Di dalam keadaan di atas, kadar cukai yang dikenakan ialah sebanyak 30 peratus

(1)

UNIVERSITI SAINS MALAYSA Kolej Teknologi Pulau Peperiksaan Semester Kedua

Sidang Akademik

2007 12008

April 2008

Program ljazah Luaran

ljazah Sarjana Muda Pengurusan (Kepujian)

ATW261 - Prinsip Kewangan [Principles of Finance]

Masa:

3

jam [Duration: 3 hours]

Sila pastikan bahawa kertas peperiksaan ini mengandungi SEBELASrmuka surat yang bercetak sebelum anda memulakan peperiksaan

ini.

[Please check that this examination paper consisfs of ELEVEN pages of printed

material before you begin the examination.l

Arahan: Jawab EMPAT (4) soalan.

fl nstrucgons

^:.

Answer

FOU

R (4) questions.l

(2)

(a)

[ATW261l

-2-

Soalan

llOuestion I

Pulangan atas

ekuiti

Koplas Packaging pada tahun

lalu

hanya sebanyak 3 peratus.

Namun, pihak pengurusan telah membangunkan pelan operasi untuk memperbaiki keadaan. Pelan berkenaan memerlukan nisbatr hutang sebanyak

60

peratus yang

mengakibatkan caj faedah sebanyak RM3000 setahun. Pihak

pengurusan

meramalkan pendapatan sebelum faedah dan cukai sebanyak

RM10,000 berdasarkan jualan _sebanyakRM100,000. Adalah dijangkakan pusing ganti

jumlah

aset

syarikat ialah

sebanyak

2.0. Di dalam

keadaan

di

atas,

kadar cukai

^yang

dikenakan ialah sebanyak 30 peratus. Sekiranya perubahan tersebut dilakukan;

Koplas Packaging's Return on

Equity

(ROE) last

year

was

only

3 percent,

but

its management has developed a new operating

plan

designed to improved things. The new

plan

calls

for a total

^debt

ratio of

⁶⁰

percent, which will result in

interest charges

of

kM3000

per year.

Management

projects an

earnings before interest

and tmes (EBID of kMI0,

000 on sales

of kM100,000 and it

expects

to

have

a total

assets turnover

rotio

of 2.0. Under these conditions, the average

tm

rate

will

be 30 percent.

If

the changes are made;

(i)

Berapakah pulangan atas ekuti yang diperolehi oleh Koplas?

What return on equity

will

Koplas earn?

18 markah/marks

l

(ii)

Berapakah pulangan atas aset?

What is the Return on Assets (ROA)?

l4markahlmarlul Untuk

membantu rancangan persarzuuxlya dalam tempoh genap

42

tahwr, Ghazz

menganggarkan batrawa dia perlu mengumpul sebanyak RM220,000

pada penghujung tempoh

42 tafun

dari sekarang.

Beliau

merancang untuk menyimpan

sejumlah wang

dengan amaun

yang

sama

pada

setiap

hujung tahun di

dalam simpanan yang menawarkan kadar faedah 8 peratus setahun.

To supplement his planned retirement

in

exactly 42

years,

Ghazz estimate that he needs

to

accumulate RM220, 000 by the end

of

42 years

from

^today.^He

plans

^to molre

equal, annual,

end-of-year

deposits into an

^account

paying

80% annual interest.

(i)

Berapakah amaun simpanan tahunan

yang diperlukan untuk

mengumpul sejumlah RM220,00

0

pada penghujung tempoh 42 tah:.n berkenaan.

How large

must the annual deposits be

to

create the RM220, 000

fund

^by

the end of 42 years?

l4

markahlmarks

f

(b)

(3)

lArw26u -3-

(iD

Sekiranya beliau mampu menyimpan sebanyak

RM600

setahdn, berapakah

jumlatr wang yang terkumpul pada penghujung tempoh 42

tahun berkenaan?

If

he can afford to deposit only RM600 per

year

into the accouyrt, how much

will

he accumulates by the end of the 42 years?

[ ⁴

markah/marlal

(c) Briefly

explain how does financial decisions affect shareholders wealth.

Terangkan

secara

ringkas tentang

bagaimana keputusan-keputusan kewangan mempengaruhi kekayaan pemegang saham.

l5

markah/marksl

Soalan2louestion

2

(a) Zaiiene memiliki portfolio

saham yang megandungi pelaburan seimbang

di

dalam

aset

bebas

risiko dan dua

saham

berlainan. Sekiranya saham yang

pertama mempunyai beta sebanyak 1.75 dan

portfolio

berkenaan mempunyal

risiko

yang sama dengan pasaran, berapakah beta untuk satu lagi saham dalam

portfolio

beliau.

Zairiene

_{own a}stock

portfulio

which equally invested

in

a

risk-free

asset and two stocks.

If

one

of the

stocks has

a

beta

of

1.75 and the total

portfulio is

equally as rislry as tlte market, what must the beta be

for

^theother stock in her

portfolio?

l6 markahlmarksl

(b)

Anda

memiliki potfolio

yang

terdiri

dari saham-saham berikut:

You own a

portfulio

consisting of the

following

^stocla:

Saham/

Stock

Peratus

di dalam Portfolio/

P er c e ntae e o f Po rtfo

lio

Beta

Pulangan D[fangka/

Exoected

Return

⁽⁹⁶⁾

I

2 J 4

15 20 35 30

t.25

1.05 0.75 1.60

t2 l1

9

t4

Kadar bebas

risiko

ialah sebanyak 7.5 peratus manakala pulangan dijangka untuk

potfolio

pasaran ialah

l

^1.5peratus.

The

riskfree rate is

^7.5^percent.

Also,

the expected

return

on the market

porfolio

is I ^1.5percent.

(4)

lArw26u -4-

(D Kira

pulangan dijangka untuk

portfolio

anda.

Calculate the expected return

of

^your

portfolio.

[

³

markah/marlal

(ii) Kira

^beta^untuk

portfolio

^tersebut.

Calculate the

portfolio

beta

13 markah/marksl

(iiD

Berdasarkan maklumat yang telatr anda

kira, lakar

garis pasaran sekuriti.

Lakarkan saham-satram

di

dalam

porffolio

anda

di

atas graf berkenaan.

Given

the

preceding information, plot the security market line. Plot

the stocks

from

^your

portfulio

on your graph.

l5 markah/marlul

(iv)

Berdasarkan lakaran

di

bahagian

(iii),

satram yang manakah memberikan keuntungan dan kerugian?

From your plot

in

part (iii), which

stock appear

to

be

your winners

and which one to be losers?

13

markah/marlal

(c) Terangkan kenyataan berikut:

"Pemegangan

saham sebagai

sebahagian dari

portfolio umumnya kurang berisiko berbanding pemegangan saham

secara

individu".

Explain

the

following

statement:

"A

stock held as

part of

a

porfolio

is generally less riskv than the same stock held

in isolation"

[

5 markah/marks ]

Soalan3lQuestion 3

(a) Kruz Krooz Bhd.

menerbitkan saham keutamaan dengan menawarkan dividen tahunan sebanyak

RM

8 yang dibayar secara berterusan.

Kruz Krooz Bhd. has issued preferred stock with RM 8 annual dividend that

will

be

paid

in perpetuity.

(i)

Sekiranya kadar diskaun ialah sebanyak ¹²peratus, berapakatr harga

jualan

saham berkenaan?

If

the discount rate is 12 percent, at what

price

should the

preferred

sell?

[

³markah/marks]

(5)

(b)

[ATW26U

-5-

(ii)

Berapakatr hargajualan saham berkenaan setahun dari sekararig?

At

what

price

should the stock sell

I yearfrom

now?

[ ³markah/marksf

(iiD

Berapakah kadar pulangan drjangka saham tersebut?

Wat

is the expected rate of

return

of the stock?

[

3 marka]r/marks

l (iv)

Andaikan kadar pulangan yang anda perlukan sebanyak 14 peratus, adakah

anda patut membeli saham

ini?

Assume that

you

have

a required rate of return of

14 percent, _shouldyou purchase the stock?

[ ²

markah/marlul

Saham biasa McCracker Berhad menghasilkan dividen sebanyak RM1.20 sesaham pada

tahun

lepas Syarikat menjangkakan pertumbuhan pendapatan

dan

dividen berterusan pada kadar 5 peratus setahun.

McCracker Berhad common stock

paid a

dividend of

RMI.20 per

share last year.

The company expects earnings and dividend growth at a rate of 5 percent per

year for

^thefor ^e^{s e e}^ab^{I e}future.

(i)

Berapakah

kadar pulangan yang diperlukan untuk

membolehkan harga seunit saham

ini

menjadi RM28?

Wat

required rate of

returnfor

this stock would result in a price

per

share of RM28?

13 markah/marksl

(ii)

Sekiranya McCracker menjangka pendapatan dan

dividen

berfumbuh pada

kadar 10

peratus _setahun,apakah kadar pulangan

yang diperlukan

bagi membolehkan harga seunit saham

menjadi

RM28.

If McCracker

expects

both

earnings and dividends

to grow at dn

^annual

rate of

10 percent, what required

rate

of

return

would result

in

a

price of

RM28.

[3 mark#marlcs]

(iii)

Sekiranya peserta pasaran membuat tanggapan batrawa

risiko firma

akan meningkat dan menyebabkan kadar pulangan yang diperlukan meningkat kepada 20 peratus, berapakah

nilai

^sahambiasa berkenaan?

If

^the

firm's risk

as perceived by market

participations

suddetlly increases, causing the required

rate of return to rise to

20 percent, what

will

be the common stock value?

[ 3 markah/marks ]

(6)

lArw26ll -6-

(c) Bon

bagi

Air

Express Corporation mempunyai

nilai

par

RMl,000

dan membayar faedah 5 peratus setahun serta

memiliki

tempoh sehingga matang selama 12 tahun.

Anda boleh membeli bon berkenaanpadaharga RM915.

Air

Express

Corporation's RMI,000

bonds

psy

5

percent interest annually

and have

I2

years

until

maturity. You can purchase the

bondfor RM9I5.

O

Berapakah pulangan dijangka yang boleh anda perolehi dari bon ini?

What return do you expect to earn on this bond?

[ 3 markah/marks

]

(iD

Adakah anda akan membeli bon berkenaan sekiranya kadar pulangan yang anda perlukan ialatr sebanyak 9 peratus?

Should you purchase the bond

tf your

required rate of

return

is ⁹percent?

[ 2 markah/marks

]

Soalarr4lOuestion 4

(a) Kitchenware Shoppe

sedang

menimbang satu projek baru bagi

melengkapi perniagaan sedia ada. Mesin yang diperlukan untuk projek tersebut berharga RM20

juta.

Jabatan Pemasaran

syarikat

menjangkakan

jualan dari projek

berkenaan sebanyak

RMl.2 juta

setatrun selama empat tahun dan

projek

tersebut berakhir selepas tempoh tersebut.

Mesin itu

akan disusutnilai sehingga

sifar

selama empat tahun iaitu jangka hayat penggurunn ekonomi nya dengan kaedah garis lurus. Kos

barang dijual dan

perbelanjaan

operasi berkaitan

dengan

projek ini

dianggar sebanyak 25 peratus dari jumlah jualan. Kitchenware

juga

perlu menambah segera

modal kerja bersih

sebanyak

RM100,000.

Tambahan

modal kerja

tersebut akan

diperolehi

semula sepenuhnya pada

akhir

tempoh

projek. Cukai korporat

yang dikenakan

ialah

sebanyak

35

peratus manakala kadar pulangan

yang

diperlukan oleh Kitchenware ialah sebanyak 14 peratus.

Kitchenware

Shoppe

is

considering

a

new

project that

complements

its

existing business. The machine require

for

^the

project

^costs

kM20 million.

The marketing department

predicts

that sales related

to

the

project will

be

RMI.2 millionfor

the next

four years, after which

the market

will

cease

to exist.

The machine

will

be depreciated down to zero

over

its

four-year

^economic

life

using the

straight-line method.

Costs

of good sold and operating

expenses

related to

the

project

are

predicted to

be 25

percent of

sales. Kitchenware

also

needs

to add net working capital of RM100,000 immediately. The additional working capital will

^be

recovered in

full at the end of

^the

project's life.

^The

corporate tax rate is

35 percent. The required rate of

returnfor

Kitchenware is

l4

percent.

(7)

lArw26u -7

-

Adakah Kitchenware perlu meneruskan projek

ini?

Should Kitchenware proceed with

project?

I

¹⁴mwkahlmarla

I

(b)

Kos ekuiti untuk

Air Roll

Company ialah sebanyak 16 peratus, kos htitnng sebelum

cukai

sebanyak 13 peratus manakala

cukai korporat

dikenakan pada kadar 40 peratus. Dengan menggunakan

kunci kira-kira

dibawatr,

kira kos rnodal

purata berwajaran selepas cukai bagi

Air Roll

Company.

ASET (RM Ribu) LIABILITI DAI\ DKUITI

(RM Ribu)

Tunai

Akaun Belum Bayar Inventori

Loji

dan Mesin Bersih Jumlatr Aset

Hutang Jangka

Panjang RMl152

Ekuiti

1728

Total

Liabiliti

dan

Ekuiti

2880

RMI20

240 360 2160 2880

The

Air Roll

Company's _cost

of

equity

is

16

percent.

Its before tac cost

of

debt is 13

percent, and its tm rate is

40

percent. Using

the

following

^balance^sheet,

calculate

Air

Roll's after-tax weighted average cost of

capital:

ASSETS (RM _thousands)

LIABILITIES AND EQAITY (RM

_thousands)

Cash RM120

^Long+erm^debt

Accounts

Receivable 240

^Equity

Inventories

360

Net Plant and

equipment

2160

RM] 152 1728

(c)

Total Assets

2880

^Total

Liabilities

and

Euiw

²⁸⁸⁰

|

⁶markah/marl<s

I Apakah

perbezaan

di

antara

dividen

saham dan pecahan saham? Sebagai

pemilik

saham, adakah anda berminat dengan perisytiharan syarikat

untuk

diViden saham 100 peratus atau pecahan saham dua

untuk

satu?

Andaikan

kedua-dua tindakan boleh dilaksanakan.

Wat

is the

dffirence

between a stock dividend and stock split? As a stockholder, would your

prefer

to see

your

company declare

a

¹⁰⁰^percent^stockdividend

or

a

2-for-I

split? Assume that either qction is feasible.

l5

markah/marksl

(8)

lArw26ll -8-

Soalan SlQuestion 5

(a)

Railway Man Company sedang menimbang dua

projek

yang saling

menyingkiri di

mana kos dan aliran tunai ditunjukkan

di

dalam jadual

di

bawah:

Railway

Man

Comparry is considering two mutually exclusive

projects

whose costs and cashflows are shown in

thefollowing

table:

Tahun/ Projek Alpha Projek

Beta

Year

^Project

Alpha

Project Beta

(RM juta/ ((RM juta/

RM thousands\ RM

thousandsl

0 (2s00)

⁽²⁵⁰⁰⁾

I 2000

⁰

2 900

¹⁸⁰⁰

3 100

¹⁰⁰⁰

4 100

⁹⁰⁰

Kedua-dua

projek

mempunyai

risiko yang

setara dengan

kadar

pulangan yang

diinginkan

oleh syarikat sebanyak 14 peratus. Sebagai Ketua Pegawai Kewangan, anda dikehendaki mencadangkan

projek yang perlu dipilih. Untuk

menentukan

pilihan yang

_sesuai,

kira nilai kini bersih (NPV) dan kadar pulangan

dalaman (IRR) kedua-dua proj ek.

The

projects are

equally

rislgt and the

company's

required rate of return is

14

percent. As a Chief Jinanciol Officer, you must make a

recommendation

concerning which project should be purchased. To determine which is

more

appropriate,

compute the Net

present

Value

@Pn and Internal

^Rate

of

^Return

QRR) of the project.

I

¹³markah/marks

]

O)

Penyata Pendapatan Lumber Creator untuk tahun 2007 adalah seperti berikut:

LUMBER CREATOR

PENYATA PENDAPATAI\ PADA TEMPOH BERAKHIR

31

DTSEMBE&

2007

(RM RrBrD

Jualan

Kos Barang

Dijual

Untung Kasar

Belanja Operasi Tetap

Pendapatan Sebelum Faedah dan Cukai Faedah

Pendapatan Sebelum Cukai Cukai (40%)

Pendapatan Bersih Dividen (50%)

36,000 (.2s.200)

10,800 c6.480

)

4,320 ( 2.880

)

1,440

(. s76 \

864 432

(9)

lArw26u

-9-

Lumber Creator's 2007 income statement is shown here:

LUMBER

CREATOR

INCOME STATEMENT

FOR

DECEMBER

^{31, 2OO7}

8M THOaSANDS)

Sales

Cost of goods

sold

Gross

Profit

Fixed Operating Costs

Earnings before interest and tmes Interest

Earnings _Before

Tm

Taxes (40%o)

Net Incorne Dividend (50o/o)

36,000 (2s,200.)

10,800 ( 6.4,80 ^|

4,320 ( 2,880 ^|

1,440

( 576

_.)

864 432

(i)

(ii)

Kira

tahap keumpilan operasi

(DOL),

tatrap

keumpilan

kewangan

(DFL)

dan tatrap keumpilan gabungan

(DCL)

untuk Lumber Creator.

Compute

the

degree

of operating leverage (DOL), degree of financial leverage (DFL) and degree of combined leverage (DCL) for

^Lumber

Creator.

19

markah/marksl

Tafsirkan maksud setiap nilai tahap keumpilan yang anda kira

dalam bahagian

(i).

Interpret the meaning of each of the numerical values you contputed in

part

(i).

[

³markah/marks

]

(10)

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Futnrevalue of anAnnuityrnterestFactor GvrEA) ($l peryear atiVofotn yearc);

trvlFl\=

+

^;^FVrrNr-

purcvrn\z)

PERIOD,

tl* 2% t% 1% 6% 6% 7* t% scfr roS u% l2'lo lrtr r% 16t r6r r7t Ir% l0% 20t 2t* n% s2* 16tr fiqfr

I r!@ r,m rrm lsD rr0o rm r.m r.oF

r.qlo

r.oo ,.00

r_m

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t t0 ttxo talo l.60 Lrlto ._. ..!! lE llg ri

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f,d, !,"' $r $,n rr. "" lrr i'.ta ri6 ;in ii;i ffi ii6 "16 ffi ;iI -# iifi . iffi ffi ffil ffi ffi iS

' 'o 'ra .l|. .to luro l'l!t rd !!! !!! &.t lno i'?!- m fr Qlr ur. lral lnr iJr rrc ifi,l tur. rtc ..?!,

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I tror t|0. r.tc iar. !.'t i4r ir.r !.r? !.6! i.r[ at r$r Ltri fri iU Gr, ,fi. ,rra ia, ra ..u r?o ,$ loJl6

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, rlo lr!. |dn trs ll.' $d it$i iara ilti ;rii; fr; l!

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Preeent Value of an Annuity Int€rest Factor

GlmA)

^($l^per^year^at^iVo^forn^yeare);

1_ I

r"Vrrlt.

= +{

^;^Pvatr⁼

Prfr(PVrFt\;o)

PERIOD,

nl* 2% _1* _6% ₆₁₀ _l.h _ET 9r r0tr

lrr l?r rli

latr 16* 16tr tltx rE% m.* AT

at

^rt%

tor

^-^4otx

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2 1.970

t 2.94r

4 1.9(n

5 {'85l 6 5.796

7 6.728

I 7.662

9 8.660

t0 ^.9,{71

0.980 0.9?l 0.962

1.9{!t 1.91t 1.886

2.684 t.829 2,775

9.8{18

'.7t7 ^t.6!0 dat 4.580 1'f,2

0.952 0.94t 0.9!5 0.926

1.859 l.8St 1.808 r.78t

?.7t9 ?.67t t.62{ zgn 3.6,{6 1.,t66 1.187 g.llt {Jt9 42lt a.r00 r.99t

0.91? 0.9m 0,90t 0.b9t 0.8ilt

1.780 1.7!6 l.tlr 1.690 1.668

tSll 2.87 2.+& L4|'z 2"!61

9.2{0 t.r?o r.roe !.0!? 2.0?a

t.8s0 t79r t.6e6 tms tslT

4{86 d!56 {.2!l 4lll ^!.sg8 6.0!l {.E6E L7t2 4.564 L1'!

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6rfr6 6.491 6.2d' 8.918 t.5E7

?,r5r . 53r+ 6Jpr G$+ f,3r8

7.8, 7.10! 6.?E0 6.a1 6.112

7.?80 t.fi?. A982 6.6?8 0!0!

E.O6l 7.606 7.191 6.81t o{52

0.862 r.605 t.2{6 2.?98 s.271

t889 t.7U 1.685

d288 4160 d0s9

d6:r9 +8' LW d915 +T72 +W,

5.fl6 5.019 t8!D

0455 0.8t17 0.&O

l5E5 1566 t,'tl 2.210 r.l7r 2.1{t

2.?6 t.000 2,6rp

l.lge r.ll7 t.058

0.806 o.?Et 0.758

l.&7 l.!sP 1.912

t.98t 1.868 1.766

2..1(N 2.241 2.096

'1711, l.611 2.w o.an 0.s70

r.647 1.626

2.r2? 2.281

a9r4 t.En5

r.49t tr62

5.46! 5.2n(

t!60 x.tE:f.

5.8{2 5583

6.002 6.nl 6.1€ 6.U!t

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7.t(, 6.66r 'el{g 6382 t566 5.26! ^t.000

0.8tt t.b28

?.I06 2589 2.991

t.s?6 E.0t0

E.6ft6 5.28 t897 !.4t1

{,0!l 1566

4.19t t 6Et

4.tt0 eott

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a8,t{ d0s7

4^870 {.1r0

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4.91E LtN tlr00 4166Lttt

{167

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1.966 t.8{9

lrEl P,0n5

t.r08 2.26t

2.tu t.l70 t al4 8.601 6.+t7 5.94p 6.0?6 +9r7 d?66 4625

6.1'.n 6.29t 6.dt2 6.7E6 .:.6582 6.rE9 6-n06

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8.16t 7.7w 7.455 7.1(B 6.802 65t6 ^621!'

&g8MJr{p &lll t-?'8, ?r€o t.otK 6.?10

6.0?9 e8l5 4.656 dtl86 ^{.927 Ervr {sB dm .a6ll ^a.{94 5J4t 5.u8 1910 {.?t6 {stt 5.{56 5.9t9 5.flrE {.8{rt +6ll

6575 6.124 r,09t {E?6 +67t

t.49E t.410

t8r2

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d07E !.951

{gtl r[.161

+#A atlg

5.{ttt 6.102 {9!8

5.4?r r.t2t 4.9slr

65rt E.ttg r.0t5

65E{ t5l6 6.dr0

5.6tE 6.'59 ^5.10r 6.7{0 5.dtl 6.18?

6.760 E.ld' ^5.195

9759 2.514 tJ99

2.9t7 2.678 ^t.455 r.076 2.?86 t.640 E r8a lr88 1.€0!

tr69 ?.9r0 2.660

E.n9 !.4L5 2.978 9.68r ^r.4ra tl6l t387 5,0I! t.7(n 2.456

t.912 3.{t7 1.0{r 2.w l.{69

t.962 !.,159 l.061 2.71[t 2.478

{001 t'488 t.0?6 ?.75O L{A+

5.68!l

t 9?l

LW

1.Br

4.659

rl 10.968 9.78' 0.259 8.760 &t{b 7.as7 ?.499 ?.r!9

!? u.255 lQ.6lt 9.95t e.!!5 &8dr E3s!r z94r ?5s6

ll 12.154 1r.548 10.6t6 9.986 9.!t94 &8!t 8.t5E ?.90i

l4 ls.(xr4 1t.lo6 lt.t96 I056t 9.899 9.296 8.1# ^8.8{{

l5 rt.866 12.8,19 tl.9!0 ll.ll8 lo.t8t, 9.?r2 9.100 8.650

16 ld7r8 13.678 t2561 11.662 l0.ut8 10.106 9.11!, s.85r

l7.15562 14.202 ltr66 t2.r66 rr.t?41 r0.4t7 9.?6t 9.tA2

rr ^16.!t9814.9!12 tt75{ 12.659 ll.@0 t0.820 10.059 9.tT2

l9 ^17.2261t.678 l4.st4 lsJlr u.m6 ll.l58 lo.t!6 9.60{

20 18.015 l6.t6l 1487? 11500 12.{62 ll.{?0:. to.'ot 9.818

2{ ?1.241 l&91t1 l6.9lt6 15.2{7 rt799.l?.680 lr.{69 l0JZ9

25 22.0tS ld5t3 U.4rr E.6ti ^l!t.ur+r2.?$ lr.6u r0.6?D

6.'12 7.52+ ?.ttD 6.gta 6.604 . 6.i65 6.sil 6.669

Et{t 8.(nt 75{9 ?.rl(, 0.7n 6.'71 6.0{7 6.?49

8.766 8.101 ?.m2 ?.250 6.S{t 6.a5? 6.128 6.818

8.96n 0.!66 ?.8t9 7J66 6.918 6550. 6.198 6An 0.118 E5l{ 7.96t L,6g ?.W 6.62! 62t9 6.929

9.707 &985 8J,F 1.lg ,.N AEls o.,lr{ 6.(}7r g.Etr . ^g.Ot?&t!2 73{t ilr{t o.a7t 6.t5t a09?

t5tt3 t.tt88 2.?68 !.t8!'

t5l8 r.ogt 1.76! ^2.49t t529 t.lo{ 2.167 ^-!.494

r5r9 t l09 2.710 2.t!r6

r.E{6 S.ut 2.77t 2,a07

356t r.rtt 2:176 2.4ss

!t56{ 3.rn l.7?0 ^2.{99

:i.6oo 2500 25{Xt

99 t5'E08 22597 ^19.6{nl?.292 t6J7! u.?65 u.{B u.t58 lo.t7{ ^9.41??8.694 &o6b r.1s6

ro 11855 r?.!E tr.u5 19.?9t l?.159 t5.(}{5 l!.tr2 u.925 rO:87 9.7A &g5l s.2+t 7.6!,1

!g ^13.199gr.l!{ _19.ry02r.$r 18.266 rr.?02 rr.80l r1i33 l0.e6i e.er6 9.0{n &!r0r ,,61'|

60 4{955

''Lt6t ^21.616tt,62l 18.029 10.16l rd0r0 rtr?? u.o{8 9.96t tt.Vtl 8.!r{ 1.dt

tt89 ^Lt?{

t.67r r.l2,t

t57r l.lt6 t.5'n t.rtb

2.n8 '"n8

2.r?e 2.Tr8