INPUT

Bank Portion 80.00%

Interest 5.50%

Description Bankable?
yes 1
no 0

TOTAL INVESTMENT

● Pre EPC Expenditure USD 1

Consulting Exp. USD
License & Arrangement Fee USD
Domestic Trip USD
Overseas Trip USD
● EPC Expenditure USD 1
Plant and Equipment USD
Domestic Trip USD
Overseas Trip USD
Owner Engineer USD
● Other Capital Expenditure USD 0
Land Acquisiton USD
Vehicle USD
Head Quarter Setup USD

● IDC USD 1

TOTAL USD

ASSUMPTIONS
Minimum Cash Balance USD 400,000
Special Purpose Shareholder Capital USD 8,180,113
# of planned downtime day in a month day 2.50
# of Membrane Replacement day day 10
# of O/H day day 2

Initial Selling Price USD/ton 172

Selling Price Annual Adjustment against CPI in USD 0.8600000

Cola Annual Adjustment 1.3673850
Electric Cost Annual Adjustment 1.8000000
Material 1 Cost Annual Adjustment 1.0000000

OPERATING COST
Load Consumption kW 17,540
Electric Price USD/kWh 0.070

Raw Materials (annual) USD 2,464,000

Chemical Consumption (annual) USD 1,081,333
Electric Consumption (annual) USD 10,230,085
Waste Treatment (annual) USD 1,201,910
Maintenance and Repair (annual) USD 1,500,000
Wage and Labor (annual) USD 691,864
Salary & Office (annual) USD 462,729
17,631,920
Cash Cost Salt USD/ton 84
CAPACITY
Salt per year (Ton) 210,000
Water per day (m3/day) 25,000

20.00% 80.00%
Project Owner Portion Bank Portion

2,967,545 593,509 2,374,036

1,345,845
1,470,000 414,933
4,638
147,062
111,388,931 22,277,786 89,111,145
107,720,000
15,310
144,910
3,508,710
1,767,871 1,767,871 0
1,500,000
97,471
170,400

4,996,061 999,212 3,996,849

121,120,408 25,638,379 95,482,029

FINANCIAL VALUATION
Gross Profit Margin 20 yrs 45.51%
Operating Margin 20 yrs 28.30%
EBITDA Margin 20 yrs 43.94%

IRR to The Project - Pre Tax 20 yrs 11.61%

IRR to The Project - Post Ta 20 yrs 9.64%
IRR to Lender 20 yrs 5.65%
IRR to Shareholders 20 yrs 13.14%
 2,820,483
1,345,845
1,470,000
4,638
111,388,931
3,668,931
94,053,086
13,666,914
414,933
1,500,000
5,118,866
121,243,213
 1 :
2 # of cal. day :
3 # of planned downtime day in a year :
4 # of Membrane Replacement day :
5 # of O/H day :
6 # of working day :
7 # of working month :
8 :
9 Membrane Replacement Interval : 36
10 Overhaul Interval : 72
11 :
12 0 Indices :
13 Selling Price Annual Adjustment against CPI in USD : SPA
14 Cola Annual Adjustment : COA
15 Services 1 Cost Annual Adjustment : S1A
16 Electric Cost Annual Adjustment : ECA
17 Material 1 Cost Annual Adjustment : M1A
18 Material 2 Cost Annual Adjustment : M2A
19 General CPI Annual Adjustment : CPIA
20 Land Lease and Value Annual Adjustment : LRA
21 Building Value Annual Adjustment : BA
22 Plant and Equipment Annual Adjustment : PA
23 Vehicles Lease and Value Annual Adjustment : VA
24 Office Lease and Value Annual Adjustment : ORA
25 Other Assets Annual Adjustment : OAA
26 Reserve 1 Annual Adjusment : RA1A
27 Reserve 2 Annual Adjusment : RA2A
28 :
29 1 Investment Timeline & Expenditure :
30 Pre EPC Expenditure :
31 Consulting Exp. :
32 ● Market Research :
33 ● FS - Feasibility Study :
34 ● MFS Preparation & Invitation to Bid (ITB) :
35 ● Bid Review & Selection :
36 ● Site Investigation :
37 ● Seawater Quality :
38 ● Topographic :
39 ● Bathymetric, Marine & Recilculation Study :
40 ● Grid Survey and Connection Fee :
41 ● Meteorological Data (5 Sta) :
42 ● Geoelectric & Seismic Survey :
43 :
44 License & Arrangement Fee :
45 ● License :
46 ● Provisi (0.5%) : 97,000,000
47 ● Administrative : 75,000,000
48 :
49 Domestic Trip :
50 ● Domestic Trip - Accommodation :
51 ● Domestic Trip - Vehicle Lease :
52 ● Domestic Trip - Travel :
53 ● Domestic Trip - Allowance :
54 :
 55 Overseas Trip :
56 ● Overseas Trip - Accommodation :
57 ● Overseas Trip - Vehicle Lease :
58 ● Overseas Trip - Travel :
59 ● Overseas Trip - Allowance :
60 :
61 EPC Expenditure :
62 Plant and Equipment :
63 ● Intake + DAF (of Plant and Equipment)* :
64 ● SWRO + µF (of Plant and Equipment)* :
65 ● Brine Concentrator + Crytalliser + Salt Plant (of P :
66 ● Construction and Installation* :
67 ● Housing Facility :
68 : 94,053,086
69 Domestic Trip :
70 ● Domestic Trip - Accommodation :
71 ● Domestic Trip - Vehicle Lease :
72 ● Domestic Trip - Travel :
73 ● Domestic Trip - Allowance :
74 :
75 Overseas Trip :
76 ● Overseas Trip - Accommodation :
77 ● Overseas Trip - Vehicle Lease :
78 ● Overseas Trip - Travel :
79 ● Overseas Trip - Allowance :
80 :
81 Owner Engineer :
82 ● Consultant Supervision* :
83 :
84 Other Capital Expenditure :
85 Land Acquisition :
86 ● Land for Plant :
87 :
88 Vehicle & Heavy Equipment :
89 ● Vehicle - car : 20,690
90 ● Vehicle - motorcycle : 1,034
91 ● Vehicle - Heavy Equipment : 33,333
92 :
93 Head Quarter Setup :
94 ● Office Preparation : 414
95 ● Working Table : 69
96 ● Meeting Table : 241
97 ● Working Chair : 41
98 ● Sofa set : 207
99 ● Safekeeping : 345
100 ● TV : 345
101 ● AC, Refrigerator : 690
102 ● Computer, Networking & Secutiy Camera : 1,500
103 ● Communication System : 517
104 :
105 2 Human Resources Planning :
106 Head Count and Net Salary and Wages : /Person
107 BOC : 1,000
108 BOD : 3,000
109 Gen. Manager : 1,545
110 Manager : 966
111 Staff : 200
112 Contract Workers : 200
113 Contract Labor : 333
114 :
115 Salary, Benefits & Allowances :
116 Salary, Benefits & Allowances :
117 ● Salaries :
118 ● Tantiem : 16.67%
119 ● Employee Bonus : 16.67%
120 ● THR : 8.33%
121 ● Leave Allowance : 8.33%
122 ● Outpatient Insurance : 6.67%
123 ● BPJS - Employee : 4.00%
124 ● BPJS - Employer : 1.00%
125 ● Inpatient Insurance : 193
126 ● Medical Check Up : 241
127 ● PPh 21 : 20.00%
128 :
129 Wage, Benefits & Allowances :
130 Wage, Benefits & Allowances :
131 ● Wages :
132 ● Employee Bonus : 16.67%
133 ● THR : 8.33%
134 ● Leave Allowance : 8.33%
135 ● Outpatient Insurance : 6.67%
136 ● BPJS - Employee : 4.00%
137 ● BPJS - Employer : 1.00%
138 ● Inpatient Insurance : 193
139 ● Medical Check Up : 241
140 ● PPh 21 : 20.00%
141 :
142 3 Particular of Operations :
143 Water Plant Capacity :
144 Salt Plant :
145 ● Rated Capacity Based on Available Working Day : 624
146 ● Potential Capacity - Post Membrane Filter Replacem:
147 ● Potential Capacity - Post Membrane Filter Replacem:
148 ● Capacity Utilization :
149 ● Production Volume = Sales Volume :
150 ● Electric Consumption :
151 ● Electric Expenses :
152 :
153 Other Recurring Expenditure :
154 ● Office Lease Cost : 18,000
155 ● Maintenance & Repair : 1,500,000
156 ● Membrane Replacement Operating Lease : 1,792,000
157 ● Overhaul Contract Operating Lease : 300,000
158 :
159 4 BS Work Ouit :
160 AR Collection :
161 Beg. Balance :
162 Addition :
163 Collection (Month) : 2
164 Ending Balance :
165 :
166 Land :
167 Beg. Balance :
168 Addition :
169 Disposal :
170 Ending Balance :
171 :
172 Plant and Equipment :
173 Beg. Balance :
174 Addition :
175 ● Plant and Equipment :
176 ● Domestic Trip :
177 ● Overseas Trip :
178 ● Owner Engineer :
179 Depreciation :
180 Ending Balance :
181 :
182 Revaluation For Insurance Purpose :
183 ● Constant Diminuition : 5.00%
184 ● Inflated Diminuition (Value for Insurance) :
185 ● Insurance Expenses : 0.30%
186 :
187 Vehicle & Heavy Equipment :
188 Beg. Balance :
189 Addition :
190 Depreciation :
191 Ending Balance :
192 :
193 Revaluation For Insurance Purpose :
194 ● Constant Diminuition : 12.50%
195 ● Inflated Diminuition (Value for Insurance) :
196 ● Insurance Expenses : 0.50%
197 :
198 Head Quarter :
199 Beg. Balance :
200 Addition :
201 Depreciation :
202 Ending Balance :
203 :
204 Revaluation For Insurance Purpose :
205 ● Constant Diminuition : 25.00%
206 ● Inflated Diminuition (Value for Insurance) :
207 ● Insurance Expenses : 0.17%
208 :
209 Intangible Assets :
210 Beg. Balance :
211 Addition :
212 ● Consulting Exp. :
213 ● License & Arrangement Fee :
214 ● Domestic Trip :
215 ● Overseas Trip :
216 ● IDC :
217 Amortisation :
218 Ending Balance :
219 :
220 Tax Payable :
221 Beg. Balance :
222 Accrue :
223 Payment (Month) : 11
224 Ending Balance :
225 :
226 Paid Up Capital :
227 Beg. Balance :
228 Addition :
229 Redemption :
230 Ending Balance :
231 :
232 5 Capital Structure Workout :
233 :
234 Beg. Cash Balance :
235 Operating Cashflow :
236 Investment Cashflow :
237 :
238 Prefinancing Cashflow :
239 Net Shareholders Financing :
240 Gross Bank Financing :
241 :
242 Cash Available For Debt Servicing :
243 Payment of Interest :
244 Payment of Principal :
245 :
246 Bank Financing :
247 Beg. Balance :
248 Addition :
249 ● Pre EPC Expenditure :
250 ● EPC Expenditure :
251 ● Other Capital Expenditure :
252 ● IDC :
253 Payment :
254 Ending Balance :
255 :
256 Bank Loan - Current Portion :
257 Bank Loan - Non Current Portion :
258 :
259 Interest Payable :
260 Beg. Balance :
261 Accrued :
262 Payment : 11
263 Ending Balance :
264 :
265 Shareholders Loan :
266 Beg. Balance :
267 Addition :
268 ● Minimum Cash Balance :
269 ● Pre EPC Expenditure :
270 ● EPC Expenditure :
271 ● Other Capital Expenditure :
272 ● IDC :
273 ● Special Purpose :
274 Payment :
275 Ending Balance :
276 :
277 Paid Up Capital :
278 :
279 6 Balance Sheet :
280 Assets :
281 Current Assets :
282 ● Cash :
283 ● A/R :
284 :
285 Non Current and Other Assets :
286 ● Land :
287 ● Plant and Equipment :
288 ● Vehicle & Heavy Equipment :
289 ● Head Quarter :
290 ● Intangible Assets :
291 :
292 Different (Assets - Liabilities & Equities) :
293 Different Absolute :
294 :
295 Liabilities & Equities :
296 Current Liabililities :
297 ● Tax Payable :
298 ● Interest Payable :
299 ● Bank Loan - Current Portion :
300 :
301 Non Current Liabililities :
302 ● Bank Loan - Non Current Portion :
303 ● Shareholders Loan :
304 :
305 Equities :
306 ● Paid Up Capital :
307 ● Retained Earning :
308 :
309 7 Income Statement :
310 Revenue :
311 Promotional Discount : 8.33%
312 :
313 Net Revenue : 401,399,675
314 :
315 Cash Direct Expenses : Base
316 Wages, Benefits & Allowances :
317 Electric Expenses :
318 Chemicals (USD/WD): : 3,164
319 Raw Materials (USD/WD): : 7,210
320 Waste (USD/WD): : 3,517
321 Maintenance & Repair :
322 Operating Lease_Membrane Replacement :
323 Operating Lease_Overhaul :
324 Others : 5.00%
325 Insurance: Cons., Plant, Mach. & Prim. Equip. :
326 :
327 Gross Profit :
328 :
329 Cash Indirect Expenses :
330 Salary, Benefits & Allowances :
331 Office Supplies : 2.50%
332 Others : 5.00%
333 Office Lease :
334 Insurance: Head Quarter :
335 Insurance: Vehicles :
336 :
337 Cash Operating Profit :
338 Depreciation: Plant and Equipment :
339 Depreciation: Head Quarter :
340 Depreciation: Vehicle & Heavy Equipment :
341 Amortisation: Intangible Assets :
342 :
343 Operating Profit :
344 Interest :
345 :
346 Pre Tax Profit :
347 Tax (Art. 29) : 25.00%
348 :
349 NPAT :
350 :
351 8 Cashflow :
352 Operating Cashflow :
353 AR Collection :
354 Cash Direct Expenses :
355 Cash Indirect Expenses :
356 Tax. Art. 29 :
357 :
358 Investment Cashflow :
359 Pre EPC Expenditure :
360 EPC Expenditure :
361 Other Capital Expenditure :
362 :
363 Prefinancing Cashflow :
364 :
365 Financing Cashflow :
366 Net Bank Financing :
367 Net Shareholders Financing :
368 :
369 Cash Balance :
370 Beg. Balance :
371 Net Change :
372 Ending Balance :
373 :
374 9 Financial Ratios and Information :
375 EBITDA :
376 Payment of Interest :
377 Payment of Interest and Principal :
378 Equity :
379 Net Tangbile Assets :
380 Debt :
381 :
382 Gross Profit Margin :
383 Operating Margin :
384 EBITDA Margin :
385 :
386 Current Ratio :
387 :
388 Debt to Equity :
389 Debt to EBITDA :
390 Debt to Net Tangible Assets :
391 EBITDA to Debt Servicing :
392 EBITDA to Interest Coverage :
393 :
394 10 Cashflow to The Project - Pre Tax :
395 Cashflow to The Project - Post Tax :
396 Cashflow to Lender :
397 Cashflow to Shareholders :
398 :
399 :
400 :
401 :
402 :
403 :
404 :
405 :
406 :
407 :
408 :
409 :
410 :
411 :
412 :
413 :
414 :
415 :

Material 2 Cost Annual Adjustment

General CPI Annual Adjustment
 : : Jul-20 Jul-21 Jul-22
: : 365
: : 30
days : : 0
days : : 0
: : 335
: : 12
: :
months Do Not Change : : 0 0 0
months Do Not Change : : 0 0 0
: :
Est. Coef to Ge 1.7268000 : :
0.86% : : 100.00% 100.86% 101.73%
1.37% : : 100.00% 101.37% 102.75%
1.0000000 1.00% : : 100.00% 101.00% 102.01%
1.80% : : 100.00% 101.80% 103.63%
1.0000000 1.00% : : 100.00% 101.00% 102.01%
1.0000000 1.00% : : 100.00% 101.00% 102.01%
1.00% : : 100.00% 101.00% 102.01%
1.4592310 1.46% : : 100.00% 101.46% 102.94%
1.0214620 1.02% : : 100.00% 101.02% 102.05%
1.0214620 1.02% : : 100.00% 101.02% 102.05%
1.0214620 1.02% : : 100.00% 101.02% 102.05%
1.0214620 1.02% : : 100.00% 101.02% 102.05%
0.7000000 0.70% : : 100.00% 100.70% 101.40%
0.6500000 0.65% : : 100.00% 100.65% 101.30%
0.6000000 0.60% : : 100.00% 100.60% 101.20%
: :
: :
: :
1,345,845 : :
: : 137,931 0 0
: : 400,000 0 0
: : 511,500 0 0
: : 0 0 0
: : 103,448 0 0
: : 46,897 0 0
: : 1,034 0 0
: : 117,241 0 0
: : 0 0 0
: : 207 0 0
: : 27,586 0 0
: :
1,470,000 : :
: : 610,000 0 0
0.50% : : 485,000 0 0
0.50% : : 375,000 0 0
: :
4,638 : :
: : 2,483 0 0
: : 1,034 0 0
: : 345 0 0
: : 776 0 0
: :
 147,062 : :
: : 33,103 0 0
: : 6,000 0 0
: : 82,759 0 0
: : 25,200 0 0
: :
: :
107,720,000 : : 0
11,922,222 : : 7,153,333 4,768,889 0
38,416,049 : : 34,574,444 3,841,605 0
43,714,815 : : 6,557,222 37,157,593 0
13,246,914 : : 7,191,182 6,055,732 0
420,000 : : 0 420,000 0
75,242,469 13,666,914 : :
15,310 : :
: : 4,855 3,972 0
: : 2,731 2,234 0
: : 455 372 0
: : 379 310 0
: :
144,910 : :
: : 24,828 8,276 0
: : 4,190 1,397 0
: : 62,069 20,690 0
: : 17,597 5,866 0
: :
3,508,710 : :
: : 1,684,181 1,824,529 0
: :
1,500,000 : :
: :
: : 1,500,000 0 0
: :
97,471 : : 0 97,471 0
3 : : 0 62,069 0
2 : : 0 2,069 0
10 : : 0 33,333 0
: :
170,400 : : 0 170,400
130 : : 0 53,793 0
28 : : 0 1,931 0
0 : : 0 0 0
28 : : 0 1,159 0
2 : : 0 414 0
1 : : 0 345 0
2 : : 0 690 0
2 : : 0 1,379 0
60 : : 0 90,000 0
40 : : 0 20,690 0
: :
: :
36 : : 248,989
1 1,000 : : 12,330
1 3,000 : : 36,991
 3 4,634 : : 57,145
7 6,759 : : 83,337
12 2,400 : : 29,593
12 2,400 : : 29,593
90 30,000 : : 369,912
: :
: :
: : 412,594
: : 248,989
BOC, BOD : : 8,220
: : 41,498
: : 20,749
: : 20,749
: : 16,599
: : 9,960
: : 2,490
: : 7,143
: : 8,929
: : 27,268
: :
: :
: : 691,864
: : 369,912
: : 61,652
: : 30,826
: : 30,826
: : 24,661
: : 14,796
: : 3,699
: : 17,858
: : 22,322
: : 115,311
: :
: :
: : 100.00%
: :
tpd : : 209,040
: : 99.08%
: : 207,109
: : 100.00%
: : 207,109
kW/h : : 141,021,600
USD/kWh : : 10,230,085
: :
: :
: : 0 0 18,370
: : 1,500,000
15.00% : : 0 0 0
15.00% : : 0 0 0
: :
: :
: :
: : 0
: : 33,218,301
 : : (27,681,917)
: : 5,536,383
: :
: :
: : 0 1,500,000 1,500,000
: : 1,500,000 0
: :
: : 1,500,000 1,500,000 1,500,000
: :
: :
: : 0 57,277,466 111,388,931
: : 57,277,466 54,111,465 0
: : 55,476,182 52,243,818
: : 8,421 6,890
: : 108,683 36,228
: : 1,684,181 1,824,529
: : (5,569,447)
: : 57,277,466 111,388,931 105,819,484
: :
: :
: : 111,388,931
: : 113,676,144
: : 341,028
: :
: :
: : 0 0 97,471
: : 0 97,471
: : (12,184)
: : 0 97,471 85,287
: :
: :
: : 97,471
: : 99,473
: : 298
: :
: :
: : 0 0 170,400
: : 0 170,400
: : (42,600)
: : 0 170,400 127,800
: :
: :
: : 170,400
: : 173,899
: : 522
: :
: :
: : 0 4,479,842 8,388,912
: : 4,479,842 3,909,070
: : 1,345,845 0
: : 1,470,000 0
: : 4,638 0
: : 147,062 0
5,421,367 : : 1,512,297 3,909,070
: : (419,446)
: : 4,479,842 8,388,912 7,969,466
: :
: :
: : 0
: : 1,003,509
: : (919,883)
: : 83,626
: :
: :
: : 0 200,000 200,000
: : 200,000 0
: :
: : 200,000 200,000 200,000
: :
: :
: :
: : 0 400,000 400,000
: : 0 0 8,754,492
: : (61,745,011) (54,379,336) 0
: :
: : (61,745,011) (53,979,336) 9,154,492
: : 14,207,077 11,831,301 570,692
: : 49,228,310 46,253,719 0
: :
: : 1,690,377 4,105,684 9,725,184
: : 1,290,377 3,705,684 5,148,931
: : 3,580,576
: :
: :
: : 0 49,228,310 95,482,029
: : 49,228,310 46,253,719
: : 2,374,036 0
: : 45,821,973 43,289,172
: : 0 0
: : 1,032,301 2,964,548
: : (3,580,576)
: : 49,228,310 95,482,029 91,901,453
: :
: : 0 3,580,576 10,741,728
: : 49,228,310 91,901,453 81,159,725
: :
: :
: : 0 221,921 425,306
: : 1,512,297 3,909,070 5,153,046
: : (1,290,377) (3,705,684) (5,148,931)
: : 221,921 425,306 429,420
: :
: :
: : 0 14,007,077 25,838,379
: : 14,007,077 11,831,301 570,692
: : 200,000 0
: : 593,509 0
: : 11,455,493 10,822,293
 : : 1,500,000 267,871
: : 258,075 741,137
: : 0 0 570,692
: :
: : 14,007,077 25,838,379 26,409,071
: :
: : 200,000 0 0
: :
: :
: : 63,657,308 121,945,714 122,034,098
: : 400,000 400,000 6,532,060
: : 400,000 400,000 995,677
: : 5,536,383
: :
: : 63,257,308 121,545,714 115,502,038
: : 1,500,000 1,500,000 1,500,000
: : 57,277,466 111,388,931 105,819,484
: : 0 97,471 85,287
: : 0 170,400 127,800
: : 4,479,842 8,388,912 7,969,466
: :
: : 0 0 0
: : 0 0 0
: :
: : 63,657,308 121,945,714 122,034,098
: : 221,921 4,005,882 11,254,775
: : 83,626
: : 221,921 425,306 429,420
: : 0 3,580,576 10,741,728
: :
: : 63,235,387 117,739,832 107,568,796
: : 49,228,310 91,901,453 81,159,725
: : 14,007,077 25,838,379 26,409,071
: :
: : 200,000 200,000 3,210,527
: : 200,000 200,000 200,000
: : 3,010,527
: :
: :
: : 36,238,146
: : (3,019,846)
: :
: : 33,218,301
: :
: : (17,544,813)
: : (691,864)
: : (10,230,085)
: : (1,081,333)
: : (2,464,000)
: : (1,201,910)
: : (1,500,000)
: : 0
: : 0
(% or HR Expenses) : : (34,593)
 : : (341,028)
: :
: : 15,673,487
: :
: : (462,729)
: : (412,594)
(% or HR Expenses) : : (10,315)
(% or HR Expenses) : : (20,630)
: : (18,370)
: : (522)
: : (298)
: :
: : 15,210,758
: : (5,569,447)
: : (42,600)
: : (12,184)
: : (419,446)
: :
: : 9,167,082
: : (5,153,046)
: :
: : 4,014,037
: : (1,003,509)
: :
: : 3,010,527
: :
: :
: : 8,754,492
: : 27,681,917
: : (17,544,813)
: : (462,729)
: : (919,883)
: :
: : (61,745,011) (54,379,336) 0
: : (2,967,545) 0 0
: : (57,277,466) (54,111,465) 0
: : (1,500,000) (267,871) 0
: :
: : (61,745,011) (54,379,336) 8,754,492
: :
: : 62,145,011 54,379,336 (8,158,815)
: : 47,937,933 42,548,035 (8,729,508)
: : 14,207,077 11,831,301 570,692
: :
: :
: : 0 400,000 400,000
: : 400,000 0 595,677
: : 400,000 400,000 995,677
: :
: :
: : 15,210,758
: : 5,148,931
: : 8,729,508
: : 29,619,599
: : 21,650,132
: : 91,901,453
: :
: : 47.18%
: : 27.60%
: : 41.97%
: :
: : 0.58
: :
: : 3.10
: : 6.04
: : 4.24
: : 1.74
: : 2.95
: :
: : (61,745,011) (54,379,336) 9,674,375
: : (61,745,011) (54,379,336) 8,754,492
: : (47,937,933) (42,548,035) 8,729,508
: : (13,807,077) (11,831,301) 24,984
: :
: :
: :
: :
: :
: :
: :
: :
: :
: :
: :
: :
: :
: :
: :
: :
: :
: :
Jul-23 Jul-24 Jul-25 Jul-26 Jul-27 Jul-28
365 366 365 365 365 366
30 30 30 30 30 30
0 10 0 0 10 0
0 0 0 0 2 0
335 336 335 335 335 336
12 12 12 12 12 12

0 1 0 0 1 0
0 0 0 0 1 0

102.60% 103.48% 104.37% 105.27% 106.18% 107.09%

104.16% 105.58% 107.03% 108.49% 109.97% 111.48%
103.03% 104.06% 105.10% 106.15% 107.21% 108.29%
105.50% 107.40% 109.33% 111.30% 113.30% 115.34%
103.03% 104.06% 105.10% 106.15% 107.21% 108.29%
103.03% 104.06% 105.10% 106.15% 107.21% 108.29%
103.03% 104.06% 105.10% 106.15% 107.21% 108.29%
104.44% 105.97% 107.51% 109.08% 110.67% 112.29%
103.10% 104.15% 105.21% 106.29% 107.37% 108.47%
103.10% 104.15% 105.21% 106.29% 107.37% 108.47%
103.10% 104.15% 105.21% 106.29% 107.37% 108.47%
103.10% 104.15% 105.21% 106.29% 107.37% 108.47%
102.11% 102.83% 103.55% 104.27% 105.00% 105.74%
101.96% 102.63% 103.29% 103.96% 104.64% 105.32%
101.81% 102.42% 103.04% 103.65% 104.28% 104.90%

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
 0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

252,394 255,845 259,344 262,890 266,485 270,128

12,499 12,670 12,843 13,019 13,197 13,377
37,497 38,010 38,530 39,056 39,590 40,132
 57,926 58,719 59,521 60,335 61,160 61,997
84,476 85,631 86,802 87,989 89,192 90,412
29,998 30,408 30,824 31,245 31,672 32,105
29,998 30,408 30,824 31,245 31,672 32,105
374,971 380,098 385,295 390,564 395,904 401,318

418,236 423,955 429,752 435,629 441,585 447,623

252,394 255,845 259,344 262,890 266,485 270,128
8,333 8,447 8,562 8,679 8,798 8,918
42,066 42,641 43,224 43,815 44,414 45,021
21,033 21,320 21,612 21,907 22,207 22,511
21,033 21,320 21,612 21,907 22,207 22,511
16,826 17,056 17,290 17,526 17,766 18,009
10,096 10,234 10,374 10,516 10,659 10,805
2,524 2,558 2,593 2,629 2,665 2,701
7,241 7,340 7,440 7,542 7,645 7,750
9,051 9,175 9,300 9,427 9,556 9,687
27,640 28,018 28,401 28,790 29,183 29,583

701,324 710,914 720,635 730,489 740,478 750,603

374,971 380,098 385,295 390,564 395,904 401,318
62,495 63,350 64,216 65,094 65,984 66,886
31,248 31,675 32,108 32,547 32,992 33,443
31,248 31,675 32,108 32,547 32,992 33,443
24,998 25,340 25,686 26,038 26,394 26,755
14,999 15,204 15,412 15,623 15,836 16,053
3,750 3,801 3,853 3,906 3,959 4,013
18,102 18,350 18,600 18,855 19,113 19,374
22,628 22,937 23,251 23,569 23,891 24,217
116,887 118,486 120,106 121,748 123,413 125,100

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

209,040 209,664 209,040 209,040 209,040 209,664

98.44% 97.94% 97.44% 96.94% 96.56% 97.44%
205,774 205,340 203,683 202,638 201,854 204,291
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
205,774 205,340 203,683 202,638 201,854 204,291
141,021,600 141,442,560 141,021,600 141,021,600 141,021,600 141,442,560
10,414,226 10,633,329 10,792,513 10,986,778 11,184,540 11,419,849

18,557 18,747 18,938 19,132 19,327 19,525

1,515,000 1,530,150 1,545,452 1,560,906 1,576,515 1,592,280
0 2,146,300 0 0 2,212,745 0
0 0 0 0 370,437 0

5,536,383 6,052,351 6,091,524 6,094,353 6,115,222 6,143,953

36,314,105 36,549,145 36,566,116 36,691,332 36,863,717 37,629,651
(35,798,138) (36,509,972) (36,563,287) (36,670,463) (36,834,987) (37,501,996)
6,052,351 6,091,524 6,094,353 6,115,222 6,143,953 6,271,609

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000

105,819,484 100,250,038 94,680,591 89,111,145 83,541,698 77,972,251

0 0 0 0 0 0

(5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447)

100,250,038 94,680,591 89,111,145 83,541,698 77,972,251 72,402,805

105,819,484 100,528,510 95,502,084 90,726,980 86,190,631 81,881,100

109,095,438 104,699,316 100,480,340 96,431,373 92,545,564 88,816,338
327,286 314,098 301,441 289,294 277,637 266,449

85,287 73,103 60,920 48,736 36,552 24,368

(12,184) (12,184) (12,184) (12,184) (12,184) (12,184)

73,103 60,920 48,736 36,552 24,368 12,184

85,287 74,626 65,298 57,136 49,994 43,745

87,928 77,723 68,702 60,728 53,680 47,450
264 233 206 182 161 142

127,800 85,200 42,600 0 0 0

(42,600) (42,600) (42,600)

85,200 42,600 0 0 0 0

127,800 95,850 71,888 53,916 40,437 30,328

131,756 99,827 75,635 57,306 43,418 32,896
395 299 227 172 130 99

7,969,466 7,550,021 7,130,575 6,711,130 6,291,684 5,872,238

 (419,446) (419,446) (419,446) (419,446) (419,446) (419,446)
7,550,021 7,130,575 6,711,130 6,291,684 5,872,238 5,452,793

83,626 151,454 148,851 159,801 173,520 185,944

1,817,452 1,786,211 1,917,615 2,082,240 2,231,326 2,537,689
(1,749,623) (1,788,815) (1,906,665) (2,068,522) (2,218,903) (2,512,159)
151,454 148,851 159,801 173,520 185,944 211,474

200,000 200,000 200,000 200,000 200,000 200,000

200,000 200,000 200,000 200,000 200,000 200,000

995,677 2,198,817 2,228,813 2,367,717 1,962,666 2,175,434

15,807,076 15,479,687 15,218,125 14,915,636 14,593,362 14,660,787
0 0 0 0 0 0

16,802,752 17,678,504 17,446,938 17,283,353 16,556,028 16,836,221

929,797 1,254,816 1,521,847 1,141,385 1,521,847 1,239,730
0 0 0 0 0 0

17,732,549 18,933,320 18,968,785 18,424,738 18,077,875 18,075,950

4,792,004 4,172,490 3,472,289 2,736,530 1,977,978 1,212,589
10,741,728 12,532,016 13,128,779 13,725,542 13,924,463 13,924,463

91,901,453 81,159,725 68,627,709 55,498,930 41,773,388 27,848,925

(10,741,728) (12,532,016) (13,128,779) (13,725,542) (13,924,463) (13,924,463)

81,159,725 68,627,709 55,498,930 41,773,388 27,848,925 13,924,463

12,532,016 13,128,779 13,725,542 13,924,463 13,924,463 13,924,463

68,627,709 55,498,930 41,773,388 27,848,925 13,924,463 0

429,420 396,599 343,263 284,457 222,916 159,551

4,759,182 4,119,154 3,413,483 2,674,989 1,914,614 1,148,768
(4,792,004) (4,172,490) (3,472,289) (2,736,530) (1,977,978) (1,212,589)
396,599 343,263 284,457 222,916 159,551 95,731

26,409,071 27,338,868 28,593,684 30,115,531 31,256,916 32,778,762

929,797 1,254,816 1,521,847 1,141,385 1,521,847 1,239,730
 929,797 1,254,816 1,521,847 1,141,385 1,521,847 1,239,730

27,338,868 28,593,684 30,115,531 31,256,916 32,778,762 34,018,492

0 0 0 0 0 0

117,709,530 111,735,023 105,833,080 99,447,822 93,688,245 88,578,289

8,251,168 8,320,337 8,462,070 8,077,888 8,319,387 9,210,508
2,198,817 2,228,813 2,367,717 1,962,666 2,175,434 2,938,899
6,052,351 6,091,524 6,094,353 6,115,222 6,143,953 6,271,609

109,458,362 103,414,686 97,371,010 91,369,934 85,368,858 79,367,782

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
100,250,038 94,680,591 89,111,145 83,541,698 77,972,251 72,402,805
73,103 60,920 48,736 36,552 24,368 12,184
85,200 42,600 0 0 0 0
7,550,021 7,130,575 6,711,130 6,291,684 5,872,238 5,452,793

0 0 0 0 0 0
0 0 0 0 0 0

117,709,530 111,735,023 105,833,080 99,447,822 93,688,245 88,578,289

13,080,069 13,620,893 14,169,800 14,320,898 14,269,958 14,231,667
151,454 148,851 159,801 173,520 185,944 211,474
396,599 343,263 284,457 222,916 159,551 95,731
12,532,016 13,128,779 13,725,542 13,924,463 13,924,463 13,924,463

95,966,577 84,092,614 71,888,918 59,105,841 46,703,225 34,018,492

68,627,709 55,498,930 41,773,388 27,848,925 13,924,463 0
27,338,868 28,593,684 30,115,531 31,256,916 32,778,762 34,018,492

8,662,883 14,021,517 19,774,361 26,021,083 32,715,062 40,328,130

200,000 200,000 200,000 200,000 200,000 200,000
8,462,883 13,821,517 19,574,361 25,821,083 32,515,062 40,128,130

36,314,105 36,549,145 36,566,116 36,691,332 36,863,717 37,629,651

36,314,105 36,549,145 36,566,116 36,691,332 36,863,717 37,629,651

(17,772,619) (18,766,439) (18,957,143) (19,198,519) (19,528,399) (19,828,089)

(701,324) (710,914) (720,635) (730,489) (740,478) (750,603)
(10,414,226) (10,633,329) (10,792,513) (10,986,778) (11,184,540) (11,419,849)
(1,092,146) (1,106,361) (1,114,098) (1,125,239) (1,136,492) (1,151,283)
(2,488,640) (2,521,029) (2,538,662) (2,564,048) (2,589,689) (2,623,393)
(1,213,929) (1,229,728) (1,238,329) (1,250,712) (1,263,219) (1,279,660)
(1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000)
0 (715,433) (715,433) (715,433) (737,582) (737,582)
0 0 0 0 (61,740) (61,740)
(35,066) (35,546) (36,032) (36,524) (37,024) (37,530)
 (327,286) (314,098) (301,441) (289,294) (277,637) (266,449)

18,541,487 17,782,706 17,608,973 17,492,813 17,335,318 17,801,562

(468,820) (475,031) (481,355) (487,787) (494,323) (500,961)

(418,236) (423,955) (429,752) (435,629) (441,585) (447,623)
(10,456) (10,599) (10,744) (10,891) (11,040) (11,191)
(20,912) (21,198) (21,488) (21,781) (22,079) (22,381)
(18,557) (18,747) (18,938) (19,132) (19,327) (19,525)
(395) (299) (227) (172) (130) (99)
(264) (233) (206) (182) (161) (142)

18,072,666 17,307,675 17,127,618 17,005,027 16,840,995 17,300,601

(5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447)
(42,600) (42,600) (42,600) 0 0 0
(12,184) (12,184) (12,184) (12,184) (12,184) (12,184)
(419,446) (419,446) (419,446) (419,446) (419,446) (419,446)

12,028,990 11,263,999 11,083,942 11,003,951 10,839,919 11,299,525

(4,759,182) (4,119,154) (3,413,483) (2,674,989) (1,914,614) (1,148,768)

7,269,808 7,144,845 7,670,459 8,328,962 8,925,306 10,150,757

(1,817,452) (1,786,211) (1,917,615) (2,082,240) (2,231,326) (2,537,689)

5,452,356 5,358,633 5,752,845 6,246,721 6,693,979 7,613,068

15,807,076 15,479,687 15,218,125 14,915,636 14,593,362 14,660,787

35,798,138 36,509,972 36,563,287 36,670,463 36,834,987 37,501,996
(17,772,619) (18,766,439) (18,957,143) (19,198,519) (19,528,399) (19,828,089)
(468,820) (475,031) (481,355) (487,787) (494,323) (500,961)
(1,749,623) (1,788,815) (1,906,665) (2,068,522) (2,218,903) (2,512,159)

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

15,807,076 15,479,687 15,218,125 14,915,636 14,593,362 14,660,787

(14,603,935) (15,449,691) (15,079,221) (15,320,687) (14,380,594) (13,897,322)

(15,533,733) (16,704,506) (16,601,068) (16,462,072) (15,902,441) (15,137,051)
929,797 1,254,816 1,521,847 1,141,385 1,521,847 1,239,730

995,677 2,198,817 2,228,813 2,367,717 1,962,666 2,175,434

1,203,140 29,996 138,904 (405,051) 212,768 763,465
2,198,817 2,228,813 2,367,717 1,962,666 2,175,434 2,938,899

18,072,666 17,307,675 17,127,618 17,005,027 16,840,995 17,300,601

4,792,004 4,172,490 3,472,289 2,736,530 1,977,978 1,212,589
15,533,733 16,704,506 16,601,068 16,462,072 15,902,441 15,137,051
36,001,752 42,615,201 49,889,892 57,277,998 65,493,824 74,346,622
28,451,731 35,484,626 43,178,762 50,986,314 59,621,586 68,893,829
81,159,725 68,627,709 55,498,930 41,773,388 27,848,925 13,924,463

51.06% 48.65% 48.16% 47.68% 47.03% 47.31%

33.12% 30.82% 30.31% 29.99% 29.41% 30.03%
49.77% 47.35% 46.84% 46.35% 45.68% 45.98%

0.63 0.61 0.60 0.56 0.58 0.65

2.25 1.61 1.11 0.73 0.43 0.19

4.49 3.97 3.24 2.46 1.65 0.80
2.85 1.93 1.29 0.82 0.47 0.20
1.16 1.04 1.03 1.03 1.06 1.14
3.77 4.15 4.93 6.21 8.51 14.27

17,556,699 17,268,502 17,124,789 16,984,157 16,812,265 17,172,946

15,807,076 15,479,687 15,218,125 14,915,636 14,593,362 14,660,787
15,533,733 16,704,506 16,601,068 16,462,072 15,902,441 15,137,051
273,343 (1,224,819) (1,382,943) (1,546,436) (1,309,079) (476,265)
Jul-29 Jul-30 Jul-31 Jul-32 Jul-33 Jul-34
365 365 365 366 365 365
30 30 30 30 30 30
0 10 0 0 10 0
0 0 0 0 2 0
335 335 335 336 335 335
12 12 12 12 12 12

0 1 0 0 1 0
0 0 0 0 1 0

108.01% 108.94% 109.88% 110.82% 111.78% 112.74%

113.00% 114.55% 116.11% 117.70% 119.31% 120.94%
109.37% 110.46% 111.57% 112.68% 113.81% 114.95%
117.42% 119.53% 121.68% 123.87% 126.10% 128.37%
109.37% 110.46% 111.57% 112.68% 113.81% 114.95%
109.37% 110.46% 111.57% 112.68% 113.81% 114.95%
109.37% 110.46% 111.57% 112.68% 113.81% 114.95%
113.93% 115.59% 117.28% 118.99% 120.72% 122.48%
109.58% 110.70% 111.83% 112.97% 114.12% 115.29%
109.58% 110.70% 111.83% 112.97% 114.12% 115.29%
109.58% 110.70% 111.83% 112.97% 114.12% 115.29%
109.58% 110.70% 111.83% 112.97% 114.12% 115.29%
106.48% 107.22% 107.98% 108.73% 109.49% 110.26%
106.00% 106.69% 107.39% 108.08% 108.79% 109.49%
105.53% 106.16% 106.80% 107.44% 108.09% 108.74%

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
 0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

273,822 277,566 281,362 285,209 289,109 293,062

13,560 13,746 13,934 14,124 14,317 14,513
40,681 41,237 41,801 42,372 42,952 43,539
 62,844 63,704 64,575 65,458 66,353 67,260
91,648 92,901 94,172 95,459 96,765 98,088
32,544 32,989 33,441 33,898 34,361 34,831
32,544 32,989 33,441 33,898 34,361 34,831
406,805 412,368 418,007 423,722 429,516 435,389

453,744 459,949 466,238 472,613 479,076 485,626

273,822 277,566 281,362 285,209 289,109 293,062
9,040 9,164 9,289 9,416 9,545 9,675
45,637 46,261 46,894 47,535 48,185 48,844
22,819 23,131 23,447 23,767 24,092 24,422
22,819 23,131 23,447 23,767 24,092 24,422
18,255 18,504 18,757 19,014 19,274 19,537
10,953 11,103 11,254 11,408 11,564 11,722
2,738 2,776 2,814 2,852 2,891 2,931
7,856 7,963 8,072 8,182 8,294 8,408
9,819 9,954 10,090 10,228 10,368 10,509
29,987 30,397 30,813 31,234 31,661 32,094

760,866 771,270 781,817 792,507 803,344 814,328

406,805 412,368 418,007 423,722 429,516 435,389
67,801 68,728 69,668 70,620 71,586 72,565
33,900 34,364 34,834 35,310 35,793 36,282
33,900 34,364 34,834 35,310 35,793 36,282
27,120 27,491 27,867 28,248 28,634 29,026
16,272 16,495 16,720 16,949 17,181 17,416
4,068 4,124 4,180 4,237 4,295 4,354
19,639 19,907 20,180 20,456 20,735 21,019
24,549 24,884 25,225 25,569 25,919 26,274
126,811 128,545 130,303 132,084 133,891 135,721

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

209,040 209,040 209,040 209,664 209,040 209,040

96.94% 96.44% 95.94% 95.44% 95.06% 95.96%
202,638 201,593 200,548 200,098 198,722 200,591
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
202,638 201,593 200,548 200,098 198,722 200,591
141,021,600 141,021,600 141,021,600 141,442,560 141,021,600 141,021,600
11,590,807 11,799,442 12,011,832 12,264,546 12,448,149 12,672,216

19,724 19,925 20,129 20,335 20,542 20,752

1,608,203 1,624,285 1,640,528 1,656,933 1,673,503 1,690,238
0 2,281,247 0 0 2,351,870 0
0 0 0 0 393,728 0

6,271,609 6,274,355 6,295,674 6,316,895 6,356,934 6,367,520

37,646,133 37,774,042 37,901,368 38,141,606 38,205,121 38,896,101
(37,643,386) (37,752,724) (37,880,147) (38,101,566) (38,194,535) (38,780,938)
6,274,355 6,295,674 6,316,895 6,356,934 6,367,520 6,482,684

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000

72,402,805 66,833,358 61,263,912 55,694,465 50,125,019 44,555,572

0 0 0 0 0 0

(5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447)

66,833,358 61,263,912 55,694,465 50,125,019 44,555,572 38,986,126

77,787,045 73,897,692 70,202,808 66,692,667 63,358,034 60,190,132

85,237,385 81,802,650 78,506,321 75,342,822 72,306,799 69,393,116
255,712 245,408 235,519 226,028 216,920 208,179

12,184 0 0 0 0 0

(12,184)
0 0 0 0 0 0

38,277 33,492 29,305 25,642 22,437 19,632

41,943 37,075 32,772 28,968 25,606 22,634
126 111 98 87 77 68

0 0 0 0 0 0

0 0 0 0 0 0

22,746 17,059 12,794 9,596 7,197 5,398

24,924 18,884 14,308 10,840 8,213 6,223
75 57 43 33 25 19

5,452,793 5,033,347 4,613,902 4,194,456 3,775,010 3,355,565

 (419,446) (419,446) (419,446) (419,446) (419,446) (419,446)
5,033,347 4,613,902 4,194,456 3,775,010 3,355,565 2,936,119

211,474 223,333 228,191 225,179 223,329 219,293

2,679,999 2,738,297 2,702,149 2,679,944 2,631,518 2,732,498
(2,668,140) (2,733,439) (2,705,161) (2,681,794) (2,635,553) (2,724,083)
223,333 228,191 225,179 223,329 219,293 227,708

200,000 200,000 200,000 200,000 200,000 200,000

200,000 200,000 200,000 200,000 200,000 200,000

2,938,899 3,000,802 17,156,216 31,227,322 45,214,156 59,082,980

14,433,109 14,187,324 14,071,106 13,986,833 13,868,824 14,079,637
0 0 0 0 0 0

17,372,008 17,188,126 31,227,322 45,214,156 59,082,980 73,162,617

0 0 0 0 0 0
0 0 0 0 0 0

17,372,008 17,188,126 31,227,322 45,214,156 59,082,980 73,162,617

446,743 31,910 0 0 0 0
13,924,463

13,924,463 0 0 0 0 0

(13,924,463)
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0

95,731 31,910 0 0 0 0
382,923 0 0 0 0 0
(446,743) (31,910) 0 0 0 0
31,910 0 0 0 0 0

34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492

0 0 0 0 0 0
34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492

0 0 0 0 0 0

82,641,863 90,829,703 98,933,138 106,971,119 114,861,637 123,067,546

9,275,158 23,451,890 37,544,217 51,571,090 65,450,500 79,645,301
3,000,802 17,156,216 31,227,322 45,214,156 59,082,980 73,162,617
6,274,355 6,295,674 6,316,895 6,356,934 6,367,520 6,482,684

73,366,706 67,377,814 61,388,921 55,400,029 49,411,137 43,422,245

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
66,833,358 61,263,912 55,694,465 50,125,019 44,555,572 38,986,126
0 0 0 0 0 0
0 0 0 0 0 0
5,033,347 4,613,902 4,194,456 3,775,010 3,355,565 2,936,119

0 0 0 0 0 0
0 0 0 0 0 0

82,641,863 90,829,703 98,933,138 106,971,119 114,861,637 123,067,546

255,244 228,191 225,179 223,329 219,293 227,708
223,333 228,191 225,179 223,329 219,293 227,708
31,910 0 0 0 0 0
0 0 0 0 0 0

34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492

0 0 0 0 0 0
34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492

48,368,128 56,583,020 64,689,467 72,729,299 80,623,852 88,821,345

200,000 200,000 200,000 200,000 200,000 200,000
48,168,128 56,383,020 64,489,467 72,529,299 80,423,852 88,621,345

37,646,133 37,774,042 37,901,368 38,141,606 38,205,121 38,896,101

37,646,133 37,774,042 37,901,368 38,141,606 38,205,121 38,896,101

(20,034,437) (20,317,423) (20,582,403) (20,904,425) (21,154,507) (21,434,330)

(760,866) (771,270) (781,817) (792,507) (803,344) (814,328)
(11,590,807) (11,799,442) (12,011,832) (12,264,546) (12,448,149) (12,672,216)
(1,159,335) (1,170,929) (1,182,638) (1,198,030) (1,206,409) (1,218,473)
(2,641,742) (2,668,159) (2,694,841) (2,729,914) (2,749,007) (2,776,497)
(1,288,610) (1,301,496) (1,314,511) (1,331,620) (1,340,933) (1,354,342)
(1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000)
(737,582) (760,416) (760,416) (760,416) (783,957) (783,957)
(61,740) (61,740) (61,740) (61,740) (65,621) (65,621)
(38,043) (38,564) (39,091) (39,625) (40,167) (40,716)
 (255,712) (245,408) (235,519) (226,028) (216,920) (208,179)

17,611,696 17,456,620 17,318,965 17,237,180 17,050,613 17,461,771

(507,700) (514,538) (521,476) (528,513) (535,650) (542,887)

(453,744) (459,949) (466,238) (472,613) (479,076) (485,626)
(11,344) (11,499) (11,656) (11,815) (11,977) (12,141)
(22,687) (22,997) (23,312) (23,631) (23,954) (24,281)
(19,724) (19,925) (20,129) (20,335) (20,542) (20,752)
(75) (57) (43) (33) (25) (19)
(126) (111) (98) (87) (77) (68)

17,103,996 16,942,082 16,797,489 16,708,667 16,514,963 16,918,884

(5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447)
0 0 0 0 0 0
(12,184) 0 0 0 0 0
(419,446) (419,446) (419,446) (419,446) (419,446) (419,446)

11,102,920 10,953,189 10,808,596 10,719,775 10,526,071 10,929,991

(382,923) 0 0 0 0 0

10,719,997 10,953,189 10,808,596 10,719,775 10,526,071 10,929,991

(2,679,999) (2,738,297) (2,702,149) (2,679,944) (2,631,518) (2,732,498)

8,039,998 8,214,892 8,106,447 8,039,831 7,894,553 8,197,494

14,433,109 14,187,324 14,071,106 13,986,833 13,868,824 14,079,637

37,643,386 37,752,724 37,880,147 38,101,566 38,194,535 38,780,938
(20,034,437) (20,317,423) (20,582,403) (20,904,425) (21,154,507) (21,434,330)
(507,700) (514,538) (521,476) (528,513) (535,650) (542,887)
(2,668,140) (2,733,439) (2,705,161) (2,681,794) (2,635,553) (2,724,083)

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

14,433,109 14,187,324 14,071,106 13,986,833 13,868,824 14,079,637

(14,371,206) (31,910) 0 0 0 0
(14,371,206) (31,910) 0 0 0 0
0 0 0 0 0 0

2,938,899 3,000,802 17,156,216 31,227,322 45,214,156 59,082,980

61,903 14,155,414 14,071,106 13,986,833 13,868,824 14,079,637
3,000,802 17,156,216 31,227,322 45,214,156 59,082,980 73,162,617

17,103,996 16,942,082 16,797,489 16,708,667 16,514,963 16,918,884

446,743 31,910 0 0 0 0
14,371,206 31,910 0 0 0 0
82,386,620 90,601,512 98,707,959 106,747,791 114,642,344 122,839,837
77,353,273 85,987,610 94,513,503 102,972,780 111,286,779 119,903,718
0 0 0 0 0 0

46.78% 46.21% 45.69% 45.19% 44.63% 44.89%

29.49% 29.00% 28.52% 28.11% 27.55% 28.10%
45.43% 44.85% 44.32% 43.81% 43.23% 43.50%

36.34 102.77 166.73 230.92 298.46 349.77

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
1.19 530.93 N/A N/A N/A N/A
38.29 530.93 N/A N/A N/A N/A

17,101,249 16,920,763 16,776,268 16,668,627 16,504,377 16,803,720

14,433,109 14,187,324 14,071,106 13,986,833 13,868,824 14,079,637
14,371,206 31,910 0 0 0 0
61,903 14,155,414 14,071,106 13,986,833 13,868,824 14,079,637
Jul-35 Jul-36 Jul-37 Jul-38 Jul-39 Jul-40
365 366 365 365 365 366
30 30 30 30 30 30
0 10 0 0 10 0
0 0 0 0 2 0
335 336 335 335 335 336
12 12 12 12 12 12

0 1 0 0 1 0
0 0 0 0 1 0

113.71% 114.68% 115.67% 116.67% 117.67% 118.68%

122.60% 124.27% 125.97% 127.69% 129.44% 131.21%
116.10% 117.26% 118.43% 119.61% 120.81% 122.02%
130.68% 133.03% 135.43% 137.87% 140.35% 142.87%
116.10% 117.26% 118.43% 119.61% 120.81% 122.02%
116.10% 117.26% 118.43% 119.61% 120.81% 122.02%
116.10% 117.26% 118.43% 119.61% 120.81% 122.02%
124.27% 126.09% 127.93% 129.79% 131.69% 133.61%
116.47% 117.66% 118.86% 120.07% 121.30% 122.54%
116.47% 117.66% 118.86% 120.07% 121.30% 122.54%
116.47% 117.66% 118.86% 120.07% 121.30% 122.54%
116.47% 117.66% 118.86% 120.07% 121.30% 122.54%
111.03% 111.81% 112.59% 113.38% 114.17% 114.97%
110.21% 110.92% 111.64% 112.37% 113.10% 113.83%
109.39% 110.04% 110.70% 111.37% 112.04% 112.71%

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
 0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

297,069 301,132 305,249 309,423 313,654 317,943

14,711 14,913 15,117 15,323 15,533 15,745
44,134 44,738 45,350 45,970 46,598 47,235
 68,180 69,112 70,057 71,015 71,986 72,971
99,429 100,789 102,167 103,564 104,980 106,415
35,307 35,790 36,280 36,776 37,279 37,788
35,307 35,790 36,280 36,776 37,279 37,788
441,343 447,378 453,495 459,696 465,982 472,354

492,267 498,998 505,821 512,738 519,749 526,856

297,069 301,132 305,249 309,423 313,654 317,943
9,808 9,942 10,078 10,215 10,355 10,497
49,512 50,189 50,875 51,571 52,276 52,990
24,756 25,094 25,437 25,785 26,138 26,495
24,756 25,094 25,437 25,785 26,138 26,495
19,805 20,075 20,350 20,628 20,910 21,196
11,883 12,045 12,210 12,377 12,546 12,718
2,971 3,011 3,052 3,094 3,137 3,179
8,522 8,639 8,757 8,877 8,998 9,121
10,653 10,799 10,946 11,096 11,248 11,402
32,533 32,978 33,429 33,886 34,349 34,819

825,463 836,751 848,192 859,790 871,547 883,464

441,343 447,378 453,495 459,696 465,982 472,354
73,557 74,563 75,583 76,616 77,664 78,726
36,779 37,281 37,791 38,308 38,832 39,363
36,779 37,281 37,791 38,308 38,832 39,363
29,423 29,825 30,233 30,646 31,065 31,490
17,654 17,895 18,140 18,388 18,639 18,894
4,413 4,474 4,535 4,597 4,660 4,724
21,306 21,598 21,893 22,192 22,496 22,803
26,633 26,997 27,366 27,740 28,120 28,504
137,577 139,458 141,365 143,298 145,258 147,244

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

209,040 209,664 209,040 209,040 209,040 209,664

95.46% 94.96% 94.46% 93.96% 93.59% 94.48%
199,546 199,093 197,456 196,411 195,630 198,089
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
199,546 199,093 197,456 196,411 195,630 198,089
141,021,600 141,442,560 141,021,600 141,021,600 141,021,600 141,442,560
12,900,316 13,171,723 13,368,907 13,609,547 13,854,519 14,146,002

20,964 21,178 21,395 21,613 21,834 22,057

1,707,140 1,724,211 1,741,453 1,758,868 1,776,457 1,794,221
0 2,424,679 0 0 2,499,742 0
0 0 0 0 418,484 0

6,482,684 6,504,365 6,545,421 6,547,406 6,568,758 6,598,930

39,026,193 39,272,528 39,284,438 39,412,550 39,593,579 40,435,953
(39,004,511) (39,231,472) (39,282,453) (39,391,198) (39,563,408) (40,295,557)
6,504,365 6,545,421 6,547,406 6,568,758 6,598,930 6,739,325

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000

38,986,126 33,416,679 27,847,233 22,277,786 16,708,340 11,138,893

0 0 0 0 0 0

(5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447)

33,416,679 27,847,233 22,277,786 16,708,340 11,138,893 5,569,447

57,180,626 54,321,594 51,605,515 49,025,239 46,573,977 44,245,278

66,596,843 63,913,250 61,337,794 58,866,120 56,494,044 54,217,554
199,791 191,740 184,013 176,598 169,482 162,653

0 0 0 0 0 0

0 0 0 0 0 0

17,178 15,031 13,152 11,508 10,070 8,811

20,007 17,685 15,633 13,818 12,214 10,797
60 53 47 41 37 32

0 0 0 0 0 0

0 0 0 0 0 0

4,048 3,036 2,277 1,708 1,281 961

4,715 3,572 2,707 2,051 1,554 1,177
14 11 8 6 5 4

2,936,119 2,516,674 2,097,228 1,677,782 1,258,337 838,891

 (419,446) (419,446) (419,446) (419,446) (419,446) (419,446)
2,516,674 2,097,228 1,677,782 1,258,337 838,891 419,446

227,708 224,330 221,603 216,699 212,948 209,579

2,691,962 2,659,237 2,600,392 2,555,379 2,514,945 2,630,990
(2,695,340) (2,661,964) (2,605,296) (2,559,130) (2,518,315) (2,621,319)
224,330 221,603 216,699 212,948 209,579 219,249

200,000 200,000 200,000 200,000 200,000 200,000

200,000 200,000 200,000 200,000 200,000 200,000

73,162,617 87,202,336 101,125,158 114,908,336 128,538,261 142,038,448

14,039,719 13,922,821 13,783,178 13,629,925 13,500,187 13,751,136
0 0 0 0 0 0

87,202,336 101,125,158 114,908,336 128,538,261 142,038,448 155,789,583

0 0 0 0 0 0
0 0 0 0 0 0

87,202,336 101,125,158 114,908,336 128,538,261 142,038,448 155,789,583

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492

0 0 0 0 0 0
 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492

0 0 0 0 0 0

131,140,054 139,115,040 146,911,311 154,573,696 162,115,162 170,017,801

93,706,702 107,670,579 121,455,742 135,107,020 148,637,378 162,528,909
87,202,336 101,125,158 114,908,336 128,538,261 142,038,448 155,789,583
6,504,365 6,545,421 6,547,406 6,568,758 6,598,930 6,739,325

37,433,353 31,444,461 25,455,569 19,466,676 13,477,784 7,488,892

1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
33,416,679 27,847,233 22,277,786 16,708,340 11,138,893 5,569,447
0 0 0 0 0 0
0 0 0 0 0 0
2,516,674 2,097,228 1,677,782 1,258,337 838,891 419,446

0 0 0 0 0 0
0 0 0 0 0 0

131,140,054 139,115,040 146,911,311 154,573,696 162,115,162 170,017,801

224,330 221,603 216,699 212,948 209,579 219,249
224,330 221,603 216,699 212,948 209,579 219,249
0 0 0 0 0 0
0 0 0 0 0 0

34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492

0 0 0 0 0 0
34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492

96,897,232 104,874,945 112,676,120 120,342,256 127,887,091 135,780,060

200,000 200,000 200,000 200,000 200,000 200,000
96,697,232 104,674,945 112,476,120 120,142,256 127,687,091 135,580,060

39,026,193 39,272,528 39,284,438 39,412,550 39,593,579 40,435,953

39,026,193 39,272,528 39,284,438 39,412,550 39,593,579 40,435,953

(21,719,226) (22,089,021) (22,328,772) (22,629,289) (22,964,301) (23,334,640)

(825,463) (836,751) (848,192) (859,790) (871,547) (883,464)
(12,900,316) (13,171,723) (13,368,907) (13,609,547) (13,854,519) (14,146,002)
(1,230,658) (1,246,675) (1,255,394) (1,267,948) (1,280,627) (1,297,295)
(2,804,262) (2,840,759) (2,860,628) (2,889,234) (2,918,126) (2,956,105)
(1,367,886) (1,385,689) (1,395,380) (1,409,334) (1,423,427) (1,441,953)
(1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000)
(783,957) (808,226) (808,226) (808,226) (833,247) (833,247)
(65,621) (65,621) (65,621) (65,621) (69,747) (69,747)
(41,273) (41,838) (42,410) (42,990) (43,577) (44,173)
 (199,791) (191,740) (184,013) (176,598) (169,482) (162,653)

17,306,966 17,183,507 16,955,666 16,783,261 16,629,278 17,101,313

(550,225) (557,665) (565,207) (572,854) (580,605) (588,463)

(492,267) (498,998) (505,821) (512,738) (519,749) (526,856)
(12,307) (12,475) (12,646) (12,818) (12,994) (13,171)
(24,613) (24,950) (25,291) (25,637) (25,987) (26,343)
(20,964) (21,178) (21,395) (21,613) (21,834) (22,057)
(14) (11) (8) (6) (5) (4)
(60) (53) (47) (41) (37) (32)

16,756,741 16,625,842 16,390,459 16,210,407 16,048,673 16,512,850

(5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447) (5,569,447)
0 0 0 0 0 0
0 0 0 0 0 0
(419,446) (419,446) (419,446) (419,446) (419,446) (419,446)

10,767,849 10,636,950 10,401,567 10,221,515 10,059,781 10,523,958

0 0 0 0 0 0

10,767,849 10,636,950 10,401,567 10,221,515 10,059,781 10,523,958

(2,691,962) (2,659,237) (2,600,392) (2,555,379) (2,514,945) (2,630,990)

8,075,887 7,977,712 7,801,175 7,666,136 7,544,835 7,892,969

14,039,719 13,922,821 13,783,178 13,629,925 13,500,187 13,751,136

39,004,511 39,231,472 39,282,453 39,391,198 39,563,408 40,295,557
(21,719,226) (22,089,021) (22,328,772) (22,629,289) (22,964,301) (23,334,640)
(550,225) (557,665) (565,207) (572,854) (580,605) (588,463)
(2,695,340) (2,661,964) (2,605,296) (2,559,130) (2,518,315) (2,621,319)

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

14,039,719 13,922,821 13,783,178 13,629,925 13,500,187 13,751,136

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

73,162,617 87,202,336 101,125,158 114,908,336 128,538,261 142,038,448

14,039,719 13,922,821 13,783,178 13,629,925 13,500,187 13,751,136
87,202,336 101,125,158 114,908,336 128,538,261 142,038,448 155,789,583

16,756,741 16,625,842 16,390,459 16,210,407 16,048,673 16,512,850

0 0 0 0 0 0
0 0 0 0 0 0
130,915,724 138,893,436 146,694,612 154,360,748 161,905,583 169,798,552
 128,399,051 136,796,208 145,016,829 153,102,411 161,066,692 169,379,106
0 0 0 0 0 0

44.35% 43.75% 43.16% 42.58% 42.00% 42.29%

27.59% 27.08% 26.48% 25.93% 25.41% 26.03%
42.94% 42.33% 41.72% 41.13% 40.53% 40.84%

417.72 485.87 560.48 634.46 709.22 741.30

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A

16,735,059 16,584,786 16,388,474 16,189,055 16,018,501 16,372,455

14,039,719 13,922,821 13,783,178 13,629,925 13,500,187 13,751,136
0 0 0 0 0 0
14,039,719 13,922,821 13,783,178 13,629,925 13,500,187 13,751,136
Jul-41 Jul-42 Jul-43 Jul-44 Jul-45 Jul-46 :
365 365 365 366 365 365 :
30 30 30 30 30 30 :
0 10 0 0 10 0 :
0 0 0 0 2 0 :
335 335 335 336 335 335 :
12 12 12 12 12 12 :
:
0 1 0 0 1 0 :
0 0 0 0 1 0 :
:
:
119.70% 120.73% 121.77% 122.82% 123.87% 124.94% :
133.00% 134.82% 136.67% 138.53% 140.43% 142.35% :
123.24% 124.47% 125.72% 126.97% 128.24% 129.53% :
145.45% 148.06% 150.73% 153.44% 156.20% 159.02% :
123.24% 124.47% 125.72% 126.97% 128.24% 129.53% :
123.24% 124.47% 125.72% 126.97% 128.24% 129.53% :
123.24% 124.47% 125.72% 126.97% 128.24% 129.53% :
135.56% 137.54% 139.54% 141.58% 143.64% 145.74% :
123.79% 125.05% 126.33% 127.62% 128.93% 130.24% :
123.79% 125.05% 126.33% 127.62% 128.93% 130.24% :
123.79% 125.05% 126.33% 127.62% 128.93% 130.24% :
123.79% 125.05% 126.33% 127.62% 128.93% 130.24% :
115.78% 116.59% 117.40% 118.22% 119.05% 119.89% :
114.57% 115.32% 116.07% 116.82% 117.58% 118.35% :
113.39% 114.07% 114.75% 115.44% 116.13% 116.83% :
:
:
:
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
:
:
:
0 0 0 0 0 0 :
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
322,290 326,697 331,165 335,693 340,283 344,936 :
15,960 16,179 16,400 16,624 16,851 17,082 :
47,881 48,536 49,200 49,872 50,554 51,246 :
 73,968 74,980 76,005 77,044 78,098 79,166 :
107,870 109,345 110,841 112,356 113,893 115,450 :
38,305 38,829 39,360 39,898 40,443 40,997 :
38,305 38,829 39,360 39,898 40,443 40,997 :
478,813 485,360 491,997 498,724 505,544 512,456 :
:
:
534,060 541,363 548,765 556,269 563,875 571,585 :
322,290 326,697 331,165 335,693 340,283 344,936 :
10,640 10,786 10,933 11,083 11,234 11,388 :
53,715 54,450 55,194 55,949 56,714 57,489 :
26,858 27,225 27,597 27,974 28,357 28,745 :
26,858 27,225 27,597 27,974 28,357 28,745 :
21,486 21,780 22,078 22,380 22,686 22,996 :
12,892 13,068 13,247 13,428 13,611 13,797 :
3,223 3,267 3,312 3,357 3,403 3,449 :
9,246 9,372 9,501 9,631 9,762 9,896 :
11,558 11,716 11,876 12,038 12,203 12,370 :
35,295 35,778 36,267 36,763 37,265 37,775 :
:
:
895,545 907,790 920,203 932,786 945,541 958,470 :
478,813 485,360 491,997 498,724 505,544 512,456 :
79,802 80,893 81,999 83,121 84,257 85,409 :
39,901 40,447 41,000 41,560 42,129 42,705 :
39,901 40,447 41,000 41,560 42,129 42,705 :
31,921 32,357 32,800 33,248 33,703 34,164 :
19,153 19,414 19,680 19,949 20,222 20,498 :
4,788 4,854 4,920 4,987 5,055 5,125 :
23,115 23,431 23,752 24,076 24,406 24,739 :
28,894 29,289 29,689 30,095 30,507 30,924 :
149,257 151,298 153,367 155,464 157,590 159,745 :
:
:
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% :
:
209,040 209,040 209,040 209,664 209,040 209,040 :
93.98% 93.48% 92.98% 92.48% 92.11% 93.00% :
196,454 195,409 194,364 193,896 192,538 194,407 :
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% :
196,454 195,409 194,364 193,896 192,538 194,407 :
141,021,600 141,021,600 141,021,600 141,442,560 141,021,600 141,021,600 :
14,357,771 14,616,211 14,879,302 15,192,345 15,419,778 15,697,334 :
:
:
22,282 22,510 22,740 22,972 23,207 23,444 :
1,812,163 1,830,285 1,848,588 1,867,074 1,885,745 1,904,602 :
0 2,577,129 0 0 2,656,911 0 :
0 0 0 0 444,795 0 :
:
:
:
6,739,325 6,741,188 6,762,989 6,784,666 6,826,532 6,837,041 :
40,447,130 40,577,933 40,707,994 40,959,193 41,022,247 41,776,677 :
(40,445,267) (40,556,132) (40,686,317) (40,917,327) (41,011,738) (41,650,938) :
6,741,188 6,762,989 6,784,666 6,826,532 6,837,041 6,962,779 :
:
:
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 :
:
:
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 :
:
:
5,569,447 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
:
:
(5,569,447) :
0 0 0 0 0 0 :
:
:
42,033,014 39,931,364 37,934,795 36,038,056 34,236,153 32,524,345 :
52,032,797 49,936,078 47,923,848 45,992,703 44,139,376 42,360,731 :
156,098 149,808 143,772 137,978 132,418 127,082 :
:
:
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
:
:
7,710 6,746 5,903 5,165 4,519 3,954 :
9,544 8,436 7,457 6,591 5,826 5,150 :
29 25 22 20 17 15 :
:
:
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
:
:
720 540 405 304 228 171 :
892 676 512 388 294 223 :
3 2 2 1 1 1 :
:
:
419,446 (0) (0) (0) (0) (0) :
:
:
:
:
:
:
 (419,446) :
(0) (0) (0) (0) (0) (0) :
:
:
219,249 213,947 334,019 329,724 326,522 321,250 :
2,567,359 4,008,226 3,956,692 3,918,266 3,855,003 3,955,111 :
(2,572,662) (3,888,154) (3,960,986) (3,921,468) (3,860,275) (3,946,769) :
213,947 334,019 329,724 326,522 321,250 329,593 :
:
:
200,000 200,000 200,000 200,000 200,000 200,000 :
:
:
200,000 200,000 200,000 200,000 200,000 200,000 :
:
:
:
155,789,583 169,473,388 181,596,338 193,440,441 205,150,171 216,699,400 :
13,683,805 12,122,949 11,844,103 11,709,730 11,549,229 11,747,937 :
0 0 0 0 0 0 :
:
169,473,388 181,596,338 193,440,441 205,150,171 216,699,400 228,447,337 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
169,473,388 181,596,338 193,440,441 205,150,171 216,699,400 228,447,337 :
0 0 0 0 0 0 :
:
:
:
0 0 0 0 0 0 :
:
:
:
:
:
:
0 0 0 0 0 0 :
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 :
0 0 0 0 0 0 :
:
:
:
 :
:
:
:
34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 :
:
0 0 0 0 0 0 :
:
:
177,714,577 189,859,326 201,725,106 213,476,703 225,036,441 236,910,117 :
176,214,577 188,359,326 200,225,106 211,976,703 223,536,441 235,410,117 :
169,473,388 181,596,338 193,440,441 205,150,171 216,699,400 228,447,337 :
6,741,188 6,762,989 6,784,666 6,826,532 6,837,041 6,962,779 :
:
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 :
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
(0) (0) (0) (0) (0) (0) :
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
177,714,577 189,859,326 201,725,106 213,476,703 225,036,441 236,910,117 :
213,947 334,019 329,724 326,522 321,250 329,593 :
213,947 334,019 329,724 326,522 321,250 329,593 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 :
0 0 0 0 0 0 :
34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 34,018,492 :
:
143,482,138 155,506,816 167,376,890 179,131,689 190,696,699 202,562,032 :
200,000 200,000 200,000 200,000 200,000 200,000 :
143,282,138 155,306,816 167,176,890 178,931,689 190,496,699 202,362,032 :
:
:
40,447,130 40,577,933 40,707,994 40,959,193 41,022,247 41,776,677 :
:
:
40,447,130 40,577,933 40,707,994 40,959,193 41,022,247 41,776,677 :
:
(23,592,373) (23,940,528) (24,268,542) (24,665,146) (24,972,842) (25,318,319) :
(895,545) (907,790) (920,203) (932,786) (945,541) (958,470) :
(14,357,771) (14,616,211) (14,879,302) (15,192,345) (15,419,778) (15,697,334) :
(1,306,368) (1,319,432) (1,332,626) (1,349,970) (1,359,412) (1,373,006) :
(2,976,780) (3,006,548) (3,036,614) (3,076,135) (3,097,650) (3,128,626) :
(1,452,038) (1,466,559) (1,481,224) (1,500,502) (1,510,997) (1,526,107) :
(1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) :
(833,247) (859,043) (859,043) (859,043) (885,637) (885,637) :
(69,747) (69,747) (69,747) (69,747) (74,133) (74,133) :
(44,777) (45,390) (46,010) (46,639) (47,277) (47,923) :
 (156,098) (149,808) (143,772) (137,978) (132,418) (127,082) :
:
16,854,758 16,637,405 16,439,452 16,294,047 16,049,404 16,458,358 :
:
(596,428) (604,502) (612,686) (620,982) (629,391) (637,914) :
(534,060) (541,363) (548,765) (556,269) (563,875) (571,585) :
(13,351) (13,534) (13,719) (13,907) (14,097) (14,290) :
(26,703) (27,068) (27,438) (27,813) (28,194) (28,579) :
(22,282) (22,510) (22,740) (22,972) (23,207) (23,444) :
(3) (2) (2) (1) (1) (1) :
(29) (25) (22) (20) (17) (15) :
:
16,258,330 16,032,903 15,826,766 15,673,065 15,420,014 15,820,444 :
(5,569,447) 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
(419,446) 0 0 0 0 0 :
:
10,269,438 16,032,903 15,826,766 15,673,065 15,420,014 15,820,444 :
0 0 0 0 0 0 :
:
10,269,438 16,032,903 15,826,766 15,673,065 15,420,014 15,820,444 :
(2,567,359) (4,008,226) (3,956,692) (3,918,266) (3,855,003) (3,955,111) :
:
7,702,078 12,024,677 11,870,075 11,754,799 11,565,010 11,865,333 :
:
:
13,683,805 12,122,949 11,844,103 11,709,730 11,549,229 11,747,937 :
40,445,267 40,556,132 40,686,317 40,917,327 41,011,738 41,650,938 :
(23,592,373) (23,940,528) (24,268,542) (24,665,146) (24,972,842) (25,318,319) :
(596,428) (604,502) (612,686) (620,982) (629,391) (637,914) :
(2,572,662) (3,888,154) (3,960,986) (3,921,468) (3,860,275) (3,946,769) :
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
13,683,805 12,122,949 11,844,103 11,709,730 11,549,229 11,747,937 :
:
0 0 0 0 0 0 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
:
:
155,789,583 169,473,388 181,596,338 193,440,441 205,150,171 216,699,400 :
13,683,805 12,122,949 11,844,103 11,709,730 11,549,229 11,747,937 :
169,473,388 181,596,338 193,440,441 205,150,171 216,699,400 228,447,337 :
:
:
16,258,330 16,032,903 15,826,766 15,673,065 15,420,014 15,820,444 :
0 0 0 0 0 0 :
0 0 0 0 0 0 :
177,500,630 189,525,308 201,395,382 213,150,181 224,715,191 236,580,524 :
 177,500,630 189,525,308 201,395,382 213,150,181 224,715,191 236,580,524 :
0 0 0 0 0 0 :
:
41.67% 41.00% 40.38% 39.78% 39.12% 39.40% :
25.39% 39.51% 38.88% 38.27% 37.59% 37.87% :
40.20% 39.51% 38.88% 38.27% 37.59% 37.87% :
:
823.64 563.92 607.25 649.20 695.83 714.25 :
:
0.00 0.00 0.00 0.00 0.00 0.00 :
0.00 0.00 0.00 0.00 0.00 0.00 :
0.00 0.00 0.00 0.00 0.00 0.00 :
N/A N/A N/A N/A N/A N/A :
N/A N/A N/A N/A N/A N/A :
:
16,256,467 :
13,683,805 :
0 :
13,683,805 :
:
:
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:
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:
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 25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

0
Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Aug-26

Pri nci pal Interest CADS

30.00% 90.00% 105.00% 110.00%

Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25

CADS 1,690,377 4,105,684 9,725,184 17,732,549 18,933,320 18,968,785
Interest 1,290,377 3,705,684 5,148,931 4,792,004 4,172,490 3,472,289
Principal 0 0 3,580,576 10,741,728 12,532,016 13,128,779
Cads-loan 995,677 2,198,817 2,228,813 2,367,717
3.75% 11.25% 13.13% 13.75%

Gross Profit Margin 47.18% 51.06% 48.65% 48.16%

Operating Margin 27.60% 33.12% 30.82% 30.31%
EBITDA Margin 41.97% 49.77% 47.35% 46.84%

Current Ratio 0.58 0.63 0.61 0.60

Debt to Equity 3.10 2.25 1.61 1.11

Debt to EBITDA 6.04 4.49 3.97 3.24
Debt to Net Tangible Assets 4.24 2.85 1.93 1.29
EBITDA to Debt Servicing 1.74 1.16 1.04 1.03
EBITDA to Interest Coverage 2.95 3.77 4.15 4.93

CADS/Loan payment 1.11 1.14 1.13 1.14

Aug-25 Aug-26 Aug-27 Aug-28 Aug-29 Aug-30 Aug-31

Interest CADS

115.00%

Aug-26 Aug-27 Aug-28 Aug-29 Aug-30 Aug-31

18,424,738 18,077,875 18,075,950 17,372,008 17,188,126 31,227,322
2,736,530 1,977,978 1,212,589 478,653 0 0 28,987,526
13,725,542 13,924,463 13,924,463 13,924,463 0 0 95,482,029
1,962,666 2,175,434 2,938,899 2,968,892
14.38% 14.58% 14.58% 14.58% 124,469,555

47.68% 47.03% 47.31% 46.78% 46.21% 45.69%

29.99% 29.41% 30.03% 29.49% 29.00% 28.52%
46.35% 45.68% 45.98% 45.43% 44.85% 44.32%

0.56 0.58 0.65 36.34 102.77 166.73

0.73 0.43 0.19 0.00 0.00 0.00

2.46 1.65 0.80 0.00 0.00 0.00
0.82 0.47 0.20 0.00 0.00 0.00
1.03 1.06 1.14 1.19 530.93 N/A
6.21 8.51 14.27 38.29 530.93 N/A

1.12 1.14 1.19 1.21