Lucky Model

Company Name: Lucky Cement Limited
Sector: Cement
Year End: June
Consolidated/Stanalone: Standalone
Current Shares (Mn): 323.38
Current Price (PKR): 148.76
Target Price (PKR): 503.19 Jan-00
Year to June Jun-05 Jun-05 Jun-05 Jun-05

Per share in PKR; Else PKR Mn A A A A
PROFIT & LOSS STATEMENT

Turnover 1,010 1,474
Operating costs (1,002) (1,264)
EBITDA 144 367
Depreciation & amortisation (136) (157)
Operating profit 8 210
Financial charges (124) (153)
Other income/(charges) - -
Pre-tax profit (116) 57
Tax on company & subsidiaries (5) -
Profit after tax (111) 57
Share of associate net income
Recurring profit before minorities (111) 57
Minority interests
Profit before preferred dividends (111) 57
Preferred dividends
Recurring net profit (111) 57
Non-recurring items
Reported net profit (111) 57
Dividends declared - -
Dividends (deducted from equity) -
BALANCE SHEET
Cash & cash equivalents 45 15 24
Trade debts - 6
Inventory 63 66
Investments - -
Other working capital assets 347 402
Current assets 425 498
Fixed assets 3,904 3,785
Intangible assets
Investments 200 200
Other non-current assets 54 43
TOTAL ASSETS 4,583 4,526
Creditors 178 238
Other working capital liabilities 7 7
Dividends payable - -
Short term borrowings 221 175
Current maturities: long term debt 115 134
Current liabilities 521 599
Long term debt 518 408
Deferred liabilities - -
Other long-term liabilities 251 169
TOTAL LIABILITIES 1,290 1,176
Minority Interests - -
Preferred shares - -
Shareholders' equity 3,294 3,350
TOTAL SOURCES 4,584 4,526
Check OK OK
CASH FLOW STATEMENT

Recurring Net Profit (121) 57
Depreciation 136 157
Working Capital Changes (102) (75)
Operating Cash Flows (87) 139
Capex (48) (38)
Add: Interest (after tax) 81 99
Others
FCFF (54) 200
Less: Interest (after tax) (81) (99)
Net debt 103 (137)
Preference shares - -
Non-recurring items (cash impact) - -
FCFE (32) 10
Dividends Paid - -
Equity Issued - -
Net Cash Flow (32) 10
Check (2) OK
SUPPLEMENTARY DATA
Period end shares (mn) 263 263
Weighted average shares (mn) 263 263
Capital employed 4,148 4,067
Net Debt 839 693
Enterprise Value 40,022 39,876
RATIOS
EPS - rec (0.42) 0.22
EPS - rep (0.42) 0.22
DPS - -
BVPS 12.51 12.72
PER (354.28) 691.06
EV/EBITDA 277.16 108.74
P/BV 11.90 11.70
Div Yield 0.0% 0.0%
ROCE -0.7% 3.8%
ROA -2.4% 1.2%
ROE -3.4% 1.7%
Gearing 0.25 0.21
Turnover Growth #DIV/0! 45.9%
EBITDA Growth #DIV/0! 153.9%
Net Profit Growth #DIV/0! -151.3%
EV/ton -
EPS-period end
Jun-05 Jun-05 Jun-05 Jun-05 Jun-05 Jun-05 Jun-05
A A A A A A A
2,049 2,203 1,978 2,190 2,908 3,981 8,053

(1,501) (1,695) (1,408) (1,586) (1,658) (2,447) (4,865)
548 508 570 604 1,250 1,534 3,188
(165) (162) (195) (213) (215) (238) (417)
383 346 375 391 1,035 1,296 2,771
(124) (65) (53) (29) (11) (22) (83)
(12) (14) (15) (18) (52) (62) (134)
247 267 307 344 972 1,212 2,554
(18) (11) (10) (115) (285) (383) (617)
229 256 297 229 687 829 1,937
229 256 297 229 687 829 1,937
229 256 297 229 687 829 1,937
229 256 297 229 687 829 1,937
229 256 297 229 687 829 1,937

- 184 184 184 - - 263
- 184 184 184 - - -
52 49 54 40 1,000 141 2,064

16 44 16 5 16 23 98
104 193 131 115 172 116 431
- - - - - - -
448 495 483 433 790 1,063 1,862
620 781 684 593 1,978 1,343 4,455
3,729 3,588 4,182 4,222 5,032 13,462 19,165
18 6 3 2 2 2 2
3,947 3,794 4,185 4,224 5,034 13,464 19,167
8,314 8,169 9,054 9,041 12,046 28,271 42,789
- - - - 9 125 190
195 304 317 190 - 617 2,383
130 119 47 278 569 786 646
25 36 46 32 - - 82
598 638 739 753 931 2,143 4,752
948 637 739 753 931 3,671 8,053
- - - 230 498 859 1,436
102 106 118 114 126 141 208
393 290 339 444 1,774 7,530 11,801
1,443 1,033 1,196 1,541 3,329 12,201 21,498
- - - - - ### -
- - - - - ### -
4,567 4,576 4,868 4,818 7,012 14,807 23,623
6,010 5,609 6,064 6,359 10,341 27,008 45,121
2,304 2,560 2,990 2,682 1,705 1,263 (2,332)
227 - - - - - -
165 - - - - - -
(108) - (118) 216 (68) 530 438
284 - - - - - -
(109) Err:509 Err:509 Err:509 Err:509 Err:509 Err:509
81 - - - - - -
Err:509
256 - - - - - -
(81) - - - - - -
(101) - - - - - -
- - - - - ### -
- - - - - - -
27 - - - - - -
- - - - - - -
- Err:509 44 Err:509 Err:509 - Err:509
27 Err:509 44 Err:509 Err:509 - Err:509
OK Err:509 39 Err:509 Err:509 859 Err:509
263 263 263 263 263 ### 263

263 263 263 263 263 263 263
5,190 5,250 5,653 5,833 8,441 17,809 29,893
571 625 731 975 429 2,861 4,206
39,754 39,808 39,914 40,158 39,612 42,044 43,389
0.87 0.97 1.13 0.87 2.61 3.15 7.35

0.87 0.97 1.13 0.87 2.61 3.15 7.35
- 0.70 0.70 0.70 - - 1.00
17.34 17.37 18.48 18.29 26.62 56.21 89.68
170.80 153.06 131.93 171.11 57.02 47.27 20.23
72.54 78.36 70.03 66.49 31.69 27.41 13.61
8.58 8.56 8.05 8.13 5.59 2.65 1.66
0.0% 0.5% 0.5% 0.5% 0.0% 0.0% 0.7%
6.7% 4.9% 5.4% 4.0% 9.6% 6.3% 8.1%
3.6% 3.1% 3.4% 2.5% 6.5% 4.1% 5.5%
5.8% 5.6% 6.3% 4.7% 11.6% 7.6% 10.1%
0.13 0.14 0.15 0.20 0.06 0.19 0.18
39.0% 7.5% -10.2% 10.7% 32.8% 36.9% 102.3%
49.4% -7.3% 12.2% 6.0% 107.0% 22.7% 107.8%
304.6% 11.6% 16.0% -22.9% 200.1% 20.6% 133.7%
- 180,764 189,189 134,989 132,332 106,087 69,210
0.97 1.13 0.87 2.61 3.15 7.35
Jun-05 Jun-05 Jul-05 Jul-05 Jul-05 Jul-05 Jul-05
A A A A A E E
12,523 16,960 26,331 24,510 26,017 33,323 37,810

(8,573) (12,904) (17,963) (18,851) (19,286) (22,589) (23,514)
3,950 4,056 8,368 5,659 6,731 10,733 14,296
(883) (979) (1,148) (1,411) (1,571) (1,723) (1,884)
3,067 3,077 7,220 4,248 5,160 9,010 12,412
(863) (127) (1,237) (569) (518) (253) (76)
487 (643) (804) (256) (323) (433) (590)
2,691 2,307 5,179 3,423 4,319 8,324 11,746
(143) 371 (580) (280) (350) (1,542) (1,997)
2,548 2,678 4,599 3,143 3,969 6,782 9,749
- -
2,548 2,678 4,599 3,143 3,969 6,782 9,749
- -
2,548 2,678 4,599 3,143 3,969 6,782 9,749
- -
2,548 2,678 4,599 3,143 3,969 6,782 9,749
- -
2,548 2,678 4,599 3,143 3,969 6,782 9,749
329 - 1,294 1,294 1,294 1,940 2,587
263 329 - 1,294 1,294 1,294 1,940
1,239 270 1,049 334 351 844 2,806

477 720 1,267 779 621 1,051 1,668
676 709 1,196 608 1,249 1,276 1,431
- - - - - - -
3,011 6,656 4,346 5,150 7,223 6,383 7,083
5,403 8,356 7,858 6,871 9,444 9,555 12,989
20,319 25,881 30,477 31,378 31,707 31,017 31,008
2 2 58 61 59 3 557
20,321 25,883 30,534 31,439 31,766 31,077 37,190
46,045 60,122 68,927 69,749 72,976 71,651 81,744
326 289 233 156 85 13 8
1,615 242 - 176 265 265 265
2,864 3,607 6,188 6,267 6,302 - -
0 - - - - - -
6,352 7,688 9,098 9,642 10,696 3,624 3,846
11,157 11,826 15,519 16,241 17,348 3,903 4,119
1,516 1,059 1,478 1,563 1,653 53 5,130
173 204 264 351 429 3,300 -
10,018 7,897 6,042 3,573 2,740 3,745 5,315
22,864 20,986 23,303 21,728 22,170 11,000 14,565
- ### - - - - -
- ### - - - - -
25,724 34,239 38,392 38,311 41,209 40,631 50,196
48,588 55,225 61,695 60,039 63,379 51,632 64,761
(2,543) 4,897 7,232 9,710 9,597 20,019 16,983
- - - - - - -
- - - - - - -
(1,578) (2,382) 772 729 (1,456) 305 (12)
- - - - - - -
Err:509 Err:509 Err:509 Err:509 Err:509 Err:509 Err:509
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- ### - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
263 323 323 323 323 323 323

263 273 323 323 323 323 323
33,592 42,986 48,968 49,516 53,558 44,308 59,172
6,629 8,477 9,527 10,871 11,998 2,833 6,170
45,813 56,582 57,633 58,977 60,103 50,938 54,276
9.67 9.81 14.22 9.72 12.27 20.97 30.15

9.67 9.81 14.22 9.72 12.27 20.97 30.15
1.25 - 4.00 4.00 4.00 6.00 8.00
97.66 105.88 118.72 118.47 127.43 125.65 155.23
15.38 15.16 10.46 15.31 12.12 7.09 4.93
11.60 13.95 6.89 10.42 8.93 4.75 3.80
1.52 1.40 1.25 1.26 1.17 1.18 0.96
0.8% 0.0% 2.7% 2.7% 2.7% 4.0% 5.4%
8.0% 7.0% 10.0% 6.4% 7.7% 13.9% 18.8%
5.7% 5.0% 7.1% 4.5% 5.6% 9.4% 12.7%
10.3% 8.9% 12.7% 8.2% 10.0% 16.6% 21.5%
0.26 0.25 0.25 0.28 0.29 0.07 0.12
55.5% 35.4% 55.3% -6.9% 6.1% 28.1% 13.5%
23.9% 2.7% 106.3% -32.4% 18.9% 59.4% 33.2%
31.5% 5.1% 71.7% -31.7% 26.3% 70.9% 43.7%
33,278 28,123 26,646 23,933 27,456 25,212 25,409
9.67 8.28 14.22 9.72 12.27 20.97 30.15
Year to June Jun-05 Jul-05 Jul-05 2011E 2012E 2013E

EPS-recurring 9.81 14.22 9.72 12.27 20.97 30.15
EPS-reported 9.81 14.22 9.72 12.27 20.97 30.15
DPS - 4.00 4.00 4.00 6.00 8.00
EPS growth 1.4% 45.0% -31.7% 26.3% 70.9% 43.7%
PER 15.16 10.46 15.31 12.12 7.09 4.93
Div Yield 0.0% 2.7% 2.7% 2.7% 4.0% 5.4%
EV/EBITDA 13.95 6.89 10.42 8.93 4.75 3.80
<---- QU
Jul-05 Jul-05 Mar-03

E E A
43,083 43,822
(26,471) (23,434)
16,612 20,388 -
(2,064) (2,197)
14,548 18,190 -
(34) (21)
(57) (340)
14,456 17,829 -
(3,112) (2,900)
11,344 14,929 -
- - -
11,344 14,929 -
- - -
11,344 14,929 -
- - -
11,344 14,929 -
- -
11,344 14,929 -
3,234 2,910
2,587 3,234
8,519 18,551
2,078 2,113
1,639 1,667
- -
7,364 7,490
19,600 29,821 -
31,937 33,240
76 76
40,198 41,501
91,811 104,638 -
3 3
127 127
- -
257 257
4,484 3,990
4,872 4,378 -
5,454 5,454
- -
5,521 5,521
15,847 15,353 -
- -
- -
59,798 71,322
75,645 86,675 -
16,166 17,962 OK
- 14,929
- 2,197
122 62
- 12,942
Err:509 Err:509
- 21
- 12,963
- (21)
- -
- -
- -
- 12,942
- (2,910)
Err:509 Err:509
Err:509 Err:509
Err:509 Err:509
323 323
323 323
69,993 81,023
1,676 (8,850)
49,781 39,256
35.08 46.17 Err:518

35.08 46.17 Err:518
10.00 9.00 Err:518
184.92 220.56 Err:518
4.24 3.22 Err:518
3.00 1.93 Err:518
0.80 0.67 Err:518
6.7% 6.1% Err:518
17.6% 19.8% Err:518
13.1% 15.2% Err:518
20.6% 22.8% Err:518
0.03 (0.12) Err:518
13.9% 1.7%
16.2% 22.7%
16.4% 31.6%
22,257 21,561
35.08 46.17
2014E
35.08
35.08
10.00
16.4%
4.24
6.7%
3.00
<---- QUARTERLY DATA----->
Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04

A A A A A A A
1,007
(595)
- 412
(54)
- 358
(8)
18
- 368
(80)
- 288
- -
- 288
- -
- 288
- -
- 288
- 288
- -
- -
1,000 1,143 967

16 15 18
172 179 191
- - -
836 1,254 1,105
- - - - 2,024 2,591 2,281
5,013 8,023 5,888
- - -
- - -
3 2 2
- - - - 7,040 10,616 8,171
353 195 208
194 158 182
8 - -
568 26 -
- 848 739
- - - - 1,123 1,227 1,129
1,150 3,900 1,783
-
625 778 699
- - - - 2,898 5,905 3,611
4,307 4,711 4,560

- - - - 7,205 10,616 8,171
OK OK OK OK (165) OK OK
- - - 288
- - - 54
- 145 (464) 92
- 145 (464) 434
- (5,013) (3,010) 2,081
- - - 5
- (4,868) (3,474) 2,520

- - - (5)
- 1,718 3,056 (2,252)
- - - -
- - - -
- (3,150) (418) 263
- 8 -
- -
- (3,142) (418) 263
OK (4,142) (561) 439
263 263 263 263

263 263 263 263
- 6,025 9,485 7,082
- 718 3,631 1,555
39,183 39,901 42,814 40,738
Err:518 Err:518 Err:518 - - - 1.09

Err:518 Err:518 Err:518 - - - 1.09
Err:518 Err:518 Err:518 - - - -
Err:518 Err:518 Err:518 - 16.35 17.89 17.31
Err:518 Err:518 Err:518 - #DIV/0! #DIV/0! 34.0
Err:518 Err:518 Err:518 - #DIV/0! #DIV/0! 24.7
Err:518 Err:518 Err:518 - 9.1 8.3 8.6
Err:518 Err:518 Err:518 - 0.0% 0.0% 0.0%
Err:518 Err:518 Err:518 - 0.0% 0.0% 14.2%
Err:518 Err:518 Err:518 - 0.0% 0.0% 12.3%
Err:518 Err:518 Err:518 - 0.0% 0.0% 24.9%
Err:518 Err:518 Err:518 - 0.17 0.77 0.34
- Err:518 Err:518 Err:518
- Err:518 Err:518 Err:518
- Err:518 Err:518 Err:518
Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06
A A A A A A A
907 1,203 1,493 1,819 2,049 2,691 3,167

(588) (709) (891) (1,021) (1,241) (1,713) (2,093)
319 494 602 798 808 978 1,074
(56) (69) (94) (96) (96) (130) (187)
263 425 508 702 712 848 887
(4) (7) (10) (15) (31) (27) (171)
(13) (23) (25) (34) (35) (40) (36)
246 395 473 653 646 781 680
(68) (152) (131) (140) (151) (195) (203)
178 243 342 513 495 586 477
- - - - - - -
178 243 342 513 495 586 477
- - - - - - -
178 243 342 513 495 586 477
- - - - - - -
178 243 342 513 495 586 477
178 243 342 513 495 586 477

- - - - - 263 -
- - - - - - 263
960 141 106 155 479 2,064 881

16 10 18 47 55 98 148
189 116 589 1,088 1,029 431 376
- - - - - - -
987 1,076 770 1,068 1,252 1,862 1,634
2,152 1,343 1,483 2,358 2,815 4,455 3,039
9,515 13,462 14,904 16,806 17,614 19,165 19,100
- -
- - - - - - -
2 2 2 2 2 2 2
11,669 14,807 16,389 19,166 20,431 23,622 22,141
206 615 500 683 1,165 1,451 1,001
282 125 230 289 315 272 335
- - - - - 263 271
- 786 990 1,489 1,699 646 841
946 617 617 2,067 1,617 2,383 1,599
1,434 2,143 2,337 4,528 4,796 5,015 4,047
4,500 6,530 7,449 7,390 7,751 10,156 8,975
- 1,622
846 1,000 1,128 1,259 1,401 1,645 212
6,780 9,673 10,914 13,177 13,948 16,816 14,856
4,889 5,134 5,475 5,989 6,484 6,806 7,284

11,669 14,807 16,389 19,166 20,432 23,622 22,140
OK OK OK OK OK OK OK
178 243 342 513 495 586 477

56 69 94 96 96 130 187
367 396 (57) (453) 517 432 35
601 708 379 156 1,108 1,148 699
(3,683) (4,016) (1,536) (1,998) (904) (1,681) (122)
3 5 7 10 20 18 111
(3,079) (3,304) (1,150) (1,832) 224 (516) 688

(3) (5) (7) (10) (20) (18) (111)
2,924 2,487 1,123 1,890 121 2,118 (1,770)
- - - - - - -
- - - - - - -
(158) (821) (34) 48 325 1,585 (1,193)
- - - - - - (255)
- - - - - - 264
(158) (821) (34) 48 325 1,585 (1,184)
(151) (2) 1 OK OK OK OK
263 263 263 263 263 263 263

263 263 263 263 263 263 263
10,335 13,067 14,531 16,935 17,551 19,991 18,699
4,486 7,792 8,950 10,791 10,588 11,121 10,534
43,669 46,975 48,133 49,974 49,771 50,304 49,717
0.68 0.92 1.30 1.95 1.88 2.22 1.81

0.68 0.92 1.30 1.95 1.88 2.22 1.81
- - - - - 1.00 -
18.56 19.49 20.79 22.74 24.62 25.84 27.65
54.9 40.4 28.6 19.1 19.8 16.7 20.5
34.2 23.8 20.0 15.7 15.4 12.9 11.6
8.0 7.6 7.2 6.5 6.0 5.8 5.4
0.0% 0.0% 0.0% 0.0% 0.0% 0.7% 0.0%
8.3% 8.5% 10.1% 13.3% 12.0% 12.9% 12.2%
7.2% 7.3% 8.8% 11.5% 10.0% 10.6% 8.3%
15.1% 19.4% 25.8% 35.8% 31.7% 35.3% 27.1%
0.92 1.52 1.63 1.80 1.63 1.63 1.45
Err:518 Err:518 Err:518 80.6% 125.9% 123.7% 112.1%
Err:518 Err:518 Err:518 93.7% 153.3% 97.9% 78.3%
Err:518 Err:518 Err:518 78.1% 177.6% 141.3% 39.3%
Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08
A A A A A A A
2,413 3,400 3,542 3,652 3,549 4,665 5,093

(1,691) (2,418) (2,371) (2,636) (2,611) (3,593) (4,063)
722 982 1,171 1,016 938 1,072 1,030
(208) (226) (262) (236) (244) (245) (254)
514 756 909 780 694 827 776
(167) (186) (339) (154) (96) (97) 220
(17) 35 505 (58) (122) (144) (319)
330 605 1,075 568 476 586 677
(16) (52) 128 163 142 80 (14)
314 553 1,203 731 618 666 663
- - - - - - -
314 553 1,203 731 618 666 663
- - - - - - -
314 553 1,203 731 618 666 663
- - - - - - -
314 553 1,203 731 618 666 663
314 553 1,203 731 618 666 663

- - 329 - - - -
- - - 329 - - -
2,161 1,124 1,239 718 1,081 996 270

268 250 477 546 522 421 720
632 466 676 723 1,057 682 709
- - - - - - -
1,766 2,746 3,011 3,684 4,107 5,442 6,656
4,827 4,586 5,403 5,671 6,767 7,541 8,356
19,918 20,040 20,319 20,578 22,517 23,503 25,881
- - - 2 2 2 2
2 2 2 2 2 2 2
24,747 24,628 25,724 26,251 29,286 31,046 34,239
1,480 1,218 1,547 1,771 1,633 1,535 3,550
70 209 326 377 347 501 289
316 287 - - - - -
2,285 2,244 2,864 3,091 4,015 4,614 3,607
1,790 2,140 1,615 832 1,082 1,369 242
5,941 6,098 6,352 6,071 7,077 8,019 7,688
9,362 8,553 8,329 8,906 10,468 10,712 6,633
1,627 1,662 1,516 1,334 1,174 1,071 1,059
219 163 173 185 194 204 204
17,149 16,476 16,370 16,496 18,913 20,006 15,584
7,597 8,152 9,354 9,755 10,374 11,039 18,655

24,746 24,628 25,724 26,251 29,287 31,045 34,239
OK OK OK OK OK OK OK
314 553 1,203 731 618 666 663

208 226 262 236 244 245 254
(282) (940) (392) (684) (1,052) (896) 250
240 (161) 1,073 283 (190) 15 1,167
(1,026) (348) (541) (497) (2,183) (1,231) (2,632)
109 121 220 100 62 63 (143)
(677) (388) 752 (114) (2,311) (1,153) (1,608)

(109) (121) (220) (100) (62) (63) 143
2,022 (500) (129) 21 2,736 1,130 (6,213)
- - - - - - -
- - - - - - -
1,236 (1,009) 403 (193) 363 (86) (7,678)
45 (29) (287) (329) - - -
(1) 2 (1) (1) 1 (1) 6,953
1,280 (1,036) 115 (523) 364 (87) (725)
OK OK OK (2) OK (2) 1
263 263 263 263 263 263 323

263 263 263 263 263 263 303
21,034 21,089 22,162 22,584 25,939 27,734 29,137
11,276 11,813 11,569 12,111 15,565 16,695 10,482
50,459 50,996 50,752 51,294 54,748 55,878 58,532
1.19 2.10 4.57 2.78 2.35 2.53 2.19

1.19 2.10 4.57 2.78 2.35 2.53 2.19
- - 1.25 - - - -
28.84 30.95 35.51 37.03 39.38 41.91 57.75
31.2 17.7 8.1 13.4 15.9 14.7 17.0
17.5 13.0 10.8 12.6 14.6 13.0 14.2
5.2 4.8 4.2 4.0 3.8 3.5 2.6
0.0% 0.0% 0.8% 0.0% 0.0% 0.0% 0.0%
8.5% 12.8% 26.3% 14.9% 11.2% 10.9% 7.3%
5.4% 9.0% 19.1% 11.3% 8.9% 8.8% 8.1%
16.9% 28.1% 55.0% 30.6% 24.6% 24.9% 17.9%
1.48 1.45 1.24 1.24 1.50 1.51 0.56
32.7% 65.9% 31.6% 15.3% 47.1% 37.2% 43.8%
-9.5% 21.5% 19.8% -5.4% 29.9% 9.2% -12.0%
-38.8% 11.7% 105.4% 53.3% 96.8% 20.4% -44.9%
Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10
A A A A A A A
5,715 6,692 6,700 7,223 6,042 6,075 5,910

(3,528) (4,656) (4,895) (4,886) (4,190) (4,599) (4,692)
2,187 2,036 1,805 2,337 1,852 1,476 1,218
(260) (264) (262) (362) (342) (345) (346)
1,927 1,772 1,543 1,975 1,510 1,131 872
(321) (505) (173) (238) (155) (143) (120)
(503) (158) (94) (49) (94) (69) (53)
1,103 1,109 1,276 1,688 1,261 919 699
(141) (133) (142) (164) (159) (113) (46)
962 976 1,134 1,524 1,102 806 653
- - - - - - -
962 976 1,134 1,524 1,102 806 653
- - - - - - -
962 976 1,134 1,524 1,102 806 653
- - - - - - -
962 976 1,134 1,524 1,102 806 653
962 976 1,134 1,524 1,102 806 653

- - - 1,294 - - -
- - - - 1,294 -
360 287 2,061 1,049 185 239 460

637 921 1,038 1,267 1,067 946 794
1,309 813 1,286 3,412 1,129 1,077 724
- - - - - - -
7,675 5,947 4,503 2,130 4,592 4,425 4,368
9,981 7,968 8,888 7,858 6,973 6,687 6,346
27,261 28,603 29,061 30,477 30,605 31,423 31,506
2 2 2 58 58 61 60
2 2 2 58 58 61 60
37,244 36,573 37,951 38,392 37,635 38,171 37,912
3,218 2,157 2,358 233 236 168 156
302 487 319 - - 182 319
- - - - - - -
5,881 5,282 5,216 6,188 7,331 7,523 -
204 - 167 - - 10,335 9,550
9,605 7,926 8,060 9,098 9,959 10,335 9,550
6,633 6,550 6,550 4,300 1,454 1,651 1,651
1,171 1,262 1,363 1,478 1,589 1,651 1,651
217 241 251 264 280 302 3,844
17,626 15,979 16,224 15,140 13,281 14,305 13,394
19,619 20,594 21,728 23,252 24,355 23,867 37,913

37,245 36,573 37,952 38,392 37,636 38,172 37,913
OK OK OK OK OK (1) OK
962 976 1,134 1,524 1,102 806 653

260 264 262 362 342 345 346
(1,729) 1,179 998 (2,354) 150 535 4,231
(507) 2,419 2,394 (468) 1,594 1,686 5,230
(1,640) (1,606) (721) (1,833) (470) (1,167) (428)
209 328 112 155 101 93 78
(1,938) 1,141 1,786 (2,146) 1,225 612 4,880

(209) (328) (112) (155) (101) (93) (78)
2,236 (886) 101 (1,445) (1,703) 10,725 (8,308)
- - - - - - -
- - - - - - -
89 (73) 1,775 (3,746) (579) 11,244 (3,507)
- - - - - (1,294) -
2 (1) - (0) 1 (0) 13,393
91 (74) 1,775 (3,746) (578) 9,950 9,886
OK OK OK (2,734) 287 9,896 9,665
323 323 323 323 323 323 323

323 323 323 323 323 323 323
32,337 32,426 33,661 33,740 33,140 43,376 49,114
12,718 11,545 9,872 9,439 8,600 19,270 10,741
60,767 59,594 57,922 57,488 56,650 67,320 58,790
2.98 3.02 3.51 4.72 3.41 2.50 2.02

2.98 3.02 3.51 4.72 3.41 2.50 2.02
- - - 4.01 - - -
60.74 63.76 67.27 71.99 75.40 73.89 117.38
12.5 12.3 10.6 7.9 10.9 14.9 18.4
6.9 7.3 8.0 6.2 7.6 11.4 12.1
2.4 2.3 2.2 2.1 2.0 2.0 1.3
0.0% 0.0% 0.0% 2.7% 0.0% 0.0% 0.0%
15.2% 16.1% 15.1% 19.9% 14.4% 9.4% 6.3%
10.8% 10.6% 12.2% 16.0% 11.6% 8.5% 6.9%
20.1% 19.4% 21.4% 27.1% 18.5% 13.4% 8.5%
0.65 0.56 0.45 0.41 0.35 0.81 0.28
56.5% 88.6% 43.6% 41.8% 5.7% -9.2% -11.8%
115.3% 117.1% 68.4% 126.9% -15.3% -27.5% -32.5%
31.6% 57.9% 70.3% 129.9% 14.6% -17.4% -42.4%
A A A A A E E
6,482 5,584 6,444 6,503 7,486 7,496 7,877

(5,373) (4,226) (5,058) (4,816) (5,238) (5,220) (5,516)
1,109 1,358 1,386 1,687 2,247 2,276 2,361
(379) (373) (377) (374) (394) (402) (403)
730 985 1,009 1,312 1,853 1,874 1,958
(151) (144) (151) (118) (106) (81) (89)
(40) (59) (60) (84) (120) (90) (94)
539 782 798 1,111 1,627 1,703 1,776
38 (55) (64) (97) (133) (197) (265)
577 727 734 1,014 1,494 1,506 1,511
- - - - - - -
577 727 734 1,014 1,494 1,506 1,511
- - - - - - -
577 727 734 1,014 1,494 1,506 1,511
- - - - - - -
577 727 734 1,014 1,494 1,506 1,511
577 727 734 1,014 1,494 1,506 1,511

1,294 - - - 1,294 - -
- 1,294 - - 1,294
334 236 364 431 351 400 304

779 814 891 720 621 950 1,055
609 1,113 1,395 975 1,249 1,315 1,308
- - - - - - -
5,149 5,916 6,139 7,528 7,223 6,665 7,784
6,871 8,079 8,789 9,654 9,444 9,330 10,451
31,381 31,387 31,203 31,090 31,707 31,715 31,495
61 59 59 59 59 - 3
58 57 57 61 31,766 31,775 31,555
38,310 39,523 40,049 40,805 72,976 72,821 73,504
156 129 164 87 85 52 58
176 242 265 265 265 1,594 265
- - - - - - -
- - - - - - -
9,642 10,903 12,036 11,788 10,696 10,306 9,538
9,642 10,903 12,036 11,789 11,046 11,952 9,862
1,563 1,563 1,563 1,595 1,653 1,775 1,961
351 377 397 418 429 448 434
3,573 2,797 2,751 2,738 2,740 2,815 2,970
13,215 13,700 14,787 14,527 15,868 16,990 15,227
38,311 39,523 40,050 40,804 41,209 41,106 42,006

38,311 39,523 40,050 40,804 57,077 58,096 57,233
OK OK OK OK 15,899 14,725 16,271
577 727 734 1,014 1,494 1,506 1,511

379 373 377 374 394 402 403
(2,363) (2,016) (550) (870) (31,565) 1,543 (2,178)
(1,407) (916) 561 518 (29,677) 3,451 (265)
(255) (377) (193) (261) (1,011) (351) (186)
98 94 98 76 69 53 58
(1,564) (1,200) 466 334 (30,619) 3,153 (393)

(98) (94) (98) (76) (69) (53) (58)
4 1,261 1,133 (216) (1,034) (268) (581)
- - - - - - -
- - - - - - -
(1,658) (32) 1,501 41 (31,722) 2,832 (1,032)
- - (1,294) - - - (1,294)
(179) 485 1,087 (260) (1,089) (1,609) 683
(1,837) 453 1,294 (219) (32,811) 1,223 (1,642)
(1,711) 551 1,166 (287) (32,730) 1,174 (1,546)
323 323 323 323 323 323 323

323 323 323 323 323 323 323
49,516 51,989 53,649 54,187 53,558 53,187 53,506
10,871 12,230 13,235 12,952 11,998 11,681 11,196
58,920 60,279 61,284 61,001 60,047 59,731 59,245
1.79 2.25 2.27 3.14 4.63 4.66 4.68

1.79 2.25 2.27 3.14 4.63 4.66 4.68
4.00 - - - 4.00 - -
118.61 122.36 123.99 126.33 127.58 127.26 130.05
20.8 16.5 16.4 11.8 8.0 8.0 8.0
13.3 11.1 11.1 9.0 6.7 6.6 6.3
1.3 1.2 1.2 1.2 1.2 1.2 1.1
2.7% 0.0% 0.0% 0.0% 2.7% 0.0% 0.0%
5.5% 6.5% 6.3% 8.1% 11.6% 11.7% 11.8%
6.1% 7.5% 7.4% 10.0% 10.5% 8.3% 8.3%
6.1% 7.5% 7.4% 10.0% 14.6% 14.6% 14.5%
0.28 0.31 0.33 0.32 0.29 0.28 0.27
-10.3% -7.6% 6.1% 10.0% 15.5% 34.2% 22.2%
-52.5% -26.7% -6.1% 38.5% 102.6% 67.6% 70.4%
-62.1% -34.0% -8.9% 55.3% 159.0% 107.3% 105.8%
Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13
E E E E E E
8,572 9,378 8,852 8,659 10,224 10,076

(5,713) (6,140) (5,772) (5,483) (6,333) (5,925)
2,858 3,238 3,080 3,175 3,891 4,150
(469) (450) (452) (452) (472) (508)
2,390 2,788 2,628 2,723 3,419 3,642
(125) 41 (19) (47) (49) 39
(111) (139) (49) (71) (305) (166)
2,154 2,691 2,560 2,605 3,065 3,516
(486) (594) (545) (330) (373) (749)
1,669 2,097 2,014 2,276 2,692 2,767
- - - - - -
1,669 2,097 2,014 2,276 2,692 2,767
- - - - - -
1,669 2,097 2,014 2,276 2,692 2,767
- - - - - -
1,669 2,097 2,014 2,276 2,692 2,767
1,669 2,097 2,014 2,276 2,692 2,767

- 1,940 - - - 2,587
1,940
628 844 3,298 2,023 737 2,806

1,052 1,051 1,235 - 1,376 1,668
1,324 1,276 1,182 1,299 1,715 1,431
- - - - - -
6,966 6,383 6,488 9,525 7,079 7,083
9,971 9,555 12,203 12,846 10,907 12,989
31,284 31,017 30,778 30,576 31,392 31,008
3 3 3 2 59 557
31,344 31,077 30,839 30,578 37,073 37,190
72,602 71,651 73,823 74,002 79,431 81,744
86 13 12 5,195 3,947 3,572
265 265 265 - 265 265
- - - - - -
- - - - - -
6,835 3,624 3,578 5,195 5,004 3,846
7,187 3,903 3,856 10,391 9,216 7,684
2,361 53 3,809 0 4,425 5,130
493 3,300 51 50 54 -
3,313 3,745 4,187 677 4,673 5,315
13,354 11,000 11,903 11,118 18,369 18,129
41,314 40,631 43,041 43,424 47,980 50,196

54,668 51,632 54,945 54,543 66,349 68,325
17,934 20,019 18,878 19,460 13,082 13,419
1,669 2,097 2,014 2,276 2,692 2,767

469 450 452 452 472 508
1,447 4,065 (2,764) (251) (2,825) 84
3,584 6,611 (298) 2,477 338 3,360
(258) (182) (214) (249) (1,344) (624)
81 (27) 13 30 32 (26)
3,407 6,403 (499) 2,259 (974) 2,710

(81) 27 (13) (30) (32) 26
(2,304) (5,519) 3,710 (2,192) 4,234 (453)
- - - - - -
- - - - - -
1,023 911 3,199 36 3,227 2,283
- - - (1,940) - -
(2,361) (2,780) 396 47 1,864 (551)
(1,338) (1,869) 3,594 (1,856) 5,092 1,732
(1,662) (2,086) 1,141 (582) 6,378 (337)
323 323 323 323 323 323

323 323 323 323 323 323
50,510 44,308 50,429 48,620 57,410 59,172
8,568 2,833 4,090 3,173 8,692 6,170
56,617 50,882 52,139 51,222 56,742 54,220
5.17 6.49 6.24 7.05 8.33 8.57

5.17 6.49 6.24 7.05 8.33 8.57
- 6.00 - - - 8.00
127.91 125.79 133.25 134.44 148.55 155.41
7.2 5.7 6.0 5.3 4.5 4.3
5.0 3.9 4.2 4.0 3.6 3.3
1.2 1.2 1.1 1.1 1.0 1.0
0% 4% 0% 0% 0% 5%
13% 17% 17% 19% 21% 19%
9% 12% 11% 12% 14% 14%
16% 20% 19% 21% 24% 23%
21% 7% 10% 7% 18% 12%
32% 25% 18% 10% 19% 7%
69% 44% 35% 34% 36% 28%
65% 40% 34% 51% 61% 32%
FY15 FY16 FY17 FY18 FY19
FCFE 12,942 13,639 12,654 16,246 17,375
PV of FCFE 11,413 12,028 9,840 11,141 10,507
Terminal Value
growth rate for FCFE
Total PV 162,681
Shares 323.30
Price/share ###
Iraq Grinding Plant FY15 FY16 FY17 FY18 FY19

PAT 872 854 938 895 932
Lucky Share 436 427 469 448 466
PV 376 365 307 282
Sum of PV 1553
Value per Share 4.80 1.35 1.32 1.45 1.38 1.44
Congo Cement Plant

PAT - - 5,476 7,978 10,674
Lucky Share - - 2,738 3,989 5,337
PV 0 2129 2735 3227
Sum of PV 11,711
Value per share 36.2 - - 8.47 12.34 16.51
No. of Shares Outstanding 92.36

LCL Holdings 69.60
75%
ICI Price 391
Market Cap 36,112
LCL Holdings Value 27,213
Lucky's share 20,410
13,675
Value per share 42.30
Target Price- 587

Current Price 471
25%
Core Business 85.79%

ICI 7.21%
Congo 6.18%
Iraq 0.82%
EPS 35.08 46.17 42.89 48.98 52.78 56.04

47.51 44.21 58.90 66.50 73.98
DPS 10 9 10 12 15 15
FY20 CAPM
18,524 RFR 8%
9,878 ERP 6%
Beta 0.90
204,945 KE 13%
109,288
Cost of Debt 9%
After Tax 6%
Equity 90%
FY20 Debt 10%
837
419
223 WACC 12.66%
Terminal 4%
1.29
13,575
6,788
3620
20.99
59.50
81.79
15
Lucky Cement Company Limited
Amounts in PKR Mn 1,915 2,180 1,971 1,584
Target Price 587
Year ending 30th June Jun-00 Jun-01 Jun-02 Jun-03
VOLUMES
CAPACITY
Clinker Mn Tons 1.320 1.320 1.440 1.440
-Pezu 1.32 1.32 1.44 1.44
-Karachi - - ### -
Cement "" 1.390 1.390 1.510 1.510
-Pezu 1.39 1.39 1.51 1.51
-Karachi
PRODUCTION
Clinker Mn Tons 0.819 0.824 0.731 1.054
-Pezu 0.82 1.35 1.35
-Karachi
Cement "" 0.857 0.826 0.784 1.087
-Pezu 0.83 0.78 1.09
-Karachi
CAP UTILIZATION 61.7% 59.4% 51.9% 72.0%
-Pezu
-Karachi
INVENTORY
Clinker Mn Tons
Cement ""
SALE
Clinker Mn Tons
- Local ""
- Export ""
Cement "" 0.837 0.821 0.785 1.102
- Local "" 0.837 0.821 0.785 1.102
- Export ""
Local Despatches
Pezu
Karachi
Exports
Pezu
Karachi
Dispatches 0.840 0.820 0.780 1.100
-Pezu 0.840 0.820 0.780 1.100
-Karachi 1.119 - - ### -
SALES
Net Sales - Actual PKR Mn 2,050 2,203 1,977 2,190

Local Sales-Actual
Local Sales "" 2,050 2,203 1,968 2,112
Export Sales-Actual
Export Sales "" - - 9 78
PKR/USD 51.80 58.40 61.40 58.50
Cement Prices
Ex-Factory PKR/Bag 193 188 208 177
Ex-Factory PKR/Ton 3,856 3,752 4,162 3,530

Sales Tax "" - 489 543 460
Excise Duty "" 1,397 1,073 1,000 985
Discount "" 39 38 42 35
Special Excise Duty ""
Retention Price "" 2,420 2,152 2,577 2,049
Retention Price PKR /bag 121 108 129 102
Export Price USD/Ton 30 28
Export Price PKR/Ton 1,842 1,639
COSTS & MARGINS

Cost of Sales PKR Mn 1,609 1,788 1,537 1,742
Raw Material "" 37 44 36 54
Fuel and Power "" 1,238 865 971
Packaging Material 189 161 229
Stores & Spares + Repairs & Maint. "" 50 101 95
Depreciation "" 153 203 214
Other Costs "" 113 171 179
Cost of Sales (total) PKR/Ton 2,178 1,958 1,581
Raw Material "" 54 46 49
Fuel and Power "" 1,508 1,102 881
Packaging Material 231 206 208
Stores & Spares + Repairs & Maint. "" 61 128 86
Depreciation "" 187 259 195
Other Costs "" 138 217 162
Cost of Sales (excl. Depr) "" 1,991 1,699 1,386
OTHER INCOME (Sale of Electricity)

Selling Capacity (MW)
Days in Quarter
Kwh Sold (in mn Kwh)
Selling Price per Kwh (PKR)
Production Cost per Kwh (PKR)
Profit per Kwh Sold
Other Income (PKR mn)
ENEGY REQUIREMENT (PER TON OF CEMENT)

Energy Required for Kiln Fuel MMBTU 3.57 ### 3.57
Energy Content
- Coal MMBTU/Ton 26 ### 26
- FO "" 39 ### 39
- TDF "" 14 ### 14
- N.Gas MMBTU/mmcfd 980 ### 980
Energy Mix
Pezu
- Coal - 0% 15% 65%
- FO 100% 85% 35%
- RDF - ### -
- N.Gas - ### -
Karachi
- Coal
- FO
- RDF
- N.Gas
Kiln Fuel Consumption
Pezu
- Coal Kgs - 21 90
- FO Kgs 92 79 32
- RDF Kgs - - -
- N.Gas MMBTU
Karachi
- Coal Kgs
- FO Kgs
- RDF Kgs
- N.Gas MMBTU
Power Requirement Kwh
Pezu 110 110 ### 110
Karachi
Power Mix
Pezu
- Own Generation
- N. Gas
- FO
Karachi
- Own Generation
- N. Gas
- FO
Fuel Required for Power
- N.Gas MMBTU/Kwh 8,530 8,530 8,530
- FO grams/kwh 194 194 194
Fuel Consumption for Power
- N.Gas MMBTU
- FO Kgs
Richard Bay
Calculated Fuel
Differential
BENCHMARK PRICES
Coal (FOB) USD/Ton 36 39 39
Coal (C&F) "" 43 47 47
Coal (C&F) PKR/Ton 2,523 2,874 2,738
Furnace Oil ""
Ex- Arl "" 7,289 11,181 10,985 12,937
Ex - Kemari "" 7,079 7,409 10,907
Natural Gas PKR/MMBTU 321 331 341
RDF PKR/Ton
INPUT COSTS
Coal PKR/ton 421 479 456
Furnace Oil - Pezu PKR/ton 1,034 1,016 1,196
Furnace Oil - Khi 655 685 1,009
RDF PKR/ton
Natural Gas (For Power) PKR/KWh 2.74 2.82 2.91
FO
-Pezu PKR/KWh - 2.17 2.14 2.52
-Karachi PKR/KWh - 1.38 1.44 2.12
KEY VARIABLE COSTS

Raw Material PKR/Ton 46 49
Packaging Material
Stores & Spares "" 128 86
Power "" - - -
-Pezu - - - -
-Karachi - - - -
Fuel "" - - 935 715
-Pezu - - 935 715
-Karachi - - - -
Freight (Exports Only) USD/Ton #DIV/0! #DIV/0!

Freight (Exports Only) PKR/Ton #DIV/0! #DIV/0!
FIXED ASSETS
Property, Plant and Equipment

Opening Balance 4,126 3,725 3,581 3,921
Additions/(Deletions) 110 18 -
Transfers in/(out) - -
Depreciation Charge 511 162
Ending Balance 3,725 3,581 3,921 4,181
Capital Work-in Progress 5 5 260 41
Net PPE 3,730 3,586 4,181 4,222
INCOME STATEMENT
0% 0% 0% 2%
Gross Sales 3,228 3,082 3,256 3,808
Local 3,228 3,082 3,247 3,730
Export - - 9 78
Government Levies (1,172) (879) (1,278) (1,618)
Agent Commission
Net Sales 2,049 2,203 1,978 2,190
Cost of sales 1,609 1,788 1,537 1,742
Opening Finished Goods 8 41 56 51
Cost of Goods Manufactured 1,642 1,803 1,532 1,709
Opening WIP 50 51 127 61
Manufacturing costs 1,643 1,879 1,466 1,706
Salaries, wages and other benefits 83 77 97 98
Raw Material 37 44 36 54
Packaging Material 200 199 154 224
Fuel and Power 1,021 1,301 825 951
Stores and spares consumed 83 53 96 93
Repair and maintenance 6 5 15 14
Depreciation & Amortisation 162 161 194 210
Insurance 27 19 26 36
Provision for slow moving spares - - ### -
Earth Moving Machinery - - ### -
Vehicle running - - ### -
Communication - - ### -
Mess Subsidy - - ### -
Transportation - - ### -
Traveling and conveyance - - ### -
Inspection fee for Electrical installation - - ### -
Rent, rates and taxes - - ### -
Printing and Stationary - - ### -
Other expenses 24 20 23 26
Closing WIP (51) (127) (61) (58)
Closing Finished Goods (41) (56) (51) (18)
Own Consumption Capitalized - - ### -
Gross Profit 440 415 441 448
Adminstrative Expense 41 50 45 39
Salaries, wages and other benefits 14 18 19 19
Depreciation & Amortisation 2 2 ### 3
Others 25 30 24 17
Selling & Distribution Expenses 16 19 21 18
Salaries, wages and other benefits 8 9 9 ###
Freight charges - - ### -
Depreciation & Amortisation - - ### -
Others 8 10 12 9
Other Operating Expenses 12 14 16 18
WPPF 12 14 16 18
Others - - - -
Other Operating Income 0 - 1 -
Gain on Disposal of Fixed Assets - - 1 -
Others 0 - - -
EBIT 371 332 360 373
Depreciation & Amortisation 165 162 195 213
EBITDA 536 494 555 586
Financial Charges 124 65 53 29
Interest & Markup 104 55 46 24
Others 20 10 7 5
Profit Before Taxation 247 267 307 344
Taxation 18 11 10 115
Current 10 10 11
Prior 7 88
Deferred 16
Profit After Tax 229 256 297 229
EPS 0.71 0.79 0.92 0.71

Period End Shares 323 323 ### 323
Adjusted EPS 0.71 0.79 0.92 0.71

Weighted Shares 323 323 ### 323
Effective Tax rate 0 4% 3% 33%
BALANCE SHEET
Assets
Non-Current Assets
Net PPE 3,729 3,588 4,182 4,222
Intangibles
Long Term Investments 200 200 -
Other Long Term Assets 18 6 3 2
Total Long Term Assets 3,947 3,794 4,185 4,224
Current Assets
Stores and Spares 214 246 329 326
Inventory 104 193 131 115
Trade Debts 16 44 16 5
Short Term Investments - - ### -
Other Current Assets 234 249 154 107
Cash 52 49 54 40
Total Current Assets 620 781 684 593
Total Assets 4,567 4,575 4,869 4,817
Equity
Paid up 2,450 2,450 ### 2,450
Retained earnings/reserves 1,126 1,198 1,340 1,171
Total Equity 3,576 3,648 3,790 3,621
Non-Current Liabs
Long Term Loans 291 184 221 100
Deferred Taxation - - ### 230
Other Liabilities 102 106 118 114
Total Long Term Liabilites 393 290 339 444
Current Liabs
Trade Creditors and Other Payabes 248 179 329 253
Taxation 25 36 46 32
Accrued Interest - - ###
Current portion of long term loans 195 120 ### -
Short-term borrowings 130 119 47 278
Dividends Payable - 184 197 190
Total Current Liablilities 598 638 739 753
Equity and Liabs 4,567 4,576 4,868 4,818
Total Liabilities 991 928 1,078 1,197

Total Liabilities + Equity 4,567 4,576 4,868 4,818
DEBT 616 423 388 378

623 674 785 1,015
Dividends declared 184 184 ### 184

Dividends detected from equity 184 184
Divident Payout
Weighted Shares 323 323 ### 323
DPS
BVPS 14 14 15 15
CASH FLOWS
Net Income
D&A
Working Capital
Capex
Cash flow from operations
Interest expense
Net debt
FCFF
Interest expense
Free Cash Flows to Equity (FCFE)
Dividends
Net Cash Flow
Starting cash
Ending cash 52
check
BALANCE SHEET ASSUMPTIONS
Cash 2% 3% 2%
Trade Debts 1% 0%
Inventory 9% 7% 5%
Stores and Spares 11% 17% 15%
Other Current Assets 11% 8% 5%
Total Current Assets
Net PPE 3,588 4,182 4,222
growth in PPE
Long Term Investments
Other Long Term Assets 172% 212% 193%
Total Long Term Assets
Total Assets
Trade Creditors and Other Payabes 15% 10% 21% 15%

Accrued Interest 511% 428% 73%
Dividends Payable
Short-term borrowings 2% 2% 1%
Taxation 5% 6% 0%
Current portion of long term loans #DIV/0! #DIV/0! 327%
Total Current Liablilities
Long Term Loans 0% 0% 11%
Loans as % of PPE 0% 0% 5%
Deferred Taxation 928 1,078 1,197
growth in dt
Other Liabilities
Total Long Term Liabilites
Total Liabilities
Paid up
Cost of Debt Financing (% of loans)
Depreciation % of PPE 4.52% 4.66% 5.05%
Inventory turnover 31.98 24.17 19.17
Payables turnover
Capex per unit #REF! #REF! #REF!
Capex per unit USD #REF! #REF! #REF!
Industry Dispatches
-Local
-Exports
Lucky cement Share
-Local
-Exports
Price 457.00
EPS 0.79 0.92 0.71
EBITDA/ton 602 707 532
EV - Non core 148,407 148,513 148,757
EV- core 148,401 148,510 148,755
EV/EBITDA 300.42 267.59 253.85
Debt/EBITDA 1.36 1.41 1.73
PER 577.27 497.58 645.34
Retention Price/ton 2,683 2,520 1,987
COGS/ton 1,982 1,711 1,390
Opex/ton 82 82 49
EV/ton 180,764 189,189 134,989
EBITDA margin 22% 28% 27%
Gross Profit 19% 22% 20%
ROA #REF! #REF! #REF!
ROE 7.02% 7.84% 6.32%
D/E 0.15 0.16 0.21
Cost of debt financing
P/BV 33.06 31.11 31.42
Div Yield
1,613 1,831 2,305 1,907 2,135 2,790 2,492
2.13 2.55 5.99 7.88 8.28 14.22 9.72
Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
1.440 1.440 3.523 5.904 6.202 6.500 7.381

1.44 1.44 3.23 3.82 ### 3.82 ###
- - 0.30 2.08 2.38 2.68 3.56
1.510 1.512 3.700 6.200 6.512 6.825 7.750
1.51 1.51 3.39 4.01 ### 4.01 ###
- - 0.31 2.19 2.50 2.81 3.74
1.126 1.353 2.092 4.627 5.401 5.671 6.026

1.35 1.35 2.09 2.86 2.70 2.34 2.33
- - 1.77 2.70 3.33 3.70
1.130 1.420 2.196 4.370 5.301 5.716 6.456
1.13 1.42 2.20 3.003 2.834 2.456 2.725
- - 1.367 2.466 3.260 3.731
74.8% 93.9% 59.4% 70.5% 81.4% 83.8% 83.3%
- - 0.270 0.284 0.228 0.154

- - - ### -
- - 0.270 0.284 0.228 0.154
1.120 1.420 2.196 4.370 5.272 5.676 6.475
1.003 1.143 1.861 3.183 2.890 2.469 3.119
0.117 0.277 0.335 1.187 2.382 3.207 3.356
1.120 1.420 2.200 4.640 5.904 5.920 6.631

1.120 1.420 2.200 2.838 2.662 2.663 3.198
- - - 1.802 3.241 3.257 3.432
2,908 3,980 8,054 12,522 16,959 26,330 24,509
2,666 3,310 6,725 8,208 7,678 10,498 9,647
242 670 1,329 4,314 9,281 15,832 14,862

57.57 59.36 59.86 60.69 62.58 78.47 84.10
201 214 252 193 200 306 228
4,015 4,284 5,039 3,867 3,998 6,120 4,550

524 559 657 504 521 798 661
752 750 737 708 776 700 ###
40 43 50 39 40 61 46
2,699 2,932 3,595 2,617 2,661 4,560 3,143

135 147 180 131 133 228 157
36 51 50 52 55 59 50
2,064 3,028 2,981 3,155 3,452 4,658 4,242
1,807 2,600 5,071 8,847 12,602 16,518 16,526

66 93 181 482 717 900 959
1,000 1,620 3,399 5,644 8,677 11,779 10,486
211 248 384 779 892 1,131 1,524
123 148 339 425 499 559 757
206 239 388 845 924 1,050 1,373
202 252 380 671 893 1,099 1,428
1,613 1,831 2,309 1,907 2,268 2,798 2,493
59 65 82 104 129 152 145
893 1,141 1,548 1,216 1,562 1,995 1,582
188 175 175 168 161 192 230
110 104 154 92 90 95 114
184 168 177 182 166 178 207
180 178 173 145 161 186 215
1,430 1,663 2,132 1,724 2,102 2,620 2,286
3.57 3.57 3.57 3.57 ### 3.57 ###
26 26 26 26 ### 26 ###
39 39 39 39 ### 39 ###
14 14 14 14 ### 14 ###
980 980 980 980 ### 980 ###
65% 65% 65% 80% 100% 100% 100%

35% 35% 35% 20% 0% 0% 0%
- - - - ### - 0%
- - - - ### - 0%
90% 100% 100% 100%

10% 0 0 0%
- ### - 0%
- ### - 0%
90 90 90 111 139 139 139

32 32 32 18 - - -
- - - - - - -
125 139 139 139

9 9 9 -
- - - -
- - - -
110 110 110 110 ### 110 95

90 83 83 ###
50 50 50 44
22 24 27 35
65% 65% 65% 65% 65% 85% 85%

35% 35% 35% 35% 35% 15% 15%
65 65% 90% 95%

35 35% 10% 5%
8,530 8,530 8,530 8,530 8,530 8,530 8,530

194 194 194 194 194 194 194
41 56 48 50 82 117 79
49 67 58 60 98 140 94
2,832 3,989 3,448 3,641 6,120 11,017 7,922
13,343 15,123 17,791 21,625 33,281 37,024 42,579

12,757 15,545 20,188 19,897 29,945 33,405 40,638
351 362 373 385 415 442 496
472 665 575 607 1,020 1,836 1,321

1,234 1,399 1,645 2,000 3,078 3,424 3,938
1,180 1,438 1,867 1,840 2,770 3,089 3,758
3.00 3.09 3.19 3.28 3.54 3.77 4.23
2.59 2.94 3.46 4.20 6.47 7.20 8.28

2.48 3.02 3.92 3.87 5.82 6.49 7.90
59 65 82 104 129 152 145
110 104 154 92 90 95 114

314 334 361 365 424 397 411
314 334 361 397 502 471 459
- - - 314 360 336 366
739 922 949 727 950 1,710 1,235
739 922 949 886 1,020 1,836 1,321
- - - 478 893 1,607 1,156
- - 3 6 7 9 11
- - 208 370 421 707 963
4,181 4,007 7,645 16,363 20,116 21,050 28,333

38 3,862 9,142 4,634 1,908 8,422 2,543
- - - - ### - ###
212 224 424 881 974 1,139 1,411
4,007 7,645 16,363 20,116 21,050 28,333 29,465
1,024 5,817 2,801 203 4,831 2,143 1,913
5,031 13,462 19,164 20,319 25,881 30,476 31,378
6% 12% 12% 26% 45% 51% 51%

4,270 5,567 10,708 16,624 20,820 30,915 29,054
4,028 4,897 9,379 12,310 11,539 15,083 14,192
242 670 1,329 4,314 9,281 15,832 14,862
(1,362) (1,586) (2,598) (3,994) (3,740) (4,368) (4,226)
(57) (107) (120) (216) (318)
2,908 3,981 8,053 12,523 16,960 26,331 24,510
1,807 2,600 5,071 8,847 12,602 16,518 16,526
18 32 18 70 148 130 261
1,821 2,586 5,123 8,925 12,584 16,649 16,458
58 91 42 264 308 285 592
1,854 2,537 5,345 8,969 12,561 16,956 15,967
116 141 257 470 553 698 881
66 93 181 482 717 900 959
216 242 405 790 889 1,161 1,472
1,026 1,581 3,583 5,722 8,649 12,091 10,131
126 144 357 431 497 574 731
23 25 36 45 46 48 54
211 233 409 857 921 1,078 1,327
35 35 37 42 106 174 171
- - - - 6 45 25
- - 24 54 79 93 105
- - 9 20 24 26 28
- - 6 8 9 9 ###
- - - - 16 14 16
- - 1 3 9 16 10
- - 4 3 ### 2 4
- - 1 1 ### 1 ###
- - 1 3 6 2 1
- - - 1 ### 1 ###
35 43 34 37 29 23 41
(91) (42) (264) (308) (285) (592) (101)
(32) (18) (70) (148) (130) (261) (193)
- -
1,101 1,381 2,982 3,676 4,358 9,813 7,984
46 61 107 111 126 166 303
25 29 62 53 67 81 111
3 4 - - 11 11 12
18 28 45 58 48 74 180
20 24 104 498 1,155 2,427 3,433
11 11 21 24 32 36 42
- - 70 439 1,002 2,267 3,233
1 1 4 17 47 59 74
8 12 10 18 74 65 84
54 63 134 142 644 827 258
51 63 134 142 122 279 184
3 - - - 522 548 74
2 1 - 629 1 23 2
1 ### - - 1 2 ###
1 - - 629 - 21 -
983 1,234 2,637 3,554 2,434 6,416 3,992
215 238 417 883 979 1,148 1,411
1,198 1,472 3,054 4,437 3,413 7,564 5,403
11 22 83 863 127 1,237 569
6 16 156 1,036 1,002 1,201 531
5 6 (73) (173) (875) 36 38
972 1,212 2,553 2,691 2,307 5,179 3,423
285 383 617 143 (371) 580 280
17 20 40 63 85 157 196
1 3 - - ### 4 -
268 360 577 80 (456) 420 84
687 826 1,936 2,548 2,678 4,599 3,143
2.13 2.55 5.99 7.88 8.28 14.22 9.72

323 323 323 323 ### 323 ###
2.13 2.55 5.99 7.88 8.28 14.22 9.72

323 323 323 323 ### 323 ###
29% 32% 24% 5% -16% 11% 8%
5,032 13,462 19,165 20,319 25,881 30,477 31,378
- - - - ### - ###
2 ### 2 2 ### 58 61
5,034 13,464 19,167 20,321 25,883 30,534 31,439
633 864 1,267 1,994 4,160 3,412 4,008

172 116 431 676 709 1,196 608
16 23 98 477 720 1,267 779
- - - - ### - ###
157 199 595 1,017 2,496 934 1,142
1,000 141 2,064 1,239 270 1,049 334
1,978 1,343 4,455 5,403 8,356 7,858 6,871
7,012 14,807 23,622 25,724 34,239 38,392 38,310
2,450 2,634 2,634 2,634 3,234 3,234 3,234

1,857 2,500 4,436 6,720 15,421 20,018 21,862
4,307 5,134 7,070 9,354 18,655 23,252 25,096
1,150 6,530 10,157 8,329 6,633 4,300 1,659

498 859 1,436 1,516 1,059 1,478 1,563
126 141 208 173 204 264 351
1,774 7,530 11,801 10,018 7,897 6,042 3,573
353 615 1,451 1,547 3,550 2,677 3,043

- - 82 0 - - ###
9 125 190 326 289 233 156
- 617 2,383 1,615 242 - 176
569 786 646 2,864 3,607 6,188 6,267
- - - - ### - ###
931 2,143 4,752 6,352 7,688 9,098 9,642
7,012 14,807 23,623 25,724 34,239 38,392 38,311
2,705 9,673 16,553 16,370 15,584 15,140 13,215

7,012 14,807 23,623 25,724 34,239 38,392 38,311
1,719 7,933 13,186 12,808 10,482 10,488 8,102

1,429 3,002 6,270 7,868 8,747 10,576 11,205
- 263 329 - 1,294 ###

184 263 329 1,294
323 323 323 323 323 323 ###

0.81 1.02 - 4.00
22 46 73 80 106 118.72 118.47
34% 4% 26% 10% 2% 4% 1%

1% 1% 1% 4% 4% 5% 3%
6% 3% 5% 5% 4% 5% 2%
22% 22% 16% 16% 25% 13% 16%
5% 5% 7% 8% 15% 4% 5%
5,032 13,462 19,165 20,319 25,881 30,477 31,378

6% 27% 18% 3%
173% 338% 238% 162% 153% 116% 128%
20% 24% 29% 17% 28% 16% 18%

0% 0% 0% 0% 0% 0% 0%
0% 0% 1% 0% 0% 0% 0%
0% 15% 30% 13% 1% 0% 1%
187% 249% 331% 419% 726% 616% 617%
17% 22% 18% 12% 6% 6% 6%

10% 6% 7% 7% 4% 5% 5%
2,705 9,673 16,553 16,370 15,584 15,140 13,215
-1% -5% -3% -13%
33% 21% 19% 12% 13%
6% 1% 6% 3%
4.27% 1.77% 2.18% 4.35% 3.78% 3.77% 4.50%
21.59 10.64 19.53 19.70 15.27 16.58 9.05
#REF! #REF! #REF! #REF! #REF! #REF! #REF!

2.13 2.55 5.99 7.88 8.28 14.22 9.72

1,070 1,037 1,391 956 614 1,281 815
148,211 150,643 151,988 154,412 156,259 157,310 158,654
148,209 150,641 151,986 154,410 156,257 157,252 158,593
123.72 102.34 49.77 34.80 45.78 20.80 29.36
1.19 2.04 2.05 1.77 2.56 1.40 2.07
215.05 178.91 76.33 58.00 55.18 32.13 47.02
2,596 2,804 3,667 2,699 3,052 4,460 3,697
1,425 1,667 2,123 1,722 2,102 2,615 2,293
55 57 94 128 220 427 551
132,332 106,087 69,210 33,278 28,123 26,646 23,933
41% 37% 38% 35% 20% 29% 22%
38% 35% 37% 29% 26% 37% 33%
#REF! #REF! #REF! #REF! #REF! 12% 8%
15.96% 16.09% 27.38% 27.24% 14.36% 20% 13%
0.20 0.20 0.27 0.31 0.26 0.28 0.29
21.46 10.08 6.31 5.78 4.34 3.88 3.89

- 0% 0% 0.00% 0.88%
852,500,000
118,403
118
2,968 3,473 3,447 3,746
12.27 20.97 30.15 35.08 46.17 42.89 48.98 52.78
Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18
7.381 7.154 7.381 7.381 7.381 7.381 7.381 7.381

3.82 3.73 3.82 3.82 3.82 3.82 3.82 3.82
3.56 3.43 3.56 3.56 3.56 3.56 3.56 3.56
7.750 7.750 7.750 7.750 7.750 7.750 7.750 7.750
4.01 ### 4.01 4.01 4.01 4.01 4.01 4.01
3.74 ### 3.74 3.74 3.74 3.74 3.74 3.74
5.658 5.634 5.771 6.366 6.481 6.661 6.281 6.303

2.07 2.45 2.64 2.82 2.93 2.97 3.19 3.21
3.59 3.20 3.18 3.38 3.55 3.69 3.09 3.10
5.780 5.936 6.150 6.621 6.805 6.994 6.595 6.690
1.721 2.572 2.767 2.964 3.081 3.116 3.348 3.432
3.755 3.360 3.340 3.548 3.724 3.878 3.248 3.258
74.6% 76.6% 79.4% 85.4% 87.8% 90.2% 85.1% 86.3%
0.996
0.037 0.004 - 0.096 (0.037) (0.058) (0.039)

- ### - - -
0.037 0.004 10% -4% -6% -4% -4%
5.783 5.970 6.059 6.619 6.481 6.511 6.595 6.690
3.464 3.722 3.770 4.132 4.085 4.256 4.428 4.608
2.318 2.248 2.289 2.487 2.395 2.256 2.167 2.082
4% 1% 7% 3%
5.831 5.932 6.107 6.512 6.805 6.994 6.595 6.690
3.121 2.572 2.767 2.964 3.081 3.116 3.348 3.432
2.710 3.360 3.340 3.548 3.724 3.878 3.248 3.258
25,838 32,980 37,446 43,255 41,612 42,355 45,235
14,384 20,223 22,877 27,382 27,171 29,413 31,592
11,455 12,757 14,569 15,874 14,441 12,943 13,643

85.59 88.00 97 103 101 104 109 113
449 510 522 523 537 559
291 352 390 423 453 468 482 504
59 87 69 55 55 55
5,811 7,046 7,800 8,463 9,059 9,351 9,642 10,078
844 972 1,076 1,167 1,773 1,777 1,826 1,900
700 500 ### 500 522 523 537 559
116 141 156 169 113 140 145 151
4,152 5,433 6,068 6,627 6,651 6,911 7,134 7,467

208 272 303 331 333 346 357 373
58 65 66 62 60 55 58 58
4,941 5,676 6,365 6,383 6,029 5,738 6,296 6,552
17,308 20,601 21,054 24,393 21,451 20,849 21,179 22,341

1,000 1,208 1,217 1,405 1,588 1,767 1,802 1,978
10,693 13,182 12,740 13,606 11,868 10,676 11,629 12,395
1,814 2,019 2,180 2,480 2,655 2,860 3,104 3,375
1,029 1,049 1,306 1,459 1,532 1,618 1,722 1,836
1,453 1,625 1,788 1,958 2,084 2,083 940 628
1,317 1,518 1,823 3,485 1,723 1,847 1,982 2,128
2,974 3,449 3,475 3,633 3,329 3,231 3,230 3,340
172 202 201 209 246 274 275 296
1,837 2,026 1,850 1,899 1,736 1,598 1,723 2,602
312 338 360 369 412 443 474 505
177 176 216 217 238 251 263 274
250 272 295 292 323 323 143 94
226 254 301 519 267 286 302 318
2,724 3,176 3,180 3,341 3,005 2,908 3,087 3,246
3.57 ### 3.57 3.57 3.57 3.57 3.57 ###
26 ### 26 26 26 26 26 26
39 ### 39 39 39 39 39 39
14 ### 14 14 14 14 14 14
980 ### 980 980 980 980 980 980
100% 100% 100% 100% 100% 100% 100% 200%

0% 0% 0% 0% 0% 0% 0% -100%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
100% 85% 85% 85% 85% 80% 80% 80%

0% 0% 0% 0% 0% 0% 0% 0%
0% 15% 15% 15% 15% 20% 20% 20%
137 137 137 137 137 137 137 137

- - - - - - - -
- - - - - - - -
- - - - - - - -
139 118 118 118 118 111 111 111

- - - - - - - -
- 38 38 38 38 51 51 51
- - - - - - - -
95 ### 83 83 83 71 71 71
63 ### 63 63 60 51 51 51
44 44 38 38 38 33 33 33
27 27 27 27 26 22 22 22
85% 85% 85% 85% 85% 85% 85% 85%

15% 15% 15% 15% 15% 15% 15% 15%
95% 95% 95% 95% 95% 95% 95% 95%

5% 5% 5% 5% 5% 5% 5% 5%
8,530 8,530 8,530 8,530 8,530 8,530 8,530 8,530

194 194 194 194 194 194 194 194
- - - - - - -
- ### - - - - -
-3% -5% 4% 2%
108 107 85 77 65 60 64 66
130 128 102 93 90 85 89 91
11,135 11,256 9,883 9,535 9,027 8,893 9,607 10,223
-34% -23% 2% 2%
61,750 85,797 84,944 86,098 57,208 44,021 44,908 45,813
59,898 78,933 78,149 79,210 52,632 40,499 41,315 42,148
510 510 524 648 817 800 800 800
7,527 6,851 5,859 5,263 4,512 4,447 4,804 5,112
1,701 1,724 1,609 1,590 1,363 1,343 1,451 1,544

5,696 7,915 7,836 7,942 5,277 4,061 4,143 4,226
5,525 7,281 7,209 7,307 4,855 3,707 3,782 3,858
909 828 708 636 545 537 580 618
4.35 4.35 4.47 5.53 6.97 6.82 6.82 6.82
12.01 16.68 16.51 16.74 11.12 8.56 8.73 8.91

11.65 15.35 15.19 15.40 10.23 7.87 8.03 8.19
172 202 201 209 246 274 275 296
177 825 860 901 947 995 1,046 1,099

418 430 409 479 520 419 429 431
522 589 521 598 630 503 505 507
297 309 315 379 428 351 351 352
1,603 1,595 1,442 1,420 1,217 1,180 1,294 2,171
1,701 1,724 1,609 1,590 1,363 1,343 1,451 3,088
1,489 1,497 1,303 1,278 1,096 1,048 1,132 1,204
15 15 16 13 13 12 11 -
1,304 1,316 1,521 1,292 1,293 1,200 1,200 -
29,465 31,707 #REF! 31,008 31,937 33,240 33,544

2,664 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- ### - - - - -
1,565 1,723 1,884 (2,064) (2,197) (2,196) (991) (663)
30,564 #REF! #REF! 123,439 136,069 134,986 132,112 132,501
1,140
31,707 #REF! 31,008 31,937 33,240 33,544 36,035
37% 33% 34% 30% 28% 25% 24% 23%

31,767 39,123 43,738 51,413 52,756 52,738 56,345 60,084
20,131 26,277 29,017 36,178 38,214 39,797 42,703 46,448
11,636 12,846 14,721 15,235 14,542 12,941 13,642 13,636
(5,546) (5,486) (5,548) (7,709) (8,273) (8,989) (9,638) (10,472)
(204) (315) (380) (621) (661) (597) (641) (697)
26,017 33,323 37,810 43,083 43,822 43,152 46,066 48,915
17,308 20,601 21,054 24,393 21,451 20,849 21,179 22,341
193 225 159 166 172 179 186 194
17,339 20,536 20,774 22,525 21,458 20,856 21,186 22,349
101 485 564 587 611 635 661 687
17,723 20,615 20,797 22,548 21,482 20,882 21,213 22,377
958 1,022 904 939 1,017 1,100 1,191 1,289
1,000 1,208 1,217 1,405 1,588 1,767 1,802 1,978
1,858 2,020 2,183 2,483 2,659 2,864 3,109 3,381
10,950 13,191 12,759 13,625 11,885 10,692 11,647 12,415
1,054 1,050 1,308 1,461 1,534 1,620 1,725 1,838
87 75 80 89 94 99 105 112
1,488 1,626 1,790 1,961 2,088 2,086 941 629
73 75 83 78 75 72 70 67
25 49 76 82 89 96 104 113
122 150 192 208 225 244 264 286
32 39 58 63 68 74 80 86
10 11 11 11 11 11 11 11
21 24 29 31 33 35 37 39
4 4 5 5 5 6 6 6
5 6 9 9 9 9 9 9
1 1 - - - - - -
2 3 3 4 4 4 4 4
2 5 9 9 10 11 11 12
31 55 82 85 89 92 96 100
(485) (564) (587) (611) (635) (661) (687) (715)
(225) (159) (166) (172) (179) (186) (194) (201)
-
8,709 12,721 16,756 18,690 22,371 22,303 24,887 26,574
313 474 680 760 920 1,043 1,129 1,222
124 144 223 311 335 362 391
11 22
178 308 457 450 585 680 737
3,236 3,237 3,664 3,382 3,260 2,849 2,737 2,629
47 53 68 89 96 104 112
3,024 2,957 3,481 3,213 3,097 2,707 2,600
72
93 227 115 80 67 39 25
325 438 825 1,035 1,252 1,067 1,218 1,317
232
93 438 825 1,035 1,252 1,067 1,218
2 5 234 978 912 0 0
2 5
- 0 234 978 912 0 0
4,837 8,577 11,822 14,491 17,850 17,343 19,803 21,406
1,571 1,723 1,884 2,064 2,197 2,196 991 663
6,408 10,300 13,706 16,555 20,048 19,539 20,794 22,068
518 253 76 34 21 5 5 5
492 230
26 24 76 34 21 5 5
4,319 8,324 11,746 14,456 17,829 17,339 19,798 21,401
350 1,542 1,997 3,112 2,900 3,468 3,960 4,280
260 333
90 1,208
3,969 6,782 9,749 11,344 14,929 13,871 15,838 17,120
12.27 20.97 30.15 35.08 46.17 42.89 48.98 52.78

323 ### 323 323 323 323 323 324
12.27 20.97 30.15 35.08 46.17 42.89 48.98 52.78

323 ### 323 323 323 323 323 324
8% 19% 17% 22% 16% 20% 20% 20%
31,707 31,017 31,008 31,937 33,240 33,544 36,035 36,372

2 5 28 28 28 28 28
- 55 5,619 8,158 8,158 8,158 8,158 8,158
59 3 557 76 76 76 76 76
31,766 31,077 37,190 40,198 41,501 41,805 44,296 44,633
6,314 5,396 5,179 6,079 6,183 6,089 6,500 6,902

1,249 1,276 1,431 1,639 1,667 1,642 1,752 1,861
621 1,051 1,668 2,078 2,113 2,081 2,222 2,359
- - - -
909 987 1,904 1,285 1,307 1,287 1,374 1,459
351 844 2,806 8,519 18,551 28,956 37,730 49,126
9,444 9,555 12,989 19,600 29,821 40,055 49,578 61,706
41,210 40,631 50,178 59,798 71,322 81,859 93,873 106,339
3,234 3,234 3,234 3,234 3,234 3,234 3,234 3,234

24,539 30,028 37,802 46,558 58,577 69,214 81,172 93,441
27,773 33,262 41,035 49,792 61,810 72,448 84,405 96,675
658 393 185 68 68 68 68 68

1,653 53 5,130 5,454 5,454 5,454 5,454 5,454
429 3,300 - - - - - -
2,740 3,745 5,315 5,521 5,521 5,521 5,521 5,521
4,044 3,346 3,572 4,096 3,602 3,501 3,556 3,752

- - - 257 257 257 257 257
85 13 8 3 3 4 5 6
265 265 ### 127 127 127 127 127
6,302 - - - - - - -
- ### - -
10,696 3,624 3,846 4,484 3,990 3,890 3,946 4,143
41,209 40,631 50,196 59,798 71,322 81,859 93,873 106,339
13,436 7,369 9,161 10,006 9,512 9,412 9,468 9,664

41,209 40,631 50,196 59,798 71,322 81,859 93,873 106,339
7,225 658 450 195 195 195 195 195

12,349 3,677 8,976 10,195 9,701 9,601 9,657 9,854
1,294 1,940 2,587 3,234 2,910 3,234 3,881 4,851

1,294 ### 1,940 2,587 2,910 3,234 3,881 4,851
30% 50% 50% 50% 50% 50% 150%
323 323 ### 323 323 323 323 324
4.00 6.01 8.01 10.01 9.01 10.01 12.01 14.97
127.43 125.79 155.41 185.13 220.81 253.43 290.63 328.21
14,929 13,871 15,838 17,120

2,197 2,196 991 663
(684) 72 (693) (536)
3,500 2,500 3,482 1,000
12,942 13,639 12,654 16,246
21 5 5 5
- - - -
12,963 13,644 12,659 16,251
(21) (5) (5) (5)
12,942 13,639 12,654 16,246
(2,910) (3,234) (3,881) (4,851)
10,032 10,406 8,774 11,396
8,519 18,551 28,956 37,730

18,551 28,956 37,730 49,126
18,551 28,956 37,730 49,126
- - -
1% 3% 7% 20% 42% 67% 82% 100%

2% 3% 4% 5% 5% 5% 5% 5%
5% 4% 4% 4% 4% 4% 4% 4%
24% 16% 14% 14% 14% 14% 14% 14%
3% 3% 5% 3% 3% 3% 3% 3%
31,707 31,017 31,008 31,937 33,240 33,544 36,035 36,372

1.05% -2.18% -0.03% 3.00% 4.08% 0.91% 7.43% 0.94%
122% 93% 98% 93% 95% 97% 96% 91%
23% 16% 17% 17% 17% 17% 17% 17%

0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 1% 1% 1% 1%
1% 1% 1% 0% 0% 0% 0% 0%
647% 6870% 75% 82% 73% 71% 72%
6% 0% 14% 13% 12% 13% 12%

5% 0% 17% 17% 16% 16% 15%
13,436 7,369 9,161 10,006 9,512 9,412 9,468
2% -45% 24% 9% -5% -1% 1%
12% 10% 9% 8% 7% 7% 7%
2% 2% 1% 0% 0% 0% 0%
4.95% 5.55% 6.08% 6.46% 6.61% 6.55% 2.75%
17.52 13.98 13.82 13.89 13.89 13.89 13.89

12.27 20.97 30.15 35.08 46.17 42.89 48.98 52.78

1,101 1,724 2,262 2,465 3,111 3,028 3,172 3,299
159,780 150,615 153,953 149,459 138,933 128,427 119,710 108,968
159,721 150,612 153,395 149,383 138,857 128,352 119,634 108,892
24.93 14.62 11.23 9.03 6.93 6.57 5.76 4.94
1.93 0.36 0.65 0.62 0.48 0.49 0.46 0.45
37.23 21.79 15.16 13.03 9.90 10.65 9.33 8.66
4,471 5,578 6,240 6,416 6,801 6,687 7,027 7,312
2,718 3,176 3,179 3,341 3,005 2,908 3,087 3,246
596 618 717 617 649 603 590 576
27,456 25,212 25,409 22,257 21,561 19,901 18,260 16,289
25% 31% 36% 38% 46% 45% 45% 45%
33% 38% 44% 43% 51% 52% 54% 54%
10% 17% 19% 19% 21% 17% 17% 16%
14% 20% 24% 23% 24% 19% 19% 18%
0.30 0.09 0.18 0.17 0.14 0.12 0.10 0.09
3.62 3.96 2.94 2.47 2.07 1.81 1.57 1.39

0.88% 1.31% 1.75% 2.19% 1.97% 2.19% 2.63% 3.28%
1.06 1.59 1.53 1.81
56.04 59.50 1QFY06 2QFY06 3QFY06 4QFY06
Jun-19 Jun-20 Sep-05 Dec-05 Mar-06 Jun-06
7.381 7.381 0.880 0.880 0.880 0.880

3.82 3.82 0.88 0.88 0.88 0.88
3.56 3.56
7.750 7.750 0.920 0.920 0.920 0.920
4.01 4.01 0.92 0.92 0.92 0.92
3.74 3.74
6.325 6.348 0.433 0.955 0.578 0.126

3.23 3.25 0.43 0.96 0.58 0.13
3.10 3.10
6.795 6.911 0.434 0.943 0.520 0.299
3.521 3.616 0.43 0.94 0.52 0.30
3.274 3.295
87.7% 89.2% 47.2% 102.5% 56.5% 32.5%
- - - -
-4% -4%
6.795 6.911 0.420 0.920 0.583 0.280
4.795 4.990 0.338 0.766 0.478 0.279
1.999 1.921 0.082 0.154 0.105 0.001
3% 3%
6.795 6.911 0.421 0.499 0.583 0.693
3.521 3.616 0.288 0.356 0.403 0.509
3.274 3.295 0.133 0.143 0.180 0.184
118 122 59.70 59.78 59.94 60.12

582 605
527 550
55 55
10,532 11,004
1,977 2,058
582 605
158 165
7,815 8,176
391 409
58 58
6,818 7,095
23,961 25,737 964 1,088 1,310 1,711

2,175 2,395 - - - -
13,233 14,149
3,675 4,006
1,960 2,095
631 634
2,287 2,459
3,526 3,724 2,295 1,183 2,247 6,115
320 347 - - - -
3,603 4,739 - - - -
541 580
288 303 - - - -
93 92 - - - -
337 356 - - - -
3,433 3,632 2,295 1,183 2,247 6,115
3.57 3.57 3.57 3.57 3.57 3.57
26 26 26 26 26 26
39 39 39 39 39 39
14 14 14 14 14 14
980 980 980 980 980 980
300% 400% 65% 65% 65% 65%

-200% -300% 35% 35% 35% 35%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
80% 80%
0% 0%
20% 20%
137 137 89 89 89 89
- - 32 32 32 32
- - - - - -
- - - - - -
111 111
- -
51 51
- -
71 71 110 110 110 110

51 51
33 33
22 22
85% 85% 65% 65% 65% 65%

15% 15% 35% 35% 35% 35%
95% 95%
5% 5%
8,530 8,530 8,530 8,530 8,530 8,530

194 194 194 194 194 194
2% 2%
68 70 52 52 52 52
93 95 63 63 63 63
10,873 11,559 3,758 3,763 3,773 3,784
2% 2%
46,736 47,678
42,997 43,864
800 800 265 265 265 265
5,437 5,780
1,642 1,746 619 620 622 623

4,311 4,398 - - - -
3,936 4,015 - - - -
657 698
6.82 6.82 2.26 2.26 2.26 2.26
9.09 9.27 - - - -
8.36 8.53 - - - -
320 347 - - - -
1,155 1,214
433 435 110 115 112 119
509 511 162 162 162 162
352 352 - - - -
3,170 4,304 - - - -
4,927 6,984
1,281 1,362 - - - -
- -
- - - - - -
#REF! #REF!
(665) (668)
133,044 133,576
21% 20%
64,141 68,543
50,510 54,918
13,631 13,625
(11,376) (12,356)
(758) (824)
52,007 55,363 1,493 1,819 2,049 2,693
23,961 25,737 964 1,088 1,310 1,711
201 210
23,969 25,745
715 743
23,997 25,775
1,395 1,510
2,175 2,395
3,680 4,012
13,253 14,170
1,962 2,098
120 128
632 634
64 62
122 132
310 335
94 101
11 11
42 44
6 7
9 9
- -
5 5
13 14
104 108
(743) (773)
(210) (218)
28,046 29,626 529 731 739 982

1,322 1,431 16 23 20 48
2,526 2,426 6 ### 7 85
1,403 1,494 25 34 34 41
0 0 0 -
` 0 0 -
22,796 24,275 482 668 678 808
665 668 94 95 97 131
23,461 24,943 576 763 775 939
5 - 9 15 32 27
22,791 24,275 473 653 646 781

4,558 4,855 131 139 151 196
7 9 11 13
- -
124 131 140 182
18,232 19,420 342 514 495 585
56.04 59.50 1.30 1.95 1.88 2.22

325 326 263 263 263 263
56.04 59.50 1.06 1.59 1.53 1.81

325 326 323 323 323 323
20% 20% 28% 21% 23% 25%
36,707 37,039 14,904 16,806 17,614 19,165

28 28
8,158 8,158 - - - -
76 76 2 ### 2 ###
44,968 45,300 14,906 16,808 17,616 19,167
7,338 7,812 1,094 1,685 1,664 1,267

1,978 2,106 155 315 247 431
2,508 2,670 18 47 55 98
- -
1,551 1,652 110 157 369 595
61,650 75,323 106 155 480 2,064
75,026 89,563 1,483 2,359 2,815 4,455
119,994 134,863 16,389 19,167 20,431 23,622
3,234 3,234 2,634 2,634 2,634 2,634

106,823 121,392 2,842 3,355 3,850 4,436
110,057 124,626 5,476 5,989 6,484 7,070
68 68 7,449 7,390 7,751 10,157

5,454 5,454 982 1,113 1,253 1,436
- - 146 146 148 208
5,521 5,521 8,577 8,649 9,152 11,801
4,024 4,322 551 683 1,165 1,451

257 257 - 30 70 82
7 8 179 260 245 190
127 127 617 2,067 1,617 2,383
- - 990 1,489 1,699 646
- - - -
4,416 4,715 2,337 4,529 4,796 4,752
119,994 134,863 16,390 19,167 20,432 23,623
9,937 10,236 10,914 13,178 13,948 16,553

119,994 134,863 16,390 19,167 20,432 23,623
1 - 1 1
195 195 9,056 10,946 11,067 13,186
10,127 10,426 3,319 5,672 6,119 6,270
4,851 4,851 263

4,851 4,851 277
250% 350%
325 326 323 323 323 323
14.93 14.88
369.21 413.69 17 19 20 22
18,232 19,420 342 514 495 585

665 668 94 95 97 131
(522) (564) 836 (112) 1,001
1,000 1,000 (1,997) (905) (1,682)
17,375 18,524 (552) (425) 35
5 - 15 32 27
- - 1,890 121 2,119
17,380 18,524 1,353 (272) 2,181
(5) - (15) (32) (27)
17,375 18,524 1,338 (304) 2,154
(4,851) (4,851) (277) - -
12,525 13,673 1,061 (304) 2,154
49,126 61,650 106 1,167 863

61,650 75,323 106 1,167 863 3,017
61,650 75,323 155 480 2,064
- -
119% 136% 7% 9% 23% 77%

5% 5% 1% 3% 3% 4%
4% 4% 4% 10% 17% 12% 16%
14% 14% 73% 93% 81% 47%
3% 3% 7% 9% 18% 22%
1,902 808 1,551
36,707 37,039 14,904 16,806 17,614 19,165
0.92% 0.90% 13% 5% 9%
86% 82% 998% 924% 860% 712%
17% 17% 19% 24% 19% 11%

0.0% 0.0% 0.0% 0.0%
0% 2% 3% 3%
0% 0% 41% 114% 79% 88%
238% 407% 383% 331%
66% 61% 61% 53%

7% 7% 7% 7%
146 146 148 208
0% 1% 41%
176% 145% 129% 98%
#REF! 0% 0% 0%
0.63% 0.57% 0.55% 0.68%
37.89 63.21 44.00 58.42
#REF! #REF! #REF! #REF!

56.04 59.50 1.30 1.95 1.88 2.22

3,453 3,609 1,372 830 1,330 3,356
97,173 84,256 150,824 153,128 153,250 151,817
97,097 84,180 150,822 153,126 153,248 151,815
4.14 3.38 261.79 200.63 197.68 161.68
0.43 0.42 5.76 7.43 7.89 6.68
8.16 7.68 351.81 234.07 243.04 205.75
7,654 8,011 3,555 1,977 3,515 9,625
3,433 3,632 2,295 1,183 2,247 6,115
566 558 52 32 46 475
14,301 12,192 359,105 166,443 262,864 542,616
45% 45% 39% 42% 38% 35%
54% 54% 35% 40% 36% 36%
15% 14% #REF! #REF! #REF! #REF!
17% 16% 2% 3% 2% 2%
0.08 0.08 0.20 0.30 0.30 0.27
1.24 1.11 9.09 7.76 7.28 6.30

3.27% 3.26%
1.48 0.97 1.72 3.72 2.26 1.92 2.06
1QFY07 2QFY07 3QFY07 4QFY07 1QFY08 2QFY08 3QFY08
Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08
1.253 1.550 1.550 1.550 1.550 1.550 1.550

0.96 0.96 0.96 0.96 0.96 0.96 0.96
0.30 0.60 0.60 0.60 0.60 0.60 0.60
1.316 1.628 1.628 1.628 1.628 1.628 1.628
1.00 1.00 1.00 1.00 1.00 1.00 1.00
0.31 0.63 0.63 0.63 0.63 0.63 0.63
1.140 0.972 1.306 1.210 1.311 1.216 1.429

0.68 0.69 0.79 0.70 0.72 0.62 0.68
0.46 0.28 0.52 0.51 0.59 0.59 0.75
0.991 0.944 1.178 1.256 1.333 1.200 1.376
0.71 0.73 0.83 0.74 0.76 0.65 0.71
0.28 0.22 0.35 0.52 0.57 0.55 0.67
75.3% 58.0% 72.4% 77.2% 81.9% 73.7% 84.5%
74.9% 65.9% 72.1%
98.2% 97.9% 123.4%
- 0.073 0.184 0.013 0.032 0.105 0.119

- - - - - - -
- 0.073 0.184 0.013 0.032 0.105 0.119
0.993 0.942 1.178 1.256 1.333 1.200 1.376
0.740 0.814 0.899 0.730 0.796 0.678 0.707
0.253 0.128 0.279 0.526 0.536 0.523 0.668
0.991 1.017 1.362 1.270 1.365 1.274 1.495

0.641 0.693 0.812 0.692 0.751 0.661 0.723
0.350 0.324 0.550 0.578 0.614 0.612 0.771
60.39 60.80 60.84 60.72 60.56 60.97 62.64

51 49 56
2,160 1,812 2,484 2,390 2,656 2,607 3,481

- - - - - - -
2,175 1,785 1,823 1,883 1,946 1,997 2,329

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
2,175 1,785 1,823 1,883 1,946 1,997 2,329
3.57 3.57 3.57 3.57 3.57 3.57 3.57
26 26 26 26 26 26 26
39 39 39 39 39 39 39
14 14 14 14 14 14 14
980 980 980 980 980 980 980
80% 80% 80% 80% 100% 100% 100%

20% 20% 20% 20% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
90% 90% 90% 90% 100% 100% 100%

10% 10% 10% 10% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
110 110 110 110 137 137 137

18 18 18 18 - - -
- - - - - - -
- - - - - - -
124 124 124 124 137 137 137

9 9 9 9 - - -
- - - - - - -
- - - - - - -
110 110 110 110 95 95 95

90 90 90 90 90 90 90
13 26 26 26 26 26 26
65% 65% 65% 65% 65% 65% 65%

35% 35% 35% 35% 35% 35% 35%
65% 65% 65% 65% 90% 90% 90%

35% 35% 35% 35% 10% 10% 10%
8,530 8,530 8,530 8,530 8,530 8,530 8,530

194 194 194 194 194 194 194
52 46 48 54 61 71 100
63 56 58 64 74 85 120
3,801 3,390 3,514 3,909 4,463 5,187 7,516
23,080 19,724 20,567 23,129 26,687 28,466 35,133

20,962 18,377 18,679 21,569 24,537 29,987 31,786
265 258 252 246 243 240 327
626 559 579 644 735 855 1,238

2,113 1,806 1,883 2,117 2,443 2,606 3,216
1,919 1,682 1,710 1,974 2,246 2,745 2,910
2.26 2.20 2.15 2.10 2.07 2.04 2.79
4.49 3.83 4.00 4.50 5.19 5.53 6.83

4.08 3.57 3.63 4.19 4.77 5.83 6.18
- - - - - - -
308 285 280 292 260 266 339

334 305 308 323 300 310 400
261 241 240 255 211 218 282
498 445 460 512 694 803 1,159
501 447 463 515 735 855 1,238
493 440 456 507 643 748 1,084
- - - - - - -
3,078 2,363 3,292 3,789 3,652 3,548 4,665
2,160 1,812 2,484 2,390 2,656 2,607 3,481
918 551 808 1,399 996 941 1,184

22 27 25 37 32 31 30
9 10 27 452 184 216 328
36 17 32 57 59 124 145
- 0 67 562 0 3 1
- 0 67 562 0 3 1
851 497 791 1,415 721 573 682
187 208 226 262 236 243 243
1,038 705 1,017 1,677 957 816 925
171 167 186 339 154 96 97
680 330 605 1,076 567 477 585

203 16 51 (127) (163) (142) (80)
15 12 17 63 18 18 24
- - - -
187 4 35 (146) (181) (160) 785
477 314 554 1,203 730 619 665
1.81 1.19 2.10 4.57 2.77 2.35 2.52

263 263 263 263 263 263 263
1.48 0.97 1.72 3.72 2.26 1.92 2.06

323 323 323 323 323 323 323
30% 5% 8% -12% -29% -30% -14%
19,100 19,918 20,040 20,319 20,578 22,517 23,503
- - - - - - -
2 ### 2 ### 2 ### 2
19,102 19,920 20,042 20,321 20,580 22,519 23,505
1,351 1,413 1,905 1,994 2,478 2,594 3,488

376 632 466 676 723 1,057 682
148 268 250 477 546 522 250
- - - -
282 353 841 1,017 1,206 1,513 2,125
881 2,161 1,124 1,239 718 1,081 996
3,038 4,827 4,586 5,403 5,671 6,767 7,541
22,140 24,747 24,628 25,724 26,251 29,286 31,046
2,634 2,634 2,634 2,634 2,634 2,634 2,634

4,650 4,964 5,517 6,720 7,121 7,740 8,405
7,284 7,598 8,151 9,354 9,755 10,374 11,039
8,976 9,362 8,553 8,329 8,906 10,468 10,712

1,623 1,627 1,662 1,516 1,334 1,174 1,071
210 219 163 173 185 194 204
10,809 11,208 10,378 10,018 10,425 11,836 11,987
1,001 1,480 1,218 1,547 1,771 1,633 1,535

75 71 209 0 12 10 16
260 316 287 326 365 337 485
1,599 1,790 2,140 1,615 832 1,082 1,369
841 2,285 2,244 2,864 3,091 4,015 4,614
271 - - - - - -
4,047 5,942 6,098 6,352 6,071 7,077 8,019
22,140 24,748 24,627 25,724 26,251 29,287 31,045
14,856 17,150 16,476 16,370 16,496 18,913 20,006

22,140 24,748 24,627 25,724 26,251 29,287 31,045
- 1 (1) 0 - 1 (1)
11,416 13,437 12,937 12,808 12,829 15,565 16,695
5,745 7,640 7,969 7,868 7,417 8,261 9,106
329
263 263 - 329 -
323 323 323 323 323 323 323
23 23 25 29 30 32 34
477 314 554 1,203 730 619 665

187 208 226 262 236 243 243
(657) (45) (793) (849) (1,297) (640) (512)
(122) (1,026) (348) (541) (495) (2,182) (1,229)
(115) (549) (361) 75 (826) (1,960) (833)
171 167 186 339 154 96 97
(1,770) 2,021 (500) (129) 21 2,736 1,130
(1,714) 1,639 (675) 285 (651) 872 394
(171) (167) (186) (339) (154) (96) (97)
(1,885) 1,472 (861) (54) (805) 776 297
(263) (263) - - (329) - -
(2,148) 1,209 (861) (54) (1,134) 776 297
3,017 869 2,079 1,218 1,163 30 806

869 2,079 1,218 1,163 30 806 1,103
881 2,161 1,124 1,239 718 1,081 996
29% 91% 34% 33% 20% 30% 21%

5% 11% 8% 13% 15% 15% 5%
12% 27% 14% 18% 20% 30% 15%
44% 60% 58% 53% 68% 73% 75%
9% 15% 26% 27% 33% 43% 46%
(65) 818 122 279 259 1,939 986
19,100 19,918 20,040 20,319 20,578 22,517 23,503
0% 4% 1% 1% 1% 9% 4%
621% 843% 609% 536% 564% 635% 504%
12% 17% 12% 14% 14% 13% 14%

16.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2% 3% 6% 0% 0% 0% 0%
52% 76% 65% 43% 23% 30% 29%
249% 365% 367% 419% 455% 603% 749%
53% 69% 50% 40% 37% 33% 23%

8% 8% 8% 7% 6% 5% 5%
210 219 163 173 185 194 204
1% 4% -26% 6% 7% 5% 5%
86% 111% 80% 70% 72% 74% 56%
1% 1% 1% 2% 1% 1% 1%
0.98% 1.04% 1.13% 1.29% 1.15% 1.08% 1.03%
44.59 97.62 51.67 65.12 72.26 108.74 53.36

1.81 1.19 2.10 4.57 2.77 2.35 2.52

1,045 695 747 1,321 702 625 619
152,475 153,090 154,456 154,240 154,310 154,791 155,721
152,473 153,088 154,454 154,238 154,308 154,789 155,719
146.89 217.12 151.87 91.98 161.21 189.69 168.35
5.53 10.84 7.84 4.69 7.75 10.12 9.84
252.33 383.21 217.26 100.06 164.83 194.45 181.00
3,099 2,328 2,417 2,985 2,676 2,718 3,121
2,175 1,785 1,823 1,883 1,946 1,997 2,329
31 36 38 385 158 189 240
153,528 150,817 113,382 121,496 113,087 118,590 104,189
34% 30% 31% 44% 26% 23% 20%
30% 23% 25% 37% 27% 27% 25%
2% 1% 2% 5% 3% 2% 2%
0.26 0.31 0.32 0.31 0.28 0.28 0.29
6.73 6.02 6.03 5.78 5.66 5.07 4.79

2.07 2.98 3.02 3.51 4.72 3.41 2.50
1.550 1.550 1.550 1.550 1.848 1.848 1.848

0.96 0.96 0.96 0.96 0.96 0.96 0.96
0.60 0.60 0.60 0.60 0.89 0.89 0.89
1.628 1.628 1.628 1.628 1.938 1.938 1.938
1.00 1.00 1.00 1.00 1.00 1.00 1.00
0.63 0.63 0.63 0.63 0.94 0.94 0.94
1.445 1.177 1.324 1.461 1.657 1.470 1.578

0.68 0.49 0.56 0.70 0.67 0.58 0.57
0.77 0.69 0.77 0.76 0.99 0.89 1.01
1.392 1.221 1.276 1.532 1.687 1.543 1.515
0.71 0.51 0.59 0.73 0.63 0.60 0.60
0.68 0.71 0.69 0.80 1.06 0.94 0.91
85.5% 75.0% 78.4% 94.1% 87.1% 79.6% 78.2%
52.5% 62.0% 61.6% 67.1% 75.0% 70.4% 73.6%
199.0% 98.3% 122.6% 140.5% 106.5% 88.4% 97.6%
0.029 0.015 0.124 0.001 0.088 0.001 0.135

- - - - - - -
0.029 0.015 0.124 0.001 0.088 0.001 0.135
1.363 1.221 1.277 1.531 1.647 1.532 1.515
0.708 0.624 0.569 0.605 0.671 0.662 0.677
0.655 0.597 0.707 0.926 0.976 0.870 0.838
1.771 1.236 1.384 1.551 1.748 1.533 1.651

0.527 0.621 0.618 0.673 0.750 0.704 0.736
1.244 0.614 0.766 0.878 0.998 0.829 0.915
109.86 146.94
6,152 6,221
- -
2,461 2,617
3,691 3,604
66.16 74.08 79.53 79.56 80.71 83 84
346 371 353 357 377 387
351 360 346 334 260 260
117 127
5,200 5,200
731 579
700 700
52 52
3,717 3,869
186 193
64 66 64 56 53 51 51
4,242 4,300
3,851 3,371 4,152 4,473 4,523 3,808 3,784

- - - - - - -
2,767 2,728 2,964 2,919 2,607 2,484 2,293

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
2,767 2,728 2,964 2,919 2,607 2,484 2,293
3.57 3.57 3.57 3.57 3.57 3.57 3.57
26 26 26 26 26 26 26
39 39 39 39 39 39 39
14 14 14 14 14 14 14
980 980 980 980 980 980 980
100% 100% 100% 100% 100% 100% 100%

0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 100% 100%

0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
137 137 137 137 137 137 137

- - - - - - -
- - - - - - -
- - - - - - -
137 137 137 137 137 137 137

- - - - - - -
- - - - - - -
- - - - - - -
95 95 95 95 95 95 95
90 90 90 90 90 90 90
26 26 26 26 39 39 39
65% 85% 85% 85% 85% 85% 85%

35% 15% 15% 15% 15% 15% 15%
90% 95% 95% 95% 95% 95% 95%

10% 5% 5% 5% 5% 5% 5%
8,530 8,530 8,530 8,530 8,530 8,530 8,530

194 194 194 194 194 194 194
114 150 120 82 61 62 66

137 180 144 98 73 75 79
9,051 13,334 11,453 7,829 5,859 6,164 6,621
42,837 56,285 33,978 24,046 30,940 39,422 44,097

33,471 52,258 31,215 22,326 27,819 44,157 48,872
327 429 429 455 455 455 455
1,491 2,197 1,887 1,290 965 1,016 1,091

3,921 5,152 3,110 2,201 2,832 3,609 4,037
3,064 4,784 2,857 2,044 2,547 4,042 4,474
2.79 3.66 3.66 3.88 3.88 3.88 3.88
8.33 10.94 6.61 4.67 6.02 7.66 8.57

6.51 10.16 6.07 4.34 5.41 8.58 9.50
- - - - - - -
334 405 362 364 375 394 402

449 451 389 380 399 423 436
285 358 340 351 356 370 375
1,360 2,061 1,757 1,199 897 947 1,015
1,491 2,197 1,887 1,290 965 1,016 1,091
1,305 1,922 1,651 1,129 845 889 955
- - - - - - -
5,094 5,715 6,692 6,700 7,223 6,042 6,074
3,851 3,371 4,152 4,473 4,523 3,808 3,784
1,243 2,344 2,540 2,227 2,700 2,234 2,290

38 49 35 36 46 44 114
427 368 732 649 678 680 1,047
318 502 160 96 69 95 69

1 - 1 2 23 1 2
1 - 1 2 23 1 2
461 1,425 1,614 1,448 1,930 1,416 1,062
257 260 264 262 362 342 344
718 1,685 1,878 1,710 2,292 1,758 1,406
(220) 321 504 172 240 155 143
681 1,104 1,110 1,276 1,690 1,261 919

14 141 134 141 164 158 113
25 30 41 41 45 49 50
- -
(900) 112 91 101 116 110 62
667 963 976 1,135 1,526 1,103 806
2.06 2.98 3.02 3.51 4.72 3.41 2.49

323 323 323 323 323 323 323
2.07 2.98 3.02 3.51 4.72 3.41 2.50

323 323 323 323 323 323 323
2% 13% 12% 11% 10% 13% 12%
25,881 27,261 28,603 29,061 30,477 30,605 31,423
- - - - - - -
2 ### 2 ### 58 58 61
25,883 27,263 28,605 29,063 30,534 30,662 31,484
4,160 5,540 4,824 3,257 3,412 3,626 3,321

709 1,309 813 1,286 1,196 1,129 1,077
720 637 912 1,038 1,267 1,066 945
- - - - - - -
2,496 2,135 1,132 1,246 934 967 1,105
270 360 287 2,061 1,049 185 239
8,356 9,981 7,968 8,888 7,858 6,973 6,687
34,239 37,244 36,573 37,951 38,392 37,635 38,171
3,234 3,234 3,234 3,234 3,234 3,234 3,234

15,421 16,385 17,360 18,494 20,018 21,121 20,633
18,655 19,619 20,594 21,728 23,252 24,355 23,867
6,633 6,633 6,550 6,550 4,300 1,454 2,017

1,059 1,171 1,262 1,363 1,478 1,589 1,651
204 217 241 251 264 280 302
7,897 8,021 8,053 8,164 6,042 3,322 3,970
3,550 3,218 2,157 2,358 2,677 2,392 2,462

- - 167 - - - -
289 302 320 319 233 236 168
242 204 - 167 - - 182
3,607 5,881 5,282 5,216 6,188 7,331 7,523
- - - - - - -
7,688 9,605 7,926 8,060 9,098 9,959 10,335
34,239 37,245 36,573 37,952 38,392 37,636 38,172
15,584 17,626 15,979 16,224 15,140 13,281 14,305

34,239 37,245 36,573 37,952 38,392 37,636 38,172
0 1 - 1 (1) 1 1
10,482 12,718 11,832 11,933 10,488 8,785 9,723
8,747 10,776 9,355 9,423 10,576 11,548 11,986
1,294
1,294
323 323 323 323 323 323 323
58 61 64 67 72 75 74
667 963 976 1,135 1,526 1,103 806

257 260 264 262 362 342 344
(849) (1,879) 717 1,231 42 (246) 543
(2,635) (1,640) (1,606) (720) (1,777) (470) (1,162)
(2,560) (2,296) 351 1,908 152 728 531
(220) 321 504 172 240 155 143
(6,213) 2,236 (886) 101 (1,445) (1,703) 938
(8,993) 261 (31) 2,181 (1,053) (820) 1,612
220 (321) (504) (172) (240) (155) (143)
(8,773) (60) (535) 2,009 (1,293) (975) 1,469
- - - - - - (1,294)
(8,773) (60) (535) 2,009 (1,293) (975) 175
1,103 (7,670) (7,730) (8,265) (6,256) (7,550) (8,524)

(7,670) (7,730) (8,265) (6,256) (7,550) (8,524) (8,349)
270 360 287 2,061 1,049 185 239
5% 6% 4% 31% 15% 3% 4%
14% 11% 14% 15% 18% 18% 16%
14% 23% 12% 19% 17% 19% 18%
82% 97% 72% 49% 47% 60% 55%
49% 37% 17% 19% 13% 16% 18%
2,378 1,380 1,342 458 1,415 128 818
25,881 27,261 28,603 29,061 30,477 30,605 31,423
10% 5% 5% 2% 5% 0% 3%
508% 477% 427% 434% 423% 507% 518%
8% 9% 8% 7% 5% 6% 4%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0% 0% 2% 0% 0% 0% 0%
5% 4% 0% 2% 0% 0% 3%
726% 820% 628% 591% 616% 627% 626%
21% 20% 19% 20% 20% 26% 27%

4% 4% 4% 5% 5% 5% 5%
204 217 241 251 264 280 302
0% 6% 11% 4% 5% 6% 8%
63% 57% 48% 48% 45% 54% 53%
-1% 2% 3% 1% 1% 1% 1%
0.99% 0.95% 0.92% 0.90% 1.19% 1.12% 1.09%
50.83 83.60 44.34 70.06 60.44 68.20 64.72

2.06 2.98 3.02 3.51 4.72 3.41 2.49

516 1,364 1,341 1,116 1,321 1,147 852
156,088 158,027 156,679 154,973 157,138 158,974 159,358
156,086 158,025 156,677 154,971 157,081 158,917 159,297
217.39 93.78 83.43 90.63 68.56 90.43 113.34
12.18 6.40 4.98 5.51 4.61 6.57 8.52
221.56 153.46 151.42 130.20 96.84 133.98 183.35
3,660 4,625 4,778 4,373 4,163 3,941 3,681
2,767 2,728 2,964 2,919 2,607 2,484 2,293
334 337 548 447 417 472 704
112,148 127,895 111,861 101,149 90,556 103,694 96,583
14% 29% 28% 26% 32% 29% 23%
24% 41% 38% 33% 37% 37% 38%
2% 3% 3% 3% 4% 3% 2%
0.26 0.29 0.26 0.25 0.28 0.31 0.31
4.34 3.99 4.06 3.92 3.87 3.95 3.90

12.29
2.03 1.79 2.25 2.27 3.14 4.63 4.66
Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11
1.848 1.848 1.848 1.848 1.848 1.848 1.848

0.96 0.96 0.96 0.96 0.96 ### 0.96
0.89 0.89 0.89 0.89 0.89 ### 0.89
1.938 1.938 1.938 1.938 1.938 1.938 1.938
1.00 1.00 1.00 1.00 1.00 ### 1.00
0.94 0.94 0.94 0.94 0.94 ### 0.94
1.489 1.489 1.492 1.489 1.489 1.189 1.341

0.59 0.59 0.59 0.59 0.59 0.30 0.60
0.90 0.90 0.90 0.90 0.90 0.89 0.75
1.629 1.769 1.387 1.387 1.451 1.554 1.426
0.69 0.83 0.45 0.45 0.51 0.32 0.63
0.94 0.94 0.94 0.94 0.94 0.94 0.79
84.1% 91.3% 71.6% 71.6% 74.9% 80.2% 73.6%
86.8% 89.0% 68.5% 78.5% 88.5% 76.6% 63.3%
86.9% 93.2% 75.3% 67.1% 62.6% 84.1% 84.5%
0.017 (0.000) 0.037 - - (0.000) -

- - - - -
0.017 (0.000) 0.037 - -
1.665 1.764 1.354 1.405 1.448 1.561 1.437
0.885 0.896 0.678 0.837 0.969 0.981 0.819
0.780 0.868 0.676 0.568 0.479 0.580 0.618
0.819
0.429
0.390
0.606
0.204
0.402
1.683 1.764 1.391 1.414 1.472 1.554 1.426
0.868 0.890 0.685 0.785 0.885 0.766 0.633
0.815 0.874 0.706 0.629 0.587 0.788 0.792
-144.62 89.66 49.04 69.03 -31.50 53.05 50.66

5,766 6,572 5,576 6,549 6,499 7,556 7,590
- - 2,455 3,262 4,114 4,550 4,103
2,547 2,884 2,504 3,332 4,082 4,603 4,154
(57) 36 27 17 43
3,129 3,181 2,390 2,936 3,393
3,220 3,687 3,072 3,217 2,416 2,953 3,436
85 85 86 86 86 86 87
273 273 316 337 351 399 387
210 230 260 277 291 329 327
63 43 56 60 60 70 60
4,200 4,600 5,200 5,543 5,817 6,573 6,536
579 634 756 805 845 955 901
700 700 700 700 700 ### 500
42 46 52 55 58 66 65
160
2,879 3,220 3,692 3,982 4,213 4,692 5,069
144 161 185 199 211 235 253
49 50 53 66 59 59 64
4,128 4,248 4,543 5,663 5,045 5,092 5,560
4,147 4,791 3,852 4,208 4,438 4,809 4,581

- - - - - - 254
3,374 2,942
475
291
381
238
2,465 2,716 2,768 2,996 3,066 3,081 3,192
- - - - - 175 179
- - 1,786 2,017 2,361 2,171 2,050
330
- - - - - 200 203
- - - - - 248 265
- - - - - 535 166
2,465 2,716 2,768 2,996 3,066 3,081 2,922
3.57 3.57 3.57 3.57 3.57 ### 3.57
26 26 26 26 26 ### 26
39 39 39 39 39 ### 39
14 14 14 14 14 30 30
980 980 980 980 980 ### 980
100% 100% 100% 100% 100% 100% 100%

0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 100% 100%

0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
137 137 137 137 137 137 137

- - - - - - -
- - - - - - -
- - - - - - -
137 137 137 137 137 137 137

- - - - - - -
- - - - - - -
- - - - - - -
95 83 83 83 83 ### 83
90 90 63 63 63 ### 63
38 38 38 38 38
39 39 27 27 27 27 27
85% 85% 85% 85% 85% 85% 100%

15% 15% 15% 15% 15% 15% 0%
95% 95% 95% 95% 95% 95% 95%

5% 5% 5% 5% 5% 5% 5%
8,530 8,530 8,530 8,530 8,530 8,530 8,530

194 194 194 194 194 194 194
- - - -
- -
121.85 117.39
80 90 89 102 121 122 117

96 108 107 122 145 146 141
8,122 9,125 9,153 10,461 12,441 12,546 12,238
48,106 49,595 51,106 55,068 65,165 75,662 75,645

51,615 51,458 49,573 53,416 63,210 73,393 73,376
500 537 536 536 536 510 510
7,527 7,343
1,338 1,504 1,508 1,724 2,050 1,895 1,848

4,404 4,540 4,678 5,041 5,965 6,926 6,924
4,725 4,710 4,538 4,890 5,786 6,718 6,717
- - 909 887
4.27 4.58 4.57 4.57 4.57 4.35 4.35
9.35 9.64 9.94 10.71 12.67 14.71 14.71

10.03 10.00 9.64 10.38 12.29 14.27 14.27
- - - - - 175 179
325 331
200 203
445 440 374 389 413 396 330
478 443 446 456 480 490 361
410 437 304 306 312 305 305
1,257 1,410 1,412 1,628 1,948 1,775 1,720
1,338 1,504 1,508 1,724 2,050 1,895 1,848
1,171 1,316 1,320 1,508 1,794 1,658 1,617
- - - - - - -
#REF!
###
(402)
31,715
6,639 7,768 8,112 9,248 8,708

3,509 4,587 5,722 6,312 5,315
3,129 3,181 2,390 2,936 3,393
(1,006) (1,280) (1,568) (1,692) (1,143)
(49) (44) (40) (71) (69)
5,911 6,482 5,584 6,444 6,504 7,486 7,496
4,147 4,791 3,852 4,208 4,438 4,809 4,581
193 225
4,705
101 485
4,709
250 255
254
475
2,947
291
23
375 381
18 18
7 7
30 31
6 6
3 3
5
1 1
1 1
1 1
1 1
1 1
8 8
(485) (490)
(225) (227)
1,764 1,691 1,732 2,236 2,065 2,676 2,915

68 77 59 99 56 99 119
823 883 688 1,128 696 724 922
53 41 59 60 84 122 90
2 ### - - - 2 0
2 2 - - - 2 0
822 692 926 949 1,229 1,733 1,784
347 378 373 401 403 394 402
1,169 1,070 1,299 1,350 1,632 2,127 2,186
120 151 144 150 118 106 81
702 541 782 799 1,111 1,627 1,703

46 (37) 56 64 97 133 197
46 51 56 64 65 75 75
- (88) 32 58 122
656 578 726 735 1,014 1,494 1,506
2.03 1.79 2.25 2.27 3.14 4.63 4.66

323 323 323 323 323 323 323
2.03 1.79 2.25 2.27 3.14 4.63 4.66

323 323 323 323 323 ### 323
7% -7% 7% 8% 9% 8% 12%
31,506 31,378 31,384 31,201 31,090 31,707 31,715

1
- - - - - ### 59
60 61 59 59 59 ### -
31,566 31,439 31,443 31,260 31,149 31,766 31,775
3,395 4,008 4,691 4,900 6,376 6,314 5,696

724 608 1,112 1,395 975 1,249 1,315
794 779 814 891 720 621 950
- - -
973 1,142 1,227 1,239 1,152 909 970
460 334 235 364 431 351 400
6,346 6,871 8,079 8,789 9,654 9,444 9,330
37,912 38,310 39,522 40,049 40,803 41,210 41,105
3,234 3,234 3,234 3,234 3,234 ### 3,234

21,285 21,862 22,589 22,029 23,044 24,539 24,751
24,519 25,096 25,823 25,263 26,278 27,773 27,985
1,880 1,659 857 791 725 658 592

1,651 1,563 1,563 1,563 1,595 1,653 1,775
313 351 377 397 418 429 448
3,844 3,573 2,797 2,751 2,738 2,740 2,815
2,629 3,043 2,609 3,837 3,463 4,044 3,610

- - - -
156 156 129 164 87 85 52
319 176 242 265 265 ### 266
6,446 6,267 7,923 7,770 7,973 6,302 5,050
- - - - 1,328
9,550 9,642 10,903 12,036 11,788 10,696 10,306
37,913 38,311 39,523 40,050 40,804 41,209 41,106
13,394 13,215 13,700 14,787 14,526 13,436 13,121

37,913 38,311 39,523 40,050 40,804 41,209 41,106
1 1 1 1 1 (1) 1
8,645 8,102 9,022 8,826 8,963 7,225 5,908
11,201 11,205 12,466 13,599 13,383 12,349 12,081
1,294 ###
1,294 1,294
33%
323 323 323 323 323 ### 323
4.00
76 78 80 78 81 86 87
656 578 726 735 1,014 1,494 1,506

347 378 373 401 403 394 402
867 (343) (1,674) 725 (1,228) 720 1,103
(430) (250) (379) (218) (292) (1,011) (410)
1,440 363 (953) 1,643 (103) 1,597 2,601
120 151 144 150 118 106 81
(1,078) (543) 920 (196) 137 (1,738) (1,317)
482 (29) 111 1,597 152 (35) 1,365
(120) (151) (144) (150) (118) (106) (81)
362 (180) (33) 1,447 34 (141) 1,284
- - - (1,294) - - (1,294)
362 (180) (33) 153 34 (141) (10)
(8,349) (7,987) (8,168) (8,201) (8,048) (8,014) (8,155)

(7,987) (8,168) (8,201) (8,048) (8,014) (8,155) (8,165)
460 334 235 364 431 351 400
8% 5% 4% 6% 7%
13% 12% 15% 14% 11% 8% 15%
12% 9% 20% 22% 15% 17% 18%
57% 62% 84% 76% 98% 84% 76%
16% 18% 22% 19% 18% 12% 12%
83 (128) 6 (183) (111)
31,506 31,378 31,384 31,201 31,090 31,707 32,024
0% 0% 0% -1% -0.36% 1.0%
534% 485% 563% 485% 479% 424% 1%
4% 3% 3% 4% 2% 2% 85%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.00%
0% 0% 0% 0% 0% 0% 90%
5% 3% 4% 4% 4%
578% 617% 698% 770% 739% 647% 20%
28% 24% 28% 24% 25% 22% 15%

5% 5% 5% 5% 5% 5% 30%
313 351 377 397 418 429 431
4% 12% 7% 5% 5% 3% 1%
55% 50% 58% 50% 50% 43%
1% 1% 1% 1% 0.44% 0% 2%
1.10% 1.20% 1.19% 1.29% 1.30% 1.24% 1.27%
44.71 34.24 72.68 79.02 54.72 60.90 64.05

7.50
5.17
2.34
16%
26%
2.03 1.79 2.25 2.27 3.14 4.63 4.66

695 607 934 961 1,127 1,363 1,521
158,352 158,482 159,842 160,846 160,563 159,609 159,464
158,292 158,421 159,783 160,787 160,504 159,550 159,464
135.46 148.11 123.03 119.16 98.37 75.04 72.95
9.58 10.47 9.60 10.07 8.20 5.81 5.53
225.28 255.68 203.51 201.14 145.71 98.79 98.10
3,514 3,675 4,013 4,587 4,492 4,796 5,215
2,465 2,716 2,768 2,996 3,066 2,841 2,922
530 544 537 873 519 527 724
94,136 89,844 114,874 114,504 110,902 102,254 110,939
20% 17% 23% 21% 25% 28% 29%
30% 26% 31% 35% 32% 36% 39%
2% 2% 2% 2% 2% 4% 4%
0.30 0.29 0.32 0.34 0.33 0.30 0.29
3.93 3.89 3.77 3.72 3.66 3.62 3.63

20.97 30.15
4.67 5.16 6.48 6.23 7.04 8.32 8.56
1.848 1.848 1.848 1.848 1.848 1.848 1.848

0.96 ### 0.96 0.96 0.96 0.96 0.96
0.89 ### 0.89 0.89 0.89 0.89 0.89
1.938 1.938 1.938 1.938 1.938 1.938 1.938
1.00 ### 1.00 1.00 1.00 1.00 1.00
0.94 ### 0.94 0.94 0.94 0.94 0.94
1.362 1.435 1.495 1.312 1.582 1.496 1.571

0.60 0.58 0.67 0.61 0.68 0.63 0.71
0.76 0.85 0.83 0.77 0.69 0.86 0.86
1.430 1.507 1.570 1.461 1.463 1.570 1.650
0.63 0.61 0.70 0.64 0.72 0.67 0.74
0.80 0.90 0.87 0.80 0.73 0.90 0.91
73.8% 77.8% 81.0% 75.4% 75.5% 81.1% 85.2%
62.8% 61.0% 70.0% 64.2% 71.6% 66.6% 74.3%
85.5% 95.6% 92.8% 85.7% 77.4% 96.5% 96.8%
2.856 2.924
2.688 1.267 -
2.688 1.267 0%
1.430 1.504 1.599 1.422 1.365 1.642 1.650
0.863 1.006 1.035 0.860 0.915 0.990 0.999
0.567 0.498 0.564 0.563 0.450 0.652 0.651
0.863 1.003 1.013 0.860 0.915 0.976 0.999
0.454 0.492 0.505 0.427 0.510 0.512 0.544
0.409 0.511 0.508 0.432 0.405 0.464 0.455
0.567 0.504 0.557 0.586 0.526 0.594 0.651
0.175 0.118 0.195 0.215 0.206 0.154 0.198
0.393 0.386 0.362 0.371 0.321 0.440 0.452
1.430 1.507 1.570 1.446 1.441 1.570 1.650
0.628 0.610 0.700 0.642 0.716 0.666 0.743
0.802 0.896 0.870 0.804 0.725 0.904 0.907
55%
-94.46 89.13 82.13 -23.30 92.86 28.19 48.61
7,791 8,640 9,526 8,774 8,673 10,253 10,178
4,692 5,617 6,065 5,180 5,549 6,077 6,284
4,597 5,706 6,147 5,157 5,642 6,105 6,332
8 (21) 66 (55) (78) 1 54
3,186 2,955 3,313 3,672 3,110 4,148 3,792
3,194 2,934 3,379 3,617 3,031 4,148 3,846
88 91 92 95 96 98 99
402 422 438 438 441 453 464
342 362 378 380 390 390 400
60 ### 60 58 51 63 64
6,841 7,245 7,560 7,600 7,800 7,800 8,000
944 999 1,043 1,048 1,076 1,076 1,103
500 ### 500 400 400 400 400
68 72 76 152 156 156 160
3%
5,329 5,673 5,942 6,000 6,168 6,168 6,337
266 284 297 300 308 308 317
64 65 65 68 70 65 60
5,629 5,889 5,991 6,429 6,737 6,364 5,911
4,978 5,323 5,719 4,979 4,842 5,666 5,567

260 333 358 279 284 316 338
2,783 3,324 3,552 3,084 2,998 3,350 3,308
480 514 550 503 482 591 604
293 225 241 302 290 354 360
382 416 445 429 429 448 482
779 511 574 382 358 609 474
3,485 2,724 2,813 3,502 3,541 3,463 3,377
182 186 189 193 197 201 205
1,950 1,987 1,866 2,172 2,200 2,043 2,008
336 123 192 354 353 360 366
205 208 210 213 213 216 218
267 99 155 302 314 273 292
545 122 200 268 262 371 287
3,214 1,171 1,840 3,200 3,234 3,179 3,082
20 20 20 20
92 92 90 91
44 44 43 44
7.5 7.5 7.5 7.5
5.5 5.5 5.5 5.5
2 2 2 2
88 88 86 87
3.57 ### 3.57 3.57 3.57 3.57 3.57
26 ### 26 26 26 26 26
39 ### 39 39 39 39 39
30 ### 30 30 30 30 30
980 ### 980 980 980 980 980
100% 100% 100% 100% 100% 100% 100%

0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0%
100% 95% 90% 90% 90% 80% 80%

0% 0% 0% 0% 0% 0% 0%
0% 5% 10% 10% 10% 20% 20%
0% 0% 0% 0% 0% 0% 0%
137 137 137 137 137 137 137

- - - - - - -
- - - - - - -
- - - - - - -
137 130 124 124 124 110 110

- - - - - - -
- 6 12 12 12 24 24
- - - - - - -
83 ### 83 83 83 83 83
63 ### 63 63 63 63 63
38 38 38 38 38 38 38
27 27 27 27 27 27 27
95% 95% 95% 35% 35% 50% 50%

5% 5% 5% 65% 65% 50% 50%
95% 95% 95% 80% 80% 90% 90%

5% 5% 5% 20% 20% 10% 10%
8,530 ### 8,530 8,530 8,530 8,530 8,530

194 194 194 194 194 194 194
- - - - - - -
- - - - - - -
107.85 105.00 96.14 88.05 85.16
108 105 96 88 85 86 81
129 126 115 113 110 111 106
11,384 11,416 10,633 10,689 10,602 10,844 10,478
78,606 84,325 86,920 79,809 80,301 81,845 80,587

76,248 81,795 84,313 77,415 77,620 79,390 78,170
510 ### 510 510 510 538 538
6,830 6,849 6,380 6,413 6,361 5,422 5,239
1,719 1,724 1,606 1,614 1,601 1,638 1,583

7,195 7,719 7,957 7,306 7,351 7,492 7,377
6,980 7,487 7,718 7,086 7,105 7,267 7,156
825 827 771 775 768 655 633
4.35 4.35 4.35 4.35 4.35 4.59 4.59
15.28 16.39 16.90 15.52 15.61 15.91 15.67

14.82 15.90 16.39 15.05 15.09 15.43 15.20
182 186 189 193 197 201 205

336 342 348 354 354 360 366
205 208 210 213 213 216 218
351 351 357 655 687 567 574
406 411 413 963 969 851 841
307 310 312 409 409 357 356
1,599 1,635 1,509 1,516 1,513 1,477 1,434
1,719 1,724 1,606 1,614 1,601 1,638 1,583
1,504 1,575 1,431 1,438 1,426 1,358 1,312
- - - - - - -
31,715 31,495 31,284 31,017 30,778 30,576 31,392

- ### - - - - -
(403) (469) (450) (452) (452) (472) (508)
31,495 31,284 31,017 30,778 30,576 31,392 31,008
9,200 10,168 11,048 10,195 10,096 11,791 11,656

6,014 7,213 7,735 6,523 6,986 7,644 7,864
3,186 2,955 3,313 3,672 3,110 4,148 3,792
(1,261) (1,498) (1,584) (1,244) (1,329) (1,450) (1,525)
(61) (99) (86) (99) (108) (117) (56)
7,877 8,572 9,378 8,852 8,659 10,224 10,076
4,978 5323 5,719 4,979 4,842 5,666 5,567
227 229 225 159 161 162 164
4,567 5,193 5,488 4,981 4,873 5,439 5,481
490 494 485 564 570 576 581
4,572 5183 5568 4,987 4,879 5,444 5,487
260 244 263 229 233 219 223
260 333 358 279 284 316 338
481 513 551 504 483 591 605
2,788 3315 3,561 3,088 3,003 3,355 3,313
293 225 241 303 291 354 360
23 14 15 18 18 22 22
383 415 446 429 429 448 483
18 19 20 20 21 21 21
7 17 18 18 19 19 20
31 43 46 47 48 49 50
6 13 14 14 14 15 15
3 2 3 3 3 3 3
5 7 7 7 7 7 7
1 1 1 1 1 1 1
1 2 2 2 2 2 2
1 0 - - - - -
1 1 1 1 1 1 1
1 2 2 2 2 2 2
8 19 20 20 20 21 21
(494) (485) (564) (570) (576) (581) (587)
(229) (225) (159) (161) (162) (164) (166)
2,899 3,248 3,659 3,873 3,817 4,558 4,509

121 124 110 140 156 172 212
44% 44% 45% 0
820 735 760 1,105 937 967 655
94 113 141 135 137 348 205

0 2 2 87 66 43 39
0 2 (3) 87 66 43 39
1,865 2,279 2,649 2,579 2,652 3,114 3,476
403 469 450 452 452 472 508
2,267 2,747 3,099 3,031 3,104 3,586 3,985
89 125 (41) 19 47 49 (39)
1,776 2,154 2,691 2,560 2,605 3,065 3,516

265 486 594 545 330 373 749
79 86
186 400
1,511 1,669 2,097 2,014 2,276 2,692 2,767
4.67 5.16 6.48 6.23 7.04 8.32 8.56

323 ### 323 323 323 323 323
4.67 5.16 6.48 6.23 7.04 8.32 8.56

323 ### 323 323 323 323 323
1,542
15% 23% 22% 21% 13% 12% 15%
19% 8,324
31,495 31,284 31,017 30,778 30,576 31,392 31,008

1 1 2 2 4 5
55 ### 55 55 5,619 5,619
3 ### 3 3 2 59 557
31,555 31,344 31,077 30,839 30,578 37,073 37,190
6,780 5,933 5,396 5,364 1,732 4,889 5,179

1,308 1,324 1,276 1,182 1,299 1,715 1,431
1,055 1,052 1,051 1,235 - 1,376 1,668
- - -
1,004 1,033 987 1,124 7,793 2,190 1,904
304 628 844 3,298 2,023 737 2,806
10,451 9,971 9,555 12,203 12,846 10,907 12,989
42,006 41,314 40,631 43,041 43,424 47,980 50,178
3,234 3,234 3,234 3,234 3,234 3,234 3,234

26,264 27,932 30,028 32,042 34,318 35,070 37,802
29,498 31,166 33,262 35,276 37,552 38,303 41,035
575 459 393 327 627 194 185

1,961 2,361 53 3,809 0 4,425 5,130
434 493 3,300 51 50 54 -
2,970 3,313 3,745 4,187 677 4,673 5,315
3,344 3,352 3,346 3,301 5,195 3,947 3,572

- -
58 86 13 12 42 8
265 ### 265 265 - 265 265
5,871 3,131 - - 750 -
- -
9,538 6,835 3,624 3,578 5,195 5,004 3,846
42,006 41,314 40,631 43,041 43,424 47,980 50,196
12,508 10,148 7,369 7,765 5,872 9,677 9,161

42,006 41,314 40,631 43,041 43,424 47,980 50,196
1 - - - - - 18
6,712 3,856 658 592 627 1,209 450
11,500 9,196 3,677 7,387 5,196 9,429 8,976
1,940 2,587
- ### - - 1,940 - -
40% 50%
323 ### 323 323 323 323 323
6.00 8.00
91 96 103 109 116 118 127
1,511 1,669 2,097 2,014 2,276 2,692 2,767

403 469 450 452 452 472 508
(2,823) 900 3,360 (3,489) (301) (341) (974)
(183) (258) (182) (214) (250) (1,288) (125)
(1,093) 2,780 5,725 (1,236) 2,177 1,535 2,177
89 125 (41) 19 47 49 (39)
804 (2,856) (3,198) (66) 35 583 (759)
(200) 48 2,486 (1,283) 2,258 2,167 1,378
(89) (125) 41 (19) (47) (49) 39
(289) (76) 2,527 (1,303) 2,211 2,118 1,418
- - - - (1,940) - -
(289) (76) 2,527 (1,303) 271 2,118 1,418
(8,165) (8,454) (8,530) (6,003) (7,306) (7,035) (4,917)

(8,454) (8,530) (6,003) (7,306) (7,035) (4,917) (3,500)
304 628 844 3,298 2,023 737 2,806
15% 15% 15% 15% 15% 15% 15%

17% 20% 20% 20% 20% 20% 20%
86% 69% 58% 90% 90% 90% 90%
12% 12% 12% 12% 12% 12% 12%
32,344 32,668 32,994 33,324 33,658 33,994 34,334

1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
1% 1% 1% 1% 1% 1% 1%
80% 60% 60% 60% 60% 60% 60%

1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
90% 90% 90% 90% 90% 90% 90%
20% 20% 20% 20% 20% 20% 20%
15% 5% 5% 5% 5% 5% 5%
30% 30% 30% 30% 30% 30% 30%
433 435 438 51 52 52 52
1% 1% 1% 1% 1% 1% 1%
2% 2% 2% 2% 2% 2% 2%
1.28% 1.50% 1.45% 1.47% 1.48% 1.50% 1.64%
60.60 56.40 49.68 48.74 54.75 61.24 51.84

7.89 8.23 - - - - -
5.78 6.44
2.12 1.79
15% 16%
27% 28%
4.67 5.16 6.48 6.23 7.04 8.32 8.56

1,586 655 1,081 2,132 2,275 2,184 2,415
158,978 156,350 150,615 151,872 150,955 156,475 153,953
158,975 156,347 150,612 151,869 150,953 156,416 153,395
70.11 56.91 48.60 50.10 48.63 43.64 38.64
5.07 3.35 1.19 2.44 1.67 2.63 2.25
97.84 88.57 70.48 73.37 64.93 54.91 53.41
5,509 2,045 3,272 6,225 6,345 6,228 6,107
3,213 1,171 1,840 3,199 3,233 3,179 3,081
658 205 304 876 801 694 525
111,175 37,298 52,558 106,798 110,615 95,315 93,308
29% 32% 33% 34% 36% 35% 40%
37% 38% 39% 44% 44% 45% 45%
4% 4% 5% 5% 5% 6% 6%
0.27 0.22 0.09 0.17 0.12 0.20 0.18
3.55 3.62 3.96 3.44 3.41 3.08 2.94

35 39.12
7.87 8.09 9.35 10 8.26 9.08 11.46 10.32
1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
1.848 1.848 1.848 1.85 1.848 1.848 1.848 1.848

0.96 0.96 0.96 ### 0.96 ### 0.96 ###
0.89 0.89 0.89 ### 0.89 ### 0.89 ###
1.938 1.938 1.938 1.94 1.938 1.938 1.938 1.938
1.00 1.00 1.00 ### 1.00 ### 1.00 ###
0.94 0.94 0.94 ### 0.94 ### 0.94 ###
1.588 1.517 1.487 1.69 1.524 1.652 1.597 1.709

0.62 0.72 0.69 0.80 0.67 0.77 0.71 0.78
0.81 0.76 0.92 0.89 0.85 0.88 0.89 0.93
1.532 1.581 1.722 1.78 1.600 1.734 1.676 1.794
0.65 0.75 0.72 0.84 0.71 0.81 0.74 0.82
0.85 0.80 0.97 0.94 0.89 0.92 0.93 0.98
79.1% 81.6% 88.9% 0.92 82.6% 89.5% 90.0% 90.0%
64.9% 75.4% 72.2% 0.84 70.8% 81.4% 74.2% 81.7%
90.2% 84.9% 103.2% 1.00 95.1% 98.2% 99.7% 104.2%
-4% -6% 12% -19% 20% -8%

1.472 1.584 1.783 1.64 1.608 1.645 1.612 1.616
0.850 1.000 1.127 1.11 0.965 1.055 1.027 1.038
0.622 0.584 0.656 0.53 0.643 0.590 0.584 0.578
0.859 0.980 1.096 1.15 0.963 1.058 1.161 1.240
0.476 0.549 0.562 0.62 0.519 0.614 0.624 0.674
0.384 0.430 0.534 0.53 0.443 0.444 0.537 0.567
0.636 0.571 0.594 0.63 0.637 0.677 0.538 0.554
0.173 0.205 0.160 0.214 0.189 0.200 0.118 0.143
0.462 0.366 0.434 0.411 0.449 0.477 0.397 0.411
1.495 1.550 1.690 1.78 1.600 1.734 1.676 1.794
0.649 0.754 0.722 0.84 0.708 0.814 0.742 0.817
0.846 0.796 0.968 0.94 0.892 0.921 0.934 0.977
0.54
-18.57 -2.67 9.92 1.65 16.59 -18.52 -618.44 0.00
9,284 10,282 11,879 11,626 10,520 10,460 11,121 10,673
5,464 6,540 7,796 8,048 6,706 7,344
5,446 6,537 7,806 8,049 6,722 7,325 7,156 7,143
(30) 41 (11) (3) 34 (461)
3,868 3,703 4,084 3,580 3,764 3,596
3,838 3,744 4,073 3,577 3,798 3,135 3,965 3,530
103 107 104 99 100 101 101 102
501 508 513 520 525 524 519 519
400 408 430 455 455 452 450 454
101 100 83 65 65 ### 65 ###
8,000 8,153 8,600 9100 9,098 9,048 9,008 9,083
1,103 1,125 1,186 1,255 1,547 1,538 1,531 1,544
410 410 400 400 455 524 519 519
80 82 86 182 91 90 135 136
6,407 6,537 6,928 7263 6,966 6,943 6,965 6,883

320 327 346 363 348 347 348 344
60 60 60 68 59 53 68 60
6,170 6,416 6,210 6698 5,907 5,314 6,788 6,105
5,168 5,899 6,698 6628 6,058 6,074 6,340 5,271

313 331 368 394 362 400 395 431
2,974 3,550 3,741 3341 3,252 3,046 2,774 2,796
548 600 687 644 642 668 666 679
325 354 404 376 373 386 383 389
477 261 342 878 511 519 520 534
530 804 1,156 995 918 1,055 1,602 442
3,510 3,733 3,772 4020 3,772 3,683 3,928 3,238
209 213 218 222 226 231 235 240
2,023 2,245 2,101 2037 2,025 1,854 1,724 1,733
372 379 386 392 399 406 413 420
221 224 227 229 232 235 238 241
324 165 192 534 318 315 323 331
360 508 649 606 571 641 994 273
3,186 3,560 3,565 3501 3,450 3,377 3,611 2,931
20 20 20 20 20 ### 20 ###
92 92 90 91 92 ### 90 91
44 44 43 44 44 44 43 44
7.5 7.5 7.5 8 7.5 ### 7.5 ###
5.5 5.5 5.5 6 5.5 ### 5.5 ###
2 2 2 2 2 2 2 2
88 88 86 87 88 88 86 87
3.57 3.57 3.57 ### 3.57 ### 3.57 ###
26 26 26 ### 26 ### 26 ###

39 39 39 ### 39 ### 39 ###
30 30 30 ### 30 ### 30 ###
980 980 980 ### 980 ### 980 ###
100% 100% 100% 100% 100% 100% 100% 100%

0% 0% 0% 0 0% 0% 0% 0%
0% 0% 0% 0 0% 0% 0% 0%
0% 0% 0% 0 0% 0% 0% 0%
85% 100% 100% 85% 85% 85% 85% 85%

0% 0% 0% 0 0% 0% 0% 0%
15% 0% 0% 15% 15% 15% 15% 15%
0% 0% 0% 0 0% 0% 0% 0%
137 137 137 137 137 137 137 137

- - - 0 - - - -
- - - 0 - - - -
- - - 0 - - - -
117 137 137 117 117 117 117 117

- - - 0 - - - -
18 - - 18 18 18 18 18
- - - 0 - - - -
83 83 83 ### 83 ### 83 ###

63 63 63 ### 63 ### 63 51
38 38 38 38 38 38 38 33
27 27 27 27 27 27 27 22
50% 60% 60% 50% 50% 50% 50% 50%

50% 40% 40% 50% 50% 50% 50% 50%
90% 100% 100% 80% 80% 80% 80% 80%

10% 0% 0% 0 20% 20% 20% 20%
8,530 8,530 8,530 ### 8,530 ### 8,530 ###

194 194 194 194 194 194 194 194
- - - 0 - - - -
- - - 0 - - - -
73 82 79 75 71 65 62 60
98 107 104 100 96 90 87 85
10,080 11,399 10,789 9,838 9,615 9,088 8,746 8,649
85,911 88,714 73,234 78,782 78,335 55,823 41,440 41,440

83,333 86,053 71,037 76,419 75,985 54,148 40,197 ###
623 623 673 ### 773 773 773 950
5,040 5,699 5,394 4,919 4,808 4,544 4,373 4,324
1,523 1,722 1,630 1486 1,452 1,373 1,321 1,306

7,864 8,121 6,704 7212 7,171 5,110 3,793 3,793
7,628 7,877 6,503 6995 6,956 4,957 3,680 3,680
609 689 652 594 581 549 528 522
5.31 5.31 5.74 6 6.59 6.59 6.59 8.10
1.50981
16.70 17.25 14.24 15.32 15.23 10.85 8.06 8.06
16.20 16.73 13.81 14.86 14.77 10.53 7.81 7.81
7.564 8.229 7.380 7.325 8.080
209 213 218 222 226 231 235 240

373 379 386 393 400 407 414 421
221 224 227 229 232 235 238 241
625 579 531 664 690 586 509 529
914 837 759 874 906 724 608 671
403 335 362 477 518 465 431 410
1,398 1,665 1,570 1373 1,336 1,268 1,215 1,204
1,523 1,722 1,630 1,486 1,452 1,373 1,321 1,306
1,303 1,612 1,526 1,272 1,243 1,175 1,131 1,118
19,363 - - 0 - - - -
31,008 30,605 30,518 30379 31,937 32,889 33,615 34,939

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- - - 0 - ### - ###
(503) (275) (361) -925 (539) (547) (548) (563)
30,605 30,518 30,379 31937 32,889 33,615 34,939 34,626
10,973 12,243 14,195 14002 12,522 13,166 14,112 12,956

7,105 8,540 10,112 10422 8,758 9,570 10,461 9,425
3,868 3,703 4,084 3580 3,764 3,596 3,651 3,530
(1,528) (1,832) (2,148) -2201 (1,876) (2,045) (2,211) (2,141)
(113) (168) (167) -173 (176) (182) (162) (141)
9,332 10,243 11,880 11628 10,470 10,940 11,739 10,673
5,168 5,899 6,698 6628 6,058 6,074 6,340 5,271
166 167 169 171 172 174 176 178
5,029 5,495 5,952 6048 5,562 5,448 5,174 5,273
587 593 599 605 611 617 623 630
5,035 5,501 5,958 6054 5,568 5,455 5,181 5,279
228 232 237 242 247 252 257 262
313 331 368 394 362 400 395 431
549 601 688 645 643 669 667 680
2,979 3,554 3,746 3345 3,257 3,050 2,779 2,800
325 354 404 377 374 387 384 390
20 22 25 23 23 24 23 24
478 261 343 879 512 519 521 535
20 20 20 19 19 19 19 19
20 20 21 21 22 22 23 23
51 52 53 54 55 56 57 58
15 16 16 16 17 17 17 18
3 3 3 3 3 3 3 3
8 8 8 8 8 8 8 8
1 1 1 1 1 1 1 1
2 2 2 2 2 2 2 2
- - - 0 - - - -
1 1 1 1 1 1 1 1
2 2 2 2 2 2 3 3
21 21 21 22 22 22 22 23
(593) (599) (605) -611 (617) (623) (630) (636)
(167) (169) (171) -172 (174) (176) (178) (179)
4,164 4,344 5,182 5000 4,412 4,865 5,399 5,402

192 251 191 126 208 221 243 248
45% 42% 44% 0
696 851 1,012 824 868 879 783 730
12,044
257 171 278 329 313 334 349 256

221 195 217 345 332 284 295 0
221 195 217 345 332 284 295 0

3,241 3,266 3,918 4066 3,355 3,716 4,319 4,167
503 275 361 925 539 547 548 563
3,744 3,541 4,279 4991 3,893 4,263 4,868 4,731
12 9 8 6 10 4 6 0.97
3,229 3,257 3,910 4060 3,345 3,712 4,313 4,166

684 642 886 901 676 780 611 833
2,546 2,615 3,024 3159 2,668 2,932 3,702 3,333
7.87 8.09 9.35 9.77 8.25 9.07 11.45 10.31

323 323 323 323 323 ### 323 ###
7.88 8.10 9.36 10 8.26 9.08 11.46 10.32

323 323 323 323 323 ### 323 ###
21% 20% 23% 0 20% 21% 14% 20%
30,605 30,518 30,379 31,937 32,889 33,615 34,939 34,626

5 34 31 28 25 54 48 54
5,619 5,620 5,619 8,158 9,301 10,370 10,485 10,370
551 551 1,607 76 77 160 105 160
36,779 36,722 37,636 40,198 42,292 44,199 45,577 45,210
5,348 5,580 5,641 6,079 6,426 6,264 5,854 2,135

2,071 2,124 1,417 1,639 1,903 2,090 1,629 1,601
1,514 1,694 2,158 2,078 2,187 2,333 2,383 -
- - - ###
1,723 1,431 (9,209) 1,285 1,283 1,420 1,516 9,606
6,143 7,264 9,548 8,519 9,700 7,805 12,271 10,736
16,799 18,093 9,555 19,600 21,500 19,911 23,653 24,078
53,578 54,816 47,191 59,798 63,791 64,110 69,230 69,288
3,234 3,234 3,234 3,234 3,234 3,234 3,234 3,234

40,347 40,375 43,400 46,558 49,228 49,249 52,951 53,374
43,581 43,609 46,634 49,792 52,461 52,483 56,185 56,607
23 - - 68 67 65 67 65
5,227 5,281 5,384 5,436 5,505 5,540 6,034 5,540
59 59 62 - - ### - -
5,309 5,339 5,446 5,503 5,572 5,605 6,101 5,605
4,141 4,879 4,605 4,096 5,283 5,350 6,746 6,404

237 722 1,230 257 451 672 199 672
7 6 4 3 1 0
303 260 194 127 23 - - -
- - - - - - -
- - ### - ###
4,688 5,866 6,033 4,484 5,758 6,022 6,945 7,075
53,578 54,815 58,112 59,780 63,791 64,110 69,230 69,288
9,997 11,205 11,479 9988 11,330 11,626 13,046 12,680

53,578 54,815 58,112 59,780 63,791 64,110 69,230 69,288
- (1) 10,922 (18) - -
327 260 194 195 90 65 67 65
10,152 11,868 12,647 10177 11,780 12,233 13,178 13,287
3234 2,910
- 2,587 - 0 - 3,234 - ###
1 50%
323 323 323 323 323 ### 323 ###
10 9.00
135 135 144 154 162 162 174
2,546 2,615 3,024 3,159 2,668 2,932 3,702 3,333

503 275 361 925 539 547 548 563
197 520 9,428 (10,181) 360 (347) 2,175 (5,237)
(99) (188) (222) (2,483) (1,491) (1,273) (1,873)
3,147 3,222 12,591 (8,580) 2,077 1,860 4,552 (1,341)
12 9 8 6 10 4 6 -
(123) (66) (66) 2 (105) (25) 2 110
3,035 3,165 12,533 (8,573) 1,981 1,838 4,561 (1,231)
(12) (9) (8) (6) (10) (4) (6) -
3,024 3,156 12,525 (8,578) 1,971 1,834 4,554 (1,231)
- (2,587) - - - (3,234) - -
3,024 569 12,525 (8,578) 1,971 (1,399) 4,554 (1,231)
(3,500) (476) 92 12617 4,039 6,010 4,611 9,165

(476) 92 12,617 4,039 6,010 4,611 9,165 7,934
6,143 7,264 9,548 8519 9,700 7,805 12,271 -
15% 15% 15% 0 15% 15% 15% 15%

20% 20% 20% 0 20% 20% 20% 20%
90% 90% 90% 1 90% 90% 90% 90%
12% 12% 12% 0 12% 12% 12% 12%
34,677 35,024 35,374 35728 36,086 36,446 36,811 37,179

1.0% 1.0% 1.0% 0 1.0% 1.0% 1.0% 1.0%
1% 1% 1% 0 1% 1% 1% 1%
60% 60% 60% 1 60% 60% 60% 60%

1.00% 1.00% 1.00% 0 1.00% 1.00% 1.00% 1.00%
90% 90% 90% 1 90% 90% 90% 90%
20% 20% 20% 0 20% 20% 20% 20%
5% 5% 5% 0 5% 5% 5% 5%
30% 30% 30% 0 30% 30% 30% 30%
52 53 53 53 54 54 54 54
1% 1% 1% 0 1% 1% 1% 1%
2% 2% 2% 0 2% 2% 2% 2%
1.64% 0.90% 1.19% 2.90% 1.64% 1.63% 1.63% 1.63%
81.01 75.69 43.53 51 66.35 69.72 50.67 54.75

- - - 0 - - - -
7.87 8.09 9.35 10 8.25 9.07 11.45 10.31

2,543 2,236 2,400 3039 2,421 2,591 3,020 2,927
151,725 152,215 150,710 149269 149,692 152,039 148,518 150,162
151,174 151,665 149,103 149194 149,615 151,879 148,413 150,002
40.52 42.99 35.22 30 38.45 35.67 30.51 31.74
2.71 3.35 2.96 2 3.03 2.87 2.71 2.81
58.05 56.51 48.86 47 55.38 50.40 39.92 44.34
6,339 6,468 6,664 7080 6,511 6,650 7,284 6,605
3,185 3,560 3,565 3501 3,449 3,377 3,611 2,931
603 696 675 579 669 669 637 605
103,058 96,121 84,542 90891 93,092 92,425 92,159 92,924
40% 35% 36% 0 37% 39% 41% 44%
45% 42% 44% 0 42% 44% 46% 51%
5% 5% 5% 0 4% 5% 5% 5%
0.19 0.22 0.22 0 0.18 0.19 0.19 0.19
2.76 2.70 2.54 2 2.31 2.30 2.13 2.13

42.95 49.04
10.73 10.67 10.79 10.76 11.77 11.99 12.52 12.75 12.89
1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17
1.848 1.848 1.848 1.848 1.848 1.848 1.848 1.848 1.848

0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96 ###
0.89 0.89 0.89 0.89 0.89 0.89 0.89 0.89 ###
1.938 1.938 1.938 1.938 1.938 1.938 1.938 1.938 1.938
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 ###
0.94 0.94 0.94 0.94 0.94 0.94 0.94 0.94 ###
1.592 1.663 1.658 1.748 1.562 1.568 1.573 1.578 1.584

0.67 0.76 0.71 0.82 0.79 0.79 0.80 0.80 0.81
0.92 0.90 0.94 0.93 0.77 0.77 0.77 0.77 0.77
1.672 1.747 1.741 1.835 1.641 1.646 1.652 1.657 1.663
0.71 0.80 0.75 0.86 0.83 0.83 0.84 0.84 0.85
0.96 0.95 0.99 0.98 0.81 0.81 0.81 0.81 0.81
86.3% 90.1% 90.0% 90.0% 84.7% 85.0% 85.2% 85.5% 85.8%
70.8% 80.0% 74.9% 85.9% 82.9% 83.4% 83.9% 84.5% 85.0%
102.8% 100.9% 105.8% 104.1% 86.5% 86.6% 86.6% 86.7% 86.8%
1.621 1.625 1.630 1.635 1.641 1.646 1.652 1.657 1.663

1.048 1.059 1.069 1.080 1.091 1.102 1.113 1.124 1.135
0.572 0.567 0.561 0.555 0.550 0.544 0.539 0.534 0.528
1.038 1.144 1.268 1.334 1.091 1.102 1.113 1.124 1.135
0.563 0.657 0.662 0.728 0.664 0.671 0.678 0.684 0.691
0.475 0.487 0.606 0.606 0.426 0.431 0.435 0.439 0.444
0.634 0.603 0.472 0.501 0.550 0.544 0.539 0.534 0.528
0.145 0.143 0.087 0.132 0.165 0.163 0.162 0.160 0.158
0.489 0.460 0.386 0.370 0.385 0.381 0.377 0.374 0.370
1.672 1.747 1.741 1.835 1.641 1.646 1.652 1.657 1.663
0.708 0.800 0.749 0.859 0.829 0.834 0.839 0.845 0.850
0.964 0.946 0.992 0.976 0.811 0.812 0.812 0.813 0.813
10,613 10,728 10,846 10,965 11,262 11,429 11,600 11,775 11,952
7,377 7,493 7,611 7,730 7,851 8,019 8,190 8,365 8,543
3,236 3,235 3,235 3,235 3,411 3,411 3,410 3,410 3,410

103 104 105 106 107 108 109 110 111
519 521 524 526 529 534 540 545 551
464 466 469 471 474 479 485 490 496
55 55 55 55 55 55 55 55 ###
9,273 9,325 9,377 9,429 9481.8 9587.7 9694.5 9,802 9,911
1,576 1,585 1,594 1,603 1,612 1,630 1,648 1,666 1,685
519 521 524 526 529 534 540 545 551
139 140 141 141 142 144 145 147 149
7,039 7,078 7,118 7,158 7,199 7,280 7,361 7,444 7,527

352 354 356 358 360 364 368 372 376
55 55 55 55 58 58 58 58 ###
5,652 5,709 5,766 5,823 6,203 6,265 6,327 6,390 6,454
5,038 5,182 5,248 5,382 5,249 5,321 5,265 5,343 5,448

409 436 444 477 435 445 456 466 477
2,562 2,656 2,691 2,767 2,845 2,878 2,936 2,970 3,031
693 707 722 737 752 768 784 800 817
395 401 407 414 420 427 434 441 448
529 523 518 513 314 313 157 157 157
450 458 466 474 482 491 500 509 518
3,104 3,172 3,205 3,262 3,203 3,236 3,191 3,227 3,279
245 250 255 260 265 270 276 281 287
1,583 1,637 1,653 1,695 1,737 1,751 1,780 1,795 1,825
428 435 443 451 458 467 475 483 491
244 247 250 253 257 260 263 266 270
326 322 318 314 191 190 95 95 94
277 282 286 290 294 298 303 307 311
2,782 2,866 2,901 2,977 3,008 3,043 3,093 3,129 3,181
20 20 20 20 20 20 20 20 ###
92 92 91 91 92 92 90 91 ###
44 44 44 44 44 44 43 44 44
7.5 7.5 7.5 7.5 7.5 7.5 7.5 8 ###
5.8 5.5 5.5 5.5 5.5 5.5 5.5 6 ###
2 2 2 2 2 2 2 2 2
75 88 87 87 88 88 86 87 87
3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 ###
26 26 26 26 26 26 26 26 ###
39 39 39 39 39 39 39 39 ###
30 30 30 30 30 30 30 30 ###
980 980 980 980 980 980 980 980 ###
100% 100% 100% 100% 100% 100% 100% 100% 100%

0% 0% 0% 0% 0% 0% 0% - -
0% 0% 0% 0% 0% 0% 0% - ###
0% 0% 0% 0% 0% 0% 0% - ###
80% 80% 80% 80% 80% 80% 80% 80% 80%

0% 0% 0% 0% 0% 0% 0% - 0%
20% 20% 20% 20% 20% 20% 20% 0.20 20%
0% 0% 0% 0% 0% 0% 0% - ###
137 137 137 137 137 137 137 137.31 137.31

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
110 110 110 110 110 110 110 109.85 109.85

- - - - - - - - -
24 24 24 24 24 24 24 24.04 24.04
- - - - - - - - -
71 71 71 71 71 71 71 71 71
51 51 51 51 51 51 51 51 ###
80% 80% 80% 80% 80% 80% 80% 80% 80%

20% 20% 20% 20% 20% 20% 20% 20% 20%
70% 70% 70% 70% 70% 70% 70% 70% 70%

30% 30% 30% 30% 30% 30% 30% 30% 30%
8,530 8,530 8,530 8,530 8,530 8,530 8,530 8,530 ###

194 194 194 194 194 194 194 194 194
- - - - - - - - -
- - - - - - - - -
58 60 61 62 63 63 64 64 65
83 85 86 87 88 88 89 89 90
8,530 8,823 9,016 9,212 9,411 9,505 9,709 9,806 10,015
41,440 41,647 41,855 42,065 42,275 42,486 42,699 42,912 43,127

40,197 40,398 40,600 40,803 41,007 41,212 41,418 41,625 41,833
800 800 800 800 800 800 800 800 800
4,265 4,411 4,508 4,606 4,705 4,752 4,854 4,903 5,008
1,288 1,333 1,362 1,391 1,421 1,436 1,466 1,481 1,513

3,793 3,812 3,831 3,851 3,870 3,889 3,909 3,928 3,948
3,680 3,698 3,716 3,735 3,754 3,772 3,791 3,810 3,829
515 533 545 556 568 574 586 592 605
6.82 6.82 6.82 6.82 6.82 6.82 6.82 6.82 6.82
8.06 8.10 8.14 8.18 8.22 8.26 8.30 8.34 8.38

7.81 7.85 7.89 7.93 7.97 8.01 8.05 8.09 8.13
-0.991
245 250 255 260 265 270 276 281 287

428 436 444 451 459 467 475 484 492
244 247 250 253 257 260 263 266 270
422 427 424 430 436 437 437 438 439
502 503 503 504 504 505 505 506 507
363 364 364 365 366 366 367 367 368
1,161 1,209 1,229 1,265 1,301 1,315 1,343 1,357 1,386
1,288 1,333 1,362 1,391 1,421 1,436 1,466 1,481 1,513
1,068 1,105 1,129 1,154 1,178 1,190 1,216 1,228 1,254
- - - - - - - - -
34,626 34,268 33,917 33,571 33,230 33,099 32,969 33,004 33,039

#REF! 200 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- - - - - - - - -
(557) (552) (546) (541) (331) (330) (165) (165) (165)
34,268 33,917 33,571 33,230 33,099 32,969 33,004 33,039 33,074
12,955 13,106 13,260 13,417 13,752 13,972 14,196 14,425 14,658

9,719 9,871 10,025 10,182 10,341 10,561 10,786 11,015 11,249
3,236 3,235 3,235 3,235 3,411 3,411 3,410 3,410 3,410
(2,196) (2,230) (2,264) (2,299) (2,335) (2,384) (2,434) (2,485) (2,537)
(146) (148) (150) (153) (155) (158) (162) (165) (169)
10,613 10,728 10,846 10,965 11,262 11,429 11,600 11,775 11,952
5,038 5,182 5,248 5,382 5,249 5,321 5,265 5,343 5,448
179 181 183 185 187 188 190 192 194
5,040 5,183 5,249 5,384 5,251 5,323 5,267 5,345 5,450
636 642 649 655 662 668 675 682 689
5,046 5,190 5,256 5,390 5,257 5,330 5,274 5,352 5,457
267 272 278 283 289 295 301 307 313
409 436 444 477 435 445 456 466 477
694 709 723 738 753 769 785 802 819
2,566 2,660 2,695 2,772 2,850 2,882 2,941 2,975 3,036
396 402 408 414 421 428 434 441 449
24 25 25 25 26 26 27 27 27
530 524 519 514 314 313 157 157 157
18 18 18 18 18 17 17 17 17
23 24 24 25 25 26 26 27 27
59 60 62 63 64 65 67 68 69
18 18 19 19 19 20 20 21 21
3 3 3 3 3 3 3 3 3
9 9 9 9 9 9 9 9 10
1 1 1 1 1 1 1 1 2
2 2 2 2 2 2 2 2 2
- - - - - - - - -
1 1 1 1 1 1 1 1 1
3 3 3 3 3 3 3 3 3
23 23 23 23 24 24 24 24 25
(642) (649) (655) (662) (668) (675) (682) (689) (696)
(181) (183) (185) (187) (188) (190) (192) (194) (196)
5,575 5,547 5,598 5,583 6,013 6,108 6,335 6,432 6,505

253 258 263 268 274 279 285 291 296
723 716 709 702 695 688 681 674 667
267 265 268 267 292 298 311 317 321

0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
4,332 4,308 4,358 4,346 4,752 4,843 5,058 5,150 5,220
557 552 546 541 331 330 165 165 165
4,890 4,860 4,904 4,886 5,083 5,173 5,223 5,315 5,385
0.97 0.97 1.29 1.29 1.29 1.29 1.29 1.29 1.29
4,332 4,307 4,357 4,344 4,751 4,842 5,057 5,149 5,219

866 861 871 869 950 968 1,011 1,030 1,044
3,465 3,446 3,485 3,475 3,801 3,873 4,045 4,119 4,175
10.72 10.65 10.78 10.75 11.75 11.98 12.51 12.74 12.91

323 323 323 323 323 323 323 323 ###
10.73 10.67 10.79 10.76 11.77 11.99 12.52 12.75 12.89

323 323 323 323 323 323 323 323 324
20% 20% 20% 20% 20% 20% 20% 20% 20%
34,268 33,917 33,571 33,230 33,099 32,969 33,004 33,039 33,074

54 54 54 54 54 54 54 54 ###
10,370 ### 10,370 ### 10,370 ### 10,370 10,370 ###
160 160 160 160 160 160 160 160 160
44,852 44,501 44,154 43,814 43,683 43,553 43,588 43,623 43,658
2,123 2,146 2,169 2,193 2,252 2,286 2,320 2,355 2,390

1,592 1,609 1,627 1,645 1,689 1,714 1,740 1,766 1,793
- - - - - - - - -
9,552 9,656 9,761 9,868 10,136 10,286 10,440 10,597 10,757

14,598 18,321 22,076 22,581 26,319 30,214 34,113 34,204 38,228
27,864 31,731 35,633 36,287 40,397 44,500 48,613 48,922 53,169
72,717 76,232 79,787 80,100 84,080 88,053 92,201 92,545 96,826
3,234 3,234 3,234 3,234 3,234 3,234 3,234 3,234 3,234

56,839 60,284 63,770 64,011 67,812 71,686 75,731 75,970 80,145
60,073 63,518 67,003 67,245 71,046 74,919 78,965 79,203 83,378
65 65 65 65 65 65 65 65 ###
5,540 5,540 5,540 5,540 5,540 5,540 5,540 5,540 ###
- - - - - - - - -
5,605 5,605 5,605 5,605 5,605 5,605 5,605 5,605 5,605
6,368 6,437 6,507 6,579 6,757 6,858 6,960 7,065 7,171

672 672 672 672 672 672 672 672 ###
- - - - - - - - -
- - - - - - - - -
7,039 7,109 7,179 7,250 7,429 7,529 7,632 7,736 7,843
72,717 76,232 79,787 80,100 84,080 88,053 92,201 92,545 96,826
12,644 12,714 12,784 12,855 13,034 13,134 13,237 13,341 13,448

72,717 76,232 79,787 80,100 84,080 88,053 92,201 92,545 96,826
65 65 65 65 65 65 65 65 65
13,251 13,320 13,391 13,462 13,641 13,741 13,843 13,948 14,055
3,234 - - - 3,881 -
- 2,910 - - - 3,234 - - 1
50% 50% 2
323 323 323 323 323 323 323 323 ###
10.00 12.00 -
3,465 3,446 3,485 3,475 3,801 3,873 4,045 4,119 4,175

557 552 546 541 331 330 165 165 165
(3,390) (3,590) (3,632) (390) (4,173) (4,083) (4,259) (457) (4,397)
633 407 400 3,626 (41) 121 (48) 3,828 (57)

- - - - - - - - -
(36) 69 70 71 178 100 102 105 107
597 477 470 3,697 138 221 54 3,932 50
- - - - - - - - -
597 477 470 3,697 138 221 54 3,932 50
- (2,910) - - - (3,234) - - (1)
597 (2,434) 470 3,697 138 (3,013) 54 3,932 49
7,934 8,531 6,097 6,567 10,264 10,401 7,389 7,443 11,375

8,531 6,097 6,567 10,264 10,401 7,389 7,443 11,375 11,424
- - - - - - - - -
15% 15% 15% 15% 15% 15% 15% 15% 15%

20% 20% 20% 20% 20% 20% 20% 20% 20%
90% 90% 90% 90% 90% 90% 90% 90% 90%
12% 12% 12% 12% 12% 12% 12% 12% 12%
37,551 37,926 38,306 38,689 39,075 39,466 39,861 40,259 40,662

1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1%
1% 1% 1% 1% 1% 1% 1% 1% 1%
60% 60% 60% 60% 60% 60% 60% 60% 60%

1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1%
90% 90% 90% 90% 90% 90% 90% 90% 90%
20% 20% 20% 20% 20% 20% 20% 20% 20%
5% 5% 5% 5% 5% 5% 5% 5% 5%
16% 16% 17% 17% 17% 17% 17% 17% 0
55 55 55 55 56 56 56 57 57
1% 1% 1% 1% 1% 1% 1% 1% 1%
2% 2% 2% 2% 2% 2% 2% 2% 2%
1.63% 1.63% 1.63% 1.63% 1.00% 1.00% 0.50% 0.50% 0.50%
54.75 54.75 54.75 54.75 54.75 54.75 54.75 54.75 54.75
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

- - - - - - - - -
10.72 10.65 10.78 10.75 11.75 11.98 12.51 12.74 12.91

3,017 2,990 3,008 2,988 3,099 3,143 3,163 3,207 3,238
146,264 142,611 138,926 138,493 134,932 131,138 127,341 127,356 123,895
146,104 142,451 138,766 138,332 134,772 130,978 127,181 127,195 123,735
29.91 29.35 28.33 28.34 26.54 25.35 24.38 23.96 23
2.71 2.74 2.73 2.76 2.68 2.66 2.65 2.62 3
42.65 42.89 42.40 42.52 38.88 38.15 36.53 35.88 35
6,549 6,601 6,653 6,705 6,865 6,944 7,024 7,105 7,187
2,782 2,866 2,901 2,977 3,008 3,043 3,093 3,129 3,181
602 599 596 593 590 587 585 582 579
90,255 87,743 85,218 84,688 82,247 79,672 77,105 76,846 74,493
46% 45% 45% 45% 45% 45% 45% 45% 0
53% 52% 52% 51% 53% 53% 55% 55% 1
5% 5% 4% 4% 5% 4% 4% 4% 0
0.18 0.17 0.17 0.17 0.16 0.16 0.15 0.15 0
2.03 1.94 1.85 1.84 1.76 1.68 1.60 1.60 2
PKR mn
Dispatches (mn
Net Sales
COGS
Gross profit
EBITDA
PBT
PAT
EPS (PKR)
Source: Global Research
52.60 55.33
13.08 13.22 13.42 13.56 13.76 13.90 14.11
1.848 1.848 1.848 1.848 1.848 1.848 1.848

0.96 0.96 0.96 0.96 0.96 0.96 0.96
0.89 0.89 0.89 0.89 0.89 0.89 0.89
1.938 1.938 1.938 1.938 1.938 1.938 1.938
1.00 1.00 1.00 1.00 1.00 1.00 1.00
0.94 0.94 0.94 0.94 0.94 0.94 0.94
1.590 1.596 1.602 1.608 1.614 1.621 1.628

0.81 0.82 0.82 0.83 0.84 0.84 0.85
0.78 0.78 0.78 0.78 0.78 0.78 0.78
1.67 1.675 1.682 1.688 1.695 1.702 1.709
0.86 0.86 0.87 0.87 0.88 0.88 0.89
0.81 0.81 0.82 0.82 0.82 0.82 0.82
86.2% 86.5% 86.8% 87.1% 87.5% 87.8% 88.2%
85.5% 86.1% 86.6% 87.2% 87.7% 88.3% 88.9%
86.8% 86.9% 87.0% 87.1% 87.2% 87.4% 87.5%
1.669 1.675 1.682 1.688 1.695 1.702 1.709

1.146 1.158 1.169 1.181 1.193 1.205 1.217
0.523 0.518 0.513 0.507 0.502 0.497 0.492
1.146 1.158 1.169 1.181 1.193 1.205 1.217
0.698 0.705 0.712 0.719 0.727 0.734 0.741
0.448 0.453 0.457 0.462 0.466 0.471 0.476
0.523 0.518 0.513 0.507 0.502 0.497 0.492
0.157 0.155 0.154 0.152 0.151 0.149 0.148
0.366 0.362 0.359 0.355 0.352 0.348 0.345
1.669 1.675 1.682 1.688 1.695 1.702 1.709
0.855 0.861 0.866 0.872 0.877 0.883 0.889
0.814 0.815 0.816 0.817 0.818 0.819 0.820
12,134 12,320 12,509 12,702 12,899 13,100 13,306
8,725 8,911 9,100 9,294 9,491 9,693 9,899
3,409 3,409 3,409 3,408 3,408 3,407 3,407

112 114 115 116 117 118 119
556 562 567 573 579 584 590
501 507 512 518 524 529 535
55 55 55 55 55 55 55
10,022 10,133 10,245 10,359 10,473 10,589 10,706
1,704 1,723 1,742 1,761 1,780 1,800 1,820
556 562 567 573 579 584 590
150 152 154 155 157 159 161
7,612 7,697 7,783 7,869 7,957 8,046 8,135

381 385 389 393 398 402 407
58 58 58 58 58 58 58
6,519 6,584 6,650 6,716 6,784 6,851 6,920
5,529 5,639 5,725 5,839 5,929 6,049 6,143

489 500 512 525 537 550 563
3,067 3,130 3,168 3,234 3,273 3,342 3,384
835 852 871 889 909 928 948
455 463 470 478 486 494 502
157 157 157 158 158 158 158
527 537 546 556 566 577 587
3,316 3,369 3,407 3,462 3,501 3,557 3,598
293 299 305 311 317 323 330
1,840 1,871 1,886 1,918 1,934 1,966 1,983
500 509 518 527 536 545 555
273 276 280 283 287 291 294
94 94 94 93 93 93 92
316 320 325 330 334 339 344
3,218 3,272 3,310 3,365 3,405 3,461 3,502
20 20 20 20 20 20 20
91 91 91 91 91 91 91
44 44 44 44 44 44 44
8 8 8 8 8 8 8
6 6 6 6 6 6 6
2 2 2 2 2 2 2
87 87 87 87 87 87 87
3.57 3.57 3.57 3.57 3.57 3.57 3.57
26 26 26 26 26 26 26
39 39 39 39 39 39 39
30 30 30 30 30 30 30
980 980 980 980 980 980 980
100% 100% 100% 100% 100% 100% 100%

- - - - - - -
- - - - - - -
- - - - - - -
80% 80% 80% 80% 80% 80% 80%

0% 0% 0% 0% 0% 0% 0%
20% 20% 20% 20% 20% 20% 20%
- - - - - - -
137.31 137.31 137.31 137.31 137.31 137.31 137.31

- - - - - - -
- - - - - - -
- - - - - - -
109.85 109.85 109.85 109.85 109.85 109.85 109.85

- - - - - - -
24.04 24.04 24.04 24.04 24.04 24.04 24.04
- - - - - - -
71 71 71 71 71 71 71
51 51 51 51 51 51 51
80% 80% 80% 80% 80% 80% 80%

20% 20% 20% 20% 20% 20% 20%
70% 70% 70% 70% 70% 70% 70%

30% 30% 30% 30% 30% 30% 30%
8,530 8,530 8,530 8,530 8,530 8,530 8,530

194 194 194 194 194 194 194
- - - - - - -
- - - - - - -
65 66 66 67 67 68 68
90 91 91 92 92 93 93
10,116 10,330 10,434 10,654 10,760 10,986 11,096
43,342 43,559 43,777 43,996 44,216 44,437 44,659

42,042 42,252 42,464 42,676 42,889 43,104 43,319
800 800 800 800 800 800 800
5,058 5,165 5,217 5,327 5,380 5,493 5,548
1,528 1,560 1,576 1,609 1,625 1,659 1,676

3,968 3,987 4,007 4,027 4,047 4,068 4,088
3,848 3,868 3,887 3,906 3,926 3,946 3,965
611 624 630 643 650 664 670
6.82 6.82 6.82 6.82 6.82 6.82 6.82
8.43 8.47 8.51 8.55 8.60 8.64 8.68

8.17 8.21 8.26 8.30 8.34 8.38 8.42
293 299 305 311 317 323 330

501 510 519 528 537 546 556
273 276 280 283 287 291 294
440 440 441 442 443 444 444
507 508 508 509 510 510 511
369 369 370 371 371 372 372
1,400 1,431 1,445 1,476 1,491 1,523 1,538
1,528 1,560 1,576 1,609 1,625 1,659 1,676
1,267 1,294 1,307 1,334 1,347 1,376 1,389
- - - - - - -
33,074 33,108 33,142 33,177 33,211 33,244 33,278

- - - - - - -
(166) (166) (166) (166) (166) (166) (167)
33,108 33,142 33,177 33,211 33,244 33,278 33,311
14,897 15,140 15,388 15,642 15,901 16,165 16,434

11,488 11,731 11,980 12,234 12,493 12,757 13,027
3,409 3,409 3,409 3,408 3,408 3,407 3,407
(2,590) (2,645) (2,700) (2,756) (2,814) (2,873) (2,933)
(172) (176) (180) (184) (187) (191) (195)
12,134 12,320 12,509 12,702 12,899 13,100 13,306
5,529 5,639 5,725 5,839 5,929 6,049 6,143
196 198 200 202 204 206 208
5,531 5,641 5,727 5,841 5,931 6,051 6,145
696 702 710 717 724 731 738
5,538 5,648 5,734 5,848 5,938 6,058 6,153
319 325 332 339 345 352 359
489 500 512 525 537 550 563
836 854 872 891 910 930 950
3,072 3,135 3,173 3,239 3,279 3,347 3,389
456 463 471 479 486 495 503
28 28 29 29 30 30 31
157 157 158 158 158 158 158
17 17 16 16 16 16 16
28 29 29 30 30 31 32
71 72 74 75 77 78 80
21 22 22 23 23 24 24
3 3 3 3 3 3 3
10 10 10 10 10 10 11
2 2 2 2 2 2 2
2 2 2 2 2 2 2
- - - - - - -
1 1 1 1 1 1 1
3 3 3 3 3 3 3
25 25 25 26 26 26 26
(702) (710) (717) (724) (731) (738) (746)
(198) (200) (202) (204) (206) (208) (210)
6,605 6,681 6,784 6,863 6,970 7,052 7,163

302 308 315 321 327 334 340
661 654 647 641 635 628 622
327 331 337 342 348 353 359

0 0 0 0 0 0 0
0 0 0 0 0 0 0
5,315 5,387 5,485 5,559 5,660 5,737 5,841
166 166 166 166 166 166 167
5,480 5,552 5,651 5,725 5,826 5,903 6,007
1.29 1.29 1.29 1.29 1.29 1.29 1.29
5,314 5,385 5,483 5,558 5,659 5,735 5,840

1,063 1,077 1,097 1,112 1,132 1,147 1,168
4,251 4,308 4,387 4,446 4,527 4,588 4,672
13.15 13.32 13.57 13.75 14.00 14.19 14.45

323 323 323 323 323 323 323
13.08 13.22 13.42 13.56 13.76 13.90 14.11

325 326 327 328 329 330 331
20% 20% 20% 20% 20% 20% 20%
33,108 33,142 33,177 33,211 33,244 33,278 33,311

54 54 54 54 54 54 54
10,370 10,370 10,370 10,370 10,370 10,370 10,370
160 160 160 160 160 160 160
43,692 43,726 43,760 43,794 43,828 43,862 43,895
2,427 2,464 2,502 2,540 2,580 2,620 2,661

1,820 1,848 1,876 1,905 1,935 1,965 1,996
- - - - - - -
10,921 11,088 11,258 11,432 11,609 11,790 11,975

42,326 46,480 45,859 50,146 54,511 58,935 58,589
57,494 61,879 61,495 66,023 70,635 75,310 75,221
101,186 105,606 105,255 109,818 114,463 119,172 119,116
3,234 3,234 3,234 3,234 3,234 3,234 3,234

84,395 88,704 88,240 92,686 97,213 101,801 101,622
87,629 91,938 91,474 95,920 100,447 105,035 104,856
65 65 65 65 65 65 65
5,540 5,540 5,540 5,540 5,540 5,540 5,540
- - - - - - -
5,605 5,605 5,605 5,605 5,605 5,605 5,605
7,280 7,392 7,505 7,621 7,739 7,860 7,983

672 672 672 672 672 672 672
- - - - - - -
- - - - - - -
7,952 8,063 8,177 8,293 8,411 8,532 8,655
101,186 105,606 105,255 109,818 114,463 119,172 119,116
13,557 13,668 13,782 13,898 14,016 14,137 14,260

101,186 105,606 105,255 109,818 114,463 119,172 119,116
65 65 65 65 65 65 65
14,164 14,275 14,389 14,505 14,623 14,744 14,867
- - 4,851 - - - 4,851
2 3 4 5 6 7 7
3 4 5 6 7 8 8
323 323 323 323 323 323 323
- - 15.00 - - - 15.00
4,251 4,308 4,387 4,446 4,527 4,588 4,672

166 166 166 166 166 166 167
(4,478) (4,540) 227 (4,688) (4,773) (4,840) (78)
(62) (66) 4,780 (75) (80) (85) 4,760

- - - - - - -
109 111 114 116 118 121 123
47 45 4,893 40 38 36 4,884
- - - - - - -
47 45 4,893 40 38 36 4,884
(2) (3) (4) (5) (6) (7) (7)
45 42 4,889 35 32 29 4,877
11,424 11,469 11,511 16,401 16,436 16,468 16,497

11,469 11,511 16,401 16,436 16,468 16,497 21,374
- - - - - - -
15% 15% 15% 15% 15% 15% 15%

20% 20% 20% 20% 20% 20% 20%
90% 90% 90% 90% 90% 90% 90%
12% 12% 12% 12% 12% 12% 12%
41,069 41,479 41,894 42,313 42,736 43,164 43,595

1% 1% 1% 1% 1% 1% 1%
1% 1% 1% 1% 1% 1% 1%
60% 60% 60% 60% 60% 60% 60%

1% 1% 1% 1% 1% 1% 1%
90% 90% 90% 90% 90% 90% 90%
20% 20% 20% 20% 20% 20% 20%
5% 5% 5% 5% 5% 5% 5%
0 0 0 0 0 0 0
57 57 58 58 58 59 59
1% 1% 1% 1% 1% 1% 1%
2% 2% 2% 2% 2% 2% 2%
0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
54.75 54.75 54.75 54.75 54.75 54.75 54.75

- - - - - - -
13.15 13.32 13.57 13.75 14.00 14.19 14.45

3,283 3,314 3,360 3,391 3,437 3,468 3,515
120,362 116,777 117,969 114,255 110,465 106,619 107,545
120,202 116,617 117,808 114,095 110,305 106,459 107,385
22 21 21 20 19 18 18
3 3 3 3 3 2 2
35 34 34 33 33 32 32
7,269 7,353 7,437 7,523 7,609 7,697 7,785
3,218 3,272 3,310 3,365 3,404 3,461 3,502
577 574 572 570 567 565 563
72,106 69,698 70,141 67,669 65,164 62,640 62,923
0 0 0 0 0 0 0
1 1 1 1 1 1 1
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1 1 1 1 1 1 1
3mo ended 6mo ended

2Q FY12 2Q FY13E 1H FY12 1HFY13E
1.430 1.441 0.78 2.856 2.924 2.39
7,877 8,659 9.92 15,373 17,511 13.90
4,978 4,842 -2.73 9,559 9,821 2.74
2,899 3,817 31.65 5,814 7,690 32.26
2,267 3,104 36.91 2,649 6,136 131.61
1,776 2,605 46.74 3,479 5,165 48.47
1,511 2,276 50.67 3,017 4,290 42.20
4.67 7.04 50.67 9.33 13.27 42.20
ource: Global Research
58.23
14.26 14.48 14.63 14.85
Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
1.848 1.848 1.848 1.848 1.848 1.848 1.848 1.848

0.96 0.96 0.96 0.96 0.96 ### 0.96 0.96
0.89 0.89 0.89 0.89 0.89 ### 0.89 0.89
1.938 1.938 1.938 1.938 1.938 1.938 1.938 1.938
1.00 1.00 1.00 1.00 1.00 ### 1.00 1.00
0.94 0.94 0.94 0.94 0.94 ### 0.94 0.94
1.635 1.642 1.649 1.656 - - - -

0.85 0.86 0.86 0.87 - - - -
0.78 0.78 0.79 0.79 - - - -
1.716 1.724 1.731 1.739 - - - -
0.89 0.90 0.91 0.91 - - - -
0.82 0.82 0.82 0.83 - - - -
88.6% 89.0% 89.4% 89.8% 0.0% 0.0% 0.0% 0.0%
89.5% 90.1% 90.7% 91.3%
87.6% 87.8% 87.9% 88.1%
1.716 1.724 1.731 1.739 - - - -

1.229 1.241 1.254 1.266
0.487 0.483 0.478 0.473
1.229 1.241 1.254 1.266 - - - -
0.749 0.756 0.764 0.771
0.480 0.485 0.490 0.495
0.487 0.483 0.478 0.473 - - - -
0.146 0.145 0.143 0.142
0.341 0.338 0.334 0.331
1.716 1.724 1.731 1.739 - - - -
0.895 0.901 0.907 0.913 - - - -
0.822 0.823 0.824 0.826 - - - -
13,515 13,729 13,948 14,171 - - - -
10,109 10,323 10,542 10,765 - - - -
3,407 3,406 3,406 3,406 - - - -

121 122 123 124 125.40 126.65 127.92 130
596 602 608 614 620 627 633 639
541 547 553 559 565 572 578 584
55 55 55 55 55 ### 55 ###
10,824 10,943 11,064 11,185 11,308 11,432 11,557 11,684
1,840 1,860 1,881 1,901 1,922 1,943 1,965 1,986
596 602 608 614 620 627 633 584
162 164 166 168 170 171 173 175
8,225 8,316 8,409 8,502 8,596 8,691 8,786 8,938

411 416 420 425
58 58 58 58 58 ### 58 58
6,989 7,059 7,130 7,201 7,273 7,346 7,419 7,530
6,268 6,367 6,498 6,602

577 591 606 621
3,455 3,499 3,574 3,620
969 990 1,012 1,034
511 519 528 537
158 158 158 159
598 609 620 632
3,656 3,697 3,757 3,800
336 343 350 357
2,016 2,033 2,067 2,085
565 575 585 595
298 302 305 309
92 92 92 91
348 353 358 363
3,560 3,602 3,662 3,705
20 20 20 20
91 91 91 91
44 44 44 44
8 8 8 8
6 6 6 6
2 2 2 2
87 87 87 87
3.57 3.57 3.57 3.57 3.57 ### 3.57 3.57
26 26 26 26 26 ### 26 26
39 39 39 39 39 ### 39 39
30 30 30 30 30 ### 30 30
980 980 980 980 980 ### 980 980
100% 100% 100% 100% 100% 100% 100%

- - - -
- - - -
- - - -
80% 80% 80% 80%

0% 0% 0% 0%
20% 20% 20% 20%
1.00 2.00 3.00 4.00
137.31 137.31 137.31 137.31

- - - -
- - - -
- - - -
109.85 109.85 109.85 109.85

- - - -
24.04 24.04 24.04 24.04
3.64 7.29 10.93 14.57
71 71 71 71
51 51 51 51
80% 80% 80% 80%

20% 20% 20% 20%
70% 70% 70% 70%

30% 30% 30% 30%
8,530 8,530 8,530 8,530

194 194 194 194
- - - -
- - - -
69 69 70 70
94 94 95 95
11,327 11,441 11,678 11,795
44,882 45,107 45,332 45,559

43,536 43,754 43,972 44,192
800 800 800 800
5,664 5,720 5,839 5,897
1,711 1,728 1,764 1,781

4,108 4,129 4,150 4,170
3,985 4,005 4,025 4,045
684 691 705 712
6.82 6.82 6.82 6.82
8.73 8.77 8.81 8.86

8.46 8.51 8.55 8.59
336 343 350 357

565 575 585 596
298 302 305 309
445 446 447 448
512 512 513 513
373 374 374 375
1,571 1,587 1,620 1,637
1,711 1,728 1,764 1,781
1,418 1,433 1,462 1,477
- - - -
33,311 33,345 33,378 33,411

1 2 3 4
(167) (167) (167) (167)
33,345 33,378 33,411 33,443
16,709 16,990 17,276 17,569 -

13,302 13,583 13,870 14,163 -
3,407 3,406 3,406 3,406 -
(2,994) (3,057) (3,120) (3,185) -
(200) (204) (208) (212) -
13,515 13,729 13,948 14,171 -
6,268 6,367 6,498 6,602 761
210 212 214 217 219
6,270 6,369 6,500 6,604 763
746 753 761 768 776
6,278 6,377 6,508 6,612 771
366 374 381 389 397
577 591 606 621 -
971 992 1,014 1,036 -
3,461 3,505 3,579 3,625 -
511 520 529 538 -
31 32 32 33 -
158 159 159 159 159
16 15 15 15 15
32 33 33 34 35
81 83 85 86 88
25 25 26 26 27
3 3 3 3 3
11 11 11 11 11
2 2 2 2 2
2 2 2 2 2
- - - - -
1 1 1 1 1
3 3 4 4 4
27 27 27 27 28
(753) (761) (768) (776) (784)
(212) (214) (217) (219) (221)
7,247 7,362 7,450 7,568 (761)

347 354 361 369 376
616 610 603 597 -
364 371 376 383 (66)

0 0 0 0 -
0 0 0 0 -
5,920 6,027 6,109 6,220 (1,071)
167 167 167 167 167
6,087 6,194 6,276 6,387 (903)
- - - - -
5,920 6,027 6,109 6,220 (1,071)

1,184 1,205 1,222 1,244 (214)
4,736 4,822 4,887 4,976 (857)
14.60 14.82 14.97 15.20 (2.61)

324 325 326 327 328
14.26 14.48 14.63 14.85 (2.55)

332 333 334 335 336
20% 20% 20% 20% 20%
33,345 33,378 33,411 33,443 33,476 33,676 33,876

54 54 54 54 54 ### 54
10,370 10,370 10,370 10,370 10,370 ### 10,370
160 160 160 160 160 160 160
43,929 43,962 43,995 44,027 44,060 44,260 44,460
2,703 2,746 2,790 2,834 - - -

2,027 2,059 2,092 2,126 - - -
12,164 12,356 12,553 12,754 - - -

63,155 67,805 72,517 72,464 80,786 #DIV/0! #DIV/0!
80,049 84,966 89,951 90,178 80,786 #DIV/0! #DIV/0!
123,978 128,928 133,946 134,205 124,846 #DIV/0! #DIV/0!
3,234 3,234 3,234 3,234 3,234 3,234 3,234

106,358 111,180 116,067 116,192 115,336 115,336 115,336
109,592 114,414 119,301 119,426 118,569 118,569 118,569
65 65 65 65 65 ### 65
5,540 5,540 5,540 5,540 5,540 ### 5,540
- - - - - #DIV/0! #DIV/0!
5,605 5,605 5,605 5,605 5,605 #DIV/0! #DIV/0!
8,109 8,238 8,369 8,502 - - -

672 672 672 672 672 ### 672
- - - - - - -
- - - - - #DIV/0! #DIV/0!
8,781 8,909 9,040 9,174 672 #DIV/0! #DIV/0!
123,978 128,928 133,946 134,205 124,846 #DIV/0! #DIV/0!
14,386 14,514 14,645 14,779 6,276 #DIV/0! #DIV/0!

123,978 128,928 133,946 134,205 124,846 #DIV/0! #DIV/0!
14,993 15,121 15,252 15,386
- - - 4,851
7 7 7 7
8 8 8 8
323 323 323 323
- - - 15.00
4,736 4,822 4,887 4,976

167 167 167 167 167 - -
(4,998) (5,089) (5,160) (404) 18,570 #DIV/0! #DIV/0!
(95) (101) (106) 4,739 18,737 #DIV/0! #DIV/0!

- - - - - - -
126 128 131 134 (8,502) #DIV/0! #DIV/0!
30 28 25 4,873 10,235 #DIV/0! #DIV/0!
- - - - - - -
30 28 25 4,873 10,235 #DIV/0! #DIV/0!
(7) (7) (7) (7) - #DIV/0! #DIV/0!
23 21 18 4,866 10,235 #DIV/0! #DIV/0!
21,374 21,397 21,418 21,436 26,302 36,537 #DIV/0!

21,397 21,418 21,436 26,302 36,537 #DIV/0! #DIV/0!
- - - - - #DIV/0! #DIV/0!
15% 15% 15% 15% 15% 15%

20% 20% 20% 20% 20% 20%
90% 90% 90% 90% 90% 90%
12% 12% 12% 12% 12% 12%
44,031 44,472 44,916 45,365 45,819 46,277

1% 1% 1% 1% 1% 1%
1% 1% 1% 1% 1% 1%
60% 60% 60% 60% 60% 60%

1% 1% 1% 1% 1% 1%
90% 90% 90% 90% 90% 90%
20% 20% 20% 20% 20% 20%
5% 5% 5% 5% 5% 5%
0 0 0 0 0 0
59 59 60 60 60 61
1% 1% 1% 1% 1% 1%
2% 2% 2% 2% 2% 2%
0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
54.75 54.75 54.75 54.75 #DIV/0! #DIV/0!
#REF! #REF! #REF! #REF! #REF! #REF!

1QFY22 2QFY22 3QFY22
Sep-21 Dec-21 Mar-22
1.848 1.848 1.848

0.96 0.96 0.96
0.89 0.89 0.89
1.938 1.938 1.938
1.00 1.00 1.00
0.94 0.94 0.94
- - -
- - -
- - -
- - -
- - -
- - -
0.0% 0.0% 0.0%
- -
- -
- -
- -
- -
- -
- -
- -
- -
132 134
646 652
591 597
55 55
11,812 11,941
2,008 2,030 - -
591 597
177 179
9,036 9,135
58 58
7,643 7,758
3.57 3.57 3.57
26 26 26
39 39 39
30 30 30
980 980 980
660 Coal Project
Investment USD mn 1,081.00

LPCEL Equity " 270.25
LUCK Equity " 202.69
IRR Expected 0.17 34.46

PKR mn 2,331.70
7.22
Congo-Cement Plant 36.22 FY14 FY15 FY16

Capacity mn tons 1.18
Lucky Invest % 50
Total Cost USD mn 270
Debt " 135 50% 13,635
Danish Plant Cost " 90
Cap Utilization
Production mn tons
Sales mn tons
Net Margin $/ton

PKR/ton
PKR/bag
Net Profit PKR mn

Lucky's share PKR mn
Iraq-Grinding Mill 4.80 FY14 FY15 FY16

Capacity mn tons 0.90
Lucky Stake 50
Total Cost USD mn 40
Debt "
Danish Plant Cost "
COD Feb-14
Cap Utilization 0.80 ### 0.85
Production mn tons 0.72 0.72 0.77
Sales mn tons 0.706 0.706 0.750
Net Margins $/ton 12 ### 12

PKR/ton 1,235 1,210 1,252
PKR/bag 62 60 63
Net profit PKR/mn 872 854 938

Lucky Share PKR/mn 436 427 469
50 MW Wind Farm
Iraqi Market Cement Consumption
Lafarge FY14 19
Tasluja Plant 2.3 Iran Exports 9 (63% of Irani Exports)
Bazian 2.5 Net 10
Karbala 1.8
6.6
Total Installed Cap 32.5
Workable Capacity 11 2012
Additonal Capacity Expe 11.3 2013/2014 SinceGap
Supply 2003inthe Iraqi cement
souther Iraq sector has been
split into two categories. On one side are the
Total 22.3
former state-run plants and on the other side are
new private operators. Lafarge acquired two
Expected Demand 2015 35
plants post-2003 and took over the running of a
third in 2008. Other private operators include the
Al-Rawi group, which operates three plants and
Current Demand 24 MASS Global, which commissioned its first kiln
Supply 16 at Sulaimaniah in 2010 and a second in 2011.
Also under private ownership is the Sinjar
Cement Plant, owned by a consortium of family
members.
Company Plant Location
Iraqi General Cement Qaim Qaim

Co Fallujah Fallujah
Kubaisa Kubaisa
Kirkuk Kirkuk
Northern Cement
State Co. Badoosh - Old Mosul
Badoosh - New Mosul
Badoosh - Ext Mosul
Hammam Al Ali
Mosul
-I
Hammam Al Ali
Mosul
- II
Private Group Sinjar Sinjar
Southern Cement Najaf Najaf
State Co. Al Kufa Kufa
Muthana Muthana
Babil Hindia Barrage
Samawa Samawa
Lafarge Bazian
(Leased from Gov.) Sulaimaniah Sulaimaniah
Bazian Sulaimaniah
Kerbala Kerbala
MASS Global MASS Iraq Sulaimaniah
Irani Market
Capacity Mar-00
Iran exports cement to around 24 countries. The main importer

cement are Iraq (63 percent), Turkmenistan (7 percent), a
Azerbaijan (4 percent). Lately, Afghanistan has also become a
purchaser. And this has Pakistani manufacturers worried
FY17 FY18 FY19 FY20
0.50 0.70 0.90 1.10

0.59 0.83 1.06 1.30
0.56 0.78 1.01 1.23
90 90 90 90
9,770 10,167 10,579 11,009
488 508 529 550
5,476 7,978 10,674 13,575

2,738 3,989 5,337 6,788
FY17 FY18 FY19 FY20
0.85 0.85 0.85 0.85

0.77 0.77 0.77 0.77
0.750 0.750 0.750 0.750
11 11 10 10
1,194 1,243 1,117 1,162
60 62 56 58
895 932 837 871

448 466 419 436
3% of Irani Exports)
The country is currently producing around 16 million tonnes of Iran exports 8 10Mt/yr of cement
cement and consuming around 24m tonnes, with around 80 per
almost half of Iraq's total cement c
cent of its cement imports coming from Iran. Frances Lafarge
is the market leader in Iraq with 50 percent market share, and consumes 19Mt/yr of cement. Iran ex
there are three or four Chinese cement manufacturers, in cement to Iraq between 21 March 20
addition to from three to four (sic) government-owned cement 2014
plants.
Established Lines Process Line 1 Line 2 Line 3 Line 4
Jun-05 Dec-99 Dry Oct-08 - - -

May-05 Jan-00 Dry Oct-00 Dec-00 Dec-00 -
Jun-05 Jan-00 Dry Oct-08 Oct-08 -
Jan-00 Dry Oct-08 Oct-08 - -
May-05 Jan-00 Wet Oct-00 Oct-00 - -
May-05 Jan-00 Dry Jun-03 Jun-03 - -
Jun-05 Dec-99 Dry Oct-08 - - -
May-05 Jan-00 Wet Dec-00 Dec-00 - -
Dec-99 Wet Apr-03 - - -
Jun-05 Jan-00 Dry Oct-08 Oct-08 - -

May-05 Dec-99 Wet Nov-01 - - -
1977-78 Jan-00 Wet Feb-04 Feb-04 Feb-04 Feb-04
Jun-05 Jan-00 Dry Nov-06 Mar-08 - -
May-05 Jan-00 Wet Sep-00 Oct-00 - -
1957/1973/19
Jan-00 Dry Oct-08 Oct-08 - -
86
Jan-00 Dry Nov-09 Nov-09 - -
Dec-99 Dry Mar-19 - - -
Jun-05 Jan-00 Dry Oct-08 Oct-08 - -
Jan-00 Dry Jan-15 Jan-15 Jan-15 -

countries. The main importers of its
Turkmenistan (7 percent), and
hanistan has also become a larger
stani manufacturers worried.
0.143
0.135
Iran exports 8 10Mt/yr of cement to Iraq, supplying
almost half of Iraq's total cement consumption. Iraq
onsumes 19Mt/yr of cement. Iran exported over 8Mt of
ement to Iraq between 21 March 2014 and 21 August
2014
Theoretical capacity
3200t/day 1.0Mt/yr
1000t/day 0.5Mt/yr
6400t/day 2.0Mt/yr
6400t/day 2.0Mt/yr
600t/day 0.2Mt/yr
2500t/day 0.8Mt/yr
3200t/day 1.0Mt/yr
700t/day 0.23Mt/yr
1200t/day 0.38Mt/yr
6400t/day 2.0Mt/yr
700t/day 0.23Mt/yr
6000t/day 1.9Mt/yr
5500t/day 1.76Mt/yr
550t/day 0.18Mt/yr
6400t/day 2.0Mt/yr
7200t/day 2.3Mt/yr
7000t/day 2.2Mt/yr
6400t/day 2.0Mt/yr
16,500t/day 5.3Mt/yr
3QFY17 4QFY17
Revenue Assumptions:
Factor Comment
Cement Sales Price Increase by 0.5% every quarter after from FY16
Dispatches Growth Increase by 4%YoY for local
Decrease by 4%YoY for exports
Current Retention PKR 345/bag assumed for FY15
Cost Assumptions
Coal Increase by 5% from FY17
FO Decreasing by 23% for FY16 and increase by 2% going forward
Gas Price 23% increase by this year then flat
WHR-KHI starting from 4QFY15
WHR-PEZU starting from 1QFY16
WHR-KHI
WHR MN kwh 40
Savings PKR mn 318
After TAX 213
per share 0.66
Gas Price incr PKR/mmbtu 177

Expense PKR mn 231
After Tax 155
per share 0.48 0.18
WHR PEZU
WHR MN kwh 40
Savings PKR mn 320
After TAX 214
per share 0.66
Gas Price incr PKR/mmbtu 177

Expense PKR mn 182
After Tax 122
per share 0.38 0.86
3.0
1.6
4.6
6.6 0.696
FY12 A FY13 E FY14 F FY15 F FY16 F
Revenue 33,323 37,810 43,083 43,822 43,152
Gross Profit 12,721 16,756 18,690 20,078 22,303
EPS (PKR) 20.97 30.15 35.08 39.12 42.95
DPS (PKR) 6.00 6.00 8.00 8.00 10.00
FY12 A FY13 FY14E FY15 E FY16 E

EPS (PKR) 20.97 30.15 35.08 39.12 42.95
DPS (PKR) 6.00 8.00 10.00 12.00 14.00
P/E 19.55 13.60 11.69 10.48 9.55
P/B 3.26 2.76 2.42 2.08 1.91
Div. Yield (%) 1% 2% 2% 3% 3%
Earnings Growth (%) 71% 44% 16% 12% 10%
ROE 17% 20% 21% 25% 28%
ROA #DIV/0! #DIV/0! #DIV/0! 70242% 77115%
FY17 F
46,066
24,888
49.04
10.00
Price 410
Shares 323
3mo ended 3mo ended
PKR mn
Jun13 Jun14 Mar14 Jun14
Net Sales
10,076 11,628 15 11,880 11,628 (2)
COGS
5,567 6,628 19 6,698 6,628 (1)
Gross profit
4,509 5,000 11 5,182 5,000 (4)
S&D
655 824 26 1,012 824 (19)
Other Income
39 345 792 217 345 59
Fin. Cost
(39) 6 n.m 8 6 (25)
PBT
3,516 4,060 15 3,910 4,060 4
Taxation
749 901 20 886 901 2
PAT
2,767 3,159 14 3,024 3,159 4
EPS (PKR)
8.56 9.78 9.36 9.78
DPS (PKR)
8.00 9.00 8.00 9.00
Source: Global Research
45% 43% 44% 43%

12mo ended
Jun13 Jun14
37,810 43,083 14 43,083 38,191
21,054 24,393 16 24,393 21,132
16,756 18,690 12 18,690 17,060
3,664 3,382 (8) 3,382 4,102
234 978 317 978 252
76 34 (55) 34 136
11,746 14,456 23 14,456 11,471
1,997 3,112 56 3,112 1,735
9,749 11,344 16 11,344 9,737
30.15 35.08 30.11
8.00 9.00 8.00
44% 43%
Jun-05 Jun-05 Jun-05 Jun-05
Deferred Taxation - asset/(liability) (230)
Liability
-Accelerated tax depreciation
Asset
-Provision for gratuity and other benefits
-Other
-Unabsorbed tax losses
Dispatches
- Local
- Export
Accounting Depreciation
-Local
-Export
Tax Depreciation
-Local
-Exports
Taxable income/(loss)
Tax Loss carry forward (1,760)
Net Book Value

Additions
Depreciation
Net Book Value Ending
Financial Reporting
Property, Plant and Equipment
Opening Balance
Additions/(Deletions)
Transfers in/(out)
Depreciation Charge
Ending Balance
Tax Reporting
EBITDA
Depreciation
Finance Cost
Taxable Income
Tax
Net Income
Tax Loss CarryForward
Other Income
Dividend Income
Jun-05 Jun-05 Jun-05 Jun-05 Jun-05 Jul-05 Jul-05 Jul-05
(497) (858) (1,436) (1,515) (1,059) (1,478) (1,562) (1,653)
669 1,338 2,653 2,359 1,503 1,870 3,351 3,281

669 1,338 2,653 2,359 1,503 1,870 3,351 3,281
172 480 1,217 844 444 392 1,789 1,628

14 14 - 30 24 42 96 132
- 35 - - - - - -
158 431 1,217 814 420 350 1,693 1,496
1.12 1.42 2.20 4.37 5.27 5.68 6.48 5.78

1.00 1.14 1.86 3.18 2.89 2.47 3.12 3.46
0.12 0.28 0.33 1.19 2.38 3.21 3.36 2.32
213 215 238 417 883 979 1,148 1,411

191 173 202 304 484 426 553 845
22 42 36 113 399 553 595 566
2,124 2,126 3,995 (423) (1,563) 2,028 5,379 1,211

1,903 1,712 3,386 (308) (857) 882 2,591 726
222 415 609 (115) (706) 1,145 2,788 485
264 1,031 (1,053) (2,838) 578 (38) 1,700 246

(1,496) (465) (1,518) (4,356) (3,778) (3,816) (2,116) (1,870)
2,096 3,822 8,783 13,376 16,756 22,990 19,891 21,190
4,181 4,007 7,645 16,363 20,116 21,050 28,333 29,465

38 3,862 9,142 4,634 1,908 8,422 2,543 2,664
-
212 224 424 881 974 1,139 1,411 1,565
4,007 7,645 16,363 20,116 21,050 28,333 29,465 30,564
1,198 1,472 3,054 4,437 3,413 7,564 5,403 6,408

2,124 2,126 3,995 (423) (1,563) 2,028 5,379 1,211
9 18 66 690 102 990 455 414
(935) (672) (1,008) 4,170 4,874 4,547 (432) 4,783
15 20 40 1,459 1,706 1,591 123 1,674
1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13

1.44 1.43 1.50 1.60 1.42 1.36 1.64

0.82 0.86 1.01 1.03 0.86 0.91 0.99
0.62 0.57 0.50 0.56 0.56 0.45 0.65
402 403 469 450 452 452 472


21,190 #REF! #REF! #REF! #REF! #REF! #REF!

31,715 #REF! #REF! #REF! #REF! #REF!

-
403 469 450 452 452 472
31,715 #REF! #REF! #REF! #REF! #REF! #REF!
2,186 2,267 2,747 3,099 3,031 3,104 3,586

81 71 100 (33) 15 37 39
4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15

1.65 1.47 1.58 1.78 1.64 1.61 1.65

1.00 0.85 1.00 1.13 1.11 0.97 1.06
0.65 0.62 0.58 0.66 0.53 0.64 0.59
508 503 275 361 925 539 547




508 503 275 361 925 539 547

3,985 3,744 3,541 4,279 4,991 3,893 4,263

(31) 9 7 6 5 8 3
3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17

1.61 1.62 1.62 1.63 1.63 1.64 1.64

1.03 1.04 1.05 1.06 1.07 1.08 1.09
0.58 0.58 0.57 0.57 0.56 0.56 0.55
548 563 557 552 546 541 331



#REF! #REF! #REF! 200 #REF! #REF! #REF!

#REF! #REF! #REF! 200 #REF! #REF! #REF!
548 563 557 552 546 541 331

4,868 4,731 4,890 4,860 4,904 4,886 5,083

5 1 1 1 1 1 1
2Q'17 3Q'17 4Q'17
#REF! #REF! #REF!
#REF! #REF! #REF!

#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!
1.65 1.65 1.66

1.10 1.11 1.12
0.54 0.54 0.53
330 165 165
#REF! #REF! #REF!

#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!

#REF! #REF! #REF!
#REF! #REF! #REF!

#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!
#REF! #REF! #REF!

#REF! #REF! #REF!
330 165 165

#REF! #REF! #REF!
5,173 5,223 5,315

#REF! #REF! #REF!
1 1 1
#REF! #REF! #REF!
LUCK- Financial Highlights
9mo FY12 E 9moFY11 A YoY 3Q FY12E
Dispatches 4.37 4.21 4% 1.50
Net Revenues 23,945 18,531 29% 8,572
Cost of Goods (exc. Dep) 13,609 11,321 20% 4,855
Gross Profit 10,336 7,210 43% 3,717
Selling & Admin Exp. 2,477 2,512 -1% 735
EBITDA 7,201 4,281 68% 2,747
EBIT 5,928 3,104 91% 2,279
Finance Cost 295 412 -29% 125
PAT 4,686 2,475 89% 1,669
EPS (PKR) 14.51 7.66 89% 5.17
Source: Company Reports, IGI Research
1Q'10 2Q'10 3Q'10 4Q'10

Retention Price 3,941 3,681 3,514 3,675
COGS 2,484 2,293 2,465 2,716
EBITDA 1,457 1,388 1,049 959
3,941
3,681 3,514
2,484 2,293 2,46
1,457 1,388
1,0
1Q'10 2Q'10 3Q'1
LUCK- Financial Highlights

9mo FY12 E 9moFY12 A Deviation 9moFY11 A
Net Revenues 23,945 23,946 0% 18,531
Cost of Goods 14,882 14,883 0% 12,498
Gross Profit 9,062 9,063 0% 6,033
Selling & Dist Exp. 2,477 2,476 0% 2,512
EBIT 5,928 5,926 0% 3,104
Finance Cost 295 294 0% 412
PBT 5,633 5,635 0% 2,692
Tax 948 948 0% 217
PAT 4,686 4,686 0% 2,475
EPS (PKR) 14.51 14.49 0% 7.66
(PKR mn)
3Q FY11A YoY
1.45 4%
6,504 32%
4,035 20%
2,468 51%
696 6%
1,632 68%
1,229 85%
118 6%
1,014 65%
3.14 65%
1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12E

4,013 4,587 4,492 4,796 5,215 5,509 2,045
2,768 2,996 3,066 3,081 2,922 3,214 1,171
1,245 1,592 1,426 1,715 2,293 2,295 874
Retention, COGS & EBITDA PKR/ton
Retention Price COGS EBITDA

5,509
5,215
4,587 4,492 4,796
3,941 4,013
3,681 3,514 3,675
3,214
2,996 3,066 3,081 2,922
2,716 2,768
2,484 2,293 2,465 2,293 2,295
2,045
1,592 1,426 1,715
1,457 1,388
1,049 1,245 1,171
959 874
1Q'10 2Q'10 3Q'10 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12E
YoY
29%
19%
50%
-1%
91%
-29%
109%
337%
89%
89%
C
Retention Pric
1,147 852 695
2,484 2,293 2,465
3,941 3,681 3,514
1QFY10 2QFY10 3QFY10 4

Chart Title
Retention Price/ton COGS/ton EBITDA/ton
,147 852 695 607 934 961 1,127 1,363
,484 2,293 2,465 2,716 2,768 2,996 3,066 2,841
,941 3,681 3,514 3,675 4,013 4,587 4,492 4,796
QFY10 2QFY10 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11

Mtpa
Capacity
8.50 120%
8.00
7.50
7.00 100%
6.50
6.00
80%
5.50
5.00
Capacity
4.50 Capacity Utilization
60%
4.00
3.50
3.00
40%
2.50
2.00
1.50 20%
1.00
0.50
- 0%
FY08 FY09 FY10 FY11 A FY12E FY13E FY14E FY15E FY16E
Pkr Cement Prices/bag
400
350
300
250
200 Cement Prices
150
100
50
-
Lucky Cement
Current Price Pkr 71.17
Market Capitalization Pkr Mn 23,014.60
Shares Mn 323
FY97 FY98
Pkr/USD 39.00 43.20

Devaluation 11%
Inflation Rate 11.80% 7.80%
GDP real growth rate 1.70% 3.50%
KIBOR (6M)
Capacity (000 tons) (000 tons) 1,320 ###

1.32 1.32
Dispatches "" 240 539
Dispatches Mn tons 0.24 0.54
Local (000 tons) 240 539

growth
Mn tons 0.240 0.539
Exports (000 tons) -
Mn tons
Exports- without clinker
Local % of total % 100% 100%

Exports % of total "" 0% 0%
Capacity Utilization "" 18% 41%
Production Mn tons
Cement "" 0.20 0.56
Pezu "" 0.20 0.56
Karachi "" -
""
Dispatches Total Mn tons 0.54

Pezu (cement) 0.54
Karachi (cement) -
Dispatches % of production 97%
Balance Sheet
Cash Pkr mn 45 15
Short Term Investments "" - ###
Trade Debts "" 37 -
Inventory "" 34 63
Stores and Spares "" 131 114
Other Current Assets "" 119 233
Total Current Assets "" 366 425
Net PPE "" 3,992 3,904
Long Term Investments "" 200 ###
Other Long Term Assets "" 63 54
Total Long Term Assets "" 4,255 4,158
Total Assets "" 4,621 4,583
Trade Creditors and Other Payabes "" 261 178
Accrued Interest "" - ###
Dividends Payable "" - ###
Short-term borrowings "" 135 221
Taxation "" 2 7
Current portion of long term loans "" 13 115
Total Current Liablilities "" 411 521
Long Term Loans "" 603 518
Deferred Taxation "" - ###
Other Liabilities "" 195 251
Total Long Term Liabilites "" 798 769
Total Liabilities "" 1,209 1,290
Paid up "" 2,450 ###
Retained earnings/reserves "" 963 844
Total Equity "" 3,413 3,294
Total Liabilities + Equity "" 4,622 4,584
Debt 751 854
Income Statement
Gross Sales Pkr mn 638 1,791
Local "" 638 1,791
Exports "" - ###
Sales Tax ""
CED "" 244 776
Discount ""
SED ""
Net Sales "" 393 1,010
Local "" 393 1,010
Exports "" - -
Cost of Sales "" 311 944
Fuel and Power "" 198 554
Depreciation "" 38 128
Packaging Material "" 54 123
Raw Material "" 4 20
Stores and Spares "" - 31
Insurance "" 7 27
Salaries Wages and Benefits "" 15 58
Other "" 8 27
Gross Profit "" 82 66
Distribution Cost "" 4 11
Staff Salaries and Benefits "" 3 4
Export Logistics and Other Charges "" - ###
Depreciation "" 0 -
Communication "" 1 3
Other "" 0 4
Administrative Expenses "" 31 47
Staff Salaries and Benefits "" 6 14
Communication "" 5 3
Other "" 20 33
EBIT "" 47 8
Depreciation and amortization " " 43 136
EBITDA " " 90 144
Finance cost " " 71 124
Other Income " " (1) -
Other charges " " - ###
WPPF " "
PBT " " (25) (116)
Taxes " " (2) (5)
Current year " "
Prior year ""
deferred ""
PAT "" (27) (121)
Effective Tax Rate -8% -5%
EPS (0.10) (0.46)
Dividends declared
Dividend deducted from equity
Dividend Payout
Common Shares( Mn) 245 ###
Weighted shares 263 ###
DPS
Adjusted DPS
BVPS 14 13
Market Capitalization
Div yield
Payout
Cashflows
Net Income (27) (121)
D&A 43 136
Working Capital (102)
Cash flow from operations (87)
Interest expense 81
Capex (48)
FCFF (54)
Net debt 103
Interest expense (81)
Free Cash Flows to Equity (FCFE) (32)
Dividends
Equity Issued
Net Cash Flow (32)
Starting cash 45
Ending cash 45 13
-
Current Price 73
EPS Pkr (0.10) (0.46)
EBITDA/ton Mn Pkr/ton 0 268
EV 18,552 18,685
EV/EBITDA 206.13 129.40
Debt/EBITDA 8.34 5.91
PER
Retention Price/ton 1,873
COGS/ton 1,296 1,751
Opex/ton 146 107
Finance Cost/ton 54 94
EV/ton 34,650
EBITDA margin 23% 14%
ROA -0.6% -2.6%
ROE -0.8% -3.7%
D/E 22.0% 25.9%
Long term debt to equity 17.7% 15.7%
Net Proift Margin -6.9% -12.0%
Gross Profit Margin 21% 7%
P/BV 5.62 5.82
Cost of Sales
Cost of Sales/ton Pkr/ton Jul-03 1751

Fuel and Power " " Dec-99 1027
Depreciation " " Dec-99 237
Packaging Material " " Jul-03 228
Raw Material " " Dec-99 37
Stores and Spares " " Dec-99 57
Insurance " " Dec-99 50
Salaries Wages and Benefits " " Nov-00 108
Other 50
% of total cost of sales %

Fuel and Power % 0.00 59%
Depreciation % - 14%
Packaging Material % Err:518 13%
Raw Material % - 2%
Stores and Spares % Err:518 3%
Insurance % Err:518 3%
Salaries Wages and Benefits % - 6%
Other %
Actual Fuel and Power Cost Pkr/ton 1 1,027

Estimated Fuel and Power Cost Pkr/ton 1
Power Cost 1
Fuel Cost Pkr/ton -
Pezu -
Karachi
Pezu
FO utilization 100% 100%
Coal utilization 0% 0%
RDF utilization
Karachi
FO utilization 0% 0%
Coal utilization 0% 0%
RDF utilization
Energy Required Kcal/ton 900,000 ###

Pezu 900,000 ###
Karachi 900,000 ###
Coal
Energy Content Kcal/kg 6,500
FOB USD/ton -
Freight " " -
Ex- Karachi Cost Pkr/ton -
Import duty " " -
Sales Tax " " -
Transportation " "
Pezu -
Karachi
Effective Price " "
Pezu -
Karachi
Cost/ton of clinker " "
Pezu #DIV/0! -
Karachi
FO
Energy Content Kcal/kg 9,750 ###
Ex- ARL (Pezu) Pkr/ton
Sales Tax
Transportation Pkr/ton
Effective Price Pkr/ton

Cost/ton clinker
Ex- Kemari (Karachi) Pkr/ton

increase in %
Sales Tax Pkr/ton
Ex-Kemari with Sales Tax Pkr/ton
Transportation Pkr/ton
Effective Price Pkr/ton

Cost/ton clinker
Difference between Ex-Kemari and Ex Arl

% percentage wise
Cost of RDF - Karachi

Energy Content Kcal/kg 3,500 ###
Price of RDF Pkr/ton
Cost/ton of clinker
Cost of RDF - Pezu

Energy Content Kcal/kg
Price of RDF Pkr/ton
Cost/ton of clinker
Electricity Cost Pkr/ton 1

Pezu Pkr/ton 1
Karachi
Electricity Required KWH/ton

Pezu " " 110
Gas Utilization
FO utilization
Karachi
Gas Utilization
FO utilization
Energy Required Kcal/KWh 2,145

F/O unit Kg/KWh
F/O cost Pkr/KWh
Gas/unit MMBTU/KWh
Gas/cost Pkr/KWh
Avg Gas Price mmbtu
Effective Electricity Cost Pkr/KWh
Sales
Cement Prices Pkr/bag 178
Pkr/ton 3,560
Gross Sales - Local Pkr Mn - -

growth
Gross Selling Price - Ex Factory Price PKr/ton - -
Gross Selling Price Pkr/bag - -
Local Retention Price Pkr/ton 1,873

Retention Price Pkr/bag 94
84
Sales Tax %price 15%

Excise Duty Pkr/ton 1,424
Commission %price
Net Sales - Local Pkr/Mn #REF! 393
Retention Price - Local Pkr/ton 729
Retention Price - Local Pkr/bag 36
COGS Pkr/bag 88
Opex Pkr/bag 5.3
Gross Sales - Exports Pkr Mn

Ex-Factory Price - Exports Pkr/ton
Retention Price Pkr/ton
Exchange Rate Pkr/USD
Retention Price USD/ton
Local Sales % of total sales 100% 100%

Export Sales % of total sales 0% 0%
Distribution cost Pkr Mn 4 11

0% 165%
export logistics - -
logistics % of distribution cost 0% 0%
Administrative Cost Pkr Mn 31 47

growth 52%
Staff Pkr Mn 6 14
staff % of administrative cost 30%
Communication Pkr Mn 5 3
communication % of admn cost 6%
Other Pkr Mn 20 33
other % of admn cost 70%
Depreciation expense 1.08% 3.48%
Finance cost 9.45% 15.45%

Other Charges 0.00% 0.00%
Balance Sheet assumptions

Cash 1.49%
Trade Debts 0.0%
Inventory 6.2%
Stores and Spares 11%
Other Current Assets 23%
Total Current Assets 42%
Net PPE
growth in PPE -2.20%
Other Long Term Assets 5.35%
Total Long Term Assets
Total Assets
Trade Creditors and Other Payabes 19%

Accrued Interest 0.00%
Dividends Payable
Short-term borrowings 125%
Taxation
Current portion of long term loans 22%
Total Current Liablilities
Long Term Loans 51%
Deferred Taxation
growth in dt Err:518
Other Liabilities 25%
Total Long Term Liabilites
Total Liabilities
Paid up
Retained earnings/reserves
FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06
46.80 51.80 58.40 61.40 58.50 57.57 59.36 59.86

8% 11% 13% 5% -5% -2% 3% 1%
5.70% 3.60% 4.40% 3.50% 3.10% 4.60% 9.30% 7.93%
4.20% 3.90% 2.00% 3.10% 4.70% 7.50% 9.00% 5.80%
7% 9% 10% 10% 7% 9%
1,320 1,320 1,320 1,320 1,320 1,584 1,584 2,762

1.32 1.32 1.32 1.32 1.32 1.58 1.58 2.76
709 837 821 780 1,103 1,120 1,420 2,199
0.71 0.84 0.82 0.78 1.10 1.12 1.42 2.20
709 837 821 780 1,057 1,003 1,143 1,861

18% -2% -5% 35% -5% 14% 63%
0.709 0.837 0.821 0.780 1.057 1.003 1.143 1.861
- - - - 47 117 277 335
0.047 0.117 0.277 0.335
- - - 151% 137% 21%
100% 100% 100% 100% 96% 90% 80% 85%

0% 0% 0% 0% 4% 10% 20% 15%
54% 63% 62% 59% 84% 71% 90% 80%
0.69 0.86 0.83 0.78 1.09 1.41 1.42 2.20

0.69 0.86 0.83 0.78 1.09 1.41 1.42 2.20
- - - - - - - -
0.71 0.84 0.82 0.78 1.10 1.12 1.42 2.20

0.71 0.84 0.82 0.78 1.10 1.12 1.42 2.20
- - - - - - - -
103% 98% 99% 100% 102% 80% 100% 100%
24 52 49 52 40 1,000 141 2,064

- - - - - - - -
6 16 44 16 5 16 23 98
66 104 193 131 115 172 116 431
171 214 246 314 326 633 864 1,267
231 234 249 171 107 157 199 595
498 620 781 684 593 1,978 1,343 4,455
3,785 3,729 4,181 4,182 4,222 5,032 13,462 19,165
200 200 200 - - - -
43 18 (587) 3 2 2 2 2
4,028 3,947 3,794 4,185 4,225 5,034 13,464 19,167
4,526 4,567 4,575 4,869 4,818 7,012 14,807 23,622
238 248 179 329 253 353 615 1,451
- - - - 9 125 190
- - - 197 190 - - -
175 130 119 47 278 569 786 646
7 25 36 46 32 - - 82
134 195 120 120 - - 617 2,383
599 598 637 739 753 931 2,143 4,752
408 291 184 221 100 1,150 6,530 10,157
- - - - 230 498 859 1,436
169 102 106 118 114 126 141 208
577 393 290 339 444 1,774 7,530 11,801
1,176 991 927 1,078 1,197 2,705 9,673 16,553
2,450 2,450 2,450 2,450 2,450 2,450 2,634 2,634
900 1,126 1,198 1,340 1,171 1,857 2,500 4,436
3,350 3,576 3,648 3,790 3,621 4,307 5,134 7,070
4,526 4,567 4,575 4,868 4,818 7,012 14,807 23,623
717 616 423 388 378 1,719 7,933 13,186
2,542 3,228 3,082 3,255 3,809 4,270 5,566 10,708

2,542 3,228 3,082 3,247 3,730 4,028 4,897 9,379
- - - 9 78 242 670 1,329
492 563 641 640 1,227
1,063 1,172 873 780 1,040 857 1,371
41 57
1,474 2,050 2,203 1,977 2,190 2,908 3,980 8,054

1,474 2,050 2,203 1,968 2,112 2,666 3,310 6,725
- - - 9 78 242 670 1,329
1,212 1,612 1,788 1,537 1,742 1,807 2,600 5,073
704 1,021 1,301 824 951 1,025 1,581 3,582
155 163 159 192 210 211 233 409
168 200 199 154 224 216 242 405
23 38 44 36 54 66 93 181
42 83 53 96 93 126 144 357
40 25 19 26 36 36 35 37
61 83 77 97 98 116 141 257
21 32 28 41 38 58 69 116
262 438 415 440 448 1,101 1,380 2,981
14 16 19 21 18 20 24 104
7 8 9 9 9 11 11 21
- - - - - - - 70
- - - - - 1 1 4
3 2 3 2 ### 2 2 2
4 6 7 10 7 6 10 8
38 41 50 45 39 46 61 107
11 14 18 19 19 25 29 62
2 4 4 3 3 4 4 4
27 27 32 26 20 21 32 45
210 381 346 374 391 1,035 1,295 2,770
157 165 162 195 213 215 238 417
367 546 508 569 604 1,250 1,533 3,187
153 124 65 53 29 11 22 83
2 0 - 2 - 2 1 -
2 12 14 16 18 54 63 134
12 14 16 18 51 63 134
57 245 267 307 344 972 1,211 2,553
- (18) (11) (10) (115) 285 383 617
(10) 11 17 20 40
(7) 88 1 3 -
16 268 360 577
57 227 256 297 229 687 828 1,936
0% 7% 4% 3% 33% 29% 32% 24%
0.22 0.86 0.97 1.13 0.87 2.61 3.14 7.35
184 184 184 - 263

184 184 184
170 0.14
245 245 245 245 245 245 263 263
263 263 263 263 263 263 263 263
0.75 0.75 0.75 1.00

0.63 0.63 0.63
14 15 15 15 15 18 19 27
14%
57 227 256 297 229 687 828 1,936

157 165 162 195 213 215 238 417
(75) (108) 387 (118) 216 (68) 530 438
139 284 805 374 658 834 1,596 2,791
99 81 42 34 19 7 14 54
(38) (109) (614) (196) (253) (1,025) (8,668) (6,120)
200 256 233 212 424 (184) (7,058) (3,275)
(137) (101) (193) (35) (10) 1,341 6,214 5,253
(99) (81) (42) (34) (19) (7) (14) (54)
10 27 (2) 190 171 1,150 (858) 1,924
- (184) (184) (184) - -
1 1
10 27 (2) 6 (13) 966 (857) 1,925
13 24 52 49 53 40 1,000 141
24 52 49 53 40 1,000 141 2,065
(1) (1) 1 2 - 6 2 1
0.22 0.86 0.97 1.13 0.87 2.61 3.14 7.35

517 652 618 729 547 1,116 1,079 1,450
18,539 18,410 18,220 18,182 18,184 18,565 26,976 30,306
50.56 33.72 35.87 31.95 30.11 14.85 17.60 9.51
1.96 1.13 0.83 0.68 0.63 1.38 5.17 4.14
2,079 2,449 2,682 2,534 1,985 2,596 2,802 3,663

1,709 1,925 2,177 1,970 1,579 1,613 1,831 2,307
74 68 84 85 52 59 60 96
116 94 49 40 22 7 14 30
26,144 21,989 22,179 23,304 16,481 16,570 18,993 13,784
25% 27% 23% 29% 28% 43% 39% 40%
1.3% 5.0% 5.6% 6.1% 4.8% 9.8% 5.6% 8.2%
1.7% 6.4% 7.0% 7.8% 6.3% 16.0% 16.1% 27.4%
21.4% 17.2% 11.6% 10.2% 10.4% 39.9% 154.5% 186.5%
12.2% 8.1% 5.0% 5.8% 2.8% 26.7% 127.2% 143.7%
3.8% 11.1% 11.6% 15.0% 10.5% 23.6% 20.8% 24.0%
18% 21% 19% 22% 20% 38% 35% 37%
5.73 5.36 5.26 5.06 5.30 4.45 3.74 2.71
1709 1925 2177 1970 1579 1613 1831 2307
993 1220 1584 1056 862 915 1113 1629
219 195 194 246 190 188 164 186
237 239 242 197 203 193 170 184
32 45 54 46 49 59 65 82
59 99 65 123 84 112 101 162
56 30 23 33 33 32 25 17
82 69 71 74 53 52 41 26
30 39 34 53 34 52 49 53
58% 63% 73% 54% 55% 57% 61% 71%

13% 10% 9% 12% 12% 12% 9% 8%
14% 12% 11% 10% 13% 12% 9% 8%
2% 2% 2% 2% 3% 4% 4% 4%
3% 5% 3% 6% 5% 7% 6% 7%
3% 2% 1% 2% 2% 2% 1% 1%
5% 4% 3% 4% 3% 3% 2% 1%
2% 3% 2% 3% 3% 2%
993 1,220 1,584 1,056 862 915 1,113 1,629

479 677 1,032 935 738 875 1,065 1,114
2 2 2 1 2 113 128 151
477 675 1,030 933 736 762 937 963
477 673 1,032 933 738 762 937 963
- - -
100% 100% 100% 85% 35% 35% 35% 35%

0% 0% 0% 15% 65% 65% 65% 65%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000

900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500

- - - 36 39 41 56 48
- - - 7 8 8 11 10
- - - 2,652 2,738 2,832 3,989 3,448
- - - 265 274 283 399 345
- - - 398 411 425 598 517
- - - 530 548 566 598 517

- 283 199 172
- - - 3,448 3,559 3,682 4,986 4,310

- 3,399 4,587 3,965
- - - 477 493 510 690 597

- 471 635 549
9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750

5,805 8,194 12,569 12,348 14,543 15,000 17,000 20,000
757 1,069 1,639 1,611 1,897 1,957 2,217 2,609
116 164 251 247 291 300 340 400
5,164 7,289 11,181 10,985 12,937 13,343 15,123 17,791

477 673 1,032 1,014 1,194 1,232 1,396 1,642
7,079 7,409 10,907 12,757 15,545 20,188

0% 105% 147% 117% 122% 130%
1,062 1,111 1,636 1,914 2,332 3,028
8,141 8,520 12,543 14,671 17,876 23,216
255 311 404
- 7,079 7,409 10,907 13,012 15,855 20,592

- 653 684 1,007 1,201 1,464 1,901
5,805 8,194 4,428 3,828 2,000 329 (876) (3,216)

0% 65% 69% 86% 98% 105% 116%
3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500
2 2 2 1 2 113 128 151

2 2 2 1 2 113 128 151
- - -
110 110 110 110 110 110 110 110

65% 65% 65%
35% 35% 35%
- - -
2,145 2,145 2,145 2,145 2,145 2,145 2,145 2,145

0.22 0.22 0.22
2.93 3.33 3.92
0.01 0.01 0.01

- - -
1.03 1.16 1.37

203 210 202 226 211 201 212 268
4,060 4,200 4,040 4,520 4,220 4,020 4,240 5,360
- 3,228 3,082 3,247 3,730 4,028 4,897 9,379

0.05 0.15 0.08 0.22 91.53%
- 3,856 3,752 4,162 3,530 4,015 4,284 5,039
- 193 188 208 177 201 214 252
2,079 2,449 2,682 2,522 1,999 2,658 2,896 3,613

104 122 134 126 100 133 145 181
99 88 68 100 111 68 67 87
15% 15% 15% 15% 15% 15% 15% 15%

993 1,172 1,150 1,092 1,545
1,010 1,474 2,050 2,203 1,968 2,112 2,666 3,310

1,424 1,761 2,496 2,824 1,862 2,105 2,332 1,778
71 88 125 141 93 105 117 89
85 96 109 98 79 81 92 115
3.7 3.4 4.2 4.2 2.6 2.9 3.0 4.8
2,064 3,089 3,026

2,064 3,089 3,026
58 61 61
36 51 50
100% 100% 100% 100% 98% 94% 88% 88%

0% 0% 0% 0% 2% 6% 12% 12%
14 16 19 21 18 20 24 104
35% 12% 19% 11% -14% 11% 20% 333%
- - - - - - - 70
0% 0% 0% 0% 0% 0% 0% 67%
38 41 50 45 39 46 61 107
-19% 8% 22% -10% -13% 18% 33% 75%
11 14 18 19 19 25 29 62
29% 34% 36% 42% 49% 54% 48% 58%
2 4 4 3 3 4 4 4
5% 10% 8% 7% 8% 9% 7% 4%
27 27 32 26 20 21 32 45
71% 66% 64% 58% 51% 46% 52% 42%
4.15% 4.42% 3.87% 4.66% 5.05% 4.27% 1.77% 2.18%
19.48% 18.60% 12.51% 13.07% 7.57% 1.03% 0.46% 0.79%

0.95% 3.15% 4.05% 4.28% 4.60% 5.22% 4.86% 4.84%
1.63% 2.54% 2.22% 2.63% 1.83% 34.39% 3.54% 25.63%

0.4% 0.8% 2.0% 0.8% 0.2% 0.6% 0.6% 1.2%
4.5% 5.1% 8.8% 6.6% 5.3% 5.9% 2.9% 5.4%
12% 10% 11% 16% 15% 22% 22% 16%
16% 11% 11% 9% 5% 5% 5% 7%
34% 30% 35% 35% 27% 68% 34% 55%
-3.05% -1.48% 12.12% 0.02% 0.96% 19.19% 167.53% 42.36%

2.92% 0.88% -26.65% 0.15% 0.09% 0.07% 0.05% 0.02%
20% 15% 10% 21% 15% 20% 15% 18%

0.00% 0.00% 0.00% 0.00% 0.00% 0.52% 1.58% 1.44%
72% 39% 25% 10% 62% 69% 78% 36%
33% 67% 65% 54% 0% 0% 9% 23%
11% 8% 4% 5% 2% 23% 49% 53%
Err:518 Err:518 Err:518 Err:518 Err:518 117% 72% 67%

11% 5% 5% 6% 5% 4% 4% 3%
FY07 FY08 FY09 FY10 FY11 A FY12E FY13E FY14E
60.69 62.58 78.47 84.10 85.59 88.00 92.48 97.19

1% 3% 25% 7% 3% 5% 5%
7.78% 11.48% 20.98% 11.73% 14.00% 13.50% 12.50% 10.50%
6.80% 5.80% 2.00% 4.10%
10% 10% 14% 12% 13% 13% 11%
5,887 6,512 7,750 7,750 7,750 7,750 7,750 5,814

5.89 6.51 7.75 7.75 7.75 7.75 7.75 5.81
4,644 5,555 5,922 6,633 5,819 6,105 6,395 6,395
4.64 5.56 5.92 6.63 5.82 6.10 6.40 6.40
3,183 2,886 2,465 3,119 3,464 3,968 3,837 3,837

71% -9% -15% 27% 11% 15% -3% 0%
3.183 2.886 2.465 3.119 3.464 3.968 3.837 3.837
1,457 2,666 3,455 3,510 2,355 2,137 2,558 2,558
1.457 2.666 3.455 3.510 2.355 2.137 2.558 2.558
335% 83% 30% 2% -33% -9% 20% 0%
3,356
69% 52% 42% 47% 60% 65% 60% 60%

31% 48% 58% 53% 40% 35% 40% 40%
79% 85% 76% 86% 75% 79% 83% 110%
4.37 5.30 5.72 6.46 5.78 4.83 6.59 6.59

3.00 2.83 2.46 2.725 2.01 2.11 2.11
1.37 2.47 3.26 3.731 2.82 4.48 4.48
4.64 5.56 5.92 6.63 5.82 6.10 6.40 6.40

2.84 2.84 2.66 3.20 3.12 3.60 3.58 3.58
1.80 2.71 3.26 3.43 2.71 2.50 2.81 2.81
106% 105% 104% 103% 101% 126% 97% 97%
1,239 270 1,049 334 351 1,161 1,433 1,797

- - ### - -
477 720 1,267 779 621 960 1,065 1,144
676 709 1,196 608 1,249 1,199 1,331 1,430
1,994 4,160 3,412 4,008 6,314 5,597 6,211 6,671
1,017 2,496 934 1,142 909 984 1,065 1,153
5,403 8,356 7,858 6,871 9,444 9,902 11,105 12,194
20,319 25,881 30,477 31,378 31,707 34,321 36,427 38,662
- - ### - - - - -
2 2 58 61 59 59 2 2
20,321 25,883 30,534 31,439 31,766 34,380 36,429 38,664
25,724 34,239 38,392 38,310 41,210 44,281 47,533 50,858
-
1,547 3,550 2,677 3,043 4,044 3,598 3,993 4,289
326 289 233 156 85 98 82 69
- - ### - -
2,864 3,607 6,188 6,267 6,302 5,943 4,841 3,943
0 - ### - - - - -
1,615 242 - 176 265 161 179 192
6,352 7,688 9,098 9,642 10,696 9,800 9,095 8,493
8,329 6,633 4,300 1,659 658 400 444 477
1,516 1,059 1,478 1,563 1,653 2,009 2,442 2,969
173 204 264 351 429 458 508 546
10,018 7,897 6,042 3,573 2,740 2,867 3,394 3,991
16,370 15,584 15,140 13,215 13,436 12,668 12,489 12,484
2,634 3,234 ### 3,234 3,234 3,234 3,234 3,234
6,720 15,421 20,018 21,862 24,539 28,380 31,811 35,140
9,354 18,655 23,252 25,096 27,773 31,614 35,045 38,374
25,724 34,239 38,392 38,311 41,209 44,281 47,533 50,858
-
12,808 10,482 10,488 8,102 7,225 6,504 5,463 4,611
16,623 20,820 30,915 29,053 31,767 37,246 39,724 41,910

12,310 11,539 15,084 14,192 20,131 26,195 25,523 26,489
4,314 9,281 15,832 14,862 11,636 11,051 14,200 15,421
1,607 3,740 4,368 4,226 5,546 3,613 3,520 3,654
2,387 1,984 1,919 1,919
107 120 216 318 204 262 255 265
- -
12,522 16,959 26,330 24,509 26,018 31,387 34,030 36,073
8,208 7,678 10,498 9,647 14,381 20,336 19,829 20,651
4,314 9,281 15,832 14,862 11,636 11,051 14,200 15,421
8,846 12,595 16,519 16,530 17,307 21,422 23,712 25,289
5,722 8,649 12,091 10,131 10,950 14,963 16,547 17,688
857 921 1,078 1,327 1,488 1,062 1,135 1,158
790 889 1,161 1,472 1,858 2,587 2,877 3,054
482 717 900 959 1,000 1,293 1,439 1,527
431 497 574 731 1,054 212 227 232
42 106 174 170 73 212 227 232
470 53 698 881 957 454 579 704
175 722 280 300 637 681 695
3,676 4,364 9,811 7,979 8,711 9,965 10,317 10,784
498 1,155 2,427 3,433 3,236 3,197 3,741 4,376
24 32 36 42 47 64 75 88
439 1,002 2,267 3,233 3,024 3,038 3,553 4,157
17 47 59 74 72 16 19 22
2 2 3 3 3 16 19 22
16 72 62 81 90 64 75 88
111 131 166 303 313 267 325 394
53 67 81 111 124 93 114 138
5 5 6 7 7 5 6 8
58 64 85 192 189 166 201 245
3,067 3,078 7,218 4,243 5,162 6,501 6,252 6,014
883 979 1,148 1,411 1,571 1,616 1,681 1,750
3,950 4,057 8,366 5,654 6,733 8,117 7,934 7,763
863 127 1,237 569 518 410 358 300
629 1 23 2 2 4 4 4
142 644 827 258 325 390 375 361
142 121 279 184 232
2,691 2,308 5,177 3,418 4,321 5,705 5,523 5,356
143 (371) 580 280 350 570 552 536
63 85 157 196 260 - -
- - ### - - -
80 (456) 420 84 90 - -
2,548 2,679 4,597 3,138 3,971 5,134 4,971 4,821
5% -16% 11% 8% 8% 10% 10% 10%
9.67 9.64 14.22 9.70 12.28 15.90 15.39 14.93
-0.39%
329 - 1,294 1,294 1,294 759 794 1,127
263 329 1,294 1,294 1,540 1,491
0.13 - 0.28 0.41
263 323 ### 323 323 323 323 323
263 278 323 323 323 323 323 323
1.25 - 4.00 4.00 4.00 4.76 4.61 4.47
36 58 72 78 86 98 108 119
5.49% 5.49% 6.54% 6.33% 6.14%

13% 28% 41% 30% 30% 30%
2,548 2,679 4,597 3,138 3,971 5,134 4,971 4,821

883 979 1,148 1,411 1,580 1,616 1,681 1,750
(1,578) (2,382) 772 729 (1,456) 305 (12) 122
1,853 1,276 6,517 5,278 4,095 7,055 6,640 6,692
561 83 804 370 337 267 233 195
(2,037) (6,541) (5,744) (2,312) (1,909) (4,229) (3,787) (3,985)
377 (5,183) 1,577 3,336 2,523 3,092 3,085 2,902
(378) (2,326) 6 (2,386) (877) (721) (1,041) (852)
(561) (83) (804) (370) (337) (267) (233) (195)
(562) (7,591) 779 580 1,309 2,105 1,812 1,855
(263) (329) - (1,294) (1,294) (1,294) (1,540) (1,491)
- 6,952 - (0) (0) - - -
(825) (968) 779 (714) 15 874 271 364
2,064 1,239 270 1,049 335 351 1,161 1,433

1,238 270 1,049 335 351 1,161 1,433 1,797
1 1 0 (0) (1) 64 (0) 0
9.67 9.64 14.22 9.70 12.28 15.90 15.39 14.93

851 730 1,413 852 1,157 1,330 1,241 1,214
30,753 33,767 32,994 31,323 30,429 28,870 27,558 26,342
7.79 8.32 3.94 5.54 4.52 3.56 3.47 3.39
3.24 2.58 1.25 1.43 1.07 0.80 0.69 0.59
7.53 7.56 5.12 7.51 5.93 4.58 4.73 4.88
2,696 3,053 4,446 3,695 4,471 5,141 5,321 5,640
1,905 2,267 2,789 2,492 2,974 3,509 3,708 3,954
131 231 438 563 610 568 636 746
147 20 160 73 67 53 46 52
6,622 6,078 5,571 4,723 5,229 4,729 4,309 4,119
32% 24% 32% 23% 26% 26% 23% 22%
9.9% 7.8% 12.0% 8.2% 9.6% 11.6% 10.5% 9.5%
27.2% 14.4% 19.8% 12.5% 14.3% 16.2% 14.2% 12.6%
136.9% 56.2% 45.1% 32.3% 26.0% 20.6% 15.6% 12.0%
89.0% 35.6% 18.5% 6.6% 2.4%
20.3% 15.8% 17.5% 12.8% 15.3% 16.4% 14.6% 13.4%
29% 26% 37% 33% 33% 32% 30% 30%
2.05 1.09 1.01 0.94 0.85 0.74 0.67 0.61
1905 2267 2789 2492 2974 3509 3708 3954
1232 1557 2042 1527 1882 2451 2587 2766
185 166 182 200 256 174 177 181
170 160 196 222 319 424 450 478
104 129 152 145 172 212 225 239
93 89 97 110 181 35 35 36
9 19 29 26 13 35 35 36
12 10 10 9 10 74 91 110
38 130 47 45 0 104 106 109
65% 69% 73% 61% 63% 0.70 0.70 0.70

10% 7% 7% 8% 9% 0.07 0.07 0.07
9% 7% 7% 9% 11% 2.44 2.54 2.64
5.45% 5.69% 5.45% 5.80% 5.78% 0.50 0.50 0.50
4.87% 3.95% 3.47% 4.42% 6.09% 0.16 0.16 0.15
0.47% 0.84% 1.05% 1.03% 0.42% 1.00 1.00 1.00
0.66% 0.46% 0.35% 0.35% 0.34% 2.14 2.55 3.04
2% 6% 2% 2% 0% 3% 3% 3%
1,232 1,557 2,042 1,527 1,882 2,451 2,587 2,766

1,206 1,360 2,088 1,681 2,060 2,340 2,340 2,659
421 428 419 477 440 459 456 458
785 933 1,670 1,204 1,620 1,929 2,082 2,258
863 975 1,754 1,261 1,684 2,030 2,200 2,386
664 890 1,602 1,152 1,538 1,784 1,931 2,095
20% 0% 0% 0% 0% 0% 0% 0%
80% 100% 100% 100% 100% 100% 100% 100%
10% 0% 0% 0% 0% 0% 0% 0%
90% 100% 100% 100% 100% 85% 85% 85%
15% 15% 15%
900,000 900,000 ### 900,000 900,000 900,000 900,000 900,000

900,000 900,000 ### 900,000 900,000 900,000 900,000 900,000
900,000 900,000 ### 900,000 900,000 900,000 900,000 900,000
6,500 6,500 ### 6,500 6,500 6,500 6,500 6,500

50 82 117 79 103 121 125 129
10 16 23 16 21 24 25 26
3,641 6,120 11,017 7,922 10,578 12,751 13,817 14,987
- - ### -
546 918 1,763 1,268 1,798 2,040 2,211 2,398
1,913 2,073 2,248
546 918 1,653 1,188 1,587
182 306 551 396 529 638 691 749
4,188 7,038 12,670 9,111 12,165 14,664 15,889 17,235

3,823 6,426 11,568 8,318 11,107 13,389 14,508 15,737
580 975 1,754 1,261 1,684 2,030 2,200 2,386

529 890 1,602 1,152 1,538 1,854 2,009 2,179
9,750 9,750 ### 9,750 9,750 9,750 9,750 9,750

24,310 37,413 41,974 48,690 58,573 66,654 67,997 69,367
3,171 4,880 5,790 7,084 8,079 9,194 9,379 9,568
486 748 839 974 1,171 1,333 1,360 1,387
21,625 33,281 37,024 42,579 51,665 58,794 59,978 61,187

1,996 3,072 3,418 3,930 4,769 5,427 5,536 5,648
19,897 29,945 33,405 40,638 47,199 52,864 53,929 55,016

99% 151% 112% 122% 112% 102% 102%
2,985 4,791 5,345 6,502 7,552 8,458 8,629 8,802
22,881 34,736 38,749 47,140 54,750 61,322 62,557 63,818
398 599 668 813 944 1,057 1,079 1,100
20,295 30,544 34,073 41,451 48,143 53,921 55,007 56,116

1,873 2,819 3,145 3,826 4,444 4,977 5,078 5,180
1,429 2,677 3,225 1,550 3,822 5,332 5,440 5,549

94% 93% 92% 97% 93% 92% 92% 92%
3,500 3,500 ### 3,500 3,500 3,500 3,500

5,400 5,804 6,295
1,389 1,492 1,619
421 428 419 477 440 459 456 458

454 456 450 510 495 509 510 512
371 398 393 446 375 387 387 389
110 95 ### 95 83 83 83 83
65% 65% 85% 85% 85% 85% 85% 85%
35% 35% 15% 15% 15% 15% 15% 15%
90 83 ### 83 63 63 63 63
65% 90% 95% 95% 95% 95% 95% 95%
35% 10% 5% 5% 5% 5% 5% 5%
2,145 2,145 ### 2,145 2,145 2,145 2,145 2,145

0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.22
4.64 7.02 7.78 9.23 11.03 12.50 12.71 12.97
0.01 0.01 ### 0.01 0.01 0.01 0.01 0.01

3.85 4.15 4.42 4.96 5.36 5.36 5.36 5.36
385 415 442 496 536 536 536 536
4.12 4.80 4.74 5.37 5.96 6.14 6.14 6.17

217 245 352 286 341 365 368 380
4,340 4,900 7,040 5,720 6,810 7,300 7,350 7,600
12,310 11,539 15,084 14,192 20,131 26,195 25,523 26,489

31.25% -6.26% 30.72% -5.91% 41.85% 30.12% -2.57% 3.78%
3,867 3,998 6,120 4,550 5,811 6,602 6,652 6,903
193 200 306 228 291 330 333 345
2,579 2,660 4,259 3,093 4,152 5,125 5,168 5,382

129 133 213 155 208 256 258 269
88 112 139 131 109 109 111
15% 15% 17% 16% 16% 16% 16% 16%

4,166 4,442 4,974 2,910 1,984 1,919 1,919
6,725 8,208 7,678 10,498 9,647 26,195 20,336 19,829

2,113 2,844 3,115 3,366 2,785 6,602 5,300 5,168
106 142 156 168 139 330 265 258
95 113 139 125 149
6.6 11.6 21.9 28.2 30.5
3,191 3,452 4,658 4,229 4,941 5,170 5,549 6,026

3,191 3,452 4,658 4,229 4,941 5,170 5,549 6,026
61 63 78 84 86 88 92 97
52 55 59 50 58 59 60 62
74% 55% 49% 49% 63% 70% 64% 63%

26% 45% 51% 51% 37% 30% 36% 37%
498 1,155 2,427 3,433 3,236 3,197 3,741 4,376

379% 132% 110% 41% -1% 17% 17%
439 1,002 2,267 3,233 3,024 3,038 3,553 4,157
88% 87% 93% 94%
111 131 166 303 313 267 325 394

4% 18% 27% 83% -15% 22% 22%
53 67 81 111 124 93 114 138

48% 51% 49% 37% 35% 35% 35%
5 5 6 7 7 5 6 8
5% 4% 4% 2% 2% 2% 2%
58 64 85 192 189 166 201 245

52% 49% 51% 63% 62% 62% 62%
4.35% 3.78% 3.77% 4.50% 4.95% 4.71% 4.62% 4.53%
6.64% 1.09% 11.80% 6.12% 6.76% 6.30% 5.98% 5.96%

4.63% 20.92% 11.46% 6.08% 6.30% 6.00% 6.00% 6.00%
9.89% 1.59% 3.98% 1.36% 1.35% 3.70% 4.21% 4.98%

3.8% 4.2% 4.8% 3.2% 2.4% 3.1% 3.1% 3.2%
5.4% 4.2% 4.5% 2.5% 4.8% 3.8% 3.9% 4.0%
16% 25% 13% 16% 24% 18% 18% 18%
8% 15% 4% 5% 3% 3% 3% 3%
43% 49% 30% 28% 32% 33% 34%
6.02% 27.37% 17.76% 2.96% 1.05% 8.24% 6.14% 6.14%

0.02% 0.01% 0.22% 0.25% 0.19% 0.01% 0.01%
12% 21% 10% 12% 16% 11% 12% 12%

2.55% 2.76% 2.22% 1.93% 1.50% 1.50% 1.50%
-
91% 65% 105% 116% 77% 77% 56% 43%
19% 4% 0% 11% 40% 40% 40% 40%
41% 26% 14% 5% 2% 1% 1% 1%
6% -30% 40% 6% 6% #REF! 22% 22%

1% 1% 1% 1% 2% 1% 1% 2%
``
FY15E FY16E 1Q'05 2Q05 3Q05 4Q05 1Q06 2Q06
102.15 107.35 58.65 59.78 59.41 59.52 59.70 59.78

5% 5% 1.93% -0.62% 0.19% 0.30% 0.13%
9.00% 8.00% 9.19% 8.44% 9.57% 9.89% 8.60% 8.20%
10% 10%
7,752 7,752 396 396 396 396 691 691

7.75 7.75 0.40 0.40 0.40 0.40 0.69 0.69
6,977 6,977 378 317 324 401 421 499
6.98 6.98 0.38 0.32 0.32 0.40 0.42 0.50
3,837 3,488 290 259 269 325 339 427

0% -9% -11% 4% 21% 4% 26%
3.837 3.488 0.290 0.259 0.269 0.325 0.339 0.427
3,140 3,488 88 58 55 76 82 72
3.140 3.488 0.088 0.058 0.055 0.076 0.082 0.072
23% 11% -34% -5% 38% 8% -12%
55% 50% 77% 82% 83% 81% 81% 86%

45% 50% 23% 18% 17% 19% 19% 14%
90% 90% 95% 80% 82% 101% 61% 72%
7.19 7.19
2.30 2.30
4.89 4.89
6.98 6.98 0.38 0.32 0.32 0.40 0.42 0.50

3.70 3.49 0.25 0.22 0.23 0.28 0.29 0.36
3.28 3.49 0.13 0.10 0.10 0.13 0.13 0.14
97% 97% - Err:518 Err:518 Err:518 Err:518 Err:518
3,439 5,962 966 1,143 961 141 106 155

- - - -
1,266 1,344 18 12 21 23 18 47
1,583 1,680 161 181 146 116 155 315
7,386 7,839 985 1,109 903 864 1,094 1,685
1,248 1,351 151 146 130 199 110 157
14,922 18,176 2,281 2,591 2,161 1,343 1,483 2,359
40,232 41,043 5,588 8,023 9,515 13,462 14,904 16,806
- - - - - - - -
2 2 302 2 2 2 2 2
40,234 41,045 5,890 8,025 9,517 13,464 14,906 16,808
55,156 59,220 8,171 10,616 11,678 14,807 16,389 19,167
-
4,748 5,039 348 353 489 615 551 683
59 51 25 - 125 179 260
8 - - - - -
3,212 2,616 740 847 946 786 990 1,489
- - 34 - - - - 30
212 226 - - - 617 617 2,067
8,231 7,932 1,130 1,227 1,434 2,143 2,336 4,529
528 560 1,783 3,900 4,509 6,530 7,449 7,390
3,608 4,386 679 759 824 859 982 1,113
605 642 19 19 22 141 146 146
4,740 5,588 2,481 4,678 5,355 7,530 8,577 8,649
12,972 13,519 3,611 5,905 6,789 9,673 10,913 13,178
3,234 3,234 2,450 2,634 2,634 2,634 2,634 2,634
38,950 42,467 2,110 2,077 2,255 2,500 2,842 3,355
42,184 45,701 4,560 4,711 4,889 5,134 5,476 5,989
55,156 59,220 8,171 10,616 11,678 14,807 16,389 19,167
3,952 3,401 2,523 4,747 5,455 7,933 9,056 10,946

-
-
46,935 49,555
27,053 26,337
19,883 23,218
3,731 3,633
1,919 1,744
271 263
- - -
41,015 43,915 1,007 863 908 1,202 1,493 1,819
21,132 20,697
19,883 23,218
28,935 31,092 631 595 619 755 964 1,088
20,124 21,704 387
1,288 1,314 53
3,534 3,751 63
1,767 1,876 22
258 263 43
258 263 9
932 1,133 31
773 789 12 595 619 964 1,088
12,080 12,822 376 268 289 447 529 731
5,119 5,989 6 5 6 7 6 6
102 120
4,863 5,689
26 30
26 30
102 120
480 583 13 15 20 13 16 23
168 204 29
10 12 4
297 361 32
6,481 6,251 357 248 263 427 507 702
1,821 1,895 54 57 56 71 94 95
8,302 8,146 411 305 319 1,533 601 797
257 220 8 2 4 8 9 15
4 4 0 1 1 1 (0) 0
389 375 18 12 13 20 25 34
5,840 5,660 331 233 245 398 473 653

584 566 80 83 68 152 131 139
- - 7 5 6 20 7 9
- - - - - 3
- - 73 77 64 146 124 131
5,256 5,094 251 150 177 246 342 514
10% 10% 24% 36% 28% 38% 28% 21%
16.27 15.77 0.95 0.57 0.67 0.94 1.30 1.95
1,232 1,250
1,446 1,577
323 323 263 263 263 263 263 263

323 323
4.88 4.73 1.00
131 141
6.69% 6.49%
30% 30% 21%
5,256 5,094 251 150 177 246 342 514

1,821 1,895 54 57 56 71 94 95
62 367 243 427 403 (57) (453)
7,139 7,355 305 450 660 720 379 156
167 143 5 1 3 5 6 10
(3,391) (2,705) (2,492) (1,548) (4,018) (1,536) (1,997)
3,915 4,793 310 (2,041) (885) (3,293) (1,151) (1,831)
(660) (550) 2,224 708 2,478 1,123 1,890
(167) (143) (5) (1) (3) (5) (6) (10)
3,089 4,100 305 182 (180) (820) (34) 49
(1,446) (1,577)
-
1,643 2,523 305 182 (180) (820) (34) 49
1,797 3,439 966 1,143 961 141 106

3,439 5,962 1,143 961 141 106 155
(0) 0 5 2 - 1 (0)
16.27 15.77 0.95 0.57 0.67 0.94 1.30 1.95

1,190 1,168 1,087 962 985 3,823 1,428 1,597
24,040 20,967 20,714 22,761 23,651 26,949 28,107 29,948
2.90 2.57 50 75 74 18 47 38
0.48 0.42 6.14 15.56 17.10 5.17 15.07 13.73
4.48 4.62
5,879 6,294 2,664 2,722 2,802 2,998 3,546 3,645
4,147 4,457 1,669 1,877 1,910 1,883 2,290 2,180
802 942 50 63 80 50 52 58
33 28 20 5 10 20 13 22
3,446 3,005 54,799 71,801 72,997 67,204 66,762 60,016
20% 19% 41% 35% 35% 128% 40% 44%
9.5% 8.6% 3.1% 1.4% 1.5% 1.7% 2.1% 2.7%
12.5% 11.1% 5.5% 3.2% 3.6% 4.8% 6.2% 8.6%
9.4% 7.4% 55.3% 100.8% 111.6% 154.5% 165.4% 182.8%
12.8% 11.6% 24.9% 17.4% 19.5% 20.5% 22.9% 28.2%

29% 29% 37% 31% 32% 37% 35% 40%
0.56 0.51
4147 4457 631 595 619 1,883 964 1,088
2884 3111 387
185 188 53
507 538 63
253 269 22
37 38 43
37 38 9
134 162 31
111 113 32 1,877 1,910 - 2,290 2,180
0.70 0.70 61% 0% 0% 0% 0% 0%

0.06 0.06 8% 0% 0% 0% 0% 0%
2.74 2.85 10% 0% 0% 0% 0% 0%
0.50 0.50 3% 0% 0% 0% 0% 0%
0.15 0.14 7% 0% 0% 0% 0% 0%
1.00 1.00 1% 0% 0% 0% 0% 0%
3.62 4.31 5% 0% 0% 0% 0% 0%
3% 3% 5% 315% 309% 0% 238% 200%
2,884 3,111 - - - - -
2,778 3,001 34 34 35 44 23 25
466 474 34 34 35 44 23 25
2,438 1,814 - - - - - -
2,586 1,878 - - - - - -
2,270 1,751 - - - - - -
0% 0% 35% 35% 35% 35% 35% 35%

100% 100% 65% 65% 65% 65% 65% 65%
0% 0%
85% 80%
15% 20%
900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000

900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500

133 137
27 23 - - - - - -
16,241 11,792 - - - - - -
2,599 1,887
2,436 1,769 - - - - - -
812 590 - - - - - -
18,677 13,560 - - - - - -
17,053 12,381 - - - - - -
2,586 1,878 - - - - - -
2,361 1,714 - - - - - -
9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750

70,765 72,191
9,761 9,957
1,415 1,444
62,420 63,678 - - - - - -
5,762 5,878 - - - - - -
56,124 57,255 14,161 14,366 15,006 18,645 18,093 19,997

102% 102% 101% 104% 124% 97% 111%
8,980 9,161 2,124 2,155 2,251 2,797 2,714 3,000
65,104 66,416 16,285 16,521 17,257 21,442 20,807 22,997
1,122 1,145 283 287 300 373 362 400
57,247 58,400 14,444 14,653 15,306 19,018 18,455 20,397

5,284 5,391 1,333 1,353 1,413 1,755 1,704 1,883
5,661 5,775 (16,285) (16,521) (17,257) (21,442) (20,807) (22,997)

92% 92% - Err:518 Err:518 Err:518 Err:518 Err:518
3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500

6,822 7,386
1,754 1,899
466 474 34 34 35 44 23 25
525 539 51 49 51 64 34 35
399 409 - - - - - -
83 83 110 110 110 110 110 110

85% 85% 35% 35% 35% 35% 65% 65%
15% 15% 65% 65% 65% 65% 35% 35%
63 63
95% 95%
5% 5%
2,145 2,145 2,145 2,145 2,145 2,145 2,145 2,145

0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.22
13.20 13.43 1.08 1.00 1.02 1.31 1.29 1.29
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

5.54 5.73 - - - - - -
554 573
6.33 6.50 0.46 0.45 0.46 0.59 0.31 0.32

388 413
7,750 8,250
27,053 26,337 - - - - - -
2.13% -2.64% - Err:518 Err:518 Err:518 Err:518
7,050 7,550 - - - - - -
353 378 - - - - - -
5,507 5,933 - - - - - -
275 297 - - - - - -
112 116
16% 16%
1,919 1,744
20,651 21,132 20,697 - - - - -

5,382 6,058 71,369 - - - - -
269 303 3,568 - - - - -
6,333 6,656
6,333 6,656
102 107
62 62
58% 53% 0% Err:518 Err:518 Err:518 Err:518 Err:518

42% 47% 0% 0% 0% 0% 0% 0%
5,119 5,989 6 5 6 7 6 6
17% 17% -100% -17% 20% 17% -14% 0%
4,863 5,689 - - - - - -
480 583 13 15 20 13 16 23
22% 22% #REF! 15% 33% -35% 23% 44%
168 204 - - - 29 - -
35% 35% 0% 0% 0% 223% 0% 0%
10 12 - - - 4 - -
2% 2% 0% 0% 0% 31% 0% 0%
297 361 - - - 32 - -
62% 62% 0% 0% 0% 246% 0% 0%
4.53% 4.62% 0.97% 0.71% 0.59% 0.53% 0.63% 0.57%
5.99% 5.99% 0.32% 0.06% 0.08% 0.12% 0.11% 0.15%

6.00% 6.00% 5.04% 4.84% 4.94% 4.68% 4.93% 4.84%
8.39% 13.58% 95.93% 132.44% 105.84% 11.73% 7.10% 8.52%

3.1% 3.1% 1.8% 1.4% 2.3% 1.9% 1.2% 2.6%
3.9% 3.8% 16.0% 21.0% 16.1% 9.7% 10.4% 17.3%
18% 18% 98% 129% 99% 72% 73% 93%
3% 3% 15% 17% 14% 17% 7% 9%
36% 41% 227% 300% 238% 112% 99% 130%
4.06% 2.02% 43.58% 18.60% 41.48% 10.71% 12.76%

0.00% 0.00% 29.99% 0.23% 0.22% 0.17% 0.13% 0.11%
12% 11% 35% 41% 54% 51% 37% 38%

1.50% 1.50% 0.00% 0.53% 0.00% 1.58% 1.98% 2.38%
31% 24% 64% 65% 88% 78% 78% 73%
40% 40% 0% 0% 0% 9% 8% 28%
1% 1% 177% 452% 497% 543% 499% 406%
22% 22% 12% 9% 4% 14% 13%

1% 1% 2% 2% 2% 12% 10% 8%
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
59.94 60.12 60.39 60.80 60.84 60.72 60.56 60.97

0.27% 0.30% 0.45% 0.67% 0.06% -0.20% -0.27% 0.68%
7.90% 7.00% 8.40% 8.40% 7.20% 7.10% 7.10% 7.10%
10% 10% 10% 10% 10% 10%
691 691 1,628 1,628 1,628 1,628 1,628 1,628

0.69 0.69 1.63 1.63 1.63 1.63 1.63 1.63
583 693 991 1,017 1,362 1,270 1,365 1,274
0.58 0.69 0.99 1.02 1.36 1.27 1.36 1.27
478 617 738 816 899 730 796 678

12% 29% 20% 11% 10% -19% 9% -15%
0.478 0.617 0.738 0.816 0.899 0.730 0.796 0.678
105 76 253 201 463 540 568 596
0.105 0.076 0.253 0.201 0.463 0.540 0.568 0.596
46% -28% 233% -21% 130% 17% 5% 5%
128 279 526 536 522
82% 89% 74% 80% 66% 57% 58% 53%

18% 11% 26% 20% 34% 43% 42% 47%
84% 100% 61% 62% 84% 78% 84% 78%
0.99 0.94 1.18 1.26 1.33 1.20

0.71 0.73 0.83 0.74 0.76 0.65
0.28 0.22 0.35 0.52 0.57 0.55
0.58 0.69 0.99 1.02 1.36 1.27 1.36 1.27

0.40 0.51 0.64 0.69 0.81 0.69 0.75 0.66
0.18 0.18 0.35 0.32 0.55 0.58 0.61 0.61
Err:518 Err:518 100% 108% 116% 101% 102% 106%
480 2,064 881 2,161 1,124 1,239 718 1,081

- - - -
55 98 148 268 250 477 546 522
247 431 376 632 466 676 723 1,057
1,664 1,267 1,351 1,413 1,905 1,994 2,478 2,594
369 595 282 353 841 1,017 1,206 1,513
2,815 4,455 3,038 4,827 4,586 5,403 5,671 6,767
17,614 19,165 19,100 19,918 20,040 20,319 20,578 22,517
- - - - - - - -
2 2 2 2 2 2 2 2
17,616 19,167 19,102 19,920 20,042 20,321 20,580 22,519
20,431 23,622 22,140 24,747 24,628 25,724 26,251 29,286
- -
1,165 1,451 1,001 1,480 1,218 1,547 1,771 1,633
245 190 260 316 287 326 365 337
- - 271 - - - - -
1,699 646 841 2,285 2,244 2,864 3,091 4,015
70 82 75 71 209 0 12 10
1,617 2,383 1,599 1,790 2,140 1,615 832 1,082
4,795 4,752 4,047 5,941 6,099 6,352 6,071 7,077
7,751 10,157 8,976 9,362 8,553 8,329 8,906 10,468
1,253 1,436 1,623 1,627 1,662 1,516 1,334 1,174
148 208 210 219 163 173 185 194
9,152 11,801 10,809 11,208 10,378 10,018 10,425 11,836
13,947 16,553 14,856 17,149 16,477 16,370 16,496 18,913
2,634 2,634 2,634 2,634 2,634 2,634 2,634 2,634
3,850 4,436 4,650 4,964 5,517 6,720 7,121 7,740
6,484 7,070 7,284 7,598 8,151 9,354 9,755 10,374
20,431 23,623 22,140 24,747 24,628 25,724 26,251 29,287
11,067 13,186 11,416 13,437 12,937 12,808 12,829 15,565

- -
-
2,049 2,693 3,078 2,363 3,292 3,789 3,652 3,548
1,310 1,711 2,160 1,812 2,484 2,390 2,656 2,607
1,310 2,160 2,484

739 982 918 551 808 1,399 996 941
7 85 9 10 27 452 184 216
21
70
4
2
8
20 48 22 27 25 37 32 31
62
4
45
712 849 887 514 756 910 780 694
97 131 187 208 226 262 236 243
809 980 1,074 722 982 1,172 1,016 937
32 27 171 167 186 339 154 96
(0) - - (0) (67) 696 (0) (2)
34 41 36 17 32 57 57 124
646 781 680 330 605 (182) 569 476

151 196 203 16 51 (127) (163) (142)
11 13 15 12 17 63 18 18
- - - - - -
140 182 187 4 35 (146) (181) (160)
495 585 477 314 554 (55) 730 618
23% 25% 30% 5% 8% 70% -28% -30%
1.88 2.22 1.81 1.19 2.11 (0.21) 2.77 2.35
329
329
263 263 263 263 263 263 263 263
1.25 - -
25%
495 585 477 314 554 (55) 730 618

97 131 187 208 226 262 236 243
518 430 36 35 (970) (679) (684) (1,052)
1,110 1,146 700 557 (190) (472) 282 (191)
21 18 111 109 121 220 100 62
(905) (1,682) (122) (1,026) (348) (541) (495) (2,182)
226 (518) 689 (360) (417) (793) (113) (2,311)
121 2,119 (1,770) 2,021 (500) (129) 21 2,736
(21) (18) (111) (109) (121) (220) (100) (62)
326 1,583 (1,192) 1,552 (1,038) (1,142) (192) 363
- (209) (260) (329) -
(1) 1
326 1,583 (1,192) 1,343 (1,298) (1,142) (522) 364
155 480 2,064 881 2,161 1,224 1,239 718

480 2,064 881 2,161 1,224 1,239 718 1,081
1 (1) (9) 63 (361) (1,157) (1) 1
1.88 2.22 1.81 1.19 2.11 (0.21) 2.77 2.35

1,388 1,414 1,084 710 721 923 745 736
29,744 30,279 29,692 30,433 30,970 30,726 31,295 33,668
37 31 28 42 32 26 31 36
13.68 13.46 10.63 18.61 13.17 10.93 12.63 16.61
3,515 3,885 3,106 2,324 2,417 2,983 2,676 2,786

2,247 2,469 2,180 1,782 1,824 1,882 1,946 2,047
46 192 31 36 38 385 158 194
46 39 105 103 114 208 95 59
51,019 43,686 29,962 29,924 22,739 24,194 22,935 26,436
39% 36% 35% 31% 30% 31% 28% 26%
2.4% 2.5% 2.2% 1.3% 2.2% -0.2% 2.8% 2.1%
7.6% 8.3% 6.5% 4.1% 6.8% -0.6% 7.5% 6.0%
170.7% 186.5% 156.7% 176.8% 158.7% 136.9% 131.5% 150.0%
24.2% 21.7% 15.5% 13.3% 16.8% -1.5% 20.0% 17.4%

36% 36% 30% 23% 25% 37% 27% 27%
1,310 2,469 2,160 1,812 2,484 1,882 2,656 2,607
2,247 - 2,180 - 1,824 - - -
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
172% 0% 101% 0% 73% 0% 0% 0%
- - - - - - - -
26 28 771 707 719 763 1,087 1,182
26 28 426 404 422 438 409 423
- - 345 303 297 325 678 759
- - 426 364 380 427 706 792
- - 197 173 176 203 644 723
35% 35% 20% 20% 20% 20% 0% 0%

65% 65% 80% 80% 80% 80% 100% 100%
10% 10% 10% 10% 0% 0%

90% 90% 90% 90% 100% 100%
900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000

### 900,000 900,000 900,000 900,000 900,000 900,000 900,000
### 900,000 900,000 900,000 900,000 900,000 900,000 900,000
6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500

61 68
- - - - - - 12 14
- - - - - - 4,433 4,975
- -
665 746
- - - - - -
665 746
- - - - - - 222 249
- - - - - - 5,098 5,721
- - - - - - 4,654 5,223
- - - - - - 706 792
- - - - - - 644 723
9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750

25,945 22,173 23,120 26,000 30,000 32,000
3,384 2,892 3,016 3,391 3,913 4,174
519 443 462 520 600 640
- - 23,080 19,724 20,567 23,129 26,687 28,466

- - 2,130 1,821 1,898 2,135 2,463 2,628
20,101 22,562 20,962 18,377 18,679 21,569 24,537 29,987

101% 112% 93% 88% 102% 115% 114% 122%
3,015 3,384 3,144 2,757 2,802 3,235 3,926 4,798
23,116 25,946 24,106 21,134 21,481 24,804 28,463 34,785
402 451 419 368 374 431 491 600
20,503 23,013 21,381 18,745 19,053 22,000 25,028 30,587

1,893 2,124 1,974 1,730 1,759 2,031 2,310 2,823
(23,116) (25,946) 1,839 1,039 1,639 1,196 1,537 (2,785)

Err:518 Err:518 93% 95% 93% 95% 95% 109%
3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500
26 28 426 404 422 438 409 423

37 38 455 429 455 478 419 434
- - 372 351 372 391 396 411
110 110 110 110 110 110 95 95

65% 65% 65% 65% 65% 65% 65% 65%
35% 35% 35% 35% 35% 35% 35% 35%
90 90 90 90 90 90
65% 65% 65% 65% 90% 90%
35% 35% 35% 35% 10% 10%
2,145 2,145 2,145 2,145 2,145 2,145 2,145 2,145

0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.22
1.39 1.35 4.95 4.27 4.39 4.98 5.71 6.49
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

- - 3.70 3.70 4.00 4.00 4.00 4.00
370 370 400 400 400 400
0.34 0.35 4.14 3.90 4.14 4.34 4.41 4.57

232 234
4,640 4,680
- - - - - - - -
Err:518 Err:518 Err:518 Err:518 Err:518 Err:518 Err:518 Err:518
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1,755 1,765
3,089 2,962
3,089 2,962
61 61
51 49
Err:518 Err:518 Err:518 Err:518 Err:518 Err:518 Err:518 Err:518

0% 0% 0% 0% 0% 0% 0% 0%
7 85 9 10 27 452 184 216

17% 1114% -89% 11% 170% 1574% -59% 17%
- 70 - - - - - -
20 48 22 27 25 37 32 31
-13% 140% -54% 23% -7% 48% -14% -3%
- 62 - - - - - -
0% 129% 0% 0% 0% 0% 0% 0%
- 4 - - - - - -
0% 8% 0% 0% 0% 0% 0% 0%
- 45 - - - - - -
0% 94% 0% 0% 0% 0% 0% 0%
0.55% 0.68% 0.98% 1.04% 1.13% 1.29% 1.15% 1.08%
0.29% 0.22% 1.39% 1.34% 1.41% 2.63% 1.20% 0.68%

4.78% 4.83% 4.06% 3.31% 4.23% 6.26% 7.31% 17.87%
23.43% 76.64% 28.62% 91.45% 34.14% 32.70% 19.66% 30.47%

2.7% 3.6% 4.8% 11.3% 7.6% 12.6% 15.0% 14.7%
12.1% 16.0% 12.2% 26.7% 14.2% 17.8% 19.8% 29.8%
81% 47% 44% 60% 58% 53% 68% 73%
18% 22% 9% 15% 26% 27% 33% 43%
137% 165% 99% 204% 139% 143% 155% 191%
4.81% 8.81% -0.34% 4.28% 0.61% 1.39% 1.27% 9.42%

0.10% 0.07% 0.06% 0.08% 0.06% 0.05% 0.05% 0.06%
57% 54% 33% 63% 37% 41% 48% 46%

2.21% 1.44% 2.28% 2.35% 2.22% 2.55% 2.85% 2.17%
86% 36% 45% 99% 86% 91% 82% 96%
21% 23% 18% 19% 25% 19% 9% 10%
378% 377% 292% 396% 260% 220% 244% 295%
13% 15% 13% 0% 2% -9% -12% -12%

7% 8% 7% 9% 5% 5% 5% 5%
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
62.64 66.16 74.08 79.53 79.56 80.71 82.58 83.60

2.74% 5.63% 11.97% 7.36% 0.04% 1.44% 2.32% 1.24%
12.40% 19.30% 24.50% 24.30% 20.20% 14.90% 10.70% 10.00%
10% 12% 14% 15% 14% 13% 12% 13%
1,628 1,628 1,938 ### 1,938 1,938 1,938 1,938

1.63 1.63 1.94 1.94 1.94 1.94 1.94 1.94
1,495 1,771 1,236 1,384 1,551 1,748 1,533 1,651
1.49 1.77 1.24 1.38 1.55 1.75 1.53 1.65
707 288 624 569 605 667 662 677

4% -59% 117% -9% 6% 10% -1% 2%
0.707 0.288 0.624 0.569 0.605 0.667 0.662 0.677
787 1,483 612 815 947 1,081 871 974
0.787 1.483 0.612 0.815 0.947 1.081 0.871 0.974
32% 88% -59% 33% 16% 14% -19% 12%
669 1,483 597 1,304 926 979 870 1,708
47% 16% 50% 41% 39% 38% 43% 41%

53% 84% 50% 59% 61% 62% 57% 59%
92% 109% 64% 71% 80% 90% 79% 85%
1.38 1.39 1.22 1.28 1.53 1.69 1.54 1.51

0.71 0.71 0.51 0.59 0.73 0.63 0.60 0.60
0.67 0.68 0.71 0.69 0.80 1.06 0.94 0.91
61% 60%
1.49 1.77 1.24 1.38 1.55 1.75 1.53 1.65

0.72 0.53 0.62 0.62 0.67 0.75 0.70 0.74
0.77 1.24 0.61 0.77 0.88 1.00 0.83 0.91
109% 127% 101% 108% 101% 104% 99% 109%
996 270 360 287 2,061 1,049 185 239

- - - ### - - - -
250 720 637 912 1,038 1,267 1,066 945
682 709 1,309 813 1,286 1,196 1,129 1,077
3,488 4,160 5,540 4,824 3,257 3,412 3,626 3,321
2,125 2,496 2,135 1,132 1,246 934 967 1,105
7,541 8,356 9,981 7,968 8,888 7,858 6,973 6,687
23,503 25,881 27,261 28,603 29,061 30,477 30,605 31,423
- - - ### - - - -
2 2 2 2 2 58 58 61
23,505 25,883 27,263 28,605 29,063 30,534 30,662 31,484
31,046 34,239 37,244 36,573 37,951 38,392 37,635 38,171
- -
1,535 3,550 3,218 2,157 2,358 2,677 2,392 2,462
485 289 302 320 319 233 236 168
- - - ### - - - -
4,614 3,607 5,881 5,282 5,216 6,188 7,331 7,523
16 - - 167 - - - -
1,369 242 204 - 167 - - 182
8,019 7,688 9,605 7,926 8,060 9,098 9,959 10,335
10,712 6,633 6,633 6,550 ### 4,300 1,454 2,017
1,071 1,059 1,171 1,262 1,363 1,478 1,589 1,651
204 204 217 241 251 264 280 302
11,987 7,897 8,021 8,053 8,164 6,042 3,322 3,970
20,006 15,584 17,626 15,979 16,224 15,140 13,281 14,305
2,634 3,234 3,234 ### 3,234 3,234 3,234 3,234
8,405 15,421 16,385 17,360 18,494 20,018 21,121 20,633
11,039 18,655 19,619 20,594 21,728 23,252 24,355 23,867
31,045 34,239 37,245 36,573 37,952 38,392 37,636 38,172
16,695 10,482 12,718 11,832 11,933 10,488 8,785 9,723

- -
-
7,039 7,087
3,344 2,900
3,695 4,188
945 891
52 122
4,665 5,094 5,715 6,692 6,700 7,223 6,042 6,074

3,871 2,529 2,597 1,501
2,990 4,163 4,104 4,575
3,481 3,851 3,371 4,152 4,473 4,523 3,808 3,784
1,184 1,243 2,344 2,540 2,227 2,700 2,234 2,290

328 427 368 732 649 678 680 1,047
30 38 49 35 36 46 44 114
826 778 1,927 1,773 1,542 1,976 1,510 1,129

243 257 260 264 262 362 342 344
1,069 1,035 2,187 2,037 1,804 8,366 1,852 1,473
97 (220) 321 504 172 240 155 143
(1) 1 - (1) (2) 23 (1) (2)
145 318 502 160 96 69 95 69
585 679 1,104 1,110 1,276 1,644 1,261 919

(80) 14 141 134 141 164 158 113
24 25 30 41 41 45 49 50
- -
785 (900) 112 91 101 116 110 62
665 665 963 976 1,135 1,480 1,103 806
-14% 2% 13% 12% 11% 10% 13% 12%
2.52 2.06 2.98 3.02 3.51 4.58 3.41 2.49
1,294
1,294
263 323 323 ### 323 323 323 323
- - - - - 4.00 - -
28%
665 665 963 976 1,135 1,480 1,103 806

243 257 260 264 262 362 342 344
(896) 250 (1,729) 1,179 998 324 (135) 423
12 1,172 (506) 2,419 2,395 2,166 1,310 1,573
63 (143) 209 328 112 156 101 93
(1,229) (2,635) (1,640) (1,606) (720) (1,777) (470) (1,162)
(1,154) (1,606) (1,937) 1,141 1,786 544 940 504
1,130 (6,213) 2,236 (886) 101 (1,445) (1,703) 938
(63) 143 (209) (328) (112) (156) (101) (93)
(87) (7,676) 90 (73) 1,776 (1,057) (864) 1,349
- - - ### - - - (1,294)
(1) 6,953 - ### - - - -
(88) (723) 90 (73) 1,776 (1,057) (864) 55
1,081 996 270 360 287 2,061 1,049 185

996 270 360 287 2,061 1,049 185 239
(3) 3 (0) - 2 (45) 0 1
2.52 2.06 2.98 3.02 3.51 4.58 3.41 2.49

715 584 1,770 1,471 1,163 4,785 1,208 892
34,883 33,767 35,913 35,100 33,427 32,994 32,155 33,038
33 33 16 17 19 4 17 22
15.62 10.13 5.82 5.81 6.61 1.25 4.74 6.60
3,121 2,876 4,625 4,834 4,319 4,131 3,941 3,679

2,329 2,174 2,728 2,999 2,883 2,587 2,484 2,292
240 263 337 554 442 414 472 703
60 (135) 166 260 89 124 80 74
23,340 19,067 29,065 25,354 21,547 18,871 20,975 20,011
23% 20% 38% 30% 27% 116% 31% 24%
2.1% 1.9% 2.6% 2.7% 3.0% 3.9% 2.9% 2.1%
6.0% 3.6% 4.9% 4.7% 5.2% 6.4% 4.5% 3.4%
151.2% 56.2% 64.8% 57.5% 54.9% 45.1% 36.1% 40.7%
14.3% 13.1% 16.9% 14.6% 16.9% 20.5% 18.3% 13.3%

25% 24% 41% 38% 33% 37% 37% 38%
3,481 2,174 3,371 4,152 4,473 2,587 3,808 3,784
145 150 157 162

190 195 200 205
- - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 4% 4% 4% 6% 0% 0%
0% 0% 6% 5% 4% 8% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - -
1,409 1,806 2,365 2,779 1,754 1,506 1,447 1,572
460 453 469 421 424 436 454 462
949 1,353 1,896 2,358 1,330 1,070 992 1,110
993 1,441 1,982 2,477 1,399 1,126 1,041 1,166
907 1,316 1,809 2,262 1,277 1,028 951 1,065
0% 0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 100% 100% 100%
0% 0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 100% 100% 100%
900,000 900,000 900,000 ### 900,000 900,000 900,000 900,000

900,000 900,000 900,000 ### 900,000 900,000 900,000 900,000
900,000 900,000 900,000 ### 900,000 900,000 900,000 900,000
6,500 6,500 6,500 ### 6,500 6,500 6,500 6,500

83 114 140 163 92 73 66 73
17 23 28 33 18 15 13 15
6,239 9,051 12,445 15,557 8,784 7,070 6,541 7,324
- - - ### - - - -
936 1,358 1,991 2,489 1,405 1,131 1,046 1,172
936 1,358 1,867 2,334 1,318 1,060 981 1,099

312 453 622 778 439 353 327 366
7,174 10,408 14,312 17,890 10,102 8,130 7,522 8,422

6,551 9,503 13,067 16,335 9,223 7,423 6,868 7,690
993 1,441 1,982 2,477 1,399 1,126 1,041 1,166

907 1,316 1,809 2,262 1,277 1,028 951 1,065
9,750 9,750 9,750 ### 9,750 9,750 9,750 9,750

39,495 48,155 63,810 38,521 27,261 35,076 44,693 49,992
5,152 6,281 8,801 5,313 3,760 4,838 6,165 6,895
790 963 1,276 770 545 702 894 1,000
35,133 42,837 56,285 33,978 24,046 30,940 39,422 44,097

3,243 3,954 5,196 3,136 2,220 2,856 3,639 4,070
31,786 33,471 52,258 31,215 22,326 27,819 36,602 40,511

106% 105% 156% 60% 72% 125% 132% 111%
5,086 5,355 8,361 4,994 3,572 4,451 5,856 6,482
36,872 38,826 60,619 36,209 25,898 32,270 42,458 46,993
636 669 1,045 624 447 556 732 810
32,422 34,140 53,303 31,839 22,773 28,375 37,334 41,321

2,993 3,151 4,920 2,939 2,102 2,619 3,446 3,814
2,623 9,329 3,190 2,311 1,363 2,806 2,235 3,000

93% 81% 95% 94% 95% 92% 95% 94%
3,500 3,500 3,500 ### 3,500 3,500 3,500 3,500
460 453 469 421 424 436 454 462

473 470 482 434 437 449 468 476
448 446 456 411 414 426 443 450
95 95 95 ### 95 95 95 95
65% 65% 85% 85% 85% 85% 85% 85%
35% 35% 15% 15% 15% 15% 15% 15%
90 90 90 ### 90 90 90 90
90% 90% 95% 95% 95% 95% 95% 95%
10% 10% 5% 5% 5% 5% 5% 5%
2,145 2,145 2,145 ### 2,145 2,145 2,145 2,145

0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.22
7.42 8.08 12.06 7.21 5.13 6.48 8.42 9.36
0.01 0.01 0.01 ### 0.01 0.01 0.01 0.01

4.29 4.29 4.29 4.29 4.55 4.55 4.55 4.55
429 429 429 ### 455 455 455 455
4.98 4.95 5.07 4.57 4.60 4.73 4.92 5.01

247 272 362 360 346 337 309 276
4,940 5,440 7,240 7,200 6,920 6,740 6,180 5,520
- - - - - - 3,344 2,900
Err:518 Err:518 Err:518 Err:518 Err:518 Err:518 #DIV/0! -13.28%
- - - - - - 5,051 4,284
- - - - - - 253 214
- - 6,204 4,444 4,294 2,250 - -

- - 310 222 215 113 - -
16%
500
2%
- - - 3,871 2,529 2,597 1,501 -
- - - 6,802 4,182 3,893 2,267 -
- - - 340 209 195 113 -
2,773 6,280 2,990 4,120 4,189 4,611 3,695 4,188

3,522 4,235 4,889 5,053 4,425 4,264 4,242 4,300
3,522 4,235 4,889 5,053 4,425 4,264 4,242 4,300
63 66 74 80 80 81 83 84
56 64 66 64 56 53 51 51
Err:518 Err:518 Err:518 Err:518 Err:518 Err:518 48% 41%

0% 0% 0% 0% 0% 0% 52% 59%
328 427 368 732 649 678 680 1,047

52% 30% -14% 99% -11% 4% 0% 54%
- - - - - - - -
30 38 49 35 36 46 44 114
-3% 27% 29% -29% 3% 28% -4% 159%
- - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - -
0% 0% 0% 0% 0% 0% 0% 0%
1.03% 0.99% 0.95% 0.92% 0.90% 1.19% 1.12% 1.09%
0.60% -1.62% 2.77% 4.11% 1.45% 2.14% 1.61% 1.55%

17.55% 40.87% 26.05% 9.02% 6.23% 3.49% 6.29% 6.11%
21.35% 5.30% 6.30% 4.29% 30.76% 14.52% 3.05% 3.93%

5.4% 14.1% 11.1% 13.6% 15.5% 17.5% 17.6% 15.6%
14.6% 13.9% 22.9% 12.1% 19.2% 16.6% 18.7% 17.7%
75% 82% 97% 72% 49% 47% 60% 55%
46% 49% 37% 17% 19% 13% 16% 18%
162% 164% 175% 119% 133% 109% 115% 110%
4.38% 10.12% 5.33% 4.92% 1.60% 4.87% 0.42% 2.67%

0.04% 0.04% 0.03% 0.03% 0.03% 0.80% 0.95% 1.01%
33% 70% 56% 32% 35% 37% 40% 41%

2.91% 2.76% 2.37% 2.70% 2.68% 2.22% 2.68% 1.73%
104% 65% 79% 81% 93% 105% 126% 141%
13% 4% 3% 0% 3% 0% 0% 9%
230% 130% 116% 98% 98% 60% 24% 33%
-9% -1% 11% 8% 8% 8% 8% 4%

4% 4% 4% 4% 4% 4% 5% 5%
3Q10 4Q10 1QFY11 2QFY11 3QFY11 4QFy11 A 1QFY12 2QFY12
84.60 84.64 85.72 85.81 85.51 85.30 86.37 87.45

1.19% 0.05% 1.27% 0.10% -0.34% -0.59% 1.25% 1.25%
13.20% 13.00% 13.80% 15.40% 13.40% 14.00% 14.00% 14.00%
12% 12% 13% 13% 14% 14% 14% 14%
1,938 1,938 1,938 ### 1,938 1,938 1,938 1,938

1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94
1,683 1,764 1,391 1,414 1,472 1,550 1,550 1,454
1.68 1.76 1.39 1.41 1.47 1.55 1.55 1.45
885 896 678 837 985 964 1,008 945

31% 1% -24% 23% 18% 5% -6%
0.885 0.896 0.678 0.837 0.985 0.960 1.01 0.94
798 868 713 577 487 578 543 509
0.798 0.868 0.713 0.577 0.487 0.580 0.54 0.51
-18% 9% -18% -19% -16% -6% -6%
780 868 676 1,253 1,740
53% 51% 49% 59% 67% 62% 65% 65%

47% 49% 51% 41% 33% 37% 35% 35%
87% 91% 72% 73% 76% 80% 80% 75%
1.63 1.77 1.39 1.39 1.45 1.55 1.60 1.50

0.69 0.83 0.45 0.45 0.51 0.51 0.48
0.94 0.94 0.94 ### 0.94 1.09 1.02
58% 53% 68% 68% 65% 68% 68%
1.68 1.76 1.39 1.41 1.47 1.55 1.55 1.45

0.87 0.89 0.69 0.79 0.89 0.77 0.91 0.86
0.82 0.87 0.71 0.63 0.59 0.79 0.64 0.60
103% 100% 100% 102% 101% 100% 103% 103%
460 334 235 364 431 351 591 698

- - -
794 779 814 891 720 621 962 881
724 608 1,112 1,395 975 1,249 1,202 1,101
3,395 4,008 4,691 4,900 6,376 6,314 5,610 5,138
973 1,142 1,227 1,239 1,152 909 927 946
6,346 6,871 8,079 8,789 9,654 9,444 9,292 8,764
31,506 31,378 31,384 31,201 31,090 31,707 32,341 32,988
- - - ### -
60 61 59 ### 59 59 59 59
31,566 31,439 31,444 31,261 31,151 31,766 32,400 33,047
37,912 38,310 39,523 40,050 40,805 41,210 41,692 41,811
-
2,629 3,043 2,609 3,837 3,463 4,044 3,606 3,303
156 156 129 164 87 85 98 107
- - - - - -
6,446 6,267 7,923 7,770 7,973 6,302 5,987 6,586
- - - - - -
319 176 242 265 265 265 161 148
9,550 9,642 10,903 12,036 11,789 10,696 9,853 10,143
1,880 1,659 857 791 725 658 401 367
1,651 1,563 1,563 ### 1,595 1,653 1,736 1,822
313 351 377 397 418 429 459 421
3,844 3,573 2,797 2,751 2,738 2,740 2,596 2,610
13,394 13,215 13,700 14,787 14,527 13,436 12,449 12,753
3,234 3,234 3,234 ### 3,234 3,234 3,234 3,234
21,285 21,862 22,589 22,029 23,044 24,539 26,009 25,824
24,519 25,096 25,823 25,263 26,278 27,773 29,243 29,058
37,913 38,311 39,523 40,050 40,805 41,209 41,692 41,811
8,645 8,102 9,022 8,826 8,963 7,225 6,549 7,100

-
-
7,173 7,754 6,639 7,768 8,112 9,248 9,517 8,721
3,880 4,068 3,509 4,587 5,722 6,313 6,752 6,141
3,292 3,687 3,129 3,181 2,390 2,936 2,765 2,580
1,178 1,212 1,006 1,280 1,568 1,692 931 847
- 504 472
85 59 49 44 40 71 68 61
-
5,911 6,482 5,584 6,443 6,504 7,487 8,014 7,340
2,454 3,263 4,114 4,550 5,249 4,760
3,129 3,181 2,390 2,936 2,765 2,580
4,147 4,791 3,852 4,208 4,438 4,809 5,353 5,075
3,747 3,548
268 252
642 611
321 306
54 50
54 50
107 105
161 151
1,764 1,691 1,732 2,235 2,066 2,678 2,662 2,266
823 883 688 1,128 696 724 753 783
15 16
715 744
4 4
4 4
15 16
68 77 59 99 56 99 62 65
22 23
1 1
38 40
873 731 985 1,008 1,314 1,855 1,847 1,418
347 378 373 401 403 394 398 402
1,220 1,109 1,358 1,409 1,717 2,249 2,245 1,820
120 151 144 150 118 106 103 102
(2) 2 (0) (0) (0) 2 1 1
53 41 59 60 84 122 111 85
702 537 782 798 1,112 1,628 1,634 1,231

46 (37) 56 64 97 133 163 123
46 51 56 64 65 75 - -
- (88) 32 58 - -
656 574 727 734 1,015 1,494 1,470 1,108
7% -7% 7% 8% 9% 8% 10% 10%
2.03 1.78 2.25 2.27 3.14 4.62 4.55 3.43
1,294 1,294
1,294 1,294
323 323 323 ### 323 323 323 323
- 4.00 4.00
80 78 81 86 90 90
41% 33%
656 574 727 734 1,015 1,494 1,470 1,108

347 378 373 401 403 394 398 402
730 (288) (1,740) 702 (1,196) 778 80 388
1,733 664 (640) 1,837 222 2,666 1,949 1,898
78 98 94 98 77 69 67 67
(430) (250) (379) (218) (292) (1,011) (1,032) (1,049)
1,381 512 (925) 1,717 7 1,724 984 916
(1,078) (543) 920 (196) 137 (1,738) (676) 551
(78) (98) (94) (98) (77) (69) (67) (67)
225 (129) (99) 1,423 67 (83) 241 1,401
- - (1,294) (1,294)
- -
225 (129) (99) 129 67 (83) 241 108
239 460 334 235 264 431 351 591

460 334 235 264 431 351 591 698
4 (3) 0 100 (100) (1) 0
2.03 1.78 2.25 2.27 3.14 4.62 4.55 3.43

725 629 976 996 1,166 1,451 1,448 1,252
31,740 31,323 32,342 32,017 32,087 30,429 29,513 29,957
26 28 24 23 19 14 13 16
7.09 7.31 6.64 6.26 5.22 3.21 2.92 3.90
21.56 14.65
3,513 3,675 4,014 4,557 4,418 4,830 5,169 5,050
2,465 2,716 2,769 2,976 3,015 3,103 3,452 3,491
530 544 537 868 511 531 526 584
62 78 74 77 61 55 53 53
18,864 17,757 23,251 22,643 21,798 19,631 19,036 20,610
21% 17% 24% 22% 26% 30% 28% 25%
1.7% 1.5% 1.8% 1.8% 2.5% 3.6% 3.5% 2.7%
2.7% 2.3% 2.8% 2.9% 3.9% 5.4% 5.0% 3.8%
35.3% 32.3% 34.9% 34.9% 34.1% 26.0% 22.4% 24.4%
11.1% 8.9% 13.0% 11.4% 15.6% 20.0% 18.3% 15.1%

30% 26% 31% 35% 32% 36% 33% 31%
4,147 2,716 3,852 4,208 4,438 3,103 3,452 3,491
2,417 2,441
173 173
414 421
207 210
35 35
35 35
69 73
- - - - - 104 104
0% 0% 60% 60% 65% 70% 70%

0% 0% 0% 0% 0% 5% 5%
0% 0% 0% 0% 0% 12% 12%
0% 0% 0% 0% 0% 6% 6%
0% 0% 0% 0% 0% 1.00% 0.99%
0% 0% 0% 0% 0% 1.00% 0.99%
0% 0% 0% 0% 0% 2.00% 2.08%
0% 0% 0% 0% 0% 3% 3%
- - - - - - 2,417 2,441
1,795 1,961 1,987 1,902 2,161 2,128 2,417 2,441
541 506 421 436 457 441 507 507
1,254 1,455 1,566 1,466 1,704 1,687 1,910 1,934
1,309 1,520 1,638 1,525 1,765 1,760 1,980 2,005
1,196 1,388 1,495 1,392 1,611 1,607 1,808 1,831
0% 0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 100% 100% 100%
0% 0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 100% 100% 100%
0%
900,000 900,000 900,000 ### 900,000 900,000 900,000 900,000

900,000 900,000 900,000 ### 900,000 900,000 900,000 900,000
900,000 900,000 900,000 ### 900,000 900,000 900,000 900,000
6,500 6,500 6,500 ### 6,500 6,500 6,500 6,500

81 94 100 93 108 108 120 120
16 19 20 19 22 22 24 24
8,223 9,548 10,286 9,576 11,083 11,055 12,437 12,592
- - - ### -
1,316 1,528 1,646 1,532 1,773 1,769 1,990 2,015
1,233 1,432 1,543 1,436 1,662 1,658 1,866 1,889

411 477 514 479 554 553 622 630
9,457 10,980 11,829 11,013 12,745 12,713 14,302 14,481

8,634 10,025 10,801 10,055 11,637 11,608 13,059 13,222
1,309 1,520 1,638 1,525 1,765 1,760 1,980 2,005

1,196 1,388 1,495 1,392 1,611 1,607 1,808 1,831
9,750 9,750 9,750 ### 9,750 9,750 9,750 9,750

54,538 56,226 51,932 55,351 63,260 63,748 66,156 66,487
7,522 7,755 7,163 7,635 8,725 8,793 9,125 9,171
1,091 1,125 1,039 1,107 1,265 1,275 1,323 1,330
48,106 49,595 45,808 48,823 55,799 56,230 58,354 58,646

4,441 4,578 4,228 4,507 5,151 5,191 5,387 5,413
42,784 42,654 40,740 43,899 51,948 52,208 52,469 52,731

106% 100% 96% 108% 118% 101% 101% 101%
6,845 6,825 6,518 7,024 8,312 8,353 8,395 8,437
49,629 49,479 47,258 50,923 60,260 60,561 60,864 61,168
856 853 815 878 1,039 783 1,049 1,055
43,640 43,507 41,555 44,777 52,987 52,991 53,518 53,786

4,028 4,016 3,836 4,133 4,891 4,891 4,940 4,965
4,908 6,747 4,674 4,428 3,000 3,187 5,293 5,319

91% 88% 91% 92% 95% 95% 92% 92%
3,500 3,500 3,500 ### 3,500 3,500 3,500

5,289
1,360
541 506 421 436 457 441 507 507

555 486 480 489 506 501 563 563
526 527 364 371 384 380 427 427
95 83 83 ### 83 83 83 83
85% 85% 85% 85% 85% 85% 85% 85%
15% 15% 15% 15% 15% 15% 15% 15%
90 90 63 ### 63 63 63 63
95% 95% 95% 95% 95% 95% 95% 95%
5% 5% 5% 5% 5% 5% 5% 5%
2,145 2,145 2,145 ### 2,145 2,145 2,145 2,145

0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.22
10.11 10.25 9.60 10.35 12.03 12.04 12.40 12.46
0.01 0.01 0.01 ### 0.01 0.01 0.01 0.01

5.36 5.36 5.36 5.36 5.36 5.36 6.09 6.09
536 536 536 ### 536 536 609 609
5.84 5.85 5.78 5.89 6.09 6.04 6.78 6.78

275 285 317 331 344 370 370 360
5,500 5,700 6,340 6,620 6,880 7,400 7,400 7,200
3,880 4,068 3,509 4,587 5,722 6,313 6,752 6,141

33.79% 4.85% -13.74% 30.72% 24.74%
4,384 4,540 5,176 5,480 5,809 6,576 6,700 6,500
219 227 259 274 290 329 335 325
- - 3,619 3,898 4,177 4,740 5,209 5,038

- - 181 195 209 237 260 252
16% 16% 16% 16% 16% 16% 16%

500 500 500 ### 500 500 500
2% 2% 2% 2% 2% 2% 2%
- - - 2,454 3,263 5,249 4,760
- - - 2,932 3,313 5,209 5,038
- - - 147 166 260 252
3,292 3,687 3,129 3,181 2,390 2,936 2,765 2,580

4,128 4,248 4,388 5,513 4,908 5,062 5,096 5,072
4,128 4,248 4,388 5,513 4,908 5,062 5,096 5,072
85 85 86 86 86 85 86 87
49 50 51 64 57 59 59 58
54% 52% 53% 59% 71% 65% 65%

46% 48% 47% 41% 29% 35% 35%
823 883 688 1,128 696 724 753 783

-21% 7% -22% 64% -38% 4% 4%
- - - - - 715 744
95% 95%
68 77 59 99 56 59 62 65
-40% 13% -23% 68% -43%
- - - - - 22 23
0% 0% 0% 0% 0% 35% 35%
- - - - - 1 1
0% 0% 0% 0% 0% 2% 2%
- - - - - 38 40
0% 0% 0% 0% 0% 62% 62%
1.10% 1.20% 1.19% 1.29% 1.30% 1.00% 1.00%
1.31% 1.80% 1.68% 1.68% 1.33% 1.50% 1.50%

6.07% 5.61% 5.99% 5.95% 6.39% 6.00% 6.00%
7.78% 5.15% 4.21% 5.65% 6.63% 4.69%

13.4% 12.0% 14.6% 13.8% 11.1% 8.3% 12% 12%
12.2% 9.4% 19.9% 21.7% 15.0% 16.7% 15% 15%
57% 62% 84% 76% 98% 84% 70% 70%
16% 18% 22% 19% 18% 12% 2% 2%
107% 106% 145% 136% 148% 126%
0.26% -0.41% 0.02% -0.58% -0.36% 1.98% 2.00% 2.00%

1.02% 0.94% 1.06% 0.92% 0.91% 0.79% 1% 1%
44% 47% 47% 60% 53% 54% 45% 45%

1.80% 1.93% 1.43% 1.86% 0.97% 1.18% 1.5% 1.5%
131% 116% 120% 108% 99% 77% 80% 80%
17% 11% 28% 34% 37% 40%
32% 26% 15% 12% 11% 9% 5% 5%
0% -5% 0% 0% 2% 4% 2% 2%
5% 5% 7% 6% 6% 6% 6% 6%
88.54 89.65 90.77 91.90 93.05 94.21 95.39 96.58

1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%
13.00% 13.00% 13.00% 13.00% 12.00% 12.00% 11.00% 11.00%
14% 13% 13% 13% 12% 12% 12% 11%
1,938 1,938 1,938 1,938 1,938 1,938 1,938 1,938

1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94
1,550 1,550 1,550 1,550 1,647 1,647 1,550 1,550
1.55 1.55 1.55 1.55 1.65 1.65 1.55 1.55
1,008 1,008 930 930 988 988 930 930

7% 0% -8% 0% 6% 0% -6% 0%
1.01 1.01 0.93 0.93 0.99 0.99 0.93 0.93
543 543 620 620 659 659 620 620
0.54 0.54 0.62 0.62 0.66 0.66 0.62 0.62
7% 0% 14% 0% 6% 0% -6% 0%
65% 65% 60% 60% 60% 60% 60% 60%

35% 35% 40% 40% 40% 40% 40% 40%
80% 80% 80% 80% 85% 85% 80% 80%
1.60 1.60 1.60 1.60 1.70 1.70 1.60 1.60

0.51 0.51 0.51 0.51 0.54 0.54 0.51 0.51
1.09 1.09 1.09 1.09 1.15 1.15 1.09 1.09
68% 68% 68% 68% 68% 68% 68% 68%
1.55 1.55 1.55 1.55 1.65 1.65 1.55 1.55

0.91 0.91 0.87 0.87 0.92 0.92 0.87 0.87
0.64 0.64 0.68 0.68 0.72 0.72 0.68 0.68
103% 103% 103% 103% 103% 103% 103% 103%
849 1,161 1,640 545 922 1,433 2,005 931
964 960 968 992 1,059 1,065 1,022 1,046

1,205 1,199 1,210 1,240 1,324 1,331 1,277 1,308
5,625 5,597 5,645 5,786 6,179 6,211 5,959 6,102
965 984 1,004 1,024 1,044 1,065 1,086 1,108
9,608 9,902 10,466 9,586 10,528 11,105 11,349 10,495
33,648 34,321 34,835 35,358 35,888 36,427 36,973 37,528
59 59 2 2 2 2 2 2
33,707 34,380 34,837 35,360 35,890 36,429 36,975 37,530
43,315 44,281 45,303 44,946 46,418 47,533 48,325 48,024
3,616 3,598 3,629 3,719 3,972 3,993 3,831 3,923
102 98 93 89 86 82 78 75
- - - - - - - -
6,256 5,943 5,646 5,364 5,096 4,841 4,599 4,369
- - - - - - - -
162 161 162 166 178 179 171 176
10,137 9,800 9,531 9,339 9,331 9,095 8,679 8,542
402 400 403 413 441 444 426 436
1,914 2,009 2,110 2,215 2,326 2,442 2,564 2,693
460 458 462 474 506 508 488 500
2,776 2,867 2,975 3,102 3,273 3,394 3,478 3,628
12,912 12,668 12,506 12,441 12,605 12,489 12,157 12,170
3,234 3,234 3,234 3,234 3,234 3,234 3,234 3,234
27,169 28,380 29,563 29,271 30,580 31,811 32,933 32,620
30,403 31,614 32,797 32,505 33,814 35,045 36,167 35,854
43,315 44,281 45,303 44,946 46,418 47,533 48,325 48,024
6,820 6,504 6,212 5,944 5,715 5,463 5,196 4,980
9,539 9,469 9,424 9,652 10,301 10,347 9,900 10,132

6,752 6,550 6,047 6,233 6,622 6,622 6,233 6,419
2,787 2,919 3,377 3,420 3,679 3,725 3,668 3,714
931 904 834 860 913 913 860 885
504 504 465 465 494 494 465 465
68 66 60 62 66 66 62 64
8,036 7,996 8,064 8,265 8,827 8,873 8,513 8,718

5,249 5,078 4,687 4,845 5,148 5,148 4,845 5,004
2,787 2,919 3,377 3,420 3,679 3,725 3,668 3,714
5,454 5,541 5,609 5,699 6,153 6,252 5,980 6,077
3,802 3,866 3,910 3,975 4,295 4,367 4,179 4,250
270 272 273 274 293 294 279 280
662 672 682 692 746 757 724 734
331 336 341 346 373 379 362 367
54 54 55 55 59 59 56 56
54 54 55 55 59 59 56 56
118 124 130 137 152 160 158 166
162 163 164 165 176 177 167 168
2,582 2,455 2,456 2,566 2,674 2,621 2,533 2,640
814 847 881 916 953 991 1,030 1,072
16 17 18 18 19 20 21 21
774 805 837 870 905 941 979 1,018
4 4 4 5 5 5 5 5
4 4 4 5 5 5 5 5
16 17 18 18 19 20 21 21
68 72 75 79 83 87 92 96
24 25 26 28 29 31 32 34
1 1 2 2 2 2 2 2
42 44 47 49 51 54 57 60
1,700 1,537 1,500 1,571 1,639 1,543 1,411 1,473
406 410 414 418 422 427 431 435
2,105 1,947 1,914 1,989 2,061 1,970 1,842 1,908
104 100 95 91 87 84 80 76
1 1 1 1 1 1 1 1
102 92 90 94 98 93 85 88
1,494 1,346 1,315 1,387 1,454 1,367 1,248 1,309

149 135 132 139 145 137 125 131
- - - - - - - -
- - - - - - - -
1,345 1,211 1,184 1,248 1,309 1,231 1,123 1,178
10% 10% 10% 10% 10% 10% 10% 10%
4.16 3.75 3.66 3.86 4.05 3.81 3.47 3.64
1,540 1,491
1,540 1,491
323 323 323 323 323 323 323 323
4.76 4.61
94 98 101 101 105 108 112 111
30% 30%
1,345 1,211 1,184 1,248 1,309 1,231 1,123 1,178

406 410 414 418 422 427 431 435
(254) 90 102 (11) (173) 70 263 9
1,497 1,711 1,700 1,655 1,558 1,728 1,817 1,622
68 65 62 59 57 54 52 50
(1,066) (1,083) (929) (941) (953) (965) (977) (990)
499 693 833 773 662 817 892 682
(280) (316) (292) (268) (229) (252) (267) (216)
(68) (65) (62) (59) (57) (54) (52) (50)
151 312 478 446 376 511 573 417
(1,540) (1,491)
151 312 478 (1,094) 376 511 573 (1,075)
698 849 1,161 1,640 545 922 1,433 2,005

849 1,161 1,640 545 922 1,433 2,005 931
(0) 0 - - - - - -
4.16 3.75 3.66 3.86 4.05 3.81 3.47 3.64

1,358 1,256 1,234 1,283 1,251 1,196 1,188 1,231
29,526 28,898 28,127 28,953 28,348 27,585 26,745 27,605
14 15 15 15 14 14 15 14
3.24 3.34 3.25 2.99 2.77 2.77 2.82 2.61
5,183 5,158 5,201 5,331 5,359 5,386 5,491 5,623

3,518 3,574 3,617 3,676 3,735 3,795 3,857 3,920
569 593 617 642 629 654 724 753
54 52 49 47 45 43 41 39
19,044 18,639 18,142 18,675 17,209 16,746 17,251 17,805
26% 24% 24% 24% 23% 22% 22% 22%
3.1% 2.7% 2.6% 2.8% 2.8% 2.6% 2.3% 2.5%
4.4% 3.8% 3.6% 3.8% 3.9% 3.5% 3.1% 3.3%
22.4% 20.6% 18.9% 18.3% 16.9% 15.6% 14.4% 13.9%
16.7% 15.1% 14.7% 15.1% 14.8% 13.9% 13.2% 13.5%

32% 31% 30% 31% 30% 30% 30% 30%
3,518 3,574 3,617 3,676 3,735 3,795 3,857 3,920
2,453 2,494 2,522 2,564 2,607 2,651 2,696 2,741
174 175 176 177 178 179 180 181
427 433 440 446 453 460 467 474
213 217 220 223 227 230 233 237
35 35 35 35 36 36 36 36
35 35 35 35 36 36 36 36
76 80 84 88 93 97 102 107
105 105 106 106 107 107 108 108
70% 70% 70% 70% 70% 70% 70% 70%

5% 5% 5% 5% 5% 5% 5% 5%
12% 12% 12% 12% 12% 12% 12% 12%
6% 6% 6% 6% 6% 6% 6% 6%
0.99% 0.98% 0.97% 0.96% 0.95% 0.94% 0.93% 0.92%
0.99% 0.98% 0.97% 0.96% 0.95% 0.94% 0.93% 0.92%
2.16% 2.24% 2.32% 2.40% 2.48% 2.56% 2.64% 2.73%
3% 3% 3% 3% 3% 3% 3% 3%
2,453 2,494 2,522 2,564 2,607 2,651 2,696 2,741

2,453 2,494 2,522 2,564 2,607 2,651 2,696 2,741
508 509 503 504 504 505 505 506
1,945 1,985 2,019 2,060 2,103 2,146 2,190 2,235
2,047 2,090 2,133 2,177 2,222 2,268 2,315 2,362
1,797 1,834 1,873 1,911 1,951 1,991 2,032 2,074
0% 0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 100% 100% 100%
0% 0% 0% 0% 0% 0% 0% 0%
85% 85% 85% 85% 85% 85% 85% 85%
15% 15% 15% 15% 15% 15% 15% 15%
900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000

900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500

121 122 123 124 125 126 127 128
24 24 25 25 25 25 25 26
12,856 13,124 13,397 13,675 13,957 14,245 14,537 14,835
2,057 2,100 2,144 2,188 2,233 2,279 2,326 2,374
1,928 1,969 2,010 2,051 2,094 2,137 2,181 2,225

643 656 670 684 698 712 727 742
14,784 15,093 15,407 15,726 16,051 16,382 16,718 17,060

13,499 13,780 14,067 14,359 14,655 14,957 15,264 15,577
2,047 2,090 2,133 2,177 2,222 2,268 2,315 2,362

1,869 1,908 1,948 1,988 2,029 2,071 2,114 2,157
9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750

66,820 67,154 67,489 67,827 68,166 68,507 68,849 69,194
9,216 9,263 9,309 9,355 9,402 9,449 9,496 9,544
1,336 1,343 1,350 1,357 1,363 1,370 1,377 1,384
58,939 59,234 59,530 59,828 60,127 60,428 60,730 61,033

5,441 5,468 5,495 5,523 5,550 5,578 5,606 5,634
52,995 53,260 53,526 53,794 54,063 54,333 54,605 54,878

101% 101% 101% 101% 101% 101% 101% 101%
8,479 8,522 8,564 8,607 8,650 8,693 8,737 8,780
61,474 61,781 62,090 62,401 62,713 63,026 63,341 63,658
1,060 1,065 1,071 1,076 1,081 1,087 1,092 1,098
54,055 54,325 54,597 54,870 55,144 55,420 55,697 55,975

4,990 5,015 5,040 5,065 5,090 5,116 5,141 5,167
5,346 5,372 5,399 5,426 5,453 5,481 5,508 5,535

92% 92% 92% 92% 92% 92% 92% 92%
3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500

5,399 5,512 5,627 5,743 5,862 5,983 6,106 6,231
1,388 1,417 1,447 1,477 1,507 1,538 1,570 1,602
508 509 503 504 504 505 505 506

564 564 563 563 564 565 565 566
428 428 427 428 428 429 429 429
83 83 83 83 83 83 83 83
85% 85% 85% 85% 85% 85% 85% 85%
15% 15% 15% 15% 15% 15% 15% 15%
63 63 63 63 63 63 63 63
95% 95% 95% 95% 95% 95% 95% 95%
5% 5% 5% 5% 5% 5% 5% 5%
2,145 2,145 2,145 2,145 2,145 2,145 2,145 2,145

0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.22
12.53 12.59 12.62 12.68 12.75 12.81 12.87 12.94
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

6.09 6.09 6.09 6.09 6.09 6.09 6.09 6.09
609 609 609 609 609 609 609 609
6.79 6.80 6.78 6.79 6.80 6.80 6.81 6.82

370 360 360 370 370 370 370 380
7,400 7,200 7,200 7,400 7,400 7,400 7,400 7,600
6,752 6,550 6,047 6,233 6,622 6,622 6,233 6,419
6,700 6,500 6,500 6,700 6,700 6,700 6,700 6,900

335 325 325 335 335 335 335 345
5,209 5,038 5,038 5,209 5,209 5,209 5,209 5,379

260 252 252 260 260 260 260 269
16% 16% 16% 16% 16% 16% 16% 16%

500 500 500 500 500 500 500 500
2% 2% 2% 2% 2% 2% 2% 2%
5,249 5,078 4,687 4,845 5,148 5,148 4,845 5,004
5,209 5,038 5,038 5,209 5,209 5,209 5,209 5,379
260 252 252 260 260 260 260 269
2,787 2,919 3,377 3,420 3,679 3,725 3,668 3,714

5,135 5,379 5,446 5,514 5,583 5,653 5,914 5,988
5,135 5,379 5,446 5,514 5,583 5,653 5,914 5,988
89 90 91 92 93 94 95 97
58 60 60 60 60 60 62 62
65% 65% 60% 60% 60% 60% 60% 60%

35% 35% 40% 40% 40% 40% 40% 40%
814 847 881 916 953 991 1,030 1,072

4% 4% 4% 4% 4% 4% 4% 4%
774 805 837 870 905 941 979 1,018
95% 95% 95% 95% 95% 95% 95% 95%
68 72 75 79 83 87 92 96
24 25 26 28 29 31 32 34
35% 35% 35% 35% 35% 35% 35% 35%
1 1 2 2 2 2 2 2
2% 2% 2% 2% 2% 2% 2% 2%
42 44 47 49 51 54 57 60
62% 62% 62% 62% 62% 62% 62% 62%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
12% 12% 12% 12% 12% 12% 12% 12%

15% 15% 15% 15% 15% 15% 15% 15%
70% 70% 70% 70% 70% 70% 70% 70%
2% 2% 2% 2% 2% 2% 2% 2%
2.00% 2.00% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

1% 1% 1% 1% 1% 1% 1% 1%
45% 45% 45% 45% 45% 45% 45% 45%

1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
80% 80% 70% 70% 60% 60% 60% 60%
5% 5% 5% 5% 5% 5% 5% 5%
2% 2% 2% 2% 2% 2% 2% 2%
6% 6% 6% 6% 6% 6% 6% 6%
97.79 99.01 100.25 101.50 102.77 104.06 105.36 106.67

1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%
10.00% 10.00% 9.00% 9.00% 9.00% 9.00% 8.00% 8.00%
11% 11% 10% 10% 10% 10% 10% 10%
1,938 1,938 1,938 1,938 1,938 1,938 1,938 1,938

1.94 1.94 1.94 1.94 1.94 1.94 1.94 1.94
1,647 1,647 1,744 1,744 1,744 1,744 1,744 1,744
1.65 1.65 1.74 1.74 1.74 1.74 1.74 1.74
988 988 959 959 959 959 872 872

6% 0% -3% 0% 0% 0% -9% 0%
0.99 0.99 0.96 0.96 0.96 0.96 0.87 0.87
659 659 785 785 785 785 872 872
0.66 0.66 0.78 0.78 0.78 0.78 0.87 0.87
6% 0% 19% 0% 0% 0% 11% 0%
60% 60% 55% 55% 55% 55% 50% 50%

40% 40% 45% 45% 45% 45% 50% 50%
85% 85% 90% 90% 90% 90% 90% 90%
1.70 1.70 1.80 1.80 1.80 1.80 1.80 1.80

0.54 0.54 0.57 0.57 0.57 0.57 0.57 0.57
1.15 1.15 1.22 1.22 1.22 1.22 1.22 1.22
68% 68% 68% 68% 68% 68% 68% 68%
1.65 1.65 1.74 1.74 1.74 1.74 1.74 1.74

0.92 0.92 0.92 0.92 0.92 0.92 0.87 0.87
0.72 0.72 0.82 0.82 0.82 0.82 0.87 0.87
103% 103% 103% 103% 103% 103% 103% 103%
1,258 1,797 2,484 1,824 2,604 3,439 4,445 3,884
1,117 1,144 1,205 1,212 1,239 1,266 1,282 1,309

1,397 1,430 1,506 1,515 1,549 1,583 1,603 1,636
6,518 6,671 7,027 7,070 7,228 7,386 7,480 7,634
1,130 1,153 1,176 1,199 1,223 1,248 1,273 1,298
11,421 12,194 13,398 12,820 13,843 14,922 16,083 15,760
38,091 38,662 39,049 39,439 39,833 40,232 40,433 40,635
2 2 2 2 2 2 2 2
38,093 38,664 39,051 39,441 39,835 40,234 40,435 40,637
49,514 50,858 52,448 52,261 53,679 55,156 56,518 56,397
4,190 4,289 4,517 4,545 4,646 4,748 4,808 4,907
72 69 67 64 62 59 57 55
- - - - - - - -
4,151 3,943 3,746 3,559 3,381 3,212 3,051 2,898
- - - - - - - -
188 192 202 203 208 212 215 220
8,600 8,493 8,532 8,371 8,296 8,231 8,132 8,080
466 477 502 505 516 528 534 545
2,827 2,969 3,117 3,273 3,436 3,608 3,789 3,978
534 546 575 579 592 605 612 625
3,826 3,991 4,194 4,357 4,544 4,740 4,935 5,148
12,427 12,484 12,726 12,727 12,841 12,972 13,067 13,229
3,234 3,234 3,234 3,234 3,234 3,234 3,234 3,234
33,853 35,140 36,488 36,300 37,604 38,950 40,217 39,935
37,087 38,374 39,722 39,534 40,838 42,184 43,451 43,169
49,514 50,858 52,448 52,261 53,679 55,156 56,518 56,397
4,804 4,611 4,450 4,267 4,105 3,952 3,800 3,663
10,815 11,062 11,498 11,559 11,812 12,067 12,063 12,309

6,820 7,017 6,619 6,619 6,811 7,003 6,366 6,541
3,995 4,045 4,878 4,939 5,001 5,064 5,697 5,768
941 968 913 913 939 966 878 902
494 494 480 480 480 480 436 436
68 70 66 66 68 70 64 65
9,312 9,530 10,039 10,100 10,325 10,551 10,685 10,905

5,317 5,485 5,160 5,160 5,324 5,487 4,989 5,137
3,995 4,045 4,878 4,939 5,001 5,064 5,697 5,768
6,562 6,670 7,058 7,173 7,292 7,412 7,581 7,707
4,591 4,668 4,906 4,988 5,072 5,158 5,290 5,380
299 300 320 321 323 324 326 328
792 804 864 877 890 903 917 931
396 402 432 438 445 452 458 465
60 60 64 64 65 65 65 66
60 60 64 64 65 65 65 66
185 195 216 227 238 250 263 276
179 180 192 193 194 195 196 197
2,749 2,860 2,981 2,926 3,033 3,139 3,104 3,198
1,115 1,159 1,206 1,254 1,304 1,356 1,410 1,467
22 23 24 25 26 27 28 29
1,059 1,101 1,145 1,191 1,239 1,288 1,340 1,393
6 6 6 6 7 7 7 7
6 6 6 6 7 7 7 7
22 23 24 25 26 27 28 29
101 106 111 117 123 129 135 142
35 37 39 41 43 45 47 50
2 2 2 2 2 3 3 3
63 66 69 72 76 80 84 88
1,534 1,595 1,665 1,556 1,607 1,654 1,559 1,589
440 444 448 453 457 462 467 471
1,974 2,039 2,113 2,009 2,064 2,116 2,025 2,060
73 71 68 65 63 60 58 56
1 1 1 1 1 1 1 1
92 96 100 93 96 99 94 95
1,370 1,430 1,498 1,398 1,449 1,496 1,408 1,439

137 143 150 140 145 150 141 144
- - - - - - - -
- - - - - - - -
1,233 1,287 1,348 1,258 1,304 1,346 1,267 1,295
10% 10% 10% 10% 10% 10% 10% 10%
3.81 3.98 4.17 3.89 4.03 4.16 3.92 4.00
1,446 1,577
1,446 1,577
323 323 323 323 323 323 323 323
4.47 4.88
115 119 123 122 126 130 134 133
30% 30%
1,233 1,287 1,348 1,258 1,304 1,346 1,267 1,295

440 444 448 453 457 462 467 471
(165) 15 (112) 101 33 40 91 60
1,507 1,746 1,684 1,813 1,794 1,848 1,825 1,826
48 46 44 42 41 39 38 36
(1,002) (1,015) (835) (843) (852) (860) (668) (673)
552 776 893 1,012 983 1,027 1,195 1,189
(177) (192) (161) (183) (162) (153) (151) (137)
(48) (46) (44) (42) (41) (39) (38) (36)
328 538 687 786 780 835 1,006 1,016
(1,446) (1,577)
328 538 687 (660) 780 835 1,006 (561)
931 1,258 1,797 2,484 1,824 2,604 3,439 4,445

1,258 1,797 2,484 1,824 2,604 3,439 4,445 3,884
- - - - - - - -
3.81 3.98 4.17 3.89 4.03 4.16 3.92 4.00

1,198 1,238 1,211 1,152 1,184 1,213 1,161 1,181
27,100 26,369 25,521 25,998 25,055 24,067 22,910 23,334
14 13 12 13 12 11 11 11
2.43 2.26 2.11 2.12 1.99 1.87 1.88 1.78
5,653 5,785 5,756 5,791 5,920 6,049 6,126 6,252

3,984 4,049 4,046 4,113 4,180 4,250 4,346 4,419
738 768 755 786 818 851 886 922
38 36 35 34 32 31 30 29
16,451 16,008 14,632 14,905 14,365 13,798 13,135 13,378
21% 21% 21% 20% 20% 20% 19% 19%
2.5% 2.5% 2.6% 2.4% 2.4% 2.4% 2.2% 2.3%
3.3% 3.4% 3.4% 3.2% 3.2% 3.2% 2.9% 3.0%
13.0% 12.0% 11.2% 10.8% 10.1% 9.4% 8.7% 8.5%
13.2% 13.5% 13.4% 12.5% 12.6% 12.8% 11.9% 11.9%

30% 30% 30% 29% 29% 30% 29% 29%
3,984 4,049 4,046 4,113 4,180 4,250 4,346 4,419
2,787 2,834 2,813 2,860 2,908 2,957 3,033 3,084
181 182 183 184 185 186 187 188
481 488 495 503 510 518 526 534
240 244 248 251 255 259 263 267
36 36 37 37 37 37 37 38
36 36 37 37 37 37 37 38
112 118 124 130 137 144 151 158
109 109 110 111 111 112 112 113
70% 70% 70% 70% 70% 70% 70% 70%

5% 5% 5% 4% 4% 4% 4% 4%
12% 12% 12% 12% 12% 12% 12% 12%
6% 6% 6% 6% 6% 6% 6% 6%
0.91% 0.90% 0.91% 0.90% 0.89% 0.88% 0.86% 0.85%
0.91% 0.90% 0.91% 0.90% 0.89% 0.88% 0.86% 0.85%
2.82% 2.92% 3.06% 3.17% 3.27% 3.38% 3.47% 3.58%
3% 3% 3% 3% 3% 3% 3% 3%
2,787 2,834 2,813 2,860 2,908 2,957 3,033 3,084

2,787 2,834 2,813 2,860 2,908 2,957 3,033 3,084
506 507 501 502 502 503 497 498
2,281 2,327 2,311 2,358 2,406 2,454 2,536 2,586
2,410 2,459 2,509 2,560 2,612 2,664 2,718 2,772
2,116 2,159 2,088 2,130 2,173 2,217 2,354 2,401
0% 0% 0% 0% 0% 0% 0% 0%
100% 100% 100% 100% 100% 100% 100% 100%
0% 0% 0% 0% 0% 0% 0% 0%
85% 85% 80% 80% 80% 80% 80% 80%
15% 15% 15% 15% 15% 15% 20% 20%
900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000

900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
900,000 900,000 900,000 900,000 900,000 900,000 900,000 900,000
6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500

129 130 131 132 133 134 135 136
26 26 26 26 27 27 27 27
15,138 15,446 15,759 16,078 16,402 16,732 17,068 17,409
2,422 2,471 2,521 2,572 2,624 2,677 2,731 2,785
2,271 2,317 2,364 2,412 2,460 2,510 2,560 2,611

757 772 788 804 820 837 853 870
17,409 17,763 18,123 18,490 18,863 19,242 19,628 20,021

15,895 16,218 16,547 16,882 17,223 17,569 17,921 18,280
2,410 2,459 2,509 2,560 2,612 2,664 2,718 2,772

2,201 2,246 2,291 2,338 2,385 2,433 2,481 2,531
9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750

69,540 69,887 70,237 70,588 70,941 71,295 71,652 72,010
9,592 9,640 9,688 9,736 9,785 9,834 9,883 9,932
1,391 1,398 1,405 1,412 1,419 1,426 1,433 1,440
61,339 61,645 61,954 62,263 62,575 62,888 63,202 63,518

5,662 5,690 5,719 5,747 5,776 5,805 5,834 5,863
55,152 55,428 55,705 55,983 56,263 56,545 56,827 57,112

101% 101% 101% 101% 101% 101% 101% 101%
8,824 8,868 8,913 8,957 9,002 9,047 9,092 9,138
63,976 64,296 64,618 64,941 65,266 65,592 65,920 66,249
1,103 1,109 1,114 1,120 1,125 1,131 1,137 1,142
56,255 56,536 56,819 57,103 57,389 57,676 57,964 58,254

5,193 5,219 5,245 5,271 5,297 5,324 5,351 5,377
5,563 5,591 5,619 5,647 5,675 5,704 5,732 5,761

92% 92% 92% 92% 92% 92% 92% 92%
3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500

6,358 6,487 6,619 6,753 6,889 7,028 7,169 7,312
1,635 1,668 1,702 1,736 1,771 1,807 1,843 1,880
506 507 501 502 502 503 497 498

566 567 565 566 567 567 566 566
430 430 429 430 430 430 429 430
83 83 83 83 83 83 83 83
85% 85% 85% 85% 85% 85% 85% 85%
15% 15% 15% 15% 15% 15% 15% 15%
63 63 63 63 63 63 63 63
95% 95% 95% 95% 95% 95% 95% 95%
5% 5% 5% 5% 5% 5% 5% 5%
2,145 2,145 2,145 2,145 2,145 2,145 2,145 2,145

0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.22
13.00 13.07 13.10 13.16 13.23 13.30 13.33 13.39
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

6.09 6.09 6.09 6.09 6.09 6.09 6.09 6.09
609 609 609 609 609 609 609 609
6.82 6.83 6.81 6.82 6.83 6.83 6.81 6.82

380 390 380 380 390 400 400 410
7,600 7,800 7,600 7,600 7,800 8,000 8,000 8,200
6,820 7,017 6,619 6,619 6,811 7,003 6,366 6,541
6,900 7,100 6,900 6,900 7,100 7,300 7,300 7,500

345 355 345 345 355 365 365 375
5,379 5,550 5,379 5,379 5,550 5,720 5,720 5,891

269 277 269 269 277 286 286 295
16% 16% 16% 16% 16% 16% 16% 16%

500 500 500 500 500 500 500 500
2% 2% 2% 2% 2% 2% 2% 2%
5,317 5,485 5,160 5,160 5,324 5,487 4,989 5,137
5,379 5,550 5,379 5,379 5,550 5,720 5,720 5,891
269 277 269 269 277 286 286 295
3,995 4,045 4,878 4,939 5,001 5,064 5,697 5,768

6,063 6,139 6,216 6,293 6,372 6,452 6,532 6,614
6,063 6,139 6,216 6,293 6,372 6,452 6,532 6,614
98 99 100 102 103 104 105 107
62 62 62 62 62 62 62 62
60% 60% 55% 55% 55% 55% 50% 50%

40% 40% 45% 45% 45% 45% 50% 50%
1,115 1,159 1,206 1,254 1,304 1,356 1,410 1,467

4% 4% 4% 4% 4% 4% 4% 4%
1,059 1,101 1,145 1,191 1,239 1,288 1,340 1,393
95% 95% 95% 95% 95% 95% 95% 95%
101 106 111 117 123 129 135 142
35 37 39 41 43 45 47 50
35% 35% 35% 35% 35% 35% 35% 35%
2 2 2 2 2 3 3 3
2% 2% 2% 2% 2% 2% 2% 2%
63 66 69 72 76 80 84 88
62% 62% 62% 62% 62% 62% 62% 62%
1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
12% 12% 12% 12% 12% 12% 12% 12%

15% 15% 15% 15% 15% 15% 15% 15%
70% 70% 70% 70% 70% 70% 70% 70%
2% 2% 2% 2% 2% 2% 2% 2%
1.50% 1.50% 1.00% 1.00% 1.00% 1.00% 0.50% 0.50%

1% 1% 1% 1% 1% 1% 1% 1%
45% 45% 45% 45% 45% 45% 45% 45%

1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
60% 60% 50% 50% 50% 50% 50% 50%
5% 5% 5% 5% 5% 5% 5% 5%
2% 2% 2% 2% 2% 2% 2% 2%
6% 6% 6% 6% 6% 6% 6% 6%
3QFY16 4QFY16
108.01 109.36
1.25% 1.25%
8.00% 8.00%
10% 10%
1,938 1,938
1.94 1.94
1,744 1,744
1.74 1.74
872 872
0% 0%
0.87 0.87
872 872
0.87 0.87
0% 0%
50% 50%
50% 50%
90% 90%
1.80 1.80
0.57 0.57
1.22 1.22
68% 68%
1.74 1.74
0.87 0.87
0.87 0.87
103% 103%
4,939 5,962
1,335 1,344
1,669 1,680
7,788 7,839
1,324 1,351
17,055 18,176
40,838 41,043
2 2
40,840 41,045
57,896 59,220
5,007 5,039
53 51
- -
2,754 2,616
- -
224 226
8,037 7,932
556 560
4,177 4,386
637 642
5,371 5,588
13,408 13,519
3,234 3,234
41,254 42,467
44,488 45,701
57,896 59,220
3,534 3,401
12,555 12,628
6,715 6,715
5,840 5,913
926 926
436 436
67 67
11,126 11,199
5,286 5,286
5,840 5,913
7,836 7,968
5,471 5,563
329 331
945 959
472 479
66 66
66 66
290 304
198 199
3,290 3,231
1,525 1,586
31 32
1,449 1,507
8 8
8 8
31 32
149 157
52 55
3 3
92 97
1,615 1,488
476 481
2,091 1,969
54 52
1 1
97 89
1,465 1,348
147 135
- -
- -
1,319 1,213
10% 10%
4.08 3.75
1,528
323 323
4.73
138 141
30%
1,319 1,213
476 481
69 147
1,864 1,840
35 34
(679) (685)
1,219 1,189
(129) (133)
(35) (34)
1,055 1,023
1,055 1,023
3,884 4,939
4,939 5,962
- -
4.08 3.75
1,199 1,129
22,149 20,994
11 11
1.69 1.73
6,379 6,421
4,493 4,568
960 999
28 27
12,699 12,036
19% 18%
2.3% 2.0%
3.0% 2.7%
7.9% 7.4%
11.9% 10.8%
30% 29%
4,493 4,568
3,136 3,189
189 190
542 550
271 275
38 38
38 38
166 174
113 114
70% 70%
4% 4%
12% 12%
6% 6%
0.84% 0.83%
0.84% 0.83%
3.70% 3.82%
3% 2%
3,136 3,189
3,136 3,189
498 499
2,638 2,691
2,827 2,884
2,449 2,497
0% 0%
100% 100%
0% 0%
80% 80%
20% 20%
900,000 900,000
900,000 900,000
900,000 900,000
6,500 6,500
137 138
27 28
17,756 18,110
2,841 2,898
2,663 2,716
888 905
20,420 20,826
18,644 19,015
2,827 2,884
2,582 2,633
9,750 9,750
72,370 72,732
9,982 10,032
1,447 1,455
63,836 64,155
5,893 5,922
57,397 57,684
101% 101%
9,184 9,229
66,581 66,914
1,148 1,154
58,545 58,838
5,404 5,431
5,790 5,819
92% 92%
3,500 3,500
7,458 7,606
1,918 1,956
498 499
567 567
430 431
83 83
85% 85%
15% 15%
63 63
95% 95%
5% 5%
2,145 2,145
0.22 0.22
13.46 13.53
0.01 0.01
6.09 6.09
609 609
6.83 6.83
420 420
8,400 8,400
6,715 6,715
7,700 7,700
385 385
6,061 6,061
303 303
16% 16%
500 500
2% 2%
5,286 5,286
6,061 6,061
303 303
5,840 5,913
6,696 6,780
6,696 6,780
108 109
62 62
50% 50%
50% 50%
1,525 1,586
4% 4%
1,449 1,507
95% 95%
149 157
52 55
35% 35%
3 3
2% 2%
92 97
62% 62%
1.00% 1.00%
1.50% 1.50%
6.00% 6.00%
12% 12%
15% 15%
70% 70%
2% 2%
0.50% 0.50%
1% 1%
45% 45%
1.5% 1.5%
50% 50%
5% 5%
2% 2%
6% 6%
FY98 FY99 FY00
Inflation rate 5.7% 3.6% 4.4%
PKR/bag 178 203 210
Growth of prices 14% 4%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08
3.5% 3.1% 4.6% 9.3% 7.9% 7.8% 12.0% 20.8%
202 226 211 201 212 268 217 245
-4% 12% -7% -5% 6% 26% -19% 13%
Other Charges
13%
Inflation rate
Growth of prices
FY09 FY10
11.5% 11.7%
352 286
43% -19%
Before After
Revenue per Bag 308
COGS per Bag 180
EBITDA per Bag 142
Delivery Cost per Bag 53
PAT per Bag 86
Jun May
Local 336,983.00 311,297.03
Export 223,763.00 212,279.66
1,838,946 850,198.00 Feb-07

1,206,269 662,032 Jan-90
0.99
0.54
Apr
335,176.18 0.98
213,316.52 0.65
TP 307
CY14 PAT 11,784
EPS 36.48

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Company Name: Lucky Cement Limited

Year to June Jun-05 Jun-05 Jun-05 Jun-05

PROFIT & LOSS STATEMENT

CASH FLOW STATEMENT

2,049 2,203 1,978 2,190 2,908 3,981 8,053

229 256 297 229 687 829 1,937

229 256 297 229 687 829 1,937

229 256 297 229 687 829 1,937

229 256 297 229 687 829 1,937

52 49 54 40 1,000 141 2,064

263 263 263 263 263 ### 263

0.87 0.97 1.13 0.87 2.61 3.15 7.35

12,523 16,960 26,331 24,510 26,017 33,323 37,810

1,239 270 1,049 334 351 844 2,806

263 323 323 323 323 323 323

9.67 9.81 14.22 9.72 12.27 20.97 30.15

Year to June Jun-05 Jul-05 Jul-05 2011E 2012E 2013E

Jul-05 Jul-05 Mar-03

35.08 46.17 Err:518

Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04

1,000 1,143 967

4,307 4,711 4,560

- (4,868) (3,474) 2,520

263 263 263 263

Err:518 Err:518 Err:518 - - - 1.09

907 1,203 1,493 1,819 2,049 2,691 3,167

178 243 342 513 495 586 477

960 141 106 155 479 2,064 881

4,889 5,134 5,475 5,989 6,484 6,806 7,284

178 243 342 513 495 586 477

(3,079) (3,304) (1,150) (1,832) 224 (516) 688

263 263 263 263 263 263 263

0.68 0.92 1.30 1.95 1.88 2.22 1.81

2,413 3,400 3,542 3,652 3,549 4,665 5,093

314 553 1,203 731 618 666 663

2,161 1,124 1,239 718 1,081 996 270

7,597 8,152 9,354 9,755 10,374 11,039 18,655

314 553 1,203 731 618 666 663

(677) (388) 752 (114) (2,311) (1,153) (1,608)

263 263 263 263 263 263 323

1.19 2.10 4.57 2.78 2.35 2.53 2.19

5,715 6,692 6,700 7,223 6,042 6,075 5,910

962 976 1,134 1,524 1,102 806 653

360 287 2,061 1,049 185 239 460

19,619 20,594 21,728 23,252 24,355 23,867 37,913

962 976 1,134 1,524 1,102 806 653

(1,938) 1,141 1,786 (2,146) 1,225 612 4,880

323 323 323 323 323 323 323

2.98 3.02 3.51 4.72 3.41 2.50 2.02

6,482 5,584 6,444 6,503 7,486 7,496 7,877

577 727 734 1,014 1,494 1,506 1,511

334 236 364 431 351 400 304

38,311 39,523 40,050 40,804 41,209 41,106 42,006

577 727 734 1,014 1,494 1,506 1,511

(1,564) (1,200) 466 334 (30,619) 3,153 (393)

323 323 323 323 323 323 323

1.79 2.25 2.27 3.14 4.63 4.66 4.68

8,572 9,378 8,852 8,659 10,224 10,076

1,669 2,097 2,014 2,276 2,692 2,767

628 844 3,298 2,023 737 2,806

41,314 40,631 43,041 43,424 47,980 50,196

1,669 2,097 2,014 2,276 2,692 2,767

3,407 6,403 (499) 2,259 (974) 2,710