—__—__ ol 1,38 00,000 x $p'/. DY ean De Teck 2b roernn er Ri sm.cegl' bh, 00,000 ae £0,500 __B6f 00 _2y,)00 iu. Earnings apo tat 26,£,000 bly, oq,000 | Cannings after bor 4YSCO FH Joo 352190 2 Lesa: Preferorce } TA tte: Pvepenence ) |i1.cox 194 10 Lecco) cod Dialed _husul alas | ng at = | DiLAtnd (2.000 12.000 12,000 pat 2) —Forntags arvatlasle : 2b; 50,000 4,00; 1 = tA = Earnings ~pa_thare), aig. sh byno rake bh oawnity snares . - [tl 0. bee | 2.28 | I = —iifjonn'e| 4.000___440n0. a " | Baruatings pon a 4 = Farticulary ater Se ss Brane 4248. (ya Fis 12.94 | __ ees 7450, cnc00)__4,S,000 Ao Lactic ae pack pg tneaio i * Eerr a Meeraae | Pasufeulane eee | asuntings Bofere Thtereat — : - ad “Tates __],. shasol eb 2solsb 2s 5 Deut Share _____|_foanena! &6-c0000| toys: Trbenekk on. Dabartwhrer 1 ' fle | Solseom 2.440000 [Lasoo x83 > — -_4| 10,290) eee ene i Hay eS 4. Eamnings tofere Tax __|4. $6,250 .| < . as = Les: Tax. @sov | tg das | Copital Sdruckuune eG Lally. Jeannings Aiton Tax | 8, as SoLIDLTPP) Soom LD Lew. ea Mhaded. bo ih ais “|| Caducnigs Boers Tnt..2 Taxes pane wt bas viet) | &£ delacs! Less: Tntererr en Deborturer(/Q/) = | 6 nays do. eaity a. Anoldora | Fer 2 | ao LoL 5 a lew: Tax @ Sov ace Pio Sede 2a option ID ers = 46J85 3 ).25 eat yooh 400 2 62,50 | Lew: Pnetprence Diicolend f. ob ~ [8,000.4 18, Seo] Prrepck Avartable le Q Option 3 EPS = 42125 31.46 EPSc broth to oruity sh vibzedl 2S /, {$0,000 |_ _______ nw. of shave piliut® a Lf 1 Option W 2 Rs i AEA Sor Cy Beak chetce » EQ LT to 20 Led Trt@esk on Debantares (121) = 6 ‘ ERT lo aie Lea: Tax @ co r ie Eat pStihissdin A EPS = Paofgt aver lab S081 = Lely - No. of Hare 10 Ss 2422,000 00, 062 1,470,000 | 4,00,000| £25,000 | 2, 8,000 Bilbo, 000 4 125,000 | 28,000 __. $,000. BS oo. KO GOO —-B5jRO 20,0 = 8.82 = 9.2% | 29.3: a + + ot | 2,000 | 10,00 | &s,o@ 40,000 u J 45000 | 35,000 _| 20,022 30,000 fec- €aT | 4,090,000 3, 2.80000 Bp, 000 #8) Beak option (iii) 29-2 Beet) ap. e-T)C-D-F-0, | @-o0- a4 9 uae sana od = -o ava 22,005 x Cons) __6,00,000 - &,A0,000X + 1,35,000L = -§ \o0dce00ed 71, 38,00X = 7 Blococccad _7g. bb aoe aie | sti 10,00, 00° 5; Dowusit 13°0,00,000- isd: —Trteres — Ptabio Aged eee ; a Tod. -_ 0:52 CO eSOeTBIE Oo oy y.~ DL 0.50) =O ee J 00,000 @127 “Ss 182, 00000 age : | eve omc Oli et) x os) Ho Tax 0.25 0.25 ae 130,000 re me 2B a) j Lois cts 4 Ce pr-7)- pps =r D- ep. 150,00) O2OE™ N Na. do-oy an QS, 00,000 __=_FAS,.00,000 =! (oC - 1, 8,000) (1-0-85) 0 ~~ 4B eral oulas) - Loc Zz AS, 00000 — 5) 220002 = _! B50 2202200 —__ 0 2 Go, __ ares ____$0,00,000% __= 11 SPOORR2C00O 6<-48,000) foes) = (x - 48,0) (0. 28.cdks “Wier 5| W210 = Ugsnosregense se) ie i 2/000 49,00 & i Ske thal 80/00/2000 } | 0-652 31,200 = 9, bS%— 21,200 = 2K,00 log, = 2250, COC) Sra 60,000 Pee 0.55.5) +s BB we 2,000% - 1Q4fo00000 = 34,00%. = 2652000000 4g). Payne) AS BS'S2000000 = | BI, oc0020 = 39,00 X = %,o004 __ Fe Re che Tax = S0 ‘fs S0.S a : a | Revatty 20 )00)000@ too pewuty 22,60 00 0 +20,00,000 2% || D, Deb 220,00,000 Xlo% __—40,00,c00 @ 100 7 4 eae ae 2,00; 000 | Tz Deb -) 10,00, 000 x 2 +fe “EB TT. [#4237 || 10,00, 000 X8/_= 80, c007: O_P»Ds = 10,0000 @ 12 = Br ho, (2 Tnkeresk en clebt 8,000 PD, = 10,00 005x127 eT: (2, 3<¢ 1,24, 22) i — | &=280.00)lt-015)-1,29020 = fc - 80,029 (1-05) 1,209,000 _ 2 Tax @ 35h S 45,22) E 20,0D 42,000 £27 ‘ £44,000 (2c = 280,00) (0-S) = |, ®e,000 = (2% -80,005 (0.5): - 1, 20,00 ~ . dil é = 20,000 40, 0D ei aitate £4,000 O+S% = |, y2i000- 1580,000 = 0% SX =). de9 - EPS = Phyo = Ley p< Gaver 40,000 ‘ 60,000| ao Zo p SOO - : a pean (Boe) == [oS SO TT tacon = Bxot = Asocscae© gsoot = 12SpA = BS C0000 1@s0 = @sn000900 eae aso be 2 9ja0,c00. nu a a | Taa__S0‘le tax fob | Pek, 12:1. em 10;b0,00 (eae =p) tee (xs) Li-7) = €-> i Ny N2- 34s, 000 | (=o) (1 95) -O = (20-0) (1p) — oD —$pce, ZITO ___x (0.5) re sa =1.22,000 ee Soe < a = 24¢,c00 | | eso 4 a [pee ae 152,002 _ $0,070 | IQsox = 500% = Gnn0em00 = Ootsi.} 0.075 1 =| = = tt 2_=_ 600000030 poe phar 2 4 | \aso 200d b= 4, 80,000] s 107. Deb._ef 10,00,000. ico ar | [ale oe S rae go. 2A) E@TT = 2,00,000 Coy oie (e~ L) C1- EF De ke = 1@-$)+=0.185 ©) Trteree : Neco s Deb = 4ono@tor _—_—POUPE*IOT = 55 590 > = (ae = 4,00, (1-0-5) - o = Se Oeny p=} za, onp b eee pr fs =. ". 1,000,000. © Lnk- LO on ——Bo,020- ae 2 t oa eee 1, 20,200 : eas | s = yBo.c00 = 4,60,000. >. Niet Te. ern = eon S tre pe 0-18" : Ke e* 255,880 ~ 30,000 = $-—4,bayoce — a. Fp, 000. fis i" 960,000 £00,000 = 160,000 $$ — ss a 60,060 v= 14, 60,000 2 ies ©. las i Qt E@LT = 62,00,000 y joo = I-36 J w= S,b0,000 + 3,00,000_ = 8,602,000 a sence _y = 8,60, 000 — Overall cork of ko = €85T = 100,000 x loo*h _ v 860,000ea) S= 16,00,000 - 12,00,o00 = 4,009,000 __€@TT -240,00 ke = -E@TT = 1,90,000%/m eeu 1, 80,060 Of OW. epee t | , 82,000 ke = 304 } 49) 22,00,00 = 4,090,000 «vy = 40,20,200 ! | La Olo 4 boa ach ST kev -D gw £2 [,2,00,000_= 444. 00,.000_ = 26,00,02___ = 4 EBIT -__4,00,000 =f pa Tat, PY =___2%, 000 } NT = 2 66,000 _ , Lhe 2) 3,62,000 »2190 = 10-22 Je Y 3L,00,000 fi 7 82_= Y= 10,00,00 (ap, = +} _£- ye? = 40,090,000 = 400,00 = 23,00,0c0 ett = 42,00 eS ee oppo 2 00 _ ime | Bully, 900 aef le po fearr i. ee ee a : Sar Reo get es. -2-12,.0001 2,00, oc | ee ee eee z ie | oc0s0 sae 19) i). 12,mae0 20 : Ne Me Seco E ie a3 ee Ke Ons ey ey Eerr_ st lyin 00, - a: Ss ~~ Lews: _Iinkerest 80 ee coe 47001000 | = 10,00,000 _ eT wal 4 uh k seein ga ac —MeStp | v=sap __ || Less. Tax @ 35 %0 as f ~ YE 12000 | V = 10,0004 APR ie ‘ aa ae 260,000| lye 3,000. — = Ae0,000 | nt. ~ on 2 a = OF 5 maw nes B07. ; Fiche rg 2,00,000 (S01) — ishe SS Sree “x dan state 22a XSO72 = 4,Sd,000 Pt = Maaket value pat Met Marler ole 4 ———_—__. ote eeu ty a I, SD,000 © lus 1 ie : EesT I -—ef_Y¥_tenpany E a 2 EBST (1007 -Tax) cate & oouity =— | (2)00,000% 35) 4,810,000 Mankek value : SO aoa oa Manteo voli 13,00,000-4« 3 11 ,0,002Dy BR 00000 Nes poe Sile sag ane Ear —anforecs! i Tink. 1h‘t ‘ ve E@IT =) 6,0 > ke let th pe 00,00d_ = > unenrd 2,000 @soI- 1,00, 000 - a EAT 1,00,000 A) art EGT =) 100,000 — 8,00,000 ke Dds Mi 2,00,c00 Value of the 40.0 Lenord pian oath olest v= Value ef stunlenend porn = 8 00,000 + [So b, 00,000] [Ta nate x dep = _§,00,000 +2,cd,0c0 N= 11,00,c00 value_ef fpr _N ) = 1\,00,000 Ee cies 1,00, 002 Ve = 60,000 Lk. ca O12 | Cer Saeteoisone Y= $00 OP |,20,00,000 + [L,o%- x 40 02,000 1,00,00,p00_ + 28,002,000 JTRS __40,000 __ Value ef 49 A 00,08= oh , 00,000 S= Volue 1 [ eee > Py 19-0 —_Caludate the market value of fom LOubtey oe = a Body: \2 ew = 4 B= 244.Ja- 150 = Jhedy 12 = 4,00j000 = O 5 Ca ApOdjeco Etuity —capttele aden pee cou ot capital (0) wiv | te = Seer sind ino tat | ga ee S___4,00/00 the AB) Gs w _t ome = (26S) _ ee _ Fin Y' Cabuulate the vlue o4 fOr = EIT aa 7 a BS secs? 00,000 > Y=, 00,000 a H EE eee = Bet 4 L Ee | Cabeubate the rmorker valr of for Le v-d _ a | £ = 4.00000 = 2,00,000 2 _J,00;oP 4 a =~ | Cor of Capital Ke a SS ; ke = ERLT~ 50,00 - 10,009 x100 >) 40,000 0. 00 — —_—___ ee a é 2,00 ooo Yov,ooe = —f ke _Y = Bot: 7 =abhi i wae grec tng Cenk ss) t 2 3 atstins rt meee Seats cern a __Sevorage — inte a we, | ceonbtbutin = Sales - wacabl cost EeIT = qprresting Prey ~ “opehaitng leverage her ustrown Cenbububion px cee pied Cott ancl. _ vale vor. Degree ot, Operating leverage: Dol =_ tn EBT Percentage change tn ales Forencial Leverage : Kinanuial leverage eccuta wher 2 foun aur 4'ned. sCntererk /-diidlend. ih ALLCHON, - 9 no» 4.34. = $i —Cenbibubten = Soler - varlable cost eS cott J@ S20 unt | Sa _ Tako saler_= $0,000 x0 = 25,00,00. | SO, C00 _XRo = al2 Esved cask (s0,000% Is) ERTT —O-L = 15,00,000 5 2 sion ASO “ New _Operaking leverage —fartiinlars Ba. Siler (50 2s, 00,008 —__leu: variable tort 15,400,000 _ cenbtbutten (0,00) 0 Less: Bired Cork (<0 cox 5) 450,00 ! Eerr ____ 50,08 _B = 4S,00,000 =) S tres a — 3 4800000 ete 0 iv = 1o,00,0c° 3 4 ttner a PES, Aeterage L:SASIO BS at _@)|_vegrce. = _Sntnease tie ERLT sical cent ___1,600' 1,600 400 1,000 | —j— |," _b00 =) 1.33. Hines 24a) é _L.6o0g _ r I aE lewrage J 7 fa Change in tales 7 of ERIT = 10,000 yaa 3) Qe i 5B, 000 alll ye oa A change ta sen Ee aa or- 12,50, O00 Eert 64, 50,000 -EPS= Preltk per Tat = 4 et 1 £aT =s 12,60,000 Tax rate - or | Proler hetpere bax. 100 Leg: Tax Ao | L 4 PAT 60 = 200. x 122 = 21,.00,000 pec) tax = = PBT = PAT =) 21, 00,000 - 12, 60,000 SA = 2s. £40,000 _—____Setwrest = PBTT_— per =) 6 %50,00° = Bl, 00,000 ie = Ra.db, 50,000 | enofftabiliky atatoant | Pe TT b£,50, 0cO “Leh: Interosk Ab, 0,02 ret 4), 00,000 hes: Tax S,440,000 = 4 260, COCs | £.L = 64,S0,000_ _) 2.2) times A\,02, 000= A= RABS,00,0@0 _ = 28,00,00x? =) 7S, 0,c00 = 1 SpERT 4 = 0,00,000 = bporating prot 221) %,00,%0 =| enkorect (af) = 1,00, 000 i ——__£ei+ Let. Deb Ot ou. 20 | i = ELTT = 20,00,000 = go 3) 1.28 dima _ ee res 1y00)000 dt = $500,003 9/. Deb. - 2,S.000; = 50,000, EBT = ono F.L=8C-L 20.122 F.L= 1,00000 3) I, 44/0 y C.b = 1,S0,000 2) 1. 4A {SOO Ese 5 Olt LS, Fe Int. = 2, S002 2 2¢ lah ELT Si ees 6,029,000, Lew: Tripreck Ro Osi xioy ______,sb,000 e@7 ____ saa So eee= 5 intone = 12000). Ve ~ T8000, eh, ly 20,020 oe Conbitbubion AB,000 pred cour es 1K, 000 IT i £0,000 _ 2h ee 2 Lbttime 1¢,000 2 a | 5 = mn 7 fL= L35,OP =) 1.83 Stra, phowting Eaanings bekere Tax 1, 10,000. a Bs. lel = Q,0q000 =) 1.82 dtinw £0,000 I 410,002 : 12,000 |} L Keleco Bl zs __ Pretiabel’ i. { i at _Partiulahs ana fh ee = = 8.64 dines Sales 900,000 18, AS ood. 18/000 lesa: vantable Cesk |3sap,000) 5, 68,0) D | aE __Contotbution. 600,000) 13,1 8,500 | 200. Less: Ered co 3,$0,000| F, 45,90 ' eerr Lesa bicel aeey , |> S, pum ies ae 1s}.00,.000 = 600,000 =) ®.b+_ tina, 4, BS000 B= 12,19, 500 9. BO Arneg = lexa,o00 > oes 2 81,850 *pee ole ________|.16,00,000 | 600,080 | 12,00,000_ —_—_ hid 08100) | $,.00,020 | 12, 8S ,0% Seat. — | 46.000] 48,00 Jews: Dnkenest 10 ——e | dy 52000 | 1 xy 20 Eat 202 2.4 tirnts — — S000 =) B. |y times ate =e a = <00,e00 StL Hines -_— Ly, SB OO e 2 5 19,a5,090 =) 1.04 mo 1,4 4,000 Se = <4 Dio oeugtuca = ! 4p 5R,000__ | = 2b, B5,000 x) feiatiaasyen ee ie Ady $000 — a =Lyongeo Uijay = LB2,2P 2 B ‘al boom a = @:- __O.l = ? ad 22;0P fF. = 90,000 2) | dine iL 22,000 ___ 8) Deb. t = Bs.10,00,000 xlof. sien : £.0- tO + Fc - 209000 ; Tax- So7- o = 1a, a Bac 2, c20 sn, Poe ante 3c [ooo eoni AvB,e00 2,.00;000 Broo cart 252e| . 52 | 200,000 £)Bo,0@ 10,000 _\0,c0p “ = is 1,910,000 2,40, a0 e€szr 95,000 _1,35j008 B= 12,500 3 © tits |_4s,000 1,265.00 ae B= 15,000 2) Aira ; r Si : ay). Pinellas ata eee £ = 4,380,000 =) |. ty timer Portinlas ¥ 2, 80/00 ' Sales | 8,cn,000\ 200,08 = Lew: wwrtuble Cesk $,20,00 _2,09,050 ae a Cenbibukion | h,80,000_$,00,e00 fiz 200,000 = |, 0S times Lek: Eixved Cove | 240,000. 2,5, 000 1,910,002 | EQrT : | 240,000 2,:sp, 900 + & = 280,000 =) 1.03% tings a lew: Tntercse | 1,810,c00__ SD,0%s Q.72 oo : =e Ear (20,000 20g _ &, ; ,[ergata cereal a Se : | $,00,0 | 5102/20 4450/0 18,00,0° |_200,000|£,4S p00 (00,022 | 12,02,00° 1,00, 000} 1, 25,002 | 1,50 02 | 2,200,000 __80,c00| dojo | 30,000 | 62,2 40,070 | 8000) 100,000) 1,440,000 15,000| 25,000) 35,000 oO 6000) 60,000, 65000 [0,00 QRDOO| BfyOO| Bb,ao| 400° 3,009 26,000) 3%,c00| 60,000 39,002 | 60,002 8,002 | 36,200 | No.of CA-Ahares |” s)c00 | 91909 | (2/00? | 12,000 =%h.wl FL | S2.9) = FS ips eae P=) 1.442 Aires ; R= 10, =) 0,000 1, 020? ting An 4 ol (t e = eyun 5,000 40,00 FL: P= 40,009 2) 1. Ottis ;R> Lagoae =) 154 Ur2s 50° 651002, Gra 8000 .) 1.42 dimes > S= 1,40 O° 5) 4 tress 60000 1, 0,002 Statement & Prete Poskiulars a B Ber 1,.00,002 | 1,05, 200 Lets: _varrabble coe 0,000 | _4Q,000 Contribution $0,202 63,000 Lew: Eised cork 80,000 | _ 3902 ERIT 20,0% | 33,00 Les! Inkerork 10,000 | _ 12,000 eer , ___| 0,099 | 93,008sb = 63,000 =) 1.9% tis 83,000 Fb = 2,000 2 1.434 tines aoe J = ME 6 o. t3.c00 5) 2940 tn | ____ 93,000 = Ra 80,000 1 ie | Rewhel EBT = ps. 93,009 | ar Pp | Slee 1.90, ac Le Vaxiable cest 40,000 = contri bution 60,000 —— Fitved cost 30,000 _ebiT 30,000 12,000 20,009 8 3,902 bE s30c0 __ 22.439 times J: a / x } J agh Js) dealelaslaigill |, 5,000 1,00j02 iD change ta fort Lamen out serena by 512 4,153,000 — 1,00,G00 = 1S,CO0 1Sj0P x40) Sd. ae 4.02;000 ii). O. be 3,15;000 =) @ +h bisa pee 119002 Partiiulans Sales Vamable Cask Combi huhien Fired cost Ee Ir Laterest E&T Rx @4s4- EAT 38) Prodabcldy, statement Ree EF E | es = EalSales = 12, 00,000 Vic = 4,00,0° reac © Cinel. (S7/- Irdercrt - 45,000 - Pttual €.c = 2,00,000- 45,000: =) | 25,0004Les: Srterest Lae O-L = 6, 00,000 .) Qdots ClL< OLXFL a A 00100 fel =_1,4510°° 3 45 bores EL = 3.00000 1) |-S tines. = &x us 1421000 j | D1 100? =) AS met. CL = 200,000 -) 2 Aires eb e ooc0e 1 3 srnes 1.001008 J Me 200,000 i Reauted sales ty double ERIT: _ i leehed saler te double E@rT: = Fitted tetk+ pesirned FerT = = fired tov 2 Fl PL Aatio Fae _ Corte PUnb rie ii Cae = Lentatbution xico 2 $,00,000 + _[2,00,200+3,00,005) / Pv nahi Bakes _s __ =) 3,00, 0 +6,00,000 =) 900,000 = 1, 85,000+ 3,50,002 ae 6,00, 090 Bov z 2200-2 x 100 | 20) 00,002 19.00,000 om i 1 1 = =)-30 09,000. =) A, 45000 3) JF 222 32.2 1 £.20,.00,000 + 20,.00,000 = 10,00;000) 30% 7 % = 10,00, 000 = Required Soles = Dixcrence | i 20/00, 10) 00,00 + 15,83,232 = 582222 J | Sen PeMenktge = S,€3,333 ons) 58. 2/9 [2,09 208 1eee 2QSZSOL=EVRS 5 Fil=? P/V Aatio~? = _1oycoo , Fc = O- : =_ 10,029,090 svanable cour coe A GEE 5c 22 saasf> cert Cenbubbubien 3,00,000 ) o-u ee eer Le Fated _cesk LeS2,000 ” Zh EBIT is Rikteaos eae 1150, 000 Eert - Thtearcik = EeT + lea: Tnberest Sen Te eS os co | ay tntonese 20,009 ther ee €@IT 2) 2x1,00 000 2) % 09,002 ao wbutt 3).3,00,082 2 O90 — 1,00,@o =) 1,00, eg Ir ee er =) = co 6) LS Haas fest 9 tenia sas Eet “ 1,0q000 _§ y Neen = bution > 2 =)2 timer t. a1 Las | er 100° Eerr = as) 2 poi lee feouired sale, to deuble Eerr “corte, ee ig = Fined (or + Destred ERIT pee — ely Aabioe = Cmetaiom 120 ~ = 1 $0,000 + 2,009,020 ie _| uf 21071209 yet00 ls wattle] "250/000 to eee 10 ,00)C00 r 2-A,S04000 5) _1$,00) 0° ta el ee. ok i $00,009 - 10, 0000 — $00, 0007] 7 i , Forcentegs ews gin dolor | a ~ = 90,990 5. joo 4 i : 1 1000) 000 Le ee | < a ——S———— —ee - enema Ot 28.55 Cb 2 45 5 Trt = Be VBS ee, a Fle 55 Ob~ dy Tnteret = Q,5e/00 5 i ss » Aswoe » Sales - 14,120,000 y wits tS) Of bales; Tar so 7: “ Fob Sea “gees [tom oar | t | RPT A ) by x52 Bo wre: | Centalati. Was , eet ‘ vw E67 CEO LT us 2 Mine 5 E@rr- Int. ) ear 7 €@LT = E@T + Tnterece =) 1+ 25 @ = \, 8s" 2) 0,45 Ler 3.54 4 Tinkered 44 1, BS ,000 then a Eert- Tnbrert = €aT ERT. 2% 1,RS,000 ©) 2 sp,000 I Gert RUT+ Tintern E@rs) C6TT - Tnterert | Li DRO 1.A0 = 1, RSj000 cy (ant.) EBT = 1,825,000 [ Tnborest = ke! - Bs. 2, 50,008 ERT = 250,000 x 1 =) 62,500 PIV Nak = centrtbubdn co 4 Acales E@rt = &,50,c00 » 9 =) 312,500 #) 23,8510» joo | Aged laze cee, | | Eer - Taxlsb*) =) Ear 25“. 62,500 - 2),R50. = 51, R50 Ob = Contrlbutiba .) 3. | | 0. L = Contatbiubbn =) 4 a ; Saher ¢ g.45 ! | | ‘err WGC Eas — 22 —Contarbutian 0 cont,’ bublon = €81T > Fixed cect - E®ETa)=950, COOK ES =) Contant uhon 4 Jie tee, Combi bectiinr = S7-tsj900 | 26 €8rtr ws 3,1%,500 then Z Ertl thc =) contabubin tontrtbution = 4x3, 12, 05-5) Wessoen) ; Qi50, 200. +t AS,eo0 5) 4,95 ,Q00 i Contthutton - €erT = Filed cost Sales = Conk bubdn =) Variable cost | ' R30 ,a00~ 3, 12,500 = 4, 34,500 - - '2,00,CCO = 8, 25;Q00 = WAS DON | | = | Ty 2s ale ar ‘ as le of Aaler ui cont bubon . 12,850,000 = $0,090,000 (ay- - a 3 asf | eeer it |e als =) 9,000 a fax 12) 9ecox l=) 9 ee ee. - Eat . 2-) 4,coox8 2 1,000 nee. 91000 ers. 2 a kda kdp [i = Tax sate] ooo 2 eben 2, ene Ainseaaxsed lat tals _ = Tax - sol: Face value = (200,000 TL. cast ef Debt - kdp—2—lu20,000 y100 3) 10 —L—teikie, Lveleemable Debt? The debt 12 0;02 Whit i net sreceemod wring” the defo fedig-—= + RO,092 = 60,02 4160 Aint of, the Aousines. Pre inter oak Payable _ (2,00, coo oe i called an cork pf thredecmable clekt z = 60.00R 1005) Cost _o, Debt bopore tax (ky) ae algo kAp—= Interest — Nok Proceeds (we) q | tar. = $0,000 x 1.00 =) $0,00,000 XIBY- = _6,00;0m Dotererk en debt theuld 40 cal cilated Tages pep Only on the pace value of debt || = 020 _xtoe_ 5) Bi crrespectie of the tue price iy | cae ES £0,00 1029) = be gl —=—6,02,000 = 2,240,002 00 5) A. BY _ Nek Proceeds : ei zs a é ose $209,000 / = — 300,002 x 7. NP = Gace value + Sewunitios premciun _____|_Tasue exp. = 24: 2 = Tue _erponss | Tax- sot: 5) 24,c00 Xo >) |®,c00. —___lliii) Dobe tuned at Advount oes 41> ie ee = = Discount = < 20,000 +20,000 =) $30,000 = = NP = 3, 30,c00 _— 6,601 : 7 dp = 84,002 x00 5) F-4R4-213,400 Ss) Dues ok dispeuck | = 2, 5) 9.04 7- bce 4108 |) bco,cos x Ins = 60,006-)Tnberest 2 Cte Diteurt 3) 6,005 ¥40 =) 5 40,000 Cescesoc2 410% leghge = 1100, 099 ~ $0400 424 ) 4. s407/- fate value = 540,00 f a sa 11,.601.008 Ye CARE ba = htOo Tax - so1 IL cm 0) ak cbiateunk : wP= %,00,000 (face alae feats, = e6, 909 oO = ~ ___G, 00,000 — Mokg—=—, 00299-50050 ¢ 190 =) 5-557 902.000442,502 lsatig_cetk of dae bee ss 1103, 020 XB 7° eed [ 2 See XB 1 —fR9o_ 1 sad ot Lape ax Tax @ So: (13,00,a00 x: pac? 642,000 | Ul a | w.P= 100,000 - 2.000 9) Ages apa ie 1,004,000 at Neer a BE eee, «SO ,6po —100,20,.900_— 2, lesb Lshue aaperssor f | R S0/COST rr e St tek SS Pea Sana 1.00 00__5)_A%4060—___ ky = Brrpisel cast i 1 Or [on gr Avioarage value Met proceeds toe of Bele e epost . % Reedeetnable wat par _ Causation Catt of, ie 4000 fonsiuula ne. ~Toterert on debt. (S.c0,ce0x101) - {tue erpersen (SIGE 2 Cecio) — eet bp sox. —kkelb-= bere 4% OCO sad =— ee Sten. ae test of olebt sacs] Tndercak_on._alelt (20,00,.200.¥#1:) = Les. PRemiicn on dune [22 Bers Annual cont of debt befmre tare |, 20,0 LEB: Tae @ma-l. (1,20,000x4o),) = Annual cost of olebt agtertay - 7%: N.P = Reiies >» RV a 20, 00,000 + 8. = 2.09000, 58 See2 kdy > 1. 22.090 Ba2,SB0? ree 20/00 = Z : cask. 4 debt: (8,60) 000 ae || Feces (29,005 # g Na Demin ont (2,050 = i Ann otk Aegore ae £8,009 Coss of debt sbepore anc after Aaa + les: Sa 0°) [2,000 | Lakerott_en debt. (5,00,coxlB* ) = _bo,020—$§ Prarual test offer torr (9,020 : De, I wee 600,000"; p. Se oars Annual te Soofpre face —_____%a00 ____ Pv = bomo0o +6,60,aD =) 6, 20, Iltes: Tax @sov- ODO t 2 | Quanual Cok ape, dar __33,59 = $2,000 x 100 5) 6.081 s —— BUNS 20.000 ee “Aes $00,000 - 10,000 2 4,490,000 | py = (4000 yao 3) doa. LRN = 5,00,000 - 98,000 2) 4, #5000 - 6, 30,200 Writs ak Atcent, eedecerable ak par E Zz Lett of debt : Re dekt (ann, oe Pisa i WD taunt on tue [20,00,000%Lo ———— - = eesgeeree PE 11,000 & a eee Piiae Fat. 246,000 Bp tax O40 (2,46,000x40'1+ a =H10400 i — ——frrrtuas task after ton 16S ba __—— ok eee adidas _ = thf = 26,002,000 cB er) {ico ary 1 Dae — = oe =20,00,000 - £0,000 =) bj. = 19, 20,000. oe 80,00,000 = 2.00,000 (7S sFrent)Cnet on debt isnemoxms) = pB0)20 ——$ [oad : Soe ee | 15,00, 600 X10" E co. a : be * 12, 20,000 xs*/> Add: Discouct ( WiSeiee * 2 Add Mu b 7 2,000 annual test ole dilet tafere tad 150000 Let. Tax @so/. (142,02 xeol, = #00 _Prnuel cok gyfer deo goed NLP = 20,08 = 50,000 =) 950,000 R:V=_10,00,000 +50,600 =) 10,50,000 ; A.V = Le00,000 | _** 91882 2,50, 20°} L kf, = ls SD, 000 jan =) Isto a t (0,00) 002 ol ee = | __ 10,00, 009°: | Tatereck on _debt. (20,0000 141) = 2,80,000 [adds Biscounk [SP PEAST] = _tgpoo_ | E 2.90/20 _Prrual_tott betere tox _ FA Oc0____ eas: Tax @ yoy-[2,94,000x40/5 = Y%b,o0 prouch cock afer sec —__\y PosyPO - ; Ab = 294,000 x00 5) 15. 224 _______ ___t74re92 14, 20,020 Ic =, 76,402 100) = eee {2,22 7202 _| ing ermal cok 2 __i ane 2 Interese on debt. (10, ~tel < Ser = 4, co TE Nad i Dideorrp: — “ (e,osss Zio '7 ek <3 (a0 - = : 2 pdd.’. Page tigation Vioo -42= $= _ ee tee. ¢ Freual cok bape tor 944,000 = Geib ca0) ra Tic cere q be: Tax: Bho. [2/74 /200 rhOt\ > 1,05 boo I Preval tetk befpre tox __1,S8,002 —fireud. Cesk after dock yo Leys: Tap 1. Cust,coox yo] = __ 6360 ee WP= 20,0500 -40,0004 1j00,000 5).20,6D,000 _ Av = 80, 20,000 | as 4 kg = bAh0O pions) £09 at 82, 40, 00D x a b y a 22 0a ooo oa _ WYNNE = 20,00,000_= 4p, 000 = 1,00,000 =) IP, 6o,00D alae -—f.v= £000,000 Se ee et =1E/E01000 420,000 =) (9, 20,000 —Ss a Re Ry _ ipci 1 Pendle auminh. s ee 7 = 10,00,000 - 20,000 + 1,00,000 =) {0, 40,000 ep -& 90,009 _yio0 ») 8, Al} Radome ____.10) 701000. Abcowek : Pte auntie 50,000 (ijo0\000K ©) fv. P2 12,00,000 - $0,000 ~ 2,000 =) 4, 20,000 _ 2 = = 90,000 yyae 2) ABP 2, B0;000 ae ae ain, pewpenie ae ieee = |NP= lon-S ) 4S R.V= ioptlo stp ~ Axw= 2St0/ gs) 02.5 EEE) Sila is loa - eae r e En inutile Ast dg = 35 p00. 9) 66.8 anya $100,000 = 10,000 =) 540000 ___ —ttep = SB ,002 yoo 2) Bold ie sau N:P 6,00,008:~10, 000 +62,000 =) 6, S0)C00 | prorniiun axank. = £0,000 (b,00,000x101) fe lep= 48,000 x10p =) F388 1- 6150 (000 _ discount ef 1% 5 a ; Dione eee = 60,000( 6,00,c00 xtoy) N-P= Weoreoae -_ (0,000 — 42,0005 H bp 248,000 i005) 2061 _—— et ott of 2S ¢ Ps cate value = Ditvgunt = Time exon | a4) Daewricade) Seer ee gs _preprente Aivilend iacenas eae 28) pie. didend. = 90,000 (10,020,000 x41.) dd: Elation to alongs | = 2 ee ego 8) add: Premion on nedecmmption ft (BET - 14000 = 10,00, 600 10 eas =| onal past. dividend 160,200 _ le 09,009 ~ 20,09 PP 12,00,000 -.4£,000 5) I, S2)an0 = : AP = % 4o,e00. ___| Rav = 12,00,000 +1,22,000 2) (3, 20,000 bk par* kp = 40,002 165 =) 9-287 ave 12,26,cen [ity S2.Sae HSI 9 Fa, B00SE en es Silene CEES ve & te oe 2,000 Bae | a 3 RV =_U,00,000 5 Man ie S20 : 83, N:P = U,00,cae = 83,0005) 10, 6.000 =) = g, Me es ty er ie (Ea ie ox Aeno ; i, : 5 _|_ Preperence dililead. (4,50,00—x81:)~ 60,00D Add. ce 4 = [# Beiceoxs77 Bs 250 | ia 4,000 =14,b00 5) 3548400. fo E 65,90 leas : : pone che I [Fe seoxie fo (xe. q = 12,000 i SL, 4n2 _yxjo0 5) | 2. 63% a SE, 50D 8) 4,05, 200 [Ne= 350,000 = (4,s00011 0x51) 5) 4,08, FSD ss RE hS0,G00X 110%. =) 8,25,0c0 89) caletation of Annual prot. dévilend® AVE 466,875 [ Hoe Bs8, B,85)000 les 208) 4 y) = = Arnal prseronce Dd vil a Add: Disceunir [,90eaexS 7. ee ee edge wdue ey kes Pal: srrtue ergoniosUOCEREET] — 2,290 —¥p= S500 yioos) 2.24 1- a | h.000 j}#—————tbbibts 2 = Wv:P=_4,00,000- 1K ,000- 4S,an0z) le pay, =e eS aa ws eee =o> - sors] 5 = Ne: Promine [12%S Ihe es p aalloee 7 aie ae a i eae = a : - S452 100 ;Ry= 100 5 B i teh tHe : a le, = : | = 214 se pe ae F #4 e =) 2S ace lo jm ‘ 2 Dividend.) top 10d 2) ie ——— pid —Psefprecrtelorig)= 14 ee a ee a ——___l@®. Tite ev, [1-9 Eo. hz ho wf 10-hS kes $500 $= =. a = iL . 3 irr >? 2c x soa £998 5 pv 2 003 A, ve 19%.) 45 oe 4 __ ae 4 eg as —— = ee: rs. _¥# IMonrkek partie =) Ps-20 D, - dhudend >) ps.) A = Sy. Cet tty ocutly Capialt ke Bo rove, Nb =D. ci p10 2 J Rg= 4S): x100_=) 0-05 +0. 5x /D— Ds +g Given 5 . . 7 Dy =22.40 : Q = lot. a) | be of auth, Capttel = 2.42 =) po. ae rs 3 (Qo 100 =) 002+ 0.1X/00 ke = 12 24) (bien 5 eav ah” ais eee a te = Davy Al 40 p-ealstx inn - a ; _2)-0-6g 40. em a “ot ——- ke =) 16 7- _ 2 a _- | aSIRS P67 : ip .——__—_— kee = 18.5% ees a de 42 M:P2 B03 p= 2; a= s)- f . Aa VE he = Dp + 100 M: Cee > RB. 4h bt — Ne 17 * , Oo eee ke = 2rlaxsl) y -/ 100 i: oo Ro J) Met 2100 5 Ke = Di xtoathal mr ke = ATS y 109-6 L— : loo eep4.P = 1005 D, = 10 Q) ke = 1o+(1ox tore), at x loo 10° ee ke = 1) xiop-+10/- =) 2) /- 10° b) Je lox 1B “x [00 _ =a Mee Atle = 9 x100 5 -P = 12,100. Me? x feel DA D4, 1) Si ID) ke = Bilaest) poh x 100 20 20 ! Ke = 1¢-s*h | Ke = 2-) 160 +e“ Hy