Beruflich Dokumente
Kultur Dokumente
98
Unit 2
Capacity 635,645 635,645 635,645
Utilization 109% 119% 112%
Production 695,938 756,417 713,889
Unit 3
Capacity - - 573,676
Utilization - - 103%
Production - - 590,886
Urea
Sales (tons) 1,832,000 2,110,075 1,832,000
Average Price (PRs/ton) 6,728 7,785 8,233
Revenue 12,324,780,000 16,427,879,870 15,083,161,333
Feedstock
January 58.74
February 58.74
March 58.74
April 58.74
May 58.74
June 58.74
July 61.68
August 61.68
September 61.68
October 61.68
November 61.68
December 61.68
Fuelstock
January
February
March
April
May
June
July
August
September
October
November
December
Feedstock consumption
Fuel stock consumption
production
feedstock as a % of production
fuelstock as a % of production
Gas calculations
Capacity
COST OF SALES
Chemicals and supplies % of sales 0.50% 0.50%
Salaries, wages and benefits ( growth rate) 9% 9%
Rent, rates and taxes % of sales 0.04% 0.04%
Insurance % of sales 0.30% 0.30%
Technical services 0.06% 0.06%
Travel and conveyance 0.39% 0.39%
Repairs and maintenance
Communication, establishment and other 1.52% 1.52%
expenses 1.80% 1.80%
Opening stock - work in process 0.04% 0.04%
Closing stock - work in process 0.07% 0.07%
purschased fertilizer 462 1,613 4,444
Distribution Cost
Product transportation 559,249 681,781 1,026,000
Salaries, wages and benefits 148,240 181,938 227,781
Training and employee welfare
Rent, rates and taxes 26,945 28,601 35,814
Insurance 604 680 2,256
Technical services to farmers 1,345 1,361 1,902
Travel and conveyance 17,291 20,591 31,827
Sale promotion and advertising 21,588 24,920 48,668
Communication, establishment and other
expenses 21,210 22,646 33,084
Warehousing expenses 57,946 46,642 37,772
Depreciation 14,952 12,979 12,693
DISTRIBUTION COST 869 1,022 1,458
Product transportation 6% 6% 6%
Salaries, wages and benefits 1.46% 1.46% 1.46%
Rent, rates and taxes 0.23% 0.23% 0.23%
Insurance 0.01% 0.01% 0.01%
Technical services to farmers 0.01% 0.01% 0.01%
Travel and conveyance 0.23% 0.23% 0.23%
Sale promotion and
Communication, advertising and other
establishment 0.18% 0.18% 0.18%
expenses 0.10% 0.10% 0.10%
Warehousing expenses 0.23% 0.23% 0.23%
Depreciation
Cost at start
Freehold land
Lasehold land
Buildings on free hild
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Capital WIP
Total
Additions
Freehold land
Lasehold land
Buildings on free hild
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Capital WIP
Total
Disposals
Freehold land
Lasehold land
Buildings on free hild
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Capital WIP
Total
Adjustments
Freehold land
Lasehold land
Buildings on free hild
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Capital WIP
Total
Cost at end
Freehold land
Lasehold land
Buildings on free hold
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Capital WIP
Total
Depreciation at start
Freehold land
Lasehold land
Buildings on free hold
Building on leasehold
Railway sliding
Plant
Catalsyts
Furniture
Office
Vehicles
Maintenance
Library books
Total
Disposals
Freehold land
Lasehold land
Buildings on free hold
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Total
Adjustments
Freehold land
Lasehold land
Buildings on free hold
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Total
Depreciation at end
Freehold land
Lasehold land
Buildings on free hold
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Total
Capital WIP
BV at end
Freehold land
Lasehold land
Buildings on free hold
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Capital WIP
Total
Deprciation rate
Freehold land
Lasehold land
Buildings on free hold
Building on leasehold
Railway sliding
Plant
Catalysts
Furniture
Office
Vehicles
Maintenance
Library books
Depreciation allocation
Cost of sales
Distribution cost
Charged to FFBL
Total
Cost
Book value
Sale proceeds
Gain on sale
% of assets
Other income
Income on loans deposits 664
Income on tax exempt investments 45
Other expenses
Amortization of goodwill 0 0 104.62
Research and development
worker's participation fund 225.57 269.04 261.31
welfare fund 95.83 117.95 125.41
auditor's remuneration 0.9 0.9 1
audit fee 1.28 2.54 3.64
out of pocket expenses 0.1 0.1 0.1
total 324 391 496
3.17% 3.26% 2.96%
amortization 0 0 104.62
growth in amortization
worker's profit participation fund 225.57 269.04 261
growth in w.p.f
workers welfare fund 95.83 117.95 125
growth
auditors remuneration 0.9 0.9 1
growth
other fees 1.28 2.54 4
growth
out of pocket expenses 0.1 0.1 0.1
growth
Balance Sheet
Accelerated Depreciation 341 140 (109)
Provision for slow moving (42) (54) (61)
Measurement to fair value of fixed assets - - 2,860
Deferred Taxation 299 86 2,690
BS assumptions
Accelerated Depreciation 341 140 (109)
Provision for slow moving / surplus
spares,doubtful debts (42) (54) (61)
Measurement to fair value of fixed assets - 2,860
TOTAL 299 86 2,690
Trade and other Payables
Creditors 166 180 556
Accrued liabilities 269 325 551
Consignment account with an associated
company 91 303 337
Other liabilities 127 72 187
Sales tax payable - 61 295
Deposits 38 40 56
Retention money 7 6 11
Advances from customers 705 41 139
Workers' Profit Participation Fund 226 269 290
Workers' Welfare Fund 179 209 347
Payable to gratuity fund
Unclaimed dividend 38 54 60
Divivdend payable 513 513 641
Proposed dividend 513 256 256
TOTAL 2,873 2,330 3,727
Mark up on ST borrowing
Intagible assets
Goodwill - - 2,092
Amortization - - (105)
- - 1,988
Current Assets
Stores, spares and loose tools 1,243 1,230 1,618
Stock in trade 68 614 631
Trade debts 769 880 1,401
Loans and advances 43 49 60
Deposits and prepayments 8 15 22
Accrued income on investments
Advance tax
Subsidy recievable
Recievable from retiremnt benefit fund
Other-considered good
Considered doubtful
Provision for doubtful recievables
Other recievables 939 961 986
3,070 3,749 4,718
Loose tools
Items in transit
6 6 6
Provision for doubtful debts 2 2 1
Pension
Balance at beginning
Expense for the year
Payments during the year
Balance at end
Gratuity
Balance at beginning
Expense for the year
Payments during the year
Balance at end
Check
Difference
Stock in trade
Raw materials
WIP
Finished goods:
Manufacured area
Purchased fertilizer
WPPF
Balance at bginning
Allocation for the year
Payment
Allocation
ST investmnts
Term deposits
Available for sale
Local currency
Foreign currency
Held to maturity
Local currncy
Foreign currency
Subject to lease
0.0% 5.0%
14.4% 0.0%
0.0% 0.0%
12.26 13.58 9.92 9.39 2.62 2.21
178,618,000
291,032,000 335 292 705
2,942,963,000 2,484 2,484 4,229
14,206 21,191 26,169 30,306
178,000 352,000
10,000 14,500
20,000 19,960
16,545 19,695
88% 73% #DIV/0! #DIV/0!
12% 27% #DIV/0! #DIV/0!
17,690
885
523
10,470
249,000
2,606,905,500
15,013
5,270,888,750
7,878
1% 7% 8% 10%
15% 15% 15% 15%
6% 6% 7% 6%
1.46% 1.46% 1.44% 1.45%
0.23% 0.23% 0.18% 0.21%
0.01% 0.01% 0.00% 0.01%
0.01% 0.01% 0.01% 0.01%
0.23% 0.23% 0.23% 0.23%
0.18% 0.18% 0.11% 0.15%
0.10% 0.10% 0.16% 0.13%
0.23% 0.23% 0.07% 0.15%
9 2 2 16
- - - -
50 109 185 82
- - - -
- - - -
176 119 183 158
- 31 183 162
42 18 19 14
- 52 43 36
46 67 55 34
60 82 64 101
1 1 2 2
515 806
384 482 1,250 1,410
- - - -
- - - -
- - - -
- - - -
- - - -
- (0) - (4)
(118) (84)
(4) (1) (2) (5)
(12) (8) (11)
(38) (35) (25) (23)
(1) (19) (11) (8)
- (0) - (0)
-
(44) (67) (164) (135)
- - - -
- - - -
- - (24) (1)
- - - -
- - - -
- - (6) -
- - - -
- - (4) -
- - 9 (0)
- - (0) -
- - 12 0
- - - -
(463) (185)
- - (477) (187)
- - - -
5 10 15 21
909 975 1,027 1,089
40 40 40 41
26 26 26 26
9,954 10,555 11,015 11,479
- 160 223 181
122 36 40 45
- 103 113 138
130 121 124 139
377 419 459 527
5 5 6 7
11,568 12,451 13,089 13,695
- - - -
5 5 5 5
66 52 67 71
0 0 0 0
0 0 0 0
601 460 465 472
- 63 76 91
19 5 7 8
- 21 29 30
27 34 40 45
43 59.0 79 74
1 1 1 1
762 700 769 798
- - - -
- - - -
- - - -
- - - -
- - - -
- (0) - (4)
- (118) (84)
(2) (1) (1) (5)
- (11) (6) (11)
(36) (31) (24) (21)
(1) (19) (11) (8)
- (0) - (0)
(40) (62) (161) (132)
- - - -
- - - -
- - (4) (0)
- - - -
- - - -
- - (1) -
- - - -
- - (0) -
- - 2 (0)
- - (0) -
- - 1 -
- - - 0
- - (3) (0)
- - - -
10 15 21 26
975 1,027 1,089 1,160
40 40 41 41
26 26 26 27
10,555 11,015 11,479 11,948
- 223 181 189
139 40 45 49
- 113 138 157
121 124 139 163
419 459 527 593
5 6 7 9
12,290 13,089 13,695 14,361
0% 0% 0% 0%
6% 6% 6% 6%
4% 3% 4% 4%
0% 0% 0% 0%
0% 0% 0% 0%
3% 2% 2% 2%
20% 20% 20%
9% 7% 8% 8%
11% 12% 11%
14% 15% 16% 17%
8% 10% 12% 10%
12% 11% 12% 13%
164 135
3 3
20 17
17 15
1% 1%
2% 2%
0 0
- 1 (4) (14)
- - 2 -
(19) 15 7 16
44 30 45
67% 1% 34%
15% 54% 35%
18% 44% 31%
934
475
1 2 3 2.12
51.50% 32% 41.91%
1.31 1.98 2.62 2.12
- 51% 76.28% 80%
- 1 2 2.00
- 475 950 950
6% 6% 7% 6%
1.60% 1.40% 1.40% 1.40%
0.30% 0.20% 0.17% 0.17%
0.50% 0.01% 0.00% 0.001%
0.02% 0.01% 0.01% 0.01%
0.22% 0.22% 0.22% 0.22%
0.00% 19.00% 0.11% 0.11%
0.10% 0.19% 0.15% 0.15%
0.23% 0.23% 0.07% 0.07%
1% 2% 5% 1%
3% 3% 4% 3%
1% 1% 1% 1%
1% 0% 0% 0%
2% 2% 1% 0%
0% 0% 0% 0%
0% 0% 0% 0%
2% 12% 11% 1%
1% 2% 2% 1%
2% 2% 1% 1%
0% 3% 2% 0%
5.0% 6% 2% 2%
1.0% 1% 1% 3%
65 77 92 Err:522
1,684 1,819 1,948 Err:522
203 296 109 Err:522
1,481 1,523 1,839 Err:522
0 0 0 Err:522
141 127 223 Err:522
1,687 1,727 2,154 Err:522
4% 4% 4% Err:522
100% 105% 90% Err:522
12% 17% 5% Err:522
0% 0% 0% Err:522
8% 7% 10% Err:522
1,687 1,727 2,154 2,202
2 2 2 Err:522
0% 0% 0% Err:522
1,876 1,408 660 961
(79) 109 45 50
2,709 - - -
2,522 2,407 2,401 2,396
- 72 63 43
- 2 19 91
- 74 82 134
4% 55% 1% 6%
1,138 969 - -
1,000 500 - -
2,388 1,716 280 293
77 12 42 92
201 969 - -
500 500 - -
- 100 - -
128 20 0 0
906 1,602 42 92
7,083 5,766 6,058 6,409
80 65 74 78
15 41 41 39
31 39 50 41
64 67 65 77
2 2 2 2
1 1 1 0
122 - - -
126 3 3 2
65 77 92 89
1,684 1,819 1,948 2,043
(16)
0% 0% 0% 0%
8% 9% 8% 7%
1% -1% 0% 0%
0% 0% 0% 0%
1% 1% 1% 1%
6 2 2 -
2 2 2 Err:522
29 34 37
29 31 33
9% 9% 9%
9% 9% 9%
0 (2) (1) 0
19 29 33 36
(21) (27) (32) (36)
(2) (1) (0) (0)
3 15 - -
38 29 36 45
(26) (44) (36) (41)
15 - - 4
15 21 20 17
0% 0% 0% 0%
2% 2% 2% 2%
11%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
0% 0% 0% 0%
1,834 1,056 1,172 Err:522
1,206 3,053 6,004 Err:522
3,040 4,108 7,176 3,885
451
Err:522
35 56
18 23
19 34
488 840
560 953
18% -3%
1,200 2,550 500 500
- - 4,650 775
95 312 906 882
- 101 98 86
- - - 96
- - - 21
778 1,482 42 92
128 120 0 0
694,355
119%
829,000
635,645
128%
811,000
573,676
119%
680,000
Err:522
2,320,000
Err:522
37 88 145
1,137 1,510 2,659
30% 25% 20%
20% 20% 30%
386,210
10%
12%
386,210
18,652
933
543
10,853
79,000
857,413,333
17,264
6,667,674,269
7,525
10%
15%
539
542
538
536
535
534
540
544
543
545
547
569
1,561
31,211
15%
1,541
30,811
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
264.86
238.38
238.38
238.38
238.38
238.38
238.38
238.38
238.38
238.38
238.38
238.38
694,355 - - -
10.0%
-10.0%
0.0%
1,641
481
30
55
1
4
69
28
31
66
14
2,419 752 792 812
7.02% 8.00% 8.51% 10.31% 9.96% 8.94%
7%
1.45%
0.18%
0.00%
0.01%
0.23%
0.13%
0.14%
0.11%
193
82
1,925
42
27
18,913
457
99
264
261
736
11
959
23,969
26
96
221
-
-
270
82
29
33
20
163
2
1,608
2,550
-
-
-
-
-
(4)
(81)
(2)
(9)
(10)
(24)
(0)
-
(131)
-
-
-
-
-
-
-
(0)
-
-
0
-
(938)
(938)
219
179
2,145
42
27
19,179
457
126
288
271
875
13
1,628
25,450
-
26
1,160
41
27
11,948
189
49
157
163
593
9
14,361
-
10
76
0
-
480
98
9
30
43
80
1
828
-
-
-
-
-
(4)
(81)
(1)
(8)
(10)
(24)
(0)
(129)
-
-
-
-
-
-
-
-
(0)
-
0
-
-
-
35
1,236
41
27
12,424
206
56
178
196
650
10
15,059
325
219
143
909
1
-
6,755
251
70
110
75
225
3
1,628
10,390
0%
5%
4%
0%
0%
3%
21%
7%
10%
16%
9%
11%
809
14
5
828
98%
2%
1%
131
1
9
8
1%
2%
12%
269
-
33
1
-
303 83 83 83
1,307 475 - 119
17 15 15 15
8 4 4 4
- 5 5 5
20 7 7 7
4 6 6 6
24 19 19 19
287 622 1,658 596 121 240
79% 70% 70% 70%
89% 94%
4%
-1%
0%
2%
303
50
18%
45%
38%
2.01
37.12%
2.91
80%
1.25 1.00 - 0.25
594 475 - 119
303 83 83 83
20%
42
40%
24
15%
50
10%
-
119
427
297
1
1
0
845 217 212 242
2.35% 2.61% 2.97% 2.97% 2.66% 2.67%
-
0%
427
14%
297
113%
1
1%
1.3
2%
0.1
0%
7%
1.40%
0.17%
0.000%
0.01%
0.22%
0.11%
0.15%
0.07%
5%
20.0%
2.0%
5,940
38
7,635
1%
3%
1%
0%
2%
0%
0%
1%
1%
2%
1%
2%
2%
45%
0.3%
8%
1%
11%
0%
15%
-1%
6%
6.0%
1.0%
3.2%
0.4%
0.1%
0.2%
4.0%
1.0%
2,400
55
18.53
2,364
Err:522
Err:522
301
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
10%
Err:522
Err:522
2,408
0
0
1%
Err:522
Err:522
1723
2,400
55
19
2,364
429
1,168
68
51
195
89
31
2,168
427
552
5
631
5,815
128
56
184
-
210
2,931
3,141
10%
1,101
1,023
1,569
-
1,569
706
4,752
-
260
653
54
966
-
-
6,425
100
0
-
-
0
100
6,325
84
89
30
143
1
1
-
2
2,408
643
1,723
84
34
45
476
936
-
86
2
(2)
1,543
4,891
420
100
521
111
2,285
(139)
2,145
0
152
2,408
0%
8%
0%
0%
1%
-
Err:522
41
36
9%
9%
0
35
(35)
(0)
3.769
46
(45)
5
0%
2%
11%
0%
0%
0%
0%
Err:522
Err:522
3,554
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
(273)
Err:522
1,983
66
16
165
395
643
375
427
(375)
427
7%
1,350
841
-
-
84
128
174
150
200
100
-
3,028
693
18%
2.92 11.05 3.39 3.19 3.55 3.11
754,355
119%
898,906
635,645
123%
782,258
573,676
121%
696,628
Err:522
2,377,792
2%
424,831
10%
12%
198,526
20,517
1,026
635
12,702
-
-
19,854
3,941,543,393
3,942
9%
15%
593
610
622
610
622
635
647
647
647
654
654
680
1,717
34,332
10%
1,697
33,932
90.22
90.22
90.22
90.22
90.22
90.22
94.73
94.73
94.73
94.73
94.73
94.73
251.55
251.55
251.55
251.55
251.55
251.55
251.55
251.55
262.87
262.87
262.87
262.87
- 754,355
5.0%
5.0%
4.5%
54 195 52 52 59 60
682 1,726 376 388 399 702
74 308
6 15 4 4 4 4
34 111 26 28 32 35
3 14 4 4 4 4
38 134 36 36 41 42
160 680 150 150 150 150
215 861 224 224 224 224
(27) (165)
30 - 27 27 28 -
2,228
476
58
0
5
75
37
51
22
15
798 - 984 950 956 825
8.24% 10.69% 10.24% 9.05% 7.66%
7%
1.45%
0.18%
0.01%
0.01%
0.23%
0.14%
0.14%
0.13%
219
179
2,145
42
27
19,179
457
126
288
271
875
13
1,628
25,450
15
32
163
-
-
203
142
21
37
36
109
2
976
1,737
-
-
-
-
-
(2)
(94)
(3)
(9)
(20)
(15)
(0)
(143)
-
-
(8)
-
-
(2)
-
(1)
3
(0)
4
-
(529)
(534)
234
211
2,299
42
27
19,378
505
143
319
288
974
15
2,076
24,434
-
35
1,236
41
27
12,424
206
56
178
196
650
10
15,059
-
13
83
0
0
483
104
11
36
47
102
2
881
-
-
-
-
-
(2)
(94)
(3)
(8)
(19)
(14)
(0)
(141)
-
-
(1)
-
-
(0)
-
(0)
1
(0)
0
0
(1)
-
48
1,318
41
27
12,904
216
64
206
225
738
12
15,798
318
234
163
981
1
(0)
6,473
290
79
113
63
236
3
2,076
10,711
0%
6%
4%
0%
0%
2%
21%
8%
11%
16%
10%
12%
861
15
5
881
98%
2%
1%
147
3
19
16
1%
2%
13%
295
12
(3)
2
6
89%
4%
-1%
0%
2%
333
75
26%
40%
35%
4.83
30.00%
3.78
80%
1.00 4.00 1.00 1.00 1.00 1.00
475 1,069 475 475 475 475
450
472
1
1
0
256 918 250 252 290 300
2.64% 2.70% 2.72% 2.72% 2.74% 2.78%
-
0%
450
5%
472
59%
1
1%
1.3
2%
0.1
0%
7%
1.40%
0.17%
0.000%
0.01%
0.22%
0.11%
0.15%
0.07%
10%
20.0%
2.0%
5,640
0
5,444
1%
3%
1%
0%
2%
0%
0%
1%
1%
1%
1%
2%
2%
39%
0.3%
8%
1%
11%
0%
15%
-10%
11%
6.0%
1.0%
3.2%
0.4%
0.1%
0.2%
3.6%
1.3%
2,872
66
0
2,806
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
2,393
0
0
1%
Err:522
Err:522
1092
2,872
66
-
2,806
335
1,112
405
34
680
93
29
420
436
507
506
4,558
-
79
79
-
4,656
578
5,233
10%
1,029
866
1,569
-
1,569
706
4,752
1,500
104
-
-
104
-
-
7,062
-
-
-
0
8
7,055
94
89
34
148
1
1
-
2
2,393
(160)
1,092
133
33
78
609
834
0
54
3
(3)
1,575
3,490
386
137
524
119
2,185
(136)
2,050
0
224
2,393
0%
8%
0%
0%
1%
-
Err:522
44
40
9%
9%
0
36
(36)
(0)
5
45
(43)
8
19
0%
2%
11%
0%
0%
0%
0%
Err:522
Err:522
5,612
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
1,961
Err:522
1,808
73
-
-
(233)
(160)
427
436
(427)
436
2%
500
1,200
525
92
141
191
533
43
2,726
2,092
202%
13.25 3.57 3.79 4.13 3.58 15.07
754,355 754,355
120% 119%
901,589 900,377
635,645 635,645
124% 125%
785,344 792,867
573,676 573,676
121% 120%
692,171 689,600
Err:522 Err:522
2,379,103 2,382,843
2% 2%
- - - -
0 0 0 0
- - - -
12,189 12,973 13,017 13,284 13,605 13,220
52,552 55,844 57,781 61,401 63,532 59,639
83,628 89,403 96,002 99,473 101,476 96,588
467,314 514,046
10% 10%
58,772 66,665
11% 11% 11% 11% 11% 11%
3% 3% 3% 3% 3% 3%
14% 16%
205,964 213,724
22,568 24,825
1,128 1,241
697 754
13,943 15,089
- -
- -
21,839 24,023
4,498,135,187 5,134,368,322
4,498 5,134
8% 8%
15% 15%
680 736
687 743
687 743
687 743
687 743
687 743
700 758
700 758
700 758
708 766
708 766
736 796
1,888 2,077
37,765 41,542
10% 10%
1,868 2,057
37,365 41,142
94.73 104.44
94.73 104.44
94.73 104.44
94.73 104.44
94.73 104.44
94.73 104.44
99.47 109.66
99.47 109.66
99.47 109.66
99.47 109.66
99.47 109.66
104.44 109.66
262.87 288.43
276.01 302.86
276.01 302.86
276.01 302.86
276.01 302.86
276.01 302.86
276.01 302.86
276.01 302.86
288.43 316.48
288.43 316.48
288.43 316.48
288.43 316.48
754,355 754,355
5.0% 5.0%
5.0% 5.0%
4.5% 4.5%
224 57 58 67 69 251
1,865 411 424 436 723 1,994
18 20
122 33 33 38 39 142
16 4 4 4 4 18
155 40 40 46 48 175
600 150 150 160 160 620
894 233 233 233 233 931
- -
- - - - - -
2,638 2,950
558 627
68 76
0 0
6 6
88 99
44 49
60 67
26 30
15 16
- 1,105 1,049 994 983 -
10.88% 10.12% 8.34% 7.97%
7% 7%
1.45% 1.45%
0.18% 0.18%
0.01% 0.01%
0.01% 0.01%
0.23% 0.23%
0.13% 0.13%
0.14% 0.14%
0.12% 0.12%
234 252
211 254
2,299 2,451
42 42
27 27
19,378 19,584
505 548
143 161
319 346
288 301
974 1,084
15 17
2,076 2,655
26,510 27,720
19 20
43 57
155 179
- -
- -
210 228
129 117
21 24
36 35
30 29
124 132
2 2
1,130 1,238
1,899 2,062
- -
- -
- -
- -
- -
(3) (3)
(86) (87)
(3) (3)
(10) (9)
(18) (16)
(16) (18)
(0) (0)
(136) (137)
- -
- -
(3) (4)
- -
- -
(1) (1)
- -
(0) (1)
1 1
(0) (0)
2 2
- -
(551) (673)
(553) (675)
252 272
254 311
2,451 2,627
42 42
27 27
19,584 19,808
548 578
161 181
346 373
301 314
1,084 1,200
17 19
2,655 3,221
25,065 25,750
- -
48 63
1,318 1,406
41 41
27 27
12,904 13,390
216 242
64 73
206 235
225 258
738 830
12 14
15,798 16,579
- -
15 18
89 94
0 0
0 0
489 495
113 121
12 13
38 40
50 51
107 118
2 2
915 953
- -
- -
- -
- -
- -
(3) (3)
(86) (87)
(3) (2)
(9) (9)
(17) (15)
(16) (18)
(0) (0)
(134) (135)
- -
- -
(1) (1)
- -
- -
(0) (0)
- -
(0) (0)
0 0
(0) (0)
0 0
0 0
(0) (0)
- -
63 81
1,406 1,500
41 41
27 27
13,390 13,881
242 276
73 84
235 267
258 294
830 930
14 16
16,579 17,397
321 320
252 272
191 230
1,045 1,127
1 1
(0) (0)
6,194 5,926
305 302
87 97
111 106
43 20
254 269
2 2
2,655 3,221
11,141 11,573
0% 0%
6% 6%
4% 4%
0% 0%
0% 0%
2% 2%
21% 21%
8% 7%
11% 11%
17% 16%
10% 10%
12% 12%
894 931
15 16
6 6
915 953
98% 98%
2% 2%
1% 1%
155 157
3 3
19 20
16 17
1% 1%
2% 2%
13% 13%
354 425
15 18
(4) (4)
2 2
7 8
89% 89%
4% 4%
-1% -1%
0% 0%
2% 2%
400 480
112 168
22% 24%
42% 41%
36% 35%
5.00 3.71
30.00% 28.00%
4.92 6.29
80% 80%
4.00 1.00 1.25 1.50 1.00 4.50
1,901 475 594 713 475 2,257
- -
493 531
876 1,508
1 1
1 1
0 0
1,114 287 287 325 340 1,237
2.80% 2.82% 2.77% 2.73% 2.75% 2.76%
- -
0% 0%
493 531
10% 8%
876 1508
86% 72%
1 1
1% 1%
1.3 1.3
2% 2%
0.1 0.1
0% 0%
7% 7%
1.40% 1%
0.17% 0%
0.000% 0%
0.01% 0%
0.22% 0%
0.11% 0%
0.15% 0%
0.07% 0%
10% 10%
20.0% 20.0%
2.0% 2.0%
5,340 5,040
0 0
3,224 914
1% 1%
3% 3%
1% 1%
0% 0%
2% 2%
0% 0%
0% 0%
1% 1%
1% 1%
1% 1%
2% 1%
2% 2%
2% 2%
34% 31%
0.3% 0%
4% 5%
0% 0%
35% 30%
-5% -3%
15% 12%
-8% 4%
10% 9%
6.0% 6.0%
1.0% 1.0%
3.2% 3.2%
0.4% 0.4%
0.1% 0.1%
0.2% 0.2%
3.1% 3.6%
1.7% 1.3%
3,362 3,780
77 87
0 0
3,285 3,693
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
2,395 2,405
0 0
0 0
1% 1%
Err:522 Err:522
Err:522 Err:522
1278 1437
3,362 3,780
77 87
- -
3,285 3,693
393 442
1,302 1,464
499 544
40 45
796 896
110 123
34 38
491 552
458 474
573 639
695 627
5,391 5,843
- -
75 86
75 86
- -
5,121 5,634
635 699
5,757 6,332
10% 10%
1,067 1,085
316 282
1,569 1,569
- -
1,569 1,569
706 706
4,752 4,752
1,500 1,500
122 137
- -
- -
122 137
- -
- -
- -
7,080 7,095
5 7
- -
- -
- -
0 0
5 7
7,075 7,088
126 164
84 82
39 44
171 202
1 1
1 1
- -
2 2
2,395 2,405
80 88
1,278 1,437
147 172
38 44
83 100
702 815
1,199 1,447
0 0
70 74
3 4
(3) (4)
2,054 2,437
3,938 4,147
343 414
191 153
534 567
137 152
2,117 2,102
(127) (128)
1,989 1,974
0 0
268 279
2,395 2,405
0% 0%
7% 7%
0% 0%
0% 0%
1% 1%
- -
Err:522 Err:522
48 53
43 47
9% 9%
9% 9%
0 0
36 36
(36) (36)
(0) (0)
8 10
46 46
(44) (43)
10 12
19 20
0% 0%
2% 2%
11% 11%
0% 0%
0% 0%
0% 0%
0% 0%
Err:522 Err:522
Err:522 Err:522
5,062 4,021
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
(565) (1,132)
Err:522 Err:522
1,782 2,358
80 88
- -
- -
- -
80 88
436 458
458 474
(436) (458)
458 474
5% 4%
500 500
1,400 1,500
578 496
102 112
155 170
211 232
312 379
25 32
2,783 2,921
3,037 4,899
45% 61%
2.88 3 0 6
475,919
562,813 184,264 183,549 195,000 1,167,813 1,148,000
118% 119% 117%
3,525
301 30 70 106
1,230 122 285 432
9,578 949 2,222 3,368
- - - - 168,000
119,881 22,832 90,409 6,640 26,000
- - - -
- - - -
-
-
-
-
10,947
29,402 29,402
-
3,525
-
-
352474%
-
0
-
-
-
-
-
-
24095
2,184
0
547 545 547 550
10,947 10,900 10,940 11,000
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
90.21
264.86
238.38
238.38
238.38
238.38
238.38
238.38
238.38
238.38
238.38
238.38
238.38
238.38
0.91
913.24
17,635
4,595
22,230
1,453
1,000
2,453
1,453
1,000
48
320
65
4
25
-
37
190
200
132
28
-
3,437
700
4,137
561
2,184
-
2,744
6,881
0.50%
4%
0.04%
0.30%
0.06%
0.39%
1.52%
1.80%
0.04%
0.50%
479
120
14
0
1
17
11
14
6
4
666
5%
2.00%
0.18%
0.01%
0.01%
0.23%
0.13%
0.14%
0.12%
-
2
67
-
8
0
-
125 140
475 238
10 11
2 4 9
- 2
4 11
4 9
2 23
622 415
0
1
475
60
10.6
12.46
-
30
107
-
0
0
0
137
106.74
5%
1%
0%
0%
0%
0%
0%
0%
0%
34%
2% 148,292
148,292
-
Rs mn CY00 CY01
Gross Sales 10,677 16,428
Less: sales tax - 855
Less: Commission 74.88 79.05
Less: Trade Allowance 400.84 221.48
Net Sales 10,201 11,982
DPS 8 9
Appropriations
Unappropriated profit b/f 338 230
Available for appropriations 2,982 3,433
Transfer from/ (to) general reserve 700 1,000
Dividends
Final dividend/proposed 513 769
1st interim 513 641
2nd interim 513 513
3rd interim 513 256
Total Dividends disbursed 2,052 2,180
transfer reserve for bonus shares
Unappropriated profit c/f 230 253
11.98 12.26 13.58 1.69 2.16
10 10 12
65 82 71 #DIV/0! #DIV/0!
256 385
641 769 834
769 577 1,218
641 834 1,180
2,308 2,565 3,232
- 827
218 198 1,293
3.23 2.85 9.92 9.39 2.62
#DIV/0! #DIV/0! 52 61
1,293 (44)
6,190 4,592
160 1,200
885 1,110
848 1,110
1,560 987
1,458 913
4,751 4,121
1,543 -
57 1,672
-5%
2.21 2.97 3.06 10.86 3.66
417.17
0.23
1,672
7,033
250
1,925
1,234
1,110
1,357
5,626
-
1,657
1.75 2.72 2.92 11.05 3.39
1,657
7,153
300
1,727
1,550
2,397
1,974
7,649
-
(196)
khurram_honest@hotmail.com
yasra40@hotmail.com
3.19 3.55 3.11 13.25 3.57
(196)
6,343
300
1,974
1,770
2,753
2,262
8,759
-
(2,116)
3.79 4.13 3.58 15.07 2.88
(2,116)
5,320
300
567
2,097 400.94
1,999 -0.29
3,100
2,550
9,746
-
(4,126)
% chg
47%
63%
-21%
16%
57%
51%
20%
59%
18%
25%
33%
Model Assumptions
CY05 CY06 CY07 1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 CY08F 1Q-CY09 2Q-CY09 3Q-CY09
Urea Capacity 1,904 1,904 1,904 491 491 491 491 1,964 491 491 491
Urea Production 2,303 2,296 2,320 602 594 594 594 2,378 595 595 595
Urea efficiency 121% 121% 122% 123% 121% 121% 121% 121% 121% 121% 121%
Domestic Urea Sales 2,555 2,542 2,298 608 622 594 594 2,418 595 595 595
Imported Urea 251 249 79 25 21 17 21 83 25 21 17
Imported DAP sales 178 352 211 21 21 32 32 105 22 22 33
Imported SOP sales 10 15 17 1 2 3 4 10 1 2 3
Urea price/ton 9,930 10,170 10,553 11,767 12,046 12,547 12,851 12,302 13,290 13,335 13,610
DAP price/ton 20,000 19,960 21,800 38,297 55,636 72,936 83,026 62,474 89,946 92,671 94,531
SOP price/ton 16,545 19,695 24,000 35,970 43,134 47,417 52,129 44,663 59,919 51,332 65,880
Urea price growth 1% 2% 4% 11% 2% 4% 2% -4% 8% 0% 2%
DAP price growth -2% 0% 9% 76% 45% 31% 14% -25% 44% 3% 2%
SOP price growth -3% 19% 22% 50% 20% 10% 10% -14% 34% -14% 28%
Feedstock consumed 65,893 71,801 72,694 18,878 18,626 18,626 18,626 74,757 18,636 18,636 18,636
Fuelstock consumed 16,800 20,000 18,941 4,919 4,853 4,853 4,853 19,478 4,856 4,856 4,856
Feedstock/MMBTU 77 86 90 90 90 95 95 92 95 95 99
Fuelstock/MMBTU 228 255 241 252 252 255 263 255 272 276 280
Feedstock cost 4,663 5,648 5,808 1,555 1,535 1,611 1,611 6,313 1,612 1,612 1,693
Fuelstock cost 3,497 4,656 4,162 1,130 1,115 1,132 1,165 4,542 1,205 1,224 1,242
Revenue contribution
Domestic Urea Sales 88% 73% 70% 86% 83% 74% 71% 78% 77% 76% 69%
Imported fertilizer 12% 27% 30% 14% 17% 26% 29% 22% 23% 24% 31%
DPS from FFBL 2.00 2.00 1.25 1.00 - 0.25 1.00 4.00 1.00 1.00 1.00
Payout ratio 98% 106% 101% 109% 114% 110% 103% 109% 103% 110% 98%
Source: Capital One Equities Research, Company reports
5%
Income Statement
CY05 CY06 CY07 1Q-CY08 2Q-CY08 3Q-CY08 4Q-CY08 CY08F 1Q-CY09 2Q-CY09 3Q-CY09
Sales 25,481 29,951 28,429 7,293 7,958 9,082 9,682 34,014 9,208 9,282 10,560
Cost of sales 16,383 20,242 18,312 4,041 5,630 6,115 6,927 22,712 5,936 6,188 7,160
Gross profit 9,098 9,709 10,117 3,252 2,328 2,967 2,755 11,302 3,272 3,093 3,400
GP margin 36% 32% 36% 45% 29% 33% 28% 33% 36% 33% 32%
Distribution costs 2,371 2,747 2,419 752 792 812 798 3,155 984 950 956
Other operating expenses 627 735 845 217 212 242 256 927 250 252 290
Other Income 1,440 1,276 1,658 596 121 240 596 1,552 628 628 628
EBIT 7,540 7,503 8,511 2,879 1,444 2,152 2,297 8,773 2,665 2,519 2,782
Finance cost 326 517 696 212 168 168 168 671 190 190 190
EBT 7,214 6,985 7,815 2,667 1,277 1,984 2,130 8,102 2,476 2,329 2,593
Tax 2,317 2,349 2,454 863 413 642 689 2,606 801 753 839
EAT 4,897 4,636 5,361 1,805 864 1,343 1,441 5,496 1,675 1,576 1,754
EPS (diluted) 9.92 9.39 10.86 3.66 1.75 2.72 2.92 11.05 3.39 3.19 3.55
DPS 9.75 10.00 11.00 4.00 2.00 3.00 3.00 12.00 3.50 3.50 3.50
Payout ratio 98% 106% 101% 109% 114% 110% 103% 109% 103% 110% 98%
Earnings growth 22% -5% 16% 39% -21% -8% 8% 3% -7% 82% 31%
Net margins 19% 15% 19% 25% 11% 15% 15% 16% 18% 17% 17%
Source: Capital One Equities Research, Company reports
-2% 0%
1%
Current Liabilities
Trade and other Payables 2,873 2,330 3,727
Interest and Mark-up Accrued - - -
Short term borrowings - Secured 1,650 800 3,389
Current portion of long term 536 503 918
Provision forTaxation 512 527 976
Subject to lease
5,571 4,161 9,010
Goodwill - - 1,988
changes in NWC
stores
stock in trade
Trade debts
Loans
Deposits
Other
Trade and other payables
change in NWC
12.26 13.58 9.92 9.39
947 (4,668)
10.86 11.05 13.25 15.07
Adjustments
Depreciation 765
Amortization 105
Provision for slow moving (187)
Provision for gratuity * 34
Provision for pension * 31
Provision for WPPF 387
Finance cost 319
Income on loans deposits (416)
Property plant written off * 474
Gain on sale of property plant (17)
Exchange (gain)/loss (3)
Loss/(gain) on remeasuremnet 4
Dividend from FFBL (950)
Old liabilities written back (0)
544
Changes in NWC
Stores (443)
Stock in trade (341)
Trade debts 748
Loans (30)
Deposits (1)
Other 6
Trade and other payables 1,012
7,575 6,177
26 13
CY06 CY07F CY08F CY09F CY10F
(396)
(1)
FCFE
CY06 CY07 CY08 CY09 CY10
FCFF 9,360 3,573 4,876 6,483 7,080
Less: Interest(1-tax) 347 696 671 758 817
Plus: Net borrowing 1,239 223 887 (158) (329)
PV 38,958
Fair value 79
Growth 4%
Tax 33%
WACC 13% 13% 13% 13% 13%
WACC (Average) 12.9%
CAPM 16%
CAPM
Beta 0.70
Risk free rate 10.50%
Risk premium 5%
Required rate of return 14.00%
WACC 13%
Terminal growth rate 4%
Tax rate 33%
CY09 CY10
7,583 8,535
302 315
1,763 1,925
(361) (155)
6,483 7,080
DDM CY07 CY08 CY09 CY10
DPS 11.00 12.00 13.75 15.50
TV 164.02
11.00 12.00 13.75 179.52
140
11.12
12.59
FFC
Capital structure
Debt 44% 30% 30% 34%
Equity 56% 70% 70% 66%
WdKd (1-t) 3% 2% 2% 2%
WsKs 9% 12% 11% 11%
WACC 12% 13% 13% 13%
38,912
Mon/17/Jul/06 117.75
Tue/18/Jul/06 116.85
Wed/19/Jul/06 117.00
Thu/20/Jul/06 117.00
Fri/21/Jul/06 117.10
Mon/24/Jul/06 117.50
Tue/25/Jul/06 117.65
Wed/26/Jul/06 117.80
Thu/27/Jul/06 117.40
Fri/28/Jul/06 115.80
Mon/31/Jul/06 117.50
Tue/01/Aug/06 115.30
Wed/02/Aug/06 115.05
Thu/03/Aug/06 119.85
Fri/04/Aug/06 121.00
Mon/07/Aug/06 122.00
Tue/08/Aug/06 122.00
Wed/09/Aug/06 120
CY07 CY08 CY09 CY10
2,671 1,622 1,490 620
3,141 5,233 5,757 6,332
5,812 6,856 7,247 6,953
12% 14% 15% 15%
10% 11% 12% 14%
10% 10% 10% 3%
10% 10% 10% 10%
6% 3% 3% 1%
6% 9% 10% 12%
3% 3% 4% 5%
11% 9% 9% 7%
13% 13% 13% 13%
Rs mn
CY05 CY06 CY07 CY08
ABN 275 92 - -
MCB 300 100 - -
NBP- 1 500 167 - -
HBL- 1 469 281 - (0)
HBL- 2 125 63 94 -
UBL- 1 125 63 - -
NBP- 2 - 500 500 -
NBP-3 400 358
HBL- 3 - 500 500 396
AKBL - 100 100 -
UBL- 2 100 - - -
UBL- 3 500 - - -
UBL-2 800 601
BAFL 500 422
SCB 500 461
SPCB-1 150 126
SPCB-2 150 126
TFCs 433 216 - -
Finance cost
Mark up on long term 290 282 217 292 100
Mark up on short term 55 37 258 364 523
Exchange loss 24 5 40 38 45
Bank charges 3 2 3 3 3
373 326 517 696 671
ABN
Amount outstanding 92
No of installments remaining 1
No of installments per year 2
Interest rate 9%
Installments 96
Date Balance Installment Principle
May 29 2007 92 96 92
MCB
Amount outstanding 100
No of installments remaining 1
No of installments per year 2
Interest rate 9%
Installments 105
Date Balance Installment Principle
May 30 2007 100 105 100
NBP-1
Amount outstanding 167
No of installments remaining 1
No of installments per year 2
Interest rate 9%
Installments 175
Date Balance Installment Principle
May 29 2007 167 175 167
HBL- 1
Amount outstanding 281
No of installments remaining 3
No of installments per year 2
Interest rate 9%
Installments 103
Date Balance Installment Principle
May 30 2007 281 103 89
Nov 30 2007 192 103 94
May 30 2008 98 103 98
HBL- 2
Amount outstanding 63
No of installments remaining 2
No of installments per year 2
Interest rate 9%
Installments 33
Date Balance Installment Principle
Dec 31 2007 63 33 31
Jun 31 2008 32 33 32
UBL- 1
Amount outstanding 63
No of installments remaining 2
No of installments per year 2
Interest rate 9%
Installments 33
Date Balance Installment Principle
Dec 31 2007 63 33 31
Jun 31 2008 32 33 32
NBP- 2
Amount outstanding 500
No of installments remaining 1
No of installments per year 1
Interest rate 11%
Installments 555
Date Balance Installment Principle
Dec 31 2007 500
May 31 2008 500 555 500
HBL- 3
Amount outstanding 500
No of installments remaining 8
No of installments per year 2
Interest rate 12%
Installments 80
Date Balance Installment Principle
May-08 500 80 51
Nov-08 449 80 54
May-09 396 80 57
Nov-09 339 80 60
May-10 279 80 64
Nov-10 215 80 68
May-11 147 80 72
Nov-11 76 80 76
ACBL
Amount outstanding 100
No of installments remaining 1
No of installments per year 1
Interest rate 11%
Installments 111
Date Balance Installment Principle
Dec-07 100
Dec-08 100 111 100
UBL-2
Amount outstanding 800
No of installments remaining 7
No of installments per year 2
Interest rate 11%
Installments 140
Date Balance Installment Principle
Feb-09 800 140 97
Aug-09 703 140 102
Feb-10 601 140 108
Aug-10 493 140 114
Feb-11 379 140 120
Aug-11 259 140 126
Aug-12 133 140 133
BAFL
Amount outstanding 500
No of installments remaining 16
No of installments per year 4
Interest rate 11%
Installments 39
Date Balance Installment Principle
Jun-08 500 39 25
Sep-08 475 39 26
Dec-08 449 39 27
Mar-09 422 39 28
Jun-09 394 39 28
Sep-09 366 39 29
Dec-09 337 39 30
Mar-10 307 39 31
Jun-10 277 39 31
Sep-10 245 39 32
Dec-10 213 39 33
Mar-11 180 39 34
Jun-11 146 39 35
Sep-11 111 39 36
Dec-11 75 39 37
Mar-12 38 39 38
SCB
Amount outstanding 500
No of installments remaining 10
No of installments per year 2
Interest rate 11%
Installments 66
Date Balance Installment Principle
Sep-08 500 66 39
Mar-09 461 66 41
Sep-09 420 66 43
Mar-10 377 66 46
Sep-10 331 66 48
Mar-11 283 66 51
Sep-11 232 66 53
Mar-12 178 66 56
Sep-12 122 66 59
Mar-13 63 66 63
TFCs
Amount outstanding 216
No of installments remaining 2
No of installments per year 2
Interest rate 12%
Installments 118
Date Balance Installment Principle
Jan-07 216 118 105
Jul-07 111 118 111
NBP-3
Amount outstanding 400
No of installments remaining 8
No of installments per year 2
Interest rate 10%
Installments 62
Date Balance Installment Principle
Aug-08 400 62 42
Feb-09 358 62 44
Aug-09 314 62 46
Feb-10 268 62 48
Aug-10 219 62 51
Feb-11 169 62 53
Aug-11 115 62 56
Aug-12 59 62 59
SPCB-1
Amount outstanding 150
No of installments remaining 10
No of installments per year 2
Interest rate 10%
Installments 19
Date Balance Installment Principle
Mar-08 150 19 12
Sep-08 138 19 13
Mar-09 126 19 13
Sep-09 112 19 14
Mar-10 99 19 14
Sep-10 84 19 15
Mar-11 69 19 16
Sep-11 53 19 17
Mar-12 36 19 18
Sep-12 19 19 19
SPCB-2
Amount outstanding 150
No of installments remaining 10
No of installments per year 2
Interest rate 10%
Installments 19
Date Balance Installment Principle
Jun-08 150 19 12
Dec-08 138 19 13
Jun-09 126 19 13
Dec-09 112 19 14
Jun-10 99 19 14
Dec-10 84 19 15
Jun-11 69 19 16
Dec-11 53 19 17
Jun-12 36 19 18
Dec-12 19 19 19
CY09 CY10
- -
- -
- -
- -
- -
- -
- -
268 169
279 -
- -
- -
- -
379 133
307 180
377 283
99 69
99 69
- -
1,807 902
316 282
1,490 620
125 115 13
576 633 80
55 65 10
3 3 1
758 817 104
- -
5,121 5,634
635 699
5,757 6,332
500 500
EV/share 121.27
Date Share price Market cap Debt Cash & investments EV EV/EBITDA
01-Jan-03 73.00 18,724 9,020 4,035 23,709 3.8
02-Jan-03 75.30 19,314 9,020 4,035 24,299 3.8
03-Jan-03 78.45 20,122 9,020 4,035 25,107 4.0
06-Jan-03 79.65 20,430 9,020 4,035 25,415 4.0
07-Jan-03 79.80 20,468 9,020 4,035 25,453 4.0
08-Jan-03 83.15 21,328 9,020 4,035 26,312 4.2
09-Jan-03 87.20 22,366 9,020 4,035 27,351 4.3
10-Jan-03 90.40 23,187 9,020 4,035 28,172 4.5
13-Jan-03 87.20 22,366 9,020 4,035 27,351 4.3
14-Jan-03 85.70 21,982 9,020 4,035 26,966 4.3
15-Jan-03 88.45 22,687 9,020 4,035 27,672 4.4
16-Jan-03 88.90 22,802 9,020 4,035 27,787 4.4
17-Jan-03 87.00 22,315 9,020 4,035 27,300 4.3
20-Jan-03 85.00 21,802 9,020 4,035 26,787 4.2
21-Jan-03 80.75 20,712 9,020 4,035 25,697 4.1
22-Jan-03 79.00 20,263 9,020 4,035 25,248 4.0
23-Jan-03 75.80 19,442 9,020 4,035 24,427 3.9
24-Jan-03 81.45 20,892 9,020 4,035 25,876 4.1
27-Jan-03 85.00 21,802 9,020 4,035 26,787 4.2
28-Jan-03 80.75 20,712 9,020 4,035 25,697 4.1
29-Jan-03 77.40 19,853 9,020 4,035 24,837 3.9
30-Jan-03 78.95 20,250 9,020 4,035 25,235 4.0
31-Jan-03 75.05 19,250 9,020 4,035 24,235 3.8
03-Feb-03 76.40 19,596 9,020 4,035 24,581 3.9
04-Feb-03 77.25 19,814 9,020 4,035 24,799 3.9
06-Feb-03 76.35 19,583 9,020 4,035 24,568 3.9
07-Feb-03 75.75 19,430 9,020 4,035 24,414 3.9
10-Feb-03 75.50 19,365 9,020 4,035 24,350 3.9
17-Feb-03 77.00 19,750 9,020 4,035 24,735 3.9
18-Feb-03 79.25 20,327 9,020 4,035 25,312 4.0
19-Feb-03 79.40 20,366 9,020 4,035 25,350 4.0
20-Feb-03 80.00 20,520 9,020 4,035 25,504 4.0
21-Feb-03 80.25 20,584 9,020 4,035 25,568 4.0
24-Feb-03 75.50 19,365 9,020 4,035 24,350 3.9
25-Feb-03 74.70 19,160 9,020 4,035 24,145 3.8
26-Feb-03 73.20 18,776 9,020 4,035 23,760 3.8
27-Feb-03 71.50 18,339 9,020 4,035 23,324 3.7
28-Feb-03 71.80 18,416 9,020 4,035 23,401 3.7
03-Mar-03 76.50 19,622 9,020 4,035 24,607 3.9
04-Mar-03 74.00 18,981 9,020 4,035 23,965 3.8
05-Mar-03 74.85 19,199 9,020 4,035 24,183 3.8
06-Mar-03 74.70 19,160 9,020 4,035 24,145 3.8
07-Mar-03 74.05 18,994 9,020 4,035 23,978 3.8
10-Mar-03 73.25 18,788 9,020 4,035 23,773 3.8
11-Mar-03 75.00 19,237 9,020 4,035 24,222 3.8
12-Mar-03 75.70 19,417 9,020 4,035 24,401 3.9
17-Mar-03 74.50 19,109 9,020 4,035 24,094 3.8
18-Mar-03 76.35 19,583 9,020 4,035 24,568 3.9
19-Mar-03 76.15 19,532 9,020 4,035 24,517 3.9
20-Mar-03 79.15 20,302 9,020 4,035 25,286 4.0
21-Mar-03 81.50 20,904 9,020 4,035 25,889 4.1
24-Mar-03 81.30 20,853 9,020 4,035 25,838 4.1
25-Mar-03 81.80 20,981 9,020 4,035 25,966 4.1
26-Mar-03 83.85 21,507 9,020 4,035 26,492 4.2
27-Mar-03 84.80 21,751 9,020 4,035 26,735 4.2
28-Mar-03 84.50 21,674 9,020 4,035 26,659 4.2
31-Mar-03 82.05 21,045 9,020 4,035 26,030 4.1
01-Apr-03 81.85 20,994 9,020 4,035 25,979 4.1
02-Apr-03 81.50 20,904 9,020 4,035 25,889 4.1
03-Apr-03 81.35 20,866 9,020 4,035 25,851 4.1
04-Apr-03 81.55 20,917 9,020 4,035 25,902 4.1
07-Apr-03 82.90 21,264 9,020 4,035 26,248 4.2
08-Apr-03 83.75 21,482 9,020 4,035 26,466 4.2
09-Apr-03 84.40 21,648 9,020 4,035 26,633 4.2
10-Apr-03 83.15 21,328 9,020 4,035 26,312 4.2
11-Apr-03 83.55 21,430 9,020 4,035 26,415 4.2
14-Apr-03 84.10 21,571 9,020 4,035 26,556 4.2
15-Apr-03 84.00 21,546 9,020 4,035 26,530 4.2
16-Apr-03 84.45 21,661 9,020 4,035 26,646 4.2
17-Apr-03 83.85 21,507 9,020 4,035 26,492 4.2
18-Apr-03 83.10 21,315 9,020 4,035 26,299 4.2
21-Apr-03 83.20 21,340 9,020 4,035 26,325 4.2
22-Apr-03 81.25 20,840 9,020 4,035 25,825 4.1
23-Apr-03 81.70 20,956 9,020 4,035 25,940 4.1
24-Apr-03 79.00 20,263 9,020 4,035 25,248 4.0
25-Apr-03 79.55 20,404 9,020 4,035 25,389 4.0
28-Apr-03 81.25 20,840 9,020 4,035 25,825 4.1
29-Apr-03 81.75 20,969 9,020 4,035 25,953 4.1
30-Apr-03 82.10 21,058 9,020 4,035 26,043 4.1
02-May-03 82.25 21,097 9,020 4,035 26,081 4.1
05-May-03 82.65 21,199 9,020 4,035 26,184 4.1
06-May-03 83.20 21,340 9,020 4,035 26,325 4.2
07-May-03 81.80 20,981 9,020 4,035 25,966 4.1
08-May-03 82.50 21,161 9,020 4,035 26,146 4.1
09-May-03 82.90 21,264 9,020 4,035 26,248 4.2
12-May-03 82.50 21,161 9,020 4,035 26,146 4.1
13-May-03 82.10 21,058 9,020 4,035 26,043 4.1
14-May-03 82.10 21,058 9,020 4,035 26,043 4.1
16-May-03 82.90 21,264 9,020 4,035 26,248 4.2
19-May-03 83.55 21,430 9,020 4,035 26,415 4.2
20-May-03 82.80 21,238 9,020 4,035 26,223 4.2
21-May-03 83.30 21,366 9,020 4,035 26,351 4.2
22-May-03 83.90 21,520 9,020 4,035 26,505 4.2
23-May-03 86.50 22,187 9,020 4,035 27,172 4.3
26-May-03 86.40 22,161 9,020 4,035 27,146 4.3
27-May-03 86.15 22,097 9,020 4,035 27,082 4.3
28-May-03 84.25 21,610 9,020 4,035 26,594 4.2
29-May-03 84.75 21,738 9,020 4,035 26,723 4.2
30-May-03 84.20 21,597 9,020 4,035 26,582 4.2
02-Jun-03 84.70 21,725 9,020 4,035 26,710 4.2
03-Jun-03 85.00 21,802 9,020 4,035 26,787 4.2
04-Jun-03 87.20 22,366 9,020 4,035 27,351 4.3
05-Jun-03 86.50 22,187 9,020 4,035 27,172 4.3
06-Jun-03 86.10 22,084 9,020 4,035 27,069 4.3
09-Jun-03 87.05 22,328 9,020 4,035 27,313 4.3
10-Jun-03 88.40 22,674 9,020 4,035 27,659 4.4
11-Jun-03 87.60 22,469 9,020 4,035 27,454 4.3
12-Jun-03 88.20 22,623 9,020 4,035 27,608 4.4
13-Jun-03 88.50 22,700 9,020 4,035 27,685 4.4
16-Jun-03 87.50 22,443 9,020 4,035 27,428 4.3
17-Jun-03 87.50 22,443 9,020 4,035 27,428 4.3
18-Jun-03 88.60 22,726 9,020 4,035 27,710 4.4
19-Jun-03 88.75 22,764 9,020 4,035 27,749 4.4
20-Jun-03 88.70 22,751 9,020 4,035 27,736 4.4
23-Jun-03 88.80 22,777 9,020 4,035 27,761 4.4
24-Jun-03 88.90 22,802 9,020 4,035 27,787 4.4
25-Jun-03 89.25 22,892 9,020 4,035 27,877 4.4
26-Jun-03 89.95 23,072 9,020 4,035 28,056 4.4
27-Jun-03 91.00 23,341 9,020 4,035 28,326 4.5
30-Jun-03 87.05 22,328 9,020 4,035 27,313 4.3
01-Jul-03 87.75 22,508 9,020 4,035 27,492 4.4
02-Jul-03 87.55 22,456 9,020 4,035 27,441 4.3
03-Jul-03 88.20 22,623 9,020 4,035 27,608 4.4
04-Jul-03 88.60 22,726 9,020 4,035 27,710 4.4
07-Jul-03 89.00 22,828 9,020 4,035 27,813 4.4
08-Jul-03 93.10 23,880 9,020 4,035 28,864 4.6
09-Jul-03 93.75 24,046 9,020 4,035 29,031 4.6
10-Jul-03 94.70 24,290 9,020 4,035 29,275 4.6
11-Jul-03 94.75 24,303 9,020 4,035 29,288 4.6
14-Jul-03 94.80 24,316 9,020 4,035 29,300 4.6
15-Jul-03 91.20 23,392 9,020 4,035 28,377 4.5
16-Jul-03 92.50 23,726 9,020 4,035 28,711 4.5
17-Jul-03 93.60 24,008 9,020 4,035 28,993 4.6
18-Jul-03 94.00 24,111 9,020 4,035 29,095 4.6
21-Jul-03 92.85 23,816 9,020 4,035 28,800 4.6
22-Jul-03 92.60 23,752 9,020 4,035 28,736 4.5
23-Jul-03 91.80 23,546 9,020 4,035 28,531 4.5
24-Jul-03 92.00 23,598 9,020 4,035 28,582 4.5
25-Jul-03 89.75 23,021 9,020 4,035 28,005 4.4
28-Jul-03 89.90 23,059 9,020 4,035 28,044 4.4
29-Jul-03 90.40 23,187 9,020 4,035 28,172 4.5
30-Jul-03 90.55 23,226 9,020 4,035 28,210 4.5
31-Jul-03 91.80 23,546 9,020 4,035 28,531 4.5
01-Aug-03 93.50 23,982 9,020 4,035 28,967 4.6
04-Aug-03 98.00 25,137 9,020 4,035 30,121 4.8
05-Aug-03 97.75 25,072 9,020 4,035 30,057 4.8
06-Aug-03 98.60 25,290 9,020 4,035 30,275 4.8
07-Aug-03 98.95 25,380 9,020 4,035 30,365 4.8
08-Aug-03 98.10 25,162 9,020 4,035 30,147 4.8
11-Aug-03 101.65 26,073 9,020 4,035 31,057 4.9
12-Aug-03 101.00 25,906 9,020 4,035 30,891 4.9
13-Aug-03 96.50 24,752 9,020 4,035 29,736 4.7
15-Aug-03 95.00 24,367 9,020 4,035 29,352 4.6
18-Aug-03 99.00 25,393 9,020 4,035 30,378 4.8
19-Aug-03 100.60 25,803 9,020 4,035 30,788 4.9
20-Aug-03 102.00 26,163 9,020 4,035 31,147 4.9
21-Aug-03 101.60 26,060 9,020 4,035 31,045 4.9
22-Aug-03 101.25 25,970 9,020 4,035 30,955 4.9
25-Aug-03 99.00 25,393 9,020 4,035 30,378 4.8
26-Aug-03 99.20 25,444 9,020 4,035 30,429 4.8
27-Aug-03 99.45 25,509 9,020 4,035 30,493 4.8
28-Aug-03 100.60 25,803 9,020 4,035 30,788 4.9
29-Aug-03 102.65 26,329 9,020 4,035 31,314 5.0
01-Sep-03 103.00 26,419 9,020 4,035 31,404 5.0
02-Sep-03 103.70 26,599 9,020 4,035 31,583 5.0
03-Sep-03 102.10 26,188 9,020 4,035 31,173 4.9
04-Sep-03 100.10 25,675 9,020 4,035 30,660 4.9
05-Sep-03 99.75 25,585 9,020 4,035 30,570 4.8
08-Sep-03 101.50 26,034 9,020 4,035 31,019 4.9
09-Sep-03 103.45 26,535 9,020 4,035 31,519 5.0
10-Sep-03 102.70 26,342 9,020 4,035 31,327 5.0
11-Sep-03 102.15 26,201 9,020 4,035 31,186 4.9
12-Sep-03 104.00 26,676 9,020 4,035 31,660 5.0
15-Sep-03 102.10 26,188 9,020 4,035 31,173 4.9
16-Sep-03 102.50 26,291 9,020 4,035 31,275 5.0
17-Sep-03 101.00 25,906 9,020 4,035 30,891 4.9
18-Sep-03 102.00 26,163 9,020 4,035 31,147 4.9
19-Sep-03 103.40 26,522 9,020 4,035 31,506 5.0
22-Sep-03 96.10 24,649 9,020 4,035 29,634 4.7
23-Sep-03 93.95 24,098 9,020 4,035 29,082 4.6
24-Sep-03 94.25 24,175 9,020 4,035 29,159 4.6
25-Sep-03 96.25 24,688 9,020 4,035 29,672 4.7
26-Sep-03 94.00 24,111 9,020 4,035 29,095 4.6
29-Sep-03 90.10 23,110 9,020 4,035 28,095 4.4
30-Sep-03 92.25 23,662 9,020 4,035 28,646 4.5
01-Oct-03 94.00 24,111 9,020 4,035 29,095 4.6
02-Oct-03 94.50 24,239 9,020 4,035 29,224 4.6
03-Oct-03 95.15 24,406 9,020 4,035 29,390 4.7
06-Oct-03 94.50 24,239 9,020 4,035 29,224 4.6
07-Oct-03 94.00 24,111 9,020 4,035 29,095 4.6
08-Oct-03 93.50 23,982 9,020 4,035 28,967 4.6
09-Oct-03 92.40 23,700 9,020 4,035 28,685 4.5
10-Oct-03 92.00 23,598 9,020 4,035 28,582 4.5
13-Oct-03 91.35 23,431 9,020 4,035 28,416 4.5
14-Oct-03 89.00 22,828 9,020 4,035 27,813 4.4
15-Oct-03 91.25 23,405 9,020 4,035 28,390 4.5
16-Oct-03 90.65 23,251 9,020 4,035 28,236 4.5
17-Oct-03 89.80 23,033 9,020 4,035 28,018 4.4
20-Oct-03 90.00 23,085 9,020 4,035 28,069 4.4
21-Oct-03 89.75 23,021 9,020 4,035 28,005 4.4
22-Oct-03 89.00 22,828 9,020 4,035 27,813 4.4
23-Oct-03 87.35 22,405 9,020 4,035 27,390 4.3
24-Oct-03 88.75 22,764 9,020 4,035 27,749 4.4
27-Oct-03 89.05 22,841 9,020 4,035 27,826 4.4
28-Oct-03 88.00 22,572 9,020 4,035 27,556 4.4
29-Oct-03 88.00 22,572 9,020 4,035 27,556 4.4
30-Oct-03 90.00 23,085 9,020 4,035 28,069 4.4
31-Oct-03 88.00 22,572 9,020 4,035 27,556 4.4
03-Nov-03 88.00 22,572 9,020 4,035 27,556 4.4
04-Nov-03 86.50 22,187 9,020 4,035 27,172 4.3
05-Nov-03 86.15 22,097 9,020 4,035 27,082 4.3
06-Nov-03 86.00 22,059 9,020 4,035 27,043 4.3
07-Nov-03 85.00 21,802 9,020 4,035 26,787 4.2
10-Nov-03 85.80 22,007 9,020 4,035 26,992 4.3
11-Nov-03 85.40 21,905 9,020 4,035 26,889 4.3
12-Nov-03 86.00 22,059 9,020 4,035 27,043 4.3
13-Nov-03 85.65 21,969 9,020 4,035 26,954 4.3
14-Nov-03 84.85 21,764 9,020 4,035 26,748 4.2
17-Nov-03 85.00 21,802 9,020 4,035 26,787 4.2
18-Nov-03 85.00 21,802 9,020 4,035 26,787 4.2
19-Nov-03 84.10 21,571 9,020 4,035 26,556 4.2
20-Nov-03 85.00 21,802 9,020 4,035 26,787 4.2
21-Nov-03 85.75 21,995 9,020 4,035 26,979 4.3
24-Nov-03 86.55 22,200 9,020 4,035 27,184 4.3
25-Nov-03 87.00 22,315 9,020 4,035 27,300 4.3
01-Dec-03 91.00 23,341 9,020 4,035 28,326 4.5
02-Dec-03 92.50 23,726 9,020 4,035 28,711 4.5
03-Dec-03 93.00 23,854 9,020 4,035 28,839 4.6
04-Dec-03 92.55 23,739 9,020 4,035 28,723 4.5
05-Dec-03 91.50 23,469 9,020 4,035 28,454 4.5
08-Dec-03 91.50 23,469 9,020 4,035 28,454 4.5
09-Dec-03 91.40 23,444 9,020 4,035 28,428 4.5
10-Dec-03 91.65 23,508 9,020 4,035 28,492 4.5
11-Dec-03 90.50 23,213 9,020 4,035 28,198 4.5
12-Dec-03 90.85 23,303 9,020 4,035 28,287 4.5
15-Dec-03 89.75 23,021 9,020 4,035 28,005 4.4
16-Dec-03 90.00 23,085 9,020 4,035 28,069 4.4
17-Dec-03 88.50 22,700 9,020 4,035 27,685 4.4
18-Dec-03 89.70 23,008 9,020 4,035 27,992 4.4
19-Dec-03 92.00 23,598 9,020 4,035 28,582 4.5
22-Dec-03 94.75 24,303 9,020 4,035 29,288 4.6
23-Dec-03 94.50 24,239 9,020 4,035 29,224 4.6
24-Dec-03 95.05 24,380 9,020 4,035 29,365 4.6
26-Dec-03 94.50 24,239 9,020 4,035 29,224 4.6
29-Dec-03 94.40 24,213 9,020 4,035 29,198 4.6
30-Dec-03 94.05 24,123 9,020 4,035 29,108 4.6
31-Dec-03 95.50 24,495 9,020 4,035 29,480 4.7
01-Jan-04 97.10 28,642 5,238 5,621 28,258 3.9
02-Jan-04 97.05 28,627 5,238 5,621 28,243 3.9
05-Jan-04 98.25 28,981 5,238 5,621 28,597 3.9
06-Jan-04 97.80 28,848 5,238 5,621 28,464 3.9
07-Jan-04 97.35 28,715 5,238 5,621 28,332 3.9
08-Jan-04 98.00 28,907 5,238 5,621 28,523 3.9
09-Jan-04 98.00 28,907 5,238 5,621 28,523 3.9
12-Jan-04 100.00 29,497 5,238 5,621 29,113 4.0
13-Jan-04 99.25 29,276 5,238 5,621 28,892 4.0
14-Jan-04 99.35 29,305 5,238 5,621 28,922 4.0
15-Jan-04 99.90 29,468 5,238 5,621 29,084 4.0
16-Jan-04 99.50 29,350 5,238 5,621 28,966 4.0
19-Jan-04 99.10 29,232 5,238 5,621 28,848 4.0
20-Jan-04 98.50 29,055 5,238 5,621 28,671 3.9
21-Jan-04 100.25 29,571 5,238 5,621 29,187 4.0
22-Jan-04 101.45 29,925 5,238 5,621 29,541 4.1
23-Jan-04 101.15 29,836 5,238 5,621 29,453 4.0
26-Jan-04 99.40 29,320 5,238 5,621 28,936 4.0
27-Jan-04 104.30 30,765 5,238 5,621 30,382 4.2
28-Jan-04 104.25 30,751 5,238 5,621 30,367 4.2
29-Jan-04 106.05 31,282 5,238 5,621 30,898 4.2
30-Jan-04 106.75 31,488 5,238 5,621 31,104 4.3
06-Feb-04 106.50 31,414 5,238 5,621 31,031 4.3
09-Feb-04 106.50 31,414 5,238 5,621 31,031 4.3
10-Feb-04 108.50 32,004 5,238 5,621 31,621 4.3
11-Feb-04 107.50 31,709 5,238 5,621 31,326 4.3
12-Feb-04 106.60 31,444 5,238 5,621 31,060 4.3
13-Feb-04 110.90 32,712 5,238 5,621 32,328 4.4
16-Feb-04 112.75 33,258 5,238 5,621 32,874 4.5
17-Feb-04 109.00 32,152 5,238 5,621 31,768 4.4
18-Feb-04 111.60 32,919 5,238 5,621 32,535 4.5
19-Feb-04 111.10 32,771 5,238 5,621 32,387 4.4
20-Feb-04 110.50 32,594 5,238 5,621 32,210 4.4
23-Feb-04 102.60 30,264 5,238 5,621 29,880 4.1
24-Feb-04 105.00 30,972 5,238 5,621 30,588 4.2
25-Feb-04 105.45 31,105 5,238 5,621 30,721 4.2
26-Feb-04 107.00 31,562 5,238 5,621 31,178 4.3
27-Feb-04 108.75 32,078 5,238 5,621 31,694 4.4
03-Mar-04 109.00 32,152 5,238 5,621 31,768 4.4
04-Mar-04 107.50 31,709 5,238 5,621 31,326 4.3
05-Mar-04 107.90 31,827 5,238 5,621 31,444 4.3
08-Mar-04 107.70 31,768 5,238 5,621 31,385 4.3
09-Mar-04 107.95 31,842 5,238 5,621 31,458 4.3
10-Mar-04 107.50 31,709 5,238 5,621 31,326 4.3
11-Mar-04 107.50 31,709 5,238 5,621 31,326 4.3
12-Mar-04 108.45 31,990 5,238 5,621 31,606 4.3
15-Mar-04 106.90 31,532 5,238 5,621 31,149 4.3
16-Mar-04 108.75 32,078 5,238 5,621 31,694 4.4
17-Mar-04 108.00 31,857 5,238 5,621 31,473 4.3
18-Mar-04 107.50 31,709 5,238 5,621 31,326 4.3
19-Mar-04 107.50 31,709 5,238 5,621 31,326 4.3
22-Mar-04 110.25 32,520 5,238 5,621 32,137 4.4
24-Mar-04 112.30 33,125 5,238 5,621 32,741 4.5
25-Mar-04 112.80 33,273 5,238 5,621 32,889 4.5
26-Mar-04 111.55 32,904 5,238 5,621 32,520 4.5
29-Mar-04 111.05 32,756 5,238 5,621 32,373 4.4
30-Mar-04 111.25 32,815 5,238 5,621 32,432 4.5
31-Mar-04 111.25 32,815 5,238 5,621 32,432 4.5
01-Apr-04 112.00 33,037 5,238 5,621 32,653 4.5
02-Apr-04 112.50 33,184 5,238 5,621 32,800 4.5
05-Apr-04 118.25 34,880 5,238 5,621 34,497 4.7
06-Apr-04 117.90 34,777 5,238 5,621 34,393 4.7
07-Apr-04 120.75 35,618 5,238 5,621 35,234 4.8
08-Apr-04 122.00 35,986 5,238 5,621 35,603 4.9
09-Apr-04 122.20 36,045 5,238 5,621 35,662 4.9
12-Apr-04 124.00 36,576 5,238 5,621 36,193 5.0
13-Apr-04 123.75 36,503 5,238 5,621 36,119 5.0
14-Apr-04 123.05 36,296 5,238 5,621 35,912 4.9
15-Apr-04 125.25 36,945 5,238 5,621 36,561 5.0
16-Apr-04 125.90 37,137 5,238 5,621 36,753 5.0
19-Apr-04 125.10 36,901 5,238 5,621 36,517 5.0
20-Apr-04 126.25 37,240 5,238 5,621 36,856 5.1
21-Apr-04 129.05 38,066 5,238 5,621 37,682 5.2
22-Apr-04 131.75 38,862 5,238 5,621 38,479 5.3
23-Apr-04 128.45 37,889 5,238 5,621 37,505 5.2
26-Apr-04 128.50 37,904 5,238 5,621 37,520 5.2
27-Apr-04 126.10 37,196 5,238 5,621 36,812 5.1
28-Apr-04 126.40 37,284 5,238 5,621 36,901 5.1
29-Apr-04 125.25 36,945 5,238 5,621 36,561 5.0
30-Apr-04 127.20 37,520 5,238 5,621 37,136 5.1
04-May-04 130.30 38,435 5,238 5,621 38,051 5.2
05-May-04 128.20 37,815 5,238 5,621 37,431 5.1
06-May-04 130.70 38,553 5,238 5,621 38,169 5.2
07-May-04 130.35 38,449 5,238 5,621 38,066 5.2
10-May-04 128.25 37,830 5,238 5,621 37,446 5.1
11-May-04 127.50 37,609 5,238 5,621 37,225 5.1
12-May-04 124.45 36,709 5,238 5,621 36,325 5.0
13-May-04 126.00 37,166 5,238 5,621 36,783 5.1
14-May-04 126.45 37,299 5,238 5,621 36,915 5.1
17-May-04 126.00 37,166 5,238 5,621 36,783 5.1
18-May-04 129.20 38,110 5,238 5,621 37,726 5.2
19-May-04 128.85 38,007 5,238 5,621 37,623 5.2
20-May-04 128.50 37,904 5,238 5,621 37,520 5.2
21-May-04 129.45 38,184 5,238 5,621 37,800 5.2
24-May-04 128.75 37,977 5,238 5,621 37,594 5.2
25-May-04 128.60 37,933 5,238 5,621 37,549 5.2
26-May-04 129.10 38,081 5,238 5,621 37,697 5.2
27-May-04 128.45 37,889 5,238 5,621 37,505 5.2
28-May-04 127.65 37,653 5,238 5,621 37,269 5.1
31-May-04 127.50 37,609 5,238 5,621 37,225 5.1
01-Jun-04 127.00 37,461 5,238 5,621 37,078 5.1
02-Jun-04 126.60 37,343 5,238 5,621 36,960 5.1
03-Jun-04 124.35 36,680 5,238 5,621 36,296 5.0
04-Jun-04 128.50 37,904 5,238 5,621 37,520 5.2
07-Jun-04 125.25 36,945 5,238 5,621 36,561 5.0
08-Jun-04 124.70 36,783 5,238 5,621 36,399 5.0
09-Jun-04 124.40 36,694 5,238 5,621 36,311 5.0
10-Jun-04 120.40 35,514 5,238 5,621 35,131 4.8
11-Jun-04 122.50 36,134 5,238 5,621 35,750 4.9
14-Jun-04 119.35 35,205 5,238 5,621 34,821 4.8
15-Jun-04 120.50 35,544 5,238 5,621 35,160 4.8
16-Jun-04 119.00 35,101 5,238 5,621 34,718 4.8
17-Jun-04 118.50 34,954 5,238 5,621 34,570 4.7
18-Jun-04 118.00 34,806 5,238 5,621 34,423 4.7
21-Jun-04 116.40 34,335 5,238 5,621 33,951 4.7
22-Jun-04 116.75 34,438 5,238 5,621 34,054 4.7
23-Jun-04 117.20 34,571 5,238 5,621 34,187 4.7
24-Jun-04 119.50 35,249 5,238 5,621 34,865 4.8
25-Jun-04 116.70 34,423 5,238 5,621 34,039 4.7
28-Jun-04 120.75 35,618 5,238 5,621 35,234 4.8
29-Jun-04 119.90 35,367 5,238 5,621 34,983 4.8
30-Jun-04 118.85 35,057 5,238 5,621 34,673 4.8
01-Jul-04 121.40 35,809 5,238 5,621 35,426 4.9
02-Jul-04 121.35 35,795 5,238 5,621 35,411 4.9
05-Jul-04 124.70 36,783 5,238 5,621 36,399 5.0
06-Jul-04 127.00 37,461 5,238 5,621 37,078 5.1
07-Jul-04 128.90 38,022 5,238 5,621 37,638 5.2
08-Jul-04 128.90 38,022 5,238 5,621 37,638 5.2
09-Jul-04 129.00 38,051 5,238 5,621 37,667 5.2
12-Jul-04 128.50 37,904 5,238 5,621 37,520 5.2
13-Jul-04 130.95 38,626 5,238 5,621 38,243 5.3
14-Jul-04 132.25 39,010 5,238 5,621 38,626 5.3
15-Jul-04 131.65 38,833 5,238 5,621 38,449 5.3
16-Jul-04 130.00 38,346 5,238 5,621 37,962 5.2
19-Jul-04 129.10 38,081 5,238 5,621 37,697 5.2
20-Jul-04 129.35 38,154 5,238 5,621 37,771 5.2
21-Jul-04 131.00 38,641 5,238 5,621 38,257 5.3
22-Jul-04 129.50 38,199 5,238 5,621 37,815 5.2
23-Jul-04 129.25 38,125 5,238 5,621 37,741 5.2
26-Jul-04 127.60 37,638 5,238 5,621 37,254 5.1
27-Jul-04 125.50 37,019 5,238 5,621 36,635 5.0
28-Jul-04 127.00 37,461 5,238 5,621 37,078 5.1
29-Jul-04 123.50 36,429 5,238 5,621 36,045 5.0
30-Jul-04 132.75 39,157 5,238 5,621 38,774 5.3
02-Aug-04 132.20 38,995 5,238 5,621 38,611 5.3
03-Aug-04 132.25 39,010 5,238 5,621 38,626 5.3
04-Aug-04 131.00 38,641 5,238 5,621 38,257 5.3
05-Aug-04 131.00 38,641 5,238 5,621 38,257 5.3
06-Aug-04 131.15 38,685 5,238 5,621 38,302 5.3
09-Aug-04 131.00 38,641 5,238 5,621 38,257 5.3
10-Aug-04 129.60 38,228 5,238 5,621 37,844 5.2
11-Aug-04 129.80 38,287 5,238 5,621 37,903 5.2
12-Aug-04 129.60 38,228 5,238 5,621 37,844 5.2
13-Aug-04 129.45 38,184 5,238 5,621 37,800 5.2
16-Aug-04 129.55 38,213 5,238 5,621 37,830 5.2
17-Aug-04 129.00 38,051 5,238 5,621 37,667 5.2
18-Aug-04 130.25 38,420 5,238 5,621 38,036 5.2
19-Aug-04 129.85 38,302 5,238 5,621 37,918 5.2
20-Aug-04 131.25 38,715 5,238 5,621 38,331 5.3
23-Aug-04 112.40 33,155 5,238 5,621 32,771 4.5
24-Aug-04 112.50 33,184 5,238 5,621 32,800 4.5
25-Aug-04 112.55 33,199 5,238 5,621 32,815 4.5
26-Aug-04 112.50 33,184 5,238 5,621 32,800 4.5
27-Aug-04 111.00 32,742 5,238 5,621 32,358 4.4
30-Aug-04 109.60 32,329 5,238 5,621 31,945 4.4
31-Aug-04 109.05 32,167 5,238 5,621 31,783 4.4
01-Sep-04 109.75 32,373 5,238 5,621 31,989 4.4
02-Sep-04 110.35 32,550 5,238 5,621 32,166 4.4
03-Sep-04 108.95 32,137 5,238 5,621 31,753 4.4
06-Sep-04 105.10 31,001 5,238 5,621 30,618 4.2
07-Sep-04 104.80 30,913 5,238 5,621 30,529 4.2
08-Sep-04 107.25 31,636 5,238 5,621 31,252 4.3
09-Sep-04 107.95 31,842 5,238 5,621 31,458 4.3
10-Sep-04 107.00 31,562 5,238 5,621 31,178 4.3
13-Sep-04 104.90 30,942 5,238 5,621 30,559 4.2
14-Sep-04 105.70 31,178 5,238 5,621 30,795 4.2
15-Sep-04 104.50 30,824 5,238 5,621 30,441 4.2
16-Sep-04 106.25 31,341 5,238 5,621 30,957 4.3
17-Sep-04 106.00 31,267 5,238 5,621 30,883 4.2
20-Sep-04 105.45 31,105 5,238 5,621 30,721 4.2
21-Sep-04 103.25 30,456 5,238 5,621 30,072 4.1
22-Sep-04 104.10 30,706 5,238 5,621 30,323 4.2
23-Sep-04 105.05 30,987 5,238 5,621 30,603 4.2
24-Sep-04 105.50 31,119 5,238 5,621 30,736 4.2
27-Sep-04 106.30 31,355 5,238 5,621 30,972 4.3
28-Sep-04 106.00 31,267 5,238 5,621 30,883 4.2
29-Sep-04 106.00 31,267 5,238 5,621 30,883 4.2
30-Sep-04 105.75 31,193 5,238 5,621 30,809 4.2
01-Oct-04 105.25 31,046 5,238 5,621 30,662 4.2
04-Oct-04 105.85 31,223 5,238 5,621 30,839 4.2
05-Oct-04 104.40 30,795 5,238 5,621 30,411 4.2
06-Oct-04 105.25 31,046 5,238 5,621 30,662 4.2
07-Oct-04 105.00 30,972 5,238 5,621 30,588 4.2
08-Oct-04 106.50 31,414 5,238 5,621 31,031 4.3
11-Oct-04 108.60 32,034 5,238 5,621 31,650 4.3
12-Oct-04 108.15 31,901 5,238 5,621 31,517 4.3
13-Oct-04 108.60 32,034 5,238 5,621 31,650 4.3
14-Oct-04 109.10 32,181 5,238 5,621 31,798 4.4
15-Oct-04 109.00 32,152 5,238 5,621 31,768 4.4
18-Oct-04 107.00 31,562 5,238 5,621 31,178 4.3
19-Oct-04 110.00 32,447 5,238 5,621 32,063 4.4
20-Oct-04 112.95 33,317 5,238 5,621 32,933 4.5
21-Oct-04 112.50 33,184 5,238 5,621 32,800 4.5
22-Oct-04 112.20 33,096 5,238 5,621 32,712 4.5
25-Oct-04 112.00 33,037 5,238 5,621 32,653 4.5
26-Oct-04 112.25 33,110 5,238 5,621 32,727 4.5
27-Oct-04 115.75 34,143 5,238 5,621 33,759 4.6
28-Oct-04 115.00 33,922 5,238 5,621 33,538 4.6
29-Oct-04 115.70 34,128 5,238 5,621 33,744 4.6
01-Nov-04 114.90 33,892 5,238 5,621 33,508 4.6
02-Nov-04 115.60 34,099 5,238 5,621 33,715 4.6
03-Nov-04 115.75 34,143 5,238 5,621 33,759 4.6
04-Nov-04 115.45 34,054 5,238 5,621 33,671 4.6
05-Nov-04 115.75 34,143 5,238 5,621 33,759 4.6
08-Nov-04 116.90 34,482 5,238 5,621 34,098 4.7
10-Nov-04 118.45 34,939 5,238 5,621 34,556 4.7
12-Nov-04 119.50 35,249 5,238 5,621 34,865 4.8
18-Nov-04 120.30 35,485 5,238 5,621 35,101 4.8
19-Nov-04 119.15 35,146 5,238 5,621 34,762 4.8
22-Nov-04 119.75 35,323 5,238 5,621 34,939 4.8
23-Nov-04 120.10 35,426 5,238 5,621 35,042 4.8
24-Nov-04 120.20 35,455 5,238 5,621 35,072 4.8
25-Nov-04 120.75 35,618 5,238 5,621 35,234 4.8
26-Nov-04 122.00 35,986 5,238 5,621 35,603 4.9
29-Nov-04 123.40 36,399 5,238 5,621 36,016 4.9
30-Nov-04 123.50 36,429 5,238 5,621 36,045 5.0
01-Dec-04 123.50 36,429 5,238 5,621 36,045 5.0
02-Dec-04 123.00 36,281 5,238 5,621 35,898 4.9
03-Dec-04 123.40 36,399 5,238 5,621 36,016 4.9
06-Dec-04 124.30 36,665 5,238 5,621 36,281 5.0
07-Dec-04 125.90 37,137 5,238 5,621 36,753 5.0
08-Dec-04 125.95 37,152 5,238 5,621 36,768 5.0
09-Dec-04 127.00 37,461 5,238 5,621 37,078 5.1
10-Dec-04 126.30 37,255 5,238 5,621 36,871 5.1
13-Dec-04 123.20 36,340 5,238 5,621 35,957 4.9
14-Dec-04 122.50 36,134 5,238 5,621 35,750 4.9
15-Dec-04 123.00 36,281 5,238 5,621 35,898 4.9
16-Dec-04 125.35 36,975 5,238 5,621 36,591 5.0
17-Dec-04 126.60 37,343 5,238 5,621 36,960 5.1
20-Dec-04 127.30 37,550 5,238 5,621 37,166 5.1
21-Dec-04 127.05 37,476 5,238 5,621 37,092 5.1
22-Dec-04 128.75 37,977 5,238 5,621 37,594 5.2
23-Dec-04 129.25 38,125 5,238 5,621 37,741 5.2
24-Dec-04 131.00 38,641 5,238 5,621 38,257 5.3
27-Dec-04 137.50 40,558 5,238 5,621 40,175 5.5
28-Dec-04 137.10 40,440 5,238 5,621 40,057 5.5
29-Dec-04 141.80 41,827 5,238 5,621 41,443 5.7
30-Dec-04 139.00 41,001 5,238 5,621 40,617 5.6
31-Dec-04 139.45 41,134 5,238 5,621 40,750 5.6
03-Jan-05 138.75 68,470 5,373 7,367 66,476 7.9
04-Jan-05 138.90 68,544 5,373 7,367 66,550 7.9
05-Jan-05 137.70 67,951 5,373 7,367 65,957 7.8
06-Jan-05 138.60 68,396 5,373 7,367 66,402 7.9
07-Jan-05 142.85 70,493 5,373 7,367 68,499 8.1
10-Jan-05 150.50 74,268 5,373 7,367 72,274 8.6
11-Jan-05 153.00 75,502 5,373 7,367 73,508 8.7
12-Jan-05 149.75 73,898 5,373 7,367 71,904 8.5
13-Jan-05 143.25 70,690 5,373 7,367 68,696 8.2
14-Jan-05 148.25 73,158 5,373 7,367 71,164 8.5
17-Jan-05 147.50 72,787 5,373 7,367 70,793 8.4
18-Jan-05 145.85 71,973 5,373 7,367 69,979 8.3
19-Jan-05 148.20 73,133 5,373 7,367 71,139 8.5
24-Jan-05 148.20 73,133 5,373 7,367 71,139 8.5
25-Jan-05 147.00 72,541 5,373 7,367 70,547 8.4
26-Jan-05 146.75 72,417 5,373 7,367 70,423 8.4
27-Jan-05 143.00 70,567 5,373 7,367 68,573 8.1
28-Jan-05 149.20 73,626 5,373 7,367 71,632 8.5
31-Jan-05 151.20 74,613 5,373 7,367 72,619 8.6
01-Feb-05 153.90 75,946 5,373 7,367 73,952 8.8
02-Feb-05 156.00 76,982 5,373 7,367 74,988 8.9
03-Feb-05 156.60 77,278 5,373 7,367 75,284 8.9
04-Feb-05 156.40 77,179 5,373 7,367 75,185 8.9
07-Feb-05 156.75 77,352 5,373 7,367 75,358 9.0
08-Feb-05 156.60 77,278 5,373 7,367 75,284 8.9
09-Feb-05 156.50 77,229 5,373 7,367 75,235 8.9
10-Feb-05 156.60 77,278 5,373 7,367 75,284 8.9
11-Feb-05 159.00 78,462 5,373 7,367 76,468 9.1
14-Feb-05 161.80 79,844 5,373 7,367 77,850 9.3
15-Feb-05 161.70 79,795 5,373 7,367 77,801 9.2
16-Feb-05 161.75 79,819 5,373 7,367 77,825 9.2
17-Feb-05 165.40 81,621 5,373 7,367 79,627 9.5
18-Feb-05 175.00 86,358 5,373 7,367 84,364 10.0
21-Feb-05 176.10 86,901 5,373 7,367 84,907 10.1
22-Feb-05 159.00 78,462 5,373 7,367 76,468 9.1
23-Feb-05 163.50 80,683 5,373 7,367 78,689 9.4
24-Feb-05 158.60 78,265 5,373 7,367 76,271 9.1
25-Feb-05 156.15 77,056 5,373 7,367 75,062 8.9
28-Feb-05 154.40 76,192 5,373 7,367 74,198 8.8
01-Mar-05 159.00 78,462 5,373 7,367 76,468 9.1
02-Mar-05 156.00 76,982 5,373 7,367 74,988 8.9
03-Mar-05 155.30 76,637 5,373 7,367 74,643 8.9
04-Mar-05 162.00 79,943 5,373 7,367 77,949 9.3
07-Mar-05 158.90 78,413 5,373 7,367 76,419 9.1
08-Mar-05 160.90 79,400 5,373 7,367 77,406 9.2
09-Mar-05 160.00 78,956 5,373 7,367 76,962 9.1
10-Mar-05 164.40 81,127 5,373 7,367 79,133 9.4
11-Mar-05 169.45 83,619 5,373 7,367 81,625 9.7
14-Mar-05 175.30 86,506 5,373 7,367 84,512 10.0
15-Mar-05 175.45 86,580 5,373 7,367 84,586 10.1
16-Mar-05 167.00 82,410 5,373 7,367 80,416 9.6
17-Mar-05 158.65 78,290 5,373 7,367 76,296 9.1
18-Mar-05 156.10 77,031 5,373 7,367 75,037 8.9
21-Mar-05 148.30 73,182 5,373 7,367 71,188 8.5
22-Mar-05 140.90 69,531 5,373 7,367 67,537 8.0
24-Mar-05 133.90 66,076 5,373 7,367 64,082 7.6
25-Mar-05 127.25 62,795 5,373 7,367 60,801 7.2
28-Mar-05 128.35 63,337 5,373 7,367 61,343 7.3
29-Mar-05 137.95 68,075 5,373 7,367 66,081 7.9
30-Mar-05 148.25 73,158 5,373 7,367 71,164 8.5
31-Mar-05 142.00 70,073 5,373 7,367 68,079 8.1
01-Apr-05 141.90 70,024 5,373 7,367 68,030 8.1
04-Apr-05 151.80 74,909 5,373 7,367 72,915 8.7
05-Apr-05 145.50 71,801 5,373 7,367 69,807 8.3
06-Apr-05 144.50 71,307 5,373 7,367 69,313 8.2
07-Apr-05 145.75 71,924 5,373 7,367 69,930 8.3
08-Apr-05 141.00 69,580 5,373 7,367 67,586 8.0
11-Apr-05 133.95 66,101 5,373 7,367 64,107 7.6
12-Apr-05 131.00 64,645 5,373 7,367 62,651 7.4
13-Apr-05 140.75 69,456 5,373 7,367 67,462 8.0
14-Apr-05 142.50 70,320 5,373 7,367 68,326 8.1
15-Apr-05 146.95 72,516 5,373 7,367 70,522 8.4
18-Apr-05 139.65 68,914 5,373 7,367 66,920 8.0
19-Apr-05 135.90 67,063 5,373 7,367 65,069 7.7
20-Apr-05 137.25 67,729 5,373 7,367 65,735 7.8
21-Apr-05 138.00 68,099 5,373 7,367 66,105 7.9
25-Apr-05 135.00 66,619 5,373 7,367 64,625 7.7
26-Apr-05 141.75 69,950 5,373 7,367 67,956 8.1
27-Apr-05 148.50 73,281 5,373 7,367 71,287 8.5
28-Apr-05 144.15 71,134 5,373 7,367 69,140 8.2
29-Apr-05 145.00 71,554 5,373 7,367 69,560 8.3
02-May-05 141.00 69,580 5,373 7,367 67,586 8.0
03-May-05 142.40 70,271 5,373 7,367 68,277 8.1
04-May-05 143.50 70,814 5,373 7,367 68,820 8.2
05-May-05 145.10 71,603 5,373 7,367 69,609 8.3
06-May-05 145.50 71,801 5,373 7,367 69,807 8.3
09-May-05 146.45 72,269 5,373 7,367 70,275 8.4
10-May-05 146.00 72,047 5,373 7,367 70,053 8.3
11-May-05 148.20 73,133 5,373 7,367 71,139 8.5
12-May-05 146.30 72,195 5,373 7,367 70,201 8.3
13-May-05 145.45 71,776 5,373 7,367 69,782 8.3
16-May-05 144.75 71,430 5,373 7,367 69,436 8.3
17-May-05 145.70 71,899 5,373 7,367 69,905 8.3
18-May-05 143.60 70,863 5,373 7,367 68,869 8.2
19-May-05 144.00 71,060 5,373 7,367 69,066 8.2
20-May-05 142.20 70,172 5,373 7,367 68,178 8.1
23-May-05 136.25 67,236 5,373 7,367 65,242 7.8
24-May-05 136.55 67,384 5,373 7,367 65,390 7.8
25-May-05 135.50 66,866 5,373 7,367 64,872 7.7
26-May-05 131.40 64,843 5,373 7,367 62,849 7.5
27-May-05 132.25 65,262 5,373 7,367 63,268 7.5
30-May-05 138.75 68,470 5,373 7,367 66,476 7.9
31-May-05 139.00 68,593 5,373 7,367 66,599 7.9
01-Jun-05 140.50 69,333 5,373 7,367 67,339 8.0
02-Jun-05 146.50 72,294 5,373 7,367 70,300 8.4
03-Jun-05 142.60 70,369 5,373 7,367 68,375 8.1
06-Jun-05 139.55 68,864 5,373 7,367 66,870 7.9
07-Jun-05 144.90 71,504 5,373 7,367 69,510 8.3
08-Jun-05 144.00 71,060 5,373 7,367 69,066 8.2
09-Jun-05 143.65 70,888 5,373 7,367 68,894 8.2
10-Jun-05 143.50 70,814 5,373 7,367 68,820 8.2
13-Jun-05 144.75 71,430 5,373 7,367 69,436 8.3
14-Jun-05 123.55 60,969 5,373 7,367 58,975 7.0
15-Jun-05 123.50 60,944 5,373 7,367 58,950 7.0
16-Jun-05 122.45 60,426 5,373 7,367 58,432 6.9
17-Jun-05 122.30 60,352 5,373 7,367 58,358 6.9
20-Jun-05 123.00 60,697 5,373 7,367 58,703 7.0
21-Jun-05 122.00 60,204 5,373 7,367 58,210 6.9
22-Jun-05 121.00 59,710 5,373 7,367 57,716 6.9
23-Jun-05 120.20 59,316 5,373 7,367 57,322 6.8
24-Jun-05 119.60 59,020 5,373 7,367 57,026 6.8
27-Jun-05 118.00 58,230 5,373 7,367 56,236 6.7
28-Jun-05 119.95 59,192 5,373 7,367 57,198 6.8
29-Jun-05 121.05 59,735 5,373 7,367 57,741 6.9
30-Jun-05 121.35 59,883 5,373 7,367 57,889 6.9
01-Jul-05 121.80 60,105 5,373 7,367 58,111 6.9
04-Jul-05 121.65 60,031 5,373 7,367 58,037 6.9
05-Jul-05 125.30 61,832 5,373 7,367 59,838 7.1
06-Jul-05 128.00 63,165 5,373 7,367 61,171 7.3
07-Jul-05 128.50 63,411 5,373 7,367 61,417 7.3
08-Jul-05 129.00 63,658 5,373 7,367 61,664 7.3
11-Jul-05 128.90 63,609 5,373 7,367 61,615 7.3
12-Jul-05 128.15 63,239 5,373 7,367 61,245 7.3
13-Jul-05 128.90 63,609 5,373 7,367 61,615 7.3
14-Jul-05 129.10 63,708 5,373 7,367 61,714 7.3
15-Jul-05 129.10 63,708 5,373 7,367 61,714 7.3
18-Jul-05 128.30 63,313 5,373 7,367 61,319 7.3
19-Jul-05 127.00 62,671 5,373 7,367 60,677 7.2
20-Jul-05 129.80 64,053 5,373 7,367 62,059 7.4
21-Jul-05 131.65 64,966 5,373 7,367 62,972 7.5
22-Jul-05 132.50 65,385 5,373 7,367 63,391 7.5
25-Jul-05 131.50 64,892 5,373 7,367 62,898 7.5
26-Jul-05 133.50 65,879 5,373 7,367 63,885 7.6
27-Jul-05 132.50 65,385 5,373 7,367 63,391 7.5
28-Jul-05 134.10 66,175 5,373 7,367 64,181 7.6
29-Jul-05 133.95 66,101 5,373 7,367 64,107 7.6
01-Aug-05 134.15 66,200 5,373 7,367 64,206 7.6
02-Aug-05 134.80 66,520 5,373 7,367 64,526 7.7
03-Aug-05 135.00 66,619 5,373 7,367 64,625 7.7
04-Aug-05 134.30 66,274 5,373 7,367 64,280 7.6
05-Aug-05 134.70 66,471 5,373 7,367 64,477 7.7
08-Aug-05 134.00 66,126 5,373 7,367 64,132 7.6
09-Aug-05 133.50 65,879 5,373 7,367 63,885 7.6
10-Aug-05 131.95 65,114 5,373 7,367 63,120 7.5
11-Aug-05 130.45 64,374 5,373 7,367 62,380 7.4
12-Aug-05 132.15 65,213 5,373 7,367 63,219 7.5
15-Aug-05 131.90 65,089 5,373 7,367 63,095 7.5
16-Aug-05 131.75 65,015 5,373 7,367 63,021 7.5
17-Aug-05 131.85 65,065 5,373 7,367 63,071 7.5
19-Aug-05 133.50 65,879 5,373 7,367 63,885 7.6
22-Aug-05 136.85 67,532 5,373 7,367 65,538 7.8
23-Aug-05 136.05 67,137 5,373 7,367 65,143 7.7
24-Aug-05 136.00 67,112 5,373 7,367 65,118 7.7
25-Aug-05 135.50 66,866 5,373 7,367 64,872 7.7
26-Aug-05 134.70 66,471 5,373 7,367 64,477 7.7
29-Aug-05 135.25 66,742 5,373 7,367 64,748 7.7
30-Aug-05 136.00 67,112 5,373 7,367 65,118 7.7
31-Aug-05 137.10 67,655 5,373 7,367 65,661 7.8
01-Sep-05 138.45 68,322 5,373 7,367 66,328 7.9
02-Sep-05 139.00 68,593 5,373 7,367 66,599 7.9
05-Sep-05 139.70 68,938 5,373 7,367 66,944 8.0
06-Sep-05 139.45 68,815 5,373 7,367 66,821 7.9
07-Sep-05 139.95 69,062 5,373 7,367 67,068 8.0
08-Sep-05 140.65 69,407 5,373 7,367 67,413 8.0
09-Sep-05 143.45 70,789 5,373 7,367 68,795 8.2
12-Sep-05 123.25 60,821 5,373 7,367 58,827 7.0
13-Sep-05 123.75 61,067 5,373 7,367 59,073 7.0
14-Sep-05 126.50 62,424 5,373 7,367 60,430 7.2
15-Sep-05 127.25 62,795 5,373 7,367 60,801 7.2
16-Sep-05 127.35 62,844 5,373 7,367 60,850 7.2
19-Sep-05 127.05 62,696 5,373 7,367 60,702 7.2
20-Sep-05 130.80 64,546 5,373 7,367 62,552 7.4
21-Sep-05 130.90 64,596 5,373 7,367 62,602 7.4
22-Sep-05 130.50 64,398 5,373 7,367 62,404 7.4
23-Sep-05 130.25 64,275 5,373 7,367 62,281 7.4
26-Sep-05 129.75 64,028 5,373 7,367 62,034 7.4
27-Sep-05 130.10 64,201 5,373 7,367 62,207 7.4
28-Sep-05 129.75 64,028 5,373 7,367 62,034 7.4
29-Sep-05 129.75 64,028 5,373 7,367 62,034 7.4
30-Sep-05 130.25 64,275 5,373 7,367 62,281 7.4
03-Oct-05 130.25 64,275 5,373 7,367 62,281 7.4
04-Oct-05 130.50 64,398 5,373 7,367 62,404 7.4
05-Oct-05 131.80 65,040 5,373 7,367 63,046 7.5
06-Oct-05 130.50 64,398 5,373 7,367 62,404 7.4
07-Oct-05 130.95 64,620 5,373 7,367 62,626 7.4
10-Oct-05 129.30 63,806 5,373 7,367 61,812 7.3
11-Oct-05 129.50 63,905 5,373 7,367 61,911 7.4
12-Oct-05 130.10 64,201 5,373 7,367 62,207 7.4
13-Oct-05 129.50 63,905 5,373 7,367 61,911 7.4
14-Oct-05 129.55 63,930 5,373 7,367 61,936 7.4
17-Oct-05 130.10 64,201 5,373 7,367 62,207 7.4
18-Oct-05 133.80 66,027 5,373 7,367 64,033 7.6
19-Oct-05 137.00 67,606 5,373 7,367 65,612 7.8
20-Oct-05 133.00 65,632 5,373 7,367 63,638 7.6
21-Oct-05 135.00 66,619 5,373 7,367 64,625 7.7
24-Oct-05 137.00 67,606 5,373 7,367 65,612 7.8
25-Oct-05 134.00 66,126 5,373 7,367 64,132 7.6
26-Oct-05 138.75 68,470 5,373 7,367 66,476 7.9
27-Oct-05 137.30 67,754 5,373 7,367 65,760 7.8
31-Oct-05 135.30 66,767 5,373 7,367 64,773 7.7
02-Nov-05 136.85 67,532 5,373 7,367 65,538 7.8
07-Nov-05 139.50 68,840 5,373 7,367 66,846 7.9
08-Nov-05 141.85 69,999 5,373 7,367 68,005 8.1
10-Nov-05 142.00 70,073 5,373 7,367 68,079 8.1
11-Nov-05 141.00 69,580 5,373 7,367 67,586 8.0
14-Nov-05 141.45 69,802 5,373 7,367 67,808 8.1
15-Nov-05 141.00 69,580 5,373 7,367 67,586 8.0
16-Nov-05 140.10 69,136 5,373 7,367 67,142 8.0
17-Nov-05 140.00 69,086 5,373 7,367 67,092 8.0
18-Nov-05 141.85 69,999 5,373 7,367 68,005 8.1
21-Nov-05 143.05 70,591 5,373 7,367 68,597 8.2
22-Nov-05 144.70 71,406 5,373 7,367 69,412 8.2
23-Nov-05 147.70 72,886 5,373 7,367 70,892 8.4
24-Nov-05 148.40 73,232 5,373 7,367 71,238 8.5
25-Nov-05 148.50 73,281 5,373 7,367 71,287 8.5
28-Nov-05 148.50 73,281 5,373 7,367 71,287 8.5
29-Nov-05 148.95 73,503 5,373 7,367 71,509 8.5
30-Nov-05 148.75 73,404 5,373 7,367 71,410 8.5
01-Dec-05 148.40 73,232 5,373 7,367 71,238 8.5
02-Dec-05 149.70 73,873 5,373 7,367 71,879 8.5
05-Dec-05 153.25 75,625 5,373 7,367 73,631 8.8
06-Dec-05 153.60 75,798 5,373 7,367 73,804 8.8
07-Dec-05 152.75 75,378 5,373 7,367 73,384 8.7
08-Dec-05 153.50 75,748 5,373 7,367 73,754 8.8
09-Dec-05 154.50 76,242 5,373 7,367 74,248 8.8
12-Dec-05 140.15 69,160 5,373 7,367 67,166 8.0
13-Dec-05 143.90 71,011 5,373 7,367 69,017 8.2
14-Dec-05 144.00 71,060 5,373 7,367 69,066 8.2
15-Dec-05 143.50 70,814 5,373 7,367 68,820 8.2
16-Dec-05 141.50 69,827 5,373 7,367 67,833 8.1
19-Dec-05 139.00 68,593 5,373 7,367 66,599 7.9
20-Dec-05 137.75 67,976 5,373 7,367 65,982 7.8
21-Dec-05 138.00 68,099 5,373 7,367 66,105 7.9
22-Dec-05 137.10 67,655 5,373 7,367 65,661 7.8
23-Dec-05 135.45 66,841 5,373 7,367 64,847 7.7
26-Dec-05 133.65 65,953 5,373 7,367 63,959 7.6
27-Dec-05 133.35 65,805 5,373 7,367 63,811 7.6
28-Dec-05 133.75 66,002 5,373 7,367 64,008 7.6
29-Dec-05 136.40 67,310 5,373 7,367 65,316 7.8
30-Dec-05 137.00 67,606 5,373 7,367 65,612 7.8
CY09 CY10
11,339 12,761
28% 28%
BV P/BV
45 1.6
45 1.7
45 1.7
45 1.8
45 1.8
45 1.9
45 1.9
45 2.0
45 1.9
45 1.9
45 2.0
45 2.0
45 1.9
45 1.9
45 1.8
45 1.8
45 1.7
45 1.8
45 1.9
45 1.8
45 1.7
45 1.8
45 1.7
45 1.7
45 1.7
45 1.7
45 1.7
45 1.7
45 1.7
45 1.8
45 1.8
45 1.8
45 1.8
45 1.7
45 1.7
45 1.6
45 1.6
45 1.6
45 1.7
45 1.6
45 1.7
45 1.7
45 1.6
45 1.6
45 1.7
45 1.7
45 1.7
45 1.7
45 1.7
45 1.8
45 1.8
45 1.8
45 1.8
45 1.9
45 1.9
45 1.9
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.8
45 1.9
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.9
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.8
45 1.9
45 1.8
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 2.0
45 1.9
45 2.0
45 2.0
45 1.9
45 1.9
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 1.9
45 2.0
45 1.9
45 2.0
45 2.0
45 2.0
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
45 2.0
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.1
45 2.2
45 2.2
45 2.2
45 2.2
45 2.2
45 2.3
45 2.2
45 2.1
45 2.1
45 2.2
45 2.2
45 2.3
45 2.3
45 2.3
45 2.2
45 2.2
45 2.2
45 2.2
45 2.3
45 2.3
45 2.3
45 2.3
45 2.2
45 2.2
45 2.3
45 2.3
45 2.3
45 2.3
45 2.3
45 2.3
45 2.3
45 2.2
45 2.3
45 2.3
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
45 2.0
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 1.9
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 1.9
45 2.0
45 2.1
45 2.1
45 2.1
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.0
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
45 2.1
42 2.3
42 2.3
42 2.4
42 2.3
42 2.3
42 2.4
42 2.4
42 2.4
42 2.4
42 2.4
42 2.4
42 2.4
42 2.4
42 2.4
42 2.4
42 2.4
42 2.4
42 2.4
42 2.5
42 2.5
42 2.5
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.7
42 2.7
42 2.6
42 2.7
42 2.7
42 2.7
42 2.5
42 2.5
42 2.5
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.7
42 2.7
42 2.7
42 2.7
42 2.7
42 2.7
42 2.7
42 2.7
42 2.8
42 2.8
42 2.9
42 2.9
42 2.9
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 3.1
42 3.2
42 3.1
42 3.1
42 3.0
42 3.0
42 3.0
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.0
42 3.0
42 3.0
42 3.0
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.0
42 3.0
42 3.0
42 3.1
42 3.0
42 3.0
42 3.0
42 2.9
42 2.9
42 2.9
42 2.9
42 2.9
42 2.8
42 2.8
42 2.8
42 2.8
42 2.8
42 2.9
42 2.8
42 2.9
42 2.9
42 2.9
42 2.9
42 2.9
42 3.0
42 3.0
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.2
42 3.2
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.0
42 3.0
42 3.0
42 3.2
42 3.2
42 3.2
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 3.1
42 2.7
42 2.7
42 2.7
42 2.7
42 2.7
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.5
42 2.5
42 2.6
42 2.6
42 2.6
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.6
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.5
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.6
42 2.7
42 2.7
42 2.7
42 2.7
42 2.7
42 2.8
42 2.8
42 2.8
42 2.8
42 2.8
42 2.8
42 2.8
42 2.8
42 2.8
42 2.8
42 2.9
42 2.9
42 2.9
42 2.9
42 2.9
42 2.9
42 2.9
42 2.9
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 3.0
42 2.9
42 3.0
42 3.0
42 3.0
42 3.1
42 3.0
42 3.1
42 3.1
42 3.1
42 3.3
42 3.3
42 3.4
42 3.3
42 3.3
25 5.5
25 5.5
25 5.5
25 5.5
25 5.7
25 6.0
25 6.1
25 5.9
25 5.7
25 5.9
25 5.9
25 5.8
25 5.9
25 5.9
25 5.8
25 5.8
25 5.7
25 5.9
25 6.0
25 6.1
25 6.2
25 6.2
25 6.2
25 6.2
25 6.2
25 6.2
25 6.2
25 6.3
25 6.4
25 6.4
25 6.4
25 6.6
25 6.9
25 7.0
25 6.3
25 6.5
25 6.3
25 6.2
25 6.1
25 6.3
25 6.2
25 6.2
25 6.4
25 6.3
25 6.4
25 6.3
25 6.5
25 6.7
25 7.0
25 7.0
25 6.6
25 6.3
25 6.2
25 5.9
25 5.6
25 5.3
25 5.0
25 5.1
25 5.5
25 5.9
25 5.6
25 5.6
25 6.0
25 5.8
25 5.7
25 5.8
25 5.6
25 5.3
25 5.2
25 5.6
25 5.7
25 5.8
25 5.5
25 5.4
25 5.4
25 5.5
25 5.4
25 5.6
25 5.9
25 5.7
25 5.8
25 5.6
25 5.6
25 5.7
25 5.8
25 5.8
25 5.8
25 5.8
25 5.9
25 5.8
25 5.8
25 5.7
25 5.8
25 5.7
25 5.7
25 5.6
25 5.4
25 5.4
25 5.4
25 5.2
25 5.2
25 5.5
25 5.5
25 5.6
25 5.8
25 5.7
25 5.5
25 5.7
25 5.7
25 5.7
25 5.7
25 5.7
25 4.9
25 4.9
25 4.9
25 4.9
25 4.9
25 4.8
25 4.8
25 4.8
25 4.7
25 4.7
25 4.8
25 4.8
25 4.8
25 4.8
25 4.8
25 5.0
25 5.1
25 5.1
25 5.1
25 5.1
25 5.1
25 5.1
25 5.1
25 5.1
25 5.1
25 5.0
25 5.1
25 5.2
25 5.3
25 5.2
25 5.3
25 5.3
25 5.3
25 5.3
25 5.3
25 5.3
25 5.4
25 5.3
25 5.3
25 5.3
25 5.3
25 5.2
25 5.2
25 5.2
25 5.2
25 5.2
25 5.2
25 5.3
25 5.4
25 5.4
25 5.4
25 5.4
25 5.3
25 5.4
25 5.4
25 5.4
25 5.5
25 5.5
25 5.5
25 5.5
25 5.6
25 5.6
25 5.7
25 4.9
25 4.9
25 5.0
25 5.0
25 5.1
25 5.0
25 5.2
25 5.2
25 5.2
25 5.2
25 5.1
25 5.2
25 5.1
25 5.1
25 5.2
25 5.2
25 5.2
25 5.2
25 5.2
25 5.2
25 5.1
25 5.1
25 5.2
25 5.1
25 5.1
25 5.2
25 5.3
25 5.4
25 5.3
25 5.4
25 5.4
25 5.3
25 5.5
25 5.4
25 5.4
25 5.4
25 5.5
25 5.6
25 5.6
25 5.6
25 5.6
25 5.6
25 5.6
25 5.6
25 5.6
25 5.7
25 5.7
25 5.9
25 5.9
25 5.9
25 5.9
25 5.9
25 5.9
25 5.9
25 5.9
25 6.1
25 6.1
25 6.1
25 6.1
25 6.1
25 5.6
25 5.7
25 5.7
25 5.7
25 5.6
25 5.5
25 5.5
25 5.5
25 5.4
25 5.4
25 5.3
25 5.3
25 5.3
25 5.4
25 5.4
CY01 CY02 CY03 CY04 CY05
Liquidity Ratios
Current ratio 2.34 1.04 1.03 1.09 0.91
Quick ratio (x) 1.90 0.79 0.75 0.87 0.69
Asset Utilization Ratios
Inventory turnover ratio (x) 4.03 4.94 5.93 6.10 7.03
Recievables Days outstanding 24.78 24.46 28.04 28.11 14.60
Fixed assset turnover 8 1.76 2.30 2.36 2.77
10.8
2.4
7.8
FFC
PER BAND
CY00 CY01 CY02 CY03 CY04 CY05 CY06E
8 8x 42.9 51.9 49.8 51.0 64.9 79.4 75.2
10 10x 53.60 64.9 62.3 63.7 81.1 99.2 93.9
12 12x 64.32 77.9 74.8 76.4 97.3 119.0 112.7
14 14x 75.04 90.9 87.2 89.2 113.5 138.9 131.5
PER Bands
250
211
200 186
152 155
Rs 150 139 132
114
100 91 87 89
75
50
0
CY00 CY01 CY02 CY03 CY04 CY05 CY06E CY07F CY08F CY09F CY10F
EPS
PER
2000 5.36
2001 6.49
2002 6.23
2003 6.37
CY05 CY06 2004 8.11
14.16 12.58 2005 9.92
211
186
155
Adjustments
changes in NWC
stores (443) (64) (220)
stock in trade (341) (392) 310
trade debts 748 (302) (761)
Loans (30) 22 11
Deposits (1) 1 (8)
Other 6 (847) (91)
trade and other payables 1,012 (3,085) 1,913
Cash and cash equivalents at the end of year 7,640 4,796 3,514
ST investments
Cash and bank balanaces
CY08 CY09 CY10
13,428 12,765 14,503
19 6 (12)
803 (240) (8)
631 (186) (159)
(49) (14) (26)
1 (5) (6)
(32) (479) (383)
(1,097) 557 438
- - -
(103) - -
- - -
- - -
2,092 523 576
(7,773) (8,571) (9,814)
(5,784) (8,048) (9,238)
CORELATION
GDP AND OFFTAKE 0.97
GDP AND AGRI GROWT 0.9
credit disbrsmnt and agri growth 0.87
crdit and fertlizr offatke 1
agri growth n offtake 0.88
urea price and infllation 0.99
gas prices and retail prices 0.89
101
PVT
42.90
2004-05
14178 1,077,784,588
4954 943,565,267
10049 763,905,863
3314 631,202,118
8119 272,634,679
2141 407,786,281
59 4,485,068
8 1,523,723
21173 710,985,842
4547 866,045,876
27453 2,057,340,844
6695 1,275,165,414
22893 1,715,612,280
7400 1,409,443,475
43000 3,222,440,399
9400 1,790,374,143
149998 17,150,295,858 36,246,314,998
40307 Total gas subsidy 19,096,019,139
190304
36.77
36.77
83.24
83.24 0 57
0.05 59.85
82.06 0.08 64.34
208.56 0.1 70.77
913.24 0.13 79.62
108732 0.15 91.56
FY06 E 0.61
22.94
82.2 101.3
2005-06
2,880,000
925,000
35,000
3,840,000
4%
1,546,275 233,231
720,554
537,202 501,339 519,943 528,108 554,390
6 months t bill 8% 1%
Rate 5% 5% 5%
No of installmnets 1 5 4
Outstanding 275,000,000 468,750,000 125,000,000
Installment
5% 5% 4% 5% 2%
4 1 1 4 1
125,000,000 100,000,000 500,000,000 432,986,000 41,667,000
- 0.00% (14,386,500)
- 0.00% (328,773,000)
- 0.00% (643,159,500)
-
- 0.00% -
- 0.00% (500,000,000)
- 0.00% ###
4,795,500 4.8% -
17,500,000 3.5% -
20,763,844 4.8% 332,222,195
15,931,715 4.8% 226,626,262
10,867,862 4.8% 115,966,476
5,561,172 4.8% (0)
937,508 2.25% -
Interest Int rate balance amt
43,800,000 8.76% -
85,745,447 5.55% -
45,402,000 9.87% -