Financial Analysis: Apple Inc.: University of Dallas Satish Yasmin & Gupta College of Business

Financial Analysis: Apple Inc. Submitted By: Bhamidiphati Anusha !a"urin #herr$ %o$  &ao  & ao Philippe

In Partial Partial Fulfllment o the requirements or FINA 6305 – 7QA 

Submitted To: Proessor &i'en (u

)ni*ersit$ o +allas ,atish &asmin - (upta #olle"e o Business

0|PAGE

 Table  T able of Contents I.

.a/le o #ontents

,ummar$ II. 12euti*e ,u

 4

III. #ompan$ Ba"round 3 IV.. Fi IV Fina nan nia iall at atio ios s  i8 ii8 iii8 i*8  *88  *

!iquidit$ or or 9orin" #apital 1:iien$ and Asset ;ana"ement +e/t ;a ;ana"ement Perormane +uPontt atio +uPon

Bond
 V..  V

i8 ii 8 iii8 i*8  *88  *

7

+e/t ;aret
,to o
,to e$ ?
 VII. #apital Bud"etin" i8 ii 8



#apital Bud"etin" ,trate"$ NP< I I an and Pa Pa$/a Pe Period

#apitall and #apit #apital al ,trutur ,truture e   VIII. #ost o #apita i8 ii 8 iii8 i*8

#ost o +e/t #ost o 1quit$ #apital ,t ,truture 1
#on nlu lusi sion on 44 IX. #o X.  Appendi2

4

XI. eerene 53

1|PAGE

Executive Execu tive Sua!y .he .h e fn fnan ani ial al an anal al$s $sis is th that at th the e te team am o ond ndu ute ted d o orr Ap Appl ple e In In8 8 is or"anied into the ollo'in" setions

• • • • • • •

#ompan$ Ba"round Finanial atios Bond
"|PAGE

Copany #ac$%!oun&  Apple In8 is an Amerian multinational orporation headquartered in #upertino #aliornia that desi"n de*elops and sells onsumer eletronis omputer sot'are online ser*ies and personal omputers8 Its /estCno'n hard'are produts are the ;a line o omputers the iPod media pla$er the iPhone smartphone and the iPad ta/let omputer8 Its online ser*ies inlude i#loud i.unes ,tore and App ,tore8 Its onsumer sot'are inludes the D, E and iD, operatin" s$stems the i.unes media /ro'ser the ,aari 'e/ /ro'ser and the i!ie and i9or reati*it$ and produti*it$ suites8  Apple manuatures some ;as in the )nited ,tates /ut most o its hard'are produts are urrentl$ outsoured in Asia8 ;ost omponents that are essential to the /usiness are /ein" supplied /$ multiple soures8

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Financial (atios i.

Liquidity or Working Capital 2014

2013

2012

Cu!!ent (atio

80

86

850

)uic$ (atio

0867

843

80

503000800

4=64000800

=000800

*o!$in% Capital +,S-/ in tousan&s

#urrent ratio is the a/ilit$ o a ompan$ to meet its shortCterm o/li"ations8 It is also an indiation o a ompan$Gs relati*e e:iien$8  AppleGs urrent ratio or the past three $ears is a/o*e  'hih is onsidered as a lo' urrent ratio8 Ha*in" a lo' urrent ratio means that the ompan$ is e:iient in usin" its apital 'hih leads to a hi"h DA eturn on AssetsJ8 Qui ratio is used as an indiation o a ompan$Gs shortCterm liquidit$8 AppleGs qui ratio is lo'er than its urrent ratio sine Apple has other listed assets that are more hallen"in" to on*ert into ash suh as in*entories deerred ta2 assets *endor nonCtrade reei*a/les and other urrent assets8 9orin" apital is a measure o the a/ilit$ o a ompan$ to o*er its shortCterm lia/ilities8 For 40 Apple has a 'orin" apital o 580 B8 .he ompan$Gs 'orin" apital ould /e used to e2pand and impro*e their operations usin" urrent resoures8

ii.

Efiieny and !""et #anagement 2014

2013

2012

 Total Asset Tu!nove!

0.2

0.3'

0.32

Fixe& Asset Tu!nove!

3.34

10.'0

10.1'

-aily Sales 5utstan&in%

'6.07

"3.12

"6." 7|PAGE

.he .otal Asset .urno*er is an indiator o the ompan$Gs e:iien$ in usin" its assets8 For the past three $ears AppleGs total asset turno*er is delinin"8 Fi2ed Asset .urno*er is the ratio o the ompan$Gs a/ilit$ to "enerate re*enue rom its f2ed assets in*estments suh as propert$ plant and equipment8 AppleGs f2ed asset turn o*er impro*ed rom 404 to 403 then delined rom 303 to 408 +ail$ ,ales Dutstandin" is the measure o the a*era"e num/er o da$s that a ompan$ taes /eore it ould ollet its re*enue ater a sale has /een made8 For the past three $ears Apple sho's an inreasin" num/er o +,D da$s8

iii.

$ebt #anagement 2014

 Total 8iabilities to Total Assets 8on%9Te! -ebt to Capital  Ties Inte!est Ea!ne&

2013

2012

0.6"

0.70

0.''

0.66

0.74

0.00

1'2."3

'43.2

0.00

.otal lia/ilities to .otal Assets is a measure o the ompan$Gs total de/t relati*e to its total assets8 AppleGs fnanial data sho's that or the past three $ears the perenta"e o its assets that 'ere fnaned 'ith de/t is inreasin"8 !on"C.erm +e/t to #apitaliation is alulated /$ di*idin" the ompan$Gs lon"Cterm de/t /$ the amount o its a*aila/le apital8  AppleGs fnanial data or the past t'o $ears sho's that a "reat portion o their apital 'ere fnaned *ia de/t8 #ompanies ha*in" a

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hi"her lon"Cterm de/t to apitaliation ratio are onsidered risier than those 'ith lo'er ratios8 .imes Interest 1arned .I1J is a measure o the ompan$Gs a/ilit$ to o*er its interest o/li"ations8 For 404 .I1 is not omputa/le sine Apple 'as not a*ailin" an$ de/t so there 'ere no interests to /e paid or that $ear8 For 403 and 40 the ompan$Gs fnanial data sho's that Apple started to a*ail de/t /ut its earnin"s /eore interest and ta2es is *er$ su:iient to o*er its interest pa$a/le /onds8

i%.

&er'ormane 2014

2013

2012

P!ot ;a!%ins

0.""

0.""

0."

(etu!n on Assets +(5A

0.1

0.13

0."7

Proft mar"in indiates the profta/ilit$ o a ompan$8 From 404 to 403 there 'as a sli"ht deline in AppleGs proft mar"in and 'as retained or 408 eturn on Assets DAJ is an indiator o the ompan$Gs profta/ilit$ relati*e to its assets8 Ha*in" a hi"her DA mean that the ompan$ is earnin" more mone$ on less in*estment8 AppleGs fnanial data sho's that its DA is deterioratin" or the past three $ears despite net inome "ro'th rom 403 to 408

 %.

$u&ont (atio 2014

(etu!n on E
0."3

2013

0."6

2012

0.'1

4|PAGE

+uPont atio Anal$sis is a 'a$ o deomposin" and e2aminin" eturn on 1quit$ D1J into three omponents Proft ;ar"in K Inome L e*enue .otal Asset .urno*er K e*enue L Assets Finanial !e*era"e K Assets L 1quit$ • • •

B$ alulatin" AppleGs D1 or the past three $ears it sho'ed a deline rom 404 to 403 and an inrease in 403 to 408 .his means that Apple has "enerated more proft rom utiliin" the mone$ that the shareholders ha*e in*ested in 40 ompared to 4038

|PAGE

#on& =aluation Bond *aluation is the present *alue o the /ond relati*e to its uture ash Mo's8

i.

$ebt #arket Value  Aordin" to For/es ma"aine AppleGs maret ap is  38 /illion that maes it the rihest ompan$ in the 'orld8 .his is *er$ si"nifant /eause out o this maret *alue onl$ O is fnane the remainin" /ein" ust equit$ or the ompan$8

ii.

$ebt Struture !e*era"e ratio or the +e/t to 1quit$ ratio is an indiation o the relati*e proportion o shareholders equit$ and de/t used to fnane a ompan$s assets8 In the ase o Apple this ratio 'as 0R in ,eptem/er 404 and 45867 R in %une 408 .his is less than the /enhmar a*era"e o 483R or an AA ratin" ompan$ and an indiation o lo'er ris as /ond holders ha*e onl$ O laims on the asset o the ompan$8

etrie*ed rom httpLL$harts8omL"lossar$LtermsLde/tSequit$Sratio J

iii.

$ebt !%erage #aturity   AppleGs &ield to ;aturit$ is 5864 R8 .his relati*e to the 0 $ears .CNote o 486R "i*es a ,pread o 48= R8 .his lo' spread o near 0R maes Apples a near ris ree ompan$8 .he immediate onsequene is that Apple is /orro'in" or ree8 3|PAGE

i%.

Credit (ating  AppleGs redit ratin" is AA that maes it de/t an In*estment (reat Bond8 .he on*ention is that an AA ompan$ has =85R interest o*era"e 47 R return on apital and 483R le*era"e ratio 'hih is atuall$ 45867R or Apple8 .his "ood ratin" is another indiation o  the lo'er deault ris due to the nearl$ de/t ree status o Apple8

 %.

Credit)ort*ine"" .he redit 'orthiness o Apple is "reat8 9ith a &.; spread o  48=R relati*e to the .CNote itGs almost ertain that Apple 'ill ne*er deault on its de/t8 Apple is urrentl$ eno$in" its AA redit ratin"8 .his translates on its lo' required o return8 In addition Apple is usin" this le*era"e to fnane its de/t the oupon pa$ment is almost equals to the &.;T the /ond an /e qualifed as /een sold at par  *alue8

2|PAGE

Stoc$ =aluation ,to *aluation is the present *alue P< o the uture ash Mo's

i.

Stok Valuation +"ing $$# #odel  Apple sto is listed on the NA,+AQ and the tier is AAP!

++; P0 K +L rC"J

P0K ,to *aluation the prie o the /ond

+K +i*idend pa$ment at the end o frst $ear

r K equired eturn ate o the sto 

"K #onstant (ro'th rate o the sto 

P0 K 0085

" K =85R

r K =8=6 R

!ast di*idend paid 'as +0 K 087

+ K +0 U80==6J K 087 U 80==6J K 0856

P0 K 0856 L 080==6C 080=5J K 0856 L 08006 K ,--./012

10 | P A G E

Dther thin"s equal 'e an sa$ that Apple sto is under*alued8 Apple started pa$in" di*idends onl$ in in %ul$ 4048 Beore the ompan$ had onl$ ous on in*estin" its re*enue or eep it asset8

ii.

3ey 4Value $ri%er"5 .he e$ *alue dri*ers o this ompan$ are the "ro'th rate and the

required rate o return8 In addition the ratin" AA is a /i" dri*er o the ompan$ "ro'th8 9ith this ratin" Apple an /orro' or almost ree o  har"e8 Inno*ation is /$ ar the /i""est dri*er o Apple8 9ith the *ision o  ,te*e %o/ Apple 'as and still the industr$ leader8 .his needs to ontinue or  Apple to eep "ro'in"8

iii.

Comparable and (egre""ion !naly"i" Beta !pple

Beta 6&7

804647

8663

 Aordin" to the Beta o the di:erent frm in this ompetition Apple is less *olatile than He'lett Parer8 Dn the desripti*e statistis ta/le 'ith a onfdene o =5 R Apple is not that ar a'a$ rom the inde2 , - P 5008 eer to Appendi2 ( and H or Beta #omparison and Anal$sisJ

i%.

E"timated and !tual Stok &rie .he atual sto prie should /e  48378

11 | P A G E

It is also due to the redit ratin" o the ompan$8 .hou"h AA ratin" is reall$ "ood there is still a ne"ati*e spread that 'ill undermine the *alue o  the sto /$ the most septial in*estors8

.he de/t ratio o 0846 still is a /i" hun o the ompan$ *alue8 In addition the death o ,te*e %o/ 'as the *isionar$ o the ompan$ has reall$ han"ed the ompan$ name /rand *alue8 Inno*ation has stalled e*er sine and there are "reat hanes that the ompetition ould /e serious in the near uture8

1" | P A G E

Capital #u&%etin% i.

Capital Budgeting Strategy   Apple in*ests si"nifant amount in the apital e2penditures8 ,te*en

;iluno*ih o )B, seurities noted AppleGs #FD Peter Dppenheimer sa$in" that Apple spent 0 /illion in 403 on apital e2penditures 'ith a $earC o*erC$ear inrease up to 4 /illion spendin" almost as Intel does8 Apple utilies the #ape2 in purhasin" the tools and mahiner$ or ne' prodution proesses8 .he histori inormation learl$ re*eals that #ape2 o Apple ha*e al'a$s /een on a rapid inrease si"ni$in" an o/*ious inrease in re*enues as 'ell8

Capital expenditure

Year

$ 1.5 billion $ 7.2 billion $ 9 billion

2009 2012 2013

 AppleGs apital in*estments

>at$ Hu/ert$ o ;or"an ,tanle$ has indiated that AppleGs apital e2penditure and re*enue ha*e /een =7R orrelated o*er the last  $ears8 Hene an inrease in the #ape2 /$ deault indiates an inrease in the re*enue8

1' | P A G E

#apital /ud"etin" tehniques emplo$ed /$ the ompanies are not dislosed in pu/li8 Hene to "ain an insi"ht or aess this inormation is not possi/le8 Ho'e*er apital /ud"etin" tehniques most ommonl$ used /$ the frms are disussed /elo'8 #apital /ud"etin" proess is used to aess profta/ilit$ o potential apital e2penditures8 It is also important to note thatT lar"e ape2 reates lon"Cterm *alue or shareholders8

1ah ompan$ hooses to use di:erent apital /ud"etin" tehniques dependin" on the si"nifane o their apital /ud"etin" deisions8

ii.

8&V9 I(( and &aybak &eriod 8et &re"ent Value 8&V; is the di:erene /et'een the present

 *alue o the ash inMo's and the present *alue o the ash outMo's8 It is used in apital /ud"etin" to anal$e the profta/ilit$ o an in*estment or proet8 17 | P A G E

.he ad*anta"e o usin" NP< is that it onsiders Vtime *alue o mone$G adustin" all the ash Mo's in the present da$ dollar *alue8 +ollars earned in the uture 'ill not /e as muh 'orth as the dollars earned toda$8 NP<  ormula uses Vdisount rateG to address this aspet8

I NP< is used 9A## is to /e alulated8 9ith the V'ei"hted a*era"e ost o apitalG 9A##J the amount o ash Mo' a*aila/le to all the shareholders and de/tors is aptured8 It is a no'n at that the ompan$Gs assets are supported /$ de/ts or equit$8 9A## is the 'ei"hted a*era"e o  the osts o these fnanin" soures to anal$e the interest ompan$ has to pa$ or the fnanes8

;ana"ement o a frm should aept a proet i NP< is positi*e8 .he proet should /e reeted i NP< is ne"ati*e8 In ase o 4 independent proets 'ith positi*e NP< the proet 'ith the hi"hest NP< is hosen8

Internal (ate o' (eturn I((; is the ne2t apital /ud"etin"

tehnique8 I is the disount rate 'hih equates the NP< o all the ash Mo's to VeroG8 It also represents the Vrate o returnG earned on the ape28 .he hi"her the VIG the more desira/le the proet is and the /etter it is to in*est8

&aybak period  is the third apital /ud"etin" tehnique8 It is the

timerame needed to reo*er the initial in*estment in*ested in a proet8 Ho'e*er this apital /ud"etin" tehnique has some dra'/as8 ;aor dra'/as /ein" 16 | P A G E

i8 ii8

Vtime *alue o mone$G is not onsidered ,hortCterm proets are a*ored

 Apple undou/tedl$ has reated *alue in the past e' $ears espeiall$ in the last 3 $ears8 .o /e"in 'ith /$ ousin" purel$ on inno*ation Apple has reated ne' produts and o/s8

Based on the past data AppleGs #ap12 is diretl$ proportional to the re*enue8

14 | P A G E

Cost of Capital an& Capital St!uctu!e i.

Co"t o' $ebt

 'iin*est 40J

 'iin*est 40J

+ue to the lar"e ash reser*es o Apple it did not ha*e an$ de/t outstandin" prior to 4038 Apple issued 7 /illion in de/t in 403 'hih 1 | P A G E

tri""ered an inrease in the maret interest rates8 .he maret prie o  /onds has delined and $ieldCtoCmaturit$ has inreased e*er sine8

Bloom/er" 403J

Based on oupon rate the 'ei"hted a*era"e ost o de/t is 85R

Based on $ieldCtoCmaturit$ 'ei"hted a*era"e ost o de/t is 485R

ii.

Co"t o' Equity   In*estors need to understand the ost o equit$ alulation8 .he last

estimated ost o equit$ o Apple 'as at 087R8 Belo' is the ormula or ost o equit$ /ased on the Vapital asset priin" modelG

Niu 40J

13 | P A G E

.he apital asset priin" model #AP;J onept o Vost o equit$G alulation is that ompensation should /e done or in*estorGs ris8 .he alulation enompasses ompensation or the in*estor the ris premium and the ris measure /eta that ompares the AppleGs returns to the maret o*er a timerame8

)sin" #AP; ormula 'ith the /elo' data

0C$ear treasur$ $ield or the risCree rate

BetaK0866

 As'ath +amodaranGs estimate o equit$ ris premiumK583R

#ost o 1quit$K4855W0866583RJ

#ost o 1quit$K68R

Beta !naly"i":

9e perormed V/eta anal$sisG usin" re"ression anal$sis on the ,-P monthl$8

.he hart /elo' illustrates re"ression anal$sis

12 | P A G E

 Aordin" to In*estopedia Beta is ?a measure o the *olatilit$ or s$stemati ris o a seurit$ or a portolio in omparison to the maret as a 'hole@8 Apple Beta /ein" more than  is an indiation that the sto is more  *olatile than the maret8 .his is also an indiation that the sto has a hi"her rate o return 'hih is onurrent to the ris8 In*estors are "ettin" re'arded or the ris em/edded in Apple sto8 ,uh *olatilit$ is ommon to the industr$8

.he omplete re"ression anal$sis is su/mitted in the 12el fle8 12erpts rom the anal$sis are /elo'

"0 | P A G E

.he re"ression anal$sis $ielded a Beta or Apple o 8048 .his does not math a/o*e onsidered /eta *alue8

 Weig*ted !%erage Co"t o' Capital:

9A## is the minimum return a ompan$ should earn on the in*estmentsLape2 to reate *alue8 #urrent maret *alue o de/t and equit$ should /e used or 9A## alulation8

9ei"hted A*era"e #ost o #apital ormula is as ollo's

 Aordin" to AppleGs 0> flin" or 40 e:eti*e ta2 rate K 468R8

 AppleGs fnal ost o equit$ is 68R as disussed a/o*e8

"1 | P A G E

iii.

Capital Struture  AppleGs apital struture is omposed o ommon sto 'ith

appro2imatel$ =38664 million shares outstandin" at fsal $earCend ,eptem/er 30 4038

.he ompan$ has ommon sto /ut no preerred

sto8 .he ompan$ issued lon"Cterm in April 403 de/t in order to pa$ a di*idend to ustomers and to fnane their apital e2penditures8 .he ta/le /elo' illustrates a  $ear loo at AppleGs apital struture and its reentl$ issued lon"Cterm de/t8 .his data 'as taen rom their 0 flin"s8

 Apple Fisal &earJ #apital ,truture in millions

,ept 40

,ept 403

,ept 404

!on"Cterm de/t

4=7

6=60

CC

#ommon ,to

4333

=76

64 4

etained 1arnin"s

754

045 6

#omprehensi*e and other

Inome

.otal 1quit$ 7

04 =

04

7J

==

5

435

4

=

0


 An Voptimal apital strutureG o:ers a /alane /et'een the Vde/tCtoC equit$G ran"e and minimies the ost o apital8 +e/t fnanin" implies "" | P A G E

lo'est ost o apital as it is ta2 deduti/le8 It is not an optimal struture as the Vris atorG or a frm inreases 'ith an inrease in de/t8

 A ratio o VshortCterm de/tG and Vlon"Cterm de/tG should /e onsidered or understandin" a ompan$Gs apital struture8 It helps the potential in*estors in understandin" the Vris atorG in*ol*ed 'ith the frm8 .he upperCle*el mana"ement o the frm should deide ho' muh de/tCequit$ is "ood or the ompan$ not reahin" /anrupt$8 #redit ratin"s inMuene the mana"ementGs deision8

 Apple does not ha*e an VidealG apital struture8 It remained de/t ree till 4038 .he de/t issued fnaned apital e2penditures8 Also Apple has a  *er$ hi"h redit ratin" at AAW 'hih ailitates de/t issuane at *er$ lo' rates8

i%.

EV!   1
dedutin" the ost o apital rom its operatin" proft8 In AppleGs onte2t 1
+ata  Apple 0 Dperatin"

40

403

404

"' | P A G E

ati*ities Net inome

3=50

37037

733

+epreiation and amortiation

7=6

6757

3477

,hareC/ased ompensation e2pense

463

4453

70

+eerred inome ta2 e2pense

437



05

434J

474J

555J

76J

=73J

5J

4440J

443

J

67

00

364J

 Aounts pa$a/le

5=3

430

67

+eerred re*enue

60

5=

44

Dther urrent and nonCurrent lia/ilit$

600

54

4554

#ash "enerated /$ operatin" ati*ities

5=73

53666

5056

 Adustments to reonile net inome to ash "enerated /$ operatin" ati*ities

#han"es in operatin" assets and lia/ilities  Aounts reei*a/le net In*entories  
"7 | P A G E

"6 | P A G E

Conclusion  Apple is undou/tedl$ a stron" /u$8 Ho'e*er determinin" the primar$ ompetitors or Apple is di:iult as it o:ers a *ariet$ o produts aterin" di:erent realms o the maret8 ,amsun" is the /i""est ompetitor o Apple in the smart phone maret8 But there is no real threat in the Vta/letG maret8 Ho'e*er VAmaonG and V;irosotG ust quali$ as potential threats8  Also the lon"Cterm *ia/ilit$ o AppleGs ompetitors is questiona/le8 It has /een o/ser*ed that the resale *alue o used Apple de*ies is more than the ne' de*ies o the ompetitors8

!ast 'ee on 40th Dto/er Apple announed its fnanial results or the ourth quarter o fsal 408 .his inluded quarterl$ re*enue o 48 /illion 'ith quarterl$ re*enue net proft o 85 /illion8 Apple "enerated 383 /illion ash Mo' rom operations depitin" an inrease rom 083 /illion "enerated the pre*ious quarter8

.he hart /elo' ompares the sto perormane o Apple Amaon and (oo"le8 Apple is do'n $earCtoC$ear /$ 30R espeiall$ sine itGs all time hi"h in ,eptem/er 4048

"4 | P A G E

 

9ei"and

403J

Ho'e*er /$ omparin" the re*enue per share *alue o Apple a"ainst (oo"le Apple is a lear 'inner8

 9ei"and 403J

Hene it is sae to onlude that Apple is a sae /u$ 'ith the ontinuous inno*ation and timel$ introdution o ne' produts lie i9ath iPad Air et8 Apple al'a$s has ne' produts 'ith ne' eatures im/i/ed 'ith hi"h /rand *alue and lon"Cterm *ia/ilit$8

" | P A G E

Appen&ix  !. !pple In. Balane S*eet Apple Inc (NMS: AAPL)

Excan%e !ate use& is tat of te >ea! En& !epo!te& &ate

As Reported Annual Balance Sheet Report ate

=>?1?=0

=>?2?=/

=>?>?=

!urrenc"

+S$

+S$

+S$

Aud#t Status

8ot 7uali@ed

8ot 7uali@ed

8ot 7uali@ed

Ae"

Ae"

!onsol#dated

 Ae"

Scale

T*ou"and "

T*ou"and "

T*ou"and "

Cas ? cas e
3000

45=000

076000

So!t9te! a!$etable secu!ities

433000

4647000

33000

Accounts !eceivable/ %!oss

756000

340000

04000

Allo@ances

6000

==000

=000

Accounts !eceivable/ net

760000

304000

0=30000

Coponents

7000

63000

C

Finise& %oo&s

60000

0000

C

Invento!ies

4000

76000

7=000

-efe!!e& tax assets

3000

353000

453000

=en&o! non9t!a&e !eceivables

=75=000

753=000

7764000

5te! cu!!ent assets

=06000

64000

65000

653000

7346000

57653000

8on%9te! a!$etable secu!ities

3064000

0645000

=444000

8an& ? buil&in%s

63000

330=000

43=000

;acine!y/ e
4=63=000

444000

573000

5ce fu!nitu!e ? e
C

C

4000

8easeol& ip!oveents

53000

3=6000

36000

G!oss p!ope!ty/ plant ? e
3=05000

45=000

47000

Accuulate& &ep!eciation ? ao!tiBation

3=000

=44000

635000

P!ope!ty/ plant ? e
4064000

65=7000

554000

Goo&@ill

66000

577000

35000

 Total cu!!ent assets

"3 | P A G E

Ac
4000

7=000

44000

5te! assets

376000

56000

57000

433=000

407000000

7606000

Accounts payable

30=6000

44367000

475000

Acc!ue& @a!!anty ? !elate& costs

5=000

4=67000

63000

Acc!ue& a!$etin% ? sellin% expenses

434000

4=000

=0000

Acc!ue& taxes

40=000

400000

535000

Acc!ue& copensation ? eployee benets

40=000

=5=000

735000

-efe!!e& a!%in on coponent sales

057000

464000

=4000

5te! cu!!ent liabilities

=000

677000

50000

Acc!ue& expenses

53000

356000

000

-efe!!e& !evenue

=000

735000

5=53000

Coe!cial pape!

630000

C

C

63000

365000

354000

-efe!!e& !evenue 9 non9cu!!ent

303000

4645000

46000

8on%9te! &ebt

4=7000

6=60000

0

-efe!!e& tax liabilities

4045=000

6=000

37000

5te! non9cu!!ent liabilities

567000

37=000

47000

5te! non9cu!!ent liabilities

446000

4040000

666000

404=4000

35000

575000

Coon stoc$

4333000

=76000

644000

(etaine& ea!nin%s

754000

0456000

04=000

Cuulative fo!ei%n cu!!ency t!anslation

C44000

C05000

000

,n!eco%niBe& %ains +losses on &e!ivative inst!uents

36000

C75000

C40000

,n!ealiBe& %ains +losses on a!$etable secu!ities

C0000

C=000

73000

Accuulate& ote! cop!eensive incoe +loss

04000

C7000

==000

57000

435=000

40000

 Total assets

 Total cu!!ent liabilities

 Total liabilities

 Total sa!eol&e!s e
etrie*ed rom ;er"ent Dnline httpLLd/pro2$8udallas8edu4070Lompan$fnanials8phpX pa"et$peKasreported-ompnum/erK46-periodKAnnuals-dataareaKB,-ran"eK3-u rren$KAsep-saleKAsep-,u/mitKeresh

B. !pple In. Inome Statement Apple Inc (NMS: AAPL)

Excan%e !ate use& is tat of te >ea! En& !epo!te& &ate

As Reported Annual Inco$e State$ent Report ate

=>?1?=-

=>?2?=-

=>?>?="2 | P A G E

0

/



!urrenc"

+S$

+S$

+S$

Aud#t Status

8ot 7uali@ed

8ot 7uali@ed

8ot 7uali@ed

Ae"

Ae"

!onsol#dated

 Ae"

Scale

T*ou"and "

T*ou"and "

T*ou"and "

Det sales

47=500 0

70=000 0

565000 0

Cost of sales

44500 0

0660600 0

76000

G!oss a!%in

70537000

630000

6664000

(esea!c ? &evelopent expense

60000

75000

33000

Sellin%/ %ene!al ? a&inist!ative expense

==3000

030000

000000

 Total ope!atin% expenses

03000

5305000

34000

5pe!atin% incoe +loss

54503000

===000

554000

Inte!est ? &ivi&en& incoe

7=5000

66000

0000

Inte!est expense

3000

36000

C

5te! incoe +expense/ net

C3000

C34000

C566000

5te! incoe +expenses/ net

=0000

56000

544000

Incoe +loss befo!e p!ovision fo! incoe taxes

533000

5055000

55763000

Cu!!ent fe&e!al incoe tax expense +benet

64000

=33000

740000

-efe!!e& fe&e!al incoe tax expense +benet

33000

7000

50000

07000

44000

445000

Cu!!ent state incoe tax expense +benet

55000

0000

4000

-efe!!e& state incoe tax expense +benet

C7000

C3000

C43000

677000

773000

05=000

Cu!!ent fo!ei%n incoe tax expense +benet

47000

55=000

403000

-efe!!e& fo!ei%n incoe tax expense +benet

C65000

C46000

C=0000

=000

33000

73000

P!ovision fo! +benet f!o incoe taxes

3=73000

3000

030000

Det incoe +loss

3=50000

37037000

733000

*ei%te& ave!a%e sa!es outstan&in% 9 basic

605574

67737

653746

*ei%te& ave!a%e sa!es outstan&in% 9 &ilute&

644663

65463

6675

5666

64==

65756

Det ea!nin%s +loss pe! coon sa!e 9 basic

68=

587=

68377

Det ea!nin%s +loss pe! coon sa!e 9 &ilute&

685

5867=

68307

Cas &ivi&en&s &ecla!e& pe! coon sa!e

84

864=

0837=

Dube! of full tie eployees

=4600

0300

7400

 Total fe&e!al incoe tax expense +benet

 Total state incoe tax expense +benet

 Total fo!ei%n incoe tax expense +benet

 >ea! en& sa!es outstan&in%

'0 | P A G E

Dube! of pa!t tie eployees

00

00

3300

Dube! of coon stoc$ol&e!s

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37037000

733000

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3477000

Sa!e9base& copensation expense

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4453000

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437000

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05000

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C434000

C474000

C555000

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C76000

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C5000

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C4440000

443000

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67000

00000

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P!ocee&s f!o atu!ities of a!$etable secu!ities

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4037000

3035000

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C350000

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C65000

C4=5000

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C44000

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C07000

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6000

C60000

C000

Det cas o@s f!o investin% activities

C4457=000

C3377000

C447000

P!ocee&s f!o issuance of coon stoc$

730000

530000

665000

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70000

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C5000

C04000

C446000

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C056000

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C46000

C

C

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6306000

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76334 00

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048 3

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55==0 00

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=86 5

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=787 4

008 75

67663 00

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=787 =

=8= 7

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660=7 00

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35746 00

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6050 00

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=387 4

=786 7

5547 00

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=385 4

=584 4

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=8= 

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29un917

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=580 5

=08 

=84 

564= 00

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658 46

6448 5

658 57

4563 00

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68 7

658 63

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68 3

5=40 00

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1"9;ay917

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5=78 53

558 

5=78 5

543446 00

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608 

508 33

558 5

733=5 00

3843

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5==8 3

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578 

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"79Feb917

5438 5

5348 75

558 6

5468 4

7356 00

783=

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558 =

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746 00

7845

109Feb917

58 66

558 =

5

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558 

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54=8 =

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508 67

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568 6

538 

5348 =

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5758 

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558 33

54

5568 07

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678

149Sep91'

6

78 55

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678 

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6583

29Sep91'

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5078 =4

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7=553 00

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508 4

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7735 00

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5048 33

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6==0 00

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408 

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73670 00

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578=3

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078 

08 66

38 7

3=68 53

03== 700

55803

19un91'

38 

358 7

08 

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5783=

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8 73

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77=5=5 00

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58 3

348 77

8 

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6834

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578 

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=0=0=0 00

6484

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38 =

8 35

308 

58 5

===3 00

687

1'9;ay91'

58 5

578 =

8 =

338 46

463= 00

6083

49;ay91'

558 7

658 75

508 

548 =7

0=36 600

6487

"29Ap!91'

408 5

538 43

40

=8 =

30=5 00

6480

""9Ap!91'

3=48 6

8 77

3=8 47

78 4

60637 400

57854

169Ap!91'

47

478 =

358 

3=08 53

4=6 000

538

39Ap!91'

48 5

378 ==

448 =

4=8 

7757 00

5=846

19Ap!91'

8 =

38 7

=8 6

438 4

0430 500

5835

' | P A G E

"69;a!91'

68 6=

6=8 =5

8 64

48 66

=0= 00

6803

139;a!91'

8 5

648 

8 4

68 =

0=== 700

6386=

119;a!91'

4=8 75

8 43

458 

38 66

676 600

687

79;a!91'

478 

358 3

=

38 74

4706= 700

5=854

"69Feb91'

538 5

558 4

4=8 =

308 7

6= 600

5=835

129Feb91'

68 

648 73

48 4

508 

05640 400

6486

119Feb91'

768 5

8 =

5=8 =4

608 6

73 500

638

79Feb91'

538 =

78 

4

78 =

=0=5 500

658=

"39an91'

378 3

648 6

358 6

538 64

3634 00

648

""9an91'

508 56

58 ==

35

3=8 

4==5 =00

6083

179an91'

5048 6

508 75

38 3

500

6= 300

685

9an91'

544

538 =

558 4

5408 3

506 000

7834

'19-ec91"

508 53

555

50=

547

3556 00

7484

"79-ec91"

5408 35

548 45

508 66

50=8 5=

074 00

6=85

19-ec91"

508 =3

538 =

508 43

5=8 33

5530 =00

78=

109-ec91"

545

5=8 56

5058 5

50=8 7=

6740 600

6=8

'9-ec91"

5=38 65

5=8 5=

58 63

5338 45

=65 =00

738

"49Dov91"

5758 =

5=8 45

5748 46

558 4

4=53= 600

0843

129Dov91"

508 7

574

53=8 

578 5

3==3 700

783

1"9Dov91"

558 5

558 5

5058 75

5478 6

7=36 300

74833

69Dov91"

538 54

5=08 7

5338 74

578 06

 000

78==

'3 | P A G E

'195ct91"

5=8 

603

578 75

5768 

44556 400

787

""95ct91"

648 4

6358 3

5=

60

735 00

484

1695ct91"

6348 35

6548 7=

60=8 64

60=8 

4=60 000

384

395ct91"

668 

678 56

6438 55

64=8 7

=654 00

58=3

195ct91"

678 6

6768 75

6508 65

6548 5=

4030 000

=805

"79Sep91"

668 6

6=58 4

6608 35

6678 

343 000

=803

19Sep91"

6==8 35

7058 07

6=38 64

7008 0=

0034 300

=5853

109Sep91"

608 5

6=68 =

656

6=8 4

554 00

=833

79Sep91"

6658 76

648 

668 5

608 

=0706 00

=485

"9Au%91"

67=8 ==

608 7

6578 45

6658 4

76=46 00

=0877

"09Au%91"

6508 0

678 

68 

6638 44

4 00

=085

1'9Au%91"

6438 3=

68 =

6438 45

68 

76= 00

8

49Au%91"

678 4=

645

658 46

648 7

646= 00

83

'09ul91"

5=08 =4

678 =

578 4

658 7

=5545 00

3865

"'9ul91"

5=8 

60=8 6

570

558 6

370= 500

7=85

149ul91"

6058 4

658 35

6038 5

608 3

0=5= 00

48

29ul91"

6058 3

6=8 7

5=48 6

608 =7

05007 700

484

"9ul91"

58 73

68 3

538 6

6058 

=656== 00

4834

"69un91"

5778 3

5

5658 6

5

746 00

7=835

139un91"

5708 =6

5=0

5708 37

548 

57= 00

7=80=

119un91"

578 74

58 5

5668 7

578 3

00054 600

780

'2 | P A G E

79un91"

568 5

508 5

58 5

508 34

036=7 00

785

"29;ay91"

5708 =

58 5

5608 54

5608 ==

4064 500

76844

"19;ay91"

538 5

5768 5

538 05

5648 4=

3670 500

768

179;ay91"

5648 57

5678 5

5448 

5308 3

=6 500

74806

9;ay91"

568 5

5758 

558 73

5668 7

05 000

77

'09Ap!91"

5=78 

5=8 

5658 7

5658 45

43453 700

768

"'9Ap!91"

5708 6

6

555

603

=564 300

8=3

149Ap!91"

608 06

6408 45

5708 4

5748 =

447 500

7785

29Ap!91"

6468 3

6

6038 5

6058 43

4=4 =00

4843

69Ap!91"

6468 =

638 66

6438 

6338 6

6034 500

68

"9Ap!91"

608 3

638 66

6008 3

6338 6

==44 00

68

"49;a!91"

5==8 7=

648 5

5=58 46

5==8 55

5=0 00

86

129;a!91"

5=8 37

60=8 65

5=8 05

5=68 05

70 =00

08=

1"9;a!91"

58 =

6008 0

57

558 57

4450= 300

7=856

69;a!91"

558 4

578 7

568 44

558 7

67663 000

7807

"9Feb91"

548 3

58 4

568 4

558 

607 00

7807

"19Feb91"

5068 

5448 =

508 4

5448 

4=== 00

708=

1'9Feb91"

==8 53

5468 4=

68 63

5048 4

=40 500

6844

49Feb91"

58 3

=78 64

58 4

=38 4

454 00

6780

'09an91"

58 7

60

58 3=

5=8 6

757433 00

6486

"'9an91"

448 67

58 5

=8 55

78 4

475 00

60877

70 | P A G E

19an91"

48 4

38 37

=8 75

408 3

7745 00

578

29an91"

458 5

478 75

8 66

=8 

654=57 00

5780

'9an91"

0=8 

448 75

0=

448 

7=7 00

5783=

"9-ec911

038 

0=8 0=

008 5

05

5556 00

55803

129-ec911

348 7

038 5=

308 

038 33

653745 00

58

1"9-ec911

3=8 6

3=58 

3778 6

38 04

644 00

5877

69-ec911

3=38 =

3=68 

368 76

3=38 64

0=54 00

538

"39Dov911

3748 35

3=38 63

3708 4

3=8 7

=744 00

548=5

"19Dov911

3708 

3778 =3

3638 34

3638 57

=6454 00

=8

179Dov911

338 54

3=8 

378 

378 =

0343 400

508=

9Dov911

3==8 =

0

308 46

38 64

33=7 000

54846

'195ct911

048 4

0=8 33

3=38 44

008 4

==4 00

583

"795ct911

3=68 

0=

3=38 5

08 =5

03 00

55804

195ct911

48 7

468 7

3=08 75

3=48 7

=4 000

5383

1095ct911

37=8 0=

44

378 4

44

33504 000

5783

'95ct911

308 37

38 7

358 4

36=8 

406 300

5084

"49Sep911

3==8 6

0=8 45

38 

38 34

5366 =00

58

129Sep911

3=7

448 6

3=58 4

08 3

607 00

58=3

1"9Sep911

373

008 5

378 =

008 5

47=74 00

584

49Sep911

3678 37

38 6

3668 

3778 

5077 =00

584=

"29Au%911

38 

3=48 0

378 3

378 05

0644 00

5084

71 | P A G E

""9Au%911

368 5

338 

3558 0=

338 5

66564 000

5484

169Au%911

37=8 63

38 =7

356

3568 03

533 =00

837

39Au%911

368 6=

37=8 6

3538 04

3768 ==

400 =00

5844

19Au%911

3=78 7

3==8 5

3648 57

3738 64

4030 00

50876

"69ul911

3=08 35

08 5

3

3=08 

766 500

53805

139ul911

3658 3

3=68 47

3658 4

3=38 3

640 00

538

119ul911

3568 3

365

38 64

368 =4

006 00

=85

69ul911

33

360

348 5

35=8 7

0556 000

87

"9un911

3478 5=

338 5

3478 45

338 46

7463 00

686

"09un911

378 36

3338 5

308 5

3468 35

4640 00

83

1'9un911

3478 4

3338 45

38 33

3408 46

0=4 00

385

49un911

358 7

378 05

3458 5

3458 =

074 700

84

'19;ay911

38 

3548 3

3

338 

054= 00

6866

"'9;ay911

34=8 =7

338 56

34=8 4

3378 

74=55 00

58

149;ay911

33=8 4

348 

3308 73

3358 44

=04 00

5855

29;ay911

378 6

350

308 35

308 5

73577 00

6846

"9;ay911

3=8 7

358 3

358 5

368 66

0707 00

78

"69Ap!911

3508 3

358 ==

358 54

3508 3

63 00

7857

139Ap!911

3468 

3558 3

3408 6

3508 7

5543 600

7865

119Ap!911

338 06

3368 

3468 

3478 6

=6306 00

8=

79Ap!911

38 3

38 6

3338 =5

3358 06

06 00

5854

7" | P A G E

"39;a!911

3538 5

358 34

338 3

38 56

47 00

684

"19;a!911

3358 ==

3548 06

3358 46

358 5

=0=7 00

7876

179;a!911

3538 

3568 

3468 46

3308 67

65 300

8=3

9;a!911

368 

368 67

38 =

358 ==

67 400

784

"39Feb911

358 4

3608 4=

378 6

360

407=4 00

8=

""9Feb911

348 5

38 3

3378 74

38 6

5540 600

783

179Feb911

3568 7=

368 =

3=8 54

3508 56

4= 00

7863

9Feb911

378 =

360

378 6

3568 5

3446 500

8

'19an911

3358 

368 7

338 3

368 5

=436 00

780

"79an911

3468 7

358 6

3468 74

3368 

45475 500

5867

139an911

34=8 54

38 6

346

3468 74

437 500

83=

109an911

338 3

38 

3378 7

38 

=003= 00

7835

'9an911

3458 6

3368 35

348 

3368 4

0= 00

5867

'19-ec910

3448 =5

3438 

348 3

3448 56

3770 00

383

"9-ec910

3448 5

3468 66

348 3

3448 56

0754 00

383

"09-ec910

348 6

3458 74

38 43

3438 6

706=04 00

38=7

1'9-ec910

348 37

3458 06

3=

3408 6

=557 00

3856

49-ec910

38 6

3438 ==

378 

3408 56

5=466 00

3855

"29Dov910

358 5

3=

308 7

378 

076 400

383

""9Dov910

3068 6

378 7

3058 7

35

=773=6 00

48

169Dov910

308 6

308 5

4=78 76

3068 73

4004 000

86

7' | P A G E

39Dov910

378 4

348 3

3038 63

308 03

0333 000

85

19Dov910

3048 44

3408 

3048 4

378 3

=5 00

380=

"695ct910

30=8 0=

38 6

3008 7

3008 =

04=7 00

08=

1395ct910

38 7

3=

3008 04

3078 7

=54 00

87

1195ct910

4=8 7

35

4=48 =

38 7

6= 000

4876

795ct910

48 6

4=8 5

4778 77

4=8 07

3377 000

3=8=6

"9Sep910

4=38 =

4=8 73

475

448 54

5554 700

383=

"09Sep910

4768 0

4=38 53

4758 5

4=48 34

6734 300

3=874

1'9Sep910

4658 4

4778 =6

4658 54

4758 37

4563 =00

378

9Sep910

4568 6

4668 54

4568 45

4638 

05=5 600

3587=

'09Au%910

408 76

458 7

408 35

458 77

466 500

3586

"'9Au%910

458 7=

454

4358 56

48 64

3 500

3483

149Au%910

478 5

458 67

468 64

4=8 6

=55 00

338=4

29Au%910

468 

4648 5

468 4

4=8 

34 600

3385

"9Au%910

4608 

468 4

4578 63

4608 0=

00003 =00

3583

"49ul910

460

4658 ==

458 =

4578 45

3066 400

38=5

129ul910

4=8 

4658 5

43=8 6

45=8 =

443=0 300

35834

1"9ul910

458 53

468 5

468 3

4=8 =

4454 700

338=5

49ul910

45

4648 =

468 6

45=8 64

5457 600

35847

"39un910

4668 =3

46=8 75

438 4

468 =

4074 00

33855

"19un910

4778 6=

47=8 0

4658 

4668 7

7634 00

3684

77 | P A G E

179un910

4558 =6

475

458 0

478 07

5= 00

3784

9un910

458 4=

45=8 5

448 4

4538 5

403444 00

38

19un910

45=8 6=

4658 =

458 63

4558 =6

53= 500

387

"79;ay910

478 4

45=8 

4378 6

4568 

40673= 00

38=

19;ay910

458 7

458 55

438 35

448 34

453=04 300

348=4

109;ay910

4508 45

465

48 53

4538 4

=4333 00

38=

'9;ay910

4638 

4678 

==8 45

4358 6

4557 400

34805

"49Ap!910

478 

4748 6

4568 

468 0=

5405 =00

3587

129Ap!910

478 03

4748 

48 77

4708 3

=3=0 00

368

1"9Ap!910

448 4

458 

48 

478 

0534 400

3386

69Ap!910

438 =

48 =4

438 77

48 7=

3335= =00

3485

"29;a!910

433

438 73

438 64

4358 =7

3366 400

34806

""9;a!910

4408 7

438 =5

4408 5

4308 =

== 500

3837

169;a!910

4458 3

4468 5

4408 45

4448 45

66 00

3084

39;a!910

4408 0

4478 73

478 =

4468 6

3= 500

3087=

19;a!910

4058 75

4=8 7

4058 5

48 =5

3777 700

4=875

""9Feb910

4048 3

4058 7

=58 7

408 64

4==0 500

478

149Feb910

408 =

408 3

4008 6

408 67

365 00

478

39Feb910

=58 6=

408 6

=

4008 3

3366 600

47843

19Feb910

=48 37

4008 4

=08 5

=58 6

3575 400

46856

"69an910

4048 5

438 7

=08 45

=48 06

3537 600

468

76 | P A G E

129an910

408 33

458 55

=78 6

=78 75

77005 00

4687

119an910

448 

43

408 

4058 =3

377 00

478=

79an910

438 3

458 5=

40=8 05

48 =

4646 00

48

etrie*ed rom &ahoo FinaneJ

. 6& Stok -ate

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Av% =ol

A& CloseH

1'95ct917

33844

38

3864

386

367=0 0

386

495ct917

378

37853

338

3385

4770=0 0

3385

"29Sep917

35805

35865

338=3

3584

0040 0

3584

""9Sep917

378=

378=

35803

35837

=7300

35837

169Sep917

3685

3783

3680

3687=

6=700

3687=

39Sep917

37845

3787

3685

36856

437400

36856

"9Sep917

3

3845

3787

3785

=4700

3784

"69Au%917

368==

384

3687

3

=555400

378

139Au%917

3585

378

387

368

40=30 0

3686

119Au%917

3583

35875

386

35807

7700

38=4

79Au%917

3584

3585

385

3587

6063700

35804

"39ul917

358

3684

387

358=

0460=0 0

3580

"19ul917

387

35857

383=

3583

753600

3584

179ul917

384

3584

3

38

43700 0

3866

9ul917

338=

38

3384

338=7

6=7=00

3383

'09un917

338=

384

3386

3

73600

3386

"'9un917

383

3857

3385

338=

74000

33877

149un917

35806

35807

384

3844

05000

3807

29un917

3386=

3584

338

3586

0330 0

3580

"9un917

33837

338==

33805

338

74300

3385

"9;ay917

3385

3383

348

3385

330 0

3384

129;ay917

34855

380=

384

33874

407700

3384 74 | P A G E

0 1"9;ay917

348

3383

348=

34854

7073500

34843

69;ay917

3484=

348

385

34836

6=66600

34807

"39Ap!917

3865

3384

385

348=

==4300

3484

"19Ap!917

3480

348

383

385

6740 0

383

179Ap!917

3486

3384=

385

38=3

==30 0

386

9Ap!917

348=

338=

38=

3485

650 0

3486

'19;a!917

3484=

33866

34845

3486

37=0 0

34835

"79;a!917

34804

3384

386

3480

4570 0

3875

19;a!917

4=845

348

4=843

38=5

=3=750 0

3866

109;a!917

30805

30846

4875

4=807

67400

48

'9;a!917

4=846

308

484

3083

=700

4=8=4

"79Feb917

4=866

30836

4=85

4=8

3040 0

4=87

139Feb917

30

3087

4=8

4=87=

4066=0 0

4=83

109Feb917

4=80

3084

486

30804

=0300

4=86

'9Feb917

4=806

4=84=

478=

4=807

=7=00

4867

"9an917

4853

4=84

483

4=

45550 0

486

"19an917

4=8

3083

483=

48=

430 0

48

1'9an917

4787

30805

4787

4=8

74=0 0

4=83=

49an917

483

4855

47847

4787

4640 0

47834

'09-ec91'

484

485

4785

483

070 0

478=5

"'9-ec91'

478==

487

47875

48=

7464=00

478

149-ec91'

4687

4843

46865

4787=

66460 0

478

29-ec91'

4786

4786

4684=

46877

43530 0

468

"9-ec91'

4784

487

47803

4787

44030 0

478

7 | P A G E

"69Dov91'

45833

4786

4580=

47835

45=3=50 0

4683

139Dov91'

45834

4583

4877

45846

4660 0

487

119Dov91'

458=

4685=

48

4584

53470 0

4873

79Dov91'

458=

4684

4585

458=

6040 0

4585

"395ct91'

438==

4685

4386

458=4

66500 0

4583

"195ct91'

43854

483=

4385

4

0650 0

43855

1795ct91'

44864

43863

448

438

340560 0

4380

95ct91'

4

4385

40845

448

47=70 0

44837

'09Sep91'

408=

4864

408

4846

45=00 0

4086

"'9Sep91'

484

485=

408=6

487

4=630 0

40877

149Sep91'

4484=

4483

4844

4844

770430 0

4084

29Sep91'

44833

4485

487

44807

3=70 0

4865

'9Sep91'

448=

4487

4480

4484

450 0

485

"49Au%91'

44836

4486=

48=4

4483

57440 0

487

129Au%91'

4683

46853

48

448

475=4=0 0

48

1"9Au%91'

46867

4785

4583

4684

3560 0

45875

69Au%91'

46875

4785

46843

46877

=734300

468

"29ul91'

458=6

4787

45857

47

5=50 0

46834

""9ul91'

45845

4684

4585

458==

0400 0

45833

169ul91'

46833

46854

45806

458

46350 0

485

1"9ul91'

4683=

4685

468

468=

3330 0

45853

39ul91'

4587

4687

458

468=

34460

45853 73 | P A G E

0 19ul91'

48=5

45875

4876

4585

030 0

48=

"79un91'

438=

48=4

438=

48

54630 0

487

19un91'

48

4587

48

485

67030 0

4385

109un91'

4866

458=

480=

487

6350 0

484

'9un91'

486

4584

4387

48

630470 0

480

"39;ay91'

48

4587

484

484

4405350 0

43867

"09;ay91'

484

48=5

4803

484

3760 0

4386

1'9;ay91'

485

487

40877

4847

5=350 0

4086

49;ay91'

40866

486

408

485

4=0 0

4087

"29Ap!91'

4080

408=5

=8=4

40863

34=0 0

=8==

""9Ap!91'

=86=

40835

=83

=8=7

436670 0

=835

169Ap!91'

40877

485

=807

=856

54730 0

8=6

39Ap!91'

44805

4485

4086

408=

44==40 0

40845

19Ap!91'

43873

4805

487=

48=7

46660 0

484=

"69;a!91'

4380

438=3

448=

438

4630 0

438

139;a!91'

44845

4385

4484

4380

364=0 0

44833

119;a!91'

408

448

40877

448

406050 0

48=

79;a!91'

40807

4833

=87=

4

4740 0

40844

"69Feb91'

=84

40836

=803

4085

3=400 0

=8

129Feb91'

685

=83

6857

=84

5577=0 0

8=

119Feb91'

686

7844

686

687=

343=0

687 72 | P A G E

0 79Feb91'

683

7806

6803

687

300 0

6845

"39an91'

7804

787

686

686

40=00 0

585

""9an91'

784

78

683

68==

40470 0

6836

179an91'

685

785

6837

78

0030 0

68

9an91'

58=

6873

8

686

3437=0 0

5856

'19-ec91"

3865

5874

386

58

357750 0

85

"79-ec91"

84=

833

3863

386

70=70 0

387

19-ec91"

874

83

80

83

4740 0

38

109-ec91"

385

8

387

875

337=030 0

84

'9-ec91"

387

84

484

38=

37370 0

383

"49Dov91"

48

380=

4844

48==

4=5770 0

483=

129Dov91"

48=7

38

835

48

6=5==0 0

87

1"9Dov91"

3865

3874

4836

485

45=6330 0

4846

69Dov91"

386

8

386

386

40=40 0

48=

'195ct91"

8

843

386

3876

456=40 0

383

""95ct91"

8

874

38=

80=

=50 0

38

1695ct91"

8

85

845

8

44360 0

38

395ct91"

857

84

804

8

34554=0 0

3875

195ct91"

784

7864

84

873

6460 0

805

"79Sep91"

786

786

6843

7806

465560 0

6847

19Sep91"

84

86

785

785=

50000

687 60 | P A G E

0 109Sep91"

783=

856

783

87

44340 0

7833

79Sep91"

684

7875

68

784

=0 0

68=

"9Au%91"

7865

787

6877

68

4070 0

58=

"09Au%91"

=855

40846

785

785

3360 0

686

1'9Au%91"

=86=

40807

=8

=854

5070 0

8

49Au%91"

84=

=875

843

=87

436630 0

865

'09ul91"

85

86

78

846

45340 0

784=

"'9ul91"

83

86=

7873

857

7=0 0

785

149ul91"

87

=85

85

86

7450 0

7864

29ul91"

=853

=83

877

8=

4570 0

78=7

"9ul91"

408

4083

=85

=857

4350 0

853

"69un91"

408

40847

=84

408

03440 0

=80

139un91"

485

486

40844

40837

=4470 0

=84

119un91"

44836

4483

483

486

30=640 0

408=

79un91"

484=

44875

4087

4483

577=60 0

408==

"29;ay91"

4483

448

484

4845

44430 0

40

"19;ay91"

484

44866

40857

44833

3366530 0

480

179;ay91"

43

438

484

486

47=0 0

4084

9;ay91"

48=

4843

448=4

4385

670 0

487=

'09Ap!91"

4866

458

484

4847

350 0

448

"'9Ap!91"

4846

48==

4806

4875

340

4384= 61 | P A G E

0 149Ap!91"

487

4585

487

485

73750 0

43807

29Ap!91"

448=

458

4485

4857

4540 0

4384

69Ap!91"

4385

43837

4380

438

7330 0

4875

"9Ap!91"

438

4806

4380

438

30 0

4875

"49;a!91"

4386

438=7

43837

4383

=3=300 0

4483

129;a!91"

4853

486

448=

43863

4747770 0

4484

1"9;a!91"

438=7

486

438=

48=

4057560 0

43805

69;a!91"

458

45843

4804

48

446630 0

4486

"9Feb91"

46834

4686

4587

45834

475=60 0

4387

"19Feb91"

4=854

4=874

46857

4686

3555330 0

48=5

1'9Feb91"

487

30

484

4=85=

50050 0

4787

49Feb91"

48=

4=856

48=

487

334750 0

4687

'09an91"

47846

4=84

47843

4=807

30330 0

47844

"'9an91"

478=

48

4786

478

75040 0

468

19an91"

4687

48

468

483

0340 0

4683

29an91"

4683=

468==

46833

468=

=770 0

48

'9an91"

46834

4683

46845

468

4550 0

4874

"9-ec911

45867

458=

4583

45876

07670 0

484

129-ec911

458=5

4687

45804

458

=7470 0

4843

1"9-ec911

47807

4785

4583

458

444350 0

484

69-ec911

478=

4867

47854

478=

=3=0

4680 6" | P A G E

0 "39Dov911

458==

485

45864

4786

457=0 0

458

"19Dov911

4780

4783=

45845

4583=

4=740 0

43867

179Dov911

47856

485=

4684

478==

=5=0 0

468

9Dov911

47805

48

46845

4785

634=0 0

4587

'195ct911

478

47856

45835

468=7

6630 0

4585

"795ct911

4586

4857

48

478=

403550 0

46805

195ct911

458

458=

4845

4583

6=50 0

43866

1095ct911

45833

4683

458

468

7=0 0

483

'95ct911

4486

45863

48

48

4=0=0 0

4384

"49Sep911

4485=

485

4484

4485

34400 0

408=3

129Sep911

438

458

485

44834

54640 0

408

1"9Sep911

4483

4385=

4483

43853

446750 0

48=

49Sep911

4384

4867

4485

44865

467530 0

480

"29Au%911

48=5

4686

4834

483

40630 0

44857

""9Au%911

486

45833

4805

484

3550 0

43804

169Au%911

34835

3

44875

4386

56=740 0

48=

39Au%911

383

34836

4=875

34834

4=0540 0

4=8=7

19Au%911

358

3585

3854

34863

4=3670 0

30846

"69ul911

36847

3787

358

3587

75740 0

34864

139ul911

38=

3784

38

3687

60=30 0

380

119ul911

36

36

38=7

3580=

504400

3485 6' | P A G E

0 69ul911

3687

37

358

3683

5=7570 0

3387=

"9un911

35805

3784

38=

37805

7070 0

3836

"09un911

387=

35865

3855

38=

4055370 0

34837

1'9un911

3583

35834

338=5

35

4660 0

3486

49un911

358==

3684

358

35845

540 0

3485

'19;ay911

3784

37854

36

368

=46=0 0

33837

"'9;ay911

3585

3780

358

368=6

454000 0

386

149;ay911

084

083

358=

358=

3=060 0

33845

29;ay911

087=

87

0844

08

46=500 0

37835

"9;ay911

086=

854

3=8

08

000 0

37874

"69Ap!911

806

83

3=8==

0837

6650 0

3783

139Ap!911

3=8=6

84

3=86

08==

3=3=60 0

378=

119Ap!911

087

855

084

0846

0570 0

3784

79Ap!911

0865

8

084

087

754670 0

37864

"39;a!911

484

483

3786

08=

005=0 0

378

"19;a!911

85

384

835

4853

5640 0

3=83

179;a!911

83

485

08

834

4540 0

38=

9;a!911

48=

3805

846

873

704050 0

385

"39Feb911

3806

386

4806

486

443360 0

3=83

""9Feb911

7857

855

480

486

54770 0

3=837

179Feb911

85

=84

785

867

45=0

8= 67 | P A G E

0 9Feb911

787

=83=

786

86

650 0

87

'19an911

58

7853

583

783

=0 0

3875

"79an911

686=

783

5836

585

640 0

8=

139an911

68

786

5876

7843

40650 0

3857

109an911

86

68

857

6845

65730 0

4867

'9an911

4844

583=

4844

580=

4000050 0

85=

'19-ec910

48=

483

8

48

77300

38

"9-ec910

8=

4864

87

48

=300 0

38

"09-ec910

873

48

84=

87

306=0 0

385

1'9-ec910

4806

48=



8=6

4006770 0

387

49-ec910

485

3845

480=

4864

5=60 0

3=84

"29Dov910

485

3847

8

3803

=740 0

3=864

""9Dov910

48=5

8

485

384

306=60 0

3=87

169Dov910

4834

380

0877

48=

43460 0

3=84

39Dov910

3863

865

4804

484

736=0 0

387

19Dov910

487

856

4807

3874

677730 0

0846

"695ct910

48=6

3843

8

480

5=5=0 0

387

1395ct910

486=

387

8=4

487

75600 0

3=87

1195ct910

845

48

084

484

4=50 0

3=83

795ct910

086

83

0836

85

43450 0

378=

"9Sep910

86

385

0845

0877

350 0

3785 66 | P A G E

"09Sep910

3=845

87

3=

08=

434660 0

37873

1'9Sep910

385

0864

378=7

3=8

3540 0

3680

9Sep910

3=875

086

380

384

435350 0

3587

'09Au%910

38

08=

3803

083

435630 0

37807

"'9Au%910

3=8=

0

37834

3

4=7=0 0

38=4

149Au%910

085

87

3=833

3=85

465760 0

36864

29Au%910

387

38

3=8=5

085

40300 0

3787

"9Au%910

685=

78

85

85

6=30 0

385

"49ul910

68

783

587

680

7=050 0

483

129ul910

68

68=5

5847

685

605=60 0

48

1"9ul910

5804

78=7

5804

684

430 0

485

49ul910

3837

585=

487=

5845

536==0 0

85

"39un910

58=

686

483

48

=0 0

3=83

"19un910

837

85

5835

58=4

55750 0

48=

179un910

787

864

683

78=

66==70 0

80=

9un910

68

784

5803

78=

63770 0

384=

19un910

585

7874

585

6805

=5070 0

484

"79;ay910

684

780=

87

680

=50 0

484

19;ay910

785

84

8

685

463640 0

4873

109;ay910

=804

50833

685=

783

==00 0

385

'9;ay910

5480

548=5

8=

6873

45040 0

486

64 | P A G E

"49Ap!910

538=3

586

58=4

58=7

560400 0

7867

129Ap!910

5385

5803

5485

538=

3=0 0

=8

1"9Ap!910

5387=

5875

53853

53875

67450 0

=83

69Ap!910

5384

538=7

54877

5387

=64600

=8

"29;a!910

5384

53875

5484

5384

0=7=0 0

8

""9;a!910

5483

5387=

5483

5384

300 0

=

169;a!910

5486

548=5

58=

548=

6760 0

85

39;a!910

5865

5483

583

54836

4460 0

78=6

19;a!910

5086

54845

5086

54803

44=00 0

7865

""9Feb910

5087

5

=8=3

5087=

467330 0

6854

149Feb910

8=

5

87=

5087=

=5760 0

6854

39Feb910

785

85

7805

86

556=0 0

83

19Feb910

7837

8=

686

7834

7=70 0

383

"69an910

=855

5085

68

7807

=5300 0

38

129an910

548

5487=

=845

=84=

60060 0

58

119an910

5485

548=

5865

5487

47650 0

806

79an910

585

5487

5834

5485=

5==0 0

87

etrie*ed rom &ahoo FinaneJ

. Competition &er'ormane Return Apple

;ean

Return HPQ

08005633 33

;ean

Return S & P 500

C 080004=

;ean

08004=64 5 6 | P A G E

653 Stan&a!& E!!o!

08004=0 =35

,tandard 1rror

08004=4= 47

,tandard 1rror

08004== =

;e&ian

0800630 74

;edian

C 0800045 3

;edian

08004=655 6

;o&e

0

;ode

0

;ode

0

Stan&a!& -eviation

0803=54 37

,tandard +e*iation

0806500 736

,tandard +e*iation

08040640 5

Saple =a!iance

0800563 5==

,ample  
0800464 3

,ample  
08000454 4

Ju!tosis

0833544 03

>urtosis

8=045 5=6

>urtosis

86=64 0=

S$e@ness

08037366 0=

,e'ness

C 087=675 053

,e'ness

C 08460==6 57

(an%e

084653 4

an"e

08307 50

an"e

08577 

;iniu

C 084044 76

;inimum

C 0846=604 =36

;inimum

C 0807 5

;axiu

0834 656

;a2imum

08375 574

;a2imum

080736 3=

Su

8=5= 77

,um

C 08064=4 64

,um

0855355= 0

Count

454

#ount

454

#ount

454

Con&ence 8evel+26.0K

0800=05 7=

#onfdene !e*el=580RJ

0800576= 03

#onfdene !e*el=580RJ

08004553 6

63 | P A G E

6.Beta Compari"on ate

Ad !lose*(Apple )

Ad !lose*(+P,)

Ad !lose*(S P.00)

Return Apple

Return +P,

Return S P .00

1'95ct917

=7867

386

6876

C 080303743 =

080=70=

C 08006 =5

495ct917

00873

3385

=0683

08043 

C0804=55

C 08033 7=

"29Sep9 17

==864

3584

=678=0

C 08045 

C08000633

C 0800753= 653

""9Sep9 17

00875

35837

=485

C 080040003 4

C08035=7

C 0803703 7

169Sep9 17

008=6

3687=

40080

C 0800656= 7

080064=03

0804540 543

39Sep917

0866

36856

=585

080477==5 

C08044=436

C 08004 3

"9Sep917

=8=7

3784

400787

C 08033=04 

C0800==37

0800466 35

"69Au%9 17

0485

378

4003837

0806646 =

0803646

0800754 666

139Au%9 17

0834

3686

=80

080305=

0805000=4

0807053 5

119Au%9 17

=78=

38=4

=55806

0803=6

C08004555

080450 64

79Au%917

=87

35804

=385=

C 0800=535 3

C080005707

0800335 =

"39ul917

=5865

3580

=4585

C 0805545 4

C080060474

C 080466 77

"19ul917

=78=

3584

=783

080337633

080706

68066061 C05

179ul917

=38=6

3866

=7844

C 080033773 

080453

080054 76

9ul917

=875

3383

=67857

08047=

C080006

C 62 | P A G E



0800=000 54

'09un917

=3856

3386

=58

080444=04

080046650=

08043 6

"'9un917

=854

33877

=608=6

08077 6

C080005

C 08000=73 065

149un917

=086

3807

=6487

C 08000735 

C08046=7

08037=5 37

29un917

=083

3580

=3686

C 080044== =

0803446

C 080064 43

"9un917

=877

3385

==8

080==33

080040=6

0803 =54

"9;ay9 17

=8=

3384

=43857

080306=7

C0800654

080444 =3

129;ay9 17

783

3384

=00853

0804773 

08036=444

0804074 454

1"9;ay9 17

8=

34843

7786

08040557 6

0800==0=

C 08000330 05

69;ay917

3843

34807

78

C 08006644 4

C080003747

C 0800 036

"39Ap!917

3877

3484

8

08036646 5

0804753==

0800=540 434

"19Ap!917

085

383

6380

080=75 4

C080075=

C 08000777 54

179Ap!917

784

386

685

0800377 5

C08066=5

08047075 06

9Ap!917

7385

3486

586=

C 0804303 =

C080057346

C 080466 657

'19;a!917

758

34835

6580=

C 0800=3556 6

080=76

080004 475

"79;a!917

758=

3875

57864

0800733=5 7

0800447

C 080076 434

19;a!917

75833

3866

66854

080563=7 7

080==43=

08037=0  40 | P A G E

109;a!917

787

48

83

C 080004 

C080370==3

C 080=653 6=

'9;a!917

78=

4=8=4

780

08007=37 

080546=77

0800===7 5

"79Feb917

783=

4=87

5=85

0800554 4

080030633

080463 5

139Feb917

7845

4=83

36845

C 08036033 

C0800776765

C 08004= 4

109Feb917

768=

4=86

3863

0806440 6

0803476=

0804355 00

'9Feb917

7386

4867

7=7804

080355= 5

08004755

08000= =63

"9an917

7083

486

7485=

C 080347=03

08077=35=

C 0800300 =7=

"19an917

76873

48

7=084=

0800003= =

C0803=4

C 0804634 3

1'9an917

758=7

4=83=

3870

08045 

080757667

C 0800== ===

49an917

78=

47834

4837

C 080650 =

C080445045

08006006 34

'09-ec9 1'

76804

478=5

3837

C 080305336 7

080053=56

C 080056 =3

"'9-ec9 1'

787

478

80

080400=073 4

080443

08046=3 035

149-ec9 1'

7785

478

834

C 0800=75 5

08034575

0804440 =6

29-ec91'

778=

468

775834

C 0800==43 

C08046=757

C 0806=4 454

"9-ec91'

786=

478

0580=

08007036 =

080305

C 080003= 73

"69Dov9 1'

78

4683

058

0806=475 

0804740

080005 7=5

139Dov9

7380

487

0876

C

0800404

0800365= 41 | P A G E

1'

0800==564 4

455

119Dov9 1'

73877

4873

7=8

08007573 5

C08044=077

0805570 =05

79Dov91'

7385

4585

77086

0800643 4

08000767

080050= 6

"395ct91'

74865

4583

7686

C 0804=55= 

0807=305

0800064 63=

"195ct91'

738

43855

75=877

080336=35 6

08044354

0800753 44

1795ct91'

780=

4380

7850

0803453= 5

0804==503

08044 73

95ct91'

685

44837

703840

080403043 4

08074373

0800754 57

'09Sep9 1'

678

4086

6=0850

080005=34

08003337

C 0800073 

"'9Sep9 1'

678

40877

6=875

08034774 4

C0800405

C 0800640 4

149Sep9 1'

6583

4084

70=8=

08005376 

C0803337

0804=5 5=

29Sep91'

68=5

4865

678==

C 0806603 5

C0800=5334

080=4 77=

'9Sep91'

6=86

485

65587

08044766 4

0800343=6

08035= 6

"49Au%9 1'

6807

487

6348=7

C 0804734=

C080047745

C 080354 7

129Au%9 1'

6=8==

48

663850

C 0800470734 

C08566

0800634 

1"9Au%9 1'

708

45875

65583

0805370=4 5

C08030==6

C 08040 =4

69Au%91'

638=

468

6=84

C 0800=054 5

C08003566

C 080067 575

"29ul91'

68=

46834

70=867

0805640 =

0803=00=

0800654 344

""9ul91'

684

45833

6=865

0803763=7

080335573

C 4" | P A G E



08000460 033

169ul91'

58=

485

6=480=

C 0800357= 7

C0803==53

0800704 534

1"9ul91'

5=8=

45853

608=

0

0

0

39ul91'

5=8=

45853

608=

08047503 

080436567

0804=5=7 53

19ul91'

578=3

48=

638=

080546=54 

08035767

0805=3 67

"79un91'

55803

487

60684

C 08044 7

08046764=6

08006=7 

19un91'

5783=

4385

5=483

C 0803534 7

C0804063

C 080405 45

109un91'

5=86=

484

646873

C 0804656 6

080033477=

C 08003 55

'9un91'

6834

480

6383

C 080764455 7

0805636

0800775 04

"39;ay9 1'

6484

43867

63087

080035=3

0800=5

C 08033 075

"09;ay9 1'

687

4386

6=860

0804705 5

083443=

C 080076 3

1'9;ay9 1'

6083

4086

66787

C 08035== 5

C0804507

08040670 7

49;ay91'

6487

4087

633870

0803376 6

0800440

080=4 36=

"29Ap!91'

6480

=8==

684

0807536 3

0803307=

0804033 455

""9Ap!91'

57854

=835

5484

080635066 =

0804056=64

080735 43

169Ap!91'

538

8=6

555845

C 080=635 7

C080637037

C 08047 37

39Ap!91'

5=846

40845

585

08055=55 

C080=44

08044== =4

19Ap!91'

5835

484=

55384

C

C080735=

C 4' | P A G E

0803=43

08003 ==

"69;a!91'

6803

438

56=8=

C 080767= 

0803476

08007=00 365

139;a!91'

6386=

44833

5568=

080=666 5

0803=07=5

C 08004 44

119;a!91'

687

48=

560870

080477477 

080640=

0800637 463

79;a!91'

5=854

40844

558

08004636 

0804460

0804743 0=3

"69Feb91'

5=835

=8

5840

C 0805405=4

080=457=

080075 =4

129Feb91'

6486

8=

55860

C 08040765 5

0837557

C 08004756 =6

119Feb91'

638

687

5=87=

C 0803304 =

C0800=430

0800445 353

79Feb91'

658=

6845

578=3

0805343455 

080454365=

080035 7

"39an91'

648

585

5387

080377 6

C0803735=

080067=3 46

""9an91'

6083

6836

5048=6

C 08404476 

C08007455

08046 03

179an91'

685

68

58=

C 0803=7=4 

0805=45=6

0800=64 ==

9an91'

7834

5856

74805

C 080473534 7

080674536

0800305 056

'19-ec9 1"

7484

85

6687

0803467 

0807065

0805663 5=

"79-ec9 1"

6=85

387

0483

C 080446 

C08063343

C 080=34 54

19-ec9 1"

78=

38

3085

080764 4

C0804767=

080744 0

109-ec9 1"

6=8

84

385

C 0800=4 

0806766=7

C 0800366 475 47 | P A G E

'9-ec91"

738

383

807

C0806=5

08073633

080033 576

"49Dov9 1"

0843

483=

68

08044560 6

080307=4

0800= 43

129Dov9 1"

783

87

0=85

08030=3 7

C0803077

0803643 3

1"9Dov9 1"

74833

4846

35=8

C 0803573= 6

C080556==5

C 08074 5

69Dov91"

78==

48=

37=85

C 08074640 

C080444

C 08044= 35

'195ct91"

787

383

840

C 0805033 6

C08043065

0800600 635

""95ct91"

484

38

8=

C 0800==05 

C080467=4

C 08047 06

1695ct91"

384

38

338=

C 080365367 4

08003636

080034= =5

395ct91"

58=3

3875

485=

C 08035036= 6

C08043543

C 0804436 5

195ct91"

=805

805

608=3

C 08047507 

C083675

080064 =0

"79Sep9 1"

=803

6847

0867

C 08070564 

C080303=333

C 08033 0=5

19Sep9 1"

=5853

687

6085

0804744= 

C08037367

C 080033 64

109Sep9 1"

=833

7833

65877

0805=3=6 

08050=3==6

080=36 45

79Sep91"

=485

68=

378=4

08044=506

0803==

0804440 ==

"9Au%9 1"

=0877

58=

0685

08004=34 5

C0803=6636

C 0800344 366

"09Au%9 1"

=085

686

83

080434=464 

C080==567

C 0800=57 4 46 | P A G E

1'9Au%9 1"

8

8

86

08045557

C0800=54

08007 =

49Au%91"

83

865

0587

080063= 6

080765

08006=7 7

'09ul91"

3865

784=

3=08==

0805406=4 4

C0806=604

08003644 04

"'9ul91"

7=85

785

358=7

C 080366

C080044705

080706 4

149ul91"

48

7864

364866

C 08000== 

C080=76=

0800333 7=

29ul91"

484

78=7

35687

C 08005774 6

C080304446

0800550 4

"9ul91"

4834

853

3586

080374= 4

C08046757

C 08005= 47=

"69un91"

7=835

=80

36486

08003473= 

C08043

0804034= 43

139un91"

7=80=

=84

335804

080337 =

C0805=0534

C 0800543 7=

119un91"

780

408=

348

C 08006533 =

C08043407

0804=5= 54

79un91"

785

408==

345866

080350537 =

080=5

08037460 

"29;ay9 1"

76844

40

4780

C 0800435604 

C08007435

C 080306 47

"19;ay9 1"

768

480

3784

080604475 

08000==0

0807 773

179;ay9 1"

74806

4084

4=5844

C 080655 

C08074=6=45

C 0804=0 =5=

9;ay91"

77

487=

35383=

08004606 7

C0805=7=

C 0807 6=

'09Ap!91"

768

448

36=80

C 0806464 7

C080=346

C 08044 3

"'9Ap!91"

8=3

4384=

03836

0805407 

0800=536=

0800 = 44 | P A G E

149Ap!91"

7785

43807

37853

C 0805346543 4

C080046463

08006035 35

29Ap!91"

4843

4384

370846

C 080=773 5

08064=5

C 080== 7

69Ap!91"

68

4875

3=80

0

0

0

"9Ap!91"

68

4875

3=80

08056=607 

C08030365

C 08007376 7==

"49;a!91"

86

4483

087

08005=473 =

0800537

08003 07

129;a!91"

08=

4484

3=78

08076 5

C08035

C 08005047 

1"9;a!91"

7=856

43805

087

0807=07 7

0800=5

08044= 

69;a!91"

7807

4486

37087

0

C080546

08000=05 35

"9Feb91"

7807

4387

36=863

08035333=

C080=6==

08004 473

"19Feb91"

708=

48=5

36587

0800573 

C080==60303

0800333 

1'9Feb91"

6844

4787

36843

0807603 4

08034663

08035 56

49Feb91"

6780

4687

3486

08073346=4 =

C08045=

C 080060 44

'09an91"

6486

47844

38=0

080470=77 5

0804545

080470 4

"'9an91"

60877

468

36833

0806065

C080073=7

08000744 445

19an91"

578

4683

3583

080044740 =

080640=677

080403= 434

29an91"

5780

48

4=80=

C 080060=64 3

0800343645

080047 603

'9an91"

5783=

4874

4778

080456= =

08047564

0806070 4=3

"9-ec9 11

55803

484

457860

0800=70

C080053=3

C 080060= 07 4 | P A G E

129-ec9 11

58

4843

465833

0805540 5

080043=67

08037 64

1"9-ec9 11

5877

484

4=866

C 0803=757

C0806=564

C 0804306 74

69-ec911

538

4680

4558=

080000= 3

080077=3

080076 43

"39Dov9 11

548=5

458

484

0807643 

080=00=

080736 3=

"19Dov9 11

=8

43867

5867

C 08030436 5

C080=3035

C 080674 0

179Dov9 11

508=

468

45865

C 080454534 

08056==

C 080337 37

9Dov911

54846

4587

46385

C 0803==4 

08044466

08007 03

'195ct911

583

4585

453843

C 0806343 

C08035=

C 08047=4 03

"795ct911

55804

46805

4580=

08030743 7

080037

0803747 57=

195ct911

5383

43866

43845

C 0806=0673 7

C08047=3755

08063 0

1095ct911

5783

483

4485

083465 6

080=37=3

0805=40 33

'95ct911

5084

4384

5586

C 0803030303

0805676

080447 636

"49Sep9 11

58

408=3

384

C 080567==56 3

080057666

C 08000 53

129Sep9 11

58=3

408

3683

0800=3755 5

C080550

C 080653 5

1"9Sep9 11

584

48=

4680

08060455 

080466

0805354 6

49Sep911

584=

480

5843

0800=434 7

C0806=3

C 0806 7

"29Au%9 11

5084

44857

738=7

C 0804=4

C080=544

C 080040 43 | P A G E



47

""9Au%9 11

5484

43804

7680

080775473= 3

08056475

08073 06

169Au%9 11

837

48=

43853

C 080556434 7

C0846=604=

C 0806= 75

39Au%911

5844

4=8=7

78

0800=06445 

C0800=536

C 080750 54

19Au%911

50876

30846

==83

C 0803664 

C08074345

C 0807 5

"69ul911

53805

34864

4=484

C 080074=7=0 

C0807563

C 0803=4 33

139ul911

538

380

35804

0807753=7 3

08060=7

0804=4 =5

119ul911

=85

3485

368

080543

C08036==3=

C 0804053 4

69ul911

87

3387=

3380

0807303 6

C08065=06

0800304 =

"9un911

686

3836

33=867

08057= =

0806766

080567 466

"09un911

83

34837

4685

080=07607 

C080047746

C 080043= 74

1'9un911

385

3486

47850

C 08073=3 

C08003634

080000= 33

49un911

84

3485

4708=

C 08050074 7

C08043673=6

C 080443 3=4

'19;ay9 11

6866

33837

30086

080730 7

C08043466

C 0804343 =3

"'9;ay9 11

58

386

3380

0800636663

08047364

C 0800647 577

149;ay9 11

5855

33845

333847

C 0805303 3

C080=7744

C 08003363 07

29;ay911

6846

37835

337877

C

C0800=0=4

C 42 | P A G E

080733= 5

08003 64

"9;ay911

78

37874

30840

C 0800=07 7

0800==0

C 080767 665

"69Ap!911

7857

3783

36386

C 080067=0 =

C08053077

080=64 =75

139Ap!911

7865

378=

33783

0807047= 7

0804766

08034 34

119Ap!911

8=

3784

3=86

C 08044647 7

C0800=6

C 080063=4 45

79Ap!911

5854

37864

3487

C 08047765= 4

C08006637

C 080034 40

"39;a!911

684

378

3348

C 080=67 4

C080363775

08065 0

"19;a!911

7876

3=83

3380

08064=66 

0804=34705

0804700 46

179;a!911

8=3

38=

47=84

C 080603=6 

C080005=5

C 080=44 333

9;a!911

784

385

3084

C 08044453 

C08040605

C 080476= 7

"39Feb911

8=

3=83

3485

08030305 5

C080054

08000=64 40=

""9Feb911

783

3=837

3=8

C 08006=40 6

C0843645

C 0807444 50

179Feb911

7863

8=

3380

C 080753300 3

08000666

080047 77

9Feb911

8

87

34=85

0804=7366 =

080456

0803= =37

'19an911

780

3875

3087

080307365 =

080464=3

08047053 =4

"79an911

5867

8=

47683

08043534 3

C08036=3

C 0800564 467

139an911

83=

3857

43835

C08064534

08040=4

C 0 | P A G E

0800767 5= 109an911

7835

4867

4=384

080367563 6

08045=677

08070=7 =6

'9an911

5867

85=

47850

080=037 =

08070033

080040 64

'19-ec9 10

383

38

45786

0

0

0

"9-ec9 10

383

38

45786

C 080033= =

080037

080006=4 45

"09-ec9 10

38=7

385

456877

0800=430 5

C080054=5

080033 36=

1'9-ec9 10

3856

387

438=

0800044=64 

C080350663

080044= 734

49-ec910

3855

3=84

4080

0800=7300 

C0800=5=4

0804 =6

"29Dov9 10

383

3=864

4487

08007704

C08000444

0804=67 437

""9Dov9 10

48

3=87

=80

0804670 

080677

C 080060 47

169Dov9 10

86

3=84

==873

C 08000644 7

0800637

0800033 6=

39Dov910

85

387

==84

C 0804776=7 

C08035455

C 080473 6

19Dov910

380=

0846

44585

0805304 6

0800033

08035==3 7

"695ct910

08=

387

3846

C 080430405 

C080=4553

0800054 5

1395ct910

87

3=87

380

C 08044=6 6

080006

0800557 =7

1195ct910

4876

3=83

768=

0807007007

080063=7

0800=75 75

795ct910

3=8=6

378=

6585

0800=606 7

0800=3433=

0806=7 

"9Sep9 10

383=

3785

684

C 080333= 

C080050357

C 080045 = 1 | P A G E

"09Sep9 10

3=874

37873

867

08067= 6

0806=43

0804050 04

1'9Sep9 10

378

3680

4585=

0805460

0804736==

08056 3

9Sep910

3587=

3587

0=855

0807=0 =

C08805 C0 054 45 53 3

08005 0800 563 63 0=

'09Au%9 10

3586

37807

085

08070=767 4

080656=3

08037= 00

"'9Au%9 10

3483

38=4

0685=

C 0803433 

C08064474

C 08006645 05

149Au%9 10

338=4

36864

0786=

08004067= 7

C0807=6

C 0800700 6

29Au%910

3385

3787

07=845

C 080465 6

C080334===

C 080377=4 75

"9Au%910

3583

385

486

08057= 

C0880= C0 0=0 06 65 55

080 080 = = 74

"49ul910

38=5

483

0860

C 08007565 

C0800435=

C 08000=6 34

129ul910

35834

48

04866

08003536 

C08800 C0 00 77 77 6

08035 0803 57 7 76

1"9ul910

338=5

485

068

C 080374557 

08040=4354

C 08043 03

49ul910

35847

85

0778=6

080546676 6

08056=3=5

080557 34

"39un910

33855

3=83

04485

C 080744737 3

C080675555

C 0805037 64

"19un910

3684

48=

076876

C 0804654 6

C08030=367

C 080366 ==

179un910

3784

80=

785

080300 3

080004

08043735 0

9un910

38

384=

0=860

C 0800=77573 3

080457=5

080450=4 04=

19un910

387

484

068

C 0800333= 5

08000=77

C 0804456 775 " | P A G E

"79;ay9 10

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