Historia

Financial Statements Base Case 2010

Exhibit 3a Five-year Forecast of Landmark's Income and Cash Flow, 2015-2019 (U

Net sales
Operating profit percentage
Net income
Depreciation and amortization
Change in net working capital
Capital expenditure
Total FCF

Assumptions
Income Statement
Revenue Growth (% Change)
COGS of Sales (% of Revenue) 89.48%
Operating Margin (% of Revenue) 1%
Non-cash NWC (% of Revenue)
Common Shares 4.00
Dividend 0.80
Depreciation 1.60

Balance Sheet
Accounts recievable of Sales (% of Revenue) 7.14%
Investments and other assets increase 15.52%
Accounts payable of Sales (% of Revenue) 1.93%
Accrued expenses and deferred taxes 4.79%
Other non-current liabilites 5.73%
Bank borrowing 0.00
Interest Rate 0.00%
Corporate tax rate 35%
CAPEX (% of Revenue)

Income statement
Net sales 289.90
COGS 259.40
Gross profit 30.50
Operating expenses 20.90
Depreciation and amortization 1.60
Operating profit 8.00
Interest expense -
Income taxes 2.80
Net income 5.20
EPS 1.30
Dividend per share 0.20
Shares outstanding 4.00
Total dividend payout 0.80

Balance sheet
Cash 3.60
Accounts receivable 20.70
Other current assets 6.30
Current assets 30.60
Net PP&E 3.10
Investments and other assets 45.00
Total assets 78.70

Accounts payable 5.60

Bank borrowing -
Current Liabilities 5.60
Accrued expenses and deferred taxes 13.90
Other non-current liabilities 16.60
Total liabilities 36.10
Shareholders' equity 42.60
Total liabilities and equity 78.70

Check 0.00

Cash flow
Cash Flow from Operations
Net Income 5.20
Add: Depreciation 1.60
Less: Increase/(decrease) in accounts receivable
Less: Increase/(decrease) in Other current assets
Add: Increase/(decrease) in accounts payable
Add: Increase/(decrease) in other accrued expenses
Add: Increase/(decrease) in other non-current liabilites
Total Cash Flow from Operations
Cash Flow from Investing
Less: Increase/(decrease) in CAPEX
Less: Increase/(decrease) in investments and other assets

Total Cash Flow from Investing

Cash Flow from Financing

Add: Increase/(Decrease) in Borrowings

Less: Dividends Paid
Total Cash Flow from Financing

Net Cash Flow

Starting Cash
Ending Cash 3.60
Check

Supporting Schedules
PPE
PPE opening
Add: Increase/(Decrease) CapEx
Less: Depreciation 1.60
PPE closing 3.10

Net Working Capital

Add: Account recievable 20.70
Add: Other current Assets 6.30
Current Assets (less cash) 27.00
Less: Accounts payable 5.60
Less: Bank Borrowing -
Net Working Capital 21.40
NWC Target
Change in NWC
 Historial Results
2011 2012 2013 2014 [E] 2015 2016

d Cash Flow, 2015-2019 (U.S. $ m

362.8 380.9
5.4 5.7
3.5 3.7
2.1 2.4
1.3 1.3
3.6 3.8
0.7 1.0

4.90% 4.04% 3.98% 5.02% 5% 5%

89.81% 89.79% 89.76% 89.84% 90% 90%
1% 1% 1% 1% 1.50% 2%
7% 6.50%
4.00 4.00 4.00 4.00 4.00 4.00
0.80 0.80 0.80 0.80 0.80 0.80
1.60 1.70 1.70 1.80 2.10 2.40

7.23% 9.26% 9.24% 8.97% 8.37% 8.37%

15.49% 14.95% 14.47% 13.66% 13.66% 13.66%
1.74% 2.40% 2.71% 3.01% 3.01% 3.01%
4.57% 4.74% 4.65% 4.49% 4.65% 4.65%
5.75% 5.37% 5.26% 5.18% 5.46% 5.46%
0.00 4.00 2.50 0.00 0.00 0.00
0.00% 7.50% 8.00% 0.00% 7.75% 7.75%
35% 35% 35% 35% 35% 35%
1% 1%

304.10 316.40 329.00 345.50 362.78 380.91

273.10 284.10 295.30 310.40 325.54 342.01
31.00 32.30 33.70 35.10 37.24 38.91
21.60 26.70 28.60 30.30 29.70 28.89
1.60 1.70 1.70 1.80 2.10 2.40
 7.80 3.90 3.40 3.00 5.44 7.62
- 0.30 0.20 - - -
2.73 1.26 1.12 1.05 1.90 2.67
5.07 2.34 2.08 1.95 3.54 4.95
1.27 0.58 0.52 0.49 0.88 1.24
0.20 0.20 0.20 0.20 0.20 0.20
4.00 4.00 4.00 4.00 4.00 4.00
0.80 0.80 0.80 0.80 0.80 0.80

4.22 3.26 1.52 0.37 (0.19) 2.63

22.00 29.30 30.40 31.00 31.41 31.88
5.10 4.90 5.00 4.90 4.90 4.90
31.32 37.46 36.92 36.27 36.12 39.41
5.15 7.25 9.17 11.17 12.69 14.10
47.10 47.30 47.60 47.20 46.84 46.84
83.57 92.01 93.69 94.64 95.66 100.35

5.30 7.60 8.90 10.40 10.92 11.47

- 4.00 2.50 - - -
5.30 11.60 11.40 10.40 10.92 11.47
13.90 15.00 15.30 15.50 13.90 13.90
17.50 17.00 17.30 17.90 17.26 17.26
36.70 43.60 44.00 43.80 42.08 42.63
46.87 48.41 49.69 50.84 53.58 57.73
83.57 92.01 93.69 94.64 95.66 100.35

0.00 0.00 0.00 0.00 0.00 0.00

5.07 2.34 2.08 1.95 3.54 4.95

1.60 1.70 1.70 1.80 2.10 2.40
1.30 7.30 1.10 0.60 0.41 0.47
(1.20) (0.20) 0.10 (0.10) - -
(0.30) 2.30 1.30 1.50 0.52 0.55
- 1.10 0.30 0.20 (1.60) -
0.90 (0.50) 0.30 0.60 (0.64) -
7.17 (0.16) 4.48 5.55 3.50 7.43
 3.65 3.80 3.62 3.80 3.63 3.81
2.10 0.20 0.30 (0.40) (0.36) -

(5.75) (4.00) (3.92) (3.40) (3.27) (3.81)

- 4.00 (1.50) (2.50) - -

0.80 0.80 0.80 0.80 0.80 0.80
(0.80) 3.20 (2.30) (3.30) (0.80) (0.80)

0.62 (0.96) (1.74) (1.15) (0.56) 2.82

3.60 4.22 3.26 1.52 0.37 (0.19)
4.22 3.26 1.52 0.37 (0.19) 2.63
- - - 0.00 - -

3.10 5.15 7.25 9.17 11.17 12.69

3.65 3.80 3.62 3.80 3.63 3.81
1.60 1.70 1.70 1.80 2.10 2.40
5.15 7.25 9.17 11.17 12.69 14.10

22.00 29.30 30.40 31.00 31.41 31.33

5.10 4.90 5.00 4.90 4.90 4.90
27.10 34.20 35.40 35.90 36.31 36.23
5.30 7.60 8.90 10.40 10.92 11.47
- 4.00 2.50 - - -
21.80 22.60 24.00 25.50 25.39 24.76
25.39 24.76
0.40 0.80 1.40 1.50 (0.11) (0.63)
 Forecasted Results
2017 2018 2019 2020 2021 2022

400.0 420.0 441.0

6.0 6.3 6.6
3.9 4.1 4.3
2.7 3.0 3.3
1.4 1.5 1.6
4.0 4.2 4.4 4.6 4.8 5.0
1.2 1.4 1.6

5% 5% 5% 4% 4% 4%
90% 90% 90% 90% 90% 90%
2.5% 3% 3% 3% 3% 3%
6.30% 6% 5.50% 5.50% 5.50% 5.50%
4.00 4.00 4.00 4.00 4.00 4.00
0.80 0.80 0.80 0.80 0.80 0.80
2.70 3.00 3.30 3.60 3.90 4.20

8.37% 8.37% 8.37% 8.37% 8.37% 8.37%

13.66% 13.66% 13.66% 13.66% 13.66% 13.66%
3.01% 3.01% 3.01% 3.01% 3.01% 3.01%
4.65% 4.65% 4.65% 4.65% 4.65% 4.65%
5.46% 5.46% 5.46% 5.46% 5.46% 5.46%
0.00 0.00 0.00 0.00 0.00 0.00
7.75% 7.75% 7.75% 7.75% 7.75% 7.75%
35% 35% 35% 35% 35% 35%
1% 1% 1% 1% 1% 1%

399.96 419.96 440.96 458.59 476.94 496.01

359.09 377.04 395.91 411.70 428.20 445.32
40.87 42.92 45.04 46.90 48.74 50.69
28.17 27.32 28.52 29.54 30.53 31.61
2.70 3.00 3.30 3.60 3.90 4.20
 10.00 12.60 13.23 13.76 14.31 14.88
- - - - - -
3.50 4.41 4.63 4.82 5.01 5.21
6.50 8.19 8.60 8.94 9.30 9.67
1.62 2.05 2.15 2.24 2.33 2.42
0.20 0.20 0.20 0.20 0.20 0.20
4.00 4.00 4.00 4.00 4.00 4.00
0.80 0.80 0.80 0.80 0.80 0.80

6.01 11.13 16.69 22.90 29.55 36.64

33.47 35.15 36.91 38.38 39.92 41.51
4.90 4.90 4.90 4.90 4.90 4.90
44.39 51.18 58.50 66.19 74.37 83.06
15.40 16.60 17.71 18.70 19.57 20.33
46.84 46.84 46.84 46.84 46.84 46.84
106.63 114.62 123.05 131.72 140.78 150.22

12.04 12.64 13.27 13.80 14.36 14.93

- - - - - -
12.04 12.64 13.27 13.80 14.36 14.93
13.90 13.90 13.90 13.90 13.90 13.90
17.26 17.26 17.26 17.26 17.26 17.26
43.20 43.80 44.43 44.96 45.52 46.09
63.43 70.82 78.62 86.76 95.26 104.13
106.63 114.62 123.05 131.72 140.78 150.22

0.00 0.00 0.00 0.00 0.00 0.00

6.50 8.19 8.60 8.94 9.30 9.67

2.70 3.00 3.30 3.60 3.90 4.20
1.59 1.67 1.76 1.48 1.54 1.60
- - - - - -
0.57 0.60 0.63 0.53 0.55 0.57
- - - - - -
- - - - - -
8.18 10.12 10.77 11.60 12.22 12.85
 4.00 4.20 4.41 4.59 4.77 4.96
- - - - - -

(4.00) (4.20) (4.41) (4.59) (4.77) (4.96)

- - - - - -
0.80 0.80 0.80 0.80 0.80 0.80
(0.80) (0.80) (0.80) (0.80) (0.80) (0.80)

3.38 5.12 5.56 6.21 6.65 7.09

2.63 6.01 11.13 16.69 22.90 29.55
6.01 11.13 16.69 22.90 29.55 36.64
- - - - - -

14.10 15.40 16.60 17.71 18.70 19.57

4.00 4.20 4.41 4.59 4.77 4.96
2.70 3.00 3.30 3.60 3.90 4.20
15.40 16.60 17.71 18.70 19.57 20.33

32.34 32.94 32.63 34.13 35.69 37.31

4.90 4.90 4.90 4.90 4.90 4.90
37.24 37.84 37.53 39.03 40.59 42.21
12.04 12.64 13.27 13.80 14.36 14.93
- - - - - -
25.20 25.20 24.25 25.22 26.23 27.28
25.20 25.20 24.25 25.22 26.23 27.28
0.44 - (0.94) 0.97 1.01 1.05
2023 2024 Exp

5.2 5.4

4% 4% Landmark's revenue to grow at 5% per year from 2014 to 2019 and 4% per ye
90% 90% Assume constant value from Exhibit 1 2014 Financial Statement, so have taken
3% 3% Landmark's operating margin could increase to 1.5% in 2015, 2% in 2016, 2.5%
5.50% 5.50% Non-cash net working capital as a percentage of sales was expected to decline
4.00 4.00 Assume constant value from Exhibit 1 2014 Financial Statement, so have taken
0.80 0.80 Assume constant value from Exhibit 1 2014 Financial Statement, so have taken
4.50 4.80 Depreciation would increase by $300,000 per year in the foreseeable future

8.37% 8.37% Assume constant value from Exhibit 1 2014 Financial Statement, so have taken
13.66% 13.66% Assume constant value from Exhibit 1 2014 Financial Statement, since no new
3.01% 3.01% Assume constant value from Exhibit 1 2014 Financial Statement, so have taken
4.65% 4.65% Assume constant value from Exhibit 1 2014 Financial Statement, so have taken
5.46% 5.46% Assume constant value from Exhibit 1 2014 Financial Statement, so have taken
0.00 0.00 Assume no debt issued as debt (bank borrowings) appeared to be nil from Exh
7.75% 7.75%
35% 35% The standard industry tax rate value given
1% 1% Capital Expenditure is expected to remain constant at 1% of annual sales

515.86 536.49
463.13 481.66
52.72 54.83
32.74 33.93
4.50 4.80
 15.48 16.09
- -
5.42 5.63
10.06 10.46
2.51 2.62
0.20 0.20
4.00 4.00
0.80 0.80

44.18 52.17
43.17 44.90
4.90 4.90
92.25 101.97
20.99 21.55
46.84 46.84
160.08 170.36

15.53 16.15
- -
15.53 16.15
13.90 13.90
17.26 17.26
46.69 47.31
113.39 123.05
160.08 170.36

0.00 0.00

10.06 10.46
4.50 4.80
1.66 1.73
- -
0.60 0.62
- -
- -
13.50 14.16
 5.16 5.36
- -

(5.16) (5.36)

- -
0.80 0.80
(0.80) (0.80)

7.54 7.99
36.64 44.18
44.18 52.17
- -

20.33 20.99
5.16 5.36
4.50 4.80
20.99 21.55

39.00 40.76
4.90 4.90
43.90 45.66
15.53 16.15
- -
28.37 29.51
28.37 29.51
1.09 1.13
 Explanation

from 2014 to 2019 and 4% per year thereafter

Financial Statement, so have taken the average of 2010-2014 since no new information given for 2014 onwards
e to 1.5% in 2015, 2% in 2016, 2.5% in 2017, then 3% thereafter
ge of sales was expected to decline to 7% in 2015, 6.5% in 2016, 6.3% in 2017, 6% in 2018 and 5.5% thereafter
Financial Statement, so have taken the average of 2010-2014 since no new information given for 2014 onwards
Financial Statement, so have taken the average of 2010-2014 since no new information given for 2014 onwards
er year in the foreseeable future

Financial Statement, so have taken the average of 2010-2014 since no new information given for 2014 onwards
Financial Statement, since no new information given for 2014 onwards
Financial Statement, so have taken the average of 2010-2014 since no new information given for 2014 onwards
Financial Statement, so have taken the average of 2010-2014 since no new information given for 2014 onwards
Financial Statement, so have taken the average of 2010-2014 since no new information given for 2014 onwards
wings) appeared to be nil from Exhibit 1 2014 Financial Statement

onstant at 1% of annual sales

 0-2014 since no new information given for 2014 onwards

% in 2016, 6.3% in 2017, 6% in 2018 and 5.5% thereafter

0-2014 since no new information given for 2014 onwards
0-2014 since no new information given for 2014 onwards

0-2014 since no new information given for 2014 onwards

or 2014 onwards
0-2014 since no new information given for 2014 onwards
0-2014 since no new information given for 2014 onwards
0-2014 since no new information given for 2014 onwards
l Statement
 His
Financial Statements Pessimistic Case 2010

Exhibit 3a Five-year Forecast of Landmark's Income and Cash Flow, 2015-2019 (U.S. $
Net sales
Operating profit percentage
Net income
Depreciation and amortization
Change in net working capital
Capital expenditure
Total FCF

Assumptions
Income Statement
Revenue Growth (% Change)
COGS of Sales (% of Revenue) 89.48%
Operating Margin (% of Revenue) 1%
Non-cash NWC (% of Revenue)
Common Shares 4.00
Dividend 0.80
Depreciation 1.60

Balance Sheet
Accounts recievable of Sales (% of Revenue) 7.14%
Investments and other assets increase 15.52%
Accounts payable of Sales (% of Revenue) 1.93%
Accrued expenses and deferred taxes 4.79%
Other non-current liabilites 5.73%
Bank borrowing 0.00
Interest Rate 0.00%
Corporate tax rate 35%
CAPEX (% of Revenue)

Income statement
Net sales 289.90
COGS 259.40
Gross profit 30.50
Operating expenses 20.90
Depreciation and amortization 1.60
Operating profit 8.00
Interest expense -
Income taxes 2.80
Net income 5.20
EPS 1.30
Dividend per share 0.20
Shares outstanding 4.00
Total dividend payout 0.80

Balance sheet
Cash 3.60
Accounts receivable 20.70
Other current assets 6.30
Current assets 30.60
Net PP&E 3.10
Investments and other assets 45.00
Total assets 78.70

Accounts payable 5.60

Bank borrowing -
Current Liabilities 5.60
Accrued expenses and deferred taxes 13.90
Other non-current liabilities 16.60
Total liabilities 36.10
Shareholders' equity 42.60
Total liabilities and equity 78.70

Check 0.00

Cash flow
Cash Flow from Operations
Net Income 5.20
Add: Depreciation 1.60
Less: Increase/(decrease) in accounts receivable
Less: Increase/(decrease) in Other current assets
Add: Increase/(decrease) in accounts payable
Add: Increase/(decrease) in other accrued expenses
Add: Increase/(decrease) in other non-current liabilites
Total Cash Flow from Operations
Cash Flow from Investing
Less: Increase/(decrease) in CAPEX
Less: Increase/(decrease) in investments and other assets

Total Cash Flow from Investing

Cash Flow from Financing

Add: Increase/(Decrease) in Borrowings

Less: Dividends Paid
Total Cash Flow from Financing

Net Cash Flow

Starting Cash
Ending Cash 3.60
Check

Supporting Schedules
PPE
PPE opening
Add: Increase/(Decrease) CapEx
Less: Depreciation 1.60
PPE closing 3.10

Net Working Capital

Add: Account recievable 20.70
Add: Other current Assets 6.30
Current Assets (less cash) 27.00
Less: Accounts payable 5.60
Less: Bank Borrowing -
Net Working Capital 21.40
NWC Target
Change in NWC
 Historial Results
2011 2012 2013 2014 [E] 2015 2016

w, 2015-2019 (U.S. $ millions)*

362.8 380.9
5.4 5.7
3.5 3.7
2.1 2.4
1.3 1.3
3.6 3.8
0.7 1.0

4.90% 4.04% 3.98% 5.02% 5% 5.00%

89.81% 89.79% 89.76% 89.84% 90% 89.79%
1% 1% 1% 1% 1.50% 2.00%
7% 7.00%
4.00 4.00 4.00 4.00 4.00 4.00
0.80 0.80 0.80 0.80 0.80 0.80
1.60 1.70 1.70 1.80 2.10 2.40

7.23% 9.26% 9.24% 8.97% 8.37% 8.37%

15.49% 14.95% 14.47% 13.66% 13.66% 13.66%
1.74% 2.40% 2.71% 3.01% 3.01% 3.01%
4.57% 4.74% 4.65% 4.49% 4.65% 4.65%
5.75% 5.37% 5.26% 5.18% 5.46% 5.46%
0.00 4.00 2.50 0.00 0.00 0.00
0.00% 7.50% 8.00% 0.00% 7.75% 7.75%
35% 35% 35% 35% 35% 35%
1% 1%

304.10 316.40 329.00 345.50 362.78 380.91

273.10 284.10 295.30 310.40 325.54 342.01
31.00 32.30 33.70 35.10 37.24 38.91
21.60 26.70 28.60 30.30 29.70 28.89
1.60 1.70 1.70 1.80 2.10 2.40
 7.80 3.90 3.40 3.00 5.44 7.62
- 0.30 0.20 - - -
2.73 1.26 1.12 1.05 1.90 2.67
5.07 2.34 2.08 1.95 3.54 4.95
1.27 0.58 0.52 0.49 0.88 1.24
0.20 0.20 0.20 0.20 0.20 0.20
4.00 4.00 4.00 4.00 4.00 4.00
0.80 0.80 0.80 0.80 0.80 0.80

4.22 3.26 1.52 0.37 0.63 3.45

22.00 29.30 30.40 31.00 31.41 31.88
5.10 4.90 5.00 4.90 4.90 4.90
31.32 37.46 36.92 36.27 36.94 40.23
5.15 7.25 9.17 11.17 12.69 14.10
47.10 47.30 47.60 47.20 46.84 46.84
83.57 92.01 93.69 94.64 96.48 101.17

5.30 7.60 8.90 10.40 10.92 11.47

- 4.00 2.50 - - -
5.30 11.60 11.40 10.40 10.92 11.47
13.90 15.00 15.30 15.50 14.72 14.72
17.50 17.00 17.30 17.90 17.26 17.26
36.70 43.60 44.00 43.80 42.90 43.45
46.87 48.41 49.69 50.84 53.58 57.73
83.57 92.01 93.69 94.64 96.48 101.17

0.00 0.00 0.00 0.00 0.00 0.00

5.07 2.34 2.08 1.95 3.54 4.95

1.60 1.70 1.70 1.80 2.10 2.40
1.30 7.30 1.10 0.60 0.41 0.47
(1.20) (0.20) 0.10 (0.10) - -
(0.30) 2.30 1.30 1.50 0.52 0.55
- 1.10 0.30 0.20 (0.78) -
0.90 (0.50) 0.30 0.60 (0.64) -
7.17 (0.16) 4.48 5.55 4.32 7.43
 3.65 3.80 3.62 3.80 3.63 3.81
2.10 0.20 0.30 (0.40) (0.36) -

(5.75) (4.00) (3.92) (3.40) (3.27) (3.81)

- 4.00 (1.50) (2.50) - -

0.80 0.80 0.80 0.80 0.80 0.80
(0.80) 3.20 (2.30) (3.30) (0.80) (0.80)

0.62 (0.96) (1.74) (1.15) 0.26 2.82

3.60 4.22 3.26 1.52 0.37 0.63
4.22 3.26 1.52 0.37 0.63 3.45
- - - 0.00 - -

3.10 5.15 7.25 9.17 11.17 12.69

3.65 3.80 3.62 3.80 3.63 3.81
1.60 1.70 1.70 1.80 2.10 2.40
5.15 7.25 9.17 11.17 12.69 14.10

22.00 29.30 30.40 31.00 31.41 33.23

5.10 4.90 5.00 4.90 4.90 4.90
27.10 34.20 35.40 35.90 36.31 38.13
5.30 7.60 8.90 10.40 10.92 11.47
- 4.00 2.50 - - -
21.80 22.60 24.00 25.50 25.39 26.66
25.39 26.66
0.40 0.80 1.40 1.50 (0.11) 1.27
 Forecasted Results
2017 2018 2019 2020 2021 2022

400.0 420.0 441.0

6.0 6.3 6.6
3.9 4.1 4.3
2.7 3.0 3.3
1.4 1.5 1.6
4.0 4.2 4.4 4.6 4.8 5.0
1.2 1.4 1.6

5.00% 5.00% 5.00% 4.00% 4.00% 4.00%

89.78% 89.78% 89.78% 89.77% 89.78% 89.78%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
7.00% 6.50% 6.50% 6.50% 6.50% 6.50%
4.00 4.00 4.00 4.00 4.00 4.00
0.80 0.80 0.80 0.80 0.80 0.80
2.70 3.00 3.30 3.60 3.90 4.20

8.37% 8.37% 8.37% 8.37% 8.37% 8.37%

13.66% 13.66% 13.66% 13.66% 13.66% 13.66%
3.01% 3.01% 3.01% 3.01% 3.01% 3.01%
4.65% 4.65% 4.65% 4.65% 4.65% 4.65%
5.46% 5.46% 5.46% 5.46% 5.46% 5.46%
0.00 0.00 0.00 0.00 0.00 0.00
7.75% 7.75% 7.75% 7.75% 7.75% 7.75%
35% 35% 35% 35% 35% 35%
1% 1% 1% 1% 1% 1%

399.96 419.96 440.96 458.59 476.94 496.01

359.09 377.04 395.91 411.70 428.20 445.32
40.87 42.92 45.04 46.90 48.74 50.69
28.17 29.42 30.72 31.83 32.91 34.09
2.70 3.00 3.30 3.60 3.90 4.20
 10.00 10.50 11.02 11.46 11.92 12.40
- - - - - -
3.50 3.67 3.86 4.01 4.17 4.34
6.50 6.82 7.17 7.45 7.75 8.06
1.62 1.71 1.79 1.86 1.94 2.02
0.20 0.20 0.20 0.20 0.20 0.20
4.00 4.00 4.00 4.00 4.00 4.00
0.80 0.80 0.80 0.80 0.80 0.80

6.83 10.58 14.71 19.44 24.53 30.01

33.47 35.15 36.91 38.38 39.92 41.51
4.90 4.90 4.90 4.90 4.90 4.90
45.21 50.63 56.52 62.72 69.35 76.42
15.40 16.60 17.71 18.70 19.57 20.33
46.84 46.84 46.84 46.84 46.84 46.84
107.45 114.07 121.07 128.25 135.76 143.59

12.04 12.64 13.27 13.80 14.36 14.93

- - - - - -
12.04 12.64 13.27 13.80 14.36 14.93
14.72 14.72 14.72 14.72 14.72 14.72
17.26 17.26 17.26 17.26 17.26 17.26
44.02 44.62 45.25 45.78 46.34 46.91
63.43 69.45 75.82 82.47 89.42 96.68
107.45 114.07 121.07 128.25 135.76 143.59

0.00 0.00 0.00 0.00 0.00 0.00

6.50 6.82 7.17 7.45 7.75 8.06

2.70 3.00 3.30 3.60 3.90 4.20
1.59 1.67 1.76 1.48 1.54 1.60
- - - - - -
0.57 0.60 0.63 0.53 0.55 0.57
- - - - - -
- - - - - -
8.18 8.75 9.34 10.11 10.67 11.24
 4.00 4.20 4.41 4.59 4.77 4.96
- - - - - -

(4.00) (4.20) (4.41) (4.59) (4.77) (4.96)

- - - - - -
0.80 0.80 0.80 0.80 0.80 0.80
(0.80) (0.80) (0.80) (0.80) (0.80) (0.80)

3.38 3.75 4.13 4.72 5.10 5.48

3.45 6.83 10.58 14.71 19.44 24.53
6.83 10.58 14.71 19.44 24.53 30.01
- - - - - -

14.10 15.40 16.60 17.71 18.70 19.57

4.00 4.20 4.41 4.59 4.77 4.96
2.70 3.00 3.30 3.60 3.90 4.20
15.40 16.60 17.71 18.70 19.57 20.33

35.14 35.04 37.04 38.71 40.46 42.27

4.90 4.90 4.90 4.90 4.90 4.90
40.04 39.94 41.94 43.61 45.36 47.17
12.04 12.64 13.27 13.80 14.36 14.93
- - - - - -
28.00 27.30 28.66 29.81 31.00 32.24
28.00 27.30 28.66 29.81 31.00 32.24
1.33 (0.70) 1.36 1.15 1.19 1.24
2023 2024

5.2 5.4

4.00% 4.00%
89.78% 89.78%
2.50% 2.50%
6.50% 6.50%
4.00 4.00
0.80 0.80
4.50 4.80

8.37% 8.37%
13.66% 13.66%
3.01% 3.01%
4.65% 4.65%
5.46% 5.46%
0.00 0.00
7.75% 7.75%
35% 35%
1% 1%

515.86 536.49
463.13 481.66
52.72 54.83
35.32 36.62
4.50 4.80
 12.90 13.41
- -
4.51 4.69
8.38 8.72
2.10 2.18
0.20 0.20
4.00 4.00
0.80 0.80

35.87 42.12
43.17 44.90
4.90 4.90
83.95 91.92
20.99 21.55
46.84 46.84
151.77 160.31

15.53 16.15
- -
15.53 16.15
14.72 14.72
17.26 17.26
47.51 48.13
104.26 112.18
151.77 160.31

0.00 0.00

8.38 8.72
4.50 4.80
1.66 1.73
- -
0.60 0.62
- -
- -
11.82 12.41
 5.16 5.36
- -

(5.16) (5.36)

- -
0.80 0.80
(0.80) (0.80)

5.86 6.25
30.01 35.87
35.87 42.12
- -

20.33 20.99
5.16 5.36
4.50 4.80
20.99 21.55

44.16 46.12
4.90 4.90
49.06 51.02
15.53 16.15
- -
33.53 34.87
33.53 34.87
1.29 1.34