ABOUT THE CO

TVS Motor Company Limited (TVS) is an Indian multin

Chennai, India. It is the third largest motorcycle com
crore (US$2.8 billion) in 2018–19. The company has a
capacity of over 4 million vehicles. TVS Motor Compa
in India with exports to over 60 countries.

TVS Motor Company Ltd (TVS Motor), a member of t

group in terms of size and turnover.
 ABOUT THE COMPANY

(TVS) is an Indian multinational motorcycle company headquartered at

largest motorcycle company in India with a revenue of over ₹20,000
8–19. The company has an annual sales of 3 million units and an annual
hicles. TVS Motor Company is also the 2nd largest two wheeler exporter
60 countries.

S Motor), a member of the TVS Group, is the largest company of the

rnover.
1.Input -->
P&L assumptions Scenarios
Case 1
Case 2
Selected Case 2 Case 3

Actual
INR in crores FY15 FY16 FY17 FY18 FY19 FY20
Revenue 11,023.97 12,423.93 13,573.89 16,656.00 20,159.99 18,849.31
Revenue Growth 12.70% 9.26% 22.71% 21.04% -6.50%

Case 1
Case 2
Case 3

cost of material consumed 7200.71 7697.67 8692.53 11003.04 13788.43 12050.84

% of sales 65.32% 61.96% 64.04% 66.06% 68.40% 63.93%

Case 1
Case 2
Case 3

Excise duty 768.18 1046.87 1111.27 361.5 0 0

% of sales 6.97% 8.43% 8.19% 2.17% 0.00% 0.00%

Case 1
Case 2
Case 3

purchase of stock in trade 226.9 266.13 292.7 254.56 244.84 259.2

% of sales 2.06% 2.14% 2.16% 1.53% 1.21% 1.38%

Case 1
Case 2
Case 3

change in inventories of finished

-117 62.77 -48.77 33.96 -78.95 6.73
goods

% of sales -1.06% 0.51% -0.36% 0.20% -0.39% 0.04%

Case 1
Case 2
Case 3
Employee benefit expenses 665.89 731.19 828.05 1149.79 1432.15 1539.35
% of sales 6.04% 5.89% 6.10% 6.90% 7.10% 8.17%

Case 1
Case 2
Case 3

other expenses 1,674.04 1,803.19 1,829.35 2,356.45 2,612.70 2,720.14

% of sales 15.19% 14.51% 13.48% 14.15% 12.96% 14.43%

Case 1
Case 2
Case 3

depreciation & amortisation 178.59 262.19 316.82 373.60 441.71 556.00

% of sales 1.62% 2.11% 2.33% 2.24% 2.19% 2.95%

Case 1
Case 2
Case 3

Tax % 35% 35% 35% 35% 25% 25%

Case 1
Case 2
Case 3
Optimistic
Base
Worse

Forecast
FY21 FY22 FY23 FY24 FY25
21081.07 23577.07 26368.59 29490.63 32982.32
11.84% 11.84% 11.84% 11.84% 11.84%

14.84% 14.84% 14.84% 14.84% 14.84%

11.84% 11.84% 11.84% 11.84% 11.84%
8.84% 8.84% 8.84% 8.84% 8.84%

13702.69 15325.09 17139.58 19168.91 21438.51

65.00% 65.00% 65.00% 65.00% 65.00%

62% 62% 62% 62% 62%

65% 65% 65% 65% 65%
68% 68% 68% 68% 68%

0 0 0 0 0
0.00% 0.00% 0.00% 0.00% 0.00%

0% 0% 0% 0% 0%
0% 0% 0% 0% 0%
0% 0% 0% 0% 0%

368.92 268.19 299.94 335.46 375.17

1.75% 1.75% 1.75% 1.75% 1.75%

1% 1% 1% 1% 1%
1.75% 1.75% 1.75% 1.75% 1.75%
2.40% 2.40% 2.40% 2.40% 2.40%

21.08 23.58 26.37 29.49 32.98

0.10% 0.10% 0.10% 0.10% 0.10%

-1.20% -1.20% -1.20% -1.20% -1.20%

0.10% 0.10% 0.10% 0.10% 0.10%
0.70% 0.70% 0.70% 0.70% 0.70%
 1370.27 1532.51 1713.96 1916.89 2143.85
6.50% 6.50% 6.50% 6.50% 6.50%

5% 5% 5% 5% 5%
6.50% 6.50% 6.50% 6.50% 6.50%
8.50% 8.50% 8.50% 8.50% 8.50%

2951.35 3300.79 3691.60 4128.69 4617.53

14.00% 14.00% 14.00% 14.00% 14.00%

12% 12% 12% 12% 12%

14% 14% 14% 14% 14%
16% 16% 16% 16% 16%

463.78 518.70 580.11 648.79 725.61

2.20% 2.20% 2.20% 2.20% 2.20%

1.50% 1.50% 1.50% 1.50% 1.50%

2.20% 2.20% 2.20% 2.20% 2.20%
3.00% 3.00% 3.00% 3.00% 3.00%

35.00% 35.00% 35.00% 35.00% 35.00%

25.00% 25.00% 25.00% 25.00% 25.00%

### 35.00% 35.00% 35.00% 35.00% 35.00%
35.00% 35.00% 35.00% 35.00% 35.00%
 BS assumptions

Actual
INR in crores FY15 FY16 FY17 FY18 FY19 FY20

Accounts receivable 414.47 490.84 701.81 1070.88 1546.07 1454.36

DSO 13.72 14.42 18.87 23.47 27.99 28.16

Account payable 1,525.21 1,626.52 1,953.69 2,682.87 3,159.68 3,186.84

DPO 77.31 77.12 82.04 89.00 83.64 96.52

Inventory 931.29 882.6 1161.86 1056.15 1291.57 1188.47

DIO 47.21 41.85 48.79 35.04 34.19 36.00

CCC -16.38 -20.85 -14.38 -30.50 -21.46 -32.36

property,plant & equiment 1,802.85 2,083.15 2,391.11 3,080.40 3,785.30 4,255.55

% sales 16.35% 16.77% 17.62% 18.49% 18.78% 22.58%
 Forecast
FY21 FY22 FY23 FY24 FY25

1626.56 1819.14 2034.53 2275.41 2544.82

28.16 28.16 28.16 28.16 28.16

3623.67 4052.72 4532.56 5069.21 5669.41

96.52 96.52 96.52 96.52 96.52

1351.38 1511.38 1690.33 1890.46 2114.29

36.00 36.00 36.00 36.00 36.00

-32.36 -32.36 -32.36 -32.36 -32.36

4005.40 4479.64 5010.03 5603.22 6266.64

19% 19% 19% 19% 19%
2.Output -->
P&L

actual
INR in crores FY15 FY16 FY17 FY18

Revenues 11,023.97 12,423.93 13,573.89 16,656.00

Cost of goods sold 7200.71 7697.67 8692.53 11003.04
Gross Margin 3,823.26 4,726.26 4,881.36 5,652.96
Excise duty 768.18 1046.87 1111.27 361.5
purchase of stock in trade 226.9 266.13 292.7 254.56
changes in inventories of finished goods -117 62.77 -48.77 33.96
Employee benefit expenses 665.89 731.19 828.05 1149.79
Other expenses 1,674.04 1,803.19 1,829.35 2,356.45
EBITDA 605.25 816.11 868.76 1,496.70
D&A 178.59 262.19 316.82 373.60
EBIT 426.66 553.92 551.94 1,123.10
Taxes (149.33) (193.87) (193.18) (393.09)
Tax rate 35% 35% 35% 35%

Net operating profit after taxes (NOPAT) 277.33 360.05 358.76 730.02
actual Forecast
FY19 FY20 FY21 FY22 FY23 FY24 FY25

20,159.99 18,849.31 21,081.07 23,577.07 26,368.59 29,490.63 32,982.32

13788.43 12050.84 13702.69 15325.09 17139.58 19168.91 21438.51
6,371.56 6,798.47 7,378.37 8,251.97 9,229.01 10,321.72 11,543.81
0 0 0 0 0 0 0
244.84 259.2 368.92 268.19 299.94 335.46 375.17
-78.95 6.73 21.08 23.58 26.37 29.49 32.98
1432.15 1539.35 FY25
1370.27 1532.51 1713.96 1916.89 2143.85
2,612.70 2,720.14 2951.35 3300.79 3691.60 4128.69 4617.53 FY24
2,160.82 2,273.05 2,666.76 3,126.91 3,497.13 3,911.20 4,374.28
FY23
441.71 556.00 463.78 518.70 580.11 648.79 725.61
1,719.11 1,717.05 2,202.97 2,608.21 2,917.03 3,262.40 3,648.67 FY22

(429.78) (429.26) (771.04) (912.87) (1020.96) (1141.84) (1277.03) FY21

25% 25% 35% 35% 35% 35% 35% 0.00 500.00

1,289.33 1,287.79 1,431.93 1,695.34 1,896.07 2,120.56 2,371.64

 NOPAT
FY25 2,371.64

FY24 2,120.56

FY23 1,896.07

FY22 1,695.34

FY21 1,431.93

0.00 500.00 1,000.00 1,500.00 2,000.00 2,500.00

Balance sheet

Actual
FY15 FY16 FY17 FY18 FY19
INR in crores
Property,plant & equipment 1,802.85 2,083.15 2,391.11 3,080.40
Depreciation & amortisation expense 178.59 262.19 316.82 373.60 441.71
Capex 18.11 -8.86 315.69 263.19

Ending Value (PPE) 1,802.85 2,083.15 2,391.11 3,080.40 3,785.30

Inventory 931.29 882.60 1161.86 1056.15 1291.57

Trade receivable 414.47 490.84 701.81 1070.88 1546.07

Trade Payable 1525.21 1626.52 1953.69 2682.87 3159.68

Working capital -179.45 -253.08 -90.02 -555.84 -322.04

Changes in working capital -73.63 163.06 -465.82 233.80

 Forecast
FY20 FY21 FY22 FY23 FY24 FY25

3,785.30 4,255.55 4,005.40 4,479.64 5,010.03 5,603.22

556.00 463.78 518.70 580.11 648.79 725.61
-85.75 -713.93 -44.46 -49.72 -55.61 -62.19 Change
4,255.55 4,005.40 4,479.64 5,010.03 5,603.22 6,266.64 -106.95

1188.47 1351.38 1511.38 1690.33 1890.46 2114.29 -95.63

1454.36 1626.56 1819.14 2034.53 2275.41 2544.82 -85.51

-76.46
3186.84 3623.67 4052.72 4532.56 5069.21 5669.41
-101.73
-544.01 -645.74 -722.19 -807.70 -903.33 -1010.29
-120.00 -100.00 -80.00 -60.0
-221.97 -101.73 -76.46 -85.51 -95.63 -106.95
 Change in wc
-106.95 FY25

-95.63 FY24

-85.51 FY23

-76.46 FY22

-101.73 FY21
-100.00 -80.00 -60.00 -40.00 -20.00 0.00
 Cash flow

Actual
INR in crores FY16 FY17 FY18 FY19 FY20

Net operating profit after taxes (NOPAT) 360.05 358.76 730.02 1,289.33 1,287.79

Add : D&A 262.19 316.82 373.60 441.71 556.00

Gross cash flow 622.24 675.58 1,103.62 1,731.04 1,843.79

Less : Capex 18.11 -8.86 315.69 263.19 -85.75

Less : Investment in working capital -73.63 163.06 -465.82 233.80 -221.97

Net cash flow 677.76 521.38 1,253.75 1,234.05 2,151.51

 Forecast
FY21 FY22 FY23 FY24 FY25

1,431.93 1,695.34 1,896.07 2,120.56 2,371.64

net cash fl ow
463.78 518.70 580.11 648.79 725.61
FY25
1,895.72 2,214.03 2,476.18 2,769.35 3,097.25
FY24
-713.93 -44.46 -49.72 -55.61 -62.19 FY23
FY22
-101.73 -76.46 -85.51 -95.63 -106.95
FY21
2,711.37 2,334.95 2,611.40 2,920.59 3,266.39 0.00 500.00 1,000.00 1,500.00 2,000.00
 net cash fl ow

00.00 1,000.00 1,500.00 2,000.00 2,500.00 3,000.00 3,500.00

 Cost of capital
Key inputs :
total equity to capital 72.1637%
Net debt to capital 27.8363%
28% total equity
Calculations : capital
Risk free rate 6.0% Net debt to
72% capital
Beta 1.14
Market risk premium 5.00%
Cost of equity 11.72%

Pre tax cost of debt 8.00%

marginal tax rate 35.00%
cost of debt 5.20%

weighted cost of equity 8.4541%

weighted cost of debt 1.4475%

weighted average cost of capital 9.9016%

shares outstanding 47.5

share price 619.4
market cap 2.9422E+04

debt 11,349.00
40,770.50
 TVS monthly
Date TVS motors NIFTY 500 returns
4/1/2015 225.30 6749.65
5/1/2015 227.69 6959.85 1.06%
6/1/2015 234.46 6897.20 2.97%
7/1/2015 228.60 7106.20 -2.50%
8/1/2015 214.82 6669.35 -6.03%
% total equity to 9/1/2015 220.97 6646.10 2.86%
capital 10/1/2015 255.02 6750.95 15.41%
Net debt to 11/1/2015 294.88 6686.10 15.63%
72% capital
12/1/2015 278.36 6724.75 -5.60%
1/1/2016 280.71 6339.45 0.85%
2/1/2016 257.56 5829.95 -8.25%
3/1/2016 311.14 6452.15 20.80%
4/1/2016 309.88 6588.55 -0.40%
5/1/2016 275.82 6804.00 -10.99%
6/1/2016 299.90 6980.80 8.73%
7/1/2016 282.70 7330.00 -5.74%
8/1/2016 315.94 7490.65 11.76%
9/1/2016 354.50 7394.85 12.21%
10/1/2016 392.44 7494.10 10.70%
362.50 7079.40 -7.63%
11/1/2016
12/1/2016 350.41 6982.80 -3.33%
1/1/2017 375.39 7379.30 7.13%
2/1/2017 416.70 7709.10 11.00%
3/1/2017 418.74 7995.05 0.49%
4/1/2017 483.54 8214.30 15.47%
5/1/2017 524.78 8350.95 8.53%
6/1/2017 535.40 8331.60 2.02%
7/1/2017 567.48 8793.30 5.99%
8/1/2017 588.54 8694.95 3.71%
9/1/2017 640.55 8600.00 8.84%
10/1/2017 705.13 9153.60 10.08%
11/1/2017 698.31 9154.50 -0.97%
12/1/2017 753.47 9490.65 7.90%
1/1/2018 681.22 9697.90 -9.59%
2/1/2018 665.73 9261.90 -2.27%
3/1/2018 605.45 8912.10 -9.05%
4/1/2018 653.76 9496.50 7.98%
5/1/2018 575.34 9315.35 -11.99%
6/1/2018 541.55 9162.45 -5.87%
7/1/2018 506.04 9650.60 -6.56%
8/1/2018 557.71 9992.00 10.21%
9/1/2018 548.60 9116.00 -1.63%
10/1/2018 533.51 8753.45 -2.75%
11/1/2018 548.08 9109.15 2.73%
12/1/2018 561.70 9170.00 2.48%
1/1/2019 491.64 9003.85 -12.47%
2/1/2019 445.38 8955.95 -9.41%
3/1/2019 463.03 9663.70 3.96%
4/1/2019 485.40 9664.30 4.83%
5/1/2019 472.63 9805.05 -2.63%
6/1/2019 422.24 9657.95 -10.66%
7/1/2019 362.93 9044.95 -14.05%
8/1/2019 348.04 8977.55 -4.10%
9/1/2019 416.13 9340.90 19.56%
10/1/2019 479.88 9689.65 15.32%
11/1/2019 470.61 9813.65 -1.93%
12/1/2019 461.93 9872.55 -1.84%
1/1/2020 460.55 9861.45 -0.30%
2/1/2020 429.64 9236.05 -6.71%
3/1/2020 294.77 6996.75 -31.39%
4/1/2020 326.48 8012.90 10.76%
NIFTY500 monthly
returns

3.11%
-0.90%
3.03%
-6.15%
-0.35%
1.58%
-0.96%
0.58%
-5.73%
-8.04%
10.67%
2.11%
3.27%
2.60%
5.00%
2.19%
-1.28%
1.34%
-5.53%
-1.36%
5.68%
4.47%
3.71%
2.74%
1.66%
-0.23%
5.54%
-1.12%
-1.09%
6.44%
0.01%
3.67%
2.18%
-4.50%
-3.78%
6.56%
-1.91%
-1.64%
5.33%
3.54%
-8.77%
-3.98%
 4.06%
0.67%
-1.81%
-0.53%
7.90%
0.01%
1.46%
-1.50%
-6.35%
-0.75%
4.05%
3.73%
1.28%
0.60%
-0.11%
-6.34%
-24.25%
14.52%
 DCF Valuation
WACC 9.90%
terminal growth 3.32%
Actual
INR in crores FY16 FY17 FY18 FY19
Net cash flow 677.76 521.38 1,253.75 1,234.05
Discount factor
Present value

DCF value 10,406.74 25%

Continuing value 51,308.23
Present value of CV 32,001.27 75%
Enterprise value 42,408.02
Less
Debt 11,349.00
Add
Investments accounted using equity
method 160.21
Investments 210.7
loans 4148.49
other financial assets 36.64
Non-current tax assets 28.34
other Non current assets 132.09
Loans 5,306.84
Cash and cash equivalents 1,079.69
bank balances 27.88
other financial assets 93.19

Equity value 42,283.09

shares outstanding 47.5
Per share value 890.17

Current market price 619.40

 Forecast
FY20 FY21 FY22 FY23 FY24 FY25
2,151.51 2,711.37 2,334.95 2,611.40 2,920.59 3,266.39
0.91 0.83 0.75 0.69 0.62
2,467.09 1,933.16 1,967.26 2,001.96 2,037.27

Growth

42,408.02 0.00% 1.00% 2.00% 3.00% 4.00%

9.90%
W 10.90%
A 11.90%
C 12.90%
C
13.90%

G
r
o
w
t
h
 Ratio Analysis
actual Forecast

Profitability Ratios FY16 FY17 FY18 FY19 FY20 FY21

EBITDA Margin 6.57% 6.40% 8.99% 10.72% 12.06% 12.65%

EBIT Margin 4.46% 4.07% 6.74% 8.53% 9.11% 10.45%

NET Margin 2.90% 2.64% 4.38% 6.40% 6.83% 6.79%

Gross Margin 38.04% 35.96% 33.94% 31.60% 36.07% 35.00%

valuation ratios

EV/Revenue 3.41 3.12 2.55 2.10 2.25 2.01

EV/EBITDA 51.96 48.81 28.33 19.63 18.66 15.90

EV/EBIT 76.56 76.83 37.76 24.67 24.70 19.25

EV/(EBITDA-CapEX) 53.14 48.32 35.91 22.35 17.98 12.54

nalysis
Forecast

FY22 FY23 FY24 FY25

13.26% 13.26% 13.26% 13.26%

11.06% 11.06% 11.06% 11.06%

7.19% 7.19% 7.19% 7.19%

35.00% 35.00% 35.00% 35.00%

1.80 1.61 1.44 1.29

13.56 12.13 10.84 9.69

16.26 14.54 13.00 11.62

13.37 11.96 10.69 9.56

3.Sources -->
Income statement
INR(Cr)

Particulars Mar-15 Mar-16 Mar-17

Revenue from operations 11,023.97 12,423.93 13,573.89
operating expenses
cost of material consumed 7,200.71 7,697.67 8,692.53
Excise duty 768.18 1,046.87 1,111.27
purchase of stock in trade 226.9 266.13 292.7
changes in inventories of finished goods -117 62.77 -48.77
Employee benefit expenses 665.89 731.19 828.05
other expenses 1,674.04 1,803.19 1,829.35
total operating expenses 10,418.72 11,607.82 12,705.13
EBITDA 605.25 816.11 868.76
Depreciation & amortisation expenses 178.59 262.19 316.82
EBIT 426.66 553.92 551.94
Finance cost -62.11 -70.02 -59.62
other income 21.34 91.35 165.44
share of net profit/loss from associates using equity 0.00 4.84 0.2
exceptional items 58.27 0.00 0.00
profit before tax 444.16 580.09 657.96
Tax expenses -123.94 -151.45 -148.67
profit after tax /Net profit 320.22 428.64 509.29
 Mar-18 Mar-19 Mar-20
16,656.00 20,159.99 18,849.31 operating item

11,003.04 13,788.43 12,050.84 operating item

361.5 0.00 0.00 operating item
254.56 244.84 259.2 operating item
33.96 -78.95 6.73 operating item
1,149.79 1,432.15 1,539.35 operating item
2,356.45 2,612.70 2,720.14 operating item
15,159.30 17,999.17 16,576.26
1,496.70 2,160.82 2,273.05
373.6 441.71 556 operating item
1,123.10 1,719.11 1,717.05
-338.22 -663.4 -854.54 Non operating item
145.36 25.44 51.83 Non operating item
0.57 1.7 -8.59 Non operating item
0.00 0.00 -40.33 Non operating item
930.81 1,082.85 865.42
-266.03 -357.45 -218.62 operating item
664.78 725.40 646.80
Balance sheet
INR(Cr)

particulars Mar-15 Mar-16 Mar-17

ASSETS
NON-CURRENT ASSETS
property,plant & equipment 1,678.30 1,988.67 2,273.77
capital work-in-progress 92.91 47.21 63.81
Investment properties 24.83 28.12 32.56
Goodwill - 2.2 2.2
Goodwill on consolidation - - -
other Intangible assets 31.64 47.27 53.53
Intangible assets under development - - -
Right of use asset - - -
Investments accounted using equity 48.49 53.33 95.19
method
Investments 704.86 861.06 1,060.00
loans - - -
other financial assets 0.12 0.21 0.22
Non-current tax assets 35.06 14.78 26.51
other Non current assets 52.01 51.19 85.9
Total non-current assets 2668.22 3094.04 3693.69

CURRENT ASSETS
Inventories 931.29 882.6 1,161.86
Trade receivables 414.47 490.84 701.81
Loans - - -
Cash and cash equivalents 25.26 49.17 47.12
bank balances 2.46 4.4 4.14
other financial assets 27.26 34.25 16.88
Current tax assets 69.06 29.04 3.06
other Current assets 642.22 561.71 499.4
Total current assets 2112.02 2052.01 2434.27
Total assets 4780.24 5146.05 6127.96

Particulars Mar-15 Mar-16 Mar-17

LIABILITIES
NON-CURRENT LIABILITIES
Equity share capital 47.51 47.51 47.51
other equity 1,559.71 1,770.97 2,168.53
Non-controlling interests - -0.51 8.78
borrowing 561.1 508.72 501.23
lease liabilities - - -
others - - -
Provisions 53.23 48.69 64.59
Deferred tax liabilities (Net) 131.47 146.11 128.7
Total Non current liabilities 2353.02 2521.49 2919.34

CURRENT LIABILITIES
Borrowings 464.78 390.58 740.85
Lease liabilities - - -
Trade payables 1,525.21 1,626.52 1,953.69
other payables 24.83 28.12 32.56
other financial liabilities 143.79 241.95 130.32
Provisions for employee benefits 16.59 31.54 39.45
warranty 22.95 26.96 23.46
other current liabilities 229.07 278.89 288.29
Total current liabilities 2,427.22 2,624.56 3,208.62
Total liabilities 4,780.24 5,146.05 6,127.96
Mar-18 Mar-19 Mar-20

2,708.59 2,978.81 3,066.54 operating item

273.87 603.92 847.14 operating item
138.4 137.7 137.7 Non operating item
2.2 2.2 2.2 Non operating item
186.11 186.11 186.11 Non operating item
58.55 61.98 183 operating item
39.39 140.59 158.87 operating item
- - 235.14 operating item
126.98 129.93 160.21 Non operating item
294.04 309.8 210.7 Non operating item
2,826.25 3,624.80 4,148.49 Non operating item
17.08 16.52 36.64 Non operating item
31.68 28.06 28.34 operating item
137.5 144.4 132.09 operating item
6840.64 8364.82 9533.17

1,056.15 1,291.57 1,188.47 operating item

1,070.88 1,546.07 1,454.36 operating item
3,305.45 4,599.83 5,306.84 Non operating item
102.1 163.04 1,079.69 operating item
70.83 43.27 27.88 operating item
83.63 101.5 93.19 operating item
61.08 21.53 2.43 operating item
622.77 564.86 593.98 operating item
6372.89 8331.67 9746.84
13213.53 16696.49 19280.01

Mar-18 Mar-19 Mar-20

47.51 47.51 47.51 Non operating item

2,629.69 3,122.66 3,234.59 Non operating item
181.08 245.77 320.94 Non operating item
2,360.93 4,909.16 5,221.23 Non operating item
- - 194.28 Non operating item
- - 9.84 Non operating item
86.53 89.64 122.22 Non operating item
54.71 96.96 87.12 Non operating item
5360.45 8511.7 9237.73

3,192.46 3,253.81 3,780.70 Non operating item

- - 47.62 Non operating item
2,682.87 3,159.68 3,186.84 operating item
- - - Non operating item
1,527.23 1,316.32 2,538.37 Non operating item
40.8 35.91 61.74 Non operating item
24.4 29.15 38.03 operating item
385.32 389.92 388.98 operating item
7,853.08 8,184.79 10,042.28
13,213.53 16,696.49 19,280.01