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Bajaj Auto Ltd.

: Balance Sheet
ASSETS
Rs. Crores Mar-95 Mar-96 Mar-97 Mar-98 Mar 1999

Gross fixed assets 921.98 1,218.26 1,360.29 1,572.49 1,802.30


Land & building 124.04 125.26 128.65 169.68 180.26
Plant & machinery 750.61 1,017.13 1,162.29 1,331.24 1,418.91
Other fixed assets 39.57 43.57 48.32 60.66 118.01
Capital WIP 7.76 32.30 21.03 10.91 85.12
Less: cummulative depreciation 587.38 658.52 756.34 889.58 880.49
Net fixed assets 334.60 559.74 603.95 682.91 921.81

Investments 425.78 666.66 994.36 1,143.23 1,461.30


In group / associate cos. 25.28 37.00 28.44 48.89 54.66
In mutual funds 221.19 195.16 270.94 51.57 69.27
Other investments 179.31 434.50 694.98 1,042.77 1,337.37

Marketable investment 371.50 495.66 774.74 857.76 1,096.03


In group / associate cos. 25.04 36.76 28.20 48.41 51.66
Quoted investment 371.50 495.66 774.51 857.69 1,096.03
Market value of quoted investment 491.40 517.96 744.55 829.91 1,051.84

Deferred tax assets 0.00 0.00 0.00 0.00 0.00

Inventories 254.84 219.34 233.39 233.39 177.50


Raw materials and stores 211.59 170.49 159.18 128.21 123.36
Raw materials 198.47 154.11 138.68 103.02 96.48
Stores and spares 13.12 16.38 20.50 25.19 26.88
Finished and semi-finished goods 43.25 48.85 74.21 105.18 54.14
Finished goods 29.69 30.33 54.30 84.43 34.74
Semi-finished goods 13.56 18.52 19.91 20.75 19.40
Incomplete construction contracts 0.00 0.00 0.00 0.00 0.00
Stock real estate 0.00 0.00 0.00 0.00 0.00
Stock of shares / securities 0.00 0.00 0.00 0.00 0.00
Other stock 0.00 0.00 0.00 0.00 0.00

Receivables 721.40 971.74 1,089.33 1,483.47 1,965.41


Sundry debtors 94.48 115.96 146.92 152.35 214.66
Debtors exceeding six months 0.29 0.11 0.66 0.90 0.85
Accrued income 9.23 15.46 19.06 29.88 37.82
Advances / loans to corporate bodies 230.82 279.52 216.73 208.27 277.23
Group / associate cos. 19.73 6.61 0.00 1.90 4.70
Other cos. 211.09 272.91 216.73 206.37 272.53
Deposits with govt. / agencies 9.05 8.75 19.49 16.46 6.02
Advance payment of tax 290.14 436.77 566.58 796.52 1,039.83
Other receivables 87.68 115.28 120.55 279.99 389.85

Cash & bank balance 134.22 54.58 40.83 92.51 54.08


Cash in hand 4.43 7.18 17.17 17.58 31.20
Bank balance 129.79 47.40 23.66 74.93 22.88

Intangible / DRE not written off 0.00 1.20 0.98 0.74 0.73
Intangible assets (goodwill, etc.) 0.00 1.20 0.98 0.74 0.73
DRE not written off 0.00 0.00 0.00 0.00 0.00
Share issue expenses not written off 0.00 0.00 0.00 0.00 0.00
VRS expenses not written off 0.00 0.00 0.00 0.00 0.00
Other misc. expenses not written off 0.00 0.00 0.00 0.00 0.00

Total assets 1,870.84 2,473.26 2,962.84 3,636.25 4,580.83

LIABILITIES Mar-95 Mar-96 Mar-97 Mar-98 Mar-99


Rs. Crores

Net worth 1,071.05 1,408.30 1,760.70 2,118.22 2,701.74


Authorised capital 150.00 150.00 150.00 150.00 150.00
Issued capital 79.59 79.59 79.59 119.39 119.30
Paid-up equity capital 79.59 79.59 79.59 119.39 119.39
Preference capital 0.00 0.00 0.00 0.00 0.00
Bonus equity capital 74.38 74.38 74.38 114.17 114.17
Buy back shares 0.00 0.00 0.00 0.00 0.00
Buy back amount 0.00 0.00 0.00 0.00 0.00

Reserves and surplus 991.46 1,328.71 1,681.11 1,998.83 2,582.35


Free reserves 975.11 1,323.62 1,675.00 1,991.70 2,582.35
Premium reserves 329.01 329.01 329.01 289.21 289.21
Other free reserves 646.10 994.61 1,345.99 1,702.49 2,293.14
Specific reserves 16.35 5.09 6.11 7.13 0.00
Revaluation reserves 0.00 0.00 0.00 0.00 0.00

Borrowings 199.64 204.00 212.78 258.11 349.69


Total bank borr. 22.34 10.37 7.19 13.70 41.08
Short term bank borr. 22.34 10.37 7.19 13.70 41.08
Long term bank borr. 0.00 0.00 0.00 0.00 0.00
Borr from financial institutions 8.18 3.50 0.00 0.00 0.00
Commercial papers 0.00 0.00 0.00 0.00 0.00
Debentures 13.25 13.82 13.76 13.75 0.00
Fixed deposits 33.09 27.78 17.92 10.48 8.96
Foreign borr 0.00 0.00 0.00 0.00 0.00
Borr from corporate bodies 0.00 0.00 0.00 0.00 0.00
Borr from group companies 0.00 0.00 0.00 0.00 0.00
Borr from other companies 0.00 0.00 0.00 0.00 0.00
Borr from promoters/directors 0.00 0.00 0.00 0.00 0.00
Borr from govt./sales tax loans 122.78 148.53 173.91 220.18 299.65

Current portion of long term debt 0.00 0.00 0.00 0.00 0.00
Secured borrowings 44.81 28.78 22.04 27.55 41.08
Unsecured borrowings 155.87 176.30 191.83 230.67 308.61
Foreign currency borrowings 4.02 1.72 0.00 0.00 0.00

Deferred tax liability 0.00 0.00 0.00 0.00 0.00

Current liabilities & Provisions


Current liabilities 237.28 343.62 344.81 372.91 421.19
Sundry creditors 196.95 233.07 234.90 261.14 304.91
Creditors for cap. goods 0.00 0.00 0.00 0.00 0.00
Accrued interest 1.81 1.75 1.45 1.27 0.19
Other current liabilities 38.52 108.80 108.46 110.50 116.09
Adv against work-in-progress 0.00 0.00 0.00 0.00 0.00
Share application money 0.00 0.00 0.00 0.00 0.00
Provisions 362.87 517.34 644.55 887.01 1,108.21
Tax provisions 143.50 177.00 236.50 225.00 218.00
Dividend provisions 61.62 79.59 79.59 95.51 95.51
Dividend tax provisions 0.00 0.00 7.96 9.55 10.51
Other provisions 0.00 0.00 0.00 0.00 2.24

Total liabilities 1,870.84 2,473.26 2,962.84 3,636.25 4,580.83

Contingent Liabilities
Bills discounted 2.04 8.35 6.84 1.25 8.13
Total disputed taxes 52.32 76.44 99.71 97.89 181.13
Letters of credit 0.00 0.00 0.00 0.00 0.00
Total guarantees 8.97 6.23 8.06 7.39 9.42
Future lease payables 0.00 0.00 0.00 0.00 0.00
Liabilities on capital a/c 103.42 133.37 135.75 126.36 102.38
Mar 2000 Mar 2001 Mar 2002 Mar 2003 Mar 2004

2,121.59 2,490.26 2,540.08 2,626.19 2,711.27


226.25 245.85 251.53 258.64 268.04
1,635.46 2,088.17 2,139.11 2,296.48 2,368.32
179.44 133.81 145.48 67.07 66.64
80.44 22.43 3.96 4.00 8.27
1,007.35 1,127.91 1,171.80 1,327.97 1,479.19
1,114.24 1,362.35 1,368.28 1,298.22 1,232.08

1,962.77 1,201.65 1,991.42 2,777.69 3,910.01


64.28 67.62 257.02 217.83 218.05
438.23 122.77 123.99 151.60 193.42
1,460.26 1,011.26 1,610.41 2,408.26 3,498.54

1,550.56 997.57 1,574.78 1,402.20 1,529.55


74.61 64.37 64.38 22.16 22.16
1,550.56 997.57 1,574.78 1,402.08 1,529.44
1,878.88 883.52 1,419.05 1,410.46 2,111.91

0.00 0.00 45.48 68.06 116.22

261.13 253.43 179.10 207.98 202.56


154.99 133.17 89.24 85.54 69.53
117.62 91.00 58.67 64.39 51.81
37.37 42.17 30.57 21.15 17.72
106.14 120.26 89.86 122.44 133.03
77.75 103.49 73.60 106.40 116.75
28.39 16.77 16.26 16.04 16.28
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

2,076.30 1,786.88 1,785.53 1,917.13 1,771.12


185.81 120.72 198.17 167.04 133.95
1.13 1.02 1.90 1.23 0.35
41.89 33.01 25.34 20.24 3.17
6.10 386.18 279.35 185.77 55.41
6.10 5.30 192.75 185.77 55.41
0.00 380.88 86.60 0.00 0.00
0.00 19.24 21.73 3.87 4.56
1,170.84 1,007.75 1,137.62 1,387.80 1,393.33
671.66 219.98 123.32 152.41 180.70

35.95 21.32 25.20 30.02 79.37


22.58 3.05 1.70 1.37 14.15
13.37 18.27 23.50 28.65 65.22

0.44 16.03 12.80 10.68 7.67


0.44 0.00 12.80 10.68 7.67
0.00 16.03 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 16.03 0.00 0.00 0.00

5,450.83 4,641.66 5,407.81 6,309.78 7,319.03

Mar-00 Mar-01 Mar-02 Mar-03 Mar-04

3,204.08 2,620.50 2,865.79 3,240.60 3,693.62


150.00 150.00 150.00 150.00 150.00
119.39 101.18 101.19 101.18 101.18
119.39 101.18 101.19 101.18 101.18
0.00 0.00 0.00 0.00 0.00
114.17 114.17 114.17 114.17 114.17
0.00 18,207,304.00 0.00 0.00 0.00
0.00 18.21 0.00 0.00 0.00

3,084.69 2,535.35 2,764.60 3,139.42 3,592.44


3,082.94 2,515.39 2,744.64 3,121.21 3,574.23
289.21 0.00 0.00 0.00 0.00
2,793.73 2,515.39 2,744.64 3,121.21 3,574.23
1.75 19.96 19.96 18.21 18.21
0.00 0.00 0.00 0.00 0.00

495.67 513.71 626.09 840.23 1,009.81


101.58 55.97 31.83 53.91 4.08
101.58 55.97 31.83 53.91 4.08
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
7.73 6.10 5.30 4.42 2.69
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
386.36 451.64 588.96 0.00 0.00

0.00 0.00 0.00 0.00 0.00


101.58 55.97 31.83 53.91 0.00
394.09 457.74 594.26 786.32 1,009.81
0.00 0.00 0.00 0.00 0.00

0.00 0.00 236.05 240.47 239.04

540.35 467.55 454.93 454.90 668.52


431.48 357.29 411.13 413.86 623.17
0.00 0.00 0.00 0.00 0.00
0.16 0.11 0.10 0.08 0.04
108.71 110.15 43.70 40.96 45.31
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
1,210.73 1,023.87 1,224.95 1,533.58 1,708.04
211.50 27.00 183.68 268.36 278.50
119.39 80.95 141.66 141.66 252.96
13.13 8.26 0.00 18.15 32.41
10.41 17.08 25.35 47.79 54.57

5,450.83 4,641.66 5,407.81 6,309.78 7,319.03

7.19 4.11 7.68 6.48 6.61


276.42 170.71 214.81 218.96 230.71
0.00 0.00 0.00 0.00 0.00
9.50 9.92 9.62 7.07 4.32
0.00 0.00 0.00 0.94 0.90
187.09 0.00 24.03 35.14 38.56
Bajaj Auto Ltd.: Profot & Loss statement
Rs in crore Mar-95 Mar-96 Mar-97 Mar-98 Mar-99
Sales 2,149.81 2,742.92 3,208.53 3,225.80 3,604.73
Other income 120.37 176.83 214.18 207.74 240.48
Expenses capitalised 7.67 9.93 13.21 20.01 22.90
Change in stocks -0.67 5.60 25.36 30.97 -51.04
Raw material, stores, etc. 1,045.87 1,352.88 1,577.95 1,596.00 1,749.75
Power and fuel expenses 42.63 47.83 61.57 67.15 65.26
Total indirect taxes 357.87 433.07 519.51 506.77 565.77
Salaries and wages 128.04 172.82 198.85 220.18 231.33
Advertising expenses 29.08 36.91 53.54 59.06 60.03
Marketing expenses 25.09 33.12 67.70 64.13 87.99
Distribution expenses 21.88 32.00 33.07 31.80 38.20
Depreciation 58.77 74.02 105.54 138.44 132.41
Lease rent 0.00 0.00 0.00 0.00 0.00
Other financial charges 0.11 0.12 0.10 0.10 0.08
Tax provisions 143.50 177.00 236.50 225.00 218.00
PAT 309.58 416.84 439.96 462.58 552.84
PBDIT 523.42 677.88 789.41 834.49 907.92
PBDT 511.85 667.86 782.00 826.02 903.25
PBT 453.08 593.84 676.46 687.58 770.84
Dividends 61.62 79.59 87.55 105.06 106.02
Retained profits 247.96 337.25 352.41 357.52 446.82
DPS 7.74 10.00 10.00 8.00 8.00
Adjusted Closing Price 449.12 581.28 607.27 595.75 520.00
EPS 38.89 52.37 55.28 38.75 46.31
Mar-00 Mar-01 Mar-02 Mar-03 Mar-04
3,769.59 3,628.74 4,172.10 4,831.04 5,527.29
275.27 244.19 190.61 178.60 272.33
28.90 27.58 23.21 20.95 24.04
51.99 14.13 -30.40 32.58 10.59
1,956.85 2,085.47 2,323.71 2,774.70 3,251.27
67.96 71.03 63.64 61.12 62.51
616.65 575.80 533.48 601.76 682.40
236.01 245.14 231.48 239.05 241.88
90.24 102.53 88.82 129.07 129.32
107.72 102.41 111.59 104.22 120.55
39.05 35.46 37.02 44.23 61.50
138.10 141.12 156.68 175.03 183.97
0.00 0.00 0.00 0.61 0.85
0.00 0.00 0.00 0.00 0.00
211.50 27.00 183.68 268.36 278.50
634.86 249.95 518.16 534.64 738.39
987.63 425.47 861.90 979.76 1,202.65
984.46 418.07 858.52 978.03 1,200.86
846.36 276.95 701.84 803.00 1,016.89
132.53 89.21 141.66 159.81 285.37
502.33 160.74 376.50 374.83 453.02
10.00 8.00 14.00 14.00 25.00
356.00 228.50 487.95 483.00 920.70
53.17 24.70 51.21 52.84 72.98
Bajaj Auto Ltd.: Cash Flow Statement

Rs. Crores Mar-95 Mar-96 Mar-97


Net Profit Before Tax & Extra Ord. Items 448.68 595.12 677.07
Depreciation 58.66 73.71 117.87
Interest Payable 0 0 0
Foreign exchange gain/loss -5.52 -2.35 -0.11
Write offs/amortisations 0.12 0.31 0.32
Profit on Sale of Investment -9.54 -2.38 -11.52
Profit on Sale of Assets -0.5 -1.18 -1.36
Interest Income -37.24 -68.51 -93.88
Dividend Income -25.25 -41.78 -46.13
Other Income Adjustments -0.82 -23.35 -54.92

Cash Flow Before working capital change 428.93 532.56 587.34


Trade and Other Receivables -22.34 -16.36 -69.5
Inventories -93.52 35.51 -14.05
Trade Payables 15.97 27.06 -2.23

Cash Flow from operations 285.9 543.58 501.56


Interest paid 0 0 0
Direct taxes paid -153.07 -187.13 -247.06
Dividend tax paid 0 0 0

Cash Flow Before Extra Ordinary Items 132.83 356.45 254.5


Extra Ordinary Items 4.36 -1.29 0

Cash flow from Operating Activities 137.19 355.16 254.5

Net Cash used in Investing Activities -358.71 -389.32 -200.77


Purchase of Fixed Assets -134.94 -300.68 -150.78
Sale of Fixed Assets 0.94 1.48 2.29
Acquisition of Companies 0 0 0
Purchase of Investment -208.48 -239.91 -314.21
Sale of Investment 0 0 11.52
Project Expenses 0 0 0
Loans to Subsidiary/Group cos 0 0 0
Loans to Other Companies -112.08 -55.83 64.27
Interest Received 37.25 68.51 93.98
Dividend Received 25.25 41.78 46.13
Other Income 15.85 27.95 0

Net Cash used in Financing Activity 334 -45.48 -67.48


Proceeds from Share Issue 333.35 0 0
Proceeds from Total Borr. 0 0 0
Proceeds from Long Term Borr. 0 0 25.38
Proceeds from Short Term Borr. 40.33 25.75 0
Repayment of Long Term Borr. -3.79 -4.11 -3.56
Repayment of Short Term Borr. -6.37 -5.32 -9.85
Share Issue Expenses 0 0 0
Dividend Paid -29.52 -61.8 -79.45
Other Financing Activity 0 0 0
Net Cash Flow 112.48 -79.64 -13.75

Opening cash balance 21.74 134.22 54.58

Closing cash balance 134.22 54.58 40.83


Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03
689.15 758.52 825.23 289.56 704.77 788.62
143.62 132.7 145.31 177.29 179.7 175.03
0.1 0 0.78 5.12 1.65 0.61
0 0 0 0 0 0
0.32 0.36 0.54 3.47 13.66 1.74
-44.52 -33.49 -145.28 -24.97 0 -20.74
-3.67 -2.25 -2.88 1.12 -2.69 2.91
-144.83 -122.36 -133.97 -126.25 -67.83 -106.3
-43.45 -50.22 -60.64 -48.15 -67.08 -17.11
0 -59.08 -47.26 -42.84 -23.42 -4.11

602.73 635.51 595.2 241.02 749.78 847.34


-149.36 -198.83 -76.44 70.05 31.66 5.82
0 55.89 -83.63 7.69 74.34 -28.88
34.45 75.45 118.55 -73.26 53.86 -0.4

487.82 568.02 553.68 245.5 909.64 823.88


0 0 0 -5.12 -1.65 -0.61
-237.95 -238.24 -261.18 -18.43 -138.13 -250.5
0 0 0 0 0 0

249.87 329.78 292.5 221.95 769.86 572.77


-1.57 0 -2.85 -21.05 3.82 0.15

248.3 329.78 289.65 200.9 773.68 572.92

-155.92 -337.06 -358.02 613.63 -801.47 -641.09


-218.28 -228.52 -335.53 -416.99 0 -112.21
4.46 4.56 7.63 7.16 7.09 6.93
0 0 0 0 0 0
-148.87 -318.07 -501.47 0 -789.76 -786.26
44.52 27.45 145.28 799.05 0 0
0 0 0 0 0 0
0 0 91.4 0 0 0
-20.85 -51.12 0 56.38 87.23 97.84
139.65 122.36 133.97 113.24 67.83 106.3
43.45 50.22 60.64 48.13 67.08 17.11
0 0 40.06 6.66 0.4 29.2

-40.7 -31.15 50.28 -829.17 31.65 73


0 0 0 -728.29 0 0
0 0 0 0 0 0
46.28 79.46 86.71 65.29 137.32 192.93
0 0 60.5 0 0 22.08
-7.45 -15.26 -1.23 -1.61 0 -0.88
0 0 -0.78 -45.62 -24.93 0
0 0 0 0 0 0
-79.53 -95.35 -94.92 -118.94 -80.74 -141.13
0 0 0 0 0 0
51.68 -38.43 -18.09 -14.64 3.86 4.83

40.83 92.51 54.07 35.98 21.34 25.2

92.51 54.08 35.98 21.34 25.2 30.03


Mar-04
960.42
183.98
0.48
0
0
-108.99
3.63
-131.31
-84.06
8.95

867.35
6.68
5.42
217.82

1097.27
-0.48
-260.06
0

836.73
0

836.73

-811.1
-127.23
8.77
0
-1132.33
0
0
0
114.56
131.31
84.06
109.76

23.71
0
0
221.14
0
-1.73
-53.91
0
-141.79
0
49.34

30.03

79.37
Bajaj Auto Ltd.
BSE
Bajaj Sensex
Closing Index
Year Price Closing
Mar-95 695.00 3,260.96
Apr-95 673.75 3,133.28
May-95 714.00 3,351.48
Jun-95 730.00 3,247.36
Jul-95 744.00 3,386.97
Aug-95 768.00 3,346.76
Sep-95 822.00 3,493.21
Oct-95 808.00 3,423.47
Nov-95 660.00 2,994.29
Dec-95 720.00 3,110.49
Jan-96 664.00 2,931.84
Feb-96 788.00 3,391.99
Mar-96 814.00 3,366.61
Apr-96 872.00 3,826.72
May-96 955.00 3,724.97
Jun-96 989.75 3,812.52
Jul-96 979.75 3,536.94
Aug-96 1,058.50 3,514.61
Sep-96 1,001.25 3,239.48
Oct-96 956.25 3,163.78
Nov-96 844.00 2,890.50
Dec-96 854.25 3,085.20
Jan-97 890.50 3,382.47
Feb-97 940.00 3,651.91
Mar-97 902.50 3,360.89
Apr-97 911.00 3,841.11
May-97 862.00 3,755.10
Jun-97 921.00 4,256.09
Jul-97 894.00 4,305.76
Aug-97 801.00 3,876.08
Sep-97 551.75 3,902.03
Oct-97 598.75 3,803.24
Nov-97 609.00 3,560.29
Dec-97 605.00 3,658.98
Jan-98 489.25 3,224.36
Feb-98 567.25 3,622.22
Mar-98 594.25 3,892.75
Apr-98 595.75 4,006.81
May-98 616.25 3,686.39
Jun-98 572.00 3,250.69
Jul-98 664.00 3,211.31
Aug-98 639.75 2,933.85
Sep-98 645.00 3,102.29
Oct-98 553.75 2,812.49
Nov-98 542.75 2,810.66
Dec-98 521.25 3,055.41
Jan-99 500.00 3,315.57
Feb-99 508.50 3,399.63
Mar-99 615.75 3,739.96
Apr-99 520.00 3,325.69
May-99 565.00 3,963.56
Jun-99 541.00 4,140.73
Jul-99 491.00 4,542.34
Aug-99 484.90 4,898.21
Sep-99 452.50 4,764.42
Oct-99 440.50 4,444.56
Nov-99 396.50 4,622.21
Dec-99 329.00 5,005.82
Jan-00 359.75 5,205.29
Feb-00 298.25 5,446.98
Mar-00 384.00 5,001.28
Apr-00 356.00 4,657.55
May-00 365.00 4,433.61
Jun-00 356.10 4,748.77
Jul-00 354.25 4,279.86
Aug-00 357.35 4,477.31
Sep-00 333.80 4,090.38
Oct-00 261.00 3,711.02
Nov-00 262.65 3,997.99
Dec-00 225.75 3,972.12
Jan-01 298.40 4,326.72
Feb-01 324.75 4,247.04
Mar-01 257.65 3,604.38
Apr-01 228.50 3,519.16
May-01 272.65 3,631.91
Jun-01 259.60 3,456.78
Jul-01 253.45 3,329.28
Aug-01 255.00 3,244.95
Sep-01 247.95 2,811.60
Oct-01 334.30 2,989.35
Nov-01 382.00 3,287.56
Dec-01 378.95 3,262.33
Jan-02 437.75 3,311.03
Feb-02 457.65 3,562.31
Mar-02 468.80 3,469.35
Apr-02 487.95 3,338.16
May-02 484.55 3,125.73
Jun-02 507.55 3,244.70
Jul-02 420.90 2,987.65
Aug-02 418.15 3,181.23
Sep-02 389.50 2,991.36
Oct-02 421.95 2,949.32
Nov-02 479.15 3,228.82
Dec-02 502.30 3,377.28
Jan-03 512.95 3,250.38
Feb-03 516.35 3,283.66
Mar-03 479.65 3,048.72
Apr-03 483.00 2,959.79
May-03 515.10 3,180.75
Jun-03 573.90 3,607.13
Jul-03 637.35 3,792.61
Aug-03 728.00 4,244.73
Sep-03 790.75 4,453.24
Oct-03 915.25 4,906.87
Nov-03 981.15 5,044.82
Dec-03 1,137.35 5,838.96
Jan-04 997.20 5,695.67
Feb-04 906.60 5,667.51
Mar-04 912.05 5,590.60
Apr-04 920.70 5,655.09