Documente Academic
Documente Profesional
Documente Cultură
Developed by Paul Schneider and converted to Excel 2000 by Dan Hess as a collaborative effort with Nancy Isaacs and Lowe
Herr for fellow NAIC I Club List users and others as freeware.
You can make short work of an annual report by heading straight for the tables of financial contents. At this stage, we assum
you have already completed a satisfactory SSG and are either contemplating buying the stock or already own it.
You may view or print out selected pages of the annual report from the company website listed in Value Line or get a printou
of the SEC Form 10K annual filing from Edgarscan at http://edgarscan.pwcglobal.com/servlets/edgarscan
as some of the alternate methods of obtaining the required financial tables. The 3 required tables are The Statement of
Income, The Balance Sheet, and The Statement of Cash Flows. The needed items of information are described herein and ca
be found and tabulated into this Excel program from these tables onto the "Input Data" worksheet (click on tab at bottom of th
page) and the Excel program will automatically calculate and list answers on the "Output Results" worksheet (click tab at
bottom of this page) to provide you with an excellent color coded idea of the financial strength and quality of your company. In
addition this "How to Input Data & Interpret" Worksheet you are now reading (see tab at bottom of this page) explains the
parameters calculated for you and provides an index of terms and explains these terms to partially assist in your education on
annual reports.
The input and output worksheets are provided to accommodate a large number of annual reports simultaneously and side by
side. Some may find it useful to place prior years of a company adjacent to allow historical comparisons. Likewise comparing
companies in the same business or industry may make more meaningful comparisons. The worksheet has been set up to view
or print many companies per page in landscape on an HP 932C Printer. This can easily be changed by adding columns, hidin
columns, clearing columns as the user desires. Refer to your Excel or Printer User Guides on how to make changes.
The "Output Results" worksheet has a Column B which contains a brief definition of the formulas used in the output calculation
You may choose to hide this column once you are familiar with the formulas and are familiar with Excel. Hiding Column B
permits you to view even more stocks simultaneously. You may also scroll to the right to view an entire portfolio, candidate
stocks, etc. You will also have to scroll vertically to see all the information on each company.
You have the option of comparing performance of sequential years of a given company, or several companies in a given
industry.
A color code of red, yellow, or green colors is used on the Output Results worksheet to signify high risk, caution, or good
performance, respectively, for each calculated parameter. The value of each calculated number is also given so the user can
make his or her own assessment of quality or risk. The color code also provides a quick overview of stocks in the entire portfol
that may be in trouble as measured by a multitude of parameters indicating "red", or conversely in "green" for those companie
that have excellent quality. The sample "user criteria" is included. Users may wish to customize this criteria to suit their risk
profile and desires. The colors have been selected by the "conditional formatting" provided by Excel 2.0 and can also be
modified by the user if needed to suit the particular nature of a given industry. So look at the number compared to the
industry;don't nit pick at the color. One color criteria does NOT fit all! This Excel program cannot have different color limits for
each industry! Color is only a guide.
Often companies that are leveraged on the ragged edge can nonetheless become popular and have successful price
appreciation. In a downturn however, owning companies with solid financial data as defined by these calculated numbers can
provide long term security. You might want to reject owning companies that appear to be of poor quality on this analysis that
otherwise look good using other "stock picking" criteria.
In addition to using this spreadsheet to quickly analyze the numbers in the annual report, the report should be read along with
the proxy. It is suggested that each subsequent annual report be analyzed in the same manner after owning the stock to
become aware of any changes in performance. Be forewarned that some stocks with great annual performance numbers can
still have poor price performance for good reason. (For instance, a drug company that is living off the laurels of one key drug th
is ready to go off patent (e.g. Schering Plough in 2001). Stock prices often reflect future anticipated performance.
As a final note, you should fully expect that the numbers that you calculate may differ from numbers you see already calculate
and published for you on the internet, annual reports, or in Value Line. For instance, a different time frame may be used such a
trailing twelve months (ttm) instead of fiscal year. Also calculations that involve terms of "equity" or "numbers of shares" will oft
use different definitions. Return on equity may use equity at the end of the year instead of average equity, which averages the
beginning and end of the year, or a weighted average equity. Number of shares in this program assume full dilution and avera
number of shares from beginning to end of the year, a weighted average. As long as you calculate all your companies the sam
way, you should not be mislead or have to rely on how it is done for you by each source.
Sorry, but no matter how much you know about Annual Reports or Excel, you are going to have to read the directions in this
"How to Input Data & Interpret" Worksheet if you want to believe your output. There are a lot of opportunities to make mistake
if you do not. Such as: All input must be in Millions of dollars. Sign conventions in the Cash Flow Inputs can be either minus o
plus depending. Input of capital expenditures or dividends may be exceptions to the sign convention you may see in the
annual report. The input of numbers of shares must be in "diluted average weighted outstanding shares". And a few more.
Also, where do I find the Input in an Annual Report? We offer some help here since some companies use different words to
mean the same thing, and we tell what those terms are likely to be.
When I take data from the annual report, what sign do I use when I enter the data on an input sheet
In Annual reports, as a general rule, a number is to be entered to our input sheet as a plus if there is no minus sign or
parenthesis around the number (meaning minus). But read on for the exceptions. Or on a Statement of Cash Flows, it is also
entered as a plus if it is cash "provided by" an activity or a minus if it is cash "used in" an activity.
Generally it is to be entered on our input sheet with the same sign as indicated by the discussion above, with two notable
exceptions: If it is a dividend it should always be entered as a plus (regardless of the sign used in the annual report). Or if it is
capital expenditure (also called CAPEX) it should always be entered as a plus (regardless of the sign used in the annual repor
Unless in an extremely rare occurance where capital facilities are sold off rather than purchased. Then it would be minus.
Additional Data Input After The Statement of Income, Balance Sheet & Cash Flow Statement
Four more lines of input are required after the 3 Financial Statement Sheets. These are:
"Total Debt (Optional) from Valueline" (in millions of dollars). Do not use this option, but input a zero or leave it blank. Inputing
total debt from Valueline will overule your input of short term and long term debt on the input sheet.
"CEO Total Compensation" (input in millions of dollars). Should be taken from the latest proxy statement (also called Schedule
14A) which can be found online at Edgarscan. Add up the total annual compensation to include "Salary", "bonus", and "Other
annual compensation." Do not include long term compensation or stock options.
"Stock Option Shares Granted" (input in millions of shares). Data is available from Annual Report or 10K on Edgarscan. If you
look in the footnotes section, you will see "employee benefit plans" which lists the total number of stock option shares
outstanding for the year.
"Net Income if Stock Options Expensed" (input in millions of dollars). Look in the footnotes of the Annual Report or 10K for a
section on "stock based compensation" that starts out with the "Net Income as reported" and then subtracts the "Pro forma
employee compensation cost of stock based compensation plans." The Net Income if stock options are expensed will be
labeled "pro forma".
You can learn enough to "get by". The following "How To" procedures may be all you need to get started using the spreadshee
But I highly recommend a book called "Teach Yourself Visually, Excel 2000" by Maran Graphics and Hungryminds.
To get acquainted with this spreadsheet, go ahead and open the "Input Data" or "Output Results" worksheets by clicking the
named tabs on the bottom of the page.
You will want to scroll horizontally to see the many stocks that can all be seen simultaneously and compared. Scroll vertically
see the entire worksheet.
Whole portfolios and candidate stocks can be seen all in one place, along with several years in a row of any given particular
stock.
To use the program, you just type in the input on the "Input Data" worksheet, and the output appears automatically on the
"Output Results" worksheet.
To input a new stock, you probably want to make one of the following 3 choices: You can either choose to insert an extra
column between existing stocks if you want perhaps to keep them in alphabetical order, or insert an extra column for the late
annual report of a given stock to the right of the same stock of the previous year, or even just type over the input data of an
existing stock if you are not yet comfortable with inserting extra columns.
Some worksheets are "protected" so you can't write on them and some are not protected because you have to write on them;
such as the input sheet. Below, we tell you how to protect and unprotect worksheets. To add a column to both the "Input Data
and "Output Results" worksheets, you are going to have to unprotect both sheets first (if they are not already) so that you can
modify them.
To unprotect the "Input Data" or "Output Results" worksheet, click Tools at the top of the page of any given worksheet, click
Protection, and click Unprotect sheet (unless this step tells you its already the way you want it). When the dialog box pop
up, we choose not to put in a password, but rather to leave the box blank. So just click OK. Unprotect worksheets when you
want to allow the ability to add extra columns or other changes.
To insert in an extra column to make room for a new stock that perhaps you may want to put in alphabetical order, you are
going to have to insert the column in each of the "Input Data" worksheet and the "Output Results" worksheet at the same
column letter address. First, go to the "Input Data" worksheet by clicking on the "Input Data" tab on the bottom of the page.
Excel will insert an extra column to the left of any column you select. Let us assume you want to insert an extra column to the
left of alphabetically lettered column G on your Input worksheet. To select a column, left click the column letter at the top of t
column G. Then right click and select insert.
A new blank column now appears and all the columns that follow shift to the right. The new extra column now becomes the
new column G. (Now to deselect the column, just click any cell.) Repeat the same procedure in the "Output Results" workshe
as you did for the "Input Data" worksheet. Click the same lettered column for each worksheet. You now have an extra colum
G on both worksheets. All the other columns were automatically updated by the insert command.
But you cannot start typing data on the input sheet yet! You have to "copy and paste" the hidden formulas on the "Output
Results" sheet into the new added column. (All the other columns to the right that have shifted over to new locations will
automatically adjust their formulas to the new column locations.) You can't see the formulas unless you access them, but the
are there.
Here's how to copy and paste-in the formulas:
Let us assume again that the column F of the "Output Results" sheet is the last column alphabetically just before your new
desired extra column G. The steps are to select Column F (the one with formulas we want to copy) by left clicking on the
column letter F at the top. Then right click and select copy.
Next, select the column where you want to paste to; column G in this case. Right click Paste. (To remove the "theatre marque
from column F, hit the "esc" key. To deselect the column G, just click any cell.)
It is recommended, but not essential, that you now protect the output worksheet so you do not accidentally write on it, but lea
the input worksheet unprotected so you can.
Now you are free to input data on the Input worksheet and read the answers on the Output worksheet at the same column
address.
What if you fowled something up during this process? All you have to do to return everything back to what it was before you
Profitability Measures
Assets and Equity In the next several measures of profitability, we are going to discus "assets" and "equity", so it is importan
to review what these words mean. "Assets" are what the company owns, Liabilities are what the company owes, and "Equity"
the difference. Assets minus Liabilities = Equity.
(e.g. The more you pay off on your mortgage, the more equity you have in your home.) This is what the Balance sheet in the
annual report is all about.
The rate of profit the company earns on the stockholder's equity entrusted to management to use. In this case, the equity is
calculated by averaging the equity at the beginning and end of the fiscal year. ROE is also useful to look at to determine how
much internally generated return on capital is generated to finance future growth. Percent Return On Equity is useful in
measuring the "efficiency" of management compared to competitors. Since the ROE is a key factor in the growth of the
company's earnings, breaking it into its 3 components allows us to analyze the sources of earnings growth and their trends.
ROE = (net profit / sales) X (sales / assets) X (assets / equity). We do not calculate ROE this way, but use this fact to
examine the year to year trend of each component on the ROE trend.
Component No. 1 (net profit / sales ) is the Net Profit Margin described earlier.
Component No. 2 ( sales / assets ) is called the Asset Turnover (Efficiency) Is how efficient and intensively is managemen
utilizing the assets of the company. Check when significant changes occur from year to year..
Component No. 3 (assets / equity ) is called Financial Leverage (Gearing) or Balance Sheet Leverage.
From our discussion of Assets and Equity above, we can write:
(assets / equity) = (assets / (assets - liabilities) Note that Increased debt increases both the assets and the liabilities, so the
denominator is not significantly changed, but the numerator goes up. Therefore increased Debt increases the Financial
Leverage directly assuming other changes in the balance sheet are relatively less significant. However, be aware that the
higher the leverage with increased debt, the higher the Return on Equity might be, but also the higher the risk. Some leverage
can increase the returns to the shareholders, but increased debt leverage increases the risk of failure and/or bankruptcy. In
comparing the year to year changes in Financial Leverage and ROE, one should also note the increased percentage of debt.
An increase in assets due to more debt will raise Financial Leverage, but will tend to lower Asset Turnover unless an offsetting
increase in sales is made.
Note: The three components of Return On Equity are printed out on the Output worksheet on the three lines immediately abo
the Return On Equity.
This is very important because this is the rate of return of money left over from the return on equity after paying dividends (if
any). If no dividends are paid, the ROE and the % Retained to Common Equity are the same. The (earnings - dividends) /
earnings term is called the "retention rate". This is also equal to 1.0 minus (dividends / earnings) or 1 minus the "payout ratio"
Note that this "implied growth rate" is theoretical, but is useful at estimating whether the company is generating enough funds
pay for expansion to maintain the estimated growth rate.
It is also obvious that a company that wants to grow rapidly would prefer not to pay dividends. A company can grow by either
available reinvestment funds or by borrowing money. A useful criteria would be to compare the Implied Growth Rate to the SS
projected growth rate.
% Return on invested capital = (net profit) x 100. / (avg. equity + long term debt)
Return on invested capital is a measure of the efficiency by which management is utilizing both the equity and the long term
debt under its care. It is a far better measure of management than return on equity when a company has large long term deb
If long term debt were zero, the return in invested capital and return on equity would be the same.
% Cash From Operations To Net Income =((Cash From Operations / Net Income) -1) X 100.)
This is a measure of the percentage by which the cash from operations exceeds the net income. On the Statement Of Cash
Flows, it is desirable that the Net Cash provided by Operating Activities be close to or exceed the Net Income to demonstrate a
higher quality of earnings and that neither item be a user of cash (negative) rather than a provider of cash (positive).
% Impact on Net Income of Expensing Stock Options. Shows the percentage by which EPS were overstated. Thus the
reported EPS would be lower by this percentage if stock options had been considered and thus is another measure of the
quality of earnings. When projecting EPS for the next 5 years, it is good to know what the latest year EPS would have been if
options had been expensed. Some companies are already reporting EPS reduced by the expensing of stock options.
Retained Earnings: When a company starts out it only has paid in capital as part of shareholder equity. By this is meant the
dollars paid to the company by shareholders to obtain shares (not via a public market like the NYSE)but like in an IPO. Thus
retained earnings would be zero. But as the company grows and makes a profit the retained earnings will generally grow,
unless reduced by paying dividends or other expenditures, and especially in mature companies retained earnings will become
larger percentage of shareholder equity.
% Ratio of Cash From Operations to Total Debt = (Cash From Operations / Total Debt) X 100.
This is intended to show how well the Cash From Operations covers the total outstanding debt. A measure of less than 25%
indicates limited financial ability.
% Margin of Free Cash Flow To Sales = (Cash Flow Provided By Operations - Capital Expenditures - Dividends Paid)
100. / Sales
The Net Cash from Operating Activities minus capital expenditures and dividends paid should be positive. It is expressed in t
case as a percentage of Sales. Capital expenditures are also referred to as CAPEX.
The main operating business is a source of cash and is called Operating Activities (in the numerator above) and is divided by t
combined total (in the denominator) of Investing Activities (which is usually mostly capitol expenditures) plus Financing Activitie
(which is usually mostly debt financing costs)
Each of these three items listed in the Statement of Cash Flow can have a plus sign (if they are a provider of cash) or a minus
sign (if they are a user of cash). The Operating Activities (numerator) is usually (and hopefully) a provider of cash and has a
plus sign, whereas the two items in the denominator, when algebraically totaled up are usually net users of cash.
If the numerator is negative, the program will assign a negative sign for the entire Operating Cash Flow Coverage Ratio.
The larger this ratio is (say one or above) , the more successful the main Operating business is and the less dependence on
spending for capitol expenditures and debt repayment.
Examining the three parts of the Cash Flow Statement is of major importance in determining the quality of the total cash flow o
the company and goes far beyond the Cash Flow Coverage Ratio discussed here. It is important that this be studied separate
as well.
Capital Structure
Share Buyback (Vs Share Dilution) = (Shares Last Year - Shares This Year) / Shares Last year
If a company actually buys back its shares (rather than just authorizes it), the earnings per share will increase and existing
stockholders will own a greater percentage of the company. If the calculated equation comes out negative, the number of
shares this year has been increased and we have "share dilution" which is the opposite effect. From studying several
companies, it will be noted that share dilution is far more common as a result of an overage of stock options granted or new
stock offerings all exceeding the number of actual buybacks.
Cash & Equivalents Ratio CY/PY = Cash & Equivalents (Current Year) / Cash & Equivalents (Prior Year)
C&E as stated here really includes short term investments and short term marketable securities in addition to Cash and Cash
equivalents. This is a measure if the company is improving on the Cash & Equivalents available this year over last year.
Cash Conversion Cycle (CCC) = Days Inv Outstanding + Days Sales Outstanding - Days Payables Outstanding
CCC is from the Fool and is briefly the time required to turn a dollar spent on goods sold back into cash. See
http://www.fool.com/dripport/2002/dripport021219.htm?source=EDNWFT
This is a measure of short term liquidity where current assets (available in one year) could be used to pay off current liabilities
(debt due within one year). A ratio of 1 to 2 is typical depending on the nature of the company's business. Higher is better, but
numbers over 3 or 4 indicate excess cash may not be put to work efficiently. Less that 1 is called negative working capital an
is rare or used as an interest free way of raising cash. (Omnicom, OMC, an advertising company, for example is negative (ratio
less than 1) every year.) For some businesses, negative working capitol may not be a bad thing.
Quick Assets Ratio = (Cash & Equivalents+Short TermInvestments+Short Term Marketable Securites+Accounts Receivable)
Current Liabilities: Cash and other assets which can or will be converted into cash fairly soon, such as accounts receivable an
marketable securities; or equivalently, current assets minus inventory.
Foolish Flow Ratio= (Current Assets - Cash& Equivalents) / (Current Liabilities - Short Term Debt) is taken from The Motley
Fool. It is a ratio of "bad assets to good liabilities." What do we mean by a "bad asset" and "good liability"? A bad asset is high
inventories and high accounts receivable. A good liability is a high accounts payable.
If you look at a typical Balance Sheet, Current Assets consist of "bad assets" (where people owe you money such as accoun
receivable, or that cost you money such as inventories that you have to wait till you can sell) and "good assets" like Cash and
Equivalents that are immediately available.
Current Liabilites consist of "good liabilities" such as accounts payable (that you owe other people but have not paid yet) and
"bad liabilities" such as short term debt that must be paid right away.
The type of companies that have high inventories to sell will not be as able to keep this ratio down as easily as the types of
businesses that have no inventory. So this ratio has to be compared to peer companies to be useful. An arbitrary criteria of 1.2
was used only to flag the need to investigate the nature of a company that might have a number higher than its peers in the
same industry.
Change in Sales
This measures the percent change in sales for the current year (CY) compared to the prior year (PY).
Change in AR/Sales
This measures the percent change in the ratios of Accounts Receivable (AR) to Sales for current year (CY) to prior year (PY)
Days Sales Outstanding (PY) As above except for prior year (PY)
Inventory Turnover Rate (PY) As above except for prior year (PY)
Operating Cash Flow includes: Net cash provided by (used in) Operating Activities
Revenues = Sales
= Net Sales
616.60 866.60 851.45 12.77 28.19 33.90 42.47 247.74 287.72 185.27 262.99 169.27 115.67
429.50 616.60 866.60 8.60 12.77 28.19 33.90 192.16 247.74 287.72 185.27 262.99 169.27
0.00 0.00 0.00 26.74 22.56 27.94 26.18 249.79 324.85 365.15 418.10 465.95 479.75
0.00 0.00 0.00 23.95 26.74 22.56 27.94 223.61 249.79 324.85 365.15 418.10 465.95
915.67 1012.33 1152.03 0.00 0.00 0.00 0.00 240.16 277.60 335.35 356.27 389.39 469.79
753.97 915.67 1012.33 0.00 0.00 0.00 0.00 220.59 240.16 277.60 335.35 356.27 389.39
1594.39 1969.29 2097.00 51.25 65.11 81.05 94.61 789.63 968.38 952.94 1111.76 1115.87 1173.92
423.91 516.16 609.63 77.76 88.47 98.20 112.64 183.26 185.75 219.06 253.45 268.83 322.89
2188.84 2865.02 3199.98 161.02 201.29 247.07 296.61 1218.45 1489.31 1521.72 1672.17 1782.91 2096.58
1647.52 2188.84 2865.02 136.90 161.02 201.29 247.07 1110.94 1218.45 1489.31 1521.72 1672.17 1782.91
0.00 0.00 0.25 0.16 0.67 0.78 70.55 62.73 90.47 114.12 109.65 282.19
398.65 450.53 36.15 48.84 52.38 51.96 55.37 57.02
680.17 769.53 873.59 54.79 73.83 83.33 82.79 181.44 241.82 237.70 266.65 308.61 501.39
0.00 0.00 0.00 0.64 0.38 1.99 1.32 0.00 0.00 0.00 0.00 0.00 0.00
1154.94 1554.41 2059.38 14.34 29.66 49.68 77.00 866.00 1044.56 1054.02 1100.46 1218.68 1284.91
1451.92 1990.82 2203.76 89.42 109.63 145.51 186.24 943.32 1146.19 1176.48 1286.13 1448.21 1563.93
1094.35 1451.92 1990.82 75.28 89.42 109.63 145.51 795.85 943.32 1146.19 1176.48 1286.13 1448.21
419.32 548.44 616.39 31.09 46.07 30.75 37.28 137.83 190.51 184.24 310.28 386.09 410.92
-493.12 -687.23 -363.04 -22.17 -31.61 -35.22 -33.87 -67.65 -156.67 -77.42 -19.70 -253.48 -360.68
135.25 113.00 190.72 21.01 17.03 18.69 12.87 43.07 35.26 62.28 59.77 61.34 97.37
24.22 53.38 -325.74 -4.73 0.77 10.06 4.95 14.58 -14.95 -188.92 -222.81 -194.61 -98.27
0.00 0.00 0.00 0.00 0.00 0.00 0.00 16.47 18.99 24.27 26.42 38.60 50.87
0.00
0.00 0.00
0.833 0.931 1.031 0.28 0.33 0.39 0.57 0.51 0.55 0.59 0.58
23.84 23.03 24.84 1.98 2.03 1.5 2.4 6.27 8.71 8.39 7.79 7.36 8.06
276.7 370.1 470.3 8.1 10.66 16.46 25 170.3 193.4 234.5 281.2 319.8 344.3
CDWC CDWC CDWC CDWC EDMC EDMC EDMC EDMC FAST FAST FAST FAST FAST
12/31/01 12/31/02 12/31/03 12/31/04 06/30/02 06/30/03 05/30/04 05/30/05 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04
3961.55 4264.58 4664.62 5737.77 500.58 640.03 853.02 1019.34 755.62 818.28 905.44 994.93 1238.49
3842.45 3961.55 4264.58 4664.62 370.70 500.58 640.03 853.02 618.19 755.62 818.28 905.44 994.93
3434.51 3700.74 3990.82 4867.65 325.03 417.56 546.13 640.45 367.50 405.86 456.96 505.86 614.16
3352.61 3434.51 3700.74 3990.82 242.30 325.03 417.56 546.13 298.73 367.50 405.86 456.96 505.86
0.00 0.00 0.00 0.00 1.55 1.28 2.48 -0.22 0.00 0.00 0.00 0.00 0.00
279.98 306.20 289.56 399.86 67.42 91.45 130.51 168.81 131.43 113.63 121.21 136.34 208.34
111.29 120.95 114.38 158.42 25.10 35.17 53.50 67.23 50.70 43.52 46.38 52.22 77.35
168.69 185.25 175.19 241.45 42.31 56.28 77.01 101.57 80.73 70.11 75.54 84.12 130.99
89.14 88.30 86.18 86.55 68.96 73.02 74.87 75.15 75.88 75.88 75.88 75.89 75.99
90.86 89.14 88.30 86.18 62.03 68.96 73.02 74.87 75.88 75.88 75.88 75.88 75.89
394.38 504.61 562.36 603.62 92.12 89.55 123.14 176.87 23.74 68.52 51.36 70.89 39.00
202.62 394.38 504.61 562.36 47.10 84.50 88.95 123.14 27.85 23.74 68.52 51.36 70.89
318.41 333.08 444.00 580.04 30.38 40.64 52.20 57.97 106.12 101.36 105.55 128.76 162.50
337.42 318.41 333.08 444.00 22.50 30.38 40.64 52.20 84.56 106.12 101.36 105.55 128.76
119.12 150.79 183.89 213.22 3.93 4.37 5.00 5.60 143.07 152.71 217.26 232.88 307.33
110.20 119.12 150.79 183.89 2.90 3.93 4.37 5.00 106.60 143.07 152.71 217.26 232.88
854.16 1018.54 1070.18 1316.44 140.00 161.02 205.05 279.68 284.46 341.24 396.49 454.20 538.07
69.07 64.09 62.32 68.60 191.70 230.75 276.15 325.80 105.81 121.61 144.25 169.55 193.45
937.03 1095.66 1311.63 1520.94 492.70 577.60 828.00 956.03 402.46 475.24 559.01 651.54 770.23
748.44 937.03 1095.66 1311.63 287.50 492.70 577.60 828.00 318.62 402.46 475.24 559.01 651.54
0.00 0.00 0.00 0.00 25.10 35.10 125.20 66.20 0.00 0.00 0.00 0.00 0.00
149.07 168.06 19.9 20.1 40.12 39.28
158.37 171.59 248.46 279.52 139.70 140.20 281.51 232.60 36.58 40.56 47.06 60.94 71.18
0.00 0.00 0.00 0.00 3.50 3.40 3.40 4.30 0.00 0.00 0.00 0.00 0.00
621.30 806.55 956.87 1168.29 97.10 153.37 230.38 332.00 355.20 421.95 493.69 561.88 662.52
778.66 924.07 1061.18 1241.42 346.60 427.78 528.69 666.01 359.26 424.89 499.87 576.75 684.37
636.25 778.66 924.07 1061.18 159.90 346.60 427.78 528.69 281.96 359.26 424.89 499.87 576.75
302.40 231.41 125.42 184.21 100.42 79.39 163.30 193.19 38.25 90.77 17.61 90.62 57.44
-111.01 -109.79 -21.98 -139.95 -154.24 -108.44 -236.93 -98.79 -43.30 -60.65 -46.80 -39.73 -43.54
22.49 10.58 11.38 22.11 45.40 80.81 80.70 71.21 30.10 42.05 39.99 46.06 48.19
-89.08 -110.45 -38.33 -118.14 98.53 24.25 102.04 -39.00 -3.04 -3.42 -3.79 -15.94 -30.35
0.00 0.00 24.87 30.03 0.00 0.00 0.00 0.00 3.42 3.42 3.79 15.94 30.35
0.00 0.00 0.00
1.40 1.68 1.70 0.52 0.60 1.03 0.12 0.06 0.42 0.37
12.65 11.38 10.93 3.77 5.63 6.85 5.32
145.57 159.8 150.8 214.8 36.2 49.6 61.6 85.1 79.2 67.6 72.9 82.4 130.1
FDS FDS FDS FDS FDS FISV FISV GNTX GNTX GNTX GNTX GNTX HD
08/31/01 08/31/02 08/31/03 08/31/04 08/31/05 12/31/03 12/31/04 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 01/28/01
167.60 198.29 222.30 251.91 312.64 2925.37 3729.75 297.42 310.30 395.26 469.02 505.67 45738.00
134.18 167.56 198.29 222.30 251.91 2389.39 2925.37 262.16 297.42 310.30 395.26 469.02 38434.00
52.44 60.39 66.30 74.19 91.80 2403.55 3070.19 172.47 188.30 235.61 272.52 297.92 32057.00
45.49 52.44 60.39 66.29 74.19 1955.09 2403.55 148.82 172.47 188.30 235.61 272.52 27023.00
0.00 0.00 0.00 0.00 0.00 521.82 659.56 0.00 0.00 0.00 0.00 0.00 21.00
54.25 64.24 79.02 89.38 110.16 506.27 641.37 104.52 96.62 127.07 158.16 165.73 4217.00
20.85 23.39 27.58 31.36 38.40 197.44 246.47 33.98 31.40 31.30 51.41 53.08 1636.00
33.40 40.85 51.44 58.02 71.77 308.82 394.90 70.54 65.22 85.77 106.76 112.66 2581.00
52.14 52.29 52.22 50.62 50.16 195.94 197.29 75.52 75.87 76.60 77.68 78.36 2352.00
51.00 52.15 52.29 52.22 50.62 194.95 195.94 75.00 75.52 75.87 76.60 77.68 2342.00
79.31 130.84 169.26 98.10 76.02 162.67 516.13 138.44 205.64 215.65 393.61 494.88 177.00
62.33 79.31 130.84 169.26 98.10 227.20 162.67 94.73 138.44 205.64 215.65 393.61 170.00
33.22 31.92 35.70 45.94 54.03 417.52 437.76 35.61 31.99 35.89 58.96 56.09 835.00
28.45 33.22 31.92 35.70 45.94 339.74 417.52 30.66 35.61 31.99 35.89 58.96 587.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.09 14.41 17.74 20.94 30.60 6556.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.98 12.09 14.41 17.74 20.94 5489.00
120.23 170.82 212.35 154.61 139.15 0.00 0.00 190.56 259.86 276.80 485.35 592.61 7777.00
35.47 27.56 19.35 43.91 52.36 200.58 213.80 81.92 110.86 124.98 126.81 135.65 13068.00
172.55 216.16 256.16 229.93 347.53 7214.18 8383.35 428.13 506.82 609.17 762.53 856.86 21385.00
135.57 172.55 216.16 256.16 229.93 6438.70 7214.18 337.70 506.82 609.17 762.53 17081.00
0.00 0.00 0.00 0.00 100.00 100.00 0.00 0.00 0.00 0.00 0.00 4.00
6.20 11.43 13.79 21.12 20.4 179.19 202.62 18.26 19.85
33.67 38.65 43.37 57.79 63.69 0.00 0.00 19.69 20.99 29.06 50.48 50.86 4385.00
0.00 0.00 0.00 0.00 0.00 699.12 505.33 0.00 0.00 0.00 0.00 0.00 1545.00
114.57 149.56 193.61 243.32 305.64 1542.90 1920.54 303.20 368.40 454.20 528.36 591.55 10151.00
138.26 176.97 212.23 164.55 268.11 2199.81 2564.42 402.10 479.00 573.64 693.64 783.28 15004.00
103.00 138.26 176.97 212.23 164.55 1827.70 2199.81 317.05 402.10 479.00 573.64 693.64 12341.00
49.61 66.70 74.71 82.46 94.35 595.69 698.38 83.62 85.35 119.11 116.58 131.37 2796.00
-50.20 -55.21 -48.57 54.40 -111.13 -735.60 -365.25 -49.02 -63.64 -102.54 37.54 -27.14 -3530.00
30.14 10.02 8.46 37.84 21.94 139.11 161.09 21.57 44.05 32.37 22.18 30.48 3558.00
-0.45 -5.25 -19.83 -109.41 -2.12 109.62 20.32 6.37 7.88 12.47 -0.29 -31.36 737.00
4.01 5.38 6.67 7.74 8.84 0.00 0.00 0.00 0.00 0.00 11.51 47.96 371.00
0.00
0.00
2546.00 2253.00 2852.00 2165.00 36.20 40.55 25.36 8.35 1.58 9.82 225.79 15.04 29.33
177.00 2546.00 2253.00 2852.00 24.14 36.20 40.55 3.20 8.35 1.58 9.82 9.20 15.04
920.00 1072.00 1097.00 1499.00 41.31 39.27 58.90 143.84 142.74 151.19 137.89 41.49 45.42
835.00 920.00 1072.00 1097.00 32.47 41.31 39.27 116.84 143.84 142.74 151.19 32.67 41.49
6725.00 8338.00 9076.00 10076.00 1.35 1.34 2.33 2.86 2.99 2.50 2.35 447.79 504.10
6556.00 6725.00 8338.00 9076.00 1.91 1.35 1.34 3.88 2.86 2.99 2.50 372.07 447.79
10361.00 11917.00 13328.00 14190.00 92.94 96.07 102.52 161.23 153.65 187.09 377.86 550.66 631.05
15375.00 17168.00 20063.00 22726.00 176.89 212.94 287.93 441.39 515.27 622.27 678.38 289.00 353.60
26394.00 30011.00 34437.00 38907.00 284.84 321.23 402.87 1071.06 1198.60 1431.66 1721.06 856.86 1009.42
21385.00 26394.00 30011.00 34437.00 239.89 284.84 321.23 877.60 1071.06 1198.60 1431.66 716.00 856.86
5.00 7.00 509.00 11.00 2.72 0.00 0.00 97.49 53.72 65.94 67.94 11.84 0.68
7.75 3.41 5.04 26.96 35.03 26.79
6501.00 8035.00 9554.00 10529.00 28.69 26.15 39.19 162.02 110.67 147.16 132.42 121.14 147.42
1250.00 1321.00 856.00 2148.00 12.20 0.00 0.00 125.78 155.53 320.82 275.29 165.62 190.47
12799.00 15971.00 19680.00 23962.00 126.15 161.61 208.33 719.64 910.07 1142.18 1415.60 298.97 380.96
18082.00 19802.00 22407.00 24158.00 199.66 239.92 291.02 738.96 856.29 848.25 1166.30 556.29 650.52
15004.00 18082.00 19802.00 22407.00 167.70 199.66 239.92 584.45 738.96 856.29 848.25 463.73 556.29
5963.00 4802.00 6545.00 6904.00 55.49 84.41 98.90 233.71 287.64 370.97 419.28 50.03 104.53
-3466.00 -2601.00 -4171.00 -4479.00 -42.29 -67.36 -115.04 -231.13 -177.39 -266.98 -173.13 -77.85 -105.39
3393.00 2749.00 3508.00 3948.00 41.81 70.31 115.67 74.21 82.93 127.84 89.67 68.52 102.26
-173.00 -2165.00 -1931.00 -3055.00 -1.14 -12.69 0.95 -5.77 -108.67 -95.76 -30.18 33.65 15.14
396.00 492.00 595.00 719.00 0.00 0.00 1.13 0.00 0.00 0.00 0.00 0.00 0.00
0.00
13.86 11.55 11.66 14.62 0.27 0.39 0.59 3.50 1.48 1.90 1.53 0.72
69.45 83.17 87.78 86.39 1.79 2.50 2.50 9.96 10.36 11.09 9.98
2800 3414 4067 4843 27.3 34.4 46.6 118.51 171.6 215 260.5 74.8
ORLY ORLY PFCB PFCB PFE PFE PFE PFE SYK SYK SYK SYK SYK
13/31/03 12/31/2004 12/28/2003 1/2/2005 12/31/01 12/31/02 12/31/03 12/31/04 12/31/97 12/31/98 12/31/99 12/31/00 12/31/01
1511.82 1721.24 539.92 706.94 29024.00 32373.00 44736.00 52616.00 980.14 1103.21 2103.70 2289.40 2602.30
1312.49 1511.82 406.61 539.92 26045.00 29024.00 32373.00 44736.00 910.06 980.14 1103.20 2103.70 2289.40
873.48 978.08 152.79 200.74 3823.00 4045.00 9589.00 7541.00 397.77 472.07 989.70 815.20 963.80
759.09 873.48 112.57 152.79 3755.00 3823.00 4045.00 9589.00 392.36 397.77 472.10 989.70 815.20
6.86 4.70 0.01 0.00 266.00 251.00 290.00 359.00 4.12 12.18 122.60 96.60 67.90
160.04 187.74 37.21 36.71 9984.00 11796.00 3246.00 14007.00 194.45 59.96 29.80 334.90 405.70
59.96 70.06 12.42 10.66 2433.00 2609.00 1614.00 2665.00 70.00 20.39 10.40 113.90 133.90
100.09 138.57 24.79 26.05 7788.00 9126.00 3910.00 11361.00 125.32 39.57 19.40 221.00 271.80
54.53 55.71 26.25 26.58 6361.00 6241.00 7185.60 7613.90 196.26 192.60 397.20 402.20 406.00
53.69 54.53 25.92 26.25 6368.00 6361.00 6241.00 7185.60 106.86 196.26 192.60 397.20 402.20
21.09 69.03 50.48 71.41 8615.00 12551.00 11952.00 19893.00 351.07 142.21 83.50 54.00 50.10
29.33 21.09 42.89 50.48 6863.00 8615.00 12551.00 11952.00 367.57 351.07 138.60 83.50 54.00
52.24 60.93 0.00 0.00 4798.00 5785.00 8636.00 9367.00 176.21 425.61 377.70 343.70 332.10
45.42 52.24 0.00 0.00 5489.00 4798.00 5785.00 8636.00 166.05 176.21 425.60 377.70 343.70
523.75 625.32 2.91 2.95 2485.00 2678.00 5699.00 6660.00 136.25 553.96 386.10 392.10 399.80
504.10 523.75 2.32 2.91 2702.00 2485.00 2678.00 5699.00 127.39 116.34 591.00 386.10 392.10
656.93 813.48 59.70 84.23 19212.00 24781.00 30677.00 39694.00 756.61 1311.84 1110.40 997.00 993.10
449.06 567.49 228.17 280.64 9783.00 10712.00 18156.00 18385.00 163.90 429.50 391.50 378.10 444.00
1157.03 1432.36 303.82 383.52 39153.00 46356.00 116775.00 123684.00 985.08 2885.85 2580.50 2430.80 2423.60
1009.42 1157.03 383.50 303.82 33510.00 39153.00 46356.00 116775.00 993.91 985.08 2885.85 2580.50 2430.80
0.93 0.59 1.45 0.61 6263.00 8669.00 8818.00 11266.00 73.63 15.01 106.30 136.00 1.70
145.95 240.55 8.37 14.01 2587 2672
215.31 333.82 54.05 63.28 13729.00 18555.00 23909.00 26458.00 303.01 699.46 669.60 617.40 533.40
120.98 100.32 0.10 0.50 2609.00 3140.00 5755.00 7279.00 4.45 1487.97 1181.10 876.50 720.90
481.05 620.61 64.67 90.72 24430.00 30243.00 29382.00 35492.00 612.90 661.40 668.10 873.40 1120.70
784.29 947.82 204.33 244.96 18293.00 19950.00 65377.00 68278.00 612.78 652.08 671.50 854.90 1056.20
650.52 784.29 168.80 204.33 16076.00 18293.00 19950.00 65377.00 530.36 612.78 672.60 671.50 854.90
168.84 226.54 8861.00 9864.00 11713.00 16340.00 91.87 154.52 284.00 331.80 473.20
-130.56 171.99 -7135.00 -4338.00 4850.00 -9422.00 -79.74 -1566.19 -79.40 -93.30 -195.90
136.50 173.49 2105.00 1758.00 2629.00 2601.00 35.21 51.24 76.20 80.70 152.90
46.52 -6.62 -2096.00 -4999.00 -16909.00 -6629.00 -30.43 1386.75 -230.60 -258.70 -282.50
0.00 0.00 2715.00 3168.00 4353.00 5082.00 9.68 10.58 11.60 12.70 15.70
0.00 0.00 0.00 0.00 0.00 0.00
0.00
37.80 65.90 349.40 1045.60 1379.40 1040.90 161.86 182.84 102.34 425.25 580.86 689.22
50.10 37.80 65.90 790.10 1045.60 1379.40 96.48 161.86 182.84 102.34 425.25 580.86
406.70 498.60 751.10 1074.70 1332.40 1874.30 113.03 74.48 95.50 113.63 146.21 185.62
332.10 406.70 498.60 817.60 1074.70 1332.40 87.47 113.03 74.48 95.50 113.63 146.21
426.50 467.90 552.50 781.10 1004.60 1286.30 1712.38 2183.54 2551.06 3080.35 3878.26 5068.62
399.80 426.50 467.90 570.20 781.10 1004.60 1443.28 1712.38 2183.54 2551.06 3080.35 3878.26
1151.30 1397.60 2142.60 2901.40 3716.40 4201.50 1987.30 2484.90 2812.40 3708.30 4759.20 6111.90
519.20 604.70 700.50 675.40 827.40 1278.20 24.08 33.10 38.50 43.71 52.43 79.52
2815.50 3159.10 4083.80 4626.80 5915.90 9632.00 2030.25 2532.20 2895.37 3787.39 4905.58 6343.84
2423.60 2815.50 3159.10 3460.20 4626.80 5915.90 1668.06 2030.25 2532.20 2895.37 3787.39 4905.58
10.70 7.30 9.30 738.50 644.20 560.40 326.54 362.71 253.19 281.70 340.38 250.55
106 137.8 214.5 785.7 1050.7 1643.5 110.9 133 126.39 151.73 181.97 256.56
707.50 834.40 1113.50 1524.20 1694.90 2203.90 815.60 950.00 946.20 1144.00 1690.00 2086.30
491.00 18.80 0.70 1161.40 815.40 1728.40 469.50 669.60 819.70 1166.70 1295.67 1490.03
1442.60 1868.10 2297.60 1345.70 1960.30 2171.40 668.61 882.28 1101.80 1361.62 1770.73 2576.06
1498.20 2154.80 2752.00 1829.40 3289.40 5388.90 745.15 912.58 1129.51 1476.63 1919.99 2763.57
1056.20 1498.20 2154.80 1380.70 1829.40 3289.40 616.33 745.15 912.58 1129.51 1476.63 1919.99
516.20 648.50 593.30 353.70 626.60 1248.80 -16.86 -148.38 -94.11 -44.72 123.70 334.70
-311.80 -151.60 -324.00 273.20 353.70 626.60 4.17 0.73 -19.50 -218.30 -7.40 31.57
138.20 140.80 179.30 160.40 207.50 311.00 9.42 15.02 14.17 15.48 20.41 43.03
-224.90 -476.30 10.60 337.50 29.60 852.40 78.07 168.63 33.10 395.18 115.05 -142.88
19.70 23.70 28.00 46.60 76.30 120.70 0.00 0.00 0.00 0.00 0.00