be) poy weak Coonaniuatve % defensive) Een niece ioe gate, ceuuttier eohun volt that weluta (hn) c muubel dh een Peta 2h Geew wetter) & Lmbe usta) feos Div+ Gp Apptoom p= caulakin (seri) cee Tavee cat = Pv +[Pe ~ thsi) b= cvatlane (seu, me ee (e-v ort” fe = Cunt me M-» = Me pre ae“DEBTOR MANAGEMENT DM- 4 -also called ag management of waccivables- DEBTOR MAN tedit Snvesttgahon op? ‘i fot ye date 4 woeHeineds + % as (eed Dtswount~ fesf oct } 23 Rati Peutod +h co mut ove oph eum. dbtes C42 hie and x 2 te00) + For am pollecs - compute twoyie ~seluk maw pafit poly ; WL tee tout will be a exapt tnt oe snowed > “bogs tnkenoet vale x collection pelo collection. peekool u mote im anc not crevit etlod. a PV dao = conkiaution 1 b4 Fc) exipledde ato} Of salu: rite ‘ir + Donk page condidee evating pan alow ciatment Ghoung Wait "| Foe Ink i Cogs G vot avaible alulale vei am « te on wekutn = wot Of puna saves - oe | * dfwout - afs net 20 atfpdie Yo you py within. © coptitbution doy ot - uy pull & 20dnys) Spe 2) fuioal : Minas tonatdar thik i pastry ‘f(D AY enpimu Ax x ia © admin ou aaa x Xe wo disout wt xR Proptt| Decision TREE ANADULIS '~ fechnique 4 tout borg analysis Custom Pays Profit = Salat ~toue Currorwe _Doosnt Fay hou = Cop Cvocrint) Cus Coot loa Prob. fea x = weet frvetti gabon % facie puechades debroes fem and que advante FACTOR 4 Ageangemont vdheee a fitm at ver adv abut fa deblocs {fom a rachoe Sptraneia€ institch bn) a — ~ debleu follow up — mainkatnane S plolechion : we Bes wucouue fecleg:- vad deb ae AV Deblow aluoays Ye avg. oO Ria wae oN avg dss (© tammiston or yg la Amt Payable at unlibe. > Fnkeeesl on an ank py adnonce as aan Net advance laid « eg comnlsin + a 2 ‘lt nae COF = : I not advance Gautrsiv = ig et ub - ad hehe + Min epsFuno Flow Statement q Wei- Sheed cilia _epltint SN ie Sune Of funes vention of Funds on (ashy pe a auto) aes a a t, | ee Sale of fwued aaact jinvste a vst cur Loant tober | Lpaagere % loan 4 " hate capial Tse buy vi all a, Iya. i oe rs Nolo oo | aynprion 9 shade i deb Funct fom opecations (Pref(i> Tans ang dividind paiot ° v tn wotling capital ° Funds yom opeuabond Cows) a Rin wotwing capita TE) Funts_yom _ppuaont Cero) Tansing_petinaoss movernont Bop: anuj eed to balante shoot xe wb» movemonk Be cunstnk frend 0 non_Co, Oupulue (dap , fptew ou? m a Re im Aebhau re re x © non Cash — Inte Cappuectiton poe goin) = gee © ron_optlakng —cupenas” (i on cal att? Wane Te myn cen tw onon oyualieg truome = (pune: on ale a4? xe Sem > x mvt « re! w Tansheus {om PGL x 4 et w Wau PGL xe ip eve tn, cute + “arent fund iyo op eaten XK oie Bi wy > Soule eect: ah es xy > appt” (GL - FRO: basally wmeups ( fnome -CASH FLOW STATEMENT. ——————— 2 F554. * Maiment showing inflow % eutfloo A Cash % tas epuvivatent a pe As-3- + Gh § lash equivalent: cate in hand, domard inveltnonts peat wlth bank, sho tem Uquid, peadilty tonverHiotlo into bnowr amd of cask , mabudiy Peted of smontu Gy, tnatgnipilant wash of change in vatece) + OPERATING ACTINITY-| INVESTING ACTIVITY + Cuincipally * pect * Sale ee employe Roan te employect, cidvanag tm werner ay stances of Pmconw except Jn potmal trust % financing) salt ackvitie tn noemacl toutse of bassinaws uwenue produc | act pectaint activity & act which ace not ara financing Ui tee! 4G seuvia wi ate whieh Inieme jn *puechad | sale o FA * Joint fnventuce « * tnvst ~subsiclintn, agloviale , dobentute , rnce stole. * loan gfven & Intec fained on (dan “106 on Inbdodl, dividend letecived “hong tem agdet oe trv Mw bo hate ea * pucchive % cole 61 long teem inv FINANCING _ACTINITY = all [tenn peitaining & chace capital bettorotras, chang the ste and od ff Capthe a veecowtng slvsite , declemphion 2 €4 Sheet, (cence shale + Comium of tedfomprion BY laptat » * hoan taben , ecpatel % Inbecoet ear ‘d_, tocpotali « olivic fd , (ot) Atv ttead oo we tam Mabiliy 2 ) €) Sala Gee eel. ee oo as 4 Pri bf A dr hy eke Sug d et feat cae eee S$ 8 82.3235 8 523 eee B 52s gas z3 2 fly § Peg 28e 5 = 8332 dl Be ~Fsesg2 tee 32 8 ale £8 * gee. cse5t, 3 g4 5 aly bftsagege” FE BEE WS SStdeqn7 Dean. Se #2@ LEVeRaGes tt) > When % itm empleyear ASSETS g¢ Souree of FINANCE whieh enlaik @ ° Fivep ¢ ik calut a ee ‘ Types AL " ee COMBINED LEVERAYE CCL) t ! SS Cou) NOME sci opm cer) tip ¢ - whom an ASSET | ~ hyn, toute of ie, combing tt give & Involved which onails fo E iad. Fe. ie it meas total wk of wo- Gis tonketbabiie res pet? | orc ina 2 combibution cin) 5. pair, PBT (Hu) PaT eet pany ree [retreat yim ® To, - ayy =e Am ers mp = WG lithe nlgee idk | Uh) pean a OL vPBITH FO Y I ELY Par? nt v ~ tuo uid, love idk To copay pay ol = ‘-dreiT | 2) . sbAces . Of) hn sates AeaiT Fe > how much paidl ot pusirou wide | financial ula Inoue todk - Geneeat com clucions netusolle = et as pemaubs | eps = PaT- bref div ot FL Remarh. ean how | how | consuvahve , dofertive ; Compry « at derduse < ne acai a) how | Higw faeal combinahion. anack iuerage = auek tusnoyee Hlgn. | how | nakual combinahb| a po sate He He tombtnakion - amet - t é (Set Hat tat) = oe asf 21dzyséts an TS a5\é aie© Nibays commen on Hg host ond lowet L then avetage © “itp out = 100’ CNeB) Fauptable Financial hevenge . ~ - ethuin § qenttabert rout y Roi [RORY AcbE cout [asecabi FU RoifRor 2 debt ewok > wnfavocable ee RoilRog = Pat ————— att ily + kip spery SAE De dliactls eat equity PBT [pe financicu woeeage » sled Pesan HS We mene OK = P6T = pe divCby tan) ov lufdiv _ xyoo. en leo- TR FL < hk PBIT Aaj POT ‘Ratio Anacysis - Waidner ex O Actwiry ¥ Ratio pee pet ely Pol sraw ° epee Eq, ‘Sh cap Buick Debts, B)R, s BA Pepata exp Lisuiprry |sHoer TERM) SOLVENCY RATIO SHAREHOLDERS APPROACH ju [eres te hoteles ol Cutie ane tr, © ae: & Cunt Assele © tuttent Kab © hONY TERM LOAN to uedowee, @ © Reebim| mise exp: Bank bal /mack-secu . + all othe Han stock ¢, ¢ CAPITAL STRUCTURE, LEVERAGE + PROFITABILITY __ CAPITAL |] EmevoyeD. tem fund ach * sh: Cap, hi thawed sup |e out ee wea meet TERM WAN |?) @. EGviTy AREHOUDERS FUND. A fo tnvst oA een © hong toum loan: w 2 Sh: Cap Non Butler. 8 took inven Geiss, CORRENT ASSET Super Gutck Cobh Bank Mack: secu: CURRENT LIABILITIES Buick: Non Butch - + all ola Han Bankop} . NOP siti Bank 0|D % tath vedieanon POH ‘mapriras Yt ay eh lc 2 hg yg emp ate 19000 8 A aot a et air a ANAM) Q avy TTA HI L193 4ard buypndo to lym a dua wie O) ab Les shay ys A ay “ay Cus 97 190) ~oysafy_ odl von» be ~ papel | irae % (y reo trp shuld nonepe “ayia ming Pb FGH)DI+ HIM 4 @UWY = ™ Hd 9 (p Sie 4 (uot bung dua dey | rmey oh etida) @ caren Jel | 705 oh aan ral 201 bay (ss sh 2m va bay [mes ah v7 & vi bay | aes “oh vd G we bay (sya2 oh es @ spon bay] avanrmd ayom oh rama (¢ Ope bay [resin 0h vaio (1 ay YINANAAL | HL ALY 1 Ee Parry Fra. = dxalnnag -aney dua hha abranoy 4F) amerqu MYO = 3G | fromazu aa alag (3 a9 TOS “ny ndns ae Costa bagprgy v [7 pnu| nymy & WwW V2 U2] oyoy yom @ ae - V9 ude buyaiaon TN G mdi fo fruanjos) OWN KLIGIAeI7Froritmiuity Katies ke @© 2) Gales b) Cuppa Dap Ntoge ogs| salut x 160: pei ag es NPAT [tales xioo aioe Adnuln exp | dels x 100 piokee OF: pias [alee x 100 | 3)$4 >: $¢p]selut x I00- 4) Dpezar Adnin+ S¢Dexp}salu xie Kisii "rl 5) opexatng = COGS Adruin + aolting sad x10" ©, Gpital empleo yeat cce) , b Rehr Tne wpcep” pet) ; = codk Cop){ Salt x100- wal i : ce ean PE RATIO/ 2 Rebun on ae PE musttip lea - f . SE — x Ito: -\ ay) Cats CoE canon) piled: eaunbigsere wat: Per= te — MPs 3) Louw on equi: NPAT ~Prefaly yinn. eatning ERS: panne je: aay ~ stele Rows mui ed 1) tage poe pr tops fete ena wat tices aa Pay to get enuning Noe]; equity haces on pe : 9 puidenc per ents ies Total div delatd | 45 1p ~o) » No: @ wquity shace |. tenant tndluctey Wise: a Petnvettd a | fv buadiage » dlviclent CRetatned Cuurirgs]DIVIDEND . 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