ࡱ> RTQw%` ?bjbjNN .,,+ O L8  n3n3n383*4 il246"666777kkkkkkk$mhpk9 77777k..66;#l;;;7.D6 6k;7k;;Bc0r D f64 `n38rd$i9l0ildpW9pHffp gX77;77777kk5;d777il7777 (n3 n3 ...... FINANCIAL FORECASTING & MANAGING GROWTH When sales increase, firms have to purchase additional assets (i.e. inventory, machinery, etc.) in order to support increased sales. These additional assets come from 1) liabilities (i.e. accounts payables might increase) 2) profits (i.e. some profit from the new sales will may be used to pay dividends and other profits will go to purchase new assets); and 3) external funds (i.e. bank loans, long term debt, and/or stock issuances).  EMBED Equation.DSMT4  where, AFN = Additional Funds Needed; A* = Assets that are tied directly to sales, hence must increase if sales are to increase; S0 = Sales during the last year; A*/ S0 = Percentage of required assets to sales, which also shows the required dollar increase in assets per $1 increase in sales; L* = Liabilities that increase spontaneously (i.e accounts payable and accruals); L*/S0 = Liabilities that increase spontaneously as a percentage of sales, or spontaneously generated financing per $1 increase in sales; S1 = Total sales projected for next year; "S = Change in Sales; M = Profit margin, or profit per $1 of Sales; RR = Retention Ratio, the percentage of Net Income that is retained by the company. Pro Forma Statements  are projected financial statements, they report predictions of what the companys financial statements will look like at the end of the period. The following are ways that managers can use pro forma financial statements: To investigate the impact of proposed changes in strategy and operations. To assess whether the firm's anticipated performance is in line with their own targets and with shareholder's expectations. To anticipate the firms financing needs To estimate future free cash flows in an attempt to maximize shareholder value. Note: A major purpose of pro forma forecasts is to estimate a companys future need for external funding. The forecast does not imply which type of financing will be necessary (i.e. trade credit, bank borrowing, new equity, etc.).  EMBED Equation.DSMT4  Example: Suppose you have the following balance sheet: Current assets$10,000Accounts payable$ 2,500Net fixed assets20,000Accruals2,500Long-term debt10,000Common equity15,000Total assets$30,000Total liab. and equity$30,000Next year you expect sales to increase by 50 percent. You also expect to retain $2,250 of next year's earnings within the firm. What is next year's additional external funding requirement? (Note: Fixed and current assets are fully utilized, and the % of sales ratios will remain constant with the exception of long term debt.)  EMBED Equation.DSMT4   EMBED Equation.DSMT4   EMBED Equation.DSMT4   EMBED Equation.DSMT4  Pro Forma Balance SheetCurrent assets$15,000Accounts payable$3,750Net fixed assets30,000Accruals3,750Long-term debt10,000Common equity17,250Total assets$45,000Total liab. and equity$34,750  EMBED Equation.DSMT4  Percent of Sales Forecasting All variable costs and most current assets and current liabilities tend to vary directly with sales. One way to create pro forma statements is to base the figures on the percent of sales. Note: Some independent forecasting (i.e. Depreciation, PPE) will be necessary. Step 1: Examine historical data to determine which financial statement items have varied in proportion to sales in the past. Examples: Typically Cost of Goods Sold, SG&A Expenses, A/R, Inventories, & A/P vary in proportion to sales. Note: Since most large companies cannot change direction quickly trend analysis can be a useful tool in predicting future trends. Table 1: Staples % Sales Income Statement  Sources and Notes: Thomson ONE and Company 10K, 2008E is the three year average % of sales figures for each item. Table 2: Staples % Sales Balance Sheet  Sources and Notes: Thomson ONE and Company 10K, 2008E the three year average % of sales figures for each item. Step 2: Forecast sales. Sales forecasts generally start with a review of historical sales. Table 1: Staples Annual Sales Growth Rates  Source: Thomson ONE and Company 10K Staples 10 year average growth rate = 13.91% Staples 5 year average growth rate = 11.08% Staples 3 year average growth rate = 11.89% Arithmetic averages are generally too high. For example, suppose growth grew by 100% in year 1 and -50% in year 2. Actual growth over two years would be zero, but the arithmetic average would be 25%. Outliers should be noted. For example, the 2002 growth rate for Staples does not seem to reflect current expectations. Sales forecasts sometimes use the compound growth rate; Staples compound growth rate can be found by solving the following equation: Sales98(1 + g)9 = Sales07  EMBED Equation.DSMT4  To solve this using your financial calculator: N = 9; PV = -5,732,145; PMT = 0; FV = 18,160,789; CPT; I/Y Answer: 13.6701. The compound growth method depends on the points selected. The companys stage in the corporate life cycle should be noted. Staples seemed to be in a high growth phase in 99 and 00, but may be closer to maturity in the most recent four years.  EMBED Equation.DSMT4  To solve this using your financial calculator: N = 4; PV = -12,967022; PMT = 0; FV = 18,160,789; CPT; I/Y Answer: 8.7862. Another method to forecast sales is to fit a regression line to historical sales data and then use the slope of the curve to predict future growth. If the expectation is a constant growth rate (rather than a constant dollar amount) then the regression should be based on the natural log of sales, rather than on the dollar figure of sales. This can be done by using the following excel function. LOGEST (where the Y variable is the sales range and the X variable is the years range); the answer is given as (1+g); subtract 1 to get g. In this case, g = 12.2995%. Figure 1: Staples Annual Sales Growth  EMBED Excel.Chart.8 \s  Based on recent economic uncertainty, historic sales growth figures, management forecasts, and the industry outlook, sales are expected to grow 11% in 2008. Step 3: Estimate individual financial statement items by extrapolating the historical patterns to the newly estimated sales and note all assumptions. (Example: Assuming net interest expense will equal the prior years value.) Forecast the income statement. 2008 Sales = 11% (From Step 2) 2008 Gross Profit % Sales = 28.50% (Average, previous 3 years) 2008 SG&A % Sales = 20.74% (Average, previous 3 years) 2008 Operating Expenses = 20.82% (Average, previous 3 years) 2008 Interest Income/Expense = ~0.3%/0.3% (Average, previous 3 years) 2008 Misc. Expense = 2007 Misc. Expense 2008 Tax Rate = 35.62% (Average, previous 3 years) 2008 Minority Income/Expense = 2007 Minority Income/Expense 2008 Shares outstanding = 99% of 2007 Shares outstanding Table 2: Staples Pro Forma Income Statement  Source: Company 10K and Forecasts. Forecast the balance sheet. 2008 Cash & Cash equivalents = 6.2% (Average, previous 3 years) 2008 Short term investments = 3.16% (Average, previous 3 years) 2008 Accounts Receivables = 4.2% (Recognition of trend) 2008 Inventory = 10.76% (Average, previous 3 years) 2008 Deferred Income Tax Asset = 2007 Deferred Income Tax Asset 2008 Prepaid Expense & Other = 2007 Prepaid Expense & Other 2008 Net PPE = 10.96% (Average, previous 3 years) 2008 Intangible assets, Goodwill, & Other = Assume constant 2008 Accounts payable = 8.57% (Average, previous 3 years) 2008 Accrued expenses & Other = 6.38% (Average, previous 3 years) 2008 Total current liabilities = 15.33% (Average, previous 3 years) 2008 Long-term debt = 2.96% (Average, previous 3 years) 2008 Deferred income tax liability = 2007 Deferred income tax liability 2008 Other long term obligations = 1.36% (Average, previous 3 years) 2008 Minority interest = Assume constant 2008 Common Stock = Assume constant 2008 Additional Paid-In Capital = 17.42% (Average, previous 3 years) 2008 Retained Earnings = 20.47% (Average, previous 3 years) 2008 Less Treasury Stock at Cost = 10.68% (Average, previous 3 years) Table 3: Staples Pro Forma Balance Sheet  Source: Company 10K and Forecasts. Step 4: Run a sensitivity analysis on forecasted sales. First check ratios for consistency, in the base case. Note: Eventually, the sensitivity analysis will compare a 5 year base case (no change) to 1) industry ratios, 2) competitor ratios, 3) strong sales, 4) weak sales, 5) management expectations, and 6) your recommendations. Before extensive sensitivity analysis can be completed, there are a few more issues to discuss. The first is managing growth and the companys sustainable growth rate. MANAGING GROWTH Sustainable Growth Rate the maximum rate that a companys sales can increase without depleting financial resources. Sustainable Growth Equation Key Assumptions: The company plans to maintain a target capital structure. The company plans to maintain the current dividend policy. Management is unwilling (or unable) to sell additional equity. All parts of the business expand in proportion. Sustainable Growth (g*) Equation:  EMBED Equation.DSMT4   EMBED Equation.DSMT4   EMBED Equation.DSMT4  Note:  EMBED Equation.DSMT4  And  EMBED Equation.DSMT4   EMBED Equation.DSMT4  Note: g* is the only growth rate that is consistent with stable values for the four ratios (profit margin, total asset turnover, equity multiplier, and dividend payout ratio). Sustainable Growth (g*) in terms of ROE  EMBED Equation.DSMT4  Sustainable Growth (g*) in terms of ROA  EMBED Equation.DSMT4  Staples Sustainable Growth Rate Calculations 1. ROE  EMBED Equation.DSMT4   EMBED Equation.DSMT4   EMBED Equation.DSMT4  2. ROA  EMBED Equation.DSMT4   EMBED Equation.DSMT4   EMBED Equation.DSMT4  When the actual growth rate falls below the sustainable growth rate the company must find a place for the profit that exceeds the companys needs. First management must determine if the problem is temporary or permanent. For example, is it a temporary problem due to the economic situation or an industry wide challenge of a maturing market, or perhaps an internal problem that requires organizational change? If the company cannot increase sales growth by targeting a new market or by introducing new products then other solutions include: increasing dividends, repurchasing shares, or acquiring a company. When the actual growth rate is above the sustainable growth rate the company must find a source of financing for the additional growth. First management must determine if the problem is temporary or permanent. If the problem is temporary, additional borrowing may be the best solution. Additional solutions include: selling new equity, increasing financial leverage, reducing the dividend payout, eliminating marginal activities (such as selling a subunit), outsourcing some (or all) of production, increasing prices, or merging with a cash rich company.  These notes are based on Chapters 3 and 4 of Analysis for Financial Management, 8th edition, by Robert C. Higgins and Chapter 14 of Financial Management, 12th edition, by Eugene F. Brigham and Michael Ehrhardt.  Note that A designates total assets and A* designates those assets that must increase if sales are to increase. When the firm is operating at full capacity, as is the case here, A* = A. Often, though, A* and A are not equal, and either the equation must be modified or we must use the projected financial statement method.  Bank loans and bonds are not included, L* is normally much less than total liabilities (L).  The payout ratio is the percentage of net income paid out to shareholders. Because the retention ratio and the payout ratio must total to 1, RR is also equal to 1 payout ratio.  Analysts use pro forma statements to forecast future earnings, cash flows, and stock prices.  This is the average of 9 data points: 24.3% for 1999 through 12.9% for 2007.  Companys are thought to go through the following four phases 1) startup phase, 2) rapid growth, 3) maturity, and 4) decline.  Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets. Source: www.federalreserve.gov/newsevents/press/monetary/20080130a.htm  FY2008 Outlook: The company expects to achieve high single-digit sales growth for the total company and a low single-digit comparable sales increase in North American Retail. Source: Staples, Inc. Announces Third Quarter Performance Source: http://investor.staples.com/phoenix.zhtml?c=96244&p=irol-news  we think office supply and pet supply retailers are well positioned to weather any downturn in consumer spending and the macro environment in general. Office supply retailers are heavily reliant on business spending, which should be relatively strong throughout the rest of 2007 despite a slow start. In addition, the dominant firms in this industry have all engaged in rational pricing, which has helped gross margins. We expect the office supply retailers to post sales growth of only 6% to 7%, but expect earnings per share (EPS) growth of about 16% in 2007, driven by the rational pricing environment and additional cost-cutting efforts. Source: Standard & Poors Industry Survey, Retail: Specialty, August 2, 2007, p. 5.  It would be appropriate to estimate this with a bit more complexity, for example one could take the prior years outstanding debt and make some assumptions based on rates and expected growth of debt. But beware of financing feedback which is based on the following circular assumptions: Additional debt causes additional interest expense, which reduced the addition '()* { |  s t z {   ϼǫϝϕϧϧ{{qld`hTLh #*hTL5 hTL6jh70JUh {h {H*jh {0JUhO1Th {H*hO1ThO1TH*jhO1T0JUh {h #*jhDYhO1TEHUj)QK hO1TUVjhO1TUhO1ThTwhh(UhbI5\jh #*0J5U\ h$=5\ h 5\%)* kl:IQb $$Ifa$gdT $ & Fa$gdTL$a$gdTL$a$gdT$a$gdTwgdgdbI4ψ>  9:| EFGHIJKbc񼷳}ujjPK h UVjh Uh #*h:hYh h 6h hTh hThT>* hThThThT6hT hT6h #*h #*6jhZhTLEHUjPK hTLUVjhTLUh #*hTL6 hTL6hTLjhTL0JU$bjk|Ukd $$If-\m 0634-a $$Ifa$gdTaUUUU $$Ifa$gdTkd$$If-\m 0634-aaUUUU $$Ifa$gdTkd $$If-\m 0634-aaUUUU $$Ifa$gdTkd@ $$If-\m 0634-aIJfaYYQYYYLgd$a$gd $a$gdTkd $$If-\m 0634-acdefg~⳦ꟛwohoaoaoaoahoa hTLhT hThThTLhT\h:h \jh:h:EHUjPK h:CJUVaJh #* hTh jh h:EHUj9PK h:CJUVaJhTwjh:hTwEHUjPK h:CJUVaJh h7jh Uj hZh EHU$tt $$Ifa$gd/ $Ifgd/dkd&$$If-m 0634-a $$Ifa$gd/gd )/aXLXL $$Ifa$gd/ $Ifgd/kd]'$$If-\m < 0634-a ()./02@AGHIKXYabcopwx'9ƷƢƖh`LXhphp6h(hTLhph:hY5h:h:5j+h:h:EHUjPK h:CJUVaJh:jh:Uh-@ *hTLhT\ hThThTLhT\ hTLhThTLhT>*\1/012AHaXLXL $$Ifa$gd/ $Ifgd/kd2($$If-\m < 0634-aHIJKYbaXLXL $$Ifa$gd/ $Ifgd/kd)$$If-\m < 0634-abcpxaXLXL $$Ifa$gd/ $Ifgd/kd)$$If-\m < 0634-aa\T\\TTTT$a$gd(gdkd*$$If-\m < 0634-a ]^_gMNOhxyz{'()Ɣꌄ|qj!Rh},h},Uhlwh 5hlwhlw5hlwhkjS=h6fh6fU h(h(h(h(6j0h6fh(Uh(hTL5 h(5h(h(5hTLh2hTL6h2h h 6h(h hphphp5>*h6f*NOy{<=k$a$gd},gdgd($a$gd(;<EMcijk ),.12:۹塙yyyyyyhzhDX5jXhDYhDXEHUjQK hDXUVjhDXUhDXh5h5H*h5h5H*hz h5h5 h55>* hlw5>*jh50J5>*Uh5h55>*h5h},hlwhlwhlw6 h},h .  CD?@\]  5 R S !$a$gdk$a$gdp $a$gd},:ABCD@AXYZ[   5 6 N O P Q S x Ÿ꓋xplh jchlwUjgPK hlwCJUVaJhlwjhlwUhkhlw5hp hp 5>* hTw5>*hTwhzhp 5j5^hDYhp EHUjQK hp CJUVaJjhp Ujhp 0JUhp h5hDXhzhzhz5>**x y z O!!!!!"""6"7"8":"@"\"o"p"q"y"""""""""""#####2#3#4#;#H#Y#Z#]#_#ǿǻǷǷǬǷǷǷǓh8&hU9hiAUjhc0JUhCkk hkhc hkhkhMhchahkhk6hkhphphp5>*h},h 5>*jh80JUh},h jh10JU6!!!"]"""#I#####&$($K$g$$$%%\%%%&K&&&'L'gdMgd_#~########&$'$($.$0$J$K$g$$$$$$$%%%$%6%7%8%[%{%|%%%%%%%%%%&&9&J&'')'K'r'''''(((-(@(s(t(y(¾hZ3h hh+'hX+h1hCkkhd3h|hphKh8hKh86 hwh8&jihwhwUhKhK5h|7hMh8&hw>L'''(.(t((((((())))))))) ) ) ) ) ))))gd gdMy(((((((()))0)=)>)?)@)F)c)d)i)j)))))***a+b+d+s+t+u+++,,, ---- -!-眔zrjhU h}L\5 h=5h=h=5h4hhYh h:5h h 5h h 6hp h 5>*hphp5>*hMhKhc6 hchcjQhchcUhchc5 hc5hKhc5hchZ3h ,))))))>)@)c)d)))**b+c+d+t+u+++,S,,,, & Fgd4h$a$gdc$a$gd gdgdcgd ,, -<-X-t-z-------........//?/@/G/gd,;gd}L\gd=$a$gd@gd4h!-8-9-:-;-<-=-T-U-V-W-X-Y-p-q-r-s-t-y-z-{--------------ɼxi\jh@h@EHUjRK h@CJUVaJj hbth@EHUj IK h@UVjh@Uh@h}L\jhehh=EHUjBRK h=CJUVaJjݫhh=EHUjRK h=CJUVaJjhUjЦhh=EHUjRK h=CJUVaJh!-------/.................... //////1/F/qd\W h,;5h,;h,;5jqh}L\h}L\EHUjRK h}L\CJUVaJh=h}L\5jh=h=EHUjRK h=CJUVaJh=jh=Uhh=h=5 h}L\5 hR>h}L\hR> hR>hR>h@jTh}L\h}L\EHUjfRK h}L\CJUVaJh}L\jh}L\U"F/G/H/_/`/a/b/c/d/{/|/}/~//////////////////뷪ʦzrcVrrjhJh,;EHUjIK h,;CJUVaJjh,;UjXh=h*AEHU%j2MM h*ACJUVaJnHtHhK jhK Uh,;jh\Ah*AEHU%j3MM h*ACJUVaJnHtH h\A5jh.h\AEHUj1IK h\ACJUVaJh\Ajh\AUh,;h,;5G/c//////////11]2^2444c56778l88gdp gdTL$a$gdR>gdK $a$gd,;gd4h$a$gd\A////////////0000<01112B2H2\2}2222444444445˼˨~zpldl\lh #*h0H*h #*h0>*h0jh00JUh#i%h hZ(^>*hZ(^hZ(^>*jhZ(^0JUhZ(^hZ(^hR>>*hR> hR>hR>jh}L\hK EHUjRK hK CJUVaJhK jhK Uh,;jh,;Ujhm~h,;EHUjIK h,;CJUVaJ$5(5,5.5c5d5667 777788l8m8888899,:-::;;c;d;>>?>?xyΈψЈ҈ӈՈֈ؈وۈ܈󵪦󔎔 h00Jjh00JUjh.jUh.jhZ(^h0CJaJ!jhZ(^h00JCJUaJUh8h0mH sH  h8h0 hTwh0jh00JUhlwh0H*h0hlwh0>*589,:;c;>>xΈψш҈ԈՈ׈؈ڈۈ &`#$gd7h]hgdbI &`#$gd$a$gdZ(^gd8to retained earnings, which in turn requires higher levels of debt, which creates a higher interest expense, and so on.  Note: Growth comes from two sources: 1) increasing volume and/or 2) raising prices.     PAGE  PAGE 11 Financial Forecasting and Managing Growth =>?hR>h/h.jh0 h00Jjh00JUh*A0JmHnHu !"#$%&'()*+,-./0123456789:;;<=>?gd4h,1h/ =!"#$% Dd <0  # A2{gsHWD% `!OgsH@`%`\xڵU_HQ?~ߦ)JMt}n3ƾA=s/?8TeCO>HHh䛡"Kuo:Vws{ιpo86VJ*Z,ePuGfg|3F 4BcbEy , ȝH.#1jl~!C& z- LrJe̚.tI5l=T]F~Ӛe9sKJ.fu.Cāǘ}}7SjRp44 v,!ˢ,( UvZP6숔`; ML^6ÜX9,q?f Dd \0  # A2$WqfabC`!Z$Wqfa\`-WFh(xڥTOA HaQ> F 7K)bWMRƲv KJOK$1 x!^LLxÃ!&"փ1ߛ-ӤJ qoy_;3 B Mت+S`Kkʉ^G[] C;2ص(Q_jI[J9"{ Ve#lQ( Ë3 Y `fx{9vBP*FQ3u tXN5ֱm3=++~eTHpW9m61S| ]yPO|Av&C:M̰\rKFTqEVl5OhGkLo6)]c;3_ :Ya{ OJ+W$$If!vh5555#v#v#v#v:V -06,534-a$$If!vh5555#v#v#v#v:V -06,534-a$$If!vh5555#v#v#v#v:V -06,534-a$$If!vh5555#v#v#v#v:V -06,534-a$$If!vh5555#v#v#v#v:V -06,534-a Dd \0  # A2$Wqfab `!Z$Wqfa\`-WFh(xڥTOA HaQ> F 7K)bWMRƲv KJOK$1 x!^LLxÃ!&"փ1ߛ-ӤJ qoy_;3 B Mت+S`Kkʉ^G[] C;2ص(Q_jI[J9"{ Ve#lQ( Ë3 Y `fx{9vBP*FQ3u tXN5ֱm3=++~eTHpW9m61S| ]yPO|Av&C:M̰\rKFTqEVl5OhGkLo6)]c;3_ :Ya{ OJ+WDd 0 0   !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHJKLMNOPSVlWXY[Z\a]^_`becdgfkhijmonprqsutvyz{|}~Root Entry{ F5`U@fData IWordDocumentz.ObjectPool}{`5`_1263610120HF{`{`Ole CompObjiObjInfo  !"#$%&'()*+,-./0123456789:;<=>?@ABCFIJKLMNOPQRSTUVWX[^_`abcdefghijklmnopqrstuvwx{~ FMathType 6.0 Equation MathType EFEquation.DSMT49q;´lPRDDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  AFN== Equation Native _1263578907 F{`{`Ole  CompObj iA*S 0 ()DS"- L*S 0 ()DS"-MS 1 RR() FMathType 6.0 Equation MathType EFEquation.DSMT49qObjInfo Equation Native P_1263584024CF{`{`Ole ;4lPRDDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  ExternalFundingRequired = Total Assets - Liabilities++Owners'Equity() FMathType 6.0 Equation MathType EFEquation.DSMT49q;P \PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APCompObjiObjInfoEquation Native l _1263584057F{`{`G_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  ExternalFundingRequired = Assets 0 ++ Assets 0 Sales 0 ()growthratexSales 0 ()[] "- Liabilities 0 ++ Liabilities 0 Sales 0 ()growthratexSales 0 ()++Longtermdebt++Owners'Equity 0 ++Retained Earnings 1 ()[]where,Assets 0 ,Liabilities 0 ,Owners'Equity 0 ,arecurrentyearfigures.Longtermdebtremainsconstant,Sales 0 areunknown,growthrateandnextyear'sRetained Earnings are given. FMathType 6.0 Equation MathType EFEquation.DSMT49qOle DCompObjEiObjInfoGEquation Native H;\PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  ExternalFundingRequired = $30,000+ $30,000Sales 0 ()0.5xSales 0 () []"- $5,000 $5,000Sales 0 ()0.5xSales 0 ()++$10,000++$15,000++$2,250()[] FMathType 6.0 Equation MathType EFEquation.DSMT49q;½$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_1263584262"F{`{`Ole YCompObjZiObjInfo\Equation Native ]_1263584395,F``Ole yCompObj zi_A  ExternalFundingRequired = $30,000+ $30,000Sales 0 ()0.5xSales 0 ()[] "- $5,000 $5,000Sales 0 ()0.5xSales 0 ()+$10,000+$15,000++$2,250()[]= $30,000++$30,000()0.5()[]"-$5,000++$5,000()0.5()++$10,000++$15,000++$2,250()[]=$45,000"-$34,750= $10,250 FMathType 6.0 Equation MathType EFEquation.DSMT49q;$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_EObjInfo!|Equation Native }"_1263599820'$F``Ole _A  ExternalFundingRequired = Total Assets - Liabilities++Owners'Equity()==$45,000"-($34,750)== $10,250 FMathType 6.0 Equation MathType EFEquation.DSMT49q;o4PRDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APCompObj#%iObjInfo&Equation Native _1263601089)F``G_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  5,732,1451++g() 9  ==18,160,789  18,160,7895,732,145() 1/9 ==1++g()3.1682() 1/9 =1+g()1.1367()=1++g()g==1"-1.1367== 13.67%  FMathType 6.0 Equation MathType EFEquation.DSMT49qOle CompObj(*iObjInfo+Equation Native ;tPRtDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  12,967,0221++g() 4  ==18,160,789  18,160,78912,967,022() 1/4 ==1++g()1.4005() 1/4 =1+g()1.0879()=1++g()g==1"-1.0879== 8.79% _1263598439.!F``Ole EPRINT-0x\CompObji !FMicrosoft Office Excel ChartBiff8Excel.Chart.89q Oh+'0@H`x Larry JeffusLarry JeffusMicrosoft Excel@9xf@= g54l!! d2 EMF\c '$F, EMF+@XXF\PEMF+"@ @ $@ 0@?!@ @     !" !" !  RpArial0?8 ,8/8x0&F&|ښ0ԑ (0ԑ N0ԑ̮j00  I& Ik!Y.8J&dv`w0Kw 1&w 1k!Yԑ dv% % % % " !%    &% '%     +!! d% % % " !% % %    % ( % (   V0+ n+ n+n+&% % % % " !% % %   + r+   6 +y6 y+6 +6 + 6 +6 +6 +6 + 6 +6 % % % " !% % %    &% ( +  6 6 n6+n6+&% ( +6+nn6+n6+y6+y6+6+ 6+ 6+6+6+ 6+ 6++n6 n+6+n6n6n6n6nr6rnL6Ln'6'n 6 n 6 n 6 n 6 n% % % " !% % %   !! d% % % " !% % %   + q% % % " !% % %   + n% &% (   6s6NK6)666T66p 6K % % % " !% % %   + q% % % " !% % %    % % % " !% % %    % % % " !% % %       TT@UU@{D@@LP0R+TUU@{D@ L`2,000,000p+++++++TKUU@{D@K L`4,000,000R+++++++T'UU@{D@ L`6,000,0003+++++++TVUU@{D@V L`8,000,000.+++++++Tn2UU@{D@n L`10,000,000++++++++TnaUU@{D@na L`12,000,000++++++++Tn=UU@{D@n L`14,000,000++++++++TnlUU@{D@nl L`16,000,000++++++++TnHUU@{D@n L`18,000,000++++++++TnwUU@{D@nw L`20,000,000++++++++% % % " !% % %    % % % " !% % %      TdBUU@{D@BLT1998++++TdUU@{D@LT1999++++TdUU@{D@LT2000++++Td~UU@{D@LT2001++++TdYUU@{D@LT2002++++Td4UU@{D@LT2003++++TddUU@{D@dLT2004++++Td?UU@{D@?LT2005++++Td  UU@{D@ LT2006++++Td  UU@{D@ LT2007++++Td { UU@{D@ LT2008++++% % % " !% % %    % % % " !% % %    &% ( %     +!! d% % ( % "  !  " !  ( " F4(EMF+*@$??FEMF+@ ObjInfo/2Workbook SummaryInformation(13DocumentSummaryInformation88 Ba=" =xj8X1VArial1VArial1VArial1VArial1.VTimes New Roman1 VArial1$VArial1VArial1.VTimes New Roman1VArial1VArial1VArial1VArial"$"#,##0_);\("$"#,##0\)!"$"#,##0_);[Red]\("$"#,##0\)""$"#,##0.00_);\("$"#,##0.00\)'""$"#,##0.00_);[Red]\("$"#,##0.00\)7*2_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"_);_(@_).))_(* #,##0_);_(* \(#,##0\);_(* "-"_);_(@_)?,:_("$"* #,##0.00_);_("$"* \(#,##0.00\);_("$"* "-"??_);_(@_)6+1_(* #,##0.00_);_(* \(#,##0.00\);_(* "-"??_);_(@_)"Yes";"Yes";"No""True";"True";"False""On";"On";"Off"],[$ -2]\ #,##0.00_);[Red]\([$ -2]\ #,##0.00\) 0.0%                + ) , *    (<  (  (@  "8@ "< !8  "x  UChart1Sheet1Sheet2 Sheet3"ZR''3 A@@  Sales Growth rate -  "`wt??3` / ` / c@3d23 M NM4  3Q: SalesQr ; Q ; Q3_  MM  MM<4E4D $% MP(3O& Q4$% MP(3O& Q4FAG 3OVi3 b#M43*#M! M4523  NM43" 3_ M MM  MM<444% MP3OQ'44 e8@<@@@D@H@L@P@T@X@ \@ `@e@UA@=,[A aA[dAF~dAfAhA@ߎkAnA PQqA e> P   dMbP?_*+%MzCanon iP4300 (Copy 1) _ od LetterBJDM 0VT$m,`Oj,`OjVT$m,v`Oj,v,v`OjXXDRAFTSample 1' dVT$mVT$m@  VT$m   Canon iP4300 (Copy 1) _ od Letter3 )"d??U} $} }      H8@<@@@D@H@L@P@T@X@\@`@ SalesB]òu!xȏfAqq`VrT   Growth rate(+?DDD(f~K?DDD(o?DDD(ґ{!{?DDD(Q ۍJ?DDD(d!2yD?DDD(F>?DDD( |C?D DD( ?D D D   (Vb&(  j & 0NMM?K ]&`N  "N??3` / ` / ?p3d23 M NM4  3Q: SalesQr ; Q ; Q3_  MM  MM<4E4D $% MP(3O& Q4$% MP(3O& Q4FA3  3OS|3 b#M43*#M! M4523  NM43" 3_ M MM  MM<444% MP3OQ'44 eee &&>@  7   dMbP?_*+%" ??U>@7   dMbP?_*+%"??U>@7 ՜.+,0 PXp x Larry Jeffus Sheet1Sheet2Sheet3Chart1  WorksheetsCharts FMathType 6.0 Equation MathType EFEquation.DSMT49qb  c $A? ?3"`?2'-먷F74`!-먷F743pO:xYklU>wfnA.U(m)M4JBZl(FNa;)kK$! 4h &2ƤƘjƤA#+ }콳b?v{Ͻ;9qv _=_U*֐4==MkhY/$qpm7 +` Ư~p4~Z7܁SvK~{#:01 1틤ҧH[bRvM ~@Hw~7 1]{EZȾY 6NX^6% f`g|F3%9pzpbҬyp: ́[ux<5Kd`cح fl * hF]2? GP`rrG{zI 0}]c2__rox3G9xuB3YQ;o(|_vIFFk̈́ 9FluΜjW.e[ﳞr[\olgO]ǥW5r>>ĀSh-r͓Wm͏5rּ=p驦\v*P>s=Pׇ' y| T=~rj"ߺvlAf&7)N2bifs9ܾZQ/WV_K\|cbq@fk~"I{5g,~HGണ;oZ y( Nhq,2e!Dd L@b  c $A? ?3"`?2G>~ϭw#`!>~ϭw. HHpxW]LU>3S6k;%kݲ]6]6 ADO`)n,t@SIJ 鋍1`1&$*&bsNE8̙{~3w.v5aYЃ6cz6czvnn7fFkWH-Qk3Oȩ~A:lk~ҽHɖx&;8a\fs ʼn2G 9MFpڻ%| 8mFgZ; N =@ G ӅԜfSsϹS{Z{UH?@N54M슇( $di)qILQk1:@"]*~6ă\^([, ʑk.(<'8h{r$$4M>B6(j)j<&TMk*VFLa,OⶅS٫Ca֋=G@SsI iдf/ȓ:7kFak,/B:) t>uM[\QJ!cP !4ݟ.9`W=ԕEY)l2Ǥ.͌C* o8Xu)'?2 ,o,Dd % b  c $A? ?3"`?2vٰ8"R`!Jٰ8"<]xYoLG{;* zP=Ӧ JS$6i pK*VEm&MCc؆/j%~"V*- u.rv6¾}{3;,`vGN$-R%ʳr6qdy  Xvr49kt:H- Z߬&a@L.G[o.@/x\NfRp\Χ1tե3jx^z6Y[˯ˢ6m2>a vZƎit/to^EY9^ٴ#;$î#gcx Vd 9ٓ}~y9rͯ%Pvͻ)v<+bI Hb ;Oϔ&rPT5NX1b= +ΰE "c$,\As[&МG> E =S4V94l wj>Y48[VaPr4[vges/<ˢ׍6u߈S h-+--߼ӢzDZ-QZj-L].r[KreYk֍ȽG8VζLev]J2e,SkM$nN~D);a=vk6E΁߮x)eVO2>NU[n-f.Eⷅ7E6)-.+2-\o 4Uuv[qT/!h] Xظ+nWc!Hqm?ApT;FW_%{V-,'TSTY.J!=/{Jה UF5jJ(O"G@w<,AӁMMM#1 WmrM@m$tU.lk3ԅEBrw9POABW&Eh$Gkƒ !VibOf^͏cst'V#" s$ýrܻ͞ ?zm@*kWM#;q jW}q9^G 㹋sD{IC1wU6Q%;Q(ʛ>wӮl8K<7,/EZM[7<߇`#\?~Fz6\\0swawʪjwT~2,-]o8XQ>N0;O}oT>?O術8:/^yc{W5oR*1@iYˎ>hqg+HgJk9mOX/Ys{ImpFJ$J .)!Tu<& Y_یgN]HQΟ*_"U 2MP Dd ]P  # AC""' p] <{Ku 0@= p] <{KuA QKv. x\lUW?|FGGڊB!őPd`G`FZ K)bm?%.c&CWCVC85jctB~~;{흤rc:w>_d@>*v:v4UqrZSêWBvc=TYe5gCDT;˓gej}{wTc??;R-G5ץ^^5A|_y>1»9SqMAV' R?կe\Gh[|\RjmmߝTSw~m׮Gxףݰ{6r#1a_^jx?BqU[Śi.6*hU|cpstbmyׇӗB\M2OST2m (';>n+T3"~jb(q.YS!6?N+녊| G`R눿&N5Đ ƆEogޖlqNxG*` /Nq!nnN07?kAQ?T^"ۮb5]ubuQ=s'uy,m_&#Vgxk>+tϢ eC潉ͥNbR^-O` Kl~X+#tZ0NXwGɊSXb+/]w>mI0M}t~ݨѮb9]MlQʃζ4 VQt$ZZcM\pmԨESf]̽?hjԢ),hjSSMZ4叅Xǩ)F-ڛpkJF묩i W%-a OmP =yEs||Ƕ&MgMF9]Dy8v+[sNq3b%oV+amubC,6V~Xg->MOQ,~ߢE#4o_C5tC*AU4`cd%P_F[tS>W/tj\9vVx<}bhx5.M `G+B?У!6@kZZܓmrlι?E5Rtv6@ ̪?xZj/B=jf-hy,]W㥮mO>"]WYfg䓖;tyuibmU֥!`..M t:GYS.6M]9^:quOS9>ѦCwp|]Y)fd\˶`]_qПybs3s:Xby t+A&s2?[} 7YE˜TKmnD-}-2W9kͼƈNkFccmbsatyuc)Cl:2^OE1M=zjZ[s۪ruh')}rkQzw=r泩>`}9')f[[1sc@3ܞ;j?Wi"^[%l>sVGqKhwKAK_6GqKgmdж㥼qrw,A?]^l>ڿ_p yxks (z:rա6iM3`&mM˹>E <>E s-)ƻ+B?!6㌂9m]9rV[œOD#tlII>`k?^{ rN0kC$g!$k5 b/}y@Q`. %Xlk\sK Clq..L űĺ01Wi*ɮڿ@LJ-͵h@'?]µ_~~7;|%_~ [_~bt:?װ_sth+~+c.m? L㎘뎨ǦS㈇# gGJ)8;œpc# g}0VD́# gGJ k#9 ]6lsWW,Oy<>chʋb<{6 {%5ďH_lv ~Ai=Vi W+:212121毫]zB>/tmUwWG|%ф\*6G_"ܗsr従sWϐ=/PІV`ȇ\/5 7`Ƶb_s\q8& a{amleƗmpgDJ43ԨgD[(꾅s&w/|N1s .U~@oBFZQSz`sLp*6}<l}=ǹ*NR n؎9Dd ]$P  # AC""*8m܆3~=@=8m܆3~Xd qQK[x]lu6ƘgcRGKWb=a@۔i`;(FC  --ZViZM,HADmҴLӺUZ6:E T9~K4ۋnw|~wν=1;LcFJ?1u߻*uИ*cS2~1EMUJxmy!f%R*B )U/<Z$ܻ|-5-?utuGUcskϛLz1__~|P_SU2Jun){Wgb>}]Loɦѱƪл| |^\ŌfȌSGO&3Jef,2#okqz]ݷq̥tjB.2W?_,wZteV)ߒ[2g'̣l:*dMO301~jJ _7/[:eO1yZœO-JSze>/2FU;s϶fl6=d&]1ZmvOsP_ӊ?V9Pyř?˛3ԩ=$PYM /zL$'zg1D[Lg]}90^ K "u Ϭ'u)!cQZIiz*w-:qkf 9E _M䁪)o6me$\Dx&M&QJ69dR;w0Sƪ}/ƀ T,FoSNp*0:pjSp׶Vo*z96m 90kvhɸ:bg`9N|q|WP35;EעZtL_zM!׮k\El \?Nd!n 1<8<}и =1! ^(9?/r/e25I=GUl#L>R L^A*-R;wէyDG&X"zP,?)XMi}(?B{k|ǣcsflj,qOs8ܬ ,(n{tj3eQ~(){ kIyֽ*>PswעC*xb`< Y׫؆+^y5m`< +^y(Ω\ڜiFUs0vS0leCvGQd'%N\{ΩvĈ-!vrX=@F3jҬm6jcyu_z[]Upm"ۈn_͍\;栍\dX"[v`F40c?h#F4j:oxL!/-MPm., Ms mEca<8|ac(9 }qdA8|0=6+&w1 j oSyC֗uv8?GDeܮJ1??2:|޳&}S)-m=37:FH_}c)_WuշSkɶT|ژ9ܹF鳔_S" qǍ*S>? :, x>@8D**}YKxSKdAbp=;,=º.y&|Y]lyJ][و=o%'q$Ym{osA;ld7q ڰY՘9!s݉۹LxޮY[ke~onKl/d=g>۝+˪{K/uYs,t&go&rv9uYճw4~IUd3`܂#!i `t4"8Jc 9KX*N[s P,6nԐgzs,ggպ/͞];vWd1g`Cvp@c,#v1D6bW4bvٽSQ+l?c0G h Ö;mq{ѐ]#6b5j 9n6[bX{6Y͎xH%x>pŜ?=l`p4cUG=(d1gnx22i8kq ܚ)?Y|Z9 7dd\]fYx# sN3W5}O3g5fK9KdQX]Sq4ۍd3w~|^|mYw>2MAjZ齅QpLOd1gC@1D6"8 KCd Σw(SW཭ A3Vǜ~igr敭G<=G;=h,Fh>L1G<=;X?Y`9zIV_QȖfqrk*-폍3?}뛬)敾=,ιƼ+5l_]c^j `txyy1D_&}CzDoԗǰ! ycXcD1XG^;D3]~@‚<7%8Ψy wKdaNKi,火 !f}!sgש7B )c=0ףvc+!;=jΪwr3]gƘx91DZ"Y߻(_~)Nޕ>s+giᄂ|^ _|'_о]vfO,j\tk"_N" < zKC8=%!|G?%E^`o*ʿCYPV`훮2KF}%]d!ll)xFT-qRu~+ tOtc9'^)sTdq1ި94宨94bAX" 3by|0d)>m};g6-1?lQW/`-j g,w+̪8{;yܢIM J.u^Uϭ0۔=]Oٖ4b0Ba!!xsmGc,f<)Ha{gI*_Xn7Λ왣;c؅ŻU㎯Vmᗻ/M3Jg["ވ[ei,agkKdqlgsKdQkn~8ǘ^-P<;wou39;cNq{U9gК2nVs:C<8Wd!?R āGWy Y(Bz8 pCBIxh,/uQʯ+ _dWyJ.>)wGW<~hcGW<\*Fգ+czzգ1~oju:Inzw7q&cFᦒBؔ;ƟJlS}T7%/FƀolŋyЎ?ݎ^X?Ys& W9y98yԻ^ 6%hF8ܚlu8JCh-ds rr)6~c~B^P>̭Ny3:sh] ǿQO縩ߓI*]o`/俩/ս߰ c+Dd &0  # A "@m t = D2eR@=@m t = D2(>``\xY]hU>3dwcƄ4m6;JVHZOIE5ڦԠ o'IU"` ꋶRD`lfq.9w=sfG1GA> `t`1 1Ǡ6lHv|:"041wcFswe`Z+h!Sd{ح(K{[jmp=W6[b.rkZe=y܆y5 'psӍ"u@1}' ]w"WЬV8#$`97!Lm?AYKfg\넃Ev8cP?fk|g Q=yiMpgdZ 9{$fصO/U+WN$h*n7\$Me@s<C!ڄ̜*??~>5NFg63s|d ;G"*c8FQaBT`,I?rLۢr0#( ;[Uq ;*c8vh9H;%Tq k9$WUqϦX8-G"#켗Q9 QR88>Ѽ'鉽{+2>̇`Hle]v z~E.mzϖh!vΛxy?BJg X1e޶N5?i ]DT͌i.9Z JZTDޘ 6jE#Xxk5St?ń[T͌%4QvT\rVʼVgto&T݌]BorٺgۄonƂuQo}]Y m IU7c w8w&Ťv]Xn[tVJh;Vu3[Gm4J mZnƂuN:o4B}.{60lԮ cA!~O2QaX0W5U땘hX'pnpXEVaVw2IIs"r0QBQ XBٔT9 ^<2]w.&wU.q rͥ=;r1|\3*c\S\3_c~ċBsxPXȗwkOKKNe O-Ӱ.9ϻ9.y19 {xևmF4g&9CuKz:cc*e+<ᨵw6]^esi{;=\NO%F7?oJåRa` F  åαcysPHt ! D `D`mcXn)@(´ s2zU=49G1CspMţUy'ՎCGGG =2mIR7Tz@S ,rj>dƌva;j1D쪚Ys-Xjgi'~8*j}k']ax%rs$eq.JL}~|˧ًzEDd H b   c $A? ?3"`? 2NcT?Ury^`!NcT?Ur@H xڵWMlE~?'v@`)Q[;m\,q *– [c8!v jSB.\ p怢@QZ~"DQN%NlY̼}}{v֋_p D8T qvJsrŝuҨ C&~`čWV.*T_d[b't/gaoξqoPp枛8r,|V>mܤK[֓ p [cFv]pJ|sSva6< PhlYJXڶ*uM/]3Ny]g3/g65{ X4c~U03㪑ګpڏ`[)z0K$Ci! bHAbi8!1yZd5l~5wcS|IPnٟZ/9:g ftO}_Q׺lm{C'Ur,=#O~[_񩅅c4*6!mRe);S3_z<&S(~I5ЃXtiy,yi242#kDZ:gZ?v! -CwHݲH EItAf;R 7|blĻHwdחSq_NBRY8F1:/Đy {2ljp Gœ' vGC=ٹ-PQX g عʝ(Qb;?d5mnvc }0[lc )JHQ![,VZAB">A$E@d}*DILTT)zٳs7kCrs7|̜wWdW4u\z &MOB u] = h0Vr#ZI;D&CIu[!mL˛1*[M#E,by=n*75Q9@Ck)͛E-PutϭFҭ%;ڰ,P@JKl  L~ۭ_= ku|/i^s3壼뒣1, g>I3|c c0Ç>gax';gxjrNe{m'=y;?ooNe^>GXq<(Խ.:kDa`+˩㍩e ~L~_*ۘӦOeyM.5rLץurToIš2߈ESRפ]J7#TN=`2<0| g8>a3| 0 ? ?w[[Kzu[Ee -9G?AZӂŕ7]Fo|ao)=M o.?_{& QWQ>W|t[Yed&{Xs?i מaOPy:v{T!MPK,Ĕ $1-#.ihp΃h8C4񠡻BC޷AQR5vRûL¢hئsx(C5!O:5O:t{U=IO:ktl7h#UM#aAG&V!o\MZa^@ ?ٸ),Tev;ӃTxD4ca_=S+ǔG$91Gq8|qlsX8aQɱ# q  +Eq6pX8\9vQ]8rR 8]9NS/ }qMv?_nuwo6|L]< 2cyfJ u*V:Xhik3B?w gv ˤErKmql(/:-^vPOKQy͵qlggW#\[MlQZ"v6*xCk&&dAx΃l9Ccax4sɟמK;&ni*;]_3x| oO. Rr_wy%G~ܪ޿ݜjn7[ԍ46VGt9IhMΥݰ gTGꅸW7*'6D?\`ύvF5QA{U$z1.58.">}+{=afG㲊b(g-eQVRY*ie9*g:*'QV^y[/q0PܪqA er_ߘ+)/h:PExq9s(8ֿK(GN\rzX+"Mi\#=χZ皱yU3zX[hWKڗ0ekQ.-|-l S&R.[GB*ѯ?O~?_5į O2 12^i2"rJzki: {q}ϰ|f\_1ku.ld0]Dtݬݠ8j떘czyt?yu8rssHXP:mPXQOtHΧg?ż?O?x rs:BՂ|#gz)]WdJg\>ϧgbXb3m9 0=\뾨\zzFY"Kl. Pk/&/?'Z B0kh7NRvvZ^'|!h{[~^['j r%O V)Ϻ%x<+cuLAy݃1 pqd0]_'Y91 ;Chr0g[F}J٨zKs q8LcQܔ8 ;Chr0gjFoK׳f,uD&yZ>ၺ3&cm^Y2g6vu=sgt1U,g%&cGܐ'[)vX痓-oOR#^Zof>k)WPH'D)4MO'ib>d.~<6sKVsx릔>gr0+uHT!u]BS41kª+3yZ?t]oxqw&ca:h_o ]VL0MͦrTγk\=]U9/|`EעT8Zy _Ę˭r*9\-A?%&.QEJNIWUp\lVh^~P}stJoq]\@}n5ym^LEwy_\ bȿ_+/矱Uágzguwmk7=To7!h7g,Kê0Ƈ"՗;4Mݑ 1rI1X3^_&]W&1]ck)J(ޙAwibM׍V][3xݤvdr0bݑt]&241uV]P, uCݤvdr0k TPsct-b<C`suU"k%>cẮM_&|;o"#/|ګh sm1uvjg4r?z=X5Iw+eݢV;oP-Zc۫3G.\~JUN@pWk͞[S'֖ Ә_?Yƽ<S,ݜT*]g+hgu+)/`,aub2~*X23Qŕ~;Łs"o+q|+glT{uaMXPr~}j.\{wq|c/&K䗿S#vY&vk/ [Y~Tyߚz02VTUC0Ni1cbLcI1X3_u]1.8W118onju];cfwR-㫺FE5q~u_1c]4bLcu Ÿ8~qaāV@yX> ^ⱳյHZkG_&]GI'e?m\;Kh\N(خpq_j$?®ޙ=49M싓f/N/㋺IE1]=u];h$8 $_49s7=7yH5ME3M'E]Wx$3Ⱥ‹t]}f/N/{?b__o//> 5gE` C7i~e;ze5d|=dY:'mw,B>7zMtϙLw6vϛ q7^1XظZ?|<8#gl8o'+=NGˈXX\NK&?cs9?JU{v/Ɨ p}i\xi]׷802s/xr㴇t}18h;D-Ay g}ci̥(,܌Eǰn^pVB~6K|0o?cƷuBtBWf u;c0Yx5gl),܌+]_ˈ29 O{xUfvT5 7cqJ2LV}&7MOg͕PYW$ā_[]_x8W&?csWڵp3Uߕ_4ocsi&f;wY3929s?-3}Ü+<?5lOc%>cQu:!&o_CoϵhwgU>+VDΚJw6okGB:ZL{Z4ub,q emƷH\nc,+ž#\G8o++(YXy?ֲ$T.AžAХFz}c&KT"~LUyrK37kv΋Zi~*4sAnη(IEgϻ]<~F~~R {vyqstq;hbln p3պ/X׵E[%&c^u{;\׶?fZkb~Xv-ڈvk;|Humąv1ZG(fXv-ڈvk;|@=̽k ?,^QkmwS1N) ɠ KX/6 Kq ].x]2㨷{}u|oLo`,n^ntoLo`־1Ea17tm S&c.!}|C׶f:oLo| ][xXܳ~nͺio`־1Ea17tm S&c.tе7Lo_12637227319>6F``Ole CompObj57iObjInfo8WŠ$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  g*== DCommonEquityCommonEquity beginingoEquation Native _1263722495;F``Ole CompObj:<ifperiod where,DCommonEquity==Retention Rate (R) x Net Income available to Common Stockholders FMathType 6.0 Equation MathType EFEquation.DSMT49qW$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  g*== RObjInfo=Equation Native _1263722818R@F``Ole xNet Income available to Common StockholdersCommonEquity beginingofperiod Note: Net Income available to Common StockholdersCommonEquity==ROE,so... FMathType 6.0 Equation MathType EFEquation.DSMT49qCompObj?AiObjInfoBEquation Native A_1263083716p EF``W%$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  g*==RxROE beginingofperiod Note:R ==1"-PayoutRatio,where,R==Retention Rate&PayoutRatio== DividendsPaidNetIncomeOle CompObjDFiObjInfoGEquation Native  FMathType 6.0 Equation MathType EFEquation.DSMT49q-°lPRDDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROE==Profit Margi   !$%&'(),/012369:;<=>ADEFGHILOPQRSTUVWXYZ[^abcdgjklmnoruvwxyz{|n() Total Asset Turnover ()Equity Multiplier()ROE== NetIncomeSales() SalesTotalAssets() TotalAssetsCommonEquity() FMathType 6.0 Equation MathType EFEquation.DSMT49qW\PR DSMT6WinAllBasicCodePages_12637231514WJF``Ole  CompObjIK iObjInfoLEquation Native _1263723366OF``Ole CompObjNP iTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROA==Profit Margin() Total Asset Turnover ()ROA== NetIncomeSales() SalesTotalAssets()ROA== Net Income Available to Commen ShareholdersTotal Assets FMathType 6.0 Equation MathType EFEquation.DSMT49qWq$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  g*==RxEquity MulObjInfoQ"Equation Native #_1263722944TF``Ole *tiplier()xROA FMathType 6.0 Equation MathType EFEquation.DSMT49qW]$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APCompObjSU+iObjInfoV-Equation Native .y_1263723419MfYF``G_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  g*==RxROE beginingofperiod FMathType 6.0 Equation MathType EFEquation.DSMT49qOle 4CompObjXZ5iObjInfo[7Equation Native 8Wq$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  g*==RxEquity Multiplier()xROA_1263083313^F``Ole ?CompObj]_@iObjInfo`B FMathType 6.0 Equation MathType EFEquation.DSMT49q-£\PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Staples 2007ROE == Equation Native C_1300712755cF``Ole JCompObjbdKi~9~7~3~,~6~7~7~5~,~0~2~1~,~6~6~5==0.1939 FMathType 6.0 Equation MathType EFEquation.DSMT49qSdPR<DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APObjInfoeMEquation Native No_1300712754uahF``Ole \G_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Staples 2007Payout Ratio == DividendsPaidNetIncome== ~1~6~0~,~8~8~3973,677==0.1652Staples 2007Retention Rate ==1"-PayoutRatio==0.8348 FMathType 6.0 Equation MathType EFEquation.DSMT49qCompObjgi]iObjInfoj_Equation Native `>_1263081685mF``"TPR<DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Staples g* ==16.19% FMathType 6.0 Equation MathType EFEquation.DSMT49qOle eCompObjlnfiObjInfoohEquation Native i-£$PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Staples 2007ROA == ~9~7~3~,~6~7~7~8~,~3~9~7~,~2~6~5==0.1160_1263082753k\rF``Ole pCompObjqsqiObjInfots FMathType 6.0 Equation MathType EFEquation.DSMT49q-\PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  StaplesEquation Native t _1263724171wF``Ole }CompObjvx~i 2007EquityMultiplier == 8,397,2655,021,665==1.6722 FMathType 6.0 Equation MathType EFEquation.DSMT49qObjInfoyEquation Native 1Table7pSummaryInformation(|W›\PR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Staples g* ==0.8978x1.6722x0.1160==17.4%      !"#$%&'()*+,-./01236p89:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmno`־1Ea1UWd^t_{]ǔkl'w^6zvFv}Y]Jqόio`^k3~2'd4MiڻZ&-:0v!aFY-*<z5Q;o8;fcl2L|E_|wY/ϋ/4U}9}'gh\w?ӎ[5x;v m5rO/CZc)UV]+Q<ͷ5i<...}a3S[e2Wԓ|Ox[y5yoFiQ])cg$Dd :$%P   # A C""#HZDĥXmsIr#@=#HZDĥXmsIrHqY[}#x] p\Wu~zW+8Bq"bGD[;$I pl:LSP(4KCCP:iŕ=;3R;`M R sgϻu}wν߽:{A)(\[K秖[;.xd\>;2AOnQ<v sËf@0T.h1/3Ǭ;+<.u+d f>`l9g9+Wϋ/\A渜>a~+}e׵,;҇WPG)q_Mଙ 6S0ww[̵5 `񏂮^{ꊦ"tÞ̭{#7Cџ, kW? mirЅϸwP:|nO~U)%Ln֔$?u/>|z \{ i{(i2|vA|oX`Ozc+ýwtL?|={}`-{fPTP|5RޮkeaS&D4U?^3_*{z؜*b-.?4>ޛ%;,>IM\amFM}JfuM\oy~jA)(ʄh_%hr mxݤ9@sh:k#ҿ&*:8?3ZW]e\9u,X>$%'Mc'gCr^ٙ/Qs|/G}0݆.?80wWe}Qƌ%7似ϴ\/GCcI L\bRr9/H~GXZ.}cy?.?n4ai!ccUZU| Vh&s74~o7UVCX*"rJs }ChF3tǺptA珱8gzl}K օC :B.Tʫ.H>.hozm,L π|At:."]W]|.@gՄe6-D+`bT_9> a>m>snG͔gHn0̱ӡ.c#a~g1M@mߡm"M cf>x,okԁ%&̴*bNGV;37;;0 T~M7_;|r~6d+'oVvw:a> vhf 'I߬b?|!tZr^}bfa#'1?ޏ,crevN;|0:|؏?$#*fNXkz8F;j~ wxDJhCC6 Pc' 7we¼A7tKҿ07DW%pV;341yYO͐\6eG.ꃱ$\JK\l4MґO\b3cI2YNMK?$cH\|hD!>Ƕ C\﨣|C}6~\f739;j"V`~j)Z;Cna;sVlt^~C/\Fs\2q-5gJn+t۳t0vm>mO_ئ}0n7e%ᳱω\諡>.F7'ڻ/Q|>|ϗY$_X-/Q[X`,-4)G|〵WE^mam[oJjmmbibmD95bfDWϽgns*^ﵨ6ysw._h_k.=vfI>)u|=$;O:|0ޭvEZO[5RhnE-ТZsc>Z[i@;([?{E;VZ_Т->ѢJ`ZߡEr>똣\iƒZv?;'/kw s1vEmY*4Sjk:+k-c1I+tھ t?ΔҴt~oDX~0ݷas8MKC&>϶~;l9fib,-9bM|4BrqäcImqMT ;(_r9Et؜q }\b0XMcJe:ʗ1ܷas,M6l0hNimќoDwNt0=lyDRnU[gVNh,+sZ'1i?AyA}Μm3s3`-U>>V{-^^v:;I<Vqh%$ZRv;VPZ 3?}6SڔZyBi%@+82)iFZyBi%B+8҇e&c>ZyBi%@+82 }^϶zJt/c>ZN:lNVPZ ;3Lemӡ\﨣|Jܷas,<K_>Ouf=7<U||bm 4`N6j(f(k=ٍG7zZZ'AСM_Т6f3U4iZ۬lIRo֧Ooƒ_ӺHO&֧O:MY'ms8MOKhY'탱$\HOytI1}:Km2OKhY'탱dsv-V#>I.'藍|ѧOTΏKtI`, =4kxIO"u/c>tIKi՗7'{bs7BXZwqT}Ӽ}<^'C?%]ec~UЏx\?}6SڔW@?8#)x ; ܫ~ea1ثv!#Yct/c>N:lN~U;ЏHe]m(˱|9E;(_|sq ϣxcy *>Rf#(cJkb:Xe*3׼kr6FCcIߠWm EC16[9ҦlciZ;hchům5/:NK/K`R`>|O=3k{ץH>~/K`R`z|O=5.|1G2Vu)sჱ|n07@Xj<0`>Ш7̿eS/c 7OPia,Iqrsz<7/+/7/:7o&c>qGr>wƒpigFr9A~'˘Ot؜q#D 9c˱|9E;(_|7oXޏo2??J朱-s]X}kר*[i=X}4>t>s:x3|aNcX ;O:|0Ӧ|xXf8}o6)u:E)|bs۵}sL'pOsԦ`msԦ>OQ|>|ϗY$_X-ڔM}0Ͽ"O} A僱/u=/+zsi11^8M/صvuW&3_t3}6Sڔ]r9 k%@pv%9~}Q^;l2%hbX =7eB}t&˜n>= :͊?|wL~){lԜ\e&Xc-&Gf!{cnCUpY;,6H:%ݣhpMh41&}6Sڔm%tv&>K6fu iH.6Nc>mܷa16;hh%r>k5hH.'藍|iྒྷS9?.&\Bam탱dkhz}5MrY$ȩM9l\؈ XZ0o3~c;,lrԉL^ 5oYWYO7K^ }|3{?WLL69<. _`㒰c>`@}0l>^&֨ Q:Mh(m1\B.Fi%rQ ;(_|4i9%] >K g `,_e:ʗ1@m >ouA]2Xj缡K-vV`6ǚ&lh f3Xi}^ծtNs~Տ3a~ ޏ|c"X:VOkG%-y1-~5ځhſ{lݑ;/e˹.x6꛱K(o:|3-,(hXaK!}_zfA||a=V.ع1}|LCh}0N) 8/9ʓ8I*s:M6/w䗱y[`a&yAyc65ﳩX^?98s3:%{6o0]q,N/tG}6Sڔ"D?9탱$\ٹ%ɊGEr M_QtHGƒpYgGQ$wQQpIͩ%!ϑh%k˶xX=GrY$ȩ9lûbά˜FӀŽ'xm^ңI*Si^BuzH!;|Pq:b:ZCΓx'bX<=z4'b7|a}gq|O|O;c}IGX- sc>^5pX}0qzTRK>똣\89Xj>M?GҘb;I%{_ jF}0cbMzgvS_ϔ&N?M_d; Ǣ>Oz}07կޥWm,}Xc,W v)Ǣ`Yo|Er`}hڢ}0 =c:rn}7c۵ߌ䶧bCcⶽ[إ⶝ᛱіB ͙6vj{mn6QU7Yҳ#79f/i/T!9,Ӥ3:%<\ڟ]#p:2M}jg>H>/&>KnmcH>)g`}ihi탱x>@w LSEZYϢ}0%OKIK,9($IEY$_X-,g>KzfybEAwTZtTzƧ'&(fcIƂ;G^9 NQ5Jh}6SڔZ <A ƒ{\ `@roߥ19 ܷa1\bvcIĻ !}$wQQྒྷS9?.KC4@`, V򚣐\﨣|󙣰9loV>8jiǨSz;5bjm|/T}|S9JqJ灱eo+ɸqǸإg[[}}0J0."E }hߌ]q͘Ob(1탱ZqP-bإeߌvįSJqלq Xcj;"GK/e|6.k }T`{8 ,[l#d)1<(ߣZ4B;[mlFf}zm]W3l6;1/{%q#=%ǧhX}]9A_Sc_:ØI@۴8C`+Q?MyHc>'9PCh}0v1?P1 6?+Ǐ:XZaoϓznΜ\/ `Kc[gvGs#dm5ʲ&j+5[}Vϵ39{sP}l#$Rl|sJ9f,^إ<ƕfʝt~1Ęϸ[9Ҧ6%Ǝ`ڦ}0l׮=~Khb\I1q%ܷa1 \bvacƕzX;Yr\NIG23N:lNVI.1v;*탱dNW\﨣|W}6~\R'M`Ο6׏84 @ߠPJ{o +{ʬЛ՞3MJ%gK;̈́V7*mެ[JsM4Ѣ3>/+{%[Ug s%Zϸ|x|.ͻur:x0o~ġaj1o;O:|0ii6M>[o6H+)`۳Q1gݶS>ǘ: mcutȺSu_;?гZF3X~d>kkRO~"vv-csu'dw_Y~6ϣL;Kz,nn;{7S#Ӭ5㍽jo ^Ky>$icI3 xi>$qtLRGNiSI탱d?^{gJ.ib̧3I}m1\3I:}0]6v 8 ;(_|86r~\#D?f8cIkA",QG2Ǚ>9MZ0w9b>wsL#hܴ>N ]#}xE Ћ?}6SڔzQTz;Ћ]HeUx&uQB/v9‡e&c>zQTz;Ћ]He)ؕB~'˘^ྒྷS9?.EЋ\Kk}ĊJ/wQ9t O5|fsX{Zۤ{)WZw҂#*NYSJ'I';tb!iN="NR:1N:qޡ:1N:qޡ:qJ8yN$}6=zfD{)|K>+0Jڇ4At)M>6Sڔ'O˂A5gy% i42G\찙q \Bڧ}K%s$IGN"'6r~\B$7ipzI.QG~\}c)mRG񿣱cw9nT&vN܃u[8PC"?ᣱ1/㍤0_M"{\|( Js;ԎuF#ZluK}n.w0XfQ;XAߙKut\氫eZd%22zh۶Xw,1t9,}1(&6 Dd #8b   c $A ? ?3"`?2Wh?!I3`!+h?!I\ `9Xv xVoE3븉d'5*V"J"Z"ۢ]{ko쥮P/CNC—c qCB ެw-1μ7>gvLhKc1"DKP6}Sy4x€6H!~p^7]6hlWX`='uiD4 ̓-;O~@#XTѲE[_=ڦ~{ctR~e%HT|/lso|. B|p8|Pˢf9Ss7eULpm Ι˜ϨxpmNֶ H!_X-~è&ѺT?<+'b٩x2YMOZgʏtzg`6Pr{wD%NFy0{Rלk ݼmZ Azs+[uQFyz24ۃ8!~>QKOx(wx7{VgƏ9||d"1[q{NȣkOXBQ.'&AuL^[5 43+V _StFK0 Zul7,'hmbUaDǞ.ڴ6Lqzp[h"L֊znk0/v2TRfѹY'3_ﮔ=vs\g*B)[/bXq` ղhd$_~E#m"1mhW2rLJm*ݖҐ[ CLT&8 t(꒏XJCaF5¼Zd; GI5eQmd@ Ŗ;)Qj2-"u%>L-;請<WW8tBo{FKi6yx 癡:&Dd xb  c $A ? ?3"`?2iMcv$($f1 fE!`!=Mcv$($f1 f (`4> xVoE61GRQ(*:Ըm Ek{lw"(P%pz!k) ^ PkT $ Qjąͼyo,7 2 `CB)@PYv({V%^L?>ԱhÀ~ewbJ%`W+'G8?=A O**QH}?݊&`VNZ.+ϳH[`CXTŴ^rmÁ>\OtQFdHuj`Qml+@GR ۧ,lhCߩ{X LK754i+-6݆ p&a,]*k=?zc/m_puaZFy׶]G/nڪ̦v +.`$ oxކ"]D$]mOHa/<]\{yW^coYh6eT!#=ؑ5fޒqF^^XJo$%!Rc|REW)'ҥ犘-M?g{_]Aʔ''.5;vEѓW3O;]HՔk7yq/plbMUb" P^«MYY3y& cjD:w&o$Ŋ^d 6sp"O%UsK }0~RlT2OBz-F^y$rՅjO\20D`2L b6f&~Up 6*V`>Np!" Idk)G-ےuHyTM>Q &]LNF@Qta ^Oaaj)gjJÊd[R-5HW)ƸQPc4b ߚVv/ZexP~, α<#FwBG6Y0%ẅ́vN+ܰCYa uEzz `7Z0,ZY[ kG619XU>',rO.7D>bȽQsd kiвVE77~B>]tu(z"%Ri=x>B҇4uEWwtKQ8#h^ݠc`郪Ki%kkU@ p>ޗbϼ-јxHfN*~F~=뱟c)m84lĘOJej~5{n:L< [Taa  aT Jv ->1\gq'rRhoiB A$mX\˪ԭI !RĂb1BCZn۞c#QA4UbG&P8C:MMie3u(.] gݠim*wp;`eKΔK޲>1 /!"Hʳ e@\֥ݾkë,p[(HGNW }0H]+^Wq:CN}!E\nm^./ ||WeWR[}FxDd 6  3 A?2;P4g MAbM`!;P4g MAb )@?0= xڭVMlE~v7$BAJ*B܂qܴ!6dل]ǻnjRU 8P [&ŸI"ޛc̛}ye 0+Mb1icckGõ}o.odW ꗱU_ͪid1$zklAC_"AD]bE }pn8_3`S{ZdY 5FB =kN؟FB_ò&:wv=l8^E-GvLJ{ct`q|{oq\Y=${Q9 /> >x]d'[y'c:ag%&Nt~ʰԤMUsUejlzzYPyxf(~ZGCaOV|.E[\~=$/ c+nQLșgr~aΰ1=ee쬞HS3|%2܂xv*ϔ U?" uE3.ފL=ZWV9Q;4BR[^$FEySV 7s>wN>*>4壎1FַWoo]ȝmkxAnB_4/-5_ 4/ 6.Goח}|z/ӛGYhU\FtǘDЭ a$O>sp12Q%}<=; 4/\+E$ yܥ4%Tcg|hln6^ ?GXp pns9ٓhR#XZa&ae)I$bx1ChBV8 fqd6O&1I PIIݔ0 $3ao L#-:#fu1O1 369ϫLidj*eHPTgMJlL1|suO[LcImh/۝};.m ?+-Ae,QKT!0M41~{gi/GEճtn.~x|Y2t'Dd b  c $A? ?3"`?2_8tJJ|m\KŻ`!_8tJJ|m\K !@ 4pxڵWOhUlM?=iVz&msM.z)l2ev'L+J ) zzaO, TmE5 fmvټoLB q ` 8&r";Vi'=$ v O[/؊Tjg IKIuJ_5 G > WH.'m `#7h{!6Ϳm o #qb}Sݛrn}{l=:;"tsX+Oʭqȭco6c7b_*؍x?v]B76 3fu.CDn߽G1.֝ilOTu O9%{p-d+P ܄+!8s8دZn;QEVB#:-cx#]4e._(Rӊd r|m~nQBKVKq-,щCssJXmQKDmr\?}~ T6>ig)X4JjvFwۚ8PS5~*:X H%FNz++]m}\yn Z -ǵ޵OWLg%gûz^;rvgFxz/6(N]onFR֔N#7>4}HOzW[g7wߴ4kܩk^id^=hnj*ڐӸGQ>-0M‹Y֠=eӆ me&Ei9s'MI۞C;D{. /]jĵ m?Р6\;W[@.Hkyvazm |pD+&ae.KDFhxA~*bPÙC&R bDDteynsB'-S# b4ZsbI`uW:!-KdrU ꒡<TqPEd q_ƒ}s9ak@h>4$}6lS Aԁy͋^yQ;Sw'E. Uj\W_Oyq}b6Eט럥|_mGOM>YI8G9wE3Eg.;5A:?=] s1ƍ!Dd b  c $A? ?3"`?2sF`!sF"hxڕTOAf"n (FUxqiW1@&^LJkdx1Kb8hz gcBxr2-Tavߛof޼7+x$ n>)D h4\4![srϮOH't+4ؘBI pvKW']/=O2o/ٳCsw >?SO\zN^Yz܋{YSF䇻 m?-8/Őhrb˫$͜QVg%5^ȥa=\c$UbU1ij9s[ؤǢ pE4՞[d3 <.QγN~ ST}ZZX]Di%jl^MdL#1Ϋ7 MĒ[f^tD wt(#,_ 4%*/"%UV)B^NjyDd |b  c $A? ?3"`?2;&O Qm*C<`!;&O Qm*C>`j0exڕSoQy|R&z 0na& z&KX p1 z11 zŋFד8-`ژ0潙ٙ0`bH!L&م},T`&˜Vd[$UrzA-eQcO _l[/P "%ɝ6& vSٻݗ$??]"kpMkYl)D h4\4![srϮOH't+4ؘBI pvKW']/=O2o/ٳCsw >?SO\zN^Yz܋{YSF䇻 m?-8/Őhrb˫$͜QVg%5^ȥa=\c$UbU1ij9s[ؤǢ pE4՞[d3 <.QγN~ ST}ZZX]Di%jl^MdL#1Ϋ7 MĒ[f^tD wt(#,_ 4%*/"%UV)B^NjDd _^b  c $A? ?3"`?2K É5'Y% `! É5  L"dxڭTkQ6i4Xt[CiЄnzHtk n>Fj/уg*ɫ =? ^z]/gv7K P0o|0>@ˍ5ƻݮEY6{~~.3#]tWew({!9yPoB̬Os%nng1~u n`RUuqA]U7?֞џk)||t,h4Ym36}ǃqpo5p p"e"2?VfrJ42v`1>xO*Q{ ft8zQGב3ZÍ-KGܩ2(ىTTcTT/eZXެkryVA/ =w5aH^YrEհxVa/d b?is^)gԼa ܙՊJr劢|`Bw{ҨUt )y0bzEվd]#}W2X㻁hNd~<͡ba5<|C`^;ʏ0_Dd l|b  c $A? ?3"`?25__l4Ij>% `!}5__l4Ij>N `Xh0KxڝSkQyMmȏjA-4%= M!%k\&YAA/O"y! ]t"4μM/cgfo=EpBEJfxլ&w~ne}$Y.?: M&F M=DXsϖ7{ILvsm c֠ؼ ̳Sw9VX`Udg8[ !%cZm8%]Aqb!E,%ӵްvüi72"Wj9{V[-õCj4D\/F\4;OE*dikP9έGuŢwZ+/D5ޚ7ڪElFe/]Fr@6-]/Z4D udC\:+fer2=#$vx$Yp>pplv-m= 6Ah3J#c{ jg]WY>FҼͭ=5/>ܶo3kPrŲasƪX-|}xoDEd*г, ǃ'bpuLţX<Ml b]olV.javCplSw`2# d{dnwב0ZÍ-څ'ҩQSfJQDl%x}=-#ZfΧ';#$?AڷLd+d Ifqf ER0J!nfr1n+Z4BzXЗ1x:}Ԁ;YR4VhLNM߯XZZ^[v"~ ZVc&Oҧng[ a,*h>O>9b0 D E@Q A̱ŭ*O:sѣ-,Wyӌ;Nx;mK+<0C5n0o0[iOϗ^{$[2'Dd hb  c $A? ?3"`?2qCSGLoP֔M% `!ECSGLoP֔ߊ@ (dxڵTkSAݗmkiA5+ICJ$R xLc|×惚SRԃAo.衇BAE(ƃ ƙ}"w2R qp N#;lzi>JncAx{ +fExݨN2 ~I!n~}^UJͷΖlnP4Rb%4s8/%s6n1 e D":AB(54>nA d"X%h&G֪fsa mce$M̘N|X l؇etsk-jaM/9%q7lϩGima%4ku@g+c).|/YCKNADd D|b  c $A? ?3"`?2G9RX |!% `!G9RX |` *0xڝTkQmmRȦhZHm6$=MRLK!]56?F Do C(Ehy&%b7}̼og)c8cxLak^Mv~ ,@Cۙk2zAU3j"좴7_^01psa6FNWG%Z ђozcEPZͮLsO0*4ȴZL&a@P2*zv`RL. 0{TLs]Jduҋ~i\k~)Y}W2&ݙ\ ݬ0gԲe˾[ymK|i;hwd_n7XY-O654C eX KrOuF`:gE'ؿw?K@C'L B'NJs_1鰎:t";2Cax]uWA' M/aRi,e[V(6u 9e;%~ Oh+'0  $0 P \ h tBALANCE OF PAYMENTSWendy M. Jeffus Normal.dotWendy Jeffus2Microsoft Office Word@@Bh@R@@R@%DocumentSummaryInformation8CompObjq՜.+,D՜.+,@ hp|  Ox+' BALANCE OF PAYMENTS TitleH 6> MTWinEqns   FMicrosoft Office Word Document @@@ bINormalCJ_HaJmH sH tH DA@D Default Paragraph FontRi@R  Table Normal4 l4a (k(No List 4@4 bIHeader  !4 @4 bIFooter  !.)@. bI Page Number>@"> * Footnote TextCJaJ@&@1@ *Footnote ReferenceH*jCj hW Table Grid7:V0B^@RB T Normal (Web)dd[$\$6U@a6 8 Hyperlink >*B*ph'{six(7 z0^  7       "     7 )*kl:IQbjk| I J f    ) / 0 1 2 A H I J K Y b c p x NOy{<=k  CD?@\]5RS]I&(Kg%\KL.t                 > @ c d !!b"c"d"t"u"""#S##### $<$X$t$z$$$$$$$%%%%%%%%&&?&@&G&c&&&&&&&&&&((])^)+++c,-../l//0,12c2>5)777777777777777777777777777777777777777777777777770X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0 X0X0X0X0X0X0X0X00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 0 0 0 0000000000000000000000000000000000000000000X00X00X00X00X00@0@0@0@0@0@0@0@0@000 @0X00@0X00@0X00@0X00X00EX00X00@0@0X00pZfX00X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0X0 NNNQc:x _#y(!--F//5? #),13568:=>?ABEb/Hb!L'),G/8;?!$%&'(*+-./02479;<@CFG>"J b d f ~ @XZ5NP $8$:$<$T$V$X$p$r$z$$$$$$$$$%%%% &&G&_&a&c&{&}&&&&&&&&&&&&&7:::::::::::::::::::::::: !Q!!34/X"$ϣ?X"$ƌ=1jC(@30(  B S  ?7QT~ +Y,a,777777777777777u""$$+7-8-n/w/D1K177777777777777733333333: x Oy@[5Q# $;$<$W$X$s$t$z$$$$$$%%c&~&&&&&&&+45&5>577777777777777777+777777777777777? *o"wIfH~9QW"N0l"t\7$+m)R1_hN*\lN&\SS@ VUPo(3aLԭmeh8rxTlZh hh^h`hH.h 88^8`hH.h L^`LhH.h   ^ `hH.h   ^ `hH.h xLx^x`LhH.h HH^H`hH.h ^`hH.h L^`LhH.h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hH^`o(. ^`hH. pLp^p`LhH. @ @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PLP^P`LhH.h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh pp^p`hH.h @ @ ^@ `hH.h L^`LhH.h ^`hH.h ^`hH.h L^`LhH.h PP^P`hH.h   ^ `hH.h L^`LhH.h ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h ^`hH)h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.h^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohpp^p`OJQJo(hHh@ @ ^@ `OJQJo(hHh^`OJQJ^Jo(hHoh^`OJQJo(hHh^`OJQJo(hHh^`OJQJ^Jo(hHohPP^P`OJQJo(hHh ^`hH.h ^`hH.h pLp^p`LhH.h @ @ ^@ `hH.h ^`hH.h L^`LhH.h ^`hH.h ^`hH.h PLP^P`LhH.NSwI9Q\lNoo(3ame8r+m)? _hN\SVUt\                                                                                                                              ~4JF &~4J[0~4JLH5~4JcP5H~4J~4JnY9P~4J[Q7e~4Juj[Qddu~4J:z~4J5|~4J-@ }K p  b +'^T##i%8& #*.U,},#/2Z3d3Y4&6z_7|78U9<N<R=\AA*AEDEGHbI0P_PO1TaTiAUc7VAVhW`LXAZ}L\Z(^j_88bJgeO f6f7g4hehPikM]kCkk q}qtlw?yC|}#}lzS+apl TLck=w(KzzuF@DX|C.j*% {R>>0M ~y0T|',;hPSX+ww7 Thfm=(157p? H%Tw? b:$=uBc/Y:IQbjk|    ) / 0 1 2 A H I J K Y b c p x +733@&&[ &&467@ @@UnknownGz Times New Roman5Symbol3& z Arial?5 z Courier New;Wingdings"1hDfDfy,F%O%OY4dx+x+ 2QHX ?z2BALANCE OF PAYMENTSWendy M. Jeffus Wendy JeffusH          MSWordDocWord.Document.89q