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Chapter 2 Case Template_Fall 2021 Tell me Home Insert Draw Page Layout Formulas Data Review View Share Comments Helvetica v 12 v Al X X G Wrap Text Custom Insert v Ayo 0 Delete v Paste BIU Y ~ Ar = = = Merge & Center v Y Conditional Format Cell Formatting es Table Styles Sort & Filter # Format Find & Select Analyze Data Sensitivity V E10 fx D F G H I L L N D Radios Jun-17 Jun-18 Jun-19 Jun-20 5 68.745 68.61 $ 133.56S 203.51 Stock Price Market Capitalization Valtteri Price Eamings Use diluted earings Mathalle Book Use Basic shares Faleme: FRITTA Profitability Operating Mergin Nal Proft Margin Retum or Equity Based on Net Income from Continuing Operatio MICROSOFT CORP (MSFT) INCOME STATEMENT Jun-17 Jun-18 Jun-19 Jun-20 3 Revenue 89,850,000,000 110,360,000,000 125.843.000.000 143,015,000,000 4 Cast of revenue 34,26 1,000,000 39,263,000,000 42.910.000.000 48,079,000,000 5 Gross profit 55,689,000,000 72.007.000.000 82,933 000 on 94,937,000,000 6 Operating expenses 7 Research and development 13,097.000.000 14,723,000,000 16.376.000.000 19,269,000,000 & Sales, Gereral and administrative 20.020,000,000 22,223,000,000 23.088.000.000 24,709,000,000 9 Restructuring, merger and acouisition 306,000,000 10 Other operating expenses 1306,0c0,000 ) 11 Total operatire expenses 33,067.000.000 38,849,000,000 39.974.000.000 43,878,000,000 12 Operating income 22,622,000,000 35,063,000,000 42.959.000.000 62,509,000,000 13 interest Expense 2,222,000,000 2,783,000,000 2.ARA, no on 2.501,000,000 14 Other Income (expense) 2,799.000.000 4,149,000,000 3.415.000.000 2,060,000,000 15 Income before taxes 23,149,000,000 38,474,000,000 48,598.000.000 53,038,000,000 16 Provision for income taxes 1.815.000.000 19,803,000,000 4.418.000.000 8,755,000,000 17 Net income from continuing operations 21,204,000,000 18,671,000,000 39,240.000.000 44,281,000,000 18 Not income 21,204,000,000 16,571,000,000 99,240.000.000 44,281,000,000 19 Net income available to cornmor shareholders 21.204.000.000 18,671,000,000 39.240.000.000 44,281,000,000 20 Earnings per share 21 Rasic 2 5 22 Diluted 2 5 23 Weighted average shares outstanding 24 Basic 7.746.000.000 7,700,000,000 7.873.000.000 7,610,000,000 25 Ciluted 7,022,000,000 7,794,000,000 7.753.000.000 7.683,000,000 26 EBITDA 84,149,000,000 49,468,000,000 58,056.000.000 68,423,000,000 27 28 29 MICROSOFT CORP (MSFT) BALANCE SHEET Jun-17 Jun-18 Jun-19 Jun-20 30 Assets 31 Current assets 32 Cash 33 Cash and cash equivalents 7,663,000,000 11,940,000,000 11.350.000.000 13,675,000,000 34 Short-term investments 125,318,000,000 121,822,000,000 129,463 ano ano 122,651,000,000 35 Total cash 132.681.000.000 133,763,000,000 133.819.000.000 138,527,000,000 36 Receivables 19,752,000,000 28,481,000,000 16.524.000 oC 32,011,000,000 37 Inwentaries 2,181,000,000 2 FR2,000,000 2.083.000 and 1,895,000,000 38 Other current assets 4,067.000.000 5,701,000,000 10.146.000.000 11.482.000.000 39 Tatal current assets 159,85 1,000,000 169,662,000,000 175,552.000.000 181,915,000,000 40 Norr-current assets 41 Property, plant and equipment 02.CO. land and want 17. no no no AFGAS.GOD. 20_106 OnconOCOL COD.OOO Ford Microsoft Tips and Steps + Ready Financial Strength Cumont Ratio Book Deto Equity Mkl DeblEquity Internal Coverage Enterprise Value 97% AutoSave OF A CORP Chapter 2 Case Template_Fall 2021 View Tell me Home Insert Draw Page Layout Formulas Data Review Share Comments v 12 Helvetica v Al X X [ G Custom Wrap Text Insert v 0 v Delete v Pastc BIU 1 7 AvA = = = E E Y Merge & Center v Y Conditional Format Cell Formatting as Table Styles $ %? Sort & & Filter Sensitivity - # Format Find & Select Analyze Data V E10 fix D F G G H I L M N D 65,000,000,000 129,223,000,000 38,149,000,000 1,862,000,000 35,683,000,000 9,063,000,000 7,442,000,000 89,188,000,000 258,848,000,000 79,186.000.000 135,330.000000 43.956.000.000 2,349.000.000 42,026,000,000 7.750.000 ODC 14,728.000.000 111.004.000.000 286,556.000.000 98,101,000,000 143,197,000,000 62,604,000,000 2,965,000,000 43,351,000,000 7,039,000,000 13,138,000,000 119,298,000,000 801,211,000,000 3.898.000.000 9,617,000,000 2,121.000.000 29,605,000,000 14,847,000,000 58,188,000,000 5.516,000 000 9,382.000.000 5 AAS 000 000 32.576.000.000 16,181,000,000 89./20.000.000 3,749,000,000 12,630,000,000 2,180,000,000 38,000,000,000 17,901,000,000 72,310,000,000 Top PCTTTT . 42 Gross property, plant and equipment 47,913,000,000 43 Accumulated Depreciation (24,179,000,000) 44 Net property, plant and equipment 23,734,000,000 45 Equity and ather investments 6,023,000,000 46 Goodwill 35.122.000.000 47 Intangible assets 10,100,000,000 48 other long-term assets 8,250,000,000 49 Total non-current assets 81,236.000.000 50 Tatal assets 241,086,000,000 51 Liabilities and stockholders' equity 52 Liabilities 53 Current liabilities 54 Short-term debt 10,121,000,000 55 Accounts payable 7,250,000,000 56 Taxes payable 718,000.00 57 Deferred revenues 94,102.000.000 58 Other current liabilities 12,196,000,000 59 Total current liabilities 84.527,000,000 60 Norrcurrent liabilities 61 Long term debt 78,073,000,000 62 Capital leases 63 Deferred taxes liabilities 521,000,000 64 Deferred revenues 10,377,000,000 65 Other long-term liabilities 17,184,000,000 66 Tatal non current liabilities 104,165,000,000 67 Total liabilities 163,882.000.000 68 Stockholders' equity 69 Cammon stock 69,315,000,000 70 Retained earnings 2.848.000.000 71 Accumulated other comprehensive income 421,000,000 72 Total stockholders' equity 72,394,000,000 73 Total liabilities and stocdholders' equity 241,000,000,000 74 75 MICROSOFT CORP (MSFT) STATEMENT OF CASH FLOW Jun-17 76 Cash Flows From Operating Activities 77 Net Income 21,204.000.000 78 Depreciation & amortization 8,778.000.000 79 Investments losses gains) (2,073,000,000 80 Deferred income taxes 13.286,000,000) 81 Stock based compersation 3,200,000,000 82 Change in wecking capital 69.363.000.000 Ford Microsoft Tips and Steps + Ready 72,242,000,000 66,an and on 5,568,000,000 6.188.000.000 541,000,000 233.000.000 3,815,000,000 4,530,000.00 35,475,000,000 37.193.000.000 117,642,000,000 114,806.000.000 178,130,000,000 184.226.000.000 59,578,000,000 7,671,000,000 204,000,000 3,180,000,000 40,004,000,000 110,697,000,000 183,007,000,000 71,223,000,000 13,682,000,000 12,187,000,0001 82,718,000,000 269,040,000,000 78,520,000,000 80,552,000,000 24.150,000,000 34,568,000,000 (340.000.000 3,188,000,000 102,330.000.000 118,304,000,000 216.550.000.000 301,311,000,000 Jun-18 Jun-19 Jun-20 - 18,571,000,000 10,261,000,000 12,2 12,000,000 13,040,000,000 3,640,000,000 2.784.02.02 39,240,000,000 11.802,000,000 (792.000.000 (3.534.000000 4.552.000.000 93770 ONO 44,281,000,000 12,798,000,000 12 19,000,0001 (3,620,000,000 5,289,000,000 2.145.000.000 97% AutoSave OF ACO AP... Chapter 2 Case Template_Fall 2021 View Tell me Home Insert Draw Page Layout Formulas Data Review Share Comments Helvetica X X G v 12 v Al Wrap Text Custom 3 Insert v X Delete ' , Ayo 0 v Paste BI U 7 dy Av Y E E = = = Merge & Center v Y $ %? Conditional Format Cell Formatting es Table Styles Sort & Filter - # Format Find & Select Analyze Data Sensitivity V D F G G H I K L M N O 82,718,000,000 269,040,000,000 102.330.000.000 286.566.000.000 118,304,000,000 301,311,000,000 Jun-18 Jun-19 - Jun-20 14,571,000,000 10,261,000,000 12,212,000,000 13,040,000,000 3,640,000,000 2,284,000,000 3,862,000,000) 1465,000,0001 1,148,000,000 5,463,000,000 39.240.000.000 11.502.000.000 ( (792.000.000 (3.534.000.000 4.552.000.000 937.000.000 (2.812,000,000 597.000.000 232.000.000 2.920.000.000 44,281,000,000 12,799,000,000 (219,000,000 13,620,000,000 5,289,000,000 2,148,000,000 2,577,000,000) 163,000,000 3,018,000,000 1,639,000,000 43,884,000,000 52.185.000.000 60,675,000,000 E10 fx B 72 Total stockholders' equity 72,384,000,000 73 Total liabilities and stockholders' Equity 241,096,000,000 74 75 MICROSOFT CORP (MSFT) STATEMENT OF CASH FLOW Jun-17 Cash Flows Fram Operating Activities 77 Net Income 21,204,000,000 78 Depreciation & amortization 8,778.000.DOC 79 Investments losses (gair) (2,073,000,000) 80 Deferred Income taxes (3.286.000.000, 81 Stock based compensation 3,266,000,000 82 Change in working capital 69,363,000,000 83 Accounts receivable 1925.000.000) 94 Inventary 50,000,000 85 Accounts payable 81,000,000 86 Other working capital 70,167.000.000 87 Other nan cash items (57,785,000,000 88 Net cash provided by operating activities 39,507,000,000 89 Cash Flows From Investing Activities 90 Investments in property, plant, and equipment (8,129,000,000) 91 Acquisitions, net 125.844.000.000) 92 Purchases of investments 1176,905,000,000) 93 Sales/Maturities of investments 184,394,000,000 94 Other investing activities 1167.000.000) 95 Net cash used for investing activities (46,781,000,000) 96 Cash Flows From Financing Activities 97 Debt issued 44,244,000,000 98 Debt repayment (7,922,000,000) 99 Common stock issued 772.000.000 100 Cammon stock repurchased (11,788,000,000 101 Dividend paid 111,115,000,000 102 Other financing activities (6,103,000,000) 103 Net cash provided by used for) financing activities 8.4CRACO, CO 104 Elfect of exchange rate changes 19.000.000 105 Net change in tash 1,153,000,000 106 Cash at beginning of period 8,5-0,000,000 107 Cash at end of period 7.863,000,000 108 Free Cash Flow 109 Operating cash flow 39,507.000.000 110 Capital expenditure (8,129,000,000) 111 Free cash flow 81,378,000,000 112 Ford Microsoft Tips and Steps + Ready (11,632,000,000 1888,000,000) (137,283,000,0001 143,937,000,000 199,000,0001 (8,061,000,000 118,925.000.000 12.308,000,000 157,397.000.000 58.237.000.000 (15,441,000,000) 2,621,000,000 (77,190,000,0001 84,170,000,000 11,241,000,0001 (12,223,000,000 115,778.000.000 7,183,000,000 (10,0,000,000 1,002,000,000 (10,721,000,0001 112,699,000,000 19,295,000,000 133,599,000,000 50,000,000 4,283,000,000 7,483,000,000 11,848,000,000 | (4,000,000,000 1.142.000.000 119,542.000.000 113.811.000000 (575.000.000 186,887.000.000 (115,000,000 (590.000.000 11,946.000.000 11.356.000.000 5,518,000,000 1,343,000,000 (22.968,000,0001 (15,137,000,000 13,701,000,000 (46,081,000,000 (201,000,000 2,220,000,000 11,950,000,000 13,578,000,000 13,881,000,000 (11.032,000,0001 32,252,000,000 52.185.000.000 113.925.000.000 38,260.000.000 80,675,000,000 (15,441,000,000 45,234,000,000 + 97% AutoSave OF A CORP.. Chapter 2 Case Template_Fall 2021 Tell me Home Insert Draw Page Layout Formulas Data Review View Share Comments Helvetica v 12 v Al X X G Wrap Text Custom Insert v Ayo 0 Delete v Paste BIU Y ~ Ar = = = Merge & Center v Y Conditional Format Cell Formatting es Table Styles Sort & Filter # Format Find & Select Analyze Data Sensitivity V E10 fx D F G H I L L N D Radios Jun-17 Jun-18 Jun-19 Jun-20 5 68.745 68.61 $ 133.56S 203.51 Stock Price Market Capitalization Valtteri Price Eamings Use diluted earings Mathalle Book Use Basic shares Faleme: FRITTA Profitability Operating Mergin Nal Proft Margin Retum or Equity Based on Net Income from Continuing Operatio MICROSOFT CORP (MSFT) INCOME STATEMENT Jun-17 Jun-18 Jun-19 Jun-20 3 Revenue 89,850,000,000 110,360,000,000 125.843.000.000 143,015,000,000 4 Cast of revenue 34,26 1,000,000 39,263,000,000 42.910.000.000 48,079,000,000 5 Gross profit 55,689,000,000 72.007.000.000 82,933 000 on 94,937,000,000 6 Operating expenses 7 Research and development 13,097.000.000 14,723,000,000 16.376.000.000 19,269,000,000 & Sales, Gereral and administrative 20.020,000,000 22,223,000,000 23.088.000.000 24,709,000,000 9 Restructuring, merger and acouisition 306,000,000 10 Other operating expenses 1306,0c0,000 ) 11 Total operatire expenses 33,067.000.000 38,849,000,000 39.974.000.000 43,878,000,000 12 Operating income 22,622,000,000 35,063,000,000 42.959.000.000 62,509,000,000 13 interest Expense 2,222,000,000 2,783,000,000 2.ARA, no on 2.501,000,000 14 Other Income (expense) 2,799.000.000 4,149,000,000 3.415.000.000 2,060,000,000 15 Income before taxes 23,149,000,000 38,474,000,000 48,598.000.000 53,038,000,000 16 Provision for income taxes 1.815.000.000 19,803,000,000 4.418.000.000 8,755,000,000 17 Net income from continuing operations 21,204,000,000 18,671,000,000 39,240.000.000 44,281,000,000 18 Not income 21,204,000,000 16,571,000,000 99,240.000.000 44,281,000,000 19 Net income available to cornmor shareholders 21.204.000.000 18,671,000,000 39.240.000.000 44,281,000,000 20 Earnings per share 21 Rasic 2 5 22 Diluted 2 5 23 Weighted average shares outstanding 24 Basic 7.746.000.000 7,700,000,000 7.873.000.000 7,610,000,000 25 Ciluted 7,022,000,000 7,794,000,000 7.753.000.000 7.683,000,000 26 EBITDA 84,149,000,000 49,468,000,000 58,056.000.000 68,423,000,000 27 28 29 MICROSOFT CORP (MSFT) BALANCE SHEET Jun-17 Jun-18 Jun-19 Jun-20 30 Assets 31 Current assets 32 Cash 33 Cash and cash equivalents 7,663,000,000 11,940,000,000 11.350.000.000 13,675,000,000 34 Short-term investments 125,318,000,000 121,822,000,000 129,463 ano ano 122,651,000,000 35 Total cash 132.681.000.000 133,763,000,000 133.819.000.000 138,527,000,000 36 Receivables 19,752,000,000 28,481,000,000 16.524.000 oC 32,011,000,000 37 Inwentaries 2,181,000,000 2 FR2,000,000 2.083.000 and 1,895,000,000 38 Other current assets 4,067.000.000 5,701,000,000 10.146.000.000 11.482.000.000 39 Tatal current assets 159,85 1,000,000 169,662,000,000 175,552.000.000 181,915,000,000 40 Norr-current assets 41 Property, plant and equipment 02.CO. land and want 17. no no no AFGAS.GOD. 20_106 OnconOCOL COD.OOO Ford Microsoft Tips and Steps + Ready Financial Strength Cumont Ratio Book Deto Equity Mkl DeblEquity Internal Coverage Enterprise Value 97% AutoSave OF A CORP Chapter 2 Case Template_Fall 2021 View Tell me Home Insert Draw Page Layout Formulas Data Review Share Comments v 12 Helvetica v Al X X [ G Custom Wrap Text Insert v 0 v Delete v Pastc BIU 1 7 AvA = = = E E Y Merge & Center v Y Conditional Format Cell Formatting as Table Styles $ %? Sort & & Filter Sensitivity - # Format Find & Select Analyze Data V E10 fix D F G G H I L M N D 65,000,000,000 129,223,000,000 38,149,000,000 1,862,000,000 35,683,000,000 9,063,000,000 7,442,000,000 89,188,000,000 258,848,000,000 79,186.000.000 135,330.000000 43.956.000.000 2,349.000.000 42,026,000,000 7.750.000 ODC 14,728.000.000 111.004.000.000 286,556.000.000 98,101,000,000 143,197,000,000 62,604,000,000 2,965,000,000 43,351,000,000 7,039,000,000 13,138,000,000 119,298,000,000 801,211,000,000 3.898.000.000 9,617,000,000 2,121.000.000 29,605,000,000 14,847,000,000 58,188,000,000 5.516,000 000 9,382.000.000 5 AAS 000 000 32.576.000.000 16,181,000,000 89./20.000.000 3,749,000,000 12,630,000,000 2,180,000,000 38,000,000,000 17,901,000,000 72,310,000,000 Top PCTTTT . 42 Gross property, plant and equipment 47,913,000,000 43 Accumulated Depreciation (24,179,000,000) 44 Net property, plant and equipment 23,734,000,000 45 Equity and ather investments 6,023,000,000 46 Goodwill 35.122.000.000 47 Intangible assets 10,100,000,000 48 other long-term assets 8,250,000,000 49 Total non-current assets 81,236.000.000 50 Tatal assets 241,086,000,000 51 Liabilities and stockholders' equity 52 Liabilities 53 Current liabilities 54 Short-term debt 10,121,000,000 55 Accounts payable 7,250,000,000 56 Taxes payable 718,000.00 57 Deferred revenues 94,102.000.000 58 Other current liabilities 12,196,000,000 59 Total current liabilities 84.527,000,000 60 Norrcurrent liabilities 61 Long term debt 78,073,000,000 62 Capital leases 63 Deferred taxes liabilities 521,000,000 64 Deferred revenues 10,377,000,000 65 Other long-term liabilities 17,184,000,000 66 Tatal non current liabilities 104,165,000,000 67 Total liabilities 163,882.000.000 68 Stockholders' equity 69 Cammon stock 69,315,000,000 70 Retained earnings 2.848.000.000 71 Accumulated other comprehensive income 421,000,000 72 Total stockholders' equity 72,394,000,000 73 Total liabilities and stocdholders' equity 241,000,000,000 74 75 MICROSOFT CORP (MSFT) STATEMENT OF CASH FLOW Jun-17 76 Cash Flows From Operating Activities 77 Net Income 21,204.000.000 78 Depreciation & amortization 8,778.000.000 79 Investments losses gains) (2,073,000,000 80 Deferred income taxes 13.286,000,000) 81 Stock based compersation 3,200,000,000 82 Change in wecking capital 69.363.000.000 Ford Microsoft Tips and Steps + Ready 72,242,000,000 66,an and on 5,568,000,000 6.188.000.000 541,000,000 233.000.000 3,815,000,000 4,530,000.00 35,475,000,000 37.193.000.000 117,642,000,000 114,806.000.000 178,130,000,000 184.226.000.000 59,578,000,000 7,671,000,000 204,000,000 3,180,000,000 40,004,000,000 110,697,000,000 183,007,000,000 71,223,000,000 13,682,000,000 12,187,000,0001 82,718,000,000 269,040,000,000 78,520,000,000 80,552,000,000 24.150,000,000 34,568,000,000 (340.000.000 3,188,000,000 102,330.000.000 118,304,000,000 216.550.000.000 301,311,000,000 Jun-18 Jun-19 Jun-20 - 18,571,000,000 10,261,000,000 12,2 12,000,000 13,040,000,000 3,640,000,000 2.784.02.02 39,240,000,000 11.802,000,000 (792.000.000 (3.534.000000 4.552.000.000 93770 ONO 44,281,000,000 12,798,000,000 12 19,000,0001 (3,620,000,000 5,289,000,000 2.145.000.000 97% AutoSave OF ACO AP... Chapter 2 Case Template_Fall 2021 View Tell me Home Insert Draw Page Layout Formulas Data Review Share Comments Helvetica X X G v 12 v Al Wrap Text Custom 3 Insert v X Delete ' , Ayo 0 v Paste BI U 7 dy Av Y E E = = = Merge & Center v Y $ %? Conditional Format Cell Formatting es Table Styles Sort & Filter - # Format Find & Select Analyze Data Sensitivity V D F G G H I K L M N O 82,718,000,000 269,040,000,000 102.330.000.000 286.566.000.000 118,304,000,000 301,311,000,000 Jun-18 Jun-19 - Jun-20 14,571,000,000 10,261,000,000 12,212,000,000 13,040,000,000 3,640,000,000 2,284,000,000 3,862,000,000) 1465,000,0001 1,148,000,000 5,463,000,000 39.240.000.000 11.502.000.000 ( (792.000.000 (3.534.000.000 4.552.000.000 937.000.000 (2.812,000,000 597.000.000 232.000.000 2.920.000.000 44,281,000,000 12,799,000,000 (219,000,000 13,620,000,000 5,289,000,000 2,148,000,000 2,577,000,000) 163,000,000 3,018,000,000 1,639,000,000 43,884,000,000 52.185.000.000 60,675,000,000 E10 fx B 72 Total stockholders' equity 72,384,000,000 73 Total liabilities and stockholders' Equity 241,096,000,000 74 75 MICROSOFT CORP (MSFT) STATEMENT OF CASH FLOW Jun-17 Cash Flows Fram Operating Activities 77 Net Income 21,204,000,000 78 Depreciation & amortization 8,778.000.DOC 79 Investments losses (gair) (2,073,000,000) 80 Deferred Income taxes (3.286.000.000, 81 Stock based compensation 3,266,000,000 82 Change in working capital 69,363,000,000 83 Accounts receivable 1925.000.000) 94 Inventary 50,000,000 85 Accounts payable 81,000,000 86 Other working capital 70,167.000.000 87 Other nan cash items (57,785,000,000 88 Net cash provided by operating activities 39,507,000,000 89 Cash Flows From Investing Activities 90 Investments in property, plant, and equipment (8,129,000,000) 91 Acquisitions, net 125.844.000.000) 92 Purchases of investments 1176,905,000,000) 93 Sales/Maturities of investments 184,394,000,000 94 Other investing activities 1167.000.000) 95 Net cash used for investing activities (46,781,000,000) 96 Cash Flows From Financing Activities 97 Debt issued 44,244,000,000 98 Debt repayment (7,922,000,000) 99 Common stock issued 772.000.000 100 Cammon stock repurchased (11,788,000,000 101 Dividend paid 111,115,000,000 102 Other financing activities (6,103,000,000) 103 Net cash provided by used for) financing activities 8.4CRACO, CO 104 Elfect of exchange rate changes 19.000.000 105 Net change in tash 1,153,000,000 106 Cash at beginning of period 8,5-0,000,000 107 Cash at end of period 7.863,000,000 108 Free Cash Flow 109 Operating cash flow 39,507.000.000 110 Capital expenditure (8,129,000,000) 111 Free cash flow 81,378,000,000 112 Ford Microsoft Tips and Steps + Ready (11,632,000,000 1888,000,000) (137,283,000,0001 143,937,000,000 199,000,0001 (8,061,000,000 118,925.000.000 12.308,000,000 157,397.000.000 58.237.000.000 (15,441,000,000) 2,621,000,000 (77,190,000,0001 84,170,000,000 11,241,000,0001 (12,223,000,000 115,778.000.000 7,183,000,000 (10,0,000,000 1,002,000,000 (10,721,000,0001 112,699,000,000 19,295,000,000 133,599,000,000 50,000,000 4,283,000,000 7,483,000,000 11,848,000,000 | (4,000,000,000 1.142.000.000 119,542.000.000 113.811.000000 (575.000.000 186,887.000.000 (115,000,000 (590.000.000 11,946.000.000 11.356.000.000 5,518,000,000 1,343,000,000 (22.968,000,0001 (15,137,000,000 13,701,000,000 (46,081,000,000 (201,000,000 2,220,000,000 11,950,000,000 13,578,000,000 13,881,000,000 (11.032,000,0001 32,252,000,000 52.185.000.000 113.925.000.000 38,260.000.000 80,675,000,000 (15,441,000,000 45,234,000,000 + 97%

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