Documente Academic
Documente Profesional
Documente Cultură
Quantidades e Preos de
Insumos
Produtividade e Eficincia
Recursos
Humanos
Desempenho Operacional
Inovao
Desempenho Econmico
Fluxo de Caixa
Investimento
Posio
Financeira
Quantidades e Preos de
Produtos
Posicionamento
no Mercado
Desempenho da Frota
Valor do Negcio
Financiamento
Desempenho Realizado
2006
2007
4,890.0
18.6%
2.1%
-3.0%
4,653.1
17.2%
1.8%
-3.4%
PRODUTIVIDADE
Ganho de Produtividade ()
Ganho de Preos ()
Ganho de Lucratividade ()
-9.1%
-8.3%
-16.6%
DESEMPENHO OPERACIONAL
Assentos x Km Oferecidos
Taxa de Ocupao Domstica
Break-Even Domstico
Taxa de Ocupao Internacional
Break-Even Internacional
EBITDA
% ROL
Lucro Lquido Operacional Aps IR
% ROL
% Ativo Operacional (ROI)
Valor Econmico Adicionado
% ROL
% Ativo Operacional (ROI - WACC)
8,158.4
59.9%
53.4%
61.1%
55.8%
282.4
25.8%
78.4
7.2%
6.6%
(73.3)
-6.7%
-6.1%
8,386.2
55.4%
59.7%
58.2%
61.2%
91.4
9.2%
(51.0)
-5.1%
-4.2%
(245.4)
-24.6%
-20.6%
1,092.8
0.9x
572.9
52.4%
118.8
10.9%
51.8
4.7%
7.1%
(79.4)
-7.3%
-10.8%
997.5
0.8x
430.3
43.1%
(77.2)
-7.7%
(106.6)
-10.7%
-15.2%
(251.2)
-25.2%
-35.9%
DESEMPENHO ECONMICO
Receita Operacional Lquida (ROL)
ROL / Ativo Operacional
Lucro Bruto
% ROL
Lucro Lquido Operacional
% ROL
Lucro Lquido
% ROL
% Capital Prprio (ROE)
Lucro Econmico Residual
% RLS
% Capital Prprio (ROE - Ke)
138.9
94.7
79.6
212.9
227.8
(9.9)
222.9
227.4
(172.9)
84.0
(205.5)
FLUXO DE CAIXA
Fluxo de Caixa Operacional
Fluxo de Caixa de Investimento
(47.6)
6.9
115.8
(5.6)
(59.0)
1,252.7
466.4
727.3
35.0
15.0
74.1%
12.7%
(44.4)
1,228.1
518.8
700.3
40.0
17.0
128.4%
16.4%
VALOR DO NEGCIO
Valor Justo da Empresa
Dvida Lquida
Valor de Mercado do Capital dos Acionistas
Valor da Empresa / EBITDA
ho Realizado
2008
5,184.3
17.7%
1.8%
-2.6%
10.4%
-0.1%
10.3%
8,494.1
61.1%
59.6%
59.1%
55.8%
209.3
17.7%
19.9
1.7%
1.6%
(140.6)
-11.9%
-11.1%
1,179.4
0.9x
573.4
48.6%
30.2
2.6%
(47.3)
-4.0%
-8.3%
(145.1)
-12.3%
-25.6%
109.6
107.9
51.9
57.7
159.4
(103.5)
(34.4)
21.5
(10.8)
1,272.4
729.2
567.8
37.0
18.0
143.5%
12.7%
2006
2007
Linhas Domsticas
Linhas Internacionais
Receita Operacional Lquida
Custos e Despesas Operacionais
Operaes de Vo
Manuteno de Aeronaves
Organizao Terrestre
Faturamento e Cobrana
Comisses de Vendas
Informtica e Telecomunicaes
Logstica e Administrao de Estoques
Publicidade e Propaganda
Pessoal
Servios Tcnico-Administrativos
Viagens
Imveis e Escritrios
Veculos
Proviso para Devedores Duvidosos (PDD)
Despesas Relacionadas a Contingncias
EBITDA
Depreciaes e Amortizaes
Lucro Lquido Operacional
IR s/ Lucro Operacional
Lucro Lquido Operacional Ps-IR
Encargos s/ Ativo Operacional
Ativo Operacional
x WACC
Valor Econmico Adicionado
1,064.1
28.8
1,092.8
(810.5)
(223.6)
(72.8)
(53.0)
(19.2)
(43.4)
(51.1)
(19.2)
(30.7)
(198.1)
(20.4)
(7.7)
(25.6)
(8.3)
(21.0)
(16.4)
282.4
(163.6)
118.8
(40.4)
78.4
(151.7)
1,193.7
12.7%
(73.3)
969.9
27.6
997.5
(906.1)
(250.7)
(78.8)
(57.7)
(21.4)
(39.7)
(54.3)
(21.7)
(38.6)
(225.7)
(21.9)
(9.1)
(28.4)
(9.0)
(21.9)
(27.1)
91.4
(168.6)
(77.2)
26.3
(51.0)
(194.4)
1,183.7
16.4%
(245.4)
2006
74.2%
25.8%
7.2%
-6.7%
0.9x
6.6%
-6.1%
2007
90.8%
9.2%
-5.1%
-24.6%
0.8x
-4.2%
-20.6%
2,176.0
2,343.5
2008
1,146.5
32.9
1,179.4
(970.1)
(266.5)
(86.8)
(61.0)
(22.5)
(46.9)
(61.6)
(21.7)
(37.9)
(242.4)
(23.0)
(9.4)
(30.4)
(9.8)
(22.4)
(27.8)
209.3
(179.1)
30.2
(10.3)
19.9
(160.5)
1,261.6
12.7%
(140.6)
2008
82.3%
17.7%
1.7%
-11.9%
0.9x
1.6%
-11.1%
2,488.9
%
97.2%
2.8%
100.0%
-82.3%
-22.6%
-7.4%
-5.2%
-1.9%
-4.0%
-5.2%
-1.8%
-3.2%
-20.6%
-2.0%
-0.8%
-2.6%
-0.8%
-1.9%
-2.4%
17.7%
-15.2%
2.6%
-0.9%
1.7%
-13.6%
107.0%
0.0%
-11.9%
2006
1,203.2
(110.4)
1,092.8
(520.0)
(109.9)
(26.5)
(30.3)
(56.9)
(62.9)
(102.5)
(130.9)
572.9
(225.6)
(43.4)
(69.3)
(30.7)
(61.2)
(21.0)
347.3
(212.1)
(16.4)
118.8
(40.3)
(42.5)
2.2
78.5
(26.7)
51.8
(131.1)
732.6
17.9%
(79.4)
2006
47.6%
20.6%
19.4%
52.4%
31.8%
10.9%
4.7%
-7.3%
7.1%
-10.8%
2.9
34%
2007
2008
1,100.3 1,298.5
(102.8)
(119.1)
997.5 1,179.4
(567.2)
(606.0)
(130.8)
(143.8)
(28.5)
(31.1)
(27.0)
(25.6)
(64.3)
(66.1)
(69.0)
(73.1)
(112.7)
(123.1)
(134.9)
(143.2)
430.3
573.4
(245.7)
(263.4)
(39.7)
(46.9)
(79.0)
(84.9)
(38.6)
(37.9)
(66.5)
(71.4)
(21.9)
(22.4)
184.6
309.9
(234.7)
(251.9)
(27.1)
(27.8)
(77.2)
30.2
(84.4)
(101.9)
(95.6)
(111.0)
11.3
9.2
(161.6)
(71.7)
54.9
24.4
(106.6)
(47.3)
(144.5)
(97.8)
700.3
567.8
20.6%
17.2%
(251.2) (145.1)
2007
56.9%
24.6%
23.5%
43.1%
18.5%
-7.7%
-10.7%
-25.2%
-15.2%
-35.9%
34%
2008
51.4%
22.3%
21.4%
48.6%
26.3%
2.6%
-4.0%
-12.3%
-8.3%
-25.6%
0.3
34%
%
110.1%
-10.1%
100.0%
-51.4%
-12.2%
-2.6%
-2.2%
-5.6%
-6.2%
-10.4%
-12.1%
48.6%
-22.3%
-4.0%
-7.2%
-3.2%
-6.1%
-1.9%
26.3%
-21.4%
-2.4%
2.6%
-8.6%
-9.4%
0.8%
-6.1%
2.1%
-4.0%
-8.3%
48.1%
0.0%
-12.3%
###
Oferta
Linhas Domsticas
Assentos x Km Oferecidos - Indstria
Assentos x Km Oferecidos - Empresa
Tx. Participao na Oferta
2006
35,724.9
7,895.2
22.1%
2007
38,178.7
8,132.1
21.3%
2008
39,111.3
8,213.4
21.0%
Linhas Internacionais
Assentos x Km Oferecidos - Indstria
Assentos x Km Oferecidos - Empresa
Tx. Participao na Oferta
2006
10,122.1
263.2
2.6%
2007
11,551.2
254.1
2.2%
2008
12,758.5
280.7
2.2%
2006
45,846.9
8,158.4
17.8%
2007
49,729.9
8,386.2
16.9%
2008
51,869.8
8,494.1
16.4%
8.5%
2.8%
4.3%
1.3%
2006
25,436.1
4,729.2
18.6%
-3.5%
2007
26,228.7
4,505.2
17.2%
-4.1%
2008
28,277.5
5,018.4
17.7%
-3.3%
Linhas Internacionais
Passageiros x Km Transport. - Indstria
Passageiros x Km Transport. - Empresa
Tx. Participao na Demanda
Gap Demanda x Oferta
2006
7,611.6
160.7
2.1%
-0.5%
2007
8,209.7
147.9
1.8%
-0.4%
2008
9,300.9
165.9
1.8%
-0.4%
2006
33,047.8
4,890.0
14.8%
-3.0%
-
2007
34,438.4
4,653.1
13.5%
-3.4%
4.2%
-4.8%
2008
37,578.4
5,184.3
13.8%
-2.6%
9.1%
11.4%
Taxa de Ocupao
Linhas Domsticas
2006
Indstria
71.2%
Empresa
59.9%
Gap Empresa x Indstria
-11.3%
2007
68.7%
55.4%
-13.3%
2008
72.3%
61.1%
-11.2%
Linhas Internacionais
Indstria
Empresa
Gap Empresa x Indstria
2006
75.2%
61.1%
-14.1%
2007
71.1%
58.2%
-12.9%
2008
72.9%
59.1%
-13.8%
Domsticas + Internacionais
Indstria
Empresa
Gap Empresa x Indstria
2006
72.1%
59.9%
-12.1%
2007
69.3%
55.5%
-13.8%
2008
72.4%
61.0%
-11.4%
-2.8%
-4.5%
3.2%
5.5%
Linhas Domsticas
Aeronaves Utilizadas
ndice de Disponibilidade
Horas Voadas (000)
Horas Voadas / Aeronave / Dia
Km Voados (000)
Km Voados / Aeronave / Dia
Etapa Mdia de Vo (Km)
Pousos / Aeronave / Dia
Passageiros x Km Transportados (mi)
Receita / Passageiro x Km (Yield)
Custo / Assento x Km
Taxa de Ocupao de Assentos
Taxa de Ocupao de Break-Even
Passageiros Transportados (000)
Receita Mdia / Passageiro (R$)
Etapa Mdia do Passageiro (Km)
2006
24
92%
95.9
11.9
58,981
7,319
734.6
10.0
4,729.2
0.225
0.120
59.9%
53.4%
5,365
198
881.6
2007
26
90%
99.9
11.7
61,856
7,242
688.8
10.5
4,505.2
0.215
0.129
55.4%
59.7%
5,474
177
823.1
2008
26
92%
105.6
12.1
65,815
7,538
726.2
10.4
5,018.4
0.228
0.136
61.1%
59.6%
5,573
206
900.5
2006
2
50%
3.3
9.2
2,552
6,991
2,704.2
2.6
160.7
0.179
0.100
61.1%
55.8%
41
709
3,963.4
2007
2
50%
3.4
9.3
2,603
7,131
2,731.6
2.6
147.9
0.187
0.114
58.2%
61.2%
37
748
4,007.5
2008
2
50%
3.4
9.4
2,624
7,190
2,716.8
2.6
165.9
0.198
0.111
59.1%
55.8%
42
788
3,974.1
2006
26
89%
99.2
11.8
61,533
7,304
816.3
8.9
4,890.0
0.223
0.119
59.9%
53.4%
5,405
202
904.7
2007
28
87%
103.3
11.6
64,459
7,238
771.2
9.4
4,653.1
0.214
0.128
55.5%
59.8%
5,511
181
844.4
2008
28
89%
109.1
12.0
68,440
7,524
802.5
9.4
5,184.3
0.227
0.135
61.0%
59.5%
5,615
210
923.3
2006
2007
2,414
2,332
871
790
432
101
23
115
82
2,619
2,504
931
844
450
105
36
138
115
131
144
21.2
128
141
22.0
18.1%
7,116
22.6%
7,475
12%
nd
11%
nd
2008
2,578
2,482
899
837
487
111
27
121
96
139
150
20.6
20.6%
7,775
13%
77.4
ATIVO
Capital Econmico
Ativo Operacional
Capital de Giro Lquido
Contas a Receber de Clientes, Lq. PDD
Impostos a Recuperar
Estoques
Despesas Antecipadas
( Fornecedores )
( Salrios e Encargos a Pagar )
( Tributos a Recolher )
( Transportes a Executar )
( Provises para Contingncias )
Capital Permanente
Imobilizado em Servio
Obras em Andamento
( Depreciao Acumulada )
Ativos Financeiros
Participaes Acionrias
2005
2006
1,193.7
1,193.7
(59.0)
107.6
24.4
3.7
7.4
(79.1)
(12.5)
(9.6)
(46.7)
(54.2)
1,252.7
2,109.6
7.9
(864.8)
-
1,219.1
1,183.7
(44.4)
114.9
42.3
4.6
8.1
(78.5)
(13.8)
(10.0)
(46.8)
(65.2)
1,228.1
2,242.3
14.2
(1,028.4)
35.4
35.4
2006
35
15
49
7.5%
6.3
3.2%
74.1%
8.0%
17.9%
12.7%
1.0314
0.1%
4.7%
14.3%
2007
2008
1,297.0
1,261.6
(10.8)
119.8
98.9
6.2
13.6
(84.4)
(15.8)
(9.4)
(36.7)
(103.1)
1,272.4
2,444.7
24.7
(1,197.0)
35.4
35.4
1,267.1
1,231.7
28.8
131.2
127.3
7.2
9.7
(77.3)
(16.9)
(10.8)
(46.9)
(94.6)
1,202.9
2,533.1
45.9
(1,376.1)
35.4
35.4
2007
2008
40
17
48
7.2%
7.1
15.0%
128.4%
16.1%
20.6%
16.4%
1.0445
10.1%
11.2%
15.5%
37
18
41
7.2%
7.7
13.2%
143.5%
13.9%
17.2%
12.7%
1.0590
6.9%
7.6%
10.7%
2005
1,193.7
466.4
62.1
180.1
292.5
(68.3)
727.3
78.8
648.5
713.5
89.3
(154.3)
2006
1,219.1
518.8
61.9
259.8
272.3
(75.2)
700.3
25.9
674.4
713.5
89.3
(128.4)
2007
1,297.0
729.2
62.1
482.6
254.1
(69.6)
567.8
567.8
713.5
89.3
(235.0)
2008
1,267.1
746.6
61.5
540.3
236.0
(91.1)
520.5
520.5
713.5
89.3
(282.3)
2006
2007
78.4
163.6
14.6
7.3
17.9
0.9
0.7
0.6
(1.3)
(0.4)
(0.0)
(11.1)
227.4
(51.0)
168.6
33.6
4.9
56.6
1.6
5.5
(5.9)
(1.9)
0.6
10.1
(37.9)
84.0
(172.9)
1.5
(35.4)
(138.9)
(205.5)
7.4
(212.9)
(47.6)
79.6
(20.4)
(28.1)
(78.8)
115.8
222.9
(18.0)
(63.1)
(25.9)
6.9
(5.6)
2008
19.9
179.1
39.6
11.3
28.3
1.0
(3.9)
7.1
(1.2)
(1.4)
(10.2)
8.5
159.4
(103.5)
6.1
(109.6)
(34.4)
57.7
(18.8)
(73.3)
21.5
Mtodo Direto)
2006
68.3
2007
75.2
227.4
1,175.0
(196.7)
(577.3)
(168.3)
(5.3)
84.0
1,063.4
(223.8)
(632.5)
(133.8)
10.7
(172.9)
1.5
(35.4)
(138.9)
(205.5)
7.4
(212.9)
(47.6)
79.6
(20.4)
(28.1)
(78.8)
115.8
222.9
(18.0)
(63.1)
(25.9)
75.2
69.6
2008
69.6
159.4
1,275.0
(241.3)
(681.7)
(156.3)
(36.3)
(103.5)
6.1
(109.6)
(34.4)
57.7
(18.8)
(73.3)
91.1
Plano de Investimento
Investimento em Bens e Instalaes
Aeronaves
Casco
Turbinas
Sobressalentes
Equipamentos Terrestres
Equipamentos de Oficinas
Infraestrutura
Imveis
Mquinas, Equip. e Ferramentas
Veculos
Mveis e Utenslos
Equipamentos de TI
Investimentos Financeiros
Participaes Societrias
Bens No de Uso
2006
138.9
111.2
61.1
33.3
16.7
8.4
1.1
18.3
14.2
1.5
0.3
0.2
2.1
35.4
35.4
-
2007
212.9
170.3
93.7
51.1
25.6
9.5
2.3
30.8
24.7
3.5
0.6
0.1
1.9
-
2008
109.6
33.9
33.9
1.2
4.0
70.5
45.9
11.6
0.9
0.1
12.0
-
Plano de Financiamento
Fluxo de Caixa Gerado pelas Operaes
Disponvel Inicial
Rendimentos Aplic. Financeiras, Lq. de IR
( Amortizao da Dvida )
( Juros Pagos, Lq. Benef. Fiscais )
( Dividendos Pagos )
( Disponvel Final )
Recursos Prprios para Investimentos
( Investimentos em Subsidirias )
( Investimentos em Bens e Instalaes )
Necessidade Lq. de Financiamento
Aumento (Reduo) do Capital de Terceiros
Aumento (Reduo) do Capital de Acionistas
2006
227.4
68.3
1.5
(20.4)
(28.1)
(78.8)
(75.2)
94.7
(35.4)
(138.9)
(79.6)
79.6
-
2007
84.0
75.2
7.4
(18.0)
(63.1)
(25.9)
(69.6)
(9.9)
(212.9)
(222.9)
222.9
-
2008
159.4
69.6
6.1
(18.8)
(73.3)
(91.1)
51.9
(109.6)
(57.7)
57.7
-
2007
IQ
0.9518
0.9526
0.9204
1.0465
1.0404
1.0177
1.0415
1.0696
0.9518
1.0068
1.0597
1.1763
1.0849
1.0269
1.1006
1.0641
1.0137
1.0305
IP
0.9590
0.9568
1.0421
1.0463
1.0775
1.0632
1.0445
1.0445
0.9590
1.0552
1.0687
1.0704
1.0505
1.0445
1.0791
1.0445
1.0650
1.0000
2007 :
1.0279
1.0300
0.9656
1.0445
2007
IV
0.9127
0.9115
0.9592
1.0949
1.1210
1.0820
1.0878
1.1172
0.9127
1.0623
1.1325
1.2592
1.1397
1.0726
1.1876
1.1115
1.0796
1.0305
-9.1%
-9.0%
-12.0%
-1.8%
-1.2%
1.0%
-1.3%
-3.9%
8.0%
2.1%
-3.0%
-12.6%
-5.3%
0.1%
-6.6%
-3.4%
1.4%
-0.3%
###
###
2008 :
1.0129
1.0100
1.1045
1.0590
2008
IQ
1.1141
1.1139
1.1214
1.0091
1.0018
1.0058
0.9979
0.9930
1.1141
1.0529
0.9208
0.9072
0.9843
0.9911
0.9457
1.0098
1.0078
1.0621
IP
1.0612
1.0612
1.0629
1.0618
1.0613
1.0945
1.0590
1.0590
1.0612
1.0769
1.0875
1.0826
1.0911
1.0590
1.0882
1.0590
1.0794
1.0000
IV
1.1824
1.1821
1.1919
1.0715
1.0633
1.1009
1.0568
1.0516
1.1824
1.1339
1.0013
0.9821
1.0740
1.0495
1.0291
1.0694
1.0879
1.0621
10.4%
10.4%
11.1%
0.4%
1.1%
0.7%
1.5%
2.0%
-9.1%
-3.8%
10.0%
11.6%
2.9%
2.2%
7.1%
0.3%
0.5%
-4.6%
2007
-9.1%
-7.4%
-1.8%
-8.3%
-16.6%
2008
10.4%
10.0%
0.4%
-0.1%
10.3%
Linhas Domsticas
Ganho de Produtividade ()
Aumento da Taxa de Ocupao
Ganho de Produtividade nos Insumos
Ganho de Preos ()
Ganho de Lucratividade ()
2007
-9.0%
-7.5%
-1.6%
-8.6%
-16.8%
2008
10.4%
10.3%
0.1%
-0.1%
10.3%
Linhas Internacionais
Ganho de Produtividade ()
Aumento da Taxa de Ocupao
Ganho de Produtividade nos Insumos
Ganho de Preos ()
Ganho de Lucratividade ()
2007
-12.0%
-4.7%
-7.7%
-0.4%
-12.4%
2008
11.1%
1.5%
9.5%
0.1%
11.2%
2007
1,092.8
(52.7)
30.5
(83.2)
(42.7)
46.3
(89.0)
997.5
2008
997.5
113.8
12.8
101.0
68.1
65.6
2.5
1,179.4
2007
974.1
43.6
26.2
17.4
45.4
43.6
0.5
1.3
11.7
(1.7)
13.4
1,074.7
2008
1,074.7
9.3
13.2
(3.9)
64.0
61.1
(4.2)
7.1
1.2
(2.9)
4.1
1,149.2
2007
118.8
(96.3)
4.4
(83.2)
(17.4)
(88.0)
2.7
(0.5)
(1.3)
(89.0)
(11.7)
1.7
(13.4)
(77.2)
2008
(77.2)
104.5
(0.4)
101.0
3.9
4.1
4.5
4.2
(7.1)
2.5
(1.2)
2.9
(4.1)
30.2
2007
(79.4)
(96.3)
4.4
(83.2)
(17.4)
(88.0)
2.7
(0.5)
(1.3)
(89.0)
(11.7)
1.7
(13.4)
9.1
0.2
1.3
7.5
(53.1)
(4.7)
(9.9)
(38.5)
81.6
(13.4)
5.8
(10.9)
(8.3)
(251.2)
2007
(73.3)
(96.3)
4.4
(83.2)
(17.4)
(88.0)
2.7
(0.5)
(1.3)
(89.0)
(11.7)
1.7
(13.4)
66.6
(42.7)
1.3
(18.1)
(25.9)
(245.4)
2008
(251.2)
104.5
(0.4)
101.0
3.9
4.1
4.5
4.2
(7.1)
2.5
(1.2)
2.9
(4.1)
(2.1)
(0.8)
1.0
(2.2)
(15.4)
(33.0)
(11.2)
28.8
(30.6)
46.7
27.4
(7.9)
27.3
(145.1)
2008
(245.4)
104.5
(0.4)
101.0
3.9
4.1
4.5
4.2
(7.1)
2.5
(1.2)
2.9
(4.1)
(36.5)
33.8
(12.8)
(16.7)
63.3
Exemplo
Base
Inflao
Tx. Juros
Juros
100
6%
12%
12
->
->
->
->
120
7%
14%
16.8
(140.6)
Exemplo
Aumento da Base :
Efeito da Inflao :
Aumento Real da Taxa de Juros :
Aumento dos Juros :
2.4
1.2
1.2
4.8
GANHOS
Total dos Ganhos
Aumento da Escala de Produo
Aumento da Produtividade
Aumento da Ocupao de Assentos
Ganho de Produtividade no Emprego dos Insumos
Aumento Real de Tarifas
2006
(185.2)
4.4
(100.6)
(83.2)
(17.4)
(89.0)
2007
107.0
(0.4)
104.9
101.0
3.9
2.5
2006
2007
(28.5)
15.1
1.3
0.5
13.4
39.3
38.5
8.3
(7.5)
(1.3)
4.7
(5.8)
(0.2)
(81.6)
(156.8)
-
(9.8)
7.0
7.1
(4.2)
4.1
(53.8)
(28.8)
(27.3)
2.2
6.5
33.0
(27.4)
0.8
30.6
116.8
-
2007
(79.4)
4.4
(100.6)
(83.2)
(17.4)
(89.0)
(15.1)
(1.3)
(0.5)
(13.4)
1.3
(4.7)
5.8
0.2
(39.3)
(38.5)
(8.3)
7.5
(15.1)
4.3
1.3
(9.9)
(10.9)
81.6
(251.2)
2008
(251.2)
(0.4)
104.9
101.0
3.9
2.5
(7.0)
(7.1)
4.2
(4.1)
(6.5)
(33.0)
27.4
(0.8)
53.8
28.8
27.3
(2.2)
(10.7)
7.4
1.0
(11.2)
(7.9)
(30.6)
(145.1)
(171.8)
106.1
2007
(73.3)
4.4
(100.6)
(83.2)
(17.4)
(89.0)
(15.1)
(1.3)
(0.5)
(13.4)
1.3
(25.9)
(13.8)
4.3
(18.1)
66.6
(245.4)
2008
(245.4)
(0.4)
104.9
101.0
3.9
2.5
(7.0)
(7.1)
4.2
(4.1)
(12.8)
63.3
(9.3)
7.4
(16.7)
(36.5)
(140.6)
(172.1)
104.7
2006
539.5
(505.8)
33.7
25.9
59.6
(90.5)
505.8
17.9%
(31.0)
2007
340.7
(539.5)
(198.9)
(198.9)
(111.4)
539.5
20.6%
(310.2)
2008
408.1
(340.7)
67.4
67.4
(58.7)
340.7
17.2%
8.7