business model digital media

7/25/2019 Business Model Digital Media

1/64

(totals and cumulatives in thousands) Jan Feb Mar

20% 1 1 1

25%

Online 20%Subscriptions 5%

Monthly churn 20% 0 0

Cumulative subscribers 1 2 3

$3 3 !

15.0% 1 1 1

16.0%

Online 15.0%

Sales 12.0%

Monthly churn 30% 0 0Cumulative customers 1 1 1

Average active cuto!er "ay#!onth 15

Average (aily customer yiel( )*+,+N-+. $1 $ "% 2#

M#M u. groth, yr. 12 )S-6S.

M#M u. groth, yr. 3)S-6S.

M#M u. groth, yr. 4 )S-6S.M#M u. groth, yr. 5 )S-6S.

Monthly ucrition ee)0O0A *+,+N-+.

M#M cuto!er groth, yr. 12 )C-S0OM+*S.





2/64

:ea(count ; Salaries Start 6eg< Sal< Yearly Year "

(thousands) ea"count evel, u!!ary Mont 4"'### 7 8ncr< Jan Feb Mar Apr May Jun Jul

)/ ear 1 Month 1 $100 5% 100 100 100 100 100 100 100

*rei"ent ear 1 Month 2 $90 5% 0 90 90 90 90 90 90):/ ear 1 Month 4 $85 5% 0 0 0 85 85 85 85

)// ear 1 Month 4 $80 5% 0 0 0 80 80 80 80

=eneral * :inance ear 1 Month 6 $80 5% 0 0 0 0 0 80 80

; ;eneral )ounel ear 2 Month 1 $90 5% 0 0 0 0 0 0 0

A(min< * uine


3/64

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 00 0 0 0 0 0 0

0otal S;M :ea(s " 2 2 5 5 & &

0otal S;M Salary )###. $5 "5 "5 335 335 3!# 3!#

)-/ ear 1 Month 1 $110 5% 110 110 110 110 110 110 110

0ec'


4/64

:ea(count ; Salaries

(thousands) ea"count evel, u!!ary

)/

*rei"ent):/

)//

=eneral * :inance

; ;eneral )ounel

A(min< * uine


5/64

0otal S;M :ea(s

0otal S;M Salary )###.

)-/

0ec'


6/64



)/

*rei"ent):/

)//

=eneral * :inance

; ;eneral )ounel

A(min< * uine


7/64

0otal S;M :ea(s


)-/

0ec'


8/64



)/

*rei"ent):/

)//

=eneral * :inance

; ;eneral )ounel

A(min< * uine


9/64

0otal S;M :ea(s


)-/

0ec'


10/64

(thousands) =ro?t Jan Feb Mar Apr May Jun

'alarie 395 640 660 1,240 1,240 1,490

*ayroll -a&e oa"> 15% 59 96 99 186 186 224

eneit oa"> 15% 59 96 99 186 186 224

-ravel#ntertain!ent 10% 3 3 3 3 3 3

/utource" -ech 10% 5 5 5 5 5 5

/utource" )uto!er 'ervice 10% 3 3 3 3 3 3

/utource"


11/64

Sales ; Me"ia B Agency 5% 6 6 6 6 6 6

Mar>eting *otage B eting 5 5 5 5 5 5

oting 5% 3 3 3 3 3 3

'erver 5% 10 10 10 10 10 10

ar"are 5% 5 5 5 5 5 5

'otare 5% 8 8 8 8 8 8

'otare icene 5% 13 13 13 13 13 13

0ecnology aoratory 5% 3 3 3 3 3 3

eearch B


12/64

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

1,530 1,640 1,640 1,640 1,640 1,640 1,812 1,812 1,812 2,017 2,017 2,042 2,042 2,042

230 246 246 246 246 246 272 272 272 303 303 306 306 306

230 246 246 246 246 246 272 272 272 303 303 306 306 306

3 3 3 3 3 3 3 3 3 3 3 3 3 3

5 5 5 5 5 5 6 6 6 6 6 6 6 6

3 3 3 3 3 3 3 3 3 3 3 3 3 3

5 5 5 5 5 5 6 6 6 6 6 6 6 6

1 1 1 1 1 1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2 2 2 2 2 2

1 1 1 1 1 1 1 1 1 1 1 1 1 1

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

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

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

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

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

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

2'##$ 2'"5" 2'"5" 2'"5" 2'"5" 2'"5" 2'3& 2'3& 2'3& 2'%3 2'%3 2'&5 2'&5 2'&5

3 3 3 3 3 3 3 3 3 3 3 3 3 3

4 4 4 4 4 4 4 4 4 4 4 4 4 4

5 5 5 5 5 5 5 5 5 5 5 5 5 5

4 4 4 4 4 4 4 4 4 4 4 4 4 4

10 10 10 10 10 10 11 11 11 11 11 11 11 11

5 5 5 5 5 5 5 5 5 5 5 5 5 5

3 3 3 3 3 3 3 3 3 3 3 3 3 3

5 5 5 5 5 5 5 5 5 5 5 5 5 5

4 4 4 4 4 4 4 4 4 4 4 4 4 4

3 3 3 3 3 3 3 3 3 3 3 3 3 3

6 6 6 6 6 6 6 6 6 6 6 6 6 6


13/64

6 6 6 6 6 6 6 6 6 6 6 6 6 6

1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 13 3 3 3 3 3 3 3 3 3 3 3 3 3

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

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

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

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

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

5 5 5 5 5 5 5$ 5$ 5$ 5$ 5$ 5$ 5$ 5$

3 3 3 3 3 3 3 3 3 3 3 3 3 3

10 10 10 10 10 10 11 11 11 11 11 11 11 11

5 5 5 5 5 5 5 5 5 5 5 5 5 5

8 8 8 8 8 8 8 8 8 8 8 8 8 8

13 13 13 13 13 13 13 13 13 13 13 13 13 13

3 3 3 3 3 3 3 3 3 3 3 3 3 3

8 8 8 8 8 8 8 8 8 8 8 8 8 8

0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0

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

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

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

%$ %$ %$ %$ %$ %$ 5# 5# 5# 5# 5# 5# 5# 5#


14/64

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

2,042 2,042 2,042 2,042 2,144 2,144 2,144 2,144 2,144 2,144 2,144 2,144 2,144 2,144

306 306 306 306 322 322 322 322 322 322 322 322 322 322

306 306 306 306 322 322 322 322 322 322 322 322 322 322

3 3 3 3 3 3 3 3 3 3 3 3 3 3

6 6 6 6 6 6 6 6 6 6 6 6 6 6

3 3 3 3 3 3 3 3 3 3 3 3 3 3

6 6 6 6 6 6 6 6 6 6 6 6 6 6

1 1 1 1 1 1 1 1 1 1 1 1 1 1

2 2 2 2 2 2 2 2 2 2 2 2 2 2

1 1 1 1 1 1 1 1 1 1 1 1 1 1

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

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

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

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

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

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

2'&5 2'&5 2'&5 2'&5 2'$"# 2'$"# 2'$"# 2'$"# 2'$"# 2'$"# 2'$"# 2'$"# 2'$"# 2'$"#

3 3 3 3 3 3 3 3 3 3 3 3 3 3

4 4 4 4 4 4 4 4 4 4 4 4 4 4

5 5 5 5 6 6 6 6 6 6 6 6 6 6

4 4 4 4 4 4 4 4 4 4 4 4 4 4

11 11 11 11 11 11 11 11 11 11 11 11 11 11

5 5 5 5 6 6 6 6 6 6 6 6 6 6

3 3 3 3 3 3 3 3 3 3 3 3 3 3

5 5 5 5 6 6 6 6 6 6 6 6 6 6

4 4 4 4 4 4 4 4 4 4 4 4 4 4

3 3 3 3 3 3 3 3 3 3 3 3 3 3

6 6 6 6 7 7 7 7 7 7 7 7 7 7


15/64

6 6 6 6 7 7 7 7 7 7 7 7 7 7

1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1

3 3 3 3 3 3 3 3 3 3 3 3 3 3

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

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

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

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

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

5$ 5$ 5$ 5$ " " " " " " " " " "

3 3 3 3 3 3 3 3 3 3 3 3 3 3

11 11 11 11 11 11 11 11 11 11 11 11 11 11

5 5 5 5 6 6 6 6 6 6 6 6 6 6

8 8 8 8 8 8 8 8 8 8 8 8 8 8

13 13 13 13 14 14 14 14 14 14 14 14 14 14

3 3 3 3 3 3 3 3 3 3 3 3 3 3

8 8 8 8 8 8 8 8 8 8 8 8 8 8

0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0

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

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

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

5# 5# 5# 5# 52 52 52 52 52 52 52 52 52 52


16/64

Nov Dec

2,144 2,144

322 322322 322

3 3

6 6

3 3

6 6

1 1

2 2

1 1

0 0

0 0

0 0

0 0

0 0

0 0

2'$"# 2'$"#

3 3

4 4

6 6

4 4

11 11

6 6

3 3

6 6

4 4

3 3

7 7


17/64

7 7

1 1

1 1

3 3

0 0

0 0

0 0

0 0

0 0

" "

3 3

11 11

6 6

8 8

14 14

3 3

8 8

0 00 0

0 0

0 0

0 0

52 52


18/64

(thousands) ;ain#o on ale o aet Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

/nline 'ucrition 3 6 9 12 16 20 25 31 38 46 55

/nline 'ale 8 14 20 25 31 37 43 50 58 67 77

/nline *lace!ent A"vertiing 13 14 16 17 19 21 23 25 28 31 34

/line vent 0 0 20 0 0 20 0 0 30 0 0

*evenue /line 'norhi 15 16 18 19 21 22 24 26 28 31 33

/line *ro"uct icening 15 15 15 15 15 15 15 15 15 15 15

/line 'e!inar 10 11 11 12 13 13 14 15 16 17 18

/line A"vertiing 205 210 216 223 229 237 243 250 257 266 274

0otal *evenue 2! 2$ 32% 32% 3%3 3$ 3$$ %"3 % %&2 5#&

)ot o ;oo" 'ol" 161 172 195 194 206 231 233 248 282 283 304

/erating &ene

+4pense 'ta elate" 532 851 877 1,631 1,631 1,956 2,008 2,151 2,151 2,151 2,151

/verhea" 63 63 63 63 63 63 63 63 63 63 63

'ale B Mar(eting 56 56 56 56 56 56 56 56 56 56 56

-echnology 48 48 48 48 48 48 48 48 48 48 48

0otal +4penses $5! "'"$$ "'23& "'!!# 2'##2 2'352 2'%# 2'5% 2'5!$ 2'5!! 2'2#

+680DA )5!#. )!#2. )!"2. )"'. )"'5!. )"'!&. )2'#"$. )2'"5". )2'"2$. )2'"2&. )2'""3.


19/64

Net 8nterest ; 0a4 +4pense 53 )2. )22. )"&. )"#. " 3" %" 5" 2 $5

Net 8ncome )%3. )$$. )!#". )"'. )"'&%. )2'#"%. )2'#$". )2'223. )2'2"#. )2'22#. )2'23#.


20/64

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

66 80 96 115 138 166 200 240 287 345 414 497 596 725 891 1,101 1,366

89 102 118 136 156 179 206 237 273 314 361 415 477 551 637 737 854

37 41 45 49 54 60 66 72 80 87 96 106 116 128 130 130 130

40 0 0 75 0 0 105 0 0 135 0 0 180 0 0 240 036 78 85 92 100 108 117 127 137 149 161 175 189 410 444 481 521

15 15 15 15 20 20 20 20 20 20 20 24 24 24 24 30 30

19 21 22 23 25 26 28 30 32 34 36 38 41 43 46 49 52

282 290 300 308 318 327 337 348 359 370 380 392 404 417 429 442 456

5$5 2& $" $"3 $"" $$& "'#&! "'#&% "'"$$ "'%5% "'%$ "'% 2'#2& 2'2!$ 2'## 3'2#! 3'%#!

351 376 408 488 487 532 647 644 713 872 881 988 1,216 1,379 1,560 1,926 2,045

2,151 2,376 2,376 2,376 2,643 2,643 2,675 2,675 2,675 2,675 2,675 2,675 2,675 2,810 2,810 2,810 2,810

63 66 66 66 66 66 66 66 66 66 66 66 66 69 69 69 69

56 58 58 58 58 58 58 58 58 58 58 58 58 61 61 61 61

48 50 50 50 50 50 50 50 50 50 50 50 50 52 52 52 52

2'& 2'!2 2'!5$ 3'#3$ 3'3#3 3'3%$ 3'%! 3'%!3 3'5" 3'&2" 3'&3# 3'$3& %'#5 %'3&" %'552 %'!"$ 5'#3&

)2'#$2. )2'2!!. )2'2&$. )2'22%. )2'%!2. )2'%2. )2'%"&. )2'%"!. )2'3&%. )2'2&. )2'22. )2'"!#. )2'#3$. )2'#&3. )"'!52. )"'$. )"'2!.

19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19

12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12

3" 3" 3" 3" 3" 3" 3" 3" 3" 3" 3" 3" 3" 3" 3" 3" 3"

)2'""3. )2'33#. )2'3#!. )2'25. )2'523. )2'%!3. )2'%%!. )2'%5". )2'%#5. )2'2!!. )2'2!3. )2'222. )2'#!. )2'"#5. )"'!$%. )"'&%#. )"'#.

18 19 20 20 21 21 21 23 21 21 22 20 20 22 21 20 21

17 16 14 12 10 8 6 3 0 0 0 0 0 0 0 0 0

59 103 103 102 101 100 99 98 96 95 94 92 90 106 104 102 100

!% "3$ "3 "3% "32 "2! "2 "23 ""& "" ""5 ""2 ""# "2$ "25 "23 "2"

# # # # # # # # # # # # # # # # #


21/64

!% "3$ "3 "3% "32 "2! "2 "23 ""& "" ""5 ""2 ""# "2$ "25 "23 "2"

)2'2#&. )2'%$. )2'%%5. )2'3!#. )2'55. )2'22. )2'5&5. )2'5&%. )2'522. )2'%"5. )2'%#$. )2'33%. )2'"&!. )2'232. )2'"#$. )"'$3. )"'&$".


22/64

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

1,699 2,118 2,642 3,298 4,119 5,146 6,431 8,037 9,900 12,084 14,665 17,729 21,380 25,739 30,954 37,199

990 1,148 1,331 1,544 1,791 2,077 2,409 2,795 3,231 3,727 4,294 4,944 5,690 6,546 7,530 8,661

130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130

0 300 0 0 390 0 0 495 0 0 840 0 0 1,080 0 0564 611 662 717 777 842 912 988 1,071 1,160 1,256 1,361 1,474 1,597 1,730 1,875

30 30 30 30 30 30 30 30 36 36 36 36 36 42 42 49

55 59 63 66 71 75 80 85 90 96 102 109 115 123 130 139

470 485 499 514 530 546 563 580 599 617 636 657 676 697 719 741

3'!3! %'$$# 5'35& '2!! &'$3$ $'$% "#'555 "3'"3! "5'#5 "&'$5# 2"'!# 2%'! 2!'5#" 35'!5% %"'23 %$'&!3

2,363 2,928 3,214 3,780 4,703 5,308 6,333 7,883 9,034 10,710 13,176 14,979 17,701 21,573 24,742 29,276

2,810 2,810 2,810 2,810 2,810 2,810 2,810 2,810 2,952 2,952 2,952 2,952 2,952 2,952 2,952 2,95269 69 69 69 69 69 69 69 72 72 72 72 72 72 72 72

61 61 61 61 61 61 61 61 64 64 64 64 64 64 64 64

52 52 52 52 52 52 52 52 55 55 55 55 55 55 55 55

5'35 5'!2# '2# '&&2 &'!5 $'3## !'325 "#'$& "2'"&& "3'$53 "'3"! "$'"23 2#'$%% 2%'&" 2&'$$5 32'%"!

)"'%"&. )"'#%#. )$5#. )%&3. "%3 5% "'23# 2'23 2'$&! 3'!!& 5'%" '$%3 $'5& ""'23! "3'35" "'3&%

19 19 19 19 19 19 19 19 19 17 17 17 15 15 15 15

12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12

3" 3" 3" 3" 3" 3" 3" 3" 3" 2! 2! 2! 2& 2& 2& 2&

)"'%%$. )"'#&2. )$$". )5#%. """ 5"5 "'"!$ 2'232 2'$%$ 3'!$ 5'"2 '$"5 $'3# ""'2"" "3'32% "'3%&

18 18 18 16 16 15 11 11 8 4 2 +3 +11 +21 +38 +61

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

98 95 92 89 85 82 78 73 68 63 57 51 44 37 29 20

"" ""3 ""# "#% "#" !& $! $% && & 5! %! 3% " )!. )%".

# # # # "& "$# %5 $&2 "'"2" "'5&2 2'233 2'&"$ 3'%%! %'%$! 5'3%% '5


23/64

"" ""3 ""# "#% ""$ 2& 5%5 !5 "'"!$ "'3! 2'2!2 2'& 3'%$3 %'5#5 5'335 '525

)"'5%. )"'"$5. )!!". )#$. ). 23$ 53 "'2& "'5# 2'32! 3'32# %'#%$ 5'"%& ' &'!$! !'$22


24/64

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

44,682 53,652 64,410 77,314 88,927 99,571 109,507 118,949 128,069 137,011 145,893 154,812 163,852 173,084 182,570

9,961 11,456 13,175 15,151 17,246 19,510 21,987 24,720 27,753 31,130 34,898 39,109 43,818 49,087 54,985

130 130 130 130 130 130 130 130 130 130 130 130 130 130 130

1,400 0 0 1,820 0 0 2,360 0 0 3,060 0 0 3,960 0 02,031 2,200 2,383 2,582 2,797 3,030 3,283 3,556 3,853 4,174 4,522 4,899 5,307 5,749 6,228

49 49 49 49 49 49 56 56 56 56 56 56 63 72 72

147 157 167 177 189 200 213 226 241 256 272 289 308 327 348

765 788 813 839 865 891 920 949 978 1,008 1,041 1,074 1,107 1,142 1,179

5!'"5 $'%32 $"'"2& !$'#3 ""#'2#3 "23'3$" "3$'%5 "%$'5$& ""'#$# "&'$25 "$'$"" 2##'3$ 2"$'5%% 22!'5!2 2%5'5"3

35,499 41,059 48,676 58,838 66,122 74,029 83,073 89,152 96,648 106,095 112,087 120,221 131,127 137,755 147,308

2,952 2,952 2,952 2,952 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,10072 72 72 72 76 76 76 76 76 76 76 76 76 76 76

64 64 64 64 67 67 67 67 67 67 67 67 67 67 67

55 55 55 55 58 58 58 58 58 58 58 58 58 58 58

3$'%2 %%'2#2 5"'$"! "'!$" !'%23 &&'33# $'3&5 !2'%5% !!'!5# "#!'3!& ""5'3$$ "23'523 "3%'%2$ "%"'#5& "5#'#!

2#'523 2%'23# 2!'3#$ 3'#$2 %#'&$# %'#5" 52'#$" 5'"33 "'"3# &'%2$ &"'%23 &'$% $%'"" $$'535 !%'!#%

15 15 15 15 14 14 14 7 4 4 4 4 4 4 4

12 12 12 12 12 12 12 12 10 10 10 10 10 10 10

2& 2& 2& 2& 2 2 2 "! "% "% "% "% "% "% "%

2#'%! 2%'2#3 2!'2$" 3'#55 %#'&5% %'#25 52'#55 5'""% "'"" &'%"% &"'%#! &'$32 $%'"#2 $$'52" !%'$$!

+90 +128 +178 +237 +320 +433 +573 +746 +950 +1,175 +1,431 +1,716 +2,019 +2,357 +2,724

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

10 0 0 0 0 0 0 0 0 0 0 0 0 0 0

)&!. )"2$. )"&$. )23&. )32#. )%33. )5&3. )&%. )!5#. )"'"&5. )"'%3". )"'&". )2'#"!. )2'35&. )2'&2%.

$'2%" !'&%3 ""'&!% "%'52$ "'%%# "$'5!% 2"'#" 22'&52 2%'$32 2&'%%" 2!'"%2 3"'%25 3%'%5% 3'35& 3!'#5"


25/64

$'"2 !'"5 ""'" "%'2!" "'"2# "$'"" 2#'%$! 22'##5 23'$$2 2'2 2&'&"# 2!'! 32'%35 3%'### 3'32&

"2'33% "%'5$$ "&'% 2"'&% 2%'3% 2&'$5 3"'5 3%'"#$ 3&'23% %"'"%$ %3'!! %&'"23 5"'& 5%'52" 5$'52


26/64

Dec

192,364

61,589

130

5,1406,747

72

370

1,216

2&'2$

160,577

3,10076

67

58

"3'$&$

"#3'&5#

4

10

"%

"#3'&3

+3,152

0

0

)3'"52.

%2'&"


27/64

3!'#!

%'"2&


28/64

6alance Seet Year "

(thousands) Jan Feb Mar Apr May Jun Jul Aug

)urrent Aet

)ah B @uivalent 16,135 15,181 14,058 12,405 10,736 8,505 6,398 4,125

Account eceivale 269 205 185 142 153 186 171 185

Assets nventory 1,255 1,262 1,276 1,277 1,285 1,300 1,302 1,312 1,333

0otal Current Assets "&' "'3 "5'52# "3'$33 "2'"$! !'!!2 &'$$" 5'%3

ong-er! Aet

@ui!ent 0 175 175 500 500 700 700 700

eaehol" !rove!ent 0 0 30 180 230 230 230 230

e> Accu!ulate"


29/64

0otal Sareol(ers +uity "&'### "'35& "5'2 "%'3! "2'!! "#'$25 $'$"" 3'&3"


30/64

6alance Seet

(thousands)

)urrent Aet

)ah B @uivalent

Account eceivale

Assets nventory

0otal Current Assets

ong-er! Aet

@ui!ent

eaehol" !rove!ent

e> Accu!ulate"


31/64

0otal Sareol(ers +uity 3%'3#$ 32'#!$ 2!'$&& 2&'%%$ 25'3%" 22'$&3 2#'2#& 2&'$"& 25'"2


32/64

6alance Seet

(thousands)

)urrent Aet

)ah B @uivalent

Account eceivale

Assets nventory


ong-er! Aet

@ui!ent

eaehol" !rove!ent

e> Accu!ulate"


33/64

0otal Sareol(ers +uity 22'32# "!'&%5 "&'"&" "%'%2! "2'#"% !'# &'#52 %'!&3 2'&%"


34/64

6alance Seet

(thousands)

)urrent Aet

)ah B @uivalent

Account eceivale

Assets nventory


ong-er! Aet

@ui!ent

eaehol" !rove!ent

e> Accu!ulate"


35/64

0otal Sareol(ers +uity 3!# )"'%&2. )3'253. )5'#5!. )'2%%. )&'23. )$'#$. )$'#!2. )&'$5%.


36/64

6alance Seet

(thousands)

)urrent Aet

)ah B @uivalent

Account eceivaleAssets nventory


ong-er! Aet

@ui!ent

eaehol" !rove!ent

e> Accu!ulate"


37/64

0otal Sareol(ers +uity )&'%%3.


38/64

Statement o1 Cas Flo?s Year "

(thousands) Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Cet nco!e +643 +886 +901 +1,670 +1,674 +2,014 +2,081 +2,223 +2,210 +2,220

Concah A""ac(


39/64

Statement o1 Cas Flo?s

(thousands)

Cet nco!e

Concah A""ac(


40/64


(thousands)

Cet nco!e

Concah A""ac(


41/64


(thousands)

Cet nco!e

Concah A""ac(


42/64

(thousands) Jan Feb Mar Apr May Jun Jul Aug Sep Oct

:orecate" 'ale 269 286 324 324 343 386 388 413 470 472

)ollection

)ah 40.0% 107 114 130 130 137 154 155 165 188 189

30


43/64

)urrent orroing 9 .0% 0 0 0 0 0 0 0 0 0 935

)urrent en"ing 6.0% 15,835 14,881 13,758 12,105 10,436 8,205 6,098 3,825 1,351 0

+n(ing )BA(uste(B. Cas 6alance "'"35 "5'"$" "%'#5$ "2'%#5 "#'&3 $'5#5 '3!$ %'"25 "'5" 3##


44/64

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

507 585 627 681 813 811 887 1,079 1,074 1,188 1,454 1,468 1,646 2,027 2,298 2,600 3,209

203 234 251 272 325 324 355 431 429 475 581 587 659 811 919 1,040 1,284

142 152 176 188 204 244 243 266 324 322 356 436 440 494 608 689 78094 94 101 117 125 136 163 162 177 216 215 238 291 294 329 405 460

41 47 47 51 59 63 68 81 81 89 108 107 119 145 147 165 203

%$# 52& 5&5 2$ &"3 && $2! !%" "'#"2 "'"#2 "'2# "'3$ "'5#$ "'&%% 2'##3 2'3## 2'&2

304 351 376 408 488 487 532 647 644 713 872 881 988 1,216 1,379 1,560 1,926

122 140 150 163 195 195 213 259 258 285 349 352 395 487 552 624 770

193 207 225 268 268 293 356 354 392 480 484 543 669 758 858 1,059 1,125

19 20 24 24 27 32 32 36 44 44 49 61 69 78 96 102 118

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

333 3$ %## %5 %$! 52# #" %! !3 $#! $$3 !5 "'"33 "'323 "'5# "'&$5 2'#"3

480 527 575 628 713 767 829 941 1,012 1,102 1,260 1,368 1,508 1,744 2,003 2,300 2,726

333 368 400 456 489 520 601 649 693 809 883 956 1,133 1,323 1,506 1,785 2,013

2,151 2,151 2,376 2,376 2,376 2,643 2,643 2,675 2,675 2,675 2,675 2,675 2,675 2,675 2,810 2,810 2,810

63 63 66 66 66 66 66 66 66 66 66 66 66 66 69 69 69

56 56 58 58 58 58 58 58 58 58 58 58 58 58 61 61 61

48 48 50 50 50 50 50 50 50 50 50 50 50 50 52 52 52

78 76 119 117 114 111 108 104 101 96 95 94 92 90 106 104 102

7 18 19 20 20 21 21 21 23 21 21 22 20 20 22 21 20

0 200 0 0 220 0 0 220 0 0 220 0 0 220 0 0 24285 94 138 136 134 132 129 126 123 117 116 115 112 110 128 125 123

2'$"! 3'#&" 3'225 3'2&! 3'52& 3'## 3'& 3'!! 3'&$! 3'$!2 %'"$3 %'#3 %'2# %'"2 %'&53 5'#2& 5'%!3

300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300

+2,340 +2,543 +2,650 +2,651 +2,814 +2,833 +2,847 +3,028 +2,777 +2,790 +2,923 +2,668 +2,697 +2,868 +2,750 +2,728 +2,767

+2,040 +2,243 +2,350 +2,351 +2,514 +2,533 +2,547 +2,728 +2,477 +2,490 +2,623 +2,368 +2,397 +2,568 +2,450 +2,428 +2,467


45/64

2,340 2,543 2,650 2,651 2,814 2,833 2,847 3,028 2,777 2,790 2,923 2,668 2,697 2,868 2,750 2,728 2,767

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

3## 3## 3## 3## 3## 3## 3## 3## 3## 3## 3## 3## 3## 3## 3## 3## 3##


46/64

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

3,409 3,939 4,880 5,357 6,299 7,838 8,846 10,555 13,139 15,056 17,850 21,960 24,966 29,501 35,954 41,236

1,363 1,576 1,952 2,143 2,520 3,135 3,539 4,222 5,256 6,022 7,140 8,784 9,986 11,800 14,382 16,495

963 1,023 1,182 1,464 1,607 1,890 2,351 2,654 3,166 3,942 4,517 5,355 6,588 7,490 8,850 10,786520 642 682 788 976 1,071 1,260 1,568 1,769 2,111 2,628 3,011 3,570 4,392 4,993 5,900

230 260 321 341 394 488 536 630 784 885 1,055 1,314 1,506 1,785 2,196 2,497

3'#& 3'5## %'"3 %'&35 5'%!& '5$% &'$5 !'#&3 "#'!&5 "2'!# "5'3%# "$'%% 2"'5# 25'%& 3#'%2" 35'&$

2,045 2,363 2,928 3,214 3,780 4,703 5,308 6,333 7,883 9,034 10,710 13,176 14,979 17,701 21,573 24,742

818 945 1,171 1,286 1,512 1,881 2,123 2,533 3,153 3,613 4,284 5,270 5,992 7,080 8,629 9,897

1,300 1,610 1,768 2,079 2,586 2,919 3,483 4,336 4,968 5,891 7,247 8,239 9,735 11,865 13,608 16,102

146 161 189 235 265 317 394 452 536 659 749 885 1,079 1,237 1,464 1,775

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

2'2% 2'&" 3'"2$ 3'5!! %'3% 5'""& '### &'32" $'5& "#'"3 "2'2$# "%'3!% "'$# 2#'"$2 23'" 2&'&&3

3,076 3,500 4,136 4,735 5,497 6,584 7,685 9,073 10,975 12,960 15,340 18,464 21,650 25,467 30,421 35,678

2,264 2,716 3,128 3,599 4,364 5,117 6,000 7,321 8,657 10,163 12,280 14,394 16,806 20,182 23,701 27,773

2,810 2,810 2,810 2,810 2,810 2,810 2,810 2,810 2,810 2,952 2,952 2,952 2,952 2,952 2,952 2,952

69 69 69 69 69 69 69 69 69 72 72 72 72 72 72 72

61 61 61 61 61 61 61 61 61 64 64 64 64 64 64 64

52 52 52 52 52 52 52 52 52 55 55 55 55 55 55 55

100 98 95 92 89 85 82 78 73 68 63 57 51 44 37 29

21 18 18 18 16 16 15 11 11 8 4 2 +3 +11 +21 +38

0 0 242 0 0 242 0 0 242 0 0 266 0 0 266 0121 116 113 110 104 101 97 89 84 77 67 59 49 34 16 +9

5'%!$ 5'!%# '5$! '$"3 &'55 $'553 !'"$ "#'%!" "2'## "3'%5! "5'55& "&'!22 2#'#% 23'3!3 2&'"%2 3#'$!!

300 300 300 300 300 300 300 300 300 300 300 300 842 2,446 4,521 7,800

+2,422 +2,440 +2,452 +2,077 +2,068 +1,969 +1,500 +1,418 +1,084 +499 +217 542 1,604 2,074 3,279 4,778

+2,122 +2,140 +2,152 +1,777 +1,768 +1,669 +1,200 +1,118 +784 +199 83 842 2,446 4,521 7,800 12,578


47/64

2,422 2,440 2,452 2,077 2,068 1,969 1,500 1,418 1,084 499 217 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 542 2,146 4,221 7,500 12,278

3## 3## 3## 3## 3## 3## 3## 3## 3## 3## 3## $%2 2'%% %'52" &'$## "2'5&$


48/64

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

48,793 59,165 68,432 81,127 98,063 110,203 123,381 138,456 148,587 161,080 176,825 186,811 200,368 218,544

19,517 23,666 27,373 32,451 39,225 44,081 49,352 55,382 59,435 64,432 70,730 74,725 80,147 87,418

12,371 14,638 17,749 20,530 24,338 29,419 33,061 37,014 41,537 44,576 48,324 53,047 56,043 60,1117,191 8,247 9,759 11,833 13,686 16,225 19,613 22,041 24,676 27,691 29,717 32,216 35,365 37,362

2,950 3,595 4,124 4,879 5,916 6,843 8,113 9,806 11,020 12,338 13,846 14,859 16,108 17,682

%2'#2! 5#'"%& 5!'##5 !'!3 $3'" !'5! ""#'"3! "2%'2%% "3'$ "%!'#3& "2'"& "&%'$%& "$&'% 2#2'5&3

29,276 35,499 41,059 48,676 58,838 66,122 74,029 83,073 89,152 96,648 106,095 112,087 120,221 131,127

11,710 14,200 16,424 19,471 23,535 26,449 29,611 33,229 35,661 38,659 42,438 44,835 48,088 52,451

19,524 22,583 26,772 32,361 36,367 40,716 45,690 49,034 53,156 58,352 61,648 66,122 72,120 75,765

2,053 2,434 2,942 3,306 3,701 4,154 4,458 4,832 5,305 5,604 6,011 6,556 6,888 7,365

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

33'2$$ 3!'2" %'"3$ 55'"3& 3'#% &"'3"$ &!'&5! $&'#!5 !%'"22 "#2'" ""#'#!& ""&'5"3 "2&'#! "35'5$"

42,029 50,147 59,005 69,693 83,166 96,569 110,139 124,244 136,668 149,037 162,617 174,847 187,664 202,573

33,288 39,216 46,138 55,137 63,604 71,318 79,759 87,095 94,122 102,616 110,097 117,513 127,096 135,581

2,952 2,952 2,952 2,952 2,952 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100 3,100

72 72 72 72 72 76 76 76 76 76 76 76 76 76

64 64 64 64 64 67 67 67 67 67 67 67 67 67

55 55 55 55 55 58 58 58 58 58 58 58 58 58

20 10 0 0 0 0 0 0 0 0 0 0 0 0

+61 +90 +128 +178 +237 +320 +433 +573 +746 +950 +1,175 +1,431 +1,716 +2,019

0 266 0 0 266 0 0 293 0 0 293 0 0 293+41 +79 +128 +178 +237 +320 +433 +573 +746 +950 +1,175 +1,431 +1,716 +2,019

3'3%$ %2'%& %!'#2% 5&'!2% '53! &3'!$# $2'"!5 $!'5%% !5'!3" "#%'#"& """'3%" ""&'!5" "2'! "35'"3&

12,578 18,259 25,939 35,920 47,688 64,316 86,905 114,848 149,548 190,285 235,304 286,580 343,475 404,173

5,681 7,680 9,980 11,769 16,627 22,589 27,944 34,699 40,737 45,020 51,276 56,895 60,698 67,436

18,259 25,939 35,920 47,688 64,316 86,905 114,848 149,548 190,285 235,304 286,580 343,475 404,173 471,610


49/64

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

17,959 25,639 35,620 47,388 64,016 86,605 114,548 149,248 189,985 235,004 286,280 343,175 403,873 471,310

"$'25! 25'!3! 35'!2# %&'$$ %'3" $'!#5 ""%'$%$ "%!'5%$ "!#'2$5 235'3#% 2$'5$# 3%3'%&5 %#%'"&3 %&"'"#


50/64

Oct Nov Dec

229,592 245,513 267,628

91,837 98,205 107,051

65,563 68,877 73,65440,074 43,709 45,918

18,681 20,037 21,854

2"'"55 23#'$2$ 2%$'%&$

137,755 147,308 160,577

55,102 58,923 64,231

81,019 88,317

8,029

"%%'"5# "%&'2%# %'23"

216,155 230,828 248,478

144,150 147,240 64,231

3,100 3,100 3,100

76 76 76

67 67 67

58 58 58

0 0 0

+2,357 +2,724 +3,152

0 0 293+2,357 +2,724 +3,152

"%2'&3! "%5'#!5 "'52"

471,610 545,026 630,760

73,416 85,734 186,957

545,026 630,760 817,717


51/64

0 0 0

544,726 630,460 817,417

5%5'#2 3#' $"&'&"&


52/64

Depreciation ; Amortiation Month o *urch. ie Year "

(thousands) /utlay *rice +Mo. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

+uipment

ar"are#'otare ear 1 Month 2 $100 36 3 3 3 3 3 3 3 3 3 3

*hone#)o!!unication ear 1 Month 2 $75 48 2 2 2 2 2 2 2 2 2 2

@ui!ent ear 1 Month 4 $300 48 0 0 6 6 6 6 6 6 6 6

:urniture ear 1 Month 4 $25 60 0 0 0 0 0 0 0 0 0 0

ehicle ear 1 Month 6 $200 60 0 0 0 0 3 3 3 3 3 3

0 0 0 0 0 0 0 0 0 0

Fi4e( 0 0 0 0 0 0 0 0 0 0

Assets 0 0 0 0 0 0 0 0 0 0

)Depreciation. 0 0 0 0 0 0 0 0 0 0

easeol( 8mprovements

)ontruction ear 1 Month 4 $150 48 0 0 3 3 3 3 3 3 3 3'ecurity 'yte! ear 1 Month 5 $50 36 0 0 0 1 1 1 1 1 1 1

:i&ture ear 1 Month 3 $30 60 0 1 1 1 1 1 1 1 1 1

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

Depreciation +4pense # % 5 "5 " "! "! "! "! "! "!

Accumulate( Depreciation % ! 2% %# # &! !$ ""$ "3& "5&

*atent ear 1 Month 2 $200 60 3 3 3 3 3 3 3 3 3 3

)oyright#-ra"e!ar( ear 1 Month 2 $200 60 3 3 3 3 3 3 3 3 3 3

* an" -ra"e 'ecret ear 1 Month 6 $200 60 0 0 0 0 3 3 3 3 3 3

8ntangible ;oo"ill ear 1 Month 5 $100 48 0 0 0 2 2 2 2 2 2 2

Assets 0 0 0 0 0 0 0 0 0 0

)Amortiation. 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

Amortiation +4pense & & & ! "2 "2 "2 "2 "2 "2

Accumulate( Amortiation & "3 2# 2! %" 53 5 && $! "#"


53/64


54/64

Depreciation ; Amortiation

(thousands)

+uipment

ar"are#'otare

*hone#)o!!unication@ui!ent

:urniture

ehicle

Fi4e(

Assets

)Depreciation.


)ontruction

'ecurity 'yte!:i&ture

Depreciation +4pense

Accumulate( Depreciation

*atent)oyright#-ra"e!ar(

* an" -ra"e 'ecret

8ntangible ;oo"ill

Assets

)Amortiation.

Amortiation +4pense

Accumulate( Amortiation

Year 2

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 26 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6

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

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

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

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

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

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

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

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

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

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

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

"! "! "! "! "! "! "! "! "! "! "! "! "! "! "! "!

"& "!5 2"5 23% 25% 2&3 2!2 3"2 33" 35" 3 3$! %#! %2$ %%$ %&

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 33 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

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

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

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

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

"2 "2 "2 "2 "2 "2 "2 "2 "2 "2 "2 "2 "2 "2 "2 "2

""3 "25 "3& "%! "" "&3 "$5 "!& 2#! 22" 233 2%5 25& 2! 2$" 2!3


55/64


56/64

Depreciation ; Amortiation

(thousands)

+uipment

ar"are#'otare

*hone#)o!!unication@ui!ent

:urniture

ehicle

Fi4e(

Assets

)Depreciation.


)ontruction

'ecurity 'yte!:i&ture

Depreciation +4pense

Accumulate( Depreciation

*atent

)oyright#-ra"e!ar(

* an" -ra"e 'ecret

8ntangible ;oo"ill

Assets

)Amortiation.

Amortiation +4pense

Accumulate( Amortiation

Year 3

Apr May Jun Jul Aug Sep Oct Nov Dec

3 3 3 3 3 3 3 3 3

2 2 2 2 2 2 2 2 26 6 6 6 6 6 6 6 6

0 0 0 0 0 0 0 0 0

3 3 3 3 3 3 3 3 3

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

3 3 3 3 3 3 3 3 3

1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

"! "! "! "! "! "! "! "! "!

%$ 5# 525 5%5 5% 5$3 #3 22 %2

3 3 3 3 3 3 3 3 3

3 3 3 3 3 3 3 3 3

3 3 3 3 3 3 3 3 3

2 2 2 2 2 2 2 2 2

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

"2 "2 "2 "2 "2 "2 "2 "2 "2

3#5 3"& 32! 3%" 353 35 3&& 3$! %#"


57/64


58/64

(thousands) Jan Feb Mar Apr May Jun Jul Aug Sep

'hort-er!


59/64

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

100

6 9 8 7 6 5 4 3 2 1 0 0 0 0 0

76 166 154 141 127 111 93 73 51 27 0 0 0 0 0

18 30 30 30 30 30 30 30 30 30 0 0 0 0 0

8 18 17 16 14 12 10 8 6 3 0 0 0 0 0

10 12 13 14 16 18 20 22 24 27 0 0 0 0 0

66 154 141 127 111 93 73 51 27 0 0 0 0 0 0

500

28 27 26 30 29 28 27 26 25 24 23 22 21 20 19

668 662 656 1,149 1,140 1,131 1,121 1,110 1,098 1,085 1,071 1,056 1,039 1,021 1,001

66 66 66 112 112 112 112 112 112 112 112 112 112 112 11260 60 59 103 103 102 101 100 99 98 96 95 94 92 90

6 6 7 8 9 10 11 12 13 14 15 17 18 20 22

662 656 649 1,140 1,131 1,121 1,110 1,098 1,085 1,071 1,056 1,039 1,021 1,001 979

&2$ $"# &!# "'2& "'2%2 "'2"% "'"$3 "'"5# "'""2 "'#&" "'#5 "'#3! "'#2" "'##" !&!

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000

0 0 0 0 0 0 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000

0 0 0 100 100 100 100 100 100 100 100 100 100 100 100

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

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

0 0 200 0 0 220 0 0 220 0 0 220 0 0 220

+14,902 +17,123 +19,552 +21,759 +24,227 +26,893 +29,283 +31,938 +34,780 +37,355 +39,929 +42,671 +45,086 +47,494 +50,048

32'#!$ 2!'$&& 2&'%%$ 25'3%" 22'$&3 2#'2#& 2&'$"& 25'"2 22'32# "!'&%5 "&'"&" "%'%2! "2'#"% !'# &'#52

32'$2 3#'$& 2$'23$ 2'#$ 2%'""% 2"'%2" 2!'##" 2'3"2 23'%32 2#'$" "$'22& "5'%$ "3'#35 "#'#& $'#3"


60/64

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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

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

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

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

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

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

200

21 20 19 18 17 16 15 14 13 12 11 10

1,179 1,158 1,136 1,111 1,084 1,055 1,023 988 950 909 863 814

127 127 127 127 127 127 127 127 127 127 127 127106 104 102 100 98 95 92 89 85 82 78 73

21 23 25 27 29 32 35 38 41 45 49 54

1,158 1,136 1,111 1,084 1,055 1,023 988 950 909 863 814 761

"'"5$ "'"3 "'""" "'#$% "'#55 "'#23 !$$ !5# !#! $3 $"% &"

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000

10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000

100 100 100 100 100 100 100 100 100 100 100 100

100 100 100 100 100 100 100 100 100 100 100 100

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

0 0 242 0 0 242 0 0 242 0 0 242

+52,227 +54,459 +56,810 +58,672 +60,453 +62,259 +63,444 +64,436 +65,286 +65,292 +65,054 +64,643

%'!&3 2'&%" 3!# )"'%&2. )3'253. )5'#5!. )'2%%. )&'23. )$'#$. )$'#!2. )&'$5%. )&'%%3.

'"3" 3'$& "'5#" )3$$. )2'"!!. )%'#3&. )5'25. )'2$. )&'"&$. )&'22!. )&'#%#. )'$2.


61/64

Financial Analysis Year "

Name Numerator Denominator Jan Feb Mar Apr May Jun Jul

iui(ity Current *atio )urr. Aet )urr. ia 104.9 97.5 85.9 78.6 68.5 53.2 34.0

*atios Euic> *atio ).A. nven. )urr. ia 97.4 90.0 78.8 71.3 61.2 46.3 28.4


62/64

Financial Analysis

Name

iui(ity Current *atio

*atios Euic> *atio

Year 2

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

24.2 13.1 1.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8

18.5 7.7 0.4 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3


63/64

Financial Analysis

Name


*atios Euic> *atio

Year 3

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

0.8 0.8 0.9 0.9 1.0 1.0 1.1 1.2 1.3 1.4 1.5 1.7

0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.5 0.6 0.7 0.8


64/64

Financial Analysis

Name


*atios Euic> *atio

Aug Sep Oct Nov Dec

1.8 1.9 2.2 2.4 2.5

0.8 1.0 1.1 1.2 1.3

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